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Harmonised funds: funds complying with European Union standards. A UCITS is said to be harmonised when the supervisory authority in its country of origin testifies that that it complies with the European Directive 85/611. Once a UCITS receives the European passport it may be sold in each EU member state after a simplified local registration procedure.

Hedge funds: are  speculative investment funds that avoid any form of prudential regulation (in terms of shareholders’ equity or diversification) and neither are they subject to any regulatory authority.
As a result of their management that is often uncorrelated with traditional financial markets, they offer investors a means of reducing the overall volatility of their portfolio.
One of the determining features of hedges funds is that they tend to be specialised, operate in a niche such as a  speciality or a given industry that requires a particular expertise. Hedge funds set out to achieve the best absolute performance possible and to meet this objective they make use of leverage.

Hedging: in contrast to a speculative transaction, a hedging transaction is carried out, in particular, with the objective of protecting against a feared interest rate or currency risk.