“What you end up with is a fairly different entity,” compared to a hedge fund, John Rekenthaler, vice president of research at Morningstar, said in the article. “You give up quite a bit when you’re looking at filings, which is old information, and long-only information.”

The ETFs, though, allow anyone to access hedge fund strategies at fees that are paltry compared to those charged by hedge funds. GURU comes with a 0.75% expense ratio and ALFA shows a 0.95% expense ratio. In comparison, a hedge fund typically cost more than a mutual fund, charging a 2% or more management fee and an incentive fee that can range anywhere between 10% to 20% of total profits. Additionally, hedge funds require very large initial minimums to invest.

“We wanted to be as accessible as possible,” AlphaClone founder Mazin Jadallah said in the article.

For more information on ETFs that replicate hedge fund strategies, visit our hedge fund category.

Max Chen contributed to this article.