QAI is a fund-of-funds that uses a mash-up of hedge fund replication sub-indexes to emulate the returns of a multi-strategy fund-of-funds. Each sub-index: global macro, long short, and fixed-income arbitrage, market neutral, event-driven, and emerging markets contains liquid securities (mostly ETFs) selected and weighted using regression and other quant techniques to approximate the returns of a particular hedge fund strategy. The resulting basket is typically dominated by long fixed-income positions, and long equity positions. As a result, QAI's performance often shows correlation with its major asset classes, and low variability of returns. Prior to Aug. 28, 2024, the fund name was branded under IndexIQ.