Finalternatives.com published an interview with Adam Patti, CEO of IndexIQ. His firm runs mutual funds, such as the five star IQ Alpha Hedge Strategy, that replicates hedge funds. He says that most funds' returns are composed of multi-asset beta (the market return across different asset classes).
Index IQ runs six indices that replicate hedge fund strategies such as global macro, equity market neutral and long/short. The indices are composed of ETFs that represent the asset classes in each strategy. The goal here is to add value for the investor, improve transparency and liquidity, reduce fees and be tax efficient.
The interview may be accessed here.
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