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Aviva investors Passive Funds ACS Prospectus ( 9 July 2026 ) 1
Aviva Investors: Public
AVIVA INVESTORS UK FUND SERVICES LIMITED, a member of the AVIVA GROUP
AVIVA INVESTORS PASSIVE FUNDS ACS
PROSPECTUS
AI UK EQUITY INDEX (CUSTOM SCREENED) FUND
A I US EQUITY INDEX (CUSTOM SCREENED) FUND
A I DEVELOPED EUROPEAN EX UK EQUITY INDEX (CUSTOM SCREENED) FUND A I JAPANESE EQUITY INDEX (CUSTOM SCREENED) FUND
A I DEVELOPED ASIA PACIFIC EX JAPAN EQUITY INDEX (CUSTOM SCREENED) FUND
A I DEVELOPED WORLD EX UK EQUITY INDEX (CUSTOM SCREENED) FUND
A I UK GILTS OVER 15 YEARS INDEX FUND
A I UK GILTS ALL STOCKS INDEX FUND
A I NON - GILT BOND OVER 15 YEARS INDEX FUND
A I INDEX - LINKED GILTS OVER 5 YEARS INDEX FUND
A I NON - GILT BOND ALL STOCKS INDEX FUND
A I DEVELOPED OVERSEAS GOVERNMENT BOND (EX UK) INDEX FUND AI 60:40 GLOBAL EQUITY INDEX (CUSTOM SCREENED) FUND AI 50:50 GLOBAL EQUITY INDEX (CUSTOM SCREENED) FUND AI 40:60 GLOBAL EQUITY INDEX (CUSTOM SCREENED) FUND AI MULTI - ASSET (40 - 85% SHARES) INDEX FUND AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX (CUSTOM SCREENED) FUND AI CONTINENTAL EUROPEAN EQUITY INDEX (CUSTOM SCREENED) FUND AI UK EQUITY (EX AVIVA, INVESTMENT TRUSTS) INDEX (CUSTOM SCREENED) FUND AI PACIFIC EX JAPAN EQUITY INDEX FUND AI NORTH AMERICAN EQUITY INDEX (CUSTOM SCREENED) FUND AI NON - GILT BOND UP TO 5 YEARS INDEX FUND AI UK GILTS UP TO 5 YEARS INDEX FUND
This Prospectus is dated and is v alid a s a t 9 July 2026
Prepared in accordance with the Collective Investment Schemes Sourcebook and the FUND Sourcebook
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TABLE OF CONTENTS
1. AVIVA INVESTORS PASSIVE FUNDS ACS ................................ ................................ ........... 3 2. DISTRIBUTION ................................ ................................ .................... 3 3. GLOSSARY ................................ ................................ .................... 3 4. THE ACS MANAGER ................................ ................................ .................... 7 5. THE DEPOSITARY ................................ ................................ .................... 8 6. THE INVESTMENT MANAGER ................................ ................................ .................... 9 7. THE REGISTRAR ................................ ................................ .................. 10 8. THE SECURITIES LENDING AGENT ................................ ................................ .................. 10 9. THE ADMINISTRATOR ................................ ................................ .................. 10 10. THE AUDITOR ................................ ................................ .................. 10 11. UNITHOLDER'S RELATIONSHIP WITH THE SCHEME ................................ ...................... 10 12. UNITHOLDER’S RIGHTS AGAINST SERVICE PROVIDERS ................................ .............. 10 13. SUBSCRIPTION AND REDEMPTION OF UNITS ................................ ................................ . 10 14. EXCESSIVE TRADING POLICY ................................ ................................ .................. 13 15. COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS ................................ ....... 14 16. VALUATION ................................ ................................ .................. 14 17. PRICES OF UNITS AND HISTORIC PERFORMANCE DATA ................................ ............. 14 18. POLICY ON PRICING ................................ ................................ .................. 15 19. MINIMUM INVESTMENT ................................ ................................ .................. 15 20. ACS MANAGER'S BOX ................................ ................................ .................. 16 21. PUBLICATION OF PRICES AND YIELDS ................................ ................................ ............ 16 22. CLASSES OF UNITS ................................ ................................ .................. 16 23. EVIDENCE OF TITLE ................................ ................................ .................. 17 24. INVESTMENT OBJECTIVES AND POLICY, AND INVESTMENT RESTRICTIONS ............ 17 25. LEVERAGE RATIOS ................................ ................................ .................. 20 26. RISK CONSIDERATIONS ................................ ................................ .................. 20 27. TAXATION ................................ ................................ .................. 30 28. CHARGES ................................ ................................ .................. 32 29. CONFLICTS OF INTEREST ................................ ................................ .................. 35 30. FAIR TREATMENT ................................ ................................ .................. 38 31. CHANGES TO THE SCHEME AND MEETINGS OF UNITHOLDERS ................................ . 38 32. WINDING UP ................................ ................................ .................. 39 33. ALLOCATION OF INCOME ................................ ................................ .................. 39 34. INFORMATION MADE AVAILABLE TO UNITHOLDERS ................................ ..................... 40 35. TELEPHONE RECORDING ................................ ................................ .................. 40 36. ADDITIONAL INFORMATION ................................ ................................ .................. 40 37. CLIENT MONEY ................................ ................................ .................. 41 38. FIRM - LEVEL STEWARDSHIP AND ESG INTEGRATION APPROACH .............................. 41 39. RESTRICTIONS ON INVESTMENT AND HOLDING OF AVIVA PLC SHARES AND OTHER AVIVA SECURITIES ................................ ................................ .................. 42 40. BENCHMARK REGULATION ................................ ................................ .................. 42 41. INDEX DISCLAIMERS ................................ ................................ .................. 42 42. PREFERENTIAL TREATMENT ................................ ................................ .................. 43
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IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER.
1. Aviva Investors Passive Funds ACS The Scheme was authorised by an order made by the FCA with effect from 14 February 2017 . The FCA product reference number of the Scheme is 767852 . This document is the 'Prospectus' of the authorised contractual scheme detailed in this Prospectus valid as at the date specified on the cover of this document . This Prospectus has been prepared solely for, and is being made available to investors for the purposes of evaluating an investment in Units in the Sub - F unds. Investors should only consider investing in the Sub F unds if they understand the risks involved including the risk of losing all capital invested. T he Scheme is organised as an umbrella C o O wnership S cheme comprising separate Sub - Funds . Further additional Sub - F unds may be established in the future by the ACS Manager from time to time with the approval of the Financial Conduct Authority and the agreement of the Depositary. Approval by the Financial Conduct Authority in this context does not in any way indicate or suggest endorsement or approval of the Funds as an investment. Each Sub - Fund shall have a segregated portfolio of assets and, accordingly, the assets of a Sub - Fund are allocated exclusively to that Sub - Fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Sub - Fund and shall not be available for any other purpose. The Scheme is subject to the rules of the FCA as set out in the COLL Sourcebook and the FUND Sourcebook . This Prospectus complies with the requir ements of COLL 4.2 of the COLL Sourcebook. Subject to the above, each Sub - Fund will be charged with the liabilities and expenses attributable to that Sub - Fund and within the Sub - Fund charges will be allocated between classes of Units in accordance with the terms of issue of Units of those classes . Any assets, liabilities, expenses, costs, or charges not attributable to a particular Sub - Fund may be allocated by the ACS Manager in a manner which it believes is fair to Unitholders generally within the Scheme . This will normally be pro rata to the net a sset value of the relevant Sub - Funds. The property attributable to each Sub - Fund is managed as if each Sub - Fund belonged to the “Non UCITS Retail Scheme” category as specified in Chapter 5 of COLL.
2. Distribution No person has been authorised by the ACS Manager to give any information or to make any representations in connection with the offering of Units other than those contained in the Prospectus and, if given or made, such information or representations must not be relied on as having been made by the ACS Manager. The
delivery of this Prospectus (whether or not accompanied by any reports) or the issue of Units shall not, under any circumstances, create any implication that the affairs of the Scheme or any Sub - Fu nd of the Scheme have not changed since the date hereof. This Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which an offer or solicitation is not lawful or in which the person making such an offer or solicitation is not qualified to do so or to anyone to whom it is unla wful to make such a solicitation . It is the responsibility of any persons in possession of this Prospectus and any persons wishing to apply for Units in the Sub - Funds of the Scheme to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction . Prospective Unitholder s should inform themselves as to the legal requirements of applying for Units and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence, domicile, or incorporation. The ACS Manager does not benefit from any passports that would enable it to market the Scheme in the EEA and, accordingly, Units may not be marketed to EEA domiciled Professional Investors in any EEA territory. US Persons are not permitted to subscribe for Units in the Sub - Funds of the Scheme . The Units in the Sub Funds have not and will not be registered under the United States Securities Act 1933, the United States Investment Company Act 1940, or the securities laws of any of the States of the United States of America and may not be directly or indirectly offered or sold in the United States of America or for the account or benefit of any US Person, except pursuant to an exemption from, or in a transaction not s ubject to, the registration requirements of the United States Securities Act 1933, United States Investment Company Act 1940 and similar requirements of such state securities law. Notwithstanding the above, all Unitholders must meet the eligibility criteria set out in this Prospectus and the ACS Deed. In particular, all Unitholders must: (i) be eligible to invest in an authorised contractual scheme (see section 3 6 (i) below); (ii) be a Professional Investor or an Eligible Counterparty; (iii) meet the tax criteria for investment in the relevant Unit Class (as set out in Appendix 1).
All dealing, correspondence and communication in relation to this Prospectus with investors shall take place in English.
3. Glossary
Accumulation Units Means Units (of whatever c lass) issued fro m time to time in respect of a Sub - F und and in respect of which income allocated thereto is credited
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periodically to capital pursuant to the COLL Sourcebook and the ACS Deed.
ACS Deed The instrument constituting the Scheme , as such instrument may be amended , novated, supplemented and/or restated from time to time.
ACS Manager Aviva Investors UK Fund Services Limited, the manager appointed under the terms of the ACS Deed and its successors as ACS Manager.
Administrator HSBC Bank plc of 8 Canada Square London E14 5HQ.
AIFMD Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 . AIFMD Level 2 Regulation
T he UK version of Commission delegated regulation (EU) No 231/2013 supplementing Directive 2011/ 61 /EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision, which is part of UK law by virtue of the EUWA . AIFM Regulations T he Alternative Investment Fund Managers Regulations 2013 as amended or re enacted from time to time which implements AIFMD in the UK . Auditor The auditor of the Scheme from time to time, as at the date of this Prospectus being Ernst & Young LLP of 25 Churchill Place, London, E14 5EY . Aviva Group The Aviva group of companies, the ultimate holding company of which is Aviva plc.
Base Currency The base currency of a Sub Fund.
Benchmark Index In relation to a Sub - Fund, the index on which that Sub Fund’s investment strategy will be based and against which the return of that Sub Fund will be compared.
Benchmark Regulation
T he UK version of Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Direct ives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014, which is part of UK law by virtue of the EUWA . Business Day A day which is not a Saturday or Sunday, or any other day recognised in England and Wales as a public holiday or any other day on which banks or the London Stock Exchange are not open for normal business in the UK . In addition, where a Sub - Fund of the Scheme invests outside the UK, the ACS Manager may also take into account whether relevant local exchanges are open, and may elect to treat such closures as non - business days . Where possible, Unitholders will be notified in advance of such cases.
CCP H as the meaning ascribed to it in the glossary of definitions to the FCA Handbook . COLL Sourcebook The C ollective I nvestment S chemes sourcebook which forms part of the FCA Handbook, as amended from time to time. References to rules or guidance in the COLL Sourcebook are prefaced by "COLL".
Co - Ownership Scheme
A scheme as defined by section 235A of the Financial Services and Markets Act 2000, as amended from time to time.
Deal Cut - Off Point The time by which a subscription or redemption
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request must be received for the subscription or redemption to occur at the Valuation Point for that Dealing Day. The Deal Cut - Off Point for each Sub Fund is set out in Appendix 1.
Dealing Day A day on which a Sub - Fund processes orders in its Units. The Dealing Day for each Sub - Fund is set out in Appendix 1.
Depositary HSBC Bank plc, to whom the Scheme property is entrusted for safekeeping and who is appointed to act as the Depositary of the Scheme and its successors as Depositary.
Depositary Services Agreement
The depositary services agreement between the ACS Manager and the Depositary , as amended, novated, restated, supplemented and/or restated from time to time . EEA European Economic Area.
EEA State A member state of the European Union and any other state which is within the EEA , as defined in the glossary to the FCA Handbook . Eligible Counterparty An investor that is considered to be an eligible counterparty or that may, on request, be treated as an eligible counterparty within the meaning of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) . Eligible Derivatives Market
A derivatives market which is listed in Schedule 2.
EMIR The UK version of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories, which is part of UK law by virtue of the EUWA , sometimes referred to as the "European Markets Infrastructure Regulation" as amended by Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 .
