Am aware of STF/STW, but not particularly interested.
You dont really want to own the entire ASX50 or ASX200.
Better to go with AUI which has a smarter portfolio and lower costs. It rates to outperform.
One thing about STF/STW, they are the only LMI's which are shortable, therefore could be considered as the short side of any arbitrage/hedge play your imagination might dream up.