Paragraph 1.01 ​ ​
collective investment schememeans any arrangement where –
(a) ​it is made for the purpose, or having the effect, of providing facilities for persons to participate in or receive profits or income arising from the acquisition, holding, management or disposal of securities, futures contracts or any other property ("scheme's assets") or sums paid out of such profits or income;
(b)the persons who participate in the arrangements do not have day-to-day control over the management of the scheme's assets; and
(c) the scheme's assets are managed by an entity who is responsible for the management of the scheme's assets and is approved/authorised/licensed by a relevant regulator to conduct fund management activities or to manage and operate the scheme's assets,
and includes amongst others real estate investment trust, exchange-traded funds and business trusts.