EUWA The European Union (Withdrawal) Act 2018.
FCA The Financial Conduct Authority or any other relevant successor regulatory body from time to time.
FCA Handbook The FCA's handbook of rules and guidance, as amended from time to time.
Form The application form to subscribe for Units in the Scheme (including appropriate documentation to confirm the tax status of the Unitholder).
FSCS Financial Services Compensation Scheme.
FUND Sourcebook The I nvestment F unds S ourcebook which forms part of the FCA Handbook, as amended from time to time. References to rules or guidance in the FUND Sourcebook are prefaced by "FUND".
HMRC or HM Revenue and Customs
His Majesty’s Revenue and Customs .
Investment Manager BlackRock Investment Management (UK) Limited . Investor Agreement An investor agreement containing the indemnities and undertakings required in connection with a Unitholder’s subscription for Units in the Scheme and (where required by the ACS Manager) governing any investment management charges . Minimum Investment The minimum investment required for an investor in a Sub - Fund. The Minimum Investment for each Sub - Fund is set out in Appendix 1.
Non - UCITS retail scheme
A scheme complying with the requirements of the COLL Sourcebook for a non - UCITS retail scheme.
Normal Business Hours
The hours between 8.30 a.m. and 5.30 p.m. on any Business Day.
OTC Over the counter .
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Power of Attorney A power of attorney in connection with, amongst other things, applications for reductions of withholding tax required to be entered into by Unitholders contemporaneously with and as a condition to completion of the Form . PRA Prudential Regulation Authority.
Professional Investor An investor that is considered to be a professional client or that may, on request, be treated as a professional client within the meaning of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) (which, for the avoidance of doubt, shall include, a person who the ACS Manager has been permitted to treat as an elective professional client in accordance with COBS 3.5.3BR to COBS 3.5.3ER).
Register The register of Unitholders for each of the Sub - Funds.
Registrar Aviva Investors UK Fund Services Limited.
Safekeeping Function The function of safekeeping the assets of the Sub - Funds, which includes : (i) holding in custody all financial instruments that can be registered in a financial instrument account opened in the Depositary's books and all financial instruments that can be physically delivered to the Depositary; and (ii) for other assets, verifying the ownership of such assets , and maintaining records accordingly.
Scheme Aviva Investors Passive Funds ACS . Securities Financing Transactions Regulation
T he UK version of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and
amending Regulation (EU) No 648/2012 as amended by the Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019, which is part of UK law by virtue of the EUWA . Service Providers The service providers to the Scheme, including the Investment Manager, the Administrator and the Auditor, whose details are set out herein.
SFT A securities financing transaction as defined by Article 3(11) of the Securities Financing Transactions Regulation.
Sub - Funds The sub - fund of the Scheme with segregated liability and detailed in Appendix 1 from time to time (each a Sub Fund).
TRS A total return swap as defined by Article 3(18) of the Securities Financing Transactions Regulation.
UCITS An undertaking for collective investment in transferable securities which is a UCITS Scheme or an EEA UCITS scheme, the latter as defined in the Financial Conduct Authority Handbook . UCITS Directive T he European Parliament and Council Directive of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (No 2009/65/EC), as amended . UCITS Scheme A UK UCITS, as defined below.
UK The United Kingdom of Great Britain and Northern Ireland.
UK AIF A n alternative investment fund within the scope of the UK AIFM Regime and as defined in the FCA Handbook .
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UK AIFM A n alternative investment fund manager established in the UK and with a Part 4A permission to carry on the regulated activity of managing an alternative investment fund . UK AIFM Regime (i) the FUND Sourcebook, (ii) other rules in the FCA Handbook which when made implemented AIFMD , (iii) the AIFMD Level 2 Regulation and (iv) the AIFM Regulations.
UK UCITS I n accordance with sections 236A and 237 of the Financial Services and Markets Act 2000, a collective investment scheme which may consist of several sub - funds, which is either an authorised unit trust scheme, an authorised contractual scheme, or an authoris ed open - ended investment company with the sole object of collective investment of capital raised from the public in transferable securities or other liquid financial assets , operating on the principle of risk - spreading , with units which are, at the reques t of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ asset s, and which has identified itself as a UCITS in its prospectus and has been authorised accordingly by the FCA . Unit (s) A unit or units representing the rights and interests of a Unitholder in a Sub - Fund . Unit Class Any class of Units. A Unit Class may have its own cost and fee structure, currency denomination, hedging policy, minimums, holding amounts, investor eligibility criteria, tax characteristics and other features.
Unitholder In relation to a Class or Sub Fund means a person who is on the register as a unitholder in that Class or Sub - Fund at that time.
Unitholder Documents Collectively, the Form, an Investor Agreement , the Power of Attorney , the Prospectus and the ACS Deed.
US Persons Means any US resident or other person specified in Regulation S under the United States Securities Act 1933, as amended from time to time and as may be further supplemented by the ACS Manager.
Valuation Point The point, whether on a periodic basis or for a particular valuation, at which the ACS Manager carries out a valuation of the Scheme property for the Sub - Funds for the purpose of determining the price at which Units of a class may be issued, cancelled or r edeemed. Valuations will be performed on each Business Day at 12.00 noon .
4. The ACS Manager The ACS Manager (Registered Company No. 01973412 ) is a limited company incorporated in England and Wales on 20 December 1985 . It is a subsidiary of Aviva Investors Holdings Limited and forms part of the Aviva Group. The ACS Manager is authorised and regulated by the FCA with permission to carry on the activity of 'managing a UK AIF'. As such, the ACS Manager has been appointed to be the UK AIFM of the Scheme , which is an alternative investment fund, or ' UK AIF', for the purposes of the UK AIFM Regime . The ACS Deed contains provisions governing the responsibilities of the ACS Manager in relation to the management and administration of the Scheme and the issue , cancellation, and redemption of the Units . The ACS Manager, as the alternative investment fund manager of the Scheme , is responsible for the portfolio management of the Scheme and exercising the risk management function in respect of the Scheme . In addition, the ACS Manager's duties include to acquire, manage, and dispose of the property which is su bject to the Scheme from time to time and enter into 'Authorised Cont r acts' which are binding on the Unitholders . As the alternative investment fund manager of the Scheme , the ACS Manager is also responsible for ensuring compliance with the UK AIFM Regime in respect of the Scheme . Professional liability risks resulting from those activities which the ACS Manager carries out pursuant to the UK AIFM Regime , are covered by the ACS Manager through 'own funds' (within the meaning of the UK AIFM Regime ).
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The ACS Manager may delegate certain of its functions to third parties; however, these functions remain the responsibility of the ACS Manager . Further details of the functions currently delegated by the ACS Manager are set out in sections 6 to 9 . The registe red office of the ACS Manager is 80 Fenchurch Street, London, EC 3 M 4AE . The i ssued and paid - up share capital of the ACS Manager is twenty one million five hundred thousand ordinary share s of £1. The ACS Manager also acts as the ACS Manager to ano ther authorised contractual scheme as more fully described in Appendix 2. The d irectors of Aviva Investors UK Fund Services Limited , as at the date of this Prospectus, are named below : J Barber M Bell A Coates M Kingdon J Lowe K McClellan
All the above directors have various responsibilities within the Aviva Group . None of the directors' main business activities (which are not connected with the business of the ACS Manager or any of its associates) is of significance to the Scheme's business. The ACS Manager maintains a conflicts of interest policy.
5. The Depositary Pursuant to the agreement dated 28 January 2015 between t he ACS Manager and the Depositary (the “Depositary Services Agreement”) , as novated to the ACS Manager on 15 August 2018, and for the purposes of and in compliance with the UK AIFM Regime and the relevant FCA Rules, the Depositary has been appointed as depositary to the Scheme. The Depositary is a public limited company incorporated in England and Wales with company registration number 00014259. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc. The Depositary’s registered and head office is located at 8 Canada Squa re, London E14 5HQ and the principal business activity of the Depositary is the provision of financial services, including trustee and depositary services . HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by the Prudential R egulation Authority and the Financial Conduct Authority . The Depositary provides services to the Scheme as set out in the Depositary Services Agreement and, in doing so, shall comply with the UK AIFM Regime , the relevant FCA Rules and the terms of the ACS Deed. The Depositary’s duties include the following:
(i) Ensuring that the Scheme’s cash flows are properly monitored and that all payments made by or on behalf of applicants upon the subscription to units of the Sub Funds have been received. (ii) Safekeeping the assets of the Scheme, which includes (i) holding in custody all financial instruments that can be physically delivered to the Depositary; and (ii i ) verifying the ownership of other assets and maintaining records accordingly. (i v ) Ensuring that issues, redemptions and cancellations of the units of each Sub - Fund are carried out in accordance with applicable law and the relevant FCA Rules and ACS Deed. (v) Ensuring that the value of the units of each Sub Fund is calculated in accordance with applicable law and the relevant FCA Rules and the ACS Deed. (v i ) Carrying out the instructions of the ACS Manager, unless they conflict with applicable law and the relevant FCA Rules or the ACS Deed. (vi i ) Ensuring that in transactions involving a Sub Fund’s assets any consideration is remitted to the relevant Sub - Fund within the usual time limits. (vii i ) Ensuring that a Sub - Fund’s income is applied in accordance with applicable law and the relevant FCA Rules and the ACS Deed. (i x ) Ensuring that the income of each Sub - Fund is received in line with the tax status of each Unitholder and tax vouchers are distributed in the name of each Unitholder in accordance with applicable law and the ACS Deed. The appointment of the Depositary under the Depositary Services Agreement may be terminated without cause by not less than 90 days written notice provided that the Depositary Services Agreement does not terminate until a replacement Depositary has been app ointed. The Depositary may delegate its safekeeping functions subject to the terms of the Depositary Services Agreement and agreement of the ACS Manager. Unitholders have no personal right to directly enforce any rights or obligations under the Depositary Services Agreement. In general, the Depositary is liable for losses suffered by the Scheme as a result of its negligence or wilful default to properly fulfil its obligations . Subject to the paragraph below, and pursuant to the Depositary Services Agreement, the Depositary will be liable to the Scheme for the loss of financial instruments of the Sub - Fund which are held in its custody . The Depositary will not be indemnified out of the Sub - Fund for the loss of financial instruments where it is so liable. The liability of the Depositary will not be affected by the fact that it has delegated safekeeping to a third party save where this liability has been lawfully discharged to a delegate (any such discharge will be notified to the Unitholders and consent wil l be obtained from the ACS Manager to such delegation and discharge ) . At the
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date of this Prospectus, the Depositary has not discharged its liability for the safekeeping of assets in its safekeeping . The Depositary will not be liable where the loss of financial instruments arises as a result of an external event beyond the reasonable control of the Depositary, the consequences of which would have been unavoidable despite all reasonable efforts to the c ontrary . The Depositary shall not be liable for any indirect, special or consequential loss. In the event there are any changes to the Depositary’s liability under the UK AIFM Regime and the relevant FCA Rules, the ACS Manager will inform Unitholders of such changes without delay. From time to time actual or potential conflicts of interest may arise between the Depositary and its delegates. For example, such conflicts may arise; (i) where an appointed delegate is an affiliated group company and is providing a product or service to a Sub - Fund and has a financial or business interest in such product or service; or, (ii) where an appointed delegate is an affiliated group company which receives remuneration for other related products or services it provides to Sub - Funds . The Depositary m aintains a conflict of interest policy to address this. In addition, actual or potential conflicts of interest may also arise between Sub - Funds, the Unitholders, or the ACS Manager on the one hand and the Depositary on the other hand. For example, such actual or potential conflict may arise because the Depositary is part of a legal entity or is related to a legal entity which provides other products or services to the Sub - Funds and the ACS Manager and from which fees and profits in relation to the provision of those products or services may arise and from which the Depositary may benefit directly or indirectly . In addition, the Depositary may have a financial or business interest in the provision of such products or services, or receives remuneration for related products or services provided to Sub - Funds, or may have other clients whose interests may conflict wit h those of Sub Funds, the Unitholders or the ACS Manager. Please note that these kinds of conflicts of interest do not involve the ACS Manager and are conflicts involving third parties. In particular, HSBC Bank plc may provide foreign exchange services to a Sub - Fund for which they are remunerated out of the property of the Sub - Fund . HSBC Bank plc or any of its affiliates or connected persons may also act as market maker in the investments of a Sub - Fund in question; provides broking services to a Sub - Fund and/or to other funds or companies; acts as financial adviser, banker, derivative s counterparty or otherwise provides services to the issuer of the investments of the a Sub Fund in question; acts in the same transaction as agent for more than one client; has a material interest in the issue of the investments of a Sub - Fund; or earns profits from or has a financial or business interest in any of these activities.
