I was in a similar position to you , I went the ETF route and it ended up melting my head , the tax treatment is a nightmare. UCIT ETF's don't work for averaging in because even buying the same fund twice at different fared you can't offset losses on one against the other. After much research and help here I ended up selling all ETF's and buying Investment trusts , I am happy with how this is going ,I am getting the market return, I am mostly invested in GBP but when Sterling falls FTSE seems to rise.