Australian General Advice wording:
Kapstream Capital Pty Limited (ABN 19 122 076 117) operates this website, www.kapstream.com. Kapstream Capital Pty Limited (AFSL 308870) is authorised to provide financial services to wholesale clients only (within the meaning of the Corporations Act 2001 (Cth)).
The information on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant Product Disclosure Statement or other offer document and the relevant Target Market Determination (available on the Invest Now page on this website) before making a decision whether to buy or hold a financial product.
Fidante Partners Limited ABN 94 002 835 592 AFSL 234668 (Fidante) a member of the Challenger Limited group of companies (Challenger Group), is the responsible entity and issuer of interests in the Kapstream Absolute Return Income Fund (ARSN 124 152 790), Kapstream Absolute Return Income Plus Fund (ARSN 627 095 676) and Kapstream Absolute Return Income Active ETF (XKAP) (ARSN 632 896 176) (the Funds). The information in this website is up to date as at the time of preparation. However, some information and terms may change from time to time. For updated or other information about the Fund, please consult your financial planner, call the Fidante Investor Services team on 13 51 53 or visit our website www.fidante.com. Other than information which is identified as sourced from Fidante in relation to the Funds, Fidante is not responsible for the information in this website, including any statements of opinion.
Investments in the Funds are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Accordingly, the performance, the repayment of capital or any particular rate of return on your investments are not guaranteed by any member of the Challenger Group.
US General Advice wording:
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, AS INVESTMENT RESULTS ARE NEVER GUARANTEED AND MAY VARY. All investments contain risk and may lose value. Investing in bond markets is subject to numerous risks including market, interest rate, issuer, credit, default and inflation risks. The value of investments and the income derived from investments can and will go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. Opinions expressed are current opinions as of the date appearing in this material only and may change without notice. No part of this material may, without Kapstream Capital’s prior written consent, be copied or duplicated in any form or distributed to any person that is not an employee, officer, director or authorised agent of the recipient.
Kapstream’s strategies may include the use of derivatives which create certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security may result in a disproportionately large movement in the price of the derivative and are therefore not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor is made. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio. There is no guarantee that this investment strategy will work under all market conditions and each investor should evaluate their ability to invest for the long-term, especially during period of downturn in the market. Diversification does not ensure against loss. Emerging market issuers may be less liquid and more volatile and are subject to a number of additional risks, including but not limited to currency fluctuations and political instability. Holdings may change by the time you receive this report. The securities discussed do not represent all of the portfolio holdings and may represent only a small percentage of the strategy’s portfolio holdings. A complete list of holdings is available upon request. Future portfolio holdings may not be profitable. The information should not be deemed representative of future characteristics of the strategy. While Kapstream’s risk management process includes efforts to monitor and manage risk, it should not imply consistent low risk.
All indices described are unmanaged. The figures for the index may reflect the reinvestment of coupons but do not reflect the deduction of any fees or expenses which would reduce returns. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. It is not possible to invest directly in an unmanaged index. While Kapstream seeks to design portfolio which reflect appropriate risk and return features, portfolio characteristics may deviate from those of the index.
This presentation is confidential and not intended for public distribution. This is neither an offer to sell nor a solicitation of an offer to purchase any security and may not be relied upon in evaluating the merits of investing in the investment funds described herein. No such offer or solicitation will be made prior to the delivery of a definitive offering memorandum, product disclosure statement and/or other materials relating to matters herein. Offers and sales of funds will be made only pursuant to a product disclosure statement or offering memorandum, complete documentation of the fund and in accordance with applicable securities laws. This presentation is qualified in its entirety by reference to such complete documentation.
The summary description and information included herein and any other materials provided to you are intended only for informational purposes and convenient reference. The descriptions contained herein are a summary of certain proposed terms and are not intended to be complete. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Material terms are subject to change. Any potential investor will be provided with a definitive prospectus, product disclosure statement or offering memorandum and will be provided an opportunity to review the documentation relating to such an investment. Prospective investors should review the definitive disclosure materials, including the risk factors, before making a decision to invest. In addition, prospective investors should rely solely on a fund’s product disclosure statement or offering memorandum in making a decision to invest.
The advice prepared in this document was prepared without taking into account any individual’s objectives, financial situation or needs. Clients should therefore consider the appropriateness of the advice in light of their own objectives, financial situation or needs, before acting on the advice and should obtain an Offering Memorandum, Prospectus or Product Disclosure Statement (PDS) if required, relating to the product and consider the information contained therein before making any investment decision.
The materials are confidential and intended solely for the information of the person to whom it has been delivered. These materials are not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulations.
No representation or warranty, express or implied is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the proposed investment funds described herein. Kapstream will follow an investment policy that, if unsuccessful, could involve substantial losses for its funds.
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSON, THIS BROCHURE IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADQUANCY OR ACCURACY OF COMMODITY TRADING ADVISORY DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.
Zenith rating disclaimer:
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (HOW5504AU assigned March 2026 and HOW0052AU assigned March 2026) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant products. Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
Lonsec rating disclaimer:
The reports that included the ratings were published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec) for the Kapstream Absolute Return Income Fund, Kapstream Absolute Return Income Active ETF and the Kapstream Absolute Return Income Plus Fund on 08/10/2025. Lonsec receives a fee from fund managers for the preparation of reports. The report / rating is general advice only. An investor should be aware that: a) the advice has been prepared without taking into account an investors’ objectives, financial situation or needs; b) an investor should consider the appropriateness of the advice having regard to their own objectives, financial situation or needs before acting on the advice; and c) an investor should obtain a PDS relating to the product, consider the PDS and seek independent financial advice before making any decision about whether to acquire the product. The rating is not a recommendation to purchase, sell or hold any product. Past performance is not a reliable indicator of future Performance. Ratings are prepared based on information available at the time of preparation and may be subject to change by Lonsec without notice. Visit lonsec.com.au for important documents (FSG, Conflicts Statement). © 2026 Lonsec. All rights reserved.
