buffet thinks that the hedge fund charges too much fee (the so called 2-20 guys) and thinks the ETF would be same or outperform a hedge fund's performance.
that hedge fund is a fund of fund.
this should give you a good idea on if if you should / could consider a ETF for your needs versus choosing a mutual fund. If you are looking at US market, there are many ETF for you to select. There are ETF on S&P performance (long or short), ETF on financials (long or short), ... etc.