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Launched · SEC filings

NYLI Hedge Multi-Strategy Tracker ETF

QAINYSE ArcaNY Life InvestmentsA

$35.49+0.01 (+0.04%)

As of Nov 2, 2026, 3:59 PM ET

A76/ 100

Rank 2 of 30 in Alternative Strategies

A76/100Rank 2 of 30inAlternative Strategies
Intraday session: up, 79 prints from 35.48 to 35.49. Range 35.45 to 35.71. Use the arrow keys to read each point.35.5535.6035.6535.7010 AM12 PM2 PM4 PM
Expense ratio
0.81%
Fund size
$999M
1Y total return
+6.4%
Yield · Last 12 months
1.42%
Holdings
55
Avg volume · 30D
56.1K sh
52W range
low $33.00high $36.90
Launched
Filings
SEC EDGAR

The ETF.net QAI Grade

Based on 5 of 6 pillars

A

Score 76 out of 100

Category
Alternative Strategies⁠
Rank
2 of 30
Six-pillar profile for QAI. Scores out of 100: Cost 86, Risk 68, Mission not scored, Tradability 81, Holdings 50, Durability 84. Strongest: Cost (86). Weakest: Holdings (50). Based on 5 of 6 pillars.

Score 76 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.
    B68 out of 100
    Rank 7 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A81 out of 100
    Rank 2 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C50 out of 100
    Rank 10 of 17

  • 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 3 of 30

Our read on QAI

ETF.net Research

In short

AThe original hedge fund replication ETF, listed in 2009: a fund of roughly 50 exchange-traded products tracking an index built to mimic hedge fund styles, for 0.81% net of a fee waiver (1.03% gross).

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

  • Billed as the first US-listed hedge fund replication ETF when it launched in March 2009, so it carries a record across multiple market cycles rather than a backtest.asiaasset.com
  • Costs 0.81% net of a fee waiver (1.03% gross), below the alternatives category median and under IALT's 0.99%.
  • Plain plumbing for an exotic idea: it holds exchange-traded products and related instruments to passively track the IQ Hedge Multi-Strategy Index, and trades on an exchange all day.
  • Stands near the front of the roughly 30 alternatives funds in its peer group on our review.

Worth knowing

  • Fund-of-funds design means your exposure runs through other ETFs and the index's mapping of them to hedge fund styles, with gross expenses of 1.03% against the 0.81% net line.
  • Cheaper shelves sit nearby: FLSP at 0.65% and HBDC at 0.39%, though neither runs the same multi-strategy replication mandate.
  • Moderately traded rather than a category volume leader, and payouts arrive annually or semiannually, so this is not an income-cadence vehicle.

QAI Holdings

Holdings pillarC50 out of 100Rank 10 of 17 in Alternative Strategies
Asset class
Other
Holdings
55
Top-10 weight
69%
Largest holding
FLOT17.4%

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 States74.21%
  • Japan2.65%
  • India2.47%
  • South Korea2.45%
  • United Kingdom2.32%
  • Canada2.19%
  • Australia1.75%
  • Taiwan1.75%
  • Other countries (44)10.22%

Developed 62% · Emerging 38% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1FLOTiShares Floating Rate Bond ETF17.39%3,376,130$172M3
2VGSHVanguard Short-Term Treasury ETF12.50%2,142,784$124M12
3VEAVanguard FTSE Developed Markets ETF7.88%1,122,985$78M18
4FLBLFranklin Senior Loan ETF Franklin Liberty Senior Loan Fund7.45%3,234,434$73.8M4
5FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF4.80%1,542,036$47.5M7
6EMXCiShares MSCI Emerging Markets ex China ETF4.70%518,712$46.5M4
7IJRiShares Core S&P Small Cap ETF4.68%329,998$46.3M14
8DBMFiMGP DBi Managed Futures Strategy ETF3.60%1,098,777$35.7M10
9JEPIJPMorgan Equity Premium Income ETF3.13%539,045$31M4
10ICVTiShares Convertible Bond ETF3.00%282,417$29.7M2
11XLCState Street Communication Services Select Sector SPDR ETF2.60%257,671$25.7M27
12PFFDGlobal X U.S. Preferred ETF2.37%1,381,873$23.5M3
13MNANYLIM Merger Arbitrage ETF2.35%631,571$23.3M4
14VTEBVanguard Tax-Exempt Bond ETF2.28%462,520$22.5M3
15MUBiShares National Muni Bond ETF2.20%209,080$21.8M7

Showing 1–15 of 55 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$10,636
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. QAI $10,636. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+5.9%
1 month−1.6%
3 months−1.7%
1 year+6.4%
3 yearsper year+8.9%
5 yearsper year+4.1%
10 yearsper year+3.7%

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+5.9%
2025+8.3%
2024+6.7%
2023+10.1%
2022−8.7%
2021−0.2%
2020+5.7%

QAI in the news

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 30, 2026.
1.42%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

See all 16 payments⁠

$10,000 in QAI 10 years ago paid $1,695 in dividends.⁠

QAI Risk

Risk pillarB68 out of 100Rank 7 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
5.2%
Annualised · 36 months to Oct 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.
0.81
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

QAI Cost

Compare QAI and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$7,620

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • QAI 0.81%

    $15,518

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • QAI 0.81%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QAI $15,518HBDC $7,898

Year by year

YearQAIHBDCOverpaying
10$1,439$705$734
20$5,456$2,725$2,731
30$15,518$7,898$7,620

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