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3.

A master UCITS is a UCITS, or an investment compartment thereof, which: has, among its unit-holders, at least one feeder UCITS; is not itself a feeder UCITS; and does not hold units of a feeder UCITS.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.