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HFRX® Indices Performance Tables

Investable

The HFRX® Indices utilize a rigorous quantitative selection process to represent the larger hedge fund universe.

NOTICE: HFR’s offices will be closed on Thursday, July 4th, in observance of the US Independence Day holiday. We will not report any index performance on that day. HFRX Index Performance for July 3rd and July 4th will be posted on July 5th.

Download Daily Performance Data Download Monthly Performance Data

HFRX Indices (UCITS)

    Daily Performance as of 2024-10-07  
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %) View Strategies
HFRX Global Hedge Fund Index -0.1755 -0.24 4.83 Value blurred out. 0.95 5.08 Value blurred out. Value blurred out. View
HFRX Equity Hedge Index -0.1806 0.18 7.67 Value blurred out. 0.76 7.48 Value blurred out. Value blurred out. View
HFRX Event Driven Index -0.1707 -0.06 3.80 Value blurred out. 0.49 3.86 Value blurred out. Value blurred out. View
HFRX Macro/CTA Index -0.3717 -1.48 2.24 Value blurred out. 1.85 3.77 Value blurred out. Value blurred out. View
HFRX Relative Value Arbitrage Index -0.0552 -0.09 4.34 Value blurred out. 1.11 4.43 Value blurred out. Value blurred out. View

Global

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Global Hedge Fund Index -0.1755 -0.24 4.83 Value blurred out. 0.95 5.08 Value blurred out. Value blurred out.
HFRX Equal Weighted Strategies Index -0.1323 -0.19 4.16 Value blurred out. 0.74 4.36 Value blurred out. Value blurred out.
HFRX Absolute Return Index -0.0887 0.12 4.16 Value blurred out. 0.08 4.04 Value blurred out. Value blurred out.
HFRX Market Directional Index -0.2148 -0.18 7.28 Value blurred out. 1.36 7.47 Value blurred out. Value blurred out.

Equity Hedge

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Equity Hedge Index -0.1806 0.18 7.67 Value blurred out. 0.76 7.48 Value blurred out. Value blurred out.
HFRX EH: Equity Market Neutral Index -0.1465 -0.17 5.65 Value blurred out. -0.35 5.83 Value blurred out. Value blurred out.
HFRX EH: Fundamental Growth Index -0.1203 0.30 9.87 Value blurred out. 0.94 9.55 Value blurred out. Value blurred out.
HFRX EH: Fundamental Value Index -0.2170 0.15 6.69 Value blurred out. 0.78 6.53 Value blurred out. Value blurred out.

Event-Driven

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Event Driven Index -0.1707 -0.06 3.80 Value blurred out. 0.49 3.86 Value blurred out. Value blurred out.
HFRX ED: Merger Arbitrage Index 0.0106 0.07 -0.85 Value blurred out. -0.55 -0.91 Value blurred out. Value blurred out.
HFRX ED: Special Situations Index -0.1829 -0.06 4.12 Value blurred out. 0.56 4.18 Value blurred out. Value blurred out.

Macro

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Macro/CTA Index -0.3717 -1.48 2.24 Value blurred out. 1.85 3.77 Value blurred out. Value blurred out.
HFRX Macro: Systematic Diversified CTA Index -0.8416 -4.00 -1.67 Value blurred out. 1.99 2.43 Value blurred out. Value blurred out.

Relative Value

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Relative Value Arbitrage Index -0.0552 -0.09 4.34 Value blurred out. 1.11 4.43 Value blurred out. Value blurred out.
HFRX RV: FI-Convertible Arbitrage Index 0.0060 0.27 5.82 Value blurred out. 1.83 5.53 Value blurred out. Value blurred out.
HFRX RV: Multi-Strategy Index -0.0606 -0.13 4.20 Value blurred out. 1.05 4.33 Value blurred out. Value blurred out.

Regional

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Multi-Region Index -0.1046 0.07 4.89 Value blurred out. 0.43 4.82 Value blurred out. Value blurred out.
HFRX Emerging Markets Composite Index 0.0067 0.54 10.33 Value blurred out. 1.90 9.74 Value blurred out. Value blurred out.

FX Hedged

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Equal Weighted Strategies CHF Index -0.1459 -0.29 0.95 Value blurred out. 0.41 1.24 Value blurred out. Value blurred out.
HFRX Equal Weighted Strategies EUR Index -0.1143 -0.20 2.91 Value blurred out. 0.61 3.12 Value blurred out. Value blurred out.
HFRX Equal Weighted Strategies GBP Index -0.1156 -0.19 3.92 Value blurred out. 0.70 4.12 Value blurred out. Value blurred out.
HFRX Equal Weighted Strategies JPY Index -0.1607 -0.33 -0.38 Value blurred out. 0.31 -0.05 Value blurred out. Value blurred out.
HFRX Global Hedge Fund CAD Index -0.1823 -0.26 4.21 Value blurred out. 0.85 4.48 Value blurred out. Value blurred out.
HFRX Global Hedge Fund CHF Index -0.1900 -0.34 1.61 Value blurred out. 0.63 1.95 Value blurred out. Value blurred out.
HFRX Global Hedge Fund EUR Index -0.1583 -0.25 3.58 Value blurred out. 0.82 3.84 Value blurred out. Value blurred out.
HFRX Global Hedge Fund GBP Index -0.1597 -0.24 4.59 Value blurred out. 0.91 4.84 Value blurred out. Value blurred out.
HFRX Global Hedge Fund JPY Index -0.2059 -0.38 0.29 Value blurred out. 0.52 0.68 Value blurred out. Value blurred out.
HFRX Equity Hedge EUR Index -0.1635 0.17 6.39 Value blurred out. 0.63 6.21 Value blurred out. Value blurred out.
HFRX Macro/CTA EUR Index -0.3579 -1.52 1.07 Value blurred out. 1.73 2.64 Value blurred out. Value blurred out.
HFRX Event Driven EUR Index -0.1534 -0.07 2.54 Value blurred out. 0.36 2.61 Value blurred out. Value blurred out.
HFRX Relative Value Arbitrage EUR Index -0.0359 -0.10 3.07 Value blurred out. 0.98 3.17 Value blurred out. Value blurred out.

Thematic

    Daily Performance as of 2024-10-07
Favorites Status Index Name DTD MTD YTD Index Value Sep 2024 YTD Last 12M Last 36M (ann %)
HFRX Fixed Income – Credit Index -0.0500 -0.04 4.92 Value blurred out. 1.34 4.96 Value blurred out. Value blurred out.

HFRX Indices (ESG)

HFR offers several HFRX Indices that are constructed utilizing an ESG framework, including the HFRX Diversity, and HFRX Diversity: Women Indices, and our newest ESG index, the HFRX Climate Change Index. HFRX ESG Indices utilize state-of-the-art quantitative techniques and analysis, multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding universe: Climate Change-focused hedge funds, Alternative Energy hedge funds, and the women- and minority-owned hedge fund universes. HFR is also currently working on HFRX Energy Transition and HFRX Carbon Trading Indices

HFRX Climate Change Index

HFR Inc. is pleased to announce the launch of our latest HFRX ESG index, the HFRX Climate Change Index (HFRXCLCH). We believe it is an important addition to our lineup of HFRX ESG Indices. Around three years ago, the HFR team realized that there was a strong and growing market for ESG and climate change focused hedge funds. Over that period, we have seen an increase in launches of funds with a climate change focus and designed the HFRX Climate Change Index to be representative of this new and growing universe.

The Index is the first of its kind: A hedge fund index focused on climate change, composed of funds that identify opportunities in securities with the goal of reducing the impact of climate change, by identifying companies engaged in the development of new technologies that will facilitate the energy transition from traditional energy sources to renewable sources, engaging with companies to lower their carbon footprint, or trading carbon allowances in regulated markets.

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Climate Change Index 0.79 Value blurred out. 1.08 2.76 Value blurred out. Value blurred out.
HFRX Energy Transition Index 0.07 Value blurred out. 1.23 2.69 Value blurred out. Value blurred out.
HFRX Diversity Index 1.65 Value blurred out. 7.24 10.19 Value blurred out. Value blurred out.
HFRX Diversity: Women Index 2.05 Value blurred out. 6.74 12.37 Value blurred out. Value blurred out.

HFRX Indices (Flagship Funds)

    Monthly Performance for Aug 2024  
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %) View Strategies
HFRX Global Hedge Fund Index (Flagship Funds) 0.39 Value blurred out. 5.74 9.28 Value blurred out. Value blurred out. View
HFRX Equity Hedge Index (Flagship Funds) 0.97 Value blurred out. 8.00 12.13 Value blurred out. Value blurred out. View
HFRX Event Driven Index (Flagship Funds) 0.98 Value blurred out. 5.75 10.96 Value blurred out. Value blurred out. View
HFRX Macro/CTA Index (Flagship Funds) -2.26 Value blurred out. 2.19 2.26 Value blurred out. Value blurred out. View
HFRX Relative Value Index (Flagship Funds) 0.78 Value blurred out. 5.53 9.01 Value blurred out. Value blurred out. View

Global

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Global Hedge Fund Index (Flagship Funds) 0.39 Value blurred out. 5.74 9.28 Value blurred out. Value blurred out.
HFRX Aggregate Index (Flagship Funds) 0.45 Value blurred out. 5.54 8.70 Value blurred out. Value blurred out.

