New york-based asset manager IndexIQ has changed the expense ratios on ten of its ETFs, lowering the fees charged on four of its funds but surprisingly nudging up the costs of six ETFs.

IndexIQ has lowered the fees charged on four of its ETFs and increased the fees on six of its ETFs.

The fee increases include the firm’s $1 billion IQ Hedge Multi-Strategy Tracker ETF (QAI), which sees its total expense ratio increase two basis points from 0.96% to 0.98%. The fund tracks an in-house index which attempts to replicate the risk-adjusted return characteristics of hedge funds using various hedge fund investment styles, including long/short equity, global macro, market neutral, event-driven, fixed income arbitrage and emerging markets.

Those funds which had their costs lowered saw a reduction in expense ratio ranging from one to nine basis points. These funds have assets ranging between $5 million and $190m.

The fee reductions are outlined below:

IQ Enhanced Core Bond US ETF (AGGE), from 0.34% to 0.32%.
IQ Hedge Macro Tracker ETF (MCRO), from 1.02% to 1.00%.
IQ Hedge Long/Short Tracker ETF (QLS), from 1.09% to 1.00%.
IQ Global Resources ETF (GRES), from 0.78% to 0.77%.

The range of fee increases was slightly wider, between one and thirteen basis points.

The fee increases are outlined below:

IQ Hedge Multi-Strategy Tracker ETF (QAI), from 0.96% to 0.98%.
IQ Enhanced Core Plus Bond US ETF (AGGP), from 0.35% to 0.39%.
IQ Real Return ETF (CPI), from 0.62% to 0.66%.
IQ Leaders GTAA Tracker ETF (QGTA), from 0.55% to 0.68%
IQ Hedge Market Neutral Tracker ETF (QMN), from 0.94% to 0.95%
IQ Global Oil Small Cap ETF (IOIL), from 0.76% to 0.79%.

Many of the ETFs are funds of funds, meaning they gain their target exposure by investing in other ETFs. This may explain the decision to adjust these funds’ fees, to reflect changes in the costs of holding the underlying ETFs.