Im in the same position as you Fella although I dont have that much funds and most has been fully invested for years. I had been moving into ETFs as I have a US account and there is a huge variety to access there. I also started an investment in a mutual fund last year that has a long standing reputation. However the realisation now that you cannot offset losses with these funds and with many ETFs has me perplexed. If this issue is not cleared up I will have to sell the ETFs as the taxation implications are too grave. I had flirted with the idea of investing in property but I did not want the hassle and lack of diversification. Another option is to move to UK, the investment taxation regime there is much more beneficial where you are allowed £10,000 capital gains per year free of tax. This may seem extreme but I think after a few years it would be worth it. The fact that losses cannot be offset against gains with these investments are the most unfair aspect. Surely all investments should be treated equally whether it be property, shares, or investment funds.