Funds that invest in hedge fund indexes, first created in 2002 in response to the tremendous popularity of hedge funds, are failing to live up to their promise, USA Today reports. They typically lag the indexes they track.

Last year, for example, the MSCA Hedge Invest index fund posted 7.3%, a good deal less that the 11.3% delivered by its benchmark, the MSCI Hedge Fund Composite index.

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