Subject: Re: BAC
Am I wrong in thinking this is an absurdly simple (in the best possible sense) model for an ETF?

I'm sure it has been done.
Much to my amazement, there are more funds than stocks in the world these days.

Another possibility--
Even the things that work on average over time don't work all the time.
After all, if you want to beat the market you have to diverge from it.
A lot of things that work well over time have doldrum stretches, often many years at a time, and people trying it for a living go out of business.
There is a substantial graveyard of remarkably sensible investment managers who got thrown out of the industry in the late 1990s.

Jim