The second exchange-traded fund aiming to deliver hedging strategies at bargain-basement prices is set to launch on Tuesday.

The IQ Hedge Macro Strategy Tracker ETF (NYSE Arca: MCRO) is expected to hit the market taking a more specialized approach. Its sister IQ Hedge Multi-Strategy Tracker ETF (NYSE Arca: QAI) set the table in March for using ETFs to mimic hedge funds. But it takes a broad approach across six different types of hedging strategies. (See related story here.)

The new ETF will focus on combining two hedging strategies—global macro and emerging markets. According to IndexIQ, which created MCRO’s underlying benchmarks and serves as its sponsor, the fund will start with about a 75% allocation to emerging markets and 25% to more diversified global markets.

Just as with QAI, the new fund will come with an expense ratio of 0.75%.

As with the original QAI, the index for MCRO will use ETFs rather than stocks or other securities as constituents. The reasoning is that such a methodology reduces portfolio costs and improves tracking efficiencies. It’s important to note that hedge funds focusing on global macro and emerging markets typically buy everything from stocks and bonds to commodities and currencies.

The top constituents in the Macro Tracker ETF’s index heading into May were:

That left the composition at:

• International equities (32.51%)

• Short-Term Bonds (28.69%)

• Corporate Bonds (14.27%)

• U.S. Equity (6.05%)

• Commodity (5.76%)

• International Bonds (5.11%)

• Currency (3.87%)

• Inverse Real Estate (3.74%)

IndexIQ says that over time, the MCRO’s index has shown less volatility and stronger results than the MSCI Emerging Market Index, which is a long-only and fully invested stock-only traditional market-cap-sized index.

MCRO figures to be the next in a much bigger lineup planned by IndexIQ. In April, the firm filed to offer 15 more ETFs based on specific hedging strategies, including the Hedge Macro Strategy Tracker. (See related article here.)