QAI vs RNMN: Grades, Fees and Holdings Compared

NYLI Hedge Multi-Strategy Tracker ETF

QAIANYSE Arca

RiverNorth Market Neutral ETF

RNMNBCboe

Overlap

0.0%by weight

Expense ratio

RNMN −0.22pt a year

QAI0.81%RNMN0.59%

Avg volume · 30D

QAI 54.6×the volume

QAI56.1KRNMN1.03K

3Y return · a year

QAI +3.1pt

QAI+8.9%RNMN+5.8%

QAI vs RNMN Performance

Oct 31, 2025 – Oct 30, 2026

+6.4%QAI+1.1%RNMN

Expense ratio: QAI 0.81%; RNMN 0.59%, better
Fund size: QAI $999M; RNMN $7M
1Y total return: QAI +6.4%, better; RNMN +1.1%
Yield (12M): QAI 1.42%; RNMN 11.84%, better
Holdings: QAI 55; RNMN 219
Avg volume (30D): QAI 56.1K sh, better; RNMN 1.03K sh
NAV per share: QAI $35.49; RNMN $25.94
52W range

ETF.net Grade

Pillar letters and Scores for QAI, RNMN, with each pillar’s weight
Pillar	QAI	RNMN
Cost30% weight	A86	A97Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	B65
Tradability15% weight	A81Higher	F10
Holdings10% weight	C50	A90Higher
Durability5% weight	A84Higher	C43

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. QAI and RNMN 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 RNMN 6th 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 5BIALTiShares Systematic Alternatives Active ETFScore 69
Rank 6BRNMNRiverNorth Market Neutral ETFScore 68
Rank 7BFARXFrontier Asset Absolute Return ETFScore 64

Our read on each fund

ETF.net Research

QAIANYLI Hedge Multi-Strategy Tracker ETF

RNMNBRiverNorth Market Neutral ETF

In short

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).

RNMN A 2022 pre-merger SPAC arbitrage fund that grew up: RiverNorth widened it in 2026 into a full market-neutral book of arbitrage and relative-value trades, aiming at returns untethered from stocks and bonds.

Stated mandate

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.

RNMN The Fund seeks consistent total return with limited correlation to equity markets. It uses a market-neutral strategy intended to generate returns in both rising and falling markets through investment characteristics and relative pricing differences.

Why people hold it

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.

RNMN At 0.59% it undercuts the other top-rated funds in its alternatives cohort (QALT at 0.80%, CCEF at 0.74%, HDG at 0.95%) and lands far below the group's median fee.
Wide toolkit by design: pre-merger SPAC arbitrage, relative value, basis trades and corporate bond arbitrage, run to seek returns independent of market direction.rivernorth.com true-shares.com
Hedge-fund-style trades in a plain 1940 Act ETF wrapper: a few hundred positions, no lockup, no accreditation gate.
RiverNorth has run the strategy since the 2022 launch, and the fund stands among the stronger implementations in its alternatives peer group.true-shares.com

Worth knowing

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.

RNMN Small fund, thinly traded. Spreads can run wider than mainstream ETFs, and order size matters more than usual here.
The market-neutral mandate dates only to the July 2026 rename from the narrower pre-merger SPAC fund, so the live record under the wider remit is short.true-shares.com yahoo.com
Payouts land once or twice a year, and market neutral means limited correlation, not low risk: arbitrage spreads can move against the book.

Full QAI profile⁠

Full RNMN profile⁠

QAI vs RNMN Holdings

How QAI and RNMN differ

Overlap by weight

0.0%

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

Level by level

Asset classAlternatives, Equity0.0%
Holdings0 in both0.0%
Sector11 Sectors17.9%
Countryby domicile79.3%

Sector

Sector weights in QAI and RNMN, widest gap first
Sector	More in QAIMore in RNMN	QAI	RNMN
Financials	RNMN +82.1 points	17.6%	99.7%
Technology	QAI +19.4 points	19.4%	0.0%
Industrials	QAI +13.8 points	13.8%	0.0%
Communication	QAI +11.6 points	11.6%	0.0%
Energy	QAI +9.5 points	9.4%	0.0%
Health Care	QAI +7.2 points	7.2%	0.0%
Consumer Discretionary	QAI +7.1 points	7.1%	0.0%
Materials	QAI +4.4 points	4.4%	0.0%
Consumer Staples	QAI +3.6 points	3.8%	0.2%
Utilities	QAI +3.1 points	3.1%	0.0%
Real Estate	QAI +2.6 points	2.5%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in QAI and RNMN, widest gap first
Country	More in QAIMore in RNMN	QAI	RNMN
United States	RNMN +15.2 points	74.2%	89.4%
Singapore	RNMN +3.0 points	0.4%	3.4%
Japan	QAI +2.6 points	2.6%	0.0%
India	QAI +2.5 points	2.5%	0.0%
South Korea	QAI +2.4 points	2.4%	0.0%
Mexico	RNMN +1.9 points	0.1%	2.0%
Australia	QAI +1.7 points	1.7%	0.0%
Taiwan	QAI +1.7 points	1.7%	0.0%
Other countries (33)	QAI +9.1 points	14.2%	5.1%

