Totally agree Beebop. I use ETFs for my core part of a portfolio and Investment Trusts as the satellite component. Fees are dropping for ITs. Look at SMT around .4% for an actively managed fund. with superb performance. I use to hold F&C but I would rather hold something like the SP500 ETF which is very diversified and can out perform most active managers. Most ETFs via smartshares have fees around 0.5% quite expensive. I hold the Nasdaq in my kiwisaver via Craigs.