A hedge fund is a privately managed investment fund that banks capital from institutional or accredited investors and employs various investment strategies to generate returns. The main structure of hedge funds is limited partnerships and liability companies managed by professional investment managers called hedge fund managers. Hedge funds aim to achieve positive returns regardless of the market conditions by utilizing strategies such as hedging, short selling, leverage, arbitrage, and other complex trading techniques. The key characteristics of hedge funds are risk management through hedging, maximizing returns, access to various investment strategies, limited accessibility, and limited regulatory oversight. These characteristics and strategies vary, and some hedge funds may engage in aggressive trading and high-risk strategies, while others adopt more consecutive approaches.