Equity Hedge

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Equity Hedge Index (Flagship Funds) 0.97 Value blurred out. 8.00 12.13 Value blurred out. Value blurred out.
HFRX EH: Energy/Basic Materials Index (Flagship Funds) -0.24 Value blurred out. 5.61 9.50 Value blurred out. Value blurred out.
HFRX EH: Equity Market Neutral Index (Flagship Funds) -0.99 Value blurred out. -0.90 0.17 Value blurred out. Value blurred out.
HFRX EH: Fundamental Growth Index (Flagship Funds) 0.39 Value blurred out. 9.27 12.11 Value blurred out. Value blurred out.
HFRX EH: Fundamental Value Index (Flagship Funds) 1.07 Value blurred out. 7.76 13.23 Value blurred out. Value blurred out.
HFRX EH: Multi-Strategy Index (Flagship Funds) 2.08 Value blurred out. 9.81 11.33 Value blurred out. Value blurred out.
HFRX EH: Quantitative Directional Index (Flagship Funds) 1.97 Value blurred out. 21.03 28.69 Value blurred out. Value blurred out.
HFRX EH: Technology/Healthcare Index (Flagship Funds) 1.67 Value blurred out. 8.57 9.37 Value blurred out. Value blurred out.

Event-Driven

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Event Driven Index (Flagship Funds) 0.98 Value blurred out. 5.75 10.96 Value blurred out. Value blurred out.
HFRX ED: Activist Index (Flagship Funds) 2.08 Value blurred out. 6.02 10.73 Value blurred out. Value blurred out.
HFRX ED: Credit Arbitrage Index (Flagship Funds) 1.38 Value blurred out. 7.46 10.27 Value blurred out. Value blurred out.
HFRX ED: Distressed Restructuring Index (Flagship Funds) 0.94 Value blurred out. 7.06 10.38 Value blurred out. Value blurred out.
HFRX ED: Merger Arbitrage Index (Flagship Funds) 0.55 Value blurred out. 2.71 5.99 Value blurred out. Value blurred out.
HFRX ED: Multi-Strategy Index (Flagship Funds) 0.63 Value blurred out. 8.42 12.14 Value blurred out. Value blurred out.
HFRX ED: Special Situations Index (Flagship Funds) 0.62 Value blurred out. 4.40 11.31 Value blurred out. Value blurred out.

Macro

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Macro/CTA Index (Flagship Funds) -2.26 Value blurred out. 2.19 2.26 Value blurred out. Value blurred out.
HFRX Macro: Active Trading Index (Flagship Funds) -2.73 Value blurred out. -0.42 5.63 Value blurred out. Value blurred out.
HFRX Macro: Commodity Index (Flagship Funds) 0.00 Value blurred out. 1.66 -2.38 Value blurred out. Value blurred out.
HFRX Macro: Commodity-Agriculture Index (Flagship Funds) 0.89 Value blurred out. 4.70 3.28 Value blurred out. Value blurred out.
HFRX Macro: Commodity-Energy Index (Flagship Funds) 1.07 Value blurred out. 0.46 4.72 Value blurred out. Value blurred out.
HFRX Macro: Commodity-Metals Index (Flagship Funds) 0.34 Value blurred out. 5.02 9.18 Value blurred out. Value blurred out.
HFRX Macro: Currency Index (Flagship Funds) 0.68 Value blurred out. -2.55 -1.00 Value blurred out. Value blurred out.
HFRX Macro: Discretionary Thematic Index (Flagship Funds) -2.53 Value blurred out. -1.56 2.75 Value blurred out. Value blurred out.
HFRX Macro: Multi-Strategy Index (Flagship Funds) -0.33 Value blurred out. 7.19 9.50 Value blurred out. Value blurred out.
HFRX Macro: Systematic Diversified CTA Index (Flagship Funds) -3.25 Value blurred out. 2.88 -0.03 Value blurred out. Value blurred out.

Relative Value

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Relative Value Index (Flagship Funds) 0.78 Value blurred out. 5.53 9.01 Value blurred out. Value blurred out.
HFRX RV: FI-Asset Backed Index (Flagship Funds) 0.88 Value blurred out. 4.38 7.24 Value blurred out. Value blurred out.
HFRX RV: FI-Convertible Arbitrage Index (Flagship Funds) 0.49 Value blurred out. 5.88 8.31 Value blurred out. Value blurred out.
HFRX RV: FI-Corporate Index (Flagship Funds) 0.83 Value blurred out. 5.25 9.16 Value blurred out. Value blurred out.
HFRX RV: FI-Sovereign Index (Flagship Funds) 0.88 Value blurred out. 5.09 12.40 Value blurred out. Value blurred out.
HFRX RV: Real Estate Index (Flagship Funds) 1.52 Value blurred out. -8.99 -4.59 Value blurred out. Value blurred out.
HFRX RV: Multi-Strategy Index (Flagship Funds) 0.80 Value blurred out. 5.97 9.42 Value blurred out. Value blurred out.
HFRX RV: Volatility Index (Flagship Funds) -0.90 Value blurred out. 2.63 3.28 Value blurred out. Value blurred out.
HFRX RV: Yield Alternative Index (Flagship Funds) 1.97 Value blurred out. 0.54 4.74 Value blurred out. Value blurred out.

Americas

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Latin America Index (Flagship Funds) 3.01 Value blurred out. -5.91 3.09 Value blurred out. Value blurred out.
HFRX North America Index (Flagship Funds) 1.07 Value blurred out. 6.28 12.31 Value blurred out. Value blurred out.

Asia

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Asia Composite Hedge Fund Index (Flagship Funds) 0.04 Value blurred out. 6.87 11.18 Value blurred out. Value blurred out.
HFRX Asia Equally Weighted Index (Flagship Funds) -0.10 Value blurred out. 7.45 11.49 Value blurred out. Value blurred out.
HFRX Asia ex-Japan Index (Flagship Funds) 0.21 Value blurred out. 5.49 10.38 Value blurred out. Value blurred out.
HFRX Asia with Japan Index (Flagship Funds) 0.48 Value blurred out. 7.00 11.27 Value blurred out. Value blurred out.
HFRX Japan Index (Flagship Funds) -0.98 Value blurred out. 9.73 12.50 Value blurred out. Value blurred out.

Europe

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Northern Europe Index (Flagship Funds) 1.65 Value blurred out. 9.02 11.07 Value blurred out. Value blurred out.
HFRX Western/Pan Europe Index (Flagship Funds) -0.64 Value blurred out. 6.90 10.52 Value blurred out. Value blurred out.

Emerging Markets

    Monthly Performance for Aug 2024
Favorites Status Index Name ROR (%) Index Value YTD (%) Last 12M (%) Last 36M (ann %) Last 60M (ann %)
HFRX Asia ex-Japan Index (Flagship Funds) 0.21 Value blurred out. 5.49 10.38 Value blurred out. Value blurred out.
HFRX Brazil Index (Flagship Funds) 4.17 Value blurred out. -15.05 -3.89 Value blurred out. Value blurred out.
HFRX BRIC Index (Flagship Funds) 1.20 Value blurred out. 5.19 10.02 Value blurred out. Value blurred out.
HFRX China Index (Flagship Funds) -0.28 Value blurred out. 3.85 3.67 Value blurred out. Value blurred out.
HFRX India Index (Flagship Funds) 1.49 Value blurred out. 21.75 39.17 Value blurred out. Value blurred out.
HFRX Latin America Index (Flagship Funds) 3.01 Value blurred out. -5.91 3.09 Value blurred out. Value blurred out.
HFRX MENA Index (Flagship Funds) 1.11 Value blurred out. 8.21 13.54 Value blurred out. Value blurred out.
HFRX Multi-Emerging Markets Index (Flagship Funds) 1.50 Value blurred out. 6.92 10.21 Value blurred out. Value blurred out.
HFRX Total Emerging Market Index (Flagship Funds) 0.77 Value blurred out. 5.16 8.43 Value blurred out. Value blurred out.

HFRX Index Methodology

HFR utilizes a UCITS compliant methodology to construct the HFRX® Hedge Fund Indices. This methodology includes robust classification, cluster analysis, correlation analysis, advanced optimization and Monte Carlo simulations.

Production of the HFRX Methodology results in a model output which selects funds that, when aggregated and weighted, have the highest statistical likelihood of producing a return series that is most representative of the reference universe of strategies. In addition, the HFRX Methodology defines certain qualitative characteristics, such as: whether the fund is open to transparent fund investment and the satisfaction of the index manager’s due diligence requirements.

HFR offers three HFRX Index series: the daily-reporting HFRX Indices (UCITS) which are comprised of liquid alternative UCITS funds, the monthly-reporting HFRX Indices (Flagship Funds) which are comprised of private hedge funds and the HFRX ESG Indices which utilize an ESG framework.

HFRX Indices Defined Formulaic Methodology Document

HFRX Index methodology was last updated effective August 29, 2024. Please review the published Defined Formulaic Methodology pdf document on this page for details.

About the Index

The HFRX Global Hedge Fund Index® is comprised of funds representing all main hedge fund strategies. The underlying strategies are asset weighted based on the distribution of assets in the hedge fund industry.

The values for the HFRX EUR, JPY, CHF, CAD and GBP FX Indices are calculated by applying to the USD index value the cost of a rolling monthly foreign exchange contract on the relevant currency. All HFRX Indices are re-balanced quarterly.

