Cameron Gleeson

It includes what we call tier two bonds issued by the big four banks.

So they sit below the senior, but they're very liquid, becoming a really important part of our market with hybrids disappearing.

And then corporate bonds issued by largely non-bank issuers.

Gives really good diversified exposure.

It also uses an amount of gearing within the fund.

So that's why it's called complex.

But the upside of that is because the yields on these bonds is higher than the cost of that gearing, the yield on the fund itself sits currently around about 8%.

which is a really good pickup considering you're getting investment grade bonds.

So the bonds themselves should be really capital stable.

Introducing gearing does give you a bit of capital volatility, but the income's really strong.

And I think relative to, for example, hybrids or equities should give you a really strong sort of risk return trade off there.

So that's really interesting for me.

So within that one ETF, there's two inside it?

There's two ETFs that underlie that.

Well, yeah, we only charge the fee on the headline level.

The two other ETFs, the fees are rebated.

So I consider that's one ETF itself.

Yeah, so the third one, I now start to look to equities.

Okay.

And here I'm using an ETF, which is, you know, a very popular ETF of ours, which is called YMAX, Y-M-A-X.