HYIN vs QAI: Grades, Fees and Holdings Compared

WisdomTree Private Credit & Alternative Income Fund

HYIN—Cboe

NYLI Hedge Multi-Strategy Tracker ETF

QAIANYSE Arca

Overlap

0.0%by weight

Expense ratio

QAI −3.53pt a year

HYIN4.34%QAI0.81%

Avg volume · 30D

QAI 3.1×the volume

HYIN18.1KQAI56.1K

5Y return · a year

QAI +7.3pt

HYIN−3.2%QAI+4.1%

HYIN vs QAI Performance

Oct 29, 2021 – Oct 30, 2026

−15.1%HYIN+22.1%QAI

Expense ratio: HYIN 4.34%; QAI 0.81%, better
Fund size: HYIN $45M; QAI $999M
1Y total return: HYIN −14.3%; QAI +6.4%, better
Yield (12M): HYIN 15.04%, better; QAI 1.42%
Holdings: HYIN 32; QAI 55
Avg volume (30D): HYIN 18.1K sh; QAI 56.1K sh, better
NAV per share: HYIN $12.14; QAI $35.49
52W range

ETF.net Grade

—HYINUnder classification review

Pillar letters and Scores for HYIN, QAI, with each pillar’s weight
Pillar	HYIN	QAI
Cost30% weight	Not scored	A86
Mission25% weight	Not scored	Not scored
Risk15% weight	Not scored	B68
Tradability15% weight	Not scored	A81
Holdings10% weight	Not scored	C50
Durability5% weight	Not scored	A84

Rank among Alternative Strategies funds

How we build Categories ›

Alternative Strategies⁠

Category · 29 funds

See all 29 ›

QAI ranks 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
HYINNot yet graded

Our read on each fund

ETF.net Research

HYIN—WisdomTree Private Credit & Alternative Income Fund

QAIANYLI Hedge Multi-Strategy Tracker ETF

In short

HYIN 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

HYIN 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

HYIN 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

HYIN 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 HYIN profile⁠

Full QAI profile⁠

HYIN vs QAI Holdings

How HYIN and QAI differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Sector11 Sectors20.2%
Countryby domicile74.2%
Asset classAlternatives100%

Sector

Sector weights in HYIN and QAI, widest gap first
Sector	More in HYINMore in QAI	HYIN	QAI
Real Estate	HYIN +49.7 points	52.3%	2.5%
Financials	HYIN +30.0 points	47.6%	17.6%
Technology	QAI +19.4 points	0.0%	19.4%
Industrials	QAI +13.8 points	0.0%	13.8%
Communication	QAI +11.6 points	0.0%	11.6%
Energy	QAI +9.5 points	0.0%	9.4%
Health Care	QAI +7.2 points	0.0%	7.2%
Consumer Discretionary	QAI +7.1 points	0.0%	7.1%
Materials	QAI +4.4 points	0.0%	4.4%
Consumer Staples	QAI +3.8 points	0.0%	3.8%
Utilities	QAI +3.1 points	0.0%	3.1%

Country, concentration and asset class

Country by domicile

Country weights in HYIN and QAI, widest gap first
Country	More in HYINMore in QAI	HYIN	QAI
United States	HYIN +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

HYIN36.8%
QAI69.1%

Securities held

HYIN31
QAI43

Asset class

HYIN: Alternatives
QAI: Alternatives

Holdings

Only in HYIN31
In both0
Only in QAI43

Only in HYIN

31 securities, 99.8% of HYIN by weight

Guggenheim Strategic Opp Fd3.79%
Golub Capital BDC Inc3.77%
Pimco Dynamic Income Fund3.74%
Eaton Vance Ltd Duration Fnd3.68%
Blackrock Corp Hi Yld Fund3.67%
Ares Capital Corp3.65%
Main Street Capital Corp3.65%
Sixth Street Specialty Lendi3.63%
Rithm Capital Corp3.62%
Ladder Capital Corp - Cl A3.60%
Nuveen Float Rate Inc Fd3.59%
FS KKR Capital Corp3.59%
Hercules Technology Growth Cap3.55%
Pimco Corporate & Income Opp Fd3.54%
Blackstone Secured Lending Fd3.47%
Blue Owl Capital Corp3.45%
Ellington Financial Inc3.36%
Blue Owl Technology Finance3.32%
Dynex Capital Inc3.28%
AGNC Investment Corp3.22%
Annaly Capital Management In3.18%
Armour Residential Reit Inc3.13%
Blackstone Mortgage Tru-Cl A3.08%
Brightspire Capital Inc3.04%
Starwood Property Trust Inc3.02%
MFA Financial Inc2.93%
Franklin Bsp Realty Trust In2.90%
Chimera Investment Corp2.80%
Oxford Lane Capital Corp2.64%
Arbor Realty Trust Inc1.83%
Apollo Commercial Real Estate<0.01%

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

HYIN and QAI share no securities.

All 36 HYIN 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.

HYIN vs QAI Cost

Overpaying HYIN vs QAI

$38,624

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

HYIN 4.34%
$54,142
QAI 0.81%
$15,518

Amount$10,000

Years30 years

Cost over time

HYIN 4.34%
QAI 0.81%
Overpaying

Year by year

Year	HYIN	QAI	Overpaying
10	$6,669	$1,439	$5,230
20	$21,791	$5,456	$16,335
30	$54,142	$15,518	$38,624

Expense ratio

4.34%HYIN
0.81%QAI, cheaper

QAI0.81%HYIN4.34%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

QAI 5th cheapest of 29 funds

HYIN 28th cheapest of 29 funds

HYIN vs QAI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HYIN 15.04%, better; QAI 1.42%
Payout (12M): HYIN $1.83; QAI $0.50
Last payment: HYIN $0.14; QAI $0.50
Ex-dividend: HYIN Oct 27, 2026; QAI Dec 30, 2025
Paid on: HYIN Oct 29, 2026; QAI Jan 5, 2026
Frequency: HYIN Monthly; QAI Annual

Distribution history

Per share, 2023 to 2026, same scale for both

HYINMonthly · 46 paymentsAll HYIN payments⁠

QAIAnnual · 3 paymentsAll QAI payments⁠

HYIN vs QAI Risk

Fall from peak · 5 years

HYIN
QAI

Risk facts

VolatilityStd dev, 3 years: HYIN 12.6%QAI 5.2%, better
Return per unit of riskSharpe ratio, 3 years: HYIN −0.20QAI 0.81, better
Worst fallMax drawdown, 5 years: HYIN −31.1%QAI −14.1%, better
Market sensitivityBeta, 5 years: HYIN 1.31QAI 0.35; Market = 1

HYIN and QAI in the news

All news⁠

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

Popular comparisons

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Expense ratio
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HYIN—vsHBDCA
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HYIN—vsQALTA
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0.81% · 0.80%
Category

HYIN vs QAI

In short

Stated mandate

Why people hold it

Worth knowing

How HYIN and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYIN

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 HYIN and QAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYIN

Only in QAI

Weight gaps