To be included in the HFRX Indices a hedge fund must:

  • Report performance net of all fees in USD
  • Be active and accepting new investments
  • Have minimum 24 months track record
  • Have no Investor-Level gates or have agreed to waive them
  • Have no lock-ups or have agreed to waive them
  • Accept both US and non-US capital (or there is a separate fund for US and non-US investors)
  • Be managed by an investment company registered with the SEC or similar regulatory body
  • Agree to the Submitter Code of Conduct (SCOC)
  • Offer commercial terms consistent with market standards
  • Have at least $50 million in assets under management
  • Meet the following liquidity requirements:
  • Redemptions
    • HFRX Indices – Flagship Funds: Provide quarterly liquidity or better
    • HFRX Indices – UCITS Funds : Provide bi-weekly liquidity or better
  • Redemption Notice Period
    • HFRX Indices – Flagship Funds: Have a redemption notice period of 90 days or less
    • HFRX Indices – UCITS Funds: Have a redemption notice period of 7 days or less
  • Subscriptions
    • HFRX Indices – Flagship Funds: allow for monthly subscriptions
    • HFRX Indices – UCITS Funds: allow for daily subscriptions
  • Subscription Notice Period
    • HFRX Indices – Flagship Funds: have a subscription notice period of 30 days or less
    • HFRX Indices – UCITS Funds: have a subscription notice of 7 days or less
  • Redemption Settlement Period
    • HFRX Indices – Flagship Funds: have a redemption settlement of 30 days or less
    • HFRX Indices – UCITS Funds: have a redemption settlement of 14 calendar days or less

Meet the criteria for inclusion as determined by a rigorous quantitative selection process:

  • Cluster and correlation analyses are performed to group managers by true strategy categories and to eliminate outliers
  • Monte Carlo Simulation helps determine the adequate number and types of managers to replicate each strategy
  • Selected managers must provide transparency and pass extensive qualitative screening
  • Funds are then weighted to maximize representation with their group

HFR Index Direct

The HFR Index Direct licensing program allows licensees to receive comprehensive access to the most complete and updated performance and constituent information available for client benchmarking and performance evaluation purposes. The licensing program also addresses many of the data provisioning requirements that financial institutions are concerned with when disseminating financial and benchmark data. Contact HFR for more information.

For UCITS Investors

REQUEST HFRX INDICES UCITS DOCUMENTATION

Notice

Effective August 15, 2024 HFR suspended publishing performance for the HFRX EH: Short Biased Index due to lack of constituents.

The Index will remain on the website for 90 days.

Please contact indices@hfr.com should you have any questions.

Update Schedule

HFRX Indices (UCITS)

Daily-reporting HFRX Indices are published on a T+1 basis. Daily HFRX Index performance will not be published for days which are business holidays for the Irish Stock Exchange or the Luxembourg Stock Exchange. HFR’s offices will be closed and daily HFRX Index performance will not be reported on NYSE US business holidays. Performance will be reported on the following business day.

HFRX Indices (Flagship Funds) + ESG

HFRX Indices (Flagship Funds & ESG) report on a monthly interval only and will first be published as estimates on the 15th day after month end (or nearest US business day afterward). The performance for these indices will then be finalized on the third to last US business day of month (the Final update).

View the HFRX Indices (Flagship Funds & ESG) Monthly Update Schedule by date

Index Type Publication Schedule Details
HFRX Indices – daily reporting Final when reported Reported on a T+1 basis*
HFRX Indices – monthly reporting Initial Estimate 15th of Month (after month end) or nearest US business day afterwards
Final Third to last US business day of the month

Daily HFRX Index performance will not be published for the following days which are business holidays for the Irish Stock Exchange or the Luxembourg Stock Exchange:

2024 Luxembourg and Ireland Market Holiday Date
New Years Day Monday, January 1, 2024
Good Friday Friday, March 29, 2024
Easter Monday Monday, April 1, 2024
Labour Day Wednesday, May 1, 2024
Christmas Day Wednesday, December 25, 2024
Boxing Day Thursday, December 26, 2024
New Years Day Wednesday, January 1, 2025

HFR’s offices will be closed and daily HFR Index performance will not be reported on NYSE US business holidays. Performance will be reported on the following business day.

2024 NYSE US Business Holiday Date
New Year’s Day Monday, January 1, 2024
Martin Luther King, Jr. Day Monday, January 15, 2024
Presidents’ Day Monday, February 19, 2024
Good Friday Friday, March 29, 2024
Memorial Day Monday, May 27, 2024
Juneteenth Wednesday, June 19, 2024
Independence Day Thursday, July 4, 2024
Labor Day Monday, September 2, 2024
Thanksgiving Thursday, November 28, 2024
Christmas Wednesday, December 25, 2024
New Years Day Wednesday, January 1, 2025

Index Descriptions

Expand a card to view full description and link to index detail page.

The HFRX Absolute Return Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. As a component of the optimization process, the index selects constituents which characteristically exhibit lower volatilities and lower correlations to standard directional benchmarks of equity market and hedge fund industry performance. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Aggregate Index (Flagship Funds) is the equally weighted index across all substrategy and regional indices. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Alternative Energy strategies which employ investment processes designed to identify opportunities in securities in specific niche areas of the market in which the Manager maintains a level of expertise which exceeds that of a market generalist in identifying companies engaged in the development of new, clean sources of energy inputs for industrial & secular uses, including natural resources (wind & water). Alternative Energy strategies typically maintain a primary focus in this area or expect to maintain in excess of 50% of portfolio exposure to these sectors over a various market cycles. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Asia Composite Index (Flagship Funds) is designed to reflect the performance of the complete Asian hedge fund universe by an asset weighted allocation to the following: HFRX Asia Ex Japan Index, HFRX Asia w/ Japan index, and HFRX Japan Index. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Equally Weighted Asian Index (Flagship Funds) is the aggregate index by equally weighting following HFRX regional index: HFRX Asia Ex Japan Index, HFRX Asia w/ Japan index, and HFRX Japan Index. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Asia Ex Japan Index (Flagship Funds) is designed to reflect the performance of the Asia Ex Japan region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Asia Ex Japan typically have primary focus on Asia, typically

HFRX Asia with Japan Index (Flagship Funds) is designed to reflect the performance of the Asia with Japan region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Asia with Japan typically have primary focus on Asia, typically between 10-75% in Japan. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Brazil Index (Flagship Funds) is designed to reflect the performance of Brazil investment region hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Brazil typically have greater than 50% exposure in Brazil. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX BRIC Index (Flagship Funds) covers hedge fund universe which maintain an investment focus in four emerging countries: Brazil, Russia, India, and China. This index is an aggregate of equally weighting between four country index: HFRX China Index, HFRX Brazil Index, HFRX Russia Index, and HFRX India Index. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX China Index (Flagship Funds) is designed to reflect the exposure of hedge fund managers that invest in China. Funds investing in China typically have greater than 50% exposure to China. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Climate Change Index is part of HFR’s ESG series of indices and includes hedge fund strategies that identify opportunities in securities with the goal of reducing the impact of climate change, by identifying companies engaged in the development of new technologies that will facilitate the energy transition from traditional energy sources to renewable sources, engaging with companies to lower their carbon footprint, or trading carbon allowances in regulated markets. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.
NOTE: The previously-reported performance of the HFRX Climate Change Index for February 2022 was revised on April 27, 2022.
NOTE: The historical index values for the HFRX Climate Change Index were updated on April 18, 2022 to properly correspond with the rate of return figures previously published. The historical net performance of the index as published did not change.

