Page 2 - SMA changes rationale_Specialist Income (Moderate, Balanced and Assertive)

structure. The portfolio only includes AUD denominated floating rate bonds issued by
financial institutions including banks, insurers and professional and commercial services. The
majority of this debt is A rated investment grade credit. Tier 2 credit ranks above Additional
Tier 1 (AT1) Capital bonds such as listed hybrids and is therefore higher quality. Subordinated
debt pays coupons (interest) on a floating rate basis, with interest rates reset periodically.
Dividends are paid out from the ETF monthly.

psk.com.au

PSK Financial Services Group Pty Ltd (ABN 24 134 987 205) trading as PSK Private Wealth and Employee Representatives of PSK Advisory Services Pty Ltd trading as PSK Private Wealth are all representatives of AFS licensee, PSK
Advisory Services Pty Ltd (ABN 30 008 587 595) AFSL #234656. This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to
consider your financial situation and needs before making any decisions based on this information.