FARX vs QAI: Grades, Fees and Holdings Compared

Frontier Asset Absolute Return ETF

FARXBNYSE Arca

NYLI Hedge Multi-Strategy Tracker ETF

QAIANYSE Arca

Overlap

5.4%by weight

Expense ratio

QAI −0.14pt a year

FARX0.95%QAI0.81%

Avg volume · 30D

QAI 21.6×the volume

FARX2.7KQAI58.2K

FARX vs QAI Performance

Nov 7, 2025 – Nov 9, 2026

+12.2%FARX+7.5%QAI

Expense ratio: FARX 0.95%; QAI 0.81%, better
Fund size: FARX $15M; QAI $985M
1Y total return: FARX +12.2%, better; QAI +7.5%
Yield (12M): FARX 2.78%, better; QAI 1.41%
Holdings: FARX 14; QAI 66
Avg volume (30D): FARX 2.7K sh; QAI 58.2K sh, better
NAV per share: FARX $29.13; QAI $35.29
52W range

ETF.net Grade

Pillar letters and Scores for FARX, QAI, with each pillar’s weight
Pillar	FARX	QAI
Cost30% weight	A74	A86Higher
Mission25% weight	B58	Not scored
Risk15% weight	A77Higher	A71
Tradability15% weight	C53	A81Higher
Holdings10% weight	D31	C45Higher
Durability5% weight	F22	A84Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. FARX 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 3rd and FARX 8th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 78
Rank 1AHBDCHilton BDC Corporate Bond ETFScore 78
Rank 3AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 75
Rank 7BHDGProShares Hedge Replication ETFScore 62
Rank 8BFARXFrontier Asset Absolute Return ETFScore 61
Rank 9BLALTFirst Trust Multi-Strategy Alternative ETFScore 58

Our read on each fund

ETF.net Research

FARXBFrontier Asset Absolute Return ETF

QAIANYLI Hedge Multi-Strategy Tracker ETF

In short

FARX 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

FARX 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

FARX 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

FARX 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 FARX profile⁠

Full QAI profile⁠

FARX vs QAI Holdings

How FARX and QAI differ

Overlap by weight

5.4%

Shared holdings make up 9.5% of FARX and 5.4% of QAI.

About this figure: QAI holds other funds. We compare those funds, not the stocks inside them.

Level by level

Asset classStocks, Alternatives0.0%
Holdings2 in both5.4%
Sector15 Sectors58.0%
Countryby domicile83.5%

Sector

Sector weights in FARX and QAI, widest gap first
Sector	Gap	FARX	QAI
Government	FARX +36.9 points	38.8%	1.9%
Financials	QAI +6.8 points	7.2%	14.0%
Corporate	QAI +6.6 points	10.2%	16.8%
Health Care	QAI +5.6 points	5.2%	10.8%
Securitized	FARX +5.0 points	5.1%	0.1%
Communication	QAI +4.8 points	2.5%	7.3%
Technology	QAI +4.2 points	10.3%	14.5%
Utilities	QAI +3.9 points	1.3%	5.2%
Municipal	QAI +3.7 points	0.0%	3.7%
Industrials	QAI +3.4 points	5.9%	9.3%
Consumer Discretionary	QAI +0.9 points	4.6%	5.5%
Materials	QAI +0.9 points	2.3%	3.2%
Real Estate	QAI +0.9 points	0.9%	1.8%
Energy	QAI +0.3 points	2.6%	2.9%
Consumer Staples	Same weight	3.1%	3.1%

Country, concentration and asset class

Country by domicile

Country weights in FARX and QAI, widest gap first
Country	Gap	FARX	QAI
United Kingdom	FARX +13.0 points	15.5%	2.5%
United States	QAI +2.8 points	71.0%	73.8%
Japan	QAI +2.7 points	0.0%	2.7%
India	QAI +2.6 points	0.0%	2.6%
South Korea	QAI +2.4 points	0.0%	2.4%
Taiwan	QAI +1.6 points	0.0%	1.6%
China	QAI +1.6 points	0.1%	1.7%
Israel	FARX +0.8 points	1.0%	0.2%
Other countries (33)	QAI +0.1 points	12.4%	12.5%

Outside the US: FARX 94% developed, 6% emerging. QAI 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

FARX92.4%
QAI68.6%

Securities held

FARX13
QAI51

Asset class

FARX: Stocks
QAI: Alternatives

Holdings

Only in FARX11
In both2
Only in QAI49

Only in FARX

11 securities, 90.2% of FARX by weight

Vanguard Short-Term Bond Etf21.80%
Harbor Commodity All Weather17.66%
American Beacon Ahl Trend16.05%
Wisdomtree Floating Rate Tre8.78%
Vanguard Short-Term Tips4.45%
Ishares High Yield Systemati4.43%
Ishares Us Smallcap Equity F4.34%
JPMorgan Ultra-Short Income4.30%
Janus Henderson Aaa Clo Etf3.55%
Avantis Intl S/C Value Etf2.75%
Vanguard Dividend Apprec Etf2.07%

