Disappointing performance is leading hedge fund investors to look for cheaper alternatives. Hedge fund indexation has been suggested as a possible solution. Unfortunately, investable hedge fund indices are nothing more than funds of funds in disguise, with performance similar or even worse than real funds of funds. The core problem of hedge fund indexation is that as long as one still invests in hedge funds, the cost factor that indexation is meant to eliminate will still be there. In this paper we use our FundCreator technology to generate returns with statistical properties very similar to those of hedge fund indices, but without actually investing in hedge funds. The proposed strategies only trade liquid futures contracts and therefore not only offer investors an accurate replica, but at the same time solve many other problems typically surrounding hedge fund investments, such as illiquidity, lack of transparency, limited capacity, etc.