“伞子基金”也称为“伞型基金”“伞式基金”，由英文umbrella fund翻译而来。

伞子基金又称为系列基金，是指在一个母基金之下再设立若干个子基金，各子基金独立进行投资决策的基金运作模式。

其主要特点是在基金内部可以为投资者提供多种选择，投资者可根据自己的需要转换基金类型（不用支付转换费用），在不增加成本的情况下为投资者提供一定的选择余地。

伞子基金，实际上就是开放式基金的一种组织结构。在这一组织结构下，基金发起人根据一份总的基金招募书发起设立多只相互之间可以根据规定的程序进行转换的基金，这些基金称为子基金或成分基金(Sub-funds)。而由这些子基金共同构成的这一基金体系就合称为伞型基金。进一步说，伞型基金不是一只具体的基金，而是同一基金发起人对由其发起、管理的多只基金的一种经营管理方式，因此通常认为“伞型结构”(Umbrella Structure)的提法可能更为恰当。它由价值优化型成长类、周期类、稳定类三只基金组成；而单一基金的组织结构较为简单，单独拥有一个基金契约。

附英文释义：

An umbrella fund is a collective investment scheme that exists as a single legal entity but has several distinct sub-funds which, in effect, are traded as individual investment funds.[1]

This type of arrangement originated in the European investment management industry, most notably with the SICAV (an open-ended collective investment). The SICAV model was copied for the UK Open-ended investment company (OEIC) and offshore fund models.

具体用法可参考如下双语例句

因此，伞式基金有助于限制法律实体的数量，进而缩短市场投 放时间，并降低与推出和维护投资工具相关的费用。

Umbrella funds contribute thus to a limitation of the number of legal entities and by such to a reduction of the time-to-market as well as the costs involved for the launch and maintenance of an investment vehicle.

然而，除了信托这例外情况外，对于在须申报的淡仓由多于一人实益拥有的情况和涉及具有多只相关附属基金的企业“伞子”基金的情况下要如何履行申报责任，回应者仍存有疑问。

There was however some uncertainty on how the reporting obligation would operate where, outside the trust exception, more than one person beneficially owns a reportable short position and also in the case of corporate ‘umbrella’ funds with underlying sub-funds.