A fund, usually used by wealthy individuals and institutions, which is allowed to use aggressive strategies that are unavailable to mutual funds, including selling short, leverage, program trading, swaps, arbitrage, and derivatives.

• 此类基金有别于共同基金，被富有的个人和机构用于实施进取型策略，包括卖空、杆操作、序交易、换交易、利交易和衍生品交易。