The HFRX Diversity: Women Index is part of HFR’s ESG series of indices and is designed to be representative of the overall composition of women owned hedge fund universe. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Diversity Index is part of HFR’s ESG series of indices and is designed to be representative of the overall composition of the minority-owned hedge fund universe. A hedge fund management company is deemed to be a minority-owned business if: Greater than 50% of the management company is owned by one or more minorities, or in the case of a publicly owned business, greater than 50% of all issued stock is owned by one or more minorities; and whose management and daily business operations are controlled by one or more such individuals. A ‘minority’ is defined for our purposes as a U.S. citizen who is: (A) a woman; or (B) a person whose origin is from one of the following minority groups: (i) African-American: a U.S. citizen whose origin is from any of the racial groups of Sub-Sahara Africa; (ii) Hispanic-American: a U.S. citizen whose origin is from any of the Spanish-speaking countries of Latin America, Mexico, Central America, South America, the Caribbean and Brazil (Afro-Brazilian and Brazilian Indians only); (iii) American Indian: a U.S. citizen whose origin is from Eskimo, Aleut, or Native Hawaiian, or Native Americans. Native Americans must be documented members of a North American tribe, band or organized group of native people indigenous to the continental United States; (iv) Asian-American, Pacific Islanders, Asian Indian-Americans: a U.S. citizen whose origin is from Bangladesh, Cambodia, China, Guam, India, Indonesia, Japan, Korea, Laos, Malaysia, Pakistan, the Philippines, Samoa, Thailand, Sri Lanka, Taiwan, the U.S. Trust Territories of the Pacific or the Northern Marianas and Vietnam. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Activist strategies may obtain or attempt to obtain representation of the company’s board of directors in an effort to impact the firm’s policies or strategic direction and in some cases may advocate activities such as division or asset sales, partial or complete corporate divestiture, dividend or share buybacks, and changes in management. Strategies employ an investment process primarily focused on opportunities in equity and equity related instruments of companies which are currently or prospectively engaged in a corporate transaction, security issuance/repurchase, asset sales, division spin-off or other catalyst oriented situation. These involve both announced transactions as well as situations which pre-, post-date or situations in which no formal announcement is expected to occur. Activist strategies are distinguished from other Event Driven strategies in that, over a given market cycle, Activist strategies would expect to have greater than 50% of the portfolio in activist positions, as described. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Credit Arbitrage strategies employ an investment process designed to isolate attractive opportunities in corporate fixed income securities; these include both senior and subordinated claims as well as bank debt and other outstanding obligations, structuring positions with little of no broad credit market exposure. These may also contain a limited exposure to government, sovereign, equity, convertible or other obligations but the focus of the strategy is primarily on fixed corporate obligations and other securities are held as component of positions within these structures. Managers typically employ fundamental credit analysis to evaluate the likelihood of an improvement in the issuer’s creditworthiness, in most cases securities trade in liquid markets and managers are only infrequently or indirectly involved with company management. Fixed Income – Corporate strategies differ from Event Driven: Credit Arbitrage in that the former more typically involve more general market hedges which may vary in the degree to which they limit fixed income market exposure, while the latter typically involve arbitrage positions with little or no net credit market exposure, but are predicated on specific, anticipated idiosyncratic developments. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Distressed Restructuring Strategies employ an investment process focused on corporate fixed income instruments, primarily on corporate credit instruments of companies trading at significant discounts to their value at issuance or obliged (par value) at maturity as a result of either formal bankruptcy proceeding or financial market perception of near term proceedings. Managers are typically actively involved with the management of these companies, frequently involved on creditors’ committees in negotiating the exchange of securities for alternative obligations, either swaps of debt, equity or hybrid securities. Managers employ fundamental credit processes focused on valuation and asset coverage of securities of distressed firms; in most cases portfolio exposures are concentrated in instruments which are publicly traded, in some cases actively and in others under reduced liquidity but in general for which a reasonable public market exists. In contrast to Special Situations, Distressed Strategies employ primarily debt (greater than 60%) but also may maintain related equity exposure. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Merger Arbitrage strategies which employ an investment process primarily focused on opportunities in equity and equity related instruments of companies which are currently engaged in a corporate transaction. Merger Arbitrage involves primarily announced transactions, typically with limited or no exposure to situations which pre-, post-date or situations in which no formal announcement is expected to occur. Opportunities are frequently presented in cross border, collared and international transactions which incorporate multiple geographic regulatory institutions, with typically involve minimal exposure to corporate credits. Merger Arbitrage strategies typically have over 75% of positions in announced transactions over a given market cycle. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Merger Arbitrage strategies which employ an investment process primarily focused on opportunities in equity and equity related instruments of companies which are currently engaged in a corporate transaction. Merger Arbitrage involves primarily announced transactions, typically with limited or no exposure to situations which pre-, post-date or situations in which no formal announcement is expected to occur. Opportunities are frequently presented in cross border, collared and international transactions which incorporate multiple geographic regulatory institutions, with typically involve minimal exposure to corporate credits. Merger Arbitrage strategies typically have over 75% of positions in announced transactions over a given market cycle. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Event-Driven: Multi-Strategy Managers maintain positions in companies currently or prospectively involved in corporate transactions of a wide variety including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments. Security types can range from most senior in the capital structure to most junior or subordinated, and frequently involve additional derivative securities. Event Driven exposure includes a combination of sensitivities to equity markets, credit markets and idiosyncratic, company specific developments. Investment theses are typically predicated on fundamental characteristics (as opposed to quantitative), with the realization of the thesis predicated on a specific development exogenous to the existing capital structure. ED Multi-Strategy managers do not maintain more than 50% exposure in any one Event-Driven sub-strategy. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Special Situations: Strategies employ an investment process primarily focused on opportunities in equity and equity related instruments of companies which are currently engaged in a corporate transaction, security issuance/repurchase, asset sales, division spin-off or other catalyst oriented situation. These involve both announced transactions as well as situations which pre-, post-date or situations in which no formal announcement is expected to occur. Strategies employ an investment process focusing broadly on a wide spectrum of corporate life cycle investing, including but not limited to distressed, bankruptcy and post bankruptcy security issuance, announced acquisitions and corporate division spin-offs, asset sales and other security issuance impacting an individual capital structure focusing primarily on situations identified via fundamental research which are likely to result in a corporate transactions or other realization of shareholder value through the occurrence of some identifiable catalyst. Strategies effectively employ primarily equity (greater than 60%) but also corporate debt exposure, and in general focus more broadly on post-bankruptcy equity exposure and exit of restructuring proceedings. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Special Situations: Strategies employ an investment process primarily focused on opportunities in equity and equity related instruments of companies which are currently engaged in a corporate transaction, security issuance/repurchase, asset sales, division spin-off or other catalyst oriented situation. These involve both announced transactions as well as situations which pre-, post-date or situations in which no formal announcement is expected to occur. Strategies employ an investment process focusing broadly on a wide spectrum of corporate life cycle investing, including but not limited to distressed, bankruptcy and post bankruptcy security issuance, announced acquisitions and corporate division spin-offs, asset sales and other security issuance impacting an individual capital structure focusing primarily on situations identified via fundamental research which are likely to result in a corporate transactions or other realization of shareholder value through the occurrence of some identifiable catalyst. Strategies effectively employ primarily equity (greater than 60%) but also corporate debt exposure, and in general focus more broadly on post-bankruptcy equity exposure and exit of restructuring proceedings. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Energy/Basic Materials strategies which employ investment processes designed to identify opportunities in securities in specific niche areas of the market in which the Manager maintains a level of expertise which exceeds that of a market generalist in identifying companies engaged in the production & procurement of inputs to industrial processes. Strategies are sensitive to the direction of price trends as determined by shifts in supply and demand factors, and implicitly sensitive to the direction of broader economic trends. Energy/Basic Materials strategies typically maintain a primary focus in this area and expect to maintain in excess of 50% of portfolio exposure to these sectors over a various market cycles. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Equity Market Neutral strategies employ sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading strategies. Factor-based investment strategies include strategies in which the investment thesis is predicated on the systematic analysis of common relationships between securities. In many but not all cases, portfolios are constructed to be neutral to one or multiple variables, such as broader equity markets in dollar or beta terms, and leverage is frequently employed to enhance the return profile of the positions identified. Statistical Arbitrage/Trading strategies consist of strategies in which the investment thesis is predicated on exploiting pricing anomalies which may occur as a function of expected mean reversion inherent in security prices; high frequency techniques may be employed and trading strategies may also be employed on the basis on technical analysis or opportunistically to exploit new information the investment manager believes has not been fully, completely or accurately discounted into current security prices. Equity Market Neutral Strategies typically maintain characteristic net equity market exposure no greater than 10% long or short. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Equity Market Neutral strategies employ sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading strategies. Factor-based investment strategies include strategies in which the investment thesis is predicated on the systematic analysis of common relationships between securities. In many but not all cases, portfolios are constructed to be neutral to one or multiple variables, such as broader equity markets in dollar or beta terms, and leverage is frequently employed to enhance the return profile of the positions identified. Statistical Arbitrage/Trading strategies consist of strategies in which the investment thesis is predicated on exploiting pricing anomalies which may occur as a function of expected mean reversion inherent in security prices; high frequency techniques may be employed and trading strategies may also be employed on the basis on technical analysis or opportunistically to exploit new information the investment manager believes has not been fully, completely or accurately discounted into current security prices. Equity Market Neutral Strategies typically maintain characteristic net equity market exposure no greater than 10% long or short. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Fundamental Value strategies which employ investment processes designed to identify attractive opportunities in securities of companies which trade a valuation metrics by which the manager determines them to be inexpensive and undervalued when compared with relevant benchmarks. Investment theses are focused on characteristics of the firm’s financial statements in both an absolute sense and relative to other similar securities and more broadly, market indicators. Relative to Fundamental Growth strategies, in which earnings growth and capital appreciation is expected as a function of expanding market share & revenue increases, Fundamental Value strategies typically focus on equities which currently generate high cash flow, but trade at discounted valuation multiples, possibly as a result of limited anticipated growth prospects or generally out of favor conditions, which may be specific to sector or specific holding. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Fundamental Growth strategies employ analytical techniques in which the investment thesis is predicated on assessment of the valuation characteristics on the underlying companies which are expected to have prospects for earnings growth and capital appreciation exceeding those of the broader equity market. Investment theses are focused on characteristics of the firm’s financial statements in both an absolute sense and relative to other similar securities and more broadly, market indicators. Strategies employ investment processes designed to identify attractive opportunities in securities of companies which are experiencing or expected to experience abnormally high levels of growth compared with relevant benchmarks growth in earnings, profitability, sales or market share. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Fundamental Value strategies which employ investment processes designed to identify attractive opportunities in securities of companies which trade a valuation metrics by which the manager determines them to be inexpensive and undervalued when compared with relevant benchmarks. Investment theses are focused on characteristics of the firm’s financial statements in both an absolute sense and relative to other similar securities and more broadly, market indicators. Relative to Fundamental Growth strategies, in which earnings growth and capital appreciation is expected as a function of expanding market share & revenue increases, Fundamental Value strategies typically focus on equities which currently generate high cash flow, but trade at discounted valuation multiples, possibly as a result of limited anticipated growth prospects or generally out of favor conditions, which may be specific to sector or specific holding. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Fundamental Value strategies which employ investment processes designed to identify attractive opportunities in securities of companies which trade a valuation metrics by which the manager determines them to be inexpensive and undervalued when compared with relevant benchmarks. Investment theses are focused on characteristics of the firm’s financial statements in both an absolute sense and relative to other similar securities and more broadly, market indicators. Relative to Fundamental Growth strategies, in which earnings growth and capital appreciation is expected as a function of expanding market share & revenue increases, Fundamental Value strategies typically focus on equities which currently generate high cash flow, but trade at discounted valuation multiples, possibly as a result of limited anticipated growth prospects or generally out of favor conditions, which may be specific to sector or specific holding. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Equity Hedge: Multi-Strategy Investment Managers maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. EH Multi-Strategy managers typically do not maintain more than 50% exposure in any one Equity Hedge sub-strategy HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Quantitative Directional strategies employ sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading strategies. Factor-based investment strategies include strategies in which the investment thesis is predicated on the systematic analysis of common relationships between securities. Statistical Arbitrage/Trading strategies consist of strategies in which the investment thesis is predicated on exploiting pricing anomalies which may occur as a function of expected mean reversion inherent in security prices; high frequency techniques may be employed and trading strategies may also be employed on the basis on technical analysis or opportunistically to exploit new information the investment manager believes has not been fully, completely or accurately discounted into current security prices. Quantitative Directional Strategies typically maintain varying levels of net long or short equity market exposure over various market cycles. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Short-Biased strategies employ analytical techniques in which the investment thesis is predicated on assessment of the valuation characteristics on the underlying companies with the goal of identifying over-valued companies. Short Biased strategies may vary the investment level or the level of short exposure over market cycles, but the primary distinguishing characteristic is that the manager maintains consistent short exposure and expects to outperform traditional equity managers in declining equity markets. Investment theses may be fundamental or technical and nature and manager has a particular focus, above that of a market generalist, on identification of over-valued companies and would expect to maintain a net short equity position over various market cycles. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Notice

Effective August 15, 2024 HFR suspended publishing performance for the HFRX EH: Short Biased Index due to lack of constituents.

