These ASX200 ETFs are good but not gold, says Morningstar - Morningstar.com.au Basically, not a high rating because they don't beat the benchmark (duh!), but also because they underperform when compared against some of the actively managed funds. I guess this is to be expected. Managed funds beat ETFs (after fees) 25% of the time, so there will always be good funds out there. The problem is in picking them - without the benefit of hindsight.