The Simplify Multi-QIS Alternative ETF (NYSEARCA:QIS) is one of my top alternative ETF picks. They aim to deliver low volatility returns with multi-faceted diversification. The source of returns is foreign to almost all retail investors. It comes with a low expense (1%) compared to hedge funds (2/20). Before we get into the nitty-gritty of why I feel more investors need an allocation to an ETF like QIS, we should get an overview of how the fund works. QIS stands for quantitative investment strategies. These are systematic strategies typically used by hedge funds and sophisticated asset management firms.