AdvisorShares, known for its actively managed exchange traded fund products, is launching a new ETF Wednesday that will provide a long/short hedge fund strategy to any retail investor.

According to a press release, the QAM Equity Hedge ETF (NYSEArca: QEH) is an actively managed fund that tries to outperform the S&P 500 Index while diminishing overall risk. The portfolio managers will utilize a long/short equity strategy that will exceed the risk adjusted performance of about 50% of the universe of managers in the HFRI Equity Hedge Total Index. QEH has an expense ratio of 1.64%.

The fund will hold up to 50 ETFs and other securities, and individual holdings will account for between 5% and 10% of the overall portfolio.

Commerce Asset Management is the sub-advisor of the fund. The portfolio managers include Kurt Voldeng, Chief Operating Officer and Portfolio Manager, and Akos Beleznay, Chief Investment Officer and Portfolio Manager.