The Depositary will ensure that any such additional services provided by it or its affiliates are on terms which are not materially less favourable to the Sub Fund than if the conflict or potential conflict had not existed. The Depositary has a conflict of interest policy in place to identify, manage and monitor on an on - going basis any actual or potential conflict of interest. The Depositary has functionally and hierarchically separated the performance of its depositary task s from its other potentially conflicting tasks. The system of internal controls, the different reporting lines, the allocation of tasks and the management reporting allow potential conflicts of interest and the Depositary issues to be properly identified, managed, and monitored . As set out above, this relates to conflicts of the Depositary rather than the ACS Manager.
6. The Investment Manager The ACS Manager has delegated certain functions with respect to the investment management of the assets of the Scheme t o the Investment Manager . The Investment Manager has been granted the authority to manage and make purchases and sales of investments for the Sub - Funds on the ACS Manager's behalf and as the ACS Manager's agent, within the investment policies of the relevant Sub - Fund of the Scheme. The Investment Manager has discretion to buy, sell, retain, exchange, or otherwise deal in investments (including derivatives) , subscribe for new issues, and accept placings, underwritings, or sub underwritings for the Sub - Funds. The Investment Manager may sub - delegate all or part of their functions to a third party and shall seek the consent of the ACS Manager prior to any such sub - delegation. The Investment Manager report s to the ACS Manager on the performance of each Sub - Fund. The Investment Managers' fees for acting as an investment manager of each Sub - Fund are paid by the ACS Manager. The registered office of the Investment Manager is 12 Throgmorton Avenue , London EC2 N 2DL . The Investment Manager is authorised and regulate d by the FCA. The Investment Manager's principal activity is acting as an investment manager . The ACS Manager may terminate its investment management agreement with the Investment Manager at any time on written notice, including where this is in the best interests of investors. The Investment Manager may terminate its investment management agreemen t on giving not less than 6 months' notice to the ACS Manager. The Investment Manager can also terminate the agreement immediately on written notice where the ACS Manager has made an amendment to the agreement which results in a material detriment to the I nvestment Manager’s ability to provide the services such that the Investment Manager is likely to breach the agreement and/or any applicable law or FCA rules. At the date of this Prospectus, there was no such sub - delegation of the functions performed by the Investment Manager.
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7. The Registrar The Registrar is the person responsible for maintaining the Register under the terms of the ACS Deed for the Scheme. The Register may be inspected at 80 Fenchurch Street, London, EC3M 4AE by or on behalf of the Unitholders, on any Business Day during Normal Business Hours. The Register is conclusive evidence of the title to Units except in the case of any default in payment or transfer to a Scheme of cash or other property due and the Depositary and the ACS Manager are not obliged to take notice of any trust or equity or oth er interest affecting the title to any of the Units.
8. The Securities Lending Agent The Bank of New York Mellon , London Branch, of 160 Queen Victoria Street, London , EC 4V 4LA has been appointed to act as securities lending agent for the Sub - Funds . The Securities Lending Agent has the discretion to arrange securities loans with approved counterparties . Further details are provided in section 24 (b) below.
9. The Administrator The Administrator will act as the ACS Manager’s delegate, performing a number of fund administration services, including fund accounting (amongst other things assisting the ACS Manager in calculating the Unit price of a Sub - Fund), and client and fund admin istration, (amongst other things assisting the ACS Manager with its requirement to process requests for subscriptions and redemptions for Units in a Sub Fund and maintenance of the Register).
10. The Auditor The Auditor's responsibility is to audit and express an opinion on the financial statements of the Scheme in accordance with applicable law and auditing standards.
11. Unitholder's Relationship with the Scheme In order to subscribe for Units , Unitholders must complete an appropriate Form , Power of Attorney, and Investor Agreement . By doing so, Unitholders agree to subscribe for Units and to be bound by the terms of this Prospectus and the ACS Deed. All Unitholders are entitled to the benefit of, are bound by, and are deemed to have notice of, the provisions of the ACS Deed, copies of which are available as described in section 3 6 (x) below. The provisions of the ACS Deed are binding on the Depositary , the ACS Manager and the Unitholders and all persons claiming through them respectively as if all such Unitholders and persons had been party to such ACS Deed. The Unitholder Document s are governed by and at all times subject to English law . T he courts of England shall have jurisdiction in relation to claims made under them. Unitholders should note that the Scheme and the Sub Funds may be adversely affected by the ability to recognise and enforce a foreign judgment in England. There are a number of legal instruments providing for
the recognition and enforcement of judgments obtained from certain jurisdictions relating to certain matters in England. Judgments obtained in jurisdictions or relating to matters not covered by such legal instruments may be enforceable in England at commo n law. Nevertheless, there is uncertainty regar ding the ability to enforce foreign judgments in England, which may adversely affect the Scheme and the Sub - Funds and the value of a Unitholder’s Units. Section 261P of the Financial Services and Markets Act 2000 provides for segregated liability between Sub - Funds . The concept of segregated liability is relatively new . Accordingly, where c laims are brought by local creditors in foreign courts or under foreign law contracts, it is not yet known how those foreign courts will react to S ection 261P.
12. Unitholder’s Rights Against Service Providers The Scheme is reliant on the performance of the S ervice P roviders. No Unitholder will have any direct contractual claim against any Service Provider with respect to such Service Provider's default . This is without prejudice to any right a Unitholder may have to bring a claim against an FCA authorised Service Provider, the ACS Manager or the Depositary under S ection 138D of the Financial Services and Markets Act 2000 (which provides that breach of an FCA rule by such Service Provider, the ACS Manager or the Depositary is actionable by a private person who suffers loss as a result), or any tortious or contractual cause of action. Unitholders who belie ve they may have a claim under S ection 138D of the Financial Services and Markets Act 2000, or in tort or contract , against any Service Provider, the ACS Manager or the Depositary in connection with their investment in the Scheme , should consult their legal adviser. U nitholders may be eligible for compensation under the FSCS if they have claims against the ACS Manager, Depositary or another FCA authorised Service Provider (including the Investment Manager) which is in default. As set out in section 3 6 (vii) , there are limits on the amount of compensation available. Further information about the FSCS is at www.fscs.org.uk . To determine eligibility in relation to the FSCS, Unitholders should consult the website above and speak to their legal advisers. See section 5 above for a summary of the Depositary’s liability to the Scheme.
13. Subscription and Redemption of Units
(a) Liquidity management The ACS Manager maintains a liquidity management policy to monitor the liquidity risk of the Scheme , which includes, among other tools and methods of measurement, the use of stress tests under both normal and exceptional circumstances. The liquidity management systems and procedures employed by the ACS Manager enable it to measure
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the liquidity of a Sub - Fund ' s portfolio against thresholds set by reference to each Sub - Fund's redemption policy. The ACS Manager seeks to ensure that the Scheme and each Sub - Fund will remain within the liquidity limits set for it. The ACS Manager is also able to apply various tools and arrangements necessary to respond appropriately to redemption requests. In normal circumstances, redemption requests will be processed as set out below in section 13 (c) . Other arrangements may also be used in response to redemption requests, including the use of the power of deferral or similar arrangements (as set out in this document, for example in section 13 (e) ) which, if activated, will restrict the redemption rights Unitholders benefit from in the ordinary course. The ACS Manager may also temporarily suspend redemptions in certain circumstances as set out in section 13 (g) . (b) Subscription for Units Subject to the policy on pricing (see section 18 ), an application to subscribe for Units in the Scheme for the first time must be made in writing to the ACS Manager . During any initial offer period (if any), f or all Sub - Funds t he initial offer price of the Units will be £1.00 . Any subsequent subscription for Units by an existing Unitholder may be made, during Normal Business Hours , by such forms of electronic communication as may be approved by the ACS Man ager or any other method otherwise approved by the ACS Manager. W hen placing an order to subscribe for Units for the first time , the ACS Manager will request that a F orm be completed and returned to the ACS Manager. The ACS Manager reserves the right to reject, on reasonable grounds, any application for Units in whole or in part . Failure to return a fully completed F orm may result in a delay in the ACS Manager processing any subsequent redemption request or may result in the ACS Manager withholding redemption proceeds. All requests to subscribe for Units must be received by the D eal C ut - O ff Point for the relevant Sub - Fund as set out in Appendix 1 otherwise they will be held over to the next following Valuation Point . Purchase orders made by approved electronic communication and received outside of Normal Business Hours will be effected as soon as possible on the next Business Day. Please note that monies received on a Business Day when there is not a Valuation Point will not be invested in the relevant Sub - Fund until the next Valuation Point . A contract note will be sent to the applicant b y electronic communication on the next Business Day after the Valuation Point applicable to the deal. The contract note will show the price of the relevant Units (per Unit and the total cost), shown to at least four significant figures . Except in the case of in specie subscriptions (see section 13 ( f ) below), i f a Unitholder has not already paid, it must ensure that the ACS Manager receives payment by close of business on the third Business Day after the Valuation Point applicable to the deal. The ACS Manager may however, subject to n otifying the relevant Unitholder prior to accepting a
subscription request, require earlier payment. If timely settlement is not made, the ACS Manager may, at its sole discretion, cancel the relevant subscription of Units and/or an applicant may be required to pay an administration charge to the ACS Manager to cover any costs and resultant losses incurred by the ACS Manager and/or the Scheme . Payment for the subscription of Units is by electronic payment. No certificates are issued for Units in the Scheme . In accordance with the COLL Sourcebook the ACS Manager reserves the right to refuse to issue Units in certain circumstances, in particular where it has reasonable grounds to refuse the sale. Unitholders must meet the inves tment criteria for any Unit Class in which they intend to invest . If a subscription request is processed for Units in a class in which a Unitholder does not meet the investment criteria then the ACS Manager reserves the right to switch the Unitholder into a more appropriate class in the Scheme (where available) or redeem the Unitholder 's Units . In such a scenario the ACS Manager is not obliged to give the Unitholder prior notice of its actions and the Unitholder bears any consequential risk including that of market movement.
(c) Redemption of Units Subject to the policy on pricing (see section 18 ), Units in any Sub - Fund may normally be redeemed during Normal Business Hours . Redeeming Unitholders must complete a redemption request by such forms of electronic communication as may be approved by the ACS Manager or any other method otherwise approved by the ACS Manager . The ACS Manager will send Unitholders a contract note for the redeemed Units by electronic communication by close of business on the Business Day after the Valuation Point applicable to the deal . Except in the case of in specie redemptions (see section 13 ( f ) below) or deferred redemptions (see section 13 ( e ) below), t he proceeds will be sent to Unitholders by electronic payment by the close of business on the third Business Day after the later of the following times: (i) the Valuation Point at which the redemption instructions were processed; or (ii) the date of receipt of the instructions to redeem . All requests for redemption must be received by the D eal C ut - O ff Point for the relevant Sub - Fund as set out in Appendix 1 otherwise they will be held over to the next following Valuation Point . (d) Delivery Versus Payment (“DvP”) Exemption
The ACS Manager may make use of the Delivery versus Payment (“DvP”) exemption for Unitholders that consent, as set out in the FCA Client Asset Rules (“CASS Rules”), which provides for a one business day window during which Unitholders’ money held by the AC S Manager for the purposes of settling a transaction in Units is not treated as “client money” within the meaning of the CASS Rules. Specifically, under the DvP exemption, money received by the ACS Manager
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from an Unitholder, or money due to be paid to a Unitholder by the ACS Manager, need not be treated as client money if: (i) the ACS Manager receives the money from a Unitholder in relation to the ACS Manager’s obligation to issue Units in the ACS and the m oney is passed to the Depositary for the purpose of this obligation in the relevant Sub - Fund within the timeframes set out in the FCA Rules; or (ii) the ACS Manager holds the money in the course of redeeming Units provided that the proceeds of that redempt ion are paid to a Unitholder within the timeframes set out in the FCA Rules . (e) Deferred redemption At times of excessive redemptions the ACS Manager may decide to defer redemptions at any Valuation Point to the next Valuation Point where the requested aggregate redemptions exceed 10 % of the Scheme' s value . This will therefore allow the ACS Manager to protect the interests of continuing Unitholders by allowing the ACS Manager to match the sale of scheme property to the level of redemptions. This should reduce the impact of dilution on the Schem e . All Unitholders who have sought to redeem Units at any Valuation Point at which redemptions are deferred will be treated consistently and any redemption requests received foll owing the decision to defer redemptions will not be processed until the redemption requests that have been deferred to subsequent Valuation Point s have been processed.
