UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22227
IndexIQ ETF Trust
(Exact name of registrant as specified in charter)
51 Madison Avenue
New York, NY 10010
(Address of principal executive offices) (Zip code)
Kirk C. Lehneis
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-888-474-7725
Date of fiscal year end:April 30
Date of reporting period:April 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission,450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
IndexIQ ETF Trust
Annual Report
April 30, 2020
| | IQ Hedge Multi-Strategy Tracker ETF (QAI) | | | IQ Global Resources ETF (GRES) | |
| | IQ Hedge Macro Tracker ETF (MCRO) | | | IQ Global Agribusiness Small Cap ETF (CROP) | |
| | IQ Hedge Market Neutral Tracker ETF (QMN) | | | IQ U.S. Real Estate Small Cap ETF (ROOF) | |
| | IQ Hedge Long/Short Tracker ETF (QLS) | | | IQ 500 International ETF (IQIN) | |
| | IQ Hedge Event-Driven Tracker ETF (QED) | | | IQ 50 Percent Hedged FTSE International ETF (HFXI) | |
| | IQ Real Return ETF (CPI) | | | IQ 50 Percent Hedged FTSE Europe ETF (HFXE) | |
| | IQ Leaders GTAA Tracker ETF (QGTA) | | | IQ 50 Percent Hedged FTSE Japan ETF (HFXJ) | |
| | IQ Enhanced Core Plus Bond U.S. ETF (AGGP) | | | IQ Candriam ESG International Equity ETF (IQSI) | |
| | IQ Short Duration Enhanced Core Bond U.S. ETF (SDAG) | | | IQ Candriam ESG U.S. Equity ETF (IQSU) | |
| | IQ S&P High Yield Low Volatility Bond ETF (HYLV) | | | IQ Chaikin U.S. Small Cap ETF (CSML) | |
| | IQ Merger Arbitrage ETF (MNA) | | | IQ Chaikin U.S. Large Cap ETF (CLRG) | |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
The investment return and value of each of the Funds’ shares will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus and the statement of additional information include this and other relevant information about the Funds and are available by visiting nylinvestments.com/etfs or by calling 1-888-474-7725. Read the prospectus carefully before investing.
Each of the Funds’ performance that is current to the most recent month-end is available by visiting nylinvestments.com/etfs or by calling 1-888-474-7725.
You may obtain a description of the IndexIQ ETF Trust proxy voting policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the 12-month period ending June 30 (available by August 31) without charge, upon request, by calling 1-888-474-7725 or by accessing the SEC’s website at sec.gov.
The Funds file their complete schedules of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at sec.gov. Each Funds’ premium/discount information is available, free of charge, on the Funds’ website nylinvestments.com/etfs or by calling 1-888-474-7725.
IndexIQ® and IQ® are registered service marks of New York Life Insurance Company.
“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
New York Life Investments is a service mark and name under which New York Life Investment Management LLC does business. New York Life Investments, an indirect subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, provides investment advisory products and services. IndexIQ® is an indirect wholly owned subsidiary of New York Life Investment Management Holdings LLC. ALPS Distributors, Inc. (“ALPS”) is the principal underwriter of the ETFs, and NYLIFE Distributors LLC is a distributor of the ETFs. NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. ALPS Distributors, Inc. is not affiliated with NYLIFE Distributors LLC. NYLIFE Distributors LLC is a Member FINRA/SIPC.
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Shareholder Letter (unaudited)
Dear Shareholder:
We are pleased to present you with this annual report for IndexIQ ETF Trust for the 12 months ended April 30, 2020.
The recent period was one that few will forget, marked as it was by the emergence of the novel coronavirus that causes the disease known as COVID-19. In barely three months, the virus spread into a global pandemic that sharply curtailed global economic activity in March and April 2020.
Before the virus appeared, financial markets faced challenges as well, but despite international trade tensions and the ongoing drama of the U.K.’s slow movement toward an exit from the European Union, the longest bull market in U.S. history charged ahead to the end of 2019 with most other market sectors enjoying gains as well. The new year appeared to start on a similarly positive note with the signing of both an initial United States-China trade agreement and the United States-Mexico-Canada Agreement on regional trade. However, in late December and early January, ominous indications of the new viral outbreak in Wuhan, China had already begun to emerge.
On March 11, 2020, the World Health Organization acknowledged that the disease had reached pandemic proportions, with over 80,000 identified cases in China, thousands in Italy, South Korea and the United States, and more in dozens of additional countries. Governments and central banks pledged trillions of dollars to address the mounting economic and public health crisis; however, “stay-at-home” orders and other restrictions on non-essential activity caused global economic activity to slow. Most stocks and bonds lost significant ground in this challenging environment.
In the United States, with the number of reported U.S. COVID-19 cases continuing to rise, the Federal Reserve (Fed) cut interest rates to near zero and announced unlimited quantitative easing. In late March, the Federal government declared a national emergency as unemployment claims increased by 22 million in a four-week period, and Congress passed and the President signed the CARES Act to provide a $2 trillion stimulus package, with the promise of further aid for consumers and businesses to come. Investors generally responded positively to the government’s fiscal and monetary measures, as well as prospects for a gradual lessening of restrictions on non-essential businesses. Accordingly, despite mounting signs of recession and rapidly rising unemployment levels, markets regained some of the ground in April they had lost the previous month. For the entire annual period, traditional asset classes — along with many alternative strategies — delivered mixed results, with market behavior during the first three weeks of March generally at sharp odds with its performance before and after.
Throughout this period of volatility and stress, each of the ETFs in the IndexIQ ETF Trust have continued to follow its disciplined mandate, together providing a wide range of liquid alternatives through which investors can readily construct portfolios to meet specific criteria and objectives. On the following pages, you will find detailed discussion of the key factors influencing the performance of each ETF for the period ended April 30, 2020.
Today, as we continue to track the curve of the ongoing health crises and its financial ramifications, we are particularly mindful of the people at the heart of our enterprise — our colleagues and valued clients. By taking appropriate steps to minimize community spread of COVID-19 within our organization, we strive to safeguard the health of our investment professionals so they can continue to provide you with a flexible array of investment solutions. If you have any questions or would like more information about IndexIQ ETFs, we invite you to visit us at nylinvestments.com/etfs or call us at 1-888-474-7725.
Sincerely,
Kirk C. Lehneis
President
The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.
Management’s Discussion of Fund Performance (unaudited)
How did IQ Hedge Multi-Strategy Tracker ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Multi-Strategy Tracker ETF returned −1.04% at NAV (net asset value) and −1.26% at market price.1 To compare, the Fund’s Benchmark Index, the IQ Hedge Multi-Strategy Index2 returned −0.38% for the reporting period. The HFRI Fund of Funds Composite Index2 and S&P 500® Index2 returned −3.43% and 0.26%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF employs a 110/10 long/short strategy in line with its Benchmark Index. This approach calls for the simultaneous holding of both long and short positions on different securities. The “110” portion stands for 110% exposure to its long portfolio and the “10” portion stands for 10% exposure to its short portfolio, for a net exposure of 100%.
The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well. Among the ETF’s long positions, volatility and bonds provided positive returns, while commodities, equity and currency proved negative. The total return for short positions was negative for real estate.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the IQ Hedge Multi-Strategy Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the ETFs at the weights in which they were included in the Benchmark Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the Fund to track its Benchmark Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
8 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did the ETF’s allocations change over the course of the reporting period?
On average, the ETF’s allocations to bonds accounted for approximately 73% of assets, while equities accounted for approximately 24%. Allocations to bonds fluctuated between 67% and 82% during the reporting period, while equity allocations fluctuated between 15% and 33%. Allocations to the alternative asset classes of real estate, volatility, currencies and commodities moved within −2% and +6% in aggregate.
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were iShares 20+ Year Treasury Bond ETF, Vanguard Long-Term Treasury ETF and SPDR Portfolio Long Term Treasury ETF. During the same period, Energy Select Sector SPDR Fund, Schwab U.S. Small-Cap ETF and iShares Russell 2000 ETF recorded the lowest returns.
Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares iBoxx $ Investment Grade Corporate Bond ETF, Energy Select Sector SPDR Fund and Vanguard Growth ETF. The weakest contributors were Invesco Senior Loan ETF, Xtrackers MSCI EAFE Hedged Equity ETF and SPDR Blackstone / GSO Senior Load ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)
Fund Performance History
IQ Hedge Multi-Strategy Tracker ETF
(as of April 30, 2020)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Hedge Multi-Strategy Tracker ETF Market Price1 | | | | | -1.26% | | | | | | 0.41% | | | | | | 1.87% | | |
| IQ Hedge Multi-Strategy Tracker ETF NAV | | | | | -1.04% | | | | | | 0.45% | | | | | | 1.88% | | |
| IQ Hedge Multi-Strategy Index | | | | | -0.38% | | | | | | 1.32% | | | | | | 2.71% | | |
| HFRI Fund of Funds Composite Index | | | | | -3.43% | | | | | | 0.57% | | | | | | 1.96% | | |
| S&P 500 Index | | | | | 0.26% | | | | | | 8.45% | | | | | | 11.00% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Hedge Macro Tracker ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Macro Tracker ETF returned −1.51% at NAV (net asset value) and −2.04% at market price.1 To compare, the Fund’s Benchmark Index, the IQ Hedge Macro Index2 returned −1.01% for the reporting period. The HFRI Macro (Total) Index2 and the MSCI World Index2 returned 2.94% and −4.00%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 virus outbreak damaged the global economy in unprecedented ways, which negatively affected the ETF’s performance as well.
The ETF maintained a 110/10 extension strategy, with allocations to bonds, equities, currencies, real estate, and commodities. Allocations to bonds remained at consistent levels while allocations to equities decreased below it’s average level with an offset to commodities. The ETF held short exposure to real estate.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF uses derivative positions where necessary to help it track the Benchmark Index, which contains both long and short exposures. The derivatives positions are primarily total return swaps on the ETFs at the weights in which they are included in the Benchmark Index. Derivatives are not used to gain additional leverage; rather they are used exclusively to enable the Fund to track its Benchmark Index.
How were the ETF’s assets allocated during the reporting period and why?
The ETF’s allocations are driven by quantitative models that determine the weights across the various hedge fund strategies represented in the Fund, as well as the weights of the assets within these strategies. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF’s asset class allocations were adjusted as determined by the Benchmark Index’s proprietary quantitative models. During the reporting period, total bond exposure remained constant at approximately 65%. Exposure to equities stood below its annual average as of April 30, 2020 due to a reduction in the ETF’s overall long allocation, which was offset by increased exposure to currencies. Real estate exposure remained short during the reporting period.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
11 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were iShares 20+ Year Treasury Bond ETF, Vanguard Long-Term Treasury ETF and SPDR Portfolio Long Term Treasury ETF. During the same period, Energy Select Sector SPDR Fund, Schwab U.S. Small-Cap ETF and iShares Russell 2000 ETF recorded the lowest total returns.
Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were SPDR Bloomberg Barclays Convertible Securities ETF, iShares Short Treasury Bond ETF and SPDR Dow Jones International Real Estate ETF. The weakest contributors were iShares Russell 2000 ETF, Vanguard FTSE Emerging Markets ETF and iShares Core MSCI Emerging Markets ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)
Fund Performance History
IQ Hedge Macro Tracker ETF
(as of April 30, 2020)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Hedge Macro Tracker ETF Market Price1 | | | | | -2.04% | | | | | | 0.41% | | | | | | 0.40% | | |
| IQ Hedge Macro Tracker ETF NAV | | | | | -1.51% | | | | | | 0.58% | | | | | | 0.49% | | |
| IQ Hedge Macro (Total) Index | | | | | -1.01% | | | | | | 1.32% | | | | | | 1.18% | | |
| HFRI Macro (Total) Index | | | | | 2.94% | | | | | | 0.39% | | | | | | 1.19% | | |
| MSCI World Index | | | | | -4.00% | | | | | | 4.92% | | | | | | 7.68% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns mayhave been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Hedge Market Neutral Tracker ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Market Neutral Tracker ETF returned −0.62% at NAV (net asset value) and −0.69% at market price.1 To compare, the ETF’s Benchmark Index, IQ Hedge Market Neutral Index2 returned −0.06% for the reporting period. The HFRI Equity Market Neutral Index2 and the Bloomberg Barclays U.S. Short Treasury Bond Index2 returned −1.72% and 2.46%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well.
The ETF employs a 110/10 long/short strategy in line with its Benchmark Index. This approach calls for the simultaneous holding of both long and short positions on different securities. The “110” portion stands for 110% exposure to its long portfolio and the “10” portion stands for 10% exposure to its short portfolio, for a net exposure of 100%. During the reporting period, the strategy was mostly allocated to bonds, followed by equity and currencies, with bonds as the most positive contributor to performance.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the Benchmark Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the ETFs at the weights in which they were included in the Benchmark Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the ETF to track its Benchmark Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
14 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did the ETF’s allocations change over the course of the reporting period?
As mentioned above, the ETF maintained its largest core allocation to bonds, followed by equities and currency. Bond exposure generally increased and bond exposure decreased over the course of the reporting period.
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Vanguard Russell 1000 Growth ETF, Vanguard Russell 1000 Value ETF and Schwab Intermediate-Term US Treasury ETF. During the same period, SPDR S&P Bank ETF, iShares MSCI Eurozone ETF and Invesco KBW Bank ETF recorded the lowest returns.
Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares Short Treasury Bond ETF and Vanguard Intermediate-Term Corporate Bond ETF. The weakest contributors were Vanguard FTSE All-World ex-US Small-Cap ETF, iShares Core MSCI Pacific ETF and iShares MSCI All Country Asia ex Japan ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Hedge Market Neutral Tracker ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Hedge Market Neutral Tracker ETF Market Price2 | | | | | -0.69% | | | | | | 1.04% | | | | | | 0.70% | | | | | | 1.06% | | | | | | 8.33% | | |
| IQ Hedge Market Neutral Tracker ETF NAV | | | | | -0.62% | | | | | | 1.07% | | | | | | 0.70% | | | | | | 1.07% | | | | | | 8.43% | | |
| IQ Hedge Market Neutral Index | | | | | -0.06% | | | | | | 1.66% | | | | | | 1.56% | | | | | | 1.99% | | | | | | 16.13% | | |
HFRI Equity Market Neutral Index3 | | | | | -1.72% | | | | | | 0.54% | | | | | | 1.59% | | | | | | 2.63% | | | | | | 21.77% | | |
| Bloomberg Barclays U.S. Short Treasury Bond Index | | | | | 2.46% | | | | | | 1.94% | | | | | | 1.32% | | | | | | 0.91% | | | | | | 7.12% | | |
1
Fund Inception Date: 10/04/2012.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
Data shown above for the HFRI Equity Market Neutral Index is from 9/30/2012 to 4/30/2020.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Hedge Long/Short Tracker ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Long/Short Tracker ETF returned 0.93% at NAV (net asset value) and 1.46% at market price.1 To compare, the Fund’s Benchmark Index, IQ Hedge Long/Short Index2 returned 1.49% for the reporting period. The HFRI Equity Hedge Index2 and the MSCI World Index2 returned −4.44% and −4.00%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well.
The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF employs 110/10 extension strategy with allocations to equities, bonds, volatility and real estate. During the reporting period, bonds provided the strongest positive contributions to the ETF’s performance, while equities detracted most significantly.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the Benchmark Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the ETFs at the weights in which they were included in the Benchmark Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the Fund to track its Benchmark Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its largest core allocation to equities, followed by bonds. Equity exposure increased and bond exposure decreased over the course of the reporting period, with equities accounting for approximately 65% of the Fund’s assets on average. Volatility was constrained to long-only exposure while the ETF’s real estate position remained short during the reporting period.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
17 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were iPath Series B S&P 500 VIX Short-Term Futures ETN, iShares 20+ Year Treasury Bond ETF and Vanguard Long-Term Treasury ETF. During the same period, iShares S&P Small-Cap 600 Value ETF, iShares Russell 2000 Value ETF and Vanguard Small Cap Value ETF recorded the lowest returns.
Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard FTSE Developed Markets ETF, iShares Core MSCI EAFE ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF. The weakest contributors were Xtrackers MSCI EAFE Hedged Equity ETF, Vanguard FTSE All-World ex-US Small-Cap ETF and iShares MSCI EAFE Growth ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Hedge Long/Short Tracker ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Hedge Long/Short Tracker ETF Market Price2 | | | | | 1.46% | | | | | | 4.16% | | | | | | 2.48% | | | | | | 3.21% | | | | | | 17.48% | | |
| IQ Hedge Long/Short Tracker ETF NAV | | | | | 0.93% | | | | | | 3.97% | | | | | | 3.25% | | | | | | 3.12% | | | | | | 16.96% | | |
| IQ Hedge Long/Short Index | | | | | 1.49% | | | | | | 4.64% | | | | | | 4.24% | | | | | | 4.11% | | | | | | 22.86% | | |
HFRI Equity Hedge Index3 | | | | | -4.44% | | | | | | 1.66% | | | | | | 2.04% | | | | | | 2.36% | | | | | | 12.62% | | |
| MSCI World Index | | | | | -4.00% | | | | | | 4.99% | | | | | | 4.92% | | | | | | 4.87% | | | | | | 27.53% | | |
1
Fund Inception Date: 3/24/2015.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
Data shown above for the HFRI Equity Hedge Index is from 3/31/2015 to 4/30/2020.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Hedge Event-Driven Tracker ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Hedge Event-Driven Tracker ETF returned 0.25% at NAV (net asset value) and 0.11% at market price.1 To compare, the Fund’s Benchmark Index, IQ Hedge Event-Driven Index2 returned 0.57% for the reporting period. The HFRI Event-Driven (Total) Index2 and the Bloomberg Barclays U.S. Aggregate Bond Index2 returned −7.52% and 10.84%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 pandemic undermining the global economy in unprecedented ways during the reporting period, which negatively affected the Fund’s performance as well.
The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF employs a long/short net 100% strategy, which calls for the simultaneous holding of both long and short positions on different securities. On average during the reporting period, the ETF’s overall long allocation was 102%, with the long position exceeding 100% funded with the proceeds from an average 2% short position. During the same period, the ETF maintained long-only bond exposures, and both long and short equity exposures.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the Benchmark Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the ETFs at the weights in which they were included in the Benchmark Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the ETF to track its Benchmark Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
20 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did the ETF’s allocations change over the course of the reporting period?
On average, the ETF’s allocations to bonds accounted for approximately 92% of assets, while equities accounted for approximately 8%. Within the ETF’s bond allocation, investment-grade corporate bonds and high-yield corporation bonds represented the largest positions. Both contributed positively to ETF’s performance. Bank loans detracted most from the ETF’s fixed-income performance.
Over the course of the reporting period, the ETF’s bond exposure generally decreased while equity exposure increased. Within the ETF’s bond allocation, investment-grade corporate exposure decreased from 25.4% to 18.7%. On the equity side, exposure to U.S. preferred securities was the only short position on average, and made the largest positive contribution to ETF performance.
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Vanguard Short-Term Corporation Bond ETF, SPDR Portfolio Short Term Corporate Bond ETF and Invesco Preferred ETF. During the same period, iShares S&P Small-Cap 600 Growth ETF, iShares Russell 2000 Growth ETF and SPDR Blackstone / GSO Senior Loan ETF recorded the lowest returns.
Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares Preferred & Income Securities ETF, Vanguard Short-Term Corporate Bond ETF and SPDR Bloomberg Barclays Convertible Securities ETF. The weakest contributors were Invesco Senior Loan ETF, SPDR Blackstone / GSO Senior Loan ETF and iShares S&P Small-Cap 600 Growth ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Hedge Event-Driven Tracker ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Hedge Event-Driven Tracker ETF Market Price2 | | | | | 0.11% | | | | | | 3.36% | | | | | | 3.45% | | | | | | 3.43% | | | | | | 18.80% | | |
| IQ Hedge Event-Driven Tracker ETF NAV | | | | | 0.25% | | | | | | 3.41% | | | | | | 3.46% | | | | | | 3.45% | | | | | | 18.90% | | |
| IQ Hedge Event-Driven Index | | | | | 0.57% | | | | | | 3.83% | | | | | | 4.00% | | | | | | 3.99% | | | | | | 22.13% | | |
HFRI Event-Driven (Total) Index3 | | | | | -7.52% | | | | | | -0.23% | | | | | | 1.20% | | | | | | 1.43% | | | | | | 7.51% | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | | | 10.84% | | | | | | 5.17% | | | | | | 3.80% | | | | | | 3.65% | | | | | | 20.11% | | |
1
Fund Inception Date: 3/24/2015.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
Data shown above for the HFRI Event-Driven (Total) Index is from 3/31/2015 to 4/30/2020.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Real Return ETF perform during the 12 months ended
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Real Return ETF returned −1.13% at NAV (net asset value) and −1.33% at market price.1 To compare, the Fund’s Benchmark Index, IQ Real Return Index2 returned −0.96% for the reporting period. The Bloomberg Barclays U.S. Short Treasury Bond Index2 returned 2.46% for the same period.
What factors affected the ETF’s performance during the reporting period?
The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The strategy is long-only and allocates a core position to cash-like instruments and satellite positions to equities, commodities, currencies and duration.3
Exposure to short-term U.S. Treasury bonds accounted over three-quarters of the ETF’s overall allocation during the reporting period and produced slightly over half of the ETF’s total gains. The ETF’s exposure to equities, considered inflation-sensitive assets, provided another significant source of positive performance at a time of rising interest rates. Intermediate-term Treasury bonds produced additional positive performance for the ETF. On the other hand, commodities, which tend to move inversely to the performance of the U.S. dollar, detracted from the ETF’s returns. The COVID-19 pandemic damaged the global economy in an unprecedent way, which impacted performance negatively as well.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index are driven by quantitative models that determine the weights across the various hedge fund strategies represented in the ETF as well as weights of the assets within those strategies. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its core allocation to short-term Treasury bonds during the reporting period, as well as a dominant satellite allocation to equities. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations. Annual portfolio turnover was 97% for the reporting period as a whole.
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Invesco Currencyshares Japanese Yen Trust, iShares 20+ Year Treasury Bond ETF and Invesco Treasury Collateral ETF. During the same period, Invesco DB Oil Fund, SPDR Dow Jones REIT ETF and iShares U.S. Real Estate ETF recorded the lowest total returns.
Which underlying ETFs were the strongest positive contributors to the ETF’s performance and which underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares Short Treasury Bond ETF, PIMCO Enhanced Short Maturity Active ETF and SPDR Bloomberg Barclays 1-3 Month T-Bill ETF. The weakest contributors were Invesco DB Oil Fund, Vanguard Real Estate ETF and iShares Russell 2000 ETF.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
23 for more information on this index.
3
Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.
Management’s Discussion of Fund Performance (unaudited) (continued)
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)
Fund Performance History
IQ Real Return ETF
(as of April 30, 2020)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Real Return ETF Market Price1 | | | | | -1.33% | | | | | | 0.94% | | | | | | 1.25% | | |
| IQ Real Return ETF NAV | | | | | -1.13% | | | | | | 1.08% | | | | | | 1.25% | | |
| IQ Real Return Index | | | | | -0.96% | | | | | | 1.35% | | | | | | 1.64% | | |
| Bloomberg Barclays U.S. Short Treasury Bond Index | | | | | 2.46% | | | | | | 1.32% | | | | | | 0.74% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Leaders GTAA Tracker ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Leaders GTAA Tracker ETF returned −7.32% at NAV (net asset value) and −7.31% at market price.1 To compare, the Fund’s Benchmark Index, IQ Leaders GTAA Tracker Index2 returned −7.09% for the same period.
What factors affected the ETF’s performance during the reporting period?
The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF’s assets were allocated primarily to international and U.S. large-cap equities and high yield corporate bonds during the reporting period. Due largely to the impact of the COVID-19 pandemic, most equity and bond allocations produced negative returns. However, the ETF’s aggregate bond allocation enhanced returns, as did short positions in real estate and small-cap U.S. equities.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF uses derivative positions where necessary to help it track its Benchmark Index, which contains both long and short positions. The derivatives positions are primarily total return swaps on the ETFs at the weights in which they are included in the Benchmark Index. Derivatives are not used to gain leverage beyond the positions in the Benchmark Index; rather, they are used exclusively to enable the ETF to track its Benchmark Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index are driven by quantitative models. Given the rules-based nature of this approach, there is no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF’s allocations to intermediate Treasury bonds moved between long and short positions, averaging as a short position for the reporting period as a whole.
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Technology Select Sector SPDR Fund, iShares 7-10 Year Treasury Bond ETF and Health Care Select Sector SPDR Fund. During the same period, Vanguard Energy ETF, Energy Select Sector SPDR Fund and Vanguard Industrials ETF recorded the lowest total returns.
Which underlying ETFs were the strongest positive contributors to the ETF’s performance and which underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard Information Technology ETF, Technology Select Sector SPDR Fund and Health Care Select Sector SPDR Fund. The weakest contributors included Energy Select Sector SPDR Fund, Financial Select Sector SPDF Fund and SPDR Bloomberg Barclays Convertible Securities ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
25 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Leaders GTAA Tracker ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Leaders GTAA Tracker ETF Market Price2 | | | | | -7.31% | | | | | | 1.35% | | | | | | 4.42% | | | | | | 21.96% | | |
| IQ Leaders GTAA Tracker ETF NAV | | | | | -7.32% | | | | | | 1.40% | | | | | | 4.45% | | | | | | 22.08% | | |
| IQ Leaders GTAA Tracker Index | | | | | -7.09% | | | | | | 1.67% | | | | | | 4.88% | | | | | | 24.43% | | |
| MSCI All Country World Index | | | | | -4.96% | | | | | | 4.46% | | | | | | 8.12% | | | | | | 43.07% | | |
1
Fund Inception Date: 9/30/2015.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Enhanced Core Plus Bond U.S. ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Enhanced Core Plus Bond U.S. ETF returned 7.11% at NAV (net asset value) and 7.24% at market price.1 To compare, the Fund’s Benchmark Index, IQ Enhanced Core Plus Bond U.S. Index,2 returned 7.46% for the reporting period. The Bloomberg Barclays U.S. Aggregate Bond Index2 returned 10.84% for the same period.
What factors affected the ETF’s performance during the reporting period?
The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF’s long-only strategy rotates among seven bond sectors: high yield corporate bonds; U.S. dollar-denominated emerging markets debt; investment grade corporate bonds; mortgage-backed securities (“MBS”); long-term U.S. Treasury bonds; intermediate-term U.S. Treasury bonds; and short-term U.S. Treasury bonds.
During the reporting period, the ETF’s core allocation to short-term Treasury securities was responsible for most of the ETF’s total returns. However, all sector allocations generated positive returns during the reporting period. While market volatility related to the COVID-19 pandemic caused the ETF’s performance to decline in mid-March 2020, performance rebounded in April.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index are driven by quantitative models that determine the weights across the various aggregate bond sectors based on short-term and long-term momentum signals. The Benchmark Index’s maximum and minimum allocations to individual sectors varies based on the sector’s weight within the broad U.S. bond market. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF may allocate up to 25% of its assets to high yield corporate bonds, up to 5% to emerging markets debt and up to 50% to all other asset classes. During the reporting period, the ETF’s average allocations to high yield corporate bonds and emerging markets debt were below these levels, although maximum allocations were reached on certain rebalance days. MBS were the ETF’s dominant allocation, ranging between 0% and 50% during the same period. Allocations between long-term Treasury bonds and intermediate-term Treasury bonds rotated their exposures.
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were iShares 20+ Year Treasury Bond ETF, Vanguard Long-Term Treasury ETF and iShares JP Morgan USD Emerging Markets Bond ETF. During the same period, Vanguard Intermediate-Term Corporate Bond ETF, SPDR Portfolio Intermediate Term Corporate Bond and Vanguard Short-Term Corporate Bond ETF recorded the lowest total returns.
Which underlying ETFs were the strongest positive contributors to the ETF’s performance and which underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares MBS ETF, Vanguard Long-Term Corporate Bond ETF and Schwab Short-Term U.S. Treasury ETF. The weakest
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
28 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
contributors were Vanguard Long-Term Treasury ETF, iShares 10-20 Year Treasury Bond ETF and Vanguard Emerging Markets Government Bond ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Enhanced Core Plus Bond U.S. ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Enhanced Core Plus Bond U.S. ETF Market Price2 | | | | | 7.24% | | | | | | 3.03% | | | | | | 2.94% | | | | | | 12.23% | | |
| IQ Enhanced Core Plus Bond U.S. ETF NAV | | | | | 7.11% | | | | | | 3.04% | | | | | | 2.94% | | | | | | 12.22% | | |
| IQ Enhanced Core Plus Bond U.S. Index | | | | | 7.46% | | | | | | 3.32% | | | | | | 3.20% | | | | | | 13.37% | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | | | 10.84% | | | | | | 5.17% | | | | | | 4.03% | | | | | | 17.00% | | |
1
Fund Inception Date: 5/10/2016.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Short Duration Enhanced Core Bond U.S. ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Short Duration Enhanced Core Bond U.S. ETF returned −1.43% at NAV (net asset value) and −1.42% at market price.1 To compare, the ETF’s Benchmark Index, IQ Short Duration Enhanced Core Bond U.S. Index2 returned −1.17% for the reporting period. The Bloomberg Barclays U.S. Government/Credit 1-5 Year Index2 and the Bloomberg Barclays U.S. Aggregate Bond Index2 returned 6.28% and 10.84%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). During the reporting period, the COVID-19 pandemic damaged the global economy in an unprecedent way, which affected IQ Short Duration Enhanced Core Bond U.S. ETF performance negatively as well. The ETF’s allocation to short maturity high-yield corporate bonds generated the most significantly negative returns due to pandemic-related market anxiety. Conversely, allocations to short maturity investment-grade bonds enhanced the ETF’s performance, outperforming other sectors due to their shorter duration,3 which minimized duration risk. Short-term Treasury bonds also bolstered ETF performance.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Benchmark Index are driven by quantitative models that determine the weights across the various aggregate bond sectors based on short-term and long-term momentum signals. The Benchmark Index’s maximum and minimum allocations to individual sectors varies based on the sector’s weight within the broad U.S. bond market. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF’s allocations to short-term Treasury bonds and investment-grade credit rotated during the reporting period, resulting in an increased allocation to Treasury securities and a decreased allocation to investment-grade credit. The ETF also reduced its allocation to high-yield credit during the same period. By April 30, 2020, allocations to short-term Treasury instruments and investment-grade credit represented the ETF’s primary exposures, while high-yield and floating rate credits had zero weights.
During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?
Four underlying ETFs posted positive total returns during the reporting period, with iShares 0-5 Year Investment Grade Corporate Bond ETF reported the strongest performance, followed by Vanguard Short-Term Corporate Bond ETF, Schwab Short-Term US Treasury ETF and Vanguard Short-Term Treasury ETF. Conversely, four underlying ETFs posted negative total returns during the same period, with SPDR Bloomberg Barclays Short Term High Yield Bond ETF reporting the weakest performance, followed by iShares 0-5 Year High Yield Corporate Bond ETF, iShares Floating Rate Bond ETF and SPDR Bloomberg Barclays Investment Grade Floating Rate ETF.
Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
31 for more information on this index.
3
Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.
Management’s Discussion of Fund Performance (unaudited) (continued)
Short-Term Corporate Bond ETF, Schwab Short-Term US Treasury ETF, Vanguard Short-Term Treasury ETF and iShares 0-5 Year Investment Grade Corporate Bond ETF. The weakest contributors included iShares 0-5 Year High Yield Corporate Bond ETF, SPDR Bloomberg Barclays Short Term High Yield Bond ETF, iShares Floating Rate Bond ETF and SPDR Bloomberg Barclays Investment Grade Floating Rate ETF.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Short Duration Enhanced Core Bond U.S. ETF
(as of April 30, 2020)
| | | | 1 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Short Duration Enhanced Core Bond U.S. ETF Market Price2 | | | | | -1.42% | | | | | | 0.55% | | | | | | 0.75% | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF NAV | | | | | -1.43% | | | | | | 0.56% | | | | | | 0.77% | | |
| IQ Short Duration Enhanced Core Bond U.S. Index | | | | | -1.17% | | | | | | 0.82% | | | | | | 1.12% | | |
| Bloomberg Barclays U.S. Government/Credit 1-5 Year Index | | | | | 6.28% | | | | | | 6.39% | | | | | | 8.85% | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | | | 10.84% | | | | | | 10.72% | | | | | | 14.98% | | |
1
Fund Inception Date: 12/18/2018.
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ S&P High Yield Low Volatility Bond ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ S&P High Yield Low Volatility Bond ETF returned 0.71% at NAV (net asset value) and 1.34% at market price.1 To compare, the Fund’s Benchmark Index, S&P U.S. High Yield Low Volatility Corporate Bond Index2 returned 1.21% for the same period. The ICE BofAML U.S. High Yield Index returned −5.26% for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
The ETF seeks investment results that track the price and yield performance of its Benchmark Index, the S&P High Yield Low Volatility Corporate Bond Index. The Benchmark Index is made up of U.S. dollar-denominated high yield corporate bonds that have been selected in accordance with a rules-based methodology. This methodology is based on the concept that duration3 times spread4 (DTS) is an effective volatility measure of credit risk for corporate bonds. Overlaying the marginal contribution to risk (MCR) approach on the DTS of a corporate bond portfolio and measuring the credit risk of individual bonds in a portfolio context allows for a meaningful way to screen out riskier bonds. As such, the total return volatility for bonds in the S&P High Yield Low Volatility Corporate Bond Index is, in aggregate, expected to be lower relative to the aggregate group of bonds in the broad U.S. dollar-denominated high yield corporate bond market.
During the reporting period, the U.S. Federal Reserve Board (“Fed”) cut the targeted federal funds rate five times, including an emergency rate cut of 50 basis points on March 3, 2020 in response to the widening COVID-19 outbreak and a second emergency cut of 100 basis points on March 15th. (A basis point is one one-hundredth of a percentage point.) As a result, the federal funds rate declined from a range of 2.25-2.5% on April 30, 2019 to a range of 0-0.25% on April 30, 2020, matching its lowest rate in history. During the same period, the yield on the 2-year Treasury decreased from 2.33 to 0.25%. Rates on longer dated bonds also declined, with the 10-year Treasury moving from 2.5% to 0.67%.
To relieve the significant economic contraction caused by coronavirus, fiscal policy measures were also enacted, with the United States passing the CARES Act at the end of March. This fiscal support package, totaling over $2 trillion, was designed to cushion the economic blow of the virus and social distancing policies by providing direct cash support to the most affected households and helping business meet their immediate obligations.
U.S. equity markets were volatile throughout the reporting period. After setting a new all-time high in mid-February 2020, the S&P 500 Index declined more than 33% by mid-March, then recovered much the ground it lost in April.
According to the Bureau of Labor Statistics’ monthly job reports, the U.S. labor markets lost 701,000 nonfarm payroll jobs in March, wiping out the jobs added during January and February 2020 and ending a long period of robust job growth. More telling, however, was the record 6.6 million people who filed for unemployment benefits in the week ending March 28, according to the Department of Labor.
U.S. crude oil, as measured by West Texas Intermediate (WTI) pricing, was generally stable throughout the first three quarters of the reporting period before declining nearly 60% during the first three months of 2020.
U.K. Prime Minister Boris Johnson finalized a negotiated Brexit plan with the European Union in the latter half of 2019. After winning a substantial parliamentary majority in the December election, considered an endorsement of Johnson’s Brexit, Britain Parliament approved the deal and Britain exited the European Union on January 31, 2020.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
34 for more information on this index.
3
Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.
4
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.
Management’s Discussion of Fund Performance (unaudited) (continued)
What factors affected the ETF’s performance during the reporting period?
The ETF underperformed the S&P U.S. High Yield Low Volatility Corporate Bond Index by 50 basis points during the reporting period, reflecting the ETF’s optimization process and bond market structure.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period included tobacco, health care providers and services, and electric utilities. The sectors recording the lowest total returns over the same period included mortgage real estate investment trusts (REITs), oil & gas, and chemicals.
During the reporting period, which sectors made the strongest contributions to the ETF’s absolute performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance included media, health care providers and services, and wireless telecommunications services. The sectors making the weakest contributions to the ETF’s absolute performance over the reporting period were hotels restaurants & leisure, oil & gas, and consumer finance.
During the reporting period, which individual securities had the highest total returns and which securities had the lowest total returns?
In the Benchmark Index, the securities providing the highest total returns during the reporting period included securities issued by hospital operator HCA Healthcare, financial services company Ally Financial, streaming content provider Netflix and automotive manufacturer Ford Motor. The Benchmark Index components with the lowest total returns for the same period included securities issued by independent oil & gas exploration company WPX Energy and midstream oil & gas company DCP Midstream.
Which individual securities made the strongest contributions to the ETF’s absolute performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the securities that made the strongest contributions to the ETF’s absolute performance during the reporting period were issued by midstream energy provider Targa Resources Partners, streaming media content provider Netflix and hotel and motel operator Hilton Domestic Operating Co. The weakest contributors were issued by debt issuer CRC Escrow Issuer, independent oil & gas exploration company WPX Energy, rail and air transport manufacturer Bombardier, and health care services provider Tenet Healthcare.
Were there any changes in the Benchmark Index during the reporting period?
The security selection process of the Benchmark Index is designed to measure the performance of U.S. high yield bonds that exhibit low volatility characteristics as measured by marginal contribution to risk (MCR), and that meet both liquidity and maturity criteria. Bonds that meet the criteria of the S&P U.S. High Yield Low Volatility Corporate Bond Index are market value weighted, subject to an issuer weight cap whereby any issuer that exceeds 3% of the market value weight of the index is capped at 3%. The excess market value over the 3% cap is redistributed on a pro-rata basis to all the index bonds of the other issuers that are below the 3% cap. This process is then repeated until no issuer exceeds the 3% limit.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ S&P High Yield Low Volatility Bond ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ S&P U.S. High Yield Low Volatility Bond ETF Market Price2 | | | | | 1.34% | | | | | | 2.47% | | | | | | 2.93% | | | | | | 9.68% | | |
| IQ S&P U.S. High Yield Low Volatility Bond ETF NAV | | | | | 0.71% | | | | | | 2.43% | | | | | | 2.72% | | | | | | 9.00% | | |
| S&P U.S. High Yield Low Volatility Corporate Bond Index | | | | | 1.21% | | | | | | 2.80% | | | | | | 3.07% | | | | | | 10.18% | | |
| ICE BofAML US High Yield Index | | | | | -5.26% | | | | | | 1.43% | | | | | | 1.89% | | | | | | 6.19% | | |
1
Fund Inception Date: 2/15/2017.
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Merger Arbitrage ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Merger Arbitrage ETF returned 0.10% at NAV (net asset value) and −0.10% at market price.1 To compare, the Fund’s Benchmark Index, IQ Merger Arbitrage Index2 returned 0.50% for the reporting period. The HFRI Event Driven Merger Arbitrage Index,2 MSCI World Index2 and the S&P 500® Index2 returned −1.73%, −4.00% and 0.26%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well.
The Benchmark Index seeks to capture the takeover premium of merger and acquisition (“M&A”) targets. Through a proprietary merger selection process, the Benchmark Index selects target companies satisfying all required selection criteria and holds securities until the premium has been realized through a successful merger or until any of the selection criteria are violated prior to the monthly reconstitution, in which case the security is dropped from the index. Key risks of the strategy include potential withdrawal or cancellation of a pending merger, the failure to meet selection criteria pertaining to liquidity, deal age or size requirements, and the risks associated with deal payment through the use of the acquiring company’s stock. Any or all of these conditions can result in under-realization of the deal premium.
During the reporting period, the number of global M&A deals remained fairly consistent, although at a decreasing size per deal. The embedded premium, however, remained steady. Approximately 9.3% of deals in which the Benchmark Index participated failed to complete due to deal termination or failure to maintain the strategy’s holding criteria. Approximately 60% of deals completed successfully, while 13% of deals were removed for failing to meet criteria necessary to remain in the Benchmark Index.
The strategy also employs a hedging methodology primarily using U.S. large-cap equities. While U.S. large-cap equities produced negative overall returns during the reporting period, the ETF’s hedges produced positive returns.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF used hedges to dampen potential downward price performance of the acquiring company’s stock used in stock-based transactions. In cases when the acquiring company’s economic sector performed positively, the hedge detracted from performance. Conversely, when the acquiring company’s economic sector performed negatively, the hedge contributed positively to performance. As mentioned above, during
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
37 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
the reporting period the ETF’s hedges produced positive returns. The ETF only hedged its exposure to stock-based transactions.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period were energy, communication services and real estate. During the same period, the materials, industrials and financials sectors recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that provided the strongest positive contributions to the ETF’s absolute performance were North America hedge, health care and non-North America hedge. The sectors providing the weakest contributions to the ETF’s absolute performance were consumer discretionary, industrials and financials.
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Cincinnati Bell, UNIZO Holdings and Mobile Mini. Cincinnati Bell is a local exchange and wireless provider serving residential and business customers. UNIZO Holdings owns, leases and manages office buildings, golf courses and hotels. Mobile Mini provides portable storage solutions through its lease fleet of portable storage units.
The Benchmark Index components with the lowest total returns for the same period were Hexcel, Cineplex and AK Steel Holding. Hexcel develops, manufactures, and markets reinforcement products, composite materials and engineered products. Cineplex owns and operates movie theaters in Canada, and exhibits regular format films as well as digital, 3D and IMAX movies. AK Steel Holding, through subsidiaries, produces carbon, stainless and electrical flat-rolled steel for automotive, infrastructure, manufacturing and other markets, as well as carbon and stainless tubing for truck, automotive, and other markets.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were sector hedges, Industrial Select Sector SPDR Fund, Vanguard FTSE Europe ETF and iShares U.S. Financial Services ETF. The weakest contributors during the same period were vehicle manufacturer Fiat Chrysler, defense contractor Raytheon and automobile parts and equipment maker Delphi Technologies.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index is reconstituted and rebalanced monthly. Intra-month removal of deals occurs only for completed transactions. All other deals are removed at the monthly rebalance. The timing of the rebalance can have both positive and potentially adverse effects, depending on the circumstance of the deal, the number of competing offers and if new acquirers attempt to acquire existing targets. The ETF’s hedges are also reset at this time.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)
Fund Performance History
IQ Merger Arbitrage ETF
(as of April 30, 2020)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Merger Arbitrage ETF Market Price1 | | | | | -0.10% | | | | | | 1.88% | | | | | | 2.13% | | |
| IQ Merger Arbitrage ETF NAV | | | | | 0.10% | | | | | | 1.96% | | | | | | 2.18% | | |
| IQ Merger Arbitrage Index | | | | | 0.50% | | | | | | 2.59% | | | | | | 3.06% | | |
| HFRI ED: Merger Arbitrage Index | | | | | -1.73% | | | | | | 2.69% | | | | | | 2.96% | | |
| MSCI World Index | | | | | -4.00% | | | | | | 4.92% | | | | | | 7.68% | | |
| S&P 500 Index | | | | | 0.26% | | | | | | 8.45% | | | | | | 11.00% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Global Resources ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Global Resources ETF returned −8.89% at NAV (net asset value) and −9.81% at market price.1 To compare, the Fund’s Benchmark Index, the IQ Global Resources Index2 returned −8.00% for the reporting period. The S&P Global Natural Resources Index-Net,2 Bloomberg Commodity Spot Index2 and MSCI® World Index2 returned −20.35%, −18.23% and −4.00%, respectively, during the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
Commodity prices had been weakening prior to the global shutdown brought on by the COVID-19 pandemic. Concerns about the possible end of the historic global bull market for equities weighed on commodity prices in general and on economically sensitive commodities like oil and industrial metals more specifically. The pandemic-induced global shutdown hit these commodities especially hard, with oil futures actually trading in negative territory for a brief time. The precious metals sector was the lone bright spot as global volatility drove investors to seek the relative safety of gold.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF uses derivative positions where necessary to help it track its Benchmark Index, which contains both long and short weights. The ETF’s derivatives positions consisted of short positions in futures contracts on the S&P 500 and MSCI EAFE Index. Over the full period, the short positions added value as international markets sold off. The U.S. markets were generally flat for this time period, although there was significant volatility.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, the best-performing sectors during the reporting period in the Benchmark Index included precious metals, water and the short domestic hedge. The energy, coal and industrials metals sectors recorded the lowest total returns during the same period.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
40 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were precious metals, the short international hedge and water. The sectors that made the weakest contributions to the ETF’s absolute performance were energy, coal and industrial metals.
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks producing the highest total returns during the reporting period included Yamana Gold, Kinross Gold and Barrick Gold Corporation. Yamana Gold is an intermediate gold producer with production, development stage and exploration properties throughout Brazil. Kinross Gold is involved in the exploration, development and production of gold globally. Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia and Africa.
The Benchmark Index constituents with the lowest total returns for the same period were Southern Energy, Peabody Energy and CONSOL Energy. Southern Energy is as an oil and natural gas exploration and production company. Peabody Energy mines and markets low sulfur coal, primarily for use by electric utilities. CONSOL Energy produces and exports high-bituminous thermal and crossover metallurgical coal.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Newmont and Barrick Gold (described above). Newmont acquires, explores, and develops mineral properties.
The weakest contributors to the ETF’s absolute performance during the same period were Teck Resources, China Shenhua Energy and Royal Dutch Shell. Teck Resources is an integrated natural resource group active in mining, smelting, and refining. China Shenhua Energy mines and distributes coal products. Royal Dutch Shell, is an integrated oil and gas company with diversified global operations.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index is reconstituted annually with monthly reweights. In turn, the ETF rebalances its sector weights each month according to a proprietary rotation methodology that overweights sectors with high price momentum and low valuation and underweights sectors with the opposite characteristics. The adjusted minimum and maximum weights for individual sectors are based on their model output scores.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)
Fund Performance History
IQ Global Resources ETF
(as of April 30, 2020)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Global Resources ETF Market Price1 | | | | | -9.81% | | | | | | -1.39% | | | | | | -0.16% | | |
| IQ Global Resources ETF NAV | | | | | -8.89% | | | | | | -1.27% | | | | | | -0.10% | | |
| IQ Global Resources Index | | | | | -8.00% | | | | | | 0.25% | | | | | | 0.99% | | |
| S&P Global Natural Resources Index-Net | | | | | -20.35% | | | | | | -1.52% | | | | | | -0.92% | | |
| Bloomberg Commodity Spot Index | | | | | -18.23% | | | | | | -3.69% | | | | | | -2.48% | | |
| MSCI World Index | | | | | -4.00% | | | | | | 4.92% | | | | | | 7.68% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Global Agribusiness Small Cap ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Global Agribusiness Small Cap ETF returned −12.34% at NAV (net asset value) and −13.12% at market price.1 To compare, the Fund’s Benchmark Index, IQ Global Agribusiness Small Cap Index2 returned −11.79% for the reporting period. The MSCI World Small Cap Index2 and the MSCI ACWI Select Agriculture Producers IMI Index2 returned −14.62% and −16.99%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
Global trade tensions had a negative impact on ETF performance. As the ETF focuses its investments in small capitalization companies primarily engaged in agribusiness, tariffs on agricultural products dampened global demand. For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
During the reporting period, the Benchmark Index’s livestock operations sector outperformed other sectors, posting the smallest negative contribution to return. (Contributions take weightings and total returns into account.) The crop production & farming sector posted the most significant negative contributions to return for the same period.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
The Benchmark Index is organized into five sectors. During the reporting period, they all generated negative returns. In terms of total return, livestock operations and agricultural chemicals were the best performing sectors in the Benchmark Index. The agricultural machinery, agricultural supplies & logistics, and crop production and farming sectors posted the weakest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sector that made the smallest negative contribution to the ETF’s absolute performance was livestock operations. The sectors that made the weakest contributions to the ETF’s absolute performance were crop production & farming, and agricultural machinery.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
43 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Elders Limited, Prima Meat Packers and Morinaga Milk Industry. Australia-based Elders Limited provides livestock, real estate, and wool agency services to rural and regional customers. Prima Meat Packers processes meat and processed food products in Japan. Morinaga Milk Industry produces and sells milk and related dairy products in Japan.
The Benchmark Index constituents with the lowest total returns for the same period were Titan International, Village Farms International and China BlueChemical. U.S.-based Titan International manufactures mounted tire and wheel systems for off-highway equipment used in agriculture, construction, mining, military, recreation and grounds care. Village Farms International is a Canadian producer of greenhouse-raised produce, primarily tomatoes, bell peppers and cucumbers. China BlueChemical manufactures and sells mineral fertilizers and chemicals.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting included Ausnutria Dairy, Nichirei and Morinaga Milk Industry (the latter described above). Ausnutria Dairy is a Hong Kong-based pediatric milk formula company. Japan-based Nichirei produces and distributes frozen food, ice and meat products.
The weakest contributors to the ETF’s absolute performance were AGCO, Golden Agri-Resources and Costa Group Holdings. U.S.-based AGCO manufactures and distributes agricultural equipment. Golden Agri-Resources, based in Singapore, cultivates, harvests, processes, distributes and sells crude palm oil and palm kernel. Costa Group Holdings is an Australian grower and marketer of fruits and vegetables.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index.
During the reporting period, no significant corporate actions occurred.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Global Agribusiness Small Cap ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Global Agribusiness Small Cap ETF Market Price2 | | | | | -13.12% | | | | | | -4.20% | | | | | | 1.78% | | | | | | 2.38% | | | | | | 23.91% | | |
| IQ Global Agribusiness Small Cap ETF NAV | | | | | -12.34% | | | | | | -3.82% | | | | | | 2.00% | | | | | | 2.50% | | | | | | 25.19% | | |
| IQ Global Agribusiness Small Cap Index | | | | | -11.79% | | | | | | -3.20% | | | | | | 2.70% | | | | | | 3.11% | | | | | | 32.20% | | |
| MSCI World Small Cap Index | | | | | -14.62% | | | | | | -0.49% | | | | | | 2.43% | | | | | | 5.73% | | | | | | 66.22% | | |
| MSCI ACWI Select Agriculture Producers IMI Index | | | | | -16.99% | | | | | | -2.26% | | | | | | -0.44% | | | | | | 0.20% | | | | | | 1.83% | | |
1
Fund Inception Date: 3/22/2011.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ U.S. Real Estate Small Cap ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ U.S. Real Estate Small Cap ETF returned −27.15% at NAV (net asset value) and −27.21% at market price.1 To compare, the Fund’s Benchmark Index, the IQ U.S. Real Estate Small Cap Index,2 returned −26.68% for the reporting period. The Dow Jones U.S. Real Estate Index2 returned −9.15% for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
Economically sensitive real estate investment trusts (“REITs”) were hit particularly hard by the pandemic-related economic shutdown. As travel came to a virtual standstill, hotel REITs sold off. Similarly, retail REITs posted sharply negative returns as most non-essential retail stores were closed. Mortgage REITs were also undermined by concerns that historically high unemployment would lead to delayed or missed mortgage payments.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, the best-performing sectors in the Benchmark Index were office REITs, specialized REITs and residential REITs. During the reporting period, mortgage REITs, hotel REITs and diversified REITs recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were specialized REITs, office REITs and residential REITs. The sectors that made the weakest contributions to the ETF’s absolute performance were mortgage REITs, retail REITs and diversified REITs.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
46 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks providing the highest total returns during the reporting period included Easterly Government Properties, Taubman Centers and QTS Realty Trust. Easterly Government Properties focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies serving essential government functions. Taubman Centers focuses on regional shopping centers. QTS Realty Trust Inc is an owner, developer and operator of carrier-neutral and multi-tenant data centers.
The Benchmark Index constituents with the lowest total returns for the reporting period were Braemar Hotels & Resorts, Ashford Hospitality Trust and Invesco Mortgage Capital. Braemar Hotels & Resorts acquires and invests in luxury hotels and resorts in the United States. Ashford Hospitality Trust is a self-advised REIT focusing on the lodging industry. Invesco Mortgage Capital acquires, finances and manages residential and commercial mortgage-backed securities and mortgage loans.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were QTS Realty Trust, Terreno Realty and Easterly Government Properties. QTS Realty Trust is an owner, developer and operator of carrier-neutral and multi-tenant data centers. Terreno Realty focuses on acquiring industrial real estate located in six major coastal U.S. markets: Southern California, San Francisco Bay Area, Seattle, Northern New Jersey, New York City, Washington D.C./Baltimore and South Florida. Easterly Government Properties focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential government functions.
The weakest contributors to the ETF’s absolute performance during the same period were Invesco Mortgage Capital, Redwood Trust and Apollo Commercial Real Estate Finance. Invesco Mortgage Capital acquires, finances and manages residential and commercial mortgage-backed securities and mortgage loans. Redwood Trust focuses on making credit-sensitive investments in residential loans and other mortgage-related assets, as well as residential mortgage banking activities. Apollo Commercial Real Estate Finance acquires and manages commercial real estate mortgage loans, commercial mortgage-backed securities, commercial real estate corporate debt and loans, and other real estate-related debt investments in the United States.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ U.S. Real Estate Small Cap ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ U.S. Real Estate Small Cap ETF Market Price2 | | | | | -27.21% | | | | | | -8.85% | | | | | | -2.93% | | | | | | 3.96% | | | | | | 41.18% | | |
| IQ U.S. Real Estate Small Cap ETF NAV | | | | | -27.15% | | | | | | -8.81% | | | | | | -2.87% | | | | | | 4.19% | | | | | | 43.95% | | |
| IQ U.S. Real Estate Small Cap Index | | | | | -26.68% | | | | | | -8.23% | | | | | | -2.16% | | | | | | 4.95% | | | | | | 53.64% | | |
| Dow Jones U.S. Real Estate Index | | | | | -9.15% | | | | | | 2.59% | | | | | | 4.41% | | | | | | 7.48% | | | | | | 89.80% | | |
1
Fund Inception Date: 6/14/2011.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ 500 International ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ 500 International ETF returned −17.33% at NAV (net asset value) and −18.07% at market price.1 To compare, the Fund’s Benchmark Index, the IQ 500 International Index,2 returned −17.37% for the reporting period. The MSCI EAFE NR Index2 and the FTSE Developed ex U.S. Index2 returned −11.34% and −11.18%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 pandemic was the biggest factor negatively affecting the global economy during the reporting period, which negatively affected the ETF’s performance as well. During the reporting period, the health care sector contributed positively to the ETF’s performance. All other sectors’ returns detracted from performance. Global investing also exposed the ETF to currency fluctuations, and local market economies were another influence on performance.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, the ETF’s best performing sectors during the reporting period were real estate and health care. During the same period, energy, materials and financials provided the weakest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors providing the strongest positive contributions to the ETF’s absolute performance were health care, real estate and information technology. The sectors making the weakest contributions to the ETF’s absolute performance were industrials, consumer discretionary and financials.
During the reporting period, which individual stocks had the highest total returns and which stocks had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns during the reporting period included Sun Art Retail Group, Hitachi High-Tech and Nomura Research Institute. Hong-Kong-based Sun Art Retail Group
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
49 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
operates hypermarkets, retails food and offers amenities such as restaurants, automated teller machines, pharmacies and dry cleaners. Hitachi High-Tech is a Japanese trading company handling a variety of products such as computers and peripherals, scientific instruments and systems, electronic devices, and industrial machinery and materials. Nomura Research Institute, also based in Japan, provides information technology, research, consulting and analysis for strategic business decision making.
The Benchmark Index constituents with the lowest total returns for the same period were Bombardier, Capita and Renault. Bombardier is a Canadian manufacturer of planes and trains. Capita provides an integrated range of business services across the United Kingdom’s public and private sectors. France-based Renault designs, manufactures, markets and repairs passenger cars and light commercial vehicles.
Which individual stocks made the strongest contributions to the ETF’s performance during the reporting period and which stocks made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that posted the strongest contributions to the ETF’s absolute performance during the reporting period were Roche Holding, NTT DoCoMo and Nestle. Switzerland-based Roche Holding develops and manufactures pharmaceutical and diagnostic products. Japan-based NTT DOCOMO provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN networking. Nestle, also based in Switzerland, is a multinational packaged food company that manufactures and markets a wide range of food products. The weakest contributors to the ETF’s absolute performance during the same period were Royal Dutch Shell, Airbus and Glencore. Netherlands-based Royal Dutch Shell, through subsidiaries, explores, produces and refines petroleum. Airbus is a European multinational manufacturer of airplanes and military equipment. Glencore is a U.K.-based diversified natural resources company.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index is reconstituted annually and reviewed quarterly in accordance with the rules of the Benchmark Index.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ 500 International ETF
(as of April 30, 2020)
| | | | 1 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ 500 International ETF Market Price2 | | | | | -18.07% | | | | | | -8.17% | | | | | | -11.10% | | |
| IQ 500 International ETF NAV | | | | | -17.33% | | | | | | -7.59% | | | | | | -10.32% | | |
| IQ 500 International Index | | | | | -17.37% | | | | | | -7.58% | | | | | | -10.33% | | |
| MSCI EAFE NR index | | | | | -11.34% | | | | | | -2.02% | | | | | | -2.78% | | |
| FTSE Developed ex U.S Index | | | | | -11.18% | | | | | | -1.97% | | | | | | -2.71% | | |
1
Fund Inception Date: 12/13/2018.
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ 50 Percent Hedged FTSE International ETF perform during the 12 months ended April 30, 2020?
For the 12-month period ended April 30, 2020 (the “reporting period”), IQ 50 Percent Hedged FTSE International ETF returned −9.74% at NAV (net asset value) and −10.94% at market price.1 To compare, the Fund’s Benchmark Index, the FTSE Developed ex North America 50% Hedged to USD Index,2 returned −9.51% for the reporting period. The FTSE Developed ex North America Index Local Currency2 and FTSE Developed ex North America Index2 returned −8.06% and −10.98, respectively, for the same period.
The ETF invests in a representative sample of securities included in the Benchmark Index that collectively has an investment profile similar to the Benchmark Index. Due to the use of representative sampling, the ETF may or may not hold all of the securities that are included in the Benchmark Index.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
Developed international markets lagged the U.S. market through much of the reporting period as concerns surrounding economic growth weighed on returns. The COVID-19 virus outbreak proved to be particularly acute in several European countries, including Italy and France. As a result, developed international equities declined sharply, underperforming U.S. equities by even more during the closing months of the reporting period. At the same time, the U.S. dollar strengthened versus the Euro and most other international currencies, bolstering the ETF’s performance.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The Benchmark Index uses currency forwards to hedge 50% of the currency exposure of its underlying constituents. The hedge is reset monthly using 30-day forward contracts. As mentioned above, the U.S. dollar strengthened versus the Euro and most other international currencies during the reporting period, enhancing the ETF’s performance due to the effect of its currency forwards.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return on a U.S. dollar basis, the best-performing sectors in the Benchmark Index during the reporting period were health care, information technology and utilities. During the same period, the energy, financials and real estate sectors recorded the lowest total returns.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
52 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care, information technology and utilities. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, industrials and energy.
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns during the reporting period included Polymetal International, M3 and Galapagos. Polymetal International provides precious metal mining services. M3 supplies medical information services for doctors through the Internet. Galapagos is a clinical-stage biotechnology company specializing in the discovery and development of small molecule medicines with novel modes of action; its pipeline comprises Phase 3, 2, 1, pre-clinical and discovery studies in cystic fibrosis, inflammation, fibrosis, osteoarthritis and other indications.
The Benchmark Index constituents producing the lowest total returns for the reporting period included NMC Health, SillaJen, and Micro Focus International. NMC Health is a diversified health care company with business sectors ranging from health care to trading and information technology. SillaJen provides medical research and development services. Micro Focus International creates infrastructure-related software solutions for small and mid-sized businesses.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Roche Holding, AstraZeneca and Nestle. Roche Holding develops and manufactures pharmaceutical and diagnostic products. AstraZeneca is holding company that researches, manufactures and sells pharmaceutical and medical products. Nestle is a multinational packaged food company.
The weakest contributors to the ETF’s absolute performance during the reporting period were HSBC Holdings, BP and Airbus. HSBC Holdings provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. BP explores for and produces oil and natural gas; refines, markets, and supplies petroleum products; generates solar energy; and manufactures and markets chemicals. Airbus manufactures airplanes and military equipment.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index was reconstituted by FTSE (the London-based Financial Times Stock Exchange) in September 2019 and March 2020 in accordance with the rules of the Benchmark Index. Throughout the reporting period, FTSE made incremental adjustments to underlying constituent weights based on company shares in issue updates or float factors.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ 50 Percent Hedged FTSE International ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ 50 Percent Hedged FTSE International ETF Market Price2 | | | | | -10.94% | | | | | | -0.01% | | | | | | 0.77% | | | | | | 3.72% | | |
| IQ 50 Percent Hedged FTSE International ETF NAV | | | | | -9.74% | | | | | | 0.47% | | | | | | 1.00% | | | | | | 4.85% | | |
| FTSE Developed ex North America 50% Hedged to USD Index | | | | | -9.51% | | | | | | 0.76% | | | | | | 1.46% | | | | | | 7.17% | | |
| FTSE Developed ex North America Index Local Currency | | | | | -8.06% | | | | | | 1.92% | | | | | | 2.45% | | | | | | 12.27% | | |
| FTSE Developed ex North America Index | | | | | -10.98% | | | | | | -0.44% | | | | | | 0.41% | | | | | | 1.97% | | |
1
Fund Inception Date: 7/22/2015.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ 50 Percent Hedged FTSE Europe ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), the IQ 50 Percent Hedged FTSE Europe ETF returned −11.46% at NAV (net asset value) and −11.64% at market price.1 To compare, the Fund’s Benchmark Index, the FTSE Developed Europe 50% Hedged to USD Index2 returned −11.22% for the reporting period. The FTSE Developed Europe Index Hedged and the FTSE Developed Europe Index returned −9.24% and −13.22%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
Despite lower interest rates and lower valuation multiples, European equity markets lagged the U.S. market through much of the reporting period as concerns surrounding economic growth weighed on returns. The COVID-19 virus outbreak proved to be particularly acute in several European countries, including Italy and France. As a result, developed international equities declined sharply, underperforming U.S. equities by even more during the closing months of the reporting period. At the same time, the U.S. dollar strengthened versus the Euro and most other international currencies, bolstering the ETF’s performance.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The Benchmark Index uses currency forwards to hedge 50% of the currency exposure of its underlying constituents. The hedge is reset monthly using 30-day forward contracts. As mentioned above, the U.S. dollar strengthened versus the Euro and most other international currencies during the reporting period, enhancing the ETF’s performance due to the effect of its currency forwards.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, on a U.S. dollar basis, the best-performing sectors in the Benchmark Index during the reporting period included health care, utilities and consumer staples. During the same period energy, financials and communication services recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care, utilities and
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
55 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
information technology. The sectors that produced the weakest contributions to the ETF’s absolute performance were financials, energy and industrials.
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns on a U.S. dollar basis during the reporting period were Hapag-Lloyd, Polymetal International and Galapagos. Hapag-Lloyd is a container shipping line company. Polymetal International provides precious metal mining services. Galapagos is a clinical-stage biotechnology company specializing in the discovery and development of small molecule medicines with novel modes of action; its pipeline comprises Phase 3, 2, 1, pre-clinical and discovery studies in cystic fibrosis, inflammation, fibrosis, osteoarthritis and other indications.
The Benchmark Index constituents producing the lowest total returns for the reporting period included NMC Health, Cineworld Group and Micro Focus International. NMC Health is a diversified health care company. Cineworld Group operates cinemas throughout the United Kingdom and Ireland. Micro Focus International creates infrastructure-related software solutions for small and mid-sized businesses.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Roche Holding, AstraZeneca and Nestle. Roche Holding develops and manufactures pharmaceutical and diagnostic products. AstraZeneca is holding company that researches, manufactures and sells pharmaceutical and medical products. Nestle is a multinational packaged food company.
The weakest contributors to the ETF’s absolute performance during the reporting period were HSBC Holdings, BP and Airbus. HSBC Holdings provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. BP explores for and produces oil and natural gas; refines, markets and supplies petroleum products; generates solar energy; and manufactures and markets chemicals. Airbus manufactures airplanes and military equipment.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index was reconstituted by FTSE (the London-based Financial Times Stock Exchange) in September 2019 and March 2020 in accordance with the rules of the Benchmark Index. Throughout the reporting period, FTSE made incremental adjustments to underlying constituent weights based on company shares in issue updates or float factors.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ 50 Percent Hedged FTSE Europe ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ 50 Percent Hedged FTSE Europe ETF Market Price2 | | | | | -11.64% | | | | | | -0.44% | | | | | | 0.55% | | | | | | 2.65% | | |
| IQ 50 Percent Hedged FTSE Europe ETF NAV | | | | | -11.46% | | | | | | -0.22% | | | | | | 0.59% | | | | | | 2.86% | | |
| FTSE Developed Europe 50% Hedged to USD Index | | | | | -11.22% | | | | | | 0.12% | | | | | | 1.15% | | | | | | 5.60% | | |
| FTSE Developed Europe Index Hedged | | | | | -9.24% | | | | | | 1.45% | | | | | | 2.89% | | | | | | 14.60% | | |
| FTSE Developed Europe Index | | | | | -13.22% | | | | | | -1.28% | | | | | | -0.66% | | | | | | -3.13% | | |
1
Fund Inception Date: 7/22/2015.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ 50 Percent Hedged FTSE Japan ETF perform during the 12 months ended April 30, 2020?
For the 12-month period ended April 30, 2020 (the “reporting period”), IQ 50 Percent Hedged FTSE Japan ETF returned −4.20% at NAV (net asset value) and −5.25% at market price.1 To compare, the Fund’s Benchmark Index, the FTSE Japan 50% Hedged to USD Index,2 returned −4.07% for the reporting period. The FTSE Japan Index Hedged2 and FTSE Japan Index2 returned −5.00% and −3.19, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
With a lower incidence of COVID-19 related illnesses, Japan fared somewhat better than the rest of the world. However, despite outperforming developed international markets as a whole, Japan was not immune from the global equity selloff. A strong rally in April helped the Japanese market to recover much of its losses, though it still ended the reporting period with a moderate loss. Additionally, the Japanese yen strengthened relative to the U.S. dollar providing an additional headwind for the ETF.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The Benchmark Index uses currency forwards to hedge 50% of its respective currency exposure of its underlying constituents. The hedge is reset monthly using 30-day forward contracts. With the Japanese yen rising versus the U.S. dollar, the ETF’s currency forwards detracted from performance.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period included health care, communication services and information technology. During the same period energy, materials and financials recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care, information technology and communication services. The sectors producing the weakest contributions to the ETF’s absolute performance included industrials, financials and materials.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
58 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns during the reporting period were M3, Kobe Bussan and Chugai Pharmaceutical. M3 supplies medical information services for doctors through the Internet. Kobe Bussan is a supermarket franchise store operator. Chugai Pharmaceutical manufactures and sells pharmaceuticals products.
The Benchmark Index constituents producing the lowest total returns for the reporting period included JFE Holdings, Konica Minolta and H.I.S. JFE Holdings engages in steel production and integrated engineering services. Konica Minolta primarily manufactures office equipment and performance materials. H.I.S. is a travel agency dealing with overseas bookings, package tours, air courier services and discount airline tickets.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Sony, Daichi Sankyo and Chugai Pharmaceutical. Sony manufactures audio equipment, home video game consoles, communications products and information technology products for the consumer and professional markets. Daiichi Sankyo develops pharmaceuticals for human and veterinary use, as well as medical tools and equipment. Chugai Pharmaceutical produces and sells pharmaceuticals products.
The weakest contributors to the ETF’s absolute performance during the reporting period were Softbank Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group. SoftBank engages in a wide range of telecommunications, Internet and e-commerce businesses. Sumitomo Mitsui Financial provides commercial banking and a variety of financial services. Mitsubishi UFJ Financial provides a variety of financial and investment services, including commercial banking, trust banking, international finance and asset management.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index was reconstituted by FTSE (the London-based Financial Times Stock Exchange) in September 2019 and March 2020 in accordance with the rules of the Benchmark Index. Throughout the reporting period, FTSE made incremental adjustments to underlying constituent weights based on company shares in issue updates or float factors.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ 50 Percent Hedged FTSE Japan ETF
(as of April 30, 2020)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ 50 Percent Hedged FTSE Japan ETF Market Price2 | | | | | -5.25% | | | | | | 1.86% | | | | | | 0.61% | | | | | | 2.97% | | |
| IQ 50 Percent Hedged FTSE Japan ETF NAV | | | | | -4.20% | | | | | | 2.38% | | | | | | 0.90% | | | | | | 4.38% | | |
| FTSE Japan 50% Hedged to USD Index | | | | | -4.07% | | | | | | 2.66% | | | | | | 1.35% | | | | | | 6.61% | | |
| FTSE Japan Index Hedged | | | | | -5.00% | | | | | | 2.92% | | | | | | 0.25% | | | | | | 1.19% | | |
| FTSE Japan Index | | | | | -3.19% | | | | | | 2.32% | | | | | | 2.26% | | | | | | 11.29% | | |
1
Fund Inception Date: 7/22/2015.
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Candriam ESG International Equity ETF perform during the period since its inception on December 17, 2019 through April 30, 2020 (the “reporting period”)?
For the reporting period, IQ Candriam ESG International Equity ETF returned −16.18% at NAV (net asset value) and −16.68% at market price.1 To compare, the Fund’s Benchmark Index, the Candriam ESG International Equity Index2 returned -16.65% for the reporting period. The MSCI EAFE NR USD Index2 returned −17.60% for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The Benchmark Index is designed to deliver exposure to equity securities of international companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. Accordingly, the ETF was exposed to international equity exposure. As described above, the COVID-19 pandemic drove international equity markets sharply lower in March 2020 before a partial recovery in late-March and April, developments that had significant impact on the ETF’s performance during the reporting period. Performance was further affected by high levels of equity and interest-rate volatility as U.S. Federal Reserve decreased interest rates aggressively from 2.5% to 0.25%.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
During reporting period, the best-performing sectors in the Benchmark Index in terms of total return included health care, consumer staples and utilities. During the same period, the energy, financials and real estate sectors recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were health care, utilities and consumer staples. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, industrials and consumer discretionary.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
61 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Nexi, Alibaba Health Information Technology and Sun Art Retail Group. Italy-based Nexi provides electronic payment services, including digital invoicing, credit card payment processing, online disbursement and other related services. Alibaba Health Information Technology is a Hong Kong-based integrated healthcare information and content service provider. Sun Art Retail Group, also based in Hong Kong, operates hypermarkets, retails food and offers amenities such as restaurants, automated teller machines, pharmacies and dry cleaners.
The Benchmark Index constituents with the lowest total returns for the reporting period were International Consolidated Airlines Group, Marks and Spenser Group and Renault. Spain-based International Consolidated Airlines Group provides transportation services, including international and domestic air passenger and cargo transportation services. Marks and Spencer Group is a U.K.-based holding company that, through its subsidiaries, retails clothing, food and home products. France-based Renault designs, manufactures, markets and repairs passenger cars and light commercial vehicles.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Roche Holding, AstraZeneca and Nestle. Switzerland-based Roche Holding develops and manufactures pharmaceutical and diagnostic products. U.K.-based AstraZeneca operates as a holding company that, through its subsidiaries, develops, manufactures and sells pharmaceutical and medical products. Switzerland-based Nestle is a multinational packaged food company that manufactures and markets a wide range of food products.
The weakest contributors to the ETF’s absolute performance during the same period were HSBC Holdings, TOTAL and Banco Santander. HSBC Holdings is the U.K.-based holding company for the HSBC Group, which provides a variety of international banking and financial services. France-based TOTAL explores for, produces, refines, transports, and markets oil and natural gas. Spain-based Banco Santander is a diversified financial company providing a wide range of commercial and retails banking products and services.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index. During the reporting period, no significant corporate actions occurred.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Candriam ESG International Equity ETF
(as of April 30, 2020)
| | | | Since Inception1 | |
| | | | Cumulative | |
IQ Candriam ESG International Equity ETF Market Price2 | | | | | -16.68% | | |
| IQ Candriam ESG International Equity ETF NAV | | | | | -16.18% | | |
| IQ Candriam ESG International Equity Index | | | | | -16.65% | | |
| MSCI EAFE NR USD Index | | | | | -17.60% | | |
1
Fund Inception Date: 12/17/2019.
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Candriam ESG U.S. Equity ETF perform during the period since its inception on December 17, 2019 through April 30, 2020 (the “reporting period”)?
For the reporting period, IQ Candriam ESG U.S. Equity ETF returned −3.59% at NAV (net asset value) and −3.64% at market price.1 To compare, the Fund's Benchmark Index, the IQ Candriam ESG U.S. Equity Index2 returned -3.60% for the reporting period. The S&P 500® Index2 returned −8.12% for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The Benchmark Index is designed to deliver exposure to equity securities of U.S. companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. Accordingly, the ETF was exposed to U.S. large- and mid-cap equity exposure. As described above, the COVID-19 pandemic drove U.S. equity markets sharply lower in March 2020 before a partial recovery in late-March and April, developments that had significant impact on the ETF’s performance during the reporting period. Performance was further affected by high levels of equity and interest-rate volatility as U.S. Federal Reserve decreased interest rates aggressively from 2.5% to 0.25%.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
During reporting period, the best-performing sectors in the Benchmark Index in terms of total return included consumer discretionary, information technology and health care. During the same period, the energy, financials and industrials sectors recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were information technology, consumer discretionary and health care. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, communication services and industrials.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
64 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Tesla, Newmont and NortonLifeLock. Tesla designs, manufactures and sells high-performance electric vehicles and electric vehicle powertrain components. Newmont acquires, explores and develops mineral properties, producing and marketing gold, copper, silver, zinc and lead. NortonLifeLock provides consumer cybersecurity solutions that enable consumers to protect their devices, online privacy, identity and home networks.
The Benchmark Index constituents with the lowest total returns for the reporting period were Targa Resources, Royal Caribbean Cruises and ONEOK. Targa Resources owns interests in a limited partnership that provides midstream natural gas and natural gas liquid services. Royal Caribbean Cruises operates a fleet of vessels in the cruise vacation industries. ONEOK is a diversified energy company involved in the natural gas and natural gas liquids business across the United States.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Amazon.com, Microsoft and Tesla. Amazon.com is an online retailer offering books, music, videotapes, computers, electronics, home and garden, and numerous other products. Microsoft develops, manufactures, licenses, sells, and supports software products, including operating system software, server application software, business and consumer applications software, software development tools and Internet and intranet software. Tesla is described above.
The weakest contributors to the ETF’s absolute performance during the same period were AT&T, The Walt Disney Company and Coca-Cola. AT&T is a communication company providing local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing. The Walt Disney Company is an entertainment company with operations in media networks, park experiences & consumer products, studio entertainment and Direct-to-Consumer networks and channels. Coca-Cola manufactures, markets, and distributes soft drink concentrates and syrups.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index. During the reporting period, no significant corporate actions occurred.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Candriam ESG U.S. Equity ETF
(as of April 30, 2020)
| | | | Since Inception1 | |
| | | | Cumulative | |
IQ Candriam ESG U.S. Equity ETF Market Price2 | | | | | -3.64% | | |
| IQ Candriam ESG U.S. Equity ETF NAV | | | | | -3.59% | | |
| IQ Candriam ESG US Equity Index | | | | | -3.60% | | |
| S&P 500 Index | | | | | -8.12% | | |
1
Fund Inception Date: 12/17/2019.
2
The price used to calculate the Market Price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Chaikin U.S. Small Cap ETF perform during the 12 months ended April 30, 2020?
For the 12 months ended April 30, 2020 (the “reporting period”), IQ Chaikin U.S. Small Cap ETF returned −21.35% at NAV (net asset value) and −21.34% at market price.1 In comparison, the ETF’s Benchmark Index, the NASDAQ Chaikin Power U.S. Small Cap Index2 returned −21.08% for the reporting period. The Russell 2000 Index2 and the NASDAQ US 1500 Index2 returned −16.39% and −17.98%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 pandemic and the related closing of much of the global economy had a sharply negative impact on the ETF. Specifically, securities held in economically sensitive sectors such as industrials, consumer discretionary, energy and real estate were hit particularly hard. Bank stocks were also undermined as the difference between long-term rates at which banks lend fell very close to short-term rates at which banks finance their lending activity. This flattening of the yield curve3 put pressure on banks’ earnings as their profit margins were compressed.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
The sectors with the highest total returns in the Benchmark Index during the reporting period were information technology, consumer staples and utilities. During the same period energy, real estate and communication services recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care, information technology and energy. The sectors that made the weakest contributions to the ETF’s absolute performance were industrials, financials and consumer discretionary.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
67 for more information on this index.
3
The yield curve is a line that plots the yields of various securities of similar quality — typically U.S. Treasury issues — across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks producing the highest total returns during the reporting period were GenMark Diagnostics, CNX Resources and Domo. GenMark Diagnostics is a molecular diagnostics company focused on developing and commercializing its biomarker detection technology. CNX Resources is an oil and gas exploration and production company. Domo designs and develops enterprise software; it offers a cloud-based executive management platform that gives users direct and real-time access to business information in one place for several industries, including media and marketing, telecommunication, retail, travel and leisure, technology, and financial services.
The Benchmark Index constituents with the lowest total returns for the reporting period were J.Jill, Liberty TripAdvisor and Braemar Hotels & Resorts. J.Jill retails women clothing, including sweaters, tops, pants, dresses, shorts, skirts, sleepwear and accessories. Liberty TripAdvisor operates the world’s largest travel platform, aggregating reviews and opinions from its community of travelers about, accommodations, restaurants experiences, airlines and cruises throughout the world. Braemar Hotels & Resorts is a real estate investment trust (“REIT”) that acquires and invests in luxury hotels and resorts in the United States.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Limelight Networks, GenMark Diagnostics and CNX Resources. Limelight Networks provides content delivery services for Internet distribution of video, music, games and downloads. GenMark Diagnostics is as a molecular diagnostics company focused on developing and commercializing its biomarker detection technology. CNX Resources is an oil and gas exploration and production company.
The weakest contributors to the ETF’s absolute performance were Braemar Hotels & Resorts (described above), Houghton Mifflin Harcourt and Ashford Hospitality Trust. Houghton Mifflin Harcourt Company is a global education and learning company. Ashford Hospitality Trust is a self-advised REIT focusing on the lodging industry.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index was reconstituted in April 2020 in accordance with the rules of the Benchmark Index. Additionally, the Benchmark Index methodology was modified to as follows: first, to replace the valuation-based secondary selection criteria with a low-volatility selection criteria; second, to increase the number of names included in the Benchmark Index up to 500; and third, to constrain sector weights to be within 20% of the sector weights of the base index from which the constituents are selected.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Chaikin U.S. Small Cap ETF
(as of April 30, 2020)
| | | | 1 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Chaikin U.S. Small Cap ETF Market Price2 | | | | | -21.34% | | | | | | -6.60% | | | | | | -18.29% | | |
| IQ Chaikin U.S. Small Cap ETF NAV | | | | | -21.35% | | | | | | -6.60% | | | | | | -18.29% | | |
| NASDAQ Chaikin Power US Small Cap Index | | | | | -21.08% | | | | | | -6.15% | | | | | | -17.14% | | |
| Russell 2000 Index | | | | | -16.39% | | | | | | -0.70% | | | | | | -2.05% | | |
| NASDAQ US 1500 Index | | | | | -17.98% | | | | | | -1.17% | | | | | | -3.43% | | |
1
Fund Inception Date: 5/16/2017.
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did IQ Chaikin U.S. Large Cap ETF perform during the 12 months ended April 30, 2020?
For the 12 months ending April 30, 2020 (the “reporting period”), IQ Chaikin U.S. Large Cap ETF returned −9.04% at NAV (net asset value) and −9.18% at market price.1 To compare, the Fund’s Benchmark Index, the NASDAQ Chaikin Power U.S. Large Cap Index,2 returned −8.82% for the reporting period. The S&P 500 Index2 and the NASDAQ US 300 Total Return Index2 returned 0.26% and 2.81%, respectively, for the same period.
What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?
For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.
What factors affected the ETF’s performance during the reporting period?
The COVID-19 pandemic and the related closing of much of the global economy had a sharply negative impact on the ETF. Specifically, securities held in economically sensitive sectors such as industrials, consumer discretionary, energy and real estate were hit particularly hard. Bank stocks were also undermined as the difference between long-term rates at which banks lend fell very close to short-term rates at which banks finance their lending activity. This flattening of the yield curve3 put pressure on banks’ earnings as their profit margins were compressed.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF did not use derivatives during the reporting period.
During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?
In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period were health care, communication services and real estate. During the same period materials, energy and consumer discretionary recorded the lowest total returns.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were health care, information technology and communication services. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, consumer discretionary and materials.
1
The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
70 for more information on this index.
3
The yield curve is a line that plots the yields of various securities of similar quality — typically U.S. Treasury issues — across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?
Within the Benchmark Index, the stocks generating the highest total returns during the reporting period were Tesla, Snap and Valero Energy. Tesla designs, manufactures and sells high-performance electric vehicles and electric vehicle powertrain components. Snap provides technology and social media services, and develops mobile camera application products and services that allow users to send and receive photos, drawings, text and videos. Valero Energy is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada and Aruba.
The Benchmark Index constituents with the lowest total returns for the reporting period were DXC Technology, Carnival Corporation and Marathon Petroleum. DXC Technology provides a wide range of information technology services to global enterprises. Carnival owns and operates cruise ships offering cruises to all major vacation destinations. Marathon Petroleum refines, supplies, markets, and transports petroleum products.
Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Tesla and Snap, both described above, and Microsoft. Microsoft develops, manufactures, licenses, sells and supports software products for enterprises and individuals.
The weakest contributors were Carnival Corporation and DXC Technology, both described above, and Capital One Financial. Capital One Financial is a commercial bank and depository institution offering personal credit cards, investment products, loans and online banking services.
Were there any changes in the Benchmark Index during the reporting period?
The Benchmark Index was reconstituted in April 2020 in accordance with the rules of the Benchmark Index. Additionally, the Benchmark Index methodology was modified as follows: first, to replace the valuation-based secondary selection criteria with a low-volatility selection criteria; second, to increase the number of names included in the Benchmark Index up to 100; and third, to constrain sector weights to within 20% of the sector weights of the base index from which the constituents are selected.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)
Fund Performance History
IQ Chaikin U.S. Large Cap ETF
(as of April 30, 2020)
| | | | 1 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Chaikin U.S. Large Cap ETF Market Price2 | | | | | -9.18% | | | | | | -3.49% | | | | | | -8.10% | | |
| IQ Chaikin U.S. Large Cap ETF NAV | | | | | -9.04% | | | | | | -3.43% | | | | | | -7.97% | | |
| NASDAQ Chaikin Power U.S. Large Cap Index | | | | | -8.82% | | | | | | -3.18% | | | | | | -7.42% | | |
| S&P 500 Index | | | | | 0.26% | | | | | | 5.24% | | | | | | 12.95% | | |
| NASDAQ US 300 Total Return Index | | | | | 2.81% | | | | | | 6.81% | | | | | | 17.01% | | |
1
Fund Inception Date: 12/13/2017.
2
The price used to calculate the Market Price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expenselimitations, without which total returns may have been lower.
Fund Expenses (unaudited)
As a shareholder of a fund, you incur two types of costs: (1) transaction costs on purchases and sales and (2) ongoing costs, including Advisory fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds. Shareholders may pay brokerage commissions on their purchase and sale of the Fund, which are not reflected in the example.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, in a particular fund, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period 11/01/2019 to 04/30/2020” to estimate the expenses you paid on your account during this period. Each Fund will indirectly bear its pro rata share of the expenses incurred by the underlying funds in which each Fund invests. These expenses are not included in the table.
Hypothetical Example for Comparison Purposes
The second line of the table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The Funds will indirectly bear their pro rata share of the expenses incurred by the underlying fund investments in which the Funds invest. These expenses are not included in the table.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Beginning
Account
Value
11/01/2019 | | | Ending
Account
Value
4/30/2020 | | | Annualized
Expense
Ratios for
the Period
11/01/2019
to 04/30/2020 | | | Expenses1
Paid During
the Period
11/01/2019
to 04/30/2020 | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 975.10 | | | | | | 0.54% | | | | | $ | 2.65 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.18 | | | | | | 0.54% | | | | | $ | 2.72 | | |
| IQ Hedge Macro Tracker ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 980.40 | | | | | | 0.41% | | | | | $ | 2.02 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.82 | | | | | | 0.41% | | | | | $ | 2.06 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 974.80 | | | | | | 0.41% | | | | | $ | 2.01 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.82 | | | | | | 0.41% | | | | | $ | 2.06 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 973.30 | | | | | | 0.41% | | | | | $ | 2.01 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.82 | | | | | | 0.41% | | | | | $ | 2.06 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 990.30 | | | | | | 0.41% | | | | | $ | 2.03 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.82 | | | | | | 0.41% | | | | | $ | 2.06 | | |
Fund Expenses (unaudited) (continued)
| | | | Beginning
Account
Value
11/01/2019 | | | Ending
Account
Value
4/30/2020 | | | Annualized
Expense
Ratios for
the Period
11/01/2019
to 04/30/2020 | | | Expenses1
Paid During
the Period
11/01/2019
to 04/30/2020 | |
| IQ Real Return ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 978.10 | | | | | | 0.21% | | | | | $ | 1.03 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.82 | | | | | | 0.21% | | | | | $ | 1.06 | | |
| IQ Leaders GTAA Tracker ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 904.20 | | | | | | 0.24% | | | | | $ | 1.14 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.67 | | | | | | 0.24% | | | | | $ | 1.21 | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,027.50 | | | | | | 0.21% | | | | | $ | 1.06 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.82 | | | | | | 0.21% | | | | | $ | 1.06 | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 958.20 | | | | | | 0.21% | | | | | $ | 1.02 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.82 | | | | | | 0.21% | | | | | $ | 1.06 | | |
| IQ Merger Arbitrage ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 966.30 | | | | | | 0.76% | | | | | $ | 3.72 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.08 | | | | | | 0.76% | | | | | $ | 3.82 | | |
| IQ Global Resources ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 925.90 | | | | | | 0.76% | | | | | $ | 3.64 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.08 | | | | | | 0.76% | | | | | $ | 3.82 | | |
| IQ Global Agribusiness Small Cap ETF | | | | | | | | | | | | | | | | | | | | | | | | �� | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 902.30 | | | | | | 0.76% | | | | | $ | 3.59 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.08 | | | | | | 0.76% | | | | | $ | 3.82 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 673.60 | | | | | | 0.70% | | | | | $ | 2.91 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.38 | | | | | | 0.70% | | | | | $ | 3.52 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 964.00 | | | | | | 0.40% | | | | | $ | 1.95 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.87 | | | | | | 0.40% | | | | | $ | 2.01 | | |
| IQ 500 International ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 810.70 | | | | | | 0.25% | | | | | $ | 1.13 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.62 | | | | | | 0.25% | | | | | $ | 1.26 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 870.90 | | | | | | 0.20% | | | | | $ | 0.93 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.87 | | | | | | 0.20% | | | | | $ | 1.01 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 858.70 | | | | | | 0.30% | | | | | $ | 1.39 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.37 | | | | | | 0.30% | | | | | $ | 1.51 | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 902.70 | | | | | | 0.30% | | | | | $ | 1.42 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.37 | | | | | | 0.30% | | | | | $ | 1.51 | | |
| IQ Candriam ESG International Equity ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 838.20 | | | | | | 0.15% | | | | | $ | 0.51* | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.12 | | | | | �� | 0.15% | | | | | $ | 0.75 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 964.10 | | | | | | 0.09% | | | | | $ | 0.33* | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.42 | | | | | | 0.09% | | | | | $ | 0.45 | | |
Fund Expenses (unaudited) (continued)
| | | | Beginning
Account
Value
11/01/2019 | | | Ending
Account
Value
4/30/2020 | | | Annualized
Expense
Ratios for
the Period
11/01/2019
to 04/30/2020 | | | Expenses1
Paid During
the Period
11/01/2019
to 04/30/2020 | |
| IQ Chaikin U.S. Small Cap ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 767.70 | | | | | | 0.35% | | | | | $ | 1.54 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.12 | | | | | | 0.35% | | | | | $ | 1.76 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 876.90 | | | | | | 0.25% | | | | | $ | 1.17 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.62 | | | | | | 0.25% | | | | | $ | 1.26 | | |
*
Fund commenced operation on December 17, 2019. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 136/366 (to reflect commencement of operation).
1
Unless otherwise indicated, expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 182/366.
Portfolio Summaries* (unaudited)
IQ Hedge Multi-Strategy Tracker ETF
Net Assets ($ mil): $739.7
Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 29.2% | | |
| Money Market Funds | | | | | 11.9 | | |
| Bank Loan Funds | | | | | 7.5 | | |
Investment Grade Corporate Bond
Funds | | | | | 7.2 | | |
| Floating Rate — Investment Grade Funds | | | | | 5.9 | | |
| Mortgage Backed Securities Funds | | | | | 5.1 | | |
| U.S. Large Cap Core Funds | | | | | 4.9 | | |
| International Small Cap Equity Funds | | | | | 4.2 | | |
| International Equity Core Funds | | | | | 4.1 | | |
| U.S. Large Cap Growth Funds | | | | | 3.5 | | |
| High Yield Corporate Bond Funds | | | | | 3.1 | | |
| Europe Equity Funds | | | | | 2.6 | | |
| U.S. Preferred Funds | | | | | 2.3 | | |
| U.S. Dollar Fund | | | | | 2.3 | | |
| Convertible Bond Fund | | | | | 2.0 | | |
| Euro Fund | | | | | 2.0 | | |
| International Large Cap Growth Fund | | | | | 2.0 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 1.7 | | |
| Asia Pacific Equity Funds | | | | | 1.6 | | |
| Emerging Equity Funds | | | | | 1.6 | | |
| Gold Funds | | | | | 1.4 | | |
| Japan Equity Fund | | | | | 1.3 | | |
Emerging Markets Small Cap Equity
Fund | | | | | 0.8 | | |
| U.S. Small Cap Growth Funds | | | | | 0.7 | | |
Emerging Bonds — Local Currency
Funds | | | | | 0.7 | | |
| Volatility Note | | | | | 0.7 | | |
| Broad Fund | | | | | 0.5 | | |
| BRIC Equity Funds | | | | | 0.3 | | |
Treasury Inflation-Protected Securities
Fund | | | | | 0.3 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 0.3 | | |
| Silver Fund | | | | | 0.2 | | |
| Emerging Bonds — USD Funds | | | | | 0.2 | | |
| British Pound Fund | | | | | 0.1 | | |
| Total Investments | | | | | 112.2 | | |
| Other Assets and Liabilites, Net | | | | | (12.2) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
IQ Hedge Macro Tracker ETF
Net Assets ($ mil): $3.8
Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short-Term Bond Funds | | | | | 32.0% | | |
| Convertible Bond Fund | | | | | 12.2 | | |
Investment Grade Corporate Bond
Funds | | | | | 10.3 | | |
| Money Market Funds | | | | | 6.3 | | |
| Emerging Equity Funds | | | | | 6.2 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 6.0 | | |
Floating Rate — Investment Grade
Funds | | | | | 4.5 | | |
Emerging Bonds — Local Currency
Funds | | | | | 4.5 | | |
| Gold Funds | | | | | 3.2 | | |
| U.S. Large Cap Core Fund | | | | | 3.1 | | |
| Broad Fund | | | | | 2.9 | | |
| Japan Equity Fund | | | | | 2.8 | | |
| Emerging Small Cap Equity Fund | | | | | 2.4 | | |
| U.S. Large Cap Growth Funds | | | | | 2.3 | | |
| Emerging Bonds — USD Funds | | | | | 2.3 | | |
| U.S. Dollar Fund | | | | | 2.2 | | |
| BRIC Equity Funds | | | | | 2.0 | | |
| Europe Equity Fund | | | | | 0.8 | | |
| Silver Fund | | | | | 0.5 | | |
| Total Investments | | | | | 106.5 | | |
| Other Assets and Liabilites, Net | | | | | (6.5) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ Hedge Market Neutral Tracker ETF
Net Assets ($ mil): $18.0
Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 38.3% | | |
| Money Market Funds | | | | | 18.8 | | |
| Bank Loan Funds | | | | | 12.8 | | |
Floating Rate — Investment Grade
Funds | | | | | 8.9 | | |
| Mortgage Backed Securities Funds | | | | | 8.7 | | |
| International Small Cap Equity Funds | | | | | 6.5 | | |
| High Yield Corporate Bond Funds | | | | | 5.4 | | |
Investment Grade Corporate Bond
Funds | | | | | 5.3 | | |
| Europe Equity Funds | | | | | 4.0 | | |
| U.S. Small Cap Growth Funds | | | | | 3.4 | | |
| Asia ex Japan Equity Funds | | | | | 2.8 | | |
| Euro Fund | | | | | 2.3 | | |
| Convertible Bond Fund | | | | | 0.9 | | |
Treasury Inflation-Protected Securities
Fund | | | | | 0.5 | | |
| Emerging Equity Funds | | | | | 0.5 | | |
| British Pound Fund | | | | | 0.1 | | |
| U.S. Dollar Fund | | | | | 0.1 | | |
| Total Investments | | | | | 119.3 | | |
| Other Assets and Liabilites, Net | | | | | (19.3) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Hedge Long/Short Tracker ETF
Net Assets ($ mil): $10.7
Asset Class | | | % of
Net Assets | |
| International Equity Core Funds | | | | | 16.5% | | |
| U.S. Preferred Funds | | | | | 16.1 | | |
| U.S. Large Cap Growth Funds | | | | | 16.0 | | |
| U.S. Large Cap Core Funds | | | | | 14.1 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 10.1 | | |
| Money Market Funds | | | | | 9.1 | | |
| International Large Cap Growth Fund | | | | | 7.9 | | |
| Bank Loan Funds | | | | | 7.6 | | |
| International Small Cap Equity Funds | | | | | 3.9 | | |
Investment Grade Corporate Bond
Funds | | | | | 3.8 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 3.8 | | |
| Volatility Note | | | | | 0.9 | | |
| Total Investments | | | | | 109.8 | | |
| Other Assets and Liabilites, Net | | | | | (9.8) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
IQ Hedge Event-Driven Tracker ETF
Net Assets ($ mil): $8.4
Asset Class | | | % of
Net Assets | |
| High Yield Corporate Bond Funds | | | | | 31.6% | | |
| Money Market Funds | | | | | 26.9 | | |
| Bank Loan Funds | | | | | 24.4 | | |
Investment Grade Corporate Bond
Funds | | | | | 18.7 | | |
| U.S. Small Cap Growth Funds | | | | | 8.9 | | |
| U.S. Preferred Funds | | | | | 8.3 | | |
| Convertible Bond Fund | | | | | 7.8 | | |
| Total Investments | | | | | 126.6 | | |
| Other Assets and Liabilites, Net | | | | | (26.6) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Real Return ETF
Net Assets ($ mil): $51.2
Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short-Term Bond Funds | | | | | 83.1% | | |
| Money Market Funds | | | | | 17.2 | | |
| U.S. Large Cap Core Funds | | | | | 10.4 | | |
| U.S. REITS Funds | | | | | 5.7 | | |
| Oil Fund | | | | | 0.8 | | |
| Total Investments | | | | | 117.2 | | |
| Other Assets and Liabilites, Net | | | | | (17.2) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Leaders GTAA Tracker ETF
Net Assets ($ mil): $11.9
Asset Class | | | % of
Net Assets | |
| International Equity Core Funds | | | | | 32.6% | | |
| U.S. Large Cap Core Funds | | | | | 28.9 | | |
| High Yield Corporate Bond Funds | | | | | 10.4 | | |
| U.S. Medium Term Treasury Bond Fund | | | | | 8.7 | | |
Investment Grade Corporate Bond
Funds | | | | | 7.6 | | |
| Emerging Equity Funds | | | | | 6.5 | | |
| Aggregate Bond Funds | | | | | 6.1 | | |
| Money Market Funds | | | | | 5.0 | | |
| Total Investments | | | | | 105.8 | | |
| Other Assets and Liabilites, Net | | | | | (5.8) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ Enhanced Core Plus Bond U.S. ETF
Net Assets ($ mil): $69.0
Asset Class | | | % of
Net Assets | |
| Mortgage Backed Securities Funds | | | | | 49.7% | | |
| U.S. Short-Term Treasury Bond Funds | | | | | 30.7 | | |
| U.S. Intermediate Term Treasury Bond Funds | | | | | 18.4 | | |
| Money Market Funds | | | | | 1.9 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 1.1 | | |
| Total Investments | | | | | 101.8 | | |
| Other Assets and Liabilites, Net | | | | | (1.8) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Short Duration Enhanced Core Bond U.S. ETF
Net Assets ($ mil): $4.9
Asset Class | | | % of
Net Assets | |
| U.S. Short-Term Treasury Bond Funds | | | | | 83.7% | | |
Investment Grade Corporate Bond
Funds | | | | | 16.3 | | |
| Money Market Funds | | | | | 0.3 | | |
| Total Investments | | | | | 100.3 | | |
| Other Assets and Liabilites, Net | | | | | (0.3) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ S&P High Yield Low Volatility Bond ETF
Net Assets ($ mil): $51.3
| Industry | | | % of
Net Assets | |
| Media | | | | | 15.1% | | |
| Health Care | | | | | 14.9 | | |
| Telecommunication Services | | | | | 14.5 | | |
| Consumer Discretionary | | | | | 10.9 | | |
| Industrials | | | | | 9.3 | | |
| Consumer Staples | | | | | 8.6 | | |
| Materials | | | | | 7.4 | | |
| Information Technology | | | | | 5.4 | | |
| Utilities | | | | | 4.2 | | |
| Financials | | | | | 3.9 | | |
| Energy | | | | | 2.4 | | |
| Money Market Fund | | | | | 2.2 | | |
| Real Estate | | | | | 0.7 | | |
| Transportation | | | | | 0.4 | | |
| Total Investments | | | | | 99.9 | | |
| Other Assets and Liabilites, Net | | | | | 0.1 | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
IQ Merger Arbitrage ETF
Net Assets ($ mil): $723.6
| Industry | | | % of
Net Assets | |
| Financials | | | | | 24.6% | | |
| Information Technology | | | | | 19.1 | | |
| Consumer Discretionary | | | | | 17.8 | | |
| Money Market Fund | | | | | 12.7 | | |
| Industrials | | | | | 6.3 | | |
| Health Care | | | | | 5.7 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 5.1 | | |
| Real Estate | | | | | 3.7 | | |
| Utilities | | | | | 2.2 | | |
| Communication Services | | | | | 2.0 | | |
| Consumer Staples | | | | | 0.2 | | |
| Total Investments | | | | | 99.4 | | |
| Other Assets and Liabilites, Net | | | | | 0.6 | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Global Resources ETF
Net Assets ($ mil): $22.9
| Industry | | | % of
Net Assets | |
| Energy | | | | | 16.4% | | |
| Precious Metals | | | | | 16.3 | | |
| Livestock | | | | | 14.0 | | |
| Grains Food Fiber | | | | | 13.2 | | |
| Timber | | | | | 10.7 | | |
| Industrial Metals | | | | | 7.8 | | |
| Water | | | | | 8.0 | | |
| Coal | | | | | 6.1 | | |
| Money Market Funds | | | | | 5.2 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 4.6 | | |
| Total Investments | | | | | 102.3 | | |
| Other Assets and Liabilites, Net | | | | | (2.3) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ Global Agribusiness Small Cap ETF
Net Assets ($ mil): $7.1
| Industry | | | % of
Net Assets | |
| Crop Production and Farming | | | | | 43.8% | | |
| Livestock Operations | | | | | 24.2 | | |
| Agricultural Chemicals | | | | | 16.2 | | |
| Agricultural Machinery | | | | | 8.7 | | |
| Money Market Funds | | | | | 7.4 | | |
| Agricultural Supplies and Logistics | | | | | 7.0 | | |
| Total Investments | | | | | 107.3 | | |
| Other Assets and Liabilites, Net | | | | | (7.3) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ U.S. Real Estate Small Cap ETF
Net Assets ($ mil): $40.7
Asset Class | | | % of
Net Assets | |
| Specialized REITs | | | | | 28.3% | | |
| Retail REITs | | | | | 19.5 | | |
| Office REITs | | | | | 16.5 | | |
| Diversified REITs | | | | | 14.6 | | |
| Mortgage REITs | | | | | 9.7 | | |
| Hotel REITs | | | | | 8.2 | | |
| Residential REITs | | | | | 2.8 | | |
| Money Market Funds | | | | | 2.6 | | |
| Total Investments | | | | | 102.2 | | |
| Other Assets and Liabilites, Net | | | | | (2.2) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ 500 International ETF
Net Assets ($ mil): $218.5
| Industry | | | % of
Net Assets | |
| Industrials | | | | | 21.7% | | |
| Consumer Discretionary | | | | | 14.9 | | |
| Consumer Staples | | | | | 11.5 | | |
| Materials | | | | | 9.4 | | |
| Communication Services | | | | | 8.9 | | |
| Financials | | | | | 8.9 | | |
| Health Care | | | | | 7.3 | | |
| Energy | | | | | 6.6 | | |
| Utilities | | | | | 6.1 | | |
| Information Technology | | | | | 5.6 | | |
| Money Market Fund | | | | | 4.3 | | |
| Total Investments | | | | | 105.2 | | |
| Other Assets and Liabilites, Net | | | | | (5.2) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
IQ 50 Percent Hedged FTSE International ETF
Net Assets ($ mil): $249.6
| Industry | | | % of
Net Assets | |
| Financials | | | | | 16.1% | | |
| Industrials | | | | | 14.4 | | |
| Health Care | | | | | 14.3 | | |
| Consumer Staples | | | | | 11.7 | | |
| Consumer Discretionary | | | | | 10.9 | | |
| Information Technology | | | | | 9.3 | | |
| Materials | | | | | 7.4 | | |
| Communication Services | | | | | 5.4 | | |
| Utilities | | | | | 3.8 | | |
| Energy | | | | | 3.7 | | |
| Money Market Fund | | | | | 3.6 | | |
| Real Estate | | | | | 3.0 | | |
| Total Investments | | | | | 103.6 | | |
| Other Assets and Liabilites, Net | | | | | (3.6) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ 50 Percent Hedged FTSE Europe ETF
Net Assets ($ mil): $7.7
| Industry | | | % of
Net Assets | |
| Health Care | | | | | 17.0% | | |
| Financials | | | | | 15.7 | | |
| Consumer Staples | | | | | 14.6 | | |
| Industrials | | | | | 13.1 | | |
| Consumer Discretionary | | | | | 9.4 | | |
| Materials | | | | | 7.4 | | |
| Information Technology | | | | | 6.8 | | |
| Energy | | | | | 5.2 | | |
| Utilities | | | | | 4.9 | | |
| Money Market Fund | | | | | 4.8 | | |
| Communication Services | | | | | 4.4 | | |
| Real Estate | | | | | 1.7 | | |
| Total Investments | | | | | 105.0 | | |
| Other Assets and Liabilites, Net | | | | | (5.0) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ 50 Percent Hedged FTSE Japan ETF
Net Assets ($ mil): $7.7
| Industry | | | % of
Net Assets | |
| Industrials | | | | | 20.9% | | |
| Consumer Discretionary | | | | | 17.8 | | |
| Information Technology | | | | | 12.1 | | |
| Health Care | | | | | 11.0 | | |
| Financials | | | | | 9.5 | | |
| Consumer Staples | | | | | 9.0 | | |
| Communication Services | | | | | 8.8 | | |
| Materials | | | | | 5.6 | | |
| Real Estate | | | | | 2.5 | | |
| Utilities | | | | | 1.8 | | |
| Money Market Fund | | | | | 1.1 | | |
| Energy | | | | | 0.7 | | |
| Total Investments | | | | | 100.8 | | |
| Other Assets and Liabilites, Net | | | | | (0.8) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Candriam ESG International Equity ETF
Net Assets ($ mil): $46.2
| Industry | | | % of
Net Assets | |
| Financials | | | | | 17.3% | | |
| Health Care | | | | | 14.7 | | |
| Industrials | | | | | 13.7 | | |
| Consumer Discretionary | | | | | 11.9 | | |
| Consumer Staples | | | | | 12.0 | | |
| Information Technology | | | | | 8.3 | | |
| Materials | | | | | 7.0 | | |
| Communication Services | | | | | 6.5 | | |
| Real Estate | | | | | 3.1 | | |
| Utilities | | | | | 3.0 | | |
| Energy | | | | | 2.3 | | |
| Money Market Fund | | | | | 1.2 | | |
| Total Investments | | | | | 101.0 | | |
| Other Assets and Liabilites, Net | | | | | (1.0) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
(a)
Less than 0.05%.
IQ Candriam ESG U.S. Equity ETF
Net Assets ($ mil): $6.0
| Industry | | | % of
Net Assets | |
| Information Technology | | | | | 32.8% | | |
| Health Care | | | | | 16.0 | | |
| Consumer Discretionary | | | | | 13.7 | | |
| Communication Services | | | | | 10.9 | | |
| Consumer Staples | | | | | 6.6 | | |
| Financials | | | | | 5.7 | | |
| Industrials | | | | | 5.2 | | |
| Real Estate | | | | | 3.7 | | |
| Materials | | | | | 2.8 | | |
| Utilities | | | | | 1.6 | | |
| Energy | | | | | 0.8 | | |
| Money Market Fund | | | | | 0.2 | | |
| Total Investments | | | | | 100.0 | | |
| Other Assets and Liabilites, Net | | | | | 0.0(a) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Chaikin U.S. Small Cap ETF
Net Assets ($ mil): $103.1
| Industry | | | % of
Net Assets | |
| Financials | | | | | 21.4% | | |
| Industrials | | | | | 16.5 | | |
| Health Care | | | | | 15.2 | | |
| Information Technology | | | | | 13.1 | | |
| Consumer Discretionary | | | | | 10.9 | | |
| Real Estate | | | | | 7.1 | | |
| Communication Services | | | | | 4.0 | | |
| Materials | | | | | 3.9 | | |
| Energy | | | | | 3.3 | | |
| Consumer Staples | | | | | 3.3 | | |
| Money Market Funds | | | | | 3.1 | | |
| Utilities | | | | | 1.2 | | |
| Total Investments | | | | | 103.0 | | |
| Other Assets and Liabilites, Net | | | | | (3.0) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ Chaikin U.S. Large Cap ETF
Net Assets ($ mil): $220.6
| Industry | | | % of
Net Assets | |
| Information Technology | | | | | 25.4% | | |
| Health Care | | | | | 15.9 | | |
| Financials | | | | | 14.7 | | |
| Communication Services | | | | | 10.1 | | |
| Consumer Discretionary | | | | | 9.3 | | |
| Industrials | | | | | 7.7 | | |
| Consumer Staples | | | | | 5.5 | | |
| Utilities | | | | | 3.8 | | |
| Energy | | | | | 3.5 | | |
| Real Estate | | | | | 2.9 | | |
| Materials | | | | | 1.0 | | |
| Money Market Funds | | | | | 0.1 | | |
| Total Investments | | | | | 99.9 | | |
| Other Assets and Liabilites, Net | | | | | 0.1 | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund’s portfolio is subject to change.
