BlackRock has filed for a hedge fund strategy exchange-traded fund (ETF), indicating a new direction in its investment approach. This move highlights a growing trend in the democratization of alternative investments, as hedge fund ETFs become increasingly popular among investors. The filing aligns with broader market shifts towards low-cost investment options, which have gained traction in recent years. Additionally, First Trust is also reportedly planning to register a new 'Balanced Income ETF' that will utilize an index comprising its own active funds, further emphasizing the evolving landscape of ETF offerings.