Cameron Gleeson

Even after the fee, that's the key point.

Yeah, even including net of our fee, it's delivered, I think it's six basis points or 0.06% below the index.

Now, typically you would expect a larger impact from your fees and costs, but super efficient exposure, very tax efficient, which is really important.

So it's, in my view,

you know, by far the most effective way to get exposure to emerging markets, you know, considering all the complications there.

So if I'm thinking about that portfolio, this is really about providing something where I'm not trying to make any bets.

I'm not trying to decide that, for example, UK equities are undervalued or that

you know i i want to invest in in you know have a higher weighting to tech or the nasdaq i'm really trying to replicate what the opportunity set is through market capitalization waiting australian equities global equities which are developed markets and emerging markets and do that in the most efficient manner thinking about tax and costs super simple as well that's right just core exposures core building blocks yeah yeah um so quick follow-up questions is

Yeah, so look, we look at modelling multi-asset portfolios at BetaShares, and our split of global to Australia, we use an approach basically which is to optimise what we call a Sharpe ratio, but let's keep things simple.

We split basically about 40% Australian shares and 60% global.

And this is based on our own assumptions, of course, but what we're trying to do is minimize the volatility.

So you get that diversification of Aussie versus global, which global has some currency risk.

That blend gives us what we think is the best mix in terms of risk-adjusted return, expected return.

That's what we mix there.

For that global exposure,

Look, you know, you don't have to be precise about this, but if it's 60% global, you might be looking to allocate up to, say, 10, so 50% developed markets, so 50% BGBL, and 10% in BEMG.

Okay.

Yeah, so I'll go through that in terms of the ETFs.

A200, your Australian allocation, 40%.

BGBL, your global ex-Australia, doesn't include emerging markets, 50%.