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF
| | | | Shares | | | Value | |
| Exchange Traded Note — 0.7% | |
| Volatility Note — 0.7% | |
iPath Series B S&P 500 VIX Short-Term Futures ETN*(a) | | | | | | | | | | | | | |
| (Cost $2,419,945) | | | | | 126,012 | | | | | $ | 4,772,074 | | |
| Exchange Traded Vehicles — 6.0% | |
| British Pound Fund — 0.1% | |
Invesco CurrencyShares British Pound Sterling Trust*(a) | | | | | 4,690 | | | | | | 572,321 | | |
| Euro Fund — 2.0% | |
Invesco CurrencyShares Euro Currency Trust*(a) | | | | | 142,565 | | | | | | 14,761,180 | | |
| Gold Funds — 1.4% | |
Aberdeen Standard Physical Gold Shares ETF*(a) | | | | | 40,323 | | | | | | 655,249 | | |
Graniteshares Gold Trust*(a) | | | | | 20,516 | | | | | | 344,258 | | |
iShares Gold Trust* | | | | | 559,736 | | | | | | 9,017,347 | | |
SPDR Gold MiniShares Trust* | | | | | 40,491 | | | | | | 681,868 | | |
| Total Gold Funds | | | | | | | | | | | 10,698,722 | | |
| Silver Fund — 0.2% | |
iShares Silver Trust* | | | | | 125,644 | | | | | | 1,756,503 | | |
| U.S. Dollar Fund — 2.3% | |
| Invesco DB U.S. Dollar Index Bullish Fund | | | | | 622,216 | | | | | | 16,669,167 | | |
| Total Exchange Traded Vehicles | | | |
| (Cost $44,504,610) | | | | | | | | | | | 44,457,893 | | |
| Investment Companies — 86.0% | |
| Asia Pacific Equity Funds — 1.6% | |
| iShares Core MSCI Pacific ETF | | | | | 52,812 | | | | | | 2,597,822 | | |
Vanguard FTSE Pacific ETF(a) | | | | | 151,338 | | | | | | 8,874,461 | | |
| Total Asia Pacific Equity Funds | | | | | | | | | | | 11,472,283 | | |
| Bank Loan Funds — 7.5% | |
Invesco Senior Loan ETF(a) | | | | | 1,878,966 | | | | | | 39,420,707 | | |
SPDR Blackstone / GSO Senior Loan
ETF(a) | | | | | 383,868 | | | | | | 16,034,166 | | |
| Total Bank Loan Funds | | | | | | | | | | | 55,454,873 | | |
| BRIC Equity Funds — 0.3% | |
iShares China Large-Cap ETF(a) | | | | | 24,954 | | | | | | 962,975 | | |
| iShares MSCI China ETF | | | | | 19,963 | | | | | | 1,197,381 | | |
| SPDR S&P China ETF | | | | | 2,977 | | | | | | 285,077 | | |
| Total BRIC Equity Funds | | | | | | | | | | | 2,445,433 | | |
| Broad Fund — 0.5% | |
FlexShares Global Upstream Natural Resources Index Fund(a) | | | | | 139,498 | | | | | | 3,604,628 | | |
| Convertible Bond Fund — 2.0% | |
SPDR Bloomberg Barclays Convertible Securities ETF(a) | | | | | 278,059 | | | | | | 14,801,081 | | |
| Emerging Bonds — Local Currency Funds — 0.7% | |
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF(a) | | | | | 45,250 | | | | | | 1,140,752 | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | | | 145,744 | | | | | | 4,210,544 | | |
| WisdomTree Emerging Markets Local Debt Fund | | | | | 6,324 | | | | | | 189,594 | | |
| Total Emerging Bonds — Local Currency Funds | | | | | | | | | | | 5,540,890 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Emerging Bonds — USD Funds — 0.2% | |
iShares J.P. Morgan USD Emerging Markets Bond ETF(a) | | | | | 13,242 | | | | | $ | 1,330,821 | | |
| Vanguard Emerging Markets Government Bond ETF | | | | | 2,261 | | | | | | 162,882 | | |
| Total Emerging Bonds — USD Funds | | | | | | | | | | | 1,493,703 | | |
| Emerging Equity Funds — 1.6% | |
iShares Core MSCI Emerging Markets
ETF | | | | | 104,755 | | | | | | 4,573,603 | | |
iShares Edge MSCI Min Vol Emerging Markets ETF(a) | | | | | 37,445 | | | | | | 1,893,968 | | |
| Vanguard FTSE Emerging Markets ETF | | | | | 138,282 | | | | | | 5,001,660 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 11,469,231 | | |
| Emerging Markets Small Cap Equity Fund — 0.8% | |
| SPDR S&P Emerging Markets SmallCap ETF | | | | | 164,442 | | | | | | 5,997,200 | | |
| Europe Equity Funds — 2.6% | |
iShares Core MSCI Europe ETF(a) | | | | | 96,281 | | | | | | 3,799,248 | | |
Vanguard FTSE Europe ETF(a) | | | | | 271,347 | | | | | | 12,500,956 | | |
Xtrackers MSCI Europe Hedged Equity
ETF | | | | | 100,695 | | | | | | 2,587,862 | | |
| Total Europe Equity Funds | | | | | | | | | | | 18,888,066 | | |
| Floating Rate — Investment Grade Funds — 5.9% | |
iShares Floating Rate Bond ETF(a) | | | | | 649,066 | | | | | | 32,453,300 | | |
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF(a) | | | | | 373,645 | | | | | | 11,261,660 | | |
| Total Floating Rate — Investment Grade Funds | | | | | | | | | | | 43,714,960 | | |
| High Yield Corporate Bond Funds — 3.1% | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | | | 317,071 | | | | | | 13,386,738 | | |
SPDR Bloomberg Barclays Short Term High Yield Bond ETF(a) | | | | | 396,707 | | | | | | 9,751,058 | | |
| Total High Yield Corporate Bond Funds | | | | | | | | | | | 23,137,796 | | |
| International Equity Core Funds — 4.1% | |
| iShares Core MSCI EAFE ETF | | | | | 283,163 | | | | | | 15,016,134 | | |
Vanguard FTSE Developed Markets
ETF(a) | | | | | 436,990 | | | | | | 15,591,803 | | |
Total International Equity Core
Funds | | | | | | | | | | | 30,607,937 | | |
| International Large Cap Growth Fund — 2.0% | |
iShares MSCI EAFE Growth ETF(a) | | | | | 193,637 | | | | | | 14,722,221 | | |
| International Small Cap Equity Funds — 4.2% | |
Schwab International Small-Cap Equity ETF(a) | | | | | 351,831 | | | | | | 9,534,620 | | |
Vanguard FTSE All World ex-U.S. Small-Cap ETF(a) | | | | | 248,954 | | | | | | 21,743,642 | | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 31,278,262 | | |
| Investment Grade Corporate Bond Funds — 7.2% | |
iShares Broad USD Investment Grade Corporate Bond ETF(a) | | | | | 38,987 | | | | | | 2,269,043 | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF(a) | | | | | 189,668 | | | | | | 24,499,416 | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | | | 67,529 | | | | | | 2,088,672 | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Investment Grade Corporate Bond Funds (continued) | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 176,559 | | | | | $ | 16,128,665 | | |
Vanguard Short-Term Corporate Bond ETF(a) | | | | | 102,824 | | | | | | 8,336,970 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 53,322,766 | | |
| Japan Equity Fund — 1.3% | |
Xtrackers MSCI Japan Hedged Equity ETF(a) | | | | | 253,548 | | | | | | 9,378,741 | | |
| Mortgage Backed Securities Funds — 5.1% | |
iShares MBS ETF(a) | | | | | 222,411 | | | | | | 24,709,862 | | |
Vanguard Mortgage-Backed Securities ETF(a) | | | | | 231,374 | | | | | | 12,642,276 | | |
| Total Mortgage Backed Securities Funds | | | | | | | | | | | 37,352,138 | | |
| Treasury Inflation-Protected Securities Fund — 0.3% | |
iShares TIPS Bond ETF(a) | | | | | 16,532 | | | | | | 2,005,497 | | |
| U.S. Large Cap Core Funds — 4.9% | |
Energy Select Sector SPDR Fund(a) | | | | | 336,488 | | | | | | 12,786,544 | | |
Financial Select Sector SPDR Fund(a) | | | | | 578,316 | | | | | | 13,179,822 | | |
Health Care Select Sector SPDR
Fund(a) | | | | | 60,909 | | | | | | 6,074,454 | | |
| Technology Select Sector SPDR Fund | | | | | 48,532 | | | | | | 4,436,310 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 36,477,130 | | |
| U.S. Large Cap Growth Funds — 3.5% | |
iShares Core S&P U.S. Growth ETF(a) | | | | | 41,715 | | | | | | 2,724,407 | | |
Schwab U.S. Large-Cap Growth ETF(a) | | | | | 34,426 | | | | | | 3,144,815 | | |
SPDR Portfolio S&P 500 Growth ETF(a) | | | | | 53,916 | | | | | | 2,201,929 | | |
Vanguard Growth ETF(a) | | | | | 91,607 | | | | | | 16,518,574 | | |
Vanguard Russell 1000 Growth ETF(a) | | | | | 7,043 | | | | | | 1,252,457 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 25,842,182 | | |
| U.S. Long Term Treasury Bond Funds — 0.3% | |
iShares 20+ Year Treasury Bond ETF(a) | | | | | 9,324 | | | | | | 1,554,684 | | |
| SPDR Portfolio Long Term Treasury ETF | | | | | 3,551 | | | | | | 169,383 | | |
Vanguard Long-Term Treasury ETF(a) | | | | | 1,738 | | | | | | 176,963 | | |
| Total U.S. Long Term Treasury Bond Funds | | | | | | | | | | | 1,901,030 | | |
| U.S. Medium Term Treasury Bond Funds — 1.7% | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 48,695 | | | | | | 6,492,991 | | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | | | 48,586 | | | | | | 2,853,456 | | |
| Vanguard Intermediate-Term Treasury ETF | | | | | 45,697 | | | | | | 3,218,440 | | |
Total U.S. Medium Term Treasury Bond
Funds | | | | | | | | | | | 12,564,887 | | |
| U.S. Preferred Funds — 2.3% | |
Invesco Preferred ETF(a) | | | | | 322,901 | | | | | | 4,588,423 | | |
iShares Preferred & Income Securities ETF(a) | | | | | 368,075 | | | | | | 12,753,799 | | |
| Total U.S. Preferred Funds | | | | | | | | | | | 17,342,222 | | |
| U.S. Small Cap Growth Funds — 0.7% | |
iShares Russell 2000 Growth ETF(a) | | | | | 11,817 | | | | | | 2,154,711 | | |
iShares S&P Small-Cap 600 Growth
ETF(a) | | | | | 6,792 | | | | | | 1,052,081 | | |
Vanguard Small-Cap Growth ETF(a) | | | | | 13,343 | | | | | | 2,335,292 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Small Cap Growth Funds (continued) | |
| Total U.S. Small Cap Growth Funds | | | | | | | | | | $ | 5,542,084 | | |
| U.S. Ultra Short Term Bond Funds — 29.2% | |
Goldman Sachs Access Treasury 0-1 Year
ETF(a) | | | | | 401,940 | | | | | | 40,451,242 | | |
Invesco Treasury Collateral ETF† | | | | | 403,476 | | | | | | 42,760,387 | | |
IQ Ultra Short Duration ETF† | | | | | 1,137,443 | | | | | | 56,246,556 | | |
iShares Short Treasury Bond ETF(a)(b) | | | | | 367,095 | | | | | | 40,714,506 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 392,413 | | | | | | 35,929,334 | | |
| Total U.S. Ultra Short Term Treasury Bond Funds | | | | | | | | | | | 216,102,025 | | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $691,745,263) | | | | | | | | | | | 692,459,266 | | |
| Short-Term Investments — 11.9% | |
| Money Market Funds — 11.9% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(c)(d) | | | | | 87,019,645 | | | | | | 87,019,645 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c) | | | | | 737,564 | | | | | | 737,564 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $87,757,209) | | | | | | | | | | | 87,757,209 | | |
| Total Investments — 112.2% | | | | | | | | | | | | | |
| (Cost $826,427,027) | | | | | | | | | | | 829,446,442 | | |
| Other Assets and Liabilities, Net — (12.2)% | | | | | | | | | | | (89,786,055) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 739,660,387 | | |
| |
*
Non-income producing securities.
†
Affiliated Fund.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $163,756,749; total market value of collateral held by the Fund was $168,285,306. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $81,265,661.
(b)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $7,835,438.
(c)
Reflects the 1-day yield at April 30, 2020.
(d)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: | |
| Total Return Benchmark | | | Counterparties | | | Annual
Financing
Rate
Received
(Paid)% | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| Aberdeen Standard Physical Gold Shares ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | $ | 33,589 | | | | | $ | — | | |
| Aberdeen Standard Physical Gold Shares ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 33,589 | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.01) | | | | | | 7/02/2020 | | | | Monthly | | | | | (2,730,772) | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (2,730,772) | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 655,538 | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 655,538 | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 675,701 | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 675,701 | | | | | | — | | |
FlexShares Global Upstream Natural Resources
Index Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 184,808 | | | | | | — | | |
FlexShares Global Upstream Natural Resources
Index Fund | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 184,808 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 2,073,888 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 2,073,888 | | | | | | — | | |
| Graniteshares Gold Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 17,653 | | | | | | — | | |
| Graniteshares Gold Trust | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 17,653 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 311,457 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 311,457 | | | | | | — | | |
Invesco CurrencyShares Australian Dollar
Trust | | | Morgan Stanley | | | | | (3.90) | | | | | | 7/02/2020 | | | | Monthly | | | | | (239,281) | | | | | | — | | |
Invesco CurrencyShares Australian Dollar
Trust | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (2,625,911) | | | | | | — | | |
| Invesco CurrencyShares British Pound Sterling Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 29,287 | | | | | | — | | |
| Invesco CurrencyShares British Pound Sterling Trust | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 29,287 | | | | | | — | | |
| Invesco CurrencyShares Euro Currency Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 756,774 | | | | | | — | | |
| Invesco CurrencyShares Euro Currency Trust | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 756,774 | | | | | | — | | |
| Invesco DB U.S. Dollar Index Bullish Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 854,601 | | | | | | — | | |
| Invesco DB U.S. Dollar Index Bullish Fund | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 854,601 | | | | | | — | | |
| Invesco KBW Bank ETF | | | Morgan Stanley | | | | | (1.65) | | | | | | 7/02/2020 | | | | Monthly | | | | | (64,223) | | | | | | — | | |
| Invesco KBW Bank ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (64,223) | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 235,232 | | | | | | — | | |
| Invesco Preferred ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 235,232 | | | | | | — | | |
| Invesco S&P 500 Low Volatility ETF | | | Morgan Stanley | | | | | (1.40) | | | | | | 7/02/2020 | | | | Monthly | | | | | (1,306,281) | | | | | | — | | |
| Invesco S&P 500 Low Volatility ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (1,306,281) | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 2,021,003 | | | | | | — | | |
| Invesco Senior Loan ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 2,021,003 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 2,192,196 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 2,192,196 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 244,678 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 244,678 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 2,883,627 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 2,883,627 | | | | | | — | | |
iShares 0-5 Year High Yield Corporate Bond
ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 686,328 | | | | | | — | | |
iShares 0-5 Year High Yield Corporate Bond
ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 686,328 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 79,868 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 79,868 | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 332,950 | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 332,950 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 116,342 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: (continued) | |
| Total Return Benchmark | | | Counterparties | | | Annual
Financing
Rate
Received
(Paid)% | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | $ | 116,342 | | | | | $ | — | | |
| iShares China Large-Cap ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 98,752 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 769,837 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 769,837 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 234,454 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 234,454 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 194,775 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 194,775 | | | | | | — | | |
| iShares Core MSCI Pacific ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 133,207 | | | | | | — | | |
| iShares Core MSCI Pacific ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 133,207 | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 139,698 | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 139,698 | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Morgan Stanley | | | | | (3.05) | | | | | | 7/02/2020 | | | | Monthly | | | | | (534,956) | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (534,956) | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | | | (3.90) | | | | | | 7/02/2020 | | | | Monthly | | | | | (946,253) | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (946,253) | | | | | | — | | |
| iShares Edge MSCI Min Vol Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 97,063 | | | | | | — | | |
| iShares Edge MSCI Min Vol Emerging Markets ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 97,063 | | | | | | — | | |
| iShares Edge MSCI Min Vol USA ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 7/02/2020 | | | | Monthly | | | | | (4,570,659) | | | | | | — | | |
| iShares Edge MSCI Min Vol USA ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (4,570,659) | | | | | | — | | |
iShares Edge MSCI USA Momentum Factor
ETF | | | Morgan Stanley | | | | | (0.70) | | | | | | 7/02/2020 | | | | Monthly | | | | | (1,579,523) | | | | | | — | | |
iShares Edge MSCI USA Momentum Factor
ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (1,579,523) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,663,800 | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 1,663,800 | | | | | | — | | |
| iShares Gold Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 462,293 | | | | | | — | | |
| iShares Gold Trust | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 462,293 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,256,049 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 1,256,049 | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Morgan Stanley | | | | | (0.60) | | | | | | 7/02/2020 | | | | Monthly | | | | | (3,268,997) | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (3,268,997) | | | | | | — | | |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 68,139 | | | | | | — | | |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 68,139 | | | | | | — | | |
| iShares MBS ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,266,873 | | | | | | — | | |
| iShares MBS ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 1,266,873 | | | | | | — | | |
| iShares MSCI China ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 122,839 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 754,750 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 754,750 | | | | | | — | | |
| iShares MSCI Japan ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 7/02/2020 | | | | Monthly | | | | | (1,749,074) | | | | | | — | | |
| iShares MSCI Japan ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (1,749,074) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 653,880 | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 653,880 | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 110,498 | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 110,498 | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 7/02/2020 | | | | Monthly | | | | | (1,930,387) | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (1,930,387) | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 53,905 | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 53,905 | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Morgan Stanley | | | | | (3.60) | | | | | | 7/02/2020 | | | | Monthly | | | | | (1,218,329) | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (1,218,329) | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: (continued) | |
| Total Return Benchmark | | | Counterparties | | | Annual
Financing
Rate
Received
(Paid)% | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | $ | 2,200,676 | | | | | $ | — | | |
| iShares Short Treasury Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 2,200,676 | | | | ��� | | — | | |
| iShares Silver Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 90,059 | | | | | | — | | |
| iShares Silver Trust | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 90,059 | | | | | | — | | |
| iShares TIPS Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 205,742 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 146,296 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 146,296 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 488,830 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 488,830 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 161,141 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 161,141 | | | | | | — | | |
| Schwab U.S. Large-Cap Value ETF | | | Morgan Stanley | | | | | (2.60) | | | | | | 7/02/2020 | | | | Monthly | | | | | (548,277) | | | | | | — | | |
| Schwab U.S. Large-Cap Value ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (548,277) | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Morgan Stanley | | | | | (1.46) | | | | | | 7/02/2020 | | | | Monthly | | | | | (3,331,886) | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (3,331,886) | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 822,034 | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 822,034 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,842,004 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 1,842,004 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 758,794 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 758,794 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 58,487 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 58,487 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 7/02/2020 | | | | Monthly | | | | | (1,782,837) | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (1,782,837) | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 577,362 | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 577,362 | | | | | | — | | |
SPDR Bloomberg Barclays Short Term High Yield
Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 499,933 | | | | | | — | | |
SPDR Bloomberg Barclays Short Term High Yield
Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 499,933 | | | | | | — | | |
| SPDR Dow Jones International Real Estate ETF | | | Morgan Stanley | | | | | (1.05) | | | | | | 7/02/2020 | | | | Monthly | | | | | (950,379) | | | | | | — | | |
| SPDR Dow Jones International Real Estate ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (950,379) | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 34,960 | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 34,960 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 8,681 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 8,681 | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 112,882 | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 112,882 | | | | | | — | | |
| SPDR Portfolio S&P 500 Value ETF | | | Morgan Stanley | | | | | (3.05) | | | | | | 7/02/2020 | | | | Monthly | | | | | (330,016) | | | | | | — | | |
| SPDR Portfolio S&P 500 Value ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (330,016) | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 107,080 | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 107,080 | | | | | | — | | |
| SPDR S&P Bank ETF | | | Morgan Stanley | | | | | (1.55) | | | | | | 7/02/2020 | | | | Monthly | | | | | (191,523) | | | | | | — | | |
| SPDR S&P Bank ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (191,523) | | | | | | — | | |
| SPDR S&P China ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 29,207 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 307,479 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 307,479 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 227,428 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 227,428 | | | | | | — | | |
VanEck Vectors High-Yield Municipal Index
ETF | | | Morgan Stanley | | | | | (3.05) | | | | | | 7/02/2020 | | | | Monthly | | | | | (1,491,500) | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: (continued) | |
| Total Return Benchmark | | | Counterparties | | | Annual
Financing
Rate
Received
(Paid)% | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
VanEck Vectors High-Yield Municipal Index
ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | $ | (1,491,500) | | | | | $ | — | | |
VanEck Vectors J.P. Morgan EM Local Currency
Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 215,866 | | | | | | — | | |
VanEck Vectors J.P. Morgan EM Local Currency
Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 215,866 | | | | | | — | | |
| Vanguard Emerging Markets Government Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 8,285 | | | | | | — | | |
| Vanguard Emerging Markets Government Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 8,285 | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,114,720 | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 1,114,720 | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 799,339 | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 799,339 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 256,409 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 256,409 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 640,926 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 640,926 | | | | | | — | | |
| Vanguard FTSE Pacific ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 454,988 | | | | | | — | | |
| Vanguard FTSE Pacific ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 454,988 | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 846,963 | | | | | | — | | |
| Vanguard Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 846,963 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 826,900 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 826,900 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 165,017 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 165,017 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 8,960 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 8,960 | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 648,140 | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 648,140 | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 64,197 | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 64,197 | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Morgan Stanley | | | | | (5.00) | | | | | | 7/02/2020 | | | | Monthly | | | | | (201,234) | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (201,234) | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 427,454 | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 427,454 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 119,714 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 119,714 | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Morgan Stanley | | | | | (0.75) | | | | | | 7/02/2020 | | | | Monthly | | | | | (2,964,788) | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (2,964,788) | | | | | | — | | |
| Vanguard Value ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 7/02/2020 | | | | Monthly | | | | | (4,373,304) | | | | | | — | | |
| Vanguard Value ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (4,373,304) | | | | | | — | | |
| WisdomTree Emerging Markets Local Debt Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 9,744 | | | | | | — | | |
| WisdomTree Emerging Markets Local Debt Fund | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 9,744 | | | | | | — | | |
| Xtrackers MSCI Europe Hedged Equity ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 132,689 | | | | | | — | | |
| Xtrackers MSCI Europe Hedged Equity ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 132,689 | | | | | | — | | |
| Xtrackers MSCI Japan Hedged Equity ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 480,833 | | | | | | — | | |
| Xtrackers MSCI Japan Hedged Equity ETF | | | Bank of America | | | | | 1.49 | | | | | | 9/30/2020 | | | | Monthly | | | | | 480,833 | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | | | (1.90) | | | | | | 7/02/2020 | | | | Monthly | | | | | (713,509) | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Bank of America | | | | | 0.99 | | | | | | 9/30/2020 | | | | Monthly | | | | | (713,509) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
Cash posted has been segregated as collateral for swaps (counterparty Bank of America) in the amount of $2,481,530 at April 30, 2020.
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
Total Return Swap contracts outstanding at April 30, 2020: (continued)
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $7,835,438 and with Bank of America amounted to $ — at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(e)
Reflects the value at reset date of April 30, 2020.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 692,459,266 | | | | | $ | — | | | | | $ | — | | | | | $ | 692,459,266 | | |
| Exchange Traded Vehicles | | | | | 44,457,893 | | | | | | — | | | | | | — | | | | | | 44,457,893 | | |
| Exchange Traded Note | | | | | 4,772,074 | | | | | | — | | | | | | — | | | | | | 4,772,074 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 87,757,209 | | | | | | — | | | | | | — | | | | | | 87,757,209 | | |
| Total Investments in Securities | | | | | 829,446,442 | | | | | | — | | | | | | — | | | | | | 829,446,442 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 829,446,442 | | | | | $ | — | | | | | $ | — | | | | | $ | 829,446,442 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedules of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2019 | | | Value
($) at
04/30/2019 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | |
Invesco
Treasury
Collateral
ETF | | | | | 46,369 | | | | | | 4,892,161 | | | | | | 43,949,500 | | | | | | (6,053,135) | | | | | | 8,463 | | | | | | (36,602) | | | | | | 121,045 | | | | | | — | | | | | | 403,476 | | | | | | 42,760,387 | | |
IQ Ultra
Short
Duration
ETF | | | | | — | | | | | | — | | | | | | 59,621,146 | | | | | | (4,502,603) | | | | | | 24,277 | | | | | | 1,103,736 | | | | | | — | | | | | | — | | | | | | 1,137,443 | | | | | | 56,246,556 | | |
| | | | | | 46,369 | | | | | | 4,892,161 | | | | | | 103,570,646 | | | | | | (10,555,738) | | | | | | 32,740 | | | | | | 1,067,134 | | | | | | 121,045 | | | | | | — | | | | | | 1,540,919 | | | | | | 99,006,943 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF
| | | | Shares | | | Value | |
| Exchange Traded Vehicles — 5.9% | |
| Gold Funds — 3.2% | |
Aberdeen Standard Physical Gold Shares
ETF* | | | | | 463 | | | | | $ | 7,524 | | |
Graniteshares Gold Trust* | | | | | 235 | | | | | | 3,943 | | |
iShares Gold Trust* | | | | | 6,422 | | | | | | 103,458 | | |
SPDR Gold MiniShares Trust* | | | | | 465 | | | | | | 7,831 | | |
| Total Gold Funds | | | | | | | | | | | 122,756 | | |
| Silver Fund — 0.5% | |
iShares Silver Trust* | | | | | 1,430 | | | | | | 19,991 | | |
| U.S. Dollar Fund — 2.2% | |
| Invesco DB U.S. Dollar Index Bullish Fund | | | | | 3,168 | | | | | | 84,871 | | |
| Total Exchange Traded Vehicles | | | | | | | | | | | | | |
| (Cost $221,461) | | | | | | | | | | | 227,618 | | |
| Investment Companies — 94.3% | |
| BRIC Equity Funds — 2.0% | |
iShares China Large-Cap ETF(a) | | | | | 772 | | | | | | 29,791 | | |
| iShares MSCI China ETF | | | | | 618 | | | | | | 37,068 | | |
| SPDR S&P China ETF | | | | | 92 | | | | | | 8,810 | | |
| Total BRIC Equity Funds | | | | | | | | | | | 75,669 | | |
| Broad Fund — 2.9% | |
| FlexShares Global Upstream Natural Resources Index Fund | | | | | 4,317 | | | | | | 111,551 | | |
| Convertible Bond Fund — 12.2% | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | | | 8,800 | | | | | | 468,424 | | |
| Emerging Bonds — Local Currency Funds — 4.5% | |
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF(a) | | | | | 1,401 | | | | | | 35,319 | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | | | 4,511 | | | | | | 130,323 | | |
WisdomTree Emerging Markets Local Debt
Fund | | | | | 196 | | | | | | 5,876 | | |
Total Emerging Bonds — Local Currency
Funds | | | | | | | | | | | 171,518 | | |
| Emerging Bonds — USD Funds — 2.3% | |
iShares J.P. Morgan USD Emerging Markets
Bond ETF(a) | | | | | 782 | | | | | | 78,591 | | |
Vanguard Emerging Markets Government
Bond ETF | | | | | 133 | | | | | | 9,581 | | |
| Total Emerging Bonds — USD Funds | | | | | | | | | | | 88,172 | | |
| Emerging Equity Funds — 6.2% | |
| iShares Core MSCI Emerging Markets ETF | | | | | 2,606 | | | | | | 113,778 | | |
| Vanguard FTSE Emerging Markets ETF | | | | | 3,440 | | | | | | 124,425 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 238,203 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Emerging Small Cap Equity Fund — 2.4% | |
SPDR S&P Emerging Markets SmallCap
ETF | | | | | 2,567 | | | | | $ | 93,618 | | |
| Europe Equity Fund — 0.8% | |
Xtrackers MSCI Europe Hedged Equity
ETF | | | | | 1,155 | | | | | | 29,684 | | |
| Floating Rate — Investment Grade Funds — 4.5% | |
iShares Floating Rate Bond
ETF | | | | | 2,566 | | | | | | 128,300 | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | | | 1,477 | | | | | | 44,517 | | |
Total Floating Rate — Investment Grade
Funds | | | | | | | | | | | 172,817 | | |
| Investment Grade Corporate Bond Funds — 10.3% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 144 | | | | | | 8,381 | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | | | 702 | | | | | | 90,677 | | |
SPDR Portfolio Short Term Corporate Bond
ETF | | | | | 1,523 | | | | | | 47,106 | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | | | 653 | | | | | | 59,652 | | |
Vanguard Short-Term Corporate Bond
ETF | | | | | 2,320 | | | | | | 188,106 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 393,922 | | |
| Japan Equity Fund — 2.8% | |
Xtrackers MSCI Japan Hedged Equity
ETF | | | | | 2,909 | | | | | | 107,604 | | |
| U.S. Large Cap Core Fund — 3.1% | |
| Energy Select Sector SPDR Fund | | | | | 3,081 | | | | | | 117,078 | | |
| U.S. Large Cap Growth Funds — 2.3% | |
| iShares Core S&P U.S. Growth ETF | | | | | 142 | | | | | | 9,274 | | |
| Schwab U.S. Large-Cap Growth ETF | | | | | 118 | | | | | | 10,779 | | |
| SPDR Portfolio S&P 500 Growth ETF | | | | | 184 | | | | | | 7,515 | | |
| Vanguard Growth ETF | | | | | 313 | | | | | | 56,440 | | |
| Vanguard Russell 1000 Growth ETF | | | | | 24 | | | | | | 4,268 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 88,276 | | |
| U.S. Medium Term Treasury Bond Funds — 6.0% | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 889 | | | | | | 118,539 | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | | | 887 | | | | | | 52,093 | | |
Vanguard Intermediate-Term Treasury
ETF | | | | | 834 | | | | | | 58,739 | | |
| Total U.S. Medium Term Treasury Bond Funds | | | | | | | | | | | 229,371 | | |
| U.S. Ultra Short-Term Bond Funds — 32.0% | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | | | 2,251 | | | | | | 226,541 | | |
| Invesco Treasury Collateral ETF | | | | | 2,259 | | | | | | 239,409 | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Ultra Short-Term Bond Funds (continued) | |
| IQ Ultra Short Duration ETF† | | | | | 6,370 | | | | | $ | 314,997 | | |
iShares Short Treasury Bond ETF(b) | | | | | 2,167 | | | | | | 240,342 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a) | | | | | 2,197 | | | | | | 201,157 | | |
Total U.S. Ultra Short-Term Treasury Bond
Funds | | | | | | | | | | | 1,222,446 | | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $3,605,191) | | | | | | | | | | | 3,608,353 | | |
| Short-Term Investments — 6.3% | |
| Money Market Funds — 6.3% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d) | | | | | 234,871 | | | | | | 234,871 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.18%(c) | | | | | 5,004 | | | | | | 5,004 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $239,875) | | | | | | | | | | | 239,875 | | |
| |
| | | | Shares | | | Value | |
| Total Investments — 106.5% | |
| (Cost $4,066,527) | | | | | | | $ | 4,075,846 | | |
Other Assets and Liabilities,
Net — (6.5)% | | | | | | | | (248,575) | | |
| Net Assets — 100.0% | | | | | | | $ | 3,827,271 | | |
| |
*
Non-income producing securities.
†
Affilliated Fund.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $329,299; total market value of collateral held by the Fund was $337,342. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $102,471.
(b)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $240,331.
(c)
Reflects the 1-day yield at April 30, 2020.
(d)
Represents security purchased with cash collateral received for securities on loan.
| Total Return Swap contracts outstanding at April 30, 2020: | |
| Total Return Benchmark | | | Counterparty | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Aberdeen Standard Physical Gold Shares ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | $ | 715 | | | | | $ | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 11,210 | | | | | | — | | |
FlexShares Global Upstream Natural Resources
Index Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 10,698 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 21,738 | | | | | | — | | |
| Graniteshares Gold Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 386 | | | | | | — | | |
| Invesco DB US Dollar Index Bullish Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 8,117 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 22,892 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 30,857 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (40,018) | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 11,334 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 815 | | | | | | — | | |
| iShares China Large-Cap ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 2,856 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 10,915 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | | | (1.45) | | | | | | 5/04/2021 | | | | Monthly | | | | | (552) | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 914 | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | | | (3.90) | | | | | | 5/04/2021 | | | | Monthly | | | | | (11,504) | | | | | | — | | |
| iShares Edge MSCI Min Vol Emerging Markets ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (29,792) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 12,300 | | | | | | — | | |
| iShares Gold Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 9,908 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 8,654 | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Morgan Stanley | | | | | (0.60) | | | | | | 5/04/2021 | | | | Monthly | | | | | (28,553) | | | | | | — | | |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 7,538 | | | | | | — | | |
| iShares MSCI China ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 3,539 | | | | | | — | | |
| iShares MSCI Japan ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (50,621) | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 23,069 | | | | | | — | | |
| iShares Silver Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,915 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 4,992 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | | | (3.20) | | | | | | 5/04/2021 | | | | Monthly | | | | $ | (24,092) | | | | | $ | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,005 | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Morgan Stanley | | | | | (1.46) | | | | | | 5/04/2021 | | | | Monthly | | | | | (40,561) | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 19,319 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 44,873 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 3,378 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (15,548) | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 4,280 | | | | | | — | | |
| SPDR Dow Jones International Real Estate ETF | | | Morgan Stanley | | | | | (1.05) | | | | | | 5/04/2021 | | | | Monthly | | | | | (74,170) | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 758 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Morgan Stanley | | | | | (0.90) | | | | | | 5/04/2021 | | | | Monthly | | | | | (4,341) | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 735 | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 4,516 | | | | | | — | | |
| SPDR S&P China ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 862 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 8,972 | | | | | | — | | |
VanEck Vectors J.P. Morgan EM Local Currency
Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 12,480 | | | | | | — | | |
| Vanguard Emerging Markets Government Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 937 | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Morgan Stanley | | | | | (1.80) | | | | | | 5/04/2021 | | | | Monthly | | | | | (54,937) | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 11,936 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | | | 0.04 | | | | | | 5/04/2021 | | | | Monthly | | | | | (1,843) | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 5,410 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 5,755 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 5,634 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Morgan Stanley | | | | | (7.00) | | | | | | 5/04/2021 | | | | Monthly | | | | | (4,480) | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 356 | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 18,000 | | | | | | — | | |
| WisdomTree Emerging Markets Local Debt Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 570 | | | | | | — | | |
| Xtrackers MSCI Europe Hedged Equity ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 2,853 | | | | | | — | | |
| Xtrackers MSCI Japan Hedged Equity ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 10,320 | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | | | (1.90) | | | | | | 5/04/2021 | | | | Monthly | | | | | (6,232) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $240,331 at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(e)
Reflects the value at reset date of April 30, 2020.
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Vehicles | | | | $ | 227,618 | | | | | $ | — | | | | | $ | — | | | | | $ | 227,618 | | |
| Investment Companies | | | | | 3,608,353 | | | | | | — | | | | | | — | | | | | | 3,608,353 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 239,875 | | | | | | — | | | | | | — | | | | | | 239,875 | | |
| Total Investments in Securities | | | | | 4,075,846 | | | | | | — | | | | | | — | | | | | | 4,075,846 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 4,075,846 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,075,846 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedules of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2019 | | | Value
($) at
04/30/2019 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | — | | | | | | — | | | | | | 309,255 | | | | | | (484) | | | | | | — | | | | | | 6,226 | | | | | | — | | | | | | — | | | | | | 6,370 | | | | | | 314,997 | | |
| | | | | | — | | | | | | — | | | | | | 309,255 | | | | | | (484) | | | | | | — | | | | | | 6,226 | | | | | | — | | | | | | — | | | | | | 6,370 | | | | | | 314,997 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Hedge Market Neutral Tracker ETF
| | | | Shares | | | Value | |
| Exchange Traded Vehicles — 2.50% | |
| British Pound Fund — 0.1% | |
Invesco CurrencyShares British Pound Sterling Trust* | | | | | 196 | | | | | $ | 23,918 | | |
| Euro Fund — 2.3% | |
Invesco CurrencyShares Euro Currency Trust* | | | | | 4,030 | | | | | | 417,266 | | |
| U.S. Dollar Fund — 0.1% | |
Invesco DB U.S. Dollar Index Bullish
Fund | | | | | 719 | | | | | | 19,262 | | |
| Total Exchange Traded Vehicles | | | | | | | | | | | | | |
| (Cost $469,083) | | | | | | | | | | | 460,446 | | |
| Investment Companies — 98.0% | |
| Asia ex Japan Equity Funds — 2.8% | |
| iShares Core MSCI Pacific ETF | | | | | 2,293 | | | | | | 112,793 | | |
| Vanguard FTSE Pacific ETF | | | | | 6,571 | | | | | | 385,323 | | |
| Total Asia ex Japan Equity Funds | | | | | | | | | | | 498,116 | | |
| Bank Loan Funds — 12.8% | |
Invesco Senior Loan ETF(a) | | | | | 77,994 | | | | | | 1,636,314 | | |
SPDR Blackstone / GSO Senior
Loan ETF(a) | | | | | 15,933 | | | | | | 665,522 | | |
| Total Bank Loan Funds | | | | | | | | | | | 2,301,836 | | |
| Convertible Bond Fund — 0.9% | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | | | 3,037 | | | | | | 161,659 | | |
| Emerging Equity Funds — 0.5% | |
iShares Core MSCI Emerging
Markets ETF | | | | | 893 | | | | | | 38,989 | | |
| Vanguard FTSE Emerging Markets ETF | | | | | 1,178 | | | | | | 42,608 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 81,597 | | |
| Europe Equity Funds — 4.0% | |
| iShares Core MSCI Europe ETF | | | | | 4,243 | | | | | | 167,429 | | |
Vanguard FTSE Europe ETF(a) | | | | | 11,960 | | | | | | 550,997 | | |
| Total Europe Equity Funds | | | | | | | | | | | 718,426 | | |
| Floating Rate — Investment Grade Funds — 8.9% | |
| iShares Floating Rate Bond ETF | | | | | 23,673 | | | | | | 1,183,650 | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | | | 13,627 | | | | | | 410,718 | | |
| Total Floating Rate — Investment Grade Funds | | | | | | | | | | | 1,594,368 | | |
| High Yield Corporate Bond Funds — 5.4% | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | | | 13,258 | | | | | | 559,753 | | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | | | 16,588 | | | | | | 407,733 | | |
Total High Yield Corporate Bond
Funds | | | | | | | | | | | 967,486 | | |
| International Small Cap Equity Funds — 6.5% | |
| Schwab International Small-Cap Equity ETF | | | | | 13,232 | | | | | $ | 358,587 | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | | | 9,363 | | | | | | 817,765 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| International Small Cap Equity Funds (continued) | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 1,176,352 | | |
| Investment Grade Corporate Bond Funds — 5.3% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 869 | | | | | | 50,576 | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | | | 4,226 | | | | | | 545,872 | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 3,933 | | | | | | 359,280 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 955,728 | | |
| Mortgage Backed Securities Funds — 8.7% | |
| iShares MBS ETF | | | | | 9,300 | | | | | | 1,033,230 | | |
| Vanguard Mortgage-Backed Securities ETF | | | | | 9,674 | | | | | | 528,587 | | |
| Total Mortgage Backed Securities Funds | | | | | | | | | | | 1,561,817 | | |
| Treasury Inflation — Protected Securities Fund — 0.5% | |
iShares TIPS Bond ETF(a) | | | | | 691 | | | | | | 83,825 | | |
| U.S. Small Cap Growth Funds — 3.4% | |
iShares Russell 2000 Growth ETF(a) | | | | | 1,296 | | | | | | 236,313 | | |
iShares S&P Small-Cap 600
Growth ETF(a) | | | | | 744 | | | | | | 115,245 | | |
Vanguard Small-Cap Growth ETF(a) | | | | | 1,462 | | | | | | 255,879 | | |
| Total U.S. Small Cap Growth Funds | | | | | | | | | | | 607,437 | | |
| U.S. Ultra Short Term Bond Funds — 38.3% | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 12,658 | | | | | | 1,273,901 | | |
| Invesco Treasury Collateral ETF | | | | | 12,706 | | | | | | 1,346,582 | | |
| iShares Short Treasury Bond ETF | | | | | 12,188 | | | | | | 1,351,771 | | |
IQ Ultra Short Duration ETF† | | | | | 35,819 | | | | | | 1,771,249 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 12,357 | | | | | | 1,131,407 | | |
| Total U.S. Ultra Short Term Treasury Bond Funds | | | | | | | | | | | 6,874,910 | | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $17,683,495) | | | | | | | | | | | 17,583,557 | | |
| Short-Term Investments — 18.8% | |
| Money Market Funds — 18.8% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | 3,346,998 | | | | | | 3,346,998 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b) | | | | | 23,076 | | | | | | 23,076 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $3,370,074) | | | | | | | | | | | 3,370,074 | | |
| Total Investments — 119.3% | | | | | | | | | | | | | |
| (Cost $21,522,652) | | | | | | | | | | | 21,414,077 | | |
| Other Assets and Liabilities, Net — (19.3)% | | | | | | | | | | $ | (3,457,631) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 17,956,446 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
*
Non-income producing securities.
†
Affiliated Fund.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $3,719,092; total market value of collateral held by the
Fund was $3,821,570. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $474,572.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
| Total Return Swap contracts outstanding at April 30, 2020: | |
| Total Return Benchmark | | | Counterparty | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(d) | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | $ | 128,517 | | | | | $ | — | | |
Invesco CurrencyShares Australian Dollar
Trust | | | Bank of America | | | | | 0.99 | | | | | | 29/10/2021 | | | | Monthly | | | | | (157,633) | | | | | | — | | |
Invesco CurrencyShares Australian Dollar
Trust | | | Morgan Stanley | | | | | (3.90) | | | | | | 5/04/2021 | | | | Monthly | | | | | (43,168) | | | | | | — | | |
| Invesco CurrencyShares British Pound Sterling Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 2,441 | | | | | | — | | |
| Invesco CurrencyShares Euro Currency Trust | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 42,037 | | | | | | — | | |
| Invesco KBW Bank ETF | | | Morgan Stanley | | | | | (1.65) | | | | | | 5/04/2021 | | | | Monthly | | | | | (4,884) | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (54,396) | | | | | | — | | |
| Invesco S&P 500 Low Volatility ETF | | | Morgan Stanley | | | | | (1.40) | | | | | | 5/04/2021 | | | | Monthly | | | | | (58,480) | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 165,050 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 135,866 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 178,663 | | | | | | — | | |
iShares 0-5 Year High Yield Corporate Bond
ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 56,448 | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | | | (2.80) | | | | | | 5/04/2021 | | | | Monthly | | | | | (97,738) | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 5,122 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 3,929 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 16,889 | | | | | | — | | |
| iShares Core MSCI Pacific ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 11,363 | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Morgan Stanley | | | | | (3.80) | | | | | | 5/04/2021 | | | | Monthly | | | | | (29,324) | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Morgan Stanley | | | | | (3.05) | | | | | | 5/04/2021 | | | | Monthly | | | | | (23,957) | | | | | | — | | |
| iShares Edge MSCI Min Vol USA ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (204,678) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 119,400 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 55,026 | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Morgan Stanley | | | | | (0.60) | | | | | | 5/04/2021 | | | | Monthly | | | | | (54,451) | | | | | | — | | |
| iShares MBS ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 104,212 | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (151,178) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 23,887 | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (86,402) | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 11,618 | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Morgan Stanley | | | | | (3.60) | | | | | | 5/04/2021 | | | | Monthly | | | | | (54,520) | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 136,308 | | | | | | — | | |
| iShares TIPS Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 8,492 | | | | | | — | | |
| PowerShares DB U.S. Dollar Index Bullish Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 1,956 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | | | (2.85) | | | | | | 5/04/2021 | | | | Monthly | | | | | (42,932) | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 36,179 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | | | (1.95) | | | | | | 5/04/2021 | | | | Monthly | | | | | (33,800) | | | | | | — | | |
| Schwab U.S. Large-Cap Value ETF | | | Morgan Stanley | | | | | (2.60) | | | | | | 5/04/2021 | | | | Monthly | | | | | (24,560) | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 67,124 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 114,084 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | $ | 16,288 | | | | | $ | — | | |
SPDR Bloomberg Barclays High Yield Bond
ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (29,709) | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(d) | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 41,443 | | | | | | — | | |
SPDR Bloomberg Barclays Short Term High Yield
Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 41,122 | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Morgan Stanley | | | | | (1.95) | | | | | | 5/04/2021 | | | | Monthly | | | | | (23,687) | | | | | | — | | |
| SPDR Portfolio S&P 500 Value ETF | | | Morgan Stanley | | | | | (3.05) | | | | | | 5/04/2021 | | | | Monthly | | | | | (14,791) | | | | | | — | | |
| SPDR S&P Bank ETF | | | Morgan Stanley | | | | | (1.55) | | | | | | 5/04/2021 | | | | Monthly | | | | | (14,622) | | | | | | — | | |
VanEck Vectors High-Yield Municipal Index
ETF | | | Morgan Stanley | | | | | (3.05) | | | | | | 5/04/2021 | | | | Monthly | | | | | (113,825) | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 82,449 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 4,304 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 55,560 | | | | | | — | | |
| Vanguard FTSE Pacific ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 38,878 | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | | | (0.80) | | | | | | 5/04/2021 | | | | Monthly | | | | | (177,796) | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 36,266 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (48,456) | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 53,329 | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | | | (2.15) | | | | | | 5/04/2021 | | | | Monthly | | | | | (13,515) | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Morgan Stanley | | | | | (5.00) | | | | | | 5/04/2021 | | | | Monthly | | | | | (9,006) | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 7/02/2020 | | | | Monthly | | | | | 25,903 | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Morgan Stanley | | | | | (0.75) | | | | | | 5/04/2021 | | | | Monthly | | | | | (132,782) | | | | | | — | | |
| Vanguard Value ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 5/04/2021 | | | | Monthly | | | | | (195,839) | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | | | (1.90) | | | | | | 5/04/2021 | | | | Monthly | | | | | (11,913) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
At April 30, 2020 there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(d)
Reflects the value at reset date of April 30, 2020.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Vehicles | | | | $ | 460,446 | | | | | $ | — | | | | | $ | — | | | | | $ | 460,446 | | |
| Investment Companies | | | | | 17,583,557 | | | | | | — | | | | | | — | | | | | | 17,583,557 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 3,370,074 | | | | | | — | | | | | | — | | | | | | 3,370,074 | | |
| Total Investments in Securities | | | | | 21,414,077 | | | | | | — | | | | | | — | | | | | | 21,414,077 | | |
| Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 21,414,077 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,414,077 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(e)
For a complete listing of investments and their industries, see the Schedules of Investments.
(f)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2019 | | | Value
($) at
04/30/2019 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | — | | | | | | — | | | | | | 1,738,054 | | | | | | (1,938) | | | | | | (2) | | | | | | 35,135 | | | | | | — | | | | | | — | | | | | | 35,819 | | | | | | 1,771,249 | | |
| | | | | | — | | | | | | — | | | | | | 1,738,054 | | | | | | (1,938) | | | | | | (2) | | | | | | 35,135 | | | | | | — | | | | | | — | | | | | | 35,819 | | | | | | 1,771,249 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Hedge Long/Short Tracker ETF
| | | | Shares | | | Value | |
| Exchange Traded Note — 0.9% | |
| Volatility Note — 0.9% | |
iPath Series B S&P 500 VIX Short-Term Futures ETN* | | | | | | | | | | | | | |
| (Cost $53,138) | | | | | 2,605 | | | | | $ | 98,652 | | |
| Investment Companies — 99.8% | |
| Bank Loan Funds — 7.6% | |
Invesco Senior Loan ETF(a) | | | | | 27,678 | | | | | | 580,685 | | |
SPDR Blackstone / GSO Senior Loan
ETF(a) | | | | | 5,654 | | | | | | 236,168 | | |
| Total Bank Loan Funds | | | | | | | | | | | 816,853 | | |
| International Equity Core Funds — 16.5% | |
| iShares Core MSCI EAFE ETF | | | | | 16,298 | | | | | | 864,283 | | |
| Vanguard FTSE Developed Markets ETF | | | | | 25,151 | | | | | | 897,388 | | |
| Total International Equity Core Funds | | | | | | | | | | | 1,761,671 | | |
| International Large Cap Growth Fund — 7.9% | |
| iShares MSCI EAFE Growth ETF | | | | | 11,145 | | | | | | 847,354 | | |
| International Small Cap Equity Funds — 3.9% | |
| Schwab International Small-Cap Equity ETF | | | | | 4,677 | | | | | | 126,747 | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | | | 3,309 | | | | | | 289,008 | | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 415,755 | | |
| Investment Grade Corporate Bond Funds — 3.8% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 369 | | | | | | 21,476 | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | | | 1,795 | | | | | | 231,860 | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 1,671 | | | | | | 152,646 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 405,982 | | |
| U.S. Large Cap Core Funds — 14.1% | |
| Energy Select Sector SPDR Fund | | | | | 3,912 | | | | | | 148,656 | | |
Financial Select Sector SPDR Fund(a) | | | | | 33,286 | | | | | | 758,588 | | |
Health Care Select Sector SPDR
Fund(a) | | | | | 3,506 | | | | | | 349,653 | | |
| Technology Select Sector SPDR Fund | | | | | 2,793 | | | | | | 255,308 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 1,512,205 | | |
| U.S. Large Cap Growth Funds — 16.0% | |
| iShares Core S&P U.S. Growth ETF | | | | | 2,761 | | | | | | 180,321 | | |
| Schwab U.S. Large-Cap Growth ETF | | | | | 2,277 | | | | | | 208,004 | | |
| SPDR Portfolio S&P 500 Growth ETF | | | | | 3,568 | | | | | | 145,717 | | |
| Vanguard Growth ETF | | | | | 6,062 | | | | | | 1,093,100 | | |
| | | | Shares | | | Value | | | |
| Investment Companies (continued) | | | |
| U.S. Large Cap Growth Funds (continued) | | | |
| Vanguard Russell 1000 Growth ETF | | | | | 466 | | | | | $ | 82,869 | | | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 1,710,011 | | | | |
| U.S. Long Term Treasury Bond Funds — 3.8% | | | |
iShares 20+ Year Treasury Bond ETF(a) | | | | | 1,966 | | | | | | 327,811 | | | | |
| SPDR Portfolio Long Term Treasury ETF | | | | | 747 | | | | | | 35,632 | | | | |
| Vanguard Long-Term Treasury ETF | | | | | 363 | | | | | | 36,960 | | | | |
| Total U.S. Long Term Treasury Bond Funds | | | | | | | | | | | 400,403 | | | | |
| U.S. Preferred Funds — 16.1% | | | |
| Invesco Preferred ETF | | | | | 32,050 | | | | | | 455,430 | | | | |
iShares Preferred & Income Securities ETF(a) | | | | | 36,535 | | | | | | 1,265,938 | | | | |
| Total U.S. Preferred Funds | | | | | | | | | | | 1,721,368 | | | | |
| U.S. Ultra Short Term Bond Funds — 10.1% | | | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 1,999 | | | | | | 201,179 | | | | |
| Invesco Treasury Collateral ETF | | | | | 2,006 | | | | | | 212,596 | | | | |
iShares Short Treasury Bond ETF(a) | | | | | 1,925 | | | | | | 213,502 | | | | |
IQ Ultra Short Duration ETF† | | | | | 5,656 | | | | | | 279,689 | | | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 1,951 | | | | | | 178,633 | | | | |
| Total U.S. Ultra Short Term Treasury Bond Funds | | | | | | | | | | | 1,085,599 | | | | |
| Total Investment Companies | | | | | |
| (Cost $10,455,537) | | | | | | | | | | | 10,677,201 | | | | |
| Short-Term Investments — 9.1% | | | | | | | |
| Money Market Funds — 9.1% | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | 955,259 | | | | | | 955,259 | | | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b) | | | | | 15,290 | | | | | | 15,290 | | | | |
| Total Short-Term Investments | | | | | |
| (Cost $970,549) | | | | | | | | | | | 970,549 | | | | |
| Total Investments — 109.8% | | | | | |
| (Cost $11,479,224) | | | | | | | | | | | 11,746,402 | | | | |
Other Assets and Liabilities, Net —
(9.8)% | | | | | | | | | | | (1,047,224) | | | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 10,699,178 | | | | |
| |
*
Non-income producing securities.
†
Affiliated Fund.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $3,008,322; total market value of collateral held by the Fund was $3,098,414. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,143,155.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Hedge Long/Short Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: | |
| Total Return Benchmark | | | Counterparty | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(d) | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.01) | | | | | | 3/30/2021 | | | | Monthly | | | | $ | (314,587) | | | | | $ | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 14,288 | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 72,860 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 19,323 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 33,609 | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 43,738 | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 55,765 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 20,772 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 9,468 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 27,346 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 32,014 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 2,037 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 82,992 | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 17,307 | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | | | (3.90) | | | | | | 3/30/2021 | | | | Monthly | | | | | (63,123) | | | | | | — | | |
iShares Edge MSCI USA Momentum Factor
ETF | | | Morgan Stanley | | | | | (0.70) | | | | | | 3/30/2021 | | | | Monthly | | | | | (295,566) | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 22,217 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 81,352 | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 121,587 | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | | | (1.20) | | | | | | 3/30/2021 | | | | Monthly | | | | | (91,170) | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Morgan Stanley | | | | | (2.10) | | | | | | 3/30/2021 | | | | Monthly | | | | | (44,611) | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 20,518 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 12,168 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 20,006 | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Morgan Stanley | | | | | (1.46) | | | | | | 3/30/2021 | | | | Monthly | | | | | (222,272) | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 22,681 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 17,122 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 3,434 | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 14,008 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 24,498 | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 27,774 | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 86,203 | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 104,946 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 14,707 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 3,564 | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 3/30/2021 | | | | Monthly | | | | | 8,002 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | | | (1.00) | | | | | | 3/30/2021 | | | | Monthly | | | | | (98,886) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
At April 30, 2020 there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(d)
Reflects the value at reset date of April 30, 2020.
See notes to financial statements.
Schedules of Investments — IQ Hedge Long/Short Tracker ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Note | | | | $ | 98,652 | | | | | $ | — | | | | | $ | — | | | | | $ | 98,652 | | |
| Investment Companies | | | | | 10,677,201 | | | | | | — | | | | | | — | | | | | | 10,677,201 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 970,549 | | | | | | — | | | | | | — | | | | | | 970,549 | | |
| Total Investments in Securities | | | | | 11,746,402 | | | | | | — | | | | | | — | | | | | | 11,746,402 | | |
| Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 11,746,402 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,746,402 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(e)
For a complete listing of investments and their industries, see the Schedules of Investments.
(f)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.(See Note 2)
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2019 | | | Value
($) at
04/30/2019 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | — | | | | | | — | | | | | | 274,548 | | | | | | (388) | | | | | | — | | | | | | 5,529 | | | | | | — | | | | | | — | | | | | | 5,656 | | | | | | 279,689 | | |
| | | | | | — | | | | | | — | | | | | | 274,548 | | | | | | (388) | | | | | | — | | | | | | 5,529 | | | | | | — | | | | | | — | | | | | | 5,656 | | | | | | 279,689 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Hedge Event-Driven Tracker ETF
| | | | Shares | | | Value | |
| Investment Companies — 99.7% | |
| Bank Loan Funds — 24.4% | |
Invesco Senior Loan ETF(a) | | | | | 68,986 | | | | | $ | 1,447,326 | | |
SPDR Blackstone / GSO Senior
Loan ETF(a) | | | | | 14,093 | | | | | | 588,665 | | |
| Total Bank Loan Funds | | | | | | | | | | | 2,035,991 | | |
| Convertible Bond Fund — 7.8% | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | | | 12,223 | | | | | | 650,630 | | |
| High Yield Corporate Bond Funds — 31.6% | |
iShares iBoxx High Yield Corporate Bond ETF(a) | | | | | 18,643 | | | | | | 1,499,456 | | |
SPDR Bloomberg Barclays High Yield Bond
ETF | | | | | 8,258 | | | | | | 817,790 | | |
Xtrackers USD High Yield Corporate Bond ETF(a) | | | | | 7,143 | | | | | | 327,292 | | |
Total High Yield Corporate Bond
Funds | | | | | | | | | | | 2,644,538 | | |
| Investment Grade Corporate Bond Funds — 18.7% | |
SPDR Portfolio Short Term Corporate Bond
ETF | | | | | 10,104 | | | | | | 312,517 | | |
Vanguard Short-Term Corporate Bond
ETF | | | | | 15,388 | | | | | | 1,247,659 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 1,560,176 | | |
| U.S. Preferred Funds — 8.3% | |
| Invesco Preferred ETF | | | | | 12,947 | | | | | | 183,977 | | |
| iShares Preferred & Income Securities ETF | | | | | 14,759 | | | | | | 511,399 | | |
| Total U.S. Preferred Funds | | | | | | | | | | | 695,376 | | |
| U.S. Small Cap Growth Funds — 8.9% | |
iShares Russell 2000 Growth ETF(a) | | | | | 1,582 | | | | | | 288,462 | | |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Small Cap Growth Funds (continued) | |
| iShares S&P Small-Cap 600 Growth ETF | | | | | 909 | | | | | $ | 140,804 | | |
| Vanguard Small-Cap Growth ETF | | | | | 1,786 | | | | | | 312,586 | | |
| Total U.S. Small Cap Growth Funds | | | | | | | | | | | 741,852 | | |
Total Investment Companies
(Cost $8,591,416) | | | | | | | | | | | 8,328,563 | | |
| Short-Term Investments — 26.9% | |
| Money Market Funds — 26.9% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c) | | | | | 2,226,451 | | | | | | 2,226,451 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.18%(b) | | | | | 24,366 | | | | | | 24,366 | | |
Total Short-Term Investments
(Cost $2,250,817) | | | | | | | | | | | 2,250,817 | | |
Total Investments — 126.6%
(Cost $10,842,233) | | | | | | | | | | | 10,579,380 | | |
Other Assets and Liabilities,
Net — (26.6)% | | | | | | | | | | | (2,225,682) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 8,353,698 | | |
| |
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $2,250,175; total market value of collateral held by the Fund was $2,312,634. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $86,183.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 8,328,563 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,328,563 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 2,250,817 | | | | | | — | | | | | | — | | | | | | 2,250,817 | | |
| Total Investments in Securities | | | | $ | 10,579,380 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,579,380 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Real Return ETF
| | | | Shares | | | Value | |
| Investment Companies — 100.0% | |
| Oil Fund — 0.8% | |
Invesco DB Oil Fund(a) | | | | | 73,054 | | | | | $ | 404,719 | | |
| U.S. Large Cap Core Funds — 10.4% | |
| iShares Core S&P 500 ETF | | | | | 7,405 | | | | | | 2,156,040 | | |
SPDR S&P 500 ETF Trust(a) | | | | | 10,852 | | | | | | 3,152,289 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 5,308,329 | | |
| U.S. REITS Funds — 5.7% | |
iShares U.S. Real Estate ETF(a) | | | | | 3,627 | | | | | | 275,833 | | |
| SPDR Dow Jones REIT ETF | | | | | 1,770 | | | | | | 137,830 | | |
Vanguard Real Estate ETF(a) | | | | | 32,669 | | | | | | 2,486,438 | | |
| Total U.S. REITS Funds | | | | | | | | | | | 2,900,101 | | |
| U.S. Ultra Short-Term Bond Funds — 83.1% | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 36,525 | | | | | | 3,675,876 | | |
| Invesco Treasury Collateral ETF | | | | | 4,652 | | | | | | 493,019 | | |
iShares Short Treasury Bond ETF(a) | | | | | 114,647 | | | | | | 12,715,498 | | |
IQ Ultra Short Duration ETF†
(Cost $13,139,883) | | | | | 262,340 | | | | | | 12,972,713 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 138,909 | | | | | | 12,718,508 | | |
| Total U.S. Ultra Short-Term Treasury Bond Funds | | | | | | | | | | | 29,602,901 | | |
Total Investment Companies
(Cost 51,647,851) | | | | | | | | | | | 51,188,763 | | |
| |
| | | | Shares | | | Value | |
| Short-Term Investments — 17.2% | |
| Money Market Funds — 17.2% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | 8,787,643 | | | | | $ | 8,787,643 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b) | | | | | 4,513 | | | | | | 4,513 | | |
Total Short-Term Investments
(Cost $8,792,156) | | | | | | | | | | | 8,792,156 | | |
Total Investments — 117.2%
(Cost $60,440,007) | | | | | | | | | | | 59,980,919 | | |
Other Assets and Liabilities,
Net — (17.2)% | | | | | | | | | | | (8,793,112) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 51,187,807 | | |
| |
†
Affiliated Fund.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $14,995,441; total market value of collateral held by the Fund was $15,350,530. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $6,562,887.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 51,188,763 | | | | | $ | — | | | | | $ | — | | | | | $ | 51,188,763 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 8,792,156 | | | | | | — | | | | | | — | | | | | | 8,792,156 | | |
| Total Investments in Securities | | | | $ | 59,980,919 | | | | | $ | — | | | | | $ | — | | | | | $ | 59,980,919 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Real Return ETF (continued)
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2019 | | | Value
($) at
04/30/2019 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/
(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | |
IQ Ultra Short
Duration
ETF | | | | | — | | | | | | — | | | | | | 14,420,712 | | | | | | (1,264,832) | | | | | | (15,997) | | | | | | (167,170) | | | | | | 132,327 | | | | | | — | | | | | | 262,340 | | | | | | 12,972,713 | | |
| | | | | | — | | | | | | — | | | | | | 14,420,712 | | | | | | (1,264,832) | | | | | | (15,997) | | | | | | (167,170) | | | | | | 132,327 | | | | | | — | | | | | | 262,340 | | | | | | 12,972,713 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Leaders GTAA Tracker ETF
| | | | Shares | | | Value | |
| Investment Companies — 100.8% | |
| Aggregate Bond Funds — 6.1% | |
iShares Core U.S. Aggregate Bond
ETF(a) | | | | | 3,423 | | | | | $ | 400,834 | | |
SPDR Portfolio Aggregate Bond ETF(b) | | | | | 972 | | | | | | 29,743 | | |
Vanguard Total Bond Market ETF(b) | | | | | 3,361 | | | | | | 294,121 | | |
| Total Aggregate Bond Funds | | | | | | | | | | | 724,698 | | |
| Emerging Equity Funds — 6.5% | |
| iShares Core MSCI Emerging Markets ETF | | | | | 8,427 | | | | | | 367,923 | | |
| Vanguard FTSE Emerging Markets ETF | | | | | 11,124 | | | | | | 402,355 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 770,278 | | |
| High Yield Corporate Bond Funds — 10.4% | |
iShares iBoxx High Yield Corporate Bond
ETF(b) | | | | | 9,960 | | | | | | 801,083 | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | | | 4,412 | | | | | | 436,920 | | |
| Total High Yield Corporate Bond Funds | | | | | | | | | | | 1,238,003 | | |
| International Equity Core Funds — 32.6% | |
| iShares Core MSCI EAFE ETF | | | | | 35,772 | | | | | | 1,896,989 | | |
| Vanguard FTSE Developed Markets ETF | | | | | 55,206 | | | | | | 1,969,750 | | |
| Total International Equity Core Funds | | | | | | | | | | | 3,866,739 | | |
| Investment Grade Corporate Bond Funds — 7.6% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 1,307 | | | | | | 76,067 | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | | | 6,358 | | | | | | 821,263 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 897,330 | | |
| U.S. Large Cap Core Funds — 28.9% | |
| Consumer Staples Select Sector SPDR Fund | | | | | 2,933 | | | | | | 170,877 | | |
| Energy Select Sector SPDR Fund | | | | | 2,047 | | | | | | 77,786 | | |
Financial Select Sector SPDR Fund(b) | | | | | 25,946 | | | | | | 591,309 | | |
Health Care Select Sector SPDR
Fund(b) | | | | | 7,351 | | | | | | 733,115 | | |
| Technology Select Sector SPDR Fund | | | | | 6,811 | | | | | | 622,593 | | |
| Utilities Select Sector SPDR Fund | | | | | 16 | | | | | | 916 | | |
Vanguard Consumer Staples ETF(b) | | | | | 425 | | | | | | 62,887 | | |
| Vanguard Energy ETF | | | | | 507 | | | | | | 25,619 | | |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Large Cap Core Funds (continued) | |
Vanguard Financials ETF(b) | | | | | 3,663 | | | | | $ | 204,432 | | |
Vanguard Health Care ETF(b) | | | | | 1,843 | | | | | | 347,258 | | |
Vanguard Information Technology
ETF(b) | | | | | 2,475 | | | | | | 598,950 | | |
| Vanguard Utilities ETF | | | | | 3 | | | | | | 378 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 3,436,120 | | |
| U.S. Medium Term Treasury Bond Fund — 8.7% | |
iShares 7-10 Year Treasury Bond ETF(b) | | | | | 8,449 | | | | | | 1,027,990 | | |
| Total Investment Companies | |
| (Cost $12,297,306) | | | | | | | | | | | 11,961,158 | | |
| Short-Term Investments — 5.0% | |
| Money Market Funds — 5.0% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(c)(d) | | | | | 588,340 | | | | | | 588,340 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c) | | | | | 6,775 | | | | | | 6,775 | | |
| Total Short-Term Investments | | | |
| (Cost $595,115) | | | | | | | | | | | 595,115 | | |
| Total Investments — 105.8% | | | | | | | | | | | | | |
| (Cost $12,892,421) | | | | | | | | | | | 12,556,273 | | |
| Other Assets and Liabilities, Net — (5.8)% | | | | | | | | | | | (685,928) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 11,870,345 | | |
| |
(a)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $254,107.
(b)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $3,157,133; total market value of collateral held by the Fund was $3,245,898. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,657,558.
(c)
Reflects the 1-day yield at April 30, 2020.
(d)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Leaders GTAA Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: | |
| Total Return Benchmark | | | Counterparty | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.01) | | | | | | 10/04/2021 | | | | Monthly | | | | $ | (545,338) | | | | | $ | — | | |
| Consumer Staples Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 14,856 | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 6,764 | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 51,414 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 63,727 | | | | | | — | | |
| Industrial Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.11) | | | | | | 10/04/2021 | | | | Monthly | | | | | (120,265) | | | | | | — | | |
| iShares 7-10 Year Treasury Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 89,427 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 6,635 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 164,976 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 32,003 | | | | | | — | | |
| iShares Core U.S. Aggregate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 34,896 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 71,431 | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 69,652 | | | | | | — | | |
| iShares Russell 2000 ETF | | | Morgan Stanley | | | | | (0.75) | | | | | | 10/04/2021 | | | | Monthly | | | | | (148,423) | | | | | | — | | |
| Materials Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.21) | | | | | | 10/04/2021 | | | | Monthly | | | | | (47,159) | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | | | (0.31) | | | | | | 10/04/2021 | | | | Monthly | | | | | (121,736) | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield BondETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 38,028 | | | | | | — | | |
| SPDR Portfolio Aggregate Bond ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 2,570 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 54,115 | | | | | | — | | |
| Utilities Select Sector SPDR Fund | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 57 | | | | | | — | | |
| Vanguard Consumer Staples ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 5,031 | | | | | | — | | |
| Vanguard Energy ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 2,223 | | | | | | — | | |
| Vanguard Financials ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 17,803 | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 171,299 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 34,976 | | | | | | — | | |
| Vanguard Health Care ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 30,147 | | | | | | — | | |
| Vanguard Information Technology ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 52,030 | | | | | | — | | |
| Vanguard Real Estate ETF | | | Morgan Stanley | | | | | (0.11) | | | | | | 10/04/2021 | | | | Monthly | | | | | (151,992) | | | | | | — | | |
| Vanguard Total Bond Market ETF | | | Morgan Stanley | | | | | 0.54 | | | | | | 10/04/2021 | | | | Monthly | | | | | 25,553 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $254,107 at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(e)
Reflects the value at reset date of April 30, 2020.
See notes to financial statements.
Schedules of Investments — IQ Leaders GTAA Tracker ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 11,961,158 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,961,158 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 595,115 | | | | | | — | | | | | | — | | | | | | 595,115 | | |
| Total Investments in Securities | | | | | 12,556,273 | | | | | | — | | | | | | — | | | | | | 12,556,273 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 12,556,273 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,556,273 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedules of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Enhanced Core Plus Bond U.S. ETF
| | | | Shares | | | Value | |
| Investment Companies — 99.9% | |
| Mortgage Backed Securities Funds — 49.7% | |
| iShares MBS ETF | | | | | 192,052 | | | | | $ | 21,336,977 | | |
SPDR Portfolio Mortgage Backed Bond ETF(a) | | | | | 72,469 | | | | | | 1,952,315 | | |
| Vanguard Mortgage-Backed Securities ETF | | | | | 200,402 | | | | | | 10,949,965 | | |
| Total Mortgage Backed Securities Funds | | | | | | | | | | | 34,239,257 | | |
| U.S. Short-Term Treasury Bond Funds — 30.7% | |
| Schwab Short-Term U.S. Treasury ETF | | | | | 199,399 | | | | | | 10,310,922 | | |
| Vanguard Short-Term Treasury ETF | | | | | 174,799 | | | | | | 10,886,482 | | |
| Total Short-Term Treasury Bond Funds | | | | | | | | | | | 21,197,404 | | |
| U.S. Intermediate Term Treasury Bond Funds — 18.4% | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | | | 101,795 | | | | | | 5,978,420 | | |
| Vanguard Intermediate-Term Treasury ETF | | | | | 95,618 | | | | | | 6,734,376 | | |
| Total U.S. Intermediate Term Treasury Bond Funds | | | | | | | | | | | 12,712,796 | | |
| U.S. Long Term Treasury Bond Funds — 1.1% | |
| iShares 10-20 Year Treasury Bond ETF | | | | | 356 | | | | | | 59,865 | | |
iShares 20+ Year Treasury Bond ETF(a) | | | | | 3,321 | | | | | | 553,744 | | |
| SPDR Portfolio Long Term Treasury ETF | | | | | 1,521 | | | | | | 72,552 | | |
| Vanguard Long-Term Treasury ETF | | | | | 736 | | | | | | 74,939 | | |
| Total U.S. Long Term Treasury Bond Funds | | | | | | | | | | | 761,100 | | |
| |
| | | | Shares | | | Value | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $67,954,578) | | | | | | | | | | $ | 68,910,557 | | |
| Short-Term Investments — 1.9% | |
| Money Market Funds — 1.9% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | 1,243,000 | | | | | | 1,243,000 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b) | | | | | 92,899 | | | | | | 92,899 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $1,335,899) | | | | | | | | | | | 1,335,899 | | |
| Total Investments — 101.8% | | | | | | | | | | | | | |
| (Cost $69,290,477) | | | | | | | | | | | 70,246,456 | | |
| Other Assets and Liabilities, Net — (1.8)% | | | | | | | | | | | (1,254,202) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 68,992,254 | | |
| |
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $1,386,262; total market value of collateral held by the Fund was $1,417,083. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $174,083.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | ��� | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 68,910,557 | | | | | $ | — | | | | | $ | — | | | | | $ | 68,910,557 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,335,899 | | | | | | — | | | | | | — | | | | | | 1,335,899 | | |
| Total Investments in Securities | | | | $ | 70,246,456 | | | | | $ | — | | | | | $ | — | | | | | $ | 70,246,456 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Short Duration Enhanced Core Bond U.S. ETF
| | | | Shares | | | Value | |
| Investment Companies — 100.0% | |
| Investment Grade Corporate Bond Funds — 16.3% | |
| iShares 0-5 Year Investment Grade Corporate Bond ETF | | | | | 1,218 | | | | | $ | 62,532 | | |
| Vanguard Short-Term Corporate Bond ETF | | | | | 9,019 | | | | | | 731,260 | | |
Total Investment Grade Corporate Bond
Funds | | | | | | | | | | | 793,792 | | |
| Short-Term Treasury Bond Funds — 83.7% | |
Schwab Short-Term U.S. Treasury ETF(a) | | | | | 38,281 | | | | | | 1,979,511 | | |
Vanguard Short-Term Treasury ETF(a) | | | | | 33,558 | | | | | | 2,089,992 | | |
Total Short-Term Treasury Bond
Funds | | | | | | | | | | | 4,069,503 | | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $4,851,101) | | | | | | | | | | | 4,863,295 | | |
| Short-Term Investments — 0.3% | |
| Money Market Funds — 0.3% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | 11,650 | | | | | | 11,650 | | |
| | | | Shares | | | Value | |
| Short-Term Investments (continued) | |
| Money Market Funds (continued) | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b) | | | | | 2,166 | | | | | $ | 2,166 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $13,816) | | | | | | | | | | | 13,816 | | |
| Total Investments — 100.3% | | | | | | | | | | | | | |
| (Cost $4,864,917) | | | | | | | | | | | 4,877,111 | | |
Other Assets and Liabilities,
Net — (0.3)% | | | | | | | | | | | (12,431) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 4,864,680 | | |
| |
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $11,399; total market value of collateral held by the Fund was $11,650.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 4,863,295 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,863,295 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 13,816 | | | | | | — | | | | | | — | | | | | | 13,816 | | |
| Total Investments in Securities | | | | $ | 4,877,111 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,877,111 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF
| | | | Principal
Amount | | | Value | |
| Long-Term Bonds 97.7% | |
| Corporate Bonds — 86.3% | |
| Consumer Discretionary — 8.6% | |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | | | | | | | | | | | | | |
3.500%, due 2/15/23‡ | | | | $ | 78,000 | | | | | $ | 77,220 | | |
4.625%, due 1/15/27‡ | | | | | 145,000 | | | | | | 145,725 | | |
4.875%, due 2/15/30‡ | | | | | 167,000 | | | | | | 168,670 | | |
| 5.750%, due 3/15/25 | | | | | 25,000 | | | | | | 25,500 | | |
5.875%, due 2/15/28‡ | | | | | 102,000 | | | | | | 105,570 | | |
| 6.625%, due 6/15/24 | | | | | 150,000 | | | | | | 154,500 | | |
7.500%, due 3/15/26‡ | | | | | 67,000 | | | | | | 73,197 | | |
| Allison Transmission, Inc. | | | | | | | | | | | | | |
5.000%, due 10/1/24‡ | | | | | 100,000 | | | | | | 96,500 | | |
5.875%, due 6/1/29‡ | | | | | 57,000 | | | | | | 55,005 | | |
| Boyd Gaming Corp. | | | | | | | | | | | | | |
4.750%, due 12/1/27‡ | | | | | 102,000 | | | | | | 87,847 | | |
| Cedar Fair LP | | | | | | | | | | | | | |
5.250%, due 7/15/29‡ | | | | | 52,000 | | | | | | 44,200 | | |
| Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | | | | | | | | | | | | | |
| 5.375%, due 4/15/27 | | | | | 53,000 | | | | | | 47,435 | | |
| Churchill Downs, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28‡ | | | | | 57,000 | | | | | | 52,440 | | |
5.500%, due 4/1/27‡ | | | | | 40,000 | | | | | | 38,200 | | |
| Eldorado Resorts, Inc. | | | | | | | | | | | | | |
| 6.000%, due 9/15/26 | | | | | 70,000 | | | | | | 70,262 | | |
| Ford Motor Co. | | | | | | | | | | | | | |
| 4.750%, due 1/15/43 | | | | | 200,000 | | | | | | 127,500 | | |
| Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
| 3.815%, due 11/2/27 | | | | | 70,000 | | | | | | 54,790 | | |
| Gap, Inc. (The) | | | | | | | | | | | | | |
| 5.950%, due 4/12/21 | | | | | 130,000 | | | | | | 133,575 | | |
| Goodyear Tire & Rubber Co. (The) | | | | | | | | | | | | | |
| 5.000%, due 5/31/26 | | | | | 91,000 | | | | | | 77,805 | | |
| Hanesbrands, Inc. | | | | | | | | | | | | | |
4.625%, due 5/15/24‡ | | | | | 99,000 | | | | | | 99,000 | | |
4.875%, due 5/15/26‡ | | | | | 102,000 | | | | | | 102,510 | | |
| Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
| 4.250%, due 9/1/24 | | | | | 120,000 | | | | | | 116,550 | | |
| 4.875%, due 1/15/30 | | | | | 101,000 | | | | | | 96,455 | | |
| 5.125%, due 5/1/26 | | | | | 146,000 | | | | | | 143,810 | | |
5.375%, due 5/1/25‡ | | | | | 50,000 | | | | | | 50,062 | | |
5.750%, due 5/1/28‡ | | | | | 50,000 | | | | | | 50,562 | | |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | | | | | | | | | | | | | |
| 4.625%, due 4/1/25 | | | | | 83,000 | | | | | | 80,510 | | |
| 4.875%, due 4/1/27 | | | | | 68,000 | | | | | | 65,790 | | |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | | | | | | | | | | | | | |
4.750%, due 6/1/27‡ | | | | | 94,000 | | | | | | 96,115 | | |
5.000%, due 6/1/24‡ | | | | | 110,000 | | | | | | 112,338 | | |
5.250%, due 6/1/26‡ | | | | | 108,000 | | | | | | 110,970 | | |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | | | | | | | | | | | | | |
| 4.500%, due 9/1/26 | | | | | 55,000 | | | | | | 52,250 | | |
| 5.625%, due 5/1/24 | | | | | 106,000 | | | | | | 107,458 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Consumer Discretionary (continued) | |
| 5.750%, due 2/1/27 | | | | $ | 79,000 | | | | | $ | 79,099 | | |
| MGM Resorts International | | | | | | | | | | | | | |
5.500%, due 4/15/27(a) | | | | | 63,000 | | | | | | 57,881 | | |
| 5.750%, due 6/15/25 | | | | | 69,000 | | | | | | 66,154 | | |
| 6.750%, due 5/1/25 | | | | | 75,000 | | | | | | 72,938 | | |
| Panther BF Aggregator 2 LP / Panther Finance Co., Inc. | | | | | | | | | | | | | |
6.250%, due 5/15/26‡ | | | | | 106,000 | | | | | | 106,265 | | |
| Penske Automotive Group, Inc. | | | | | | | | | | | | | |
| 5.500%, due 5/15/26 | | | | | 57,000 | | | | | | 52,440 | | |
| PetSmart, Inc. | | | | | | | | | | | | | |
5.875%, due 6/1/25‡ | | | | | 100,000 | | | | | | 100,500 | | |
| QVC, Inc. | | | | | | | | | | | | | |
| 4.750%, due 2/15/27 | | | | | 50,000 | | | | | | 45,375 | | |
| Six Flags Theme Parks, Inc. | | | | | | | | | | | | | |
7.000%, due 7/1/25‡ | | | | | 75,000 | | | | | | 78,188 | | |
| Tesla, Inc. | | | | | | | | | | | | | |
5.300%, due 8/15/25‡ | | | | | 165,000 | | | | | | 161,700 | | |
| VICI Properties LP / VICI Note Co., Inc. | | | | | | | | | | | | | |
3.500%, due 2/15/25‡ | | | | | 73,000 | | | | | | 68,711 | | |
3.750%, due 2/15/27‡ | | | | | 78,000 | | | | | | 72,540 | | |
4.125%, due 8/15/30‡ | | | | | 102,000 | | | | | | 92,820 | | |
4.250%, due 12/1/26‡ | | | | | 141,000 | | | | | | 131,130 | | |
4.625%, due 12/1/29‡ | | | | | 82,000 | | | | | | 75,645 | | |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/27‡ | | | | | 107,000 | | | | | | 91,218 | | |
| Yum! Brands, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/30‡ | | | | | 87,000 | | | | | | 88,740 | | |
7.750%, due 4/1/25‡ | | | | | 50,000 | | | | | | 54,750 | | |
| | | | | | | | | | | | 4,416,415 | | |
| Consumer Staples — 8.6% | |
| B&G Foods, Inc. | | | | | | | | | | | | | |
| 5.250%, due 4/1/25 | | | | | 25,000 | | | | | | 25,312 | | |
| 5.250%, due 9/15/27 | | | | | 120,000 | | | | | | 121,800 | | |
| Energizer Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 6/15/25‡ | | | | | 50,000 | | | | | | 50,750 | | |
6.375%, due 7/15/26‡ | | | | | 93,000 | | | | | | 95,557 | | |
7.750%, due 1/15/27‡ | | | | | 57,000 | | | | | | 60,420 | | |
| JBS USA LUX SA / JBS USA Finance, Inc., (Brazil) | | | | | | | | | | | | | |
5.750%, due 6/15/25‡ | | | | | 90,000 | | | | | | 91,350 | | |
6.750%, due 2/15/28‡ | | | | | 135,000 | | | | | | 142,425 | | |
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | | | | | | | | | | | | | |
5.500%, due 1/15/30‡ | | | | | 136,000 | | | | | | 137,360 | | |
6.500%, due 4/15/29‡ | | | | | 110,000 | | | | | | 116,600 | | |
| Kraft Heinz Foods Co. | | | | | | | | | | | | | |
| 3.000%, due 6/1/26 | | | | | 161,000 | | | | | | 160,081 | | |
| 3.500%, due 6/6/22 | | | | | 78,000 | | | | | | 80,524 | | |
| 3.500%, due 7/15/22 | | | | | 18,000 | | | | | | 18,404 | | |
3.750%, due 4/1/30‡ | | | | | 78,000 | | | | | | 79,173 | | |
| 3.950%, due 7/15/25 | | | | | 217,000 | | | | | | 227,296 | | |
| 4.000%, due 6/15/23 | | | | | 68,000 | | | | | | 70,538 | | |
| 4.375%, due 6/1/46 | | | | | 254,000 | | | | | | 240,906 | | |
| 4.625%, due 1/30/29 | | | | | 88,000 | | | | | | 92,040 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Consumer Staples (continued) | |
4.625%, due 10/1/39‡ | | | | $ | 39,000 | | | | | $ | 38,494 | | |
4.875%, due 10/1/49‡ | | | | | 117,000 | | | | | | 115,256 | | |
| 5.000%, due 7/15/35 | | | | | 83,000 | | | | | | 88,816 | | |
| 5.000%, due 6/4/42 | | | | | 161,000 | | | | | | 162,389 | | |
| 5.200%, due 7/15/45 | | | | | 141,000 | | | | | | 144,589 | | |
| Lamb Weston Holdings, Inc. | | | | | | | | | | | | | |
4.625%, due 11/1/24‡ | | | | | 81,000 | | | | | | 82,620 | | |
4.875%, due 11/1/26‡ | | | | | 95,000 | | | | | | 95,475 | | |
| Mattel, Inc. | | | | | | | | | | | | | |
5.875%, due 12/15/27‡ | | | | | 50,000 | | | | | | 48,875 | | |
6.750%, due 12/31/25‡ | | | | | 160,000 | | | | | | 162,400 | | |
| Newell Brands, Inc. | | | | | | | | | | | | | |
| 4.350%, due 4/1/23 | | | | | 141,000 | | | | | | 143,820 | | |
| 4.700%, due 4/1/26 | | | | | 173,000 | | | | | | 175,162 | | |
| 5.875%, due 4/1/36 | | | | | 49,000 | | | | | | 51,328 | | |
| 6.000%, due 4/1/46 | | | | | 86,000 | | | | | | 88,473 | | |
| Performance Food Group, Inc. | | | | | | | | | | | | | |
5.500%, due 10/15/27‡ | | | | | 116,000 | | | | | | 109,620 | | |
| Pilgrim’s Pride Corp. | | | | | | | | | | | | | |
5.750%, due 3/15/25‡ | | | | | 75,000 | | | | | | 75,750 | | |
5.875%, due 9/30/27‡ | | | | | 99,000 | | | | | | 100,856 | | |
| Post Holdings, Inc. | | | | | | | | | | | | | |
4.625%, due 4/15/30‡ | | | | | 90,000 | | | | | | 88,200 | | |
5.000%, due 8/15/26‡ | | | | | 173,000 | | | | | | 172,351 | | |
5.500%, due 12/15/29‡ | | | | | 77,000 | | | | | | 77,385 | | |
5.625%, due 1/15/28‡ | | | | | 119,000 | | | | | | 121,083 | | |
5.750%, due 3/1/27‡ | | | | | 154,000 | | | | | | 157,658 | | |
| Prestige Brands, Inc. | | | | | | | | | | | | | |
6.375%, due 3/1/24‡ | | | | | 50,000 | | | | | | 51,375 | | |
| Spectrum Brands, Inc. | | | | | | | | | | | | | |
| 5.750%, due 7/15/25 | | | | | 100,000 | | | | | | 99,750 | | |
| Tempur Sealy International, Inc. | | | | | | | | | | | | | |
| 5.500%, due 6/15/26 | | | | | 66,000 | | | | | | 63,360 | | |
| 5.625%, due 10/15/23 | | | | | 25,000 | | | | | | 24,625 | | |
| Vector Group Ltd. | | | | | | | | | | | | | |
6.125%, due 2/1/25‡ | | | | | 80,000 | | | | | | 77,600 | | |
| | | | | | | | | | | | 4,427,846 | | |
| Energy — 2.4% | |
| AmeriGas Partners LP / AmeriGas Finance Corp. | | | | | | | | | | | | | |
| 5.500%, due 5/20/25 | | | | | 69,000 | | | | | | 69,690 | | |
| 5.625%, due 5/20/24 | | | | | 68,000 | | | | | | 69,360 | | |
| 5.750%, due 5/20/27 | | | | | 46,000 | | | | | | 46,805 | | |
| 5.875%, due 8/20/26 | | | | | 68,000 | | | | | | 69,530 | | |
| Buckeye Partners LP | | | | | | | | | | | | | |
| 3.950%, due 12/1/26 | | | | | 73,000 | | | | | | 64,879 | | |
4.500%, due 3/1/28‡ | | | | | 29,000 | | | | | | 26,100 | | |
| Cheniere Energy Partners LP | | | | | | | | | | | | | |
4.500%, due 10/1/29‡ | | | | | 125,000 | | | | | | 115,000 | | |
| 5.250%, due 10/1/25 | | | | | 172,000 | | | | | | 164,260 | | |
| 5.625%, due 10/1/26 | | | | | 125,000 | | | | | | 120,000 | | |
| EQT Corp. | | | | | | | | | | | | | |
| 3.000%, due 10/1/22 | | | | | 75,000 | | | | | | 70,125 | | |
| 3.900%, due 10/1/27 | | | | | 125,000 | | | | | | 105,000 | | |
| Springleaf Finance Corp. | | | | | | | | | | | | | |
| 8.250%, due 12/15/20 | | | | | 87,000 | | | | | | 87,544 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Energy (continued) | |
| Sunoco LP / Sunoco Finance Corp. | | | | | | | | | | | | | |
| 4.875%, due 1/15/23 | | | | $ | 110,000 | | | | | $ | 106,425 | | |
| 5.500%, due 2/15/26 | | | | | 80,000 | | | | | | 76,800 | | |
| 6.000%, due 4/15/27 | | | | | 65,000 | | | �� | | | 61,912 | | |
| | | | | | | | | | | | 1,253,430 | | |
| Financials — 3.9% | |
| CIT Group, Inc. | | | | | | | | | | | | | |
| 4.125%, due 3/9/21 | | | | | 62,000 | | | | | | 60,837 | | |
| 4.750%, due 2/16/24 | | | | | 56,000 | | | | | | 53,760 | | |
| 5.000%, due 8/15/22 | | | | | 116,000 | | | | | | 114,840 | | |
5.250%, due 3/7/25(a) | | | | | 52,000 | | | | | | 51,220 | | |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | | | | | | | | | |
| 4.750%, due 9/15/24 | | | | | 110,000 | | | | | | 103,400 | | |
| 5.250%, due 5/15/27 | | | | | 90,000 | | | | | | 85,500 | | |
| 6.250%, due 2/1/22 | | | | | 125,000 | | | | | | 125,000 | | |
| 6.250%, due 5/15/26 | | | | | 125,000 | | | | | | 122,812 | | |
| 6.375%, due 12/15/25 | | | | | 93,000 | | | | | | 91,605 | | |
| 6.750%, due 2/1/24 | | | | | 50,000 | | | | | | 50,000 | | |
| LPL Holdings, Inc. | | | | | | | | | | | | | |
5.750%, due 9/15/25‡ | | | | | 85,000 | | | | | | 83,938 | | |
| MSCI, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/29‡ | | | | | 101,000 | | | | | | 105,545 | | |
4.750%, due 8/1/26‡ | | | | | 56,000 | | | | | | 58,450 | | |
5.375%, due 5/15/27‡ | | | | | 51,000 | | | | | | 54,698 | | |
5.750%, due 8/15/25‡ | | | | | 80,000 | | | | | | 83,600 | | |
| Navient Corp. | | | | | | | | | | | | | |
| 6.625%, due 7/26/21 | | | | | 80,000 | | | | | | 79,600 | | |
| Quicken Loans, Inc. | | | | | | | | | | | | | |
5.250%, due 1/15/28‡ | | | | | 106,000 | | | | | | 103,660 | | |
5.750%, due 5/1/25‡ | | | | | 120,000 | | | | | | 117,441 | | |
| Refinitiv US Holdings, Inc. | | | | | | | | | | | | | |
6.250%, due 5/15/26‡ | | | | | 120,000 | | | | | | 127,500 | | |
8.250%, due 11/15/26‡ | | | | | 170,000 | | | | | | 184,662 | | |
| Springleaf Finance Corp. | | | | | | | | | | | | | |
| 6.125%, due 5/15/22 | | | | | 142,000 | | | | | | 140,225 | | |
| | | | | | | | | | | | 1,998,293 | | |
| Health Care — 14.9% | |
| Avantor, Inc. | | | | | | | | | | | | | |
6.000%, due 10/1/24‡ | | | | | 147,000 | | | | | | 154,350 | | |
9.000%, due 10/1/25‡ | | | | | 210,000 | | | | | | 227,850 | | |
| Bausch Health Cos., Inc. | | | | | | | | | | | | | |
5.000%, due 1/30/28‡ | | | | | 127,000 | | | | | | 121,920 | | |
5.250%, due 1/30/30‡ | | | | | 146,000 | | | | | | 144,540 | | |
5.500%, due 11/1/25‡ | | | | | 199,000 | | | | | | 203,975 | | |
5.750%, due 8/15/27‡ | | | | | 60,000 | | | | | | 63,150 | | |
6.125%, due 4/15/25‡ | | | | | 375,000 | | | | | | 379,219 | | |
6.500%, due 3/15/22‡ | | | | | 235,000 | | | | | | 239,700 | | |
7.000%, due 3/15/24‡ | | | | | 40,000 | | | | | | 41,300 | | |
7.000%, due 1/15/28‡ | | | | | 75,000 | | | | | | 77,625 | | |
7.250%, due 5/30/29‡ | | | | | 75,000 | | | | | | 79,500 | | |
| Centene Corp. | | | | | | | | | | | | | |
3.375%, due 2/15/30‡ | | | | | 150,000 | | | | | | 151,875 | | |
4.250%, due 12/15/27‡ | | | | | 273,000 | | | | | | 285,967 | | |
4.625%, due 12/15/29‡ | | | | | 370,000 | | | | | | 405,150 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Health Care (continued) | |
| 4.750%, due 5/15/22 | | | | $ | 50,000 | | | | | $ | 50,500 | | |
| 4.750%, due 1/15/25 | | | | | 66,000 | | | | | | 67,815 | | |
4.750%, due 1/15/25‡ | | | | | 90,000 | | | | | | 92,475 | | |
5.250%, due 4/1/25‡ | | | | | 265,000 | | | | | | 273,612 | | |
5.375%, due 6/1/26‡ | | | | | 201,000 | | | | | | 212,306 | | |
| Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. | | | | | | | | | | | | | |
5.750%, due 3/1/25‡ | | | | | 140,000 | | | | | | 138,250 | | |
| Charles River Laboratories International, Inc. | | | |
4.250%, due 5/1/28‡ | | | | | 57,000 | | | | | | 57,499 | | |
5.500%, due 4/1/26‡ | | | | | 44,000 | | | | | | 45,760 | | |
| DaVita, Inc. | | | | | | | | | | | | | |
| 5.000%, due 5/1/25 | | | ��� | | 170,000 | | | | | | 172,125 | | |
| 5.125%, due 7/15/24 | | | | | 175,000 | | | | | | 177,625 | | |
| Elanco Animal Health, Inc. | | | | | | | | | | | | | |
| 4.662%, due 8/27/21 | | | | | 32,000 | | | | | | 32,577 | | |
| 5.022%, due 8/28/23 | | | | | 57,000 | | | | | | 60,758 | | |
| 5.650%, due 8/28/28 | | | | | 92,000 | | | | | | 101,660 | | |
| Encompass Health Corp. | | | | | | | | | | | | | |
| 4.500%, due 2/1/28 | | | | | 48,000 | | | | | | 48,000 | | |
| 4.750%, due 2/1/30 | | | | | 53,000 | | | | | | 53,000 | | |
| HCA, Inc. | | | | | | | | | | | | | |
| 3.500%, due 9/1/30 | | | | | 285,000 | | | | | | 273,244 | | |
| 5.375%, due 2/1/25 | | | | | 234,000 | | | | | | 251,550 | | |
| 5.375%, due 9/1/26 | | | | | 109,000 | | | | | | 117,993 | | |
| 5.625%, due 9/1/28 | | | | | 171,000 | | | | | | 189,383 | | |
| 5.875%, due 5/1/23 | | | | | 132,000 | | | | | | 141,570 | | |
| 5.875%, due 2/15/26 | | | | | 174,000 | | | | | | 194,445 | | |
| 5.875%, due 2/1/29 | | | | | 102,000 | | | | | | 117,300 | | |
| Hologic, Inc. | | | | | | | | | | | | | |
4.375%, due 10/15/25‡ | | | | | 116,000 | | | | | | 117,160 | | |
| IQVIA, Inc. | | | | | | | | | | | | | |
5.000%, due 10/15/26‡ | | | | | 104,000 | | | | | | 107,120 | | |
5.000%, due 5/15/27‡ | | | | | 126,000 | | | | | | 129,465 | | |
| Jaguar Holding Co. II / Pharmaceutical Product Development LLC | | | | | | | | | | | | | |
6.375%, due 8/1/23‡ | | | | | 115,000 | | | | | | 117,300 | | |
| LifePoint Health, Inc. | | | | | | | | | | | | | |
4.375%, due 2/15/27‡ | | | | | 58,000 | | | | | | 54,230 | | |
6.750%, due 4/15/25‡ | | | | | 60,000 | | | | | | 61,800 | | |
| Molina Healthcare, Inc. | | | | | | | | | | | | | |
| 5.375%, due 11/15/22 | | | | | 68,000 | | | | | | 70,295 | | |
| Select Medical Corp. | | | | | | | | | | | | | |
6.250%, due 8/15/26‡ | | | | | 112,000 | | | | | | 106,960 | | |
| Service Corp. International | | | | | | | | | | | | | |
| 4.625%, due 12/15/27 | | | | | 65,000 | | | | | | 66,138 | | |
| 5.125%, due 6/1/29 | | | | | 92,000 | | | | | | 95,680 | | |
| Tenet Healthcare Corp. | | | | | | | | | | | | | |
| 4.625%, due 7/15/24 | | | | | 200,000 | | | | | | 197,250 | | |
4.625%, due 9/1/24‡ | | | | | 52,000 | | | | | | 51,090 | | |
4.875%, due 1/1/26‡ | | | | | 219,000 | | | | | | 216,810 | | |
| 5.125%, due 5/1/25 | | | | | 159,000 | | | | | | 148,665 | | |
5.125%, due 11/1/27‡ | | | | | 150,000 | | | | | | 147,375 | | |
6.250%, due 2/1/27‡ | �� | | | | 150,000 | | | | | | 147,750 | | |
7.500%, due 4/1/25‡ | | | | | 70,000 | | | | | | 75,250 | | |
| 8.125%, due 4/1/22 | | | | | 287,000 | | | | | | 288,435 | | |
| | | | | | | | | | | | 7,644,341 | | |
| |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Industrials — 8.9% | |
| ADT Security Corp. (The) | | | | | | | | | | | | | |
| 3.500%, due 7/15/22 | | | | $ | 136,000 | | | | | $ | 133,280 | | |
4.875%, due 7/15/32‡ | | | | | 50,000 | | | | | | 44,000 | | |
| AECOM | | | | | | | | | | | | | |
| 5.125%, due 3/15/27 | | | | | 105,000 | | | | | | 106,706 | | |
| 5.875%, due 10/15/24 | | | | | 85,000 | | | | | | 89,037 | | |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | | | | | | | | | |
6.625%, due 7/15/26‡ | | | | | 140,000 | | | | | | 144,725 | | |
| American Builders & Contractors Supply Co., Inc. | | | | | | | | | | | | | |
4.000%, due 1/15/28‡ | | | | | 77,000 | | | | | | 73,150 | | |
5.875%, due 5/15/26‡ | | | | | 47,000 | | | | | | 47,117 | | |
| Aramark Services, Inc. | | | | | | | | | | | | | |
| 4.750%, due 6/1/26 | | | | | 53,000 | | | | | | 50,615 | | |
5.000%, due 4/1/25‡ | | | | | 68,000 | | | | | | 65,960 | | |
5.000%, due 2/1/28‡ | | | | | 104,000 | | | | | | 100,100 | | |
| Beacon Roofing Supply, Inc. | | | | | | | | | | | | | |
4.875%, due 11/1/25‡ | | | | | 135,000 | | | | | | 118,800 | | |
| Builders FirstSource, Inc. | | | | | | | | | | | | | |
5.000%, due 3/1/30‡ | | | | | 50,000 | | | | | | 43,250 | | |
6.750%, due 6/1/27‡ | | | | | 80,000 | | | | | | 82,800 | | |
| Colfax Corp. | | | | | | | | | | | | | |
6.000%, due 2/15/24‡ | | | | | 69,000 | | | | | | 70,035 | | |
| Dun & Bradstreet Corp. (The) | | | | | | | | | | | | | |
6.875%, due 8/15/26‡ | | | | | 72,000 | | | | | | 75,780 | | |
| Griffon Corp. | | | | | | | | | | | | | |
| 5.750%, due 3/1/28 | | | | | 95,000 | | | | | | 90,250 | | |
| Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27‡ | | | | | 136,000 | | | | | | 127,840 | | |
| Iron Mountain, Inc. | | | | | | | | | | | | | |
4.375%, due 6/1/21‡ | | | | | 50,000 | | | | | | 50,000 | | |
4.875%, due 9/15/27‡ | | | | | 102,000 | | | | | | 99,450 | | |
4.875%, due 9/15/29‡ | | | | | 91,000 | | | | | | 87,132 | | |
5.250%, due 3/15/28‡ | | | | | 91,000 | | | | | | 88,952 | | |
| 5.750%, due 8/15/24 | | | | | 125,000 | | | | | | 123,125 | | |
| Lennar Corp. | | | | | | | | | | | | | |
| 4.125%, due 1/15/22 | | | | | 78,000 | | | | | | 78,293 | | |
| 4.500%, due 4/30/24 | | | | | 68,000 | | | | | | 69,360 | | |
| 4.750%, due 4/1/21 | | | | | 33,000 | | | | | | 33,165 | | |
| 4.750%, due 5/30/25 | | | | | 55,000 | | | | | | 56,512 | | |
| 4.750%, due 11/29/27 | | | | | 102,000 | | | | | | 105,315 | | |
| 5.875%, due 11/15/24 | | | | | 30,000 | | | | | | 31,575 | | |
| Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | | | | | | |
5.250%, due 4/15/24‡ | | | | | 53,000 | | | | | | 51,874 | | |
5.750%, due 4/15/26‡ | | | | | 141,000 | | | | | | 138,709 | | |
| PulteGroup, Inc. | | | | | | | | | | | | | |
| 4.250%, due 3/1/21 | | | | | 53,000 | | | | | | 53,596 | | |
| 5.000%, due 1/15/27 | | | | | 74,000 | | | | | | 76,775 | | |
| 5.500%, due 3/1/26 | | | | | 66,000 | | | | | | 70,208 | | |
| Signature Aviation US Holdings, Inc. | | | | | | | | | | | | | |
4.000%, due 3/1/28‡ | | | | | 73,000 | | | | | | 62,780 | | |
5.375%, due 5/1/26‡ | | | | | 58,000 | | | | | | 53,505 | | |
| Standard Industries, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28‡ | | | | | 106,000 | | | | | | 104,410 | | |
5.000%, due 2/15/27‡ | | | | | 64,000 | | | | | | 64,160 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Industrials (continued) | |
5.375%, due 11/15/24‡ | | | | $ | 110,000 | | | | | $ | 111,100 | | |
6.000%, due 10/15/25‡ | | | | | 114,000 | | | | | | 117,420 | | |
| Summit Materials LLC / Summit Materials Finance Corp. | | | | | | | | | | | | | |
| 6.125%, due 7/15/23 | | | | | 70,000 | | | | | | 70,000 | | |
| Taylor Morrison Communities, Inc. | | | | | | | | | | | | | |
5.875%, due 1/31/25‡ | | | | | 30,000 | | | | | | 27,750 | | |
| Toll Brothers Finance Corp. | | | | | | | | | | | | | |
| 4.875%, due 3/15/27 | | | | | 36,000 | | | | | | 36,450 | | |
| TransDigm, Inc. | | | | | | | | | | | | | |
6.250%, due 3/15/26‡ | | | | | 451,000 | | | | | | 440,853 | | |
TRI Pointe Group, Inc. / TRI Pointe Homes,
Inc. | | | | | | | | | | | | | |
| 5.875%, due 6/15/24 | | | | | 58,000 | | | | | | 57,275 | | |
| United Rentals North America, Inc. | | | | | | | | | | | | | |
| 4.000%, due 7/15/30 | | | | | 65,000 | | | | | | 61,425 | | |
| 4.625%, due 10/15/25 | | | | | 90,000 | | | | | | 88,200 | | |
| 4.875%, due 1/15/28 | | | | | 196,000 | | | | | | 196,000 | | |
| 5.250%, due 1/15/30 | | | | | 82,000 | | | | | | 82,103 | | |
| 5.500%, due 5/15/27 | | | | | 122,000 | | | | | | 123,220 | | |
| 5.875%, due 9/15/26 | | | | | 97,000 | | | | | | 99,668 | | |
| 6.500%, due 12/15/26 | | | | | 82,000 | | | | | | 84,870 | | |
| | | | | | | | | | | | 4,558,675 | | |
| Information Technology — 4.5% | |
| CDK Global, Inc. | | | | | | | | | | | | | |
| 4.875%, due 6/1/27 | | | | | 65,000 | | | | | | 64,837 | | |
| 5.000%, due 10/15/24 | | | | | 66,000 | | | | | | 68,475 | | |
5.250%, due 5/15/29‡ | | | | | 52,000 | | | | | | 53,040 | | |
| 5.875%, due 6/15/26 | | | | | 36,000 | | | | | | 37,170 | | |
| CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
| 4.125%, due 5/1/25 | | | | | 60,000 | | | | | | 60,600 | | |
| 4.250%, due 4/1/28 | | | | | 57,000 | | | | | | 56,857 | | |
| 5.000%, due 9/1/25 | | | | | 54,000 | | | | | | 55,350 | | |
| CommScope, Inc. | | | | | | | | | | | | | |
5.500%, due 3/1/24‡ | | | | | 118,000 | | | | | | 118,000 | | |
6.000%, due 3/1/26‡ | | | | | 161,000 | | | | | | 161,000 | | |
| Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
7.125%, due 6/15/24‡ | | | | | 185,000 | | | | | | 192,631 | | |
| EMC Corp. | | | | | | | | | | | | | |
| 3.375%, due 6/1/23 | | | | | 99,000 | | | | | | 98,753 | | |
| Match Group, Inc. | | | | | | | | | | | | | |
4.125%, due 8/1/30‡ | | | | | 54,000 | | | | | | 52,380 | | |
| NCR Corp. | | | | | | | | | | | | | |
5.750%, due 9/1/27‡ | | | | | 52,000 | | | | | | 51,610 | | |
6.125%, due 9/1/29‡ | | | | | 54,000 | | | | | | 53,865 | | |
| NortonLifeLock, Inc. | | | | | | | | | | | | | |
5.000%, due 4/15/25‡ | | | | | 119,000 | | | | | | 120,190 | | |
| PTC, Inc. | | | | | | | | | | | | | |
3.625%, due 2/15/25‡ | | | | | 43,000 | | | | | | 42,463 | | |
4.000%, due 2/15/28‡ | | | | | 64,000 | | | | | | 62,720 | | |
| Qorvo, Inc. | | | | | | | | | | | | | |
4.375%, due 10/15/29‡ | | | | | 58,000 | | | | | | 57,710 | | |
| 5.500%, due 7/15/26 | | | | | 92,000 | | | | | | 96,600 | | |
| Sensata Technologies UK Financing Co. PLC | | | | | | | | | | | | | |
6.250%, due 2/15/26‡ | | | | | 83,000 | | | | | | 85,386 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Information Technology (continued) | |
| Sensata Technologies, Inc. | | | | | | | | | | | | | |
4.375%, due 2/15/30‡ | | | | $ | 39,000 | | | | | $ | 37,879 | | |
| SS&C Technologies, Inc. | | | | | | | | | | | | | |
5.500%, due 9/30/27‡ | | | | | 210,000 | | | | | | 216,300 | | |
| Western Digital Corp. | | | | | | | | | | | | | |
| 4.750%, due 2/15/26 | | | | | 237,000 | | | | | | 241,740 | | |
| Xerox Corp. | | | | | | | | | | | | | |
| 4.125%, due 3/15/23 | | | | | 100,000 | | | | | | 99,500 | | |
| 4.500%, due 5/15/21 | | | | | 95,000 | | | | | | 95,000 | | |
| | | | | | | | | | | | 2,280,056 | | |
| Materials — 5.5% | |
| Alcoa Nederland Holding BV | | | | | | | | | | | | | |
6.125%, due 5/15/28‡ | | | | | 53,000 | | | | | | 51,344 | | |
6.750%, due 9/30/24‡ | | | | | 75,000 | | | | | | 75,000 | | |
7.000%, due 9/30/26‡ | | | | | 53,000 | | | | | | 52,602 | | |
| Ball Corp. | | | | | | | | | | | | | |
| 4.000%, due 11/15/23 | | | | | 86,000 | | | | | | 88,580 | | |
| 4.875%, due 3/15/26 | | | | | 64,000 | | | | | | 68,800 | | |
| 5.250%, due 7/1/25 | | | | | 122,000 | | | | | | 134,352 | | |
| Berry Global, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/26‡ | | | | | 49,000 | | | | | | 48,387 | | |
4.875%, due 7/15/26‡ | | | | | 152,000 | | | | | | 155,470 | | |
| 5.125%, due 7/15/23 | | | | | 50,000 | | | | | | 50,250 | | |
5.625%, due 7/15/27‡ | | | | | 57,000 | | | | | | 58,852 | | |
| Crown Americas LLC / Crown Americas Capital Corp. IV | | | | | | | | | | | | | |
| 4.500%, due 1/15/23 | | | | | 101,000 | | | | | | 103,399 | | |
| Crown Americas LLC / Crown Americas Capital Corp. VI | | | | | | | | | | | | | |
| 4.750%, due 2/1/26 | | | | | 102,000 | | | | | | 104,805 | | |
| Freeport-McMoRan, Inc. | | | | | | | | | | | | | |
| 3.875%, due 3/15/23 | | | | | 194,000 | | | | | | 193,273 | | |
| 4.125%, due 3/1/28 | | | | | 50,000 | | | | | | 46,250 | | |
| 4.250%, due 3/1/30 | | | | | 40,000 | | | | | | 36,700 | | |
| 5.000%, due 9/1/27 | | | | | 67,000 | | | | | | 64,990 | | |
5.250%, due 9/1/29(a) | | | | | 67,000 | | | | | | 66,163 | | |
| 5.450%, due 3/15/43 | | | | | 215,000 | | | | | | 197,800 | | |
| Graphic Packaging International LLC | | | | | | | | | | | | | |
3.500%, due 3/15/28‡ | | | | | 40,000 | | | | | | 38,200 | | |
| Howmet Aerospace, Inc. | | | | | | | | | | | | | |
| 5.125%, due 10/1/24 | | | | | 140,000 | | | | | | 134,750 | | |
| 6.875%, due 5/1/25 | | | | | 125,000 | | | | | | 127,969 | | |
| LABL Escrow Issuer LLC | | | | | | | | | | | | | |
6.750%, due 7/15/26‡ | | | | | 70,000 | | | | | | 70,350 | | |
| Novelis Corp. | | | | | | | | | | | | | |
4.750%, due 1/30/30‡ | | | | | 181,000 | | | | | | 161,090 | | |
5.875%, due 9/30/26‡ | | | | | 144,000 | | | | | | 140,040 | | |
| Olin Corp. | | | | | | | | | | | | | |
| 5.000%, due 2/1/30 | | | | | 54,000 | | | | | | 47,520 | | |
| 5.125%, due 9/15/27 | | | | | 56,000 | | | | | | 51,520 | | |
| 5.625%, due 8/1/29 | | | | | 92,000 | | | | | | 83,145 | | |
| Owens-Brockway Glass Container, Inc. | | | | | | | | | | | | | |
5.875%, due 8/15/23‡(a) | | | | | 82,000 | | | | | | 84,870 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Materials (continued) | |
| Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | | | | | | | | | | | | | |
5.125%, due 7/15/23‡ | | | | $ | 175,000 | | | | | $ | 175,875 | | |
7.000%, due 7/15/24‡ | | | | | 70,000 | | | | | | 70,175 | | |
| Sealed Air Corp. | | | | | | | | | | | | | |
4.000%, due 12/1/27‡ | | | | | 39,000 | | | | | | 38,415 | | |
| | | | | | | | | | | | 2,820,936 | | |
| Media — 13.4% | |
| AMC Networks, Inc. | | | | | | | | | | | | | |
4.750%, due 8/1/25(a) | | | | | 86,000 | | | | | | 78,905 | | |
| 5.000%, due 4/1/24 | | | | | 94,000 | | | | | | 89,300 | | |
| CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | |
4.000%, due 3/1/23‡ | | | | | 46,000 | | | | | | 46,000 | | |
4.500%, due 8/15/30‡ | | | | | 162,000 | | | | | | 163,215 | | |
4.500%, due 5/1/32‡ | | | | | 150,000 | | | | | | 148,875 | | |
4.750%, due 3/1/30‡ | | | | | 253,000 | | | | | | 258,060 | | |
5.000%, due 2/1/28‡ | | | | | 161,000 | | | | | | 165,427 | | |
5.125%, due 5/1/27‡ | | | | | 195,000 | | | | | | 202,312 | | |
5.375%, due 6/1/29‡ | | | | | 91,000 | | | | | | 96,005 | | |
5.500%, due 5/1/26‡ | | | | | 150,000 | | | | | | 155,625 | | |
5.750%, due 2/15/26‡ | | | | | 154,000 | | | | | | 160,545 | | |
5.875%, due 4/1/24‡ | | | | | 100,000 | | | | | | 102,750 | | |
| Clear Channel Worldwide Holdings, Inc. | | | | | | | | | | | | | |
5.125%, due 8/15/27‡ | | | | | 116,000 | | | | | | 108,460 | | |
| CSC Holdings LLC | | | | | | | | | | | | | |
| 5.250%, due 6/1/24 | | | | | 77,000 | | | | | | 80,561 | | |
5.375%, due 7/15/23‡ | | | | | 125,000 | | | | | | 126,250 | | |
5.375%, due 2/1/28‡ | | | | | 110,000 | | | | | | 114,125 | | |
5.500%, due 5/15/26‡ | | | | | 170,000 | | | | | | 175,100 | | |
5.500%, due 4/15/27‡ | | | | | 138,000 | | | | | | 142,485 | | |
5.750%, due 1/15/30‡ | | | | | 243,000 | | | | | | 252,720 | | |
6.500%, due 2/1/29‡ | | | | | 189,000 | | | | | | 205,537 | | |
6.625%, due 10/15/25‡ | | | | | 85,000 | | | | | | 88,187 | | |
| 6.750%, due 11/15/21 | | | | | 98,000 | | | | | | 102,165 | | |
7.500%, due 4/1/28‡ | | | | | 116,000 | | | | | | 127,020 | | |
| DISH DBS Corp. | | | | | | | | | | | | | |
| 5.000%, due 3/15/23 | | | | | 144,000 | | | | | | 136,440 | | |
| 5.875%, due 7/15/22 | | | | | 224,000 | | | | | | 224,560 | | |
| 6.750%, due 6/1/21 | | | | | 219,000 | | | | | | 219,000 | | |
| Gray Television, Inc. | | | | | | | | | | | | | |
5.125%, due 10/15/24‡ | | | | | 55,000 | | | | | | 54,037 | | |
5.875%, due 7/15/26‡ | | | | | 78,000 | | | | | | 75,465 | | |
7.000%, due 5/15/27‡ | | | | | 77,000 | | | | | | 77,577 | | |
| iHeartCommunications, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28‡ | | | | | 57,000 | | | | | | 49,875 | | |
5.250%, due 8/15/27‡ | | | | | 92,000 | | | | | | 83,720 | | |
| Lamar Media Corp. | | | | | | | | | | | | | |
3.750%, due 2/15/28‡ | | | | | 58,000 | | | | | | 53,360 | | |
| 5.750%, due 2/1/26 | | | | | 82,000 | | | | | | 83,435 | | |
| Live Nation Entertainment, Inc. | | | | | | | | | | | | | |
4.750%, due 10/15/27‡ | | | | | 96,000 | | | | | | 81,360 | | |
| Netflix, Inc. | | | | | | | | | | | | | |
| 4.375%, due 11/15/26 | | | | | 124,000 | | | | | | 129,890 | | |
| 4.875%, due 4/15/28 | | | | | 100,000 | | | | | | 106,500 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Media (continued) | |
4.875%, due 6/15/30‡(a) | | | | | 121,000 | | | | | | 129,167 | | |
5.375%, due 11/15/29‡ | | | | | 106,000 | | | | | | 116,600 | | |
| 5.500%, due 2/15/22 | | | | | 79,000 | | | | | | 81,962 | | |
| 5.875%, due 2/15/25 | | | | $ | 72,000 | | | | | $ | 79,020 | | |
| 5.875%, due 11/15/28 | | | | | 194,000 | | | | | | 218,250 | | |
| 6.375%, due 5/15/29 | | | | | 101,000 | | | | | | 117,413 | | |
| Nexstar Broadcasting, Inc. | | | | | | | | | | | | | |
5.625%, due 8/1/24‡ | | | | | 50,000 | | | | | | 48,500 | | |
5.625%, due 7/15/27‡ | | | | | 199,000 | | | | | | 189,050 | | |
| Nielsen Co. Luxembourg SARL (The) | | | | | | | | | | | | | |
5.000%, due 2/1/25‡(a) | | | | | 49,000 | | | | | | 46,918 | | |
| Nielsen Finance LLC / Nielsen Finance Co. | | | | | | | | | | | | | |
5.000%, due 4/15/22‡ | | | | | 235,000 | | | | | | 230,888 | | |
| Outfront Media Capital LLC / Outfront Media Capital Corp. | | | | | | | | | | | | | |
4.625%, due 3/15/30‡ | | | | | 53,000 | | | | | | 48,628 | | |
5.000%, due 8/15/27‡ | | | | | 57,000 | | | | | | 54,008 | | |
| Sirius XM Radio, Inc. | | | | | | | | | | | | | |
3.875%, due 8/1/22‡ | | | | | 154,000 | | | | | | 154,963 | | |
4.625%, due 7/15/24‡ | | | | | 185,000 | | | | | | 187,775 | | |
5.000%, due 8/1/27‡ | | | | | 169,000 | | | | | | 172,803 | | |
5.375%, due 7/15/26‡ | | | | | 109,000 | | | | | | 111,725 | | |
5.500%, due 7/1/29‡ | | | | | 146,000 | | | | | | 152,935 | | |
| TEGNA, Inc. | | | | | | | | | | | | | |
4.625%, due 3/15/28‡ | | | | | 87,000 | | | | | | 77,648 | | |
5.000%, due 9/15/29‡ | | | | | 111,000 | | | | | | 98,790 | | |
| | | | | | | | | | | | 6,881,891 | | |
| Real Estate — 0.7% | |
| ESH Hospitality, Inc. | | | | | | | | | | | | | |
4.625%, due 10/1/27‡ | | | | | 70,000 | | | | | | 63,350 | | |
5.250%, due 5/1/25‡ | | | | | 135,000 | | | | | | 126,900 | | |
| Howard Hughes Corp. (The) | | | | | | | | | | | | | |
5.375%, due 3/15/25‡ | | | | | 97,000 | | | | | | 94,090 | | |
| Ryman Hospitality Properties, Inc. | | | | | | | | | | | | | |
4.750%, due 10/15/27‡ | | | | | 75,000 | | | | | | 65,250 | | |
| | | | | | | | | | | | 349,590 | | |
| Telecommunication Services — 10.4% | |
| CenturyLink, Inc. | | | | | | | | | | | | | |
4.000%, due 2/15/27‡ | | | | | 137,000 | | | | | | 133,575 | | |
5.125%, due 12/15/26‡ | | | | | 131,000 | | | | | | 125,269 | | |
| 5.625%, due 4/1/25 | | | | | 57,000 | | | | | | 57,000 | | |
| 5.800%, due 3/15/22 | | | | | 94,000 | | | | | | 96,115 | | |
| 6.450%, due 6/15/21 | | | | | 144,000 | | | | | | 147,060 | | |
| 7.500%, due 4/1/24 | | | | | 121,000 | | | | | | 131,285 | | |
| Hughes Satellite Systems Corp. | | | | | | | | | | | | | |
| 6.625%, due 8/1/26 | | | | | 78,000 | | | | | | 83,460 | | |
| LCPR Senior Secured Financing DAC, (Puerto Rico) | | | | | | | | | | | | | |
6.750%, due 10/15/27‡ | | | | | 125,000 | | | | | | 131,094 | | |
| Level 3 Financing, Inc. | | | | | | | | | | | | | |
4.625%, due 9/15/27‡ | | | | | 96,000 | | | | | | 95,760 | | |
| 5.125%, due 5/1/23 | | | | | 100,000 | | | | | | 100,000 | | |
| 5.250%, due 3/15/26 | | | | | 101,000 | | | | | | 103,525 | | |
| 5.375%, due 1/15/24 | | | | | 125,000 | | | | | | 125,937 | | |
| 5.375%, due 5/1/25 | | | | | 75,000 | | | | | | 76,125 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Telecommunication Services (continued) | |
| SBA Communications Corp. | | | | | | | | | | | | | |
3.875%, due 2/15/27‡ | | | | | 92,000 | | | | | | 93,840 | | |
| 4.000%, due 10/1/22 | | | | | 53,000 | | | | | | 53,265 | | |
| 4.875%, due 9/1/24 | | | | $ | 132,000 | | | | | $ | 135,960 | | |
| Sprint Capital Corp. | | | | | | | | | | | | | |
| 6.875%, due 11/15/28 | | | | | 223,000 | | | | | | 268,715 | | |
| 8.750%, due 3/15/32 | | | | | 224,000 | | | | | | 315,280 | | |
| Sprint Communications, Inc. | | | | | | | | | | | | | |
| 6.000%, due 11/15/22 | | | | | 204,000 | | | | | | 215,730 | | |
| Sprint Corp. | | | | | | | | | | | | | |
| 7.125%, due 6/15/24 | | | | | 338,000 | | | | | | 379,405 | | |
| 7.250%, due 9/15/21 | | | | | 236,000 | | | | | | 247,505 | | |
| 7.625%, due 2/15/25 | | | | | 161,000 | | | | | | 185,552 | | |
| 7.625%, due 3/1/26 | | | | | 161,000 | | | | | | 189,175 | | |
| 7.875%, due 9/15/23 | | | | | 399,000 | | | | | | 448,376 | | |
| T-Mobile USA, Inc. | | | | | | | | | | | | | |
| 4.000%, due 4/15/22 | | | | | 50,000 | | | | | | 51,063 | | |
| 4.500%, due 2/1/26 | | | | | 89,000 | | | | | | 91,225 | | |
| 4.750%, due 2/1/28 | | | | | 141,000 | | | | | | 147,874 | | |
| 5.125%, due 4/15/25 | | | | | 50,000 | | | | | | 51,000 | | |
| 5.375%, due 4/15/27 | | | | | 53,000 | | | | | | 56,048 | | |
| 6.000%, due 4/15/24 | | | | | 115,000 | | | | | | 117,012 | | |
| 6.375%, due 3/1/25 | | | | | 225,000 | | | | | | 231,187 | | |
| 6.500%, due 1/15/24 | | | | | 100,000 | | | | | | 102,000 | | |
| 6.500%, due 1/15/26 | | | | | 171,000 | | | | | | 180,191 | | |
| ViaSat, Inc. | | | | | | | | | | | | | |
5.625%, due 9/15/25‡ | | | | | 60,000 | | | | | | 56,550 | | |
5.625%, due 4/15/27‡ | | | | | 68,000 | | | | | | 67,320 | | |
| Zayo Group Holdings, Inc. | | | | | | | | | | | | | |
4.000%, due 3/1/27‡ | | | | | 135,000 | | | | | | 130,613 | | |
6.125%, due 3/1/28‡ | | | | | 105,000 | | | | | | 98,700 | | |
| | | | | | | | | | | | 5,319,791 | | |
| Transportation — 0.4% | |
| Delta Air Lines, Inc. | | | | | | | | | | | | | |
| 2.600%, due 12/4/20 | | | | | 45,000 | | | | | | 43,088 | | |
| XPO Logistics, Inc. | | | | | | | | | | | | | |
6.125%, due 9/1/23‡ | | | | | 40,000 | | | | | | 40,100 | | |
6.750%, due 8/15/24‡ | | | | | 101,000 | | | | | | 103,020 | | |
| | | | | | | | | | | | 186,208 | | |
| Utilities — 4.1% | |
| AES Corp. | | | | | | | | | | | | | |
| 4.000%, due 3/15/21 | | | | | 41,000 | | | | | | 40,897 | | |
| 4.500%, due 3/15/23 | | | | | 59,000 | | | | | | 59,000 | | |
| 5.125%, due 9/1/27 | | | | | 55,000 | | | | | | 57,131 | | |
| 6.000%, due 5/15/26 | | | | | 60,000 | | | | | | 63,000 | | |
| Calpine Corp. | | | | | | | | | | | | | |
4.500%, due 2/15/28‡ | | | | | 146,000 | | | | | | 141,255 | | |
5.125%, due 3/15/28‡ | | | | | 135,000 | | | | | | 131,625 | | |
5.250%, due 6/1/26‡ | | | | | 116,000 | | | | | | 117,740 | | |
| 5.750%, due 1/15/25 | | | | | 125,000 | | | | | | 125,312 | | |
| Clearway Energy Operating LLC | | | | | | | | | | | | | |
4.750%, due 3/15/28‡ | | | | | 73,000 | | | | | | 74,277 | | |
| 5.750%, due 10/15/25 | | | | | 40,000 | | | | | | 41,500 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Utilities (continued) | |
| NextEra Energy Operating Partners LP | | | | | | | | | | | | | |
3.875%, due 10/15/26‡ | | | | | 57,000 | | | | | | 56,091 | | |
4.250%, due 7/15/24‡ | | | | | 98,000 | | | | | | 98,980 | | |
4.250%, due 9/15/24‡ | | | | | 40,000 | | | | | | 40,600 | | |
4.500%, due 9/15/27‡ | | | | | 60,000 | | | | | | 61,575 | | |
| NRG Energy, Inc. | | | | | | | | | | | | | |
5.250%, due 6/15/29‡ | | | | $ | 92,000 | | | | | $ | 98,555 | | |
| 5.750%, due 1/15/28 | | | | | 127,000 | | | | | | 136,525 | | |
| 6.625%, due 1/15/27 | | | | | 67,000 | | | | | | 71,522 | | |
| 7.250%, due 5/15/26 | | | | | 98,000 | | | | | | 105,350 | | |
| TerraForm Power Operating LLC | | | | | | | | | | | | | |
4.250%, due 1/31/23‡ | | | | | 62,000 | | | | | | 63,550 | | |
4.750%, due 1/15/30‡ | | | | | 63,000 | | | | | | 64,418 | | |
5.000%, due 1/31/28‡ | | | | | 65,000 | | | | | | 68,169 | | |
| Vistra Operations Co. LLC | | | | | | | | | | | | | |
5.000%, due 7/31/27‡ | | | | | 135,000 | | | | | | 137,363 | | |
5.500%, due 9/1/26‡ | | | | | 121,000 | | | | | | 124,328 | | |
5.625%, due 2/15/27‡ | | | | | 127,000 | | | | | | 131,763 | | |
| | | | | | | | | | | | 2,110,526 | | |
Total Corporate Bonds
(Cost $44,768,309) | | | | | | | | | | | 44,247,998 | | |
| Foreign Bonds — 11.4% | |
| Consumer Discretionary — 2.3% | |
1011778 BC ULC / New Red Finance, Inc.,
(Canada) | | | | | | | | | | | | | |
3.875%, due 1/15/28‡ | | | | | 102,000 | | | | | | 98,430 | | |
4.250%, due 5/15/24‡ | | | | | 157,000 | | | | | | 156,607 | | |
4.375%, due 1/15/28‡ | | | | | 43,000 | | | | | | 41,871 | | |
5.000%, due 10/15/25‡ | | | | | 299,000 | | | | | | 299,748 | | |
5.750%, due 4/15/25‡ | | | | | 50,000 | | | | | | 52,750 | | |
| Fiat Chrysler Automobiles NV, (United Kingdom) | | | | | | | | | | | | | |
| 5.250%, due 4/15/23 | | | | | 166,000 | | | | | | 165,170 | | |
| Parkland Fuel Corp., (Canada) | | | | | | | | | | | | | |
5.875%, due 7/15/27‡ | | | | | 52,000 | | | | | | 49,790 | | |
6.000%, due 4/1/26‡ | | | | | 54,000 | | | | | | 52,448 | | |
Stars Group Holdings BV / Stars Group US
Co.-Borrower LLC, (Canada) | | | | | | | | | | | | | |
7.000%, due 7/15/26‡ | | | | | 105,000 | | | | | | 108,281 | | |
| ZF North America Capital, Inc., (Germany) | | | | | | | | | | | | | |
4.500%, due 4/29/22‡ | | | | | 65,000 | | | | | | 65,325 | | |
4.750%, due 4/29/25‡ | | | | | 115,000 | | | | | | 106,663 | | |
| | | | | | | | | | | | 1,197,083 | | |
| Industrials — 0.4% | |
| Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., (Canada) | | | | | | | | | | | | | |
4.875%, due 2/15/30‡ | | | | | 35,000 | | | | | | 28,875 | | |
| Garda World Security Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 2/15/27‡ | | | | | 54,000 | | | | | | 52,650 | | |
| GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
5.125%, due 12/15/26‡ | | | | | 38,000 | | | | | | 39,425 | | |
7.000%, due 6/1/26‡ | | | | | 45,000 | | | | | | 47,250 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | |
| Foreign Bonds (continued) | |
| Industrials (continued) | |
| Mattamy Group Corp., (Canada) | | | | | | | | | | | | | |
5.250%, due 12/15/27‡ | | | | | 53,000 | | | | | | 49,687 | | |
| | | | | | | | | | | | 217,887 | | |
| Information Technology — 0.9% | |
| Nokia OYJ, (Finland) | | | | | | | | | | | | | |
| 3.375%, due 6/12/22 | | | | $ | 41,000 | | | | | $ | 41,154 | | |
| 4.375%, due 6/12/27 | | | | | 48,000 | | | | | | 48,480 | | |
| Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 2/15/28‡ | | | | | 108,000 | | | | | | 104,760 | | |
5.875%, due 6/1/26‡ | | | | | 75,000 | | | | | | 77,813 | | |
| Open Text Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.125%, due 2/15/30‡ | | | | | 92,000 | | | | | | 89,470 | | |
| Telefonaktiebolaget LM Ericsson, (Sweden) | | | | | | | | | | | | | |
| 4.125%, due 5/15/22 | | | | | 118,000 | | | | | | 122,277 | | |
| | | | | | | | | | | | 483,954 | | |
| Materials — 1.9% | |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., (Ireland) | | | | | | | | | | | | | |
4.125%, due 8/15/26‡ | | | | | 33,000 | | | | | | 32,175 | | |
4.250%, due 9/15/22‡(a) | | | | | 70,000 | | | | | | 70,262 | | |
5.250%, due 4/30/25‡ | | | | | 70,000 | | | | | | 71,663 | | |
5.250%, due 8/15/27‡ | | | | | 102,000 | | | | | | 99,067 | | |
6.000%, due 2/15/25‡ | | | | | 165,000 | | | | | | 164,175 | | |
| FMG Resources August 2006 Pty Ltd., (Australia) | | | | | | | | | | | | | |
4.500%, due 9/15/27‡ | | | | | 72,000 | | | | | | 70,200 | | |
4.750%, due 5/15/22‡ | | | | | 104,000 | | | | | | 104,130 | | |
5.125%, due 3/15/23‡ | | | | | 25,000 | | | | | | 25,219 | | |
5.125%, due 5/15/24‡ | | | | | 68,000 | | | | | | 68,850 | | |
| OCI NV, (Netherlands) | | | | | | | | | | | | | |
5.250%, due 11/1/24‡ | | | | | 72,000 | | | | | | 71,640 | | |
6.625%, due 4/15/23‡ | | | | | 65,000 | | | | | | 65,731 | | |
| Trivium Packaging Finance BV, (Netherlands) | | | | | | | | | | | | | |
5.500%, due 8/15/26‡ | | | | | 110,000 | | | | | | 112,750 | | |
| | | | | | | | | | | | 955,862 | | |
| Media — 1.7% | |
Telenet Finance Luxembourg Notes SARL,
(Belgium) | | | | | | | | | | | | | |
5.500%, due 3/1/28‡ | | | | | 200,000 | | | | | | 204,000 | | |
| Videotron Ltd., (Canada) | | | | | | | | | | | | | |
5.125%, due 4/15/27‡ | | | | | 66,000 | | | | | | 68,970 | | |
| Virgin Media Secured Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.500%, due 8/15/26‡ | | | | | 47,000 | | | | | | 48,762 | | |
5.500%, due 5/15/29‡ | | | | | 155,000 | | | | | | 161,588 | | |
| Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
6.000%, due 1/15/27‡ | | | | | 78,000 | | | | | | 78,195 | | |
| Ziggo BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 1/15/30‡ | | | | | 57,000 | | | | | | 56,430 | | |
5.500%, due 1/15/27‡ | | | | | 226,000 | | | | | | 229,108 | | |
| | | | | | | | | | | | 847,053 | | |
| |
| | | | Principal
Amount | | | Value | |
| Foreign Bonds (continued) | |
| Telecommunication Services — 4.1% | |
| Altice Financing SA, (France) | | | | | | | | | | | | | |
5.000%, due 1/15/28‡ | | | | | 115,000 | | | | | | 111,406 | | |
7.500%, due 5/15/26‡ | | | | | 305,000 | | | | | | 317,962 | | |
| Altice France Holding SA, (France) | | | | | | | | | | | | | |
6.000%, due 2/15/28‡ | | | | $ | 120,000 | | | | | $ | 108,900 | | |
| Altice France SA, (France) | | | | | | | | | | | | | |
5.500%, due 1/15/28‡ | | | | | 122,000 | | | | | | 122,915 | | |
7.375%, due 5/1/26‡ | | | | | 500,000 | | | | | | 525,000 | | |
8.125%, due 2/1/27‡ | | | | | 200,000 | | | | | | 216,000 | | |
| C&W Senior Financing DAC, (United Kingdom) | | | | | | | | | | | | | |
6.875%, due 9/15/27‡ | | | | | 125,000 | | | | | | 123,437 | | |
| Intelsat Jackson Holdings SA, (Luxembourg) | | | | | | | | | | | | | |
9.500%, due 9/30/22‡ | | | | | 53,000 | | | | | | 58,830 | | |
| Telecom Italia Capital SA, (Italy) | | | | | | | | | | | | | |
| 6.000%, due 9/30/34 | | | | | 107,000 | | | | | | 110,611 | | |
| 7.200%, due 7/18/36 | | | | | 92,000 | | | | | | 102,005 | | |
| 7.721%, due 6/4/38 | | | | | 122,000 | | | | | | 140,453 | | |
| Telecom Italia SpA, (Italy) | | | | | | | | | | | | | |
5.303%, due 5/30/24‡ | | | | | 170,000 | | | | | | 175,738 | | |
| | | | | | | | | | | | 2,113,257 | | |
| Utilities — 0.1% | |
| Mattamy Group Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 3/1/30‡ | | | | | 40,000 | | | | | | 35,800 | | |
Total Foreign Bonds
(Cost $5,892,985) | | | | | | | | | | | 5,850,896 | | |
| |
| | | | Shares | | | | | | | |
| Short-Term Investments — 2.2% | | | | | | | | | | | | | |
| Money Market Funds — 2.2% | | | | | | | | | | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.20%(b) | | | | | 745,070 | | | | | | 745,070 | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | 400,640 | | | | | | 400,640 | | |
Total Short-Term Investments
(Cost $1,145,710) | | | | | | | | | | | 1,145,710 | | |
Total Investments — 99.9%
(Cost $51,807,004) | | | | | | | | | | | 51,244,604 | | |
Other Assets and Liabilities,
Net — 0.1% | | | | | | | | | | | 50,114 | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 51,294,718 | | |
‡
May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $531,180; total market value of collateral held by the Fund was $552,109. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $151,469.
