Global Carbon Leaders Complex ETF (CBOE: CBNX)
An environmentally focused investment grade bond strategy
Overview
The Vision
The Coolabah Global Carbon Leaders Complex ETF (CBOE: CBNX) is designed to address the goals of investors wanting a fixed income investment portfolio that seeks to facilitate certain positive environmental outcomes by investing a portion of the portfolio in green, sustainable, or sustainability-linked bonds and bonds of ‘Carbon Leaders’.
The Fund targets approximately 100% of its Net Asset Value (“NAV”) (equivalent to at least twenty-five percent (25%) of the Fund’s total investments in fixed income securities if the Fund was geared to the maximum permitted level) in green, sustainable or sustainability-linked bonds (“SLB”) or other fixed income securities, which seek to exclusively finance green and sustainable projects or activities (or are linked to positive climate outcomes), and the remaining proportion of up to 300% in bonds issued by ‘Carbon Leaders’, cash, cash-equivalents and related derivatives.
Investable Universe
With the aim of not sacrificing return, liquidity and taking undue (credit) risk, the investable universe of the Fund grants investors exposure to the climate transition through investment in green, sustainable and SLBs, and to Carbon Leader bond issuers that are inherently low emitting both now and into the future.
The Fund invests in investment grade fixed-income securities, including without limitation, governmental, corporate and supra national bonds, hybrid securities and asset-backed securities, including residential-backed-mortgages, provided they are designated green, sustainable, sustainability-linked, or meet the Carbon Leader requirements. The Fund may also invest in cash and cash-like securities and related derivatives.
The Fund targets a weighted-average portfolio credit rating within the ‘A’ band and generally seek to maintain the overall duration or interest rate exposure to less than 3 months.
The Fund is permitted to use leverage and short-sell bonds that are not green, sustainable or SLB bonds of issuers that do not qualify as Carbon Leaders.
Permitted Investments
Types of Labelled Bonds
Green Bonds
- use of proceeds funds projects or activities with positive environmental impact, such as renewable energy, green buildings, energy efficiency, clean transport, and sustainable water management
- green bonds are the predominant labelled bond type, comprising ~60-70% of all labelled bond issuance globally
Sustainable Bonds¹
- use of proceeds funds projects or activities with both environmental and/or social benefits
- sustainable bonds compromise ~10-15% of all labelled bond issuance globally
Investable Universe
Sustainably-linked Bonds (“SLB”)²
- use of proceeds to fund corporate purposes with bond features, most commonly the coupon payment rate, linked to the issuer’s overall sustainability performance measured by KPIs on specified timeframes
- SLBs comprise a small portion, 5-10%, of labelled bond issuance globally
¹Bonds which have a purely ‘social’ use of proceeds and which do not have a link to environmental outcomes (i.e. ‘Social Bonds’) are not included in this category.
²Sustainability-linked bonds where it is determined that there is no remaining sustainability incentive for the issuer (i.e. failed to meet the bond’s SLB target) no longer qualify under this category of permitted investments and must be exited within a reasonable period of time.
Defining a ‘Carbon Leader’
Carbon Leaders are issuers that have certain positive characteristics with respect to their greenhouse gas (“GHG”) emissions profile and targets. Coolabah has developed a four-stage methodology which issuers must pass to be considered a Carbon Leader. The methodology can be read in detail here and should be read in conjunction Coolabah’s ESG and Stewardship policy.
Hurdle 1
- Must pass CCI’s ESG exclusion policy for long, direct investments in corporate issuers
Hurdle 2
- Must not operate in the highemitting sectors¹
- Includes Chemicals, Utilities, Oil & Gas, Construction & Materials (including Plastics), Travel & Leisure, Food & Beverage and Basic
Resources
Hurdle 3
Corporate issuers:
- Scope 1 and 2 GHG emissions revenue intensity <25th percentile of Bloomberg Global Aggregate Corporate Index constituents
Government issuers:
- Scope 1 and 2 GHG emissions GDP intensity <25th percentile of investment-grade sovereigns
Hurdle 4
- Must have stated net zero by 2050 emissions targets covering at least Scope 1 and Scope 2 GHG or already be achieving net zero
Additional Hurdle for Banks
- Must disclose, within the last two calendar years, absolute Scope 3 GHG from lending and/or investments
- Must not have more than 1% of loan exposure to fossil fuel companies²
Reporting
Coolabah will publish an annual report detailing Fund’s GHG footprint (inc. GHG avoided, WACI, and total attributable GHG) as well as proprietary commentary on the Fund’s investment process, and relevant trends in labelled bond issuance and global climate-related policy.
