复合基金常常多投资于对冲基金，在对冲基金上进行投资组合，所以有此定义。但是字面上意义是只投资于基金上的基金，是否有投资于ETF进行投资组合也称为复合基金的不可知。常见的是复合对冲基金fund of hedge fund.

A fund of hedge funds allows investors to have access to a large diverse portfolio of hedge funds without having to carry out due diligence on each individual manager. The diversification benefits provided by fund of funds are brought about by investing in a number of funds that have a low correlation to each other. These correlations are often calculated by using equally weighted fund returns and can contain a significant amount
of noise due to the very small amount of returns data available for hedge fund.