(b)
Reflects the 1-day yield at April 30, 2020.
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Corporate Bonds | | | | $ | — | | | | | $ | 44,247,998 | | | | | $ | — | | | | | $ | 44,247,998 | | |
| Foreign Bonds | | | | | — | | | | | | 5,850,896 | | | | | | — | | | | | | 5,850,896 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,145,710 | | | | | | — | | | | | | — | | | | | | 1,145,710 | | |
| Total Investments in Securities | | | | $ | 1,145,710 | | | | | $ | 50,098,894 | | | | | $ | — | | | | | $ | 51,244,604 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Merger Arbitrage ETF
| | | | Shares | | | Value | |
| Common Stocks — 81.6% | |
| Communication Services — 2.0% | |
Cincinnati Bell, Inc.* | | | | | 650,634 | | | | | $ | 9,531,788 | | |
Cineplex, Inc.* | | | | | 228,550 | | | | | | 2,738,092 | | |
Meet Group, Inc. (The)* | | | | | 401,195 | | | | | | 2,475,373 | | |
| Total Communication Services | | | | | | | | | | | 14,745,253 | | |
| Consumer Discretionary — 17.8% | |
Delphi Technologies PLC*(a) | | | | | 2,508,135 | | | | | | 25,056,269 | | |
Fiat Chrysler Automobiles NV* | | | | | 3,902,613 | | | | | | 34,264,644 | | |
Keihin Corp.* | | | | | 188,055 | | | | | | 4,496,719 | | |
Li & Fung Ltd.* | | | | | 35,240,786 | | | | | | 5,318,609 | | |
Nissin Kogyo Co., Ltd.* | | | | | 158,434 | | | | | | 3,295,060 | | |
Stars Group, Inc. (The)* | | | | | 98,929 | | | | | | 2,765,696 | | |
Tiffany & Co.*(b) | | | | | 422,879 | | | | | | 53,494,193 | | |
| Total Consumer Discretionary | | | | | | | | | | | 128,691,190 | | |
| Consumer Staples — 0.2% | |
Craft Brew Alliance, Inc.*(a) | | | | | 81,503 | | | | | | 1,230,695 | | |
| Financials — 24.6% | |
Carolina Financial Corp.* | | | | | 53,314 | | | | | | 1,803,612 | | |
| CenterState Bank Corp. | | | | | 709,545 | | | | | | 12,338,987 | | |
E*TRADE Financial Corp.(b) | | | | | 921,380 | | | | | | 37,417,242 | | |
| Franklin Financial Network, Inc. | | | | | 75,583 | | | | | | 1,792,829 | | |
IBERIABANK Corp.* | | | | | 125,893 | | | | | | 5,219,524 | | |
| Legg Mason, Inc. | | | | | 719,752 | | | | | | 35,865,242 | | |
| TD Ameritrade Holding Corp. | | | | | 899,055 | | | | | | 35,305,890 | | |
Texas Capital Bancshares, Inc.* | | | | | 208,878 | | | | | | 5,802,631 | | |
Unione di Banche Italiane SpA* | | | | | 2,168,716 | | | | | | 6,197,404 | | |
Willis Towers Watson PLC* | | | | | 200,996 | | | | | | 35,835,577 | | |
| Total Financials | | | | | | | | | | | 177,578,938 | | |
| Health Care — 5.7% | |
Metlifecare Ltd.* | | | | | 865,552 | | | | | | 2,237,470 | | |
Progenics Pharmaceuticals, Inc.* | | | | | 496,746 | | | | | | 1,957,179 | | |
QIAGEN NV* | | | | | 323,099 | | | | | | 13,469,997 | | |
Wright Medical Group NV*(a) | | | | | 801,836 | | | | | | 23,349,464 | | |
| Total Health Care | | | | | | | | | | | 41,014,110 | | |
| Industrials — 6.3% | |
Advanced Disposal Services, Inc.* | | | | | 699,224 | | | | | | 22,549,974 | | |
Hexcel Corp.* | | | | | 459,200 | | | | | | 15,883,728 | | |
| Mobile Mini, Inc. | | | | | 92,582 | | | | | | 2,645,068 | | |
Navistar International Corp.* | | | | | 201,955 | | | | | | 4,800,470 | | |
| Total Industrials | | | | | | | | | | | 45,879,240 | | |
| Information Technology — 19.1% | |
Acacia Communications, Inc.*(a) | | | | | 178,418 | | | | | | 12,077,114 | | |
Adesto Technologies Corp.*(a) | | | | | 247,522 | | | | | | 2,933,136 | | |
Anixter International, Inc.* | | | | | 120,460 | | | | | | 11,185,916 | | |
Fitbit, Inc., Class A* | | | | | 2,628,990 | | | | | | 17,587,943 | | |
ForeScout Technologies, Inc.*(a) | | | | | 364,368 | | | | | | 11,572,328 | | |
Ingenico Group SA* | | | | | 57,263 | | | | | | 7,194,002 | | |
Isra Vision AG* | | | | | 28,623 | | | | | | 1,564,403 | | |
KEMET Corp.* | | | | | 394,131 | | | | | | 10,645,478 | | |
LogMeIn, Inc.* | | | | | 272,877 | | | | | | 23,320,068 | | |
Tech Data Corp.* | | | | | 239,991 | | | | | | 33,752,334 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | |
TiVo Corp.* | | | | | 946,618 | | | | | $ | 6,654,725 | | |
| Total Information Technology | | | | | | | | | | | 138,487,447 | | |
| Real Estate — 3.7% | |
CapitaLand Commercial Trust* | | | | | 4,277,480 | | | | | | 4,892,195 | | |
Northview Apartment Real Estate Investment Trust, Class Trust Unit*(a) | | | | | 133,809 | | | | | | 3,391,106 | | |
Taubman Centers, Inc.* | | | | | 422,824 | | | | | | 18,223,714 | | |
| Total Real Estate | | | | | | | | | | | 26,507,015 | | |
| Utilities — 2.2% | |
El Paso Electric Co.* | | | | | 237,880 | | | | | | 16,175,840 | | |
| Total Common Stocks | |
| (Cost $667,977,027) | | | | | | | | | | | 590,309,728 | | |
| Investment Companies — 5.1% | |
| U.S. Ultra Short Term Bond Funds — 5.1% | |
| iShares Short Treasury Bond ETF | | | | | 309,938 | | | | | | 34,375,224 | | |
IQ Ultra Short Duration ETF† | | | | | 59,392 | | | | | | 2,936,934 | | |
Total Investment Companies
(Cost $37,300,732) | | | | | | | | | | | 37,312,158 | | |
| Short-Term Investments — 12.7% | |
| Money Market Funds — 12.7% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d) | | | | | 14,289,956 | | | | | | 14,289,956 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c) | | | | | 77,768,188 | | | | | | 77,768,188 | | |
Total Short-Term Investments
(Cost $92,058,144) | | | | | | | | | | | 92,058,144 | | |
Total Investments — 99.4%
(Cost $797,335,903) | | | | | | | | | | | 719,680,030 | | |
Other Assets and Liabilities,
Net — 0.6% | | | | | | | | | | | 3,901,744 | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 723,581,774 | | |
| |
*
Non-income producing securities.
†
Affiliated Fund.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $31,273,273; total market value of collateral held by the Fund was 32,844,059. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $18,554,103.
(b)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $51,104,400.
(c)
Reflects the 1-day yield at April 30, 2020.
(d)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Merger Arbitrage ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: | |
| Total Return Benchmark | | | Counterparty | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Consumer Discretionary Select Sector SPDR Fund | | | Bank of America | | | | | 0.99 | | | | | | 8/31/2021 | | | | Monthly | | | | $ | (10,400,603) | | | | | $ | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.01) | | | | | | 2/02/2022 | | | | Monthly | | | | | (10,400,603) | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Bank of America | | | | | 0.99 | | | | | | 8/31/2021 | | | | Monthly | | | | | (18,656,760) | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.31) | | | | | | 2/02/2022 | | | | Monthly | | | | | (18,656,760) | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Bank of America | | | | | 0.99 | | | | | | 8/31/2021 | | | | Monthly | | | | | (1,016,847) | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.06) | | | | | | 2/02/2022 | | | | Monthly | | | | | (1,016,847) | | | | | | — | | |
| Industrial Select Sector SPDR Fund | | | Morgan Stanley | | | | | (0.11) | | | | | | 2/02/2022 | | | | Monthly | | | | | (15,453,035) | | | | | | — | | |
| iShares MSCI Pacific ex Japan ETF | | | Morgan Stanley | | | | | (3.30) | | | | | | 2/02/2022 | | | | Monthly | | | | | (3,863,680) | | | | | | — | | |
| iShares PHLX Semiconductor ETF | | | Morgan Stanley | | | | | (1.65) | | | | | | 2/02/2022 | | | | Monthly | | | | | (6,504,262) | | | | | | — | | |
| iShares U.S. Financial Services ETF | | | Bank of America | | | | | 0.99 | | | | | | 8/31/2021 | | | | Monthly | | | | | (37,900,493) | | | | | | — | | |
| iShares U.S. Financial Services ETF | | | Morgan Stanley | | | | | (0.79) | | | | | | 2/02/2022 | | | | Monthly | | | | | (37,900,493) | | | | | | — | | |
| SPDR S&P Regional Banking ETF | | | Bank of America | | | | | 0.99 | | | | | | 8/31/2021 | | | | Monthly | | | | | (13,463,550) | | | | | | — | | |
| SPDR S&P Regional Banking ETF | | | Morgan Stanley | | | | | (0.71) | | | | | | 2/02/2022 | | | | Monthly | | | | | (13,463,550) | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Bank of America | | | | | 0.99 | | | | | | 8/31/2021 | | | | Monthly | | | | | (23,262,033) | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | | | 0.04 | | | | | | 2/02/2022 | | | | Monthly | | | | | (23,262,033) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $29,940,950 and with Bank of America amounted to $21,163,450 at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(e)
Reflects the value at reset date of April 30, 2020.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 590,309,728 | | | | | $ | — | | | | | $ | — | | | | | $ | 590,309,728 | | |
| Investment Company | | | | | 34,375,224 | | | | | | — | | | | | | — | | | | | | 34,375,224 | | |
| Exchange Traded Vehicle | | | | | 2,936,934 | | | | | | — | | | | | | — | | | | | | 2,936,934 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 92,058,144 | | | | | | — | | | | | | — | | | | | | 92,058,144 | | |
| Total Investments in Securities | | | | | 719,680,030 | | | | | | — | | | | | | — | | | | | | 719,680,030 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 719,680,030 | | | | | $ | — | | | | | $ | — | | | | | $ | 719,680,030 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedules of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Merger Arbitrage ETF (continued)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Investments in
Securities
Rights | | | Balance
as of
April 30,
2019 | | | Accrued
Discounts
(Premiums) | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Purchases | | | Sales | | | Transfers
Into
Level 3 | | | Transfers
out of
Level 3 | | | Balance
as of
April 31,
2020 | | | Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held
at April 30,
2020 | |
A. Schulman, Inc.,
Contingent
Value Right
(CVR)(h) | | | | $ | 66,061 | | | | | $ | — | | | | | $ | 58,891 | | | | | $ | 13,731 | | | | | $ | — | | | | | $ | (138,683) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| |
(h)
Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2019 | | | Value
($) at
04/30/2019 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/
(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | — | | | | | | — | | | | | | 48,089,628 | | | | | | (45,156,013) | | | | | | (13,685) | | | | | | 17,004 | | | | | | 63,624 | | | | | | 676 | | | | | | 59,392 | | | | | | 2,936,934 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF
| | | | Shares | | | Value | |
| Common Stocks — 92.5% | |
| Australia — 7.4% | |
| BHP Group Ltd. | | | | | 22,177 | | | | | $ | 469,699 | | |
| Evolution Mining Ltd. | | | | | 25,299 | | | | | | 84,638 | | |
| Fortescue Metals Group Ltd. | | | | | 11,735 | | | | | | 91,888 | | |
GrainCorp Ltd., Class A* | | | | | 4,209 | | | | | | 9,755 | | |
| IGO Ltd. | | | | | 10,331 | | | | | | 32,060 | | |
| Iluka Resources Ltd. | | | | | 1,908 | | | | | | 9,594 | | |
| Inghams Group Ltd. | | | | | 16,287 | | | | | | 37,321 | | |
| Mineral Resources Ltd. | | | | | 840 | | | | | | 9,228 | | |
| New Hope Corp. Ltd. | | | | | 23,475 | | | | | | 23,745 | | |
| Newcrest Mining Ltd. | | | | | 12,285 | | | | | | 221,504 | | |
| Northern Star Resources Ltd. | | | | | 13,168 | | | | | | 110,264 | | |
OceanaGold Corp.* | | | | | 12,765 | | | | | | 19,484 | | |
| OZ Minerals Ltd. | | | | | 1,501 | | | | | | 8,815 | | |
Perseus Mining Ltd.* | | | | | 18,344 | | | | | | 11,589 | | |
| Regis Resources Ltd. | | | | | 7,897 | | | | | | 23,266 | | |
| Rio Tinto PLC | | | | | 5,811 | | | | | | 270,063 | | |
Saracen Mineral Holdings Ltd.* | | | | | 15,902 | | | | | | 45,184 | | |
| South32 Ltd. | | | | | 23,254 | | | | | | 30,220 | | |
| St. Barbara Ltd. | | | | | 10,827 | | | | | | 18,359 | | |
Washington H Soul Pattinson & Co., Ltd.(a) | | | | | 7,476 | | | | | | 90,745 | | |
| Whitehaven Coal Ltd. | | | | | 28,792 | | | | | | 34,307 | | |
| Woodside Petroleum Ltd. | | | | | 2,694 | | | | | | 39,596 | | |
| Total Australia | | | | | | | | | | | 1,691,324 | | |
| Austria — 0.2% | |
| OMV AG | | | | | 874 | | | | | | 28,623 | | |
| voestalpine AG | | | | | 685 | | | | | | 14,177 | | |
| Total Austria | | | | | | | | | | | 42,800 | | |
| Belgium — 0.2% | |
| Umicore SA | | | | | 1,027 | | | | | | 44,331 | | |
| Brazil — 0.4% | |
| Yamana Gold, Inc. | | | | | 17,961 | | | | | | 84,830 | | |
| Canada — 13.6% | |
| Agnico Eagle Mines Ltd. | | | | | 3,838 | | | | | | 224,734 | | |
| Alamos Gold, Inc., Class A | | | | | 6,104 | | | | | | 49,264 | | |
| B2Gold Corp. | | | | | 18,287 | | | | | | 92,689 | | |
| Barrick Gold Corp. | | | | | 24,865 | | | | | | 641,429 | | |
| Canadian Natural Resources Ltd. | | | | | 4,008 | | | | | | 67,264 | | |
| Centerra Gold, Inc. | | | | | 4,203 | | | | | | 33,680 | | |
Eldorado Gold Corp.* | | | | | 3,096 | | | | | | 29,579 | | |
| Enbridge, Inc. | | | | | 4,644 | | | | | | 142,602 | | |
First Majestic Silver Corp.* | | | | | 3,415 | | | | | | 27,636 | | |
Hudbay Minerals, Inc.(a) | | | | | 1,222 | | | | | | 2,991 | | |
IAMGOLD Corp.* | | | | | 7,909 | | | | | | 27,731 | | |
| Imperial Oil Ltd. | | | | | 2,585 | | | | | | 41,857 | | |
Kinross Gold Corp.* | | | | | 21,161 | | | | | | 140,012 | | |
| Kirkland Lake Gold Ltd. | | | | | 3,093 | | | | | | 128,134 | | |
| Labrador Iron Ore Royalty Corp. | | | | | 282 | | | | | | 4,008 | | |
| Maple Leaf Foods, Inc. | | | | | 4,524 | | | | | | 83,806 | | |
| Norbord, Inc. | | | | | 5,291 | | | | | | 86,015 | | |
| Nutrien Ltd. | | | | | 7,375 | | | | | | 263,949 | | |
| Osisko Gold Royalties Ltd. | | | | | 2,330 | | | | | | 21,321 | | |
| Pan American Silver Corp. | | | | | 3,890 | | | | | | 82,900 | | |
| Pembina Pipeline Corp. | | | | | 1,888 | | | | | | 43,389 | | |
Pretium Resources, Inc.* | | | | | 3,115 | | | | | | 23,840 | | |
Sandstorm Gold Ltd.* | | | | | 2,785 | | | | | | 21,675 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Canada (continued) | |
SSR Mining, Inc.* | | | | | 2,276 | | | | | $ | 39,967 | | |
| Suncor Energy, Inc. | | | | | 4,746 | | | | | | 84,809 | | |
| TC Energy Corp. | | | | | 1,973 | | | | | | 90,997 | | |
| Teck Resources Ltd., Class B | | | | | 18,924 | | | | | | 167,175 | | |
Torex Gold Resources, Inc.* | | | | | 1,574 | | | | | | 22,449 | | |
| TransAlta Corp. | | | | | 10,338 | | | | | | 60,958 | | |
Wesdome Gold Mines Ltd.* | | | | | 2,254 | | | | | | 17,299 | | |
| West Fraser Timber Co. Ltd. | | | | | 3,887 | | | | | | 108,415 | | |
| Westshore Terminals Investment Corp. | | | | | 1,956 | | | | | | 21,011 | | |
| Wheaton Precious Metals Corp. | | | | | 6,235 | | | | | | 237,423 | | |
| Total Canada | | | | | | | | | | | 3,131,008 | | |
| Chile — 0.2% | |
Antofagasta PLC(a) | | | | | 3,547 | | | | | | 36,374 | | |
| Lundin Mining Corp. | | | | | 3,619 | | | | | | 17,770 | | |
| Total Chile | | | | | | | | | | | 54,144 | | |
| China — 8.5% | |
Ausnutria Dairy Corp., Ltd.* | | | | | 64,805 | | | | | | 120,710 | | |
| China Coal Energy Co., Ltd., Class H | | | | | 398,368 | | | | | | 106,370 | | |
| China Hongqiao Group Ltd. | | | | | 38,771 | | | | | | 19,305 | | |
| China Molybdenum Co., Ltd., Class H | | | | | 103,440 | | | | | | 31,223 | | |
| China Petroleum & Chemical Corp., Class H | | | | | 224,811 | | | | | | 113,676 | | |
China Shenhua Energy Co., Ltd.,
Class H | | | | | 467,024 | | | | | | 834,966 | | |
| CNOOC Ltd. | | | | | 103,489 | | | | | | 117,341 | | |
COFCO Meat Holdings Ltd.* | | | | | 140,640 | | | | | | 50,071 | | |
Dali Foods Group Co. Ltd.‡ | | | | | 139,849 | | | | | | 86,049 | | |
| Guangdong Investment Ltd. | | | | | 51,433 | | | | | | 106,948 | | |
MMG Ltd.* | | | | | 41,205 | | | | | | 7,229 | | |
| PetroChina Co., Ltd., Class H | | | | | 343,405 | | | | | | 123,588 | | |
Southern Energy Holdings Group
Ltd.*(b)(c) | | | | | 53,183 | | | | | | 4,665 | | |
| Zhaojin Mining Industry Co., Ltd., Class H | | | | | 50,963 | | | | | | 57,587 | | |
| Zijin Mining Group Co., Ltd., Class H | | | | | 403,097 | | | | | | 166,390 | | |
| Total China | | | | | | | | | | | 1,946,118 | | |
| Egypt — 0.1% | |
| Centamin PLC | | | | | 16,817 | | | | | | 33,059 | | |
| Finland — 4.4% | |
Kemira OYJ* | | | | | 5,675 | | | | | | 68,312 | | |
| Neste OYJ | | | | | 1,577 | | | | | | 55,843 | | |
Stora Enso OYJ, Class R* | | | | | 26,150 | | | | | | 309,335 | | |
| UPM-Kymmene OYJ | | | | | 16,873 | | | | | | 466,830 | | |
Valmet OYJ* | | | | | 5,120 | | | | | | 117,206 | | |
| Total Finland | | | | | | | | | | | 1,017,526 | | |
| France — 1.7% | |
| Suez | | | | | 7,690 | | | | | | 86,882 | | |
| TOTAL SA | | | | | 4,981 | | | | | | 179,219 | | |
Veolia Environnement SA(a) | | | | | 5,969 | | | | | | 127,390 | | |
| Total France | | | | | | | | | | | 393,491 | | |
| Germany — 0.3% | |
| Aurubis AG | | | | | 182 | | | | | | 9,517 | | |
| Suedzucker AG | | | | | 2,370 | | | | | | 31,332 | | |
Uniper SE(a) | | | | | 773 | | | | | | 20,743 | | |
| Total Germany | | | | | | | | | | | 61,592 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Hong Kong — 0.0%(d) | |
| Nissin Foods Co. Ltd. | | | | | 11,773 | | | | | $ | 9,704 | | |
| Indonesia — 0.1% | |
| First Pacific Co. Ltd. | | | | | 70,618 | | | | | | 14,666 | | |
| Italy — 0.3% | |
| Eni SpA | | | | | 7,705 | | | | | | 73,540 | | |
| Ivory Coast — 0.1% | |
Endeavour Mining Corp.* | | | | | 1,840 | | | | | | 33,198 | | |
| Japan — 2.9% | |
| Fuji Oil Holdings, Inc. | | | | | 890 | | | | | | 20,924 | | |
| Hoshizaki Corp. | | | | | 659 | | | | | | 50,780 | | |
| Inpex Corp. | | | | | 3,974 | | | | | | 25,683 | | |
| Itoham Yonekyu Holdings, Inc. | | | | | 10,956 | | | | | | 64,137 | | |
| JFE Holdings, Inc. | | | | | 2,950 | | | | | | 19,973 | | |
| Kewpie Corp. | | | | | 1,416 | | | | | | 28,297 | | |
| NH Foods Ltd. | | | | | 4,408 | | | | | | 158,908 | | |
| Nichirei Corp. | | | | | 1,293 | | | | | | 32,478 | | |
| Nippon Flour Mills Co., Ltd. | | | | | 785 | | | | | | 12,443 | | |
| Nippon Steel Corp. | | | | | 4,348 | | | | | | 37,078 | | |
| Nisshin Oillio Group Ltd. (The) | | | | | 330 | | | | | | 10,909 | | |
Nisshin Seifun Group, Inc.(a) | | | | | 3,245 | | | | | | 51,041 | | |
| Prima Meat Packers Ltd. | | | | | 1,804 | | | | | | 41,382 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 1,196 | | | | | | 30,405 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 901 | | | | | | 43,476 | | |
| UACJ Corp. | | | | | 212 | | | | | | 3,485 | | |
| Yamazaki Baking Co., Ltd. | | | | | 1,904 | | | | | | 33,812 | | |
| Total Japan | | | | | | | | | | | 665,211 | | |
| Kazakhstan — 0.0%(d) | |
KAZ Minerals PLC(a) | | | | | 2,040 | | | | | | 10,668 | | |
| Luxembourg — 0.3% | |
| ArcelorMittal SA | | | | | 5,391 | | | | | | 59,059 | | |
| Mexico — 0.4% | |
Fresnillo PLC(a) | | | | | 9,158 | | | | | | 82,223 | | |
| Netherlands — 1.4% | |
OCI NV* | | | | | 3,124 | | | | | | 37,810 | | |
| Royal Dutch Shell PLC, Class B | | | | | 17,568 | | | | | | 285,059 | | |
| Total Netherlands | | | | | | | | | | | 322,869 | | |
| New Zealand — 0.4% | |
| Fletcher Building Ltd. | | | | | 36,505 | | | | | | 83,331 | | |
| Norway — 1.0% | |
| Equinor ASA | | | | | 7,000 | | | | | | 98,258 | | |
| Norsk Hydro ASA | | | | | 9,607 | | | | | | 24,601 | | |
| Yara International ASA | | | | | 3,351 | | | | | | 114,536 | | |
| Total Norway | | | | | | | | | | | 237,395 | | |
| Peru — 0.6% | |
| Hochschild Mining PLC | | | | | 10,518 | | | | | | 18,481 | | |
Nexa Resources SA(a) | | | | | 1,003 | | | | | | 4,202 | | |
| Southern Copper Corp. | | | | | 3,316 | | | | | | 107,571 | | |
| Total Peru | | | | | | | | | | | 130,254 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Portugal — 0.4% | |
| Galp Energia SGPS SA | | | | | 1,752 | | | | | $ | 20,178 | | |
Navigator Co. SA (The)* | | | | | 26,245 | | | | | | 68,243 | | |
| Total Portugal | | | | | | | | | | | 88,421 | | |
| Russia — 0.8% | |
| Evraz PLC | | | | | 7,566 | | | | | | 25,309 | | |
| Highland Gold Mining Ltd. | | | | | 5,327 | | | | | | 16,019 | | |
| Polymetal International PLC | | | | | 5,585 | | | | | | 115,004 | | |
United Co. RUSAL PLC* | | | | | 79,382 | | | | | | 27,954 | | |
| Total Russia | | | | | | | | | | | 184,286 | | |
| Singapore — 1.3% | |
| First Resources Ltd. | | | | | 22,779 | | | | | | 20,389 | | |
Golden Agri-Resources Ltd.* | | | | | 198,401 | | | | | | 21,986 | | |
| Olam International Ltd. | | | | | 41,544 | | | | | | 44,268 | | |
| Wilmar International Ltd. | | | | | 85,590 | | | | | | 217,061 | | |
| Total Singapore | | | | | | | | | | | 303,704 | | |
| South Africa — 0.4% | |
| Anglo American PLC | | | | | 5,812 | | | | | | 103,748 | | |
| Spain — 0.3% | |
| Ebro Foods SA | | | | | 1,523 | | | | | | 32,362 | | |
| Repsol SA | | | | | 3,124 | | | | | | 28,448 | | |
| Total Spain | | | | | | | | | | | 60,810 | | |
| Sweden — 0.9% | |
| AAK AB | | | | | 2,853 | | | | | | 46,867 | | |
Boliden AB(a) | | | | | 1,099 | | | | | | 22,538 | | |
Holmen AB, B Shares* | | | | | 4,676 | | | | | | 136,634 | | |
| Total Sweden | | | | | | | | | | | 206,039 | | |
| Switzerland — 0.3% | |
Aryzta AG* | | | | | 25,273 | | | | | | 10,191 | | |
Bell Food Group AG* | | | | | 246 | | | | | | 62,829 | | |
| Total Switzerland | | | | | | | | | | | 73,020 | | |
| United Kingdom — 2.6% | |
| BP PLC | | | | | 42,570 | | | | | | 168,121 | | |
| Cranswick PLC | | | | | 1,913 | | | | | | 89,714 | | |
| Greggs PLC | | | | | 1,444 | | | | | | 33,368 | | |
| Hilton Food Group PLC | | | | | 3,183 | | | | | | 44,966 | | |
| Severn Trent PLC | | | | | 2,138 | | | | | | 64,453 | | |
| Spirax-Sarco Engineering PLC | | | | | 630 | | | | | | 69,357 | | |
| Tate & Lyle PLC | | | | | 5,523 | | | | | | 49,615 | | |
| United Utilities Group PLC | | | | | 5,930 | | | | | | 67,483 | | |
| Total United Kingdom | | | | | | | | | | | 587,077 | | |
| United States — 40.9% | |
Alacer Gold Corp.* | | | | | 5,566 | | | | | | 28,612 | | |
Alcoa Corp.* | | | | | 1,501 | | | | | | 12,233 | | |
| American Water Works Co., Inc. | | | | | 1,509 | | | | | | 183,630 | | |
| Andersons, Inc. (The) | | | | | 351 | | | | | | 5,956 | | |
Arch Coal, Inc., Class A(a) | | | | | 679 | | | | | | 19,820 | | |
| Archer-Daniels-Midland Co. | | | | | 6,418 | | | | | | 238,365 | | |
| Armstrong World Industries, Inc. | | | | | 1,730 | | | | | | 133,348 | | |
| Baker Hughes Co. | | | | | 1,766 | | | | | | 24,636 | | |
Builders FirstSource, Inc.* | | | | | 6,163 | | | | | | 113,091 | | |
| Bunge Ltd. | | | | | 1,746 | | | | | | 69,264 | | |
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United States (continued) — 40.9% | |
| Campbell Soup Co. | | | | | 3,179 | | | | | $ | 158,886 | | |
| Carpenter Technology Corp. | | | | | 324 | | | | | | 7,183 | | |
Cheniere Energy, Inc.* | | | | | 690 | | | | | | 32,216 | | |
| Chevron Corp. | | | | | 4,301 | | | | | | 395,692 | | |
Cleveland-Cliffs, Inc.(a) | | | | | 1,425 | | | | | | 6,241 | | |
Coeur Mining, Inc.* | | | | | 4,170 | | | | | | 17,556 | | |
| Commercial Metals Co. | | | | | 495 | | | | | | 7,890 | | |
| Conagra Brands, Inc. | | | | | 4,769 | | | | | | 159,475 | | |
| Concho Resources, Inc. | | | | | 558 | | | | | | 31,650 | | |
| ConocoPhillips | | | | | 3,026 | | | | | | 127,395 | | |
Diamondback Energy, Inc.(a) | | | | | 668 | | | | | | 29,085 | | |
| Dover Corp. | | | | | 1,425 | | | | | | 133,451 | | |
| Ecolab, Inc. | | | | | 2,695 | | | | | | 521,482 | | |
| EOG Resources, Inc. | | | | | 1,819 | | | | | | 86,421 | | |
| Essential Utilities, Inc. | | | | | 1,882 | | | | | | 78,649 | | |
| Exxon Mobil Corp. | | | | | 10,176 | | | | | | 472,879 | | |
| Flowers Foods, Inc. | | | | | 2,388 | | | | | | 53,205 | | |
| FMC Corp. | | | | | 1,584 | | | | | | 145,570 | | |
| Freeport-McMoRan, Inc. | | | | | 7,688 | | | | | | 67,885 | | |
| Fresh Del Monte Produce, Inc. | | | | | 514 | | | | | | 14,654 | | |
| General Mills, Inc. | | | | | 6,056 | | | | | | 362,694 | | |
| Graco, Inc. | | | | | 1,367 | | | | | | 61,050 | | |
| Halliburton Co. | | | | | 3,857 | | | | | | 40,499 | | |
| Hecla Mining Co. | | | | | 10,106 | | | | | | 26,579 | | |
| Hess Corp. | | | | | 913 | | | | | | 44,408 | | |
| Hormel Foods Corp. | | | | | 18,974 | | | | | | 888,932 | | |
| IDEX Corp. | | | | | 658 | | | | | | 101,089 | | |
| Ingredion, Inc. | | | | | 794 | | | | | | 64,473 | | |
| International Paper Co. | | | | | 13,313 | | | | | | 455,970 | | |
| J&J Snack Foods Corp. | | | | | 271 | | | | | | 34,425 | | |
John Bean Technologies Corp.(a) | | | | | 444 | | | | | | 34,073 | | |
| Kellogg Co. | | | | | 3,707 | | | | | | 242,809 | | |
| Kinder Morgan, Inc. | | | | | 5,534 | | | | | | 84,283 | | |
| Louisiana-Pacific Corp. | | | | | 5,300 | | | | | | 106,000 | | |
| Marathon Petroleum Corp. | | | | | 2,312 | | | | | | 74,169 | | |
| Mosaic Co. (The) | | | | | 6,418 | | | | | | 73,871 | | |
| Newmont Corp. | | | | | 10,611 | | | | | | 631,142 | | |
| Nucor Corp. | | | | | 1,244 | | | | | | 51,240 | | |
Occidental Petroleum Corp.(a) | | | | | 4,486 | | | | | | 74,468 | | |
| ONEOK, Inc. | | | | | 2,242 | | | | | | 67,103 | | |
Peabody Energy Corp.(a) | | | | | 5,030 | | | | | | 17,052 | | |
| Pentair PLC | | | | | 1,798 | | | | | | 62,193 | | |
| Phillips 66 | | | | | 1,091 | | | | | | 79,828 | | |
Pilgrim’s Pride Corp.* | | | | | 11,536 | | | | | | 253,792 | | |
| Pioneer Natural Resources Co. | | | | | 514 | | | | | | 45,905 | | |
Post Holdings, Inc.* | | | | | 918 | | | | | | 84,318 | | |
| Reliance Steel & Aluminum Co. | | | | | 280 | | | | | | 25,082 | | |
| Sanderson Farms, Inc. | | | | | 881 | | | | | | 119,939 | | |
| Schlumberger Ltd. | | | | | 4,933 | | | | | | 82,973 | | |
| Seaboard Corp. | | | | | 56 | | | | | | 168,622 | | |
| Simpson Manufacturing Co., Inc. | | | | | 1,620 | | | | | | 116,802 | | |
| Steel Dynamics, Inc. | | | | | 910 | | | | | | 22,086 | | |
| Tyson Foods, Inc., Class A | | | | | 16,611 | | | | | | 1,033,038 | | |
United States Steel Corp.(a) | | | | | 776 | | | | | | 5,960 | | |
| Universal Forest Products, Inc. | | | | | 2,213 | | | | | | 90,999 | | |
| Valero Energy Corp. | | | | | 1,061 | | | | | | 67,214 | | |
| Warrior Met Coal, Inc. | | | | | 2,197 | | | | | | 27,572 | | |
| Williams Cos., Inc. (The) | | | | | 2,895 | | | | | | 56,076 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United States (continued) — 40.9% | |
| Xylem, Inc. | | | | | 1,728 | | | | | $ | 124,243 | | |
| Total United States | | | | | | | | | | | 9,379,391 | | |
| Zambia — 0.1% | |
| First Quantum Minerals Ltd. | | | | | 3,609 | | | | | | 22,086 | | |
Total Common Stocks
(Cost $24,958,389) | | | | | | | | | | | 21,230,923 | | |
| Investment Company — 4.6% | |
| U.S. Ultra Short Term Bond Fund — 4.6% | |
IQ Ultra Short Duration ETF† | | | | | 21,468 | | | | | | 1,061,593 | | |
Total Investment Company
(Cost $1,064,329) | | | | | | | | | | | 1,061,593 | | |
| Short-Term Investments — 5.2% | |
| Money Market Funds — 5.2% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(e)(f) | | | | | 242,458 | | | | | | 242,458 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.18%(e) | | | | | 943,627 | | | | | | 943,627 | | |
Total Short-Term Investments
(Cost $1,186,085) | | | | | | | | | | | 1,186,085 | | |
Total Investments — 102.3%
(Cost $27,208,803) | | | | | | | | | | | 23,478,601 | | |
Other Assets and Liabilities,
Net — (2.3)% | | | | | | | | | | | (530,245) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 22,948,356 | | |
| |
†
Affiliated Fund.
‡
May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $380,569; total market value of collateral held by the Fund was $400,995. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $158,537.
(b)
Security has been deemed illiquid because it may not be able to be resold within seven days at approximately the price shown. At April 30, 2020, the value of this security was $4,665.
(c)
Security is fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The security is fair valued using significant unobservable inputs.
(d)
Less than 0.05%.
(e)
Reflects the 1-day yield at April 30, 2020.
(f)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2020: | |
| Total Return Benchmark | | | Counterparty | | | | | | Annual
Financing
Rate
Received/
(Paid) % | | | Expiration
Date | | | Payment
Frequency
Received/
(Paid) | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(g) | |
| iShares MSCI EAFE ETF | | | Bank of America | | | | | | | | 0.99 | | | | | | 5/31/2021 | | | | | | Monthly | | | | | $ | (1,100,117) | | | | | $ | — | | |
| iShares MSCI EAFE ETF | | | Morgan Stanley | | | | | | | | 0.04 | | | | | | 5/04/2021 | | | | | | Monthly | | | | | | (1,100,117) | | | | | | — | | |
| SPDR S&P 500 ETF Trust | | | Bank of America | | | | | | | | 0.99 | | | | | | 5/31/2021 | | | | | | Monthly | | | | | | (1,171,796) | | | | | | — | | |
| SPDR S&P 500 ETF Trust | | | Morgan Stanley | | | | | | | | 0.04 | | | | | | 5/04/2021 | | | | | | Monthly | | | | | | (1,171,796) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
Cash posted has been segregated as collateral for swaps in the amount of $28 at April 30, 2020.
The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(g)
Reflects the value at reset date of April 30, 2020.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 1,691,324 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,691,324 | | |
| Austria | | | | | 42,800 | | | | | | — | | | | | | — | | | | | | 42,800 | | |
| Belgium | | | | | 44,331 | | | | | | — | | | | | | — | | | | | | 44,331 | | |
| Brazil | | | | | 84,830 | | | | | | — | | | | | | — | | | | | | 84,830 | | |
| Canada | | | | | 3,131,008 | | | | | | — | | | | | | — | | | | | | 3,131,008 | | |
| Chile | | | | | 54,144 | | | | | | — | | | | | | — | | | | | | 54,144 | | |
| China | | | | | 1,941,453 | | | | | | — | | | | | | 4,665(i) | | | | | | 1,946,118 | | |
| Egypt | | | | | 33,059 | | | | | | — | | | | | | — | | | | | | 33,059 | | |
| Finland | | | | | 1,017,526 | | | | | | — | | | | | | — | | | | | | 1,017,526 | | |
| France | | | | | 393,491 | | | | | | — | | | | | | — | | | | | | 393,491 | | |
| Germany | | | | | 61,592 | | | | | | — | | | | | | — | | | | | | 61,592 | | |
| Hong Kong | | | | | 9,704 | | | | | | — | | | | | | — | | | | | | 9,704 | | |
| Indonesia | | | | | 14,666 | | | | | | — | | | | | | — | | | | | | 14,666 | | |
| Italy | | | | | 73,540 | | | | | | — | | | | | | — | | | | | | 73,540 | | |
| Ivory Coast | | | | | 33,198 | | | | | | — | | | | | | — | | | | | | 33,198 | | |
| Japan | | | | | 665,211 | | | | | | — | | | | | | — | | | | | | 665,211 | | |
| Kazakhstan | | | | | 10,668 | | | | | | — | | | | | | — | | | | | | 10,668 | | |
| Luxembourg | | | | | 59,059 | | | | | | — | | | | | | — | | | | | | 59,059 | | |
| Mexico | | | | | 82,223 | | | | | | — | | | | | | — | | | | | | 82,223 | | |
| Netherlands | | | | | 322,869 | | | | | | — | | | | | | — | | | | | | 322,869 | | |
| New Zealand | | | | | 83,331 | | | | | | — | | | | | | — | | | | | | 83,331 | | |
| Norway | | | | | 237,395 | | | | | | — | | | | | | — | | | | | | 237,395 | | |
| Peru | | | | | 130,254 | | | | | | — | | | | | | — | | | | | | 130,254 | | |
| Portugal | | | | | 88,421 | | | | | | — | | | | | | — | | | | | | 88,421 | | |
| Russia | | | | | 184,286 | | | | | | — | | | | | | — | | | | | | 184,286 | | |
| Singapore | | | | | 303,704 | | | | | | — | | | | | | — | | | | | | 303,704 | | |
| South Africa | | | | | 103,748 | | | | | | — | | | | | | — | | | | | | 103,748 | | |
| Spain | | | | | 60,810 | | | | | | — | | | | | | — | | | | | | 60,810 | | |
| Sweden | | | | | 206,039 | | | | | | — | | | | | | — | | | | | | 206,039 | | |
| Switzerland | | | | | 73,020 | | | | | | — | | | | | | — | | | | | | 73,020 | | |
| United Kingdom | | | | | 587,077 | | | | | | — | | | | | | — | | | | | | 587,077 | | |
| United States | | | | | 9,379,391 | | | | | | — | | | | | | — | | | | | | 9,379,391 | | |
| Zambia | | | | | 22,086 | | | | | | — | | | | | | — | | | | | | 22,086 | | |
| Total Common Stocks | | | | | 21,226,258 | | | | | | — | | | | | | 4,665 | | | | | | 21,230,923 | | |
| Exchange Traded Vehicle | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash | | | | | 1,061,593 | | | | | | — | | | | | | — | | | | | | 1,061,593 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,186,085 | | | | | | — | | | | | | — | | | | | | 1,186,085 | | |
| Total Investments in Securities | | | | | 23,473,936 | | | | | | — | | | | | | 4,665 | | | | | | 23,478,601 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF (continued)
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Other Financial Instruments:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 23,473,936 | | | | | $ | — | | | | | $ | 4,665 | | | | | $ | 23,478,601 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| |
(h)
For a complete listing of investments and their countries, see the Schedules of Investments.
(i)
The Level 3 security, valued at $4,665, has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(j)
Reflects the unrealized appreciation (depreciation) of the instruments.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments inSecurities | | | Balance
as of
April 30,
2019 | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Purchases | | | Sales | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Balance
as of
April 30,
2020 | | | Change in
Unrealized
Appreciation/
(Depreciation)
from
Investments
Still Held at
April 30,
2020(k) | |
| Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Southern Energy Holdings Group
Ltd.(l) | | | | $ | — | | | | | $ | — | | | | | $ | (146,591) | | | | | $ | (162,508) | | | | | $ | 66,589 | | | | | $ | (74,132) | | | | | $ | 321,307 | | | | | $ | — | | | | | $ | 4,665 | | | | | $ | (162,508) | | |
(k)
Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statements of Operations.
(l)
Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
Information about Level 3 fair value measurements as of April 30, 2020.
| Security Type | | | Fair Value | | | Valuation Technique | | | Unobservable Inputs | |
| Common Stock | | | | $ | 4,665 | | | | Issuer Specific Data | | | Company News Information | |
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2019 | | | Value
($) at
04/30/2019 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/
(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | |
IQ Ultra Short Duration
ETF | | | | | — | | | | | | — | | | | | | 8,202,353 | | | | | | (7,139,604) | | | | | | 1,580 | | | | | | (2,736) | | | | | | 15,397 | | | | | | 584 | | | | | | 21,468 | | | | | | 1,061,593 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Global Agribusiness Small Cap ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.9% | |
| Australia — 13.8% | |
Bega Cheese Ltd.(a) | | | | | 33,452 | | | | | $ | 106,001 | | |
Costa Group Holdings Ltd.(a) | | | | | 76,589 | | | | | | 144,913 | | |
| Elders Ltd. | | | | | 30,654 | | | | | | 174,000 | | |
GrainCorp Ltd., Class A* | | | | | 43,253 | | | | | | 100,245 | | |
Inghams Group Ltd.(a) | | | | | 66,846 | | | | | | 153,174 | | |
Nufarm Ltd.* | | | | | 62,535 | | | | | | 215,353 | | |
| Select Harvests Ltd. | | | | | 18,852 | | | | | | 89,235 | | |
| Total Australia | | | | | | | | | | | 982,921 | | |
| Brazil — 1.3% | | | | | | | | | | | | | |
Adecoagro SA* | | | | | 23,780 | | | | | | 94,882 | | |
| Canada — 5.3% | | | | | | | | | | | | | |
| Maple Leaf Foods, Inc. | | | | | 15,055 | | | | | | 278,891 | | |
| Rogers Sugar, Inc. | | | | | 21,049 | | | | | | 70,924 | | |
Village Farms International, Inc.* | | | | | 8,521 | | | | | | 28,588 | | |
| Total Canada | | | | | | | | | | | 378,403 | | |
| China — 5.9% | | | | | | | | | | | | | |
Ausnutria Dairy Corp., Ltd.*(a) | | | | | 135,677 | | | | | | 252,720 | | |
| China BlueChemical Ltd., Class H | | | | | 358,459 | | | | | | 53,637 | | |
COFCO Meat Holdings Ltd.* | | | | | 326,188 | | | | | | 116,130 | | |
| Total China | | | | | | | | | | | 422,487 | | |
| Indonesia — 2.5% | | | | | | | | | | | | | |
PT Astra Agro Lestari Tbk* | | | | | 79,142 | | | | | | 32,455 | | |
PT Japfa Comfeed Indonesia Tbk* | | | | | 1,108,036 | | | | | | 72,628 | | |
| PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | | | | | 558,004 | | | | | | 26,634 | | |
| PT Sawit Sumbermas Sarana Tbk | | | | | 729,791 | | | | | | 43,910 | | |
| Total Indonesia | | | | | | | | | | | 175,627 | | |
| Japan — 37.4% | | | | | | | | | | | | | |
Fuji Oil Holdings, Inc.(a) | | | | | 10,566 | | | | | | 248,403 | | |
| Itoham Yonekyu Holdings, Inc. | | | | | 29,559 | | | | | | 173,039 | | |
Kumiai Chemical Industry Co., Ltd.(a) | | | | | 23,019 | | | | | | 188,569 | | |
| Megmilk Snow Brand Co., Ltd. | | | | | 9,848 | | | | | | 226,089 | | |
| Morinaga Milk Industry Co., Ltd. | | | | | 8,285 | | | | | | 323,854 | | |
| NH Foods Ltd. | | | | | 20,186 | | | | | | 727,704 | | |
| Nichirei Corp. | | | | | 24,732 | | | | | | 621,220 | | |
| Nihon Nohyaku Co., Ltd. | | | | | 7,529 | | | | | | 30,557 | | |
| Prima Meat Packers Ltd. | | | | | 5,357 | | | | | | 122,885 | | |
| Total Japan | | | | | | | | | | | 2,662,320 | | |
| Netherlands — 2.9% | | | | | | | | | | | | | |
OCI NV* | | | | | 16,779 | | | | | | 203,077 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Singapore — 2.4% | | | | | | | | | | | | | |
Golden Agri-Resources Ltd.* | | | | | 1,272,676 | | | | | $ | 141,037 | | |
Japfa Ltd.* | | | | | 78,848 | | | | | | 31,927 | | |
| Total Singapore | | | | | | | | | | | 172,964 | | |
| Thailand — 2.0% | | | | | | | | | | | | | |
| GFPT PCL | | | | | 183,106 | | | | | | 64,516 | | |
| Thai Vegetable Oil PCL | | | | | 106,879 | | | | | | 80,931 | | |
| Total Thailand | | | | | | | | | | | 145,447 | | |
| United States — 26.4% | | | | | | | | | | | | | |
| AGCO Corp. | | | | | 11,514 | | | | | | 608,400 | | |
Cal-Maine Foods, Inc.*(a) | | | | | 5,949 | | | | | | 246,943 | | |
Element Solutions, Inc.* | | | | | 45,082 | | | | | | 462,090 | | |
| Sanderson Farms, Inc. | | | | | 4,011 | | | | | | 546,058 | | |
| Titan International, Inc. | | | | | 10,011 | | | | | | 14,115 | | |
| Total United States | | | | | | | | | | | 1,877,606 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $7,740,546) | | | | | | | | | | | 7,115,734 | | |
| Short-Term Investment — 7.4% | | | | | | | | | | | | | |
| Money Market Fund — 7.4% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | | | | | | | | | |
| (Cost $528,622) | | | | | 528,622 | | | | | | 528,622 | | |
| Total Investments — 107.3% | | | | | | | | | | | | | |
| (Cost $8,269,168) | | | | | | | | | | | 7,644,356 | | |
Other Assets and Liabilities,
Net — (7.3)% | | | | | | | | | | | (519,033) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 7,125,323 | | |
| |
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $1,004,606; total market value of collateral held by the Fund was $1,073,205. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $544,583.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Global Agribusiness Small Cap ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 982,921 | | | | | $ | — | | | | | $ | — | | | | | $ | 982,921 | | |
| Brazil | | | | | 94,882 | | | | | | — | | | | | | — | | | | | | 94,882 | | |
| Canada | | | | | 378,403 | | | | | | — | | | | | | — | | | | | | 378,403 | | |
| China | | | | | 422,487 | | | | | | — | | | | | | — | | | | | | 422,487 | | |
| Indonesia | | | | | 175,627 | | | | | | — | | | | | | — | | | | | | 175,627 | | |
| Japan | | | | | 2,662,320 | | | | | | — | | | | | | — | | | | | | 2,662,320 | | |
| Netherlands | | | | | 203,077 | | | | | | — | | | | | | — | | | | | | 203,077 | | |
| Singapore | | | | | 172,964 | | | | | | — | | | | | | — | | | | | | 172,964 | | |
| Thailand | | | | | 145,447 | | | | | | — | | | | | | — | | | | | | 145,447 | | |
| United States | | | | | 1,877,606 | | | | | | — | | | | | | — | | | | | | 1,877,606 | | |
| Total Common Stocks | | | | | 7,115,734 | | | | | | — | | | | | | — | | | | | | 7,115,734 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 528,622 | | | | | | — | | | | | | — | | | | | | 528,622 | | |
| Total Investments in Securities | | | | $ | 7,644,356 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,644,356 | | |
(d)
For a complete listing of investments and their countries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | | | Balance
as of
April 30,
2019 | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Purchases | | | Sales | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Balance
as of
April 30,
2020 | | | Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
April 30,
2020 | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
China Huishan
Dairy
Holdings
Co., Ltd. (e) | | | | $ | —(f) | | | | | $ | — | | | | | $ | (300,260) | | | | | $ | 300,260 | | | | | $ | — | | | | | $ | —(g) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(e)
Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(f)
Includes a Level 3 security valued at $ — .
(g)
Sales amount valued at $0.
See notes to financial statements.
Schedules of Investments — IQ U.S. Real Estate Small Cap ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.6% | |
| Diversified REITs — 14.6% | |
| Alexander & Baldwin, Inc. | | | | | 33,270 | | | | | $ | 437,168 | | |
| American Assets Trust, Inc. | | | | | 24,304 | | | | | | 688,289 | | |
| Empire State Realty Trust, Inc., Class A | | | | | 89,095 | | | | | | 744,834 | | |
| Exantas Capital Corp. | | | | | 14,782 | | | | | | 43,755 | | |
Granite Point Mortgage Trust, Inc.(a) | | | | | 26,393 | | | | | | 131,437 | | |
| Industrial Logistics Properties Trust | | | | | 31,468 | | | | | | 588,137 | | |
| Kennedy-Wilson Holdings, Inc. | | | | | 59,861 | | | | | | 847,033 | | |
Monmouth Real Estate Investment
Corp. | | | | | 44,951 | | | | | | 610,884 | | |
| New Senior Investment Group, Inc. | | | | | 37,568 | | | | | | 124,350 | | |
| Preferred Apartment Communities, Inc., Class A | | | | | 22,799 | | | | | | 168,941 | | |
| Redwood Trust, Inc. | | | | | 55,147 | | | | | | 226,103 | | |
| Safehold, Inc. | | | | | 7,358 | | | | | | 424,998 | | |
| Washington Real Estate Investment Trust | | | | | 39,735 | | | | | | 926,620 | | |
| Total Diversified REITs | | | | | | | | | | | 5,962,549 | | |
| Hotel REITs — 8.2% | | | | | | | | | | | | | |
| Ashford Hospitality Trust, Inc. | | | | | 47,814 | | | | | | 39,317 | | |
| Chatham Lodging Trust | | | | | 22,441 | | | | | | 168,532 | | |
| DiamondRock Hospitality Co. | | | | | 96,280 | | | | | | 599,824 | | |
| Hersha Hospitality Trust | | | | | 18,035 | | | | | | 94,323 | | |
MGM Growth Properties LLC, Class A(a) | | | | | 64,047 | | | | | | 1,612,063 | | |
Summit Hotel Properties, Inc.(a) | | | | | 50,066 | | | | | | 303,400 | | |
| Xenia Hotels & Resorts, Inc. | | | | | 54,595 | | | | | | 529,572 | | |
| Total Hotel REITs | | | | | | | | | | | 3,347,031 | | |
| Mortgage REITs — 9.7% | | | | | | | | | | | | | |
AG Mortgage Investment Trust, Inc.(a) | | | | | 15,742 | | | | | | 50,217 | | |
| Anworth Mortgage Asset Corp. | | | | | 47,454 | | | | | | 81,621 | | |
| Apollo Commercial Real Estate Finance, Inc. | | | | | 74,985 | | | | | | 611,128 | | |
Arbor Realty Trust, Inc.(a) | | | | | 49,140 | | | | | | 338,575 | | |
| ARMOUR Residential REIT, Inc. | | | | | 28,143 | | | | | | 248,784 | | |
| Capstead Mortgage Corp. | | | | | 46,109 | | | | | | 239,306 | | |
Dynex Capital, Inc.(a) | | | | | 10,894 | | | | | | 155,893 | | |
| Front Yard Residential Corp. | | | | | 22,735 | | | | | | 259,406 | | |
| Invesco Mortgage Capital, Inc. | | | | | 80,530 | | | | | | 244,811 | | |
iStar, Inc.(a) | | | | | 36,236 | | | | | | 363,085 | | |
KKR Real Estate Finance Trust, Inc.(a) | | | | | 15,125 | | | | | | 238,672 | | |
| New York Mortgage Trust, Inc. | | | | | 183,676 | | | | | | 400,414 | | |
| Orchid Island Capital, Inc. | | | | | 31,729 | | | | | | 125,012 | | |
| PennyMac Mortgage Investment Trust | | | | | 48,173 | | | | | | 500,999 | | |
| Western Asset Mortgage Capital Corp. | | | | | 25,394 | | | | | | 77,452 | | |
| Total Mortgage REITs | | | | | | | | | | | 3,935,375 | | |
| Office REITs — 16.5% | | | | | | | | | | | | | |
| Brandywine Realty Trust | | | | | 85,143 | | | | | | 950,196 | | |
| City Office REIT, Inc. | | | | | 26,288 | | | | | | 265,509 | | |
| Easterly Government Properties, Inc. | | | | | 36,563 | | | | | | 983,910 | | |
| Franklin Street Properties Corp. | | | | | 50,356 | | | | | | 273,937 | | |
| Global Net Lease, Inc. | | | | | 43,724 | | | | | | 629,188 | | |
| Lexington Realty Trust | | | | | 121,791 | | | | | | 1,272,716 | | |
| Mack-Cali Realty Corp. | | | | | 40,370 | | | | | | 653,590 | | |
| Office Properties Income Trust | | | | | 23,181 | | | | | | 635,159 | | |
Piedmont Office Realty Trust, Inc.,
Class A | | | | | 60,713 | | | | | | 1,053,371 | | |
| Total Office REITs | | | | | | | | | | | 6,717,576 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Residential REITs — 2.8% | | | | | | | | | | | | | |
Essential Properties Realty Trust, Inc.(a) | | | | | 44,510 | | | | | $ | 653,852 | | |
| Independence Realty Trust, Inc. | | | | | 49,744 | | | | | | 500,922 | | |
| Total Residential REITs | | | | | | | | | | | 1,154,774 | | |
| Retail REITs — 19.5% | | | | | | | | | | | | | |
| Acadia Realty Trust | | | | | 39,877 | | | | | | 494,076 | | |
Agree Realty Corp.(a) | | | | | 21,694 | | | | | | 1,412,496 | | |
Brookfield Property REIT, Inc., Class A(a) | | | | | 27,571 | | | | | | 270,058 | | |
| Cedar Realty Trust, Inc. | | | | | 41,680 | | | | | | 43,764 | | |
| Four Corners Property Trust, Inc. | | | | | 34,043 | | | | | | 762,223 | | |
| Kite Realty Group Trust | | | | | 40,750 | | | | | | 416,873 | | |
Pennsylvania Real Estate Investment Trust(a) | | | | | 31,406 | | | | | | 31,720 | | |
| Retail Opportunity Investments Corp. | | | | | 55,469 | | | | | | 538,327 | | |
Retail Properties of America, Inc.,
Class A | | | | | 103,899 | | | | | | 644,174 | | |
| RPT Realty | | | | | 37,749 | | | | | | 257,448 | | |
Seritage Growth Properties, Class A*(a) | | | | | 16,471 | | | | | | 174,263 | | |
| SITE Centers Corp. | | | | | 74,413 | | | | | | 450,943 | | |
Tanger Factory Outlet Centers, Inc.(a) | | | | | 44,281 | | | | | | 332,993 | | |
| Taubman Centers, Inc. | | | | | 28,884 | | | | | | 1,244,900 | | |
| Urban Edge Properties | | | | | 56,497 | | | | | | 649,715 | | |
Washington Prime Group, Inc.(a) | | | | | 90,420 | | | | | | 77,743 | | |
| Whitestone REIT | | | | | 19,348 | | | | | | 131,180 | | |
| Total Retail REITs | | | | | | | | | | | 7,932,896 | | |
| Specialized REITs — 28.3% | | | | | | | | | | | | | |
| American Finance Trust, Inc. | | | | | 52,909 | | | | | | 407,928 | | |
| CareTrust REIT, Inc. | | | | | 45,970 | | | | | | 757,586 | | |
| CatchMark Timber Trust, Inc., Class A | | | | | 23,706 | | | | | | 186,329 | | |
| Diversified Healthcare Trust | | | | | 114,924 | | | | | | 357,414 | | |
| Global Medical REIT, Inc. | | | | | 19,821 | | | | | | 206,535 | | |
Innovative Industrial Properties, Inc.(a) | | | | | 8,093 | | | | | | 634,977 | | |
| LTC Properties, Inc. | | | | | 19,097 | | | | | | 679,853 | | |
| National Storage Affiliates Trust | | | | | 25,099 | | | | | | 714,819 | | |
| Physicians Realty Trust | | | | | 95,779 | | | | | | 1,476,912 | | |
QTS Realty Trust, Inc., Class A(a) | | | | | 28,049 | | | | | | 1,753,904 | | |
| STAG Industrial, Inc. | | | | | 72,644 | | | | | | 1,906,905 | | |
| Terreno Realty Corp. | | | | | 32,192 | | | | | | 1,764,765 | | |
Uniti Group, Inc.(a) | | | | | 93,197 | | | | | | 657,971 | | |
| Total Specialized REITs | | | | | | | | | | | 11,505,898 | | |
Total Common Stocks
(Cost $59,186,954) | | | | | | | | | | | 40,556,099 | | |
| Short-Term Investments — 2.6% | | | | | | | | | | | | | |
| Money Market Funds — 2.6% | | | | | | | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c) | | | | | 947,367 | | | | | | 947,367 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.18%(b) | | | | | 93,883 | | | | | | 93,883 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ U.S. Real Estate Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Money Market Funds (continued) | | | |
Total Short-Term Investments
(Cost $1,041,250) | | | | | | | $ | 1,041,250 | | |
Total Investments — 102.2%
(Cost $60,228,204) | | | | | | | | 41,597,349 | | |
Other Assets and Liabilities,
Net — (2.2)% | | | | | | | | (895,030) | | |
| Net Assets — 100.0% | | | | | | | $ | 40,702,319 | | |
| |
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $6,683,363; total market value of collateral held by the Fund was $7,021,233. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $6,073,866.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | |
| Investments in Securities:(d) | | | | | |
| Common Stocks | | | | $ | 40,556,099 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,556,099 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,041,250 | | | | | | — | | | | | | — | | | | | | 1,041,250 | | |
| Total Investments in Securities | | | | $ | 41,597,349 | | | | | $ | — | | | | | $ | — | | | | | $ | 41,597,349 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Investments in
Securities | | | Balance
as of
April 30,
2019 | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Purchases | | | Sales | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Balance
as of
April 30, 2020 | | | Change in
Unrealized
Appreciation/
(Depreciation)
from
Investments
Still Held at
April 30, 2020 | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Winthrop
Realty Trust | | | | $ | 9,896 | | | | | $ | — | | | | | $ | (8,358) | | | | | $ | 7,776 | | | | | $ | — | | | | | $ | (9,314) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.5% | |
| Australia — 3.2% | |
| AGL Energy Ltd. | | | | | 13,931 | | | | | $ | 154,686 | | |
| Australia & New Zealand Banking Group Ltd. | | | | | 14,616 | | | | | | 161,718 | | |
| BHP Group Ltd. | | | | | 39,301 | | | | | | 832,377 | | |
| BlueScope Steel Ltd. | | | | | 22,335 | | | | | | 149,883 | | |
| Brambles Ltd. | | | | | 27,448 | | | | | | 199,110 | | |
| Caltex Australia Ltd. | | | | | 13,639 | | | | | | 222,522 | | |
| CIMIC Group Ltd. | | | | | 9,168 | | | | | | 147,896 | | |
| Commonwealth Bank of Australia | | | | | 6,117 | | | | | | 251,061 | | |
| CSL Ltd. | | | | | 1,793 | | | | | | 363,245 | | |
| Downer EDI Ltd. | | | | | 49,349 | | | | | | 134,728 | | |
| Metcash Ltd. | | | | | 125,504 | | | | | | 204,597 | | |
| National Australia Bank Ltd. | | | | | 14,408 | | | | | | 159,982 | | |
| Origin Energy Ltd. | | | | | 46,877 | | | | | | 170,638 | | |
| Qantas Airways Ltd. | | | | | 80,087 | | | | | | 202,391 | | |
| Ramsay Health Care Ltd. | | | | | 7,431 | | | | | | 304,602 | | |
| Rio Tinto PLC | | | | | 17,336 | | | | | | 805,681 | | |
| Sonic Healthcare Ltd. | | | | | 14,716 | | | | | | 261,964 | | |
| South32 Ltd. | | | | | 73,478 | | | | | | 95,490 | | |
| Telstra Corp. Ltd. | | | | | 169,822 | | | | | | 339,107 | | |
Viva Energy Group Ltd.‡ | | | | | 155,892 | | | | | | 147,991 | | |
| Wesfarmers Ltd. | | | | | 25,619 | | | | | | 632,165 | | |
| Westpac Banking Corp. | | | | | 15,226 | | | | | | 162,287 | | |
| Woolworths Group Ltd. | | | | | 33,982 | | | | | | 795,367 | | |
| Total Australia | | | | | | | | | | | 6,899,488 | | |
| Austria — 0.3% | | | | | | | | | | | | | |
| OMV AG | | | | | 12,641 | | | | | | 413,986 | | |
| voestalpine AG | | | | | 13,231 | | | | | | 273,825 | | |
| Total Austria | | | | | | | | | | | 687,811 | | |
| Belgium — 1.0% | | | | | | | | | | | | | |
| Anheuser-Busch InBev SA/NV | | | | | 27,216 | | | | | | 1,248,429 | | |
| bpost SA | | | | | 21,946 | | | | | | 153,239 | | |
| Colruyt SA | | | | | 2,908 | | | | | | 173,972 | | |
| Solvay SA | | | | | 3,595 | | | | | | 280,515 | | |
| Umicore SA | | | | | 7,449 | | | | | | 321,542 | | |
| Total Belgium | | | | | | | | | | | 2,177,697 | | |
| Canada — 5.6% | | | | | | | | | | | | | |
Air Canada* | | | | | 14,681 | | | | | | 213,934 | | |
Alimentation Couche-Tard, Inc.,
Class B | | | | | 36,848 | | | | | | 1,030,402 | | |
Bank of Montreal(a) | | | | | 3,491 | | | | | | 177,874 | | |
| Bank of Nova Scotia (The) | | | | | 5,851 | | | | | | 235,059 | | |
| BCE, Inc. | | | | | 10,110 | | | | | | 409,728 | | |
Bombardier, Inc., Class B* | | | | | 195,851 | | | | | | 69,093 | | |
| Brookfield Asset Management, Inc., Class A | | | | | 15,512 | | | | | | 525,350 | | |
Canadian Imperial Bank of
Commerce | | | | | 2,820 | | | | | | 167,460 | | |
| Canadian National Railway Co. | | | | | 3,355 | | | | | | 278,048 | | |
| Canadian Natural Resources Ltd. | | | | | 9,610 | | | | | | 161,279 | | |
Canadian Tire Corp. Ltd., Class A(a) | | | | | 2,048 | | | | | | 144,014 | | |
| Cenovus Energy, Inc. | | | | | 28,807 | | | | | | 104,738 | | |
CGI, Inc.* | | | | | 4,734 | | | | | | 302,557 | | |
| Empire Co., Ltd., Class A | | | | | 14,803 | | | | | | 327,511 | | |
| Enbridge, Inc. | | | | | 31,255 | | | | | | 959,736 | | |
| George Weston Ltd. | | | | | 9,266 | | | | | | 658,717 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Canada (continued) | | | |
| Great-West Lifeco, Inc. | | | | | 13,714 | | | | | $ | 226,304 | | |
| Husky Energy, Inc. | | | | | 26,511 | | | | | | 85,319 | | |
| Imperial Oil Ltd. | | | | | 14,100 | | | | | | 228,308 | | |
| Loblaw Cos. Ltd. | | | | | 13,053 | | | | | | 643,746 | | |
| Magna International, Inc. | | | | | 13,024 | | | | | | 508,601 | | |
| Manulife Financial Corp. | | | | | 20,889 | | | | | | 263,641 | | |
| Metro, Inc. | | | | | 6,513 | | | | | | 268,548 | | |
| Nutrien Ltd. | | | | | 8,440 | | | | | | 302,064 | | |
| Parkland Fuel Corp. | | | | | 8,846 | | | | | | 209,726 | | |
Pembina Pipeline Corp.(a) | | | | | 5,532 | | | | | | 127,133 | | |
| Power Corp. of Canada | | | | | 30,741 | | | | | | 492,671 | | |
| Restaurant Brands International, Inc. | | | | | 3,560 | | | | | | 174,034 | | |
| Rogers Communications, Inc., Class B | | | | | 5,453 | | | | | | 228,885 | | |
| Royal Bank of Canada | | | | | 5,950 | | | | | | 366,823 | | |
| Saputo, Inc. | | | | | 6,502 | | | | | | 163,843 | | |
SNC-Lavalin Group, Inc.(a) | | | | | 8,734 | | | | | | 161,418 | | |
| Sun Life Financial, Inc. | | | | | 6,130 | | | | | | 210,564 | | |
| Suncor Energy, Inc. | | | | | 14,832 | | | | | | 265,042 | | |
TC Energy Corp.(a) | | | | | 7,018 | | | | | | 323,678 | | |
| Teck Resources Ltd., Class B | | | | | 10,202 | | | | | | 90,125 | | |
| TELUS Corp. | | | | | 14,681 | | | | | | 240,464 | | |
| Thomson Reuters Corp. | | | | | 3,714 | | | | | | 262,236 | | |
| Toronto-Dominion Bank (The) | | | | | 7,461 | | | | | | 312,417 | | |
| WSP Global, Inc. | | | | | 3,624 | | | | | | 243,722 | | |
| Total Canada | | | | | | | | | | | 12,164,812 | | |
| Denmark — 0.9% | | | | | | | | | | | | | |
| Carlsberg A/S, Class B | | | | | 1,784 | | | | | | 224,904 | | |
| DSV PANALPINA A/S | | | | | 3,703 | | | | | | 382,009 | | |
ISS A/S*(a) | | | | | 12,306 | | | | | | 183,578 | | |
| Novo Nordisk A/S, Class B | | | | | 9,638 | | | | | | 614,594 | | |
Orsted A/S‡ | | | | | 2,971 | | | | | | 300,300 | | |
| Vestas Wind Systems A/S | | | | | 2,614 | | | | | | 224,990 | | |
| Total Denmark | | | | | | | | | | | 1,930,375 | | |
| Finland — 0.9% | | | | | | | | | | | | | |
| Kesko OYJ, Class B | | | | | 12,770 | | | | | | 207,707 | | |
| Kone OYJ, Class B | | | | | 2,921 | | | | | | 176,989 | | |
| Neste OYJ | | | | | 6,905 | | | | | | 244,513 | | |
| Nokia OYJ | | | | | 153,099 | | | | | | 557,399 | | |
Outokumpu OYJ* | | | | | 62,108 | | | | | | 167,142 | | |
Stora Enso OYJ, Class R* | | | | | 24,909 | | | | | | 294,655 | | |
| UPM-Kymmene OYJ | | | | | 9,164 | | | | | | 253,543 | | |
| Wartsila OYJ Abp | | | | | 22,647 | | | | | | 166,294 | | |
| Total Finland | | | | | | | | | | | 2,068,242 | | |
| France — 12.7% | | | | | | | | | | | | | |
Air France-KLM*(a) | | ��� | | | 94,040 | | | | | | 478,650 | | |
Air Liquide SA(a) | | | | | 4,044 | | | | | | 514,252 | | |
Airbus SE* | | | | | 15,805 | | | | | | 1,001,973 | | |
| Arkema SA | | | | | 3,051 | | | | | | 252,971 | | |
| Atos SE | | | | | 5,010 | | | | | | 357,014 | | |
| AXA SA | | | | | 47,777 | | | | | | 847,539 | | |
| BNP Paribas SA | | | | | 19,698 | | | | | | 618,669 | | |
| Bollore SA | | | | | 217,087 | | | | | | 575,892 | | |
Bouygues SA* | | | | | 25,126 | | | | | | 773,601 | | |
| Bureau Veritas SA | | | | | 9,421 | | | | | | 195,438 | | |
| Capgemini SE | | | | | 4,222 | | | | | | 396,492 | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | | | |
| Carrefour SA | | | | | 72,441 | | | | | $ | 1,070,756 | | |
Casino Guichard Perrachon SA(a) | | | | | 14,496 | | | | | | 543,486 | | |
| Cie de Saint-Gobain | | | | | 26,353 | | | | | | 698,808 | | |
| Cie Generale des Etablissements Michelin | | | | | 3,390 | | | | | | 330,834 | | |
CNP Assurances* | | | | | 30,340 | | | | | | 313,206 | | |
| Credit Agricole SA | | | | | 45,370 | | | | | | 361,870 | | |
| Danone SA | | | | | 7,701 | | | | | | 533,592 | | |
| Eiffage SA | | | | | 5,704 | | | | | | 466,695 | | |
| Electricite de France SA | | | | | 131,485 | | | | | | 1,047,569 | | |
Elior Group SA‡ | | | | | 31,741 | | | | | | 209,812 | | |
| Engie SA | | | | | 101,914 | | | | | | 1,105,548 | | |
| EssilorLuxottica SA | | | | | 2,342 | | | | | | 288,969 | | |
| Faurecia SE | | | | | 8,873 | | | | | | 321,297 | | |
| Kering SA | | | | | 521 | | | | | | 262,614 | | |
L’Oreal SA* | | | | | 2,157 | | | | | | 626,788 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 2,938 | | | | | | 1,134,181 | | |
| Natixis SA | | | | | 55,596 | | | | | | 131,593 | | |
| Orange SA | | | | | 67,339 | | | | | | 821,277 | | |
| Orpea | | | | | 1,986 | | | | | | 220,789 | | |
| Pernod Ricard SA | | | | | 1,356 | | | | | | 206,595 | | |
| Peugeot SA | | | | | 60,125 | | | | | | 861,053 | | |
| Publicis Groupe SA | | | | | 12,186 | | | | | | 362,113 | | |
| Renault SA | | | | | 31,931 | | | | | | 633,240 | | |
| Rexel SA | | | | | 32,993 | | | | | | 308,973 | | |
| Safran SA | | | | | 5,381 | | | | | | 496,377 | | |
| Sanofi | | | | | 9,468 | | | | | | 924,927 | | |
Schneider Electric SE*(a) | | | | | 4,789 | | | | | | 437,780 | | |
| Societe Generale SA | | | | | 19,383 | | | | | | 302,743 | | |
| Sodexo SA | | | | | 8,087 | | | | | | 642,182 | | |
| SPIE SA | | | | | 16,887 | | | | | | 254,879 | | |
| Suez | | | | | 28,958 | | | | | | 327,168 | | |
| Teleperformance | | | | | 810 | | | | | | 181,431 | | |
| Thales SA | | | | | 4,562 | | | | | | 345,476 | | |
| TOTAL SA | | | | | 59,009 | | | | | | 2,123,179 | | |
| Valeo SA | | | | | 16,562 | | | | | | 384,031 | | |
| Veolia Environnement SA | | | | | 20,814 | | | | | | 444,211 | | |
| Vinci SA | | | | | 18,427 | | | | | | 1,507,677 | | |
| Vivendi SA | | | | | 18,360 | | | | | | 396,262 | | |
| Total France | | | | | | | | | | | 27,642,472 | | |
| Germany — 11.5% | | | | | | | | | | | | | |
| adidas AG | | | | | 1,674 | | | | | | 383,575 | | |
| Allianz SE | | | | | 4,548 | | | | | | 841,263 | | |
| Aurubis AG | | | | | 4,968 | | | | | | 259,775 | | |
| BASF SE | | | | | 41,960 | | | | | | 2,145,586 | | |
| Bayer AG | | | | | 16,912 | | | | | | 1,114,016 | | |
| Bayerische Motoren Werke AG | | | | | 23,329 | | | | | | 1,381,099 | | |
| Beiersdorf AG | | | | | 1,604 | | | | | | 167,921 | | |
| Brenntag AG | | | | | 7,999 | | | | | | 360,878 | | |
CECONOMY AG* | | | | | 149,395 | | | | | | 381,263 | | |
Continental AG* | | | | | 10,156 | | | | | | 858,762 | | |
Covestro AG‡* | | | | | 10,905 | | | | | | 366,449 | | |
| Daimler AG | | | | | 50,823 | | | | | | 1,755,441 | | |
| Deutsche Bank AG | | | | | 44,858 | | | | | | 333,023 | | |
Deutsche Lufthansa AG(a) | | | | | 70,109 | | | | | | 626,456 | | |
| Deutsche Post AG | | | | | 44,419 | | | | | | 1,320,905 | | |
Deutsche Telekom AG* | | | | | 105,228 | | | | | | 1,535,789 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | | | |
| E.ON SE | | | | | 47,721 | | | | | $ | 478,051 | | |
| Evonik Industries AG | | | | | 15,908 | | | | | | 391,344 | | |
Fresenius Medical Care AG &
Co. KGaA | | | | | 9,521 | | | | | | 747,296 | | |
| Fresenius SE & Co. KGaA | | | | | 18,348 | | | | | | 796,427 | | |
| Hannover Rueck SE | | | | | 1,237 | | | | | | 197,136 | | |
| HeidelbergCement AG | | | | | 8,250 | | | | | | 391,991 | | |
| Infineon Technologies AG | | | | | 14,028 | | | | | | 260,434 | | |
| LANXESS AG | | | | | 4,595 | | | | | | 226,279 | | |
Merck KGaA* | | | | | 3,402 | | | | | | 395,351 | | |
| METRO AG | | | | | 62,621 | | | | | | 543,772 | | |
Muenchener Rueckversicherungs-
Gesellschaft AG | | | | | 2,028 | | | | | | 446,031 | | |
ProSiebenSat.1 Media SE(a) | | | | | 20,263 | | | | | | 202,987 | | |
| RWE AG | | | | | 14,243 | | | | | | 409,353 | | |
Salzgitter AG(a) | | | | | 15,111 | | | | | | 201,675 | | |
| SAP SE | | | | | 7,123 | | | | | | 849,930 | | |
| Siemens AG | | | | | 16,331 | | | | | | 1,514,700 | | |
Siemens Healthineers AG‡ | | | | | 14,530 | | | | | | 639,771 | | |
| Telefonica Deutschland Holding AG | | | | | 67,374 | | | | | | 191,497 | | |
thyssenkrupp AG*(a) | | | | | 117,508 | | | | | | 782,536 | | |
TUI AG(a) | | | | | 66,273 | | | | | | 264,573 | | |
| Uniper SE | | | | | 43,735 | | | | | | 1,173,622 | | |
| United Internet AG | | | | | 6,725 | | | | | | 231,657 | | |
| Total Germany | | | | | | | | | | | 25,168,614 | | |
| Hong Kong — 0.8% | | | | | | | | | | | | | |
| AIA Group Ltd. | | | | | 32,107 | | | | | | 297,987 | | |
| CLP Holdings Ltd. | | | | | 21,895 | | | | | | 233,853 | | |
| Dairy Farm International Holdings Ltd. | | | | | 38,266 | | | | | | 183,294 | | |
| Li & Fung Ltd. | | | | | 1,856,894 | | | | | | 280,246 | | |
| Nine Dragons Paper Holdings Ltd. | | | | | 199,668 | | | | | | 193,169 | | |
WH Group Ltd.‡ | | | | | 369,947 | | | | | | 356,950 | | |
| Yue Yuen Industrial Holdings Ltd. | | | | | 106,575 | | | | | | 171,293 | | |
| Total Hong Kong | | | | | | | | | | | 1,716,792 | | |
| Ireland — 0.4% | | | | | | | | | | | | | |
| CRH PLC | | | | | 21,673 | | | | | | 656,094 | | |
| Smurfit Kappa Group PLC | | | | | 8,671 | | | | | | 274,304 | | |
| Total Ireland | | | | | | | | | | | 930,398 | | |
| Israel — 0.2% | | | | | | | | | | | | | |
Teva Pharmaceutical Industries Ltd.* | | | | | 45,316 | | | | | | 501,219 | | |
| Italy — 2.9% | | | | | | | | | | | | | |
| Assicurazioni Generali SpA | | | | | 42,441 | | | | | | 605,010 | | |
| Atlantia SpA | | | | | 13,370 | | | | | | 217,539 | | |
| Autogrill SpA | | | | | 38,871 | | | | | | 200,786 | | |
| Enel SpA | | | | | 245,435 | | | | | | 1,676,392 | | |
| Eni SpA | | | | | 121,313 | | | | | | 1,157,865 | | |
| Intesa Sanpaolo SpA | | | | | 163,239 | | | | | | 254,426 | | |
| Leonardo SpA | | | | | 40,981 | | | | | | 282,516 | | |
Poste Italiane SpA‡ | | | | | 64,574 | | | | | | 548,283 | | |
| Prysmian SpA | | | | | 9,642 | | | | | | 181,330 | | |
Saipem SpA* | | | | | 90,553 | | | | | | 232,187 | | |
| Saras SpA | | | | | 196,119 | | | | | | 184,736 | | |
Telecom Italia SpA* | | | | | 1,014,255 | | | | | ��� | 401,706 | | |
UniCredit SpA* | | | | | 25,434 | | | | | | 195,813 | | |
| Unipol Gruppo SpA | | | | | 45,364 | | | | | | 156,216 | | |
| Total Italy | | | | | | | | | | | 6,294,805 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan — 33.3% | | | | | | | | | | | | | |
| Aeon Co., Ltd. | | | | | 55,598 | | | | | $ | 1,129,014 | | |
| AGC, Inc. | | | | | 9,006 | | | | | | 227,308 | | |
| Aisin Seiki Co., Ltd. | | | | | 15,445 | | | | | | 449,910 | | |
| Ajinomoto Co., Inc. | | | | | 13,937 | | | | | | 249,715 | | |
| Alfresa Holdings Corp. | | | | | 17,549 | | | | | | 354,147 | | |
| Alps Alpine Co., Ltd. | | | | | 10,166 | | | | | | 106,760 | | |
ANA Holdings, Inc.* | | | | | 11,701 | | | | | | 251,779 | | |
| Asahi Group Holdings Ltd. | | | | | 8,552 | | | | | | 299,102 | | |
| Asahi Kasei Corp. | | | | | 41,337 | | | | | | 295,720 | | |
| Astellas Pharma, Inc. | | | | | 22,452 | | | | | | 375,092 | | |
| Bridgestone Corp. | | | | | 11,583 | | | | | | 365,899 | | |
| Canon, Inc. | | | | | 27,482 | | | | | | 587,110 | | |
| Central Japan Railway Co. | | | | | 1,847 | | | | | | 293,713 | | |
| Chubu Electric Power Co., Inc. | | | | | 32,134 | | | | | | 438,280 | | |
Chugoku Electric Power Co., Inc. (The)(a) | | | | | 20,134 | | | | | | 272,257 | | |
| Cosmo Energy Holdings Co., Ltd. | | | | | 18,821 | | | | | | 287,239 | | |
| Dai Nippon Printing Co., Ltd. | | | | | 15,842 | | | | | | 339,255 | | |
| Dai-ichi Life Holdings, Inc. | | | | | 36,907 | | | | | | 469,729 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 5,065 | | | | | | 349,650 | | |
| Daikin Industries Ltd. | | | | | 3,170 | | | | | | 415,167 | | |
| Denso Corp. | | | | | 19,853 | | | | | | 707,716 | | |
| Dentsu Group, Inc. | | | | | 7,441 | | | | | | 158,513 | | |
| East Japan Railway Co. | | | | | 7,553 | | | | | | 556,083 | | |
| Fast Retailing Co., Ltd. | | | | | 825 | | | | | | 397,321 | | |
| Fuji Media Holdings, Inc. | | | | | 15,882 | | | | | | 160,105 | | |
| FUJIFILM Holdings Corp. | | | | | 6,351 | | | | | | 305,212 | | |
| Fujitsu Ltd. | | | | | 13,452 | | | | | | 1,325,261 | | |
| Hakuhodo DY Holdings, Inc. | | | | | 24,017 | | | | | | 269,962 | | |
| Hankyu Hanshin Holdings, Inc. | | | | | 5,461 | | | | | | 188,953 | | |
| Hanwa Co., Ltd. | | | | | 13,791 | | | | | | 223,241 | | |
| Haseko Corp. | | | | | 19,763 | | | | | | 218,449 | | |
| Hino Motors Ltd. | | | | | 33,654 | | | | | | 203,306 | | |
| HIS Co., Ltd. | | | | | 6,791 | | | | | | 91,512 | | |
| Hitachi Ltd. | | | | | 38,937 | | | | | | 1,180,108 | | |
| Honda Motor Co., Ltd. | | | | | 52,949 | | | | | | 1,292,592 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 17,694 | | | | | | 408,699 | | |
| IHI Corp. | | | | | 9,421 | | | | | | 119,023 | | |
Isetan Mitsukoshi Holdings Ltd.(a) | | | | | 20,882 | | | | | | 128,493 | | |
| Isuzu Motors Ltd. | | | | | 20,159 | | | | | | 155,507 | | |
ITOCHU Corp.(a) | | | | | 155,216 | | | | | | 3,084,434 | | |
| Japan Airlines Co., Ltd. | | | | | 9,690 | | | | | | 175,795 | | |
| Japan Post Holdings Co., Ltd. | | | | | 77,198 | | | | | | 624,312 | | |
| Japan Post Insurance Co., Ltd. | | | | | 17,863 | | | | | | 230,857 | | |
| Japan Tobacco, Inc. | | | | | 17,374 | | | | | | 327,301 | | |
| JFE Holdings, Inc. | | | | | 41,574 | | | | | | 281,475 | | |
| JTEKT Corp. | | | | | 18,736 | | | | | | 139,467 | | |
| JXTG Holdings, Inc. | | | | | 302,794 | | | | | | 1,083,642 | | |
| Kajima Corp. | | | | | 32,079 | | | | | | 338,984 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 38,130 | | | | | | 394,012 | | |
| Kao Corp. | | | | | 3,672 | | | | | | 285,560 | | |
| Kawasaki Heavy Industries Ltd. | | | | | 9,589 | | | | | | 147,420 | | |
Kawasaki Kisen Kaisha Ltd.* | | | | | 19,815 | | | | | | 199,568 | | |
| KDDI Corp. | | | | | 55,221 | | | | | | 1,605,481 | | |
| Kintetsu Group Holdings Co., Ltd. | | | | | 5,797 | | | | | | 279,726 | | |
| Kirin Holdings Co., Ltd. | | | | | 14,438 | | | | | | 280,632 | | |
Kobe Steel Ltd.* | | | | | 46,911 | | | | | | 160,121 | | |
| Komatsu Ltd. | | | | | 18,291 | | | | | | 352,786 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Konica Minolta, Inc. | | | | | 25,054 | | | | | $ | 98,637 | | |
| Kubota Corp. | | | | | 20,014 | | | | | | 252,105 | | |
| Kyocera Corp. | | | | | 5,997 | | | | | | 324,091 | | |
| Kyushu Electric Power Co., Inc. | | | | | 29,927 | | | | | | 238,722 | | |
| LIXIL Group Corp. | | | | | 19,017 | | | | | | 232,611 | | |
| Marubeni Corp. | | | | | 188,102 | | | | | | 921,732 | | |
| Mazda Motor Corp. | | | | | 34,928 | | | | | | 199,897 | | |
| Medipal Holdings Corp. | | | | | 24,513 | | | | | | 480,013 | | |
| MEIJI Holdings Co., Ltd. | | | | | 2,935 | | | | | | 205,026 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 108,368 | | | | | | 625,674 | | |
| Mitsubishi Corp. | | | | | 116,668 | | | | | | 2,509,341 | | |
| Mitsubishi Electric Corp. | | | | | 70,637 | | | | | | 885,481 | | |
| Mitsubishi Heavy Industries Ltd. | | | | | 12,945 | | | | | | 334,535 | | |
| Mitsubishi Materials Corp. | | | | | 9,493 | | | | | | 196,722 | | |
| Mitsubishi Motors Corp. | | | | | 53,271 | | | | | | 151,940 | | |
| Mitsubishi UFJ Financial Group, Inc. | | | | | 98,866 | | | | | | 401,529 | | |
| Mitsui & Co., Ltd. | | | | | 94,201 | | | | | | 1,333,710 | | |
| Mitsui Chemicals, Inc. | | | | | 12,610 | | | | | | 250,702 | | |
| Mitsui OSK Lines Ltd. | | | | | 12,326 | | | | | | 218,199 | | |
| Mizuho Financial Group, Inc. | | | | | 205,851 | | | | | | 242,166 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 12,742 | | | | | | 372,007 | | |
| Murata Manufacturing Co., Ltd. | | | | | 7,567 | | | | | | 425,920 | | |
| NEC Corp. | | | | | 17,310 | | | | | | 674,205 | | |
| NH Foods Ltd. | | | | | 6,411 | | | | | | 231,116 | | |
| Nidec Corp. | | | | | 3,798 | | | | | | 223,259 | | |
| Nippon Express Co., Ltd. | | | | | 7,496 | | | | | | 370,822 | | |
| Nippon Paper Industries Co., Ltd. | | | | | 11,066 | | | | | | 160,296 | | |
| Nippon Steel Corp. | | | | | 56,717 | | | | | | 483,660 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 139,626 | | | | | | 3,189,847 | | |
| Nippon Yusen K.K. | | | | | 24,611 | | | | | | 329,113 | | |
| Nissan Motor Co., Ltd. | | | | | 147,273 | | | | | | 509,296 | | |
| Nitto Denko Corp. | | | | | 3,830 | | | | | | 193,765 | | |
| Nomura Research Institute Ltd. | | | | | 13,398 | | | | | | 330,017 | | |
| NTT Data Corp. | | | | | 52,078 | | | | | | 538,142 | | |
| NTT DOCOMO, Inc. | | | | | 54,650 | | | | | | 1,608,811 | | |
| Obayashi Corp. | | | | | 48,698 | | | | | | 433,539 | | |
| Oji Holdings Corp. | | | | | 50,039 | | | | | | 257,366 | | |
Olympus Corp.* | | | | | 19,538 | | | | | | 315,265 | | |
| Omron Corp. | | | | | 4,700 | | | | | | 279,534 | | |
| Oriental Land Co., Ltd. | | | | | 1,840 | | | | | | 235,388 | | |
| ORIX Corp. | | | | | 15,812 | | | | | | 190,599 | | |
| Osaka Gas Co., Ltd. | | | | | 13,156 | | | | | | 245,933 | | |
| Otsuka Corp. | | | | | 7,000 | | | | | | 317,155 | | |
| Otsuka Holdings Co., Ltd. | | | | | 7,870 | | | | | | 313,151 | | |
| PALTAC Corp. | | | | | 4,135 | | | | | | 218,090 | | |
| Panasonic Corp. | | | | | 99,311 | | | | | | 767,853 | | |
| Persol Holdings Co., Ltd. | | | | | 17,066 | | | | | | 201,246 | | |
| Rakuten, Inc. | | | | | 35,760 | | | | | | 306,318 | | |
| Recruit Holdings Co., Ltd. | | | | | 22,691 | | | | | | 675,202 | | |
Renesas Electronics Corp.* | | | | | 43,707 | | | | | | 237,060 | | |
| Ricoh Co., Ltd. | | | | | 39,753 | | | | | | 275,094 | | |
| Secom Co., Ltd. | | | | | 3,669 | | | | | | 308,967 | | |
| Seibu Holdings, Inc. | | | | | 11,920 | | | | | | 144,353 | | |
| Seiko Epson Corp. | | | | | 16,583 | | | | | | 190,278 | | |
| Sekisui House Ltd. | | | | | 12,603 | | | | | | 219,037 | | |
| Seven & i Holdings Co., Ltd. | | | | | 33,031 | | | | | | 1,097,481 | | |
| SG Holdings Co., Ltd. | | | | | 8,747 | | | | | | 244,738 | | |
Sharp Corp.* | | | | | 24,945 | | | | | | 279,694 | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Shimizu Corp. | | | | | 47,067 | | | | | $ | 367,962 | | |
| Shin-Etsu Chemical Co., Ltd. | | | | | 4,280 | | | | | | 480,892 | | |
| Ship Healthcare Holdings, Inc. | | | | | 5,709 | | | | | | 260,531 | | |
| Shiseido Co., Ltd. | | | | | 3,001 | | | | | | 178,991 | | |
| Showa Denko K.K. | | | | | 6,553 | | | | | | 145,541 | | |
| SoftBank Group Corp. | | | | | 34,712 | | | | | | 1,503,911 | | |
| Sojitz Corp. | | | | | 106,944 | | | | | | 252,021 | | |
| Sompo Holdings, Inc. | | | | | 7,644 | | | | | | 250,189 | | |
| Sony Corp. | | | | | 23,234 | | | | | | 1,506,131 | | |
| Subaru Corp. | | | | | 17,149 | | | | | | 348,801 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 88,783 | | | | | | 277,304 | | |
| Sumitomo Corp. | | | | | 78,084 | | | | | | 897,051 | | |
| Sumitomo Electric Industries Ltd. | | | | | 32,677 | | | | | | 340,261 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 7,026 | | | | | | 178,615 | | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | 13,803 | | | | | | 367,099 | | |
| Suntory Beverage & Food Ltd. | | | | | 5,222 | | | | | | 198,019 | | |
| Suzuken Co., Ltd. | | | | | 6,686 | | | | | | 260,100 | | |
| Suzuki Motor Corp. | | | | | 10,420 | | | | | | 338,028 | | |
| T&D Holdings, Inc. | | | | | 13,100 | | | | | | 115,032 | | |
| Taiheiyo Cement Corp. | | | | | 5,950 | | | | | | 118,961 | | |
| Taisei Corp. | | | | | 8,913 | | | | | | 282,139 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 9,676 | | | | | | 351,353 | | |
| TDK Corp. | | | | | 4,049 | | | | | | 355,165 | | |
| Teijin Ltd. | | | | | 12,162 | | | | | | 196,189 | | |
| Toho Holdings Co., Ltd. | | | | | 10,075 | | | | | | 211,138 | | |
| Tohoku Electric Power Co., Inc. | | | | | 30,808 | | | | | | 291,846 | | |
| Tokio Marine Holdings, Inc. | | | | | 8,428 | | | | | | 400,849 | | |
Tokyo Electric Power Co.,
Holdings, Inc.* | | | | | 159,340 | | | | | | 540,893 | | |
| Tokyo Electron Ltd. | | | | | 2,255 | | | | | | 483,749 | | |
| Tokyo Gas Co., Ltd. | | | | | 12,499 | | | | | | 275,613 | | |
| Tokyu Corp. | | | | | 15,069 | | | | | | 228,850 | | |
| Toppan Printing Co., Ltd. | | | | | 25,744 | | | | | | 388,080 | | |
| Toray Industries, Inc. | | | | | 71,107 | | | | | | 331,879 | | |
| Toshiba Corp. | | | | | 12,770 | | | | | | 320,877 | | |
| Tosoh Corp. | | | | | 13,483 | | | | | | 167,568 | | |
| Toyota Boshoku Corp. | | | | | 14,383 | | | | | | 181,040 | | |
| Toyota Industries Corp. | | | | | 6,344 | | | | | | 322,139 | | |
| Toyota Motor Corp. | | | | | 49,911 | | | | | | 3,111,299 | | |
| Toyota Tsusho Corp. | | | | | 41,187 | | | | | | 996,792 | | |
| West Japan Railway Co. | | | | | 4,667 | | | | | | 290,970 | | |
| Yamada Denki Co., Ltd. | | | | | 53,683 | | | | | | 257,032 | | |
| Yamaha Motor Co., Ltd. | | | | | 11,167 | | | | | | 146,512 | | |
| Yamato Holdings Co., Ltd. | | | | | 13,172 | | | | | | 232,559 | | |
Yamazaki Baking Co., Ltd.(a) | | | | | 12,667 | | | | | | 224,946 | | |
| Z Holdings Corp. | | | | | 131,112 | | | | | | 513,732 | | |
| Zensho Holdings Co., Ltd. | | | | | 9,253 | | | | | | 184,826 | | |
| Total Japan | | | | | | | | | | | 72,808,400 | | |
| Luxembourg — 0.8% | | | | | | | | | | | | | |
| ArcelorMittal SA | | | | | 137,315 | | | | | | 1,504,312 | | |
| RTL Group SA | | | | | 6,565 | | | | | | 218,883 | | |
| Total Luxembourg | | | | | | | | | | | 1,723,195 | | |
| Netherlands — 3.3% | | | | | | | | | | | | | |
| Aegon NV | | | | | 84,291 | | | | | | 216,961 | | |
| Akzo Nobel NV | | | | | 3,204 | | | | | | 242,846 | | |
Altice Europe NV* | | | | | 102,671 | | | | | | 408,776 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Netherlands (continued) | | | |
| ASML Holding NV | | | | | 768 | | | | | $ | 227,668 | | |
| EXOR NV | | | | | 16,961 | | | | | | 926,825 | | |
| Heineken Holding NV | | | | | 5,880 | | | | | | 457,910 | | |
| Heineken NV | | | | | 5,388 | | | | | | 458,072 | | |
| ING Groep NV | | | | | 30,220 | | | | | | 165,765 | | |
| Koninklijke Ahold Delhaize NV | | | | | 39,125 | | | | | | 949,636 | | |
| Koninklijke DSM NV | | | | | 1,940 | | | | | | 237,455 | | |
| Koninklijke Philips NV | | | | | 9,859 | | | | | | 428,865 | | |
| NN Group NV | | | | | 6,775 | | | | | | 195,980 | | |
| Randstad NV | | | | | 16,204 | | | | | | 650,118 | | |
| Royal Dutch Shell PLC, Class B | | | | | 92,457 | | | | | | 1,500,209 | | |
| Wolters Kluwer NV | | | | | 2,495 | | | | | | 183,424 | | |
| Total Netherlands | | | | | | | | | | | 7,250,510 | | |
| Norway — 1.0% | | | | | | | | | | | | | |
| Equinor ASA | | | | | 95,061 | | | | | | 1,334,354 | | |
| Norsk Hydro ASA | | | | | 145,835 | | | | | | 373,451 | | |
| Telenor ASA | | | | | 18,915 | | | | | | 291,048 | | |
| Yara International ASA | | | | | 7,670 | | | | | | 262,158 | | |
| Total Norway | | | | | | | | | | | 2,261,011 | | |
| Portugal — 0.4% | | | | | | | | | | | | | |
| EDP — Energias de Portugal SA | | | | | 73,852 | | | | | | 311,427 | | |
| Galp Energia SGPS SA | | | | | 23,795 | | | | | | 274,049 | | |
| Jeronimo Martins SGPS SA | | | | | 15,707 | | | | | | 265,197 | | |
| Total Portugal | | | | | | | | | | | 850,673 | | |
| Singapore — 0.8% | | | | | | | | | | | | | |
| Jardine Cycle & Carriage Ltd. | | | | | 19,698 | | | | | | 281,400 | | |
| Oversea-Chinese Banking Corp. Ltd. | | | | | 26,904 | | | | | | 172,773 | | |
| Sembcorp Industries Ltd. | | | | | 136,173 | | | | | | 156,710 | | |
Singapore Airlines Ltd.(a) | | | | | 55,497 | | | | | | 240,880 | | |
| Singapore Telecommunications Ltd. | | | | | 138,685 | | | | | | 278,808 | | |
| Wilmar International Ltd. | | | | | 286,815 | | | | | | 727,377 | | |
| Total Singapore | | | | | | | | | | | 1,857,948 | | |
| Spain — 3.1% | | | | | | | | | | | | | |
| Acciona SA | | | | | 2,045 | | | | | | 202,486 | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 46,566 | | | | | | 1,161,355 | | |
| Amadeus IT Group SA | | | | | 3,923 | | | | | | 188,718 | | |
| Banco Bilbao Vizcaya Argentaria SA | | | | | 67,333 | | | | | | 220,291 | | |
| Banco Santander SA | | | | | 268,499 | | | | | | 599,202 | | |
| Cia de Distribucion Integral Logista Holdings SA | | | | | 12,652 | | | | | | 225,327 | | |
| Endesa SA | | | | | 16,477 | | | | | | 365,457 | | |
| Iberdrola SA | | | | | 68,890 | | | | | | 689,661 | | |
| Industria de Diseno Textil SA | | | | | 20,762 | | | | | | 528,719 | | |
| Mapfre SA | | | | | 112,161 | | | | | | 205,282 | | |
| Naturgy Energy Group SA | | | | | 18,657 | | | | | | 329,208 | | |
| Repsol SA | | | | | 89,051 | | | | | | 810,927 | | |
Siemens Gamesa Renewable Energy SA* | | | | | 10,217 | | | | | | 151,858 | | |
| Telefonica SA | | | | | 220,428 | | | | | | 1,009,197 | | |
| Total Spain | | | | | | | | | | | 6,687,688 | | |
| Sweden — 2.0% | | | | | | | | | | | | | |
Assa Abloy AB, B Shares(a) | | | | | 9,006 | | | | | | 162,330 | | |
Atlas Copco AB, A Shares(a) | | | | | 5,362 | | | | | | 186,269 | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden (continued) | | | |
| Electrolux AB, Series B | | | | | 13,571 | | | | | $ | 187,367 | | |
Essity AB, B Shares* | | | | | 7,702 | | | | | | 250,367 | | |
Hennes & Mauritz AB, B Shares(a) | | | | | 29,933 | | | | | | 417,405 | | |
ICA Gruppen AB(a) | | | | | 4,806 | | | | | | 209,714 | | |
| NCC AB, B Shares | | | | | 13,106 | | | | | | 201,947 | | |
Sandvik AB* | | | | | 12,511 | | | | | | 193,803 | | |
Securitas AB, B Shares(a) | | | | | 26,842 | | | | | | 317,277 | | |
Skanska AB, B Shares* | | | | | 25,466 | | | | | | 487,956 | | |
| SKF AB, B Shares | | | | | 12,055 | | | | | | 191,985 | | |
SSAB AB, A Shares*(a) | | | | | 69,915 | | | | | | 171,008 | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 57,079 | | | | | | 497,320 | | |
| Telia Co. AB | | | | | 53,132 | | | | | | 183,594 | | |
Volvo AB, B Shares* | | | | | 52,091 | | | | | | 672,790 | | |
| Total Sweden | | | | | | | | | | | 4,331,132 | | |
| Switzerland — 5.1% | | | | | | | | | | | | | |
| ABB Ltd. | | | | | 24,033 | | | | | | 456,307 | | |
| Adecco Group AG | | | | | 15,127 | | | | | | 663,134 | | |
| Cie Financiere Richemont SA | | | | | 3,064 | | | | | | 174,034 | | |
Credit Suisse Group AG* | | | | | 28,169 | | | | | | 254,678 | | |
Glencore PLC* | | | | | 535,103 | | | | | | 992,855 | | |
| Kuehne + Nagel International AG | | | | | 2,729 | | | | | | 390,342 | | |
LafargeHolcim Ltd.* | | | | | 11,512 | | | | | | 477,584 | | |
| Nestle SA | | | | | 23,041 | | | | | | 2,432,656 | | |
| Novartis AG | | | | | 13,961 | | | | | | 1,189,900 | | |
| Roche Holding AG | | | | | 6,292 | | | | | | 2,186,864 | | |
| Schindler Holding AG — Participating Certificate | | | | | 757 | | | | | | 168,240 | | |
| Sika AG | | | | | 965 | | | | | | 159,675 | | |
| STMicroelectronics NV | | | | | 10,242 | | | | | | 265,980 | | |
| Swiss Life Holding AG | | | | | 466 | | | | | | 165,078 | | |
| Swiss Re AG | | | | | 3,647 | | | | | | 263,223 | | |
| Swisscom AG | | | | | 428 | | | | | | 222,525 | | |
UBS Group AG* | | | | | 33,101 | | | | | | 354,623 | | |
| Zurich Insurance Group AG | | | | | 966 | | | | | | 307,571 | | |
| Total Switzerland | | | | | | | | | | | 11,125,269 | | |
| United Kingdom — 8.9% | | | | | | | | | | | | | |
| Associated British Foods PLC | | | | | 12,772 | | | | | | 304,881 | | |
| AstraZeneca PLC | | | | | 7,818 | | | | | | 820,652 | | |
| Aviva PLC | | | | | 43,865 | | | | | | 133,786 | | |
| Babcock International Group PLC | | | | | 35,892 | | | | | | 190,823 | | |
| BAE Systems PLC | | | | | 84,823 | | | | | | 543,945 | | |
| Balfour Beatty PLC | | | | | 72,601 | | | | | | 237,729 | | |
| Barclays PLC | | | | | 135,130 | | | | | | 180,503 | | |
| BP PLC | | | | | 307,871 | | | | | | 1,215,871 | | |
| British American Tobacco PLC | | | | | 18,269 | | | | | | 709,859 | | |
| BT Group PLC | | | | | 265,115 | | | | | | 388,075 | | |
| Bunzl PLC | | | | | 8,815 | | | | | | 192,077 | | |
Capita PLC* | | | | | 123,935 | | | | | | 60,936 | | |
| Centrica PLC | | | | | 477,360 | | | | | | 240,245 | | |
| CK Hutchison Holdings Ltd. | | | | | 83,017 | | | | | | 614,675 | | |
| Compass Group PLC | | | | | 37,012 | | | | | | 623,713 | | |
| Computacenter PLC | | | | | 15,876 | | | | | | 291,567 | | |
| DCC PLC | | | | | 3,652 | | | | | | 260,633 | | |
| Diageo PLC | | | | | 8,912 | | | | | | 309,132 | | |
| Dixons Carphone PLC | | | | | 134,917 | | | | | | 132,143 | | |
| DS Smith PLC | | | | | 47,005 | | | | | | 184,925 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | | | |
easyJet PLC(a) | | | | | 14,512 | | | | | $ | 110,414 | | |
| Experian PLC | | | | | 7,442 | | | | | | 223,034 | | |
| Fiat Chrysler Automobiles NV | | | | | 143,166 | | | | | | 1,256,987 | | |
| G4S PLC | | | | | 134,254 | | | | | | 184,921 | | |
| GlaxoSmithKline PLC | | | | | 59,193 | | | | | | 1,240,154 | | |
| Hays PLC | | | | | 135,656 | | | | | | 185,654 | | |
| HSBC Holdings PLC | | | | | 73,131 | | | | | | 378,200 | | |
| Imperial Brands PLC | | | | | 13,251 | | | | | | 280,631 | | |
| Inchcape PLC | | | | | 32,186 | | | | | | 203,598 | | |
| InterContinental Hotels Group PLC | | | | | 3,317 | | | | | | 150,955 | | |
International Consolidated Airlines Group
SA | | | | | 18,060 | | | | | | 50,549 | | |
| ITV PLC | | | | | 118,210 | | | | | | 114,065 | | |
| J Sainsbury PLC | | | | | 203,149 | | | | | | 507,616 | | |
| John Wood Group PLC | | | | | 42,630 | | | | | | 108,941 | | |
| Johnson Matthey PLC | | | | | 9,895 | | | | | | 248,685 | | |
| Kingfisher PLC | | | | | 96,117 | | | | | | 190,706 | | |
| Legal & General Group PLC | | | | | 54,524 | | | | | | 140,711 | | |
| Lloyds Banking Group PLC | | | | | 427,099 | | | | | | 173,684 | | |
| Marks & Spencer Group PLC | | | | | 90,994 | | | | | | 105,708 | | |
| Mondi PLC | | | | | 10,547 | | | | | | 187,579 | | |
| National Grid PLC | | | | | 39,349 | | | | | | 463,472 | | |
Pearson PLC(a) | | | | | 19,894 | | | | | | 115,379 | | |
| Petrofac Ltd. | | | | | 30,761 | | | | | | 76,398 | | |
| Prudential PLC | | | | | 20,700 | | | | | | 294,651 | | |
| Reckitt Benckiser Group PLC | | | | | 4,405 | | | | | | 368,379 | | |
| RELX PLC | | | | | 16,466 | | | | | | 373,122 | | |
Rolls-Royce Holdings PLC* | | | | | 40,734 | | | | | | 169,554 | | |
| Royal Bank of Scotland Group PLC | | | | | 67,419 | | | | | | 94,011 | | |
| Royal Mail PLC | | | | | 103,539 | | | | | | 217,447 | | |
| SSE PLC | | | | | 36,841 | | | | | | 580,868 | | |
| Standard Chartered PLC | | | | | 30,766 | | | | | | 158,137 | | |
| Tesco PLC | | | | | 402,530 | | | | | | 1,193,677 | | |
| Travis Perkins PLC | | | | | 12,601 | | | | | | 165,221 | | |
| Vodafone Group PLC | | | | | 555,839 | | | | | | 786,222 | | |
Wm Morrison Supermarkets PLC(a) | | | | | 136,110 | | | | | | 314,179 | | |
| WPP PLC | | | | | 61,048 | | | | | | 478,342 | | |
| Total United Kingdom | | | | | | | | | | | 19,528,021 | | |
| United States — 0.4% | | | | | | | | | | | | | |
| Amcor PLC | | | | | 21,586 | | | | | | 198,842 | | |
| Ferguson PLC | | | | | 8,072 | | | | | | 584,018 | | |
| Total United States | | | | | | | | | | | 782,860 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $271,357,677) | | | | | | | | | | | 217,389,432 | | |
| Preferred Stocks — 1.4% | | | | | | | | | | | | | |
| Germany — 1.4% | | | | | | | | | | | | | |
| Henkel AG & Co. KGaA, 2.42% | | | | | 4,831 | | | | | | 428,815 | | |
| Schaeffler AG, 7.40% | | | | | 39,397 | | | | | | 268,618 | | |
| Volkswagen AG, 4.16% | | | | | 15,977 | | | | | | 2,243,799 | | |
| Total Germany | | | | | | | | | | | 2,941,232 | | |
| Total Preferred Stocks | | | | | | | | | | | | | |
| (Cost $3,803,655) | | | | | | | | | | | 2,941,232 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Short-Term Investment — 4.3% | | | | | | | | | | | | | |
| Money Market Fund — 4.3% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | | | | | | | | | |
| (Cost $9,440,603) | | | | | 9,440,603 | | | | | $ | 9,440,603 | | |
| Total Investments — 105.2% | | | | | | | | | | | | | |
| (Cost $284,601,935) | | | | | | | | | | | 229,771,267 | | |
Other Assets and Liabilities,
Net — (5.2)% | | | | | | | | | | | (11,320,003) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 218,451,264 | | |
| |
‡
May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a) (2) of the Securities Act of 1933, as amended.
