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New liquid alternative mutual funds and ETFs launched in January include: HedgeRow Income and Opportunity Fund (MUTF: HROAX ) GuidePath Managed Futures Strategy Fund (MUTF: GIFMX ) Toews Tactical Defensive Alpha Fund (MUTF: TTDAX ) Ivy Targeted Return Bond Fund (MUTF: IRBAX ) Reality Shares DIVCON Dividend Guardian ETF (BATS: GARD ) Reality Shares DIVCON Dividend Defender ETF (BATS: DFND ) HedgeRow Income and Opportunity Fund HROAX launched on January 21. The fund seeks a combination of income and capital appreciation by establishing both long and short positions in domestic stocks, mostly large caps from the S&P 500. Its net expense ratio is 1.25%. GuidePath Managed Futures Strategy Fund GIFMX debuted on January 19. It pursues a managed-futures strategy using the fund’s sub-advisor’s proprietary quantitative models to identify price trends across asset classes: stocks, bonds, interest rates, currencies, and commodities. The fund is sub-advised by AssetMark. The fund’s investment objective is to generate positive absolute returns over time. Its net expense ratio is 1.05%. Toews Tactical Defensive Alpha Fund TTDAX made its debut on January 7. It employs a long/short equity strategy in pursuit of long-term capital growth, with a secondary focus on limiting risk during downturns. Its investments may include U.S. stocks of all capitalization sizes, foreign large-cap stocks, ETFs that invest primarily in common stocks, bonds, cash equivalents, and derivatives including but not limited to equity index futures. The fund’s net expense ratio is 1.00%. Ivy Targeted Return Bond Fund IRBAX launched on January 4. Employing a “nontraditional bond” strategy, the fund seeks total return through a combination of current income and capital appreciation. Sub-advisor Pictet Asset Management invests at least 80% of the fund’s net assets in debt securities with maturities of at least one year, and gauges its performance against the Barclays Capital U.S. 1-3 Month Treasury Bill Index. The fund has a net expense ratio of 0.90%. Reality Shares DIVCON Dividend Guardian ETF GARD, an exchange-traded fund, debuted on January 14 . The ETF tracks the Reality Shares DIVCON Dividend Guard Index , which is based on the idea that companies that increase their dividends tend to outperform the broad market, and companies that cut or suspend their dividends tend to underperform the broad market. GARD may or may not have short positions: based on Reality Shares’ proprietary methodology, the ETF may either consist of 100% long exposure or a “50/50” long/short approach. Reality Shares DIVCON Dividend Defender ETF Like GARD, DFND was also launched on January 14. Also like GARD, DFND tracks a Reality Shares DIVCON Index – this time, the Dividend Defender Index . Unlike GARD, DFND has a long portfolio and a short portfolio at all times. The ETF’s long portfolio consists of the 30 stocks from the initial universe of 500 that have the highest DIVCON ratings – “DIVCON ratings” are based on how likely a stock is to raise or cut its dividend. Jason Seagraves contributed to this article.