At the end of November, the ETF held nearly 60% in income equity ETFs, 37% in corporate bond, and the rest, just over 4% in emerging market debt. For the three months ending October 31, it was down by 2.2%, which while disappointing, did manage to outpace the 60/40 equity / fixed income benchmark. A big key to this recent outperformance stems from its conservative positioning, with nearly 30% in short term bonds, and most of the equity exposure focused on higher quality dividend mandates. It is scheduled to be reconstituted in January, which will see the asset mix shift back towards a 50/50 split, and will also see the short term allocation reduced to a maximum of 20%. This will result in a slight bump in the risk profile, both because of the higher equity exposure and the higher duration. This could be positive if we see a nice rally in equities, but could prove to be a negative in a market selloff. At the end of November, the distribution yield was just north of 4%, generating a nice cash flow for those looking for income. I think this could be a good one ticket solution for smaller investors looking for diversified, income focused exposure. Those with larger portfolios are likely better off building their own, more tailored asset mix.