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $8,946,555; total market value of collateral held by the Fund was $9,558,690. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $118,087.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | �� | | | | | |
| Australia | | | | $ | 6,899,488 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,899,488 | | |
| Austria | | | | | 687,811 | | | | | | — | | | | | | — | | | | | | 687,811 | | |
| Belgium | | | | | 2,177,697 | | | | | | — | | | | | | — | | | | | | 2,177,697 | | |
| Canada | | | | | 12,164,812 | | | | | | — | | | | | | — | | | | | | 12,164,812 | | |
| Denmark | | | | | 1,930,375 | | | | | | — | | | | | | — | | | | | | 1,930,375 | | |
| Finland | | | | | 2,068,242 | | | | | | — | | | | | | — | | | | | | 2,068,242 | | |
| France | | | | | 27,642,472 | | | | | | — | | | | | | — | | | | | | 27,642,472 | | |
| Germany | | | | | 25,168,614 | | | | | | — | | | | | | — | | | | | | 25,168,614 | | |
| Hong Kong | | | | | 1,716,792 | | | | | | — | | | | | | — | | | | | | 1,716,792 | | |
| Ireland | | | | | 930,398 | | | | | | — | | | | | | — | | | | | | 930,398 | | |
| Israel | | | | | 501,219 | | | | | | — | | | | | | — | | | | | | 501,219 | | |
| Italy | | | | | 6,294,805 | | | | | | — | | | | | | — | | | | | | 6,294,805 | | |
| Japan | | | | | 72,808,400 | | | | | | — | | | | | | — | | | | | | 72,808,400 | | |
| Luxembourg | | | | | 1,723,195 | | | | | | — | | | | | | — | | | | | | 1,723,195 | | |
| Netherlands | | | | | 7,250,510 | | | | | | — | | | | | | — | | | | | | 7,250,510 | | |
| Norway | | | | | 2,261,011 | | | | | | — | | | | | | — | | | | | | 2,261,011 | | |
| Portugal | | | | | 850,673 | | | | | | — | | | | | | — | | | | | | 850,673 | | |
| Singapore | | | | | 1,857,948 | | | | | | — | | | | | | — | | | | | | 1,857,948 | | |
| Spain | | | | | 6,687,688 | | | | | | — | | | | | | — | | | | | | 6,687,688 | | |
| Sweden | | | | | 4,331,132 | | | | | | — | | | | | | — | | | | | | 4,331,132 | | |
| Switzerland | | | | | 11,125,269 | | | | | | — | | | | | | — | | | | | | 11,125,269 | | |
| United Kingdom | | | | | 19,528,021 | | | | | | — | | | | | | — | | | | | | 19,528,021 | | |
| United States | | | | | 782,860 | | | | | | — | | | | | | — | | | | | | 782,860 | | |
| Total Common Stocks | | | | | 217,389,432 | | | | | | — | | | | | | — | | | | | | 217,389,432 | | |
| Preferred Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Germany | | | | | 2,941,232 | | | | | | — | | | | | | — | | | | | | 2,941,232 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 9,440,603 | | | | | | — | | | | | | — | | | | | | 9,440,603 | | |
| Total Investments in Securities | | | | $ | 229,771,267 | | | | | $ | — | | | | | $ | — | | | | | $ | 229,771,267 | | |
(d)
For a complete listing of investments and their countries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | | | Balance
as of
April 30,
2019 | | | Accrued
Discounts
(Premiums) | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Purchases | | | Sales | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Balance
as of
April 30,
2020 | | | Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
April 30,
2020 | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rolls-Royce Holdings
PLC — Entitlement
Shares | | | | $ | 1,326 | | | | | $ | — | | | | | $ | (21) | | | | | $ | (13) | | | | | $ | 945 | | | | | $ | (2,237) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.3% | |
| Australia — 6.8% | |
Afterpay Ltd.* | | | | | 3,649 | | | | | $ | 74,537 | | |
| AGL Energy Ltd. | | | | | 14,183 | | | | | | 157,484 | | |
| Alumina Ltd. | | | | | 66,441 | | | | | | 75,471 | | |
AMP Ltd.* | | | | | 79,591 | | | | | | 74,515 | | |
| APA Group | | | | | 26,908 | | | | | | 192,374 | | |
| Aristocrat Leisure Ltd. | | | | | 14,260 | | | | | | 237,975 | | |
| ASX Ltd. | | | | | 5,141 | | | | | | 274,482 | | |
| Aurizon Holdings Ltd. | | | | | 46,290 | | | | | | 142,136 | | |
Australia & New Zealand Banking Group
Ltd. | | | | | 54,010 | | | | | | 597,590 | | |
| Bendigo & Adelaide Bank Ltd. | | | | | 14,994 | | | | | | 64,200 | | |
BHP Group Ltd.(a) | | | | | 55,473 | | | | | | 1,174,893 | | |
| BHP Group PLC | | | | | 39,213 | | | | | | 660,902 | | |
| BlueScope Steel Ltd. | | | | | 10,924 | | | | | | 73,307 | | |
| Boral Ltd. | | | | | 32,567 | | | | | | 64,391 | | |
| Brambles Ltd. | | | | | 32,511 | | | | | | 235,837 | | |
| Caltex Australia Ltd. | | | | | 6,058 | | | | | | 98,837 | | |
| Coca-Cola Amatil Ltd. | | | | | 17,894 | | | | | | 101,688 | | |
| Cochlear Ltd. | | | | | 959 | | | | | | 115,840 | | |
| Coles Group Ltd. | | | | | 23,064 | | | | | | 234,201 | | |
| Commonwealth Bank of Australia | | | | | 33,933 | | | | | | 1,392,717 | | |
| Computershare Ltd. | | | | | 14,389 | | | | | | 114,741 | | |
| CSL Ltd. | | | | | 8,713 | | | | | | 1,765,170 | | |
| Dexus | | | | | 28,819 | | | | | | 172,829 | | |
| Fortescue Metals Group Ltd. | | | | | 31,909 | | | | | | 249,854 | | |
| Goodman Group | | | | | 38,831 | | | | | | 334,308 | | |
| GPT Group (The) | | | | | 50,998 | | | | | | 141,233 | | |
| Incitec Pivot Ltd. | | | | | 44,100 | | | | | | 69,005 | | |
| Insurance Australia Group Ltd. | | | | | 52,118 | | | | | | 197,223 | | |
| Lendlease Group | | | | | 11,961 | | | | | | 96,790 | | |
| Macquarie Group Ltd. | | | | | 6,681 | | | | | | 449,040 | | |
| Medibank Pvt Ltd. | | | | | 71,049 | | | | | | 125,593 | | |
| Mirvac Group | | | | | 104,744 | | | | | | 153,610 | | |
| National Australia Bank Ltd. | | | | | 52,523 | | | | | | 583,200 | | |
| Newcrest Mining Ltd. | | | | | 14,940 | | | | | | 269,375 | | |
| Northern Star Resources Ltd. | | | | | 15,079 | | | | | | 126,266 | | |
| Oil Search Ltd. | | | | | 30,518 | | | | | | 60,939 | | |
| Orica Ltd. | | | | | 10,518 | | | | | | 123,400 | | |
| Origin Energy Ltd. | | | | | 38,694 | | | | | | 140,851 | | |
| QBE Insurance Group Ltd. | | | | | 27,875 | | | | | | 154,211 | | |
| Ramsay Health Care Ltd. | | | | | 3,718 | | | | | | 152,404 | | |
| Rio Tinto Ltd. | | | | | 7,091 | | | | | | 406,263 | | |
| Rio Tinto PLC | | | | | 20,880 | | | | | | 970,387 | | |
| Santos Ltd. | | | | | 39,097 | | | | | | 126,448 | | |
| Scentre Group | | | | | 106,578 | | | | | | 162,580 | | |
| SEEK Ltd. | | | | | 10,751 | | | | | | 122,543 | | |
| Sonic Healthcare Ltd. | | | | | 11,883 | | | | | | 211,533 | | |
| South32 Ltd. | | | | | 101,222 | | | | | | 131,546 | | |
| Stockland | | | | | 58,201 | | | | | | 109,740 | | |
| Suncorp Group Ltd. | | | | | 28,029 | | | | | | 168,642 | | |
| Sydney Airport | | | | | 29,415 | | | | | | 121,325 | | |
| Telstra Corp. Ltd. | | | | | 79,191 | | | | | | 158,131 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Australia (continued) | |
| Transurban Group | | | | | 55,061 | | | | | $ | 497,469 | | |
| Treasury Wine Estates Ltd. | | | | | 16,139 | | | | | | 107,247 | | |
| Vicinity Centres | | | | | 69,864 | | | | | | 68,153 | | |
| Wesfarmers Ltd. | | | | | 21,881 | | | | | | 539,928 | | |
| Westpac Banking Corp. | | | | | 66,524 | | | | | | 709,047 | | |
| Woodside Petroleum Ltd. | | | | | 20,063 | | | | | | 294,886 | | |
| Woolworths Group Ltd. | | | | | 25,903 | | | | | | 606,273 | | |
| Total Australia | | | | | | | | | | | 17,035,560 | | |
| Austria — 0.2% | | | | | | | | | | | | | |
ANDRITZ AG* | | | | | 2,372 | | | | | | 77,941 | | |
Erste Group Bank AG* | | | | | 7,115 | | | | | | 154,497 | | |
| OMV AG | | | | | 4,033 | | | | | | 132,079 | | |
| Total Austria | | | | | | | | | | | 364,517 | | |
| Belgium — 0.9% | | | | | | | | | | | | | |
| Ageas | | | | | 4,798 | | | | | | 172,635 | | |
| Anheuser-Busch InBev SA/NV | | | | | 14,555 | | | | | | 667,655 | | |
Galapagos NV* | | | | | 1,172 | | | | | | 258,664 | | |
Groupe Bruxelles Lambert SA* | | | | | 2,069 | | | | | | 165,159 | | |
KBC Group NV(a) | | | | | 5,564 | | | | | | 300,324 | | |
| Solvay SA | | | | | 1,704 | | | | | | 132,961 | | |
UCB SA* | | | | | 2,800 | | | | | | 256,204 | | |
| Umicore SA | | | | | 4,791 | | | | | | 206,807 | | |
| Total Belgium | | | | | | | | | | | 2,160,409 | | |
| Cambodia — 0.0%(b) | | | | | | | | | | | | | |
| NagaCorp Ltd. | | | | | 44,722 | | | | | | 52,958 | | |
| China — 0.3% | | | | | | | | | | | | | |
AAC Technologies Holdings, Inc.(a) | | | | | 16,786 | | | | | | 82,172 | | |
| BOC Hong Kong Holdings Ltd. | | | | | 78,791 | | | | | | 242,399 | | |
China Mengniu Dairy Co., Ltd.* | | | | | 59,931 | | | | | | 213,754 | | |
| Lenovo Group Ltd. | | | | | 155,566 | | | | | | 84,682 | | |
| Want Want China Holdings Ltd. | | | | | 150,897 | | | | | | 108,224 | | |
| Total China | | | | | | | | | | | 731,231 | | |
| Denmark — 2.1% | | | | | | | | | | | | | |
| AP Moller — Maersk A/S, Class B | | | | | 194 | | | | | | 192,842 | | |
| Carlsberg A/S, Class B | | | | | 2,188 | | | | | | 275,835 | | |
| Chr Hansen Holding A/S | | | | | 2,351 | | | | | | 202,560 | | |
Coloplast A/S, Class B(a) | | | | | 2,856 | | | | | | 451,633 | | |
Danske Bank A/S* | | | | | 13,486 | | | | | | 159,995 | | |
| DSV PANALPINA A/S | | | | | 4,283 | | | | | | 441,843 | | |
Genmab A/S* | | | | | 1,208 | | | | | | 290,442 | | |
| GN Store Nord A/S | | | | | 2,634 | | | | | | 120,395 | | |
ISS A/S*(a) | | | | | 4,231 | | | | | | 63,117 | | |
| Novo Nordisk A/S, Class B | | | | | 31,448 | | | | | | 2,005,369 | | |
Novozymes A/S, Class B(a) | | | | | 4,567 | | | | | | 223,701 | | |
Orsted A/S‡ | | | | | 3,275 | | | | | | 331,027 | | |
Pandora A/S(a) | | | | | 1,924 | | | | | | 68,337 | | |
| Vestas Wind Systems A/S | | | | | 4,155 | | | | | | 357,625 | | |
| Total Denmark | | | | | | | | | | | 5,184,721 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Finland — 1.1% | | | |
| Elisa OYJ | | | | | 3,344 | | | | | $ | 203,059 | | |
| Fortum OYJ | | | | | 8,933 | | | | | | 148,232 | | |
| Kone OYJ, Class B | | | | | 7,609 | | | | | | 461,044 | | |
| Neste OYJ | | | | | 8,122 | | | | | | 287,609 | | |
| Nokia OYJ | | | | | 110,964 | | | | | | 403,995 | | |
| Nokian Renkaat OYJ | | | | | 3,334 | | | | | | 71,337 | | |
Nordea Bank Abp* | | | | | 61,543 | | | | | | 394,135 | | |
Sampo OYJ, Class A* | | | | | 9,535 | | | | | | 315,817 | | |
Stora Enso OYJ, Class R* | | | | | 13,531 | | | | | | 160,061 | | |
| UPM-Kymmene OYJ | | | | | 11,278 | | | | | | 312,032 | | |
| Wartsila OYJ Abp | | | | | 11,628 | | | | | | 85,383 | | |
| Total Finland | | | | | | | | | | | 2,842,704 | | |
| France — 9.3% | | | | | | | | | | | | | |
Accor SA(a) | | | | | 4,848 | | | | | | 134,450 | | |
| Aeroports de Paris | | | | | 554 | | | | | | 54,248 | | |
Air Liquide SA(a) | | | | | 9,036 | | | | | | 1,149,057 | | |
Airbus SE* | | | | | 10,494 | | | | | | 665,277 | | |
| Alstom SA | | | | | 3,939 | | | | | | 161,185 | | |
| Arkema SA | | | | | 1,900 | | | | | | 157,537 | | |
| Atos SE | | | | | 2,083 | | | | | | 148,435 | | |
| AXA SA | | | | | 36,379 | | | | | | 645,344 | | |
| BNP Paribas SA | | | | | 21,180 | | | | | | 665,216 | | |
Bouygues SA* | | | | | 4,535 | | | | | | 139,628 | | |
| Bureau Veritas SA | | | | | 7,135 | | | | | | 148,015 | | |
| Capgemini SE | | | | | 3,050 | | | | | | 286,429 | | |
| Carrefour SA | | | | | 11,667 | | | | | | 172,451 | | |
| Cie de Saint-Gobain | | | | | 10,140 | | | | | | 268,884 | | |
| Cie Generale des Etablissements Michelin | | | | | 3,652 | | | | | | 356,403 | | |
| Credit Agricole SA | | | | | 22,226 | | | | | | 177,274 | | |
| Danone SA | | | | | 10,839 | | | | | | 751,020 | | |
| Dassault Systemes SE | | | | | 2,773 | | | | | | 405,627 | | |
| Edenred | | | | | 5,651 | | | | | | 227,589 | | |
| Electricite de France SA | | | | | 7,929 | | | | | | 63,172 | | |
| Engie SA | | | | | 32,238 | | | | | | 349,713 | | |
| EssilorLuxottica SA | | | | | 5,759 | | | | | | 710,577 | | |
Eutelsat Communications SA(a) | | | | | 5,009 | | | | | | 56,180 | | |
| Faurecia SE | | | | | 1,365 | | | | | | 49,427 | | |
| Getlink SE | | | | | 11,163 | | | | | | 142,198 | | |
| Hermes International | | | | | 656 | | | | | | 479,825 | | |
| Ingenico Group SA | | | | | 1,450 | | | | | | 182,165 | | |
| Ipsen SA | | | | | 884 | | | | | | 65,599 | | |
| Kering SA | | | | | 1,462 | | | | | | 736,931 | | |
| Klepierre SA | | | | | 4,426 | | | | | | 89,466 | | |
| Legrand SA | | | | | 5,968 | | | | | | 402,141 | | |
L’Oreal SA* | | | | | 4,629 | | | | | | 1,345,109 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 4,782 | | | | | | 1,846,036 | | |
| Orange SA | | | | | 36,298 | | | | | | 442,696 | | |
| Orpea | | | | | 1,305 | | | | | | 145,081 | | |
| Pernod Ricard SA | | | | | 3,995 | | | | | | 608,663 | | |
| Peugeot SA | | | | | 10,673 | | | | | | 152,849 | | |
| Publicis Groupe SA | | | | | 4,400 | | | | | | 130,748 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | | | |
| Renault SA | | | | | 3,707 | | | | | $ | 73,515 | | |
| Rexel SA | | | | | 8,614 | | | | | | 80,669 | | |
| Rubis SCA | | | | | 2,293 | | | | | | 102,872 | | |
| Safran SA | | | | | 6,408 | | | | | | 591,113 | | |
| Sanofi | | | | | 20,883 | | | | | | 2,040,056 | | |
Schneider Electric SE*(a) | | | | | 10,465 | | | | | | 956,645 | | |
SCOR SE* | | | | | 3,675 | | | | | | 103,448 | | |
| SEB SA | | | | | 563 | | | | | | 67,709 | | |
| Societe Generale SA | | | | | 14,274 | | | | | | 222,945 | | |
| Sodexo SA | | | | | 1,583 | | | | | | 125,705 | | |
| Teleperformance | | | | | 1,314 | | | | | | 294,321 | | |
| Thales SA | | | | | 2,273 | | | | | | 172,132 | | |
| TOTAL SA | | | | | 46,423 | | | | | | 1,670,327 | | |
Ubisoft Entertainment SA* | | | | | 1,832 | | | | | | 136,288 | | |
| Unibail-Rodamco-Westfield | | | | | 2,736 | | | | | | 160,985 | | |
| Valeo SA | | | | | 5,173 | | | | | | 119,949 | | |
| Veolia Environnement SA | | | | | 10,156 | | | | | | 216,748 | | |
| Vinci SA | | | | | 9,168 | | | | | | 750,116 | | |
| Vivendi SA | | | | | 17,706 | | | | | | 382,147 | | |
Worldline SA‡* | | | �� | | 2,209 | | | | | | 149,962 | | |
| Total France | | | | | | | | | | | 23,130,297 | | |
| Germany — 7.4% | | | | | | | | | | | | | |
| adidas AG | | | | | 3,769 | | | | | | 863,616 | | |
| Allianz SE | | | | | 7,927 | | | | | | 1,466,291 | | |
| Aroundtown SA | | | | | 18,610 | | | | | | 100,083 | | |
| BASF SE | | | | | 18,061 | | | | | | 923,533 | | |
| Bayer AG | | | | | 18,095 | | | | | | 1,191,942 | | |
| Bayerische Motoren Werke AG | | | | | 6,679 | | | | | | 395,403 | | |
| Beiersdorf AG | | | | | 2,356 | | | | | | 246,647 | | |
| Brenntag AG | | | | | 3,643 | | | | | | 164,355 | | |
Carl Zeiss Meditec AG* | | | | | 704 | | | | | | 69,360 | | |
Commerzbank AG(a) | | | | | 21,849 | | | | | | 80,744 | | |
Continental AG* | | | | | 2,102 | | | | | | 177,739 | | |
Covestro AG‡* | | | | | 3,481 | | | | | | 116,975 | | |
| Daimler AG | | | | | 15,423 | | | | | | 532,715 | | |
Delivery Hero SE‡* | | | | | 2,559 | | | | | | 215,821 | | |
| Deutsche Bank AG | | | | | 40,906 | | | | | | 303,684 | | |
| Deutsche Boerse AG | | | | | 3,713 | | | | | | 576,476 | | |
Deutsche Lufthansa AG(a) | | | | | 4,939 | | | | | | 44,132 | | |
| Deutsche Post AG | | | | | 18,536 | | | | | | 551,212 | | |
Deutsche Telekom AG* | | | | | 60,803 | | | | | | 887,412 | | |
| Deutsche Wohnen SE | | | | | 7,993 | | | | | | 323,925 | | |
| E.ON SE | | | | | 42,612 | | | | | | 426,870 | | |
| Fresenius Medical Care AG & Co. KGaA | | | | | 4,278 | | | | | | 335,777 | | |
| Fresenius SE & Co. KGaA | | | | | 8,441 | | | | | | 366,396 | | |
GEA Group AG* | | | | | 4,050 | | | | | | 93,067 | | |
| Hannover Rueck SE | | | | | 1,365 | | | | | | 217,535 | | |
| HeidelbergCement AG | | | | | 3,137 | | | | | | 149,052 | | |
Henkel AG & Co. KGaA* | | | | | 1,776 | | | | | | 138,307 | | |
| HUGO BOSS AG | | | | | 1,689 | | | | | | 46,952 | | |
| Infineon Technologies AG | | | | | 25,340 | | | | | | 470,446 | | |
K+S AG(a) | | | | | 4,618 | | | | | | 31,107 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | | | |
| KION Group AG | | | | | 1,586 | | | | | $ | 78,710 | | |
| LANXESS AG | | | | | 2,408 | | | | | | 118,581 | | |
| LEG Immobilien AG | | | | | 1,326 | | | | | | 152,266 | | |
Merck KGaA* | | | | | 2,606 | | | | | | 302,847 | | |
MTU Aero Engines AG* | | | | | 1,213 | | | | | | 165,145 | | |
Muenchener
Rueckversicherungs-Gesellschaft
AG | | | | | 2,569 | | | | | | 565,016 | | |
Puma SE* | | | | | 1,533 | | | | | | 96,346 | | |
| Rheinmetall AG | | | | | 874 | | | | | | 59,180 | | |
| RWE AG | | | | | 12,407 | | | | | | 356,585 | | |
| SAP SE | | | | | 18,438 | | | | | | 2,200,058 | | |
Scout24 AG‡ | | | | | 2,311 | | | | | | 151,115 | | |
| Siemens AG | | | | | 14,566 | | | | | | 1,350,996 | | |
| Symrise AG | | | | | 3,087 | | | | | | 312,152 | | |
thyssenkrupp AG*(a) | | | | | 10,062 | | | | | | 67,007 | | |
TUI AG(a) | | | | | 9,044 | | | | | | 36,105 | | |
| United Internet AG | | | | | 2,750 | | | | | | 94,730 | | |
| Vonovia SE | | | | | 9,547 | | | | | | 471,080 | | |
Wirecard AG(a) | | | | | 2,292 | | | | | | 226,943 | | |
Zalando SE‡* | | | | | 3,227 | | | | | | 157,251 | | |
| Total Germany | | | | | | | | | | | 18,469,687 | | |
| Hong Kong — 3.1% | | | | | | | | | | | | | |
| AIA Group Ltd. | | | | | 236,243 | | | | | | 2,192,585 | | |
| ASM Pacific Technology Ltd. | | | | | 7,850 | | | | | | 79,793 | | |
| CK Asset Holdings Ltd. | | | | | 55,654 | | | | | | 351,770 | | |
| CK Infrastructure Holdings Ltd. | | | | | 16,984 | | | | | | 101,216 | | |
| CLP Holdings Ltd. | | | | | 33,524 | | | | | | 358,057 | | |
| Hang Lung Properties Ltd. | | | | | 52,899 | | | | | | 113,408 | | |
| Hang Seng Bank Ltd. | | | | | 15,662 | | | | | | 275,770 | | |
| Henderson Land Development Co., Ltd. | | | | | 32,438 | | | | | | 132,642 | | |
| Hong Kong & China Gas Co., Ltd. | | | | | 210,596 | | | | | | 376,513 | | |
Hong Kong Exchanges and Clearing
Ltd. | | | | | 25,283 | | | | | | 821,856 | | |
| Hongkong Land Holdings Ltd. | | | | | 27,965 | | | | | | 117,733 | | |
| Hysan Development Co., Ltd. | | | | | 25,168 | | | | | | 83,760 | | |
| Jardine Matheson Holdings Ltd. | | | | | 4,401 | | | | | | 193,468 | | |
| Jardine Strategic Holdings Ltd. | | | | | 4,130 | | | | | | 89,001 | | |
| Link REIT | | | | | 43,895 | | | | | | 394,086 | | |
| MTR Corp. Ltd. | | | | | 33,349 | | | | | | 185,192 | | |
| New World Development Co., Ltd. | | | | | 140,710 | | | | | | 166,078 | | |
| Power Assets Holdings Ltd. | | | | | 31,874 | | | | | | 213,183 | | |
| Sino Land Co., Ltd. | | | | | 83,167 | | | | | | 116,291 | | |
| Sun Hung Kai Properties Ltd. | | | | | 29,177 | | | | | | 400,450 | | |
| Swire Pacific Ltd., Class A | | | | | 14,207 | | | | | | 93,280 | | |
| Techtronic Industries Co., Ltd. | | | | | 30,367 | | | | | | 231,307 | | |
| Vitasoy International Holdings Ltd. | | | | | 20,707 | | | | | | 74,523 | | |
WH Group Ltd.‡ | | | | | 175,990 | | | | | | 169,807 | | |
Wharf Real Estate Investment Co.,
Ltd.(a) | | | | | 26,910 | | | | | | 113,682 | | |
| Wheelock & Co., Ltd. | | | | | 21,220 | | | | | | 155,338 | | |
| Total Hong Kong | | | | | | | | | | | 7,600,789 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Ireland — 0.5% | | | | | | | | | | | | | |
| Bank of Ireland Group PLC | | | | | 20,712 | | | | | $ | 41,810 | | |
| CRH PLC | | | | | 15,385 | | | | | | 465,741 | | |
Flutter Entertainment PLC(a) | | | | | 1,600 | | | | | | 196,771 | | |
| Kerry Group PLC, Class A | | | | | 2,950 | | | | | | 338,300 | | |
| Kingspan Group PLC | | | | | 3,205 | | | | | | 163,235 | | |
| Smurfit Kappa Group PLC | | | | | 4,835 | | | | | | 152,953 | | |
| Total Ireland | | | | | | | | | | | 1,358,810 | | |
| Israel — 0.5% | | | | | | | | | | | | | |
| Bank Hapoalim BM | | | | | 39,638 | | | | | | 256,724 | | |
| Bank Leumi Le-Israel BM | | | | | 47,058 | | | | | | 256,108 | | |
| Israel Discount Bank Ltd., Class A | | | | | 55,211 | | | | | | 180,861 | | |
Nice Ltd.* | | | | | 2,078 | | | | | | 347,421 | | |
Teva Pharmaceutical Industries Ltd.* | | | | | 21,334 | | | | | | 235,965 | | |
| Total Israel | | | | | | | | | | | 1,277,079 | | |
| Italy — 1.9% | | | | | | | | | | | | | |
| Amplifon SpA | | | | | 2,984 | | | | | | 68,342 | | |
| Assicurazioni Generali SpA | | | | | 25,670 | | | | | | 365,934 | | |
| Atlantia SpA | | | | | 11,298 | | | | | | 183,826 | | |
Banco BPM SpA*(a) | | | | | 37,681 | | | | | | 45,956 | | |
| Enel SpA | | | | | 154,495 | | | | | | 1,055,246 | | |
| Eni SpA | | | | | 51,255 | | | | | | 489,201 | | |
| Ferrari NV | | | | | 2,323 | | | | | | 364,864 | | |
FinecoBank Banca Fineco SpA* | | | | | 14,466 | | | | | | 160,664 | | |
| Intesa Sanpaolo SpA | | | | | 293,863 | | | | | | 458,018 | | |
| Leonardo SpA | | | | | 10,591 | | | | | | 73,013 | | |
| Mediobanca Banca di Credito Finanziario SpA | | | | | 21,470 | | | | | | 124,353 | | |
| Moncler SpA | | | | | 4,235 | | | | | | 159,104 | | |
| Prysmian SpA | | | | | 7,070 | | | | | | 132,961 | | |
| Recordati SpA | | | | | 3,147 | | | | | | 136,739 | | |
| Snam SpA | | | | | 51,609 | | | | | | 231,084 | | |
Telecom Italia SpA*(a) | | | | | 333,255 | | | | | | 131,989 | | |
| Terna Rete Elettrica Nazionale SpA | | | | | 38,701 | | | | | | 242,466 | | |
UniCredit SpA* | | | | | 44,510 | | | | | | 342,676 | | |
| Total Italy | | | | | | | | | | | 4,766,436 | | |
| Japan — 25.7% | | | | | | | | | | | | | |
| Advantest Corp. | | | | | 4,299 | | | | | | 211,864 | | |
| Aeon Co., Ltd. | | | | | 15,694 | | | | | | 318,694 | | |
| AGC, Inc. | | | | | 5,135 | | | | | | 129,605 | | |
| Air Water, Inc. | | | | | 6,598 | | | | | | 89,837 | | |
| Aisin Seiki Co., Ltd. | | | | | 4,048 | | | | | | 117,918 | | |
| Ajinomoto Co., Inc. | | | | | 11,926 | | | | | | 213,683 | | |
| Alfresa Holdings Corp. | | | | | 5,573 | | | | | | 112,466 | | |
Alps Alpine Co., Ltd.(a) | | | | | 4,860 | | | | | | 51,038 | | |
| Amada Co., Ltd. | | | | | 12,592 | | | | | | 115,752 | | |
| Aozora Bank Ltd. | | | | | 4,999 | | | | | | 90,364 | | |
| Asahi Group Holdings Ltd. | | | | | 8,719 | | | | | | 304,943 | | |
| Asahi Intecc Co., Ltd. | | | | | 3,834 | | | | | | 102,649 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Asahi Kasei Corp. | | | | | 28,745 | | | | | $ | 205,638 | | |
| Astellas Pharma, Inc. | | | | | 39,925 | | | | | | 667,003 | | |
| Bandai Namco Holdings, Inc. | | | | | 4,291 | | | | | | 217,931 | | |
Bank of Kyoto Ltd. (The)(a) | | | | | 2,049 | | | | | | 71,088 | | |
| Bridgestone Corp. | | | | | 12,475 | | | | | | 394,076 | | |
| Brother Industries Ltd. | | | | | 7,170 | | | | | | 123,104 | | |
Canon, Inc.(a) | | | | | 21,414 | | | | | | 457,477 | | |
| Central Japan Railway Co. | | | | | 3,711 | | | | | | 590,130 | | |
| Chiba Bank Ltd. (The) | | | | | 17,136 | | | | | | 80,444 | | |
| Chubu Electric Power Co., Inc. | | | | | 14,809 | | | | | | 201,982 | | |
| Chugai Pharmaceutical Co., Ltd. | | | | | 4,960 | | | | | | 594,170 | | |
| Concordia Financial Group Ltd. | | | | | 29,644 | | | | | | 92,035 | | |
| Dai Nippon Printing Co., Ltd. | | | | | 8,200 | | | | | | 175,602 | | |
| Daifuku Co., Ltd. | | | | | 2,293 | | | | | | 161,465 | | |
| Dai-ichi Life Holdings, Inc. | | | | | 22,835 | | | | | | 290,629 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 12,462 | | | | | | 860,284 | | |
| Daikin Industries Ltd. | | | | | 5,358 | | | | | | 701,723 | | |
| Daito Trust Construction Co., Ltd. | | | | | 1,640 | | | | | | 158,195 | | |
| Daiwa House Industry Co., Ltd. | | | | | 13,702 | | | | | | 353,329 | | |
| Daiwa Securities Group, Inc. | | | | | 36,810 | | | | | | 154,352 | | |
| Denso Corp. | | | | | 9,039 | | | | | | 322,221 | | |
| Dentsu Group, Inc. | | | | | 4,840 | | | | | | 103,105 | | |
| East Japan Railway Co. | | | | | 7,399 | | | | | | 544,745 | | |
| Eisai Co., Ltd. | | | | | 5,524 | | | | | | 388,981 | | |
| Electric Power Development Co., Ltd. | | | | | 4,175 | | | | | | 84,332 | | |
FamilyMart Co., Ltd.(a) | | | | | 4,817 | | | | | | 82,569 | | |
| FANUC Corp. | | | | | 3,753 | | | | | | 625,763 | | |
| Fast Retailing Co., Ltd. | | | | | 1,038 | | | | | | 499,902 | | |
| FUJIFILM Holdings Corp. | | | | | 8,106 | | | | | | 389,552 | | |
| Fujitsu Ltd. | | | | | 4,244 | | | | | | 418,109 | | |
| Fukuoka Financial Group, Inc. | | | | | 5,216 | | | | | | 75,605 | | |
| Goldwin, Inc. | | | | | 787 | | | | | | 42,907 | | |
| Hamamatsu Photonics K.K. | | | | | 3,751 | | | | | | 165,916 | | |
| Hankyu Hanshin Holdings, Inc. | | | | | 5,684 | | | | | | 196,669 | | |
| Hirose Electric Co., Ltd. | | | | | 1,014 | | | | | | 112,556 | | |
| Hisamitsu Pharmaceutical Co., Inc. | | | | | 1,877 | | | | | | 89,168 | | |
| Hitachi Ltd. | | | | | 18,394 | | | | | | 557,488 | | |
| Honda Motor Co., Ltd. | | | | | 34,511 | | | | | | 842,483 | | |
| Hoya Corp. | | | | | 7,526 | | | | | | 694,361 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 4,957 | | | | | | 114,497 | | |
| IHI Corp. | | | | | 3,705 | | | | | | 46,808 | | |
| Inpex Corp. | | | | | 21,402 | | | | | | 138,317 | | |
| Isetan Mitsukoshi Holdings Ltd. | | | | | 9,241 | | | | | | 56,862 | | |
| Isuzu Motors Ltd. | | | | | 14,307 | | | | | | 110,365 | | |
| ITOCHU Corp. | | | | | 29,388 | | | | | | 583,995 | | |
| Japan Exchange Group, Inc. | | | | | 12,289 | | | | | | 231,220 | | |
| Japan Tobacco, Inc. | | | | | 24,307 | | | | | | 457,909 | | |
| JFE Holdings, Inc. | | | | | 11,714 | | | | | | 79,309 | | |
| JGC Holdings Corp. | | | | | 6,821 | | | | | | 67,231 | | |
| JXTG Holdings, Inc. | | | | | 65,479 | | | | | | 234,337 | | |
| Kajima Corp. | | | | | 10,285 | | | | | | 108,683 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 15,772 | | | | | | 162,978 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Kansai Paint Co., Ltd. | | | | | 5,890 | | | | | $ | 113,520 | | |
| Kao Corp. | | | | | 9,592 | | | | | | 745,940 | | |
| KDDI Corp. | | | | | 33,980 | | | | | | 987,926 | | |
| Keikyu Corp. | | | | | 7,373 | | | | | | 122,177 | | |
| Keio Corp. | | | | | 3,155 | | | | | | 179,974 | | |
| Keisei Electric Railway Co., Ltd. | | | | | 4,230 | | | | | | 128,955 | | |
| Keyence Corp. | | | | | 3,541 | | | | | | 1,283,813 | | |
Kikkoman Corp.(a) | | | | | 4,464 | | | | | | 207,890 | | |
| Kintetsu Group Holdings Co., Ltd. | | | | | 4,312 | | | | | | 208,070 | | |
| Kirin Holdings Co., Ltd. | | | | | 17,250 | | | | | | 335,289 | | |
| Kobayashi Pharmaceutical Co., Ltd. | | | | | 1,376 | | | | | | 127,904 | | |
| Koito Manufacturing Co., Ltd. | | | | | 2,964 | | | | | | 113,366 | | |
| Komatsu Ltd. | | | | | 19,444 | | | | | | 375,025 | | |
Konami Holdings Corp.(a) | | | | | 2,167 | | | | | | 69,001 | | |
| Konica Minolta, Inc. | | | | | 12,365 | | | | | | 48,681 | | |
| Kose Corp. | | | | | 638 | | | | | | 80,306 | | |
| Kubota Corp. | | | | | 23,898 | | | | | | 301,030 | | |
| Kuraray Co., Ltd. | | | | | 10,982 | | | | | | 111,427 | | |
| Kurita Water Industries Ltd. | | | | | 4,938 | | | | | | 139,918 | | |
| Kyocera Corp. | | | | | 6,922 | | | | | | 374,080 | | |
| Kyowa Kirin Co., Ltd. | | | | | 7,301 | | | | | | 171,917 | | |
| Kyushu Electric Power Co., Inc. | | | | | 10,599 | | | | | | 84,546 | | |
| Lion Corp. | | | | | 6,092 | | | | | | 128,238 | | |
| LIXIL Group Corp. | | | | | 6,933 | | | | | | 84,803 | | |
| M3, Inc. | | | | | 9,751 | | | | | | 354,714 | | |
| Makita Corp. | | | | | 6,460 | | | | | | 212,645 | | |
| Marubeni Corp. | | | | | 38,559 | | | | | | 188,946 | | |
| Marui Group Co., Ltd. | | | | | 6,550 | | | | | | 108,539 | | |
| Matsumotokiyoshi Holdings Co., Ltd. | | | | | 2,112 | | | | | | 73,274 | | |
| Mazda Motor Corp. | | | | | 12,578 | | | | | | 71,985 | | |
| MEIJI Holdings Co., Ltd. | | | | | 3,131 | | | | | | 218,718 | | |
| MINEBEA MITSUMI, Inc. | | | | | 9,139 | | | | | | 151,612 | | |
| MISUMI Group, Inc. | | | | | 7,529 | | | | | | 182,073 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 30,089 | | | | | | 173,722 | | |
| Mitsubishi Corp. | | | | | 26,313 | | | | | | 565,950 | | |
| Mitsubishi Electric Corp. | | | | | 41,395 | | | | | | 518,913 | | |
| Mitsubishi Estate Co., Ltd. | | | | | 24,979 | | | | | | 411,703 | | |
| Mitsubishi Heavy Industries Ltd. | | | | | 6,751 | | | | | | 174,465 | | |
| Mitsubishi Materials Corp. | | | | | 3,370 | | | | | | 69,836 | | |
| Mitsubishi Motors Corp. | | | | | 16,140 | | | | | | 46,035 | | |
| Mitsubishi UFJ Financial Group, Inc. | | | | | 252,972 | | | | | | 1,027,407 | | |
| Mitsui & Co., Ltd. | | | | | 36,020 | | | | | | 509,976 | | |
| Mitsui Chemicals, Inc. | | | | | 4,219 | | | | | | 83,879 | | |
| Mitsui Fudosan Co., Ltd. | | | | | 19,349 | | | | | | 361,521 | | |
| Mizuho Financial Group, Inc. | | | | | 480,440 | | | | | | 565,197 | | |
| MonotaRO Co., Ltd. | | | | | 3,042 | | | | | | 98,712 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 10,850 | | | | | | 316,769 | | |
| Murata Manufacturing Co., Ltd. | | | | | 11,444 | | | | | | 644,143 | | |
| Nabtesco Corp. | | | | | 3,484 | | | | | | 101,325 | | |
| NEC Corp. | | | | | 5,643 | | | | | | 219,789 | | |
| Nexon Co., Ltd. | | | | | 8,437 | | | | | | 137,599 | | |
| NGK Spark Plug Co., Ltd. | | | | | 5,750 | | | | | | 87,217 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| NH Foods Ltd. | | | | | 3,207 | | | | | $ | 115,612 | | |
| Nidec Corp. | | | | | 9,691 | | | | | | 569,670 | | |
| Nihon M&A Center, Inc. | | | | | 3,352 | | | | | | 111,436 | | |
| Nikon Corp. | | | | | 10,323 | | | | | | 97,211 | | |
| Nintendo Co., Ltd. | | | | | 2,081 | | | | | | 868,908 | | |
| Nippon Express Co., Ltd. | | | | | 2,072 | | | | | | 102,500 | | |
| Nippon Paint Holdings Co., Ltd. | | | | | 3,736 | | | | | | 216,959 | | |
| Nippon Shinyaku Co., Ltd. | | | | | 1,600 | | | | | | 113,265 | | |
| Nippon Steel Corp. | | | | | 16,886 | | | | | | 143,997 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 25,390 | | | | | | 580,051 | | |
| Nissan Chemical Corp. | | | | | 3,962 | | | | | | 153,389 | | |
| Nissan Motor Co., Ltd. | | | | | 36,348 | | | | | | 125,698 | | |
Nisshin Seifun Group, Inc.(a) | | | | | 8,770 | | | | | | 137,945 | | |
| Nissin Foods Holdings Co., Ltd. | | | | | 2,457 | | | | | | 203,113 | | |
| Nitori Holdings Co., Ltd. | | | | | 1,716 | | | | | | 265,099 | | |
| Nitto Denko Corp. | | | | | 3,731 | | | | | | 188,757 | | |
| Nomura Holdings, Inc. | | | | | 68,064 | | | | | | 286,297 | | |
| Nomura Research Institute Ltd. | | | | | 7,120 | | | | | | 175,378 | | |
| NSK Ltd. | | | | | 11,659 | | | | | | 81,554 | | |
| NTT Data Corp. | | | | | 15,807 | | | | | | 163,340 | | |
| NTT DOCOMO, Inc. | | | | | 24,227 | | | | | | 713,205 | | |
| Obayashi Corp. | | | | | 18,179 | | | | | | 161,840 | | |
| Obic Co., Ltd. | | | | | 1,728 | | | | | | 262,105 | | |
Odakyu Electric Railway Co., Ltd.(a) | | | | | 8,031 | | | | | | 178,216 | | |
| Oji Holdings Corp. | | | | | 26,267 | | | | | | 135,099 | | |
Olympus Corp.* | | | | | 22,162 | | | | | | 357,605 | | |
| Omron Corp. | | | | | 4,547 | | | | | | 270,435 | | |
| Ono Pharmaceutical Co., Ltd. | | | | | 10,137 | | | | | | 245,616 | | |
| Oriental Land Co., Ltd. | | | | | 4,078 | | | | | | 521,691 | | |
| ORIX Corp. | | | | | 27,424 | | | | | | 330,570 | | |
| Osaka Gas Co., Ltd. | | | | | 8,766 | | | | | | 163,868 | | |
| Otsuka Corp. | | | | | 2,321 | | | | | | 105,160 | | |
| Otsuka Holdings Co., Ltd. | | | | | 9,189 | | | | | | 365,635 | | |
| Pan Pacific International Holdings Corp. | | | | | 11,951 | | | | | | 232,683 | | |
| Panasonic Corp. | | | | | 43,618 | | | | | | 337,246 | | |
PeptiDream, Inc.* | | | | | 2,276 | | | | | | 86,200 | | |
| Pigeon Corp. | | | | | 2,552 | | | | | | 91,522 | | |
| Rakuten, Inc. | | | | | 16,679 | | | | | | 142,871 | | |
| Recruit Holdings Co., Ltd. | | | | | 24,006 | | | | | | 714,332 | | |
Renesas Electronics Corp.* | | | | | 14,161 | | | | | | 76,807 | | |
| Resona Holdings, Inc. | | | | | 52,111 | | | | | | 164,225 | | |
| Ricoh Co., Ltd. | | | | | 17,570 | | | | | | 121,586 | | |
| Rohm Co., Ltd. | | | | | 2,245 | | | | | | 144,019 | | |
| Ryohin Keikaku Co., Ltd. | | | | | 6,169 | | | | | | 74,535 | | |
| Santen Pharmaceutical Co., Ltd. | | | | | 10,387 | | | | | | 184,943 | | |
| SBI Holdings, Inc. | | | | | 6,123 | | | | | | 116,293 | | |
| Secom Co., Ltd. | | | | | 4,404 | | | | | | 370,861 | | |
| Seiko Epson Corp. | | | | | 7,480 | | | | | | 85,827 | | |
| Sekisui Chemical Co., Ltd. | | | | | 11,103 | | | | | | 142,246 | | |
| Sekisui House Ltd. | | | | | 13,704 | | | | | | 238,172 | | |
| Seven & i Holdings Co., Ltd. | | | | | 15,630 | | | | | | 519,319 | | |
| SG Holdings Co., Ltd. | | | | | 4,573 | | | | | | 127,951 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Shimadzu Corp. | | | | | 7,037 | | | | | $ | 176,690 | | |
| Shimano, Inc. | | | | | 1,798 | | | | | | 266,333 | | |
| Shimizu Corp. | | | | | 15,561 | | | | | | 121,653 | | |
| Shin-Etsu Chemical Co., Ltd. | | | | | 7,943 | | | | | | 892,459 | | |
| Shionogi & Co., Ltd. | | | | | 6,429 | | | | | | 356,455 | | |
| Shiseido Co., Ltd. | | | | | 7,685 | | | | | | 458,362 | | |
| Shizuoka Bank Ltd. (The) | | | | | 15,484 | | | | | | 94,698 | | |
| Showa Denko K.K. | | | | | 3,270 | | | | | | 72,626 | | |
| SMC Corp. | | | | | 1,184 | | | | | | 542,535 | | |
| Softbank Corp. | | | | | 30,066 | | | | | | 411,620 | | |
| SoftBank Group Corp. | | | | | 31,016 | | | | | | 1,343,780 | | |
| Sompo Holdings, Inc. | | | | | 7,773 | | | | | | 254,412 | | |
| Sony Corp. | | | | | 23,470 | | | | | | 1,521,429 | | |
| Sotetsu Holdings, Inc. | | | | | 3,542 | | | | | | 91,419 | | |
| Stanley Electric Co., Ltd. | | | | | 4,363 | | | | | | 100,981 | | |
| Subaru Corp. | | | | | 12,611 | | | | | | 256,501 | | |
| SUMCO Corp. | | | | | 5,947 | | | | | | 86,200 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 35,500 | | | | | | 110,880 | | |
| Sumitomo Corp. | | | | | 25,987 | | | | | | 298,546 | | |
| Sumitomo Dainippon Pharma Co., Ltd. | | | | | 3,801 | | | | | | 53,246 | | |
| Sumitomo Electric Industries Ltd. | | | | | 17,261 | | | | | | 179,737 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 5,380 | | | | | | 136,770 | | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | 27,021 | | | | | | 718,640 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 7,963 | | | | | | 235,386 | | |
| Sumitomo Realty & Development Co., Ltd. | | | | | 9,337 | | | | | | 254,391 | | |
| Suntory Beverage & Food Ltd. | | | | | 3,296 | | | | | | 124,985 | | |
| Suzuki Motor Corp. | | | | | 8,752 | | | | | | 283,917 | | |
| Sysmex Corp. | | | | | 4,116 | | | | | | 286,371 | | |
| T&D Holdings, Inc. | | | | | 14,447 | | | | | | 126,860 | | |
| Taiheiyo Cement Corp. | | | | | 3,869 | | | | | | 77,355 | | |
| Taisei Corp. | | | | | 5,452 | | | | | | 172,582 | | |
| Taisho Pharmaceutical Holdings Co., Ltd. | | | | | 1,411 | | | | | | 88,802 | | |
Taiyo Yuden Co., Ltd.(a) | | | | | 3,048 | | | | | | 86,365 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 29,798 | | | | | | 1,082,018 | | |
| TDK Corp. | | | | | 2,799 | | | | | | 245,519 | | |
| Teijin Ltd. | | | | | 6,541 | | | | | | 105,515 | | |
| Terumo Corp. | | | | | 13,979 | | | | | | 466,947 | | |
| Tobu Railway Co., Ltd. | | | | | 5,739 | | | | | | 196,694 | | |
| Toho Co., Ltd. | | | | | 3,835 | | | | | | 126,955 | | |
| Tohoku Electric Power Co., Inc. | | | | | 10,665 | | | | | | 101,030 | | |
| Tokio Marine Holdings, Inc. | | | | | 13,501 | | | | | | 642,129 | | |
Tokyo Electric Power Co., Holdings, Inc.* | | | | | 32,793 | | | | | | 111,319 | | |
| Tokyo Electron Ltd. | | | | | 3,023 | | | | | | 648,503 | | |
| Tokyo Gas Co., Ltd. | | | | | 10,349 | | | | | | 228,204 | | |
| Tokyu Corp. | | | | | 13,277 | | | | | | 201,635 | | |
| Toppan Printing Co., Ltd. | | | | | 8,177 | | | | | | 123,265 | | |
| Toray Industries, Inc. | | | | | 34,049 | | | | | | 158,918 | | |
| Toshiba Corp. | | | | | 9,236 | | | | | | 232,077 | | |
| TOTO Ltd. | | | | | 4,245 | | | | | | 150,452 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 3,195 | | | | | | 154,170 | | |
| Toyota Industries Corp. | | | | | 3,866 | | | | | | 196,310 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Toyota Motor Corp. | | | | | 46,233 | | | | | $ | 2,882,023 | | |
| Toyota Tsusho Corp. | | | | | 5,678 | | | | | | 137,417 | | |
Tsuruha Holdings, Inc.(a) | | | | | 1,162 | | | | | | 156,259 | | |
| Unicharm Corp. | | | | | 8,927 | | | | | | 329,748 | | |
| USS Co., Ltd. | | | | | 7,373 | | | | | | 117,902 | | |
| West Japan Railway Co. | | | | | 4,013 | | | | | | 250,196 | | |
| Yakult Honsha Co., Ltd. | | | | | 3,269 | | | | | | 191,674 | | |
| Yamada Denki Co., Ltd. | | | | | 19,724 | | | | | | 94,438 | | |
| Yamaguchi Financial Group, Inc. | | | | | 11,335 | | | | | | 61,691 | | |
| Yamaha Corp. | | | | | 3,473 | | | | | | 142,252 | | |
| Yamaha Motor Co., Ltd. | | | | | 6,894 | | | | | | 90,450 | | |
| Yamato Holdings Co., Ltd. | | | | | 8,495 | | | | | | 149,984 | | |
| Yaskawa Electric Corp. | | | | | 5,697 | | | | | | 189,927 | | |
| Z Holdings Corp. | | | | | 59,955 | | | | | | 234,920 | | |
| ZOZO, Inc. | | | | | 2,253 | | | | | | 36,660 | | |
| Total Japan | | | | | | | | | | | 64,241,922 | | |
| Luxembourg — 0.2% | | | | | | | | | | | | | |
| ArcelorMittal SA | | | | | 11,572 | | | | | | 126,773 | | |
Eurofins Scientific SE(a) | | | | | 268 | | | | | | 148,238 | | |
| SES SA | | | | | 7,550 | | | | | | 50,411 | | |
| Tenaris SA | | | | | 11,366 | | | | | | 79,600 | | |
| Total Luxembourg | | | | | | | | | | | 405,022 | | |
| Macau — 0.2% | | | | | | | | | | | | | |
| Galaxy Entertainment Group Ltd. | | | | | 46,543 | | | | | | 302,888 | | |
| Sands China Ltd. | | | | | 53,983 | | | | | | 222,134 | | |
| Total Macau | | | | | | | | | | | 525,022 | | |
| Netherlands — 3.9% | | | | | | | | | | | | | |
ABN AMRO Bank NV‡ | | | | | 6,665 | | | | | | 51,101 | | |
Adyen NV‡* | | | | | 530 | | | | | | 523,155 | | |
| Aegon NV | | | | | 35,995 | | | | | | 92,650 | | |
| Akzo Nobel NV | | | | | 4,245 | | | | | | 321,749 | | |
Argenx SE* | | | | | 936 | | | | | | 140,965 | | |
| ASML Holding NV | | | | | 7,363 | | | | | | 2,182,709 | | |
| ASR Nederland NV | | | | | 2,397 | | | | | | 64,454 | | |
| EXOR NV | | | | | 2,355 | | | | | | 128,688 | | |
Heineken Holding NV(a) | | | | | 2,180 | | | | | | 169,769 | | |
| Heineken NV | | | | | 4,575 | | | | | | 388,954 | | |
| ING Groep NV | | | | | 76,181 | | | | | | 417,873 | | |
Just Eat Takeaway.com NV‡* | | | | | 2,407 | | | | | | 245,557 | | |
| Koninklijke Ahold Delhaize NV | | | | | 20,481 | | | | | | 497,112 | | |
| Koninklijke DSM NV | | | | | 3,735 | | | | | | 457,163 | | |
| Koninklijke KPN NV | | | | | 73,108 | | | | | | 169,119 | | |
| Koninklijke Philips NV | | | | | 18,034 | | | | | | 784,476 | | |
| NN Group NV | | | | | 7,533 | | | | | | 217,906 | | |
| Randstad NV | | | | | 2,475 | | | | | | 99,299 | | |
| Royal Dutch Shell PLC, Class A | | | | | 79,649 | | | | | | 1,331,165 | | |
| Royal Dutch Shell PLC, Class B | | | | | 71,058 | | | | | | 1,152,988 | | |
| Wolters Kluwer NV | | | | | 5,396 | | | | | | 396,695 | | |
| Total Netherlands | | | | | | | | | | | 9,833,547 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| New Zealand — 0.4% | | | | | | | | | | | | | |
a2 Milk Co., Ltd.* | | | | | 17,562 | | | | | $ | 212,689 | | |
| Auckland International Airport Ltd. | | | | | 41,336 | | | | | | 155,309 | | |
| Fisher & Paykel Healthcare Corp. Ltd. | | | | | 17,042 | | | | | | 287,980 | | |
| Fletcher Building Ltd. | | | | | 29,395 | | | | | | 67,100 | | |
| Spark New Zealand Ltd. | | | | | 59,763 | | | | | | 163,706 | | |
Xero Ltd.* | | | | | 2,205 | | | | | | 114,811 | | |
| Total New Zealand | | | | | | | | | | | 1,001,595 | | |
| Norway — 0.6% | | | | | | | | | | | | | |
| Aker BP ASA | | | | | 2,519 | | | | | | 41,928 | | |
| DNB ASA | | | | | 22,027 | | | | | | 267,698 | | |
| Equinor ASA | | | | | 20,207 | | | | | | 283,642 | | |
| Mowi ASA | | | | | 7,180 | | | | | | 123,302 | | |
| Norsk Hydro ASA | | | | | 28,321 | | | | | | 72,524 | | |
| Orkla ASA | | | | | 19,113 | | | | | | 173,446 | | |
| Schibsted ASA, Class A | | | | | 3,781 | | | | | | 80,433 | | |
| Telenor ASA | | | | | 12,778 | | | | | | 196,617 | | |
| Yara International ASA | | | | | 3,837 | | | | | | 131,147 | | |
| Total Norway | | | | | | | | | | | 1,370,737 | | |
| Poland — 0.2% | | | | | | | | | | | | | |
| Bank Polska Kasa Opieki SA | | | | | 6,414 | | | | | | 80,509 | | |
| CD Projekt SA | | | | | 1,601 | | | | | | 138,251 | | |
mBank SA* | | | | | 919 | | | | | | 48,600 | | |
| Polski Koncern Naftowy ORLEN SA | | | | | 7,124 | | | | | | 107,278 | | |
| Powszechna Kasa Oszczednosci Bank Polski SA | | | | | 22,029 | | | | | | 117,083 | | |
| Powszechny Zaklad Ubezpieczen SA | | | | | 14,460 | | | | | | 105,731 | | |
| Total Poland | | | | | | | | | | | 597,452 | | |
| Portugal — 0.2% | | | | | | | | | | | | | |
| EDP — Energias de Portugal SA | | | | | 53,683 | | | | | | 226,376 | | |
| Galp Energia SGPS SA | | | | | 8,791 | | | | | | 101,247 | | |
| Jeronimo Martins SGPS SA | | | | | 6,114 | | | | | | 103,229 | | |
| Total Portugal | | | | | | | | | | | 430,852 | | |
| Russia — 0.1% | | | | | | | | | | | | | |
| Polymetal International PLC | | | | | 10,725 | | | | | | 220,844 | | |
| Singapore — 1.2% | | | | | | | | | | | | | |
| Ascendas Real Estate Investment Trust | | | | | 109,581 | | | | | | 231,197 | | |
| CapitaLand Commercial Trust | | | | | 127,059 | | | | | | 145,319 | | |
CapitaLand Ltd.* | | | | | 62,272 | | | | | | 133,152 | | |
| CapitaLand Mall Trust | | | | | 102,626 | | | | | | 137,787 | | |
| ComfortDelGro Corp. Ltd. | | | | | 69,222 | | | | | | 81,137 | | |
| DBS Group Holdings Ltd. | | | | | 35,859 | | | | | | 508,450 | | |
| Genting Singapore Ltd | | | | | 186,464 | | | | | | 103,981 | | |
Keppel Corp. Ltd.(a) | | | | | 38,804 | | | | | | 164,842 | | |
| Oversea-Chinese Banking Corp. Ltd. | | | | | 69,295 | | | | | | 445,000 | | |
| Singapore Exchange Ltd. | | | | | 30,627 | | | | | | 209,953 | | |
| Singapore Technologies Engineering Ltd. | | | | | 54,349 | | | | | | 132,427 | | |
| Singapore Telecommunications Ltd. | | | | | 162,127 | | | | | | 325,935 | | |
| United Overseas Bank Ltd. | | | | | 26,161 | | | | | | 378,003 | | |
| Total Singapore | | | | | | | | | | | 2,997,183 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| South Africa — 0.2% | | | | | | | | | | | | | |
| Anglo American PLC | | | | | 23,121 | | | | | $ | 412,725 | | |
| Investec PLC | | | | | 16,595 | | | | | | 34,318 | | |
| Total South Africa | | | | | | | | | | | 447,043 | | |
| South Korea — 4.4% | | | | | | | | | | | | | |
| Amorepacific Corp. | | | | | 836 | | | | | | 121,443 | | |
Celltrion Healthcare Co., Ltd.* | | | | | 1,705 | | | | | | 118,382 | | |
Celltrion, Inc.* | | | | | 2,073 | | | | | | 358,132 | | |
| Coway Co., Ltd. | | | | | 1,731 | | | | | | 87,228 | | |
| DB Insurance Co., Ltd. | | | | | 1,701 | | | | | | 61,635 | | |
| E-MART, Inc. | | | | | 704 | | | | | | 69,334 | | |
| GS Holdings Corp. | | | | | 2,239 | | | | | | 70,839 | | |
| Hana Financial Group, Inc. | | | | | 7,070 | | | | | | 160,148 | | |
| Hankook Tire & Technology Co., Ltd. | | | | | 2,394 | | | | | | 41,752 | | |
| Hanmi Pharm Co. Ltd. | | | | | 256 | | | | | | 54,417 | | |
| Hotel Shilla Co., Ltd. | | | | | 954 | | | | | | 66,708 | | |
Hyundai Engineering & Construction Co.,
Ltd. | | | | | 1,851 | | | | | | 53,246 | | |
| Hyundai Heavy Industries Holdings Co., Ltd. | | | | | 266 | | | | | | 53,049 | | |
| Hyundai Mobis Co., Ltd. | | | | | 1,382 | | | | | | 195,087 | | |
| Hyundai Motor Co. | | | | | 3,569 | | | | | | 274,167 | | |
| Industrial Bank of Korea | | | | | 10,306 | | | | | | 66,821 | | |
| Kakao Corp. | | | | | 1,239 | | | | | | 187,103 | | |
| Kangwon Land, Inc. | | | | | 4,217 | | | | | | 86,697 | | |
| KB Financial Group, Inc. | | | | | 8,742 | | | | | | 249,320 | | |
| Kia Motors Corp. | | | | | 6,021 | | | | | | 146,516 | | |
Korea Electric Power Corp.* | | | | | 5,786 | | | | | | 113,255 | | |
Korea Shipbuilding & Offshore Engineering Co., Ltd.* | | | | | 994 | | | | | | 67,466 | | |
| Korea Zinc Co., Ltd. | | | | | 324 | | | | | | 102,642 | | |
| KT&G Corp. | | | | | 2,680 | | | | | | 178,381 | | |
| LG Chem Ltd. | | | | | 1,059 | | | | | | 327,230 | | |
| LG Corp. | | | | | 2,684 | | | | | | 136,574 | | |
LG Display Co., Ltd.* | | | | | 5,630 | | | | | | 51,058 | | |
| LG Electronics, Inc. | | | | | 2,449 | | | | | | 110,345 | | |
| LG Household & Health Care Ltd. | | | | | 220 | | | | | | 250,252 | | |
| Lotte Chemical Corp. | | | | | 388 | | | | | | 68,623 | | |
| NAVER Corp. | | | | | 2,881 | | | | | | 466,985 | | |
| NCSoft Corp. | | | | | 412 | | | | | | 217,421 | | |
| POSCO | | | | | 1,478 | | | | | | 223,802 | | |
Samsung Biologics Co., Ltd.‡* | | | | | 349 | | | | | | 166,416 | | |
| Samsung C&T Corp. | | | | | 1,803 | | | | | | 156,853 | | |
| Samsung Electro-Mechanics Co., Ltd. | | | | | 1,259 | | | | | | 117,277 | | |
| Samsung Electronics Co., Ltd. | | | | | 89,753 | | | | | | 3,683,081 | | |
| Samsung Fire & Marine Insurance Co., Ltd. | | | | | 879 | | | | | | 137,428 | | |
| Samsung Life Insurance Co., Ltd. | | | | | 1,930 | | | | | | 77,773 | | |
| Samsung SDI Co., Ltd. | | | | | 1,150 | | | | | | 269,933 | | |
| Samsung SDS Co., Ltd. | | | | | 762 | | | | | | 101,625 | | |
| Shinhan Financial Group Co., Ltd. | | | | | 10,929 | | | | | | 274,021 | | |
| SK Holdings Co., Ltd. | | | | | 761 | | | | | | 113,671 | | |
| SK Hynix, Inc. | | | | | 10,091 | | | | | | 693,190 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| South Korea (continued) | | | |
| SK Innovation Co., Ltd. | | | | | 1,362 | | | | | $ | 109,881 | | |
| SK Telecom Co., Ltd. | | | | | 762 | | | | | | 132,269 | | |
| S-Oil Corp. | | | | | 1,331 | | | | | | 76,466 | | |
| Woori Financial Group, Inc. | | | | | 12,623 | | | | | | 87,437 | | |
| Total South Korea | | | | | | | | | | | 11,033,379 | | |
| Spain — 2.3% | | | | | | | | | | | | | |
Abertis Infraestructuras SA*(c)(d) | | | | | 5,353 | | | | | | 35,120 | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 5,344 | | | | | | 133,279 | | |
Aena SME SA‡* | | | | | 1,539 | | | | | | 194,694 | | |
| Amadeus IT Group SA | | | | | 7,956 | | | | | | 382,728 | | |
| Banco Bilbao Vizcaya Argentaria SA | | | | | 128,774 | | | | | | 421,305 | | |
| Banco de Sabadell SA | | | | | 127,807 | | | | | | 52,929 | | |
| Banco Santander SA | | | | | 316,553 | | | | | | 706,443 | | |
| Bankinter SA | | | | | 19,688 | | | | | | 81,168 | | |
| CaixaBank SA | | | | | 73,042 | | | | | | 131,285 | | |
Cellnex Telecom SA‡* | | | | | 5,627 | | | | | | 294,603 | | |
| Enagas SA | | | | | 6,689 | | | | | | 155,980 | | |
| Endesa SA | | | | | 6,565 | | | | | | 145,611 | | |
| Ferrovial SA | | | | | 10,344 | | | | | | 258,319 | | |
Grifols SA(a) | | | | | 7,530 | | | | | | 256,171 | | |
| Iberdrola SA | | | | | 114,709 | | | | | | 1,148,356 | | |
| Industria de Diseno Textil SA | | | | | 20,191 | | | | | | 514,178 | | |
| Naturgy Energy Group SA | | | | | 6,175 | | | | | | 108,960 | | |
| Red Electrica Corp. SA | | | | | 9,592 | | | | | | 168,676 | | |
| Repsol SA | | | | | 26,699 | | | | | | 243,130 | | |
| Telefonica SA | | | | | 85,477 | | | | | | 391,344 | | |
| Total Spain | | | | | | | | | | | 5,824,279 | | |
| Sweden — 2.6% | | | | | | | | | | | | | |
Alfa Laval AB* | | | | | 7,714 | | | | | | 144,926 | | |
Assa Abloy AB, B Shares(a) | | | | | 17,669 | | | | | | 318,477 | | |
Atlas Copco AB, A Shares(a) | | | | | 12,041 | | | | | | 418,289 | | |
| Atlas Copco AB, B Shares | | | | | 7,326 | | | | | | 228,994 | | |
Boliden AB(a) | | | | | 5,844 | | | | | | 119,845 | | |
| Electrolux AB, Series B | | | | | 5,618 | | | | | | 77,564 | | |
Electrolux Professional AB, B Shares* | | | | | 5,618 | | | | | | 12,919 | | |
| Epiroc AB, A Shares | | | | | 12,170 | | | | | | 122,258 | | |
| Epiroc AB, B Shares | | | | | 7,554 | | | | | | 74,881 | | |
Essity AB, B Shares* | | | | | 12,130 | | | | | | 394,307 | | |
Hennes & Mauritz AB, B Shares(a) | | | | | 17,137 | | | | | | 238,969 | | |
Hexagon AB, B Shares* | | | | | 5,135 | | | | | | 256,088 | | |
Industrivarden AB, A Shares* | | | | | 10,362 | | | | | | 215,150 | | |
| Investor AB, B Shares | | | | | 10,964 | | | | | | 551,388 | | |
| Kinnevik AB, B Shares | | | | | 6,715 | | | | | | 138,876 | | |
| Lundin Energy AB | | | | | 4,939 | | | | | | 128,289 | | |
Sandvik AB* | | | | | 21,538 | | | | | | 333,637 | | |
Securitas AB, B Shares(a) | | | | | 7,452 | | | | | | 88,084 | | |
Skandinaviska Enskilda Banken AB, A Shares* | | | | | 28,628 | | | | | | 235,479 | | |
Skanska AB, B Shares* | | | | | 7,445 | | | | | | 142,654 | | |
| SKF AB, B Shares | | | | | 8,572 | | | | | | 136,515 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden (continued) | | | |
Svenska Cellulosa AB SCA, B Shares* | | | | | 13,953 | | | | | $ | 150,356 | | |
Svenska Handelsbanken AB, A Shares* | | | | | 28,959 | | | | | | 267,733 | | |
Swedbank AB, A Shares* | | | | | 19,374 | | | | | | 228,825 | | |
| Swedish Match AB | | | | | 4,085 | | | | | | 253,284 | | |
| Tele2 AB, B Shares | | | | | 11,251 | | | | | | 145,833 | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 57,584 | | | | | | 501,720 | | |
| Telia Co. AB | | | | | 49,654 | | | | | | 171,577 | | |
Trelleborg AB, B Shares* | | | | | 7,017 | | | | | | 90,378 | | |
Volvo AB, B Shares* | | | | | 29,621 | | | | | | 382,575 | | |
| Total Sweden | | | | | | | | | | | 6,569,870 | | |
| Switzerland — 9.9% | | | | | | | | | | | | | |
| ABB Ltd. | | | | | 35,167 | | | | | | 667,705 | | |
| Adecco Group AG | | | | | 3,227 | | | | | | 141,465 | | |
Alcon, Inc.* | | | | | 8,616 | | | | | | 454,747 | | |
| Baloise Holding AG | | | | | 1,130 | | | | | | 169,181 | | |
Chocoladefabriken Lindt & Spruengli AG(a) | | | | | 35 | | | | | | 272,885 | | |
| Cie Financiere Richemont SA | | | | | 10,093 | | | | | | 573,277 | | |
Clariant AG* | | | | | 6,147 | | | | | | 113,782 | | |
Coca-Cola HBC AG* | | | | | 4,367 | | | | | | 110,993 | | |
Credit Suisse Group AG* | | | | | 45,180 | | | | | | 408,476 | | |
| EMS-Chemie Holding AG | | | | | 212 | | | | | | 137,394 | | |
| Geberit AG | | | | | 825 | | | | | | 370,209 | | |
| Givaudan SA | | | | | 185 | | | | | | 619,702 | | |
Glencore PLC* | | | | | 205,306 | | | | | | 380,934 | | |
Julius Baer Group Ltd.* | | | | | 4,623 | | | | | | 181,251 | | |
| Kuehne + Nagel International AG | | | | | 855 | | | | | | 122,295 | | |
LafargeHolcim Ltd.* | | | | | 8,384 | | | | | | 347,817 | | |
| Lonza Group AG | | | | | 1,481 | | | | | | 646,628 | | |
Nestle SA(g) | | | | | 54,056 | | | | | | 5,707,202 | | |
| Novartis AG | | | | | 39,510 | | | | | | 3,367,448 | | |
| Partners Group Holding AG | | | | | 414 | | | | | | 325,915 | | |
| PSP Swiss Property AG | | | | | 1,276 | | | | | | 148,337 | | |
| Roche Holding AG | | | | | 13,459 | | | | | | 4,677,845 | | |
| Schindler Holding AG — Participating Certificate | | | | | 1,241 | | | | | | 275,806 | | |
| SGS SA | | | | | 148 | | | | | | 335,057 | | |
Sika AG(a) | | | | | 2,862 | | | | | | 473,565 | | |
| Sonova Holding AG | | | | | 1,205 | | | | | | 217,615 | | |
| STMicroelectronics NV | | | | | 11,689 | | | | | | 303,558 | | |
| Straumann Holding AG | | | | | 182 | | | | | | 138,110 | | |
| Swatch Group AG (The) | | | | | 635 | | | | | | 127,079 | | |
| Swiss Life Holding AG | | | | | 711 | | | | | | 251,869 | | |
| Swiss Prime Site AG | | | | | 1,983 | | | | | | 188,407 | | |
Swiss Re AG(a) | | | | | 5,289 | | | | | | 381,735 | | |
| Swisscom AG | | | | | 507 | | | | | | 263,599 | | |
Temenos AG* | | | | | 1,081 | | | | | | 140,676 | | |
UBS Group AG* | | | | | 65,991 | | | | | | 706,985 | | |
| Vifor Pharma AG | | | | | 1,141 | | | | | | 171,478 | | |
| Zurich Insurance Group AG | | | | | 2,687 | | | | | | 855,530 | | |
| Total Switzerland | | | | | | | | | | | 24,776,557 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Arab Emirates — 0.0% | | | | | | | | | | | | | |
NMC Health PLC(c)(d) | | | | | 3,838 | | | | | $ | — | | |
| United Kingdom — 12.7% | | | | | | | | | | | | | |
| 3i Group PLC | | | | | 21,313 | | | | | | 210,764 | | |
| Admiral Group PLC | | | | | 5,536 | | | | | | 162,700 | | |
| Ashtead Group PLC | | | | | 9,666 | | | | | | 265,181 | | |
| Associated British Foods PLC | | | | | 7,125 | | | | | | 170,081 | | |
| AstraZeneca PLC | | | | | 24,816 | | | | | | 2,604,925 | | |
Auto Trader Group PLC‡ | | | | | 18,632 | | | | | | 107,801 | | |
| Aviva PLC | | | | | 77,930 | | | | | | 237,682 | | |
| B&M European Value Retail SA | | | | | 16,834 | | | | | | 70,665 | | |
| BAE Systems PLC | | | | | 60,648 | | | | | | 388,918 | | |
| Barclays PLC | | | | | 331,745 | | | | | | 443,135 | | |
| Barratt Developments PLC | | | | | 21,272 | | | | | | 139,255 | | |
| Berkeley Group Holdings PLC | | | | | 2,756 | | | | | | 145,413 | | |
| BP PLC | | | | | 373,570 | | | | | | 1,475,336 | | |
| British American Tobacco PLC | | | | | 43,471 | | | | | | 1,689,105 | | |
| British Land Co. PLC (The) | | | | | 20,275 | | | | | | 103,472 | | |
| BT Group PLC | | | | | 163,747 | | | | | | 239,692 | | |
| Bunzl PLC | | | | | 7,424 | | | | | | 161,768 | | |
| Burberry Group PLC | | | | | 8,877 | | | | | | 155,638 | | |
| Centrica PLC | | | | | 106,656 | | | | | | 53,678 | | |
| CK Hutchison Holdings Ltd. | | | | | 56,629 | | | | | | 419,293 | | |
CNH Industrial NV* | | | | | 17,346 | | | | | | 108,523 | | |
| Compass Group PLC | | | | | 30,009 | | | | | | 505,701 | | |
| Croda International PLC | | | | | 3,138 | | | | | | 193,235 | | |
| DCC PLC | | | | | 2,118 | | | | | | 151,156 | | |
| Diageo PLC | | | | | 43,759 | | | | | | 1,517,875 | | |
| Direct Line Insurance Group PLC | | | | | 32,723 | | | | | | 112,475 | | |
| DS Smith PLC | | | | | 31,179 | | | | | | 122,663 | | |
| Experian PLC | | | | | 17,818 | | | | | | 534,000 | | |
| Fiat Chrysler Automobiles NV | | | | | 18,605 | | | | | | 163,350 | | |
| G4S PLC | | | | | 35,716 | | | | | | 49,195 | | |
| GlaxoSmithKline PLC | | | | | 92,432 | | | | | | 1,936,546 | | |
| GVC Holdings PLC | | | | | 11,953 | | | | | | 113,680 | | |
| Hargreaves Lansdown PLC | | | | | 7,131 | | | | | | 129,568 | | |
| HSBC Holdings PLC | | | | | 381,077 | | | | | | 1,970,754 | | |
| IMI PLC | | | | | 7,542 | | | | | | 78,721 | | |
| Imperial Brands PLC | | | | | 18,555 | | | | | | 392,959 | | |
| Informa PLC | | | | | 28,560 | | | | | | 158,218 | | |
| InterContinental Hotels Group PLC | | | | | 3,937 | | | | | | 179,171 | | |
| International Consolidated Airlines Group SA | | | | | 11,904 | | | | | | 33,319 | | |
| Intertek Group PLC | | | | | 3,674 | | | | | | 220,125 | | |
| ITV PLC | | | | | 75,372 | | | | | | 72,729 | | |
| John Wood Group PLC | | | | | 14,864 | | | | | | 37,985 | | |
| Johnson Matthey PLC | | | | | 4,317 | | | | | | 108,497 | | |
| Kingfisher PLC | | | | | 47,449 | | | | | | 94,144 | | |
| Land Securities Group PLC | | | | | 15,129 | | | | | | 126,329 | | |
| Legal & General Group PLC | | | | | 116,942 | | | | | | 301,795 | | |
| Lloyds Banking Group PLC | | | | | 1,349,439 | | | | | | 548,762 | | |
| London Stock Exchange Group PLC | | | | | 5,911 | | | | | | 555,908 | | |
| M&G PLC | | | | | 49,215 | | | | | | 82,097 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | | | |
| Marks & Spencer Group PLC | | | | | 42,014 | | | | | $ | 48,808 | | |
| Meggitt PLC | | | | | 19,450 | | | | | | 68,521 | | |
| Melrose Industries PLC | | | | | 103,346 | | | | | | 130,069 | | |
| Micro Focus International PLC | | | | | 6,772 | | | | | | 41,146 | | |
| Mondi PLC | | | | | 10,697 | | | | | | 190,247 | | |
| National Grid PLC | | | | | 64,257 | | | | | | 756,851 | | |
| Next PLC | | | | | 2,894 | | | | | | 172,515 | | |
Ninety One PLC* | | | | | 8,297 | | | | | | 17,760 | | |
Ocado Group PLC* | | | | | 9,760 | | | | | | 197,526 | | |
Pearson PLC(a) | | | | | 16,965 | | | | | | 98,392 | | |
| Persimmon PLC | | | | | 6,848 | | | | | | 190,462 | | |
| Prudential PLC | | | | | 49,702 | | | | | | 707,475 | | |
Quilter PLC‡ | | | | | 36,485 | | | | | | 56,720 | | |
| Reckitt Benckiser Group PLC | | | | | 12,078 | | | | | | 1,010,053 | | |
| RELX PLC | | | | | 35,318 | | | | | | 800,312 | | |
| Rentokil Initial PLC | | | | | 35,226 | | | | | | 210,743 | | |
Rolls-Royce Holdings PLC* | | | | | 33,718 | | | | | | 140,350 | | |
| Royal Bank of Scotland Group PLC | | | | | 89,464 | | | | | | 124,751 | | |
| RSA Insurance Group PLC | | | | | 24,987 | | | | | | 113,841 | | |
| Sage Group PLC (The) | | | | | 24,108 | | | | | | 194,615 | | |
| Schroders PLC | | | | | 2,690 | | | | | | 90,051 | | |
| Severn Trent PLC | | | | | 5,063 | | | | | | 152,631 | | |
| Smith & Nephew PLC | | | | | 17,845 | | | | | | 350,687 | | |
| Smiths Group PLC | | | | | 9,841 | | | | | | 153,983 | | |
| Spirax-Sarco Engineering PLC | | | | | 1,353 | | | | | | 148,953 | | |
| SSE PLC | | | | | 20,056 | | | | | | 316,221 | | |
| St James’s Place PLC | | | | | 12,198 | | | | | | 130,996 | | |
| Standard Chartered PLC | | | | | 53,904 | | | | | | 277,067 | | |
Standard Life Aberdeen PLC(a) | | | | | 46,457 | | | | | | 129,561 | | |
Subsea 7 SA* | | | | | 6,697 | | | | | | 37,235 | | |
| Tate & Lyle PLC | | | | | 13,133 | | | | | | 117,978 | | |
| Taylor Wimpey PLC | | | | | 68,287 | | | | | | 126,660 | | |
| TechnipFMC PLC | | | | | 9,425 | | | | | | 82,420 | | |
| Tesco PLC | | | | | 192,881 | | | | | | 571,976 | | |
| Unilever NV | | | | | 27,332 | | | | | | 1,364,516 | | |
| Unilever PLC | | | | | 20,297 | | | | | | 1,050,179 | | |
| United Utilities Group PLC | | | | | 14,493 | | | | | | 164,929 | | |
| Vodafone Group PLC | | | | | 517,788 | | | | | | 732,400 | | |
| Weir Group PLC (The) | | | | | 5,717 | | | | | | 68,837 | | |
Whitbread PLC(a) | | | | | 2,073 | | | | | | 77,920 | | |
Wm Morrison Supermarkets PLC(a) | | | | | 53,051 | | | | | | 122,456 | | |
| WPP PLC | | | | | 24,085 | | | | | | 188,718 | | |
| Total United Kingdom | | | | | | | | | | | 31,571,513 | | |
| United States — 0.4% | | | | | | | | | | | | | |
| Amcor PLC | | | | | 33,903 | | | | | | 312,302 | | |
| Carnival PLC | | | | | 3,576 | | | | | | 49,414 | | |
| Ferguson PLC | | | | | 4,534 | | | | | | 328,040 | | |
| James Hardie Industries PLC | | | | | 8,898 | | | | | | 130,608 | | |
OneMarket Ltd*(c)(d) | | | | | 1,633 | | | | | | 1,037 | | |
QIAGEN NV* | | | | | 3,818 | | | | | | 158,910 | | |
Samsonite International SA‡ | | | | | 32,778 | | | | | | 27,694 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United States (continued) | | | |
| Total United States | | | | | | | | | | $ | 1,008,005 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $309,529,544) | | | | | | | | | | | 247,830,020 | | |
| Preferred Stocks — 0.7% | | | | | | | | | | | | | |
| Germany — 0.5% | | | | | | | | | | | | | |
| FUCHS PETROLUB SE, 2.78% | | | | | 3,064 | | | | | | 119,004 | | |
| Henkel AG & Co. KGaA, 2.31% | | | | | 3,719 | | | | | | 330,110 | | |
| Porsche Automobil Holding SE, 5.03% | | | | | 3,520 | | | | | | 177,467 | | |
| Sartorius AG, 0.00% | ��� | | | | 688 | | | | | | 193,516 | | |
| Volkswagen AG, 3.93% | | | | | 3,816 | | | | | | 535,916 | | |
| Total Germany | | | | | | | | | | | 1,356,013 | | |
| South Korea — 0.2% | | | | | | | | | | | | | |
| Samsung Electronics Co., Ltd., 3.44% | | | | | 14,671 | | | | | | 508,720 | | |
| Total Preferred Stocks | | | | | | | | | | | | | |
| (Cost $2,194,808) | | | | | | | | | | | 1,864,733 | | |
| Short-Term Investment — 3.6% | | | | | | | | | | | | | |
| Money Market Fund — 3.6% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(e)(f) | | | | | | | | | | | | | |
| (Cost $8,900,910) | | | | | 8,900,910 | | | | | | 8,900,910 | | |
| Total Investments — 103.6% | | | | | | | | | | | | | |
| (Cost $320,625,262) | | | | | | | | | | | 258,595,663 | | |
| Other Assets and Liabilities, Net — (3.6)% | | | | | | | | | | | (9,020,866) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 249,574,797 | | |
| |
*
Non-income producing securities.
‡
May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $9,313,923; total market value of collateral held by the Fund was $10,004,457. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $1,103,547.
(b)
Less than 0.05%.
(c)
Securities have been deemed illiquid because they may not be able to be resold within seven days at approximately the price shown. At April 30, 2020, the value of these securities was $36,157.
(d)
Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.
(e)
Reflects the 1-day yield at April 30, 2020.
(f)
Represents security purchased with cash collateral received for securities on loan.
(g)
All or a portion of these securities have been segregated as collateral for forward foreign currency contracts. The total value of securities segregated amounted to $1,276,794.
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
Forward Foreign Currency Contracts Outstanding as of April 30, 2020:
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
April 30, 2020 | | | Unrealized
Appreciation | |
| Australian Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 12,094,407 | | | | | $ | 7,896,990 | | | | | $ | 7,918,322 | | | | | $ | 21,332 | | |
| Swiss Franc | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 11,657,725 | | | | | | 12,074,882 | | | | | | 12,080,003 | | | | | | 5,121 | | |
| Danish Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 17,023,871 | | | | | | 2,498,363 | | | | | | 2,499,785 | | | | | | 1,422 | | |
| Euro | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 31,282,015 | | | | | | 34,247,731 | | | | | | 34,265,940 | | | | | | 18,209 | | |
| British Pound | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 14,767,634 | | | | | | 18,609,346 | | | | | | 18,627,458 | | | | | | 18,112 | | |
| Hong Kong Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 936,594 | | | | | | 120,797 | | | | | | 120,808 | | | | | | 11 | | |
| Israeli Shekel | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 2,216,471 | | | | | | 637,193 | | | | | | 638,658 | | | | | | 1,465 | | |
| Japanese Yen | | | | | 05/01/20 | | | | Morgan Stanley | | | | | 3,434,642,577 | | | | | | 32,105,261 | | | | | | 32,118,975 | | | | | | 13,714 | | |
| Japanese Yen | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 95,302,728 | | | | | | 889,188 | | | | | | 891,270 | | | | | | 2,082 | | |
South Korean Won# | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 6,791,014,943 | | | | | | 5,541,724 | | | | | | 5,573,793 | | | | | | 32,069 | | |
| Norwegian Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 7,144,875 | | | | | | 697,864 | | | | | | 699,153 | | | | | | 1,289 | | |
| New Zealand Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 719,471 | | | | | | 443,004 | | | | | | 443,866 | | | | | | 862 | | |
| Polish Zloty | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 1,238,590 | | | | | | 298,903 | | | | | | 299,082 | | | | | | 179 | | |
| Swedish Krona | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 32,382,433 | | | | | | 3,309,200 | | | | | | 3,315,552 | | | | | | 6,352 | | |
| Singapore Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 142,453 | | | | | | 100,133 | | | | | | 101,197 | | | | | | 1,064 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | 119,470,579 | | | | | $ | 119,593,862 | | | | | $ | 123,283 | | |
| |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30, 2020 | | | Unrealized
Appreciation | |
| Swiss Franc | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (16,076) | | | | | $ | (16,677) | | | | | $ | (16,658) | | | | | $ | 19 | | |
| Danish Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (17,503,913) | | | | | | (2,576,038) | | | | | | (2,570,274) | | | | | | 5,764 | | |
| Euro | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (32,152,102) | | | | | | (35,319,132) | | | | | | (35,219,023) | | | | | | 100,109 | | |
| Hong Kong Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (34,764,440) | | | | | | (4,484,136) | | | | | | (4,484,126) | | | | | | 10 | | |
South Korean Won# | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (7,031,735,385) | | | | | | (5,818,083) | | | | | | (5,774,131) | | | | | | 43,952 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | (48,214,066) | | | | | $ | (48,064,212) | | | | | $ | 149,854 | | |
| Total Unrealized Appreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 273,137 | | |
| |
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
April 30, 2020 | | | Unrealized
(Depreciation) | |
| Swiss Franc | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 319,424 | | | | | $ | 332,697 | | | | | $ | 330,995 | | | | | $ | (1,702) | | |
| Danish Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 480,042 | | | | | | 70,610 | | | | | | 70,489 | | | | | | (121) | | |
| Euro | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 870,087 | | | | | | 954,875 | | | | | | 953,083 | | | | | | (1,792) | | |
| Hong Kong Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 33,827,846 | | | | | | 4,364,097 | | | | | | 4,363,319 | | | | | | (778) | | |
South Korean Won# | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 187,731,882 | | | | | | 154,855 | | | | | | 154,083 | | | | | | (772) | | |
| Polish Zloty | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 34,718 | | | | | | 8,399 | | | | | | 8,383 | | | | | | (16) | | |
| Singapore Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 1,970,560 | | | | | | 1,400,186 | | | | | | 1,399,865 | | | | | | (321) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | 7,285,719 | | | | | $ | 7,280,217 | | | | | $ | (5,502) | | |
| |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30, 2020 | | | Unrealized
(Depreciation) | |
| Australian Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (12,094,407) | | | | | $ | (7,403,361) | | | | | $ | (7,918,322) | | | | | $ | (514,961) | | |
| Australian Dollar | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (12,191,100) | | | | | | (7,981,720) | | | | | | (7,982,472) | | | | | | (752) | | |
| Swiss Franc | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (11,961,073) | | | | | | (12,380,099) | | | | | | (12,394,339) | | | | | | (14,240) | | |
| Swiss Franc | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (11,669,081) | | | | | | (12,098,142) | | | | | | (12,102,326) | | | | | | (4,184) | | |
| Danish Krone | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (17,723,072) | | | | | | (2,603,354) | | | | | | (2,604,058) | | | | | | (704) | | |
| Euro | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (31,851,291) | | | | | | (34,901,342) | | | | | | (34,911,725) | | | | | | (10,383) | | |
| British Pound | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (14,767,634) | | | | | | (18,322,083) | | | | | | (18,627,458) | | | | | | (305,375) | | |
| British Pound | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (14,415,770) | | | | | | (18,183,900) | | | | | | (18,185,955) | | | | | | (2,055) | | |
| Hong Kong Dollar | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (34,718,064) | | | | | | (4,475,587) | | | | | | (4,476,201) | | | | | | (614) | | |
| Israeli Shekel | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (2,216,471) | | | | | | (627,126) | | | | | | (638,658) | | | | | | (11,532) | | |
| Israeli Shekel | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (2,216,306) | | | | | | (638,839) | | | | | | (639,186) | | | | | | (347) | | |
| Japanese Yen | | | | | 05/01/20 | | | | Morgan Stanley | | | | | (3,529,945,305) | | | | | | (32,734,942) | | | | | | (33,010,196) | | | | | | (275,254) | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30, 2020 | | | Unrealized
(Depreciation) | |
| Japanese Yen | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (3,435,939,012) | | | | | $ | (32,137,494) | | | | | $ | (32,147,243) | | | | | $ | (9,749) | | |
South Korean Won# | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (6,978,746,825) | | | | | | (5,724,526) | | | | | | (5,727,876) | | | | | | (3,350) | | |
| Norwegian Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (7,144,875) | | | | | | (680,549) | | | | | | (699,153) | | | | | | (18,604) | | |
| Norwegian Krone | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (7,194,418) | | | | | | (704,002) | | | | | | (704,122) | | | | | | (120) | | |
| New Zealand Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (719,471) | | | | | | (426,432) | | | | | | (443,866) | | | | | | (17,434) | | |
| New Zealand Dollar | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (718,684) | | | | | | (443,287) | | | | | | (443,294) | | | | | | (7) | | |
| Polish Zloty | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (1,273,308) | | | | | | (306,457) | | | | | | (307,465) | | | | | | (1,008) | | |
| Polish Zloty | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (1,232,643) | | | | | | (297,522) | | | | | | (297,572) | | | | | | (50) | | |
| Swedish Krona | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (32,382,433) | | | | | | (3,270,476) | | | | | | (3,315,552) | | | | | | (45,076) | | |
| Swedish Krona | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (32,084,616) | | | | | | (3,285,380) | | | | | | (3,286,031) | | | | | | (651) | | |
| Singapore Dollar | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (2,113,013) | | | | | | (1,484,662) | | | | | | (1,501,062) | | | | | | (16,400) | | |
| Singapore Dollar | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (2,109,567) | | | | | | (1,498,457) | | | | | | (1,498,799) | | | | | | (342) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | (202,609,739) | | | | | $ | (203,862,931) | | | | | $ | (1,253,192) | | |
| Total Unrealized Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,258,694) | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (985,557) | | |
| |
As of April 30, 2020, there was collateral segregated by the counterparty for forward foreign currency contracts in the amount of $1,276,794.
#
Non-deliverable forward.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 17,035,560 | | | | | $ | — | | | | | $ | — | | | | | $ | 17,035,560 | | |
| Austria | | | | | 364,517 | | | | | | — | | | | | | — | | | | | | 364,517 | | |
| Belgium | | | | | 2,160,409 | | | | | | — | | | | | | — | | | | | | 2,160,409 | | |
| Cambodia | | | | | 52,958 | | | | | | — | | | | | | — | | | | | | 52,958 | | |
| China | | | | | 731,231 | | | | | | — | | | | | | — | | | | | | 731,231 | | |
| Denmark | | | | | 5,184,721 | | | | | | — | | | | | | — | | | | | | 5,184,721 | | |
| Finland | | | | | 2,842,704 | | | | | | — | | | | | | — | | | | | | 2,842,704 | | |
| France | | | | | 23,130,297 | | | | | | — | | | | | | — | | | | | | 23,130,297 | | |
| Germany | | | | | 18,469,687 | | | | | | — | | | | | | — | | | | | | 18,469,687 | | |
| Hong Kong | | | | | 7,600,789 | | | | | | — | | | | | | — | | | | | | 7,600,789 | | |
| Ireland | | | | | 1,358,810 | | | | | | — | | | | | | — | | | | | | 1,358,810 | | |
| Israel | | | | | 1,277,079 | | | | | | — | | | | | | — | | | | | | 1,277,079 | | |
| Italy | | | | | 4,766,436 | | | | | | — | | | | | | — | | | | | | 4,766,436 | | |
| Japan | | | | | 64,241,922 | | | | | | — | | | | | | — | | | | | | 64,241,922 | | |
| Luxembourg | | | | | 405,022 | | | | | | — | | | | | | — | | | | | | 405,022 | | |
| Macau | | | | | 525,022 | | | | | | — | | | | | | — | | | | | | 525,022 | | |
| Netherlands | | | | | 9,833,547 | | | | | | — | | | | | | — | | | | | | 9,833,547 | | |
| New Zealand | | | | | 1,001,595 | | | | | | — | | | | | | — | | | | | | 1,001,595 | | |
| Norway | | | | | 1,370,737 | | | | | | — | | | | | | — | | | | | | 1,370,737 | | |
| Poland | | | | | 597,452 | | | | | | — | | | | | | — | | | | | | 597,452 | | |
| Portugal | | | | | 430,852 | | | | | | — | | | | | | — | | | | | | 430,852 | | |
| Russia | | | | | 220,844 | | | | | | — | | | | | | — | | | | | | 220,844 | | |
| Singapore | | | | | 2,997,183 | | | | | | — | | | | | | — | | | | | | 2,997,183 | | |
| South Africa | | | | | 447,043 | | | | | | — | | | | | | — | | | | | | 447,043 | | |
| South Korea | | | | | 11,033,379 | | | | | | — | | | | | | — | | | | | | 11,033,379 | | |
| Spain | | | | | 5,789,159 | | | | | | — | | | | | | 35,120(i) | | | | | | 5,824,279 | | |
| Sweden | | | | | 6,569,870 | | | | | | — | | | | | | — | | | | | | 6,569,870 | | |
| Switzerland | | | | | 24,776,557 | | | | | | — | | | | | | — | | | | | | 24,776,557 | | |
| United Arab Emirates | | | | | — | | | | | | — | | | | | | —(i) | | | | | | — | | |
| United Kingdom | | | | | 31,571,513 | | | | | | — | | | | | | — | | | | | | 31,571,513 | | |
| United States | | | | | 1,006,968 | | | | | | — | | | | | | 1,037(i) | | | | | | 1,008,005 | | |
| Total Common Stocks | | | | | 247,793,863 | | | | | | — | | | | | | 36,157 | | | | | | 247,830,020 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Preferred Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Germany | | | | $ | 1,356,013 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,356,013 | | |
| South Korea | | | | | 508,720 | | | | | | — | | | | | | — | | | | | | 508,720 | | |
| Total Preferred Stocks | | | | | 1,864,733 | | | | | | — | | | | | | — | | | | | | 1,864,733 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 8,900,910 | | | | | | — | | | | | | — | | | | | | 8,900,910 | | |
| Total Investments in Securities | | | | | 258,559,506 | | | | | | — | | | | | | 36,157 | | | | | | 258,595,663 | | |
| Other Financial Instruments:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 273,137 | | | | | | — | | | | | | 273,137 | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 258,559,506 | | | | | $ | 273,137 | | | | | $ | 36,157 | | | | | $ | 258,868,800 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | 1,258,694 | | | | | $ | — | | | | | $ | 1,258,694 | | |
| |
(h)
For a complete listing of investments and their countries, see the Schedules of Investments.
(i)
The Level 3 securities, valued in total at $36,157, have been deemed illiquid and have been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(j)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund transferred common stock valued at $95,937 from Level 1 to Level 3 as a result of a security has been deemed illiquid.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Investments in
Securities | | | Balance
as of
April 30,
2019 | | | Accrued
Discounts
(Premiums) | | | Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Purchases | | | Sales | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Balance
as of
April 30,
2020 | | | Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
April 30,
2020(k) | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abertis Infraestructuras SA(l) | | | | $ | 44,573 | | | | | $ | — | | | | | $ | — | | | | | $ | (9,453) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 35,120 | | | | | $ | (9,453) | | |
NMC Health PLC(l) | | | | | — | | | | | | — | | | | | | (9,930) | | | | | | (104,521) | | | | | | 50,184 | | | | | | (30,575) | | | | | | 94,842 | | | | | | — | | | | | | —(m) | | | | | | (104,521) | | |
OneMarket Ltd(l) | | | | | — | | | | | | — | | | | | | (338) | | | | | | 404 | | | | | | 206 | | | | | | (330) | | | | | | 1,095 | | | | | | — | | | | | | 1,037 | | | | | | 404 | | |
Rolls-Royce
Holdings
PLC — Entitlement
Shares(l) | | | | | 2,895 | | | | | | — | | | | | | (55) | | | | | | (29) | | | | | | 1,539 | | | | | | (4,350) | | | | | | — | | | | | | — | | | | | | — | | | | | | (29) | | |
| Total | | | | $ | 47,468 | | | | | $ | — | | | | | $ | (10,323) | | | | | $ | (113,599) | | | | | $ | 51,929 | | | | | $ | (35,255) | | | | | $ | 95,937 | | | | | $ | — | | | | | $ | 36,157 | | | | | $ | (113,599) | | |
(k)
Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statements of Operations.
(l)
Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(m)
Includes a Level 3 security valued at $ — .
