Ardea Real Outcome Bond Complex ETF Issues Replacement PDS as Benchmark Shifts from CPI to Bloomberg AusBond Bank Bill Index

Aditi Sarkar

09 November 2026 04:47 PM AEDT

Ardea Real Outcome Bond Complex ETF Issues Replacement PDS as Benchmark Shifts from CPI to Bloomberg AusBond Bank Bill Index

Image Source: Krish Capital Pty Ltd

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Ardea Real Outcome Bond Complex ETF (ASX:XARO), managed by Fidante Partners Limited as responsible entity, has issued a replacement product disclosure statement (PDS) and target market determination (TMD), superseding the PDS dated 11 December 2025 and TMD dated 28 November 2024, following Fund Changes announced on 9 October 2026.

Key Points

The Fund's performance benchmark has changed from the Consumer Price Index (CPI) to the Bloomberg AusBond Bank Bill Index (BBBI), with the investment objective amended accordingly.
The approximately two-year inflation-linked bond duration guideline has been removed from the updated PDS.
The replacement PDS reflects an estimated indirect cost of 0.05% p.a. arising from the introduction of a capped 0.05% p.a. expense recovery in the Underlying Fund.
The Fund's investment strategy, investment universe, and management fee remain unchanged, and the amendments do not alter the target market for the Fund.

Replacement PDS and TMD Details

Fidante Partners Limited (ABN 94 002 835 592, AFSL 234668), as responsible entity for the Ardea Real Outcome Bond Complex ETF, issued the replacement PDS on 9 November 2026. The updated documents supersede the PDS dated 11 December 2025 and the TMD dated 28 November 2024. The Fund is a class of units in the registered managed investment scheme ActiveX Trust (ARSN 629 403 925) and trades on the AQUA market of the ASX under the code XARO. Ardea Investment Management Pty Ltd (ABN 50 132 902 722, AFSL 329828) has been appointed as the investment manager of the Fund.

Benchmark Change and Duration Guideline Removal

Following Fund Changes announced on 9 October 2026, the Fund's performance benchmark has been changed from the Consumer Price Index to the Bloomberg AusBond Bank Bill Index, and the Fund's investment objective has been amended to reflect this change. Additionally, the approximately two-year inflation-linked bond duration guideline has been removed from the PDS. The replacement PDS also now reflects an estimated indirect cost of 0.05% per annum, arising from the introduction of a capped 0.05% per annum expense recovery in the Underlying Fund.

Unchanged Elements and Target Market

According to the filing, the Fund's investment strategy, investment universe, and management fee remain unchanged as a result of the amendments. The filing also states that the amendments do not alter the target market for the Fund, with the updated TMD continuing to describe the type of customers for whom the product is likely to be appropriate. The offer to subscribe for units under the PDS remains available only to persons authorised as trading participants under the ASX Operating Rules. Investors who are not Authorised Participants may acquire units through the Exchange.

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