(f) In specie subscriptions and redemptions The ACS Manager may, at its discretion, arrange for the Depositary to issue Units in exchange for assets other than cash. The Depositary may, on the instruction of the ACS Manager, pay out of the relevant Sub - Fund assets other than cash as payment for the redemption of Units . An in specie subscription or in specie redemption will only take place where the Depositary has taken reasonable care to determine that it is not likely to result in any material prejudice to the interests of Unitholders in the relevant Sub - Fund . The ACS Manager will not issue Units in any Sub - Fund in exchange for assets the holding of which would be inconsistent with the investment objective s or policy of that Sub - Fund. Where the ACS Manager elects to carry out an in specie redemption, it must notify the Unitholder of this in writing no later than the close of business on the second Business Day after the day on which it received selling instructions from the Unitholder . Where there is an in specie redemption, the Depositary will, in accordance with the rules of the COLL Sourcebook, cancel the Units and transfer a proportionate share of the assets of the relevant Sub Fund or such selection from the property of the Scheme as the Depositary, after consultation with the ACS Manager, decides is reasonable to the Unitholder , in either case having regard to the need to be fair both to the Unitholder taking the in specie redemption and to continuing Unitholders .
Irrespective of the value of the Units , where a Unitholder wishes to redeem and the ACS Manager has elected to provide an i n specie transfer, the Unitholder is entitled to instruct the ACS Manager not to transfer assets, but to sell those assets (other than those in cash in the relevant currency) and pay to the Unitholder the net proceeds of sale (and cash). However, instruction must be given by the Unitholder in writing to the ACS Manager by the close of business on the fourth Business Day after receipt of the ACS Manager's notice of election to provide an in spe cie redemption. The value raised will not necessarily correspond with the applicable published bid price. The ACS Manager may, in its sole discretion, agree to a request from a Unitholder for an in specie redemption where it receives such request in advance of the redemption request. Where the ACS Manager does agree, the Depositary will transfer assets to the Unitholder of the relevant Sub - Fund in the manner set out above.
(g) Suspension The ACS Manager may, with the prior agreement of the Depositary , and must without delay, if the Depositary so requires, temporarily suspend the issue and redemption of Units for a period of time where due to exceptional circumstances it is in the interest of all Unitholders in the relevant Sub - Fund. The ACS Manager and Depositary must ensure that the period of suspension is only allowed to continue for as long as it is justified having regard to the interest of Unitholders and that dealing resumes as soon as practicable after the circumstances triggering a suspension have ceased . Upon suspension the ACS Manager or the Depositary will immediately inform the FCA giving reasons for the suspension and notify any home state regulator in jurisdictions where Units in the relevant Sub - Fund are available for sale. The ACS Manager will notify Unitholders of the suspension as soon as practicable after the suspension commences and will formally review the suspension with the Depositary at least every 28 days, keeping the FCA informed. The ACS Manager will resume issue and redemption in Units after giving the requisite notice in accordance with the COLL Sourcebook. The ACS Manager will publish sufficient details on its website to keep Unitholders appropriately informed about the suspension including, if known, its likely duration.
(h) Conversion and switching rights Where more than one class of U nit is in issue in a Sub Fund, the ACS Manager may permit a U nitholder to: (i) convert all or some of the U nits held from one class in that Sub - Fund (the " Original Units ") for Units of another class in the same Sub - Fund (" New Units "), subject to M inimum I nvestment and eligibility requirements. When U nits are converted, the number of New Units to be issued will be determined by applying a 'conversion
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factor' to the value of the Original Units held to determine the number of New Units to be issued. The conversion factor applicable to such unit conversion is available on request from the ACS Manager in writing ; or (ii) switch all or some of the U nits held from one class in that Sub - Fund (the " Original Units ") into U nits of another Sub - Fund within the Scheme (the " New Units ") . On a switch of U nits, the number of New Units issued will be determined by reference to the respective prices of New Units and Original Units at the V aluation P oint applicable when the Original Units are redeemed and the New Units are issued. Any such exchange is treated as a redemption and sale. Unitholders must provide written instructions to convert or switch holdings to the ACS Manager which, in the case of joint U nitholders, must be signed by all joint U nitholders before a conversion or switch is e ffected . Conversions and switches are subject to the M inimum I nvestment and eligibility requirements. No switch will be made during any period when the right of U nitholders to require a redemption of U nits is suspended. A switch between the relevant Sub - Fund and another Sub - Fund of the Scheme will only be effected on a Business Day when both Sub - Funds have Valuation Points. Unitholders subject to UK tax should note that a switch of U nits between Sub - Funds (but not between Unit Class es in the same Sub - Fund) should be treated as a disposal for the purposes of Capital Gains Tax. Conversions between different Unit Class es in the same Sub - Fund should not give rise to a disposal for UK Capital Gains Tax purposes. Conversions between different Unit Classes in the same Sub - Fund may , however, be treated as a disposal for UK capital gains tax purposes if the Unit Classes have different hedging arrangements . Unitholders should seek their own professional tax advice in this regard. A U nitholder who switches U nits in one Sub - Fund for U nits in any other Sub - Fund will not be given a right by law to withdraw from or cancel the transaction.
(i) Mandatory redemption , cancellation , or conversion of Units The ACS Manager may from time to time take such action and impose such restrictions as it thinks necessary for the purpose of ensuring that no Units in any Sub - Fund are acquired or held by any person in circumstances (" relevant circumstances ") which constitute a breach of the law or governmental regulation (or any interpretation of a law or regulation by a competent authority) of any country or territory; or which would (or would if other Units were acquired or held in like circumstances) result in any Sub - Fund inc urring any liability to taxation or suffering any other adverse consequence (including a requirement to register under any securities or investment or similar laws or governmental regulation of any country or
territory); and, in this connection, the ACS Manager may reject at its discretion any subscription, redemption , switch or conversion of Units . In particular, all Unitholders must meet the eligibilit y criteria set out in section 2 . All US residents and citizens should note the requirements of the Foreign Account Tax Compliance Act ('FATCA') . If it comes to the notice of the ACS Manager that any Units (" affected Units ") have been acquired or are being held in each case whether beneficially or otherwise in any of the relevant circumstances referred to above or if it reasonably believes this to be the case the ACS Manager may give notice to the relevant Unitholder to convert their holding to another Class if a suitable Class is available or give notice to the holder of the affected Units requiring the Unitholder to give a request in writing for th e redemption or cancellation of such Units . If any person upon whom such a notice is served does not within thirty days after the date of such notice convert their holding to another Class if a suitable Class is available, or submit such request for redemption or cancellation, or establish to the satisfaction of the ACS Manager (whose judgement shall be final and binding) that he and any person on whose behalf he holds the affected Units are qualified and entitled to hold the U nits, he shall be deemed upon the expiration of that thirty day period to have given a request in writing for the redemption or cancellation (at the discretion of the ACS Manager) of the affected Units.
(j) Transfers of Units A transfer of Units is not permitted . 14. Excessive Trading Policy The Sub - Funds do not knowingly allow investments that are associated with excessive trading practices as such practices may adversely affect the interests of all Unitholders . Excessive trading includes individuals or groups of individuals whose securities transactions seem to follow a timing pattern or are characterised by excessively frequent or large trades. Unitholders should, however, be aware that the Sub Funds may be utilised by certain Unitholders for asset allocation purposes or by structured product providers, which may require the periodic re - allocation of assets between Sub - Funds. This activity will not normally be classed as excessive trading unless the activity becomes, in the opinion of the ACS Manager, too frequent or appears to follow a timing pattern. As well as the general power of the ACS Manager to refuse subscriptions , switches or conversions at their discretion, powers exist in other sections of this Prospectus to ensure that Unitholder interests are protected against excessive trading. These include in specie redemptions (see section 13(f) ) and conversion and switching rights (see section 13 ( h ) ) . In addition, where excessive trading is suspected, the Sub - Funds may :
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combine Units that are under common ownership or control for the purposes of ascertaining whether an individual or a group of individuals can be deemed to be involved in excessive trading practices. Accordingly, the ACS Manager reserves the right to reject any applicat ion for switches, conversions, transfers and/or subscription of Units from Unitholder s whom they consider to be excessive traders; and (i) levy a redemption charge o n the redemption proceeds to Unitholders whom the ACS Manager, in its reasonable opinion, suspects of excessive trading. This charge will be made for the benefit of the relevant Sub - Fund, and affected Unitholders will be notified in their contract notes if such a fee has been charged. The charge will be calculated by using the trading costs including the asset spread cost.
15. Compliance with applicable laws and regulations As a result of any applicable laws and regulations, including but not limited to, relevant anti - money laundering legislation, tax laws and regulatory requirements, Unitholders may be required, in certain circumstances, to provide additional documentation to confirm their identity, or provide other relevant information pursuant to such laws and regulations, as may be required from time to time, even if an existing Unitholder . Any information provided by Unitholders will be used only for the purposes of compl iance with these requirements and all documentation will be duly returned to the relevant Unitholder . Until the ACS Manager receives the requested documentation or additional information, there may be a delay in processing any subsequent redemption request and the ACS Manager reserves the right in all cases to withhold redemption proceeds until such a time as the required documentation or additional information is received. Alternatively, the ACS Manager may employ a search of electronic data reference sources in order to access information held electronically concerning the identity of a Unitholder , including information held by certain government and consumer agencies . By completing the F orm , Power of Attorney or Investor Agreement or entering into a contract with the ACS Manager or one of its affiliates, U nitholders acknowledge that the ACS Manager may at any time initiate a search of information held electronically in orde r to verify identity.
16. Valuation The ACS Manager calculates the value of the Units in accordance with Appendix 4, as permitted by the COLL Sourcebook . The basis of the calculation is the value of the underlying assets of the Scheme . Assets are valued on a single mid - market basis in accordance with the COLL Sourcebook. The valuation is performed at the Valuation Point and the function is performed by the ACS Manager in accordance with the COLL Sourcebook and the FUND
Sourcebook . The Valuation Point of each Sub - Fund is set out in Appendix 1 . Details and description of the applicable valuation procedures are contained in Appendix 4 . T he ACS Manager may at its discretion implement fair value pricing policies in respect of any of the Sub Funds . Fair value pricing will only apply where the ACS Manager deems it to be appropriate and in the interests of Unitholders and has reasonable grounds to believe that no reliable price exists for one or more underlying securities at a Valuation Point or the most recent price available does not reflect the ACS Manager's best estimate of the value of a security at the Valuation Point . In these circumstances the ACS Manager may at its discretion value an investment at a price which, in its opinion, reflects a fair and reasonable price for that investment . Circumstances which may give rise to a fair value price being used include instances where there is no recent trade in the security concerned; or the occurrence of a significant event since the most recent closure of the market where the price of the security is taken . A significant event is one that means, in the ACS Manager's judgement, the most recent price of a security or a basket of securities is materially different to the price that it is reasonably believed would exist at the Valuation Point had the relevant mar ket been open. For this purpose, the ACS Manager may utilise pre determined trigger levels which take into account the materiality of any variance . When determining such fair value, one or more of a variety of fair valuation methodologies may be used (depending on factors including the asset type). For example, the asset may be priced on the basis of the original cost of the investment or, alternative ly, using proprietary or third party models (including models that rely upon direct portfolio management pricing inputs and which reflect the significance attributed to the various factors and assumptions being considered). Prices of actual, executed or hi storical transactions in the relevant asset and/or liability (or related or comparable assets and/or liabilities) or, where appropriate, an appraisal by a third party experienced in the valuation of similar assets and/or liabilities, may also be used as a basis for establishing the fair value of an asset or liability. Where an adjustment is made as per the foregoing, it will be applied consistently to all class es of Units within the same Sub - Fund. At a Valuation Point the ACS Manager will calculate Unit prices, using the most recent prices of the underlying securities that it can reasonably obtain . The objective is to give an accurate value of the Sub - Fund as at the Valuation Point . The Base Currency of each Sub - Fund is sterling.
