UBS and hedge fund index specialists Hedge Fund Research (HFR) have announced the launch of four hedge fund strategy ETFs. The new ETFs, which are referenced to HFRX strategy indices, offer investors the opportunity to participate in the performance of specific hedge fund strategies within a liquid UCITS-compliant vehicle. The strategies include equity hedge, event driven, relative value arbitrage and macro CTA.

Man Group, Europe’s largest hedge fund manager, has announced that the Man GLG Europe Plus Source ETF (MPFE) has reached assets of over $550m, making it one of the world’s largest active-strategy equity ETFs. The success of the fund, which launched in January 2011 with the aim of systematically exploiting brokers’ stock tips, will be seen as an encouraging sign for the commercial viability of enhanced index and actively managed ETFs.

The AlphaClone Alternative Alpha ETF (ALFA) began trading on the NYSE last week, becoming the first ETF – just pipping the Global X Top Guru Holdings Index ETF (GURU) – to invest specifically in disclosed equity positions held by established hedge fund managers. The new ETF, which is based on the AlphaClone Hedge Fund Long/Short Index, seeks to capture alpha from select hedge fund managers’ long positions while protecting against protracted market downturns.

Global X Funds, a New York-based ETF provider, has launched the Global X Top Guru Holdings Index ETF (GURU), a fund which provides investors with exposure to some of the stocks most commonly held by major hedge funds. The NYSE-listed fund allows ordinary investors to tap into the combined expertise of some of the largest hedge fund managers, without the customary detractions of hedge fund investing – namely high expenses, liquidity restrictions and minimum investments.