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No, but similar. Hedge funds are managed, and claim to 'beat the market', but usually don't do it consistently. It's generally not worth it because they take a significantly larger percentage. Also, the 'pledge' listed is usually pretty iron clad. Second, I'm not quite sure what 'it' refers to...

What you do by investing in the S&P isn't buying equal amounts of S&P stocks, but instead buying an index fund (Usually starting with SPY, called spyders). What they do is take a tiny percentage of profits, and carefully manage the funds to maintain an even amount of everything, and swap out...