The Global X Guru Index ETF (NYSEArca: GURU), one of the largest of the so called guru exchange traded funds, received Morningstar’s prestigious five-star rating based on the fund’s risk adjusted performance and fee levels over its three-year trading history.

“Only 10% of the 45 Funds in the Large Blend category, as of July 31st, are awarded the five star rating,” according to a statement issued by Global X.

GURU has amassed nearly $204 million in assets under management since coming to market in June 2012. The ETF’s success also spurred the introduction of two cousins – the Global X Guru Small Cap Index ETF (NYSEArca: GURX) and the Global X Guru International Index ETF (NYSEArca: GURI) – though those ETFs have yet to gain a wide following. [Nifty Guru ETF]

“GURU taps into high conviction stock holdings found in the 13F filings of a select group of large hedge fund managers, using a proprietary methodology to sort through their long equity positions.” said Global X in a statement.

The most oft-cited criticism is that the 13F filings from the Securities and Exchange Commission that discloses positions held by noteworthy investors and hedge funds is published 45 days after a quarter ends. That means the big investor could pared or eliminated a position just as the regular investor is learning that the

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