The Index will remain on the website for 90 days.

Please contact indices@hfr.com should you have any questions.

Technology/Healthcare strategies employ investment processes designed to identify opportunities in securities in specific niche areas of the market in which the Manager maintain a level of expertise which exceeds that of a market generalist in identifying opportunities in companies engaged in all development, production and application of technology, biotechnology and as related to production of pharmaceuticals and healthcare industry. Though some diversity exists as a across sub-strategy, strategies implicitly exhibit some characteristic sensitivity to broader growth trends, or in the case of the later, developments specific to the Healthcare industry. Technology/Healthcare strategies typically maintain a primary focus in this area and expect to maintain in excess of 50% of portfolio exposure to these sectors over a various market cycles. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Emerging Markets Composite Index is designed to track the returns of Emerging Markets regions with an emphasis on global macroeconomic, political or specific secular market growth trends. Exposure includes, but is not limited to, Emerging Asia, Russia, Eastern Europe, Latin America, Africa and the Middle East regions. Underlying securities are a combination of equity, fixed income (sovereign, corporate and other), currency and commodity across all hedge fund strategy & sub-strategy types. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Energy Transition Index is part of HFR’s ESG series of indices and includes hedge fund strategies that identify investment opportunities in companies engaged in the development of new technologies that will facilitate the energy transition from traditional energy sources to renewable sources, including electric vehicles, battery materials, hydrogen fuel cells, and electrification infrastructure, among others. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Equal Weighted Strategies Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The HFRX Equal Weighted Strategies Index applies an equal weight to all constituent strategy indices. HFRX Equal Weighted Strategies CHF Index is denominated in CHF and is constructed from the same strategies as the HFRX Global Hedge Fund Index. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Equal Weighted Strategies Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The HFRX Equal Weighted Strategies Index applies an equal weight to all constituent strategy indices. HFRX Equal Weighted Strategies EUR Index is denominated in EUR and is constructed from the same strategies as the HFRX Global Hedge Fund Index. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Equal Weighted Strategies Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The HFRX Equal Weighted Strategies Index applies an equal weight to all constituent strategy indices. HFRX Equal Weighted Strategies GBP Index is denominated in GBP and is constructed from the same strategies as the HFRX Global Hedge Fund Index. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Equal Weighted Strategies Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The HFRX Equal Weighted Strategies Index applies an equal weight to all constituent strategy indices. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Equal Weighted Strategies Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The HFRX Equal Weighted Strategies Index applies an equal weight to all constituent strategy indices. HFRX Equal Weighted Strategies JPY Index is denominated in JPY and is constructed from the same strategies as the HFRX Global Hedge Fund Index. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Equity Hedge EUR Index is denominated in EUR. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedgemanagers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

The HFRX Event Driven EUR Index is denominated in EUR. Event Driven Managers maintain positions in companies currently or prospectively involved in corporate transactions of a wide variety including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments. Security types can range from most senior in the capital structure to most junior or subordinated, and frequently involve additional derivative securities. Event Driven exposure includes a combination of sensitivities to equity markets, credit markets and idiosyncratic, company specific developments. Investment theses are typically predicated on fundamental characteristics (as opposed to quantitative), with the realization of the thesis predicated on a specific development exogenous to the existing capital structure. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Event Driven Managers maintain positions in companies currently or prospectively involved in corporate transactions of a wide variety including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments. Security types can range from most senior in the capital structure to most junior or subordinated, and frequently involve additional derivative securities. Event Driven exposure includes a combination of sensitivities to equity markets, credit markets and idiosyncratic, company specific developments. Investment theses are typically predicated on fundamental characteristics (as opposed to quantitative), with the realization of the thesis predicated on a specific development exogenous to the existing capital structure. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Event Driven Managers maintain positions in companies currently or prospectively involved in corporate transactions of a wide variety including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments. Security types can range from most senior in the capital structure to most junior or subordinated, and frequently involve additional derivative securities. Event Driven exposure includes a combination of sensitivities to equity markets, credit markets and idiosyncratic, company specific developments. Investment theses are typically predicated on fundamental characteristics (as opposed to quantitative), with the realization of the thesis predicated on a specific development exogenous to the existing capital structure. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

HFRX Fixed Income – Credit Index includes strategies with exposure to credit across a broad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed, Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies. Investment thesis across all strategies is predicated on realization of a valuation discrepancy between the related credit instruments. Strategies may also include and utilize equity securities, credit derivatives, government fixed income, commodities, currencies or other hybrid securities. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Global Hedge Fund CAD Index is denominated in CAD and is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITS compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Global Hedge Fund CHF Index is denominated in CHF and is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITS compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Global Hedge Fund EUR Index is denominated in EUR and is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITS compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Global Hedge Fund GBP Index is denominated in GBP and is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITS compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITS compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

