Lately I've been valuing it relatively. It's hard to put an...

Lately I've been valuing it relatively. It's hard to put an absolute value on it since so much can change after international, IPOs, options, and so on, and then know how the market will value it too.

If I notice an acceleration in performance, but no increase in SP, then it might be time to buy. Or a fall in SP, but no deceleration in metrics. I was a buyer when it pulled back to 0.45, since it seemed like good value, but I already have a large position, so I don't need to add unless it looks to be obviously good value.


Here's a comparison of recent half years (with some inferred numbers, so maybe not perfectly accurate). The obvious difference is trades becoming the main revenue driver instead of interest, because of COVID volumes and RBA rate cuts. Luckily they've renegotiated brokerage costs, so they could still get a decent margin from trades (while interest is practically pure margin, with minimal direct costs). At least that is a positive if RBA every raise rates - total profit margin would jump a lot.

ETF is still languishing, but the market recovering is bringing it a little closer to decent. Subscription is fine.