OppenheimerFunds has launched the Diversified Alternatives Fund (ODAAX), a fund of funds that has exposure to the firm’s alternative mutual funds.

The fund, which is managed by Alan Gilston, has exposure to the firm’s Commodity Strategy Total Return Fund, Currency Opportunities Fund, Gold & Special Minerals Fund and the SteelPath Master MLP Fund, among other offerings.

The fund’s operating expense ranges from 104 basis points for Class I shares to 226 bps. for Class C shares. “The Oppenheimer Diversified Alternatives Fund fits into the strategic direction of the firm as we grow our alternatives product line,” Kaitlyn Downing, a spokesperson, told Money Management Executive.

“Investors and advisors have been grappling with how to invest in a transformed market environment with unconventional fixed income challenges or how these asset class will complement a traditional balanced portfolio. We leveraged our expertise in energy MLP’s, real estate securities, currencies, gold mining stocks, commodities and global macro strategies focusing on non-traditional growth and income that addresses needs of investors.”

The firm is also prepping the Main Street Small Cap Fund to launch within the next few months. The fund will bet on companies with market capitalizations in the range of the Russell 2000 Index, according to a regulatory filing.

The portfolio managers of the fund include Matthew Ziehl, Raymond Anello, Raman Vardharaj, Joy Budzinski, Kristin Ketner Pak, Magnus Krantz and Adam Weiner.

Downing declined to comment on the Main Street Small Cap Fund.

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