Risks
The Fund is not a bank deposit. It is a managed investment scheme registered and regulated by the Australian Securities and Investments Commission (ASIC).
All investments carry risks, including that the value of investments may vary, future returns may differ from past returns, and that your capital is not guaranteed. The Fund can borrow, short-sell and use derivatives, meaning the Fund is geared (or leveraged). Leverage can amplify gains and also amplify losses.
The Fund will screen potential investments according to certain environmental, social and governance (“ESG”) criteria described in Section 5 of the Product Disclosure Statement under “How the Fund Invests” and the ESG and Stewardship Policy. The consideration of ESG criteria will exclude securities of certain issuers for reasons other than performance and may result in the Fund selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. It is possible that the Fund’s screening will reduce overall returns, offer less capital protection, and lead to a more concentrated portfolio. Prospective investors should subscribe for Units only if they are willing to accept the risk of reduced or no economic returns as a result of the Fund’s ESG focus.
To understand the Fund’s risks better, please refer to the detailed “Risks” section in the PDS and to the Fund’s Target Market Determination (TMD)^.
Key Facts
| Name | Coolabah Global Carbon Leaders Complex ETF |
| Exchange Ticker | CBNX |
| Exchange | Cboe Australia |
| Investment Objective | The Fund targets returns in excess of the RBA Overnight Cash Rate (RBACOR), after management fees and costs and performance fees, by 3.0% per annum over a rolling 3 year period. |
| Listing Date | 11-Dec-2025 |
| Management Costs | 1.00% p.a. |
| Performance Fee (%) | 20.5% of the excess performance above the Benchmark after management fees. |
| Benchmark | RBA Overnight Cash Rate (RBACOR) |
| Distribution Frequency | Monthly |
| Distribution Reinvestment Plan (DRP) | Full or partial participation available. |
| Issuer & Responsible Entity | Equity Trustees |
| Investment Manager | Coolabah Capital Investments (Retail) |
| Fund Administrator | Apex Fund Services |
| Registry | Apex Fund Services |
| Custodian | Citigroup |
| Auditor | Ernst & Young |
Pricing Information
An indicative NAV per Unit (“iNAV”) will be published by the Fund throughout the Trading Day. The iNAV will be updated using a real time fair value methodology that seeks to ensure that the iNAV reflects movements in markets and currencies during the Trading Day.
The iNAV represents the best estimate by the Responsible Entity or its appointed agents of the value per unit in the Fund throughout the trading day. No assurance can be given that the iNAV will be published continuously or that it will be up to date or free from error. To the extent permitted by law, neither the Responsible Entity nor its appointed agent shall be liable to any person who relies on the iNAV. The price at which Units trade on the Securities Exchange may not reflect the NAV per Unit or the iNAV and may differ from the price received when applying for or redeeming with the Responsible Entity. Please refer to the Product Disclosure Statement for further details on this Risk.
| Net Assets* ($AUD) | $56,376,946 |
| Units Outstanding * (#) | 1,132,270 |
| NAV/Unit (Final)* | $49.7911 |
| ARSN | 691 698 432 |
| Exchange Code | CBNX |
| ISIN | AU0000429698 |
| Bloomberg Code | CBNX AU Equity |
| Bloomberg iNAV Code | CBNXIV |
Performance
| Period Ending 2026-08-31 | Gross Return | Net Return | RBA Overnight Cash Rate | Gross Excess Return | Net Excess Return |
|---|---|---|---|---|---|
| 1 month | 0.30% | 0.23% | 0.36% | -0.06% | -0.13% |
| 3 months | 1.63% | 1.31% | 1.10% | 0.53% | 0.20% |
| 6 months | 3.47% | 2.77% | 2.12% | 1.35% | 0.65% |
| Inception Dec. 2025 | 4.64% | 3.68% | 3.02% | 1.62% | 0.66% |
Past performance does not assure future returns. Returns are calculated in Australian dollars using net asset value per unit at the start and end of the specified period and do not reflect brokerage or the bid ask spread that investors incur when buying and selling units on the Securities Exchange.
