WHAT IT DOES: Invests in fixed-rate commercial equipment leases. Target return is 11.25 per cent a year, net of administrative and management fees. The major risk is defaults on underlying leases: the issuer says the historic average annual impairment rate of leases is 1-1.5 per cent. Income is paid quarterly. Aimed at self-managed super funds. COSTS: There is a performance fee only, but it is not charged until the annual return exceeds 11.25 per cent; then, the fee is levied on a rising scale. The annual administration fee is 0.5 per cent. WHAT WE LIKE: Access to a well established, historically high-yielding asset class, hitherto dominated by banks. The performance of commercial equipment leases is not correlated to the traded investment markets. WHAT WE DISLIKE: A new asset class, new fund, means no track record. The minimum investment is $50,000. LAST WORD: Potentially a good source of strong, relatively low-risk, uncorrelated income returns.