On May 7, 2024, the European Securities and Markets Authority (ESMA) published its long-awaited call for evidence on the review or the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). Since the adoption of UCITS EAD almost two decades ago the number and variety of financial instruments traded on financial markets has increased considerably. This led to a growing uncertainty around whether some categories of financial instruments such as AT1 bonds, commodities, crypto assets, emission allowances, structured and leveraged loans, etc., are eligible for investment within UCITS products or not. In turn, this uncertainty led to