ETFs vs LICs

[@chrisruss9861]

I have had AFIC for a long time but their dividends, apart from this year's special anticipating a Labor anti franking credits policy, have not been exactly turbocharged. They have substantial holdings of other lic's such as DJW which would be applying management costs on management costs on their holdings though they may have acquired them at a discount to net asset backing. AFIC claims to have a low management fee but I wonder if there are other embedded costs that only a sophisticated accountant could spot. I have done better with a smaller lic called DUI.