Information about Level 3 fair value measurements as of April 30, 2020.
| Security Type | | | Fair Value | | | Valuation Technique | | | Unobservable Inputs | |
| Common Stock | | | | $ | 36,157 | | | | Issuer Specific Data | | | Company News Information | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.4% | |
| Australia — 1.1% | |
| BHP Group PLC | | | | | 2,071 | | | | | $ | 34,905 | | |
| Rio Tinto PLC | | | | | 1,098 | | | | | | 51,029 | | |
| Total Australia | | | | | | | | | | | 85,934 | | |
| Austria — 0.3% | | | | | | | | | | | | | |
ANDRITZ AG* | | | | | 71 | | | | | | 2,333 | | |
Erste Group Bank AG* | | | | | 285 | | | | | | 6,189 | | |
| OMV AG | | | | | 142 | | | | | | 4,651 | | |
| Raiffeisen Bank International AG | | | | | 128 | | | | | | 2,205 | | |
Telekom Austria AG* | | | | | 133 | | | | | | 935 | | |
| Verbund AG | | | | | 66 | | | | | | 2,990 | | |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | | | | | 38 | | | | | | 765 | | |
| voestalpine AG | | | | | 114 | | | | | | 2,359 | | |
| Total Austria | | | | | | | | | | | 22,427 | | |
| Belgium — 1.5% | | | | | | | | | | | | | |
| Ackermans & van Haaren NV | | | | | 22 | | | | | | 2,913 | | |
| Ageas | | | | | 184 | | | | | | 6,621 | | |
| Anheuser-Busch InBev SA/NV | | | | | 771 | | | | | | 35,367 | | |
| Colruyt SA | | | | | 53 | | | | | | 3,171 | | |
| Elia Group SA | | | | | 35 | | | | | | 4,025 | | |
Galapagos NV* | | | | | 50 | | | | | | 11,035 | | |
Groupe Bruxelles Lambert SA* | | | | | 73 | | | | | | 5,827 | | |
| KBC Group NV | | | | | 275 | | | | | | 14,844 | | |
| Proximus SADP | | | | | 139 | | | | | | 2,964 | | |
| Sofina SA | | | | | 15 | | | | | | 3,532 | | |
| Solvay SA | | | | | 69 | | | | | | 5,384 | | |
| Telenet Group Holding NV | | | | | 47 | | | | | | 1,960 | | |
UCB SA* | | | | | 121 | | | | | | 11,072 | | |
| Umicore SA | | | | | 203 | | | | | | 8,763 | | |
| Total Belgium | | | | | | | | | | | 117,478 | | |
| Chile — 0.1% | | | | | | | | | | | | | |
| Antofagasta PLC | | | | | 343 | | | | | | 3,517 | | |
| China — 0.4% | | | | | | | | | | | | | |
Prosus NV* | | | | | 433 | | | | | | 32,810 | | |
| Denmark — 3.6% | | | | | | | | | | | | | |
| Ambu A/S, Class B | | | | | 164 | | | | | | 5,143 | | |
| AP Moller — Maersk A/S, Class A | | | | | 4 | | | | | | 3,691 | | |
| AP Moller — Maersk A/S, Class B | | | | | 7 | | | | | | 6,958 | | |
| Carlsberg A/S, Class B | | | | | 102 | | | | | | 12,859 | | |
| Chr Hansen Holding A/S | | | | | 102 | | | | | | 8,788 | | |
Coloplast A/S, Class B(a) | | | | | 133 | | | | | | 21,032 | | |
Danske Bank A/S* | | | | | 663 | | | | | | 7,866 | | |
Demant A/S* | | | | | 106 | | | | | | 2,533 | | |
| DSV PANALPINA A/S | | | | | 202 | | | | | | 20,839 | | |
Genmab A/S* | | | | | 59 | | | | | | 14,185 | | |
| GN Store Nord A/S | | | | | 129 | | | | | | 5,896 | | |
| H Lundbeck A/S | | | | | 60 | | | | | | 2,186 | | |
ISS A/S*(a) | | | | | 183 | | | | | | 2,730 | | |
| Novo Nordisk A/S, Class B | | | | | 1,655 | | | | | | 105,536 | | |
Novozymes A/S, Class B(a) | | | | | 203 | | | | | | 9,943 | | |
Orsted A/S‡ | | | | | 188 | | | | | | 19,002 | | |
Pandora A/S(a) | | | | | 88 | | | | | | 3,126 | | |
| Rockwool International A/S, Class B | | | | | 6 | | | | | | 1,260 | | |
| Tryg A/S | | | | | 120 | | | | | | 3,177 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Denmark (continued) | | | |
| Vestas Wind Systems A/S | | | | | 195 | | | | | $ | 16,784 | | |
| Total Denmark | | | | | | | | | | | 273,534 | | |
| Finland — 2.0% | | | | | | | | | | | | | |
| Elisa OYJ | | | | | 143 | | | | | | 8,683 | | |
| Fortum OYJ | | | | | 430 | | | | | | 7,135 | | |
Huhtamaki OYJ* | | | | | 93 | | | | | | 3,476 | | |
| Kesko OYJ, Class B | | | | | 275 | | | | | | 4,473 | | |
| Kone OYJ, Class B | | | | | 391 | | | | | | 23,692 | | |
| Metso OYJ | | | | | 106 | | | | | | 2,941 | | |
| Neste OYJ | | | | | 414 | | | | | | 14,660 | | |
| Nokia OYJ | | | | | 5,579 | | | | | | 20,312 | | |
Nokian Renkaat OYJ(a) | | | | | 134 | | | | | | 2,867 | | |
Nordea Bank Abp* | | | | | 3,206 | | | | | | 20,532 | | |
Orion OYJ, Class B* | | | | | 101 | | | | | | 5,131 | | |
Sampo OYJ, Class A* | | | | | 488 | | | | | | 16,164 | | |
Stora Enso OYJ, Class R* | | | | | 572 | | | | | | 6,766 | | |
| UPM-Kymmene OYJ | | | | | 531 | | | | | | 14,691 | | |
| Wartsila OYJ Abp | | | | | 482 | | | | | | 3,539 | | |
| Total Finland | | | | | | | | | | | 155,062 | | |
| France — 16.0% | | | | | | | | | | | | | |
Accor SA(a) | | | | | 188 | | | | | | 5,214 | | |
Adevinta ASA* | | | | | 219 | | | | | | 1,816 | | |
| Aeroports de Paris | | | | | 28 | | | | | | 2,742 | | |
Air France-KLM*(a) | | | | | 187 | | | | | | 952 | | |
Air Liquide SA(a) | | | | | 464 | | | | | | 59,004 | | |
Airbus SE* | | | | | 551 | | | | | | 34,931 | | |
ALD SA‡ | | | | | 78 | | | | | | 760 | | |
| Alstom SA | | | | | 183 | | | | | | 7,488 | | |
Amundi SA‡ | | | | | 57 | | | | | | 3,783 | | |
| Arkema SA | | | | | 71 | | | | | | 5,887 | | |
| Atos SE | | | | | 95 | | | | | | 6,770 | | |
| AXA SA | | | | | 1,922 | | | | | | 34,095 | | |
| BioMerieux | | | | | 41 | | | | | | 5,088 | | |
| BNP Paribas SA | | | | | 1,083 | | | | | | 34,015 | | |
| Bollore SA | | | | | 973 | | | | | | 2,581 | | |
Bouygues SA* | | | | | 210 | | | | | | 6,466 | | |
| Bureau Veritas SA | | | | | 274 | | | | | | 5,684 | | |
| Capgemini SE | | | | | 156 | | | | | | 14,650 | | |
| Carrefour SA | | | | | 566 | | | | | | 8,366 | | |
Casino Guichard Perrachon SA(a) | | | | | 55 | | | | | | 2,062 | | |
| Cie de Saint-Gobain | | | | | 485 | | | | | | 12,861 | | |
| Cie Generale des Etablissements Michelin | | | | | 176 | | | | | | 17,176 | | |
| Cie Plastic Omnium SA | | | | | 54 | | | | | | 1,027 | | |
CNP Assurances* | | | | | 157 | | | | | | 1,621 | | |
| Covivio(a) | | | | | 46 | | | | | | 2,879 | | |
| Credit Agricole SA | | | | | 1,148 | | | | | | 9,156 | | |
| Danone SA | | | | | 599 | | | | | | 41,504 | | |
| Dassault Aviation SA | | | | | 2 | | | | | | 1,632 | | |
| Dassault Systemes SE | | | | | 132 | | | | | | 19,309 | | |
| Edenred | | | | | 242 | | | | | | 9,746 | | |
| Eiffage SA | | | | | 74 | | | | | | 6,055 | | |
| Electricite de France SA | | | | | 506 | | | | | | 4,031 | | |
| Elis SA | | | | | 216 | | | | | | 2,673 | | |
| Engie SA | | | | | 1,648 | | | | | | 17,877 | | |
| EssilorLuxottica SA | | | | | 294 | | | | | | 36,275 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | | | |
| Eurazeo SE | | | | | 41 | | | | | $ | 1,961 | | |
| Eutelsat Communications SA | | | | | 183 | | | | | | 2,053 | | |
| Faurecia SE | | | | | 73 | | | | | | 2,643 | | |
| Gecina SA | | | | | 52 | | | | | | 6,783 | | |
| Getlink SE | | | | | 451 | | | | | | 5,745 | | |
| Hermes International | | | | | 31 | | | | | | 22,675 | | |
| ICADE | | | | | 32 | | | | | | 2,459 | | |
| Iliad SA | | | | | 15 | | | | | | 2,234 | | |
| Imerys SA | | | | | 35 | | | | | | 1,097 | | |
| Ingenico Group SA | | | | | 62 | | | | | | 7,789 | | |
| Ipsen SA | | | | | 34 | | | | | | 2,523 | | |
| JCDecaux SA | | | | | 70 | | | | | | 1,451 | | |
| Kering SA | | | | | 74 | | | | | | 37,300 | | |
| Klepierre SA | | | | | 191 | | | | | | 3,861 | | |
| Legrand SA | | | | | 266 | | | | | | 17,924 | | |
L’Oreal SA* | | | | | 241 | | | | | | 70,031 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 249 | | | | | | 96,124 | | |
| Natixis SA | | | | | 831 | | | | | | 1,967 | | |
| Orange SA | | | | | 1,915 | | | | | | 23,356 | | |
| Orpea | | | | | 49 | | | | | | 5,448 | | |
| Pernod Ricard SA | | | | | 212 | | | | | | 32,300 | | |
| Peugeot SA | | | | | 541 | | | | | | 7,748 | | |
| Publicis Groupe SA | | | | | 214 | | | | | | 6,359 | | |
Remy Cointreau SA(a) | | | | | 24 | | | | | | 2,676 | | |
| Renault SA | | | | | 178 | | | | | | 3,530 | | |
| Rexel SA | | | | | 299 | | | | | | 2,800 | | |
| Rubis SCA | | | | | 90 | | | | | | 4,038 | | |
| Safran SA | | | | | 325 | | | | | | 29,980 | | |
| Sanofi | | | | | 1,085 | | | | | | 105,993 | | |
Sartorius Stedim Biotech* | | | | | 24 | | | | | | 5,757 | | |
Schneider Electric SE*(a) | | | | | 525 | | | | | | 47,992 | | |
SCOR SE* | | | | | 155 | | | | | | 4,363 | | |
| SEB SA | | | | | 27 | | | | | | 3,247 | | |
| Societe Generale SA | | | | | 765 | | | | | | 11,949 | | |
| Sodexo SA | | | | | 86 | | | | | | 6,829 | | |
| Suez | | | | | 364 | | | | | | 4,113 | | |
| Teleperformance | | | | | 58 | | | | | | 12,991 | | |
| Thales SA | | | | | 99 | | | | | | 7,497 | | |
| TOTAL SA | | | | | 2,388 | | | | | | 85,922 | | |
Ubisoft Entertainment SA* | | | | | 90 | | | | | | 6,695 | | |
| Unibail-Rodamco-Westfield | | | | | 135 | | | | | | 7,943 | | |
| Valeo SA | | | | | 237 | | | | | | 5,495 | | |
| Veolia Environnement SA | | | | | 502 | | | | | | 10,714 | | |
| Vinci SA | | | | | 465 | | | | | | 38,046 | | |
| Vivendi SA | | | | | 804 | | | | | | 17,353 | | |
| Wendel SA | | | | | 28 | | | | | | 2,392 | | |
Worldline SA‡* | | | | | 130 | | | | | | 8,825 | | |
| Total France | | | | | | | | | | | 1,225,147 | | |
| Germany — 13.1% | | | | | | | | | | | | | |
1&1 Drillisch AG(a) | | | | | 45 | | | | | | 1,047 | | |
| adidas AG | | | | | 193 | | | | | | 44,223 | | |
| Allianz SE | | | | | 416 | | | | | | 76,949 | | |
| Aroundtown SA | | | | | 1,189 | | | | | | 6,394 | | |
| BASF SE | | | | | 916 | | | | | | 46,839 | | |
| Bayer AG | | | | | 984 | | | | | | 64,817 | | |
| Bayerische Motoren Werke AG | | | | | 320 | | | | | | 18,944 | | |
| Bechtle AG | | | | | 27 | | | | | | 3,909 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | | | |
| Beiersdorf AG | | | | | 99 | | | | | $ | 10,364 | | |
| Brenntag AG | | | | | 154 | | | | | | 6,948 | | |
Carl Zeiss Meditec AG* | | | | | 37 | | | | | | 3,645 | | |
Commerzbank AG(a) | | | | | 1,032 | | | | | | 3,814 | | |
Continental AG* | | | | | 107 | | | | | | 9,048 | | |
Covestro AG‡* | | | | | 170 | | | | | | 5,713 | | |
| CTS Eventim AG & Co. KGaA | | | | | 58 | | | | | | 2,410 | | |
| Daimler AG | | | | | 807 | | | | | | 27,874 | | |
Delivery Hero SE‡* | | | | | 141 | | | | | | 11,892 | | |
| Deutsche Bank AG | | | | | 2,035 | | | | | | 15,108 | | |
| Deutsche Boerse AG | | | | | 184 | | | | | | 28,568 | | |
Deutsche Lufthansa AG(a) | | | | | 236 | | | | | | 2,109 | | |
| Deutsche Post AG | | | | | 976 | | | | | | 29,024 | | |
Deutsche Telekom AG* | | | | | 3,232 | | | | | | 47,171 | | |
| Deutsche Wohnen SE | | | | | 356 | | | | | | 14,427 | | |
DWS Group GmbH & Co. KGaA‡ | | | | | 32 | | | | | | 1,013 | | |
| E.ON SE | | | | | 2,160 | | | | | | 21,638 | | |
| Evonik Industries AG | | | | | 187 | | | | | | 4,600 | | |
| Fielmann AG | | | | | 24 | | | | | | 1,571 | | |
Fraport AG Frankfurt Airport Services Worldwide(a) | | | | | 34 | | | | | | 1,491 | | |
| Fresenius Medical Care AG & Co. KGaA | | | | | 208 | | | | | | 16,326 | | |
| Fresenius SE & Co. KGaA | | | | | 405 | | | | | | 17,580 | | |
| FUCHS PETROLUB SE | | | | | 32 | | | | | | 1,069 | | |
GEA Group AG* | | | | | 164 | | | | | | 3,769 | | |
GRENKE AG(a) | | | | | 26 | | | | | | 1,823 | | |
| Hannover Rueck SE | | | | | 60 | | | | | | 9,562 | | |
Hapag-Lloyd AG‡ | | | | | 27 | | | | | | 3,880 | | |
| HeidelbergCement AG | | | | | 147 | | | | | | 6,984 | | |
| Hella GmbH & Co. KGaA | | | | | 43 | | | | | | 1,592 | | |
Henkel AG & Co. KGaA* | | | | | 100 | | | | | | 7,788 | | |
| HOCHTIEF AG | | | | | 20 | | | | | | 1,572 | | |
| HUGO BOSS AG | | | | | 60 | | | | | | 1,668 | | |
| Infineon Technologies AG | | | | | 1,247 | | | | | | 23,151 | | |
| KION Group AG | | | | | 70 | | | | | | 3,474 | | |
| Knorr-Bremse AG | | | | | 48 | | | | | | 4,461 | | |
| LANXESS AG | | | | | 83 | | | | | | 4,087 | | |
| LEG Immobilien AG | | | | | 69 | | | | | | 7,923 | | |
Merck KGaA* | | | | | 129 | | | | | | 14,991 | | |
| METRO AG | | | | | 164 | | | | | | 1,424 | | |
MTU Aero Engines AG* | | | | | 53 | | | | | | 7,216 | | |
| Muenchener Rueckversicherungs-Gesellschaft AG | | | | | 144 | | | | | | 31,671 | | |
| Nemetschek SE | | | | | 54 | | | | | | 3,401 | | |
OSRAM Licht AG* | | | | | 72 | | | | | | 2,989 | | |
ProSiebenSat.1 Media SE(a) | | | | | 186 | | | | | | 1,863 | | |
Puma SE* | | | | | 82 | | | | | | 5,153 | | |
| Rational AG | | | | | 3 | | | | | | 1,448 | | |
| Rheinmetall AG | | | | | 43 | | | | | | 2,912 | | |
Rocket Internet SE‡* | | | | | 64 | | | | | | 1,348 | | |
| RWE AG | | | | | 570 | | | | | | 16,382 | | |
| SAP SE | | | | | 970 | | | | | | 115,742 | | |
Scout24 AG‡ | | | | | 108 | | | | | | 7,062 | | |
| Siemens AG | | | | | 758 | | | | | | 70,304 | | |
Siemens Healthineers AG‡ | | | | | 130 | | | | | | 5,724 | | |
| Suedzucker AG | | | | | 76 | | | | | | 1,005 | | |
| Symrise AG | | | | | 125 | | | | | | 12,640 | | |
| Talanx AG | | | | | 37 | | | | | | 1,320 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | | | |
TeamViewer AG* | | | | | 96 | | | | | $ | 4,164 | | |
| Telefonica Deutschland Holding AG | | | | | 647 | | | | | | 1,839 | | |
thyssenkrupp AG*(a) | | | | | 462 | | | | | | 3,077 | | |
Traton SE* | | | | | 49 | | | | | | 739 | | |
TUI AG(a) | | | | | 431 | | | | | | 1,721 | | |
Uniper SE(a) | | | | | 193 | | | | | | 5,179 | | |
| United Internet AG | | | | | 115 | | | | | | 3,961 | | |
Varta AG* | | | | | 14 | | | | | | 1,161 | | |
Volkswagen AG(a) | | | | | 32 | | | | | | 4,777 | | |
| Vonovia SE | | | | | 541 | | | | | | 26,695 | | |
| Wacker Chemie AG | | | | | 15 | | | | | | 875 | | |
Wirecard AG(a) | | | | | 114 | | | | | | 11,288 | | |
Zalando SE‡* | | | | | 148 | | | | | | 7,212 | | |
| Total Germany | | | | | | | | | | | 1,005,542 | | |
| Ireland — 0.9% | | | | | | | | | | | | | |
AIB Group PLC*(a) | | | | | 756 | | | | | | 1,035 | | |
| Bank of Ireland Group PLC | | | | | 909 | | | | | | 1,835 | | |
| CRH PLC | | | | | 794 | | | | | | 24,036 | | |
| Flutter Entertainment PLC | | | | | 78 | | | | | | 9,593 | | |
| Glanbia PLC | | | | | 190 | | | | | | 2,029 | | |
| Glanbia PLC | | | | | 7 | | | | | | 74 | | |
| Kerry Group PLC, Class A | | | | | 146 | | | | | | 16,743 | | |
| Kingspan Group PLC | | | | | 148 | | | | | | 7,538 | | |
| Smurfit Kappa Group PLC | | | | | 237 | | | | | | 7,497 | | |
| Total Ireland | | | | | | | | | | | 70,380 | | |
| Italy — 3.4% | | | | | | | | | | | | | |
| A2A SpA | | | | | 1,541 | | | | | | 2,097 | | |
| Amplifon SpA | | | | | 118 | | | | | | 2,703 | | |
| Assicurazioni Generali SpA | | | | | 1,279 | | | | | | 18,233 | | |
| Atlantia SpA | | | | | 493 | | | | | | 8,021 | | |
| Banca Mediolanum SpA | | | | | 287 | | | | | | 1,751 | | |
Banco BPM SpA*(a) | | | | | 1,514 | | | | | | 1,847 | | |
| Buzzi Unicem SpA | | | | | 69 | | | | | | 1,352 | | |
| Buzzi Unicem SpA-RSP | | | | | 40 | | | | | | 418 | | |
| Davide Campari-Milano SpA | | | | | 548 | | | | | | 4,244 | | |
| DiaSorin SpA | | | | | 23 | | | | | | 3,912 | | |
| Enel SpA | | | | | 7,784 | | | | | | 53,167 | | |
| Eni SpA | | | | | 2,505 | | | | | | 23,909 | | |
| Ferrari NV | | | | | 123 | | | | | | 19,319 | | |
FinecoBank Banca Fineco SpA* | | | | | 606 | | | | | | 6,730 | | |
| Hera SpA | | | | | 807 | | | | | | 2,986 | | |
Infrastrutture Wireless Italiane SpA‡ | | | | | 282 | | | | | | 2,982 | | |
| Intesa Sanpaolo SpA | | | | | 14,975 | | | | | | 23,340 | | |
| Italgas SpA | | | | | 484 | | | | | | 2,706 | | |
| Leonardo SpA | | | | | 384 | | | | | | 2,647 | | |
Mediaset SpA*(a) | | | | | 291 | | | | | | 591 | | |
| Mediobanca Banca di Credito Finanziario SpA | | | | | 803 | | | | | | 4,651 | | |
| Moncler SpA | | | | | 194 | | | | | | 7,288 | | |
Nexi SpA‡* | | | | | 293 | | | | | | 4,437 | | |
Pirelli & C SpA‡ | | | | | 431 | | | | | | 1,678 | | |
Poste Italiane SpA‡ | | | | | 452 | | | | | | 3,838 | | |
| Prysmian SpA | | | | | 245 | | | | | | 4,608 | | |
| Recordati SpA | | | | | 96 | | | | | | 4,171 | | |
Saipem SpA* | | | | | 557 | | | | | | 1,428 | | |
| Salvatore Ferragamo SpA | | | | | 65 | | | | | | 804 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Italy (continued) | | | |
| Snam SpA | | | | | 2,283 | | | | | $ | 10,222 | | |
Telecom Italia SpA*(a) | | | | | 10,600 | | | | | | 4,198 | | |
| Telecom Italia SpA-RSP | | | | | 6,022 | | | | | | 2,397 | | |
| Terna Rete Elettrica Nazionale SpA | | | | | 1,413 | | | | | | 8,853 | | |
UniCredit SpA* | | | | | 2,226 | | | | | | 17,138 | | |
| Unione di Banche Italiane SpA | | | | | 927 | | | | | | 2,649 | | |
UnipolSai Assicurazioni SpA(a) | | | | | 553 | | | | | | 1,359 | | |
| Total Italy | | | | | | | | | | | 262,674 | | |
| Jordan — 0.1% | | | | | | | | | | | | | |
| Hikma Pharmaceuticals PLC | | | | | 140 | | | | | | 4,185 | | |
| Kazakhstan — 0.0%(b) | | | | | | | | | | | | | |
| KAZ Minerals PLC | | | | | 227 | | | | | | 1,187 | | |
| Luxembourg — 0.3% | | | | | | | | | | | | | |
| ArcelorMittal SA | | | | | 598 | | | | | | 6,551 | | |
Eurofins Scientific SE(a) | | | | | 11 | | | | | | 6,084 | | |
| RTL Group SA | | | | | 38 | | | | | | 1,267 | | |
| SES SA | | | | | 348 | | | | | | 2,324 | | |
| Tenaris SA | | | | | 464 | | | | | | 3,250 | | |
| Total Luxembourg | | | | | | | | | | | 19,476 | | |
| Mexico — 0.0%(b) | | | | | | | | | | | | | |
Fresnillo PLC(a) | | | | | 179 | | | | | | 1,607 | | |
| Netherlands — 6.9% | | | | | | | | | | | | | |
Aalberts NV* | | | | | 96 | | | | | | 2,702 | | |
ABN AMRO Bank NV‡ | | | | | 401 | | | | | | 3,075 | | |
Adyen NV‡* | | | | | 27 | | | | | | 26,651 | | |
| Aegon NV | | | | | 1,748 | | | | | | 4,499 | | |
| Akzo Nobel NV | | | | | 196 | | | | | | 14,856 | | |
Altice Europe NV* | | | | | 541 | | | | | | 2,154 | | |
Altice Europe NV, Class B* | | | | | 28 | | | | | | 112 | | |
Argenx SE* | | | | | 43 | | | | | | 6,476 | | |
| ASM International NV | | | | | 48 | | | | | | 5,281 | | |
| ASML Holding NV | | | | | 401 | | | | | | 118,874 | | |
| ASR Nederland NV | | | | | 138 | | | | | | 3,711 | | |
| Boskalis Westminster NV | | | | | 81 | | | | | | 1,406 | | |
Euronext NV‡ | | | | | 61 | | | | | | 5,118 | | |
| EXOR NV | | | | | 104 | | | | | | 5,683 | | |
GrandVision NV‡* | | | | | 48 | | | | | | 1,272 | | |
Heineken Holding NV(a) | | | | | 105 | | | | | | 8,177 | | |
| Heineken NV | | | | | 235 | | | | | | 19,979 | | |
| ING Groep NV | | | | | 3,903 | | | | | | 21,409 | | |
Just Eat Takeaway.com NV‡* | | | | | 108 | | | | | | 11,018 | | |
| Koninklijke Ahold Delhaize NV | | | | | 1,090 | | | | | | 26,456 | | |
| Koninklijke DSM NV | | | | | 176 | | | | | | 21,542 | | |
| Koninklijke KPN NV | | | | | 3,295 | | | | | | 7,622 | | |
| Koninklijke Philips NV | | | | | 891 | | | | | | 38,758 | | |
| Koninklijke Vopak NV | | | | | 66 | | | | | | 3,804 | | |
| NN Group NV | | | | | 333 | | | | | | 9,633 | | |
OCI NV* | | | | | 94 | | | | | | 1,138 | | |
| Randstad NV | | | | | 109 | | | | | | 4,373 | | |
| Royal Dutch Shell PLC, Class A | | | | | 4,119 | | | | | | 68,840 | | |
| Royal Dutch Shell PLC, Class B | | | | | 3,742 | | | | | | 60,718 | | |
Signify NV‡ | | | | | 125 | | | | | | 2,549 | | |
| Wolters Kluwer NV | | | | | 265 | | | | | | 19,482 | | |
| Total Netherlands | | | | | | | | | | | 527,368 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Norway — 0.9% | | | | | | | | | | | | | |
Aker ASA, Class A* | | | | | 24 | | | | | $ | 637 | | |
| Aker BP ASA | | | | | 107 | | | | | | 1,781 | | |
| DNB ASA | | | | | 1,040 | | | | | | 12,639 | | |
| Equinor ASA | | | | | 972 | | | | | | 13,644 | | |
Gjensidige Forsikring ASA* | | | | | 166 | | | | | | 2,940 | | |
| Leroy Seafood Group ASA | | | | | 246 | | | | | | 1,310 | | |
| Mowi ASA | | | | | 420 | | | | | | 7,213 | | |
| Norsk Hydro ASA | | | | | 1,323 | | | | | | 3,388 | | |
| Orkla ASA | | | | | 754 | | | | | | 6,842 | | |
| Salmar ASA | | | | | 52 | | | | | | 2,035 | | |
| Schibsted ASA, Class A | | | | | 79 | | | | | | 1,681 | | |
| Schibsted ASA, Class B | | | | | 97 | | | | | | 1,890 | | |
| Telenor ASA | | | | | 639 | | | | | | 9,833 | | |
| Yara International ASA | | | | | 173 | | | | | | 5,913 | | |
| Total Norway | | | | | | | | | | | 71,746 | | |
| Poland — 0.4% | | | | | | | | | | | | | |
| Bank Polska Kasa Opieki SA | | | | | 155 | | | | | | 1,946 | | |
| CD Projekt SA | | | | | 62 | | | | | | 5,354 | | |
| Cyfrowy Polsat SA | | | | | 267 | | | | | | 1,648 | | |
Dino Polska SA‡* | | | | | 48 | | | | | | 2,024 | | |
| Grupa Lotos SA | | | | | 98 | | | | | | 1,476 | | |
KGHM Polska Miedz SA* | | | | | 135 | | | | | | 2,509 | | |
| LPP SA | | | | | 1 | | | | | | 1,570 | | |
mBank SA* | | | | | 13 | | | | | | 687 | | |
PGE Polska Grupa Energetyczna SA* | | | | | 698 | | | | | | 695 | | |
| Polski Koncern Naftowy ORLEN SA | | | | | 312 | | | | | | 4,698 | | |
| Polskie Gornictwo Naftowe I Gazownictwo SA | | | | | 1,719 | | | | | | 1,541 | | |
| Powszechna Kasa Oszczednosci Bank Polski SA | | | | | 848 | | | | | | 4,507 | | |
| Powszechny Zaklad Ubezpieczen SA | | | | | 556 | | | | | | 4,065 | | |
| Santander Bank Polska SA | | | | | 30 | | | | | | 1,181 | | |
| Total Poland | | | | | | | | | | | 33,901 | | |
| Portugal — 0.3% | | | | | | | | | | | | | |
| EDP — Energias de Portugal SA | | | | | 2,529 | | | | | | 10,664 | | |
| Galp Energia SGPS SA | | | | | 512 | | | | | | 5,897 | | |
| Jeronimo Martins SGPS SA | | | | | 241 | | | | | | 4,069 | | |
| Total Portugal | | | | | | | | | | | 20,630 | | |
| Russia — 0.1% | | | | | | | | | | | | | |
| Evraz PLC | | | | | 542 | | | | | | 1,813 | | |
| Polymetal International PLC | | | | | 334 | | | | | | 6,878 | | |
| Total Russia | | | | | | | | | | | 8,691 | | |
| South Africa — 0.3% | | | | | | | | | | | | | |
| Anglo American PLC | | | | | 1,235 | | | | | | 22,045 | | |
| Investec PLC | | | | | 644 | | | | | | 1,332 | | |
| Total South Africa | | | | | | | | | | | 23,377 | | |
| Spain — 4.0% | | | | | | | | | | | | | |
| Acciona SA | | | | | 21 | | | | | | 2,079 | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 242 | | | | | | 6,035 | | |
Aena SME SA‡* | | | | | 70 | | | | | | 8,856 | | |
| Amadeus IT Group SA | | | | | 406 | | | | | | 19,531 | | |
| Banco Bilbao Vizcaya Argentaria SA | | | | | 6,595 | | | | | | 21,577 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Spain (continued) | | | |
| Banco de Sabadell SA | | | | | 5,438 | | | | | $ | 2,252 | | |
| Banco Santander SA | | | | | 16,448 | | | | | | 36,707 | | |
| Bankia SA | | | | | 1,169 | | | | | | 1,189 | | |
| Bankinter SA | | | | | 680 | | | | | | 2,803 | | |
| CaixaBank SA | | | | | 3,575 | | | | | | 6,426 | | |
Cellnex Telecom SA‡* | | | | | 269 | | | | | | 14,084 | | |
| EDP Renovaveis SA | | | | | 147 | | | | | | 1,803 | | |
| Enagas SA | | | | | 249 | | | | | | 5,806 | | |
| Endesa SA | | | | | 316 | | | | | | 7,009 | | |
| Ferrovial SA | | | | | 476 | | | | | | 11,887 | | |
| Grifols SA | | | | | 331 | | | | | | 11,261 | | |
| Iberdrola SA | | | | | 5,932 | | | | | | 59,385 | | |
| Industria de Diseno Textil SA | | | | | 1,052 | | | | | | 26,790 | | |
| Inmobiliaria Colonial Socimi SA | | | | | 322 | | | | | | 3,104 | | |
| Mapfre SA | | | | | 987 | | | | | | 1,806 | | |
| Merlin Properties Socimi SA | | | | | 330 | | | | | | 3,058 | | |
| Naturgy Energy Group SA | | | | | 297 | | | | | | 5,241 | | |
| Red Electrica Corp. SA | | | | | 427 | | | | | | 7,509 | | |
| Repsol SA | | | | | 1,359 | | | | | | 12,375 | | |
Siemens Gamesa Renewable Energy SA* | | | | | 222 | | | | | | 3,300 | | |
| Telefonica SA | | | | | 4,520 | | | | | | 20,694 | | |
| Zardoya Otis SA | | | | | 173 | | | | | | 1,203 | | |
| Total Spain | | | | | | | | | | | 303,770 | | |
| Sweden — 4.6% | | | | | | | | | | | | | |
Alfa Laval AB* | | | | | 312 | | | | | | 5,862 | | |
Assa Abloy AB, B Shares(a) | | | | | 913 | | | | | | 16,456 | | |
Atlas Copco AB, A Shares(a) | | | | | 626 | | | | | | 21,746 | | |
| Atlas Copco AB, B Shares | | | | | 373 | | | | | | 11,659 | | |
Boliden AB(a) | | | | | 273 | | | | | | 5,599 | | |
| Castellum AB | | | | | 267 | | | | | | 4,687 | | |
| Electrolux AB, Series B | | | | | 237 | | | | | | 3,272 | | |
Electrolux Professional AB, B Shares* | | | | | 237 | | | | | | 545 | | |
Elekta AB, B Shares(a) | | | | | 355 | | | | | | 3,285 | | |
| Epiroc AB, A Shares | | | | | 622 | | | | | | 6,249 | | |
| Epiroc AB, B Shares | | | | | 374 | | | | | | 3,707 | | |
EQT AB* | | | | | 199 | | | | | | 2,779 | | |
Essity AB, B Shares* | | | | | 605 | | | | | | 19,667 | | |
Fastighets AB Balder, B Shares* | | | | | 96 | | | | | | 3,794 | | |
Hennes & Mauritz AB, B Shares(a) | | | | | 865 | | | | | | 12,062 | | |
Hexagon AB, B Shares*(a) | | | | | 251 | | | | | | 12,518 | | |
| Hufvudstaden AB, A Shares | | | | | 108 | | | | | | 1,387 | | |
| Husqvarna AB, B Shares | | | | | 402 | | | | | | 2,435 | | |
ICA Gruppen AB(a) | | | | | 76 | | | | | | 3,316 | | |
Industrivarden AB, A Shares* | | | | | 206 | | | | | | 4,277 | | |
Industrivarden AB, C Shares* | | | | | 166 | | | | | | 3,436 | | |
| Investment AB Latour, B Shares | | | | | 117 | | | | | | 1,756 | | |
| Investor AB, A Shares | | | | | 132 | | | | | | 6,568 | | |
| Investor AB, B Shares | | | | | 452 | | | | | | 22,731 | | |
| Kinnevik AB, B Shares | | | | | 237 | | | | | | 4,901 | | |
L E Lundbergforetagen AB, B Shares* | | | | | 74 | | | | | | 3,123 | | |
| Lundin Energy AB | | | | | 172 | | | | | | 4,468 | | |
| Nibe Industrier AB, B Shares | | | | | 297 | | | | | | 5,560 | | |
Saab AB, B Shares* | | | | | 93 | | | | | | 2,157 | | |
Sandvik AB* | | | | | 1,072 | | | | | | 16,606 | | |
Securitas AB, B Shares(a) | | | | | 307 | | | | | | 3,629 | | |
Skandinaviska Enskilda Banken AB, A Shares* | | | | | 1,415 | | | | | | 11,639 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden (continued) | | | |
Skandinaviska Enskilda Banken AB, C Shares* | | | | | 20 | | | | | $ | 179 | | |
Skanska AB, B Shares* | | | | | 355 | | | | | | 6,802 | | |
| SKF AB, B Shares | | | | | 381 | | | | | | 6,068 | | |
Svenska Cellulosa AB SCA, A Shares* | | | | | 21 | | | | | | 228 | | |
Svenska Cellulosa AB SCA, B Shares* | | | | | 588 | | | | | | 6,336 | | |
Svenska Handelsbanken AB, A Shares* | | | | | 1,463 | | | | | | 13,526 | | |
Svenska Handelsbanken AB, B Shares* | | | | | 34 | | | | | | 339 | | |
Swedbank AB, A Shares* | | | | | 988 | | | | | | 11,669 | | |
| Swedish Match AB | | | | | 164 | | | | | | 10,169 | | |
Swedish Orphan Biovitrum AB* | | | | | 174 | | | | | | 3,385 | | |
| Tele2 AB, B Shares | | | | | 527 | | | | | | 6,831 | | |
| Telefonaktiebolaget LM Ericsson, A Shares | | | | | 35 | | | | | | 331 | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 2,970 | | | | | | 25,877 | | |
| Telia Co. AB | | | | | 2,573 | | | | | | 8,891 | | |
Trelleborg AB, B Shares* | | | | | 241 | | | | | | 3,104 | | |
Volvo AB, B Shares* | | | | | 1,491 | | | | | | 19,257 | | |
| Total Sweden | | | | | | | | | | | 354,868 | | |
| Switzerland — 17.0% | | | | | | | | | | | | | |
| ABB Ltd. | | | | | 1,785 | | | | | | 33,891 | | |
| Adecco Group AG | | | | | 151 | | | | | | 6,619 | | |
Alcon, Inc.* | | | | | 457 | | | | | | 24,120 | | |
| Baloise Holding AG | | | | | 46 | | | | | | 6,887 | | |
| Banque Cantonale Vaudoise | | | | | 3 | | | | | | 2,651 | | |
| Barry Callebaut AG | | | | | 3 | | | | | | 5,881 | | |
| Chocoladefabriken Lindt & Spruengli AG | | | | | 1 | | | | | | 7,797 | | |
| Cie Financiere Richemont SA | | | | | 510 | | | | | | 28,968 | | |
Clariant AG* | | | | | 199 | | | | | | 3,683 | | |
Coca-Cola HBC AG* | | | | | 194 | | | | | | 4,931 | | |
Credit Suisse Group AG* | | | | | 2,441 | | | | | | 22,069 | | |
DKSH Holding AG* | | | | | 35 | | | | | | 1,976 | | |
Dufry AG* | | | | | 27 | | | | | | 879 | | |
| EMS-Chemie Holding AG | | | | | 7 | | | | | | 4,537 | | |
Flughafen Zurich AG* | | | | | 19 | | | | | | 2,345 | | |
| Geberit AG | | | | | 36 | | | | | | 16,155 | | |
| Georg Fischer AG | | | | | 4 | | | | | | 2,982 | | |
| Givaudan SA | | | | | 9 | | | | | | 30,148 | | |
Glencore PLC* | | | | | 10,788 | | | | | | 20,016 | | |
| Helvetia Holding AG | | | | | 33 | | | | | | 3,021 | | |
Julius Baer Group Ltd.* | | | | | 214 | | | | | | 8,390 | | |
| Kuehne + Nagel International AG | | | | | 50 | | | | | | 7,152 | | |
LafargeHolcim Ltd.* | | | | | 502 | | | | | | 20,826 | | |
| Logitech International SA | | | | | 145 | | | | | | 6,987 | | |
| Lonza Group AG | | | | | 74 | | | | | | 32,310 | | |
| Nestle SA | | | | | 2,889 | | | | | | 305,019 | | |
| Novartis AG | | | | | 2,127 | | | | ��� | | 181,285 | | |
| OC Oerlikon Corp. AG | | | | | 191 | | | | | | 1,431 | | |
| Pargesa Holding SA | | | | | 38 | | | | | | 2,703 | | |
| Partners Group Holding AG | | | | | 16 | | | | | | 12,596 | | |
| PSP Swiss Property AG | | | | | 39 | | | | | | 4,534 | | |
| Roche Holding AG | | | | | 695 | | | | | | 241,556 | | |
| Roche Holding AG | | | | | 27 | | | | | | 9,394 | | |
| Schindler Holding AG — Participating Certificate | | | | | 41 | | | | | | 9,112 | | |
| Schindler Holding AG — Registered | | | | | 19 | | | | | | 4,075 | | |
| SGS SA | | | | | 6 | | | | | | 13,583 | | |
Sika AG(a) | | | | | 139 | | | | | | 23,000 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Switzerland (continued) | | | |
| Sonova Holding AG | | | | | 54 | | | | | $ | 9,752 | | |
| STMicroelectronics NV | | | | | 629 | | | | | | 16,335 | | |
| Straumann Holding AG | | | | | 10 | | | | | | 7,588 | | |
| Sulzer AG | | | | | 17 | | | | | | 1,203 | | |
| Swatch Group AG (The) — Bearer | | | | | 27 | | | | | | 5,403 | | |
| Swatch Group AG (The) — Registered | | | | | 40 | | | | | | 1,557 | | |
| Swiss Life Holding AG | | | | | 33 | | | | | | 11,690 | | |
| Swiss Prime Site AG | | | | | 74 | | | | | | 7,031 | | |
Swiss Re AG(a) | | | | | 276 | | | | | | 19,920 | | |
| Swisscom AG | | | | | 25 | | | | | | 12,998 | | |
Temenos AG* | | | | | 59 | | | | | | 7,678 | | |
UBS Group AG* | | | | | 3,378 | | | | | | 36,190 | | |
| Vifor Pharma AG | | | | | 44 | | | | | | 6,613 | | |
| Zurich Insurance Group AG | | | | | 148 | | | | | | 47,123 | | |
| Total Switzerland | | | | | | | | | | | 1,304,590 | | |
United Arab Emirates — 0.0%(b) | | | | | | | | | | | | | |
NMC Health PLC(c) (d) | | | | | 115 | | | | | | — | | |
| United Kingdom — 21.7% | | | | | | | | | | | | | |
| 3i Group PLC | | | | | 940 | | | | | | 9,296 | | |
| Admiral Group PLC | | | | | 203 | | | | | | 5,966 | | |
| Ashmore Group PLC | | | | | 450 | | | | | | 2,153 | | |
| Ashtead Group PLC | | | | | 448 | | | | | | 12,291 | | |
| Associated British Foods PLC | | | | | 344 | | | | | | 8,212 | | |
| AstraZeneca PLC | | | | | 1,310 | | | | | | 137,510 | | |
Auto Trader Group PLC‡ | | | | | 897 | | | | | | 5,190 | | |
Avast PLC‡ | | | | | 535 | | | | | | 3,092 | | |
| AVEVA Group PLC | | | | | 63 | | | | | | 2,837 | | |
| Aviva PLC | | | | | 3,889 | | | | | | 11,861 | | |
| B&M European Value Retail SA | | | | | 844 | | | | | | 3,543 | | |
| Babcock International Group PLC | | | | | 247 | | | | | | 1,313 | | |
| BAE Systems PLC | | | | | 3,188 | | | | | | 20,444 | | |
| Barclays PLC | | | | | 17,117 | | | | | | 22,864 | | |
| Barratt Developments PLC | | | | | 1,004 | | | | | | 6,573 | | |
| Bellway PLC | | | | | 123 | | | | | | 4,132 | | |
| Berkeley Group Holdings PLC | | | | | 116 | | | | | | 6,120 | | |
| BP PLC | | | | | 19,886 | | | | | | 78,536 | | |
| British American Tobacco PLC | | | | | 2,279 | | | | | | 88,553 | | |
| British Land Co. PLC (The) | | | | | 914 | | | | | | 4,665 | | |
| BT Group PLC | | | | | 8,698 | | | | | | 12,732 | | |
| Bunzl PLC | | | | | 335 | | | | | | 7,300 | | |
| Burberry Group PLC | | | | | 396 | | | | | | 6,943 | | |
| Centrica PLC | | | | | 5,652 | | | | | | 2,845 | | |
| Cineworld Group PLC | | | | | 999 | | | | | | 825 | | |
CNH Industrial NV* | | | | | 983 | | | | | | 6,150 | | |
| Compass Group PLC | | | | | 1,578 | | | | | | 26,592 | | |
ConvaTec Group PLC‡ | | | | | 1,454 | | | | | | 3,895 | | |
| Croda International PLC | | | | | 124 | | | | | | 7,636 | | |
| DCC PLC | | | | | 98 | | | | | | 6,994 | | |
| Derwent London PLC | | | | | 99 | | | | | | 3,879 | | |
| Diageo PLC | | | | | 2,302 | | | | | | 79,850 | | |
| Direct Line Insurance Group PLC | | | | | 1,366 | | | | | | 4,695 | | |
| DS Smith PLC | | | | | 1,261 | | | | | | 4,961 | | |
easyJet PLC(a) | | | | | 191 | | | | | | 1,453 | | |
| Experian PLC | | | | | 904 | | | | | | 27,093 | | |
| Fiat Chrysler Automobiles NV | | | | | 1,102 | | | | | | 9,675 | | |
| G4S PLC | | | | | 1,534 | | | | | | 2,113 | | |
| GlaxoSmithKline PLC | | | | | 4,893 | | | | | | 102,513 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | | | |
| GVC Holdings PLC | | | | | 578 | | | | | $ | 5,497 | | |
| Halma PLC | | | | | 374 | | | | | | 9,859 | | |
Hargreaves Lansdown PLC(a) | | | | | 300 | | | | | | 5,451 | | |
| Hiscox Ltd. | | | | | 276 | | | | | | 2,446 | | |
| HomeServe PLC | | | | | 270 | | | | | | 3,797 | | |
| Howden Joinery Group PLC | | | | | 567 | | | | | | 3,756 | | |
| HSBC Holdings PLC | | | | | 20,214 | | | | | | 104,537 | | |
| IMI PLC | | | | | 266 | | | | | | 2,776 | | |
| Imperial Brands PLC | | | | | 949 | | | | | | 20,098 | | |
| Inchcape PLC | | | | | 387 | | | | | | 2,448 | | |
| Informa PLC | | | | | 1,369 | | | | | | 7,584 | | |
| InterContinental Hotels Group PLC | | | | | 181 | | | | | | 8,237 | | |
| Intermediate Capital Group PLC | | | | | 275 | | | | | | 3,913 | | |
| International Consolidated Airlines Group SA | | | | | 642 | | | | | | 1,797 | | |
| Intertek Group PLC | | | | | 161 | | | | | | 9,646 | | |
| ITV PLC | | | | | 3,611 | | | | | | 3,484 | | |
| J Sainsbury PLC | | | | | 1,609 | | | | | | 4,020 | | |
| JD Sports Fashion PLC | | | | | 425 | | | | | | 2,838 | | |
| John Wood Group PLC | | | | | 657 | | | | | | 1,679 | | |
| Johnson Matthey PLC | | | | | 189 | | | | | | 4,750 | | |
| Kingfisher PLC | | | | | 2,107 | | | | | | 4,181 | | |
| Land Securities Group PLC | | | | | 710 | | | | | | 5,929 | | |
| Legal & General Group PLC | | | | | 5,896 | | | | | | 15,216 | | |
| Lloyds Banking Group PLC | | | | | 69,633 | | | | | | 28,317 | | |
| London Stock Exchange Group PLC | | | | | 312 | | | | | | 29,342 | | |
| M&G PLC | | | | | 2,595 | | | | | | 4,329 | | |
| Marks & Spencer Group PLC | | | | | 1,935 | | | | | | 2,248 | | |
| Meggitt PLC | | | | | 751 | | | | | | 2,646 | | |
| Melrose Industries PLC | | | | | 4,747 | | | | | | 5,974 | | |
| Micro Focus International PLC | | | | | 318 | | | | | | 1,932 | | |
| Mondi PLC | | | | | 483 | | | | | | 8,590 | | |
| National Grid PLC | | | | | 3,464 | | | | | | 40,801 | | |
| Next PLC | | | | | 127 | | | | | | 7,571 | | |
Ninety One PLC* | | | | | 322 | | | | | | 689 | | |
Ocado Group PLC* | | | | | 447 | | | | | | 9,047 | | |
Pearson PLC(a) | | | | | 773 | | | | | | 4,483 | | |
| Pennon Group PLC | | | | | 416 | | | | | | 5,751 | | |
| Persimmon PLC | | | | | 313 | | | | | | 8,705 | | |
| Phoenix Group Holdings PLC | | | | | 522 | | | | | | 3,957 | | |
| Prudential PLC | | | | | 2,589 | | | | | | 36,853 | | |
Quilter PLC‡ | | | | | 1,847 | | | | | | 2,871 | | |
| Reckitt Benckiser Group PLC | | | | | 628 | | | | | | 52,518 | | |
| RELX PLC | | | | | 1,872 | | | | | | 42,420 | | |
| Renishaw PLC | | | | | 34 | | | | | | 1,511 | | |
| Rentokil Initial PLC | | | | | 1,847 | | | | | | 11,050 | | |
| Rightmove PLC | | | | | 870 | | | | | | 5,461 | | |
Rolls-Royce Holdings PLC* | | | | | 1,700 | | | | | | 7,076 | | |
| Royal Bank of Scotland Group PLC | | | | | 4,523 | | | | | | 6,307 | | |
| RSA Insurance Group PLC | | | | | 1,025 | | | | | | 4,670 | | |
| Sage Group PLC (The) | | | | | 1,074 | | | | | | 8,670 | | |
| Schroders PLC | | | | | 111 | | | | | | 3,716 | | |
| Segro PLC | | | | | 1,088 | | | | | | 11,385 | | |
| Severn Trent PLC | | | | | 235 | | | | | | 7,084 | | |
| Smith & Nephew PLC | | | | | 872 | | | | | | 17,136 | | |
| Smiths Group PLC | | | | | 394 | | | | | | 6,165 | | |
| Spirax-Sarco Engineering PLC | | | | | 73 | | | | | | 8,037 | | |
| SSE PLC | | | | | 1,031 | | | | | | 16,256 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | | | |
| St James’s Place PLC | | | | | 521 | | | | | $ | 5,595 | | |
| Standard Chartered PLC | | | | | 2,622 | | | | | | 13,477 | | |
Standard Life Aberdeen PLC(a) | | | | | 2,308 | | | | | | 6,437 | | |
Subsea 7 SA* | | | | | 227 | | | | | | 1,262 | | |
| Tate & Lyle PLC | | | | | 463 | | | | | | 4,159 | | |
| Taylor Wimpey PLC | | | | | 3,242 | | | | | | 6,013 | | |
| TechnipFMC PLC | | | | | 459 | | | | | | 4,014 | | |
| Tesco PLC | | | | | 9,634 | | | | | | 28,569 | | |
| Travis Perkins PLC | | | | | 245 | | | | | | 3,212 | | |
| Unilever NV | | | | | 1,369 | | | | | | 68,346 | | |
| Unilever PLC | | | | | 1,085 | | | | | | 56,139 | | |
| United Utilities Group PLC | | | | | 674 | | | | | | 7,670 | | |
Virgin Money UK PLC* | | | | | 1,224 | | | | | | 1,175 | | |
| Vodafone Group PLC | | | | | 26,734 | | | | | | 37,815 | | |
| Weir Group PLC (The) | | | | | 257 | | | | | | 3,094 | | |
Whitbread PLC(a) | | | | | 133 | | | | | | 4,999 | | |
Wm Morrison Supermarkets PLC(a) | | | | | 2,197 | | | | | | 5,071 | | |
| WPP PLC | | | | | 1,206 | | | | | | 9,450 | | |
| Total United Kingdom | | | | | | | | | | | 1,667,299 | | |
| United States — 0.4% | | | | | | | | | | | | | |
| Carnival PLC | | | | | 152 | | | | | | 2,100 | | |
| Ferguson PLC | | | | | 226 | | | | | | 16,351 | | |
QIAGEN NV* | | | | | 220 | | | | | | 9,157 | | |
| Total United States | | | | | | | | | | | 27,608 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $9,971,821) | | | | | | | | | | | 7,624,808 | | |
| Preferred Stocks — 0.8% | | | | | | | | | | | | | |
| Germany — 0.8% | | | | | | | | | | | | | |
| Bayerische Motoren Werke AG, 8.45% | | | | | 55 | | | | | | 2,604 | | |
| FUCHS PETROLUB SE, 2.79% | | | | | 69 | | | | | | 2,680 | | |
| Henkel AG & Co. KGaA, 2.32% | | | | | 174 | | | | | | 15,445 | | |
| Porsche Automobil Holding SE, 5.02% | | | | | 153 | | | | | | 7,714 | | |
| Sartorius AG | | | | | 34 | | | | | | 9,563 | | |
| Volkswagen AG, 3.94% | | | | | 183 | | | | | | 25,700 | | |
| Total Germany | | | | | | | | | | | 63,706 | | |
| Total Preferred Stocks | | | | | | | | | | | | | |
| (Cost $84,648) | | | | | | | | | | | 63,706 | | |
| Short-Term Investment — 4.8% | | | | | | | | | | | | | |
| Money Market Fund — 4.8% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(e)(f) | | | | | | | | | | | | | |
| (Cost $371,799) | | | | | 371,799 | | | | | | 371,799 | | |
| Total Investments — 105.0% | | | | | | | | | | | | | |
| (Cost $10,428,268) | | | | | | | | | | | 8,060,313 | | |
| Other Assets and Liabilities, Net — (5.0)% | | | | | | | | | | | (385,735) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 7,674,578 | | |
| |
‡ May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
also on loan. The aggregate market value of securities on loan was $344,343; total market value of collateral held by the Fund was $371,799.
(b)
Less than 0.05%.
(c)
Security has been deemed illiquid because it may not be able to be resold within seven days at approximately the price shown. At April 30, 2020, the value of this security was $ — .
(d)
Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.
(e)
Reflects the 1-day yield at April 30, 2020.
(f)
Represents security purchased with cash collateral received for securities on loan.
Forward Foreign Currency Contracts Outstanding as of April 30, 2020:
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
April 30,
2020 | | | Unrealized
Appreciation | |
| Swiss Franc | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 586,271 | | | | | $ | 607,397 | | | | | $ | 607,508 | | | | | $ | 111 | | |
| Danish Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 851,556 | | | | | | 125,021 | | | | | | 125,043 | | | | | | 22 | | |
| Euro | | | | | 05/04/20 | | | | Morgan Stanely | | | | | 1,606,215 | | | | | | 1,759,172 | | | | | | 1,759,428 | | | | | | 256 | | |
| British Pound | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 734,587 | | | | | | 926,525 | | | | | | 926,586 | | | | | | 61 | | |
| Norwegian Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 356,026 | | | | | | 34,835 | | | | | | 34,839 | | | | | | 4 | | |
| Polish Zloty | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 64,684 | | | | | | 15,618 | | | | | | 15,619 | | | | | | 1 | | |
| Swedish Krona | | | | | 05/04/20 | | | | Morgan Stanley | | | | | 1,629,892 | | | | | | 166,858 | | | | | | 166,880 | | | | | | 22 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | 3,635,426 | | | | | $ | 3,635,903 | | | | | $ | 477 | | |
| |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30,
2020 | | | Unrealized
Appreciation | |
| Swiss Franc | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (638) | | | | | $ | (662) | | | | | $ | (661) | | | | | $ | 1 | | |
| Danish Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (851,049) | | | | | | (125,248) | | | | | | (124,968) | | | | | | 280 | | |
| Euro | | | | | 05/04/20 | | | | Morgan Stanely | | | | | (1,606,215) | | | | | | (1,764,429) | | | | | | (1,759,428) | | | | | | 5,001 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | (1,890,339) | | | | | $ | (1,885,057) | | | | | $ | 5,282 | | |
| Total Unrealized Appreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,759 | | |
| |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30,
2020 | | | Unrealized
(Depreciation) | |
| Swiss Franc | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (585,633) | | | | | $ | (606,149) | | | | | $ | (606,846) | | | | | $ | (697) | | |
| Swiss Franc | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (614,723) | | | | | | (637,326) | | | | | | (637,546) | | | | | | (220) | | |
| Danish Krone | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (934,911) | | | | | | (137,330) | | | | | | (137,367) | | | | | | (37) | | |
| Euro | | | | | 06/04/20 | | | | Morgan Stanely | | | | | (1,717,560) | | | | | | (1,882,032) | | | | | | (1,882,592) | | | | | | (560) | | |
| British Pound | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (734,587) | | | | | | (911,404) | | | | | | (926,587) | | | | | | (15,183) | | |
| British Pound | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (770,662) | | | | | | (972,105) | | | | | | (972,215) | | | | | | (110) | | |
| Norwegian Krone | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (356,026) | | | | | | (33,912) | | | | | | (34,839) | | | | | | (927) | | |
| Norwegian Krone | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (382,332) | | | | | | (37,412) | | | | | | (37,419) | | | | | | (7) | | |
| Polish Zloty | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (64,684) | | | | | | (15,568) | | | | | | (15,619) | | | | | | (51) | | |
| Polish Zloty | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (70,039) | | | | | | (16,905) | | | | | | (16,908) | | | | | | (3) | | |
| Swedish Krona | | | | | 05/04/20 | | | | Morgan Stanley | | | | | (1,629,892) | | | | | | (164,611) | | | | | | (166,880) | | | | | | (2,269) | | |
| Swedish Krona | | | | | 06/04/20 | | | | Morgan Stanley | | | | | (1,733,032) | | | | | | (177,458) | | | | | | (177,493) | | | | | | (35) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | (5,592,212) | | | | | $ | (5,612,311) | | | | | $ | (20,099) | | |
| Total Unrealized Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (20,099) | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (14,340) | | |
As of April 30, 2020, there was no collateral segregated by the counterparty for forward foreign currency contracts.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 85,934 | | | | | $ | — | | | | | $ | — | | | | | $ | 85,934 | | |
| Austria | | | | | 22,427 | | | | | | — | | | | | | — | | | | | | 22,427 | | |
| Belgium | | | | | 117,478 | | | | | | — | | | | | | — | | | | | | 117,478 | | |
| Chile | | | | | 3,517 | | | | | | — | | | | | | — | | | | | | 3,517 | | |
| China | | | | | 32,810 | | | | | | — | | | | | | — | | | | | | 32,810 | | |
| Denmark | | | | | 273,534 | | | | | | — | | | | | | — | | | | | | 273,534 | | |
| Finland | | | | | 155,062 | | | | | | — | | | | | | — | | | | | | 155,062 | | |
| France | | | | | 1,225,147 | | | | | | — | | | | | | — | | | | | | 1,225,147 | | |
| Germany | | | | | 1,005,542 | | | | | | — | | | | | | — | | | | | | 1,005,542 | | |
| Ireland | | | | | 70,380 | | | | | | — | | | | | | — | | | | | | 70,380 | | |
| Italy | | | | | 262,674 | | | | | | — | | | | | | — | | | | | | 262,674 | | |
| Jordan | | | | | 4,185 | | | | | | — | | | | | | — | | | | | | 4,185 | | |
| Kazakhstan | | | | | 1,187 | | | | | | — | | | | | | — | | | | | | 1,187 | | |
| Luxembourg | | | | | 19,476 | | | | | | — | | | | | | — | | | | | | 19,476 | | |
| Mexico | | | | | 1,607 | | | | | | — | | | | | | — | | | | | | 1,607 | | |
| Netherlands | | | | | 527,368 | | | | | | — | | | | | | — | | | | | | 527,368 | | |
| Norway | | | | | 71,746 | | | | | | — | | | | | | — | | | | | | 71,746 | | |
| Poland | | | | | 33,901 | | | | | | — | | | | | | — | | | | | | 33,901 | | |
| Portugal | | | | | 20,630 | | | | | | — | | | | | | — | | | | | | 20,630 | | |
| Russia | | | | | 8,691 | | | | | | — | | | | | | — | | | | | | 8,691 | | |
| South Africa | | | | | 23,377 | | | | | | — | | | | | | — | | | | | | 23,377 | | |
| Spain | | | | | 303,770 | | | | | | — | | | | | | — | | | | | | 303,770 | | |
| Sweden | | | | | 354,868 | | | | | | — | | | | | | — | | | | | | 354,868 | | |
| Switzerland | | | | | 1,304,590 | | | | | | — | | | | | | — | | | | | | 1,304,590 | | |
| United Arab Emirates | | | | | — | | | | | | — | | | | | | –(h) | | | | | | — | | |
| United Kingdom | | | | | 1,667,299 | | | | | | — | | | | | | — | | | | | | 1,667,299 | | |
| United States | | | | | 27,608 | | | | | | — | | | | | | — | | | | | | 27,608 | | |
| Total Common Stocks | | | | | 7,624,808 | | | | | | — | | | | | | — | | | | | | 7,624,808 | | |
| Preferred Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Germany | | | | | 63,706 | | | | | | — | | | | | | — | | | | | | 63,706 | | |
| Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Fund | | | | | 371,799 | | | | | | — | | | | | | — | | | | | | 371,799 | | |
| Total Investments in Securities | | | | | 8,060,313 | | | | | | — | | | | | | — | | | | | | 8,060,313 | | |
Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 5,759 | | | | | | — | | | | | | 5,759 | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 8,060,313 | | | | | $ | 5,759 | | | | | $ | — | | | | | $ | 8,066,072 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | 20,099 | | | | | $ | — | | | | | $ | 20,099 | | |
(g)
For a complete listing of investments and their countries, see the Schedules of Investments.
(h)
The Level 3 security, valued at $ — , has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(i)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund transferred common stock valued at $3,053 from Level 1 to Level 3 as a result of being deemed illiquid security.
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | | | Balance
as of
April 30,
2019 | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Purchases | | | Sales | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Balance
as of
April 30,
2020 | | | Change in
Unrealized
Appreciation/
(Depreciation)
from
Investments
Still Held at
April 30,
2020(j) | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rolls-Royce Holdings PLC — Entitlement Shares (k) | | | | $ | 150 | | | | | $ | — | | | | | $ | (3) | | | | | $ | (1) | | | | | $ | 100 | | | | | $ | (246) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
NMC Health PLC (k) | | | | | — | | | | | | — | | | | | | — | | | | | | (3,642) | | | | | | 589 | | | | | | — | | | | | | 3,053 | | | | | | — | | | | | | —(l) | | | | | | (3,642) | | |
| Total | | | | $ | 150 | | | | | $ | — | | | | | $ | (3) | | | | | $ | (3,643) | | | | | $ | 689 | | | | | $ | (246) | | | | | $ | 3,053 | | | | | $ | — | | | | | $ | — | | | | | $ | (3,642) | | |
(j)
Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statements of Operations.
(k)
Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(l)
Includes a Level 3 security valued at $ — .
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.7% | |
| Communication Services — 8.8% | |
| Capcom Co., Ltd. | | | | | 202 | | | | | $ | 6,224 | | |
| CyberAgent, Inc. | | | | | 217 | | | | | | 9,213 | | |
| Daiichikosho Co., Ltd. | | | | | 90 | | | | | | 2,744 | | |
| DeNA Co., Ltd. | | | | | 226 | | | | | | 2,800 | | |
| Dentsu Group, Inc. | | | | | 483 | | | | | | 10,289 | | |
| Fuji Media Holdings, Inc. | | | | | 97 | | | | | | 978 | | |
| GungHo Online Entertainment, Inc. | | | | | 81 | | | | | | 1,269 | | |
| Hakuhodo DY Holdings, Inc. | | | | | 533 | | | | | | 5,991 | | |
| Kakaku.com, Inc. | | | | | 291 | | | | | | 5,987 | | |
| KDDI Corp. | | | | | 3,813 | | | | | | 110,858 | | |
| Koei Tecmo Holdings Co., Ltd. | | | | | 129 | | | | | | 3,439 | | |
| Konami Holdings Corp. | | | | | 210 | | | | | | 6,687 | | |
LINE Corp.* | | | | | 116 | | | | | | 5,717 | | |
| Nexon Co., Ltd. | | | | | 905 | | | | | | 14,760 | | |
| Nintendo Co., Ltd. | | | | | 238 | | | | | | 99,375 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 2,705 | | | | | | 61,798 | | |
| Nippon Television Holdings, Inc. | | | | | 56 | | | | | | 632 | | |
| NTT DOCOMO, Inc. | | | | | 2,562 | | | | | | 75,421 | | |
| Shochiku Co., Ltd. | | | | | 22 | | | | | | 2,421 | | |
| SKY Perfect JSAT Holdings, Inc. | | | | | 265 | | | | | | 1,009 | | |
| Softbank Corp. | | | | | 3,580 | | | | | | 49,012 | | |
| SoftBank Group Corp. | | | | | 3,612 | | | | | | 156,491 | | |
Square Enix Holdings Co., Ltd.(a) | | | | | 176 | | | | | | 7,250 | | |
| Toho Co., Ltd. | | | | | 257 | | | | | | 8,508 | | |
| Tokyo Broadcasting System Holdings, Inc. | | | | | 74 | | | | | | 1,165 | | |
| TV Asahi Holdings Corp. | | | | | 48 | | | | | | 722 | | |
| Z Holdings Corp. | | | | | 5,781 | | | | | | 22,652 | | |
| Total Communication Services | | | | | | | | | | | 673,412 | | |
| Consumer Discretionary — 17.8% | |
| ABC-Mart, Inc. | | | | | 57 | | | | | | 2,937 | | |
| Aisin Seiki Co., Ltd. | | | | | 388 | | | | | | 11,302 | | |
| Asics Corp. | | | | | 380 | | | | | | 3,671 | | |
| ASKUL Corp. | | | | | 41 | | | | | | 1,173 | | |
| Autobacs Seven Co., Ltd. | | | | | 130 | | | | | | 1,540 | | |
| Bandai Namco Holdings, Inc. | | | | | 433 | | | | | | 21,991 | | |
| Benesse Holdings, Inc. | | | | | 160 | | | | | | 4,593 | | |
| Bic Camera, Inc. | | | | | 323 | | | | | | 3,033 | | |
| Bridgestone Corp. | | | | | 1,286 | | | | | | 40,624 | | |
| Casio Computer Co., Ltd. | | | | | 477 | | | | | | 7,628 | | |
| Denso Corp. | | | | | 1,014 | | | | | | 36,147 | | |
Fast Retailing Co., Ltd.(a) | | | | | 114 | | | | | | 54,903 | | |
| Fujitsu General Ltd. | | | | | 121 | | | | | | 2,031 | | |
| Goldwin, Inc. | | | | | 80 | | | | | | 4,362 | | |
| H2O Retailing Corp. | | | | | 185 | | | | | | 1,469 | | |
| Haseko Corp. | | | | | 622 | | | | | | 6,875 | | |
| Heiwa Corp. | | | | | 120 | | | | | | 2,043 | | |
| Hikari Tsushin, Inc. | | | | | 49 | | | | | | 9,618 | | |
| HIS Co., Ltd. | | | | | 66 | | | | | | 889 | | |
| Honda Motor Co., Ltd. | | | | | 3,843 | | | | | | 93,815 | | |
Iida Group Holdings Co., Ltd.(a) | | | | | 316 | | | | | | 4,252 | | |
| Isetan Mitsukoshi Holdings Ltd. | | | | | 784 | | | | | | 4,824 | | |
| Isuzu Motors Ltd. | | | | | 1,146 | | | | | | 8,840 | | |
| Izumi Co., Ltd. | | | | | 88 | | | | | | 2,617 | | |
| J Front Retailing Co., Ltd. | | | | | 556 | | | | | | 4,622 | | |
| JTEKT Corp. | | | | | 500 | | | | | | 3,722 | | |
| Koito Manufacturing Co., Ltd. | | | | | 258 | | | | | | 9,868 | | |
| K’s Holdings Corp. | | | | | 404 | | | | | | 4,466 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Discretionary (continued) | |
| Kyoritsu Maintenance Co., Ltd. | | | | | 55 | | | | | $ | 1,357 | | |
| Marui Group Co., Ltd. | | | | | 461 | | | | | | 7,639 | | |
| Mazda Motor Corp. | | | | | 1,283 | | | | | | 7,343 | | |
| Mitsubishi Motors Corp. | | | | | 1,380 | | | | | | 3,936 | | |
| NGK Spark Plug Co., Ltd. | | | | | 436 | | | | | | 6,613 | | |
| NHK Spring Co., Ltd. | | | | | 355 | | | | | | 2,367 | | |
| Nifco, Inc. | | | | | 187 | | | | | | 3,664 | | |
| Nikon Corp. | | | | | 757 | | | | | | 7,129 | | |
| Nissan Motor Co., Ltd. | | | | | 4,341 | | | | | | 15,012 | | |
| Nissan Shatai Co., Ltd. | | | | | 144 | | | | | | 1,174 | | |
| Nitori Holdings Co., Ltd. | | | | | 165 | | | | | | 25,490 | | |
| NOK Corp. | | | | | 249 | | | | | | 2,927 | | |
| Oriental Land Co., Ltd. | | | | | 420 | | | | | | 53,730 | | |
| PALTAC Corp. | | | | | 72 | | | | | | 3,797 | | |
| Pan Pacific International Holdings Corp. | | | | | 1,131 | | | | | | 22,020 | | |
| Panasonic Corp. | | | | | 4,752 | | | | | | 36,742 | | |
| Rakuten, Inc. | | | | | 1,776 | | | | | | 15,213 | | |
| Resorttrust, Inc. | | | | | 145 | | | | | | 1,513 | | |
| Rinnai Corp. | | | | | 81 | | | | | | 6,189 | | |
| Ryohin Keikaku Co., Ltd. | | | | | 531 | | | | | | 6,416 | | |
| Sankyo Co., Ltd. | | | | | 98 | | | | | | 2,722 | | |
| Sanrio Co., Ltd. | | | | | 130 | | | | | | 1,957 | | |
| Sega Sammy Holdings, Inc. | | | | | 444 | | | | | | 5,443 | | |
| Sekisui Chemical Co., Ltd. | | | | | 782 | | | | | | 10,019 | | |
| Sekisui House Ltd. | | | | | 1,286 | | | | | | 22,350 | | |
Sharp Corp.*(a) | | | | | 339 | | | | | | 3,801 | | |
| Shimamura Co., Ltd. | | | | | 49 | | | | | | 3,116 | | |
| Shimano, Inc. | | | | | 174 | | | | | | 25,774 | | |
| Skylark Holdings Co., Ltd. | | | | | 428 | | | | | | 6,412 | | |
| Sony Corp. | | | | | 2,739 | | | | | | 177,554 | | |
| Stanley Electric Co., Ltd. | | | | | 330 | | | | | | 7,638 | | |
| Subaru Corp. | | | | | 1,363 | | | | | | 27,723 | | |
| Sumitomo Electric Industries Ltd. | | | | | 1,673 | | | | | | 17,421 | | |
| Sumitomo Forestry Co., Ltd. | | | | | 300 | | | | | | 3,782 | | |
| Sumitomo Rubber Industries Ltd. | | | | | 404 | | | | | | 3,978 | | |
| Sushiro Global Holdings Ltd. | | | | | 228 | | | | | | 3,576 | | |
| Suzuki Motor Corp. | | | | | 1,005 | | | | | | 32,602 | | |
Takashimaya Co., Ltd.(a) | | | | | 315 | | | | | | 2,878 | | |
| Tokai Rika Co., Ltd. | | | | | 106 | | | | | | 1,373 | | |
| Toyo Tire Corp. | | | | | 219 | | | | | | 2,636 | | |
| Toyoda Gosei Co., Ltd. | | | | | 162 | | | | | | 3,051 | | |
| Toyota Boshoku Corp. | | | | | 137 | | | | | | 1,724 | | |
| Toyota Industries Corp. | | | | | 356 | | | | | | 18,077 | | |
| Toyota Motor Corp. | | | | | 5,485 | | | | | | 341,918 | | |
| TS Tech Co., Ltd. | | | | | 114 | | | | | | 3,107 | | |
| USS Co., Ltd. | | | | | 475 | | | | | | 7,596 | | |
| Wacoal Holdings Corp. | | | | | 128 | | | | | | 2,615 | | |
| Yamada Denki Co., Ltd. | | | | | 1,759 | | | | | | 8,422 | | |
| Yamaha Corp. | | | | | 355 | | | | | | 14,541 | | |
| Yamaha Motor Co., Ltd. | | | | | 629 | | | | | | 8,253 | | |
| Yokohama Rubber Co., Ltd. (The) | | | | | 227 | | | | | | 2,953 | | |
Zensho Holdings Co., Ltd.(a) | | | | | 218 | | | | | | 4,355 | | |
| ZOZO, Inc. | | | | | 218 | | | | | | 3,547 | | |
| Total Consumer Discretionary | | | | | | | | | | | 1,367,040 | | |
| Consumer Staples — 9.0% | |
| Aeon Co., Ltd. | | | | | 1,560 | | | | | | 31,679 | | |
| Ain Holdings, Inc. | | | | | 64 | | | | | | 3,609 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Staples (continued) | |
| Ajinomoto Co., Inc. | | | | | 1,098 | | | | | $ | 19,673 | | |
| Ariake Japan Co., Ltd. | | | | | 40 | | | | | | 2,334 | | |
| Asahi Group Holdings Ltd. | | | | | 847 | | | | | | 29,623 | | |
| Calbee, Inc. | | | | | 169 | | | | | | 5,160 | | |
Coca-Cola Bottlers Japan Holdings, Inc.(a) | | | | | 314 | | | | | | 5,711 | | |
| Cosmos Pharmaceutical Corp. | | | | | 19 | | | | | | 5,108 | | |
| Ezaki Glico Co., Ltd. | | | | | 114 | | | | | | 5,021 | | |
FamilyMart Co., Ltd.(a) | | | | | 517 | | | | | | 8,862 | | |
| Fancl Corp. | | | | | 153 | | | | | | 3,714 | | |
| Fuji Oil Holdings, Inc. | | | | | 97 | | | | | | 2,280 | | |
| House Foods Group, Inc. | | | | | 161 | | | | | | 5,089 | | |
| Ito En Ltd. | | | | | 129 | | | | | | 7,214 | | |
| Itoham Yonekyu Holdings, Inc. | | | | | 289 | | | | | | 1,692 | | |
| Japan Tobacco, Inc. | | | | | 2,640 | | | | | | 49,734 | | |
| Kagome Co., Ltd. | | | | | 177 | | | | | | 4,540 | | |
| Kao Corp. | | | | | 1,048 | | | | | | 81,500 | | |
| Kewpie Corp. | | | | | 242 | | | | | | 4,836 | | |
| Kikkoman Corp. | | | | | 406 | | | | | | 18,908 | | |
| Kirin Holdings Co., Ltd. | | | | | 1,763 | | | | | | 34,268 | | |
| Kobayashi Pharmaceutical Co., Ltd. | | | | | 137 | | | | | | 12,735 | | |
Kobe Bussan Co., Ltd.(a) | | | | | 48 | | | | | | 2,325 | | |
| Kose Corp. | | | | | 65 | | | | | | 8,182 | | |
| Kotobuki Spirits Co., Ltd. | | | | | 41 | | | | | | 1,635 | | |
| Kusuri no Aoki Holdings Co., Ltd. | | | | | 35 | | | | | | 2,753 | | |
| Lawson, Inc. | | | | | 106 | | | | | | 5,521 | | |
| Lion Corp. | | | | | 566 | | | | | | 11,914 | | |
| Maruha Nichiro Corp. | | | | | 80 | | | | | | 1,694 | | |
| Matsumotokiyoshi Holdings Co., Ltd. | | | | | 169 | | | | | | 5,863 | | |
| Megmilk Snow Brand Co., Ltd. | | | | | 89 | | | | | | 2,043 | | |
| MEIJI Holdings Co., Ltd. | | | | | 300 | | | | | | 20,957 | | |
| Mitsubishi Shokuhin Co., Ltd. | | | | | 31 | | | | | | 782 | | |
| Morinaga & Co., Ltd. | | | | | 89 | | | | | | 3,691 | | |
| Morinaga Milk Industry Co., Ltd. | | | | | 89 | | | | | | 3,479 | | |
| NH Foods Ltd. | | | | | 225 | | | | | | 8,111 | | |
| Nichirei Corp. | | | | | 241 | | | | | | 6,053 | | |
| Nisshin Seifun Group, Inc. | | | | | 572 | | | | | | 8,997 | | |
| Nissin Foods Holdings Co., Ltd. | | | | | 154 | | | | | | 12,731 | | |
| Noevir Holdings Co., Ltd. | | | | | 33 | | | | | | 1,562 | | |
| Pigeon Corp. | | | | | 242 | | | | | | 8,679 | | |
| Pola Orbis Holdings, Inc. | | | | | 169 | | | | | | 3,031 | | |
| Rohto Pharmaceutical Co., Ltd. | | | | | 218 | | | | | | 6,411 | | |
| Sapporo Holdings Ltd. | | | | | 138 | | | | | | 2,665 | | |
| Seven & i Holdings Co., Ltd. | | | | | 1,719 | | | | | | 57,115 | | |
| Shiseido Co., Ltd. | | | | | 865 | | | | | | 51,592 | | |
| Sugi Holdings Co., Ltd. | | | | | 80 | | | | | | 4,833 | | |
| Sundrug Co., Ltd. | | | | | 145 | | | | | | 5,010 | | |
| Suntory Beverage & Food Ltd. | | | | | 282 | | | | | | 10,694 | | |
| Takara Holdings, Inc. | | | | | 394 | | | | | | 2,940 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 202 | | | | | | 9,747 | | |
| Tsuruha Holdings, Inc. | | | | | 81 | | | | | | 10,892 | | |
| Unicharm Corp. | | | | | 866 | | | | | | 31,989 | | |
| Welcia Holdings Co., Ltd. | | | | | 113 | | | | | | 8,200 | | |
| Yakult Honsha Co., Ltd. | | | | | 275 | | | | | | 16,124 | | |
| Yamazaki Baking Co., Ltd. | | | | | 283 | | | | | | 5,026 | | |
| Yaoko Co., Ltd. | | | | | 48 | | | | | | 2,990 | | |
| Total Consumer Staples | | | | | | | | | | | 689,521 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Energy — 0.7% | |
| Cosmo Energy Holdings Co., Ltd. | | | | | 145 | | | | | $ | 2,213 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 524 | | | | | | 12,103 | | |
| Inpex Corp. | | | | | 2,056 | | | | | | 13,288 | | |
| Japan Petroleum Exploration Co., Ltd. | | | | | 65 | | | | | | 1,137 | | |
| JXTG Holdings, Inc. | | | | | 6,669 | | | | | | 23,867 | | |
| Total Energy | | | | | | | | | | | 52,608 | | |
| Financials — 9.5% | |
| 77 Bank Ltd. (The) | | | | | 154 | | | | | | 2,081 | | |
Acom Co., Ltd.(a) | | | | | 855 | | | | | | 3,502 | | |
| AEON Financial Service Co., Ltd. | | | | | 257 | | | | | | 2,716 | | |
| Aozora Bank Ltd. | | | | | 265 | | | | | | 4,790 | | |
Bank of Kyoto Ltd. (The)(a) | | | | | 162 | | | | | | 5,620 | | |
| Chiba Bank Ltd. (The) | | | | | 1,372 | | | | | | 6,441 | | |
| Chugoku Bank Ltd. (The) | | | | | 380 | | | | | | 3,536 | | |
| Concordia Financial Group Ltd. | | | | | 2,502 | | | | | | 7,768 | | |
| Credit Saison Co., Ltd. | | | | | 346 | | | | | | 3,996 | | |
| Dai-ichi Life Holdings, Inc. | | | | | 2,410 | | | | | | 30,673 | | |
| Daishi Hokuetsu Financial Group, Inc. | | | | | 96 | | | | | | 2,106 | | |
| Daiwa Securities Group, Inc. | | | | | 3,389 | | | | | | 14,211 | | |
| Fukuoka Financial Group, Inc. | | | | | 364 | | | | | | 5,276 | | |
| Fuyo General Lease Co., Ltd. | | | | | 42 | | | | | | 2,125 | | |
| Gunma Bank Ltd. (The) | | | | | 928 | | | | | | 3,003 | | |
| Hachijuni Bank Ltd. (The) | | | | | 993 | | | | | | 3,575 | | |
| Hiroshima Bank Ltd. (The) | | | | | 652 | | | | | | 2,738 | | |
| Hitachi Capital Corp. | | | | | 90 | | | | | | 1,770 | | |
| Hokuhoku Financial Group, Inc. | | | | | 281 | | | | | | 2,307 | | |
| Iyo Bank Ltd. (The) | | | | | 598 | | | | | | 3,232 | | |
| Japan Exchange Group, Inc. | | | | | 1,193 | | | | | | 22,447 | | |
| Japan Post Bank Co., Ltd. | | | | | 919 | | | | | | 8,585 | | |
| Japan Post Holdings Co., Ltd. | | | | | 2,949 | | | | | | 23,849 | | |
| Japan Post Insurance Co., Ltd. | | | | | 412 | | | | | | 5,325 | | |
| Kansai Mirai Financial Group, Inc. | | | | | 404 | | | | | | 1,383 | | |
| Kyushu Financial Group, Inc. | | | | | 832 | | | | | | 3,532 | | |
| Matsui Securities Co., Ltd. | | | | | 225 | | | | | | 1,662 | | |
| Mebuki Financial Group, Inc. | | | | | 2,219 | | | | | | 4,710 | | |
| Mitsubishi UFJ Financial Group, Inc. | | | ��� | | 27,823 | | | | | | 112,999 | | |
| Mitsubishi UFJ Lease & Finance Co., Ltd. | | | | | 984 | | | | | | 4,776 | | |
| Mizuho Financial Group, Inc. | | | | | 56,613 | | | | | | 66,600 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 1,079 | | | | | | 31,502 | | |
| Nishi-Nippon Financial Holdings, Inc. | | | | | 338 | | | | | | 1,994 | | |
| Nomura Holdings, Inc. | | | | | 6,732 | | | | | | 28,317 | | |
| Orient Corp. | | | | | 1,233 | | | | | | 1,430 | | |
| ORIX Corp. | | | | | 2,862 | | | | | | 34,499 | | |
| Resona Holdings, Inc. | | | | | 4,905 | | | | | | 15,458 | | |
| SBI Holdings, Inc. | | | | | 508 | | | | | | 9,648 | | |
| Seven Bank Ltd. | | | | | 1,428 | | | | | | 3,899 | | |
| Shiga Bank Ltd. (The) | | | | | 106 | | | | | | 2,514 | | |
| Shinsei Bank Ltd. | | | | | 427 | | | | | | 5,211 | | |
| Shizuoka Bank Ltd. (The) | | | | | 1,128 | | | | | | 6,899 | | |
| Sompo Holdings, Inc. | | | | | 758 | | | | | | 24,809 | | |
| Sony Financial Holdings, Inc. | | | | | 338 | | | | | | 6,530 | | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | 2,894 | | | | | | 76,968 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 813 | | | | | | 24,032 | | |
| T&D Holdings, Inc. | | | | | 1,227 | | | | | | 10,774 | | |
| Tokio Marine Holdings, Inc. | | | | | 1,468 | | | | | | 69,820 | | |
| Tokyo Century Corp. | | | | | 104 | | | | | | 3,584 | | |
| Yamaguchi Financial Group, Inc. | | | | | 515 | | | | | | 2,803 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)
| | | | Shares | | | Value | | |
| Common Stocks (continued) | | |
| Financials (continued) | | |
| Zenkoku Hosho Co., Ltd. | | | | | 112 | | | | | $ | 3,315 | | | |
| Total Financials | | | | | | | | | | | 731,340 | | | | | |
| Health Care — 11.0% | | |
| Alfresa Holdings Corp. | | | | | 394 | | | | | | 7,951 | | | |
| Asahi Intecc Co., Ltd. | | | | | 420 | | | | | | 11,245 | | | |
| Astellas Pharma, Inc. | | | | | 4,149 | | | | | | 69,315 | | | |
| Chugai Pharmaceutical Co., Ltd. | | | | | 483 | | | | | | 57,860 | | | |
| Daiichi Sankyo Co., Ltd. | | | | | 1,417 | | | | | | 97,819 | | | |
| Eisai Co., Ltd. | | | | | 589 | | | | | | 41,475 | | | |
| Hisamitsu Pharmaceutical Co., Inc. | | | | | 160 | | | | | | 7,601 | | | |
| Hoya Corp. | | | | | 820 | | | | | | 75,655 | | | |
| JCR Pharmaceuticals Co., Ltd. | | | | | 32 | | | | | | 3,103 | | | |
| Kaken Pharmaceutical Co., Ltd. | | | | | 74 | | | | | | 4,090 | | | |
| Kissei Pharmaceutical Co., Ltd. | | | | | 65 | | | | | | 1,556 | | | |
| Kyowa Kirin Co., Ltd. | | | | | 558 | | | | | | 13,139 | | | |
| M3, Inc. | | | | | 939 | | | | | | 34,158 | | | |
| Mani, Inc. | | | | | 136 | | | | | | 3,054 | | | |
| Medipal Holdings Corp. | | | | | 322 | | | | | | 6,305 | | | |
| Miraca Holdings, Inc. | | | | | 113 | | | | | | 2,854 | | | |
| Mochida Pharmaceutical Co., Ltd. | | | | | 57 | | | | | | 2,239 | | | |
| Nihon Kohden Corp. | | | | | 168 | | | | | | 6,056 | | | |
| Nippon Shinyaku Co., Ltd. | | | | | 114 | | | | | | 8,070 | | | |
| Nipro Corp. | | | | | 251 | | | | | | 2,838 | | | |
Olympus Corp.* | | | | | 2,353 | | | | | | 37,968 | | | |
| Ono Pharmaceutical Co., Ltd. | | | | | 952 | | | | | | 23,067 | | | |
| Otsuka Holdings Co., Ltd. | | | | | 934 | | | | | | 37,164 | | | |
PeptiDream, Inc.* | | | | | 193 | | | | | | 7,310 | | | |
| Santen Pharmaceutical Co., Ltd. | | | | | 799 | | | | | | 14,226 | | | |
| Sawai Pharmaceutical Co., Ltd. | | | | | 88 | | | | | | 4,839 | | | |
| Shionogi & Co., Ltd. | | | | | 613 | | | | | | 33,988 | | | |
| Ship Healthcare Holdings, Inc. | | | | | 89 | | | | | | 4,061 | | | |
| Sumitomo Dainippon Pharma Co., Ltd. | | | | | 372 | | | | | | 5,211 | | | |
| Suzuken Co., Ltd. | | | | | 169 | | | | | | 6,574 | | | |
| Sysmex Corp. | | | | | 422 | | | | | | 29,361 | | | |
| Taisho Pharmaceutical Holdings Co., Ltd. | | | | | 97 | | | | | | 6,105 | | | |
| Takara Bio, Inc. | | | | | 104 | | | | | | 2,351 | | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 3,394 | | | | | | 123,242 | | | |
| Terumo Corp. | | | | | 1,460 | | | | | | 48,769 | | | |
| Tsumura & Co. | | | | | 145 | | | | | | 4,046 | | | |
| Total Health Care | | | | | | | | | | | 844,665 | | | |
| Industrials — 20.9% | | |
| AGC, Inc. | | | | | 412 | | | | | | 10,399 | | | |
| Aica Kogyo Co., Ltd. | | | | | 120 | | | | | | 3,518 | | | |
| Amada Co., Ltd. | | | | | 701 | | | | | | 6,444 | | | |
ANA Holdings, Inc.* | | | | | 250 | | | | | | 5,379 | | | |
| Benefit One, Inc. | | | | | 130 | | | | | | 2,317 | | | |
| Central Japan Railway Co. | | | | | 403 | | | | | | 64,086 | | | |
| COMSYS Holdings Corp. | | | | | 250 | | | | | | 7,009 | | | |
| Dai Nippon Printing Co., Ltd. | | | | | 624 | | | | | | 13,363 | | | |
| Daifuku Co., Ltd. | | | | | 217 | | | | | | 15,280 | | | |
| Daikin Industries Ltd. | | | | | 591 | | | | | | 77,402 | | | |
| DMG Mori Co., Ltd. | | | | | 226 | | | | | | 2,359 | | | |
| East Japan Railway Co. | | | | | 805 | | | | | | 59,267 | | | |
| Ebara Corp. | | | | | 210 | | | | | | 4,711 | | | |
| FANUC Corp. | | | | | 428 | | | | | | 71,363 | | | |
| Fuji Electric Co., Ltd. | | | | | 281 | | | | | | 6,816 | | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Industrials (continued) | |
| Fujikura Ltd. | | | | | 606 | | | | | $ | 1,808 | | |
| Fukuyama Transporting Co., Ltd. | | | | | 73 | | | | | | 2,557 | | |
| Furukawa Electric Co., Ltd. | | | | | 138 | | | | | | 2,635 | | |
| Glory Ltd. | | | | | 114 | | | | | | 2,600 | | |
| GS Yuasa Corp. | | | | | 169 | | | | | | 2,442 | | |
| Hankyu Hanshin Holdings, Inc. | | | | | 486 | | | | | | 16,816 | | |
| Hino Motors Ltd. | | | | | 588 | | | | | | 3,552 | | |
| Hitachi Construction Machinery Co., Ltd. | | | | | 241 | | | | | | 5,738 | | |
| Hitachi Transport System Ltd. | | | | | 96 | | | | | | 2,371 | | |
| Hoshizaki Corp. | | | | | 116 | | | | | | 8,939 | | |
| IHI Corp. | | | | | 282 | | | | | | 3,563 | | |
| ITOCHU Corp. | | | | | 3,028 | | | | | | 60,172 | | |
| Japan Airlines Co., Ltd. | | | | | 258 | | | | | | 4,681 | | |
Japan Airport Terminal Co., Ltd.(a) | | | | | 105 | | | | | | 4,345 | | |
| Japan Steel Works Ltd. (The) | | | | | 137 | | | | | | 1,708 | | |
| JGC Holdings Corp. | | | | | 475 | | | | | | 4,682 | | |
| Kajima Corp. | | | | | 1,016 | | | | | | 10,736 | | |
| Kamigumi Co., Ltd. | | | | | 226 | | | | | | 4,022 | | |
| Kandenko Co., Ltd. | | | | | 225 | | | | | | 1,904 | | |
| Kawasaki Heavy Industries Ltd. | | | | | 324 | | | | | | 4,981 | | |
Kawasaki Kisen Kaisha Ltd.* | | | | | 185 | | | | | | 1,863 | | |
| Keihan Holdings Co., Ltd. | | | | | 219 | | | | | | 9,922 | | |
| Keikyu Corp. | | | | | 557 | | | | | | 9,230 | | |
| Keio Corp. | | | | | 258 | | | | | | 14,717 | | |
| Keisei Electric Railway Co., Ltd. | | | | | 314 | | | | | | 9,573 | | |
| Kinden Corp. | | | | | 289 | | | | | | 4,721 | | |
| Kintetsu Group Holdings Co., Ltd. | | | | | 399 | | | | | | 19,253 | | |
| Kokuyo Co., Ltd. | | | | | 185 | | | | | | 2,280 | | |
| Komatsu Ltd. | | | | | 2,039 | | | | | | 39,327 | | |
| Kubota Corp. | | | | | 2,467 | | | | | | 31,075 | | |
| Kurita Water Industries Ltd. | | | | | 249 | | | | | | 7,055 | | |
| Kyowa Exeo Corp. | | | | | 227 | | | | | | 5,602 | | |
| Kyudenko Corp. | | | | | 88 | | | | | | 2,485 | | |
| Kyushu Railway Co. | | | | | 355 | | | | | | 9,637 | | |
| LIXIL Group Corp. | | | | | 589 | | | | | | 7,204 | | |
| Mabuchi Motor Co., Ltd. | | | | | 113 | | | | | | 3,540 | | |
Maeda Corp.(a) | | | | | 297 | | | | | | 2,419 | | |
| Maeda Road Construction Co., Ltd. | | | | | 74 | | | | | | 1,387 | | |
| Makita Corp. | | | | | 542 | | | | | | 17,841 | | |
| Marubeni Corp. | | | | | 3,479 | | | | | | 17,048 | | |
| MINEBEA MITSUMI, Inc. | | | | | 936 | | | | | | 15,528 | | |
| MISUMI Group, Inc. | | | | | 618 | | | | | | 14,945 | | |
| Mitsubishi Corp. | | | | | 2,708 | | | | | | 58,245 | | |
| Mitsubishi Electric Corp. | | | | | 4,403 | | | | | | 55,194 | | |
| Mitsubishi Heavy Industries Ltd. | | | | | 636 | | | | | | 16,436 | | |
| Mitsubishi Logistics Corp. | | | | | 146 | | | | | | 3,266 | | |
| Mitsui & Co., Ltd. | | | | | 3,771 | | | | | | 53,390 | | |
| Mitsui OSK Lines Ltd. | | | | | 243 | | | | | | 4,302 | | |
Miura Co., Ltd.(a) | | | | | 219 | | | | | | 9,052 | | |
| MonotaRO Co., Ltd. | | | | | 265 | | | | | | 8,599 | | |
| Nabtesco Corp. | | | | | 265 | | | | | | 7,707 | | |
| Nagase & Co., Ltd. | | | | | 241 | | | | | | 2,937 | | |
Nagoya Railroad Co., Ltd.(a) | | | | | 436 | | | | | | 12,619 | | |
| Nankai Electric Railway Co., Ltd. | | | | | 242 | | | | | | 5,440 | | |
| NGK Insulators Ltd. | | | | | 588 | | | | | | 7,830 | | |
| Nidec Corp. | | | | | 1,038 | | | | | | 61,017 | | |
| Nihon M&A Center, Inc. | | | | | 289 | | | | | | 9,608 | | |
| Nippo Corp. | | | | | 113 | | | | | | 2,565 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Industrials (continued) | |
| Nippon Express Co., Ltd. | | | | | 161 | | | | | $ | 7,965 | | |
| Nippon Yusen K.K. | | | | | 362 | | | | | | 4,841 | | |
| Nishi-Nippon Railroad Co., Ltd. | | | | | 170 | | | | | | 4,199 | | |
| Nisshinbo Holdings, Inc. | | | | | 306 | | | | | | 2,172 | | |
| NSK Ltd. | | | | | 977 | | | | | | 6,834 | | |
| NTN Corp. | | | | | 944 | | | | | | 1,836 | | |
| Obayashi Corp. | | | | | 1,510 | | | | | | 13,443 | | |
| Odakyu Electric Railway Co., Ltd. | | | | | 677 | | | | | | 15,023 | | |
| OKUMA Corp. | | | | | 65 | | | | | | 2,504 | | |
| OSG Corp. | | | | | 170 | | | | | | 2,242 | | |
| Park24 Co., Ltd. | | | | | 242 | | | | | | 3,911 | | |
| Penta-Ocean Construction Co., Ltd. | | | | | 628 | | | | | | 3,230 | | |
| Persol Holdings Co., Ltd. | | | | | 370 | | | | | | 4,363 | | |
| Pilot Corp. | | | | | 80 | | | | | | 2,712 | | |
| Recruit Holdings Co., Ltd. | | | | | 2,816 | | | | | | 83,794 | | |
| Sankyu, Inc. | | | | | 112 | | | | | | 4,367 | | |
| Sanwa Holdings Corp. | | | | | 436 | | | | | | 3,449 | | |
| Secom Co., Ltd. | | | | | 432 | | | | | | 36,379 | | |
| Seibu Holdings, Inc. | | | | | 476 | | | | | | 5,764 | | |
| Seino Holdings Co., Ltd. | | | | | 332 | | | | | | 3,999 | | |
| SG Holdings Co., Ltd. | | | | | 476 | | | | | | 13,318 | | |
| Shimizu Corp. | | | | | 1,242 | | | | | | 9,710 | | |
| SHO-BOND Holdings Co., Ltd. | | | | | 104 | | | | | | 4,255 | | |
| SMC Corp. | | | | | 128 | | | | | | 58,652 | | |
| SMS Co., Ltd. | | | | | 112 | | | | | | 2,477 | | |
| Sohgo Security Services Co., Ltd. | | | | | 152 | | | | | | 7,349 | | |
| Sojitz Corp. | | | | | 2,775 | | | | | | 6,539 | | |
| Sotetsu Holdings, Inc. | | | | | 176 | | | | | | 4,543 | | |
| Sumitomo Corp. | | | | | 2,514 | | | | | | 28,882 | | |
| Sumitomo Heavy Industries Ltd. | | | | | 250 | | | | | | 5,363 | | |
| Tadano Ltd. | | | | | 257 | | | | | | 1,988 | | |
| Taisei Corp. | | | | | 451 | | | | | | 14,276 | | |
| TechnoPro Holdings, Inc. | | | | | 81 | | | | | | 4,704 | | |
| THK Co., Ltd. | | | | | 257 | | | | | | 6,265 | | |
| Tobu Railway Co., Ltd. | | | | | 451 | | | | | | 15,457 | | |
| Toda Corp. | | | | | 507 | | | | | | 2,987 | | |
| Tokyu Corp. | | | | | 1,097 | | | | | | 16,660 | | |
| Toppan Printing Co., Ltd. | | | | | 637 | | | | | | 9,603 | | |
| Toshiba Corp. | | | | | 983 | | | | | | 24,700 | | |
| TOTO Ltd. | | | | | 323 | | | | | | 11,448 | | |
| Toyota Tsusho Corp. | | | | | 500 | | | | | | 12,101 | | |
| Ushio, Inc. | | | | | 250 | | | | | | 2,675 | | |
| West Japan Railway Co. | | | | | 409 | | | | | | 25,500 | | |
| Yamato Holdings Co., Ltd. | | | | | 799 | | | | | | 14,107 | | |
| Yaskawa Electric Corp. | | | | | 582 | | | | | | 19,403 | | |
| Total Industrials | | | | | | | | | | | 1,600,813 | | |
| Information Technology — 12.1% | |
| Advantest Corp. | | | | | 444 | | | | | | 21,881 | | |
Alps Alpine Co., Ltd.(a) | | | | | 445 | | | | | | 4,673 | | |
| Amano Corp. | | | | | 153 | | | | | | 3,168 | | |
| Anritsu Corp. | | | | | 308 | | | | | | 6,308 | | |
| Azbil Corp. | | | | | 291 | | | | | | 7,739 | | |
| Brother Industries Ltd. | | | | | 532 | | | | | | 9,134 | | |
| Canon Marketing Japan, Inc. | | | | | 104 | | | | | | 2,037 | | |
| Canon, Inc. | | | | | 2,258 | | | | | | 48,239 | | |
| Citizen Watch Co., Ltd. | | | | | 598 | | | | | | 2,142 | | |
| Disco Corp. | | | | | 62 | | | | | | 14,118 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | |
| FUJIFILM Holdings Corp. | | | | | 806 | | | | | $ | 38,734 | | |
| Fujitsu Ltd. | | | | | 427 | | | | | | 42,067 | | |
| GMO internet, Inc. | | | | | 129 | | | | | | 2,846 | | |
| GMO Payment Gateway, Inc. | | | | | 89 | | | | | | 8,032 | | |
| Hamamatsu Photonics K.K. | | | | | 283 | | | | | | 12,518 | | |
| Hirose Electric Co., Ltd. | | | | | 74 | | | | | | 8,214 | | |
| Hitachi Ltd. | | | | | 2,061 | | | | | | 62,465 | | |
| Horiba Ltd. | | | | | 88 | | | | | | 4,740 | | |
| Ibiden Co., Ltd. | | | | | 242 | | | | | | 6,294 | | |
| Itochu Techno-Solutions Corp. | | | | | 217 | | | | | | 6,697 | | |
| Japan Aviation Electronics Industry Ltd. | | | | | 97 | | | | | | 1,281 | | |
| Justsystems Corp. | | | | | 74 | | | | | | 4,567 | | |
| Keyence Corp. | | | | | 402 | | | | | | 145,748 | | |
| Konica Minolta, Inc. | | | | | 1,016 | | | | | | 4,000 | | |
| Kyocera Corp. | | | | | 684 | | | | | | 36,965 | | |
| Lasertec Corp. | | | | | 170 | | | | | | 11,462 | | |
| Murata Manufacturing Co., Ltd. | | | | | 1,270 | | | | | | 71,484 | | |
| NEC Corp. | | | | | 556 | | | | | | 21,656 | | |
| NET One Systems Co., Ltd. | | | | | 185 | | | | | | 5,380 | | |
| Nihon Unisys Ltd. | | | | | 145 | | | | | | 4,264 | | |
| Nippon Electric Glass Co., Ltd. | | | | | 177 | | | | | | 2,623 | | |
| Nomura Research Institute Ltd. | | | | | 581 | | | | | | 14,311 | | |
| NS Solutions Corp. | | | | | 72 | | | | | | 1,816 | | |
| NTT Data Corp. | | | | | 1,413 | | | | | | 14,601 | | |
| OBIC Business Consultants Co., Ltd. | | | | | 33 | | | | | | 1,487 | | |
| Obic Co., Ltd. | | | | | 149 | | | | | | 22,600 | | |
| Omron Corp. | | | | | 421 | | | | | | 25,039 | | |
| Oracle Corp. Japan | | | | | 73 | | | | | | 7,591 | | |
| Otsuka Corp. | | | | | 228 | | | | | | 10,330 | | |
Renesas Electronics Corp.* | | | | | 1,580 | | | | | | 8,570 | | |
| Ricoh Co., Ltd. | | | | | 1,526 | | | | | | 10,560 | | |
| Rohm Co., Ltd. | | | | | 188 | | | | | | 12,060 | | |
| SCREEN Holdings Co., Ltd. | | | | | 88 | | | | | | 4,329 | | |
| SCSK Corp. | | | | | 96 | | | | | | 4,363 | | |
| Seiko Epson Corp. | | | | | 606 | | | | | | 6,953 | | |
| Shimadzu Corp. | | | | | 597 | | | | | | 14,990 | | |
| SUMCO Corp. | | | | | 525 | | | | | | 7,610 | | |
Taiyo Yuden Co., Ltd.(a) | | | | | 281 | | | | | | 7,962 | | |
| TDK Corp. | | | | | 267 | | | | | | 23,420 | | |
| TIS, Inc. | | | | | 534 | | | | | | 10,357 | | |
| Tokyo Electron Ltd. | | | | | 332 | | | | | | 71,222 | | |
| Topcon Corp. | | | | | 234 | | | | | | 1,954 | | |
| Toshiba TEC Corp. | | | | | 56 | | | | | | 1,843 | | |
| Trend Micro, Inc. | | | | | 259 | | | | | | 13,249 | | |
| Ulvac, Inc. | | | | | 106 | | | | | | 2,974 | | |
| Yokogawa Electric Corp. | | | | | 540 | | | | | | 7,474 | | |
| Total Information Technology | | | | | | | | | | | 929,141 | | |
| Materials — 5.6% | |
| Air Water, Inc. | | | | | 403 | | | | | | 5,487 | | |
| Asahi Kasei Corp. | | | | | 2,768 | | | | | | 19,802 | | |
| Daicel Corp. | | | | | 606 | | | | | | 4,964 | | |
| Daido Steel Co., Ltd. | | | | | 74 | | | | | | 2,488 | | |
| Denka Co., Ltd. | | | | | 193 | | | | | | 4,691 | | |
| DIC Corp. | | | | | 185 | | | | | | 4,367 | | |
| Dowa Holdings Co., Ltd. | | | | | 104 | | | | | | 2,927 | | |
| FP Corp. | | | | | 51 | | | | | | 3,868 | | |
| Fuji Seal International, Inc. | | | | | 90 | | | | | | 1,582 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Materials (continued) | |
| Hitachi Chemical Co., Ltd. | | | | | 58 | | | | | $ | 2,498 | | |
| Hitachi Metals Ltd. | | | | | 436 | | | | | | 4,306 | | |
| JFE Holdings, Inc. | | | | | 1,154 | | | | | | 7,813 | | |
| JSR Corp. | | | | | 404 | | | | | | 7,707 | | |
| Kaneka Corp. | | | | | 128 | | | | | | 3,340 | | |
| Kansai Paint Co., Ltd. | | | | | 435 | | | | | | 8,384 | | |
Kobe Steel Ltd.* | | | | | 661 | | | | | | 2,256 | | |
| Kuraray Co., Ltd. | | | | | 774 | | | | | | 7,853 | | |
| Lintec Corp. | | | | | 112 | | | | | | 2,426 | | |
| Maruichi Steel Tube Ltd. | | | | | 138 | | | | | | 3,140 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 2,831 | | | | | | 16,345 | | |
| Mitsubishi Gas Chemical Co., Inc. | | | | | 404 | | | | | | 5,021 | | |
| Mitsubishi Materials Corp. | | | | | 282 | | | | | | 5,844 | | |
| Mitsui Chemicals, Inc. | | | | | 388 | | | | | | 7,714 | | |
| Mitsui Mining & Smelting Co., Ltd. | | | | | 121 | | | | | | 2,320 | | |
| Nippon Kayaku Co., Ltd. | | | | | 378 | | | | | | 3,701 | | |
| Nippon Paint Holdings Co., Ltd. | | | | | 343 | | | | | | 19,919 | | |
| Nippon Paper Industries Co., Ltd. | | | | | 209 | | | | | | 3,027 | | |
| Nippon Shokubai Co., Ltd. | | | | | 72 | | | | | | 3,447 | | |
| Nippon Steel Corp. | | | | | 1,815 | | | | | | 15,478 | | |
| Nissan Chemical Corp. | | | | | 300 | | | | | | 11,614 | | |
| Nitto Denko Corp. | | | | | 348 | | | | | | 17,606 | | |
| NOF Corp. | | | | | 152 | | | | | | 5,089 | | |
| Oji Holdings Corp. | | | | | 1,978 | | | | | | 10,173 | | |
| Rengo Co., Ltd. | | | | | 460 | | | | | | 3,648 | | |
| Shin-Etsu Chemical Co., Ltd. | | | | | 888 | | | | | | 99,774 | | |
| Showa Denko K.K. | | | | | 323 | | | | | | 7,174 | | |
| Sumitomo Bakelite Co., Ltd. | | | | | 66 | | | | | | 1,739 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 3,395 | | | | | | 10,604 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 532 | | | | | | 13,524 | | |
| Sumitomo Osaka Cement Co., Ltd. | | | | | 74 | | | | | | 2,453 | | |
| Taiheiyo Cement Corp. | | | | | 267 | | | | | | 5,338 | | |
| Taiyo Nippon Sanso Corp. | | | | | 322 | | | | | | 5,065 | | |
| Teijin Ltd. | | | | | 418 | | | | | | 6,743 | | |
Tokai Carbon Co., Ltd.(a) | | | | | 437 | | | | | | 3,666 | | |
| Tokuyama Corp. | | | | | 152 | | | | | | 3,269 | | |
| Toray Industries, Inc. | | | | | 3,406 | | | | | | 15,897 | | |
| Tosoh Corp. | | | | | 638 | | | | | | 7,929 | | |
| Toyo Seikan Group Holdings Ltd. | | | | | 332 | | | | | | 3,418 | | |
| Toyobo Co., Ltd. | | | | | 194 | | | | | | 2,300 | | |
| Ube Industries Ltd. | | | | | 219 | | | | | | 3,733 | | |
| Yamato Kogyo Co., Ltd. | | | | | 74 | | | | | | 1,485 | | |
| Zeon Corp. | | | | | 315 | | | | | | 2,810 | | |
| Total Materials | | | | | | | | | | | 427,766 | | |
| Real Estate — 2.5% | |
| Aeon Mall Co., Ltd. | | | | | 259 | | | | | | 3,308 | | |
| Daito Trust Construction Co., Ltd. | | | | | 145 | | | | | | 13,987 | | |
| Daiwa House Industry Co., Ltd. | | | | | 1,447 | | | | | | 37,313 | | |
| Hulic Co., Ltd. | | | | | 800 | | | | | | 8,020 | | |
| Ichigo, Inc. | | | | | 444 | | | | | | 1,167 | | |
| Mitsubishi Estate Co., Ltd. | | | | | 2,560 | | | | | | 42,194 | | |
| Mitsui Fudosan Co., Ltd. | | | | | 2,095 | | | | | | 39,144 | | |
| Nomura Real Estate Holdings, Inc. | | | | | 251 | | | | | | 4,159 | | |
| Open House Co., Ltd. | | | | | 130 | | | | | | 2,887 | | |
| Relo Group, Inc. | | | | | 233 | | | | | | 5,127 | | |
| Sumitomo Realty & Development Co., Ltd. | | | | | 878 | | | | | | 23,922 | | |
| Tokyo Tatemono Co., Ltd. | | | | | 436 | | | | | | 5,011 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Real Estate (continued) | |
| Tokyu Fudosan Holdings Corp. | | | | | 1,363 | | | | | $ | 6,819 | | |
| Total Real Estate | | | | | | | | | | | 193,058 | | |
| Utilities — 1.8% | | | | | | | | | | | | | |
| Chubu Electric Power Co., Inc. | | | | | 1,554 | | | | | | 21,195 | | |
| Chugoku Electric Power Co., Inc. (The) | | | | | 646 | | | | | | 8,735 | | |
| Electric Power Development Co., Ltd. | | | | | 371 | | | | | | 7,494 | | |
| Hokuriku Electric Power Co. | | | | | 371 | | | | | | 2,519 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 1,616 | | | | | | 16,699 | | |
| Kyushu Electric Power Co., Inc. | | | | | 1,041 | | | | | | 8,304 | | |
| Osaka Gas Co., Ltd. | | | | | 887 | | | | | | 16,581 | | |
| Shikoku Electric Power Co., Inc. | | | | | 332 | | | | | | 2,583 | | |
| Toho Gas Co., Ltd. | | | | | 202 | | | | | | 9,936 | | |
| Tohoku Electric Power Co., Inc. | | | | | 1,058 | | | | | | 10,023 | | |
Tokyo Electric Power Co., Holdings, Inc.* | | | | | 3,501 | | | | | | 11,884 | | |
| Tokyo Gas Co., Ltd. | | | | | 942 | | | | | | 20,772 | | |
| Total Utilities | | | | | | | | | | | 136,725 | | |
Total Common Stocks
(Cost $8,135,982) | | | | | | | | | | | 7,646,089 | | |
| Short-Term Investment — 1.1% | |
| Money Market Fund — 1.1% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)
(Cost $84,985) | | | | | 84,985 | | | | | | 84,985 | | |
Total Investments — 100.8%
(Cost $8,220,967) | | | | | | | | | | | 7,731,074 | | |
| Other Assets and Liabilities, Net — (0.8)% | | | | | | | | | | | (63,939) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 7,667,135 | | |
| |
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $89,748; total market value of collateral held by the Fund was $97,455. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $12,470.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)
Forward Foreign Currency Contracts Outstanding as of April 30, 2020:
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
April 30,
2020 | | | Unrealized
Appreciation | |
| Japanese Yen | | | | | 05/01/20 | | | | Bank of America | | | | | 393,489,862 | | | | | $ | 3,679,608 | | | | | $ | 3,679,711 | | | | | $ | 103 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | 3,679,608 | | | | | $ | 3,679,711 | | | | | $ | 103 | | |
| Total Unrealized Appreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 103 | | |
| |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30,
2020 | | | Unrealized
(Depreciation) | |
| Japanese Yen | | | | | 05/01/20 | | | | Bank of America | | | | | (393,489,862) | | | | | $ | (3,649,033) | | | | | $ | (3,679,711) | | | | | $ | (30,678) | | |
| Japanese Yen | | | | | 06/04/20 | | | | Bank of America | | | | | (408,950,074) | | | | | | (3,825,610) | | | | | | (3,826,208) | | | | | | (598) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | (7,474,643) | | | | | $ | (7,505,919) | | | | | $ | (31,276) | | |
| Total Unrealized Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (31,276) | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (31,173) | | |
As of April 30, 2020, there was no collateral segregated by the counterparty for forward foreign currency contracts.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 7,646,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,646,089 | | |
| Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Fund | | | | | 84,985 | | | | | | — | | | | | | — | | | | | | 84,985 | | |
| Total Investments in Securities | | | | | 7,731,074 | | | | | | — | | | | | | — | | | | | | 7,731,074 | | |
| Other Financial Instruments:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 103 | | | | | | — | | | | | | 103 | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 7,731,074 | | | | | $ | 103 | | | | | $ | — | | | | | $ | 7,731,177 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | 31,276 | | | | | $ | — | | | | | $ | 31,276 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
(e)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.5% | |
| Australia — 7.8% | |
| Alumina Ltd. | | | | | 13,326 | | | | | $ | 15,137 | | |
AMP Ltd.* | | | | | 17,946 | | | | | | 16,801 | | |
| APA Group | | | | | 6,160 | | | | | | 44,040 | | |
| ASX Ltd. | | | | | 1,009 | | | | | | 53,871 | | |
| Australia & New Zealand Banking Group Ltd. | | | | | 13,850 | | | | | | 153,242 | | |
| BHP Group Ltd. | | | | | 15,392 | | | | | | 325,996 | | |
| BHP Group PLC | | | | | 10,735 | | | | | | 180,929 | | |
| BlueScope Steel Ltd. | | | | | 2,637 | | | | | | 17,696 | | |
| Boral Ltd. | | | | | 6,114 | | | | | | 12,089 | | |
| Brambles Ltd. | | | | | 8,088 | | | | | | 58,671 | | |
| Caltex Australia Ltd. | | | | | 1,234 | | | | | | 20,133 | | |
| Coca-Cola Amatil Ltd. | | | | | 2,599 | | | | | | 14,770 | | |
| Cochlear Ltd. | | | | | 306 | | | | | | 36,962 | | |
| Computershare Ltd. | | | | | 2,464 | | | | | | 19,649 | | |
| CSL Ltd. | | | | | 2,373 | | | | | | 480,747 | | |
| Dexus | | | | | 5,717 | | | | | | 34,285 | | |
| Fortescue Metals Group Ltd. | | | | | 7,828 | | | | | | 61,295 | | |
| Goodman Group | | | | | 9,457 | | | | | | 81,418 | | |
| GPT Group (The) | | | | | 10,163 | | | | | | 28,145 | | |
| Insurance Australia Group Ltd. | | | | | 12,092 | | | | | | 45,758 | | |
| Lendlease Group | | | | | 2,945 | | | | | | 23,831 | | |
| Macquarie Group Ltd. | | | | | 1,844 | | | | | | 123,938 | | |
| Mirvac Group | | | | | 20,537 | | | | | | 30,118 | | |
| National Australia Bank Ltd. | | | | | 15,394 | | | | | | 170,931 | | |
| Newcrest Mining Ltd. | | | | | 4,006 | | | | | | 72,230 | | |
| Orica Ltd. | | | | | 1,850 | | | | | | 21,705 | | |
| QBE Insurance Group Ltd. | | | | | 6,814 | | | | | | 37,696 | | |
| Ramsay Health Care Ltd. | | | | | 833 | | | | | | 34,145 | | |
| REA Group Ltd. | | | | | 306 | | | | | | 17,836 | | |
| Rio Tinto Ltd. | | | | | 1,932 | | | | | | 110,690 | | |
| Rio Tinto PLC | | | | | 5,585 | | | | | | 259,560 | | |
| Santos Ltd. | | | | | 9,763 | | | | | | 31,576 | | |
| Sonic Healthcare Ltd. | | | | | 2,423 | | | | | | 43,133 | | |
| Stockland | | | | | 12,442 | | | | | | 23,460 | | |
| Suncorp Group Ltd. | | | | | 6,595 | | | | | | 39,680 | | |
| Telstra Corp. Ltd. | | | | | 61,965 | | | | | | 123,734 | | |
| Transurban Group | | | | | 14,251 | | | | | | 128,756 | | |
| Treasury Wine Estates Ltd. | | | | | 3,742 | | | | | | 24,866 | | |
| Vicinity Centres | | | | | 15,175 | | | | | | 14,803 | | |
| Wesfarmers Ltd. | | | | | 5,846 | | | | | | 144,254 | | |
| Westpac Banking Corp. | | | | | 18,868 | | | | | | 201,105 | | |
| Woodside Petroleum Ltd. | | | | | 4,924 | | | | | | 72,373 | | |
| Woolworths Group Ltd. | | | | | 6,594 | | | | | | 154,336 | | |
| Total Australia | | | | | | | | | | | 3,606,390 | | |
| Austria — 0.2% | |
ANDRITZ AG* | | | | | 356 | | | | | | 11,698 | | |
| OMV AG | | | | | 1,185 | | | | | | 38,808 | | |
| Raiffeisen Bank International AG | | | | | 705 | | | | | | 12,146 | | |
Telekom Austria AG* | | | | | 706 | | | | | | 4,964 | | |
| Verbund AG | | | | | 351 | | | | | | 15,901 | | |
| voestalpine AG | | | | | 576 | | | | | | 11,921 | | |
| Total Austria | | | | | | | | | | | 95,438 | | |
| Belgium — 0.6% | |
| Ackermans & van Haaren NV | | | | | 129 | | | | | | 17,082 | | |
| KBC Group NV | | | | | 1,454 | | | | | | 78,482 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Belgium (continued) | |
| Sofina SA | | | | | 86 | | | | | $ | 20,252 | | |
| Solvay SA | | | | | 393 | | | | | | 30,666 | | |
| Telenet Group Holding NV | | | | | 219 | | | | | | 9,134 | | |
UCB SA* | | | | | 619 | | | | | | 56,639 | | |
| Umicore SA | | | | | 1,012 | | | | | | 43,684 | | |
| Total Belgium | | | | | | | | | | | 255,939 | | |
| Chile — 0.0%(a) | |
| Antofagasta PLC | | | | | 1,805 | | | | | | 18,510 | | |
| China — 0.9% | |
Alibaba Health Information Technology Ltd.* | | | | | 20,410 | | | | | | 49,391 | | |
| China Gas Holdings Ltd. | | | | | 10,773 | | | | | | 39,813 | | |
| CSPC Pharmaceutical Group Ltd. | | | | | 25,072 | | | | | | 49,806 | | |
| Fosun International Ltd. | | | | | 12,670 | | | | | | 16,049 | | |
| Geely Automobile Holdings Ltd. | | | | | 26,701 | | | | | | 41,744 | | |
| Haier Electronics Group Co. Ltd. | | | | | 6,248 | | | | | | 17,207 | | |
Prosus NV* | | | | | 2,070 | | | | | | 156,850 | | |
| Shimao Property Holdings Ltd. | | | | | 5,231 | | | | | | 21,120 | | |
| Sun Art Retail Group Ltd. | | | | | 8,970 | | | | | | 14,949 | | |
| Total China | | | | | | | | | | | 406,929 | | |
| Colombia — 0.0%(a) | |
| Millicom International Cellular SA | | | | | 528 | | | | | | 13,893 | | |
| Denmark — 2.8% | |
| AP Moller — Maersk A/S, Class A | | | | | 16 | | | | | | 14,765 | | |
| AP Moller — Maersk A/S, Class B | | | | | 33 | | | | | | 32,803 | | |
| Carlsberg A/S, Class B | | | | | 528 | | | | | | 66,564 | | |
| Chr Hansen Holding A/S | | | | | 524 | | | | | | 45,147 | | |
Coloplast A/S, Class B(b) | | | | | 656 | | | | | | 103,736 | | |
Danske Bank A/S* | | | | | 3,346 | | | | | | 39,696 | | |
| DSV PANALPINA A/S | | | | | 1,189 | | | | | | 122,660 | | |
Genmab A/S* | | | | | 336 | | | | | | 80,785 | | |
| Novo Nordisk A/S, Class B | | | | | 8,752 | | | | | | 558,096 | | |
Novozymes A/S, Class B(b) | | | | | 1,096 | | | | | | 53,684 | | |
Orsted A/S‡ | | | | | 881 | | | | | | 89,049 | | |
| Vestas Wind Systems A/S | | | | | 1,012 | | | | | | 87,104 | | |
| Total Denmark | | | | | | | | | | | 1,294,089 | | |
| Finland — 1.4% | |
| Elisa OYJ | | | | | 747 | | | | | | 45,360 | | |
Huhtamaki OYJ* | | | | | 444 | | | | | | 16,593 | | |
| Kone OYJ, Class B | | | | | 1,846 | | | | | | 111,853 | | |
| Metso OYJ | | | | | 658 | | | | | | 18,256 | | |
| Neste OYJ | | | | | 2,066 | | | | | | 73,159 | | |
| Nokia OYJ | | | | | 29,288 | | | | | | 106,631 | | |
Nordea Bank Abp* | | | | | 15,964 | | | | | | 102,237 | | |
Orion OYJ, Class B* | | | | | 438 | | | | | | 22,250 | | |
Sampo OYJ, Class A* | | | | | 2,334 | | | | | | 77,306 | | |
Stora Enso OYJ, Class R* | | | | | 2,902 | | | | | | 34,329 | | |
| Wartsila OYJ Abp | | | | | 2,768 | | | | | | 20,325 | | |
| Total Finland | | | | | | | | | | | 628,299 | | |
| France — 10.8% | |
| Accor SA | | | | | 925 | | | | | | 25,653 | | |
Air Liquide SA(b) | | | | | 2,465 | | | | | | 313,460 | | |
Amundi SA‡ | | | | | 349 | | | | | | 23,165 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | |
| AXA SA | | | | | 11,743 | | | | | $ | 208,315 | | |
| BNP Paribas SA | | | | | 5,978 | | | | | | 187,755 | | |
Bouygues SA* | | | | | 1,579 | | | | | | 48,616 | | |
| Capgemini SE | | | | | 837 | | | | | | 78,604 | | |
| Carrefour SA | | | | | 2,951 | | | | | | 43,619 | | |
| Cie de Saint-Gobain | | | | | 2,729 | | | | | | 72,365 | | |
| Cie Generale des Etablissements Michelin | | | | | 883 | | | | | | 86,173 | | |
CNP Assurances* | | | | | 789 | | | | | | 8,145 | | |
| Credit Agricole SA | | | | | 6,640 | | | | | | 52,960 | | |
| Danone SA | | | | | 3,259 | | | | | | 225,812 | | |
| Dassault Systemes SE | | | | | 702 | | | | | | 102,687 | | |
| Engie SA | | | | | 9,500 | | | | | | 103,055 | | |
| EssilorLuxottica SA | | | | | 1,497 | | | | | | 184,708 | | |
| Kering SA | | | | | 390 | | | | | | 196,582 | | |
| Klepierre SA | | | | | 1,147 | | | | | | 23,185 | | |
| Legrand SA | | | | | 1,366 | | | | | | 92,045 | | |
L’Oreal SA* | | | | | 1,258 | | | | | | 365,553 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 1,366 | | | | | | 527,329 | | |
| Natixis SA | | | | | 4,839 | | | | | | 11,454 | | |
