Performance Report

March 2026

Fund: Coolabah Global Carbon Leaders Complex ETF

Strategy: Global Carbon Leaders

Return (since Dec. 2025): 0.83% gross (0.51% net)

Net return volatility (since Dec. 2025): 1.41% 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 2026-03-31	Gross Return	Net Return	RBA Overnight Cash Rate	Gross Excess Return^‡	Net Excess Return^‡
1 month	-0.29%	-0.37%	0.34%	-0.63%	-0.71%
3 months	0.45%	0.21%	0.92%	-0.47%	-0.71%
Inception Dec. 2025	0.85%	0.51%	1.22%	-0.37%	-0.71%

^‡ The Excess Return columns represent the gross and net return above the RBA cash rate.

Disclaimer: Past performance does not assure future returns. Returns and yields are shown net of management fees and costs unless otherwise stated. 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. To understand Fund’s risks better, please refer to the Product Disclosure Statement available at Coolabah Capital Investments' website.

*Note: all portfolio statistics other than yields and duration are reported on gross asset value*
Av. Portfolio Credit Rating	A+	Av. Interest Rate (Gross Running Yield)	6.74%
Portfolio MSCI ESG Rating	AA	Modified Interest Rate Duration	0.27 years
No. Cash Accounts	13	Gearing Permitted?	Yes
No. Notes and Bonds	117	Net Annual Volatility (since incep.)	1.41%

Fund: Coolabah Global Carbon Leaders Complex ETF

Return/Risk: 0.83% gross/0.51% net (1.41% pa volatility)

**Top 5 Green, Sustainable and SLB Holdings**
Security	Rating	Yield to Call	Bond Type
ANZ 0 02/23/37 MTN	A-	5.70%	Sustainable
NAB 3 ⅛ 02/28/30 emtN	AA-	3.43%	Green
DANBNK 3 ⅜ 12/02/33 EMTN	A-	3.93%	Green
DANBNK 3 ½ 05/26/33 EMTN	A-	3.81%	Green
BNP 3.494 09/17/33 EMTN	A-	4.10%	Green

Disclaimer: Past performance does not assure future returns. Returns and yields are shown net of management fees and costs unless otherwise stated. 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. To understand Fund’s risks better, please refer to the Product Disclosure Statement available at Coolabah Capital Investments' website.

Portfolio Managers

Christopher Joye, Ashley Kabel, Roger Douglas, Fionn O'Leary (Coolabah Capital Investments)

Ticker	CBNX	Fund Inception	01-Dec-2025
ISIN	AU0000429698	Distributions	Monthly
Asset-Class	Global Carbon Leaders	Min. Investment	N/A
Target Objective	Net 3.0% pa over RBA cash rate	Withdrawals	On Exchange (T+2)
Investment Manager	Coolabah Capital Investments (Retail)	Buy/Sell Spread	On Exchange
Responsible Entity	Equity Trustees	Mgt. & Admin Fee	1.00% pa
Custodian	Citigroup	Perf. Fee	20.5% of returns over RBA cash rate + 1.00% pa

Fund: Coolabah Global Carbon Leaders Complex ETF

Return/Risk: 0.83% gross/0.51% net (1.41% pa volatility)

Portfolio commentary: In March, the zero-duration daily liquidity Global Carbon Leaders Fund (CBNX) returned -0.29% gross (-0.37% net), compared to the AusBond Credit FRN Index (0.25%), the AusBond Bank Bill Index (0.32%), and the RBA Overnight Cash Rate (0.34%). Over the March quarter, CBNX returned 0.45% gross (0.21% net), compared to the AusBond Bank Bill Index (0.91%), the RBA Overnight Cash Rate (0.92%), and the AusBond Credit FRN Index (1.03%). CBNX ended March with a running yield of 6.74% 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 0.83% gross (0.51% net), compared to the AusBond Bank Bill Index (1.21%), the RBA Overnight Cash Rate (1.22%), and the AusBond Credit FRN Index (1.39%). While CBNX's return volatility since inception has been low at around 1.41% 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 22 green bonds and 7 sustainable bonds, comprising 106.1% of fund NAV. Additionally, the fund invests in 89 bonds, comprising 184.3% 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:

Strategy commentary: Climate Landscape

In March, there were several positive developments across climate change-related policy, regulation, and market trends. Highlights included:

On 5 March, the Council of the European Union formally adopted amendments to the European Climate Law, introducing a legally binding intermediate climate target for 2040 of a 90% reduction in net greenhouse gas emissions compared to 1990 levels. At least 85% of emissions reductions must be achieved within the EU, with high-quality international credits permitted from 2036 onwards up to a limit of 5% of 1990 net emissions. The text was published in the Official Journal on 18 March and will enter into force on 7 April 2026. The adoption represents the most significant strengthening of EU climate legislation since the original Climate Law was passed in 2021.

India, one of the largest emitters in the world behind only China and the US, unveiled its new interim climate goals, with newly approved targets to reduce economy-wide emissions intensity by 47% and to achieve 60% of electric power capacity from non-fossil-based sources by 2035.

Fund: Coolabah Global Carbon Leaders Complex ETF

Return/Risk: 0.83% gross/0.51% net (1.41% pa volatility)

Strategy commentary cont'd:

In late March 2026, Germany adopted a new Climate Action Programme 2026, a 67‑measure package backed by roughly €8bn over the next four years to help close the gap to its legally binding target of cutting greenhouse gas emissions 65% below 1990 levels by 2030 and reaching climate neutrality by 2045. The plan focuses on accelerating renewables and electrification, including additional tenders for about 12 GW of onshore wind, expanded funding to decarbonise industrial process heat, and a new support scheme expected to help put around 800,000 extra electric vehicles on the road, collectively aimed at reducing fossil fuel use - particularly natural gas and oil - and delivering on the order of 25–27 million tonnes of additional annual CO₂‑equivalent cuts by 2030.

Great Britain set a new wind generation record on 25 March, producing nearly 24 GW of electricity and surpassing the previous record set in December 2025. Low-carbon sources now generate around 60% of Britain's electricity, up from 3% in 2000.

March 2026 was the second-warmest March on record, second only to 2024. The average global sea surface temperature reached 21.1°C for the month, 0.71°C above the 1982–2010 March average.

Top 5 Green, Sustainable and SLB Holdings