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QAI

GradeANew York Stock Exchange Arca

NYLI Hedge Multi-Strategy Tracker ETF

Multi-Asset & Alternatives · NY Life Investments · Inception 2009-03-25 · SEC filings

$36.31−0.10 (−0.29%)

As of Sep 23, 2026, 3:03 PM EDT

Intraday session: down, 56 prints from 36.42 to 36.31. Range 36.28 to 36.38. Use the arrow keys to read each point.$36.28$36.3610 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$1.0B
1Y return
+9.8%
Yield · Last 12 months
1.38%
Holdings
39
Volume · 30D
0.1M sh
NAV per share
$36.46
52W range
low $33.00high $36.90

The ETF.net QAI Grade

A

75/ 100

Rank 2 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for QAI. Scores out of 100: Cost 83, Risk 74, Mission not scored, Tradability 76, Holdings 54, Durability 85. Strongest: Durability (85). Weakest: Holdings (54). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 75 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 83
    Category rank6/30 · top 20%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 74
    Category rank7/30 · top 23%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 76
    Category rank5/30 · top 17%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 54
    Category rank9/15 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 85
    Category rank2/30 · top 7%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

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 Sep 22, 2026, 10:00 PM
Asset class
Other
Holdings
39
Top-10 weight
70%
Largest holding
VGSH19.0%

Sectors

  • Financials18.2%
  • Technology17.8%
  • Industrials13.6%
  • Communication11.3%
  • Energy9.6%
  • Consumer Discr.7.4%
  • Health Care7.2%
  • Materials4.7%
  • Cons. Staples3.8%
  • Utilities3.7%
  • Real Estate2.7%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001VGSHVanguard Short-Term Treasury ETF18.95%3,319,040$191M8
002FLOTiShares Floating Rate Bond ETF15.18%3,003,249$153M2
003VEAVanguard FTSE Developed Markets ETF7.17%1,001,443$72M16
004FLBLFranklin Senior Loan ETF Franklin Liberty Senior Loan Fund6.47%2,835,523$65M2
005FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF4.63%1,516,927$47M5
006IJRiShares Core S&P Small Cap ETF4.31%312,169$43M11
007EMXCiShares MSCI Emerging Markets ex China ETF4.10%405,406$41M5
008JEPIJPMorgan Equity Premium Income ETF3.13%557,404$32M4
009DBMFiMGP DBi Managed Futures Strategy ETF2.84%893,466$29M10
010MTUMiShares MSCI USA Momentum Factor ETF2.83%90,437$29M13
011VTEBVanguard Tax-Exempt Bond ETF2.77%579,373$28M1
012MUBiShares National Muni Bond ETF2.76%270,919$28M5
013VOVanguard Morningstar Mid-Cap ETF2.60%325,763$26M10
014PFFDGlobal X U.S. Preferred ETF2.46%1,372,910$25M3
015ICVTiShares Convertible Bond ETF2.38%209,103$24M2

Showing 1–15 of 71 holdings

QAI Performance

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

QAI$10,976
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. QAI $10,976. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+8.7%
1 month−0.5%
3 months−1.0%
1 year+9.8%
3 years+9.3%per year
5 years+4.6%per year
10 years+3.8%per year

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+8.7%
2025+8.3%
2024+6.7%
2023+10.1%
2022−8.7%
2021−0.2%
2020+5.7%

QAI in the news

ETF.net Research hasn’t filed on QAI yet — coverage lands here as it’s written.

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 Sep 22, 2026.
1.38%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 Aug 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.
0.84
vs 3-month T-bills · to Aug 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%

5 of the 29 Alternative Strategies funds charge less.

QAI costs $75.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.