The prospectus is two documents glued together. It sells the fund, and it binds the fund. Investment policy, dealing rules, fees, risk factors, and the service-provider list are not colour: they are the rules the depositary and the administrator will actually run. A material change is approved before it is marketed, not announced in a newsletter after the fact.
For a non-specialist, the safest way to treat the prospectus is as the fund's operating manual. If the prospectus says the fund deals weekly, it does not become daily because an investor asks. If it says the fund cannot buy a certain asset, the manager cannot buy it just because the opportunity looks attractive.
Atlantic Horizon UCITS ICAV’s prospectus is that manual for the Irish retail wrapper. It names the Dublin administrator, State Street in the depositary chain, the dealing calendar, and the eligible-asset policy that lets the book hold Thames Industrial plc and Nippon Industrials KK. Atlantic Horizon Cayman Fund has an offering memorandum, not a UCITS prospectus. Same sponsor, same brand, a different rulebook. A sentence that is true in the Cayman memo is not, by that fact, true of the ICAV.
An umbrella does not rewrite the whole book for every new strategy. Each sub-fund has a supplement — policy, risks, and dealing specifics — under a shared prospectus that covers the vehicle.
The KIID is the two-page (three if structured) UCITS sheet, typically one per share class. It has five sections: objectives, risk and reward, charges, past performance, and practical information. It is the document a retail saver is supposed to be able to finish. Atlantic Horizon Cayman Fund does not issue a KIID. Handing a household the ICAV’s KIID and then placing them in Cayman is how the document set is used as a costume.
Because an Irish UCITS cannot outsource final NAV release or the shareholder register, the prospectus’s administrator clause is a control map, not a logo strip. If Atlantic Horizon UCITS ICAV names a Dublin administrator, Dublin must release the price and keep the names. A material change to dealing, fees, or eligible assets goes to the Central Bank before it goes to a slide. The KIID then has to match the class the saver actually bought, not a sister class or the Cayman memo.