IndexIQ today launched the first U.S. listed hedge fund replication exchange-traded fund, according to a news release.
The IQ Hedge Multi-Strategy Tracker ETF seeks to replicate gross returns of a broad hedge fund index, including exposure to long/short equity, global macro, market neutral, event-driven, fixed-income arbitrage and emerging markets strategies using existing liquid ETF funds.
The IQ Hedge Multi-Strategy Tracker ETF brings together two of the most significant developments in the investment business over the last several years the growing importance of alternative investments and the convenience, low cost, liquidity and transparency of ETFs, Adam Patti, IndexIQs CEO, said in the news release.
The new fund is the first in series of alternative investment ETFs that IndexIQ is developing, the news release said. The timing of the launch for the remaining funds was not disclosed.