Thought any Australians should be aware of this:
The Australian Government may at any time, subject to a minimum period of three months’ notice, convert holdings of eTBs to the underlying Treasury Bonds directly registered in the Commonwealth Stock Registry. If this occurred you would continue to receive the same Coupon Interest Payments and Face Value amounts you were entitled to with the eTBs but would not be able to sell your investment in Treasury Bonds on the Australian Securities Exchange (ASX). For example, the Australian Government could decide to convert holdings of eTBs to the underlying Treasury Bonds if the agreement between the Australian Government and ASX for the trading of Australian Government Bonds on the ASX is terminated.
Even if you get 3 months notice, you could imagine what would happen to the bond price if this was announced.
Full details here: https://australiangovernmentbonds.gov.au/etbs/risks/
Discussion of the Bond portion of the Permanent Portfolio
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