Hi,
2Vrms is the maximum output voltage. The actual output voltage will be fluctuating all the time with the audio signal.
You don't need to worry about what the voltage is. 2V is the standard maximum for most consumer grade audio equipment.
When using the variable output option the maximum output voltage will be reduced when the volume control is set to anything other than full volume but that's just the way that volume controls work.
I believe the minimum output impedance of the Caiman mkII is 1Kohm. So that's probably what it will be when the output is set to fixed. When set to variable, the output impedance may be different depending on where the volume control is set as that's how many devices with variable outputs work. However I can't be sure about that and Mr Beresford is the only person who could confirm that. Either way it doesn't really matter.
As far as I understand it the Bushmaster mkII and Caiman mkII have no buffer circuit on their output which many DACs have to give them a lower output impedance. The benefit of not having a buffer circuit is that there's less circuitry in the signal path and so you get a cleaner sound. The downside is that you get a slightly higher output impedance. At 1Kohm the Caiman mkII has a slightly high output impedance. So I would recommend pairing it with an amplifier that has a fairly high input impedance of 50Kohm or above, especially if you need to use a cable longer than 1M between the two. Try to use a low capacitance cable if you can as that will help.
With that being said I currently use my Bushmaster mkII with a passive "preamp" that only has a 10Kohm input impedance and it sounds excellent. I use a 50cm Mark Grant G1000HD between the two.
I hope that helps.
Source: Apple TV 4K - DAC: Beresford Bushmaster Mk II - Preamp: CI AudioPLC-1 Mk II - Power Amps: Musical Fidelity 550K mono blocks - Speakers: Wharfedale Opus 3 - Cables: Mark Grant etc - Misc: Belkin PF30 mains filters.