HBDC vs QAI: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

NYLI Hedge Multi-Strategy Tracker ETF

QAIANYSE Arca

Overlap

0.0%by weight

Expense ratio

HBDC −0.42pt a year

HBDC0.39%QAI0.81%

Avg volume · 30D

QAI 7.2×the volume

HBDC7.84KQAI56.1K

HBDC vs QAI Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC+6.4%QAI

Expense ratio: HBDC 0.39%, better; QAI 0.81%
Fund size: HBDC $90M; QAI $999M
1Y total return: HBDC +2.0%; QAI +6.4%, better
Yield (12M): HBDC 5.15%, better; QAI 1.42%
Holdings: HBDC 156; QAI 55
Avg volume (30D): HBDC 7.84K sh; QAI 56.1K sh, better
NAV per share: HBDC $24.37; QAI $35.49
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, QAI, with each pillar’s weight
Pillar	HBDC	QAI
Cost30% weight	A100Higher	A86
Mission25% weight	Not scored	Not scored
Risk15% weight	B63	B68Higher
Tradability15% weight	C48	A81Higher
Holdings10% weight	A86Higher	C50
Durability5% weight	C49	A84Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC 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 ›

HBDC ranks 2nd and QAI 2nd 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

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

QAIANYLI Hedge Multi-Strategy Tracker ETF

In short

HBDC Private credit's lenders have to borrow too. HBDC owns the senior unsecured bonds that business development companies issue, a first-mover take on BDC debt instead of BDC stock, wrapped in a rules-based index.

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

HBDC The Fund seeks to track, before fees and expenses, the Solactive Hilton Capital BDC Corporate Bond TR Index.

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

HBDC At 0.39% it undercuts the typical alternatives fund (cohort median near 1.01%) and peers like QAI at 0.75% and FTLS at 0.95%.
First fund built only around BDC bonds, and it sits above the equity: senior unsecured debt from issuers required by law to keep 150% asset coverage.hiltoncapitalmanagement.com hiltonetfs.com
Plumbing is plain: a Solactive index rebalanced quarterly with credit and liquidity screens, and the fund seeks to pay monthly.hiltonetfs.com

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

HBDC Non-diversified by design. The BDC bond universe is small, so one issuer's credit trouble carries more weight here than in a broad corporate bond fund.hiltonetfs.com
Thinly traded, so spreads can run wider than in mainstream bond ETFs.
Launched in 2025, meaning the record is short and has not yet spanned a full credit cycle.

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 HBDC profile⁠

Full QAI profile⁠

HBDC vs QAI Holdings

How HBDC and QAI differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile74.2%

Sector

No Sector split for HBDC.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and QAI, widest gap first
Country	More in HBDCMore in QAI	HBDC	QAI
United States	HBDC +25.8 points	100.0%	74.2%
Japan	QAI +2.6 points	0.0%	2.6%
India	QAI +2.5 points	0.0%	2.5%
South Korea	QAI +2.4 points	0.0%	2.4%
United Kingdom	QAI +2.3 points	0.0%	2.3%
Canada	QAI +2.2 points	0.0%	2.2%
Australia	QAI +1.7 points	0.0%	1.7%
Taiwan	QAI +1.7 points	0.0%	1.7%
Other countries (33)	QAI +10.2 points	0.0%	10.2%

