The investment objective of the Fund is to seek geared exposure to the Japanese equity market by creating and holding options to purchase convertible bonds issued in companies quoted on the Japanese Stock Exchanges. Such options may be acquired directly or by purchasing convertible bonds and then selling off the bond at its effective fixed income value whilst retaining the option to repurchase the convertible bond at a price based on a pre-determined formula at any time until final maturity of the relevant convertible bond. The Fund may also directly hold convertible bonds. It is not anticipated that the options will be listed and the options will be traded on OTC markets only. AUM reflects the aggregate of the various share classes and reported in USD.