Many try to mimic specific investing methods, like global macro or fixed-income arbitrage.

FORBES: A New ETF Built On Stocks From Top Hedge Funds

"The new guidelines are aimed at further tightening the oversight of the bond-issuance market and specifically cracking down on speculation and arbitrage between some investors and underwriters, " said Yang Weixue, a senior fixed-income analyst at Lianxun Securities.

WSJ: China Tightens Rules on Bond Issuance