One can argue whether Fundamental Indexing really just exploit other types of alternative betas, or is delivering Alpha. One could also decide not to get to academic and just be happy we now have the oppertunity to construct Market Neutral trading strategies. These can be found accross many ETFs, and may be due to difference in index weighting ie. market cap vs. equal-weight or fundamental weighting the same basket of stocks.
RevenueShares fx. weight the S&P 500 shares based on revenue, where as S&P 500 is market-cap weighted.