The financial and technology sectors are also overweight areas. For instance, IBLN includes 20.4% technology, but it does not hold much financial exposure. ALFA, on the other hand, includes 18.2% tech and 8.0% financials

The Global X Guru Index ETF (NYSEArca: GURU), which includes high conviction picks taken from a select pool of hedge fund 13F information, includes a 22.1% tilt toward consumer discretionary, along with 14.0% financials and 15.6% tech, but a lighter 11.1% to healthcare.

The managers of the Validea Market Legends ETF (NasdaqGM: VALX), an actively managed exchange traded fund, that selects and scores stocks using proprietary models based on the approaches of famous investors such as Warren Buffett and Peter Lynch, holds tech 22.0%, consumer discretionary 19.0%, financials 18.9% and healthcare 11.2%.

Potential investors, though, should be aware that these ETFs select company holdings based on previous quarterly 13F data, so there is a chance that billionaire investors may have significantly changed their outlook through the course of the new quarter.

For more information on the alternative index funds, visit our smart beta category.

Max Chen contributed to this article.

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