With the development of Exchange Traded Funds (ETF’s) it has never been easier to embrace the concept of “Asset Allocation Investing.” These ETF’s cover stocks, commodities, bonds, currencies, real estate et al. As the BHB study above indicate an active managed pension fund that chooses individual stocks and bonds does not necessarily mean a more profitable portfolio. The use of indices or ETF’s as investment vehicles however does remove a great deal of the risk associated with “raw” equity, real estate, commodity or bond ownership.