ASGM vs QAI: Grades, Fees and Holdings Compared

Virtus AlphaSimplex Global Macro ETF

ASGMCNYSE Arca

NYLI Hedge Multi-Strategy Tracker ETF

QAIANYSE Arca

Overlap

0.0%by weight

Expense ratio

QAI −0.05pt a year

ASGM0.86%QAI0.81%

Avg volume · 30D

QAI 45.8×the volume

ASGM1.23KQAI56.1K

ASGM vs QAI Performance

Oct 31, 2025 – Oct 30, 2026

+23.3%ASGM+6.4%QAI

Expense ratio: ASGM 0.86%; QAI 0.81%, better
Fund size: ASGM $11M; QAI $999M
1Y total return: ASGM +23.3%, better; QAI +6.4%
Yield (12M): ASGM No data; QAI 1.42%
Holdings: ASGM 17; QAI 55
Avg volume (30D): ASGM 1.23K sh; QAI 56.1K sh, better
NAV per share: ASGM $33.05; QAI $35.49
52W range

ETF.net Grade

Pillar letters and Scores for ASGM, QAI, with each pillar’s weight
Pillar	ASGM	QAI
Cost30% weight	A83	A86Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C53	B68Higher
Tradability15% weight	F9	A81Higher
Holdings10% weight	Not scored	C50
Durability5% weight	F20	A84Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. ASGM and QAI are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds

See all 29 ›

QAI ranks 2nd and ASGM 14th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
Rank 13BEDGH3EDGE Dynamic Hard Assets ETFScore 55
Rank 14CASGMVirtus AlphaSimplex Global Macro ETFScore 54
Rank 15CEVNTAltShares Event-Driven ETFScore 50

Our read on each fund

ETF.net Research

ASGMCVirtus AlphaSimplex Global Macro ETF

QAIANYLI Hedge Multi-Strategy Tracker ETF

In short

ASGM No data

QAI The 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

ASGM No data

QAI 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

ASGM No data

QAI 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

ASGM No data

QAI 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.

Full ASGM profile⁠

Full QAI profile⁠

ASGM vs QAI Holdings

How ASGM and QAI differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ASGM and 0.0% of QAI.

Level by level

Holdings0 in both0.0%
Countryby domicile76.2%
Sector11 Sectors84.2%
Asset classAlternatives100%

Sector

Sector weights in ASGM and QAI, widest gap first
Sector	More in ASGMMore in QAI	ASGM	QAI
Technology	ASGM +12.2 points	31.6%	19.4%
Energy	QAI +5.9 points	3.6%	9.4%
Communication	QAI +3.9 points	7.7%	11.6%
Industrials	QAI +3.0 points	10.8%	13.8%
Consumer Discretionary	ASGM +1.4 points	8.5%	7.1%
Health Care	ASGM +1.3 points	8.5%	7.2%
Consumer Staples	ASGM +0.9 points	4.7%	3.8%
Financials	QAI +0.9 points	16.7%	17.6%
Real Estate	QAI +0.8 points	1.8%	2.5%
Utilities	QAI +0.7 points	2.4%	3.1%
Materials	QAI +0.7 points	3.7%	4.4%

Country, concentration and asset class

Country by domicile

Country weights in ASGM and QAI, widest gap first
Country	More in ASGMMore in QAI	ASGM	QAI
United States	QAI +20.8 points	53.4%	74.2%
Japan	ASGM +5.1 points	7.7%	2.6%
Taiwan	ASGM +2.8 points	4.5%	1.7%
Canada	QAI +2.2 points	0.0%	2.2%
Switzerland	ASGM +2.1 points	3.0%	0.9%
United Kingdom	ASGM +2.0 points	4.3%	2.3%
Germany	ASGM +1.4 points	2.4%	1.0%
France	ASGM +1.4 points	2.3%	0.9%
Other countries (33)	ASGM +8.4 points	22.4%	14.0%

Outside the US: ASGM 66% developed, 34% emerging. QAI 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

ASGM86.3%
QAI69.1%

Securities held

ASGM16
QAI43

Asset class

ASGM: Alternatives
QAI: Alternatives

Holdings

Only in ASGM16
In both0
Only in QAI43

Only in ASGM

16 securities, 80.7% of ASGM by weight

iShares Core S&P 500 ETF25.01%
iShares Core MSCI EAFE ETF13.56%
iShares Core MSCI Emerging Markets ETF7.20%
United States Treasury Bill 0.000% 11/19/20264.64%
United States Treasury Bill 0.000% 12/01/20263.48%
United States Treasury Bill 0.000% 11/12/20262.97%
United States Treasury Bill 0.000% 12/17/20262.78%
United States Treasury Bill 0.000% 12/22/20262.78%
United States Treasury Bill 0.000% 12/29/20262.77%
United States Treasury Bill 0.000% 01/05/20272.77%
United States Treasury Bill 0.000% 12/15/20262.59%
United States Treasury Bill 0.000% 11/05/20262.56%
United States Treasury Bill 0.000% 12/03/20262.55%
United States Treasury Bill 0.000% 12/08/20262.22%
United States Treasury Bill 0.000% 12/10/20261.62%
United States Treasury Bill 0.000% 11/24/20261.16%

