But for our investors who are not particularly really familiar with fixed income, what do you think they need to know before investing in their first fixed income ETF?

Yeah.

So I just start with one idea that fixed income is a broad church, so to speak.

It's not a one size fits all asset class and it can serve many different needs, whether that's income, capital stability, portfolio diversification, or even as a trading vehicle to express a view about the domestic or global economy.

So the first step is really understanding your own goals, your investment horizon and your tolerance for volatility and credit risk.

The way I'd frame it is that bonds exist on a continuum relative to cash.

So cash is your starting point.

Where are the investors currently looking to invest to supplement that income? Yeah, so since the APRA