ETF wouldn't be the first choice as buying the index for example means you get all the dogs with it i.e. Babcock & Browns, Centro's etc....
The good thing about LIC is that if you are investing say 10k you can afford to by a quality portfolio for one brokerage cost compared to what you have done with your species which would have put you behind 1% before you started.
Look at the websites of ARG, DUI, AUI & MLT and you will find their top 20 are essentially BHP, the banks, woodside etc so you will get direct exposure to those anyway. Every month they release their NTA value or you could value it yourself from the annual reports but you dont get many other chances to buy BHP and the banks for 10% discount like you do with the LIC's.
