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In the official VGC tournament league, all sub-legendary pokemon, demi-legends if you will, are tournament legal. When it comes to mythical and restricted legendaries however there are rules limiting or outright banning them. Ultra Beasts are tourney legal in any meta they exist in, and therefor I argue are sub-legends but not restricted or cover legends. Furthermore while slightly lower than other subs they have a BST of 570, which is only 10 less than other trios and otherwise too small compared to the 680 bst norm if the restricteds.
