Do I directly own the underlying portfolio holdings?


The custodian (HSBC Bank Australia Limited) holds the legal title to the interests and assets; however you will retain an underlying beneficial interest in the assets. This means that you will enjoy the benefits of ownership even though title to the assets is in the name of the custodian.

The assets are professionally managed and held in a separately managed account (SMA) in your name, and can be accessed through the Morningstar Next website only by you, providing you with transparency about the individual investments in your portfolio.

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