Happy belated birthday to IndexIQ's [profile] IQ Alpha Hedge Strategy Fund!

The no-load, open-end mutual fund product celebrated its five-year anniversary on June 30.

The fund, which made history as the first open-end hedge fund ever offered in the mutual fund category was designed as a core holding for investors, providing broad market exposure and also acting as a replacement for pricier, traditional hedge funds.

Since the fund's inception, liquid alternatives have become all the rage. Total assets in the U.S. alternative mutual funds an ETFs are now roughly $550 billion.

See the full press release, which includes charts and graphs, here.  

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