NYLI Hedge Multi-Strategy Tracker ETF (QAI) aims to replicate hedge fund performance but falls short in both construction and returns. QAI's top holdings are heavily weighted toward floating-rate bonds and European equities, diverging from typical hedge fund strategy allocations. QAI's 5-year CAGR of 2.5% and Sharpe ratio of 0.40 underperform both the equal-weight S&P 500 and peer multi-strategy ETFs.