17. Prices of Units and Historic Performance Data The ACS Manager will, on the completion of each valuation under section 16 , advise the Depositary of the subscription and redemption price s . These are the prices which the ACS Manager has to pay to the
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Depositary for the issue of Units or which the ACS Manager will receive from the Depositary upon the cancellation of Units . The actual cost of subscribing for or redeeming Units in a Sub - Fund may be higher or lower than the mid market value used in calculating the Unit price . The ACS Manager may swing the price up (or down) to protect Unitholders from the costs incurred by the Sub Fund as a result of issuing or cancelling Units . This particular method of arriving at the daily unit price is known as the swinging price method and it is this method which will be used by the ACS Manager. Further details are set out in Appendix 4 und er the heading Determination of Unit Price . The ACS Manager may make an adjustment to the price for the purpose of reducing dilution in the S cheme or to recover any amount which it had already paid or reasonably expects to pay in the future in relation to the issue or cancellation of Units . Where the ACS Manager decides to make or not to make a dilution adjustment, it will not do so for the purpose of creating a profit or avoiding a loss for the account of an affected person. A dilution adjustment can be made when there is a net flow in or out of the S cheme. The rate of adjustment will not exceed the price of the Scheme valuation calculation based on either the buying prices or selling prices of the underlying securities. It is not possible to predict accurately whether dilution is likely to occur. However, the nature of the Unitholder base means that Unitholder purchases or redemptions are likely to be significant and it is therefore probable that there will be a dilution adjustment made to protect the remaining Unitholders in affected Sub - Funds. Historic performance data (where available) is shown in the individual Sub - Fund information in Appendix 1 of this in the Prospectus , Key Investor Information Document and fact sheet s that may be available from time to time . For up to date information visit the ACS Manager's website https://www.avivainvestors.com/en gb/institutional/fund - centre/tax - transparent.html or speak to its Client Relationship Management Team on 0207 809 8135 . Please do not take past performance as a guide to future performance. The value of your investment and any income you receive from it can go down as well as up. You may get back less than the amount you originally invested. The performance figures in Appendix 1 may not be the most up to date available. Please telephone the Client Relationship Management Team on 0207 809 8135 between 8:30am and 5:30pm on any Dealing Day for the most recent information. * The performance of an index or other benchmark, where referred to in a Sub - Fund’s investment objective and policy is also shown in Appendix 1 . Source for all data for the period 1 January 202 4 to 31 December 202 4 is the ACS Manager. This is based on
index provider data where applicable. Performance figures are based on net asset value, per the published accounts and are shown after charges. Source for all data in subsequent periods: Aviva Investors/Lipper, a Refinitiv Company, subject to the following: Copyright 2025 © Refinitiv. All rights reserved. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon . This is based on index provider data where applicable. All performance figures are calculated based on the published price, with net income reinvested in GBP, net of fees. Further information in respect of income returns, tracking error and volatility (where applicable) is available on request from the ACS Manager. * Telephone calls may be recorded by the ACS Manager, its delegates, their duly appointed agents and any of their respective related, associated or affiliated companies for records keeping, security and/or training purposes, please see the paragraph “Telepho ne Recording” below for further information. Where the Sub - Fund and its Benchmark Index are priced at different valuation points, the performance of the Sub - Fund at its valuation point will be different compared to the performance that would have been attained had the Sub - Fund and the Benchmark Index been priced at the same time.
18. Policy on Pricing When Units are subscribed for , they will be issued on a forward pricing basis . The forward price will be calculated at the next Valuation Point after receipt of purchase instructions so long as these were received and accepted prior to the relevant Sub - Fund's D eal C ut - O ff Point (where applicable). When Units are redeemed , Units will be redeemed on a forward pricing basis . The forward price will be calculated at the next Valuation Point following receipt of a redemption instruction so long as these were received and accepted prior to the relevant Sub - Fund's D eal C ut - O ff Point (where applicable).
19. Minimum Investment If following a redemption , switch or conversion a holding in any class of Unit should fall below the M inimum Investment for that class, as detailed in Appendix 1, the ACS Manager has the discretion to effect a redemption , switch or conversion of a Unitholder ’ s entire holding in that class of Unit . The ACS Manager will not be obliged to redeem , switch or convert Units if the number or value of the Units sought to be sold , switched or converted would result in the Unit holder holding less than any Minimum Investment stated in Appendix 1 as the minimum number or value of Units of the Unit C lass concerned that may be held. Minimum I nvestment s may be waived at the ACS Manager's discretion.
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20. ACS Manager's Box It is not the ACS Manager's policy as at the date of this Prospectus to run a "box" (i.e. hold Units in the Sub Funds in its own accounts) . 21. Publication of Prices and Yields Daily prices for each Sub - Fund will be made publicly available through the ACS Manager's website, https://www.avivainvestors.com/en gb/institutional/fund - centre/tax - transparent.html , or by calling its Client Relationship Management Team on 0207 809 8135 . Telephone calls may be recorded by the ACS Manager , its delegates, their duly appointed agents and any of their respective related, associated or affiliated companies for records keeping, security and/or training purposes, please see the paragraph “Telephone Recording” below for further information. Please note that the published prices are for information only and these prices may not be the prices obtained when Units are dealt . Please refer to section 1 6 for additional information. The Units in the Sub - Funds of the Scheme are not listed or dealt in or on any investment exchange.
22. Classes of Units The classes of Units currently available in each Sub Fund are set out in Appendix 1. Each type of Unit represents a beneficial interest in undivided Units in the property of the Scheme as detailed below . Each Unit represents one undivided Unit in the property of the relevant Sub - Fund . Each undivided Unit ranks pari passu with other undivided Units in a Sub - Fund . The nature of the rights represented by Units is that of a beneficial interest as tenants in common on the terms of the ACS Deed . Unitholders are not liable for the debts of a Sub - Fund . The property of a Sub - Fund must not be used to discharge any liabilities of, or meet any claims against, any person other than the Unitholders in that Sub - Fund. Where Accumulation Units are held, any income arising in respect of an Accumulation Unit is automatically accumulated and is reflected in the price of each Accumulation Unit . Allocation of income in respect of Accumulation Unit s will be transferred to the capital property of the relevant Sub - Fund within 2 months of the end of the Annual Accounting Period to which that income relates, but will be reflected in the capital value of Accumulation Units on the first business day following the end of that Annual A ccounting Period . This net distribution is calculated for each Unitholder as a proportion of the income, less expenses and any taxation due, received by the Sub Fund on behalf of each Unitholder. Unitholders should note that the ACS Manager issues a hedged Unit Class for the AI Developed Overseas Government Bond (Ex UK) Index Fund . This Unit Class hedging activity does not form part of the investment strategy of this Sub - Fund and is not for speculative purposes but is designed to reduce exchange rate fluctuations between the Base
Currency of the hedged Unit Class and currency exposures within the Sub - F und’s portfolio. This Unit Class operate s hedging on a l ook - through basis, us ing a ‘line - by - line’ a pproach for each currency hedged so that each currency is hedged individually. Forward foreign exchange contracts will be used to hedge the capital value of the currencies to which the hedged Unit Class is exposed ( th e hedged Unit Class’s exposure being a proportion of capital value of the currencies to which the Sub - Fund is exposed). All currenc ies to which the hedged Unit Class is exposed will be hedged , with the exception of those set out in Appendix 1 for the Sub - Fund. The hedging activity will be undertaken by HSBC Bank plc who operate an FX Overlay Program . HSBC Bank plc will facilitate the instructions of the ACS Manager by calculating on a daily basis the currency exposures as they relate to the hedged Unit Class es , and placing forward foreign exchange contracts required to hedge the calculated currency exposures . The target hedge will be 100% per currency hedged . All currency hedged positions will be rebalanced to the target hedge of 100% each month when the hedge transaction is rolled . However , intra month the hedging programme operates hedging ratios per currency, which will determine the extent to which a currency exposure can be under or over hedged. The hedging ratios operate to ensure that the Unit Class is not materially under or over hedged whilst seeking to minimise the transactional cost associated with he dging . The hedging positions will be reviewed each Business Day against the permitted hedging ratios. If currency exposures move outside of the hedging ratios on any Business Day the hedge position will be rebalanced to bring the hedge back within the hedging rat ios either by putting on an additional hedge position or by closing out part of the existing position. Adjustments to the hedged position are placed so that they expire at the same time as the original hedge. Details of the hedging ratios are set ou t in Appendix 1 for each relevant Sub - Fund. Gain or losses on the hedged currencies are reflected in the daily NAV calculation for the hedged Unit Class, and therefore reflected in their performance, but will be booked as an unrealised profit or loss until the contract is rolled, at which point the impact of the forward foreign exchange contract is crystallised and a new forward foreign exchange contract is put in place. The forward foreig n exchange contract will be rolled on a monthly basis at which point they are also re - set to the target hedge of 100%. At the discretion of the ACS Manager, for example, during periods of extreme volatility, forward foreign exchange contracts may be rolled more frequently than on a monthly basis. As a result, any profit or loss arising would be crystallised and reinv ested more rapidly than would otherwise have been the case. All costs and any gains or losses associated with operating hedging transactions for the hedged Unit Class will be borne by Unitholders in that Unit Class. Further details of the costs associated with operating
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the hedged Unit Class are set out in section 28 titled "Charges" in this Prospectus. T he ACS Deed of the Scheme also permits further classes of Units to be made available other than those currently available . Any such class of Unit may vary according to whether it accumulates or distributes income or attracts different fees and expenses, and as a result of this, monies may be deducted from classes in unequal proportions . In these circumstances, the proportionate interests of the classes of Units within a Sub - Fund will be adjusted in accordance with the provisions of the ACS Deed relating to proportion accounts . The Depositary may create one or more classes of Units as instructed from time to time by the ACS Manager . The creation of additional Unit Class es will not result in any material prejudice to the interests of holders of Units in existing Unit Class es.
23. Evidence of Title No certificates are issued in respect of the Units . Should any Unitholder , for any reason, require evidence of his title to Units , the ACS Manager shall, upon such Unitholder proof of identity as it shall reasonably require, supply the relevant Unitholder with a certified copy of the relevant entry in the Register relating to their holding of Units . 24. Investment Objective s and Policy, and Investment Restrictions
(a) General The investment objective s and policy of each Sub Fund is set out in Appendix 1. In pursuing its investment objective and policy, each Sub - Fund may use the techniques referenced in Appendix 1, Appendix 3 and in the risk factors set out in section 26 . Other techniques, however, may be developed or determined to be suitable for use by a Sub - Fund and the ACS Manager may (subject to applicable law) employ such techniques in accordance with that Sub - Fund's investment objective s and policy. The investment objectives and/ or policy of a Sub - Fund may be amended in accordance with the change classification process set out in the COLL Sourcebook. See section 31 for further details. The investment restrictions applicable to a particular Sub - Fund are set out in Appendix 1 . The investment restrictions set out in Appendix 3 apply to all Sub Funds . (b) Securities Financing Transactions and TRS (i) Securities lending and repo contracts Securities lending is an arrangement where the Scheme or the Depositary delivers securities which are the subject of the transaction in return for which it is agreed that securities of the same kind and amount be redelivered to the Scheme or the Depositary at a later date. The Scheme or the Depositary at the time of delivery receives collateral to cover against the risk of the future redelivery not being completed.
A repo contract is an agreement between a seller and a buyer for the purchase or sale of securities, or the buyer agrees to resell the securities or equivalent securities, at an agreed date and, usually, at a stated price. Whilst Sub - Funds of the Scheme are permitted to enter into repo contracts for the purposes of efficient portfolio management, and there is no limit on the maximum proportion of the Sub - F unds’ assets that may be subject to such arrangements and contracts, currently none of the Sub - Funds of the Scheme make use of repo contracts , a ccordingly, no disclosure regarding the use of repo contracts, under Article 14 of the Securities Financing Transaction Regulations has been made. With the exception of the AI 40:60 Global Equity Index (Custom Screened) Fund and the , the AI Multi - Asset (40 - 85% Shares) Index Fund, a ll Sub - Funds participate in securities lending, consequently, the disclosures made below, under Article 14 of the Securities Financing Transaction Regulations, have been made only in relation to those Sub - Funds participating in securities lending . Appendix 1 sets out for each Sub - Fund participating in securities lending :
• the maximum proportion of assets which may be subject to securities lending . • the expected proportion of assets which may be subject to securities lending . All counterparties must meet the requirements of the FCA COLL rules in respect of their authorisation, supervision or registration. Counterparties must also meet certain criteria based upon their credit rating or credit default swap price. Unrated counterp arties can be used where they are wholly owned by a parent company or their ultimate holding company meets certain credit rating criteria. There are no requirements based on legal status or country of origin but the counterparty must be domiciled in jurisdictions where the relevant legal documentation is enforceable. Collateral will meet the requirements of the FCA COLL rules and will be limited to Cash, Government and supranational issued collateral restricted to issuers located in certain jurisdictions , Equities listed on prime indices , Corporate Bonds and Commercial paper. Collateral must be liquid (as set out in the FCA COLL rules). No additional liquidity limits (beyond limits on the type of collateral accepted) are applied in relation to collateral received and no maturity limits are applied across the selection of counterparties available . Collateral will be issued by the counterparty in line with the requirements of the FCA COLL rules. The Securities Lending Agent will not accept any securities issued by Aviva Plc or the Securities Lending Agent , or their respective affiliated companies, and will also not accept Collateral where the issuer is a related party of the counterparty. No single issuer can comprise more than 10% of the Collateral portfolio for a Sub -
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Fund. Please note that this limit does not apply Government Bonds and Supranational Bonds . Collateral will adequately cover securities lent under any Securities Lending Transactions and will continue to be adequate only if its value is at all times at least equal to the value of the securities transferred by the Securities Lending Agent. This wi ll be satisfied in respect of collateral where the validity of the collateral or the firm's interest in the collateral is about to expire or has expired if sufficient collateral will again be transferred or issued at the latest by the close of business on the day of expiry. The collateral received is valued daily on a mark - to market basis. As the types of collater al accepted are liquid with publicly available prices, a mark - to - market basis gives the best valuation. A haircut (a deduction to the valuation) is applied to the value of the collateral depending on the type of collateral received and positions will be subject to daily variation margin requ irements. All transactions are governed by industry standard documentation, which currently provides for the title transfer of collateral securities. All collateral received is held under the control of the Depositary for the benefit of the underlying Sub - Fund. Collateral may not be reused and Cash collateral reinvestment is not permitted. Any income generated from stock lending will be allocated between the relevant Sub - Fund and the Securities Lending Agent. For each Sub - Fund operating securities lending, the Securities Lending agent is permitted to deduct a monthly fee equating to 20 per cent of the Securities Lending income generated for that Sub - F und. The fee will be charged to the relevant Sub - Fund each month in respect of the Securities Lending activity from the preceding month. (ii) TRS A TRS is a swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset. Only t he AI UK Equity Index (Custom Screened) Fund , the AI 60:40 Global Equity Index (Custom Screened) Fund, the AI 50:50 Global Equity Index (Custom Screened) Fund and the AI 30:70 Global Equity (Currency Hedged) Index (Custom Screened) Fund are permitted to use TRS for investment purposes to gain exposure to constituents of the Sub - Funds ’ Benchmark Index . Please refer to Appendix 1 which set s out for each of these Sub Funds :
• the maximum proportion of assets which may be subject to TRS
• the expected proportion of assets which may be subject to TRS Accordingly the disclosures made below, under Article 14 of the Securities Fi nancing Transaction Regulations, have been made only in respect of the Sub - Funds permitted to use TRS as listed above .