| Orange SA | | | | | 10,688 | | | | | | 130,353 | | |
| Pernod Ricard SA | | | | | 883 | | | | | | 134,531 | | |
| Peugeot SA | | | | | 2,945 | | | | | | 42,175 | | |
| Publicis Groupe SA | | | | | 1,103 | | | | | | 32,776 | | |
| Renault SA | | | | | 1,011 | | | | | | 20,050 | | |
| Sanofi | | | | | 5,582 | | | | | | 545,304 | | |
Schneider Electric SE*(b) | | | | | 2,819 | | | | | | 257,695 | | |
| Societe Generale SA | | | | | 4,094 | | | | | | 63,944 | | |
| Sodexo SA | | | | | 439 | | | | | | 34,861 | | |
| TOTAL SA | | | | | 13,369 | | | | | | 481,025 | | |
| Unibail-Rodamco-Westfield | | | | | 708 | | | | | | 41,658 | | |
| Vinci SA | | | | | 2,946 | | | | | | 241,038 | | |
| Total France | | | | | | | | | | | 5,006,650 | | |
| Germany — 8.5% | |
| adidas AG | | | | | 965 | | | | | | 221,117 | | |
| Allianz SE | | | | | 2,176 | | | | | | 402,504 | | |
| BASF SE | | | | | 4,797 | | | | | | 245,290 | | |
| Bayerische Motoren Werke AG | | | | | 1,671 | | | | | | 98,925 | | |
| Beiersdorf AG | | | | | 525 | | | | | | 54,962 | | |
| Commerzbank AG | | | | | 5,193 | | | | | | 19,191 | | |
Continental AG* | | | | | 570 | | | | | | 48,198 | | |
Covestro AG‡* | | | | | 881 | | | | | | 29,605 | | |
| Daimler AG | | | | | 4,138 | | | | | | 142,928 | | |
| Deutsche Bank AG | | | | | 9,277 | | | | | | 68,872 | | |
| Deutsche Boerse AG | | | | | 928 | | | | | | 144,080 | | |
Deutsche Lufthansa AG(b) | | | | | 2,506 | | | | | | 22,392 | | |
| Deutsche Post AG | | | | | 5,145 | | | | | | 152,999 | | |
Deutsche Telekom AG* | | | | | 16,976 | | | | | | 247,763 | | |
| Deutsche Wohnen SE | | | | | 1,889 | | | | | | 76,554 | | |
| Fresenius Medical Care AG & Co. KGaA | | | | | 1,100 | | | | | | 86,338 | | |
| Fresenius SE & Co. KGaA | | | | | 2,154 | | | | | | 93,498 | | |
| Hannover Rueck SE | | | | | 309 | | | | | | 49,244 | | |
Henkel AG & Co. KGaA* | | | | | 528 | | | | | | 41,118 | | |
| Infineon Technologies AG | | | | | 6,550 | | | | | | 121,603 | | |
| Knorr-Bremse AG | | | | | 261 | | | | | | 24,259 | | |
Merck KGaA* | | | | | 663 | | | | | | 77,048 | | |
| Muenchener Rueckversicherungs-Gesellschaft AG | | | | | 749 | | | | | | 164,732 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | |
| SAP SE | | | | | 5,275 | | | | | $ | 629,423 | | |
| Siemens AG | | | | | 4,222 | | | | | | 391,590 | | |
| Symrise AG | | | | | 661 | | | | | | 66,839 | | |
| Talanx AG | | | | | 267 | | | | | | 9,528 | | |
| Vonovia SE | | | | | 2,855 | | | | | | 140,875 | | |
Zalando SE‡* | | | | | 788 | | | | | | 38,399 | | |
| Total Germany | | | | | | | | | | | 3,909,874 | | |
| Hong Kong — 3.2% | |
| AIA Group Ltd. | | | | | 63,207 | | | | | | 586,628 | | |
| ASM Pacific Technology Ltd. | | | | | 1,585 | | | | | | 16,111 | | |
| Bank of East Asia Ltd. (The) | | | | | 7,127 | | | | | | 15,114 | | |
Cathay Pacific Airways Ltd.(b) | | | | | 3,082 | | | | | | 3,653 | | |
| CK Infrastructure Holdings Ltd. | | | | | 3,169 | | | | | | 18,886 | | |
| Hang Lung Properties Ltd. | | | | | 9,680 | | | | | | 20,753 | | |
| Hang Seng Bank Ltd. | | | | | 3,784 | | | | | | 66,627 | | |
| Henderson Land Development Co., Ltd. | | | | | 6,864 | | | | | | 28,067 | | |
| HKT Trust & HKT Ltd. | | | | | 17,812 | | | | | | 28,628 | | |
| Hong Kong & China Gas Co., Ltd. | | | | | 51,509 | | | | | | 92,090 | | |
| Hong Kong Exchanges and Clearing Ltd. | | | | | 6,202 | | | | | | 201,604 | | |
| Kerry Properties Ltd. | | | | | 3,078 | | | | | | 8,457 | | |
| Link REIT | | | | | 10,907 | | | | | | 97,922 | | |
| MTR Corp. Ltd. | | | | | 7,960 | | | | | | 44,203 | | |
| NWS Holdings Ltd. | | | | | 7,304 | | | | | | 7,613 | | |
| Sino Biopharmaceutical Ltd. | | | | | 32,988 | | | | | | 48,254 | | |
| Sun Hung Kai Properties Ltd. | | | | | 7,566 | | | | | | 103,842 | | |
| Swire Pacific Ltd., Class A | | | | | 2,593 | | | | | | 17,025 | | |
| Swire Pacific Ltd., Class B | | | | | 4,571 | | | | | | 5,000 | | |
| Swire Properties Ltd. | | | | | 5,501 | | | | | | 15,434 | | |
WH Group Ltd.‡ | | | | | 46,894 | | | | | | 45,247 | | |
| Total Hong Kong | | | | | | | | | | | 1,471,158 | | |
| Ireland — 0.4% | |
| CRH PLC | | | | | 4,133 | | | | | | 125,116 | | |
| Kingspan Group PLC | | | | | 744 | | | | | | 37,893 | | |
| Smurfit Kappa Group PLC | | | | | 1,232 | | | | | | 38,974 | | |
| Total Ireland | | | | | | | | | | | 201,983 | | |
| Israel — 0.4% | |
| Bank Hapoalim BM | | | | | 5,853 | | | | | | 37,908 | | |
| Bank Leumi Le-Israel BM | | | | | 7,692 | | | | | | 41,863 | | |
Check Point Software Technologies Ltd.* | | | | | 661 | | | | | | 69,894 | | |
| Israel Chemicals Ltd. | | | | | 3,609 | | | | | | 12,654 | | |
| Mizrahi Tefahot Bank Ltd. | | | | | 965 | | | | | | 19,946 | | |
| Total Israel | | | | | | | | | | | 182,265 | | |
| Italy — 2.2% | |
| Assicurazioni Generali SpA | | | | | 6,205 | | | | | | 88,454 | | |
| Banca Mediolanum SpA | | | | | 1,407 | | | | | | 8,584 | | |
| DiaSorin SpA | | | | | 128 | | | | | | 21,773 | | |
| Enel SpA | | | | | 40,678 | | | | | | 277,843 | | |
| Eni SpA | | | | | 13,110 | | | | | | 125,128 | | |
FinecoBank Banca Fineco SpA* | | | | | 3,171 | | | | | | 35,218 | | |
Infrastrutture Wireless Italiane SpA‡ | | | | | 1,271 | | | | | | 13,441 | | |
| Intesa Sanpaolo SpA | | | | | 81,409 | | | | | | 126,885 | | |
| Moncler SpA | | | | | 1,054 | | | | | | 39,597 | | |
Nexi SpA‡* | | | | | 1,317 | | | | | | 19,943 | | |
Poste Italiane SpA‡ | | | | | 2,459 | | | | | | 20,879 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Italy (continued) | |
| Prysmian SpA | | | | | 1,320 | | | | | $ | 24,824 | | |
| Snam SpA | | | | | 10,376 | | | | | | 46,459 | | |
Telecom Italia SpA*(b) | | | | | 51,848 | | | | | | 20,535 | | |
| Telecom Italia SpA-RSP | | | | | 31,572 | | | | | | 12,567 | | |
| Terna Rete Elettrica Nazionale SpA | | | | | 7,387 | | | | | | 46,280 | | |
UniCredit SpA* | | | | | 11,697 | | | | | | 90,054 | | |
| Total Italy | | | | | | | | | | | 1,018,464 | | |
| Japan — 24.0% | |
| Advantest Corp. | | | | | 1,016 | | | | | | 50,071 | | |
| Aeon Co., Ltd. | | | | | 3,690 | | | | | | 74,932 | | |
| AEON Financial Service Co., Ltd. | | | | | 531 | | | | | | 5,611 | | |
| AGC, Inc. | | | | | 971 | | | | | | 24,508 | | |
| Air Water, Inc. | | | | | 1,007 | | | | | | 13,711 | | |
| Aisin Seiki Co., Ltd. | | | | | 837 | | | | | | 24,382 | | |
| Ajinomoto Co., Inc. | | | | | 2,817 | | | | | | 50,473 | | |
| Asics Corp. | | | | | 920 | | | | | | 8,887 | | |
| Astellas Pharma, Inc. | | | | | 9,721 | | | | | | 162,403 | | |
| Benesse Holdings, Inc. | | | | | 356 | | | | | | 10,220 | | |
| Bridgestone Corp. | | | | | 2,951 | | | | | | 93,220 | | |
| Brother Industries Ltd. | | | | | 1,276 | | | | | | 21,908 | | |
| Canon, Inc. | | | | | 5,450 | | | | | | 116,431 | | |
| Casio Computer Co., Ltd. | | | | | 1,140 | | | | | | 18,230 | | |
| Central Japan Railway Co. | | | | | 882 | | | | | | 140,257 | | |
| Chugai Pharmaceutical Co., Ltd. | | | | | 1,099 | | | | | | 131,652 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 3,253 | | | | | | 224,563 | | |
| Daikin Industries Ltd. | | | | | 1,361 | | | | | | 178,247 | | |
| Daito Trust Construction Co., Ltd. | | | | | 348 | | | | | | 33,568 | | |
| Daiwa House Industry Co., Ltd. | | | | | 3,168 | | | | | | 81,692 | | |
| Daiwa House REIT Investment Corp. | | | | | 10 | | | | | | 24,361 | | |
| Daiwa Securities Group, Inc. | | | | | 7,606 | | | | | | 31,893 | | |
| DeNA Co., Ltd. | | | | | 487 | | | | | | 6,034 | | |
| Denso Corp. | | | | | 2,291 | | | | | | 81,669 | | |
| East Japan Railway Co. | | | | | 1,802 | | | | | | 132,671 | | |
| Eisai Co., Ltd. | | | | | 1,409 | | | | | | 99,217 | | |
| FANUC Corp. | | | | | 1,009 | | | | | | 168,237 | | |
| Fast Retailing Co., Ltd. | | | | | 285 | | | | | | 137,256 | | |
| Fuji Electric Co., Ltd. | | | | | 662 | | | | | | 16,059 | | |
| FUJIFILM Holdings Corp. | | | | | 2,024 | | | | | | 97,268 | | |
| Fujitsu Ltd. | | | | | 1,008 | | | | | | 99,306 | | |
| Hakuhodo DY Holdings, Inc. | | | | | 1,143 | | | | | | 12,848 | | |
| Hino Motors Ltd. | | | | | 1,363 | | | | | | 8,234 | | |
| Hitachi Ltd. | | | | | 4,926 | | | | | | 149,298 | | |
| Hitachi Metals Ltd. | | | | | 1,053 | | | | | | 10,399 | | |
| Honda Motor Co., Ltd. | | | | | 8,799 | | | | | | 214,801 | | |
| Hulic Co., Ltd. | | | | | 2,020 | | | | | | 20,250 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 1,144 | | | | | | 26,424 | | |
| ITOCHU Corp. | | | | | 7,386 | | | | | | 146,774 | | |
| J Front Retailing Co., Ltd. | | | | | 1,316 | | | | | | 10,941 | | |
| Japan Exchange Group, Inc. | | | | | 2,774 | | | | | | 52,193 | | |
| Japan Retail Fund Investment Corp. | | | | | 14 | | | | | | 15,501 | | |
| JFE Holdings, Inc. | | | | | 2,680 | | | | | | 18,145 | | |
| JTEKT Corp. | | | | | 1,187 | | | | | | 8,836 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 3,828 | | | | | | 39,556 | | |
| Kao Corp. | | | | | 2,462 | | | | | | 191,462 | | |
| KDDI Corp. | | | | | 8,359 | | | | | | 243,027 | | |
| Keikyu Corp. | | | | | 1,271 | | | | | | 21,062 | | |
| Keio Corp. | | | | | 576 | | | | | | 32,857 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Keisei Electric Railway Co., Ltd. | | | | | 789 | | | | | $ | 24,053 | | |
| Kikkoman Corp. | | | | | 750 | | | | | | 34,928 | | |
| Kintetsu Group Holdings Co., Ltd. | | | | | 964 | | | | | | 46,516 | | |
| Kirin Holdings Co., Ltd. | | | | | 4,314 | | | | | | 83,851 | | |
| Koito Manufacturing Co., Ltd. | | | | | 613 | | | | | | 23,446 | | |
| Komatsu Ltd. | | | | | 4,884 | | | | | | 94,200 | | |
| Konica Minolta, Inc. | | | | | 2,547 | | | | | | 10,027 | | |
| Kose Corp. | | | | | 172 | | | | | | 21,650 | | |
| Kubota Corp. | | | | | 6,109 | | | | | | 76,952 | | |
| Kuraray Co., Ltd. | | | | | 1,759 | | | | | | 17,847 | | |
| Kyocera Corp. | | | | | 1,714 | | | | | | 92,628 | | |
| Kyowa Kirin Co., Ltd. | | | | | 1,316 | | | | | | 30,988 | | |
| Lion Corp. | | | | | 1,278 | | | | | | 26,902 | | |
| Makita Corp. | | | | | 1,272 | | | | | | 41,871 | | |
| Marui Group Co., Ltd. | | | | | 1,015 | | | | | | 16,819 | | |
| Mazda Motor Corp. | | | | | 2,991 | | | | | | 17,118 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 7,213 | | | | | | 41,645 | | |
| Mitsubishi Estate Co., Ltd. | | | | | 6,285 | | | | | | 103,589 | | |
| Mitsubishi UFJ Lease & Finance Co., Ltd. | | | | | 2,682 | | | | | | 13,017 | | |
| Mitsui Chemicals, Inc. | | | | | 921 | | | | | | 18,311 | | |
| Mitsui OSK Lines Ltd. | | | | | 613 | | | | | | 10,852 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 2,506 | | | | | | 73,163 | | |
| Murata Manufacturing Co., Ltd. | | | | | 3,251 | | | | | | 182,988 | | |
| Nabtesco Corp. | | | | | 573 | | | | | | 16,665 | | |
| NEC Corp. | | | | | 1,316 | | | | | | 51,257 | | |
| NGK Insulators Ltd. | | | | | 1,623 | | | | | | 21,613 | | |
| NGK Spark Plug Co., Ltd. | | | | | 1,009 | | | | | | 15,305 | | |
| NH Foods Ltd. | | | | | 527 | | | | | | 18,998 | | |
| Nidec Corp. | | | | | 2,640 | | | | | | 155,188 | | |
| Nikon Corp. | | | | | 1,807 | | | | | | 17,016 | | |
| Nintendo Co., Ltd. | | | | | 615 | | | | | | 256,789 | | |
| Nippon Paint Holdings Co., Ltd. | | | | | 921 | | | | | | 53,485 | | |
| Nippon Prologis REIT, Inc. | | | | | 11 | | | | | | 30,407 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 12,358 | | | | | | 282,327 | | |
| Nippon Yusen K.K. | | | | | 793 | | | | | | 10,604 | | |
| Nissan Motor Co., Ltd. | | | | | 12,267 | | | | | | 42,421 | | |
| Nisshin Seifun Group, Inc. | | | | | 1,228 | | | | | | 19,315 | | |
| Nitori Holdings Co., Ltd. | | | | | 436 | | | | | | 67,356 | | |
| Nitto Denko Corp. | | | | | 795 | | | | | | 40,220 | | |
| NOK Corp. | | | | | 480 | | | | | | 5,642 | | |
| Nomura Real Estate Holdings, Inc. | | | | | 612 | | | | | | 10,141 | | |
| Nomura Research Institute Ltd. | | | | | 1,934 | | | | | | 47,638 | | |
| NSK Ltd. | | | | | 2,374 | | | | | | 16,606 | | |
| NTT Data Corp. | | | | | 3,296 | | | | | | 34,059 | | |
| NTT DOCOMO, Inc. | | | | | 5,845 | | | | | | 172,068 | | |
| Obayashi Corp. | | | | | 3,389 | | | | | | 30,171 | | |
| Odakyu Electric Railway Co., Ltd. | | | | | 1,760 | | | | | | 39,056 | | |
| Oji Holdings Corp. | | | | | 4,706 | | | | | | 24,204 | | |
| Omron Corp. | | | | | 1,015 | | | | | | 60,368 | | |
| Oracle Corp. Japan | | | | | 175 | | | | | | 18,198 | | |
| Oriental Land Co., Ltd. | | | | | 1,052 | | | | | | 134,580 | | |
| ORIX Corp. | | | | | 6,643 | | | | | | 80,075 | | |
| Otsuka Holdings Co., Ltd. | | | | | 2,071 | | | | | | 82,406 | | |
| Pan Pacific International Holdings Corp. | | | | | 2,156 | | | | | | 41,977 | | |
| Panasonic Corp. | | | | | 11,526 | | | | | | 89,117 | | |
| Pola Orbis Holdings, Inc. | | | | | 440 | | | | | | 7,892 | | |
| Rakuten, Inc. | | | | | 4,181 | | | | | | 35,814 | | |
| Recruit Holdings Co., Ltd. | | | | | 6,331 | | | | | | 188,388 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Resona Holdings, Inc. | | | | | 11,746 | | | | | $ | 37,017 | | |
| Ricoh Co., Ltd. | | | | | 3,646 | | | | | | 25,231 | | |
| Rinnai Corp. | | | | | 178 | | | | | | 13,599 | | |
| Rohm Co., Ltd. | | | | | 481 | | | | | | 30,857 | | |
| Santen Pharmaceutical Co., Ltd. | | | | | 1,937 | | | | | | 34,489 | | |
| SBI Holdings, Inc. | | | | | 1,145 | | | | | | 21,747 | | |
| Secom Co., Ltd. | | | | | 1,099 | | | | | | 92,547 | | |
| Sekisui Chemical Co., Ltd. | | | | | 2,071 | | | | | | 26,533 | | |
| Sekisui House Ltd. | | | | | 3,166 | | | | | | 55,024 | | |
| Seven Bank Ltd. | | | | | 3,123 | | | | | | 8,528 | | |
Sharp Corp.* | | | | | 1,057 | | | | | | 11,852 | | |
| Shimamura Co., Ltd. | | | | | 131 | | | | | | 8,330 | | |
| Shimano, Inc. | | | | | 398 | | | | | | 58,955 | | |
| Shimizu Corp. | | | | | 3,035 | | | | | | 23,727 | | |
| Shinsei Bank Ltd. | | | | | 1,139 | | | | | | 13,900 | | |
| Shionogi & Co., Ltd. | | | | | 1,582 | | | | | | 87,714 | | |
| Shiseido Co., Ltd. | | | | | 2,023 | | | | | | 120,659 | | |
| Shizuoka Bank Ltd. (The) | | | | | 2,640 | | | | | | 16,146 | | |
| SoftBank Group Corp. | | | | | 7,832 | | | | | | 339,324 | | |
| Sompo Holdings, Inc. | | | | | 1,755 | | | | | | 57,441 | | |
| Sony Corp. | | | | | 6,418 | | | | | | 416,043 | | |
| Square Enix Holdings Co., Ltd. | | | | | 442 | | | | | | 18,207 | | |
| Stanley Electric Co., Ltd. | | | | | 750 | | | | | | 17,359 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 8,310 | | | | | | 25,955 | | |
| Sumitomo Dainippon Pharma Co., Ltd. | | | | | 838 | | | | | | 11,739 | | |
| Sumitomo Electric Industries Ltd. | | | | | 3,870 | | | | | | 40,298 | | |
| Sumitomo Heavy Industries Ltd. | | | | | 612 | | | | | | 13,129 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 1,233 | | | | | | 31,345 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 1,626 | | | | | | 48,065 | | |
| Sumitomo Rubber Industries Ltd. | | | | | 925 | | | | | | 9,109 | | |
| Suntory Beverage & Food Ltd. | | | | | 658 | | | | | | 24,952 | | |
| Suzuken Co., Ltd. | | | | | 348 | | | | | | 13,538 | | |
| Sysmex Corp. | | | | | 752 | | | | | | 52,320 | | |
| Taiheiyo Cement Corp. | | | | | 618 | | | | | | 12,356 | | |
| Taisei Corp. | | | | | 1,009 | | | | | | 31,940 | | |
| Taiyo Nippon Sanso Corp. | | | | | 836 | | | | | | 13,150 | | |
| Takashimaya Co., Ltd. | | | | | 752 | | | | | | 6,871 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 8,047 | | | | | | 292,201 | | |
| TDK Corp. | | | | | 659 | | | | | | 57,805 | | |
| Teijin Ltd. | | | | | 928 | | | | | | 14,970 | | |
| Terumo Corp. | | | | | 3,693 | | | | | | 123,359 | | |
| THK Co., Ltd. | | | | | 618 | | | | | | 15,066 | | |
| Tobu Railway Co., Ltd. | | | | | 1,057 | | | | | | 36,227 | | |
| Toho Gas Co., Ltd. | | | | | 480 | | | | | | 23,611 | | |
| Tokio Marine Holdings, Inc. | | | | | 3,343 | | | | | | 158,998 | | |
| Tokyo Electron Ltd. | | | | | 774 | | | | | | 166,041 | | |
| Tokyu Corp. | | | | | 3,119 | | | | | | 47,368 | | |
| Toppan Printing Co., Ltd. | | | | | 1,406 | | | | | | 21,195 | | |
| Toshiba Corp. | | | | | 2,244 | | | | | | 56,386 | | |
| TOTO Ltd. | | | | | 794 | | | | | | 28,141 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 442 | | | | | | 21,328 | | |
| Toyoda Gosei Co., Ltd. | | | | | 353 | | | | | | 6,648 | | |
| Toyota Boshoku Corp. | | | | | 268 | | | | | | 3,373 | | |
| Toyota Industries Corp. | | | | | 794 | | | | | | 40,318 | | |
| Toyota Motor Corp. | | | | | 11,830 | | | | | | 737,446 | | |
| Trend Micro, Inc. | | | | | 701 | | | | | | 35,858 | | |
| Unicharm Corp. | | | | | 2,069 | | | | | | 76,425 | | |
| United Urban Investment Corp. | | | | | 15 | | | | | | 15,262 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| West Japan Railway Co. | | | | | 926 | | | | | $ | 57,733 | | |
| Yakult Honsha Co., Ltd. | | | | | 614 | | | | | | 36,001 | | |
| Yamada Denki Co., Ltd. | | | | | 3,257 | | | | | | 15,594 | | |
| Yamaha Corp. | | | | | 879 | | | | | | 36,003 | | |
| Yamaha Motor Co., Ltd. | | | | | 1,499 | | | | | | 19,667 | | |
| Yamato Holdings Co., Ltd. | | | | | 1,802 | | | | | | 31,815 | | |
| Yaskawa Electric Corp. | | | | | 1,322 | | | | | | 44,073 | | |
| Yokogawa Electric Corp. | | | | | 1,271 | | | | | | 17,591 | | |
| Z Holdings Corp. | | | | | 13,589 | | | | | | 53,245 | | |
| ZOZO, Inc. | | | | | 524 | | | | | | 8,526 | | |
| Total Japan | | | | | | | | | | | 11,070,542 | | |
| Mexico — 0.0%(a) | |
| Fresnillo PLC | | | | | 967 | | | | | | 8,682 | | |
| Netherlands — 3.5% | |
ABN AMRO Bank NV‡ | | | | | 2,291 | | | | | | 17,565 | | |
Adyen NV‡* | | | | | 71 | | | | | | 70,083 | | |
| Akzo Nobel NV | | | | | 926 | | | | | | 70,186 | | |
| ASML Holding NV | | | | | 2,156 | | | | | | 639,131 | | |
| Heineken NV | | | | | 971 | | | | | | 82,552 | | |
| ING Groep NV | | | | | 20,405 | | | | | | 111,927 | | |
| Koninklijke DSM NV | | | | | 921 | | | | | | 112,730 | | |
| Koninklijke Philips NV | | | | | 4,703 | | | | | | 204,580 | | |
| NN Group NV | | | | | 1,537 | | | | | | 44,461 | | |
| NXP Semiconductors NV | | | | | 1,453 | | | | | | 144,675 | | |
| Randstad NV | | | | | 575 | | | | | | 23,069 | | |
| Wolters Kluwer NV | | | | | 1,406 | | | | | | 103,364 | | |
| Total Netherlands | | | | | | | | | | | 1,624,323 | | |
| New Zealand — 0.2% | |
| Contact Energy Ltd. | | | | | 3,740 | | | | | | 14,514 | | |
| Fletcher Building Ltd. | | | | | 4,311 | | | | | | 9,841 | | |
| Mercury NZ Ltd. | | | | | 3,170 | | | | | | 8,928 | | |
| Meridian Energy Ltd. | | | | | 6,555 | | | | | | 18,158 | | |
| Ryman Healthcare Ltd. | | | | | 2,111 | | | | | | 15,772 | | |
| Spark New Zealand Ltd. | | | | | 9,590 | | | | | | 26,269 | | |
| Total New Zealand | | | | | | | | | | | 93,482 | | |
| Norway — 0.8% | |
| DNB ASA | | | | | 5,413 | | | | | | 65,785 | | |
| Equinor ASA | | | | | 5,587 | | | | | | 78,424 | | |
| Mowi ASA | | | | | 2,335 | | | | | | 40,099 | | |
| Norsk Hydro ASA | | | | | 6,908 | | | | | | 17,690 | | |
| Orkla ASA | | | | | 3,873 | | | | | | 35,147 | | |
Storebrand ASA* | | | | | 2,379 | | | | | | 11,965 | | |
| Telenor ASA | | | | | 3,340 | | | | | | 51,393 | | |
| TGS NOPEC Geophysical Co. ASA | | | | | 614 | | | | | | 9,460 | | |
| TOMRA Systems ASA | | | | | 571 | | | | | | 19,019 | | |
| Yara International ASA | | | | | 876 | | | | | | 29,941 | | |
| Total Norway | | | | | | | | | | | 358,923 | | |
| Portugal — 0.2% | |
| EDP — Energias de Portugal SA | | | | | 11,784 | | | | | | 49,692 | | |
| Jeronimo Martins SGPS SA | | | | | 1,276 | | | | | | 21,544 | | |
| Total Portugal | | | | | | | | | | | 71,236 | | |
| Singapore — 1.4% | |
| Ascendas Real Estate Investment Trust | | | | | 15,214 | | | | | | 32,099 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Singapore (continued) | |
| CapitaLand Commercial Trust | | | | | 14,251 | | | | | $ | 16,299 | | |
CapitaLand Ltd.* | | | | | 13,058 | | | | | | 27,921 | | |
| CapitaLand Mall Trust | | | | | 12,621 | | | | | | 16,945 | | |
| City Developments Ltd. | | | | | 3,076 | | | | | | 17,394 | | |
| ComfortDelGro Corp. Ltd. | | | | | 11,303 | | | | | | 13,249 | | |
| DBS Group Holdings Ltd. | | | | | 9,365 | | | | | | 132,788 | | |
| Jardine Cycle & Carriage Ltd. | | | | | 526 | | | | | | 7,514 | | |
Keppel Corp. Ltd.(b) | | | | | 7,477 | | | | | | 31,763 | | |
| Oversea-Chinese Banking Corp. Ltd. | | | | | 19,216 | | | | | | 123,402 | | |
| Singapore Exchange Ltd. | | | | | 4,093 | | | | | | 28,058 | | |
| Singapore Press Holdings Ltd. | | | | | 8,354 | | | | | | 9,020 | | |
| Singapore Telecommunications Ltd. | | | | | 40,503 | | | | | | 81,426 | | |
| Suntec Real Estate Investment Trust | | | | | 9,281 | | | | | | 9,230 | | |
| United Overseas Bank Ltd. | | | | | 7,435 | | | | | | 107,429 | | |
| UOL Group Ltd. | | | | | 2,774 | | | | | | 13,459 | | |
| Total Singapore | | | | | | | | | | | 667,996 | | |
| South Africa — 0.0%(a) | |
| Investec PLC | | | | | 3,649 | | | | | | 7,546 | | |
| Spain — 2.8% | |
| Amadeus IT Group SA | | | | | 2,245 | | | | | | 107,997 | | |
| Banco Bilbao Vizcaya Argentaria SA | | | | | 34,787 | | | | | | 113,811 | | |
| Banco Santander SA | | | | | 86,109 | | | | | | 192,167 | | |
Cellnex Telecom SA‡* | | | | | 1,536 | | | | | | 80,418 | | |
| Ferrovial SA | | | | | 2,373 | | | | | | 59,261 | | |
| Iberdrola SA | | | | | 33,245 | | | | | | 332,817 | | |
| Industria de Diseno Textil SA | | | | | 5,805 | | | | | | 147,828 | | |
| Mapfre SA | | | | | 5,056 | | | | | | 9,254 | | |
| Red Electrica Corp. SA | | | | | 2,246 | | | | | | 39,496 | | |
| Repsol SA | | | | | 6,769 | | | | | | 61,641 | | |
Siemens Gamesa Renewable Energy SA* | | | | | 1,183 | | | | | | 17,583 | | |
| Telefonica SA | | | | | 23,973 | | | | | | 109,757 | | |
| Total Spain | | | | | | | | | | | 1,272,030 | | |
| Sweden — 3.3% | |
| AAK AB | | | | | 879 | | | | | | 14,440 | | |
Alfa Laval AB* | | | | | 1,538 | | | | | | 28,895 | | |
Assa Abloy AB, B Shares(b) | | | | | 4,796 | | | | | | 86,446 | | |
Atlas Copco AB, A Shares(b) | | | | | 3,252 | | | | | | 112,970 | | |
| Atlas Copco AB, B Shares | | | | | 1,975 | | | | | | 61,734 | | |
Boliden AB(b) | | | | | 1,407 | | | | | | 28,854 | | |
| Castellum AB | | | | | 1,014 | | | | | | 17,799 | | |
| Electrolux AB, Series B | | | | | 1,317 | | | | | | 18,183 | | |
| Elekta AB, B Shares | | | | | 1,713 | | | | | | 15,851 | | |
| Epiroc AB, A Shares | | | | | 4,269 | | | | | | 42,886 | | |
| Epiroc AB, B Shares | | | | | 1,978 | | | | | | 19,607 | | |
Essity AB, B Shares* | | | | | 3,119 | | | | | | 101,389 | | |
| Fabege AB | | | | | 1,316 | | | | | | 15,757 | | |
Hennes & Mauritz AB, B Shares(b) | | | | | 4,092 | | | | | | 57,061 | | |
| ICA Gruppen AB | | | | | 443 | | | | | | 19,331 | | |
Industrivarden AB, A Shares* | | | | | 790 | | | | | | 16,403 | | |
Industrivarden AB, C Shares* | | | | | 837 | | | | | | 17,327 | | |
| Investor AB, A Shares | | | | | 701 | | | | | | 34,881 | | |
| Investor AB, B Shares | | | | | 2,376 | | | | | | 119,491 | | |
| Kinnevik AB, B Shares | | | | | 1,235 | | | | | | 25,542 | | |
| Nibe Industrier AB, B Shares | | | | | 2,201 | | | | | | 41,205 | | |
Sandvik AB* | | | | | 5,626 | | | | | | 87,150 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden (continued) | |
| Securitas AB, B Shares | | | | | 1,624 | | | | | $ | 19,196 | | |
Skandinaviska Enskilda Banken AB, A Shares* | | | | | 7,825 | | | | | | 64,364 | | |
Skanska AB, B Shares* | | | | | 2,020 | | | | | | 38,705 | | |
| SKF AB, B Shares | | | | | 2,158 | | | | | | 34,368 | | |
SSAB AB, A Shares*(b) | | | | | 1,101 | | | | | | 2,693 | | |
SSAB AB, B Shares*(b) | | | | | 3,075 | | | | | | 7,235 | | |
Svenska Cellulosa AB SCA, B Shares* | | | | | 3,164 | | | | | | 34,095 | | |
Swedbank AB, A Shares* | | | | | 5,630 | | | | | | 66,496 | | |
| Tele2 AB, B Shares | | | | | 2,331 | | | | | | 30,214 | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 15,434 | | | | | | 134,474 | | |
Volvo AB, A Shares* | | | | | 1,100 | | | | | | 14,145 | | |
Volvo AB, B Shares* | | | | | 7,741 | | | | | | 99,980 | | |
| Total Sweden | | | | | | | | | | | 1,529,167 | | |
| Switzerland — 10.2% | |
| ABB Ltd. | | | | | 9,897 | | | | | | 187,911 | | |
Alcon, Inc.* | | | | | 2,420 | | | | | | 127,726 | | |
| Cie Financiere Richemont SA | | | | | 2,687 | | | | | | 152,620 | | |
Credit Suisse Group AG* | | | | | 12,623 | | | | | | 114,126 | | |
| Geberit AG | | | | | 178 | | | | | | 79,876 | | |
| Givaudan SA | | | | | 41 | | | | | | 137,339 | | |
| Kuehne + Nagel International AG | | | | | 304 | | | | | | 43,483 | | |
| Nestle SA | | | | | 15,088 | | | | | | 1,592,983 | | |
| Roche Holding AG | | | | | 133 | | | | | | 46,274 | | |
| Roche Holding AG | | | | | 3,672 | | | | | | 1,276,250 | | |
| Schindler Holding AG — Participating Certificate | | | | | 218 | | | | | | 48,450 | | |
| Schindler Holding AG — Registered | | | | | 91 | | | | | | 19,517 | | |
| SGS SA | | | | | 26 | | | | | | 58,861 | | |
| Sika AG | | | | | 703 | | | | | | 116,323 | | |
| STMicroelectronics NV | | | | | 3,338 | | | | | | 86,686 | | |
| Swiss Re AG | | | | | 1,491 | | | | | | 107,613 | | |
| Swisscom AG | | | | | 132 | | | | | | 68,629 | | |
UBS Group AG* | | | | | 18,913 | | | | | | 202,622 | | |
| Zurich Insurance Group AG | | | | | 750 | | | | | | 238,797 | | |
| Total Switzerland | | | | | | | | | | | 4,706,086 | | |
| United Kingdom — 13.7% | |
| 3i Group PLC | | | | | 5,015 | | | | | | 49,593 | | |
| Admiral Group PLC | | | | | 1,188 | | | | | | 34,915 | | |
| Ashtead Group PLC | | | | | 2,374 | | | | | | 65,129 | | |
| Associated British Foods PLC | | | | | 2,024 | | | | | | 48,315 | | |
| AstraZeneca PLC | | | | | 6,597 | | | | | | 692,484 | | |
Auto Trader Group PLC‡ | | | | | 4,708 | | | | | | 27,240 | | |
| AVEVA Group PLC | | | | | 311 | | | | | | 14,004 | | |
| Aviva PLC | | | | | 20,536 | | | | | | 62,634 | | |
| Barratt Developments PLC | | | | | 5,321 | | | | | | 34,833 | | |
| Berkeley Group Holdings PLC | | | | | 617 | | | | | | 32,554 | | |
| British Land Co. PLC (The) | | | | | 4,840 | | | | | | 24,701 | | |
| BT Group PLC | | | | | 45,433 | | | | | | 66,505 | | |
| Bunzl PLC | | | | | 1,760 | | | | | | 38,350 | | |
| Burberry Group PLC | | | | | 2,114 | | | | | | 37,064 | | |
| Coca-Cola European Partners PLC | | | | | 972 | | | | | | 38,530 | | |
| Compass Group PLC | | | | | 8,311 | | | | | | 140,054 | | |
| Croda International PLC | | | | | 662 | | | | | | 40,765 | | |
| Diageo PLC | | | | | 12,229 | | | | | | 424,189 | | |
| DS Smith PLC | | | | | 6,813 | | | | | | 26,803 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | |
| easyJet PLC | | | | | 1,366 | | | | | $ | 10,393 | | |
| Experian PLC | | | | | 4,748 | | | | | | 142,296 | | |
| GlaxoSmithKline PLC | | | | | 26,122 | | | | | | 547,283 | | |
| Halma PLC | | | | | 1,979 | | | | | | 52,171 | | |
| HSBC Holdings PLC | | | | | 106,298 | | | | | | 549,724 | | |
| Informa PLC | | | | | 6,553 | | | | | | 36,303 | | |
| InterContinental Hotels Group PLC | | | | | 882 | | | | | | 40,139 | | |
| Intertek Group PLC | | | | | 837 | | | | | | 50,148 | | |
| ITV PLC | | | | | 18,954 | | | | | | 18,289 | | |
| J Sainsbury PLC | | | | | 11,569 | | | | | | 28,908 | | |
| Johnson Matthey PLC | | | | | 1,012 | | | | | | 25,434 | | |
| Kingfisher PLC | | | | | 11,040 | | | | | | 21,905 | | |
| Land Securities Group PLC | | | | | 3,646 | | | | | | 30,445 | | |
| Legal & General Group PLC | | | | | 31,222 | | | | | | 80,575 | | |
Liberty Global PLC, Class A*(b) | | | | | 793 | | | | | | 15,400 | | |
Liberty Global PLC, Class C* | | | | | 2,159 | | | | | | 39,531 | | |
| Lloyds Banking Group PLC | | | | | 366,345 | | | | | | 148,978 | | |
| London Stock Exchange Group PLC | | | | | 1,844 | | | | | | 173,421 | | |
| Marks & Spencer Group PLC | | | | | 10,204 | | | | | | 11,854 | | |
| Mondi PLC | | | | | 2,549 | | | | | | 45,334 | | |
| Next PLC | | | | | 660 | | | | | | 39,344 | | |
| Pearson PLC | | | | | 4,090 | | | | | | 23,721 | | |
| Prudential PLC | | | | | 13,589 | | | | | | 193,431 | | |
| Reckitt Benckiser Group PLC | | | | | 3,697 | | | | | | 309,171 | | |
| RELX PLC | | | | | 10,119 | | | | | | 229,298 | | |
| Rentokil Initial PLC | | | | | 9,672 | | | | | | 57,864 | | |
| Royal Bank of Scotland Group PLC | | | | | 24,013 | | | | | | 33,484 | | |
| Sage Group PLC (The) | | | | | 5,714 | | | | | | 46,127 | | |
| Schroders PLC | | | | | 616 | | | | | | 20,621 | | |
| Segro PLC | | | | | 5,720 | | | | | | 59,855 | | |
| Severn Trent PLC | | | | | 1,234 | | | | | | 37,201 | | |
| Smith & Nephew PLC | | | | | 4,575 | | | | | | 89,907 | | |
| Spirax-Sarco Engineering PLC | | | | | 394 | | | | | | 43,376 | | |
| Standard Chartered PLC | | | | | 16,714 | | | | | | 85,910 | | |
| Standard Life Aberdeen PLC | | | | | 12,222 | | | | | | 34,085 | | |
| Taylor Wimpey PLC | | | | | 16,667 | | | | | | 30,914 | | |
| TechnipFMC PLC | | | | | 2,200 | | | | | | 19,602 | | |
| Unilever NV | | | | | 7,171 | | | | | | 358,003 | | |
| Unilever PLC | | | | | 5,762 | | | | | | 298,129 | | |
| United Utilities Group PLC | | | | | 3,563 | | | | | | 40,547 | | |
| Vodafone Group PLC | | | | | 140,033 | | | | | | 198,074 | | |
| Weir Group PLC (The) | | | | | 1,362 | | | | | | 16,400 | | |
| Whitbread PLC | | | | | 703 | | | | | | 26,425 | | |
| Wm Morrison Supermarkets PLC | | | | | 12,223 | | | | | | 28,214 | | |
| WPP PLC | | | | | 6,556 | | | | | | 51,370 | | |
| Total United Kingdom | | | | | | | | | | | 6,338,266 | | |
| United States — 0.2% | |
| Ferguson PLC | | | | | 1,186 | | | | | | 85,808 | | |
Total Common Stocks
(Cost $46,289,019) | | | | | | | | | | | 45,943,968 | | |
| Preferred Stocks — 0.3% | |
| Germany — 0.3% | |
| Bayerische Motoren Werke AG, 8.45% | | | | | 305 | | | | | | 14,438 | | |
| Henkel AG & Co. KGaA, 2.32% | | | | | 921 | | | | | | 81,751 | | |
| Sartorius AG | | | | | 176 | | | | | | 49,505 | | |
| |
| | | | Shares | | | Value | | |
| Preferred Stocks (continued) | | |
| Germany (continued) | | |
| Total Germany | | | | | | | | | | $ | 145,694 | | | | | |
| Total Preferred Stocks | | | | | | | | | | | | | | |
| (Cost $141,369) | | | | | | | | | | | 145,694 | | | |
| Short-Term Investments — 1.2% | | |
| Money Market Funds — 1.2% | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d) | | | | | 531,802 | | | | | | 531,802 | | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.18%(c) | | | | | 16,396 | | | | | | 16,396 | | | |
| Total Short-Term Investments | | | | | | | | | | | | | | |
| (Cost $548,198) | | | | | | | | | | | 548,198 | | | |
| Total Investments — 101.0% | | | | | | | | | | | | | | |
| (Cost $46,978,586) | | | | | | | | | | | 46,637,860 | | | |
Other Assets and Liabilities,
Net — (1.0)% | | | | | | | | | | | (441,721) | | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 46,196,139 | | | |
| |
*
Non-income producing securities.
‡
May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.
(a)
Less than 0.05%.
(b)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $540,365; total market value of collateral held by the Fund was $575,757. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $43,955.
(c)
Reflects the 1-day yield at April 30, 2020.
(d)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Australia | | | | $ | 3,606,390 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,606,390 | | |
| Austria | | | | | 95,438 | | | | | | — | | | | | | — | | | | | | 95,438 | | |
| Belgium | | | | | 255,939 | | | | | | — | | | | | | — | | | | | | 255,939 | | |
| Chile | | | | | 18,510 | | | | | | — | | | | | | — | | | | | | 18,510 | | |
| China | | | | | 406,929 | | | | | | — | | | | | | — | | | | | | 406,929 | | |
| Colombia | | | | | 13,893 | | | | | | — | | | | | | — | | | | | | 13,893 | | |
| Denmark | | | | | 1,294,089 | | | | | | — | | | | | | — | | | | | | 1,294,089 | | |
| Finland | | | | | 628,299 | | | | | | — | | | | | | — | | | | | | 628,299 | | |
| France | | | | | 5,006,650 | | | | | | — | | | | | | — | | | | | | 5,006,650 | | |
| Germany | | | | | 3,909,874 | | | | | | — | | | | | | — | | | | | | 3,909,874 | | |
| Hong Kong | | | | | 1,471,158 | | | | | | — | | | | | | — | | | | | | 1,471,158 | | |
| Ireland | | | | | 201,983 | | | | | | — | | | | | | — | | | | | | 201,983 | | |
| Israel | | | | | 182,265 | | | | | | — | | | | | | — | | | | | | 182,265 | | |
| Italy | | | | | 1,018,464 | | | | | | — | | | | | | — | | | | | | 1,018,464 | | |
| Japan | | | | | 11,070,542 | | | | | | — | | | | | | — | | | | | | 11,070,542 | | |
| Mexico | | | | | 8,682 | | | | | | — | | | | | | — | | | | | | 8,682 | | |
| Netherlands | | | | | 1,624,323 | | | | | | — | | | | | | — | | | | | | 1,624,323 | | |
| New Zealand | | | | | 93,482 | | | | | | — | | | | | | — | | | | | | 93,482 | | |
| Norway | | | | | 358,923 | | | | | | — | | | | | | — | | | | | | 358,923 | | |
| Portugal | | | | | 71,236 | | | | | | — | | | | | | — | | | | | | 71,236 | | |
| Singapore | | | | | 667,996 | | | | | | — | | | | | | — | | | | | | 667,996 | | |
| South Africa | | | | | 7,546 | | | | | | — | | | | | | — | | | | | | 7,546 | | |
| Spain | | | | | 1,272,030 | | | | | | — | | | | | | — | | | | | | 1,272,030 | | |
| Sweden | | | | | 1,529,167 | | | | | | — | | | | | | — | | | | | | 1,529,167 | | |
| Switzerland | | | | | 4,706,086 | | | | | | — | | | | | | — | | | | | | 4,706,086 | | |
| United Kingdom | | | | | 6,338,266 | | | | | | — | | | | | | — | | | | | | 6,338,266 | | |
| United States | | | | | 85,808 | | | | | | — | | | | | | — | | | | | | 85,808 | | |
| Total Common Stocks | | | | | 45,943,968 | | | | | | — | | | | | | — | | | | | | 45,943,968 | | |
| Preferred Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
| Germany | | | | | 145,694 | | | | | | — | | | | | | — | | | | | | 145,694 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 548,198 | | | | | | — | | | | | | — | | | | | | 548,198 | | |
| Total Investments in Securities | | | | $ | 46,637,860 | | | | | $ | — | | | | | $ | — | | | | | $ | 46,637,860 | | |
(e)
For a complete listing of investments and their countries, see the Schedules of Investments.
For the period ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.8% | |
| Communication Services — 10.9% | |
| Activision Blizzard, Inc. | | | | | 263 | | | | | $ | 16,761 | | |
Alphabet, Inc., Class A* | | | | | 104 | | | | | | 140,057 | | |
Alphabet, Inc., Class C* | | | | | 104 | | | | | | 140,261 | | |
| AT&T, Inc. | | | | | 2,533 | | | | | | 77,181 | | |
CenturyLink, Inc.(a) | | | | | 378 | | | | | | 4,014 | | |
Charter Communications, Inc., Class A* | | | | | 53 | | | | | | 26,247 | | |
| Comcast Corp., Class A | | | | | 1,565 | | | | | | 58,891 | | |
Discovery, Inc., Class A*(a) | | | | | 53 | | | | | | 1,188 | | |
Discovery, Inc., Class C* | | | | | 117 | | | | | | 2,388 | | |
DISH Network Corp., Class A* | | | | | 86 | | | | | | 2,151 | | |
Electronic Arts, Inc.* | | | | | 100 | | | | | | 11,426 | | |
| Fox Corp., Class A | | | | | 122 | | | | | | 3,156 | | |
| Fox Corp., Class B | | | | | 57 | | | | | | 1,457 | | |
| Interpublic Group of Cos., Inc. (The) | | | | | 135 | | | | | | 2,292 | | |
| Omnicom Group, Inc. | | | | | 75 | | | | | | 4,277 | | |
Sirius XM Holdings, Inc.(a) | | | | | 389 | | | | | | 2,299 | | |
Take-Two Interactive Software, Inc.* | | | | | 39 | | | | | | 4,721 | | |
Twitter, Inc.* | | | | | 260 | | | | | | 7,457 | | |
| Verizon Communications, Inc. | | | | | 1,435 | | | | | | 82,441 | | |
| ViacomCBS, Inc., Class B | | | | | 188 | | | | | | 3,245 | | |
| Walt Disney Co. (The) | | | | | 625 | | | | | | 67,594 | | |
| Total Communication Services | | | | | | | | | | | 659,504 | | |
| Consumer Discretionary — 13.7% | |
| Advance Auto Parts, Inc. | | | | | 23 | | | | | | 2,781 | | |
Amazon.com, Inc.* | | | | | 145 | | | | | | 358,730 | | |
| Aramark | | | | | 86 | | | | | | 2,349 | | |
| Autoliv, Inc. | | | | | 30 | | | | | | 1,801 | | |
| Best Buy Co., Inc. | | | | | 80 | | | | | | 6,138 | | |
Booking Holdings, Inc.* | | | | | 14 | | | | | | 20,728 | | |
BorgWarner, Inc.(a) | | | | | 72 | | | | | | 2,057 | | |
CarMax, Inc.*(a) | | | | | 57 | | | | | | 4,198 | | |
Chipotle Mexican Grill, Inc.* | | | | | 10 | | | | | | 8,786 | | |
| Darden Restaurants, Inc. | | | | | 42 | | | | | | 3,099 | | |
| Dollar General Corp. | | | | | 88 | | | | | | 15,426 | | |
| eBay, Inc. | | | | | 271 | | | | | | 10,794 | | |
| Ford Motor Co. | | | | | 1,351 | | | | | | 6,877 | | |
Gap, Inc. (The)(a) | | | | | 98 | | | | | | 796 | | |
| Hasbro, Inc. | | | | | 45 | | | | | | 3,249 | | |
| Hilton Worldwide Holdings, Inc. | | | | | 97 | | | | | | 7,344 | | |
| Home Depot, Inc. (The) | | | | | 378 | | | | | | 83,096 | | |
| Lear Corp. | | | | | 21 | | | | | | 2,051 | | |
| Lowe’s Cos., Inc. | | | | | 267 | | | | | | 27,968 | | |
Lululemon Athletica, Inc.* | | | | | 40 | | | | | | 8,939 | | |
| Marriott International, Inc., Class A | | | | | 92 | | | | | | 8,366 | | |
| McDonald’s Corp. | | | | | 261 | | | | | | 48,953 | | |
MercadoLibre, Inc.* | | | | | 16 | | | | | | 9,336 | | |
Mohawk Industries, Inc.* | | | | | 21 | | | | | | 1,842 | | |
| NIKE, Inc., Class B | | | | | 426 | | | | | | 37,139 | | |
| PulteGroup, Inc. | | | | | 89 | | | | | | 2,516 | | |
| PVH Corp. | | | | | 25 | | | | | | 1,231 | | |
| Royal Caribbean Cruises Ltd. | | | | | 60 | | | | | | 2,806 | | |
| Starbucks Corp. | | | | | 396 | | | | | | 30,385 | | |
| Tapestry, Inc. | | | | | 96 | | | | | | 1,428 | | |
| Target Corp. | | | | | 175 | | | | | | 19,205 | | |
Tesla, Inc.* | | | | | 49 | | | | | | 38,312 | | |
| Tiffany & Co. | | | | | 42 | | | | | | 5,313 | | |
| TJX Cos., Inc. (The) | | | | | 385 | | | | | | 18,884 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Discretionary (continued) | |
| Tractor Supply Co. | | | | | 41 | | | | | $ | 4,159 | | |
Ulta Beauty, Inc.* | | | | | 19 | | | | | | 4,140 | | |
Under Armour, Inc., Class C* | | | | | 67 | | | | | | 621 | | |
Under Armour, Inc., Class A* | | | | | 65 | | | | | | 677 | | |
| VF Corp. | | | | | 115 | | | | | | 6,682 | | |
| Yum! Brands, Inc. | | | | | 105 | | | | | | 9,075 | | |
| Total Consumer Discretionary | | | | | | | | | | | 828,277 | | |
| Consumer Staples — 6.6% | |
| Bunge Ltd. | | | | | 48 | | | | | | 1,904 | | |
| Campbell Soup Co. | | | | | 67 | | | | | | 3,349 | | |
| Church & Dwight Co., Inc. | | | | | 86 | | | | | | 6,019 | | |
| Clorox Co. (The) | | | | | 43 | | | | | | 8,017 | | |
| Coca-Cola Co. (The) | | | | | 1,333 | | | | | | 61,171 | | |
| Colgate-Palmolive Co. | | | | | 296 | | | | | | 20,800 | | |
| Conagra Brands, Inc. | | | | | 169 | | | | | | 5,651 | | |
| Estee Lauder Cos., Inc. (The), Class A | | | | | 76 | | | | | | 13,406 | | |
| General Mills, Inc. | | | | | 209 | | | | | | 12,517 | | |
| Hershey Co. (The) | | | | | 51 | | | | | | 6,754 | | |
| Hormel Foods Corp. | | | | | 97 | | | | | | 4,544 | | |
| JM Smucker Co. (The) | | | | | 38 | | | | | | 4,367 | | |
| Kellogg Co. | | | | | 88 | | | | | | 5,764 | | |
Keurig Dr Pepper, Inc.(a) | | | | | 93 | | | | | | 2,461 | | |
| Kimberly-Clark Corp. | | | | | 119 | | | | | | 16,479 | | |
| Kroger Co. (The) | | | | | 277 | | | | | | 8,756 | | |
| McCormick & Co., Inc. | | | | | 42 | | | | | | 6,587 | | |
Molson Coors Beverage Co., Class B(a) | | | | | 63 | | | | | | 2,584 | | |
| Mondelez International, Inc., Class A | | | | | 492 | | | | | | 25,309 | | |
| PepsiCo, Inc. | | | | | 483 | | | | | | 63,896 | | |
| Procter & Gamble Co. (The) | | | | | 853 | | | | | | 100,543 | | |
| Sysco Corp. | | | | | 170 | | | | | | 9,566 | | |
| Walgreens Boots Alliance, Inc. | | | | | 257 | | | | | | 11,126 | | |
| Total Consumer Staples | | | | | | | | | | | 401,570 | | |
| Energy — 0.8% | |
| Baker Hughes Co. | | | | | 227 | | | | | | 3,167 | | |
Cheniere Energy, Inc.*(a) | | | | | 81 | | | | | | 3,782 | | |
| Halliburton Co. | | | | | 284 | | | | | | 2,982 | | |
| Kinder Morgan, Inc. | | | | | 679 | | | | | | 10,341 | | |
| ONEOK, Inc. | | | | | 143 | | | | | | 4,280 | | |
| Schlumberger Ltd. | | | | | 483 | | | | | | 8,124 | | |
| Targa Resources Corp. | | | | | 79 | | | | | | 1,024 | | |
| Valero Energy Corp. | | | | | 143 | | | | | | 9,059 | | |
| Williams Cos., Inc. (The) | | | | | 423 | | | | | | 8,193 | | |
| Total Energy | | | | | | | | | | | 50,952 | | |
| Financials — 5.7% | |
| Aflac, Inc. | | | | | 238 | | | | | | 8,863 | | |
| Allstate Corp. (The) | | | | | 110 | | | | | | 11,189 | | |
| American Express Co. | | | | | 215 | | | | | | 19,619 | | |
| American International Group, Inc. | | | | | 304 | | | | | | 7,731 | | |
| Ameriprise Financial, Inc. | | | | | 44 | | | | | | 5,057 | | |
| Annaly Capital Management, Inc. | | | | | 498 | | | | | | 3,113 | | |
AON PLC* | | | | | 80 | | | | | | 13,814 | | |
Arch Capital Group Ltd.* | | | | | 137 | | | | | | 3,292 | | |
| Bank of New York Mellon Corp. (The) | | | | | 293 | | | | | | 10,999 | | |
| Capital One Financial Corp. | | | | | 161 | | | | | | 10,426 | | |
Chubb Ltd.* | | | | | 134 | | | | | | 14,473 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | |
| Cincinnati Financial Corp. | | | | | 56 | | | | | $ | 3,685 | | |
| Comerica, Inc. | | | | | 50 | | | | | | 1,743 | | |
| Discover Financial Services | | | | | 108 | | | | | | 4,641 | | |
| E*TRADE Financial Corp. | | | | | 79 | | | | | | 3,208 | | |
| Fifth Third Bancorp | | | | | 247 | | | | | | 4,616 | | |
| First Republic Bank | | | | | 58 | | | | | | 6,049 | | |
Franklin Resources, Inc.(a) | | | | | 99 | | | | | | 1,865 | | |
| Globe Life, Inc. | | | | | 35 | | | | | | 2,882 | | |
| Hartford Financial Services Group, Inc. (The) | | | | | 125 | | | | | | 4,749 | | |
| Huntington Bancshares, Inc. | | | | | 357 | | | | | | 3,299 | | |
| Intercontinental Exchange, Inc. | | | | | 192 | | | | | | 17,174 | | |
| KeyCorp | | | | | 342 | | | | | | 3,984 | | |
| Lincoln National Corp. | | | | | 69 | | | | | | 2,447 | | |
| Marsh & McLennan Cos., Inc. | | | | | 176 | | | | | | 17,130 | | |
| MetLife, Inc. | | | | | 248 | | | | | | 8,948 | | |
| Moody’s Corp. | | | | | 57 | | | | | | 13,902 | | |
| Morgan Stanley | | | | | 430 | | | | | | 16,955 | | |
| MSCI, Inc. | | | | | 28 | | | | | | 9,156 | | |
| Northern Trust Corp. | | | | | 71 | | | | | | 5,620 | | |
| PNC Financial Services Group, Inc. (The) | | | | | 140 | | | | | | 14,934 | | |
| Progressive Corp. (The) | | | | | 202 | | | | | | 15,615 | | |
| Prudential Financial, Inc. | | | | | 140 | | | | | | 8,732 | | |
| Raymond James Financial, Inc. | | | | | 43 | | | | | | 2,835 | | |
| Regions Financial Corp. | | | | | 335 | | | | | | 3,601 | | |
| Reinsurance Group of America, Inc. | | | | | 22 | | | | | | 2,303 | | |
| S&P Global, Inc. | | | | | 85 | | | | | | 24,895 | | |
| Travelers Cos., Inc. (The) | | | | | 88 | | | | | | 8,907 | | |
| Truist Financial Corp. | | | | | 466 | | | | | | 17,391 | | |
| Zions Bancorp NA | | | | | 59 | | | | | | 1,865 | | |
| Total Financials | | | | | | | | | | | 341,707 | | |
| Health Care — 16.0% | |
| Abbott Laboratories | | | | | 609 | | | | | | 56,083 | | |
| AbbVie, Inc. | | | | | 513 | | | | | | 42,169 | | |
ABIOMED, Inc.* | | | | | 15 | | | | | | 2,869 | | |
| Agilent Technologies, Inc. | | | | | 108 | | | | | | 8,279 | | |
Alexion Pharmaceuticals, Inc.* | | | | | 74 | | | | | | 7,953 | | |
Align Technology, Inc.* | | | | | 25 | | | | | | 5,371 | | |
| AmerisourceBergen Corp. | | | | | 52 | | | | | | 4,662 | | |
| Amgen, Inc. | | | | | 206 | | | | | | 49,279 | | |
| Baxter International, Inc. | | | | | 178 | | | | | | 15,803 | | |
| Becton Dickinson and Co. | | | | | 94 | | | | | | 23,738 | | |
Biogen, Inc.* | | | | | 62 | | | | | | 18,403 | | |
Boston Scientific Corp.* | | | | | 485 | | | | | | 18,178 | | |
| Bristol-Myers Squibb Co. | | | | | 812 | | | | | | 49,378 | | |
| Cardinal Health, Inc. | | | | | 102 | | | | | | 5,047 | | |
Centene Corp.* | | | | | 199 | | | | | | 13,249 | | |
| Cerner Corp. | | | | | 106 | | | | | | 7,355 | | |
| Cigna Corp. | | | | | 129 | | | | | | 25,256 | | |
| Cooper Cos., Inc. (The) | | | | | 17 | | | | | | 4,874 | | |
| CVS Health Corp. | | | | | 450 | | | | | | 27,697 | | |
| Danaher Corp. | | | | | 221 | | | | | | 36,125 | | |
Edwards Lifesciences Corp.* | | | | | 72 | | | | | | 15,660 | | |
| Eli Lilly & Co. | | | | | 293 | | | | | | 45,309 | | |
| Gilead Sciences, Inc. | | | | | 437 | | | | | | 36,708 | | |
| HCA Healthcare, Inc. | | | | | 93 | | | | | | 10,219 | | |
Hologic, Inc.* | | | | | 93 | | | | | | 4,659 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | |
| Humana, Inc. | | | | | 46 | | | | | $ | 17,564 | | |
Illumina, Inc.* | | | | | 51 | | | | | | 16,271 | | |
Incyte Corp.* | | | | | 63 | | | | | | 6,153 | | |
IQVIA Holdings, Inc.* | | | | | 62 | | | | | | 8,841 | | |
Jazz Pharmaceuticals PLC* | | | | | 19 | | | | | | 2,095 | | |
| Johnson & Johnson | | | | | 913 | | | | | | 136,986 | | |
Laboratory Corp. of America Holdings* | | | | | 34 | | | | | | 5,591 | | |
| Medtronic PLC | | | | | 465 | | | | | | 45,398 | | |
| Merck & Co., Inc. | | | | | 883 | | | | | | 70,057 | | |
Mettler-Toledo International, Inc.* | | | | | 8 | | | | | | 5,759 | | |
Mylan NV* | | | | | 179 | | | | | | 3,002 | | |
| Perrigo Co. PLC | | | | | 46 | | | | | | 2,452 | | |
| Quest Diagnostics, Inc. | | | | | 47 | | | | | | 5,175 | | |
| ResMed, Inc. | | | | | 49 | | | | | | 7,611 | | |
| Stryker Corp. | | | | | 113 | | | | | | 21,067 | | |
| Thermo Fisher Scientific, Inc. | | | | | 139 | | | | | | 46,520 | | |
Varian Medical Systems, Inc.* | | | | | 32 | | | | | | 3,660 | | |
Vertex Pharmaceuticals, Inc.* | | | | | 89 | | | | | | 22,357 | | |
Waters Corp.* | | | | | 22 | | | | | | 4,114 | | |
| Total Health Care | | | | | | | | | | | 964,996 | | |
| Industrials — 5.2% | |
| 3M Co. | | | | | 199 | | | | | | 30,232 | | |
| CH Robinson Worldwide, Inc. | | | | | 47 | | | | | | 3,332 | | |
| Cintas Corp. | | | | | 30 | | | | | | 6,655 | | |
CoStar Group, Inc.* | | | | | 13 | | | | | | 8,427 | | |
| CSX Corp. | | | | | 259 | | | | | | 17,154 | | |
| Cummins, Inc. | | | | | 52 | | | | | | 8,502 | | |
| Deere & Co. | | | | | 108 | | | | | | 15,666 | | |
| Dover Corp. | | | | | 50 | | | | | | 4,682 | | |
| Eaton Corp. PLC | | | | | 144 | | | | | | 12,024 | | |
| FedEx Corp. | | | | | 84 | | | | | | 10,649 | | |
| General Electric Co. | | | | | 2,982 | | | | | | 20,278 | | |
Johnson Controls International PLC* | | | | | 269 | | | | | | 7,831 | | |
| Kansas City Southern | | | | | 34 | | | | | | 4,439 | | |
| Masco Corp. | | | | | 99 | | | | | | 4,063 | | |
| Nielsen Holdings PLC | | | | | 124 | | | | | | 1,826 | | |
| Norfolk Southern Corp. | | | | | 90 | | | | | | 15,399 | | |
| Parker-Hannifin Corp. | | | | | 44 | | | | | | 6,957 | | |
| Republic Services, Inc. | | | | | 73 | | | | | | 5,719 | | |
| Rockwell Automation, Inc. | | | | | 40 | | | | | | 7,579 | | |
| Roper Technologies, Inc. | | | | | 35 | | | | | | 11,936 | | |
| Southwest Airlines Co. | | | | | 164 | | | | | | 5,125 | | |
| Stanley Black & Decker, Inc. | | | | | 53 | | | | | | 5,841 | | |
| Union Pacific Corp. | | | | | 240 | | | | | | 38,350 | | |
| United Parcel Service, Inc., Class B | | | | | 243 | | | | | | 23,002 | | |
United Rentals, Inc.*(a) | | | | | 26 | | | | | | 3,341 | | |
| Verisk Analytics, Inc. | | | | | 56 | | | | | | 8,558 | | |
| Waste Management, Inc. | | | | | 146 | | | | | | 14,603 | | |
| WW Grainger, Inc. | | | | | 16 | | | | | | 4,409 | | |
| Xylem, Inc. | | | | | 63 | | | | | | 4,530 | | |
| Total Industrials | | | | | | | | | | | 311,109 | | |
| Information Technology — 32.8% | |
| Accenture PLC, Class A | | | | | 220 | | | | | | 40,742 | | |
Adobe, Inc.* | | | | | 167 | | | | | | 59,058 | | |
Advanced Micro Devices, Inc.* | | | | | 386 | | | | | | 20,222 | | |
Akamai Technologies, Inc.* | | | | | 55 | | | | | | 5,374 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | |
| Alliance Data Systems Corp. | | | | | 15 | | | | | $ | 751 | | |
| Amphenol Corp., Class A | | | | | 103 | | | | | | 9,091 | | |
| Analog Devices, Inc. | | | | | 128 | | | | | | 14,029 | | |
ANSYS, Inc.* | | | | | 29 | | | | | | 7,593 | | |
| Apple, Inc. | | | | | 1,337 | | | | | | 392,811 | | |
| Applied Materials, Inc. | | | | | 318 | | | | | | 15,798 | | |
Autodesk, Inc.* | | | | | 76 | | | | | | 14,222 | | |
| Automatic Data Processing, Inc. | | | | | 139 | | | | | | 20,390 | | |
| Broadcom, Inc. | | | | | 134 | | | | | | 36,397 | | |
| Broadridge Financial Solutions, Inc. | | | | | 40 | | | | | | 4,640 | | |
Cadence Design Systems, Inc.* | | | | | 97 | | | | | | 7,870 | | |
| Cisco Systems, Inc. | | | | | 1,471 | | | | | | 62,341 | | |
| Citrix Systems, Inc. | | | | | 43 | | | | | | 6,235 | | |
| Cognizant Technology Solutions Corp., Class A | | | | | 191 | | | | | | 11,082 | | |
| Corning, Inc. | | | | | 268 | | | | | | 5,899 | | |
Dell Technologies, Inc., Class C* | | | | | 76 | | | | | | 3,244 | | |
F5 Networks, Inc.* | | | | | 26 | | | | | | 3,621 | | |
Fortinet, Inc.* | | | | | 51 | | | | | | 5,495 | | |
| Hewlett Packard Enterprise Co. | | | | | 451 | | | | | | 4,537 | | |
| HP, Inc. | | | | | 507 | | | | | | 7,864 | | |
| Intel Corp. | | | | | 1,509 | | | | | | 90,510 | | |
| International Business Machines Corp. | | | | | 307 | | | | | | 38,547 | | |
| Intuit, Inc. | | | | | 87 | | | | | | 23,473 | | |
| Juniper Networks, Inc. | | | | | 116 | | | | | | 2,506 | | |
| KLA Corp. | | | | | 54 | | | | | | 8,861 | | |
| Lam Research Corp. | | | | | 50 | | | | | | 12,764 | | |
| Mastercard, Inc., Class A | | | | | 305 | | | | | | 83,866 | | |
Microchip Technology, Inc.(a) | | | | | 82 | | | | | | 7,194 | | |
Micron Technology, Inc.* | | | | | 387 | | | | | | 18,533 | | |
| Microsoft Corp. | | | | | 2,610 | | | | | | 467,738 | | |
| Motorola Solutions, Inc. | | | | | 59 | | | | | | 8,485 | | |
| NortonLifeLock, Inc. | | | | | 200 | | | | | | 4,254 | | |
| NVIDIA Corp. | | | | | 203 | | | | | | 59,333 | | |
| Oracle Corp. | | | | | 716 | | | | | | 37,926 | | |
PayPal Holdings, Inc.* | | | | | 407 | | | | | | 50,061 | | |
| QUALCOMM, Inc. | | | | | 396 | | | | | | 31,153 | | |
salesforce.com, Inc.* | | | | | 296 | | | | | | 47,937 | | |
| Seagate Technology PLC | | | | | 80 | | | | | | 3,996 | | |
ServiceNow, Inc.* | | | | | 65 | | | | | | 22,850 | | |
Splunk, Inc.*(a) | | | | | 54 | | | | | | 7,579 | | |
| SS&C Technologies Holdings, Inc. | | | | | 77 | | | | | | 4,247 | | |
Synopsys, Inc.* | | | | | 52 | | | | | | 8,170 | | |
| TE Connectivity Ltd. | | | | | 117 | | | | | | 8,595 | | |
| Texas Instruments, Inc. | | | | | 324 | | | | | | 37,607 | | |
VeriSign, Inc.* | | | | | 36 | | | | | | 7,542 | | |
Visa, Inc., Class A(a) | | | | | 590 | | | | | | 105,445 | | |
VMware, Inc., Class A*(a) | | | | | 27 | | | | | | 3,551 | | |
| Western Union Co. (The) | | | | | 145 | | | | | | 2,765 | | |
Workday, Inc., Class A* | | | | | 57 | | | | | | 8,772 | | |
| Xilinx, Inc. | | | | | 88 | | | | | | 7,691 | | |
| Total Information Technology | | | | | | | | | | | 1,981,257 | | |
| Materials — 2.8% | |
| Air Products & Chemicals, Inc. | | | | | 76 | | | | | | 17,144 | | |
Albemarle Corp.(a) | | | | | 37 | | | | | | 2,273 | | |
Axalta Coating Systems Ltd.* | | | | | 73 | | | | | | 1,441 | | |
| Ball Corp. | | | | | 114 | | | | | | 7,477 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Materials (continued) | |
| DuPont de Nemours, Inc. | | | | | 258 | | | | | $ | 12,131 | | |
| Ecolab, Inc. | | | | | 89 | | | | | | 17,222 | | |
International Flavors & Fragrances, Inc.(a) | | | | | 37 | | | | | | 4,848 | | |
| International Paper Co. | | | | | 137 | | | | | | 4,692 | | |
Linde PLC* | | | | | 186 | | | | | | 34,222 | | |
| LyondellBasell Industries NV, Class A | | | | | 89 | | | | | | 5,158 | | |
| Mosaic Co. (The) | | | | | 132 | | | | | | 1,519 | | |
| Newmont Corp. | | | | | 285 | | | | | | 16,952 | | |
| Nucor Corp. | | | | | 105 | | | | | | 4,325 | | |
| Packaging Corp. of America | | | | | 33 | | | | | | 3,189 | | |
| PPG Industries, Inc. | | | | | 82 | | | | | | 7,448 | | |
| Sealed Air Corp. | | | | | 54 | | | | | | 1,544 | | |
| Sherwin-Williams Co. (The) | | | | | 29 | | | | | | 15,555 | | |
| Steel Dynamics, Inc. | | | | | 72 | | | | | | 1,747 | | |
| Vulcan Materials Co. | | | | | 46 | | | | | | 5,197 | | |
| Westrock Co. | | | | | 89 | | | | | | 2,865 | | |
| Total Materials | | | | | | | | | | | 166,949 | | |
| Real Estate — 3.7% | |
| Alexandria Real Estate Equities, Inc. | | | | | 42 | | | | | | 6,598 | | |
| American Tower Corp. | | | | | 153 | | | | | | 36,414 | | |
| AvalonBay Communities, Inc. | | | | | 48 | | | | | | 7,822 | | |
| Boston Properties, Inc. | | | | | 54 | | | | | | 5,248 | | |
CBRE Group, Inc., Class A* | | | | | 112 | | | | | | 4,808 | | |
| Crown Castle International Corp. | | | | | 144 | | | | | | 22,958 | | |
Digital Realty Trust, Inc.(a) | | | | | 72 | | | | | | 10,763 | | |
| Duke Realty Corp. | | | | | 128 | | | | | | 4,442 | | |
| Equinix, Inc. | | | | | 29 | | | | | | 19,581 | | |
| Equity Residential | | | | | 128 | | | | | | 8,328 | | |
| Essex Property Trust, Inc. | | | | | 23 | | | | | | 5,614 | | |
| Extra Space Storage, Inc. | | | | | 44 | | | | | | 3,883 | | |
| Healthpeak Properties, Inc. | | | | | 178 | | | | | | 4,653 | | |
| Host Hotels & Resorts, Inc. | | | | | 248 | | | | | | 3,053 | | |
Iron Mountain, Inc.(a) | | | | | 99 | | | | | | 2,394 | | |
| Kimco Realty Corp. | | | | | 143 | | | | | | 1,560 | | |
Mid-America Apartment Communities,
Inc. | | | | | 40 | | | | | | 4,477 | | |
| Prologis, Inc. | | | | | 219 | | | | | | 19,541 | | |
| Regency Centers Corp. | | | | | 58 | | | | | | 2,547 | | |
| SBA Communications Corp. | | | | | 39 | | | | | | 11,307 | | |
| Simon Property Group, Inc. | | | | | 104 | | | | | | 6,944 | | |
SL Green Realty Corp.(a) | | | | | 28 | | | | | | 1,485 | | |
| UDR, Inc. | | | | | 101 | | | | | | 3,784 | | |
| Ventas, Inc. | | | | | 130 | | | | | | 4,205 | | |
| Vornado Realty Trust | | | | | 60 | | | | | | 2,629 | | |
| Welltower, Inc. | | | | | 141 | | | | | | 7,223 | | |
| Weyerhaeuser Co. | | | | | 260 | | | | | | 5,686 | | |
| WP Carey, Inc. | | | | | 60 | | | | | | 3,947 | | |
| Total Real Estate | | | | | | | | | | | 221,894 | | |
| Utilities — 1.6% | |
| American Water Works Co., Inc. | | | | | 63 | | | | | | 7,667 | | |
| Atmos Energy Corp. | | | | | 42 | | | | | | 4,283 | | |
Avangrid, Inc.(a) | | | | | 19 | | | | | | 817 | | |
| CenterPoint Energy, Inc. | | | | | 175 | | | | | | 2,980 | | |
| Consolidated Edison, Inc. | | | | | 116 | | | | | | 9,141 | | |
| Eversource Energy | | | | | 113 | | | | | | 9,119 | | |
| NextEra Energy, Inc. | | | | | 169 | | | | | | 39,059 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Utilities (continued) | |
| Public Service Enterprise Group, Inc. | | | | | 176 | | | | | $ | 8,925 | | |
| Sempra Energy | | | | | 98 | | | | | | 12,137 | | |
| Total Utilities | | | | | | | | | | | 94,128 | | |
Total Common Stocks
(Cost $6,285,395) | | | | | | | | | | | 6,022,343 | | |
| Short-Term Investments — 0.2% | | | | | | | | | | | | | |
| Money Market Funds — 0.2% | | | | | | | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c) | | | | | 3,669 | | | | | | 3,669 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.18%(b) | | | | | 5,575 | | | | | | 5,575 | | |
Total Short-Term Investments
(Cost $9,244) | | | | | | | | | | | 9,244 | | |
| Total Investments — 100.0% | | | | | | | | | | | | | |
| (Cost $6,294,639) | | | | | | | | | | | 6,031,587 | | |
| | | | Shares | | | Value | |
Other Assets and Liabilities,
Net — 0.0%(d) | | | | | | | $ | 2,160 | | |
| Net Assets — 100.0% | | | | | | | $ | 6,033,747 | | |
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $169,347; total market value of collateral held by the Fund was $176,690. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $173,021.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
(d)
Less than 0.05%.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 6,022,343 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,022,343 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 9,244 | | | | | | — | | | | | | — | | | | | | 9,244 | | |
| Total Investments in Securities | | | | $ | 6,031,587 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,031,587 | | |
(e)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the period ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.9% | |
| Communication Services — 4.0% | |
AMC Entertainment Holdings, Inc., Class A(a) | | | | | 57,904 | | | | | $ | 284,888 | | |
AMC Networks, Inc., Class A*(a) | | | | | 7,527 | | | | | | 179,519 | | |
Anterix, Inc.*(a) | | | | | 4,006 | | | | | | 210,315 | | |
Clear Channel Outdoor Holdings, Inc., Class A* | | | | | 285,904 | | | | | | 275,840 | | |
| Cogent Communications Holdings, Inc. | | | | | 2,232 | | | | | | 187,108 | | |
| Emerald Holding, Inc. | | | | | 70,647 | | | | | | 161,075 | | |
| Gannett Co., Inc. | | | | | 123,634 | | | | | | 139,706 | | |
| John Wiley & Sons, Inc., Class A | | | | | 4,882 | | | | | | 183,319 | | |
Liberty Latin America Ltd., Class C* | | | | | 17,835 | | | | | | 184,414 | | |
Loral Space & Communications, Inc.* | | | | | 11,261 | | | | | | 247,742 | | |
| Marcus Corp. (The) | | | | | 14,853 | | | | | | 215,963 | | |
Meredith Corp.(a) | | | | | 14,973 | | | | | | 222,050 | | |
| National CineMedia, Inc. | | | | | 56,127 | | | | | | 185,219 | | |
ORBCOMM, Inc.* | | | | | 74,991 | | | | | | 197,976 | | |
QuinStreet, Inc.* | | | | | 22,730 | | | | | | 230,937 | | |
| Scholastic Corp. | | | | | 7,178 | | | | | | 208,664 | | |
Sinclair Broadcast Group, Inc.,
Class A(a) | | | | | 11,378 | | | | | | 200,822 | | |
| Telephone and Data Systems, Inc. | | | | | 10,918 | | | | | | 214,211 | | |
United States Cellular Corp.* | | | | | 6,247 | | | | | | 198,842 | | |
Yelp, Inc., Class A* | | | | | 10,148 | | | | | | 226,808 | | |
| Total Communication Services | | | | | | | | | | | 4,155,418 | | |
| Consumer Discretionary — 10.9% | | | |
1-800-Flowers.com, Inc., Class A*(a) | | | | | 13,831 | | | | | | 265,417 | | |
American Outdoor Brands Corp.* | | | | | 22,046 | | | | | | 208,665 | | |
Asbury Automotive Group, Inc.* | | | | | 3,313 | | | | | | 223,627 | | |
| BJ’s Restaurants, Inc. | | | | | 13,173 | | | | | | 287,962 | | |
| Bloomin’ Brands, Inc. | | | | | 25,627 | | | | | | 308,805 | | |
Brinker International, Inc.(a) | | | | | 15,236 | | | | | | 354,694 | | |
| Cato Corp. (The), Class A | | | | | 17,148 | | | | | | 193,086 | | |
Cavco Industries, Inc.* | | | | | 1,263 | | | | | | 195,361 | | |
Century Communities, Inc.*(a) | | | | | 12,610 | | | | | | 270,106 | | |
| Cooper Tire & Rubber Co. | | | | | 11,226 | | | | | | 237,879 | | |
| Core-Mark Holding Co., Inc. | | | | | 6,405 | | | | | | 184,080 | | |
Duluth Holdings, Inc., Class B*(a) | | | | | 45,630 | | | | | | 182,976 | | |
Fossil Group, Inc.*(a) | | | | | 55,616 | | | | | | 220,239 | | |
Genesco, Inc.* | | | | | 13,717 | | | | | | 259,663 | | |
Gentherm, Inc.* | | | | | 5,827 | | | | | | 218,163 | | |
GoPro, Inc., Class A*(a) | | | | | 69,839 | | | | | | 245,833 | | |
| Graham Holdings Co., Class B | | | | | 537 | | | | | | 209,435 | | |
Green Brick Partners, Inc.* | | | | | 22,730 | | | | | | 202,524 | | |
| Haverty Furniture Cos., Inc. | | | | | 15,388 | | | | | | 208,200 | | |
Houghton Mifflin Harcourt Co.* | | | | | 97,329 | | | | | | 155,726 | | |
Hyatt Hotels Corp., Class A(a) | | | | | 3,820 | | | | | | 214,913 | | |
| Johnson Outdoors, Inc., Class A | | | | | 2,919 | | | | | | 199,543 | | |
K12, Inc.* | | | | | 9,703 | | | | | | 220,355 | | |
| KB Home | | | | | 10,110 | | | | | | 265,286 | | |
| La-Z-Boy, Inc., Class Z | | | | �� | 8,903 | | | | | | 208,775 | | |
| LCI Industries | | | | | 2,737 | | | | | | 237,353 | | |
LGI Homes, Inc.*(a) | | | | | 4,053 | | | | | | 245,531 | | |
Lindblad Expeditions Holdings, Inc.* | | | | | 43,879 | | | | | | 293,112 | | |
| Lithia Motors, Inc., Class A | | | | | 2,237 | | | | | | 247,323 | | |
M/I Homes, Inc.* | | | | | 11,069 | | | | | | 281,817 | | |
MarineMax, Inc.* | | | | | 17,560 | | | | | | 253,040 | | |
| MDC Holdings, Inc. | | | | | 7,886 | | | | | | 230,666 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Discretionary (continued) | | | |
Meritage Homes Corp.* | | | | | 5,011 | | | | | $ | 263,378 | | |
Murphy USA, Inc.* | | | | | 2,169 | | | | | | 231,649 | | |
Perdoceo Education Corp.* | | | | | 16,958 | | | | | | 220,454 | | |
Playa Hotels & Resorts NV* | | | | | 104,560 | | | | | | 258,263 | | |
| Rent-A-Center, Inc., Class A | | | | | 12,940 | | | | | | 257,571 | | |
| Ruth’s Hospitality Group, Inc. | | | | | 27,392 | | | | | | 308,297 | | |
Sally Beauty Holdings, Inc.*(a) | | | | | 22,646 | | | | | | 219,893 | | |
Shoe Carnival, Inc.(a) | | | | | 8,809 | | | | | | 208,069 | | |
Sleep Number Corp.* | | | | | 9,550 | | | | | | 285,545 | | |
| Standard Motor Products, Inc. | | | | | 4,401 | | | | | | 179,077 | | |
Taylor Morrison Home Corp.* | | | | | 16,634 | | | | | | 242,025 | | |
TRI Pointe Group, Inc.* | | | | | 20,864 | | | | | | 239,519 | | |
Unifi, Inc.* | | | | | 15,842 | | | | | | 163,965 | | |
Universal Electronics, Inc.* | | | | | 4,769 | | | | | | 196,864 | | |
Urban Outfitters, Inc.*(a) | | | | | 12,849 | | | | | | 222,802 | | |
Vista Outdoor, Inc.* | | | | | 20,793 | | | | | | 210,425 | | |
| Total Consumer Discretionary | | | | | | | | | | | 11,237,951 | | |
| Consumer Staples — 3.3% | | | |
B&G Foods, Inc., Class A(a) | | | | | 10,116 | | | | | | 196,453 | | |
Central Garden & Pet Co., Class A* | | | | | 7,155 | | | | | | 217,583 | | |
| Coca-Cola Consolidated, Inc. | | | | | 877 | | | | | | 206,507 | | |
Darling Ingredients, Inc.* | | | | | 9,545 | | | | | | 196,532 | | |
Edgewell Personal Care Co.* | | | | | 7,598 | | | | | | 209,781 | | |
| Fresh Del Monte Produce, Inc. | | | | | 6,628 | | | | | | 188,964 | | |
Hain Celestial Group, Inc. (The)*(a) | | | | | 7,047 | | | | | | 182,094 | | |
| Ingles Markets, Inc., Class A | | | | | 5,061 | | | | | | 206,641 | | |
Medifast, Inc.(a) | | | | | 2,929 | | | | | | 222,252 | | |
National Beverage Corp.*(a) | | | | | 4,290 | | | | | | 215,487 | | |
| SpartanNash Co. | | | | | 12,778 | | | | | | 219,143 | | |
Sprouts Farmers Market, Inc.* | | | | | 9,842 | | | | | | 204,517 | | |
| Turning Point Brands, Inc. | | | | | 8,668 | | | | | | 201,964 | | |
| Universal Corp./VA | | | | | 4,139 | | | | | | 200,203 | | |
USANA Health Sciences, Inc.* | | | | | 3,167 | | | | | | 282,560 | | |
| Vector Group Ltd. | | | | | 19,424 | | | | | | 207,837 | | |
| Total Consumer Staples | | | | | | | | | | | 3,358,518 | | |
| Energy — 3.3% | | | |
| Cactus, Inc., Class A | | | | | 15,775 | | | | | | 280,479 | | |
CNX Resources Corp.* | | | | | 34,395 | | | | | | 364,587 | | |
| Core Laboratories NV | | | | | 17,696 | | | | | | 347,018 | | |
| Liberty Oilfield Services, Inc., Class A | | | | | 68,022 | | | | | | 321,064 | | |
Magnolia Oil & Gas Corp., Class A* | | | | | 45,744 | | | | | | 295,964 | | |
| Patterson-UTI Energy, Inc. | | | | | 77,863 | | | | | | 287,314 | | |
PBF Energy, Inc., Class A(a) | | | | | 25,845 | | | | | | 294,633 | | |
Peabody Energy Corp.(a) | | | | | 63,097 | | | | | | 213,899 | | |
ProPetro Holding Corp.* | | | | | 73,190 | | | | | | 310,326 | | |
Select Energy Services, Inc., Class A* | | | | | 56,649 | | | | | | 271,915 | | |
| US Silica Holdings, Inc. | | | | | 101,655 | | | | | | 195,178 | | |
| World Fuel Services Corp. | | | | | 7,266 | | | | | | 181,650 | | |
| Total Energy | | | | | | | | | | | 3,364,027 | | |
| Financials — 21.4% | | | | | | | | | | | | | |
AG Mortgage Investment Trust, Inc.(a) | | | | | 66,781 | | | | | | 213,031 | | |
| Allegiance Bancshares, Inc. | | | | | 7,589 | | | | | | 190,332 | | |
| Amalgamated Bank, Class A | | | | | 16,912 | | | | | | 180,958 | | |
| American National Insurance Co. | | | | | 2,220 | | | | | | 178,710 | | |
| Ameris Bancorp | | | | | 7,701 | | | | | | 195,836 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| ARMOUR Residential REIT, Inc. | | | | | 20,769 | | | | | $ | 183,598 | | |
Artisan Partners Asset Management, Inc.,
Class A | | | | | 8,514 | | | | | | 250,652 | | |
Atlantic Capital Bancshares, Inc.* | | | | | 15,415 | | | | | | 193,458 | | |
Axos Financial, Inc.* | | | | | 10,093 | | | | | | 232,644 | | |
| B. Riley Financial, Inc. | | | | | 9,933 | | | | | | 197,567 | | |
| Bank of Marin Bancorp | | | | | 6,100 | | | | | | 201,056 | | |
| BankUnited, Inc. | | | | | 9,785 | | | | | | 193,841 | | |
| Banner Corp. | | | | | 5,538 | | | | | | 212,825 | | |
| Berkshire Hills Bancorp, Inc. | | | | | 12,313 | | | | | | 209,814 | | |
| BGC Partners, Inc., Class A | | | | | 72,610 | | | | | | 224,728 | | |
Blucora, Inc.* | | | | | 15,184 | | | | | | 213,639 | | |
| Boston Private Financial Holdings, Inc. | | | | | 25,591 | | | | | | 194,492 | | |
| Bridge Bancorp, Inc. | | | | | 8,647 | | | | | | 178,906 | | |
| Brookline Bancorp, Inc. | | | | | 16,221 | | | | | | 165,616 | | |
| Bryn Mawr Bank Corp. | | | | | 6,447 | | | | | | 187,704 | | |
| Byline Bancorp, Inc. | | | | | 17,644 | | | | | | 217,374 | | |
| Cambridge Bancorp | | | | | 3,519 | | | | | | 196,290 | | |
| Camden National Corp. | | | | | 5,817 | | | | | | 190,507 | | |
| Capstead Mortgage Corp. | | | | | 43,565 | | | | | | 226,102 | | |
| Carter Bank & Trust | | | | | 19,932 | | | | | | 188,955 | | |
| Cathay General Bancorp | | | | | 7,972 | | | | | | 222,578 | | |
| CBTX, Inc. | | | | | 10,297 | | | | | | 185,964 | | |
| CNO Financial Group, Inc. | | | | | 14,767 | | | | | | 207,624 | | |
| Colony Credit Real Estate, Inc. | | | | | 46,442 | | | | | | 223,386 | | |
| Cowen, Inc., Class A | | | | | 18,942 | | | | | | 207,415 | | |
Customers Bancorp, Inc.* | | | | | 16,740 | | | | | | 213,602 | | |
| Diamond Hill Investment Group, Inc. | | | | | 2,027 | | | | | | 222,078 | | |
Dynex Capital, Inc.(a) | | | | | 17,527 | | | | | | 250,811 | | |
| Eagle Bancorp, Inc. | | | | | 6,057 | | | | | | 212,480 | | |
| Ellington Financial, Inc. | | | | | 32,044 | | | | | | 332,937 | | |
| Enterprise Financial Services Corp. | | | | | 6,555 | | | | | | 201,501 | | |
Equity Bancshares, Inc., Class A* | | | | | 10,608 | | | | | | 198,794 | | |
| Farmers National Banc Corp. | | | | | 15,733 | | | | | | 194,932 | | |
| Federal Agricultural Mortgage Corp., Class C | | | | | 3,289 | | | | | | 219,146 | | |
| Federated Hermes, Inc., Class B | | | | | 9,606 | | | | | | 218,729 | | |
| First Bancshares, Inc. (The) | | | | | 9,596 | | | | | | 191,152 | | |
| First Commonwealth Financial Corp. | | | | | 20,019 | | | | | | 190,581 | | |
| First Community Bankshares, Inc. | | | | | 7,854 | | | | | | 185,119 | | |
| First Financial Corp. | | | | | 5,426 | | | | | | 192,732 | | |
| First Foundation, Inc. | | | | | 17,904 | | | | | | 246,359 | | |
| First Merchants Corp. | | | | | 6,908 | | | | | | 195,566 | | |
| First Midwest Bancorp, Inc. | | | | | 13,826 | | | | | | 204,348 | | |
| Flagstar Bancorp, Inc. | | | | | 9,227 | | | | | | 239,072 | | |
| Flushing Financial Corp. | | | | | 13,696 | | | | | | 171,063 | | |
| Great Southern Bancorp, Inc. | | | | | 4,529 | | | | | | 192,800 | | |
Green Dot Corp., Class A* | | | | | 7,207 | | | | | | 219,814 | | |
| Greenhill & Co., Inc. | | | | | 18,595 | | | | | | 198,409 | | |
| Hancock Whitney Corp. | | | | | 9,374 | | | | | | 196,010 | | |
| Hanmi Financial Corp. | | | | | 16,864 | | | | | | 203,548 | | |
HarborOne Bancorp, Inc.* | | | | | 24,300 | | | | | | 194,886 | | |
| Heartland Financial USA, Inc. | | | | | 6,059 | | | | | | 205,824 | | |
| Heritage Commerce Corp. | | | | | 23,856 | | | | | | 211,841 | | |
| Heritage Insurance Holdings, Inc. | | | | | 17,085 | | | | | | 193,744 | | |
| HomeStreet, Inc. | | | | | 8,231 | | | | | | 210,302 | | |
| Hope Bancorp, Inc. | | | | | 22,261 | | | | | | 221,497 | | |
| Houlihan Lokey, Inc. | | | | | 3,511 | | | | | | 208,483 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| Independent Bank Corp. | | | | | 14,218 | | | | | $ | 208,862 | | |
INTL.FCStone, Inc.* | | | | | 5,046 | | | | | | 201,638 | | |
| Invesco Mortgage Capital, Inc. | | | | | 53,658 | | | | | | 163,120 | | |
| Investors Title Co. | | | | | 1,429 | | | | | | 191,343 | | |
| Lakeland Bancorp, Inc. | | | | | 16,926 | | | | | | 189,402 | | |
| Meridian Bancorp, Inc. | | | | | 16,307 | | | | | | 192,096 | | |
| MFA Financial, Inc. | | | | | 118,049 | | | | | | 206,586 | | |
| Midland States Bancorp, Inc. | | | | | 10,461 | | | | | | 169,677 | | |
| MidWestOne Financial Group, Inc. | | | | | 8,738 | | | | | | 182,362 | | |
Mr Cooper Group, Inc.* | | | | | 24,962 | | | | | | 239,136 | | |
| National Bank Holdings Corp., Class A | | | | | 7,657 | | | | | | 203,523 | | |
| National General Holdings Corp. | | | | | 11,057 | | | | | | 210,415 | | |
| New York Mortgage Trust, Inc. | | | | | 118,049 | | | | | | 257,347 | | |
Nicolet Bankshares, Inc.* | | | | | 3,352 | | | | | | 184,427 | | |
NMI Holdings, Inc., Class A* | | | | | 15,761 | | | | | | 213,089 | | |
| OceanFirst Financial Corp. | | | | | 11,500 | | | | | | 193,775 | | |
| OFG Bancorp | | | | | 16,367 | | | | | | 205,897 | | |
| Oppenheimer Holdings, Inc., Class A | | | | | 9,260 | | | | | | 190,571 | | |
| Orchid Island Capital, Inc. | | | | | 62,026 | | | | | | 244,382 | | |
| Pacific Premier Bancorp, Inc. | | | | | 9,713 | | | | | | 207,373 | | |
| Peapack-Gladstone Financial Corp. | | | | | 10,194 | | | | | | 192,361 | | |
| PennyMac Financial Services, Inc. | | | | | 8,277 | | | | | | 249,717 | | |
| Peoples Bancorp, Inc. | | | | | 8,261 | | | | | | 200,825 | | |
| Piper Sandler Cos. | | | | | 3,619 | | | | | | 195,100 | | |
| PJT Partners, Inc., Class A | | | | | 4,217 | | | | | | 205,115 | | |
| Preferred Bank/Los Angeles CA | | | | | 5,410 | | | | | | 206,392 | | |
| Provident Financial Services, Inc. | | | | | 14,229 | | | | | | 204,186 | | |
| QCR Holdings, Inc. | | | | | 6,759 | | | | | | 208,042 | | |
| S&T Bancorp, Inc. | | | | | 6,698 | | | | | | 178,904 | | |
| Sandy Spring Bancorp, Inc. | | | | | 8,081 | | | | | | 206,066 | | |
| Sculptor Capital Management, Inc., Class A | | | | | 13,515 | | | | | | 198,130 | | |
| ServisFirst Bancshares, Inc. | | | | | 6,240 | | | | | | 221,645 | | |
| Sierra Bancorp | | | | | 10,409 | | | | | | 211,303 | | |
| Simmons First National Corp., Class A | | | | | 9,944 | | | | | | 185,953 | | |
| Southern National Bancorp of Virginia, Inc. | | | | | 18,595 | | | | | | 187,252 | | |
| TCF Financial Corp. | | | | | 8,074 | | | | | | 239,717 | | |
Third Point Reinsurance Ltd.* | | | | | 24,693 | | | | | | 183,716 | | |
| United Community Banks, Inc. | | | | | 9,994 | | | | | | 211,323 | | |
| United Insurance Holdings Corp. | | | | | 19,802 | | | | | | 169,307 | | |
| Universal Insurance Holdings, Inc. | | | | | 10,211 | | | | | | 186,147 | | |
| Univest Financial Corp. | | | | | 11,212 | | | | | | 198,452 | | |
Virtu Financial, Inc., Class A(a) | | | | | 8,789 | | | | | | 205,399 | | |
| Virtus Investment Partners, Inc. | | | | | 2,405 | | | | | | 195,454 | | |
| Walker & Dunlop, Inc. | | | | | 4,544 | | | | | | 174,626 | | |
| Waterstone Financial, Inc. | | | | | 12,585 | | | | | | 182,734 | | |
| WesBanco, Inc. | | | | | 7,721 | | | | | | 190,554 | | |
| WSFS Financial Corp. | | | | | 7,343 | | | | | | 214,269 | | |
| Total Financials | | | | | | | | | | | 22,061,472 | | |
| Health Care — 15.2% | | | |
Aerie Pharmaceuticals, Inc.*(a) | | | | | 13,553 | | | | | | 206,548 | | |
Amicus Therapeutics, Inc.*(a) | | | | | 19,802 | | | | | | 233,862 | | |
AMN Healthcare Services, Inc.* | | | | | 3,165 | | | | | | 148,692 | | |
AngioDynamics, Inc.* | | | | | 17,543 | | | | | | 182,973 | | |
Anika Therapeutics, Inc.* | | | | | 6,328 | | | | | | 210,279 | | |
Antares Pharma, Inc.* | | | | | 77,532 | | | | | | 251,204 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | | | |
Arcus Biosciences, Inc.* | | | | | 13,183 | | | | | $ | 348,163 | | |
Arrowhead Pharmaceuticals, Inc.* | | | | | 6,360 | | | | | | 218,975 | | |
Arvinas, Inc.* | | | | | 4,541 | | | | | | 238,402 | | |
Athenex, Inc.* | | | | | 23,640 | | | | | | 211,342 | | |
AtriCure, Inc.* | | | | | 5,447 | | | | | | 234,875 | | |
Axogen, Inc.* | | | | | 17,594 | | | | | | 171,541 | | |
Axonics Modulation Technologies,
Inc.*(a) | | | | | 7,201 | | | | | | 231,944 | | |
BioSpecifics Technologies Corp.* | | | | | 3,235 | | | | | | 184,104 | | |
CareDx, Inc.*(a) | | | | | 8,383 | | | | | | 212,760 | | |
Catalyst Pharmaceuticals, Inc.* | | | | | 47,527 | | | | | | 225,278 | | |
Clovis Oncology, Inc.*(a) | | | | | 28,769 | | | | | | 218,932 | | |
Codexis, Inc.* | | | | | 16,397 | | | | | | 190,369 | | |
Collegium Pharmaceutical, Inc.*(a) | | | | | 11,205 | | | | | | 231,719 | | |
| Computer Programs and Systems, Inc. | | | | | 8,224 | | | | | | 197,623 | | |
Corcept Therapeutics, Inc.* | | | | | 15,388 | | | | | | 194,812 | | |
Emergent BioSolutions, Inc.* | | | | | 3,162 | | | | | | 233,830 | | |
Enanta Pharmaceuticals, Inc.* | | | | | 3,557 | | | | | | 164,938 | | |
| Ensign Group, Inc. (The) | | | | | 4,866 | | | | | | 182,037 | | |
Fluidigm Corp.* | | | | | 72,039 | | | | | | 161,367 | | |
G1 Therapeutics, Inc.* | | | | | 16,605 | | | | | | 218,024 | | |
GenMark Diagnostics, Inc.* | | | | | 44,412 | | | | | | 555,594 | | |
HealthStream, Inc.* | | | | | 7,641 | | | | | | 174,406 | | |
HMS Holdings Corp.* | | | | | 7,242 | | | | | | 207,664 | | |
Innoviva, Inc.* | | | | | 15,560 | | | | | | 220,641 | | |
Integer Holdings Corp.* | | | | | 2,911 | | | | | | 216,753 | | |
Intersect ENT, Inc.* | | | | | 15,441 | | | | | | 177,263 | | |
Iovance Biotherapeutics, Inc.*(a) | | | | | 6,113 | | | | | | 196,533 | | |
Krystal Biotech, Inc.*(a) | | | | | 4,232 | | | | | | 199,708 | | |
Ligand Pharmaceuticals, Inc.*(a) | | | | | 2,517 | | | | | | 248,101 | | |
| Luminex Corp. | | | | | 6,646 | | | | | | 239,588 | | |
Magellan Health, Inc.* | | | | | 3,803 | | | | | | 230,956 | | |
Medpace Holdings, Inc.* | | | | | 2,494 | | | | | | 199,171 | | |
Meridian Bioscience, Inc.* | | | | | 21,783 | | | | | | 261,396 | | |
Momenta Pharmaceuticals, Inc.* | | | | | 6,728 | | | | | | 213,278 | | |
Myriad Genetics, Inc.* | | | | | 12,787 | | | | | | 197,687 | | |
NanoString Technologies, Inc.* | | | | | 7,608 | | | | | | 241,630 | | |
| National HealthCare Corp. | | | | | 2,551 | | | | | | 174,412 | | |
Natus Medical, Inc.* | | | | | 7,911 | | | | | | 197,696 | | |
Nevro Corp.* | | | | | 1,830 | | | | | | 215,281 | | |
NextGen Healthcare, Inc.* | | | | | 17,527 | | | | | | 184,910 | | |
NuVasive, Inc.* | | | | | 3,612 | | | | | | 219,899 | | |
Omnicell, Inc.* | | | | | 2,790 | | | | | | 203,391 | | |
OPKO Health, Inc.*(a) | | | | | 136,550 | | | | | | 303,141 | | |
OraSure Technologies, Inc.* | | | | | 17,006 | | | | | | 271,076 | | |
Patterson Cos., Inc.(a) | | | | | 11,968 | | | | | | 218,775 | | |
Premier, Inc., Class A* | | | | | 5,593 | | | | | | 185,464 | | |
Prestige Consumer Healthcare, Inc.* | | | | | 4,989 | | | | | | 203,002 | | |
Provention Bio, Inc.* | | | | | 19,890 | | | | | | 227,542 | | |
Providence Service Corp. (The)* | | | | | 3,335 | | | | | | 193,463 | | |
Quidel Corp.* | | | | | 1,871 | | | | | | 260,069 | | |
R1 RCM, Inc.* | | | | | 20,129 | | | | | | 207,731 | | |
Radius Health, Inc.* | | | | | 14,075 | | | | | | 220,837 | | |
Select Medical Holdings Corp.* | | | | | 12,198 | | | | | | 208,220 | | |
SI-BONE, Inc.* | | | | | 15,312 | | | | | | 247,595 | | |
SIGA Technologies, Inc.* | | | | | 38,280 | | | | | | 226,235 | | |
Surmodics, Inc.* | | | | | 5,492 | | | | | | 209,245 | | |
TCR2 Therapeutics, Inc.*(a) | | | | | 23,640 | | | | | | 225,526 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | | | |
TG Therapeutics, Inc.*(a) | | | | | 18,595 | | | | | $ | 218,677 | | |
Triple-S Management Corp., Class B* | | | | | 12,977 | | | | | | 219,701 | | |
Twist Bioscience Corp.* | | | | | 5,984 | | | | | | 195,737 | | |
United Therapeutics Corp.* | | | | | 1,929 | | | | | | 211,341 | | |
| Utah Medical Products, Inc. | | | | | 1,945 | | | | | | 161,435 | | |
Vanda Pharmaceuticals, Inc.* | | | | | 17,661 | | | | | | 203,101 | | |
Vocera Communications, Inc.* | | | | | 8,614 | | | | | | 163,321 | | |
Y-mAbs Therapeutics, Inc.*(a) | | | | | 7,011 | | | | | | 235,429 | | |
Zogenix, Inc.*(a) | | | | | 7,399 | | | | | | 208,874 | | |
| Total Health Care | | | | | | | | | | | 15,706,088 | | |
| Industrials — 16.5% | | | |
| ABM Industries, Inc. | | | | | 7,511 | | | | | | 259,054 | | |
| Alamo Group, Inc. | | | | | 2,061 | | | | | | 202,885 | | |
| Allied Motion Technologies, Inc. | | | | | 7,721 | | | | | | 222,519 | | |
| Applied Industrial Technologies, Inc. | | | | | 4,002 | | | | | | 209,665 | | |
| Arcosa, Inc. | | | | | 4,604 | | | | | | 171,591 | | |
ASGN, Inc.* | | | | | 5,181 | | | | | | 240,657 | | |
Atkore International Group, Inc.* | | | | | 8,685 | | | | | | 211,393 | | |
| AZZ, Inc. | | | | | 6,508 | | | | | | 204,286 | | |
| Barnes Group, Inc. | | | | | 4,373 | | | | | | 167,836 | | |
| Barrett Business Services, Inc. | | | | | 4,616 | | | | | | 225,815 | | |
Beacon Roofing Supply, Inc.* | | | | | 11,062 | | | | | | 243,364 | | |
Blue Bird Corp.* | | | | | 16,740 | | | | | | 205,400 | | |
BMC Stock Holdings, Inc.* | | | | | 10,321 | | | | | | 219,321 | | |
BrightView Holdings, Inc.* | | | | | 16,544 | | | | | | 212,094 | | |
CAI International, Inc.* | | | | | 12,940 | | | | | | 213,381 | | |
CBIZ, Inc.* | | | | | 8,747 | | | | | | 207,741 | | |
Cimpress PLC*(a) | | | | | 3,440 | | | | | | 250,398 | | |
| Comfort Systems USA, Inc. | | | | | 5,006 | | | | | | 166,700 | | |
| CRA International, Inc. | | | | | 5,477 | | | | | | 230,746 | | |
| CSW Industrials, Inc. | | | | | 2,822 | | | | | | 186,929 | | |
| Douglas Dynamics, Inc. | | | | | 5,153 | | | | | | 190,455 | | |
Ducommun, Inc.* | | | | | 7,362 | | | | | | 207,903 | | |
| Encore Wire Corp. | | | | | 4,358 | | | | | | 199,509 | | |
| EnerSys | | | | | 3,695 | | | | | | 215,751 | | |
| Ennis, Inc. | | | | | 9,743 | | | | | | 181,317 | | |
| ESCO Technologies, Inc. | | | | | 2,411 | | | | | | 183,959 | | |
Evoqua Water Technologies Corp.* | | | | | 16,322 | | | | | | 261,968 | | |
| Federal Signal Corp. | | | | | 6,708 | | | | | | 180,646 | | |
| Forward Air Corp. | | | | | 3,613 | | | | | | 186,431 | | |
Foundation Building Materials, Inc.* | | | | | 17,782 | | | | | | 208,049 | | |
| Franklin Electric Co., Inc. | | | | | 3,882 | | | | | | 197,206 | | |
GATX Corp.(a) | | | | | 2,926 | | | | | | 173,512 | | |
| Gorman-Rupp Co. (The) | | | | | 5,863 | | | | | | 172,958 | | |
Great Lakes Dredge & Dock Corp.* | | | | | 22,046 | | | | | | 194,887 | | |
| Healthcare Services Group, Inc. | | | | | 7,654 | | | | | | 195,100 | | |
| Heartland Express, Inc. | | | | | 9,853 | | | | | | 193,020 | | |
| Heidrick & Struggles International, Inc. | | | | | 8,132 | | | | | | 182,482 | | |
Heritage-Crystal Clean, Inc.* | | | | | 11,266 | | | | | | 206,731 | | |
| Herman Miller, Inc. | | | | | 8,243 | | | | | | 185,797 | | |
| Hillenbrand, Inc. | | | | | 9,575 | | | | | | 200,596 | | |
| HNI Corp. | | | | | 7,263 | | | | | | 176,781 | | |
Hub Group, Inc., Class A* | | | | | 4,024 | | | | | | 193,595 | | |
Huron Consulting Group, Inc.* | | | | | 4,034 | | | | | | 226,065 | | |
| Hyster-Yale Materials Handling, Inc. | | | | | 4,565 | | | | | | 178,218 | | |
| KAR Auction Services, Inc. | | | | | 15,249 | | | | | | 228,430 | | |
| Kelly Services, Inc., Class A | | | | | 14,419 | | | | | | 222,774 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Industrials (continued) | | | |
| Kforce, Inc. | | | | | 7,155 | | | | | $ | 214,292 | | |
| Kimball International, Inc., Class B | | | | | 15,364 | | | | | | 188,516 | | |
| Knoll, Inc. | | | | | 17,731 | | | | | | 206,743 | | |
| Korn Ferry | | | | | 7,524 | | | | | | 216,917 | | |
| Macquarie Infrastructure Corp. | | | | | 7,248 | | | | | | 199,972 | | |
| Marten Transport Ltd. | | | | | 8,916 | | | | | | 199,897 | | |
| Matson, Inc. | | | | | 5,976 | | | | | | 180,714 | | |
| McGrath RentCorp | | | | | 3,493 | | | | | | 190,543 | | |
| Miller Industries, Inc. | | | | | 6,470 | | | | | | 196,559 | | |
Mistras Group, Inc.* | | | | | 42,952 | | | | | | 204,022 | | |
| Mueller Industries, Inc. | | | | | 7,644 | | | | | | 197,980 | | |
| Mueller Water Products, Inc., Class A | | | | | 22,844 | | | | | | 216,790 | | |
MYR Group, Inc.* | | | | | 6,986 | | | | | | 209,580 | | |
PGT Innovations, Inc.* | | | | | 21,809 | | | | | | 225,505 | | |
| Powell Industries, Inc. | | | | | 7,129 | | | | | | 180,863 | | |
| Primoris Services Corp. | | | | | 11,508 | | | | | | 179,640 | | |
| Quanex Building Products Corp. | | | | | 18,154 | | | | | | 226,380 | | |
| Regal Beloit Corp. | | | | | 2,907 | | | | | | 206,426 | | |
| Resources Connection, Inc. | | | | | 16,680 | | | | | | 181,478 | | |
| Rush Enterprises, Inc., Class A | | | | | 5,732 | | | | | | 214,950 | | |
Saia, Inc.* | | | | | 2,489 | | | | | | 230,282 | | |
| Simpson Manufacturing Co., Inc. | | | | | 2,952 | | | | | | 212,839 | | |
SP Plus Corp.* | | | | | 8,818 | | | | | | 185,972 | | |
Spirit Airlines, Inc.*(a) | | | | | 14,195 | | | | | | 213,209 | | |
SPX Corp.* | | | | | 5,605 | | | | | | 213,719 | | |
| Standex International Corp. | | | | | 3,733 | | | | | | 186,053 | | |
| Steelcase, Inc., Class A | | | | | 18,539 | | | | | | 203,002 | | |
Sterling Construction Co., Inc.* | | | | | 19,261 | | | | | | 190,299 | | |
| Systemax, Inc. | | | | | 10,321 | | | | | | 204,975 | | |
| Tennant Co. | | | | | 3,157 | | | | | | 186,800 | | |
Thermon Group Holdings, Inc.* | | | | | 12,142 | | | | | | 185,530 | | |
| Timken Co. (The) | | | | | 5,658 | | | | | | 212,628 | | |
TriMas Corp.* | | | | | 7,921 | | | | | | 188,837 | | |
| Triton International Ltd. | | | | | 7,072 | | | | | | 219,091 | | |
| UniFirst Corp. | | | | | 1,211 | | | | | | 203,630 | | |
| Watts Water Technologies, Inc., Class A | | | | | 2,162 | | | | | | 178,149 | | |
| Werner Enterprises, Inc. | | | | | 5,046 | | | | | | 202,445 | | |
WESCO International, Inc.* | | | | | 8,007 | | | | | | 207,141 | | |
| Total Industrials | | | | | | | | | | | 17,058,283 | | |
| Information Technology — 13.1% | | | |
2U, Inc.*(a) | | | | | 8,623 | | | | | | 204,796 | | |
A10 Networks, Inc.* | | | | | 29,466 | | | | | | 201,253 | | |
Agilysys, Inc.* | | | | | 10,956 | | | | | | 214,628 | | |
Alarm.Com Holdings, Inc.*(a) | | | | | 4,702 | | | | | | 210,320 | | |
| American Software, Inc., Class A | | | | | 12,877 | | | | | | 212,213 | | |
Arlo Technologies, Inc.* | | | | | 75,300 | | | | | | 206,322 | | |
Axcelis Technologies, Inc.* | | | | | 9,994 | | | | | | 233,460 | | |
| Benchmark Electronics, Inc. | | | | | 9,153 | | | | | | 189,101 | | |
Benefitfocus, Inc.* | | | | | 20,536 | | | | | | 222,405 | | |
Box, Inc., Class A* | | | | | 13,032 | | | | | | 210,336 | | |
| Cabot Microelectronics Corp. | | | | | 1,602 | | | | | | 196,309 | | |
Calix, Inc.* | | | | | 25,845 | | | | | | 297,217 | | |
Casa Systems, Inc.* | | | | | 52,280 | | | | | | 268,196 | | |
| Cass Information Systems, Inc. | | | | | 5,203 | | | | | | 208,692 | | |
Cirrus Logic, Inc.* | | | | | 2,788 | | | | | | 210,773 | | |
CommVault Systems, Inc.* | | | | | 4,520 | | | | | | 192,959 | | |
Cornerstone OnDemand, Inc.* | | | | | 5,763 | | | | | | 193,406 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | | | |
| CSG Systems International, Inc. | | | | | 4,371 | | | | | $ | 212,343 | | |
| CTS Corp. | | | | | 7,352 | | | | | | 170,272 | | |
Diodes, Inc.* | | | | | 4,503 | | | | | | 229,158 | | |
Domo, Inc., Class B* | | | | | 18,408 | | | | | | 358,036 | | |
DSP Group, Inc.* | | | | | 13,655 | | | | | | 235,549 | | |
EchoStar Corp., Class A* | | | | | 5,723 | | | | | | 180,561 | | |
ePlus, Inc.* | | | | | 2,923 | | | | | | 206,802 | | |
Evo Payments, Inc., Class A* | | | | | 11,960 | | | | | | 238,124 | | |
ExlService Holdings, Inc.* | | | | | 3,517 | | | | | | 217,104 | | |
| Fabrinet* | | | | | 3,353 | | | | | | 210,401 | | |
FireEye, Inc.*(a) | | | | | 17,295 | | | | | | 199,065 | | |
FormFactor, Inc.* | | | | | 9,107 | | | | | | 212,193 | | |
| Hackett Group, Inc. (The) | | | | | 14,385 | | | | | | 213,330 | | |
Harmonic, Inc.* | | | | | 31,767 | | | | | | 184,249 | | |
Insight Enterprises, Inc.* | | | | | 4,344 | | | | | | 235,836 | | |
Itron, Inc.* | | | | | 3,277 | | | | | | 228,800 | | |
MagnaChip Semiconductor Corp.* | | | | | 16,559 | | | | | | 191,588 | | |
ManTech International Corp., Class A(a) | | | | | 2,519 | | | | | | 187,817 | | |
MaxLinear, Inc., Class A* | | | | | 15,680 | | | | | | 258,563 | | |
| Methode Electronics, Inc. | | | | | 6,924 | | | | | | 207,858 | | |
MicroStrategy, Inc., Class A* | | | | | 1,549 | | | | | | 195,685 | | |
Mitek Systems, Inc.* | | | | | 23,220 | | | | | | 216,643 | | |
Model N, Inc.* | | | | | 8,239 | | | | | | 237,778 | | |
NETGEAR, Inc.* | | | | | 8,011 | | | | | | 192,104 | | |
NetScout Systems, Inc.* | | | | | 7,731 | | | | | | 204,717 | | |
| NVE Corp. | | | | | 3,517 | | | | | | 199,660 | | |
Onto Innovation, Inc.* | | | | | 6,167 | | | | | | 200,181 | | |
| PC Connection, Inc. | | | | | 4,440 | | | | | | 204,018 | | |
Perficient, Inc.* | | | | | 6,754 | | | | | | 235,242 | | |
Photronics, Inc.* | | | | | 17,835 | | | | | | 213,128 | | |
| Power Integrations, Inc. | | | | | 2,072 | | | | | | 212,069 | | |
| Progress Software Corp. | | | | | 5,717 | | | | | | 233,882 | | |
Qualys, Inc.*(a) | | | | | 2,104 | | | | | | 221,846 | | |
Rambus, Inc.* | | | | | 16,485 | | | | | | 206,557 | | |
Rosetta Stone, Inc.* | | | | | 13,051 | | | | | | 222,911 | | |
Sanmina Corp.* | | | | | 6,708 | | | | | | 186,013 | | |
ScanSource, Inc.* | | | | | 8,555 | | | | | | 221,746 | | |
SPS Commerce, Inc.* | | | | | 3,935 | | | | | | 218,432 | | |
Sykes Enterprises, Inc.* | | | | | 6,746 | | | | | | 193,138 | | |
Telenav, Inc.* | | | | | 42,356 | | | | | | 197,803 | | |
| TTEC Holdings, Inc. | | | | | 4,984 | | | | | | 194,276 | | |
Varonis Systems, Inc.* | | | | | 2,874 | | | | | | 192,702 | | |
Virtusa Corp.* | | | | | 6,442 | | | | | | 212,586 | | |
| Vishay Intertechnology, Inc. | | | | | 12,699 | | | | | | 210,676 | | |
Vishay Precision Group, Inc.* | | | | | 9,112 | | | | | | 210,669 | | |
| Xperi Corp. | | | | | 13,154 | | | | | | 200,993 | | |
| Total Information Technology | | | | | | | | | | | 13,485,490 | | |
| Materials — 3.9% | | | |
| Cabot Corp. | | | | | 7,005 | | | | | | 237,399 | | |
| Compass Minerals International, Inc. | | | | | 4,757 | | | | | | 233,854 | | |
| Greif, Inc., Class A | | | | | 5,886 | | | | | | 199,476 | | |
| Hawkins, Inc. | | | | | 5,140 | | | | | | 192,390 | | |
| Haynes International, Inc. | | | | | 8,879 | | | | | | 196,226 | | |
| Innospec, Inc. | | | | | 2,632 | | | | | | 190,873 | | |
Kaiser Aluminum Corp.(a) | | | | | 2,640 | | | | | | 190,687 | | |
Koppers Holdings, Inc.* | | | | | 14,792 | | | | | | 233,122 | | |
| Materion Corp. | | | | | 5,226 | | | | | | 270,393 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Materials (continued) | | | |
| Myers Industries, Inc. | | | | | 17,022 | | | | | $ | 210,392 | | |
PQ Group Holdings, Inc.* | | | | | 16,787 | | | | | | 196,744 | | |
| Schnitzer Steel Industries, Inc., Class A | | | | | 14,033 | | | | | | 218,353 | | |
| Schweitzer-Mauduit International, Inc. | | | | | 6,577 | | | | | | 211,911 | | |
| Stepan Co. | | | | | 2,069 | | | | | | 197,383 | | |
| Tredegar Corp. | | | | | 11,706 | | | | | | 192,915 | | |
UFP Technologies, Inc.* | | | | | 4,803 | | | | | | 206,529 | | |
US Concrete, Inc.* | | | | | 10,087 | | | | | | 193,469 | | |
| Warrior Met Coal, Inc. | | | | | 17,229 | | | | | | 216,224 | | |
| Worthington Industries, Inc. | | | | | 6,970 | | | | | | 184,287 | | |
| Total Materials | | | | | | | | | | | 3,972,627 | | |
| Real Estate — 7.1% | | | |
| Alexander & Baldwin, Inc. | | | | | 16,307 | | | | | | 214,274 | | |
Altisource Portfolio Solutions SA* | | | | | 23,856 | | | | | | 199,198 | | |
| American Finance Trust, Inc. | | | | | 29,276 | | | | | | 225,718 | | |
| Apple Hospitality REIT, Inc. | | | | | 19,954 | | | | | | 193,155 | | |
| Chatham Lodging Trust | | | | | 30,805 | | | | | | 231,346 | | |
| Columbia Property Trust, Inc. | | | | | 14,639 | | | | | | 209,191 | | |
| Consolidated-Tomoka Land Co. | | | | | 4,037 | | | | | | 169,675 | | |
| CoreCivic, Inc. | | | | | 16,382 | | | | | | 214,932 | | |
| CorePoint Lodging, Inc. | | | | | 46,678 | | | | | | 203,049 | | |
| Corporate Office Properties Trust | | | | | 8,269 | | | | | | 218,467 | | |
| DiamondRock Hospitality Co. | | | | | 36,020 | | | | | | 224,405 | | |
| Empire State Realty Trust, Inc., Class A | | | | | 20,421 | | | | | | 170,720 | | |
| Four Corners Property Trust, Inc. | | | | | 9,780 | | | | | | 218,974 | | |
| Franklin Street Properties Corp. | | | | | 31,934 | | | | | | 173,721 | | |
| GEO Group, Inc. (The) | | | | | 15,048 | | | | | | 190,809 | | |
| Hersha Hospitality Trust | | | | | 51,111 | | | | | | 267,311 | | |
| Investors Real Estate Trust | | | | | 3,328 | | | | | | 208,433 | | |
| Kennedy-Wilson Holdings, Inc. | | | | | 13,634 | | | | | | 192,921 | | |
| Mack-Cali Realty Corp. | | | | | 12,014 | | | | | | 194,507 | | |
Marcus & Millichap, Inc.* | | | | | 6,751 | | | | | | 196,117 | | |
| New Senior Investment Group, Inc. | | | | | 71,475 | | | | | | 236,582 | | |
| Newmark Group, Inc., Class A | | | | | 43,053 | | | | | | 167,046 | | |
| Office Properties Income Trust | | | | | 6,715 | | | | | | 183,991 | | |
| Paramount Group, Inc. | | | | | 20,793 | | | | | | 200,652 | | |
Piedmont Office Realty Trust, Inc.,
Class A | | | | | 10,361 | | | | | | 179,763 | | |
| PotlatchDeltic Corp. | | | | | 5,829 | | | | | | 204,656 | | |
| Preferred Apartment Communities, Inc., Class A | | | | | 25,484 | | | | | | 188,836 | | |
| Retail Value, Inc. | | | | | 14,937 | | | | | | 216,138 | | |
| RLJ Lodging Trust | | | | | 23,703 | | | | | | 220,201 | | |
| RMR Group, Inc. (The), Class A | | | | | 6,784 | | | | | | 201,213 | | |
| Safehold, Inc. | | | | | 2,894 | | | | | | 167,157 | | |
| Saul Centers, Inc. | | | | | 5,589 | | | | | | 182,313 | | |
| Sunstone Hotel Investors, Inc. | | | | | 21,008 | | | | | | 193,064 | | |
Tejon Ranch Co.* | | | | | 13,013 | | | | | | 178,278 | | |
| Weingarten Realty Investors | | | | | 12,681 | | | | | | 230,667 | | |
| Whitestone REIT | | | | | 29,512 | | | | | | 200,091 | | |
| Total Real Estate | | | | | | | | | | | 7,267,571 | | |
| Utilities — 1.2% | | | |
| Avista Corp. | | | | | 4,306 | | | | | | 185,330 | | |
| NorthWestern Corp. | | | | | 3,058 | | | | | | 176,416 | | |
| Ormat Technologies, Inc. | | | | | 2,705 | | | | | | 168,819 | | |
| Otter Tail Corp. | | | | | 4,116 | | | | | | 182,668 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Utilities (continued) | | | |
| SJW Group | | | | | 3,167 | | | | | $ | 188,532 | | |
South Jersey Industries, Inc.(a) | | | | | 7,319 | | | | | | 209,250 | | |
| Unitil Corp. | | | | | 3,497 | | | | | | 175,934 | | |
| Total Utilities | | | | | | | | | | | 1,286,949 | | |
Total Common Stocks
(Cost $99,228,922) | | | | | | | | | | | 102,954,394 | | |
| Short-Term Investments — 3.1% | | | | | | | | | | | | | |
| Money Market Funds — 3.1% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c) | | | | | 3,062,369 | | | | | | 3,062,369 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional
Shares, 0.18%(b) | | | | | 127,704 | | | | | | 127,704 | | |
Total Short-Term Investments
(Cost $3,190,073) | | | | | | | | | | | 3,190,073 | | |
Total Investments — 103.0%
(Cost $102,418,995) | | | | | | | | | | | 106,144,467 | | |
Other Assets and Liabilities,
Net — (3.0)% | | | | | | | | | | | (3,036,219) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 103,108,248 | | |
| |
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $9,665,767; total market value of collateral held by the Fund was $10,278,291. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $7,215,922.
