Nevertheless, GURU has generated an impressive 41.2% return over the past year, compared to the S&P 500’s 28.2% gain.

The AlphaClone Alternative Alpha ETF (NYSEArca: ALFA) also provides a hedge fund replication strategy. The ETF’s underlying index selects stocks from managers with the highest ranking, or “Clone Score.” Additionally, the index can vary from long only positions and market hedged based on rules-driven relative price targets. Holdings are also rebalanced quarterly. ALFA is up 31.0% over the past year.

For more information on the ETF industry, visit our current affairs category.