All counterparties must meet certain criteria based upon their credit rating or credit default swap price. Unrated counterparties can be used where (a) wholly owned by a parent company or ultimate holding company which meets the credit rating criteria or ( b) where the Investment Manager, in its reasonable opinion, determines that if the counterparty was rated it would meet the credit rating criteria. There are no requirements based on legal status or country of origin but the counterparty must be domiciled in jurisdictions where the relevant legal documentation is enforceable. Counterparties are categorised depending on their credit rating and/or credi t default swap price and the categorisation will determine the limits for that counterparty. Collateral is limited to UK Government debt and cash . No liquidity limits (beyond limits on the type of collateral accepted) are applied in relation to collateral received however maturity limits are applied across the selection of counterparties available, this will range from 50 years to no maturity . Collateral will be issued by an entity independent from the counterparty and is not expected to display a high correlation with the performance of the counterparty. Collateral will be sufficiently diversified in terms of country, markets and issuers . The collateral received is valued daily on a mark - to market basis. As the types of collater al accepted are liquid with publicly available pr ices , a mark - to - market basis gives the best valuation. A haircut (a deduction to the valuation) is applied to the value of the collateral depending on the type of collateral received and positions will be subject to daily variation margin requirements . All transactions are governed by industry standard documentation, which currently provides for the title transfer of collateral securities. All collateral received is held under the control of the Depositary for the benefit of the underlying Sub - F und. Security collateral may not be reused. Cash collateral may be reinvested on a fully collateralised basis via reverse repo and the duration to maturity of reinvested cash should match the duration of the SFT from which the cash was originally received as co llateral.
The whole of any returns generated are credited to the relevant Sub - Fund and no costs or fees are assigned to the ACS Manager or third parties . (c) Benchmark Indices The constituents of a Sub - Fund’s Benchmark Index may change over time. Potential investors in a Sub Fund may obtain a breakdown of the constituents of the relevant Benchmark Index from the website of the index provider (as referred to in the relevant Bench mark Index description outlined in Appendix 1 ). There is no assurance that a Sub - Fund’s Benchmark Index will continue to be calculated and published on the basis described in this Prospectus or that it will not be amended significantly. The past performance of
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each Benchmark Index is not a guide to future performance. The ACS Manager may, if it considers it in the interests of any Sub - Fund to do so and with the consent of the Depositary and in accordance with COLL, substitute another index for the Benchmark Index in circumstances such as the following: • the weightings of constituent securities of the Benchmark Index would cause the relevant Sub Fund (if it were to follow the Benchmark Index closely) to be in breach of the COLL Sourcebook and/or any tax law or tax regulations that the ACS Manager may consider to have a material impact on any Sub - Fund; • the particular Benchmark Index or index series ceases to exist; • a new index becomes available which supersedes the existing Benchmark Index; • a new index becomes available which is regarded as the market standard for investors in the particular market and/or would be regarded as of greater benefit to the U nitholders than the existing Benchmark Index; • it becomes difficult to invest in stocks comprised within the particular Benchmark Index; • the Benchmark Index provider increases its charges to a level which the ACS Manager considers too high; • the quality (including accuracy and availability of data) of a particular Benchmark Index has, in the opinion of the ACS Manager, deteriorated; • a liquid futures market in which a particular Sub - Fund is investing ceases to be available; or • where an index becomes available which more accurately represents the likely tax treatment of the investing Sub - Fund in relation to the component securities in that index. Where such a change would result in a material difference between the constituent securities of the Benchmark Index and the proposed Benchmark Index, U nitholder approval will be sought in advance where possible. Any change of a Benchmark Index will be either approved by or notified to the FCA (depending upon the impact of the change on the risk profile and investment policy of the relevant Sub - Fund) , reflected in the revised Prospectus documentation and will be noted in the annual and semi - annual reports of the relevant Sub - Fund issued after any such change takes place. In addition, any material change in the description of a Benchmark Index will be noted in the annual and semi - annual reports of the relevant Sub Fu nd or other U nitholder notification. The ACS Manager may change the name of a Sub Fund, particularly if its Benchmark Index, or the name of its Benchmark Index, is changed. Any change to the name of a Sub - Fund will be approved in advance by the FCA and the relevant documentation pertaining to the rel evant Sub - Fund will be updated to reflect the
new name. Any of the above changes may have an impact on the tax status of a Sub - Fund in a jurisdiction. Therefore, it is recommended that the Unitholders should consult their professional tax adviser t o understand any tax implications of the change on their holdings in the jurisdiction in which they are resident.
Each Sub - Fund is categorised as either a replicating fund or non - replicating fund.
Replicating Funds
Replicating Funds seek to replicate as closely as possible the constituents of the Benchmark Index by holding all the securities comprising the Benchmark Index in similar proportions to their weightings in the Benchmark Index and in doing so will apply the investment limits set out in Appendix 3. It may not, however, always be possible or practicable to purchase or hold each and every constituent of the Benchmark Index, or to hold each constituent in accordance with the weightings of the Benchmark Index, fo r example:
• where doing so may be detrimental to U nitholders , for example, where there are considerable costs or practical difficulties involved in compiling a portfolio of securities in order to replicate the Benchmark Index, or
• in circumstances where a security in the Benchmark Index becomes temporarily illiquid, unavailable or less liquid, or
• as a result of legal or regulatory restrictions that apply to the relevant Sub - Fund but not to the Benchmark Index , or
• where the weighting s of existing holdings change through activity such as corporate actions or rights issues , or
• where there are internal policy restrictions which prohibit this such as the baseline exclusion policy . In addition corporate actions or rights issues may cause the Sub - Funds to hold assets that are not themselves constituents of the Benchmark Index . Non - replicating Funds
Non - replicating Funds may, or may not, hold every security or the exact concentration of a security in its Benchmark Index, for example where a Sub - Fund is prohibited from holding certain securities in a Benchmark index due to legal , regulatory or internal policy restrictions, but will aim to track its Benchmark Index as closely as possible . Non - replicating funds may also use optimisation techniques to achieve their investment objective. The extent to which a Sub - Fund uses optimisation techniques will depen d on the nature of the constituents of its Benchmark Index, t he practicalities and cost of tracking the relevant
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Benchmark Index and such use is at the discretion of the Investment Manager. For example, a Sub - Fund may use optimisation techniques extensively and may be able to provide a return similar to that of its Benchmark Index by investing only in a relatively small number of the constituents of its B enchmark I ndex. A Sub - Fund may also hold some securities which provide similar performance (with matching risk profile) to certain securities that make up the relevant Benchmark Index even if such securities are not themselves constituents of the Benchmark Index and may exceed the number of constituents of the Benchmark Index. The use of optimisation techniques, implementation of which is subject to a number of constraints detailed in Appendix 3, may not produce the intended results. Optimisation techniques are techniques used by a Sub - Fund to achieve a similar return to its Benchmark Index . These techniques may include the strategic selection of certain securities that make up the Benchmark Index or other securities which provide similar performance to certain constituent securities. They may also include the use of derivatives.
25. Leverage Ratios The maximum level of leverage which a Sub - Fund, or the ACS Manager on that Sub - Fund’s behalf, is permitted to use as part of such Sub - Fund’s investment strategy is set out in Appendix 1. As required by the UK AIFM Regime , leverage is expressed as a ratio between a Sub - Fund’s total exposure and its net asset value. The generic examples below demonstrate the UK AIFM Regime prescribed methodologies that must be used for calculating such leverage ratios. If a Sub - F und were to have 8 0% physical holding in direct investments , 20% exposure to index futures, 3 0% forward FX (used to hedge) and 2 0% cash, in accordance with the UK AIFM Regime such Sub F und’s leverage would be expressed as follows:
• using the commitment methodology, a ratio of 1.2:1, where 1.2 represents this Sub - Fund ’s exposure to direct investments , index futures and cash; pursuant to the UK AIFM Regime forward FX used for hedging can be netted against a fund’s foreign currency exposure; • using the gross methodology, a ratio of 1 .3 :1, where 1 .3 represents this Sub - Fund ’s exposure to direct investments , index futures and forward FX; pursuant to the UK AIFM Regime cash is excluded from the gross method of calculation whereas forward FX used for hedging cannot be netted . As demonstrated above, the expression of 1 .2 :1 does comprise “Incremental Exposure” through the use of derivatives , and the Sub - Fund ’s holdings in direct investments are also included . The exposure is calculated in accordance with the methodologies expressly set out in the UK AIFM Regime . If a Sub - Fund were to have 100% in collective investment schemes, in accordance with the UK AIFM
Regime such Sub - Fund ’s leverage would be expressed as follows:
• using the commitment m ethodology , a ratio of 1:1, where 1 represents this Sub - Fund ’s exposure to direct investments ; and • using the g ross m ethodology , a ratio of 1:1, where 1 represents this Sub - Fund ’s exposure to direct investments . In this example , although the Sub - Fund is not subject to Incremental Exposure , the leverage ratios is equal due to the exposure calculation being performed in accordance with the methodologies expressly set out in the UK AIFM Regime . 26. Risk Considerations Potential Unitholder s should consider the risk factors below before investing in the Scheme (or, in the case of specific risks applying to specific Sub - Funds, in those Sub - Funds). This list must not be taken to be comprehensive. It should also be noted that there may be new risks that arise in the future which could not have been anticipated in advance. Also, risk factors listed will apply to different Sub - Funds to different degrees, and for a given Sub - Fund this degree could increase or reduce through time . Some of the risk factors below may relate to underlying funds (" underlying fund ") in which the Sub - Funds are permitted to invest and for that reason are also relevant to the Sub - Funds themselves. The General Investment Risks referred to in section (a) below apply to all of the Sub - Funds. The Risks Associated with Investment Techniques referred to in section (b) below will apply to the Sub - Funds depending on how the assets of a Sub - Fund are invested . The Risk Factors Specific to Certain Sub Funds referred to in section (c) below are relevant to a Sub - Fund depending on the investment objective and policy of that Sub - Fund. Details of which Risks Associated with Investment Techniques and which Risk Fact ors Specific to Certain Sub - Fund are applicable to a Sub - Fund are set out in Appendix 1. Unitholders will need to decide whether or not an investment in a Sub - Fund is appropriate for their requirements.
