(Oh dear! First post here and I'm dragging up an old, old thread .... This is not a good look.
No matter, it's a point no-one else seems to have raised so far and it really ought to be mentioned, so I'll post it anyway. I don't usually drag up ancient history. Honest!)
If you are looking for a security that tracks the S&P ASX200 closely, simply buy a basket of the underlying securities.
Although the ASX200 seems from its name to track 200 different companies, in reality the largest 8 or 10 of them account for by far the greater part of it. BHP alone is one eighth of the XJO. In fact, you can just about throw away the smallest 190-odd constituents and just consider the big four banks, Telstra, the two supermarket giants, and the big two miners. That's more than three-quarters of the index right there. And you don't need to buy all nine. Surely you could pick just one of the banks as a proxy for the other three, don't worry about Rio (the BHP price is much more important, and they both depend on iron ore demand and prices more than any other factor so they tend to go up and down together), and a single supermarket. At this point we have just four shares to buy - BHP, Telstra, Westpac, and Wesfarmers. (Or BHP, Telstra, Woollies and NAB, whatever.)
Depending on how exactly you want to track the index, you could throw in one or two other stocks, perhaps by deciding which two other sectors need a small representation to mimic the index more closely. But even with just four stocks, you are holding about half the value underlying the index, so you are already going to be in the ballpark. And with ordinary shares to trade instead of CFDs or options or ETFs or any other fancy stuff, you have no problems with extra brokerage or greedy spreads or lack of liquidity and life is simple. Simple is good.