In recent months, there has been a renewed interest by both U.S. and European hedge fund managers in Undertakings for Collective Investment in Transferable Securities or UCITS. Given the likely regulation of hedge funds and/or hedge fund managers in both Europe and the United States in some shape or form as well as the demand from many institutional investors for a more liquid and transparent product from certain hedge fund managers, the interest in UCITS is likely to grow on both sides of the Atlantic. In a guest article, Christopher D. Christian and Stephanie A. Barkus, Partner and Associate, respectively, at Dechert LLP, highlight the benefits and limitations of the UCITS structure as well as several of the driving forces behind a renewed interest in the product by hedge fund managers.