At a recent family dinner Uncle Bob gave you this advice:"Equity managed funds are great because they allow investors all the benefits of directly investing yourself but with the additional benefit of a professional manager"Later on, he gave another piece of advice:"Even better than a managed fund is an ETF because with the ETF you also remain the direct owner of the underlying asset (e.g., shares) because the ETF trades on the ASX whereas with the managed fund a custodian owns the shares, not the investor."Explain whether both pieces of advice are correct.