Closely following the launch of the AlphaClone hedge fund replication exchange traded fund, Global X is also marketing an ETF based on top hedge fund picks.

On Tuesday, the Global X Top Guru Holdings Index ETF (GURU - News) started trading, according to a press release. GURU will try to reflect the performance of the Top Guru Holdings Index, which is comprised of top U.S.-listed equity positions reported on the Form 13F by hedge fund managers. The fund has an expense ratio of 0.75%.

The fund will select from a pool of hedge fund positions based on their reported equity holdings and efficacy of replicating their publicly disclosed positions. The ETF will rebalance quarterly and also follow an equal-weight methodology.

As of May 25, GURU had 51 holdings, with top components including America Movil (AMX - News) 2.0%, American Capital Agency Corp. (AGNC - News) 2.0%, American International Group (AIG - News) 2.0%, Apple (AAPL - News) 2.0% and Banco Bradesco (BBD - News) 2.0%.

Sector allocations include technology 21.6%, financials 17.7%, industrials 15.7%, energy 9.8%, 7.8%, consumer goods 7.8%, consumer services 7.8%, health care 7.8% and telecommunications 3.9%.

Earlier in June, AlphaClone launched the AlphaClone Alternative Alpha ETF (ALFA - News) . ALFA has an expense ratio of 0.95%. [New Hedge Fund Replication ETF]

For more information on new product launches, visit our new ETFs category.

Max Chen contributed to this article.