The NYLI Hedge Multi-Strategy Tracker ETF (QAI) aims to mirror the price movements and income generated by the NYLI Hedge Multi-Strategy Index, prior to accounting for fees and expenses. This benchmark index is designed to emulate the typical risk and return profiles commonly found in hedge funds. However, it's important to note that the ETF itself does not hold direct investments in hedge funds, and its underlying index also excludes hedge fund components. As a result, this investment vehicle is not appropriate for all investors.