From what I have read, early tracking funds were disappointing in their ability to track. Cointegration and management are needed to find and maintain a portfolio which actually tracks. If your goal is simply to buy-and-hold a basket of overseas stocks, then perhaps looking into creating overseas accounts. I don't know the costs involved, but I know of some groups that do such things. There can be asset protection benefits and currency devaluation hedging. ETFs are supposed to differ from mutual funds by being super-low fees and liquid. Are you sure that the liquid part doesn't matter to you?