At MER .27% (and hopefully going down in the future as people take up the fund)? Its not bad.
Here's their plan for the High Growth version
"E High Growth Composite Index comprises of (weight/index): 36% S&P/ASX300
Index, 26.5% MSCI World ex-Australia Index (with net dividends reinvested) in
Australian dollars, 16% MSCI World ex-Australia Index (with net dividends
reinvested) hedged to Australian dollars, 6.5% MSCI World ex-Australia Small Cap
Index (with net dividends reinvested) in Australian dollars, 5% MSCI Emerging
Markets Index (with net dividends reinvested) in Australian dollars, 3% Bloomberg
Barclays AusBond Composite 0+ Yr Index, 7% Bloomberg Barclays Global Aggregate
Float Adjusted Index hedged to Australian dollars."
Its interesting that they have MSCI World ex-Australia Small Cap in there. But they don't offer that seperately as an ETF...I don't think anyone does in Aus? I wish they did, the main small-cap options available are only US based, eg IDR S&P Smallcap 600...a good option with a very low 0.07 MER currently.
I agree the Australian weighting on this is a bit too strong, I would have expected that to be more like ~20% and the small cap and emerging markets to be stronger.
Sure simplifies things though... tax, rebalancing, everything, very simple.
Impossible to calculate the average MER of similar funds as some of these options aren't available as seperate ETFs, though .27 is relatively low especially giving the benefits.