THE SERIES. The Series is an open-ended unit trust established as an umbrella fund pursuant to the Trust Deed and governed by the laws of Hong Kong. All Unitholders are entitled to the benefit of, are bound by and deemed to have notice of the provisions of the Trust Deed. The Series is organised as an umbrella fund and details of each of its current Fund(s) and/or their respective Class or Classes of Units are set out in the relevant Appendix. Subject to any applicable regulatory requirements and approvals, the Manager may in its sole discretion create further Funds or determine to issue additional Classes or multiple Classes in relation to each Fund in the future. Each Fund is established as a separate trust under the Trust Deed, and the assets of each Fund will be invested and administered separately from the assets of, and shall not be used to meet liabilities of, the other Fund(s). The Base Currency of a Fund will be set out in the relevant Appendix. Each Class of Units within a Fund will be denominated in the Currency of Denomination thereof, which may be the Base Currency of the Fund to which such Class relates or such other currency of account as specified in the relevant Appendix. The Series may issue currency hedged Class(es) for certain Funds, and these are denoted by the word “Hedged”. For such Classes, the Series may hedge the currency exposure of the Class denominated in a currency other than the Base Currency of the relevant Fund. Where undertaken, the effects of such hedging may be reflected in such Fund’s Net Asset Value and, therefore, in the performance of such Class. Any expense arising from such hedging will be borne by the relevant Class in respect of which the hedging has been incurred. Such hedging may be entered into whether the Base Currency is declining or increasing in value relative to other currencies. Unitholders should note that where such hedging is undertaken it may substantially protect Unitholders in the relevant Class against a decrease in the value of currency exposure of the Class relative to the Base Currency of the relevant Fund, but it may also preclude Unitholders from benefiting from an increase in the value of the Base Currency. There can be no assurance that the hedging employed will fully eliminate the currency exposure to the underlying Base Currency.
