NEW YORK (TheStreet) -- Nervous about a tired bull market, rising bond yields and a potential Greek exit? Investors no longer have to search far or pay a steep hedge fund fee for peace of mind, according to Ethan Powell, chief product strategist for Highland Capital Management Fund Advisors.

He said his company's three new alternative exchange-traded funds "run anywhere between 50% net long to 75% net long so right off the bat you have muted exposure to the marketplace which is where you want to be in this type of uncertain market," said Powell.

The three ETFs that replicate hedge fund strategies are: Highland HFR Global ETF  (HHFR), Highland HFR Event Driven ETF  (DRVN) and the Highland HFR Equity Hedge ETF  (HHDG). All three new Highland ETFs carry fees of 0.85% per year.

Dallas-based Highland Capital Management has approximately $21 billion of assets under management. Highland launched its first ETF, the Highland iBoxx Senior Loan ETF  (SNLN) in November 2012. The SNLN has $321 million in assets under management at last check. Over the past year, shares of SNLN are down roughly 6%.

The three new ETFs leverage the indices and research from Hedge Fund Research. HFR calculates over 100 indices of hedge fund performance ranging from industry-aggregate levels down to specific, niche areas of sub-strategy and regional investment focus.

As for what's next for Highland, Powell said the firm plans to launch 14 more ETFs to follow up the three latest offerings, yet it's going to take it slow.

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