The Optimised Fund Offering Memorandum
4.
PARTICIPATING SHARES
4.1
General – Classes of Participating Shares The Fund may from time to time issue Participating Shares in one or more Classes, the specific characteristics of which are described in section 4.2 of this Offering Memorandum. Each Class will be valued as more fully detailed in section 5 of this Offering Memorandum. For any given Class, Participating Shares of such Class may be issued, Switched, or redeemed on any Dealing Day.
4.2
Share Class Descriptions
4.2.1
The Initial 6 Classes Each Participating Share shall, upon issue, be designated as belonging to a Class. There are six initial Classes of Participating Shares which are the subject of this Offering Memorandum. These six initial Classes are:
4.2.2
(a)
the Optimum Participating Shares; and
(b)
the "Targeted Risk Classes", being: (1)
Risk Level 1 Participating Shares
(2)
Risk Level 2 Participating Shares
(3)
Risk Level 3 Participating Shares
(4)
Risk Level 4 Participating Shares
(5)
Risk Level 5 Participating Shares
The Targeted Risk Classes seek to target a maximum level of risk as described in section 4.2.4 (The Targeted Risk Classes) of this Offering Memorandum, below. The target risk percentage shown below for each of the Targeted Risk Classes represents the Investment Manager's target level of annual volatility in the markets for the assets to which such Targeted Risk Class is exposed: (1)
Risk Level 1 = 1% Risk
(2)
Risk Level 2 = 3% Risk
(3)
Risk Level 3 = 5% Risk
(4)
Risk Level 4 = 7% Risk
(5)
Risk Level 5 = 9% Risk
It is intended that the Optimum Participating Shares will be subject to the highest level of risk and that the Risk Level 5 Participating Shares will be subject to substantially more risk than the Risk Level 1 Participating Shares.
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