(a) General Investment Risks The Sub - Funds are subject to the risk of fluctuations in capital value which can be influenced by factors such as political and economic news, corporate earnings reports, demographic trends and catastrophic events . While over a long period it might be expected that a Sub - Fund will produce positive total returns, in any particular period losses may be suffered and there can be no assurance that any appreciation in the value of an investment will occur . The ACS Manager cannot guarantee that it will achieve th e objectives set out for any Sub - Fund. It is important for Unitholders to note that past performance is not a guide to future performance or growth. Unitholders should always bear in mind that the price of Units in any Sub - Fund and the income from them
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can go down as well as up and are not guaranteed . Unitholders may receive less than the original amount invested. An investment in a Sub - Fund is not intended to be a complete investment programme. An investment in a Sub - Fund is not protected against the effects of inflation. Inflation will reduce the purchasing power of the money when an investment is redeemed. (i) Accumulation of Fees/Expenses As the Sub - Funds of the Scheme may invest in underlying funds, the Unitholders may incur a duplication of fees (such as management fees, custody and transaction fees, other administration fees and audit fees). To the extent these underlying funds are permitted to invest in turn in other funds, Unitholders may also incur additional fees . The fees and charges of underlying funds will indirectly affect the Unitholders investment in the Sub - Funds. (ii) Charges from Capital Fees, costs and duties which are charged to each Sub Fund may be treated as a capital expense . Whilst this might allow more income to be distributed, it may also result in capital erosion or constrain capital growth . (iii) Counterparty Risk See also ‘Credit Risk’. The bankruptcy or default of any counterparty could result in losses to any Sub - Fund. In addition, a Sub - Fund may bear the risk of loss because a counterparty does not have the legal capacity to enter into a transaction, or if the transaction becomes unenforceable due to relevant legislation or regulation (see ‘Legal and Regulatory Risk’). In the case of any insolvency or failure of any such party, a Sub - Fund might recover only a pro rata share of all property available for distribution to all of such party’s creditors and/or customers. Such an amount may be less than the amounts owed to that Sub - Fund. Trading in financial derivative instruments which have not been collateralised gives rise to direct counterparty exposure. A Sub - Fund might mitigate much of this risk by receiving collateral with a value at least equal to the exposure to each counterparty but, to the extent that any financial derivative instrument is not fully collateralised or, to the extent the Sub - Fund has provided collateral to the counterparty under a SFT in excess of the termination value of the underlying contract , a default by the counterparty may result in a reduction in the value of a Sub - Fund. In the event of the insolvency of the counterparty to a derivative, the Sub - Fund of the Scheme will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying indebtedness. Consequently, that Sub - Fund of the Scheme will be subject to the credit risk of the counterparty as well as that of the issuer of the indebtedness. As a result, concentrations of derivatives in any one counterparty may subject a Sub - Fund to an additional degree of risk with respect to defaults by such counterparty as well as by the issuer of the underlying indebtedness. To mitigate counterparty risk the Scheme will only use preferred counterparties which it believes to be
creditworthy and may reduce the exposure incurred in connection with such transactions through the use of collateral. A formal review of each new counterparty is completed and all approved counterparties are regularly assessed . However there can be no guarantee that a counterparty will not default or that a Sub - Fund of the Scheme will not sustain losses as a result. The ACS Manager is free to use one or more separate counterparties for derivative investments . Some or all of these counterparties may be associates of the Aviva Group .
(iv) Credit Risk See also ‘Counterparty Risk’. Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation. Each Sub - Fund will be exposed to a credit risk for the parties with whom it trades. Investing in sovereign debt, any other debt guaranteed by a sovereign government, or corporate debt entails risks related to the issuer’s ability and willingness to repay principal and pay interest. A default by the issuer of the bond may impact the value of a Sub - Fund. Short - term cash e quivalent investments, such as commercial paper, bankers’ acceptances, certificates of deposit, and repurchase transactions, are not guaranteed by any government and are subject to some risk of default. Credit risk may also arise through a default by one or several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. Th is is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which the Scheme interacts on a daily basis. (v) Fund Liability Risk The Scheme is structured as an umbrella co ownership Scheme with segregated liability between its Sub - Funds. The assets of one Sub - Fund will not be available to meet the liabilities of another. However, the S cheme (through the ACS Manager) may operate or have assets held on its behalf or be subject to claims in the UK, or in other jurisdictions, whose courts may not necessarily recognise such segregation of liability. Therefore, it is not possible to be certain that the assets of a Sub - Fund will always be completely isolated from the liabilities of another Sub - Fund of the Scheme in every circumstance. (vi) Currency and Interest Rate Risk The net asset value per Unit of a Sub - Fund will be computed in the Base Currency of the relevant Sub Fund whereas the investments held for the account of that Sub - Fund may be acquired in other currencies. Accordingly the Sub - Funds may invest directly or indirectly in currencies other than Sterling. The value in terms of the Base Currency of a Sub - Fund, where designated in a currency different to that of the
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currencies of the underlying investments , may rise and fall due to currency exchange rate fluctuations of individual currencies, such that the net asset value of a Sub - Fund will change in response to such fluctuations. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital separately from gains or losses otherwise made by such investments . The performance of investments in securities denominated in a specific currency will also depend on the interest rate envir onment in the country issuing the security . (vii) Leverage A Sub - Fund may be able to use leverage, including through use of derivative instruments, in accordance with its investment objective and strategy as set out in Appendix 1 and subject to the investment restrictions set out in Appendix 3. Leverage will generally be generated by using derivatives that are inherently leveraged due to the relatively small amount of deposit required to open a position, including among others, forward contracts, futures contracts , options and swaps. A relatively small market movement may therefore have a potentially larger impact on derivatives than on standard bonds or equities, with the result that leveraged derivative positions may increase Sub - Fund volatility. The Sub - Funds may have higher levels of leverage in atypical or volatile market conditions, for example when there are sudden movements in investment prices due to difficult economic conditions in a sector or region. In such circumstances, the ACS Manager or its delegate may increase its use of derivatives in a Sub - Fund in order to reduce the market risk to which that Sub - Fund is exposed, this, in turn, would have the effect of increasing its levels of leverage. Any margin deposit required for OTC options and other OTC instruments, such as currency forwards, swaps and certain other derivative instruments, will depend on the credit determinations and specific agreements of the parties to the transaction, which are individually negotiated. Low margin deposits are indicative of the fact that any trading in certain derivatives markets is typically accompanied by a high degree of leverage. Low margin deposits mean that a relatively small adverse price movement in a con tract may result in immediate and substantial losses to the Unitholder . For example, if at the time of purchase 10% of the price of a futures contract is deposited as margin, a 10% decrease in the price of the futures contract would, if the contract is then closed out, result in a total loss of the value of margin deposit before any deduction for the brokerage commission. Thus, like other leveraged investments, any purchase or sale of a futures contract, forward or other derivatives may result in losses in excess of the amount invested. Any investment income and gains earned on investments made through the use of leverage that are in excess of the interest costs associated therewith may cause the n et asset value of the Units in a Sub Fund to increase more rapidly than would otherwise be the case. Conversely, where the associated interest
costs are greater than such income and gains, the n et a sset value of the Units in a Sub - Fund may decrease more rapidly than would otherwise be the case. Any event which adversely affects the value of an in vestment made by a Sub - Fund would be magnified to the extent that Sub - Fund is leveraged. (viii) Liquidity Risk Liquidity risk exists when the sale of assets or exit of trading positions is impaired by such factors as decreased trading volume, increased price volatility, industry and government regulations, and overall position size and complexity. It may be impossi ble or costly for a Sub - Fund to liquidate positions rapidly particularly if there are other market participants seeking to dispose of similar assets at the same time or the relevant market is otherwise moving against a position or in the event of trading h alts or daily price movement limits on the market or otherwise. Derivative transactions that are particularly large or traded off market (i.e. over the counter) and bonds traded in the secondary market or collateral or securities which has been received by a Sub - Fund under a SFT may be less liquid and it may be difficult to achieve fair value on transactions (see ‘Valuation Risk’). Closing positions held in the secondary markets prematurely, for instance to meet client redemption requests, can result in inc reased transaction costs which will be reflected in the investment returns. (ix) Legal and Regulatory Risk Legal, tax and regulatory changes could occur during the term of a Sub - Fund. Over recent years global financial markets have undergone pervasive and fundamental disruption and regulators in many jurisdictions have implemented or proposed a number of regulatory measures and may continue to do so. For example, the regulatory and tax environment for derivative instruments is evolving, and changes in the regulation or taxation of derivative instruments may adversely affect the value of derivative instruments held by a Sub - Fund and the ability of a Sub - Fund to pursue its trading strategi es. Further, legislation and regulation may render a transaction, to which a Sub - Fund is a party, void or unenforceable. These interventions have sometimes been unclear in scope and application, resulting in confusion and uncertainty which in itself has been detrimental to the efficient functioning of financial markets. It is impossible to predict with certainty what additio nal interim or permanent governmental restrictions may be imposed in the future and/or the effect of such restrictions on global markets and the ACS Manager's ability to implement a Sub - Fund’s investment objectives. (x) Market Risk The price of a Sub - Fund’s investments, including, without limitation, fixed income securities, equities and all derivative instruments, can be highly volatile. Price movements of fixed income securities, equities, forward contracts, derivatives contracts and other
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instruments in which a Sub - Fund’s assets may be invested are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and e conomic events and policies (see ‘Legal and Regulatory Risk’). Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations (see ‘Interest Rate and Currency Risk’).
(xi) New Issues Sub - Funds may invest indirectly via an underlying fund or directly in initial public offerings or new debt issues. The prices of securities involved in initial public offerings or new debt issues are often subject to greater and more unpredictable price change s than more established securities. (xii) Settlement Risk Settlement risk is the risk that a counterparty fails to deliver the terms of a contract (i.e. defaults at settlement) and of any timing differences in settlement between the two parties. Each Sub - Fund bears the risk of settlement default due to exposure to the risk of default of certain counterparties (see ‘Credit Risk’ and ‘Counterparty Risk’). In addition, market practices in relation to the settlement of transactions and the custody of assets co uld provide increased risks (see also ‘Market Risk’ and ‘Le gal and Regulatory Risk’). (xiii) Tax The information provided in section 27 is based, to the best knowledge of the ACS Manager, upon tax law and practice as at the date of this Prospectus . Tax legislation, the tax status of the ACS Manager and the Sub - Funds, the taxation of Unitholders and any tax reliefs, and the consequences of such tax status and tax reliefs, may change from time to time. Any change in the taxation legislation in UK or in any jurisdiction where a Sub - Fund is registered, marketed or invested could affect the tax status of the Sub - Funds, affect the value of the relevant Sub - Fund's investments in the affected jurisdiction, affect the relevant Sub - Fund's ability to achieve its investment objective, and/or alter the post - tax returns to Unitholders . Where the Sub Fund inves ts in derivatives the preceding sentence may also extend to the jurisdiction of the governing law of the derivative contract and/or the derivative counterparty and/or to the market(s) comprising the underlying exposure(s) of the derivative. The availability and value of any tax reliefs available to Unitholders depend on the individual circumstances of Unitholders . The information in section 27 is not exhaustive and does not constitute legal or tax advice . Prospective Unitholder s are urged to consult their tax advisors with respect to their particular tax situations and the tax effects of an investment in the Sub - Funds. Where a Sub - Fund invests in a jurisdiction where the tax regime is not fully developed or is not sufficiently
certain, for example jurisdictions in the Middle East, the relevant Sub - Fund, the ACS Manager, the Investment Manager, the Depositary and the A dministrator shall not be liable to account to any Unitholder for any payment made or suffered by the relevant Sub - Fund in good faith to a fiscal authority for taxes or other charges of the Sub - Fund notwithstanding that it is later found that such payments ne ed not or ought not have been made or suffered . Conversely, where through fundamental uncertainty as to the tax liability, adherence to best or common market practice (to the extent that there is no established best practice) is subsequently challenged or the lack of a developed mechanism for practical and timely payment of taxes, the relevant Sub - Fund pays taxes relating to previous years, any related interest or late filing penalties will likewise be chargeable to the Sub - Fund. Such late paid taxes will n ormally be debited to the Sub - Fund at the point the decision to accrue the liability in the Sub - Fund accounts is made. (xiv) Valuation Risk Financial instruments that are illiquid and/or not publicly traded may not have readily available prices and may therefore be difficult to value. Dealer supplied quotations or pricing models developed by third parties, the ACS Manager, its affiliates and/o r delegates, may be utilised in valuations and the calculation of the net asset value of each Sub - Fund. Such methodologies may be based upon assumptions and estimates that are subject to error. Unitholders should be aware that in these circumstances a poss ible conflict of interest may arise, as the higher the estimated valuation of the securities the higher the fees payable to the ACS Manager, Investment Manager or the Administrator. Any party providing valuation services may, in the absence of its negligen ce, be indemnified out of the property of the relevant Sub - Fund from all claims and losses which such party may incur directly or indirectly arising out of or in connection with the performance of such valuation services. In addition, given the nature of s uch investment, determinations as to their fair value may not represent the actual amount that will be realised upon the eventual disposal of such investments. (xv) Constituents of a Benchmark Index Where a constituent of a Benchmark Index accounts for more than 20% of the Benchmark Index, the Sub Fund’s ability to obtain full exposure is limited by the availability of manufactured securities designed to replicate its investment performance by virtue of the COLL Sourcebook. (xvi) Suspension and Deferral of dealings In certain circumstances the right to redeem Units may be deferred or suspended (see the sections 13 ( e ) and 13 ( g ) ) . (xvii) Delivery Versus Payment (“DvP”) Exemption The ACS Manager may apply the Delivery versus Payment (“DvP”) exemption for Unitholders that consent, as set out in the FCA Client Asset Rules (“CASS Rules”) governing the protection of client assets. Usually, when the ACS Manager receives
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Unitholders’ money in the course of settling transactions the ACS Manager is obliged to handle money received or held in the course of or in connection with the issue or redemption of Units (“Client Money”) in accordance with the CASS Rules, which amongst other provisions require the ACS Manager to segregate Client Money from the assets of the ACS Manager. The DvP exemption provides for a one business day window during which Unitholders’ money held by the ACS Manager for the purposes of settling a transacti on in Units is not treated as Client Money. In the event that the ACS Manager becomes insolvent or otherwise fails, there is a risk of loss or delay in the return of any Unitholders’ money held by the ACS Manager which is not treated as Client Money. Money which is not treated as Client Money is not protected on the insolvency of the ACS Manager and will form part of the ACS Manager’s insolvent estate. (xvii i ) Exclusion Policies Where a Sub - Fund applies an exclusion policy (for example, the Aviva Investors ’ b aseline e xclusion p olicy) or ESG - based exclusionary criteria in its investment selection process, this may result in the relevant Sub - Fund foregoing opportunities to buy certain investments when it might otherwise be advantageous to do so, and/or selling investments when it might be disadvantageous to do so.