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

Concentration

Weight in the 10 largest Holdings

HBDC12.1%
QAI69.1%

Securities held

HBDC155
QAI43

Asset class

HBDC: Fixed Income
QAI: Alternatives

Holdings

Only in HBDC155
In both0
Only in QAI43

Only in HBDC

155 securities, 99.3% of HBDC by weight

Ares Capital Corp 2.875% 06/15/20281.35%
Blue Owl Capital Corp 5.95% 03/15/20291.28%
Apollo Debt Solutions BDC 6.9% 04/13/20291.26%
Ares Strategic Income Fund 5.7% 03/15/20281.24%
Apollo Debt Solutions BDC 6.7% 07/29/20311.23%
Blue Owl Credit Income Corp 5.8% 03/15/20301.20%
Blackstone Private Credit Fund 2.625% 12/15/20261.17%
Blue Owl Technology Finance Corp 6.5% 10/15/20291.13%
Ares Capital Corp 5.875% 03/01/20291.11%
Blue Owl Credit Income Corp 6.6% 09/15/20291.10%
Goldman Sachs Private Credit Corp 5.875% 01/31/20311.09%
Ares Capital Corp 5.8% 03/08/20321.07%
Blue Owl Capital Corp 2.875% 06/11/20281.04%
Ares Capital Corp 7% 01/15/20271.01%
FS KKR Capital Corp 7.5% 08/01/20310.98%
Apollo Debt Solutions BDC 6.55% 03/15/20320.97%
Sixth Street Lending Partners 6.5% 03/11/20290.97%
Golub Capital BDC Inc 6% 07/15/20290.96%
Sixth Street Lending Partners 6.125% 07/15/20300.95%
Ares Capital Corp 5.95% 07/15/20290.94%
Blackstone Private Credit Fund 3.25% 03/15/20270.93%
HPS Corporate Lending Fund 5.45% 01/14/20280.93%
Blue Owl Credit Income Corp 6.65% 03/15/20310.92%
Blackstone Private Credit Fund 6% 01/29/20320.91%
Goldman Sachs Private Credit Corp 6.15% 06/16/20310.91%
Ares Strategic Income Fund 6.2% 03/21/20320.91%
Ares Strategic Income Fund 5.6% 02/15/20300.90%
Golub Capital BDC Inc 7.05% 12/05/20280.90%
Apollo Debt Solutions BDC 5.7% 01/23/20310.90%
Blue Owl Technology Finance Corp 6.75% 04/04/20290.89%
Apollo Debt Solutions BDC 6.35% 06/30/20330.88%
Ares Capital Corp 5.55% 01/15/20300.87%
Ares Strategic Income Fund 6.35% 08/15/20290.86%
Goldman Sachs Private Credit Corp 5.05% 02/23/20280.86%
Blackstone Private Credit Fund 5.95% 07/16/20290.85%
Ares Strategic Income Fund 5.55% 04/15/20310.83%
Blue Owl Technology Finance Corp 6.1% 03/15/20280.82%
Blue Owl Credit Income Corp 7.95% 06/13/20280.82%
Ares Capital Corp 5.5% 09/01/20300.82%
Ares Capital Corp 5.25% 04/12/20310.81%
Goldman Sachs Private Credit Corp 5.375% 01/31/20290.79%
FS KKR Capital Corp 3.125% 10/12/20280.76%
Blackstone Private Credit Fund 5.95% 05/15/20310.76%
Blue Owl Credit Income Corp 7.75% 09/16/20270.74%
Sixth Street Lending Partners 5.75% 01/15/20300.74%
FS KKR Capital Corp 6.125% 01/15/20300.74%
HPS Corporate Lending Fund 4.9% 09/11/20280.73%
Goldman Sachs Private Credit Corp 6.25% 05/06/20300.73%
Blackstone Secured Lending Fund 5.35% 04/13/20280.73%
Ares Strategic Income Fund 5.45% 09/09/20280.72%

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

HBDC and QAI share no securities.

All HBDC 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.

HBDC vs QAI Cost

Overpaying QAI vs HBDC

$7,620

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

HBDC 0.39%
$7,898
QAI 0.81%
$15,518

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
QAI 0.81%
Overpaying

Year by year

Year	HBDC	QAI	Overpaying
10	$705	$1,439	$734
20	$2,725	$5,456	$2,731
30	$7,898	$15,518	$7,620

Expense ratio

0.39%HBDC, cheaper
0.81%QAI

HBDC0.39%QAI0.81%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

QAI 5th cheapest of 29 funds

HBDC vs QAI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBDC 5.15%, better; QAI 1.42%
Payout (12M): HBDC $1.25; QAI $0.50
Last payment: HBDC $0.11; QAI $0.50
Ex-dividend: HBDC Oct 29, 2026; QAI Dec 30, 2025
Paid on: HBDC Oct 30, 2026; QAI Jan 5, 2026
Frequency: HBDC Monthly; QAI Annual

Distribution history

Per share, 2023 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

QAIAnnual · 3 paymentsAll QAI payments⁠

HBDC vs QAI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HBDC 2.5%since Jul 2025QAI 5.2%
Return per unit of riskSharpe ratio, 3 years: HBDC −0.28since Jul 2025QAI 0.81
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025QAI −14.1%
Market sensitivityBeta, 5 years: HBDC 0.13QAI 0.35; Market = 1

HBDC and QAI in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC
Category Review
The largest alternatives fund has no one-year record
Updated Sep 28, 2026QAI

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HBDC vs QAI

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in QAI

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Sound would hand two small income ETFs to Hilton Capital Management

The largest alternatives fund has no one-year record

How HBDC and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in QAI

Weight gaps