IQ Hedge Multi-Strategy Index

The IQ Hedge Multi-Strategy Index seeks to replicate the risk-adjusted return characteristics of the collective hedge funds using various hedge fund investment styles, including long/short equity, global macro, market neutral, event-driven, fixed income arbitrage and emerging markets.

IQ HEDGE MULTI-STRATEGY INDEX

The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Performance may be lower or higher than performance data quoted. Index performance is for illustrative purposes only and does not represent actual Fund performance. One cannot invest directly in an index. Performance data for the Index assumes reinvestment of dividends and is net of the management fees for the Index's components, as applicable, but it does not reflect management fees, transaction costs or other expenses that you would pay if you invested in the Fund directly. Results prior to an Index component's existence as an ETF are based on its underlying index, which do not reflect underlying management fees.

The IQ Hedge Multi-Strategy Index is the exclusive property of IndexIQ which has contracted with Standard & Poor's ("S&P") to maintain and calculate the Index. S&P shall have no liability for any errors or omissions in calculating the Index.

Top Holdings(as of 02/03/2012)

Name	Weight
ISHARES IBOXX INV GR CORP BD	25.91 %
SPDR BARCLAYS CAPITAL CONVERTIBLE SECURITIES ETF	9.96 %
VANGUARD TOTAL BOND MARKET ETF	7.84 %
ISHARES BARCLAYS AGGREGATE BOND FUND	7.75 %
POWERSHARES DB G10 CURR HARV	7.29 %

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