BSV - Get Report) at 26%; iShares Barclays 1-3 Year Treasury Bond ( SHY - Get Report), 25.1%; Research In Motion ( RIMM) (EFA) 8.2%, Vanguard Total Bond Market ETF ( BND - Get Report), 8.2%; iShares Barclays Short Term Treasury ( SHV - Get Report), 7.8%; SPDR Barclays Convertible Securities ETF ( CWB - Get Report), 7.5%; and iShares Barclays Aggregate Bond ( AGG - Get Report), 7.4%. The net expense ratio will vary over time based on the fees of the ETFs in QMN's portfolio. The current expense ratio of 0.99% has 0.24% designated as acquired fund expenses. Additional information can be found on the
overview page and in the prospectus (pdf). SPY - Get Report) returns for the same periods were 30.1% and 13.1%. Rather than taking a long/short approach to market neutrality, the underlying index attempts to mimic market neutral characteristics by investing primarily in bond ETFs at this time. The only inverse equity exposure for the index consists of a 1.0% allocation to ProShares UltraShort Russell 2000 ( TWM - Get Report). Far from being market neutral, the current asset class exposures are bonds, 77.0% (84.2% if convertibles are included); equities, 11%; hybrids, 7.2%; and currencies 3.0%. There are about 35 products listed in the Alternative Strategy section of the ETF Field Guide. For the most part, their performance has been underwhelming.However, a full market cycle is necessary for a more objective analysis. At the time of publication the author had no position in any of the stocks mentioned. This article was written by an independent contributor, separate from TheStreet's regular news coverage.