Closely following the launch of the AlphaClone hedge fund replication exchange traded fund, Global X is also marketing an ETF based on top hedge fund picks.

On Tuesday, the Global X Top Guru Holdings Index ETF (NYSEArca: GURU) started trading, according to a press release. GURU will try to reflect the performance of the Top Guru Holdings Index, which is comprised of top U.S.-listed equity positions reported on the Form 13F by hedge fund managers. The fund has an expense ratio of 0.75%.

The fund will select from a pool of hedge fund positions based on their reported equity holdings and efficacy of replicating their publicly disclosed positions. The ETF will rebalance quarterly and also follow an equal-weight methodology.

As of May 25, GURU had 51 holdings, with top components including America Movil (NYSE: AMX) 2.0%, American Capital Agency Corp. (NasdaqGS: AGNC) 2.0%, American International Group (NYSE: AIG) 2.0%, Apple (NasdaqGS: AAPL) 2.0% and Banco Bradesco (NYSE: BBD) 2.0%.

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