Returns are after all fund costs, assume reinvestment of any distributions and do not take into account tax paid as an investor in the Fund.
Past performance does not assure future returns. Returns for periods longer than one year are annualised. Net returns are calculated from the historic gross returns using the current fee structure as displayed in the Product Disclosure Statement.
Allocation
As of 9th December 2025. This chart shows the Fund’s allocation to types of fixed income securities, cash and related deriviatives and is displayed as a percentage of the Fund’s Gross Asset Value (GAV).
As of 9th December 2025. This chart shows the Fund’s allocation to Green, Sustainable and Sustainability-Linked Bonds and Bonds of Carbon Leaders as a percentage of its Net Asset Value (NAV).
Platform Availability
| Platform | Complex ETF Class |
| Ticker | CBNX |
| ASX/Cboe | Yes |
| Acclaim Invest | No |
| Acclaim Super | No |
| AMP North | No |
| Australian Money Market | No |
| Beacon | No |
| BT Asgard | No |
| BT Panorama | No |
| CFS Edge | No |
| CFS FirstWrap | No |
| Credit Suisse | No |
| Crestone | No |
| Diversa | No |
| Hub24 | No |
| IOOF Expand | No |
| Key Invest | No |
| Macquarie Wrap | No |
| Mason Stevens | No |
| MLC Expand | No |
| Morgan Stanley | No |
| Netwealth | No |
| OneVue | No |
| Perpetual WealthFocus | No |
| Powerwrap | No |
| Praemium | No |
| Stropro | No |
| UBS | No |
| uXchange | No |
| Wilsons Advisory | No |
Distributions
Distribution Per Unit ($)
| Month Ending | Ex Date | Record Date | Payment Date | Distribution Unit ($) | DRP Price |
| 31-Aug-2026 | 1-Sep-2026 | 2-Sep-2026 | 14-Sep-2026 | 0.23 | 49.7634 |
| 31-Jul-2026 | 3-Aug-2026 | 4-Aug-2026 | 14-Aug-2026 | 0.082 | 49.8763 |
| 30-Jun-2026 | 1-Jul-2026 | 2-Jul-2026 | 20-Jul-2026 | 0.1556 | 49.7397 |
| 31-May-2026 | 1-Jun-2026 | 2-Jun-2026 | 12-Jun-2026 | 0.40 | 49.5845 |
| 30-Apr-2026 | 1-May-2026 | 4-May-2026 | 14-May-2026 | 0.37 | 49.7080 |
| 31-Mar-2026 | 1-Apr-2026 | 7-Apr-2026 | 16-Apr-2026 | 0.37 | 49.4546 |
| 28-Feb-2026 | 2-Mar-2026 | 3-Mar-2026 | 13-Mar-2026 | 0.23 | 50.0099 |
| 31-Jan-2026 | 2-Feb-2026 | 3-Feb-2026 | 13-Feb-2026 | 0.20 | 50.2862 |
Resources
^From 5 October 2021, a Target Market Determination (TMD) is required to be made available under the Design & Distribution Obligations. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.
Disclaimer
Past performance does not assure future returns. Returns are shown after all fund fees, unless otherwise stated. Retail product fees can vary depending on the unit class selected and/or whether the financial advisory firm has negotiated access to lower cost unit classes.
Equity Trustees Limited (Equity Trustees) ABN 46 004 031 298 AFSL 240975, is the responsible entity for the Fund. Equity Trustees is a subsidiary of EQT Holdings Limited ABN 22 607 797 615, a publicly listed company on the Australian Securities Exchange (ASX: EQT).
This has been prepared by Coolabah Capital Investments (Retail) Pty Ltd ACN 153 555 867 (Coolabah), an authorised representative (#000414337) of Coolabah Capital Institutional Investments Pty Ltd ABN 85 605 806 059 AFSL 482238, to provide you with general information only. In preparing this publication, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. The Product Disclosure Statement (PDS) for the Fund should be considered before deciding whether to acquire or hold units in it. A PDS for the Fund can be obtained by visiting www.coolabahcapital.com/en-au. Neither Coolabah, Equity Trustees nor any of their related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. The Fund is subject to investment risks, which could include delays in repayment and/or loss of income and capital invested.