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The "lensbaby" is a simple, single element lens mounted in a flexible housing which allows it not only to be focused, but tilted as well. Yes, it's a tilt lens too.  The aperture can be varied from f2.8 to f8 via the use of a series of fixed aperture stops. You change stops by removing a rubber retaining ring, changing the stop (which looks like a washer) and replacing the rubber retaining ring.