When doubtful about the future of equity returns, many investors look to alternative or "hedge fund" ETFs as a source of "absolute" returns, hopefully uncorrelated to whether the market goes up or down. Traditional hedge funds can sometimes command high fees for working on these returns, stereotypically consisting of 2%/year of the assets in the fund plus 20% of profits, as well as being able to impose "lock-ups" and other restrictions. Since 2009, an increasing number of ETFs have aimed to replicate many of the sources of returns captured by hedge funds with greater