The HFRX Global Hedge Fund JPY Index is denominated in JPY and is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITS compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX India Index (Flagship Funds) is designed to reflect the performance of the India investment focus hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Funds investing in India typically have greater than 50% exposure in India. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Japan Index (Flagship Funds) is designed to reflect the performance of the Japan region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Japan typically have greater than 50% exposure in Japan. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Latin America Index (Flagship Funds) is designed to reflect the performance of the Latin American region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Latin America typically have greater than 50% exposure in Latin America. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Active Trading strategies utilize active trading methods, typically with high frequency position turnover or leverage; these may employ components of both Discretionary and Systematic Macro strategies. Strategies may contain distinct, identifiable sub-strategies, such as equity hedge or equity market neutral, or in some cases a number of sub-strategies are blended together without the capacity for portfolio level disaggregation. Strategies employ an investment process based on systematic, quantitative evaluation of macroeconomic variables in which the portfolio positioning is predicated on convergence of differentials between markets, not necessarily highly correlated with each other, but currently diverging from their historical levels of correlation. Strategies focus on fundamental relationships across geographic areas both inter and intra-asset classes, and typical holding periods are shorter than trend following or discretionary strategies. Active Trading strategies are distinct from other macro in that they characteristically emphasize rapid market response to new information and high volume of turnover in liquid but frequently volatile and unstable market positions. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Commodity strategies include both discretionary and systematic commodity strategies. Systematic commodity have investment processes typically as function of mathematical, algorithmic and technical models, with little or no influence of individuals over the portfolio positioning. Strategies employ an investment process designed to identify opportunities in markets exhibiting trending or momentum characteristics across commodity assets classes, frequently with related ancillary exposure in commodity sensitive equities or other derivative instruments. Strategies typically employ quantitative process which focus on statistically robust or technical patterns in the return series of the asset, and typically focus on highly liquid instruments and maintain shorter holding periods than either discretionary or mean reverting strategies. Although some strategies seek to employ counter trend models, strategies benefit most from an environment characterized by persistent, discernible trending behavior. Systematic Commodity strategies typically would expect to have greater than 35% of portfolio in dedicated commodity exposure over a given market cycle. Discretionary Commodity strategies are reliant on the fundamental evaluation of market data, relationships and influences as they pertain primarily to commodity markets including positions in energy, agricultural, resources or metal assets. Portfolio positions typically are predicated on the evolution of investment themes the Manager expect to materialize over a relevant timeframe, which in many cases contain contrarian or volatility focused components. Investment Managers also may trade actively in developed and emerging markets, focusing on both absolute and relative levels on equity markets, interest rates/fixed income markets, currency; frequently employing spread trades to isolate a differential between instrument identified by the Investment Manager to be inconsistent with expected value. Discretionary Commodity strategies typically would expect to have greater than 35% of portfolio in dedicated commodity exposure over a given market cycle. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Macro: Commodity: Agricultural strategies are reliant on the evaluation of market data, relationships and influences as they pertain primarily to Soft Commodity markets focusing primarily on positions in grains (wheat, soybeans, corn, etc.) or livestock markets. Portfolio the investment process can be predicated on fundamental, systematic or technical analysis, and Agricultural strategies typically invest in both Emerging and Developed Markets. Commodity: Agricultural strategies typically would expect to have greater than 50% of portfolio in dedicated Agricultural exposure over a given market cycle. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Macro: Commodity: Energy strategies are reliant on the evaluation of market data, relationships and influences as they pertain primarily to Energy commodity markets focusing primarily on positions in Crude Oil, Natural Gas and other Petroleum products. Portfolio investment process can be predicated on fundamental, systematic or technical analysis, and strategies typically invest in both Emerging and Developed Markets. Commodity: Energy strategies typically would expect to have greater than 50% of portfolio in dedicated Energy exposure over a given market cycle. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Macro: Commodity: Metals strategies are reliant on the evaluation of market data, relationships and influences as they pertain primarily to Hard Commodity markets focusing primarily on positions in Metals (Gold, Silver, Platinum, etc). Portfolio investment process can be predicated on fundamental, systematic or technical analysis, and strategies typically invest in both Emerging and Developed Markets. Commodity: Metals strategies typically would expect to have greater than 50% of portfolio in dedicated Metals exposure over a given market cycle. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Curency Index include both discretionary and systematic currency strategies. Systematic Currency strategies have investment processes typically as function of mathematical, algorithmic and technical models, with little or no influence of individuals over the portfolio positioning. Strategies which employ an investment process designed to identify opportunities in markets exhibiting trending or momentum characteristics across currency assets classes, frequently with related ancillary exposure in sovereign fixed income. Strategies typically employ quantitative process which focus on statistically robust or technical patterns in the return series of the asset, and typically focus on highly liquid instruments and maintain shorter holding periods than either discretionary or mean reverting strategies. Although some strategies seek to employ counter trend models, strategies benefit most from an environment characterized by persistent, discernible trending behavior. Systematic Currency strategies typically would expect to have greater than 35% of portfolio in dedicated currency exposure over a given market cycle. Discretionary Currency strategies are reliant on the fundamental evaluation of market data, relationships and influences as they pertain primarily to currency markets including positions in global foreign exchange markets, both listed and unlisted, and as interpreted by an individual or group of individuals who make decisions on portfolio positions; strategies employ an investment process most heavily influenced by top down analysis of macroeconomic variables. Portfolio positions typically are predicated on the evolution of investment themes the Manager expect to materialize over a relevant timeframe, which in many cases contain contrarian or volatility focused components. Investment Managers also may trade actively in developed and emerging markets, focusing on both absolute and relative levels on equity markets, interest rates/fixed income markets, currency; frequently employing spread trades to isolate a differential between instrument identified by the Investment Manager to be inconsistent with expected value. Discretionary Currency strategies typically would expect to have greater than 35% of portfolio in dedicated currency exposure over a given market cycle. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Discretionary Thematic strategies are primarily reliant on the evaluation of market data, relationships and influences, as interpreted by an individual or group of individuals who make decisions on portfolio positions; strategies employ an investment process most heavily influenced by top down analysis of macroeconomic variables. Investment Managers may trade actively in developed and emerging markets, focusing on both absolute and relative levels on equity markets, interest rates/fixed income markets, currency and commodity markets; frequently employing spread trades to isolate a differential between instrument identified by the Investment Manager to be inconsistent with expected value. Portfolio positions typically are predicated on the evolution of investment themes the Manager expect to materialize over a relevant time frame, which in many cases contain contrarian or volatility focused components. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Macro: Multi-Strategy Strategies which employ components of both Discretionary and Systematic Macro strategies, but neither exclusively both. Strategies frequently contain proprietary trading influences, and in some cases contain distinct, identifiable sub-strategies, such as equity hedge or equity market neutral, or in some cases a number of sub-strategies are blended together without the capacity for portfolio level disaggregation. Strategies employ an investment process is predicated on a systematic, quantitative evaluation of macroeconomic variables in which the portfolio positioning is predicated on convergence of differentials between markets, not necessarily highly correlated with each other, but currently diverging from their historical levels of correlation. Strategies focus on fundamental relationships across geographic areas of focus both inter and intra-asset classes, and typical holding periods are longer than trend following or discretionary strategies. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Systematic Diversified strategies have investment processes typically as function of mathematical, algorithmic and technical models, with little or no influence of individuals over the portfolio positioning. Strategies which employ an investment process designed to identify opportunities in markets exhibiting trending or momentum characteristics across individual instruments or asset classes. Strategies typically employ quantitative process which focus on statistically robust or technical patterns in the return series of the asset, and typically focus on highly liquid instruments and maintain shorter holding periods than either discretionary or mean reverting strategies. Although some strategies seek to employ counter trend models, strategies benefit most from an environment characterized by persistent, discernible trending behavior. Systematic Diversified strategies typically would expect to have no greater than 35% of portfolio in either dedicated currency or commodity exposures over a given market cycle. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Systematic Diversified strategies have investment processes typically as function of mathematical, algorithmic and technical models, with little or no influence of individuals over the portfolio positioning. Strategies which employ an investment process designed to identify opportunities in markets exhibiting trending or momentum characteristics across individual instruments or asset classes. Strategies typically employ quantitative process which focus on statistically robust or technical patterns in the return series of the asset, and typically focus on highly liquid instruments and maintain shorter holding periods than either discretionary or mean reverting strategies. Although some strategies seek to employ counter trend models, strategies benefit most from an environment characterized by persistent, discernible trending behavior. Systematic Diversified strategies typically would expect to have no greater than 35% of portfolio in either dedicated currency or commodity exposures over a given market cycle. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

The HFRX Macro EUR Index is denominated in EUR. Macro strategy managers trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. Although some strategies employ RV techniques, Macro strategies are distinct from RV strategies in that the primary investment thesis is predicated on predicted or future movements in the underlying instruments, rather than realization of a valuation discrepancy between securities. In a similar way, while both Macro and equity hedge managers may hold equity securities, the overriding investment thesis is predicated on the impact movements in underlying macroeconomic variables may have on security prices, as opposed to EH, in which the fundamental characteristics on the company are the most significant and integral to investment thesis. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Macro strategy managers trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. Although some strategies employ RV techniques, Macro strategies are distinct from RV strategies in that the primary investment thesis is predicated on predicted or future movements in the underlying instruments, rather than realization of a valuation discrepancy between securities. In a similar way, while both Macro and equity hedge managers may hold equity securities, the overriding investment thesis is predicated on the impact movements in underlying macroeconomic variables may have on security prices, as opposed to EH, in which the fundamental characteristics on the company are the most significant and integral to investment thesis. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Macro strategy managers trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. Although some strategies employ RV techniques, Macro strategies are distinct from RV strategies in that the primary investment thesis is predicated on predicted or future movements in the underlying instruments, rather than realization of a valuation discrepancy between securities. In a similar way, while both Macro and equity hedge managers may hold equity securities, the overriding investment thesis is predicated on the impact movements in underlying macroeconomic variables may have on security prices, as opposed to EH, in which the fundamental characteristics on the company are the most significant and integral to investment thesis. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

The HFRX Market Directional Index is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. As a component of the optimization process, the index selects constituents which characteristically exhibit higher volatilities and higher correlations to standard directional benchmarks of equity, bond market and hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX MENA Index (Flagship Funds) is designed to reflect the performance of the Middle East and Africa region of the hedge fund universe (MENA = Middle East/Africa). Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Funds investing in Middle East/Africa typically have more than 50% exposure to either Middle East or Africa regions. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Multi Emerging Market Index (Flagship Funds) is designed to reflect the performance of the multiple emerging market region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in multiple emerging market typically have no dominant exposure in any particular emerging market. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Multi-Region Index is designed to reflect the performance of funds with no greater than 50% exposure in any specific geographic region. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX North America Index (Flagship Funds) is designed to reflect the performance of the North American region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in North America typically have greater than 50% exposure in North America. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.
NOTE: Effective April 1, 2019 the HFRX North America Index is reported on a monthly basis only.

HFRX Northern Europe Index (Flagship Funds) is designed to reflect the performance of the Northern European region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Northern Europe typically have greater than 50% exposure in Northern Europe. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Relative Value Arbitrage EUR Index is denomiated in EUR. Relative Value investment managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses, and security types range broadly across equity, fixed income, derivative or other security types. Fixed income strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. RV position may be involved in corporate transactions also, but as opposed to ED exposures, the investment thesis is predicated on realization of a pricing discrepancy between related securities, as opposed to the outcome of the corporate transaction. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Relative Value investment managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses, and security types range broadly across equity, fixed income, derivative or other security types. Fixed income strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. RV position may be involved in corporate transactions also, but as opposed to ED exposures, the investment thesis is predicated on realization of a pricing discrepancy between related securities, as opposed to the outcome of the corporate transaction. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Relative Value investment managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses, and security types range broadly across equity, fixed income, derivative or other security types. Fixed income strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. RV position may be involved in corporate transactions also, but as opposed to ED exposures, the investment thesis is predicated on realization of a pricing discrepancy between related securities, as opposed to the outcome of the corporate transaction. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

The HFRX Russia Index (Flagship Funds) is designed to reflect the performance of the Russian investment focus hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Russia typically have greater than 50% exposure in Russia. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

The HFRX Russia/East Europe Index (Flagship Funds) is designed to reflect the performance of the Russia/East Europe region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Russia/East Europe typically have greater than 50% exposure in Russia/East Europe. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Fixed Income – Asset Backed includes strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a fixed income instrument backed physical collateral or other financial obligations (loans, credit cards) other than those of a specific corporation. Strategies employ an investment process designed to isolate attractive opportunities between a variety of fixed income instruments specifically securitized by collateral commitments which frequently include loans, pools and portfolios of loans, receivables, real estate, machinery or other tangible financial commitments. Investment thesis may be predicated on an attractive spread given the nature and quality of the collateral, the liquidity characteristics of the underlying instruments and on issuance and trends in collateralized fixed income instruments, broadly speaking. In many cases, investment managers hedge, limit or offset interest rate exposure in the interest of isolating the risk of the position to strictly the yield disparity of the instrument relative to the lower risk instruments. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Convertible Arbitrage includes strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a convertible fixed income instrument. Strategies employ an investment process designed to isolate attractive opportunities between the price of a convertible security and the price of a non-convertible security, typically of the same issuer. Convertible arbitrage positions maintain characteristic sensitivities to credit quality the issuer, implied and realized volatility of the underlying instruments, levels of interest rates and the valuation of the issuer’s equity, among other more general market and idiosyncratic sensitivities. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. Convertible Arbitrage includes strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a convertible fixed income instrument. Strategies employ an investment process designed to isolate attractive opportunities between the price of a convertible security and the price of a non-convertible security, typically of the same issuer. Convertible arbitrage positions maintain characteristic sensitivities to credit quality the issuer, implied and realized volatility of the underlying instruments, levels of interest rates and the valuation of the issuer’s equity, among other more general market and idiosyncratic sensitivities. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