Only in QAI

43 securities, 100% of QAI by weight

iShares Floating Rate Bond ETF17.39%
Vanguard Short-Term Treasury ETF12.50%
Vanguard FTSE Developed Markets ETF7.88%
Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund7.45%
State Street SPDR Bloomberg Investment Grade Floating Rate ETF4.80%
iShares MSCI Emerging Markets ex China ETF4.70%
iShares Core S&P Small Cap ETF4.68%
iMGP DBi Managed Futures Strategy ETF3.60%
JPMorgan Equity Premium Income ETF3.13%
iShares Convertible Bond ETF3.00%
State Street Communication Services Select Sector SPDR ETF2.60%
Global X U.S. Preferred ETF2.37%
NYLIM Merger Arbitrage ETF2.35%
Vanguard Tax-Exempt Bond ETF2.28%
iShares National Muni Bond ETF2.20%
iShares MSCI USA Momentum Factor ETF2.13%
Vanguard Morningstar Mid-Cap ETF2.07%
State Street SPDR Bloomberg Convertible Securities ETF2.05%
Invesco DB US Dollar Index Bullish Fund2.01%
Franklin FTSE India ETF1.80%
Invesco DB Agriculture Fund1.63%
iShares MSCI China ETF1.63%
VanEck Alternative Asset Manager ETF1.09%
iShares U.S. Aerospace & Defense ETF0.94%
Simplify Managed Futures Strategy ETF0.94%
AltShares Merger Arbitrage ETF0.91%
State Street Financial Select Sector SPDR ETF0.74%
abrdn Physical Silver Shares ETF0.62%
State Street Technology Select Sector SPDR ETF0.34%
Cash0.22%
Franklin FTSE China ETF0.08%
Grayscale Bitcoin Mini Trust ETF0.08%
Payb Franklin Ftse Japan0.05%
Bitwise Bitcoin ETF Trust0.05%
Payb Ishares Phlx Semicon0.04%
Recv Ishares Core S&P Sma0.02%
Recv Vanguard Mid-Cap Etf0.01%
Recv Jpm Equ Prem Inc0.01%
Recv Xlf Long Ml<0.01%
Recv Xlf Long Ms<0.01%
Recv Flin Lms<0.01%
Recv Flin Lml<0.01%
Recv Iq Merger Arb<0.01%

Weight gaps

ASGM and QAI share no securities.

All 17 ASGM holdings⁠All 48 QAI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ASGM vs QAI Cost

Overpaying ASGM vs QAI

$850

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

ASGM 0.86%
$16,368
QAI 0.81%
$15,518

Amount$10,000

Years30 years

Cost over time

ASGM 0.86%
QAI 0.81%
Overpaying

Year by year

Year	ASGM	QAI	Overpaying
10	$1,525	$1,439	$86
20	$5,768	$5,456	$312
30	$16,368	$15,518	$850

Expense ratio

0.86%ASGM
0.81%QAI, cheaper

QAI0.81%ASGM0.86%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

QAI 5th cheapest of 29 funds

ASGM 6th cheapest of 29 funds

ASGM vs QAI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ASGM No data; QAI 1.42%
Payout (12M): ASGM No data; QAI $0.50
Last payment: ASGM $1.20; QAI $0.50
Ex-dividend: ASGM Dec 22, 2025; QAI Dec 30, 2025
Paid on: ASGM Dec 29, 2025; QAI Jan 5, 2026
Frequency: ASGM Irregular; QAI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

ASGMIrregular · 1 paymentAll ASGM payments⁠

QAIAnnual · 8 paymentsAll QAI payments⁠

ASGM vs QAI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ASGM 13.2%since Sep 2025QAI 5.2%
Return per unit of riskSharpe ratio, 3 years: ASGM 1.62since Sep 2025QAI 0.81
Worst fallMax drawdown, 5 years: ASGM −7.4%since Aug 2025QAI −14.1%
Market sensitivityBeta, 5 years: ASGM 0.91QAI 0.35; Market = 1

ASGM and QAI in the news

All news⁠

New ETFs
Corgi's new fund holds more in SpaceX than in OpenAI and Anthropic
Oct 7, 2026ASGM
Category Review
The largest alternatives fund has no one-year record
Updated Sep 28, 2026QAI

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ASGM vs QAI

In short

Stated mandate

Why people hold it

Worth knowing

How ASGM and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ASGM

Only in QAI

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Corgi's new fund holds more in SpaceX than in OpenAI and Anthropic

The largest alternatives fund has no one-year record

How ASGM and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ASGM

Only in QAI

Weight gaps