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higher volatility fund

      1. (a) a regulated collective investment scheme which is:12
        1. (i) a scheme where the investment policies which the operator adopts, or proposes to adopt, mean that, as a result of making investments in warrants or derivatives, or through borrowing that is not temporary in nature, movements in the price of units are likely to be significantly amplified; or12
        1. (ii) an umbrella with a sub-fund that would fall within (i) if that sub-fund were a separate scheme; or12
      1. (b) an authorised fund dedicated to units in:12
        1. (i) a number of regulated collective investment schemes; or12
        1. (ii) sub-funds of one or more umbrellas that are regulated collective investment schemes;12
        any one of which falls within (a).12