The WisdomTree Managed Futures Strategy Fund (NYSEArca: WDTI), which has $156 million in assets, tries to achieve a positive total return in either rising or falling markets that are uncorrelated to broad market equity and fixed-income returns. The fund utilizes a combination of long and short positions in U.S. treasury futures, currency futures, non-deliverable currency forwards, commodity futures, commodity swaps, U.S. government and money market securities. The ETF has a 0.95% expense ratio. WDTI is down 1.1% year-to-date. However, the fund has shown no correlation to the S&P 500, with about a third of the volatility.

Looking at the long/short space, the ProShares RAFI Long/Short ETF (NYSEArca: RALS) identifies opportunities that are implemented through both long and short securities positions. RALS seeks sector neutrality during its annual reconstitution. The ETF has a 0.95% expense ratio. The fund is up 0.8% year-to-date. [ETF Spotlight: Long/Short, Alternative Investment]

Additionally, the IQ Hedge Market Neutral Tracker ETF (NYSEArca: QMN) holds both long and short positions in asset classes and minimizes exposure to systemic risk, which is designed to give consistent returns in any market with low volatility. QMN has a 0.91% expense ratio. The fund is up 1.8% year-to-date.

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