Exactly... But you don't need to have a comparison unless you are a purest... I'm saying that a rational investor has a choice... cheap and limited... or expensive and unlimited... AND as long as the Expensive outperform the cheap then who cares how many Jon Biccards or Neville Chesters there are in the world... the ONLY thing that matters in active management is the ability for tactical asset allocation...Mr FX has a good point that multi asset is one of the best, I agree, unfortunately there are no multi asset ETF's. I'm a fan of the true Flexible UT's, especially with things as they are in this country.
I just feel one cannot compare them to ETF's, as they operate completely different.
Sygnia and 10x have Index UT's that are close, but they more to meet Reg 28 requirements, so are limited.
This chaps makes a very good point on this exact topic...