QAI Fees and Costs — NYLI Hedge Multi-Strategy Tracker ETF
Data updated: 2026-09-25
The net expense ratio is 0.81% (1.03% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $369K in broker commissions, 0.0263% of average net assets, and portfolio turnover was 55%.
QAI Fees and Expenses
Annual operating expenses and sales charges of QAI. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.22% |
| Net expense ratio | 0.81% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
QAI Costs Over Time
On $10,000 invested in QAI, assuming 5% a year before costs, total costs come to $525 over 5 years, cutting the return by 0.88% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.81%) | $85 | $266 | $462 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $88 | $288 | $525 |
| Value after costs | $10,412 | $11,288 | $12,238 |
| Impact on return, per year | 0.88% | 0.88% | 0.88% |
QAI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0263%
- Total broker commissions: $369K
- Bought from dealers (principal trades, not a cost): $1.0B
- Portfolio turnover (prospectus): 55%
- Securities on loan, average value: $157.9M
- Net income from securities lending: $1.2M (0.082% of average net assets)
QAI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $170K | 46.12% |
| CITADEL SECURITIES LLC | $53K | 14.33% |
| OLD MISSION MARKETS LLC | $46K | 12.49% |
| WALLACHBETH CAPITAL, LLC | $37K | 10.03% |
| MISCHLER FINANCIAL GROUP, INC. | $25K | 6.78% |
| STIFEL FINANCIAL CORP. | $19K | 5.27% |
| CitiGroup Global Markets Inc. | $11K | 2.96% |
| JANE STREET EXECUTION SERVICES, LLC | $7K | 2.02% |
QAI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $426.5M | 42.48% |
| JANE STREET EXECUTION SERVICES, LLC | $231.2M | 23.02% |
| GOLDMAN SACHS & CO. LLC | $225.6M | 22.47% |
| BOFA SECURITIES, INC. | $90.1M | 8.97% |
| CITADEL SECURITIES LLC | $17.0M | 1.69% |
| J.P. Morgan Securities LLC | $13.6M | 1.35% |
| MORGAN STANLEY & CO. LLC | $92K | 0.01% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.