(b)
Reflects the 1-day yield at April 30, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 102,954,394 | | | | | $ | — | | | | | $ | — | | | | | $ | 102,954,394 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 3,190,073 | | | | | | — | | | | | | — | | | | | | 3,190,073 | | |
| Total Investments in Securities | | | | $ | 106,144,467 | | | | | $ | — | | | | | $ | — | | | | | $ | 106,144,467 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Large Cap ETF
| | | | Shares | | | Value | | | |
| Common Stocks — 99.8% | | | |
| Communication Services — 10.1% | | | |
| Activision Blizzard, Inc. | | | | | 32,500 | | | | | $ | 2,071,225 | | | | |
Alphabet, Inc., Class A* | | | | | 1,664 | | | | | | 2,240,909 | | | | |
| AT&T, Inc. | | | | | 66,316 | | | | | | 2,020,648 | | | | |
| Comcast Corp., Class A | | | | | 56,228 | | | | | | 2,115,860 | | | | |
Facebook, Inc., Class A* | | | | | 11,589 | | | | | | 2,372,384 | | | | |
Snap, Inc., Class A* | | | | | 162,583 | | | | | | 2,863,086 | | | | |
T-Mobile US, Inc.* | | | | | 23,041 | | | | | | 2,023,000 | | | | |
Twitter, Inc.* | | | | | 78,710 | | | | | | 2,257,403 | | | | |
| Verizon Communications, Inc. | | | | | 35,978 | | | | | | 2,066,936 | | | | |
| Walt Disney Co. (The) | | | | | 20,012 | | | | | | 2,164,298 | | | | |
| Total Communication Services | | | | | | | | | | | 22,195,749 | | | | |
| Consumer Discretionary — 9.3% | | | |
AutoZone, Inc.* | | | | | 2,285 | | | | | | 2,331,431 | | | | |
| Dollar General Corp. | | | | | 12,801 | | | | | | 2,244,015 | | | | |
| Home Depot, Inc. (The) | | | | | 10,354 | | | | | | 2,276,120 | | | | |
| Las Vegas Sands Corp. | | | | | 45,517 | | | | | | 2,185,726 | | | | |
| NIKE, Inc., Class B | | | | | 23,364 | | | | | | 2,036,874 | | | | |
| Ross Stores, Inc. | | | | | 22,227 | | | | | | 2,030,659 | | | | |
| Starbucks Corp. | | | | | 29,405 | | | | | | 2,256,246 | | | | |
| Target Corp. | | | | | 20,793 | | | | | | 2,281,824 | | | | |
Tesla, Inc.* | | | | | 3,689 | | | | | | 2,884,355 | | | | |
| Total Consumer Discretionary | | | | | | | | | | | 20,527,250 | | | | |
| Consumer Staples — 5.5% | | | |
| Archer-Daniels-Midland Co. | | | | | 54,949 | | | | | | 2,040,806 | | | | |
| Costco Wholesale Corp. | | | | | 6,780 | | | | | | 2,054,340 | | | | |
| General Mills, Inc. | | | | | 36,633 | | | | | | 2,193,950 | | | | |
| Hormel Foods Corp. | | | | | 41,448 | | | | | | 1,941,839 | | | | |
| Tyson Foods, Inc., Class A | | | | | 33,404 | | | | | | 2,077,395 | | | | |
| Walgreens Boots Alliance, Inc. | | | | | 42,254 | | | | | | 1,829,175 | | | | |
| Total Consumer Staples | | | | | | | | | | | 12,137,505 | | | | |
| Energy — 3.5% | | | |
| Exxon Mobil Corp. | | | | | 50,912 | | | | | | 2,365,881 | | | | |
| Phillips 66 | | | | | 36,032 | | | | | | 2,636,461 | | | | |
| Valero Energy Corp. | | | | | 42,617 | | | | | | 2,699,787 | | | | |
| Total Energy | | | | | | | | | | | 7,702,129 | | | | |
| Financials — 14.7% | | | | | | | |
| Allstate Corp. (The) | | | | | 21,074 | | | | | | 2,143,647 | | | | |
| American Express Co. | | | | | 22,580 | | | | | | 2,060,425 | | | | |
| Bank of New York Mellon Corp. (The) | | | | | 57,397 | | | | | | 2,154,683 | | | | |
| Hartford Financial Services Group, Inc. (The) | | | | | 54,856 | | | | | | 2,083,980 | | | | |
| Intercontinental Exchange, Inc. | | | | | 23,940 | | | | | | 2,141,433 | | | | |
| JPMorgan Chase & Co. | | | | | 21,472 | | | | | | 2,056,159 | | | | |
| M&T Bank Corp. | | | | | 18,690 | | | | | | 2,094,775 | | | | |
| MetLife, Inc. | | | | | 63,236 | | | | | | 2,281,555 | | | | |
| Northern Trust Corp. | | | | | 25,618 | | | | | | 2,027,921 | | | | |
| Progressive Corp. (The) | | | | | 26,180 | | | | | | 2,023,714 | | | | |
| S&P Global, Inc. | | | | | 7,889 | | | | | | 2,310,530 | | | | |
| Synchrony Financial | | | | | 120,144 | | | | | | 2,377,650 | | | | |
| T Rowe Price Group, Inc. | | | | | 19,796 | | | | | | 2,289,012 | | | | |
| Truist Financial Corp. | | | | | 62,682 | | | | | | 2,339,292 | | | | |
| US Bancorp | | | | | 56,114 | | | | | | 2,048,161 | | | | |
| Total Financials | | | | | | | | | | | 32,432,937 | | | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care — 15.9% | |
| AbbVie, Inc. | | | | | 25,372 | | | | | $ | 2,085,578 | | |
| Amgen, Inc. | | | | | 9,535 | | | | | | 2,280,963 | | |
| Anthem, Inc. | | | | | 8,514 | | | | | | 2,390,135 | | |
| Becton Dickinson and Co. | | | | | 8,413 | | | | | | 2,124,535 | | |
| Bristol-Myers Squibb Co. | | | | | 34,681 | | | | | | 2,108,952 | | |
| Cigna Corp. | | | | | 10,910 | | | | | | 2,135,960 | | |
| CVS Health Corp. | | | | | 32,582 | | | | | | 2,005,422 | | |
| Gilead Sciences, Inc. | | | | | 25,858 | | | | | | 2,172,072 | | |
| HCA Healthcare, Inc. | | | | | 21,515 | | | | | | 2,364,068 | | |
| Humana, Inc. | | | | | 6,156 | | | | | | 2,350,484 | | |
| Johnson & Johnson | | | | | 14,742 | | | | | | 2,211,890 | | |
| Medtronic PLC | | | | | 21,436 | | | | | | 2,092,797 | | |
| Merck & Co., Inc. | | | | | 25,125 | | | | | | 1,993,417 | | |
| Thermo Fisher Scientific, Inc. | | | | | 6,816 | | | | | | 2,281,179 | | |
| UnitedHealth Group, Inc. | | | | | 7,752 | | | | | | 2,267,227 | | |
| Zimmer Biomet Holdings, Inc. | | | | | 19,125 | | | | | | 2,289,262 | | |
| Total Health Care | | | | | | | | | | | 35,153,941 | | |
| Industrials — 7.7% | |
| Cintas Corp. | | | | | 11,160 | | | | | | 2,475,623 | | |
| Cummins, Inc. | | | | | 14,286 | | | | | | 2,335,761 | | |
| Delta Air Lines, Inc. | | | | | 67,757 | | | | | | 1,755,584 | | |
| Emerson Electric Co. | | | | | 40,569 | | | | | | 2,313,650 | | |
| Johnson Controls International PLC | | | | | 71,703 | | | | | | 2,087,274 | | |
| Northrop Grumman Corp. | | | | | 6,389 | | | | | | 2,112,651 | | |
| TransDigm Group, Inc. | | | | | 6,037 | | | | | | 2,191,914 | | |
United Airlines Holdings, Inc.* | | | | | 61,271 | | | | | | 1,812,396 | | |
| Total Industrials | | | | | | | | | | | 17,084,853 | | |
| Information Technology — 25.4% | |
| Accenture PLC, Class A | | | | | 11,841 | | | | | | 2,192,835 | | |
Adobe, Inc.* | | | | | 6,074 | | | | | | 2,148,009 | | |
| Amphenol Corp., Class A | | | | | 26,525 | | | | | | 2,341,096 | | |
| Broadcom, Inc. | | | | | 8,153 | | | | | | 2,214,518 | | |
Cadence Design Systems, Inc.* | | | | | 29,272 | | | | | | 2,374,837 | | |
| Cognizant Technology Solutions Corp., Class A | | | | | 41,599 | | | | | | 2,413,574 | | |
Fiserv, Inc.* | | | | | 20,351 | | | | | | 2,097,374 | | |
FleetCor Technologies, Inc.* | | | | | 10,363 | | | | | | 2,500,074 | | |
| Global Payments, Inc. | | | | | 13,403 | | | | | | 2,225,166 | | |
| Hewlett Packard Enterprise Co. | | | | | 199,085 | | | | | | 2,002,795 | | |
| Intel Corp. | | | | | 35,719 | | | | | | 2,142,426 | | |
| International Business Machines Corp. | | | | | 17,426 | | | | | | 2,188,009 | | |
| Intuit, Inc. | | | | | 8,405 | | | | | | 2,267,753 | | |
| Mastercard, Inc., Class A | | | | | 8,003 | | | | | | 2,200,585 | | |
| Microsoft Corp. | | | | | 12,257 | | | | | | 2,196,577 | | |
| Motorola Solutions, Inc. | | | | | 14,543 | | | | | | 2,091,429 | | |
| Oracle Corp. | | | | | 39,998 | | | | | | 2,118,694 | | |
Palo Alto Networks, Inc.* | | | | | 11,790 | | | | | | 2,316,853 | | |
PayPal Holdings, Inc.* | | | | | 20,191 | | | | | | 2,483,493 | | |
ServiceNow, Inc.* | | | | | 6,745 | | | | | | 2,371,137 | | |
Splunk, Inc.* | | | | | 15,314 | | | | | | 2,149,473 | | |
Synopsys, Inc.* | | | | | 15,010 | | | | | | 2,358,371 | | |
VeriSign, Inc.* | | | | | 10,734 | | | | | | 2,248,666 | | |
| Visa, Inc., Class A | | | | | 11,998 | | | | | | 2,144,283 | | |
Workday, Inc., Class A* | | | | | 14,845 | | | | | | 2,284,645 | | |
| Total Information Technology | | | | | | | | | | | 56,072,672 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Large Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Materials — 1.0% | |
| Air Products and Chemicals, Inc. | | | | | 9,684 | | | | | $ | 2,184,517 | | |
| Real Estate — 2.9% | |
| American Tower Corp. | | | | | 8,878 | | | | | | 2,112,964 | | |
| Crown Castle International Corp. | | | | | 13,387 | | | | | | 2,134,290 | | |
| Realty Income Corp. | | | | | 38,771 | | | | | | 2,129,303 | | |
| Total Real Estate | | | | | | | | | | | 6,376,557 | | |
| Utilities — 3.8% | |
| American Electric Power Co., Inc. | | | | | 24,170 | | | | | | 2,008,768 | | |
| DTE Energy Co. | | | | | 20,355 | | | | | | 2,111,628 | | |
| Entergy Corp. | | | | | 20,572 | | | | | | 1,964,832 | | |
| Public Service Enterprise Group, Inc. | | | | | 43,044 | | | | | | 2,182,761 | | |
| Total Utilities | | | | | | | | | | | 8,267,989 | | |
Total Common Stocks
(Cost $209,399,894) | | | | | | | | | | | 220,136,099 | | |
| |
| | | | Shares | | | Value | |
| Short-Term Investment — 0.1% | | | | | | | | | | | | | |
| Money Market Fund — 0.1% | | | | | | | | | | | | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.18%(a)
(Cost $322,238) | | | | | 322,238 | | | | | $ | 322,238 | | |
Total Investments — 99.9%
(Cost $209,722,132) | | | | | | | | | | | 220,458,337 | | |
Other Assets and Liabilities,
Net — 0.1% | | | | | | | | | | | 171,456 | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 220,629,793 | | |
*
Non-income producing securities.
(a)
Reflects the 1-day yield at April 30, 2020.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
| Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in Securities:(b) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 220,136,099 | | | | | $ | — | | | | | $ | — | | | | | $ | 220,136,099 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 322,238 | | | | | | — | | | | | | — | | | | | | 322,238 | | |
| Total Investments in Securities | | | | $ | 220,458,337 | | | | | $ | — | | | | | $ | — | | | | | $ | 220,458,337 | | |
(b) For a complete listing of investments and their industries, see the Schedules of Investments.
For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
Statements of Assets and Liabilities
| | | | IQ Hedge
Multi-Strategy
Tracker ETF | | | IQ Hedge
Macro
Tracker ETF | | | IQ Hedge
Market
Neutral
Tracker ETF | | | IQ Hedge
Long/Short
Tracker ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 730,439,499 | | | | | $ | 3,760,849 | | | | | $ | 19,642,828 | | | | | $ | 11,466,713 | | |
| Investments in affiliates, at value | | | | | 99,006,943 | | | | | | 314,997 | | | | | | 1,771,249 | | | | | | 279,689 | | |
| Cash | | | | | 8,749 | | | | | | 77 | | | | | | 384 | | | | | | — | | |
| Cash deposited at broker for swap collateral | | | | | 2,481,530 | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for investments sold | | | | | 5,914,474 | | | | | | — | | | | | | — | | | | | | — | | |
| Due from broker | | | | | 3,524,963 | | | | | | 19,022 | | | | | | 57,468 | | | | | | 88,316 | | |
| Securities lending income receivable | | | | | 222,796 | | | | | | 436 | | | | | | 5,001 | | | | | | 2,443 | | |
| Dividend receivable | | | | | 378 | | | | | | 1 | | | | | | 6 | | | | | | 8 | | |
| Total Assets | | | | | 841,599,332 | | | | | | 4,095,382 | | | | | | 21,476,936 | | | | | | 11,837,169 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 87,019,645 | | | | | | 234,871 | | | | | | 3,346,998 | | | | | | 955,259 | | |
| Due to broker | | | | | 8,701,216 | | | | | | 31,935 | | | | | | 167,772 | | | | | | 179,255 | | |
| Payable for capital shares repurchased | | | | | 5,886,648 | | | | | | — | | | | | | — | | | | | | — | | |
| Advisory fees payable | | | | | 324,177 | | | | | | 1,226 | | | | | | 5,529 | | | | | | 3,343 | | |
| Trustee fees payable | | | | | 5,427 | | | | | | 20 | | | | | | 125 | | | | | | 53 | | |
| Compliance fees payable | | | | | 194 | | | | | | 1 | | | | | | 5 | | | | | | — | | |
| Accrued expenses and other liabilities | | | | | 1,638 | | | | | | 58 | | | | | | 61 | | | | | | 81 | | |
| Total Liabilities | | | | | 101,938,945 | | | | | | 268,111 | | | | | | 3,520,490 | | | | | | 1,137,991 | | |
| Net Assets | | | | $ | 739,660,387 | | | | | $ | 3,827,271 | | | | | $ | 17,956,446 | | | | | $ | 10,699,178 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 799,539,306 | | | | | $ | 9,333,628 | | | | | $ | 18,235,127 | | | | | $ | 11,288,731 | | |
| Total distributable earnings/(accumulated loss) | | | | | (59,878,919) | | | | | | (5,506,357) | | | | | | (278,681) | | | | | | (589,553) | | |
| Net Assets | | | | $ | 739,660,387 | | | | | $ | 3,827,271 | | | | | $ | 17,956,446 | | | | | $ | 10,699,178 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 25,150,000 | | | | | | 150,000 | | | | | | 700,000 | | | | | | 500,000 | | |
| Net Asset Value Per Share | | | | $ | 29.41 | | | | | $ | 25.52 | | | | | $ | 25.65 | | | | | $ | 21.40 | | |
| Investments, at cost | | | | $ | 728,477,768 | | | | | $ | 3,757,757 | | | | | $ | 19,786,537 | | | | | $ | 11,205,064 | | |
| Investments in affiliates, at cost | | | | $ | 97,949,259 | | | | | $ | 308,770 | | | | | $ | 1,736,115 | | | | | $ | 274,160 | | |
(a)Market value of securities on loan | | | | $ | 163,756,749 | | | | | $ | 329,299 | | | | | $ | 3,719,092 | | | | | $ | 3,008,322 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Hedge
Event-Driven
Tracker ETF | | | IQ Real
Return ETF | | | IQ Leaders
GTAA
Tracker ETF | | | IQ Enhanced
Core Plus
Bond U.S. ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 10,579,380 | | | | | $ | 47,008,206 | | | | | $ | 12,556,273 | | | | | $ | 70,246,456 | | |
| Investments in affiliates, at value | | | | | — | | | | | | 12,972,713 | | | | | | — | | | | | | — | | |
| Securities lending income receivable | | | | | 3,612 | | | | | | 3,325 | | | | | | 487 | | | | | | 766 | | |
| Dividend receivable | | | | | 5 | | | | | | 17 | | | | | | 2 | | | | | | 36 | | |
| Due from broker | | | | | — | | | | | | — | | | | | | 72,309 | | | | | | — | | |
| Due from advisor | | | | | — | | | | | | — | | | | | | — | | | | | | 2,853 | | |
| Total Assets | | | | | 10,582,997 | | | | | | 59,984,261 | | | | | | 12,629,071 | | | | | | 70,250,111 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 2,226,451 | | | | | | 8,787,643 | | | | | | 588,340 | | | | | | 1,243,000 | | |
| Advisory fees payable | | | | | 2,728 | | | | | | 8,300 | | | | | | 2,453 | | | | | | 14,265 | | |
| Trustee fees payable | | | | | 59 | | | | | | 371 | | | | | | 86 | | | | | | 504 | | |
| Compliance fees payable | | | | | 2 | | | | | | 13 | | | | | | 12 | | | | | | 16 | | |
| Due to broker | | | | | — | | | | | | — | | | | | | 167,767 | | | | | | — | | |
| Accrued expenses and other liabilities | | | | | 59 | | | | | | 127 | | | | | | 68 | | | | | | 72 | | |
| Total Liabilities | | | | | 2,229,299 | | | | | | 8,796,454 | | | | | | 758,726 | | | | | | 1,257,857 | | |
| Net Assets | | | | $ | 8,353,698 | | | | | $ | 51,187,807 | | | | | $ | 11,870,345 | | | | | $ | 68,992,254 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 8,707,556 | | | | | $ | 53,834,160 | | | | | $ | 15,298,108 | | | | | $ | 84,095,027 | | |
| Total distributable earnings/(accumulated loss) | | | | | (353,858) | | | | | | (2,646,353) | | | | | | (3,427,763) | | | | | | (15,102,773) | | |
| Net Assets | | | | $ | 8,353,698 | | | | | $ | 51,187,807 | | | | | $ | 11,870,345 | | | | | $ | 68,992,254 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 400,000 | | | | | | 1,900,000 | | | | | | 550,000 | | | | | | 3,450,000 | | |
| Net Asset Value Per Share | | | | $ | 20.88 | | | | | $ | 26.94 | | | | | $ | 21.58 | | | | | $ | 20.00 | | |
| Investments, at cost | | | | $ | 10,842,233 | | | | | $ | 47,300,124 | | | | | $ | 12,892,421 | | | | | $ | 69,290,477 | | |
| Investments in affiliates, at cost | | | | $ | — | | | | | $ | 13,139,883 | | | | | $ | — | | | | | $ | — | | |
(a)Market value of securities on loan | | | | $ | 2,250,175 | | | | | $ | 14,995,441 | | | | | $ | 3,157,133 | | | | | $ | 1,386,262 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Short
Duration
Enhanced
Core
Bond U.S. ETF | | | IQ S&P
High Yield
Low Volatility
Bond ETF | | | IQ Merger
Arbitrage ETF | | | IQ Global
Resources ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 4,877,111 | | | | | $ | 51,244,604 | | | | | $ | 716,743,096 | | | | | $ | 22,417,008 | | |
| Investments in affiliates, at value | | | | | — | | | | | | — | | | | | | 2,936,934 | | | | | | 1,061,593 | | |
| Cash | | | | | — | | | | | | — | | | | | | 5,237,080 | | | | | | — | | |
Foreign currency(b) | | | | | — | | | | | | — | | | | | | 92,450 | | | | | | 993 | | |
| Cash deposited at broker for swap collateral | | | | | — | | | | | | — | | | | | | — | | | | | | 28 | | |
| Securities lending income receivable | | | | | 62 | | | | | | 278 | | | | | | 10,881 | | | | | | 773 | | |
| Due from broker | | | | | — | | | | | | — | | | | | | 20,137 | | | | | | 2,560 | | |
| Due from advisor | | | | | 47 | | | | | | — | | | | | | — | | | | | | — | | |
| Dividend receivable | | | | | 1 | | | | | | 164 | | | | | | 28,528 | | | | | | 34,592 | | |
| Receivable for investments sold | | | | | — | | | | | | 3,940,617 | | | | | | 46,005,121 | | | | | | — | | |
| Litigation income receivable | | | | | — | | | | | | — | | | | | | 4,963 | | | | | | — | | |
| Interest receivable | | | | | — | | | | | | 682,598 | | | | | | — | | | | | | — | | |
| Reclaims receivable | | | | | — | | | | | | — | | | | | | 635 | | | | | | 85,226 | | |
| Total Assets | | | | | 4,877,221 | | | | | | 55,868,261 | | | | | | 771,079,825 | | | | | | 23,602,773 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 11,650 | | | | | | 400,640 | | | | | | 14,289,956 | | | | | | 242,458 | | |
| Advisory fees payable | | | | | 797 | | | | | | 15,342 | | | | | | 453,525 | | | | | | 14,211 | | |
| Trustee fees payable | | | | | 34 | | | | | | 391 | | | | | | 5,415 | | | | | | 185 | | |
| Compliance fees payable | | | | | 1 | | | | | | 14 | | | | | | 192 | | | | | | — | | |
| Payable for investments purchased | | | | | — | | | | | | 4,156,728 | | | | | | 2,404,418 | | | | | | — | | |
| Payable for capital shares repurchased | | | | | — | | | | | | — | | | | | | 3,152,900 | | | | | | — | | |
| Due to broker | | | | | — | | | | | | — | | | | | | 27,191,080 | | | | | | 397,372 | | |
| Accrued expenses and other liabilities | | | | | 59 | | | | | | 428 | | | | | | 565 | | | | | | 191 | | |
| Total Liabilities | | | | | 12,541 | | | | | | 4,573,543 | | | | | | 47,498,051 | | | | | | 654,417 | | |
| Net Assets | | | | $ | 4,864,680 | | | | | $ | 51,294,718 | | | | | $ | 723,581,774 | | | | | $ | 22,948,356 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 5,147,616 | | | | | $ | 55,796,542 | | | | | $ | 781,715,589 | | | | | $ | 85,564,879 | | |
| Total distributable earnings/(accumulated loss) | | | | | (282,936) | | | | | | (4,501,824) | | | | | | (58,133,815) | | | | | | (62,616,523) | | |
| Net Assets | | | | $ | 4,864,680 | | | | | $ | 51,294,718 | | | | | $ | 723,581,774 | | | | | $ | 22,948,356 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 200,000 | | | | | | 2,150,000 | | | | | | 22,950,000 | | | | | | 950,000 | | |
| Net Asset Value Per Share | | | | $ | 24.32 | | | | | $ | 23.86 | | | | | $ | 31.53 | | | | | $ | 24.16 | | |
| Investments, at cost | | | | $ | 4,864,917 | | | | | $ | 51,807,004 | | | | | $ | 794,415,973 | | | | | $ | 26,144,474 | | |
| Investments in affiliates, at cost | | | | $ | — | | | | | $ | — | | | | | $ | 2,919,930 | | | | | $ | 1,064,329 | | |
(a)Market value of securities on loan | | | | $ | 11,399 | | | | | $ | 531,180 | | | | | $ | 31,273,273 | | | | | $ | 380,569 | | |
(b)Cost of foreign currency | | | | $ | — | | | | | $ | — | | | | | $ | 91,384 | | | | | $ | 997 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Global
Agribusiness
Small Cap ETF | | | IQ U.S.
Real Estate
Small Cap ETF | | | IQ 500
International
ETF | | | IQ 50 Percent
Hedged FTSE
International
ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 7,644,356 | | | | | $ | 41,597,349 | | | | | $ | 229,771,267 | | | | | $ | 258,595,663 | | |
Foreign currency(b) | | | | | 372 | | | | | | — | | | | | | 74,139 | | | | | | 201,276 | | |
| Dividend receivable | | | | | 40,478 | | | | | | 77,042 | | | | | | 1,211,198 | | | | | | 1,072,187 | | |
| Securities lending income receivable | | | | | 641 | | | | | | 1,891 | | | | | | 7,785 | | | | | | 4,689 | | |
| Reclaims receivable | | | | | 105 | | | | | | — | | | | | | 179,230 | | | | | | 768,573 | | |
| Receivable for investments sold | | | | | — | | | | | | 893,730 | | | | | | 11,450,934 | | | | | | — | | |
| Receivable for capital shares transactions | | | | | — | | | | | | — | | | | | | — | | | | | | 8,050 | | |
| Due from advisor | | | | | — | | | | | | — | | | | | | 2,936 | | | | | | 34,566 | | |
Unrealized appreciation on forward foreign currency
contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 273,137 | | |
| Total Assets | | | | | 7,685,952 | | | | | | 42,570,012 | | | | | | 242,697,489 | | | | | | 260,958,141 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 528,622 | | | | | | 947,367 | | | | | | 9,440,603 | | | | | | 8,900,910 | | |
| Cash due to custodian | | | | | 27,754 | | | | | | 4,238 | | | | | | 452,704 | | | | | | 1,146,086 | | |
| Advisory fees payable | | | | | 4,132 | | | | | | 21,539 | | | | | | 42,628 | | | | | | 70,761 | | |
| Trustee fees payable | | | | | 59 | | | | | | 389 | | | | | | 1,499 | | | | | | 1,801 | | |
| Compliance fees payable | | | | | 2 | | | | | | 11 | | | | | | 58 | | | | | | 68 | | |
| Payable for investments purchased | | | | | — | | | | | | — | | | | | | 14,308,377 | | | | | | — | | |
| Payable for capital shares repurchased | | | | | — | | | | | | 894,064 | | | | | | — | | | | | | — | | |
| Due to broker | | | | | — | | | | | | — | | | | | | 119 | | | | | | 2,776 | | |
Unrealized depreciation on forward foreign currency
contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 1,258,694 | | |
| Accrued expenses and other liabilities | | | | | 60 | | | | | | 85 | | | | | | 237 | | | | | | 2,248 | | |
| Total Liabilities | | | | | 560,629 | | | | | | 1,867,693 | | | | | | 24,246,225 | | | | | | 11,383,344 | | |
| Net Assets | | | | $ | 7,125,323 | | | | | $ | 40,702,319 | | | | | $ | 218,451,264 | | | | | $ | 249,574,797 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 15,815,281 | | | | | $ | 66,204,257 | | | | | $ | 272,599,488 | | | | | $ | 313,998,749 | | |
| Total distributable earnings/(accumulated loss) | | | | | (8,689,958) | | | | | | (25,501,938) | | | | | | (54,148,224) | | | | | | (64,423,952) | | |
| Net Assets | | | | $ | 7,125,323 | | | | | $ | 40,702,319 | | | | | $ | 218,451,264 | | | | | $ | 249,574,797 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 250,000 | | | | | | 2,350,000 | | | | | | 9,800,000 | | | | | | 13,850,000 | | |
| Net Asset Value Per Share | | | | $ | 28.50 | | | | | $ | 17.32 | | | | | $ | 22.29 | | | | | $ | 18.02 | | |
| Investments, at cost | | | | $ | 8,269,168 | | | | | $ | 60,228,204 | | | | | $ | 284,601,935 | | | | | $ | 320,625,262 | | |
(a)Market value of securities on loan | | | | $ | 1,004,606 | | | | | $ | 6,683,363 | | | | | $ | 8,946,555 | | | | | $ | 9,313,923 | | |
(b)Cost of foreign currency | | | | $ | 368 | | | | | $ | — | | | | | $ | 73,649 | | | | | $ | 200,258 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ 50 Percent
Hedged FTSE
Europe ETF | | | IQ 50 Percent
Hedged FTSE
Japan ETF | | | IQ Candriam
ESG
International
Equity ETF | | | IQ Candriam
ESG
U.S. Equity ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 8,060,313 | | | | | $ | 7,731,074 | | | | | $ | 46,637,860 | | | | | $ | 6,031,587 | | |
Foreign currency(b) | | | | | 5,981 | | | | | | 2,635 | | | | | | 28,950 | | | | | | — | | |
| Reclaims receivable | | | | | 245,705 | | | | | | — | | | | | | 11,828 | | | | | | — | | |
| Dividend receivable | | | | | 14,880 | | | | | | 82,912 | | | | | | 51,416 | | | | | | 6,255 | | |
Unrealized appreciation on forward foreign currency
contracts | | | | | 5,759 | | | | | | 103 | | | | | | — | | | | | | — | | |
| Due from advisor | | | | | 964 | | | | | | 959 | | | | | | 85 | | | | | | 84 | | |
| Securities lending income receivable | | | | | 188 | | | | | | 54 | | | | | | 91 | | | | | | 12 | | |
| Receivable for investments sold | | | | | — | | | | | | 28,202 | | | | | | — | | | | | | — | | |
| Total Assets | | | | | 8,333,790 | | | | | | 7,845,939 | | | | | | 46,730,230 | | | | | | 6,037,938 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 371,799 | | | | | | 84,985 | | | | | | 531,802 | | | | | | 3,669 | | |
| Cash due to custodian | | | | | 235,143 | | | | | | 59,708 | | | | | | — | | | | | | — | | |
| Payable for investments purchased | | | | | 27,267 | | | | | | — | | | | | | — | | | | | | — | | |
Unrealized depreciation on forward foreign currency
contracts | | | | | 20,099 | | | | | | 31,276 | | | | | | — | | | | | | — | | |
| Advisory fees payable | | | | | 2,709 | | | | | | 2,709 | | | | | | 2,133 | | | | | | 419 | | |
| Trustee fees payable | | | | | 1,990 | | | | | | 53 | | | | | | 86 | | | | | | 44 | | |
| Compliance fees payable | | | | | 94 | | | | | | 4 | | | | | | 3 | | | | | | 1 | | |
| Due to broker | | | | | — | | | | | | 9 | | | | | | 4 | | | | | | — | | |
| Accrued expenses and other liabilities | | | | | 111 | | | | | | 60 | | | | | | 63 | | | | | | 58 | | |
| Total Liabilities | | | | | 659,212 | | | | | | 178,804 | | | | | | 534,091 | | | | | | 4,191 | | |
| Net Assets | | | | $ | 7,674,578 | | | | | $ | 7,667,135 | | | | | $ | 46,196,139 | | | | | $ | 6,033,747 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 12,283,467 | | | | | $ | 9,879,939 | | | | | $ | 46,491,761 | | | | | $ | 6,306,959 | | |
| Total distributable earnings/(accumulated loss) | | | | | (4,608,889) | | | | | | (2,212,804) | | | | | | (295,622) | | | | | | (273,212) | | |
| Net Assets | | | | $ | 7,674,578 | | | | | $ | 7,667,135 | | | | | $ | 46,196,139 | | | | | $ | 6,033,747 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 450,000 | | | | | | 400,000 | | | | | | 2,200,000 | | | | | | 250,000 | | |
| Net Asset Value Per Share | | | | $ | 17.05 | | | | | $ | 19.17 | | | | | $ | 21.00 | | | | | $ | 24.13 | | |
| Investments, at cost | | | | $ | 10,428,268 | | | | | $ | 8,220,967 | | | | | $ | 46,978,586 | | | | | $ | 6,294,639 | | |
(a)Market value of securities on loan | | | | $ | 344,343 | | | | | $ | 89,748 | | | | | $ | 540,365 | | | | | $ | 169,347 | | |
(b)Cost of foreign currency | | | | $ | 5,934 | | | | | $ | 2,599 | | | | | $ | 29,008 | | | | | $ | — | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Chaikin
U.S. Small Cap
ETF | | | IQ Chaikin
U.S. Large Cap
ETF | |
| Assets | | | | | | | | | | | | | |
Investments, at value (including securities on loan)(a) | | | | $ | 106,144,467 | | | | | $ | 220,458,337 | | |
| Dividend receivable | | | | | 42,752 | | | | | | 213,350 | | |
| Securities lending income receivable | | | | | 11,326 | | | | | | 134 | | |
| Total Assets | | | | | 106,198,545 | | | | | | 220,671,821 | | |
| Liabilities | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 3,062,369 | | | | | | — | | |
| Advisory fees payable | | | | | 27,083 | | | | | | 40,103 | | |
| Trustee fees payable | | | | | 704 | | | | | | 1,598 | | |
| Compliance fees payable | | | | | 25 | | | | | | 73 | | |
| Accrued expenses and other liabilities | | | | | 116 | | | | | | 254 | | |
| Total Liabilities | | | | | 3,090,297 | | | | | | 42,028 | | |
| Net Assets | | | | $ | 103,108,248 | | | | | $ | 220,629,793 | | |
| Composition of Net Assets | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 179,985,930 | | | | | $ | 285,801,744 | | |
| Total distributable earnings/(accumulated loss) | | | | | (76,877,682) | | | | | | (65,171,951) | | |
| Net Assets | | | | $ | 103,108,248 | | | | | $ | 220,629,793 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 5,150,000 | | | | | | 10,050,000 | | |
| Net Asset Value Per Share | | | | $ | 20.02 | | | | | $ | 21.95 | | |
| Investments, at cost | | | | $ | 102,418,995 | | | | | $ | 209,722,132 | | |
(a)Market value of securities on loan | | | | $ | 9,665,767 | | | | | $ | — | | |
See notes to financial statements.
For the year ended April 30, 2020
| | | | IQ Hedge
Multi-Strategy
Tracker ETF | | | IQ Hedge
Macro
Tracker ETF | | | IQ Hedge
Market Neutral
Tracker ETF | | | IQ Hedge
Long/Short
Tracker ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income | | | | $ | 23,917,266 | | | | | $ | 119,268 | | | | | $ | 405,715 | | | | | $ | 192,479 | | |
| Dividend Income from affiliates | | | | | 121,045 | | | | | | — | | | | | | — | | | | | | — | | |
| Securities lending income, net of borrower rebates | | | | | 1,338,527 | | | | | | 7,083 | | | | | | 22,547 | | | | | | 10,498 | | |
| Total investment income | | | | | 25,376,838 | | | | | | 126,351 | | | | | | 428,262 | | | | | | 202,977 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 6,283,817 | | | | | | 35,558 | | | | | | 111,287 | | | | | | 53,170 | | |
| Trustee fees | | | | | 53,285 | | | | | | 304 | | | | | | 955 | | | | | | 433 | | |
| Legal fees | | | | | 37,335 | | | | | | 204 | | | | | | 646 | | | | | | 337 | | |
| Compliance fees | | | | | 2,645 | | | | | | 15 | | | | | | 44 | | | | | | 19 | | |
| Miscellaneous | | | | | 1,143 | | | | | | 19 | | | | | | 57 | | | | | | 58 | | |
| Total expenses | | | | | 6,378,225 | | | | | | 36,100 | | | | | | 112,989 | | | | | | 54,017 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (1,843,444) | | | | | | (10,619) | | | | | | (34,906) | | | | | | (17,906) | | |
| Net expenses | | | | | 4,534,781 | | | | | | 25,481 | | | | | | 78,083 | | | | | | 36,111 | | |
| Net investment income | | | | | 20,842,057 | | | | | | 100,870 | | | | | | 350,179 | | | | | | 166,866 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (24,409,349) | | | | | | (143,106) | | | | | | (55,102) | | | | | | (579,531) | | |
| In-Kind redemptions | | | | | 7,836,837 | | | | | | 54,550 | | | | | | 70,934 | | | | | | 208,797 | | |
| Swap transactions | | | | | (162,241) | | | | | | 7,567 | | | | | | (2,626) | | | | | | 18,064 | | |
| Distributions by other investment companies | | | | | 528 | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized gain (loss) | | | | | (16,734,225) | | | | | | (80,989) | | | | | | 13,206 | | | | | | (352,670) | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (12,595,811) | | | | | | (44,333) | | | | | | (336,826) | | | | | | 163,059 | | |
Net change in net unrealized appreciation
(depreciation) | | | | | (12,595,811) | | | | | | (44,333) | | | | | | (336,826) | | | | | | 163,059 | | |
| Net realized and unrealized gain (loss) | | | | | (29,330,036) | | | | | | (125,322) | | | | | | (323,620) | | | | | | (189,611) | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | (8,487,979) | | | | | $ | (24,452) | | | | | $ | 26,559 | | | | | $ | (22,745) | | |
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2020
| | | | IQ Hedge
Event-Driven
Tracker ETF | | | IQ Real
Return ETF | | | IQ Leaders
GTAA
Tracker ETF | | | IQ Enhanced
Core Plus Bond
U.S. ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income | | | | $ | 216,787 | | | | | $ | 1,019,921 | | | | | $ | 1,113,697 | | | | | $ | 3,345,668 | | |
| Dividend income from affiliates | | | | | — | | | | | | 132,327 | | | | | | — | | | | | | — | | |
| Securities lending income, net of borrower rebates | | | | | 12,935 | | | | | | 38,972 | | | | | | 15,894 | | | | | | 26,338 | | |
| Total investment income | | | | | 229,722 | | | | | | 1,191,220 | | | | | | 1,129,591 | | | | | | 3,372,006 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 43,345 | | | | | | 264,346 | | | | | | 138,842 | | | | | | 270,783 | | |
| Trustee fees | | | | | 371 | | | | | | 3,488 | | | | | | 1,940 | | | | | | 6,831 | | |
| Legal fees | | | | | 271 | | | | | | 2,177 | | | | | | 1,324 | | | | | | 6,258 | | |
| Compliance fees | | | | | 17 | | | | | | 166 | | | | | | 100 | | | | | | 324 | | |
| Miscellaneous | | | | | 57 | | | | | | 27 | | | | | | 57 | | | | | | 171 | | |
| Total expenses | | | | | 44,061 | | | | | | 270,204 | | | | | | 142,263 | | | | | | 284,367 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (15,348) | | | | | | (154,202) | | | | | | (70,579) | | | | | | (54,154) | | |
| Net expenses | | | | | 28,713 | | | | | | 116,002 | | | | | | 71,684 | | | | | | 230,213 | | |
| Net investment income | | | | | 201,009 | | | | | | 1,075,218 | | | | | | 1,057,907 | | | | | | 3,141,793 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (87,955) | | | | | | (532,472) | | | | | | (897,730) | | | | | | 3,991,708 | | |
| Investment in affiliates | | | | | — | | | | | | (4,907) | | | | | | — | | | | | | — | | |
| In-Kind redemptions | | | | | (44,036) | | | | | | 41,842 | | | | | | 2,443,760 | | | | | | 2,000,037 | | |
| Affiliates in-kind redemptions | | | | | — | | | | | | (11,091) | | | | | | — | | | | | | — | | |
| Swap transactions | | | | | 2,647 | | | | | | — | | | | | | (387,021) | | | | | | — | | |
| Distributions by other investment companies | | | | | — | | | | | | 6,299 | | | | | | — | | | | | | — | | |
| Net realized gain (loss) | | | | | (129,344) | | | | | | (500,329) | | | | | | 1,159,009 | | | | | | 5,991,745 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (341,340) | | | | | | (976,529) | | | | | | (1,997,857) | | | | | | (1,318,948) | | |
| Investment in affiliates | | | | | — | | | | | | (167,170) | | | | | | — | | | | | | — | | |
Net change in net unrealized appreciation
(depreciation) | | | | | (341,340) | | | | | | (1,143,699) | | | | | | (1,997,857) | | | | | | (1,318,948) | | |
| Net realized and unrealized gain (loss) | | | | | (470,684) | | | | | | (1,644,028) | | | | | | (838,848) | | | | | | 4,672,797 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | (269,675) | | | | | $ | (568,810) | | | | | $ | 219,059 | | | | | $ | 7,814,590 | | |
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2020
| | | | IQ Short
Duration
Enhanced
Core
Bond U.S. ETF | | | IQ S&P High
Yield Low
Volatility Bond
ETF | | | IQ Merger
Arbitrage ETF | | | IQ Global
Resources ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income* | | | | $ | 237,532 | | | | | $ | 5,225 | | | | | $ | 10,392,256 | | | | | $ | 3,552,307 | | |
| Dividend income from affiliates | | | | | — | | | | | | — | | | | | | 63,624 | | | | | | 15,397 | | |
| Interest income | | | | | — | | | | | | 2,790,296 | | | | | | — | | | | | | — | | |
| Securities lending income, net of borrower rebates | | | | | 2,613 | | | | | | 4,927 | | | | | | 400,436 | | | | | | 26,905 | | |
| Total investment income | | | | | 240,145 | | | | | | 2,800,448 | | | | | | 10,856,316 | | | | | | 3,594,609 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 15,938 | | | | | | 252,155 | | | | | | 6,882,342 | | | | | | 832,807 | | |
| Trustee fees | | | | | 515 | | | | | | 4,020 | | | | | | 58,247 | | | | | | 6,929 | | |
| Legal fees | | | | | 151 | | | | | | 2,656 | | | | | | 40,661 | | | | | | 4,678 | | |
| Compliance fees | | | | | 24 | | | | | | 197 | | | | | | 2,695 | | | | | | 320 | | |
| Excise tax fees | | | | | 8 | | | | | | — | | | | | | — | | | | | | — | | |
| Miscellaneous | | | | | 22 | | | | | | 386 | | | | | | 171 | | | | | | 57 | | |
| Total expenses | | | | | 16,658 | | | | | | 259,414 | | | | | | 6,984,116 | | | | | | 844,791 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (880) | | | | | | (7,260) | | | | | | — | | | | | | — | | |
| Net expenses | | | | | 15,778 | | | | | | 252,154 | | | | | | 6,984,116 | | | | | | 844,791 | | |
| Net investment income | | | | | 224,367 | | | | | | 2,548,294 | | | | | | 3,872,200 | | | | | | 2,749,818 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (298,719) | | | | | | (965,015) | | | | | | (9,427,943) | | | | | | (8,252,416) | | |
| Investment in affiliates | | | | | — | | | | | | — | | | | | | (7,456) | | | | | | 3,703 | | |
| In-Kind redemptions | | | | | 208,153 | | | | | | (1,385,161) | | | | | | 34,512,903 | | | | | | 11,160,857 | | |
| Affiliates in-kind redemptions | | | | | — | | | | | | — | | | | | | (6,229) | | | | | | (2,123) | | |
| Swap transactions | | | | | — | | | | | | — | | | | | | 58,327,608 | | | | | | (1,057,162) | | |
| Distributions by other investment companies | | | | | 81 | | | | | | — | | | | | | 676 | | | | | | 584 | | |
| Foreign currency transactions | | | | | — | | | | | | — | | | | | | (696,743) | | | | | | (16,580) | | |
| Net realized gain (loss) | | | | | (90,485) | | | | | | (2,350,176) | | | | | | 82,702,816 | | | | | | 1,836,863 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (21,573) | | | | | | (1,115,683) | | | | | | (95,328,921) | | | | | | (5,664,336) | | |
| Investment in affiliates | | | | | — | | | | | | — | | | | | | 17,004 | | | | | | (2,736) | | |
| Foreign currency translations | | | | | — | | | | | | — | | | | | | 18,047 | | | | | | 2,727 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (21,573) | | | | | | (1,115,683) | | | | | | (95,293,870) | | | | | | (5,664,345) | | |
| Net realized and unrealized gain (loss) | | | | | (112,058) | | | | | | (3,465,859) | | | | | | (12,591,054) | | | | | | (3,827,482) | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 112,309 | | | | | $ | (917,565) | | | | | $ | (8,718,854) | | | | | $ | (1,077,664) | | |
| *Net of foreign taxes withheld of: | | | | $ | — | | | | | $ | — | | | | | $ | 277,597 | | | | | $ | 197,601 | | |
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2020
| | | | IQ Global
Agribusiness
Small Cap ETF | | | IQ U.S. Real
Estate Small
Cap ETF | | | IQ 500
International
ETF | | | IQ 50 Percent
Hedged FTSE
International
ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income* | | | | $ | 124,406 | | | | | $ | 2,104,117 | | | | | $ | 4,533,455 | | | | | $ | 7,764,626 | | |
| Non cash dividend income | | | | | 90,218 | | | | | | — | | | | | | — | | | | | | — | | |
| Securities lending income, net of borrower rebates | | | | | 14,206 | | | | | | 42,864 | | | | | | 54,470 | | | | | | 43,457 | | |
| Total investment income | | | | | 228,830 | | | | | | 2,146,981 | | | | | | 4,587,925 | | | | | | 7,808,083 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 60,565 | | | | | | 432,887 | | | | | | 374,289 | | | | | | 917,703 | | |
| Trustee fees | | | | | 519 | | | | | | 4,063 | | | | | | 9,529 | | | | | | 16,523 | | |
| Legal fees | | | | | 355 | | | | | | 2,725 | | | | | | 7,189 | | | | | | 11,498 | | |
| Compliance fees | | | | | 25 | | | | | | 189 | | | | | | 437 | | | | | | 809 | | |
| Miscellaneous | | | | | 57 | | | | | | 57 | | | | | | 30 | | | | | | 4,198 | | |
| Total expenses | | | | | 61,521 | | | | | | 439,921 | | | | | | 391,474 | | | | | | 950,731 | | |
| Waivers/Reimbursement (See Note 3) | | | | | — | | | | | | — | | | | | | (17,185) | | | | | | (426,263) | | |
| Net expenses | | | | | 61,521 | | | | | | 439,921 | | | | | | 374,289 | | | | | | 524,468 | | |
| Net investment income | | | | | 167,309 | | | | | | 1,707,060 | | | | | | 4,213,636 | | | | | | 7,283,615 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (825,740) | | | | | | (3,653,475) | | | | | | (1,591,021) | | | | | | (3,449,246) | | |
| In-Kind redemptions | | | | | 379,457 | | | | | | 1,032,248 | | | | | | 6,435,960 | | | | | | (6,299,436) | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 6,197,986 | | |
| Foreign currency transactions | | | | | (1,461) | | | | | | — | | | | | | (35,095) | | | | | | (71,958) | | |
| Net realized gain (loss) | | | | | (447,744) | | | | | | (2,621,227) | | | | | | 4,809,844 | | | | | | (3,622,654) | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (697,998) | | | | | | (15,279,064) | | | | | | (60,107,279) | | | | | | (41,276,141) | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (2,213,145) | | |
| Foreign currency translations | | | | | 722 | | | | | | — | | | | | | 9,505 | | | | | | 47,717 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (697,276) | | | | | | (15,279,064) | | | | | | (60,097,774) | | | | | | (43,441,569) | | |
| Net realized and unrealized gain (loss) | | | | | (1,145,020) | | | | | | (17,900,291) | | | | | | (55,287,930) | | | | | | (47,064,223) | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | (977,711) | | | | | $ | (16,193,231) | | | | | $ | (51,074,294) | | | | | $ | (39,780,608) | | |
| *Net of foreign taxes withheld of: | | | | $ | 8,920 | | | | | $ | — | | | | | $ | 544,328 | | | | | $ | 772,828 | | |
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2020
| | | | IQ 50 Percent
Hedged FTSE
Europe ETF | | | IQ 50 Percent
Hedged FTSE
Japan ETF | | | IQ Candriam
ESG
International
Equity ETF** | | | IQ Candriam
ESG U.S. Equity
ETF** | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income* | | | | $ | 260,907 | | | | | $ | 141,643 | | | | | $ | 149,528 | | | | | $ | 41,716 | | |
| Securities lending income, net of borrower rebates | | | | | 2,365 | | | | | | 626 | | | | | | 152 | | | | | | 25 | | |
| Total investment income | | | | | 263,272 | | | | | | 142,269 | | | | | | 149,680 | | | | | | 41,741 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 39,190 | | | | | | 23,608 | | | | | | 6,699 | | | | | | 2,134 | | |
| Legal fees | | | | | 379 | | | | | | 218 | | | | | | 231 | | | | | | 151 | | |
| Trustee fees | | | | | — | | | | | | 339 | | | | | | 291 | | | | | | 178 | | |
| Compliance fees | | | | | — | | | | | | 18 | | | | | | 18 | | | | | | 13 | | |
| Miscellaneous | | | | | 121 | | | | | | 57 | | | | | | 57 | | | | | | 57 | | |
| Total expenses | | | | | 39,690 | | | | | | 24,240 | | | | | | 7,296 | | | | | | 2,533 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (13,564) | | | | | | (8,626) | | | | | | (597) | | | | | | (399) | | |
| Net expenses | | | | | 26,126 | | | | | | 15,614 | | | | | | 6,699 | | | | | | 2,134 | | |
| Net investment income | | | | | 237,146 | | | | | | 126,655 | | | | | | 142,981 | | | | | | 39,607 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (119,896) | | | | | | (72,933) | | | | | | (45,206) | | | | | | (18,964) | | |
| In-Kind redemptions | | | | | — | | | | | | 296,543 | | | | | | — | | | | | | 73,167 | | |
| Forward foreign currency contracts | | | | | 212,939 | | | | | | (74,952) | | | | | | — | | | | | | — | | |
| Foreign currency transactions | | | | | (1,609) | | | | | | 2,831 | | | | | | (2,409) | | | | | | — | | |
| Net realized gain (loss) | | | | | 91,434 | | | | | | 151,489 | | | | | | (47,615) | | | | | | 54,203 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (1,275,728) | | | | | | (489,108) | | | | | | (340,726) | | | | | | (263,052) | | |
| Forward foreign currency contracts | | | | | (43,278) | | | | | | (56,090) | | | | | | — | | | | | | — | | |
| Foreign currency translations | | | | | 5,554 | | | | | | 1,128 | | | | | | 642 | | | | | | — | | |
Net change in net unrealized appreciation
(depreciation) | | | | | (1,313,452) | | | | | | (544,070) | | | | | | (340,084) | | | | | | (263,052) | | |
| Net realized and unrealized gain (loss) | | | | | (1,222,018) | | | | | | (392,581) | | | | | | (387,699) | | | | | | (208,849) | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | (984,872) | | | | | $ | (265,926) | | | | | $ | (244,718) | | | | | $ | (169,242) | | |
| *Net of foreign taxes withheld of: | | | | $ | 29,980 | | | | | $ | 19,285 | | | | | $ | 20,463 | | | | | $ | 123 | | |
**Commencement of operations: December 17, 2019.
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2020
| | | | IQ Chaikin U.S.
Small Cap ETF | | | IQ Chaikin U.S.
Large Cap ETF | |
| Investment Income | | | | | | | | | | | | | |
| Dividend income | | | | $ | 3,035,471 | | | | | $ | 6,741,651 | | |
| Securities lending income, net of borrower rebates | | | | | 93,263 | | | | | | 22,189 | | |
| Total investment income | | | | | 3,128,734 | | | | | | 6,763,840 | | |
| Expenses | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 733,348 | | | | | | 649,586 | | |
| Trustee fees | | | | | 13,148 | | | | | | 16,444 | | |
| Legal fees | | | | | 8,859 | | | | | | 11,358 | | |
| Compliance fees | | | | | 654 | | | | | | 814 | | |
| Miscellaneous | | | | | 57 | | | | | | 57 | | |
| Total expenses | | | | | 756,066 | | | | | | 678,259 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (22,718) | | | | | | (28,673) | | |
| Net expenses | | | | | 733,348 | | | | | | 649,586 | | |
| Net investment income | | | | | 2,395,386 | | | | | | 6,114,254 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | |
| Investment securities | | | | | (40,428,542) | | | | | | (55,360,874) | | |
| In-Kind redemptions | | | | | 1,742,976 | | | | | | 12,324,188 | | |
| Net realized gain (loss) | | | | | (38,685,566) | | | | | | (43,036,686) | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | |
| Investment securities | | | | | 5,130,703 | | | | | | 18,023,957 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 5,130,703 | | | | | | 18,023,957 | | |
| Net realized and unrealized gain (loss) | | | | | (33,554,863) | | | | | | (25,012,729) | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | (31,159,477) | | | | | $ | (18,898,475) | | |
See notes to financial statements.
Statements of Changes in Net Assets
| | | | IQ Hedge Multi-Strategy
Tracker ETF | | | IQ Hedge Macro Tracker ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 20,842,057 | | | | | $ | 27,444,698 | | | | | $ | 100,870 | | | | | $ | 107,189 | | |
| Net realized gain (loss) | | | | | (16,734,225) | | | | | | 6,420,920 | | | | | | (80,989) | | | | | | 40,190 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (12,595,811) | | | | | | (14,845,687) | | | | | | (44,333) | | | | | | (113,656) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (8,487,979) | | | | | | 19,019,931 | | | | | | (24,452) | | | | | | 33,723 | | |
| Distributions to Shareholders | | | | | (16,163,950) | | | | | | (24,498,116) | | | | | | (54,164) | | | | | | (69,928) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 108,741,902 | | | | | | 331,859,370 | | | | | | — | | | | | | — | | |
| Cost of shares redeemed | | | | | (337,851,658) | | | | | | (457,237,241) | | | | | | (1,345,577) | | | | | | (1,299,990) | | |
| Net increase (decrease) from capital share transactions | | | | | (229,109,756) | | | | | | (125,377,871) | | | | | | (1,345,577) | | | | | | (1,299,990) | | |
| Total increase (decrease) in net assets | | | | | (253,761,685) | | | | | | (130,856,056) | | | | | | (1,424,193) | | | | | | (1,336,195) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 993,422,072 | | | | | | 1,124,278,128 | | | | | | 5,251,464 | | | | | | 6,587,659 | | |
| End of year | | | | $ | 739,660,387 | | | | | $ | 993,422,072 | | | | | $ | 3,827,271 | | | | | $ | 5,251,464 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 32,800,000 | | | | | | 37,000,000 | | | | | | 200,000 | | | | | | 250,000 | | |
| Shares created | | | | | 3,600,000 | | | | | | 11,150,000 | | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | (11,250,000) | | | | | | (15,350,000) | | | | | | (50,000) | | | | | | (50,000) | | |
| Shares outstanding, end of year | | | | | 25,150,000 | | | | | | 32,800,000 | | | | | | 150,000 | | | | | | 200,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Hedge Market Neutral
Tracker ETF | | | IQ Hedge Long/Short
Tracker ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 350,179 | | | | | $ | 298,477 | | | | | $ | 166,866 | | | | | $ | 137,765 | | |
| Net realized gain (loss) | | | | | 13,206 | | | | | | 47,378 | | | | | | (352,670) | | | | | | 252,729 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (336,826) | | | | | | 75,237 | | | | | | 163,059 | | | | | | (1,818) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 26,559 | | | | | | 421,092 | | | | | | (22,745) | | | | | | 388,676 | | |
| Distributions to Shareholders | | | | | (239,729) | | | | | | — | | | | | | (123,690) | | | | | | (190,276) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 5,068,994 | | | | | | 3,815,609 | | | | | | 8,803,502 | | | | | | 6,294,199 | | |
| Cost of shares redeemed | | | | | (2,639,984) | | | | | | (1,286,386) | | | | | | (4,417,086) | | | | | | (8,797,572) | | |
Net increase (decrease) from capital share
transactions | | | | | 2,429,010 | | | | | | 2,529,223 | | | | | | 4,386,416 | | | | | | (2,503,373) | | |
| Total increase (decrease) in net assets | | | | | 2,215,840 | | | | | | 2,950,315 | | | | | | 4,239,981 | | | | | | (2,304,973) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 15,740,606 | | | | | | 12,790,291 | | | | | | 6,459,197 | | | | | | 8,764,170 | | |
| End of year | | | | $ | 17,956,446 | | | | | $ | 15,740,606 | | | | | $ | 10,699,178 | | | | | $ | 6,459,197 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 600,000 | | | | | | 500,000 | | | | | | 300,000 | | | | | | 400,001 | | |
| Shares created | | | | | 200,000 | | | | | | 150,000 | | | | | | 400,000 | | | | | | 300,000 | | |
| Shares redeemed | | | | | (100,000) | | | | | | (50,000) | | | | | | (200,000) | | | | | | (400,001) | | |
| Shares outstanding, end of year | | | | | 700,000 | | | | | | 600,000 | | | | | | 500,000 | | | | | | 300,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Hedge Event-Driven
Tracker ETF | | | IQ Real Return ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 201,009 | | | | | $ | 117,555 | | | | | $ | 1,075,218 | | | | | $ | 932,976 | | |
| Net realized gain (loss) | | | | | (129,344) | | | | | | 53,460 | | | | | | (500,329) | | | | | | (412,021) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (341,340) | | | | | | 31,980 | | | | | | (1,143,699) | | | | | | 791,516 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (269,675) | | | | | | 202,995 | | | | | | (568,810) | | | | | | 1,312,471 | | |
| Distributions to Shareholders | | | | | (157,392) | | | | | | (129,849) | | | | | | (1,185,760) | | | | | | (730,380) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 8,619,767 | | | | | | 3,148,412 | | | | | | — | | | | | | 13,889,918 | | |
| Cost of shares redeemed | | | | | (4,091,994) | | | | | | (2,107,542) | | | | | | (4,103,526) | | | | | | (2,745,538) | | |
Net increase (decrease) from capital share
transactions | | | | | 4,527,773 | | | | | | 1,040,870 | | | | | | (4,103,526) | | | | | | 11,144,380 | | |
| Total increase (decrease) in net assets | | | | | 4,100,706 | | | | | | 1,114,016 | | | | | | (5,858,096) | | | | | | 11,726,471 | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 4,252,992 | | | | | | 3,138,976 | | | | | | 57,045,903 | | | | | | 45,319,432 | | |
| End of year | | | | $ | 8,353,698 | | | | | $ | 4,252,992 | | | | | $ | 51,187,807 | | | | | $ | 57,045,903 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 200,000 | | | | | | 150,001 | | | | | | 2,050,000 | | | | | | 1,650,000 | | |
| Shares created | | | | | 400,000 | | | | | | 150,000 | | | | | | — | | | | | | 500,000 | | |
| Shares redeemed | | | | | (200,000) | | | | | | (100,001) | | | | | | (150,000) | | | | | | (100,000) | | |
| Shares outstanding, end of year | | | | | 400,000 | | | | | | 200,000 | | | | | | 1,900,000 | | | | | | 2,050,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Leaders GTAA Tracker ETF | | | IQ Enhanced Core Plus Bond
U.S. ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 1,057,907 | | | | | $ | 1,247,890 | | | | | $ | 3,141,793 | | | | | $ | 6,848,227 | | |
| Net realized gain (loss) | | | | | 1,159,009 | | | | | | (949,585) | | | | | | 5,991,745 | | | | | | (9,439,938) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (1,997,857) | | | | | | 1,222,240 | | | | | | (1,318,948) | | | | | | 10,039,022 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 219,059 | | | | | | 1,520,545 | | | | | | 7,814,590 | | | | | | 7,447,311 | | |
| Distributions to Shareholders | | | | | (1,040,313) | | | | | | (1,367,155) | | | | | | (3,150,736) | | | | | | (6,882,062) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 15,726,428 | | | | | | 7,161,649 | | | | | | 10,759,163 | | | | | | 25,593,390 | | |
| Cost of shares redeemed | | | | | (46,710,246) | | | | | | (13,112,399) | | | | | | (102,924,698) | | | | | | (203,654,352) | | |
| Net increase (decrease) from capital share transactions | | | | | (30,983,818) | | | | | | (5,950,750) | | | | | | (92,165,535) | | | | | | (178,060,962) | | |
| Total increase (decrease) in net assets | | | | | (31,805,072) | | | | | | (5,797,360) | | | | | | (87,501,681) | | | | | | (177,495,713) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 43,675,417 | | | | | | 49,472,777 | | | | | | 156,493,935 | | | | | | 333,989,648 | | |
| End of year | | | | $ | 11,870,345 | | | | | $ | 43,675,417 | | | | | $ | 68,992,254 | | | | | $ | 156,493,935 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 1,800,000 | | | | | | 2,050,001 | | | | | | 8,150,000 | | | | | | 17,500,001 | | |
| Shares created | | | | | 650,000 | | | | | | 300,000 | | | | | | 550,000 | | | | | | 1,350,000 | | |
| Shares redeemed | | | | | (1,900,000) | | | | | | (550,001) | | | | | | (5,250,000) | | | | | | (10,700,001) | | |
| Shares outstanding, end of year | | | | | 550,000 | | | | | | 1,800,000 | | | | | | 3,450,000 | | | | | | 8,150,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Short Duration Enhanced
Core Bond U.S. ETF | | | IQ S&P High Yield Low
Volatility Bond ETF | |
| | | | For the Year
Ended | | | For the Period
December 18,
2018* | | | For the Year Ended April 30, | |
| | | | April 30, 2020 | | | to April 30, 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 224,367 | | | | | $ | 28,200 | | | | | $ | 2,548,294 | | | | | $ | 3,797,030 | | |
| Net realized gain (loss) | | | | | (90,485) | | | | | | 16,852 | | | | | | (2,350,176) | | | | | | (1,949,460) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (21,573) | | | | | | 33,767 | | | | | | (1,115,683) | | | | | | 3,236,523 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 112,309 | | | | | | 78,819 | | | | | | (917,565) | | | | | | 5,084,093 | | |
| Distributions to Shareholders | | | | | (225,037) | | | | | | (28,586) | | | | | | (2,787,812) | | | | | | (3,901,103) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 20,415,746 | | | | | | 8,792,823 | | | | | | 16,228,614 | | | | | | 3,699,667 | | |
| Cost of shares redeemed | | | | | (19,243,376) | | | | | | (5,038,018) | | | | | | (26,854,263) | | | | | | (46,449,379) | | |
| Net increase (decrease) from capital share transactions | | | | | 1,172,370 | | | | | | 3,754,805 | | | | | | (10,625,649) | | | | | | (42,749,712) | | |
| Total increase (decrease) in net assets | | | | | 1,059,642 | | | | | | 3,805,038 | | | | | | (14,331,026) | | | | | | (41,566,722) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 3,805,038 | | | | | | — | | | | | | 65,625,744 | | | | | | 107,192,466 | | |
| End of period | | | | $ | 4,864,680 | | | | | $ | 3,805,038 | | | | | $ | 51,294,718 | | | | | $ | 65,625,744 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 150,000 | | | | | | — | | | | | | 2,650,000 | | | | | | 4,400,001 | | |
| Shares created | | | | | 800,000 | | | | | | 350,000 | | | | | | 650,000 | | | | | | 150,000 | | |
| Shares redeemed | | | | | (750,000) | | | | | | (200,000) | | | | | | (1,150,000) | | | | | | (1,900,001) | | |
| Shares outstanding, end of period | | | | | 200,000 | | | | | | 150,000 | | | | | | 2,150,000 | | | | | | 2,650,000 | | |
*
Commencement of operations.
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Merger Arbitrage ETF | | | IQ Global Resources ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 3,872,200 | | | | | $ | 1,559,860 | | | | | $ | 2,749,818 | | | | | $ | 5,260,962 | | |
| Net realized gain (loss) | | | | | 82,702,816 | | | | | | (11,291,429) | | | | | | 1,836,863 | | | | | | (6,741,607) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (95,293,870) | | | | | | 20,496,649 | | | | | | (5,664,345) | | | | | | (6,410,534) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (8,718,854) | | | | | | 10,765,080 | | | | | | (1,077,664) | | | | | | (7,891,179) | | |
| Distributions to Shareholders | | | | | — | | | | | | — | | | | | | (2,539,080) | | | | | | (1,346,949) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 778,842,132 | | | | | | 628,333,768 | | | | | | 1,340,878 | | | | | | 69,696,407 | | |
| Cost of shares redeemed | | | | | (1,032,341,051) | | | | | | (178,685,181) | | | | | | (150,087,715) | | | | | | (123,858,817) | | |
| Net increase (decrease) from capital share transactions | | | | | (253,498,919) | | | | | | 449,648,587 | | | | | | (148,746,837) | | | | | | (54,162,410) | | |
| Total increase (decrease) in net assets | | | | | (262,217,773) | | | | | | 460,413,667 | | | | | | (152,363,581) | | | | | | (63,400,538) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 985,799,547 | | | | | | 525,385,880 | | | | | | 175,311,937 | | | | | | 238,712,475 | | |
| End of year | | | | $ | 723,581,774 | | | | | $ | 985,799,547 | | | | | $ | 22,948,356 | | | | | $ | 175,311,937 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 31,300,000 | | | | | | 17,100,000 | | | | | | 6,500,000 | | | | | | 8,600,000 | | |
| Shares created | | | | | 23,900,000 | | | | | | 19,850,000 | | | | | | 50,000 | | | | | | 2,500,000 | | |
| Shares redeemed | | | | | (32,250,000) | | | | | | (5,650,000) | | | | | | (5,600,000) | | | | | | (4,600,000) | | |
| Shares outstanding, end of year | | | | | 22,950,000 | | | | | | 31,300,000 | | | | | | 950,000 | | | | | | 6,500,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Global Agribusiness Small
Cap ETF | | | IQ U.S. Real Estate Small
Cap ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 167,309 | | | | | $ | 111,794 | | | | | $ | 1,707,060 | | | | | $ | 2,445,492 | | |
| Net realized gain (loss) | | | | | (447,744) | | | | | | 1,577,198 | | | | | | (2,621,227) | | | | | | (414,629) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (697,276) | | | | | | (1,978,003) | | | | | | (15,279,064) | | | | | | 6,056,098 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (977,711) | | | | | | (289,011) | | | | | | (16,193,231) | | | | | | 8,086,961 | | |
| Distributions to Shareholders | | | | | (91,643) | | | | | | (98,945) | | | | | | (1,633,256) | | | | | | (2,374,318) | | |
| Distributions to Shareholders from Return of Capital | | | | | — | | | | | | — | | | | | | (1,775,536) | | | | | | (2,583,466) | | |
| Total distributions to shareholders | | | | | (91,643) | | | | | | (98,945) | | | | | | (3,408,792) | | | | | | (4,957,784) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | — | | | | | | — | | | | | | 3,688,926 | | | | | | 1,351,055 | | |
| Cost of shares redeemed | | | | | (1,669,244) | | | | | | (1,620,848) | | | | | | (14,999,579) | | | | | | (14,954,392) | | |
| Net increase (decrease) from capital share transactions | | | | | (1,669,244) | | | | | | (1,620,848) | | | | | | (11,310,653) | | | | | | (13,603,337) | | |
| Total increase (decrease) in net assets | | | | | (2,738,598) | | | | | | (2,008,804) | | | | | | (30,912,676) | | | | | | (10,474,160) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 9,863,921 | | | | | | 11,872,725 | | | | | | 71,614,995 | | | | | | 82,089,155 | | |
| End of year | | | | $ | 7,125,323 | | | | | $ | 9,863,921 | | | | | $ | 40,702,319 | | | | | $ | 71,614,995 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 300,000 | | | | | | 350,000 | | | | | | 2,850,000 | | | | | | 3,400,000 | | |
| Shares created | | | | | — | | | | | | — | | | | | | 150,000 | | | | | | 50,000 | | |
| Shares redeemed | | | | | (50,000) | | | | | | (50,000) | | | | | | (650,000) | | | | | | (600,000) | | |
| Shares outstanding, end of year | | | | | 250,000 | | | | | | 300,000 | | | | | | 2,350,000 | | | | | | 2,850,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ 500 International ETF | | | IQ 50 Percent Hedged FTSE
International ETF | |
| | | | For the Year
Ended | | | For the Period
December 13, 2018* | | | For the Year Ended April 30, | |
| | | | April 30, 2020 | | | to April 30, 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 4,213,636 | | | | | $ | 898,883 | | | | | $ | 7,283,615 | | | | | $ | 13,642,563 | | |
| Net realized gain (loss) | | | | | 4,809,844 | | | | | | 4,340 | | | | | | (3,622,654) | | | | | | 21,006,516 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (60,097,774) | | | | | | 5,273,594 | | | | | | (43,441,569) | | | | | | (53,440,986) | | |
Net increase (decrease) in net assets resulting
from operations | | | | | (51,074,294) | | | | | | 6,176,817 | | | | | | (39,780,608) | | | | | | (18,791,907) | | |
| Distributions to Shareholders | | | | | (3,080,969) | | | | | | (15,344) | | | | | | (7,874,573) | | | | | | (19,464,426) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 284,884,301 | | | | | | 79,513,130 | | | | | | 134,725,957 | | | | | | 30,368,545 | | |
| Cost of shares redeemed | | | | | (97,952,352) | | | | | | (25) | | | | | | (118,574,884) | | | | | | (289,550,341) | | |
| Net increase (decrease) from capital share transactions | | | | | 186,931,949 | | | | | | 79,513,105 | | | | | | 16,151,073 | | | | | | (259,181,796) | | |
| Total increase (decrease) in net assets | | | | | 132,776,686 | | | | | | 85,674,578 | | | | | | (31,504,108) | | | | | | (297,438,129) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 85,674,578 | | | | | | — | | | | | | 281,078,905 | | | | | | 578,517,034 | | |
| End of period | | | | $ | 218,451,264 | | | | | $ | 85,674,578 | | | | | $ | 249,574,797 | | | | | $ | 281,078,905 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 3,100,000 | | | | | | — | | | | | | 13,650,000 | | | | | | 26,750,001 | | |
| Shares created | | | | | 10,350,000 | | | | | | 3,100,001 | | | | | | 6,400,000 | | | | | | 1,450,000 | | |
| Shares redeemed | | | | | (3,650,000) | | | | | | (1) | | | | | | (6,200,000) | | | | | | (14,550,001) | | |
| Shares outstanding, end of period | | | | | 9,800,000 | | | | | | 3,100,000 | | | | | | 13,850,000 | | | | | | 13,650,000 | | |
*
Commencement of operations.
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ 50 Percent Hedged FTSE
Europe ETF | | | IQ 50 Percent Hedged FTSE
Japan ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 237,146 | | | | | $ | 1,610,167 | | | | | $ | 126,655 | | | | | $ | 353,237 | | |
| Net realized gain (loss) | | | | | 91,434 | | | | | | 16,992,674 | | | | | | 151,489 | | | | | | 3,162,537 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (1,313,452) | | | | | | (18,674,363) | | | | | | (544,070) | | | | | | (6,879,025) | | |
Net increase (decrease) in net assets resulting from
operations | | | | | (984,872) | | | | | | (71,522) | | | | | | (265,926) | | | | | | (3,363,251) | | |
| Distributions to Shareholders | | | | | (236,012) | | | | | | (417,662) | | | | | | (181,753) | | | | | | (545,585) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | — | | | | | | — | | | | | | 6,870,551 | | | | | | — | | |
| Cost of shares redeemed | | | | | — | | | | | | (159,352,565) | | | | | | (4,973,615) | | | | | | (24,619,769) | | |
| Net increase (decrease) from capital share transactions | | | | | — | | | | | | (159,352,565) | | | | | | 1,896,936 | | | | | | (24,619,769) | | |
| Total increase (decrease) in net assets | | | | | (1,220,884) | | | | | | (159,841,749) | | | | | | 1,449,257 | | | | | | (28,528,605) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 8,895,462 | | | | | | 168,737,211 | | | | | | 6,217,878 | | | | | | 34,746,483 | | |
| End of year | | | | $ | 7,674,578 | | | | | $ | 8,895,462 | | | | | $ | 7,667,135 | | | | | $ | 6,217,878 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 450,000 | | | | | | 8,300,001 | | | | | | 300,000 | | | | | | 1,550,001 | | |
| Shares created | | | | | — | | | | | | — | | | | | | 350,000 | | | | | | — | | |
| Shares redeemed | | | | | — | | | | | | (7,850,001) | | | | | | (250,000) | | | | | | (1,250,001) | | |
| Shares outstanding, end of year | | | | | 450,000 | | | | | | 450,000 | | | | | | 400,000 | | | | | | 300,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Candriam
ESG
International
Equity ETF | | | IQ Candriam
ESG U.S. Equity
ETF | |
| | | | For the Period
December 17,
2019*
to April 30, 2020 | | | For the Period
December 17,
2019*
to April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
| Net investment income | | | | $ | 142,981 | | | | | $ | 39,607 | | |
| Net realized gain (loss) | | | | | (47,615) | | | | | | 54,203 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (340,084) | | | | | | (263,052) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (244,718) | | | | | | (169,242) | | |
| Distributions to Shareholders | | | | | (50,904) | | | | | | (30,853) | | |
| Capital Share Transactions | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 46,491,761 | | | | | | 10,070,844 | | |
| Cost of shares redeemed | | | | | — | | | | | | (3,837,002) | | |
| Net increase (decrease) from capital share transactions | | | | | 46,491,761 | | | | | | 6,233,842 | | |
| Total increase (decrease) in net assets | | | | | 46,196,139 | | | | | | 6,033,747 | | |
| Net Assets | | | | | | | | | | | | | |
| Beginning of period | | | | | — | | | | | | — | | |
| End of period | | | | $ | 46,196,139 | | | | | $ | 6,033,747 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | — | | | | | | — | | |
| Shares created | | | | | 2,200,000 | | | | | | 400,000 | | |
| Shares redeemed | | | | | — | | | | | | (150,000) | | |
| Shares outstanding, end of period | | | | | 2,200,000 | | | | | | 250,000 | | |
*
Commencement of operations.
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Chaikin U.S. Small Cap ETF | | | IQ Chaikin U.S. Large Cap ETF | |
| | | | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 2,395,386 | | | | | $ | 4,480,736 | | | | | $ | 6,114,254 | | | | | $ | 7,182,766 | | |
| Net realized gain (loss) | | | | | (38,685,566) | | | | | | (25,832,825) | | | | | | (43,036,686) | | | | | | 5,473,939 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 5,130,703 | | | | | | (4,926,146) | | | | | | 18,023,957 | | | | | | (10,090,415) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (31,159,477) | | | | | | (26,278,235) | | | | | | (18,898,475) | | | | | | 2,566,290 | | |
| Distributions to Shareholders | | | | | (2,340,043) | | | | | | (4,624,785) | | | | | | (6,034,101) | | | | | | (7,178,905) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 4,615,525 | | | | | | 94,020,959 | | | | | | 168,898,124 | | | | | | 609,684,554 | | |
| Cost of shares redeemed | | | | | (216,562,479) | | | | | | (179,909,783) | | | | | | (201,747,345) | | | | | | (646,660,428) | | |
| Net increase (decrease) from capital share transactions | | | | | (211,946,954) | | | | | | (85,888,824) | | | | | | (32,849,221) | | | | | | (36,975,874) | | |
| Total increase (decrease) in net assets | | | | | (245,446,474) | | | | | | (116,791,844) | | | | | | (57,781,797) | | | | | | (41,588,489) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 348,554,722 | | | | | | 465,346,566 | | | | | | 278,411,590 | | | | | | 320,000,079 | | |
| End of year | | | | $ | 103,108,248 | | | | | $ | 348,554,722 | | | | | $ | 220,629,793 | | | | | $ | 278,411,590 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 13,550,000 | | | | | | 17,150,001 | | | | | | 11,250,000 | | | | | | 12,650,001 | | |
| Shares created | | | | | 200,000 | | | | | | 3,400,000 | | | | | | 6,800,000 | | | | | | 24,850,000 | | |
| Shares redeemed | | | | | (8,600,000) | | | | | | (7,000,001) | | | | | | (8,000,000) | | | | | | (26,250,001) | | |
| Shares outstanding, end of year | | | | | 5,150,000 | | | | | | 13,550,000 | | | | | | 10,050,000 | | | | | | 11,250,000 | | |
See notes to financial statements.
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Multi-Strategy Tracker ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 30.29 | | | | | $ | 30.39 | | | | | $ | 29.15 | | | | | $ | 29.03 | | | | | $ | 30.01 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.75 | | | | | | 0.72 | | | | | | 0.56 | | | | | | 0.50 | | | | | | 0.43 | | |
| Net realized and unrealized gain (loss) | | | | | (1.04) | | | | | | (0.27) | | | | | | 0.68 | | | | | | (0.38) | | | | | | (1.30) | | |
Distributions of net realized gains from investments in
other investment companies | | | | | 0.00(c) | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | | | | | 0.03 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (0.29) | | | | | | 0.45 | | | | | | 1.24 | | | | | | 0.12 | | | | | | (0.84) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.59) | | | | | | (0.55) | | | | | | — | | | | | | (0.00)(d) | | | | | | (0.14) | | |
| Net asset value, end of year | | | | $ | 29.41 | | | | | $ | 30.29 | | | | | $ | 30.39 | | | | | $ | 29.15 | | | | | $ | 29.03 | | |
| Market price, end of year | | | | $ | 29.34 | | | | | $ | 30.28 | | | | | $ | 30.38 | | | | | $ | 29.15 | | | | | $ | 29.06 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | (1.04)% | | | | | | 1.56% | | | | | | 4.24% | | | | | | 0.42% | | | | | | (2.80)% | | |
Total investment return based on market
price(f) | | | | | (1.26)% | | | | | | 1.56% | | | | | | 4.22% | | | | | | 0.31% | | | | | | (2.67)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 739,660 | | | | | $ | 993,422 | | | | | $ | 1,124,278 | | | | | $ | 1,062,579 | | | | | $ | 1,074,120 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.54% | | | | | | 0.54% | | | | | | 0.64% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 2.49% | | | | | | 2.40% | | | | | | 1.87% | | | | | | 1.72% | | | | | | 1.48% | | |
Portfolio turnover rate(h) | | | | | 166% | | | | | | 137% | | | | | | 164% | | | | | | 285% | | | | | | 312% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Greater than $(0.005) per share.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(f)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Macro Tracker ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 26.26 | | | | | $ | 26.35 | | | | | $ | 25.46 | | | | | $ | 24.66 | | | | | $ | 25.69 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.56 | | | | | | 0.44 | | | | | | 0.39 | | | | | | 0.37 | | | | | | 0.46 | | |
| Net realized and unrealized gain (loss) | | | | | (0.94) | | | | | | (0.25) | | | | | | 0.50 | | | | | | 0.43 | | | | | | (1.27) | | |
| Distributions of net realized gains from investments in other investment companies | | | | | — | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | | | | | 0.05 | | |
Net increase (decrease) in net assets resulting from investment
operations | | | | | (0.38) | | | | | | 0.19 | | | | | | 0.89 | | | | | | 0.80 | | | | | | (0.76) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.36) | | | | | | (0.28) | | | | | | — | | | | | | — | | | | | | (0.27) | | |
| Net asset value, end of year | | | | $ | 25.52 | | | | | $ | 26.26 | | | | | $ | 26.35 | | | | | $ | 25.46 | | | | | $ | 24.66 | | |
| Market price, end of year | | | | $ | 25.36 | | | | | $ | 26.24 | | | | | $ | 26.34 | | | | | $ | 25.44 | | | | | $ | 24.80 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (1.51)% | | | | | | 0.77% | | | | | | 3.50% | | | | | | 3.25% | | | | | | (2.97)% | | |
Total investment return based on market price(e) | | | | | (2.04)% | | | | | | 0.74% | | | | | | 3.54% | | | | | | 2.58% | | | | | | (2.60)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 3,827 | | | | | $ | 5,251 | | | | | $ | 6,588 | | | | | $ | 6,365 | | | | | $ | 14,794 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.54% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 2.13% | | | | | | 1.70% | | | | | | 1.47% | | | | | | 1.50% | | | | | | 1.86% | | |
Portfolio turnover rate(g) | | | | | 104% | | | | | | 82% | | | | | | 152% | | | | | | 68% | | | | | | 99% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Market Neutral Tracker ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | | | | $ | 25.49 | | | | | $ | 25.53 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.62 | | | | | | 0.55 | | | | | | 0.41 | | | | | | 0.36 | | | | | | 0.27 | | |
| Net realized and unrealized gain (loss) | | | | | (0.76) | | | | | | 0.10 | | | | | | (0.08) | | | | | | (0.25) | | | | | | (0.33) | | |
Distributions of net realized gains from investments in other
investment companies | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(c) | | | | | | 0.02 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (0.14) | | | | | | 0.65 | | | | | | 0.33 | | | | | | 0.11 | | | | | | (0.04) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.44) | | | | | | — | | | | | | — | | | | | | (0.35) | | | | | | — | | |
| Net asset value, end of year | | | | $ | 25.65 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | | | | $ | 25.49 | | |
| Market price, end of year | | | | $ | 25.63 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | | | | $ | 25.43 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (0.62)% | | | | | | 2.56% | | | | | | 1.29% | | | | | | 0.44% | | | | | | (0.15)% | | |
Total investment return based on market price(e) | | | | | (0.69)% | | | | | | 2.54% | | | | | | 1.31% | | | | | | 0.67% | | | | | | 0.27% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 17,956 | | | | | $ | 15,741 | | | | | $ | 12,790 | | | | | $ | 11,364 | | | | | $ | 15,294 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.53% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 2.36% | | | | | | 2.15% | | | | | | 1.61% | | | | | | 1.40% | | | | | | 1.09% | | |
Portfolio turnover rate(g) | | | | | 77% | | | | | | 107% | | | | | | 165% | | | | | | 99% | | | | | | 135% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Long/Short Tracker ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 21.53 | | | | | $ | 21.91 | | | | | $ | 20.36 | | | | | $ | 18.88 | | | | | $ | 19.93 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.51 | | | | | | 0.44 | | | | | | 0.41 | | | | | | 0.35 | | | | | | 0.41 | | |
| Net realized and unrealized gain (loss) | | | | | (0.29) | | | | | | 0.13 | | | | | | 1.22 | | | | | | 1.19 | | | | | | (1.10) | | |
| Distributions of net realized gains from investments in other investment companies | | | | | — | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | | | | | — | | |
Net increase (decrease) in net assets resulting from investment
operations | | | | | 0.22 | | | | | | 0.57 | | | | | | 1.63 | | | | | | 1.54 | | | | | | (0.69) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.35) | | | | | | (0.95) | | | | | | (0.08) | | | | | | (0.06) | | | | | | (0.36) | | |
| Net asset value, end of year | | | | $ | 21.40 | | | | | $ | 21.53 | | | | | $ | 21.91 | | | | | $ | 20.36 | | | | | $ | 18.88 | | |
| Market price, end of year | | | | $ | 21.52 | | | | | $ | 21.54 | | | | | $ | 21.93 | | | | | $ | 20.34 | | | | | $ | 18.72 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 0.93% | | | | | | 3.07% | | | | | | 8.02% | | | | | | 8.18% | | | | | | (3.46)% | | |
Total investment return based on market price(e) | | | | | 1.46% | | | | | | 2.91% | | | | | | 8.23% | | | | | | 8.98% | | | | | | (8.23)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 10,699 | | | | | $ | 6,459 | | | | | $ | 8,764 | | | | | $ | 4,072 | | | | | $ | 1,888 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.51% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.77% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.77% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 2.35% | | | | | | 2.06% | | | | | | 1.89% | | | | | | 1.78% | | | | | | 2.15% | | |
Portfolio turnover rate(g) | | | | | 136% | | | | | | 95% | | | | | | 77% | | | | | | 147% | | | | | | 94% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Event-Driven Tracker ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 21.26 | | | | | $ | 20.93 | | | | | $ | 20.59 | | | | | $ | 19.40 | | | | | $ | 20.01 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.73 | | | | | | 0.74 | | | | | | 0.55 | | | | | | 0.56 | | | | | | 0.54 | | |
| Net realized and unrealized gain (loss) | | | | | (0.66) | | | | | | 0.46 | | | | | | 0.26 | | | | | | 1.09 | | | | | | (1.03) | | |
| Distributions of net realized gains from investments in other investment companies | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(c) | | | | | | 0.23 | | |
Net increase (decrease) in net assets resulting from investment
operations | | | | | 0.07 | | | | | | 1.20 | | | | | | 0.81 | | | | | | 1.65 | | | | | | (0.26) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.45) | | | | | | (0.87) | | | | | | (0.47) | | | | | | (0.46) | | | | | | (0.35) | | |
| Net asset value, end of year | | | | $ | 20.88 | | | | | $ | 21.26 | | | | | $ | 20.93 | | | | | $ | 20.59 | | | | | $ | 19.40 | | |
| Market price, end of year | | | | $ | 20.86 | | | | | $ | 21.27 | | | | | $ | 20.93 | | | | | $ | 20.59 | | | | | $ | 19.43 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 0.25% | | | | | | 6.12% | | | | | | 3.93% | | | | | | 8.58% | | | | | | (1.26)% | | |
Total investment return based on market price(e) | | | | | 0.11% | | | | | | 6.13% | | | | | | 3.94% | ��� | | | | | 8.44% | | | | | | (1.04)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 8,354 | | | | | $ | 4,253 | | | | | $ | 3,139 | | | | | $ | 3,088 | | | | | $ | 1,940 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.50% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.79% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.79% | | |
Net investment income (loss)(b) | | | | | 3.48% | | | | | | 3.54% | | | | | | 2.64% | | | | | | 2.80% | | | | | | 2.81% | | |
Portfolio turnover rate(g) | | | | | 77% | | | | | | 34% | | | | | | 41% | | | | | | 68% | | | | | | 16% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Real Return ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 27.83 | | | | | $ | 27.47 | | | | | $ | 27.25 | | | | | $ | 26.73 | | | | | $ | 26.70 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.54 | | | | | | 0.49 | | | | | | 0.30 | | | | | | 0.22 | | | | | | 0.09 | | |
| Net realized and unrealized gain (loss) | | | | | (0.84) | | | | | | 0.22 | | | | | | 0.21 | | | | | | 0.30 | | | | | | (0.06) | | |
Distributions of net realized gains from investments in other
investment companies | | | | | 0.00(c) | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | | | | | — | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (0.30) | | | | | | 0.71 | | | | | | 0.51 | | | | | | 0.52 | | | | | | 0.03 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.59) | | | | | | (0.35) | | | | | | (0.29) | | | | | | — | | | | | | (0.00)(d) | | |
| Net asset value, end of year | | | | $ | 26.94 | | | | | $ | 27.83 | | | | | $ | 27.47 | | | | | $ | 27.25 | | | | | $ | 26.73 | | |
| Market price, end of year | | | | $ | 26.86 | | | | | $ | 27.80 | | | | | $ | 27.47 | | | | | $ | 27.27 | | | | | $ | 26.72 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | (1.13)% | | | | | | 2.64% | | | | | | 1.89% | | | | | | 1.94% | | | | | | 0.11% | | |
Total investment return based on market price(f) | | | | | (1.33)% | | | | | | 2.53% | | | | | | 1.81% | | | | | | 2.06% | | | | | | (0.32)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 51,188 | | | | | $ | 57,046 | | | | | $ | 45,319 | | | | | $ | 28,608 | | | | | $ | 26,727 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.21% | | | | | | 0.37% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | |
Net investment income (loss)(b) | | | | | 1.95% | | | | | | 1.77% | | | | | | 1.10% | | | | | | 0.82% | | | | | | 0.33% | | |
Portfolio turnover rate(h) | | | | | 68% | | | | | | 97% | | | | | | 101% | | | | | | 71% | | | | | | 109% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Greater than $(0.005) per share.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(f)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Leaders GTAA Tracker ETF | |
| | | | For the Year Ended April 30, | | | For the
Period
September 30,
2015(a) to
April 30,
2016 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
Net asset value, beginning of period | | | | $ | 24.26 | | | | | $ | 24.13 | | | | | $ | 22.83 | | | | | $ | 20.96 | | | | | $ | 20.00 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.83 | | | | | | 0.66 | | | | | | 0.58 | | | | | | 0.48 | | | | | | 0.26 | | |
| Net realized and unrealized gain (loss) | | | | | (2.58) | | | | | | 0.20 | | | | | | 1.32 | | | | | | 1.80 | | | | | | 0.78 | | |
| Distributions of net realized gains from investments in other investment companies | | | | | — | | | | | | — | | | | | | 0.00(d) | | | | | | 0.00(d) | | | | | | 0.06 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (1.75) | | | | | | 0.86 | | | | | | 1.90 | | | | | | 2.28 | | | | | | 1.10 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.93) | | | | | | (0.73) | | | | | | (0.60) | | | | | | (0.41) | | | | | | (0.14) | | |
| Net asset value, end of period | | | | $ | 21.58 | | | | | $ | 24.26 | | | | | $ | 24.13 | | | | | $ | 22.83 | | | | | $ | 20.96 | | |
| Market price, end of period | | | | $ | 21.56 | | | | | $ | 24.24 | | | | | $ | 24.14 | | | | | $ | 22.84 | | | | | $ | 20.21 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset
value(e) | | | | | (7.32)% | | | | | | 3.74% | | | | | | 8.43% | | | | | | 10.99% | | | | | | 5.50% | | |
Total investment return based on market price(f) | | | | | (7.31)% | | | | | | 3.61% | | | | | | 8.40% | | | | | | 15.18% | | | | | | 1.72%(g) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 11,870 | | | | | $ | 43,675 | | | | | $ | 49,473 | | | | | $ | 34,240 | | | | | $ | 2,096 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(h) | | | | | 0.23% | | | | | | 0.37% | | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.46%(i) | | |
Expenses excluding waivers/reimbursements(h) | | | | | 0.46% | | | | | | 0.46% | | | | | | —% | | | | | | —% | | | | | | —%(i) | | |
Net investment income (loss)(c) | | | | | 3.43% | | | | | | 2.80% | | | | | | 2.43% | | | | | | 2.23% | | | | | | 2.18%(i) | | |
Portfolio turnover rate(j) | | | | | 149% | | | | | | 174% | | | | | | 145% | | | | | | 105% | | | | | | 116% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Less than $0.005 per share.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(f)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(g)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(i)
Annualized.
(j)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Enhanced Core Plus Bond U.S. ETF | |
| | | | For the Year Ended April 30, | | | For the
Period
May 10,
2016(a) to
April 30,
2017 | |
| | | | 2020 | | | 2019 | | | 2018 | |
Net asset value, beginning of period | | | | $ | 19.20 | | | | | $ | 19.09 | | | | | $ | 19.98 | | | | | $ | 20.00 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.57 | | | | | | 0.57 | | | | | | 0.61 | | | | | | 0.53 | | |
| Net realized and unrealized gain (loss) | | | | | 0.78 | | | | | | 0.10 | | | | | | (0.88) | | | | | | (0.03) | | |
| Distributions of net realized gains from investments in other investment companies | | | | | — | | | | | | — | | | | | | — | | | | | | 0.01 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 1.35 | | | | | | 0.67 | | | | | | (0.27) | | | | | | 0.51 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.55) | | | | | | (0.56) | | | | | | (0.62) | | | | | | (0.53) | | |
| Net asset value, end of period | | | | $ | 20.00 | | | | | $ | 19.20 | | | | | $ | 19.09 | | | | | $ | 19.98 | | |
| Market price, end of period | | | | $ | 20.00 | | | | | $ | 19.18 | | | | | $ | 19.07 | | | | | $ | 19.99 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 7.11% | | | | | | 3.63% | | | | | | (1.44)% | | | | | | 2.57% | | |
Total investment return based on market price(e) | | | | | 7.24% | | | | | | 3.59% | | | | | | (1.56)% | | | | | | 2.61%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 68,992 | | | | | $ | 156,494 | | | | | $ | 333,990 | | | | | $ | 230,787 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.21% | | | | | | 0.21% | | | | | | 0.21% | | | | | | 0.20%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.25%(h) | | |
Net investment income (loss)(c) | | | | | 2.90% | | | | | | 2.99% | | | | | | 3.09% | | | | | | 2.73%(h) | | |
Portfolio turnover rate(i) | | | | | 291% | | | | | | 411% | | | | | | 269% | | | | | | 147% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Annualized.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Short Duration
Enhanced Core Bond U.S. ETF | |
| | | | For the
Year Ended
April 30, 2020 | | | For the Period
December 18,
2018(a) to
April 30, 2019 | |
Net asset value, beginning of period | | | | $ | 25.37 | | | | | $ | 25.02 | | |
| Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.72 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | (1.07) | | | | | | 0.36 | | |
| Distributions of net realized gains from investments in other investment companies | | | | | 0.00(d) | | | | | | — | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (0.35) | | | | | | 0.56 | | |
| Distributions from: | | | | | | | | | | | | | |
| Net investment income | | | | | (0.70) | | | | | | (0.21) | | |
| Net asset value, end of period | | | | $ | 24.32 | | | | | $ | 25.37 | | |
| Market price, end of period | | | | $ | 24.32 | | | | | $ | 25.36 | | |
| Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | (1.43)% | | | | | | 2.23% | | |
Total investment return based on market price(f) | | | | | (1.42)% | | | | | | 2.20%(g) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 4,865 | | | | | $ | 3,805 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(h) | | | | | 0.20% | | | | | | 0.20%(i) | | |
Expenses excluding waivers/reimbursements(h) | | | | | 0.21% | | | | | | 0.23%(i) | | |
Net investment income (loss)(c) | | | | | 2.82% | | | | | | 2.13%(i) | | |
Portfolio turnover rate(j) | | | | | 127% | | | | | | 78% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Less than $0.005 per share.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(f)
The market price returns are calculated using the mean between the last bid and ask prices.
(g)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(i)
Annualized.
(j)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ S&P High Yield Low Volatility Bond ETF | |
| | | | For the Year Ended April 30, | | | For the Period
February 15,
2017(a) to
April 30, 2017 | |
| | | | 2020 | | | 2019 | | | 2018 | |
Net asset value, beginning of period | | | | $ | 24.76 | | | | | $ | 24.36 | | | | | $ | 25.20 | | | | | $ | 25.00 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 1.01 | | | | | | 1.07 | | | | | | 0.99 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | (0.81) | | | | | | 0.41 | | | | | | (0.88) | | | | | | 0.10 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 0.20 | | | | | | 1.48 | | | | | | 0.11 | | | | | | 0.30 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (1.10) | | | | | | (1.08) | | | | | | (0.95) | | | | | | (0.10) | | |
| Net asset value, end of period | | | | $ | 23.86 | | | | | $ | 24.76 | | | | | $ | 24.36 | | | | | $ | 25.20 | | |
| Market price, end of period | | | | $ | 24.03 | | | | | $ | 24.78 | | | | | $ | 24.32 | | | | | $ | 25.34 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 0.71% | | | | | | 6.31% | | | | | | 0.39% | | | | | | 1.40% | | |
Total investment return based on market price(e) | | | | | 1.34% | | | | | | 6.56% | | | | | | (0.36)% | | | | | | 1.93%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 51,295 | ��� | | | | $ | 65,626 | | | | | $ | 107,192 | | | | | $ | 49,145 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.41% | | | | | | 0.41% | | | | | | 0.41% | | | | | | 0.41%(h) | | |
Net investment income (loss)(c) | | | | | 4.04% | | | | | | 4.42% | | | | | | 3.97% | | | | | | 4.05%(h) | | |
Portfolio turnover rate(i) | | | | | 105% | | | | | | 83% | | | | | | 75% | | | | | | 15% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Annualized.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Merger Arbitrage ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 31.50 | | | | | $ | 30.72 | | | | | $ | 30.21 | | | | | $ | 28.44 | | | | | $ | 28.92 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.14 | | | | | | 0.07 | | | | | | 0.10 | | | | | | 0.24(c) | | | | | | 0.02 | | |
| Net realized and unrealized gain (loss) | | | | | (0.11) | | | | | | 0.71 | | | | | | 0.41(d) | | | | | | 1.59 | | | | | | (0.25) | | |
Distributions of net realized gains from investments in
other investment companies | | | | | 0.00(e) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 0.03 | | | | | | 0.78 | | | | | | 0.51 | | | | | | 1.83 | | | | | | (0.23) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (0.06) | | | | | | (0.25) | | |
| Net asset value, end of year | | | | $ | 31.53 | | | | | $ | 31.50 | | | | | $ | 30.72 | | | | | $ | 30.21 | | | | | $ | 28.44 | | |
| Market price, end of year | | | | $ | 31.45 | | | | | $ | 31.48 | | | | | $ | 30.75 | | | | | $ | 30.27 | | | | | $ | 28.51 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(f) | | | | | 0.10% | | | | | | 2.52% | | | | | | 1.69% | | | | | | 6.45% | | | | | | (0.79)% | | |
Total investment return based on market price(g) | | | | | (0.10)% | | | | | | 2.37% | | | | | | 1.59% | | | | | | 6.39% | | | | | | (0.73)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 723,582 | | | | | $ | 985,800 | | | | | $ | 525,386 | | | | | $ | 188,833 | | | | | $ | 139,367 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(h) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 0.42% | | | | | | 0.21% | | | | | | 0.34% | | | | | | 0.82%(c) | | | | | | 0.09% | | |
Portfolio turnover rate(i) | | | | | 308% | | | | | | 337% | | | | | | 329% | | | | | | 268% | | | | | | 272% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Net investment income per share and ratio of net investment income to average net assets include a special cash dividend received of $0.14 per share owned of Calsonic Kansei Corp. on February 17, 2017. Net investment income per share and the net investment income to average net assets excluding the special dividend are $0.10 and 0.34% respectively.
(d)
Calculation of the net realized and unrealized gain (loss) per share does not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.
(e)
Less than $0.005 per share.
