Following the listing, it is interesting to look at the unit...

Following the listing, it is interesting to look at the unit price vs. the option price.

The unit is invested in a bank-dominated blue chip portfolio. Assuming that the ASX keeps soldiering on, bank shares keep the pace and the collection of PhDs at PL8 manage to outperform the index by 1% or 2% a year, the NTA will keep on rising - until the options are exercised at $1.10, reducing any gains in the NTA above $1.10 by 50%.

Option holders can get exposure to two years of NTA gains above $1.10 (not that much above NTA at inception) for a mere 2-odd cents.

I've sold my IPO units and bought more options.