Schroder Absolute Return Income Active ETF (Cboe: PAYS)

Investment in this Fund may be made on an application form accompanying the current Product Disclosure Statement (PDS) for the Fund which is available from Schroder Investment Management Australia Limited (Schroders) (ABN 22 000 443 274, AFS Licence 226473). The information contained in this material is general information only and does not take into account your objectives, financial situation or needs. Before acting on the information contained in this material you should obtain a copy of the PDS and consider the appropriateness of the information in regard to your objective, financial situation and needs before making any decision about whether to invest, or continue to hold.

The repayment of capital and performance in the Fund is not guaranteed by Schroders or any other party. Opinions constitute our judgement at the time of issue and are subject to change. Past performance is not an indicator of future performance. Investment guidelines represented are internal only and are subject to change without notice. Schroders may record and monitor telephone calls for security, training and compliance purposes.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Cboe:PAYS assigned, March 2025) 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 product(s).  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 - Zenith Investment Partners (zenithpartners.com.au).

The rating issued September 2025, Exchange Code: PAYS, is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.

¹ Schroder Absolute Return Income Active ETF (ARSN 624 529 120) (“Fund”) invests in, and has the same investment strategy, as the Schroder Absolute Return Income Fund (ARSN 092 060 172) (“Underlying Fund”). The Fund which was incepted in November 2019 has a distribution target of 4.8%p.a. as at July 2025. Subject to change from time to time in line with underlying assumptions. Check www.schroders.com.au/distribution-policy for the latest distribution policy figures.

^As at July 2025. Effective yield is based on the unit price at the start of the period. Income is the cash distributions paid by the fund which may include return of capital. Past performance is not a reliable indicator of future performance.

The adjusted indicative NAV (iNAV) provides an intra-day estimated value of the Fund’s investments. Schroders has engaged an agent to calculate and disseminate an iNAV throughout the Business Day.  The iNAV will be recalculated throughout the day to take into account movements in the price of underlying assets either through live market prices or, where there is no live market price, a price is estimated based on a proxy instrument. The use of proxy instruments is subject to the Schroders Group Instrument Pricing Policy and governance framework. Where there is no appropriate proxy instrument available, the last price at which an asset was quoted or traded will be used.  The iNAV is indicative only, and may incorporate securities for which there are no live market prices at the time of calculation and so it may not reflect the actual value of the underlying assets of the Fund.

While Schroders will use best efforts to ensure that the iNAV will be published continuously and will be up-to-date and accurate, Schroders cannot guarantee this will always be the case. The iNAV should not be taken to be or relied upon to determine the price at which the units may trade on Cboe at any point in time.  To the extent permitted by law, neither Schroders nor its appointed agents shall be liable to any person who relies on the iNAV. Investors will be notified via the Cboe Fund Announcements Platform if there is any material change to the methodology for calculating the iNAV. The price at which units trade on Cboe may not reflect either the NAV per unit or the iNAV. The adoption of a robust pricing methodology for the iNAV is intended to minimise this differential, as is the role of market maker but will not be able to eliminate it entirely.

The market price and the iNAV price may also deviate because the market price of the units in the Fund is a function of supply and demand amongst investors wishing to buy and sell such units and the bid-offer spread that the market maker is willing to quote for those units.