One of IndexIQ's [see profile] offerings is now old enough to be used by more institutional investors. Today the Rye Brook, New York-based mutual fund firm revealed that its IQ Alpha Hedge Strategy Fund marked its three-year anniversary on June 30 and that Morningstar has given the fund a four-star rating.

Having a three-year track record is often a requirement for funds to even be considered by many institutional investors, including many 401(k) plans.

IndexIQ claims that the fund was the very "first no-load, open-end mutual fund designed to replicate broad-based hedge fund performance characteristics." 

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