I only put money into gold and bond ETF's for hedging purposes since if markets go down, people move into gold and bonds as a usual reaction. But as for ETF's, I don't trade ETF's if they don't pass my screen in the universe (not sure if the Q1500 trades ETF's or not). But reading the requirements, it says it must hedge by short and longs and I would like to rejigger it but I don't necessarily want to mess with it as once I can get the money to be able to run it myself, I would be using. I have isolated long-only alphas with the help of alphalens and some gold/bond etf buying for hedging. My beta is 0.23 over all. Completely positive except in the 2008 crash (only a -10.3% return as the max loss during the 2008 crash) and has been nothing but positive returns after that, including in different time periods. But from what I read, it seems as though they want long-short algorithms in contests only because it's for getting into Q fund allocation. But about the long-only, low-capital algos that retail investors would trade, my algorithm actually does better the more initial starting capital you have so that more you have, the better you chances of the drawdown being reduced in my algorithm. Although my algorithm takes only a minimum of $10k to run, it does significantly better the more that is put in it, returns might be a little less (as expected because it takes more money to get to the same amount of return percentages) but drawdown ends up being reduced. Although a retail investor could trade on my algorithm, so would hedge funds with millions of dollars :)