| Fund: Coolabah Global Carbon Leaders Complex ETF |
| Strategy: Global Carbon Leaders |
| Return (since Dec. 2025): 4.64% gross (3.68% net) |
| Net return volatility (since Dec. 2025): 1.20% pa |
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.
Strategy: The Fund offers an active fixed-income strategy primarily focused on mispricings in liquid, investment grade bond markets with the aim of seeking positive environmental outcomes by investing a portion of the portfolio in green, sustainable, or sustainability-linked bonds and bonds of Carbon Leaders.
The strategy is designed to address the goals of investors wanting a fixed income investment portfolio that seeks to facilitate certain positive environmental outcomes and maximizes monetary returns while minimizing risks.
The Investment Manager aims to achieve this by targeting investment of at least 100% of the Fund’s Net Asset Value (NAV) in long positions in green, sustainable or sustainability-linked bonds or other fixed income securities, as determined by an issuer, which seek to exclusively finance green and sustainable projects or activities (or are linked to positive climate outcomes). The remaining proportion of the Fund’s investments, excluding cash, cash equivalents and derivatives, will be invested in bonds and other fixed income securities issued by “Carbon Leaders”. Carbon Leaders are issuers the Investment Manager has determined to have certain positive characteristics with respect to their greenhouse gas (GHG) emissions profile and targets.
| 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% |
‡ The Excess Return columns represent the gross and net return above the RBA cash rate.
* The yield displayed for the Fund is the annual running yield before fees. A fund’s running yield is a forward-looking measure of the income expected to be generated by the portfolio based on the coupons payable on the bonds held by the fund as at that date, before management fees, performance fees and fund expenses. The yield can change daily depending on factors, such as the fund's investment activity and market movements, and may be different on the day you invest. 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 has a different risk profile to the other comparisons, including, amongst other things, that it uses leverage, which means that both gains and losses may be amplified. To understand the Fund’s risks better, please refer to the Product Disclosure Statement.
Portfolio commentary: In August, the zero-duration daily liquidity Global Carbon Leaders Fund (CBNX) returned 0.30% gross (0.23% net), compared to the RBA Overnight Cash Rate (0.36%), the AusBond Bank Bill Index (0.38%), and the AusBond Credit FRN Index (0.40%). Over the previous 3 months, CBNX returned 1.63% gross (1.31% net), outperforming the RBA Overnight Cash Rate (1.10%), the AusBond Bank Bill Index (1.15%), and the AusBond Credit FRN Index (1.30%). CBNX ended August with a running yield of 6.76% pa, a weighted-average credit rating of A+, and a portfolio weighted average MSCI ESG rating of AA.
Since the inception of CBNX in December 2025, it has returned 4.64% gross (3.68% net), outperforming the RBA Overnight Cash Rate (3.02%), the AusBond Bank Bill Index (3.07%), and the AusBond Credit FRN Index (3.67%). While CBNX's return volatility since inception has been low at around 1.20% pa (measured using daily returns), as a daily liquidity product with assets that are marked-to-market using executable prices, volatility does exist. This contrasts with illiquid credit (eg, loans and high yield bonds) wherein assets that have very high risk can appear to have remarkably low volatility, which is, in fact, just a mirage explained by the inability to properly value these assets using executable prices.
CBNX invests in 25 green bonds and 6 sustainable bonds, comprising 100.5% of fund NAV. Additionally, the fund invests in 114 bonds, comprising 170.7% of fund NAV, of Carbon Leaders – issuers Coolabah deems to have robust environmental profiles, both now and into the future.
Portfolio weighted-average MSCI ESG scores and Greenhouse Gas (GHG) metrics for CBNX are shown below: