# QAI (NYLIM Hedge Multi-Strategy Tracker ETF)

New York Life Investments · Alternatives ETFs · data as of Sep 18, 2026

In the S&P 500’s down weeks over the year to Sep 18, 2026, QAI fell 34% as much as the index.

## Key facts

- QAI, correlation with the S&P 500: +0.85, as of Sep 18, 2026.
- QAI, beta to the S&P 500: +0.42, as of Sep 18, 2026.
- QAI, down-week capture: 34.0%, as of Sep 18, 2026.
- QAI, against T-bills, 52 weeks: +5.4 pts, as of Sep 18, 2026.
- QAI, net assets: $968m (SEC N-PORT, whole fund, as filed for Apr 30, 2026).
- QAI, expense ratio: 0.81% (485BPOS XBRL, Aug 26, 2026).

## QAI over each window to Sep 18, 2026

| Window | The fund | S&P 500 | Difference, percentage points |
| --- | --- | --- | --- |
| 3 months | −1.6% | +2.3% | −3.8 pts |
| 6 months | +6.8% | +18.0% | −11.2 pts |
| 1 year | +9.1% | +16.6% | −7.5 pts |
| 3 years | +28.8% | +78.4% | −49.6 pts |
| Since it listed | +65.4% | +803.5% | −738.1 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Issuer | New York Life Investments | ETFIQ |
| Strategy | Multi-strategy | ETFIQ, from its prospectus |
| Expense ratio | 0.81% | 485BPOS XBRL, Aug 26, 2026 |
| Net assets | $968m | SEC N-PORT, whole fund, as filed for Apr 30, 2026 |
| Weeks measured | 52, from Sep 19, 2025 to Sep 18, 2026 | ETFIQ |
| Weeks the S&P 500 fell | 22 | ETFIQ |
| The S&P 500 in those weeks, on average | −1.24% | ETFIQ |
| QAI in those weeks, on average | −0.42% | ETFIQ |
| QAI total return over those weeks | +9.0% | ETFIQ |
| T-bills | +3.6% | ETFIQ |
| Listed since | Jan 4, 2010 | ETFIQ |
| Days traded | 90 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |

## Questions

### Does QAI move with the S&P 500?

Over the year to Sep 18, 2026, QAI’s weekly returns had a correlation of +0.85 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.42, so for each 1% the index moved it moved about 0.42% the same way.

### What did QAI do when stocks fell?

The S&P 500 fell in 22 of the 52 weeks to Sep 18, 2026, by 1.24% on average. In those weeks QAI fell 0.42% on average, a down-week capture of 34.0%.

### Did QAI earn more than cash?

Over the same 52 weeks QAI returned +9.0% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.6%. QAI finished 5.4 percentage points ahead of it.

### What does QAI cost?

The prospectus expense ratio is 0.81% a year.

### Why is QAI listed as multi-strategy?

ETFIQ files each fund by what its own prospectus says it does, and QAI’s, filed Aug 26, 2026, describes a multi-strategy fund.


## Cite this page

ETFIQ, QAI, data as of Sep 18, 2026. https://etfiq.com/funds/qai
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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