Fixed Income – Corporate includes strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a corporate fixed income instrument. Strategies employ an investment process designed to isolate attractive opportunities between a variety of fixed income instruments, typically realizing an attractive spread between multiple corporate bonds or between a corporate and risk free government bond. Fixed Income – Corporate strategies differ from Event Driven: Credit Arbitrage in that the former more typically involve more general market hedges which may vary in the degree to which they limit fixed income market exposure, while the later typically involve arbitrage positions with little or no net credit market exposure, but are predicated on specific, anticipated idiosyncratic developments. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Fixed Income – Sovereign includes strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a sovereign fixed income instrument. Strategies employ an investment process designed to isolate attractive opportunities between a variety of fixed income instruments, typically realizing an attractive spread between multiple sovereign bonds or between a corporate and risk free government bond. Fixed Income Sovereign typically employ multiple investment processes including both quantitative and fundamental discretionary approaches and relative to other Relative Value Arbitrage sub-strategies, these have the most significant top-down macro influences, relative to the more idiosyncratic fundamental approaches employed. RV: Fixed Income: Sovereign funds would typically have a minimum of 50% exposure to global sovereign fixed income markets, but characteristically maintain lower net exposure than similar strategies in Macro: Multi-Strategy sub-strategy. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

RV: Multi-Strategies employ an investment thesis is predicated on realization of a spread between related yield instruments in which one or multiple components of the spread contains a fixed income, derivative, equity, real estate, MLP or combination of these or other instruments. Strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. In many cases these strategies may exist as distinct strategies across which a vehicle which allocates directly, or may exist as related strategies over which a single individual or decision making process manages. Multi-strategy is not intended to provide broadest-based mass market investors appeal, but are most frequently distinguished from others arbitrage strategies in that they expect to maintain >30% of portfolio exposure in 2 or more strategies meaningfully distinct from each other that are expected to respond to diverse market influences. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Monthly-reporting HFRX Index constituents are comprised of private hedge funds. RV: Multi-Strategies employ an investment thesis is predicated on realization of a spread between related yield instruments in which one or multiple components of the spread contains a fixed income, derivative, equity, real estate, MLP or combination of these or other instruments. Strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. In many cases these strategies may exist as distinct strategies across which a vehicle which allocates directly, or may exist as related strategies over which a single individual or decision making process manages. Multi-strategy is not intended to provide broadest-based mass market investors appeal, but are most frequently distinguished from others arbitrage strategies in that they expect to maintain >30% of portfolio exposure in 2 or more strategies meaningfully distinct from each other that are expected to respond to diverse market influences. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. Full strategy and regional descriptions (multi-language), as well as the full “HFRX Hedge Fund Indices Defined Formulaic Methodology” may be downloaded at www.hfrx.com.

RV: Yield Alternatives: Real Estate strategies employ an investment thesis which is predicated on realization of a valuation differential between related instruments in which one or multiple components of the spread contains exposure to investment in real estate directly (commercial or residential) or indirectly through Real Estate Investment Trusts (REITS). Strategies are typically fundamentally driven to measure the existing relationship between instruments and identify positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. In contrast to RVA: Fixed Income: Asset Backed, Yield Alternative: Real Estate contains primarily non-fixed income, non-securitized obligations, and strategies typically contain greater than 50% of portfolio exposure to Real Estate positions. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Volatility strategies trade volatility as an asset class, employing arbitrage, directional, market neutral or a mix of types of strategies, and include exposures which can be long, short, neutral or variable to the direction of implied volatility, and can include both listed and unlisted instruments. Directional volatility strategies maintain exposure to the direction of implied volatility of a particular asset or, more generally, to the trend of implied volatility in broader asset classes. Arbitrage strategies employ an investment process designed to isolate opportunities between the price of multiple options or instruments containing implicit optionality. Volatility arbitrage positions typically maintain characteristic sensitivities to levels of implied and realized volatility, levels of interest rates and the valuation of the issuer’s equity, among other more general market and idiosyncratic sensitivities. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Yield Alternatives strategies employ an investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread contains a derivative, equity, real estate, MLP or combination of these or other instruments. Strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. Strategies employ an investment process designed to isolate opportunities in yield oriented securities, which can include equity, preferred, listed partnerships (MLPs), REITs and some other corporate obligations. In contrast to fixed income arbitrage, yield alternative contain primarily non-fixed income securities, and in contrast to equity hedge strategies, the investment thesis is more predicated on the yield realized from the securities than on price appreciation of the underlying securities. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

HFRX Total Emerging Market Index (Flagship Funds) covers all 5 emerging markets: Asia Ex Japan, Russia/East Europe, Latin America, MENA, and Multi-Emerging market. 15 constituent funds are composed of 3 most representative funds are chosen in each region and equally weighing every region. HFR, Inc. (“HFR”) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Strategy Universe. Construction of each Index employs state-of-the-art quantitative techniques and qualitative analysis. Multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding hedge fund strategy.

The HFRX Western Europe/Pan Europe Index (Flagship Funds) is designed to reflect the performance of the Western Europe/Pan European region of the hedge fund universe. Regional Investment Focus is designed to reflect the primary focus of the Fund’s strategic exposure, over various market cycles, independent of the investment manager’s physical location or the domiciled registration location of the fund. Fund investing in Western Europe/Pan Europe typically have greater than 50% exposure in Western Europe/Pan Europe. HFR, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

