Hi @Hodor, Been discussing this lately in depth with another very knowledgeable investor. If you look at the income distributions in the following Vanguard Wholesale High Growth Fund they're not too bad especially when you consider the reduced risk from broad diversification. Plus there will be some franking credits on top. https://api.vanguard.com/rs/gre/gls/stable/documents/8469/au There's only 10% fixed interest in the High Growth Fund which for a younger investor OR given current ultra low interest rates makes sense. If later in life one is feeling a bit more conservative adding the Wholesale Diversified Bond fund ($5k gets it started) to increase bond exposure is an option. Alternatively just hold more cash and term deposits. The Vanguard High Growth Fund could be one's only investment outside Super or as a major Core with other Satellite investments such as Mid / Small cap LICs / Funds. But this shouldn't be seen as mandatory. What I like about the fund is that there's International Property, Int small caps and Int fixed interest in addition to the Int developed market. And of there's course Emerging Markets. One has to remember when reading Boglehead stuff it has the US in mind. The US has a massive share and bond market and small caps there aren't dominated by resources. Just holding VAS, VGS and VAF is a poor substitute for a US Boglehead portfolio. That's why the Vanguard High Growth Fund is excellent. It fills in all the gaps lacking in the Australian version of the 3 fund Boglehead portfolio. Within this multi-asset fund there are quite a few individual funds but thankfully the Aussie investor only needs to own a "single" fund to get all this with rebalancing included. Imagine trying to rebalance all these yourself and the transaction costs involved. For those investors prone to fiddling / indecisivenes etc or who just want their investments to look after themselves it's got a lot going for it. With ETFs you have to manage rebalancing and enter orders into the market etc. And that leads to wasted time following the market. With the Vanguard Wholesale funds after the initial investment just setup BPay for DCA then forget about it. Vanguard handles the buying / selling / rebalancing etc. If wanting to add value then perhaps increase your BPay top-up amount in gloomy times and reduce BPay amount or frequency when the markets running hot. But I doubt you'll find any other product out there as simple as this when it comes to low cost, set and forget investing. And importantly for many investors it will protect them from themselves.