Only in QAI

49 securities, 94.5% of QAI by weight

iShares Floating Rate Bond ETF17.43%
Vanguard Short-Term Treasury ETF12.59%
Vanguard FTSE Developed Markets ETF7.75%
Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund7.42%
State Street SPDR Bloomberg Investment Grade Floating Rate ETF4.81%
iShares Core S&P Small Cap ETF4.61%
iShares MSCI Emerging Markets ex China ETF4.49%
JPMorgan Equity Premium Income ETF3.09%
iShares Convertible Bond ETF2.92%
State Street Communication Services Select Sector SPDR ETF2.74%
Global X U.S. Preferred ETF2.37%
NYLIM Merger Arbitrage ETF2.36%
Vanguard Tax-Exempt Bond ETF2.31%
iShares National Muni Bond ETF2.23%
Vanguard Morningstar Mid-Cap ETF2.03%
Invesco DB US Dollar Index Bullish Fund2.03%
State Street SPDR Bloomberg Convertible Securities ETF1.99%
Franklin FTSE India ETF1.93%
iShares MSCI China ETF1.73%
Invesco DB Agriculture Fund1.60%
VanEck Alternative Asset Manager ETF1.12%
iShares U.S. Aerospace & Defense ETF0.93%
AltShares Merger Arbitrage ETF0.92%
Simplify Managed Futures Strategy ETF0.84%
State Street Financial Select Sector SPDR ETF0.75%
abrdn Physical Silver Shares ETF0.65%
State Street Technology Select Sector SPDR ETF0.31%
Cash0.20%
Franklin FTSE China ETF0.09%
Grayscale Bitcoin Mini Trust ETF0.07%
Bitwise Bitcoin ETF Trust0.05%
Payb Franklin Ftse Japan0.03%
Payb Ishares Phlx Semicon0.03%
Recv Comm Sss Spdr0.02%
Payb Currencysh Ms Short0.01%
Recv Flin Lms<0.01%
Recv Flin Lml<0.01%
Recv Xle Short Ms<0.01%
Payb Xle Short Ml<0.01%
Payb Xlu Short Ml<0.01%
Payb Xlu Short Ms<0.01%
Recv Recv Sivr Lml<0.01%
Recv Recv Sivr Lms<0.01%
Recv Powershares Db Us Do<0.01%
Payb Pay Bwx Sms<0.01%
Payb Pay Bwx Sml<0.01%
Spdr Bloom Ms Short<0.01%
Recv Xlf Long Ms<0.01%
Recv Xlf Long Ml<0.01%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in FARX and QAI, widest gap first
Holding	More in FARXMore in QAI	Gap	FARX	QAI
Imgp Dbi Mft Str Etf-Usd IncDBMF		FARX +3.49 points	7.00%	3.51%
Ishares Msci Usa Momentum FaMTUM		FARX +0.53 points	2.46%	1.93%

All FARX 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.

FARX vs QAI Cost

Overpaying FARX vs QAI

$2,351

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

FARX 0.95%
$17,869
QAI 0.81%
$15,518

Amount$10,000

Years30 years

Cost over time

FARX 0.95%
QAI 0.81%
Overpaying

Year by year

Year	FARX	QAI	Overpaying
10	$1,678	$1,439	$239
20	$6,322	$5,456	$866
30	$17,869	$15,518	$2,351

Expense ratio

0.95%FARX
0.81%QAI, cheaper

QAI0.81%FARX0.95%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

QAI 5th cheapest of 29 funds

FARX 7th cheapest of 29 funds

FARX vs QAI Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FARX 2.78%, better; QAI 1.41%
Payout (12M): FARX $0.81; QAI $0.50
Last payment: FARX $0.10; QAI $0.50
Ex-dividend: FARX Sep 29, 2026; QAI Dec 30, 2025
Paid on: FARX Oct 6, 2026; QAI Jan 5, 2026
Frequency: FARX Quarterly; QAI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

FARXQuarterly · 8 paymentsAll FARX payments⁠

QAIAnnual · 8 paymentsAll QAI payments⁠

FARX vs QAI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FARX 5.0%since Jan 2025QAI 5.2%
Return per unit of riskSharpe ratio, 3 years: FARX 1.54since Jan 2025QAI 0.81
Worst fallMax drawdown, 5 years: FARX −5.8%since Dec 2024QAI −14.1%
Market sensitivityBeta, 5 years: FARX 0.22QAI 0.36; Market = 1

FARX and QAI in the news

All news⁠

Category Review
The largest alternatives fund has no one-year record
Updated Sep 28, 2026QAI

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FARX vs QAI

In short

Stated mandate

Why people hold it

Worth knowing

How FARX and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FARX

Only in QAI

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The largest alternatives fund has no one-year record

How FARX and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FARX

Only in QAI

Weight gaps