(b) Risks Associated with Investment Techniques The Risks Associated with Investment Techniques referred to below will apply to the Sub - Funds depending on how the assets of a Sub - Fund are invested. Details of which specific risk factors are relevant for a Sub - Fund are set out in Appendix 1. (i) Derivatives (General) In accordance with the investment restrictions set out in Appendix 3, each of the Sub - Funds may use d erivatives for the purposes of “ efficient portfolio management ” in order to reduce risk and/or costs and to generate additional income or capital . Additionally the AI UK Equity Index (Custom Screened) Fund may also use derivatives to achieve the investment objectives of the Sub - Fund . The ability of the Sub Funds to use these strategies may be limited by market conditions, regulatory limits and tax considerations. The use of derivatives may expose a ny Sub - Fund to a certain degree of risk . These risks may include credit risk with regard to counterparties with whom a Sub Fund trades, the risk of settlement default, lack of liquidity of the derivative, imperfect tracking between the change in value of the derivative and the change in value of the underlying asset that the relevant Sub Fund is seeking to track and greater transaction costs than investing in the underlying assets directly. In accordance with standard industry practice when purchasing derivatives, a Sub - Fund may be required to secure its obligations to its counterparty. For non fully funded derivatives, this may involve the placing of
initial and/or variation margin assets with the counterparty. For derivatives which require a Sub Fund to place initial margin assets with a counterparty, such assets may not be segregated from the counterparty's own assets and, being freely exchangeable and replaceable, th at Sub - Fund may have a right to the return of equivalent assets rather than the original margin assets deposited with the counterparty. These deposits or assets may exceed the value of the relevant Sub - Fund's obligations to the counterparty in the event that the counterparty requires excess margin or collateral. In addition, as the terms of a derivative may provide for one counterparty to provide collateral to the other counterparty to cover the variatio n margin exposure arising under the derivative only if a minimum transfer amo unt is triggered, a Sub - Fund may have an uncollateralised risk exposure to a counterparty under a derivative up to such minimum transfer amount. Derivative contracts can be highly volatile, and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leverage d in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities and leveraged positions can therefore increase Sub - Fund volatility . Certain Sub - Funds may enter into long positions executed using derivatives such as futures positions including currency forwards. Additional risks associated with investing in derivatives may include a counterparty breaching its obligations to provide collateral, or d ue to operational issues (such as time gaps between the calculation of risk exposure to a counterparty's provision of additional collateral or substitutions of collateral or the sale of collateral in the event of a default by a counterparty), t here may be instances where a Sub - Fund's credit exposure to its counterparty under a derivative contract is not fully collateralised . The use of derivatives may also expose a Sub - Fund to legal risk, which is the risk of loss resulting from changing laws or from the unexpected application of a law or regulation, or because a court declares a contract not legally enforceable. Sub - Funds may use derivatives to facilitate complex management techniques. This may involve , for example : (i) using swap contracts to hedge interest rate risk; (ii) using currency derivatives to hedge currency risk; (iii) using inflation swaps to hedge inflation risk; (iv) using contracts for difference to gain market exposure; (v) using TRS to gain market exposure ; and (vi) using futures for efficient portfolio management purposes . Market leverage obtained through derivatives is expressed through a Sub - Fund's gross market
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exposure to the underlying reference assets of the derivatives contracts. Gross market exposure may vary although, a Sub - Fund's global exposure, which is the aggregate sum of its obligations under the derivative contracts, shall not exceed the total net value of the Sub - Fund. Furthermore, a Sub - Fund's overall risk exposure will remain within the limits imposed by the COLL Sourcebook, as further described in Appendix 3. The ACS Manager's current policy concerning the use of derivatives to gain market leverag e is disclosed within the relevant product literature which is available on request. Where derivative instruments are used in this manner the overall risk profile of a Sub - Fund may be increased . The ACS Manager uses a risk management process, to monitor and measure as frequently as appropriate the risk of a Sub - Fund's portfolio and contribution of the underlying investments to the overall risk profile of the Sub - Fund. Where consistent with its investment objectives and policy a Sub - Fund may utilise, directly or indirectly (for example through investment in another fund) a variety of exchange traded and OTC derivative instruments as detailed in Appendix 1 for each Sub - Fund . Losses in excess of the amount invested may be incurred from investment in such derivative instruments due to low margin deposits creating leverage which is typically associated with investment in such instruments. These instruments may be sensitive to sma ll price movements, may be considered illiquid and could be difficult to price under certain market conditions. (ii) Forward Contracts The ACS Manager or its delegates may enter into forward contracts on behalf of a Sub - Fund which are not traded on exchanges and are generally not regulated. There are no limitations on daily price moves of forward contracts. Counterparties with whom a Sub - Fund may maintain accounts may require a Sub - Fund to deposit margin with respect to such trading, although margin requirements are often minimal or non - existent. A Sub - Fund’s counterparties are not required to continue to make markets in such contracts and these contracts can experience periods of illiquidity, sometimes of significant dura tion (see ‘Liquidity Risk’). There have been periods during which certain counterparties have refused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread (the difference between the price at which the count erparty is prepared to buy and that at which it is prepared to sell). Arrangements to trade forward contracts may be made with only one or a few counterparties, which potentially reduces liquidity (see ‘Liquidity Risk’). The imposition of credit controls b y governmental authorities might limit such forward trading to less than that which the ACS Manager would otherwise recommend, to the possible detriment of a Sub - Fund (see ‘Legal and Regulatory Risk’). Additionally, disruptions can occur in any market traded by a Sub - Fund due to unusually high trading volume, political intervention or other factors. Market illiquidity or disruption could result in
major losses to a Sub - Fund. In addition, a Sub - Fund may be exposed to credit risks with regard to counterpartie s with whom it trades as well as risks relating to settlement default (see ‘Credit Risk’, ‘Counterparty Risk’ and ‘Settlement Risk’). Such risks could result in substantial losses to a Sub - Fund. (iii) Futures Futures are standardis ed contracts between two parties to buy or sell a specified asset or index with a standardis ed quantity for a price agreed upon today with delivery and payment occurring at a future delivery date. They are negotiated on an exchange acting as an intermediary between parties. A Sub - Fund may enter into futures transactions as either the buyer or seller and may combine them to form a particular trading strategy as well as use futures for reducing an existing risk. Futures positions may be illiquid (see ‘Liquidity Risk’) because certain exchanges limit fluctuations in certain futures contract prices during a single day by regulations or an exchange or the Commodity Futures Trading Commission may suspend trading in a particular contract, order immediate liquidation and settlement of a particular contract, or order that trading in a particular contract be conducted for liquidation only. Investments in futures may also involve the following non - exhaustive list of risks see ‘Market Risk’, ‘ Settlement Risk’. (iv) Hedging Techniques Hedging techniques could involve a variety of derivative transactions (see ‘ Derivatives ( General )’ ). As a result, hedging techniques involve different risks than those of underlying investments, including liquidity risk and the potential for loss in excess of the amount invested. In particular, the variable degree of correlation between price movements of hedging instruments and price movements in the position being hedged creates the possibility that losses on the hedge may be greater than gains in the val ue of a Sub - Fund’s positions. In addition, although the contemplated use of these techniques should minimise the risk of loss due to a decline in the value of the hedged position, at the same time they may limit any potential gains resulting from an increase in the value of such positions. The ability of a Sub - Fund to hedge successfully will depend on the ACS Manager's, or its delegate’s, ability to predict pertinent market movements, and as a consequence there can be no assurance that hedging transactions will be successful in protecting against adverse market and/or currency movements. (v) OTC Transactions There is less governmental regulation and supervision of transactions in OTC markets (in which currencies, forward, spot and option contracts, credit default swaps, total return swaps and certain options on currencies and other types of derivative instrume nts are generally traded) than organised stock exchanges.
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Many of the protections afforded to transactions on organised exchanges such as the performance guarantee of an exchange clearing house may not exist for OTC transactions . The risk of counterparty default therefore exists (see ‘Counterparty Risk’ and ‘Credit Risk’). The ACS Manager or its delegates will regularly assess the credit and counterparty risk arising from trading activities , e.g . counterparty risk exposures resulting from adverse movements in prices or volatility of market prices . Counterparty exposures are monitored against internal limits or thresholds as applicable. Further, in contrast to exchange traded instruments, forward contracts on currencies do not provide the ACS Manager or its delegate with the possibility to offset a Sub - Fund’s obligations through an equal and opposite transaction. For this r eason when entering into forward contracts, a Sub - Fund may be required and must be able to perform its obligations under the contracts.
(vi) Swap Transactions Swap transactions are privately negotiated OTC derivative products in which two parties agree to exchange payment streams of a notional amount in relation to an asset or index. The notional amount is usually not exchanged between counterparties. By consequ ence, cash or collateral may be required. Swaps transactions can typically either be in the form of a credit default swap, a contract for difference, an interest rate swap, a TRS and an interest rate swaption. A Sub - Fund may enter into swap transactions as either the buyer or seller of this right and may combine them to form a particular trading strategy as well as using swap transactions for reducing an existing risk. A contract for difference is a contract between two parties, typically described as the buyer and the seller stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time ( i f the difference is negative, the buyer pays the seller instead). Interest rate swaps involve an exchange with another party of respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. Currency swaps may involve the exchange of rights to make or receive pay ments in specified currencies. Total return swaps involve the exchange of the right to receive the total return, coupons plus capital gains or losses, of a specified reference asset, index or basket of assets against the right to make fixed or floating pay ments. Inflation swaps typically involve the exchange of rights to make or receive fixed interest payments for inflation linked coupon payments. Where a Sub - Fund enters into interest rate swaps , inflation swaps or TRS s on a net basis, the two payment streams are netted out, with each party receiving or paying, as the case may be, only the net
amount of the two payments. Interest rate , inflation or total return swaps entered into on a net basis do not involve the physical delivery of investments, other underlying assets or principal. Accordingly, it is intended that the risk of loss with respect to interest rate and inflation swaps is limited to the net amount of payments that a Sub - Fund is contractually obligated to mak e (or in the case of total return swaps, the net amount of the difference between the total rate of return of a reference investment, index or basket of investments and the fixed or floating payments). If the other party to an interest rate , inflation or total return swap defaults, in normal circumstances each Sub Fund’s risk of loss consists of the net amount of interest , inflation or total return payments that each party is contractually entitled to receive. In contrast, currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractu al delivery obligations. If the ACS Manager or its delegate is incorrect in its forecasts of market values, interest rates , inflation rates and currency exchange rates, the investment performance of a Sub - Fund would be less favourable than it would have been if these investment techniques were not used. Illiquidity in the swaps market may prevent a Sub - Fund from being able to roll its swap positions on expiry which in turn may result in a Sub - Fund being temporarily unable to pursue its investment objective. ( vii ) SFTs The primary risk in any SFT is counterparty credit risk (see “Counterparty Risk”) . Risk is mitigated by the choice of counterparty and the use of collateral. In the event of a counterparty default, collateral securities delivered by the failing counterparty are sold, and the sale proceeds used to purchase replacement loan securities. There is a risk that these collateral sale proceeds are insufficient to purchase the replacement loan securities, leading the Sub - F und to incur a loss. This risk is mitigated by the fact that all SFT activity is governed by industry standard legal documentati on and collateralised to a minimum value of 100% of the loan portfolio. Collateral, consisting of liquid, marketable securities, is valued daily on a mark - to - market basis. SFTs also involve operational liquidity risk arising where a Sub - Fund may be unable to settle the sale of a security if it cannot be recalled from a borrowing counterparty on a timely basis. This risk is mitigated by a comprehensive set of systems and procedures in place to ensure that any security on loan may be recalled at any time as required from the borrowing counterparty. (vi i i) Investment in UCITS and/or Other Collective Investment Schemes
(c) Where a Sub - Fund invests in other collective investment schemes or exchange traded
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