(1) In these Regulations, unless the context otherwise requires-
"actively managed UCITS ETF" means a UCITS ETF, in respect of which the responsible person has discretion over the composition of its portfolio and which, subject to the stated investment objectives and policies, may have the objective of outperforming an index;
"alternative investment fund" has the meaning given to the term in Regulation 5(1) of the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013);
"AIF" means an alternative investment fund;
"annual tracking difference" means the difference between the annual return of an index-tracking UCITS and the annual return of the tracked index;
"anti-dilution levy" means a charge imposed on subscriptions or on redemptions as relevant, to offset the dealing costs of buying or selling assets of the UCITS and to preserve the net asset value per share of the UCITS, as a result of net subscriptions or of net redemptions on a dealing day;
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