sustainability product

any of the following:

1. (1) an authorised fund, including, where the authorised fund is an umbrella scheme, each sub-fund of the umbrella; or
1. (2) an unauthorised AIF that is a managed by a full-scope UK AIFM or a small authorised UK AIFM, unless it is:
   1. (a) a non-UK AIF;
   1. (b) a closed-ended AIF that makes no additional investments after 22 July 2013 (see regulation 74(1) of the AIFMD UK Regulation);
   1. (c) a SEF; or
   1. (d) an RVECA.