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

Concentration

Weight in the 10 largest Holdings

QAI69.1%
RNMN21.5%

Securities held

QAI43
RNMN219

Asset class

QAI: Alternatives
RNMN: Equity

Holdings

Only in QAI43
In both0
Only in RNMN219

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%

Only in RNMN

219 securities, 100% of RNMN by weight

State Street Inst U.s. Government Mmkt Admn Class3.21%
Solarius Capital Acquisition Corp2.12%
Bitcoin Infrastructure Acquisition2.04%
Activate Energy Acquisition Corp2.04%
Lafayette Digital Acquisition2.02%
SC II Acquisition Corp2.02%
SUMA Acquisition Corp2.02%
United Acquisition Corp2.02%
Legato Merger Corp IV2.01%
EQV Ventures Acquisition Corp2.01%
Hall Chadwick Acquisition Corp1.94%
Invest Green Acquisition Corp1.94%
Futurewave Acquisition Corp1.81%
Mountain Lake Acquisition Corp1.55%
GigCapital9 Corp1.55%
Colombier Acquisition Corp III1.47%
Pine Tree Acquisition Corp1.46%
Infinite Eagle Acquisition Corp1.46%
Bluerock Acquisition Corp II1.45%
Southport Acquisition Corp II1.45%
Aperture AC1.42%
West Enclave Merger Corp1.40%
Live Oak Acquisition Corp VI1.40%
Maywood Acquisition Corp 21.40%
Vernal Capital Acquisition Corp1.40%
Haymaker Acquisition Corp V1.40%
Blue Water Acquisition Corp IV1.40%
Texas Ventures Acquisition IV1.39%
Oceanlight Acquisition Corp1.39%
Yorkville International Capital1.38%
Mercator Acquisition Corp1.38%
Market Technology Acquisition1.38%
Columbus Circle Capital Corp I1.38%
Osprey Acquisition Corp III1.38%
Wilco 63 Corp1.37%
AMR Resources Acquisition Corp1.37%
Meridian3 Industrials Acquisition1.37%
Karman Line Acquisition Corp1.37%
FortuneX Acquisition Corp1.36%
BHAV Acquisition Corp1.36%
Mountain Crest Acquisition 6 Corp1.35%
Quantum Leap Acquisition Corp1.35%
X3 Acquisition Corp Ltd1.35%
Burtech Acquisition Corp II1.35%
Silver Pegasus Acquisition Corp1.34%
Quantumsphere Acquisition Corp1.33%
CSLM Digital Asset Acquisition1.31%
M3-Brigade Acquisition VI Corp1.31%
Range Capital Acquisition Corp1.31%
StoneBridge Acquisition II Corp1.30%

Weight gaps

QAI and RNMN share no securities.

All 48 QAI holdings⁠All 220 RNMN 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.

QAI vs RNMN Cost

Overpaying QAI vs RNMN

$3,883

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

QAI 0.81%
$15,518
RNMN 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

QAI 0.81%
RNMN 0.59%
Overpaying

Year by year

Year	QAI	RNMN	Overpaying
10	$1,439	$1,058	$381
20	$5,456	$4,051	$1,405
30	$15,518	$11,635	$3,883

Expense ratio

0.81%QAI
0.59%RNMN, cheaper

RNMN0.59%QAI0.81%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

RNMN 2nd cheapest of 29 funds

QAI 5th cheapest of 29 funds

QAI vs RNMN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QAI 1.42%; RNMN 11.84%, better
Payout (12M): QAI $0.50; RNMN $3.08
Last payment: QAI $0.50; RNMN $3.08
Ex-dividend: QAI Dec 30, 2025; RNMN Dec 24, 2025
Paid on: QAI Jan 5, 2026; RNMN Dec 26, 2025
Frequency: QAI Annual; RNMN Annual

Distribution history

Per share, 2017 to 2026, same scale for both

QAIAnnual · 8 paymentsAll QAI payments⁠

RNMNAnnual · 4 paymentsAll RNMN payments⁠

QAI vs RNMN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: QAI 5.2%RNMN 3.7%, better
Return per unit of riskSharpe ratio, 3 years: QAI 0.81, betterRNMN 0.34
Worst fallMax drawdown, 5 years: QAI −14.1%RNMN −4.4%since Jul 2022
Market sensitivityBeta, 5 years: QAI 0.35RNMN 0.02; Market = 1

QAI and RNMN in the news

All news⁠

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

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QAI vs RNMN

In short

Stated mandate

Why people hold it

Worth knowing

How QAI and RNMN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QAI

Only in RNMN

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 QAI and RNMN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QAI

Only in RNMN

Weight gaps