Bond broker, page-8

if you want a safer FRN exposure, might as well just buy the new ETF available from BetaShares for Senior Floating Bonds (QPON:ASX), MER of around ~0.20%. (They are senior bonds, ranking almost equal to deposit while being floating in nature, unlike deposits which are fixed).

The other funds are investing in lower capital structures (sub/T1 or even in P2P loans) and typically charges fees like Hedge Funds. Obviously, returns would be much higher. But obviously it is much riskier than senior bonds. DYOR.