Index IQ has launched the IQ Hedge Multi-Strategy Tracker ETF (QAI) which uses a multi-strategy approach to invest in ETFs.

The fund tracks an index that is designed to capture risk-adjusted return characteristics of the collective hedge fund universe.

Investment styles include long/short equity global macro, market neutral, event-driven, fixed income arbitrage and emerging markets.

The ETF offers better liquidity and transparency and lower fees than the typical hedge fund.

The fund’s expense ratio will be 0.75%.