The Hedge-Fund 'Clones' - WSJ.com

Hedge fund clones are designed to mimic the return on hedge funds without quite so high of expenses or minimums.The Hedge-Fund 'Clones' - WSJ.com: "...the most common type of hedge-fund cloning, known as the factor model approach, works: Firms analyze a few years' worth of hedge-fund returns, often using data from hedge-fund indexes. The firms then essentially reverse-engineer those returns,