36It should be borne in mind that funds which constitute undertakings for collective investment in transferable securities within the meaning of the UCITS Directive are special investment funds (see, to that effect, in particular judgments in Deutsche Bank, C‑44/11, EU:C:2012:484, paragraph 32; Wheels Common Investment Fund Trustees and Others, C‑424/11, EU:C:2013:144, paragraph 23; and ATP PensionService, C‑464/12, EU:C:2014:139, paragraph 46). As is clear from Article 1(2) of that directive, undertakings for collective investment in transferable securities are undertakings the sole object of which is the collective investment in transferable securities of capital raised from the public and which operate on the principle of risk-spreading, and the units of which are, at the request of holders, re-purchased or redeemed, directly or indirectly, out of those undertakings’ assets.
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