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Bell Potters latest LIC research worthy of a read for anyone interested. http://wamfunds.com.au/WAM/media/WAMMedia/LIC%20Research/Bell-Potter-LIC-Research-March-Quarter---18-4.12.pdf

I would imagine the advantage of going blue chip LICs over ETFs is the discounts to the NTA they currently trade, it wasnt that long ago when ARG and AFI used to trade at a premiums to their NTA. The portfollio's (not the share price) basically hug the index so you can in effect buy a buck worth...