Important:
• The Fund offers both Tokenized Units and Non-Tokenized Units. Tokenized Units use blockchain technology for ownership records, exposing investors to additional technology, cybersecurity, operational, legal and regulatory risks. Cyberattacks, system failures, blockchain disruptions, transaction delays, smart contract vulnerabilities, or the loss, theft or compromise of private keys or digital wallets may adversely affect ownership records or investors' ability to subscribe, redeem or access their investments. Reliance on blockchain infrastructure, service providers and virtual asset trading platforms may also result in counterparty, liquidity and operational risks. Regulatory and legal developments relating to blockchain technology and tokenized products may also adversely affect the Fund.
• The Fund offers both Accumulating Classes and Distributing Classes. Distributing Classes may not be able to maintain a constant NAV in all market conditions. Market stress, significant redemptions, issuer defaults or other adverse events may result in losses, significant deviations between the constant NAV and mark-to-market (MTM) NAV, and the imposition by the Manager of liquidity management tools, including redemption/liquidity fees and redemption gates, which may reduce or delay the redemption proceeds payable to investors. In extreme circumstances, the Manager may convert the Fund to a variable NAV structure, suspend dealings or terminate the Fund. The use of amortised cost valuation may cause the value of the Fund’s investments to differ from their market value, which may adversely affect investors. In a low or negative interest rate environment, the Fund’s yield may be insufficient to cover distributions, charges and expenses, which may adversely affect distributions and NAV stability.
• Accumulating Classes do not seek to maintain a constant NAV and their NAV will fluctuate. Holders of Accumulating Classes do not receive dividends, as income is accumulated and reinvested. They remain exposed to fluctuations in the value of their investment and accumulated income, and may receive less than the accumulated income, or none of it, upon redemption.
• The Fund is not a guaranteed investment and is different from a bank deposit. The principal invested in the Fund is subject to fluctuation and investors may suffer a loss of capital. The Fund does not rely on external support to maintain liquidity or stabilize its NAV. Deposits are subject to the credit risk of financial institutions and may not be fully protected by deposit protection schemes.
• The Fund may accept subscriptions and redemption using Digital Cash (including stablecoins issued by an entity licensed by HKMA and tokenized deposits). Digital Cash is subject to issuer, operational, technology, custody, counterparty and regulatory risks. Failures, disruptions or legal and regulatory changes may affect its value, availability or settlement, and may result in additional costs, delays or losses for investors.
• The Fund is subject to risks associated with short-term and high quality money market instruments, government debt, concentration risk and reverse repurchase transactions.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.