(f)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(g)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(h)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Global Resources ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 26.97 | | | | | $ | 27.76 | | | | | $ | 25.82 | | | | | $ | 24.70 | | | | | $ | 27.18 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.66 | | | | | | 0.65 | | | | | | 0.68 | | | | | | 0.33 | | | | | | 0.56 | | |
| Net realized and unrealized gain (loss) | | | | | (3.00) | | | | | | (1.24) | | | | | | 1.26 | | | | | | 0.89 | | | | | | (2.48) | | |
| Distributions of net realized gains from investments in other investment companies | | | | | 0.00(c) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (2.34) | | | | | | (0.59) | | | | | | 1.94 | | | | | | 1.22 | | | | | | (1.92) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.47) | | | | | | (0.20) | | | | | | — | | | | | | (0.10) | | | | | | (0.56) | | |
| Net asset value, end of year | | | | $ | 24.16 | | | | | $ | 26.97 | | | | | $ | 27.76 | | | | | $ | 25.82 | | | | | $ | 24.70 | | |
| Market price, end of year | | | | $ | 23.99 | | | | | $ | 27.06 | | | | | $ | 27.65 | | | | | $ | 25.95 | | | | | $ | 24.78 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (8.89)% | | | | | | (2.08)% | | | | | | 7.50% | | | | | | 4.94% | | | | | | (6.71)%(e) | | |
Total investment return based on market price(f) | | | | | (9.81)% | | | | | | (1.38)% | | | | | | 6.55% | | | | | | 5.13% | | | | | | (6.41)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 22,948 | | | | | $ | 175,312 | | | | | $ | 238,712 | | | | | $ | 179,450 | | | | | $ | 67,924 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(g) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 2.48% | | | | | | 2.37% | | | | | | 2.51% | | | | | | 1.29% | | | | | | 2.39% | | |
Portfolio turnover rate(h) | | | | | 100% | | | | | | 132% | | | | | | 235% | | | | | | 199% | | | | | | 325% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(f)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Global Agribusiness Small Cap ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 32.88 | | | | | $ | 33.92 | | | | | $ | 32.99 | | | | | $ | 30.12 | | | | | $ | 27.26 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.65 | | | | | | 0.33 | | | | | | 0.27 | | | | | | 0.31 | | | | | | 0.41 | | |
| Net realized and unrealized gain (loss) | | | | | (4.66) | | | | | | (1.09) | | | | | | 0.97 | | | | | | 2.94 | | | | | | 2.82 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (4.01) | | | | | | (0.76) | | | | | | 1.24 | | | | | | 3.25 | | | | | | 3.23 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.37) | | | | | | (0.28) | | | | | | (0.31) | | | | | | (0.38) | | | | | | (0.37) | | |
| Net asset value, end of year | | | | $ | 28.50 | | | | | $ | 32.88 | | | | | $ | 33.92 | | | | | $ | 32.99 | | | | | $ | 30.12 | | |
| Market price, end of year | | | | $ | 28.21 | | | | | $ | 32.84 | | | | | $ | 33.84 | | | | | $ | 33.05 | | | | | $ | 29.52 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | (12.34)% | | | | | | (2.16)% | | | | | | 3.75% | | | | | | 10.86% | | | | | | 11.93% | | |
Total investment return based on market price(d) | | | | | (13.12)% | | | | | | (2.04)% | | | | | | 3.30% | | | | | | 13.32% | | | | | | 9.66% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 7,125 | | | | | $ | 9,864 | | | | | $ | 11,873 | | | | | $ | 13,195 | | | | | $ | 12,047 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(e) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 2.07% | | | | | | 1.04% | | | | | | 0.79% | | | | | | 0.99% | | | | | | 1.48% | | |
Portfolio turnover rate(f) | | | | | 19% | | | | | | 32% | | | | | | 11% | | | | | | 35% | | | | | | 31% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(e)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ U.S. Real Estate Small Cap ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of year | | | | $ | 25.13 | | | | | $ | 24.14 | | | | | $ | 27.14 | | | | | $ | 25.14 | | | | | $ | 26.77 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.66 | | | | | | 0.79 | | | | | | 0.88 | | | | | | 0.71 | | | | | | 0.90 | | |
| Net realized and unrealized gain (loss) | | | | | (7.16) | | | | | | 1.81 | | | | | | (2.53) | | | | | | 2.88 | | | | | | (1.09) | | |
| Distributions of net realized gains from investments in other investment companies | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(c) | | | | | | — | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (6.50) | | | | | | 2.60 | | | | | | (1.65) | | | | | | 3.59 | | | | | | (0.19) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.62) | | | | | | (0.78) | | | | | | (0.85) | | | | | | (0.71) | | | | | | (0.88) | | |
| Return of capital | | | | | (0.69) | | | | | | (0.83) | | | | | | (0.50) | | | | | | (0.88) | | | | | | (0.56) | | |
Total distributions from net investment income and return
of capital | | | | | (1.31) | | | | | | (1.61) | | | | | | (1.35) | | | | | | (1.59) | | | | | | (1.44) | | |
| Net asset value, end of year | | | | $ | 17.32 | | | | | $ | 25.13 | | | | | $ | 24.14 | | | | | $ | 27.14 | | | | | $ | 25.14 | | |
| Market price, end of year | | | | $ | 17.30 | | | | | $ | 25.12 | | | | | $ | 24.12 | | | | | $ | 27.15 | | | | | $ | 25.10 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (27.15)% | | | | | | 11.16% | | | | | | (6.37)% | | | | | | 14.60% | | | | | | (0.51)% | | |
Total investment return based on market price(e) | | | | | (27.21)% | | | | | | 11.24% | | | | | | (6.49)% | | | | | | 14.79% | | | | | | (0.83)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 40,702 | | | | | $ | 71,615 | | | | | $ | 82,089 | | | | | $ | 114,001 | | | | | $ | 76,663 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(f) | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | |
Net investment income (loss)(b) | | | | | 2.72% | | | | | | 3.11% | | | | | | 3.36% | | | | | | 2.64% | | | | | | 3.62% | | |
Portfolio turnover rate(g) | | | | | 26% | | | | | | 26% | | | | | | 27% | | | | | | 28% | | | | | | 28% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ 500 International ETF | |
| | | | For the
Year Ended
April 30, 2020 | | | For the Period
December 13,
2018(a) to
April 30, 2019 | |
Net asset value, beginning of period | | | | $ | 27.64 | | | | | $ | 25.50 | | |
| Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.72 | | | | | | 0.39 | | |
| Net realized and unrealized gain (loss) | | | | | (5.40) | | | | | | 1.77 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (4.68) | | | | | | 2.16 | | |
| Distributions from: | | | | | | | | | | | | | |
| Net investment income | | | | | (0.67) | | | | | | (0.02) | | |
| Net asset value, end of period | | | | $ | 22.29 | | | | | $ | 27.64 | | |
| Market price, end of period | | | | $ | 22.10 | | | | | $ | 27.65 | | |
| Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (17.33)% | | | | | | 8.47% | | |
Total investment return based on market price(e) | | | | | (18.07)% | | | | | | 8.52% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 218,451 | | | | | $ | 85,675 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.25% | | | | | | 0.25%(g) | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.26% | | | | | | 0.26%(g) | | |
Net investment income (loss)(c) | | | | | 2.81% | | | | | | 3.90%(g) | | |
Portfolio turnover rate(h) | | | | | 13% | | | | | | 0% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Annualized.
(h)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ 50 Percent Hedged FTSE International ETF | |
| | | | For the Year Ended April 30, | | | For the Period
July 22,
2015(a) to
April 30, 2016 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
Net asset value, beginning of period | | | | $ | 20.59 | | | | | $ | 21.63 | | | | | $ | 19.68 | | | | | $ | 17.68 | | | | | $ | 19.94 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.56 | | | | | | 0.62 | | | | | | 0.60 | | | | | | 0.46 | | | | | | 0.37 | | |
| Net realized and unrealized gain (loss) | | | | | (2.51) | | | | | | (0.77) | | | | | | 1.89 | | | | | | 2.18 | | | | | | (2.42) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (1.95) | | | | | | (0.15) | | | | | | 2.49 | | | | | | 2.64 | | | | | | (2.05) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.62) | | | | | | (0.70) | | | | | | (0.54) | | | | | | (0.44) | | | | | | (0.21) | | |
| Net realized gain | | | | | — | | | | | | (0.19) | | | | | | 0.00(d) | | | | | | (0.20) | | | | | | — | | |
Total distributions from net investment income and
realized gains | | | | | (0.62) | | | | | | (0.89) | | | | | | (0.54) | | | | | | (0.64) | | | | | | (0.21) | | |
| Net asset value, end of period | | | | $ | 18.02 | | | | | $ | 20.59 | | | | | $ | 21.63 | | | | | $ | 19.68 | | | | | $ | 17.68 | | |
| Market price, end of period | | | | $ | 17.83 | | | | | $ | 20.65 | | | | | $ | 21.60 | | | | | $ | 19.75 | | | | | $ | 17.59 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset
value(e) | | | | | (9.74)% | | | | | | (0.42)% | | | | | | 12.84% | | | | | | 15.29% | | | | | | (10.33)% | | |
Total investment return based on market price(f) | | | | | (10.94)% | | | | | | (0.03)% | | | | | | 12.28% | | | | | | 16.28% | | | | | | (10.77)%(g) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 249,575 | | | | | $ | 281,079 | | | | | $ | 578,517 | | | | | $ | 208,595 | | | | | $ | 76,010 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(h) | | | | | 0.20% | | | | | | 0.20% | | | | | | 0.22% | | | | | | 0.36% | | | | | | 0.36%(i) | | |
Expenses excluding waivers/reimbursements(h) | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36%(i) | | |
Net investment income (loss)(c) | | | | | 2.78% | | | | | | 3.03% | | | | | | 2.87% | | | | | | 2.55% | | | | | | 2.71%(i) | | |
Portfolio turnover rate(j) | | | | | 8% | | | | | | 13% | | | | | | 10% | | | | | | 8% | | | | | | 7% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Less than $0.005 per share.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(f)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(g)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(i)
Annualized.
(j)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ 50 Percent Hedged FTSE Europe ETF | |
| | | | For the Year Ended April 30, | | | For the Period
July 22,
2015(a) to
April 30, 2016 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | �� |
Net asset value, beginning of period | | | | $ | 19.77 | | | | | $ | 20.33 | | | | | $ | 18.82 | | | | | $ | 17.63 | | | | | $ | 19.90 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.53 | | | | | | 1.37 | | | | | | 0.53 | | | | | | 0.62 | | | | | | 0.36 | | |
| Net realized and unrealized gain (loss) | | | | | (2.73) | | | | | | (1.15) | | | | | | 1.43 | | | | | | 1.96 | | | | | | (2.41) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (2.20) | | | | | | 0.22 | | | | | | 1.96 | | | | | | 2.58 | | | | | | (2.05) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.52) | | | | | | (0.78) | | | | | | (0.45) | | | | | | (0.63) | | | | | | (0.22) | | |
| Net realized gain | | | | | — | | | | | | — | | | | | | — | | | | | | (0.76) | | | | | | — | | |
| Total distributions from net investment income and realized gains | | | | | (0.52) | | | | | | (0.78) | | | | | | (0.45) | | | | | | (1.39) | | | | | | (0.22) | | |
| Net asset value, end of period | | | | $ | 17.05 | | | | | $ | 19.77 | | | | | $ | 20.33 | | | | | $ | 18.82 | | | | | $ | 17.63 | | |
| Market price, end of period | | | | $ | 17.02 | | | | | $ | 19.77 | | | | | $ | 20.24 | | | | | $ | 18.90 | | | | | $ | 17.82 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (11.46)% | | | | | | 1.45% | | | | | | 10.58% | | | | | | 15.48% | | | | | | (10.33)% | | |
Total investment return based on market price(e) | | | | | (11.64)% | | | | | | 1.90% | | | | | | 9.59% | | | | | | 14.78% | | | | | | (9.38)%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 7,675 | | | | | $ | 8,895 | | | | | $ | 168,737 | | | | | $ | 81,845 | | | | | $ | 46,724 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.32% | | | | | | 0.46% | | | | | | 0.46%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.46% | | | | | | 0.47% | | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.46%(h) | | |
Net investment income (loss)(c) | | | | | 2.72% | | | | | | 6.74% | | | | | | 2.68% | | | | | | 3.52% | | | | | | 2.65%(h) | | |
Portfolio turnover rate(i) | | | | | 6% | | | | | | 10% | | | | | | 10% | | | | | | 14% | | | | | | 10% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(f)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Annualized.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ 50 Percent Hedged FTSE Japan ETF | |
| | | | For the Year Ended April 30, | | | For the Period
July 22,
2015(a) to
April 30, 2016 | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
Net asset value, beginning of period | | | | $ | 20.73 | | | | | $ | 22.42 | | | | | $ | 19.13 | | | | | $ | 17.33 | | | | | $ | 20.16 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.49 | | | | | | 0.30 | | | | | | 0.34 | | | | | | 0.27 | | | | | | 0.27 | | |
| Net realized and unrealized gain (loss) | | | | | (1.32) | | | | | | (1.64) | | | | | | 3.30 | | | | | | 1.95 | | | | | | (3.10) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (0.83) | | | | | | (1.34) | | | | | | 3.64 | | | | | | 2.22 | | | | | | (2.83) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.73) | | | | | | (0.35) | | | | | | (0.35) | | | | | | (0.42) | | | | | | — | | |
| Net asset value, end of period | | | | $ | 19.17 | | | | | $ | 20.73 | | | | | $ | 22.42 | | | | | $ | 19.13 | | | | | $ | 17.33 | | |
| Market price, end of period | | | | $ | 18.90 | | | | | $ | 20.67 | | | | | $ | 22.30 | | | | | $ | 19.16 | | | | | $ | 17.83 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (4.20)% | | | | | | (5.96)% | | | | | | 19.11% | | | | | | 13.18% | | | | | | (14.05)% | | |
Total investment return based on market price(e) | | | | | (5.25)% | | | | | | (5.71)% | | | | | | 18.29% | | | | | | 10.17% | | | | | | (11.56)%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 7,667 | | | | | $ | 6,218 | | | | | $ | 34,746 | | | | | $ | 27,740 | | | | | $ | 25,125 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.33% | | | | | | 0.46% | | | | | | 0.46%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.46%(h) | | |
Net investment income (loss)(c) | | | | | 2.41% | | | | | | 1.39% | | | | | | 1.61% | | | | | | 1.53% | | | | | | 1.85%(h) | | |
Portfolio turnover rate(i) | | | | | 7% | | | | | | 7% | | | | | | 6% | | | | | | 15% | | | | | | 11% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.
(f)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Annualized.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Candriam ESG
International
Equity ETF | |
| | | | For the Period
December 17,
2019(a) to
April 30, 2020 | |
Net asset value, beginning of period | | | | $ | 25.19 | | |
| Income from Investment Operations | | | | | | | |
Net investment income(b)(c) | | | | | 0.26 | | |
| Net realized and unrealized gain (loss) | | | | | (4.34) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (4.08) | | |
| Distributions from: | | | | | | | |
| Net investment income | | | | | (0.11) | | |
| Net asset value, end of period | | | | $ | 21.00 | | |
| Market price, end of period | | | | $ | 20.87 | | |
| Total Return | | | | | | | |
Total investment return based on net asset value(d) | | | | | (16.18)% | | |
Total investment return based on market price(e) | | | | | (16.68)%(f) | | |
| Ratios/Supplemental Data | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 46,196 | | |
| Ratio to average net assets of: | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.15%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.16%(h) | | |
Net investment income (loss)(c) | | | | | 3.20%(h) | | |
Portfolio turnover rate(i) | | | | | 3% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Annualized.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Candriam
ESG U.S.
Equity ETF | |
| | | | For the Period
December 17,
2019(a) to
April 30, 2020 | |
Net asset value, beginning of period | | | | $ | 25.18 | | |
| Income from Investment Operations | | | | | | | |
Net investment income(b)(c) | | | | | 0.15 | | |
| Net realized and unrealized gain (loss) | | | | | (1.08) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (0.93) | | |
| Distributions from: | | | | | | | |
| Net investment income | | | | | (0.12) | | |
| Net asset value, end of period | | | | $ | 24.13 | | |
| Market price, end of period | | | | $ | 24.12 | | |
| Total Return | | | | | | | |
Total investment return based on net asset value(d) | | | | | (3.59)% | | |
Total investment return based on market price(e) | | | | | (3.64)%(f) | | |
| Ratios/Supplemental Data | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 6,034 | | |
| Ratio to average net assets of: | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.09%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.11%(h) | | |
Net investment income (loss)(c) | | | | | 1.67%(h) | | |
Portfolio turnover rate(i) | | | | | 12% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Annualized.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Chaikin U.S. Small Cap ETF | |
| | | | For the Year Ended April 30, | | | For the Period
May 16,
2017(a) to
April 30, 2018 | |
| | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | | | $ | 25.72 | | | | | $ | 27.13 | | | | | $ | 25.16 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.28 | | | | | | 0.27 | | | | | | 0.16 | | |
| Net realized and unrealized gain (loss) | | | | | (5.72) | | | | | | (1.39) | | | | | | 1.93 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (5.44) | | | | | | (1.12) | | | | | | 2.09 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.26) | | | | | | (0.29) | | | | | | (0.12) | | |
| Net asset value, end of period | | | | $ | 20.02 | | | | | $ | 25.72 | | | | | $ | 27.13 | | |
| Market price, end of period | | | | $ | 20.02 | | | | | $ | 25.72 | | | | | $ | 27.14 | | |
| Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (21.35)% | | | | | | (4.10)% | | | | | | 8.33% | | |
Total investment return based on market price(e) | | | | | (21.34)% | | | | | | (4.14)% | | | | | | 8.36%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's omitted) | | | | $ | 103,108 | | | | | $ | 348,555 | | | | | $ | 465,347 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36%(h) | | |
Net investment income (loss)(c) | | | | | 1.14% | | | | | | 1.01% | | | | | | 0.61%(h) | | |
Portfolio turnover rate(i) | | | | | 43% | | | | | | 57% | | | | | | 106% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund's inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Annualized.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Chaikin U.S. Large Cap ETF | |
| | | | For the Year Ended April 30, | | | For the Period
December 13,
2017(a) to
April 30, 2018 | |
| | | | 2020 | | | 2019 | |
Net asset value, beginning of period | | | | $ | 24.75 | | | | | $ | 25.30 | | | | | $ | 25.05 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.58 | | | | | | 0.48 | | | | | | 0.15 | | |
| Net realized and unrealized gain (loss | | | | | (2.80) | | | | | | (0.53) | | | | | | 0.18(d) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | (2.22) | | | | | | (0.05) | | | | | | 0.33 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.58) | | | | | | (0.50) | | | | | | (0.08) | | |
| Net asset value, end of period | | | | $ | 21.95 | | | | | $ | 24.75 | | | | | $ | 25.30 | | |
| Market price, end of period | | | | $ | 21.92 | | | | | $ | 24.75 | | | | | $ | 25.30 | | |
| Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | (9.04)% | | | | | | (0.13)% | | | | | | 1.31% | | |
Total investment return based on market price(f) | | | | | (9.18)% | | | | | | (0.13)% | | | | | | 1.32%(g) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's omitted) | | | | $ | 220,630 | | | | | $ | 278,412 | | | | | $ | 320,000 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(h) | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25%(i) | | |
Expenses excluding waivers/reimbursements(h) | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.26%(i) | | |
Net investment income (loss)(c) | | | | | 2.35% | | | | | | 1.97% | | | | | | 1.59%(i) | | |
Portfolio turnover rate(j) | | | | | 58% | | | | | | 52% | | | | | | 94% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Calculation of the net realized and unrealized gain (loss) per share does not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(f)
The market price returns are calculated using the mean between the last bid and ask prices.
(g)
Since the Shares of the Funds did not trade in the secondary market until the day after the Fund's inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(i)
Annualized.
(j)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.
See notes to financial statements.
Notes to Financial Statements
1. ORGANIZATION
IndexIQ ETF Trust (the “Trust”) was organized as a Delaware statutory trust on July 1, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end, management investment company, as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is currently comprised of twenty-two operational funds (collectively, the “Funds” and each individually, a “Fund”). The Funds are exchange-traded funds (“ETFs”), whose shares are listed on a stock exchange and traded like equity securities at market prices.
Investors may find the financial statements of any issuer whose securities represent a significant amount of the Fund’s assets on the SEC’s website (www.sec.gov).
| Funds | | | Diversification
Policy | | | Commencement of Operations Date | |
| IQ Hedge Multi-Strategy Tracker ETF* | | | Diversified | | | March 25, 2009 | |
| IQ Hedge Macro Tracker ETF* | | | Diversified | | | June 9, 2009 | |
| IQ Hedge Market Neutral Tracker ETF* | | | Diversified | | | October 4, 2012 | |
| IQ Hedge Long/Short Tracker ETF* | | | Diversified | | | March 24, 2015 | |
| IQ Hedge Event-Driven Tracker ETF* | | | Diversified | | | March 24, 2015 | |
| IQ Real Return ETF* | | | Diversified | | | October 27, 2009 | |
| IQ Leaders GTAA Tracker ETF* | | | Diversified | | | September 30, 2015 | |
| IQ Enhanced Core Plus Bond U.S. ETF* | | | Diversified | | | May 10, 2016 | |
| IQ Short Duration Enhanced Core Bond U.S. ETF* | | | Diversified | | | December 18, 2018 | |
| IQ S&P High Yield Low Volatility Bond ETF | | | Diversified | | | February 15, 2017 | |
| IQ Merger Arbitrage ETF | | | Non-diversified | | | November 17, 2009 | |
| IQ Global Resources ETF | | | Non-diversified | | | October 27, 2009 | |
| IQ Global Agribusiness Small Cap ETF | | | Non-diversified | | | March 22, 2011 | |
| IQ U.S. Real Estate Small Cap ETF | | | Non-diversified | | | June 14, 2011 | |
| IQ 500 International ETF | | | Diversified | | | December 13, 2018 | |
| IQ 50 Percent Hedged FTSE International ETF | | | Diversified | | | July 22, 2015 | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | Diversified | | | July 22, 2015 | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | Diversified | | | July 22, 2015 | |
| IQ Candriam ESG International Equity ETF | | | Diversified | | | December 17, 2019 | |
| IQ Candriam ESG U.S. Equity ETF | | | Diversified | | | December 17, 2019 | |
| IQ Chaikin U.S. Small Cap ETF | | | Diversified | | | May 16, 2017 | |
| IQ Chaikin U.S. Large Cap ETF | | | Diversified | | | December 13, 2017 | |
*
Funds are “fund of funds”, meaning that they seek to achieve their investment objective by investing primarily in underlying funds, including ETFs, exchange-traded notes (“ETNs”), and other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange traded commodity pools (“ETVs”). Such ETFs, ETVs and ETNs are referred to collectively as exchange-traded products (“ETPs”).
Notes to Financial Statements (continued)
Each Fund’s investment objective is to seek daily investment results, before fees and expenses that correspond to the performance of a particular index (the “Underlying Index”). The underlying indices for the Funds are listed below:
| | Fund | | | Underlying Index | |
| | IQ Hedge Multi-Strategy Tracker ETF | | | IQ Hedge Multi-Strategy Index | |
| | IQ Hedge Macro Tracker ETF | | | IQ Hedge Macro Index | |
| | IQ Hedge Market Neutral Tracker ETF | | | IQ Hedge Market Neutral Index | |
| | IQ Hedge Long/Short Tracker ETF | | | IQ Hedge Long/Short Index | |
| | IQ Hedge Event-Driven Tracker ETF | | | IQ Hedge Event-Driven Index | |
| | IQ Real Return ETF | | | IQ Real Return Index | |
| | IQ Leaders GTAA Tracker ETF | | | IQ Leaders GTAA Index | |
| | IQ Enhanced Core Plus Bond U.S. ETF | | | IQ Enhanced Core Plus Bond U.S. Index | |
| | IQ Short Duration Enhanced Core Bond U.S. ETF | | | IQ Short Duration Enhanced Core Bond U.S. Index | |
| | IQ S&P High Yield Low Volatility Bond ETF | | | S&P U.S. High Yield Low Volatility Corporate Bond Index | |
| | IQ Merger Arbitrage ETF | | | IQ Merger Arbitrage Index | |
| | IQ Global Resources ETF | | | IQ Global Resources Index | |
| | IQ Global Agribusiness Small Cap ETF | | | IQ Global Agribusiness Small Cap Index | |
| | IQ U.S. Real Estate Small Cap ETF | | | IQ U.S. Real Estate Small Cap Index | |
| | IQ 500 International ETF | | | IQ 500 International Index | |
| | IQ 50 Percent Hedged FTSE International ETF | | | FTSE Developed ex North America 50% Hedged to USD Index | |
| | IQ 50 Percent Hedged FTSE Europe ETF | | | FTSE Developed Europe 50% Hedged to USD Index | |
| | IQ 50 Percent Hedged FTSE Japan ETF | | | FTSE Japan 50% Hedged to USD Index | |
| | IQ Candriam ESG International Equity ETF | | | IQ Candriam ESG International Equity Index | |
| | IQ Candriam ESG U.S. Equity ETF | | | IQ Candriam ESG US Equity Index | |
| | IQ Chaikin U.S. Small Cap ETF | | | NASDAQ Chaikin Power U.S. Small Cap Index | |
| | IQ Chaikin U.S. Large Cap ETF | | | NASDAQ Chaikin Power U.S. Large Cap Index | |
2. SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. Each Fund prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.
Use of Estimates
IndexIQ Advisors LLC (the “Advisor”) makes certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.
Indemnification
In the normal course of business, the Funds may enter into contracts that contain a variety of representations and warranties that may provide general indemnifications for certain liabilities. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. The Advisor believes that the risk of loss in connection with these potential indemnification obligations is remote.
Notes to Financial Statements (continued)
However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Funds.
Investment Valuation
Each Fund issues and redeems shares on a continuous basis at Net Asset Value (“NAV”) only in large blocks of shares called “Creation Units.” A Creation Unit consists of 50,000 shares. The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the Fund’s listed exchange is open for trading. The NAV of the shares of each Fund will be equal to each Fund’s total assets minus each Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places. The consideration for purchase of a Creation Unit of shares of each Fund generally consists of a basket of securities and/or cash that the Fund specifies each day.
In calculating NAV, each Fund’s investments are valued using market quotations when available. Equity securities are generally valued at the closing price of the security on the security’s primary exchange. The primary exchanges for a fund’s foreign equity securities may close for trading at various times prior to close of regular trading on the New York Stock Exchange Arca, and the value of such securities used in computing the Fund’s NAV are generally determined as of such times.
A fund typically values fixed-income portfolio securities using last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots often trade at different prices that may be above or below the price at which the pricing service has valued the security. Amortized cost is used as the method of valuation with respect to debt obligations with sixty days or less remaining to maturity unless the Advisor determines in good faith that such method does not represent fair value.
A swap on an exchange-listed security or securities is valued based on the last reported sale price of the swap’s underlying security or securities on the exchange where the security or securities is primarily traded, or if no sale price is available, at the mid-price of the security or securities underlying the swap on the exchange where the security is primarily traded. A swap on an index is valued based on the publicly available index price. The index price, in turn, is determined by the applicable index calculation agent, which generally values the securities underlying the index at the last reported sale price.
Over-the-counter (“OTC”) traded financial Instruments, forward foreign currency contracts and currency-related derivatives, are normally valued on the basis of quotes obtained from a third party broker-dealer who makes markets in such securities or on the basis of quotes obtained from an independent third-party pricing service. At April 30, 2020 there were no open OTC-traded options.
If a fund invests in open-end management investment companies (other than ETFs) registered under the 1940 Act, it may rely on the NAVs of those companies to value the shares they hold of them. Those companies may also use fair value pricing under some circumstances.
When market quotations or prices are not readily available or are deemed unreliable or not representative of an investment’s fair value, investments are valued using fair value pricing as determined in good faith by the Advisor, under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Funds’ assets and liabilities) rests with the Advisor. The Advisor may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of liquidity or other reason, if a market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, or if the trading market on which a security is listed is suspended or closed and no
Notes to Financial Statements (continued)
appropriate alternative trading market is available. The frequency with which a fund’s investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the Fund invests pursuant to its investment objective, strategies and limitations.
A fund may sweep uninvested cash balances into a money market fund, either the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares or the BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class. The Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares and the BlackRock Liquidity Funds Treasury Trust Fund Portfolio seek as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares and the BlackRock Liquidity Funds Treasury Trust Fund Portfolio have no redemption restriction and are valued at the daily NAV.
Under normal conditions, each Fund invests cash collateral from securities lending activities into the Dreyfus Government Cash Management Fund, Institutional Shares. The Dreyfus Government Cash Management Fund’s investment objective is to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Government Cash Management Fund has no redemption restrictions and is valued at the daily NAV.
Fair Value Measurement
Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the following hierarchy:
•
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
•
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
•
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The availability of observable inputs can vary from security to security and are affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. With respect to the valuation of Level 3 securities, the Advisor may employ a market-based valuation approach which may use related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Advisor may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Advisor representatives meet regularly to review and discuss the appropriateness of such fair values using more current information, such as recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events.
Notes to Financial Statements (continued)
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund’s investments at April 30, 2020 is disclosed at the end of each Fund’s Schedule of Investments.
Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included on the Statements of Operations within net change in unrealized appreciation/depreciation on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
Foreign securities and instruments are valued in their local currency following the methodologies described above. Foreign securities, instruments and currencies will be translated to U.S. dollars, based on foreign currency exchange rate quotations supplied by the London Stock Exchange.
Tax Information and Uncertain Tax Positions
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of the taxable income to the shareholders of the Funds within the allowable time limits.
The Advisor evaluates each Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Advisor has analyzed each Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years), and has concluded that no provisions for federal, state and local income tax are required in each Fund’s financial statements. Each Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.
The Funds have concluded that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken.
Dividends and Distributions to Shareholders
Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such
Notes to Financial Statements (continued)
amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax return of capital. Therefore, no federal, state and local income tax provisions are required.
Foreign
The Funds may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which they invest. A portion of the taxes on gains on investments or currency purchases/repatriation may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. Whether or when a Fund will receive a withholding tax refund is subject to the tax authorities of each country the Funds has an open receivable with. The Funds regularly evaluates the probability of recovering the withholding tax refund, if the likelihood of recovery decreases accruals in the Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value.
The Funds may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which they invest. The Funds will accrue the unrecoverable portion of such taxes as applicable based upon their current interpretation of tax rules and regulations that exist in the market in which they invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statements of Assets and Liabilities, as well as an adjustment to the Funds’ net unrealized appreciation/depreciation. Taxes related to capital gains realized during the year ended April 30, 2020, if any, are reflected as part of net realized gain (loss) on the Statements of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation/depreciation on investments on the Statements of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.
Security Transactions
Security transactions are recorded as of the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Investment Income and Expenses
Dividend income is recognized on the ex-date. Interest income is accrued daily. Distributions of realized capital gains by underlying funds are recorded as realized capital gains on the ex-date. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the Funds in the Trust based upon the relative net assets or other appropriate measures. The Funds distribute substantially all their net investment income to shareholders in the form of dividends. Net investment income and capital gains are typically distributed to shareholders at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. Distributions received from the IQ U.S. Real Estate Small Cap ETF investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. The expenses of the investment companies in which the Funds invest are not included in the amounts shown as expenses on the Statements of Operations or in the expense ratios included in the Financial Highlights.
Discounts and premiums on securities purchased, other than Short-Term Investments, for the Funds are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Discounts and premiums on Short-Term Investments are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest method for Short-Term Investments. Income from payment-in-kind securities is accreted daily based on the effective interest method.
Notes to Financial Statements (continued)
Securities Lending
The Bank of New York Mellon (“BNY Mellon”) serves as the Funds’ securities lending agent. The Funds may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or high grade debt obligations, is maintained at all times. Cash collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from fees paid by the borrowers of securities, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Each Fund will continue to receive dividend and interest income on securities loaned, any gain or loss in the market price of securities on loan will be accounted for by each Fund. Lending portfolio securities could result in a delay in recovering the Funds’ securities if the borrower defaults.
A fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between each Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, each Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. The lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the fund’s obligation to return the full amount owed to such Borrower.
In accordance with the securities lending agreement between the Funds and the BNY Mellon, the Funds will be indemnified by the BNY Mellon in the event of default of a third party Borrower.
The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of April 30, 2020, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds, Separate Trading of
Notes to Financial Statements (continued)
Registered Interest (“STRIPs”) and Principal of Securities and U.S. Treasury Inflation Indexed Notes and Bonds with the following maturities:
| | | | Money Market
Mutual Fund | | | U.S. Government Securities | |
| Fund | | | Overnight and
Continuous | | | <30 Days | | | Between
30 & 90 Days | | | >90 Days | | | Total | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 87,019,645 | | | | | $ | 173,711 | | | | | $ | 1,044,385 | | | | | $ | 80,047,565 | | | | | $ | 168,285,306 | | |
| IQ Hedge Macro Tracker ETF | | | | | 234,871 | | | | | | — | | | | | | 3,619 | | | | | | 98,852 | | | | | | 337,342 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 3,346,998 | | | | | | — | | | | | | 4,368 | | | | | | 470,204 | | | | | | 3,821,570 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 955,259 | | | | | | 1,016 | | | | | | 11,200 | | | | | | 2,130,939 | | | | | | 3,098,414 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 2,226,451 | | | | | | — | | | | | | 87 | | | | | | 86,096 | | | | | | 2,312,634 | | |
| IQ Real Return ETF | | | | | 8,787,643 | | | | | | 16,020 | | | | | | 88,463 | | | | | | 6,458,404 | | | | | | 15,350,530 | | |
| IQ Leaders GTAA Tracker ETF | | | | | 588,340 | | | | | | 2,128 | | | | | | 63,657 | | | | | | 2,591,773 | | | | | | 3,245,898 | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 1,243,000 | | | | | | 1,259 | | | | | | 6,670 | | | | | | 166,154 | | | | | | 1,417,083 | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 11,650 | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,650 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 400,640 | | | | | | 1,095 | | | | | | 5,804 | | | | | | 144,570 | | | | | | 552,109 | | |
| IQ Merger Arbitrage ETF | | | | | 14,289,956 | | | | | | 56,460 | | | | | | 751,582 | | | | | | 17,746,061 | | | | | | 32,844,059 | | |
| IQ Global Resources ETF | | | | | 242,458 | | | | | | 202 | | | | | | 4,363 | | | | | | 153,972 | | | | | | 400,995 | | |
| IQ Global Agribusiness Small Cap ETF | | | | | 528,622 | | | | | | 2,620 | | | | | | 6,374 | | | | | | 535,589 | | | | | | 1,073,205 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 947,367 | | | | | | 2,739 | | | | | | 38,605 | | | | | | 6,032,522 | | | | | | 7,021,233 | | |
| IQ 500 International ETF | | | | | 9,440,603 | | | | | | — | | | | | | — | | | | | | 118,087 | | | | | | 9,558,690 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 8,900,910 | | | | | | — | | | | | | — | | | | | | 1,103,547 | | | | | | 10,004,457 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 371,799 | | | | | | — | | | | | | — | | | | | | — | | | | | | 371,799 | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 84,985 | | | | | | — | | | | | | — | | | | | | 12,470 | | | | | | 97,455 | | |
| IQ Candriam ESG International Equity ETF | | | | | 531,802 | | | | | | — | | | | | | 628 | | | | | | 43,327 | | | | | | 575,757 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 3,669 | | | | | | 722 | | | | | | 6,068 | | | | | | 166,231 | | | | | | 176,690 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 3,062,369 | | | | | | 11,104 | | | | | | 134,882 | | | | | | 7,069,936 | | | | | | 10,278,291 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The collateral amount presented is in excess of the securities on loan.
Master Netting Arrangements
In order to better define its contractual rights and to secure rights that will help a fund mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including forward foreign currency contracts, and typically contains, among other things, collateral posting terms, netting and rights of offset provisions in the event of a default and/or termination event. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.
For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements on the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis on the Statements of Assets and Liabilities.
Total return swap contracts are valued at the unrealized appreciation/depreciation on Total Return Swap contracts of the instrument. Securities segregated as collateral for swap contracts are footnoted within each Fund’s Schedule of Investments and the cash collateral is noted at the end of each Fund’s swap table.
Notes to Financial Statements (continued)
At April 30, 2020, the unrealized appreciation/depreciation on total return swap contracts for the following Funds was zero, reflecting a reset date at period end based on the contractual agreements with Bank of America and Morgan Stanley Capital Service LLC (“Morgan Stanley”), as counterparties to the following Funds:
IQ Hedge Multi-Strategy Tracker ETF
IQ Hedge Macro Tracker ETF
IQ Hedge Market Neutral Tracker ETF
IQ Hedge Long/Short Tracker ETF
IQ Hedge Event-Driven Tracker ETF
IQ Leaders GTAA Tracker ETF
IQ Merger Arbitrage ETF
IQ Global Resources ETF
As of April 30, 2020, the impact of netting of assets and liabilities and offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement with BNY Mellon are detailed in the following table:
| | | | Assets | | | Liabilities | |
| Fund | | | Gross Amounts
Presented in
Statements of
Assets and Liabilities | | | Collateral
Received(1) | | | Net Amount | | | Gross Amounts
Presented in
Statements of
Assets and Liabilities | | | Collateral
Pledged | | | Net Amount | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 163,756,749 | | | | | $ | (163,756,749) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| IQ Hedge Macro Tracker ETF | | | | | 329,299 | | | | | | (329,299) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 3,719,092 | | | | | | (3,719,092) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 3,088,322 | | | | | | (3,088,322) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 2,250,175 | | | | | | (2,250,175) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Real Return ETF | | | | | 14,995,441 | | | | | | (14,995,441) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Leaders GTAA Tracker ETF | | | | | 3,157,133 | | | | | | (3,157,133) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 1,386,262 | | | | | | (1,386,262) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 11,399 | | | | | | (11,399) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IQ S&P High Yield Low Volatility Bond
ETF | | | | | 531,180 | | | | | | (531,180) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | 31,273,273 | | | | | | (31,273,273) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Global Resources ETF | | | | | 380,569 | | | | | | (380,569) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Global Agribusiness Small Cap ETF | | | | | 1,004,606 | | | | | | (1,004,606) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 6,683,363 | | | | | | (6,683,363) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ 500 International ETF | | | | | 8,946,555 | | | | | | (8,946,555) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IQ 50 Percent Hedged FTSE International
ETF | | | | | 9,313,923 | | | | | | (9,313,923) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 344,343 | | | | | | (344,343) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 89,748 | | | | | | (89,748) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IQ Candriam ESG International Equity
ETF | | | | | 540,365 | | | | | | (540,365) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 169,347 | | | | | | (169,347) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 9,665,767 | | | | | | (9,665,767) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
1
The amount of collateral presented is limited such that the net amount cannot be less than $0.
Notes to Financial Statements (continued)
As of April 30, 2020, each Fund’s OTC derivative assets, which may be offset against each Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows:
| Fund | | | Gross
Amounts
of Assets
Presented in
Statements of
Assets and
Liabilities | | | Financial
Instruments
and
Derivatives
Available for
Offset | | | Net
Amount of
Derivatives
Assets | | | Gross
Amounts
of Liabilities
Presented in
Statements of
Assets and
Liabilities | | | Financial
Instruments
and
Derivatives
Available for
Offset | | | Collateral
Received/
(Pledged)* | | | Net
Amount of
Derivatives
Liabilities | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Morgan Stanley | | | | $ | 273,137 | | | | | $ | (273,137) | | | | | $ | — | | | | | $ | 1,258,694 | | | | | $ | (273,137) | | | | | $ | (985,557) | | | | | $ | — | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Morgan Stanley | | | | $ | 5,759 | | | | | $ | (5,759) | | | | | $ | — | | | | | $ | 20,099 | | | | | $ | (5,759) | | | | | $ | — | | | | | $ | 14,340 | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bank of America | | | | $ | 103 | | | | | $ | (103) | | | | | $ | — | | | | | $ | 31,276 | | | | | $ | (103) | | | | | $ | — | | | | | $ | 31,173 | | |
*
The amount of collateral presented is limited such that the net amount cannot be less than $0.
3. INVESTMENT MANAGEMENT AND OTHER AGREEMENTS
Investment Advisory Agreement
The Advisor serves as the investment advisor to each series of the Trust and is an indirect wholly-owned subsidiary of New York Life Investment Management Holdings LLC. Under an Investment Advisory Agreement (“Advisory Agreement”) between the Advisor and the Trust on behalf of each Fund, the Advisor provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund (including arranging for sub-advisory services, as applicable) subject to the supervision of the Board. The Advisor is responsible for the supervision of MacKay Shields LLC (“MacKay Shields” or the “Sub-Advisor”), the sub-advisor to IQ S&P High Yield Low Volatility Bond ETF, and its management of the Fund.
The Advisor also: (i) supervises all non-advisory operations of the Funds; (ii) provides personnel to perform such executive, administrative and clerical services as are reasonably necessary to provide effective administration of the Funds and the other series of the Trust; (iii) arranges for (a) the preparation of all required tax returns, (b) the preparation and submission of reports to existing shareholders, (c) the periodic updating of prospectuses and statements of additional information and (d) the preparation of reports to be filed with the SEC and other regulatory authorities; (iv) maintains the records of the Funds and the other series of the Trust; and (v) provides office space and all necessary office equipment and services. The Funds reimburse the Advisor in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to each Fund.
The Advisory Agreement will continue in effect with respect to the Funds from year to year provided such continuance is specifically approved at least annually by a majority of the Trustees that are not interested persons of the Trust (“Independent Trustees”).
Notes to Financial Statements (continued)
Pursuant to the Advisory Agreement, the Funds pay the Advisor a fee, which is accrued daily and paid monthly, for the services performed and the facilities furnished at an annual rate of each Fund’s average daily net assets per the table below.
| Fund | | | Rate | |
IQ Hedge Multi-Strategy Tracker ETF | | | | | 0.75% | | |
| IQ Hedge Macro Tracker ETF | | | | | 0.75% | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 0.75% | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 0.75% | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 0.75% | | |
| IQ Real Return ETF | | | | | 0.48% | | |
| IQ Leaders GTAA Tracker ETF | | | | | 0.45% | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 0.25% | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 0.20% | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 0.40% | | |
| IQ Merger Arbitrage ETF | | | | | 0.75% | | |
| IQ Global Resources ETF | | | | | 0.75% | | |
| IQ Global Agribusiness Small Cap ETF | | | | | 0.75% | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 0.69% | | |
| IQ 500 International ETF | | | | | 0.25% | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 0.35% | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 0.45% | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 0.45% | | |
| IQ Candriam ESG International Equity ETF | | | | | 0.15% | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 0.09% | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 0.35% | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 0.25% | | |
The Advisor has agreed to pay all expenses of the Funds, except: brokerage and other transaction expenses; extraordinary legal fees or expenses, such as those for litigation or arbitration; compensation and expenses of the Independent Trustees, counsel to the Independent Trustee, and the Chief Compliance Officer; extraordinary expenses; distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and the advisory fee payable to the Advisor.
The Advisor has entered into a Fee Waiver Agreement with each Fund under which it has contractually agreed, until August 31, 2020, to waive a portion of its management fee equal to a specific percentage of the average daily net assets as follows:
| Fund | | | Rate | |
IQ Hedge Multi-Strategy Tracker ETF | | | | | 0.22% | | |
| IQ Hedge Macro Tracker ETF | | | | | 0.35%* | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 0.35%* | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 0.35%* | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 0.35%* | | |
| IQ Real Return ETF | | | | | 0.28% | | |
| IQ Leaders GTAA Tracker ETF | | | | | 0.23% | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 0.05% | | |
*
The effective date of the Fee Waiver Agreement was 8/29/19.
The Advisor has entered into an Expense Limitation Agreement with each Fund under which it has contractually agreed, to waive a portion of its management fee and/or reimburse expenses of the Fund in an amount that limits the Fund’s total annual operating expenses (exclusive of interest, taxes, brokerage fees and
Notes to Financial Statements (continued)
commissions, dividends paid on short sale, acquired fund fees and expenses, and extraordinary expenses) to not more than a specific percentage of the average daily net assets as follows:
| Fund | | | Rate | | | Expires | |
IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 0.20% | | | | | | 8/31/2020 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 0.40% | | | | | | 8/31/2020 | | |
| IQ 500 International ETF | | | | | 0.25% | | | | | | 8/31/2020 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 0.20% | | | | | | 8/31/2020 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 0.30% | | | | | | 8/31/2020 | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 0.30% | | | | | | 8/31/2020 | | |
| IQ Candriam ESG International Equity ETF | | | | | 0.15% | | | | | | 8/31/2021 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 0.09% | | | | | | 8/31/2021 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 0.35% | | | | | | 8/31/2020 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 0.25% | | | | | | 8/31/2020 | | |
For the year ended April 30, 2020, there is no recoupment available.
Investment Sub-Advisory Agreement
The Sub-Advisor is a registered investment advisor and an indirect, wholly-owned subsidiary of New York Life, and is responsible for the day-to-day portfolio management of IQ S&P High Yield Low Volatility Bond ETF. Pursuant to the terms of the Sub-Advisory Agreement (“Subadvisory Agreement”) between the Advisor and the Sub-Advisor, the Advisor pays for the services of the Sub-Advisor. The Sub-Advisor acts as portfolio manager for the Fund subject to the supervision of the Advisor and the Board.
Distribution (12b-1 Fees)
ALPS Distributors, Inc. serves as the Funds’ distributor (the “Distributor”) pursuant to a Distribution Agreement. NYLIFE Distributors LLC has entered into a Service Agreement with the Distributor to market the Funds. The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to 0.10% of each Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each respective Fund’s assets. The Advisor and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.
As described in Note 4 below, the Distributor has entered into Participant Agreements with certain broker-dealers and others that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. As described in Note 4 below, such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds and/or serve as counterparty to derivative transactions with each Fund.
Administrator, Custodian and Transfer Agent
BNY Mellon (in each capacity, the “Administrator,” “Custodian” or “Transfer Agent”) serves as the Funds’ Administrator, Custodian and Transfer Agent pursuant to the Fund Administration and Accounting Agreement. Under the terms of this agreement, the Advisor pays the Funds’ Administrative, Custody and Transfer Agency fees. Pursuant to these agreements, BNY Mellon provides necessary administrative, custody, transfer agency, tax, accounting services and financial reporting for the maintenance and operations of the Trust and the Funds. BNY Mellon is responsible for maintaining the books and records and calculating the daily NAV of the Funds. BNY Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Notes to Financial Statements (continued)
4. CAPITAL SHARE TRANSACTIONS
Shares are created and redeemed on a continuous basis at NAV only in groups of 50,000 shares called Creation Units. Except when aggregated in Creation Units, shares are not redeemable. Transactions in shares of the Funds are disclosed in detail on the Statements of Changes in Net Assets. Only Authorized Participants may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to create and redeem whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.
5. FEDERAL INCOME TAX
At April 30, 2020, the cost and unrealized appreciation/depreciation of investments, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:
| Fund | | | Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 831,865,107 | | | | | $ | 20,266,198 | | | | | $ | (22,684,863) | | | | | | (2,418,665) | | |
| IQ Hedge Macro Tracker ETF | | | | | 4,087,656 | | | | | | 141,885 | | | | | | (153,695) | | | | | | (11,810) | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 21,554,452 | | | | | | 374,619 | | | | | | (514,994) | | | | | | (140,375) | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 11,670,696 | | | | | | 418,074 | | | | | | (342,368) | | | | | | 75,706 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 10,865,636 | | | | | | 127,093 | | | | | | (413,349) | | | | | | (286,256) | | |
| IQ Real Return ETF | | | | | 60,669,961 | | | | | | 371,242 | | | | | | (1,060,284) | | | | | | (689,042) | | |
| IQ Leaders GTAA Tracker ETF | | | | | 13,141,655 | | | | | | 268,773 | | | | | | (854,155) | | | | | | (585,382) | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 69,292,347 | | | | | | 966,185 | | | | | | (12,076) | | | | | | 954,109 | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 4,865,017 | | | | | | 12,635 | | | | | | (541) | | | | | | 12,094 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 52,060,822 | | | | | | 319,192 | | | | | | (1,135,410) | | | | | | (816,218) | | |
| IQ Merger Arbitrage ETF | | | | | 799,086,438 | | | | | | 11,556,947 | | | | | | (90,963,355) | | | | | | (79,406,408) | | |
| IQ Global Resources ETF | | | | | 27,497,312 | | | | | | 1,239,788 | | | | | | (5,258,499) | | | | | | (4,018,711) | | |
| IQ Global Agribusiness Small Cap ETF | | | | | 8,348,687 | | | | | | 854,236 | | | | | | (1,558,567) | | | | | | (704,331) | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 60,624,502 | | | | | | 4,282,104 | | | | | | (23,309,257) | | | | | | (19,027,153) | | |
| IQ 500 International ETF | | | | | 284,688,382 | | | | | | 2,768,206 | | | | | | (57,685,321) | | | | | | (54,917,115) | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 322,150,367 | | | | | | 12,096,824 | | | | | | (75,662,537) | | | | | | (63,565,713) | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 10,492,443 | | | | | | 510,096 | | | | | | (2,941,962) | | | | | | (2,431,866) | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 8,261,977 | | | | | | 288,780 | | | | | | (819,683) | | | | | | (530,903) | | |
| IQ Candriam ESG International Equity ETF | | | | | 47,024,146 | | | | | | 1,802,027 | | | | | | (2,188,313) | | | | | | (386,286) | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 6,300,337 | | | | | | 322,784 | | | | | | (591,534) | | | | | | (268,750) | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 102,588,049 | | | | | | 12,604,441 | | | | | | (9,048,023) | | | | | | 3,556,418 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 210,524,987 | | | | | | 21,513,765 | | | | | | (11,580,415) | | | | | | 9,933,350 | | |
The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sale loss deferrals, pass through investments, amortization of market premium and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at April 30, 2020.
Notes to Financial Statements (continued)
At April 30, 2020, the components of undistributed or accumulated earnings/losses on a tax-basis were as follows:
| Fund | | | Ordinary
Income
(Loss)1 | | | Net Capital
Gain
(Losses)2 | | | Net Unrealized
Appreciation/
Depreciation | | | Total
Earnings/
(Losses) | |
IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 15,261,072 | | | | | $ | (72,721,325) | | | | | $ | (2,418,666) | | | | | $ | (59,878,919) | | |
| IQ Hedge Macro Tracker ETF | | | | | 106,850 | | | | | | (5,601,397) | | | | | | (11,810) | | | | | | (5,506,357) | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 341,519 | | | | | | (479,825) | | | | | | (140,375) | | | | | | (278,681) | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 49,840 | | | | | | (715,099) | | | | | | 75,706 | | | | | | (589,553) | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 78,974 | | | | | | (146,576) | | | | | | (286,256) | | | | | | (353,858) | | |
| IQ Real Return ETF | | | | | 285,776 | | | | | | (2,243,087) | | | | | | (689,042) | | | | | | (2,646,353) | | |
| IQ Leaders GTAA Tracker ETF | | | | | (40,819) | | | | | | (2,801,562) | | | | | | (585,382) | | | | | | (3,427,763) | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | — | | | | | | (16,056,882) | | | | | | 954,109 | | | | | | (15,102,773) | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | — | | | | | | (295,030) | | | | | | 12,094 | | | | | | (282,936) | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 181,962 | | | | | | (3,867,568) | | | | | | (816,218) | | | | | | (4,501,824) | | |
| IQ Merger Arbitrage ETF | | | | | 29,165,487 | | | | | | (7,888,037) | | | | | | (79,411,265) | | | | | | (58,133,815) | | |
| IQ Global Resources ETF | | | | | 2,041,648 | | | | | | (60,635,661) | | | | | | (4,022,510) | | | | | | (62,616,523) | | |
| IQ Global Agribusiness Small Cap ETF | | | | | — | | | | | | (7,985,970) | | | | | | (703,988) | | | | | | (8,689,958) | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | — | | | | | | (6,474,785) | | | | | | (19,027,153) | | | | | | (25,501,938) | | |
| IQ 500 International ETF | | | | | 2,033,502 | | | | | | (1,271,099) | | | | | | (54,910,627) | | | | | | (54,148,224) | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 1,184,828 | | | | | | (2,044,954) | | | | | | (63,563,826) | | | | | | (64,423,952) | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 1,244 | | | | | | (2,169,921) | | | | | | (2,440,212) | | | | | | (4,608,889) | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 69,207 | | | | | | (1,752,023) | | | | | | (529,988) | | | | | | (2,212,804) | | |
| IQ Candriam ESG International Equity ETF | | | | | 119,262 | | | | | | (29,240) | | | | | | (385,644) | | | | | | (295,622) | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 8,227 | | | | | | (12,689) | | | | | | (268,750) | | | | | | (273,212) | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | — | | | | | | (80,434,100) | | | | | | 3,556,418 | | | | | | (76,877,682) | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 294,570 | | | | | | (75,399,871) | | | | | | 9,933,350 | | | | | | (65,171,951) | | |
1
Includes late year ordinary loss, if any.
2
Amount includes the deferral of post October losses, if any.
The differences between book and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences including foreign currency contracts, swap contracts, post-October and late year losses.
Notes to Financial Statements (continued)
At April 30, 2020, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets were as follows:
| Fund | | | Total distributable earnings/
(accumulated loss) | | | Paid-in capital | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | (4,839,832) | | | | | $ | 4,839,832 | | |
| IQ Hedge Macro Tracker ETF | | | | | (47,543) | | | | | | 47,543 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | (50,012) | | | | | | 50,012 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | (172,596) | | | | | | 172,596 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 59,590 | | | | | | (59,590) | | |
| IQ Real Return ETF | | | | | (25,971) | | | | | | 25,971 | | |
| IQ Leaders GTAA Tracker ETF | | | | | (1,780,863) | | | | | | 1,780,863 | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | (1,970,362) | | | | | | 1,970,362 | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | (202,707) | | | | | | 202,707 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 1,402,757 | | | | | | (1,402,757) | | |
| IQ Merger Arbitrage ETF | | | | | (29,905,985) | | | | | | 29,905,985 | | |
| IQ Global Resources ETF | | | | | (7,161,065) | | | | | | 7,161,065 | | |
| IQ Global Agribusiness Small Cap ETF | | | | | (318,290) | | | | | | 318,290 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 2,096,484 | | | | | | (2,096,484) | | |
| IQ 500 International ETF | | | | | (6,154,434) | | | | | | 6,154,434 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 7,026,141 | | | | | | (7,026,141) | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 5 | | | | | | (5) | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | (257,992) | | | | | | 257,992 | | |
| IQ Candriam ESG International Equity ETF | | | | | — | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | (73,117) | | | | | | 73,117 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | (1,402,565) | | | | | | 1,402,565 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | (12,235,608) | | | | | | 12,235,608 | | |
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/ tax differences. Reclassifications are primarily due to the tax treatment of redemptions in-kind, distributions in excess of earnings and profits, nondeductible expenses and capital share redemptions utilized as distributions for tax purposes.
Notes to Financial Statements (continued)
The tax character of distributions paid during the years ended April 30, 2020 and 2019 were as follows:
| | | | 2020 | | | 2019 | |
| Fund | | | Ordinary
Income | | | Long-Term
Capital Gains | | | Tax Return
of Capital | | | Ordinary
Income | | | Long-Term
Capital Gains | | | Tax Return
of Capital | |
IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 16,163,950 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,498,116 | | | | | $ | — | | | | | $ | — | | |
| IQ Hedge Macro Tracker ETF | | | | | 54,164 | | | | | | — | | | | | | — | | | | | | 69,928 | | | | | | — | | | | | | — | | |
IQ Hedge Market Neutral Tracker
ETF | | | | | 239,729 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IQ Hedge Long/Short Tracker
ETF | | | | | 123,690 | | | | | | — | | | | | | — | | | | | | 190,276 | | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 157,392 | | | | | | — | | | | | | — | | | | | | 129,849 | | | | | | — | | | | | | — | | |
| IQ Real Return ETF | | | | | 1,185,760 | | | | | | — | | | | | | — | | | | | | 730,380 | | | | | | — | | | | | | — | | |
| IQ Leaders GTAA Tracker ETF | | | | | 1,040,313 | | | | | | — | | | | | | — | | | | | | 1,367,155 | | | | | | — | | | | | | — | | |
IQ Enhanced Core Plus Bond U.S.
ETF | | | | | 3,150,736 | | | | | | — | | | | | | — | | | | | | 6,882,062 | | | | | | — | | | | | | — | | |
IQ Short Duration Enhanced Core
Bond U.S. ETF | | | | | 225,037 | | | | | | — | | | | | | — | | | | | | 28,586 | | | | | | — | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 2,787,812 | | | | | | — | | | | | | — | | | | | | 3,901,103 | | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Global Resources ETF | | | | | 2,539,080 | | | | | | — | | | | | | — | | | | | | 1,346,949 | | | | | | — | | | | | | — | | |
IQ Global Agribusiness Small Cap
ETF | | | | | 91,643 | | | | | | — | | | | | | — | | | | | | 98,945 | | | | | | — | | | | | | — | | |
IQ U.S. Real Estate Small Cap
ETF | | | | | 1,633,256 | | | | | | — | | | | | | 1,775,536 | | | | | | 2,374,318 | | | | | | — | | | | | | 2,583,466 | | |
| IQ 500 International ETF | | | | | 3,080,969 | | | | | | — | | | | | | — | | | | | | 15,344 | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 7,874,573 | | | | | | — | | | | | | — | | | | | | 18,743,014 | | | | | | 721,412 | | | | | | — | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 236,012 | | | | | | — | | | | | | — | | | | | | 417,662 | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 181,753 | | | | | | — | | | | | | — | | | | | | 545,585 | | | | | | — | | | | | | — | | |
| IQ Candriam ESG International Equity ETF | | | | | 50,904 | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Candriam ESG U.S. Equity
ETF | | | | | 30,853 | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 2,340,043 | | | | | | — | | | | | | — | | | | | | 4,624,785 | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 6,034,101 | | | | | | — | | | | | | — | | | | | | 7,178,905 | | | | | | — | | | | | | — | | |
Notes to Financial Statements (continued)
Capital losses incurred after October 31 (“Post-October Losses”) and certain late year ordinary income losses within the taxable year can be deemed to arise on the first business day of the Funds’ next taxable year. For the year ended April 30, 2020, the Funds incurred and elected to defer to May 1, 2020 Post-October Losses and late year ordinary losses of:
| Fund | | | Late Year Ordinary
Gains/(Losses) | | | Short-Term Post October
Gains/(Losses) | | | Long-Term Post October
Gains/(Losses) | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| IQ Hedge Macro Tracker ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Real Return ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Leaders GTAA Tracker ETF | | | | | (40,819) | | | | | | (883,125) | | | | | | (104,229) | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Global Resources ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Global Agribusiness Small Cap ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ 500 International ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Candriam ESG International Equity ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | — | | | | | | — | | |
At April 30, 2020, the Funds listed below had net capital loss carryforwards for Federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to shareholders of these Funds until future net capital gains have been realized in excess of the available capital loss carryforwards. These loss carryforward amounts are as follows:
Notes to Financial Statements (continued)
| Fund | | | Utilized in
Current Year | | | Short-Term
With No Expiration | | | Long-Term
With No Expiration | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | — | | | | | $ | 70,903,956 | | | | | $ | 1,817,369 | | |
| IQ Hedge Macro Tracker ETF | | | | | — | | | | | | 4,384,500 | | | | | | 1,216,897 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | — | | | | | | 479,825 | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF | | | | | — | | | | | | 522,006 | | | | | | 193,093 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | — | | | | | | 108,259 | | | | | | 38,317 | | |
| IQ Real Return ETF | | | | | 107,379 | | | | | | 1,298,633 | | | | | | 944,454 | | |
| IQ Leaders GTAA Tracker ETF | | | | | — | | | | | | 1,661,927 | | | | | | 152,281 | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 4,009,883 | | | | | | 15,277,824 | | | | | | 779,058 | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | — | | | | | | 295,030 | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | — | | | | | | 3,086,322 | | | | | | 781,246 | | |
| IQ Merger Arbitrage ETF | | | | | 5,042,789 | | | | | | 7,888,037 | | | | | | — | | |
| IQ Global Resources ETF | | | | | — | | | | | | 33,383,108 | | | | | | 27,252,553 | | |
| IQ Global Agribusiness Small Cap ETF | | | | | — | | | | | | 2,744,258 | | | | | | 5,241,712 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | — | | | | | | 1,188,391 | | | | | | 5,286,394 | | |
| IQ 500 International ETF | | | | | — | | | | | | 1,206,853 | | | | | | 64,246 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 1,437,069 | | | | | | — | | | | | | 2,044,954 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 76,219 | | | | | | — | | | | | | 2,169,921* | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | — | | | | | | 837,471 | | | | | | 914,552 | | |
| IQ Candriam ESG International Equity ETF | | | | | — | | | | | | 29,240 | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | | | | | | | 12,689 | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | — | | | | | | 37,902,373 | | | | | | 42,531,727 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | 38,300,899 | | | | | | 37,098,972 | | |
*
Subject to annual limitation on utilization.
6. OTHER AFFILIATED PARTIES AND TRANSACTIONS
For the purposes of the financial statements, the Funds assume the following to be affiliated issuers. As of April 30, 2020, affiliated transactions, if any, are listed at the end of the Fund’s respective Schedule of Investments.
The Advisor is an affiliate and subsidiary of New York Life Investment Management LLC (“NYLIM”) and of New York Life Insurance & Annuity Corporation (“NYLife”). As of April 30, 2020, NYLIM and NYLife were not known to own beneficially greater than 5% of the shares of any Fund except as set forth below. NYLIM and NYLife own shares of the Funds on their own behalf or on behalf of funds or accounts managed by NYLIM or NYLife.
New York Life Insurance & Annuity Corporation
| Fund | | | % Ownership | |
IQ Hedge Long/Short Tracker ETF | | | | | 45.1% | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 57.9% | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 60.0% | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 37.8% | | |
| IQ 500 International ETF | | | | | 2.0% | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 79.4% | | |
| IQ Candriam ESG International Equity ETF | | | | | 18.1% | | |
Notes to Financial Statements (continued)
New York Life Investment Management LLC
| Fund | | | % Ownership | |
IQ 500 International ETF | | | | | 96.5% | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 50.4% | | |
| IQ Candriam ESG International Equity ETF | | | | | 78.1% | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 68.8% | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 96.5% | | |
7. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) for the year and period ended April 30, 2020 are as follows:
| Fund | | | Purchases | | | Sales | | | Purchases In-Kind | | | Sales In-Kind | |
IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 1,396,907,245 | | | | | $ | 1,389,136,579 | | | | | $ | 108,326,474 | | | | | $ | 337,532,547 | | |
| IQ Hedge Macro Tracker ETF | | | | | 4,975,238 | | | | | | 4,907,909 | | | | | | — | | | | | | 1,341,028 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 11,693,779 | | | | | | 11,488,330 | | | | | | 5,064,465 | | | | | | 2,638,539 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 9,676,221 | | | | | | 9,510,814 | | | | | | 8,784,247 | | | | | | 4,409,706 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 4,395,598 | | | | | | 4,363,618 | | | | | | 8,606,898 | | | | | | 4,081,689 | | |
| IQ Real Return ETF | | | | | 37,346,927 | | | | | | 37,385,086 | | | | | | — | | | | | | 4,103,791 | | |
| IQ Leaders GTAA Tracker ETF | | | | | 44,151,542 | | | | | | 44,316,576 | | | | | | 15,711,949 | | | | | | 46,718,844 | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 317,018,848 | | | | | | 316,986,498 | | | | | | 10,758,879 | | | | | | 102,922,667 | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 9,424,277 | | | | | | 10,147,083 | | | | | | 20,415,539 | | | | | | 18,516,989 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 80,143,996 | | | | | | 64,771,905 | | | | | | 870,907 | | | | | | 26,359,187 | | |
| IQ Merger Arbitrage ETF | | | | | 2,628,944,132 | | | | | | 2,468,283,271 | | | | | | 677,038,401 | | | | | | 984,451,977 | | |
| IQ Global Resources ETF | | | | | 95,993,074 | | | | | | 96,571,713 | | | | | | 1,202,136 | | | | | | 134,846,442 | | |
| IQ Global Agribusiness Small Cap ETF | | | | | 1,594,193 | | | | | | 1,503,784 | | | | | | — | | | | | | 1,669,097 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 15,845,809 | | | | | | 16,825,844 | | | | | | 3,669,064 | | | | | | 14,038,271 | | |
| IQ 500 International ETF | | | | | 26,502,083 | | | | | | 19,742,006 | | | | | | 280,958,813 | | | | | | 97,261,535 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 26,785,138 | | | | | | 19,625,300 | | | | | | 124,344,360 | | | | | | 111,683,175 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 751,262 | | | | | | 549,455 | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 359,527 | | | | | | 563,065 | | | | | | 6,851,689 | | | | | | 4,950,542 | | |
| IQ Candriam ESG International Equity ETF | | | | | 1,940,893 | | | | | | 497,110 | | | | | | 45,031,838 | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 694,787 | | | | | | 691,799 | | | | | | 10,070,806 | | | | | | 3,842,586 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 89,586,948 | | | | | | 89,058,712 | | | | | | 4,616,187 | | | | | | 216,474,918 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 152,349,402 | | | | | | 151,697,203 | | | | | | 168,386,886 | | | | | | 201,709,021 | | |
8. DERIVATIVE FINANCIAL INSTRUMENTS
Swap Transactions
A swap agreement is an agreement between two parties pursuant to which the parties exchange payments at specified dates based on a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Most swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Funds’ obligations or rights under a swap agreement entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty. Swap agreements are not entered into or traded on exchanges and there is no central clearing or guaranty function for total return swaps. Swaps could result in losses if interest rates or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Funds or if the reference index, security or investments do not perform as expected.
The value of a total return swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Segregated securities are designated on
Notes to Financial Statements (continued)
the Schedules of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of Total Return Swaps, if any, are recorded as unrealized appreciation or depreciation on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as a change in net unrealized appreciation depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
When the Funds have an unrealized loss on a swap agreement, the Funds have instructed the Custodian to pledge cash or liquid securities as collateral with a value at least equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted with the fluctuations of the swap value.
Some of the Funds intend to use Total Return Swaps in several ways to replicate the performance of the Index. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. Therefore, the Funds consider the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying instruments.
Pursuant to documentation governing the Funds’ swap transactions with Bank of America and Morgan Stanley, Bank of America and Morgan Stanley have the right to terminate the swaps early in the event that the net assets of the given Fund decline below specific levels set forth in the documentation (“net asset contingent features”). In the event of early termination, Bank of America and Morgan Stanley may require the Funds to pay or receive a settlement amount in connection with the terminated swap transaction. The Funds utilized swaps to affect both long and short exposure to several asset classes and market segments, including, among others, real estate, domestic equity, international equity, emerging markets equities, investment grade corporate bonds, high yield corporate bonds, convertible bonds, preferred securities, emerging market-debt, mortgage-backed securities, floating rate notes, developed markets currencies, broad commodity indices, precious metals, equity market volatility, and U.S. Treasury bonds. As of April 30, 2020, the Funds have not triggered the conditions under such documentation that will give the counterparty the right to call for an early termination. As of such date, the settlement values of these contracts were approximately equal to the fair value of such contracts. As of April 30, 2020, open swap transactions, if any, are listed at the end of the Funds’ respective Schedule of Investments.
Forward Foreign Currency Contracts
Certain Funds may enter into forward foreign currency transactions to seek a closer correlation between the Funds’ overall currency exposures and the currency exposures of the Underlying Index as a part of its principal investment strategy.
The Funds may enter into forward foreign currency contracts for hedging purposes, to seek to protect against anticipated changes in future foreign currency exchange rates. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A non-deliverable forward currency contract does not require physical delivery of the underlying currencies and the contract is settled based on the difference between the contracted price and the prevailing spot price of the agreed upon notional amount. These contracts are traded in the interbank market between currency traders (usually large commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are generally charged at any stage for trades.
Upon entering into a forward foreign currency contract, a fund is required to segregate permissible liquid assets or engage in other measures approved by the SEC to “cover” the Fund’s obligations relating to its transactions in derivatives. Fluctuations in the value of open forward foreign currency contracts are recorded for book purposes as unrealized gains or losses on forward foreign currency contracts by the Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have matured or were sold. At April 30, 2020, open forward foreign currency contracts, if any, are listed at the end of the Funds’ respective Schedule of Investments.
Notes to Financial Statements (continued)
Quantitative Disclosure of Derivative Holding
The following tables show additional disclosures related to each Fund’s derivative and holding activities, including how such activities are accounted for and their effect in each Fund’s financial positions, performance and cash flows.
The fair value of derivative instruments reflected on the Statements of Assets and Liabilities were as follows:
Asset Derivatives
| | | | Currency Risk | |
| IQ 50 Percent Hedged FTSE International ETF | | |
| Unrealized appreciation on forward foreign currency contracts | | | | $ | 273,137 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | | | |
| Unrealized appreciation on forward foreign currency contracts | | | | | 5,759 | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | | | |
| Unrealized appreciation on forward foreign currency contracts | | | | | 103 | | |
Liability Derivatives
| | | | Currency Risk | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | |
| Unrealized depreciation on forward foreign currency contracts | | | | $ | 1,258,694 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | | | |
| Unrealized depreciation on forward foreign currency contracts | | | | | 20,099 | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | | | |
| Unrealized depreciation on forward foreign currency contracts | | | | | 31,276 | | |
Total return swaps reflect a reset date as of April 30, 2020; therefore, there is no unrealized appreciation/depreciation reflected on the Statements of Assets and Liabilities.
Transactions in derivative instruments reflected on the Statements of Operations during the year ended April 30, 2020 were as follows:
| Fund | | | Currency Risk | | | Equity Risk | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | |
| Swap transactions | | | | | | | $ | (162,241) | | |
| IQ Hedge Macro Tracker ETF | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | |
| Swap transactions | | | | | | | $ | 7,567 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | |
| Swap transactions | | | | | | | $ | (2,626) | | |
| IQ Hedge Long/Short Tracker ETF | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | |
| Swap transactions | | | | | | | $ | 18,064 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | |
| Swap transactions | | | | | | | $ | 2,647 | | |
| |
Notes to Financial Statements (continued)
| Fund | | | Currency Risk | | | Equity Risk | |
| IQ Leaders GTAA Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (387,021) | | |
| IQ Merger Arbitrage ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | 58,327,608 | | |
| IQ Global Resources ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (1,057,162) | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 6,197,986 | | | | | | | | |
| Change in unrealized appreciation (depreciation) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | (2,213,145) | | | | | | | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 212,939 | | | | | | | | |
| Change in unrealized appreciation (depreciation) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | (43,278) | | | | | | | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | (74,952) | | | | | | | | |
| Change in unrealized appreciation (depreciation) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | (56,090) | | | | | | | | |
| |
For the year ended April 30, 2020, the monthly average notional value of the derivatives held by the Funds were as follows:
| | | | Average Notional Value | |
| | | | IQ Hedge
Multi-
Strategy
Tracker
ETF | | | IQ Hedge
Macro
Tracker
ETF | | | IQ Hedge
Market
Neutral
Tracker
ETF | | | IQ Hedge
Long/
Short
Tracker
ETF | | | IQ Hedge
Event-
Driven
Tracker
ETF | | | IQ Leaders
GTAA
Tracker
ETF | | | IQ Merger
Arbitrage
ETF | | | IQ Global
Resources
ETF | | | IQ 50
Percent
Hedged
FTSE
International
ETF | | | IQ 50
Percent
Hedged
FTSE
Europe ETF | | | IQ 50
Percent
Hedged
FTSE
Japan ETF | |
| Asset Derivatives | |
| Swap contracts | | | | $ | 84,085,827 | | | | | $ | 471,108 | | | | | $ | 1,505,339 | | | | | $ | 708,471 | | | | | $ | 127,513 | | | | | $ | 3,713,719 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Forward foreign currency
contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 406,502,325 | | | | | | 13,081,548 | | | | | | 8,684,673 | | |
| Liability Derivatives | |
| Swap contracts | | | | $ | (84,556,628) | | | | | $ | (472,712) | | | | | $ | (1,506,162) | | | | | $ | (713,601) | | | | | $ | (127,559) | | | | | $ | (3,708,222) | | | | | $ | (292,897,497) | | | | | $ | (21,587,771) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Forward foreign currency
contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (406,156,509) | | | | | | (13,068,080) | | | | | | (8,693,860) | | |
9. RISKS INVOLVED WITH INVESTING IN THE FUNDS
The Funds are subject to the principal risks described below, some or all of these risks may adversely affect a fund’s NAV, trading price, yield, total return and ability to meet its investment objective. As with any investment, an investment in a fund could result in a loss or the performance of a fund could be inferior to that of other investments.
Notes to Financial Statements (continued)
Call Risk1
During periods of falling interest rates, an issuer of a callable bond held by a fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.
Counterparty Risk
Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions.
In those instances, an underlying ETP utilizing such deliverables will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the underlying ETP will sustain losses.
Credit Risk1
Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. The financial condition of an issuer of a debt security or other instrument may cause such issuer to default on its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in default.
Currency Hedging Risk2
Certain Funds use various strategies to attempt to reduce the impact of changes in the value of a foreign currency against the U.S. dollar. These strategies may not be successful. Currency exchange rates can be very volatile and can change quickly and unpredictably. Therefore, the value of an investment in a fund may also go up or down quickly and unpredictably and investors may lose money.
Currency Risk
Certain Funds will invest in securities denominated in currencies other than U.S. dollars (foreign currencies). Therefore, while much of the income received by a fund may be denominated in foreign currency, the Underlying Index and the Fund’s NAV will be calculated in U.S. dollars. Furthermore a fund may convert cash in U.S. dollars to foreign currencies to purchase securities. Both a fund’s ability to track the Underlying Index, and Fund returns in general, may be adversely impacted by changes in currency exchange rates, which can occur quickly and without warning.
Debt Investments Risk
The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market risk, regulatory risk, price volatility and liquidity risk. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a fund’s income or ability to recover amounts due, and may reduce the value of the debt investment, sometimes dramatically. Certain debt investments may be difficult to value, purchase, or sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.
Debt investments most frequently trade in institutional round lot size transactions. Until a fund grows significantly in size, a fund may purchase a significant number of bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots. Odd lot size positions may have more price volatility than
1
Applies to IQ Enhanced Core Plus Bond U.S. ETF, IQ Short Duration Enhanced Core Bond U.S. ETF and IQ S&P High Yield Low Volatility Bond ETF.
2
Applies to IQ 50 Percent Hedged FTSE International ETF, IQ 50 Percent Hedged FTSE Europe ETF and IQ 50 Percent Hedged FTSE Japan ETF.
Notes to Financial Statements (continued)
institutional round lot size positions. The Funds use a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size.
Derivatives Risk
Derivative strategies may expose a Fund to greater risk than if it had invested directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing a Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Fund. Derivatives may be more volatile than direct investments in the instrument underlying the contract and may not correlate perfectly to the underlying instrument. Derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying asset, a Fund may not be able to profitably exercise an option and may lose its entire investment in an option. Derivatives may also increase the expenses of a Fund.
Equity Securities Risk
The prices of equity securities are responsive to many factors, including the historical and prospective earnings of the issuer, the value of its assets, general economic, stock market, industry and company conditions and the risk inherent in the portfolio manager’s ability to anticipate such changes that can adversely affect the value of a fund’s holdings. Opportunity for greater gain may come with greater risk of loss.
Exchange Traded Vehicle Risk3
Unlike an investment in a mutual fund, the value of the Funds’ investments in ETFs, ETVs and ETNs is based on stock market prices and the Funds could lose money due to stock market developments, the failure of an active trading market to develop, or exchange trading halts or de-listings. Federal law prohibits the Funds from acquiring investment company shares, including shares of ETFs, in excess of specific thresholds unless exempted by rule, regulation or exemptive order. These prohibitions may prevent the Funds from allocating their investments to ETFs in an optimal manner.
Fund of Funds Risk3
Certain Funds’ investment performance, because they are fund of funds, depend on the investment performance of the underlying ETFs in which they invest. An investment in any such Fund is subject to the risks associated with the underlying ETFs that comprise its Underlying Index. Such a fund will indirectly pay a proportional share of the asset-based fees of the underlying ETFs in which it invests.
Foreign Securities Risk
Certain Funds invest directly or indirectly (through underlying ETFs) in the securities of non-U.S. issuers, which involves risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.
3
Applies to IQ Hedge Multi-Strategy Tracker ETF, IQ Hedge Macro Tracker ETF, IQ Hedge Market Neutral Tracker ETF, IQ Hedge Long/Short Tracker ETF, IQ Hedge Event-Driven Tracker ETF, IQ Real Return ETF, IQ Leaders GTAA Tracker, IQ Enhanced Core Plus Bond U.S. ETF and IQ Short Duration Enhanced Core Bond U.S. ETF.
Notes to Financial Statements (continued)
High Yield Securities Risk1
High yield securities generally offer a higher current yield than the yield available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”
Income Risk1
The income of a fund receives from investments in debt securities may decline when interest rates fall. This decline can occur because a fund may subsequently invest in lower-yielding bonds when bonds in its portfolio mature or the Fund needs to purchase additional bonds.
Index Risk
The Funds’ Underlying Indexes and the Funds rebalance only on a monthly, quarterly or annual basis, which may cause the performance of the Underlying Indexes and the Funds to deviate from that of the market exposure that they are trying to achieve.
Industry Concentration Risk
To the extent that a fund’s Underlying Index is concentrated in a particular industry, the Fund also will be concentrated in that industry. The risk of concentrating fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a fund to a greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors.
Interest Rate Risk1
An increase in interest rates may cause the value of debt securities held by a fund to decline. Interest rates in the United States are near historic lows, which may increase a fund’s exposure to risks associated with rising interest rates. Interest rates may rise significantly and/or rapidly. Rising interest rates or lack of market participants may lead to decreased liquidity and increased volatility in the bond markets, making it more difficult for a fund to sell its bond holdings at a time when the Fund might wish to sell.
Large Transaction Risks
From time to time, a fund may receive large purchase or redemption orders from affiliated or unaffiliated funds or other investors. Such large transactions could have adverse effects on a fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase a fund’s transaction costs.
Long/Short Risk
There is no guarantee that the returns on a fund’s long or short positions, if any, will produce positive returns, and the Fund could lose money if either or both positions produce negative returns. In addition, a fund may gain enhanced long exposure to certain securities (i.e., obtain investment exposure that exceeds the amount directly invested in those assets, a form of leverage) and, as a result, suffer losses that exceed the amount invested in those assets.
Market Risk
The market price of investments owned by a fund may go up or down, sometimes rapidly or unpredictably. Investments may decline in value due to factors affecting markets generally or particular segments of the market. Market risks include political, regulatory, market and economic developments, and geopolitical and other events, including war, terrorism, trade disputes, natural disasters, and public health crises. Such events may result in disruptions in the U.S .and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on a fund and its investments.
1
Applies to IQ Enhanced Core Plus Bond U.S. ETF, IQ Short Duration Enhanced Core Bond U.S. ETF and IQ S&P High Yield Low Volatility Bond ETF.
Notes to Financial Statements (continued)
An outbreak of COVID-19 has developed into a global pandemic and has resulted in travel restrictions, closure of international borders, certain businesses and securities markets, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The full effects, duration and costs of the COVID-19 pandemic are uncertain, and the circumstances surrounding the COVID-19 pandemic will continue to evolve and may adversely affect a fund and its investments.
New Fund Risk4
Certain Funds are new funds. There can be no assurance that they will grow to or maintain an economically viable size, in which case they may experience greater tracking error to their Underlying Indexes or ultimately liquidate.
Passive Management Risk
Unlike many investment companies, each Fund seeks to track its Underlying Index and is not “actively” managed. Therefore, a fund would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from (or was no longer useful in tracking a component of) its Underlying Index.
Small Capitalization Companies Risk5
Certain Funds invest primarily in the stocks of small capitalization companies, which may be more volatile than those of larger companies. Stock prices of small capitalization companies are also more vulnerable than those of large capitalization companies to adverse business and economic developments. Additionally, the stocks of small capitalization companies may be thinly traded, making it difficult to buy and sell them.
Total Return Swap Risk6
Total return swaps give a fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. Total return swaps can also be used to replicate an exposure to a short position in an asset class where a fund has the right to receive the depreciation in value of a specified security, index or other instrument (“inverse swaps”). If the underlying asset in a total return swap declines in value (or increases in value, if an inverse swap) over the term of the swap, a fund may also be required to pay the dollar value of that decline (or, if an inverse swap, increase, if an inverse swap) to the counterparty. Therefore, swaps are subject to credit risk or the risk of default or non-performance by the counterparty.
Tracking Error Risk
Each Fund’s performance may not match its Underlying Index during any period of time. Although each Fund attempts to track the performance of its Underlying Index, a fund may not be able to duplicate its exact composition or return for a number of reasons, including that the strategies used by the Advisor to match the performance of the Underlying Indexes were unsuccessful and because a fund incurs expenses, which an Underlying Index does not incur.
Trading Price Risk
Although it is expected that generally the market price of a fund’s Shares will approximate the Fund’s NAV, there may be times when market price in the Secondary Market and the NAV vary significantly. During periods of market stress shares of a Fund may also experience significantly wider "bid/ask" spreads and premiums and discounts between a Fund's net asset value and market price.
4
Applies to IQ Candriam ESG International Equity ETF and IQ Candriam ESG U.S. Equity ETF.
5
Applies to IQ Global Agribusiness Small Cap ETF, IQ U.S. Real Estate Small Cap ETF, IQ Chaikin U.S. Small Cap ETF, IQ Candriam ESG International Equity ETF and IQ Candriam ESG U.S. Equity ETF.
6
Applies to IQ Hedge Multi-Strategy Tracker ETF, IQ Hedge Macro Tracker ETF, IQ Hedge Market Neutral Tracker ETF, IQ Hedge Long/Short Tracker ETF, IQ Hedge Event-Driven Tracker ETF, IQ Leaders GTAA Tracker ETF, IQ Merger Arbitrage ETF and IQ Global Resources ETF.
Notes to Financial Statements (continued)
10. NEW ACCOUNTING PRONOUNCEMENT
To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Advisor evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of April 30, 2020. The Advisor is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.
11. SUBSEQUENT EVENTS
On June 18, 2020, the Board of Trustees of the IndexIQ ETF Trust, upon the recommendation from the Fund's Advisor approved a proposal to liquidate the IQ Leaders GTAA Tracker ETF (QGTA), IQ Short Duration Enhanced Core Bond U.S. ETF (SDAG), IQ Global Agribusiness Small Cap ETF (CROP), IQ 50 Percent Hedged FTSE Europe ETF (HFXE), & IQ 50 Percent Hedged FTSE Japan ETF (HFXJ), pursuant to the terms of a plan of liquidation. After considering all of the information presented to it, the Board concluded that it would be in the best interest of the Funds and their shareholders to liquidate the Funds. The Funds will be liquidated on or about August 12, 2020.
Other than the Fund's liquidation, management has determined that there were no other material events that would require disclosure in the preparation of these financial statements.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of IndexIQ ETF Trust and Shareholders of each of the twenty-two funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (twenty-two of the funds constituting IndexIQ ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| | | Individual Fund Comprising the
IndexIQ ETF Trust | | | | Statement
of
Operations | | | | Statements
of Changes
in Net Assets | | | | Financial Highlights | | |
| | | IQ Hedge Multi-Strategy Tracker ETF | | | | For the year ended April 30, 2020 | | | | For the years ended April 30, 2020 and 2019 | | | | For the years ended April 30, 2020, 2019, 2018, 2017 and 2016 | | |
| | | IQ Hedge Macro Tracker ETF | | |
| | | IQ Hedge Market Neutral Tracker ETF | | |
| | | IQ Hedge Long/Short Tracker ETF | | |
| | | IQ Hedge Event-Driven Tracker ETF | | |
| | | IQ Real Return ETF | | |
| | | IQ Merger Arbitrage ETF | | |
| | | IQ Global Resources ETF | | |
| | | IQ Global Agribusiness Small Cap ETF | | |
| | | IQ U.S. Real Estate Small Cap ETF | | |
| | | IQ 50 Percent Hedged FTSE International ETF | | | | For the year ended April 30, 2020 | | | | For the years ended April 30, 2020 and 2019 | | | | For the years ended April 30, 2020, 2019, 2018 and 2017, and the period from July 22, 2015 (commencement of operations) through April 30, 2016 | | |
| | | IQ 50 Percent Hedged FTSE Europe ETF
IQ 50 Percent Hedged FTSE Japan ETF | | |
| | | IQ Leaders GTAA Tracker ETF | | | | For the year ended April 30, 2020 | | | | For the years ended April 30, 2020 and 2019 | | | | For the years ended April 30, 2020, 2019, 2018 and 2017, and the period from September 30, 2015 (commencement of operations) through April 30, 2016 | | |
| | | IQ Enhanced Core Plus Bond U.S. ETF | | | | For the year ended April 30, 2020 | | | | For the years ended April 30, 2020 and 2019 | | | | For the years ended April 30, 2020, 2019 and 2018, and the period from May 10, 2016 (commencement of operations) through April 30, 2017 | | |
Report of Independent Registered Public Accounting Firm (continued)
| | | Individual Fund Comprising the
IndexIQ ETF Trust | | | | Statement
of
Operations | | | | Statements
of Changes
in Net Assets | | | | Financial Highlights | | |
| | | IQ S&P High Yield Low Volatility Bond ETF | | | | For the year ended April 30, 2020 | | | | For the years ended April 30, 2020 and 2019 | | | | For the years ended April 30, 2020, 2019 and 2018, and the period from February 15, 2017 (commencement of operations) through April 30, 2017 | | |
| | | IQ Chaikin U.S. Small Cap ETF | | | | For the year ended April 30, 2020 | | | | For the years ended April 30, 2020 and 2019 | | | | For the years ended April 30, 2020 and 2019, and the period from May 16, 2017 (commencement of operations) through April 30, 2018 | | |
| | | IQ Chaikin U.S. Large Cap ETF | | | | For the year ended April 30, 2020 | | | | For the years ended April 30, 2020 and 2019 | | | | For the years ended April 30, 2020 and 2019, and the period from December 13, 2017 (commencement of operations) through April 30, 2018 | | |
| | | IQ 500 International ETF | | | | For the year ended April 30, 2020 | | | | For the year ended April 30, 2020 and the period from December 13, 2018 (commencement of operations) through April 30, 2019 | | |
| | | IQ Short Duration Enhanced Core Bond U.S. ETF | | | | For the year ended April 30, 2020 | | | | For the year ended April 30, 2020 and the period from December 18, 2018 (commencement of operations) through April 30, 2019 | | |
| | | IQ Candriam ESG International Equity ETF
IQ Candriam ESG U.S. Equity ETF | | | | For the period December 17, 2019 (commencement of operations) through April 30, 2020 | | |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
June 24, 2020
We have served as the auditor of one or more investment companies in the IndexIQ Complex since 2015.
Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, the funds of IndexIQ ETF Trust (the “Funds”) have adopted and implemented a liquidity risk management program (the “Program”), which IndexIQ Advisors LLC believes is reasonably designed to assess and manage the Funds’ liquidity risk. The Board of Trustees (the “Board”) designated IndexIQ Advisors LLC as administrator of the Program (the “Administrator”). The Administrator has established a Committee to assist the Administrator in the implementation and day-to-day administration of the Program and to otherwise support the Administrator in fulfilling its responsibilities under the Program.
At a meeting of the Board held on March 31, 2020, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019 (the “Reporting Period”), as required under the Liquidity Rule. The report noted that the Administrator concluded that: (i) the Program operated effectively to assess and manage the Funds’ liquidity risk; (ii) the Program has been adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments; and (iii) each Fund’s investment strategy continues to be appropriate for an open-end fund.
In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration certain factors, as applicable, such as: (i) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (ii) each Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; (iii) each Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources; (iv) the relationship between each Fund’s portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (v) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio.
In compliance with the Liquidity Rule and in accordance with the Program, funds able to qualify as “In-Kind ETFs” are not required to: (i) classify each portfolio investment into one of four categories or (ii) establish a highly liquid investment minimum. The Liquidity Rule defines an In-Kind ETF as an ETF that meets redemptions through in-kind transfers of securities, positions, and assets other than a de minimis amount of cash and publishes its portfolio holdings daily. Each of the Funds, with the exceptions of IQ 50 Percent Hedged FTSE International ETF and IQ S&P High Yield Low Volatility Bond ETF, qualify as In-Kind ETFs.
IQ 50 Percent Hedged FTSE International ETF and IQ S&P High Yield Low Volatility Bond ETF both classify each Fund portfolio investment into one of four liquidity categories. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Classification determinations are made by taking into account each Fund’s reasonably anticipated trade size, various market, trading and investment-specific considerations, as well as market depth, and, in certain cases, third-party vendor data. The Administrator has delegated liquidity classification determinations for IQ S&P High Yield Low Volatility Bond ETF to the Fund’s sub-adviser, subject to appropriate oversight by the Administrator.
The Liquidity Rule requires funds that do not primarily hold assets that are highly liquid investments and do not qualify as In-Kind ETFs to adopt a minimum amount of net assets that must be invested in highly liquid investments that are assets (“HLIM”). In addition, the Liquidity Rule limits a fund’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in a fund holding more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to determine, periodically review and comply with the HLIM requirement, as applicable, and to comply with the 15% limit on illiquid investments.
There were no material changes to the Program during the Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
Supplemental Information (unaudited)
Federal Tax Status of Dividends Declared During the Tax Year
IQ U.S. Real Estate Small Cap ETF designates 92.22% as qualified business income.
Qualified Dividend Income — Certain dividends paid by the fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the fiscal year ended April 30, 2020 taxed at a maximum rate of 15% is as follows:
| | IQ Hedge Multi-Strategy Tracker ETF | | | | | 12.37% | | |
| | IQ Hedge Macro Tracker ETF | | | | | 20.48 | | |
| | IQ Hedge Market Neutral Tracker ETF | | | | | 7.17 | | |
| | IQ Hedge Long/Short Tracker ETF | | | | | 30.35 | | |
| | IQ Hedge Event-Driven Tracker ETF | | | | | 3.16 | | |
| | IQ Real Return ETF | | | | | 5.10 | | |
| | IQ Leaders GTAA Tracker ETF | | | | | 32.54 | | |
| | IQ Enhanced Core Plus Bond U.S. ETF | | | | | 0.00 | | |
| | IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 0.00 | | |
| | IQ S&P High Yield Low Volatility Bond ETF | | | | | 0.00 | | |
| | IQ Merger Arbitrage ETF | | | | | 0.00 | | |
| | IQ Global Resources ETF | | | | | 100.00 | | |
| | IQ Global Agribusiness Small Cap ETF | | | | | 100.00 | | |
| | IQ U.S. Real Estate Small Cap ETF | | | | | 0.37 | | |
| | IQ 500 International ETF | | | | | 85.07 | | |
| | IQ 50 Percent Hedged FTSE International ETF | | | | | 75.78 | | |
| | IQ 50 Percent Hedged FTSE Europe ETF | | | | | 80.78 | | |
| | IQ 50 Percent Hedged FTSE Japan ETF | | | | | 81.53 | | |
| | IQ Candriam ESG International Equity ETF | | | | | 52.46 | | |
| | IQ Candriam ESG U.S. Equity ETF | | | | | 100.00 | | |
| | IQ Chaikin U.S. Small Cap ETF | | | | | 100.00 | | |
| | IQ Chaikin U.S. Large Cap ETF | | | | | 100.00 | | |
Supplemental Information (unaudited) (continued)
Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended April 30, 2020 that qualifies for the dividends received deduction is as follows:
| | IQ Hedge Multi-Strategy Tracker ETF | | | | | 1.63% | | |
| | IQ Hedge Macro Tracker ETF | | | | | 1.90 | | |
| | IQ Hedge Market Neutral Tracker ETF | | | | | 2.71 | | |
| | IQ Hedge Long/Short Tracker ETF | | | | | 5.44 | | |
| | IQ Hedge Event-Driven Tracker ETF | | | | | 2.78 | | |
| | IQ Real Return ETF | | | | | 4.15 | | |
| | IQ Leaders GTAA Tracker ETF | | | | | 2.21 | | |
| | IQ Enhanced Core Plus Bond U.S. ETF | | | | | 0.00 | | |
| | IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | 0.00 | | |
| | IQ S&P High Yield Low Volatility Bond ETF | | | | | 0.00 | | |
| | IQ Merger Arbitrage ETF | | | | | 0.00 | | |
| | IQ Global Resources ETF | | | | | 36.93 | | |
| | IQ Global Agribusiness Small Cap ETF | | | | | 16.18 | | |
| | IQ U.S. Real Estate Small Cap ETF | | | | | 0.00 | | |
| | IQ 500 International ETF | | | | | 0.00 | | |
| | IQ 50 Percent Hedged FTSE International ETF | | | | | 0.00 | | |
| | IQ 50 Percent Hedged FTSE Europe ETF | | | | | 0.00 | | |
| | IQ 50 Percent Hedged FTSE Japan ETF | | | | | 0.00 | | |
| | IQ Candriam ESG International Equity ETF | | | | | 0.00 | | |
| | IQ Candriam ESG U.S. Equity ETF | | | | | 91.53 | | |
| | IQ Chaikin U.S. Small Cap ETF | | | | | 100.00 | | |
| | IQ Chaikin U.S. Large Cap ETF | | | | | 98.48 | | |
Supplemental Information (unaudited) (continued)
Foreign Taxes Paid — The following Funds elect under the Internal Revenue Code Section 853 to pass through foreign taxes paid to its shareholders. The total amount of foreign taxes passed through to shareholders on a per share basis for the year ended April 30, 2020, are as follows:
| Fund | | | Foreign Taxes
Per Share | | | Foreign Income
Per Share | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | | — | | | | | | — | | |
| IQ Hedge Macro Tracker ETF | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | — | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | — | | | | | | — | | |
| IQ Real Return ETF | | | | | — | | | | | | — | | |
| IQ Leaders GTAA Tracker ETF | | | | | — | | | | | | — | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | — | | | | | | — | | |
| IQ Short Duration Enhanced Core Bond U.S. ETF | | | | | — | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | — | | | | | | — | | |
| IQ Global Resources ETF | | | | | 0.1605 | | | | | | 1.9677 | | |
| IQ Global Agribusiness Small Cap ETF | | | | | 0.0267 | | | | | | 0.8367 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | — | | | | | | — | | |
| IQ 500 International ETF | | | | | 0.0441 | | | | | | 0.5172 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 0.0399 | | | | | | 0.6143 | | |
| IQ 50 Percent Hedged FTSE Europe ETF | | | | | 0.0450 | | | | | | 0.4717 | | |
| IQ 50 Percent Hedged FTSE Japan ETF | | | | | 0.0419 | | | | | | 0.4022 | | |
| IQ Candriam ESG International Equity ETF | | | | | 0.0088 | | | | | | 0.0737 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | — | | |
In January 2021, you will be advised on IRS Form 1099 DIV as to the Federal tax status of the distributions received by you in calendar year 2020.
Board Review of Investment Advisory Agreement (unaudited)
Approval Relating To Annual Continuation of the Advisory Agreement and Sub-Advisory Agreement
The Board (the members of which are referred to as “Trustees”) met by teleconference on March 31, 2020, pursuant to a recent order issued by the U.S. Securities and Exchange Commission’s Division of Investment Management temporarily exempting fund boards from the in-person approval requirements of certain provisions of the Investment Company Act of 1940, as amended (“1940 Act”), in light of the impact of COVID-19. The Board met to consider the approval of the continuation, for an additional year, of the Advisory Agreement with respect to the series of the Trust for which the agreement applies (the “Funds”). The Board noted that the Advisory Agreement was between the Trust and IndexIQ Advisors LLC (the “Advisor”). In addition, the Board considered the continuation of the Sub-Advisory Agreement between the Advisor and MacKay Shields LLC (“MacKay” or the “Sub-Advisor”), with respect to the IQ S&P High Yield Low Volatility Bond ETF (“HYLV”).
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Advisor relevant to the Board’s consideration of whether to approve the continuation of the Advisory Agreement with respect to the Funds, and from MacKay and the Advisor relevant to the Board’s consideration of whether to approve the continuation of the Sub-Advisory Agreement as it relates to HYLV. In connection with considering approval of the continuation of the Advisory Agreement and Sub-Advisory Agreement, the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), met in executive session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. The consideration of the continuation of the Advisory Agreement and Sub-Advisory Agreement was conducted by both the full Board and the Independent Trustees, who also voted separately.
During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, extent and quality of the services provided by the Advisor to the Funds and by MacKay with respect to HYLV, and the fees charged by the Advisor and MacKay; (2) information concerning the business and operations, compliance program and portfolio management team of the Advisor and MacKay; (3) the expense levels of each Fund; (4) the investment performance of the Funds; (5) the costs of the services provided and profits realized by the Advisor and its affiliates from the relationship with the Trust, including expense limitation agreements and fee waiver agreements between the Advisor and certain Funds; (6) the extent to which economies of scale would be realized as each Fund grows; (7) any “fall-out” benefits derived or to be derived by the Advisor or MacKay from their relationships with the Trust; and (8) potential conflicts of interest. The Board considered that the Funds were passively managed ETFs and that several of the Funds were designed to track indexes created by an affiliate of the Advisor.
In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement; (2) a copy of the Sub-Advisory Agreement; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor and MacKay and the services provided thereby; (5) information regarding the respective compliance program and portfolio management teams of the Advisor and MacKay; (6) copies of the Form ADV for each of the Advisor and MacKay; (7) memoranda and guidance from legal counsel to the Independent Trustees on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act; (8) materials provided by each of the Advisor and MacKay in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (9) a telephonic presentation by personnel of the Advisor. In addition, the Board was provided data comparing the advisory fees and operating expenses (including acquired fund fees and expenses, as applicable) of the Funds with expenses and performance of other registered investment companies with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the ETF and mutual fund industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and IndexIQ Active ETF Trust.
In particular, the Trustees including the Independent Trustees, considered and discussed the following with respect to the Funds:
1.
The nature, extent and quality of the facilities and services provided by the Advisor and MacKay. The Board reviewed the services that the Advisor and MacKay provide to the respective Funds, noting that
Board Review of Investment Advisory Agreement (unaudited) (continued)
they had continually reviewed and overseen such services throughout the past year. The Board noted the responsibilities that the Advisor and MacKay have as the investment advisor and sub-advisor to the respective Funds, including overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, monitoring fund compliance with regulatory requirements and Fund objectives and policies, daily monitoring of the portfolio, overseeing Fund service providers, obtaining licenses for use of indexes tracked by the Funds, providing officers for the Funds, ongoing reporting to the Board, and the implementation of Board directives as they relate to the Funds. For Funds that were not yet operational, the Board considered the services rendered in respect of the existing Funds in assessing services expected to be provided to the non-operational Funds.
The Board reviewed the Advisor’s and MacKay’s experience, resources, and strengths in managing mutual funds and ETFs, including the Advisor’s management of the Funds and the funds of the IndexIQ Active ETF Trust. The Board also considered the experience of MacKay’s team in managing strategies and asset classes similar to HYLV, and their tenure in managing the portfolio of HYLV. The Board also noted and discussed with the Advisor the resources and additional support and personnel from its parent New York Life Investment Management (“NYLIM”), which resources enhance and support the work of the Advisor’s officers and staff. The Board also considered the tenure and experience of the personnel at the Advisor providing management and administrative services to the Funds. The Board also considered the Advisor’s marketing and distribution strategy, including the various services engaged by the Advisor in seeking to market and grow assets in the Funds.
Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Advisor’s and MacKay’s ability to render such services based on its personnel, experience, operations, and resources.
2.
Comparison of services provided and fees charged by the Advisor and MacKay and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Advisor and MacKay from their relationships with the respective Funds. The Board then compared both the services rendered and the fees paid with respect to the Funds pursuant to the Advisory Agreement and Sub-Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. The Board also considered that the Advisor is responsible for payment of the sub-advisory fee to MacKay pursuant to the Sub-Advisory Agreement, and that HYLV shareholders do not directly pay the sub-advisory fee.
In particular, the Board compared each Fund’s advisory fee and expense ratio (including acquired fund fees and expenses, as applicable) to other investment companies considered to be in each such Fund’s peer group. The Advisor presented information on how peer groups were selected for the Funds, which generally are differentiated from broad Morningstar categorization based on distinguishing characteristics of many Funds’ core strategies, several of which are unique indexes designed by an affiliate of the Advisor. The Advisor explained that peer groups were selected using an objective methodology by a NYLIM team.
The Board noted that certain Funds had peer groups of limited size and, in certain cases, with substantial differences in portfolio management and operational costs. The Board was presented with a dashboard view describing the Funds’ performance and fees, with information relative to peer groups. The Board considered unique characteristics of certain Funds relative to peer groups, particularly where such Funds had fee or total expense ratios that diverged from the median levels of the applicable peer group. The Board also discussed price pressure in the general ETF marketplace and the impact of market pressures on the price levels for relatively unique investment strategies such as those implemented by several of the Funds.
Additionally, the Trustees considered that the Advisor had put in place expense limitation or fee waiver agreements whereby the Advisor reimburses expenses and/or waives fees to limit the impact above set thresholds of certain expenses on shareholders of certain Funds. The Board noted that such expense
Board Review of Investment Advisory Agreement (unaudited) (continued)
limitation and fee waiver agreements were reflected, where applicable, in the peer group analysis provided by the Advisor.
The Board also considered that certain Funds invest in the IQ Ultra Short Duration ETF and based on information provided by the Advisor, determined that fees that would be paid to the Advisor that are attributable to the investments made by such Funds would not be duplicative.
After comparing each Fund’s fees with those of other investment companies in the Fund’s peer group, and in light of the nature, quality, and extent of services provided by the Advisor and MacKay and the costs incurred by the Advisor and MacKay in rendering those services, the Board concluded that the level of fees paid (or proposed to be paid) to the Advisor with respect to each Fund and MacKay with respect to HYLV is fair and reasonable.
3.
The Advisor’s and MacKay’s profitability and the extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale. The Board discussed with the Advisor the costs and profitability of the Advisor in connection with its serving as investment advisor to each Fund, including operational costs. The Board also discussed additional resources that have been made available to the Advisor following its acquisition by NYLIM, including the investment of financial and human resources by NYLIM into the Advisor and additional support to market and distribute the Funds.
The Board considered information regarding the strategy of the Advisor to grow assets in the Funds during the calendar year, including the marketing and distribution details that were provided in the Board materials. The Board reviewed the net asset levels of the Funds and the impact of both high and low asset levels on such Funds. The Advisor presented to the Board information on the operating profits on a year over year basis.
The Board also considered the impact of future asset growth on the services required and fees paid to MacKay, noting again that such fees were paid by the Advisor out of its management fees. The Board considered whether the continued operation of certain Funds that had not attracted significant assets under management would be profitable to the Advisor under the unitary fee arrangement of the Advisory Agreement and determined to continue to review the asset levels of the Funds in relation to the Advisor’s profitability. The Board also noted the existence of Expense Limitation Agreements and Fee Waiver Agreements applicable to certain of the Funds, and their respective impacts on costs to shareholders and profitability of the Advisor.
The Board noted that certain Funds had not yet commenced operations, and therefore no direct historical profitability data was available for consideration for such Funds.
The Board concluded that the fees paid to the Advisor and MacKay, respectively, were reasonable when considering the relative asset levels and profitability of the Funds to the Advisor.
4.
Investment performance of the Funds. The Board considered the investment performance of the existing Funds, including tracking error. In particular, the Board considered the investment performance of the Funds relative to their stated objectives and the success of the Advisor and MacKay in reaching such objectives. The Board considered each Fund’s investment performance compared to the underlying index that each Fund seeks to track and includes in its prospectus and shareholder reports. The Board also considered each Fund’s investment performance compared to the respective Fund’s peer group. The Board considered that certain Funds had not yet commenced operations, and therefore had no performance or operational history to consider.
The Board concluded that the investment performance of the Funds, particularly in the context of tracking error as against each Fund’s underlying index and in succeeding in satisfying their stated investment objective, supported the approval of the Advisory Agreement and Sub-Advisory Agreement.
Board Review of Investment Advisory Agreement (unaudited) (continued)
The Board agreed that it had been furnished with sufficient information, both at the meeting and in its ongoing oversight of the Funds, to make an informed business decision with respect to the Advisory Agreement for the Funds and, with respect to HYLV, the Sub-Advisory Agreement. Based on the foregoing and such other matters as were deemed relevant, and while no single factor was determinative in the decision, the Independent Trustees concluded that the terms of the Advisory Agreement with the Advisor and the Sub-Advisory Agreement between the Advisor and MacKay were reasonable and fair to the Funds and to recommend to the Board the approval of the Advisory Agreement and Sub-Advisory Agreement. As a result, all of the Board members, including the Independent Trustees, determined that the continuation of the Advisory Agreement with the Advisor and continuation of the Sub-Advisory Agreement with MacKay was in the best interests of each applicable Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the continuation of the Advisory Agreement and Sub-Advisory Agreement for an additional one-year period.
Board of Trustees and Officers (unaudited)
| | Name and
Year of Birth(1) | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of
Portfolios
in Fund
Complex
Overseen
by Trustee(3) | | | Other
Directorships
Held by
Trustee
During Past 5 Years | |
| | Reena Aggarwal 1957 | | | Trustee Chair | | | Since August 2008 January 2018 | | | Vice Provost of Faculty (2016 to present), Georgetown University, Robert E. McDonough Professor (2003 to present) and Professor of Finance, McDonough School of Business, Georgetown University (2000 to present); Director, Georgetown Center for Financial Markets and Policy (2010 to present); Co-Chair of Board, Social Innovations and Public Service Fund, Georgetown University (2012 to 2014). | | | 25 | | | FBR & Co. (investment banking) (2011 to 2017); Cohen & Steers (asset management) (2017 to present); Director, Brightwood Capital Advisors, L.P. (private equity investment) (2013 to present); Nuveen Churchill BDC (2019-present). | |
| | Michael A. Pignataro, 1959 | | | Trustee | | | Since April 2015 | | | Director, Credit Suisse Asset Management (2001 to 2012); and Chief Financial Officer, Credit Suisse Funds (1996 to 2013). | | | 25 | | | The New Ireland Fund, Inc. (closed-end fund) (2015 to present) | |
| | Paul D. Schaeffer, 1951 | | | Trustee | | | Since April 2015 | | | President, ASP (dba Aspiring Solution Partners) (financial services consulting) (2013 to present); Executive Advisor, Aquiline Capital Partners LLC (private equity investment) (2014 to present). | | | 25 | | | Management Board Member, RIA in a Box (financial services consulting) (2018 to present); Context Capital Funds (mutual fund trust) (2 Portfolios) (2014 to 2018); Management board Member, Altegris Investments, LLC (registered broker-dealer) (2016 to 2018); Management Board Member, AssetMark Inc. (financial services consulting) (2016 to 2017); PopTech! (conference operator) (2012 to 2016); Board Member, Pathways Core Training (non-profit) (2019 to present). | |
Board of Trustees and Officers (unaudited) (continued)
Interested Trustee
| | Name and
Year of Birth(1) | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of
Portfolios
in Fund
Complex
Overseen
by Trustee(3) | | | Other
Directorships
Held by
Trustee
During past 5 Years | |
| | Kirk C. Lehneis 1974(4) | | | Trustee, President and Principal Executive Officer | | | Since January 2018 | | | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC; Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since September 2017. | | | 25 | | | None | |
Other Officers
| | Name and
Year of Birth(1) | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served(2) | | | Principal Occupation(s) During Past 5 Years | |
| | Jonathan Zimmerman 1982 | | | Executive Vice President | | | Since April 2018 | | | Chief Operating Officer, IndexIQ Advisors LLC (2018 to present); Managing Director, New York Life Investment Management LLC (2018-present); Director, New York Life Investment Management LLC (2015-2018); Vice President, Morgan Stanley (2007 to 2015). | |
| | Adefolahan Oyefeso, 1974 | | | Treasurer, Principal Financial Officer and Principal Accounting Officer | | | Since April 2018 | | | Vice President of Operations & Finance, IndexIQ Advisors LLC (2015 to present); Director of the Fund Administration Client Service Department at The Bank of New York Mellon (2007 to 2015). | |
| | Matthew V. Curtin 1982 | | | Secretary and Chief Legal Officer | | | Since June 2015 | | | Secretary and Chief Legal Officer, IndexIQ Advisors LLC (since June 2015), Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since February 2015); Associate, Dechert LLP (2007 to 2015). | |
| | Y. Rachel Kuo 1981 | | | Chief Compliance Officer | | | Since 2020 | | | Chief Compliance Officer, MainStay Funds Trust, MainStay VP Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund, The MainStay Funds, IndexIQ ETF Trust, IndexIQ Active ETF Trust (since 2020); Associate General Counsel, New York Life Investment Management LLC; Assistant Secretary, MainStay Funds Trust, MainStay VP Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund and The MainStay Funds (2015 to 2019). | |
(1)
The address of each Trustee or officer is c/o IndexIQ, 51 Madison Avenue, New York, New York 10010.
(2)
Trustees and Officers serve until their successors are duly elected and qualified.
(3)
The Funds are part of a “fund complex” as defined in the 1940 Act. The fund complex includes all open-end funds (including all of their portfolios) advised by the Advisor and any funds that have an investment advisor that is an affiliated person of the Advisor.
(4)
Mr. Lehneis is an “interested person” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with the Advisor.
IndexIQ ETF Trust
ANNUAL REPORT | April 30, 2020
IQ Hedge Multi-Strategy Tracker ETF
IQ Hedge Macro Tracker ETF
IQ Hedge Market Neutral Tracker ETF
IQ Hedge Long/Short Tracker ETF
IQ Hedge Event-Driven Tracker ETF
IQ Real Return ETF
IQ Leaders GTAA Tracker ETF
IQ Enhanced Core Plus Bond U.S. ETF
IQ Short Duration Enhanced Core Bond U.S. ETF
IQ S&P High Yield Low Volatility Bond ETF
IQ Merger Arbitrage ETF
IQ Global Resources ETF
IQ Global Agribusiness Small Cap ETF
IQ U.S. Real Estate Small Cap ETF
IQ 500 International ETF
IQ 50 Percent Hedged FTSE International ETF
IQ 50 Percent Hedged FTSE Europe ETF
IQ 50 Percent Hedged FTSE Japan ETF
IQ Candriam ESG International Equity ETF
IQ Candriam ESG U.S. Equity ETF
IQ Chaikin U.S. Small Cap ETF
IQ Chaikin U.S. Large Cap ETF
Investment Advisor
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Custodian/Fund Administrator/Transfer Agent
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Legal Counsel
Chapman and Cutler LLP
1717 Rhode Island Avenue
Washington, DC 20036
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
Item 2. Code of Ethics.
| (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| (c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
| (d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has two audit committee financial experts serving on its Audit Committee, each an “independent” Trustee, Reena Aggarwal and Michael Pignataro. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $451,373 for 2020 and $429,947 for 2019. |
Audit-Related Fees
| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2020 and $0 for 2019. |
Tax Fees
| (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2020 and $0 for 2019. |
All Other Fees
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2020 and $0 for 2019. |
| (e)(1) | Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant. |
| (e)(2) | With respect to the services described in each of Items 4(b) through (d), no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X. |
| (f) | The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent. |
| (g) | The aggregate non-audit fees billed by the principal accountant for services rendered to the registrant's investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were (i) approximately $10,322,000 for the fiscal year ended April 30, 2020, and (ii) $8,100,000 for the fiscal year ended April 30, 2019. |
| (h) | The registrant’s Audit Committee has determined that the non-audit services rendered by the principal accountant for the fiscal year ended April 30, 2020 to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of the principal accountant during the relevant time period. |
Item 5. Audit Committee of Listed Registrants.
| (a) | The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the members of such committee are Reena Aggarwal, Michael Pignataro, and Paul Schaeffer. |
Item 6. Investments.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | | IndexIQ ETF Trust | |
| By (Signature and Title) | /s/ Kirk C. Lehneis | |
| | Kirk C. Lehneis
(Principal Executive Officer) | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Kirk C. Lehneis | |
| | Kirk C. Lehneis
(Principal Executive Officer) | |
| By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
| | Adefolahan O. Oyefeso
(Principal Financial Officer) | |
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