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The announcement came as the trust wrote to investors in the Japanese trust outlining proposals for the winding up and potential restructure of the fund.

The Dynamic Japan fund was one of two new ETFs launched by Invesco Perpetual in September. Investors in the Perpetual Japanese investment trust had initially signalled their interest in reinvesting in the ETF.

However, this plan has since been abandoned by Invesco Perpetual after interest was withdrawn.

The trust announced that two EGMs, scheduled for December, would ask Perpetual Japanese investors whether they wished their investments to be reinvested into an open-ended fund.

The Invesco Perpetual Japan fund is managed by the current fund manager of the Perpetual Japanese investment trust and head of Japanese equities, Paul Chesson.

The spokesman said the Invesco Perpetual Japan fund would be “managed in the same manner” as the trust.

The proposal is one of three posed by the trust’s board, which will ask whether investors want the trust to be wound up and their investments returned, reinvested or a mixture of both.

Invesco Perpetual announced in July that it was not confident of securing a continuation vote from investors in the trust after discussions with major shareholders.

An Invesco spokesman said the trust had demonstrated “relatively good performance” compared with other Japanese-focused trusts.

The trust has reported a loss of 5.7 per cent over the three months to 21 October, compared with the sector average loss of 22.2 per cent, according to the AIC.

In August, Simon Elliott, head of research at Winterflood Securities, said he could understand the disappointment of long-term investors over the winding up of the trust.

He said: “Paul Chesson has done a decent job in preserving their capital, thereby significantly outperforming a very difficult market.”

Following the launch of the Dynamic Japan fund, Tim Mitchell, head of specialist funds, said attitudes towards the Japanese sector had warmed in recent months.

“Growing concerns over economic growth and heightened stock-market volatility the world over are changing how Japan is perceived, a perception which has been strengthened by Japan’s recent relative stock market performance.”

However, in the most recent quarterly briefing for the Invesco Perpetual Japan fund, published last month, Mr Chesson acknowledged the outlook for Japan was “challenging”.

“Although we are cautious on the outlook for the economy, there are specific market sectors that are attractively valued."