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The Sub-Fund is exposed to the credit/ default risk of issuers of the debt securities that the Sub-Fund may invest in. Depending on the credit quality, default risk is higher with corporate bonds than government bonds and higher with high-yield or emerging market bonds than with investment grade corporate and government bonds. The high yield debt securities associated with greater China may be subject to higher volatility and lower liquidity compared to more developed markets. The fund may employ higher-risk strategies within fixed income and currency markets, and may take both long and short positions derivatives. This may result in additional risks, particularly counterparty risk. Changes in interest rates, credit spreads and exchange rates may have an impact on the fund's value. Every fund reveals specific risks, a description of these risks can be found in the prospectus.