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Launched · SEC filings

NYLI Hedge Multi-Strategy Tracker ETF

QAINYSE ArcaA

$36.080.00 (0.00%)

At close: Oct 13, 2026, 4:00 PM

A77/ 100

Rank 2 of 30 in Alternative Strategies

A77/100Rank 2 of 30inAlternative Strategies
Intraday session: flat, 67 prints from 36.08 to 36.08. Range 35.99 to 36.08. Use the arrow keys to read each point.36.0036.0236.0436.0610 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$1.0B
1Y total return
+9.8%
Yield · Last 12 months
1.40%
Holdings
66
Avg volume · 30D
0.1M sh
NAV per share
$36.15
52W range
low $33.00high $36.90
Launched
Filings
SEC EDGAR

The ETF.net QAI Grade

Based on 5 of 6 pillars

A

Score 77 out of 100

Category
Alternative Strategies⁠
Rank
2 of 30
Six-pillar profile for QAI. Scores out of 100: Cost 86, Risk 72, Mission not scored, Tradability 80, Holdings 57, Durability 84. Strongest: Cost (86). Weakest: Holdings (57). Based on 5 of 6 pillars.

Score 77 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A86 out of 100
    Rank 5 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A72 out of 100
    Rank 6 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A80 out of 100
    Rank 3 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B57 out of 100
    Rank 7 of 15

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A84 out of 100
    Rank 2 of 30

Our read on QAI

ETF.net Research

AHedge fund tactics in an index wrapper: QAI tracks an index designed to mirror multi-strategy hedge fund behavior, built from roughly 40 exchange-traded positions across asset classes. It has been running this unusual mandate since 2009.

Stated mandate

The Fund seeks to track the performance of the IQ Hedge Multi-Strategy Index before fees and expenses. It uses passive indexing and invests primarily in exchange-traded products and related financial instruments representing the index.

Why people hold it

  1. 01A rare mandate in ETF form. It passively tracks the IQ Hedge Multi-Strategy Index, assembling exposure from other exchange-traded products rather than picking individual stocks or bonds.
  2. 02Live since March 2009, so the strategy has operated across multiple market cycles rather than arriving as a recent idea.
  3. 03Multi-asset by design, spreading roughly 40 underlying positions across asset classes instead of leaning on one market.
  4. 04A multi-billion-dollar fund that trades with moderate regularity, a durable base for a niche strategy.

Worth knowing

  1. 01At 0.75%, the fee sits well above the 0.45% median for index-tracking peers, and the fund holds other exchange-traded products, which carry their own costs.
  2. 02It tracks an index modeled on hedge fund strategies, not actual hedge funds. Results follow the index formula, not a manager's trading book.
  3. 03Distributions come annually or semiannually, so this is not built as a regular-paycheck holding.

QAI Holdings

As of Oct 13, 2026
Asset class
Other
Holdings
66
Top-10 weight
68%
Largest holding
FLOT17.1%

Sectors

  • Technology19.4%
  • Financials17.6%
  • Industrials13.8%
  • Communication11.6%
  • Energy9.5%
  • Health Care7.2%
  • Consumer Discretionary7.1%
  • Materials4.4%
  • Consumer Staples3.8%
  • Utilities3.1%
  • Real Estate2.6%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001FLOTiShares Floating Rate Bond ETF17.08%3,357,980$171M2
002VGSHVanguard Short-Term Treasury ETF12.25%2,131,264$123M8
003VEAVanguard FTSE Developed Markets ETF7.80%1,116,946$78M16
004FLBLFranklin Senior Loan ETF Franklin Liberty Senior Loan Fund7.30%3,217,046$73M3
005EMXCiShares MSCI Emerging Markets ex China ETF5.05%515,922$51M4
006FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF4.71%1,533,744$47M6
007IJRiShares Core S&P Small Cap ETF4.51%328,225$45M14
008DBMFiMGP DBi Managed Futures Strategy ETF3.63%1,092,870$36M11
009ICVTiShares Convertible Bond ETF3.10%280,899$31M2
010JEPIJPMorgan Equity Premium Income ETF3.05%536,147$31M4
011XLCState Street Communication Services Select Sector SPDR ETF2.85%256,285$29M24
012PFFDGlobal X U.S. Preferred ETF2.38%1,374,445$24M3
013MTUMiShares MSCI USA Momentum Factor ETF2.33%73,956$23M13
014MNANYLIM Merger Arbitrage ETF2.31%628,175$23M3
015VTEBVanguard Tax-Exempt Bond ETF2.18%460,033$22M2

Showing 1–15 of 66 holdings

QAI Performance

Launched Mar 25, 2009

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

QAI$10,981
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. QAI $10,981. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for QAI. Periods over one year show the average yearly return.
PeriodQAI
Year to date+7.7%
1 month−0.8%
3 months−0.7%
1 year+9.8%
3 yearsper year+9.1%
5 yearsper year+4.6%
10 yearsper year+3.8%

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for QAI
YearReturn barQAI
2026 YTD+7.7%
2025+8.3%
2024+6.7%
2023+10.1%
2022−8.7%
2021−0.2%
2020+5.7%

QAI in the news

Filtered to QAI · Alternative Strategies

QAI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 12, 2026.
1.40%Last 12 months
Payout per share
$0.50Last 12 months
Last payment
$0.50 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2017–2026

One bar per payment. 8 payments from 2017 to 2026 YTD. Dec 27, 2018 $0.55; Dec 30, 2019 $0.59; Dec 30, 2020 $0.63; Dec 29, 2021 $0.09; Dec 29, 2022 $0.57; Dec 28, 2023 $1.23; Dec 30, 2024 $0.70; Dec 30, 2025 $0.50. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Jan 5, 2026$0.50
Dec 30, 2024Jan 3, 2025$0.70
Dec 28, 2023Jan 5, 2024$1.23
Dec 29, 2022Jan 6, 2023$0.57
Dec 29, 2021Jan 6, 2022$0.09
Dec 30, 2020Jan 7, 2021$0.63
Dec 30, 2019Jan 6, 2020$0.59
Dec 27, 2018Jan 3, 2019$0.55
Dec 28, 2016Jan 4, 2017$0.00052
Dec 29, 2015Jan 5, 2016$0.14
Dec 29, 2014Jan 5, 2015$0.39
Dec 27, 2013Jan 3, 2014$0.37

QAI Risk

How much the fund’s monthly returns vary, scaled to a year.
5.2%
Annualised · 36 months to Sep 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.83
vs 3-month T-bills · to Sep 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−14.1%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.35
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

QAI Cost

Expense ratio0.75%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

4 of the 30 Alternative Strategies funds charge less.

QAI costs $75.00 a year on $10,000. The median Alternative Strategies fund costs $100.50.

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