Index Characteristics

Favorites Status Index NameIndex SeriesTickerStrategySub-StategyRegionWeightingCurrencyReporting Interval
HFRX Absolute Return Index UCITS HFRXAR Composite Composite Global Representative Optimization USD Daily
HFRX Aggregate Index (Flagship Funds) Flagship HFRXAGGR Composite Composite Global Equal-Weighted USD Monthly
HFRX Alternative Energy Index ESG HFRXALTE Composite Composite Global Representative Optimization USD Monthly
HFRX Asia Composite Hedge Fund Index (Flagship Funds) Flagship HFRXASC Composite Composite Asia Asset-Weighted USD Monthly
HFRX Asia Equally Weighted Index (Flagship Funds) Flagship HFRXAEW Composite Composite Asia Equal-Weighted USD Monthly
HFRX Asia ex-Japan Index (Flagship Funds) Flagship HFRXAXJ Composite Composite Asia Representative Optimization USD Monthly
HFRX Asia with Japan Index (Flagship Funds) Flagship HFRXAWJ Composite Composite Asia Representative Optimization USD Monthly
HFRX Brazil Index (Flagship Funds) Flagship HFRXBRZL Composite Composite Emerging Markets Representative Optimization USD Monthly
HFRX BRIC Index (Flagship Funds) Flagship HFRXBRIC Composite Composite Emerging Markets Representative Optimization USD Monthly
HFRX China Index (Flagship Funds) Flagship HFRXCHN Composite Composite Emerging Markets Representative Optimization USD Monthly
HFRX Climate Change Index ESG HFRXCLCH Composite Composite Global Representative Optimization USD Monthly
HFRX Diversity Women Index ESG HFRXDVWO Composite Composite Global Representative Optimization USD Monthly
HFRX Diversity Index ESG HFRXDVRS Composite Composite Global Representative Optimization USD Monthly
HFRX ED: Activist Index (Flagship Funds) Flagship HFRXACT Event Driven Activist Global Representative Optimization USD Monthly
HFRX ED: Credit Arbitrage Index (Flagship Funds) Flagship HFRXCRED Event Driven Credit Arbitrage Global Representative Optimization USD Monthly
HFRX ED: Distressed Restructuring Index (Flagship Funds) Flagship HFRXDSFS Event Driven Distressed Securities Global Representative Optimization USD Monthly
HFRX ED: Merger Arbitrage Index UCITS HFRXMA Event Driven Merger Arbitrage Global Representative Optimization USD Daily
HFRX ED: Merger Arbitrage Index (Flagship Funds) Flagship HFRXMAFS Event Driven Merger Arbitrage Global Representative Optimization USD Monthly
HFRX ED: Multi-Strategy Index (Flagship Funds) Flagship HFRXEDMS Event Driven Multi-Strategy Global Representative Optimization USD Monthly
HFRX ED: Special Situations Index UCITS HFRXSS Event Driven Special Situations Global Representative Optimization USD Daily
HFRX ED: Special Situations Index (Flagship Funds) Flagship HFRXSSFS Event Driven Special Situations Global Representative Optimization USD Monthly
HFRX EH: Energy/Basic Materials Index (Flagship Funds) Flagship HFRXEBM Equity Hedge Energy and Basic Material Global Representative Optimization USD Monthly
HFRX EH: Equity Market Neutral Index UCITS HFRXEMN Equity Hedge Equity Market Neutral Global Representative Optimization USD Daily
HFRX EH: Equity Market Neutral Index (Flagship Funds) Flagship HFRXEMNF Equity Hedge Equity Market Neutral Global Representative Optimization USD Monthly
HFRX EH: Fundamental Growth Index UCITS HFRXEHG Equity Hedge Fundamental Growth Global Representative Optimization USD Daily
HFRX EH: Fundamental Growth Index (Flagship Funds) Flagship HFRXEHGF Equity Hedge Fundamental Growth Global Representative Optimization USD Monthly
HFRX EH: Fundamental Value Index UCITS HFRXEHV Equity Hedge Fundamental Value Global Representative Optimization USD Daily
HFRX EH: Fundamental Value Index (Flagship Funds) Flagship HFRXEHVF Equity Hedge Fundamental Value Global Representative Optimization USD Monthly
HFRX EH: Multi-Strategy Index (Flagship Funds) Flagship HFRXEHMS Equity Hedge Multi-Strategy Global Representative Optimization USD Monthly
HFRX EH: Quantitative Directional Index (Flagship Funds) Flagship HFRXQD Equity Hedge Quantitative Directional Global Representative Optimization USD Monthly
HFRX EH: Short Bias Index (Flagship Funds) Flagship HFRXSB Equity Hedge Short Bias Global Representative Optimization USD Monthly
HFRX EH: Technology/Healthcare Index (Flagship Funds) Flagship HFRXTH Equity Hedge Technology and Healthcare Global Representative Optimization USD Monthly
HFRX Emerging Markets Composite Index UCITS HFRXEMC Composite Composite Emerging Markets Representative Optimization USD Daily
HFRX Energy Transition Index ESG HFRXCLET Composite Composite Global Representative Optimization USD Monthly
HFRX Equal Weighted Strategies CHF Index UCITS HFRXEWC Composite Composite Global Strategy Weighted CHF Daily
HFRX Equal Weighted Strategies EUR Index UCITS HFRXEWE Composite Composite Global Strategy Weighted EUR Daily
HFRX Equal Weighted Strategies GBP Index UCITS HFRXEWG Composite Composite Global Strategy Weighted GBP Daily
HFRX Equal Weighted Strategies Index UCITS HFRXEW Composite Composite Global Strategy Weighted USD Daily
HFRX Equal Weighted Strategies JPY Index UCITS HFRXEWJ Composite Composite Global Strategy Weighted JPY Daily
HFRX Equity Hedge EUR Index UCITS HFRXEHE Equity Hedge Composite Global Representative Optimization EUR Daily
HFRX Equity Hedge Index UCITS HFRXEH Equity Hedge Composite Global Representative Optimization USD Daily
HFRX Equity Hedge Index (Flagship Funds) Flagship HFRXEHFS Equity Hedge Composite Global Representative Optimization USD Monthly
HFRX Event Driven EUR Index UCITS HFRXEDE Event Driven Composite Global Representative Optimization EUR Daily
HFRX Event Driven Index UCITS HFRXED Event Driven Composite Global Representative Optimization USD Daily
HFRX Event Driven Index (Flagship Funds) Flagship HFRXEDFS Event Driven Composite Global Representative Optimization USD Monthly
HFRX Fixed Income – Credit Index UCITS HFRXFIC Composite Composite Global Representative Optimization USD Daily
HFRX Global Hedge Fund CAD Index UCITS HFRXGLCD Composite Composite Global Asset-Weighted CAD Daily
HFRX Global Hedge Fund CHF Index UCITS HFRXGLC Composite Composite Global Asset-Weighted CHF Daily
HFRX Global Hedge Fund EUR Index UCITS HFRXGLE Composite Composite Global Asset-Weighted EUR Daily
HFRX Global Hedge Fund GBP Index UCITS HFRXGLG Composite Composite Global Asset-Weighted GBP Daily
HFRX Global Hedge Fund Index UCITS HFRXGL Composite Composite Global Asset-Weighted USD Daily
HFRX Global Hedge Fund Index (Flagship Funds) Flagship HFRXGLFS Composite Composite Global Asset-Weighted USD Monthly
HFRX Global Hedge Fund JPY Index UCITS HFRXGLJ Composite Composite Global Asset-Weighted JPY Daily
HFRX India Index (Flagship Funds) Flagship HFRXIND Composite Composite Emerging Markets Representative Optimization USD Monthly
HFRX Japan Index (Flagship Funds) Flagship HFRXAJP Composite Composite Asia Representative Optimization USD Monthly
HFRX Latin America Index (Flagship Funds) Flagship HFRXLA Composite Composite Americas Representative Optimization USD Monthly
HFRX Macro: Active Trading Index (Flagship Funds) Flagship HFRXTRAD Macro Active Trading Global Representative Optimization USD Monthly
HFRX Macro: Commodity Index (Flagship Funds) Flagship HFRXCOM Macro Commodity Global Representative Optimization USD Monthly
HFRX Macro: Commodity-Agriculture Index (Flagship Funds) Flagship HFRXAGRI Macro Commodity Global Representative Optimization USD Monthly
HFRX Macro: Commodity-Energy Index (Flagship Funds) Flagship HFRXENEG Macro Commodity Global Representative Optimization USD Monthly
HFRX Macro: Commodity-Metals Index (Flagship Funds) Flagship HFRXMETL Macro Commodity Global Representative Optimization USD Monthly
HFRX Macro: Currency Index (Flagship Funds) Flagship HFRXCUR Macro Currency Global Representative Optimization USD Monthly
HFRX Macro: Discretionary Thematic Index (Flagship Funds) Flagship HFRXDT Macro Discretionary Thematic Global Representative Optimization USD Monthly
HFRX Macro: Multi-Strategy Index (Flagship Funds) Flagship HFRXMMS Macro Multi-Strategy Global Representative Optimization USD Monthly
HFRX Macro: Systematic Diversified CTA Index UCITS HFRXSDV Macro Systematic Diversified Global Representative Optimization USD Daily
HFRX Macro: Systematic Diversified CTA Index (Flagship Funds) Flagship HFRXSDVF Macro Systematic Diversified Global Representative Optimization USD Monthly
HFRX Macro/CTA EUR Index UCITS HFRXME Macro Composite Global Representative Optimization EUR Daily
HFRX Macro/CTA Index UCITS HFRXM Macro Composite Global Representative Optimization USD Daily
HFRX Macro/CTA Index (Flagship Funds) Flagship HFRXMFS Macro Composite Global Representative Optimization USD Monthly
HFRX Market Directional Index UCITS HFRXMD Composite Composite Global Representative Optimization USD Daily
HFRX MENA Index (Flagship Funds) Flagship HFRXMENA Composite Composite Emerging Markets Representative Optimization USD Monthly
HFRX Multi-Emerging Markets Index (Flagship Funds) Flagship HFRXMEM Composite Composite Emerging Markets Representative Optimization USD Monthly
HFRX Multi-Region Index UCITS HFRXMREG Composite Composite Other Representative Optimization USD Daily
HFRX Multi-Region Index (Flagship Funds) Flagship HFRXMRFS Composite Composite Other Representative Optimization USD Monthly
HFRX North America Index (Flagship Funds) Flagship HFRXNA Composite Composite Americas Representative Optimization USD Monthly
HFRX Northern Europe Index (Flagship Funds) Flagship HFRXNE Composite Composite Europe Representative Optimization USD Monthly
HFRX Relative Value Arbitrage EUR Index UCITS HFRXRVAE Relative Value Composite Global Representative Optimization EUR Daily
HFRX Relative Value Arbitrage Index UCITS HFRXRVA Relative Value Composite Global Representative Optimization USD Daily
HFRX Relative Value Index (Flagship Funds) Flagship HFRXRVFS Relative Value Composite Global Representative Optimization USD Monthly
HFRX Russia Index (Flagship Funds) Flagship HFRXRUS Composite Composite Emerging Markets Representative Optimization USD Monthly
HFRX Russia/Eastern Europe Index (Flagship Funds) Flagship HFRXEE Composite Composite Europe Representative Optimization USD Monthly
HFRX RV: FI-Asset Backed Index (Flagship Funds) Flagship HFRXFAB Relative Value Fixed Income – Asset Backed Global Representative Optimization USD Monthly
HFRX RV: FI-Convertible Arbitrage Index UCITS HFRXCA Relative Value Convertible Arbitrage Global Representative Optimization USD Daily
HFRX RV: FI-Convertible Arbitrage Index (Flagship Funds) Flagship HFRXCAFS Relative Value Convertible Arbitrage Global Representative Optimization USD Monthly
HFRX RV: FI-Corporate Index (Flagship Funds) Flagship HFRXFCO Relative Value Fixed Income – Corporate Global Representative Optimization USD Monthly
HFRX RV: FI-Sovereign Index (Flagship Funds) Flagship HFRXFSV Relative Value Fixed Income – Sovereign Global Representative Optimization USD Monthly
HFRX RV: Multi-Strategy Index UCITS HFRXRVMS Relative Value Multi-Strategy Global Representative Optimization USD Daily
HFRX RV: Multi-Strategy Index (Flagship Funds) Flagship HFRXRVMF Relative Value Multi-Strategy Global Representative Optimization USD Monthly
HFRX RV: Real Estate Index (Flagship Funds) Flagship HFRXREAL Relative Value Yield Alternative Global Representative Optimization USD Monthly
HFRX RV: Volatility Index (Flagship Funds) Flagship HFRXVOL Relative Value Volatility Global Representative Optimization USD Monthly
HFRX RV: Yield Alternative Index Flagship HFRXYA Relative Value Yield Alternative Global Representative Optimization USD Monthly
HFRX Total Emerging Market Index (Flagship Funds) Flagship HFRXTEM Composite Composite Emerging Markets Equal-Weighted USD Monthly
HFRX Western/Pan Europe Index (Flagship Funds) Flagship HFRXWE Composite Composite Europe Representative Optimization USD Monthly

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