Exchange-Traded Products Representing Hedge Strategies (February 2013)

Hedge fund benchmarks are substrategies of the Dow Jones Credit Suisse Hedge Fund Index, except gold. Portfolio statistics reflect 20-year history.

Representative ETPs include:
QAI - IQ Hedge Multi-Strategy Tracker ETF  
CWB - SPDR Barclays Capital Convertible Securities ETF
VWO - Vanguard FTSE Emerging Markets ETF
MNA - IQ Merger Arbitrage ETF
FLAT - iPath US Treasury Flattener ETN
MCRO - IQ Hedge Macro Tracker ETF
CSLS - Credit Suisse Long Short Liquid Index ETN
BTAL - QuantShares US Market Neutral Anti-Beta Fund
HDGE - AdvisorShares Ranger Equity Bear ETF
GLD - SPDR Gold Shares ETF

ETP TickerMarket Cap ($mm)Ann Expense (%)12-Month Return (%)r-Squared (r2) vs Hedge Fund BenchmarkBeta (?) vs Hedge Fund BenchmarkAlpha (?) vs Hedge Fund Benchmarkr-Squared (r2) vs S&P 500Beta (?) vs S&P 500Alpha (?) vs S&P 500Sharpe Ratio
Equity Market NeutralBTAL14.40.811.060.64-2.82-0.030.71-1.100.15-0.58
Equity Long/ShortCSLS19.70.45-4.260.760.80-0.010.790.46-0.030.35
Convertible ArbitrageCWB1,077.30.408.790.692.11-0.060.850.670.000.75
Fixed Income ArbitrageFLAT8.30.756.150.14-
Short BiasHDGE229.91.85-14.570.801.22-0.010.73-1.34-0.03-0.62
Managed FuturesLSC5.10.75-15.280.320.76-
Global MacroMCRO62.70.75-1.610.180.79-0.050.440.31-0.020.28
Risk ArbitrageMNA14.10.75-0.860.411.05-0.020.400.24-0.03-0.07
Emerging MarketVWO57,645.50.20-0.280.822.32-0.090.701.25-0.090.27

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