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: October 31, 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
Semi-Annual Report
October 31, 2020
| | IQ Hedge Multi-Strategy Tracker ETF (QAI) | | | IQ Global Resources ETF (GRES) | |
| | IQ Hedge Macro Tracker ETF (MCRO) | | | IQ U.S. Real Estate Small Cap ETF (ROOF) | |
| | IQ Hedge Market Neutral Tracker ETF (QMN) | | | IQ 500 International ETF (IQIN) | |
| | IQ Hedge Long/Short Tracker ETF (QLS) | | | IQ 50 Percent Hedged FTSE International ETF (HFXI) | |
| | IQ Hedge Event-Driven Tracker ETF (QED) | | | IQ Candriam ESG International Equity ETF (IQSI) | |
| | IQ Real Return ETF (CPI) | | | IQ Candriam ESG U.S. Equity ETF (IQSU) | |
| | IQ Enhanced Core Plus Bond U.S. ETF (AGGP) | | | IQ Chaikin U.S. Small Cap ETF (CSML) | |
| | IQ S&P High Yield Low Volatility Bond ETF (HYLV) | | | IQ Chaikin U.S. Large Cap ETF (CLRG) | |
IQ Merger Arbitrage ETF (MNA)
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 newyorklifeinvestments.com 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 newyorklifeinvestments.com 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 newyorklifeinvestments.com 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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Receive email notifications when your most recent shareholder communications are available for review.
Access prospectuses, annual reports and semi-annual reports online.
It’s easy to enroll:
1.
Visit https://www.icsdelivery.com/live/
2.
Follow the simple enrollment instructions
If you have questions about IndexIQ e-Delivery services, contact a representative at 1-888-474-7725.
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Shareholder Letter (unaudited)
Shareholder:
We are pleased to present you with this semiannual report for IndexIQ ETF Trust for the six months ended October 31, 2020.
Although the global coronavirus pandemic continued to afflict populations and economies around the world, most broad U.S. and international stock and bond markets gained ground during the reporting period, rebounding from steep, earlier, pandemic-related declines. The backdrop for the reporting period was set in February and March 2020 as COVID-19 spread worldwide. Governments struggled to support overburdened health care systems by issuing “stay-at-home” orders and placing restrictions on nonessential activity. These responses slowed global economic activity, driving stock and bond indices sharply lower worldwide. Emergency monetary and fiscal measures promised economic relief, and by early April, market sentiment began to improve. Some sectors of the global economy remained depressed and many questions surrounding the pandemic had yet to be answered. Nevertheless, investors looked forward to a gradual lessening of restrictions on nonessential businesses, the possibility of additional stimulus and apparent progress in the development of a vaccine.
As the reporting period began on May 1, 2020, the S&P 500® Index, a widely regarded benchmark of U.S. equity market performance, had already recovered much of the ground it lost in February and March. By late-August, the S&P 500® Index had reached new record levels. However, a resurgence of coronavirus cases in many parts of the country and uncertainties related to the upcoming U.S. presidential election caused the rally to falter as the reporting period drew to a close.
Nevertheless, for the reporting period as a whole, U.S. equity indices generally produced strong gains. Returns proved most robust among small- to mid-cap stocks and growth-oriented stocks, while large-cap and value-oriented issues posted slightly milder gains. Within the S&P 500® Index, the consumer discretionary sector generated the strongest returns buoyed by better-than-expected levels of consumer spending. The materials, information technology, industrials and communication services sectors all outperformed the S&P 500® Index. The utilities, financials, consumer staples, health care and real estate sectors generated positive returns but lagged the Index. Only the energy sector ended the reporting period in negative territory, experiencing sharp losses due to low petroleum prices and weak global demand. International equities rose, but tended to trail their U.S. counterparts due to weaker underlying economic growth and somewhat less aggressive monetary and fiscal stimulus. Emerging-market equities tracked the performance of U.S. equity markets more closely, led by relatively strong returns in Asian markets, including China and South Korea.
Risk-on conditions prevailed for fixed-income markets as well, favoring lower credit quality and longer duration securities. Corporate bonds generally gained ground, with high-yield securities tending to outperform investment-grade instruments. Similarly, among municipal bond issues, high-yield securities outperformed. Recognized safe havens, such as long-term U.S. government bonds, which had attracted risk-averse investors during the height of the market sell-off in early 2020, experienced declining prices. Emerging-market debt, on the other hand, outperformed most other bonds types as investors overlooked risk in pursuit of higher return potential.
On the following pages, you will find detailed discussion of the key factors influencing the performance of each ETF for the period ended October 31, 2020. Although the ongoing pandemic continues to change the way that many of us work and live our lives, at New York Life Investments, we remain dedicated to providing you, as an IndexIQ investor, with high-impact, low-cost solutions to help you to navigate today’s rapidly changing investment environment. By taking appropriate steps to minimize community spread of COVID-19 within our organization and despite the challenges posed by COVID-19, we continue to innovate with you in mind, combining the benefits of traditional index investing with the alpha potential you seek.
Shareholder Letter (unaudited) (continued)
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.
Not part of the Semiannual report.
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 05/01/2020 to 10/31/2020” 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
05/01/2020 | | | Ending
Account
Value
10/31/2020 | | | Annualized
Expense
Ratios for
the Period
05/01/2020
to 10/31/2020 | | | Expenses
Paid During
the Period
05/01/2020
to 10/31/20201 | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,049.90 | | | | | | 0.54% | | | | | $ | 2.79 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.48 | | | | | | 0.54% | | | | | $ | 2.75 | | |
| IQ Hedge Macro Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,077.80 | | | | | | 0.41% | | | | | $ | 2.15 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.14 | | | | | | 0.41% | | | | | $ | 2.09 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,039.00 | | | | | | 0.41% | | | | | $ | 2.11 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.14 | | | | | | 0.41% | | | | | $ | 2.09 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,092.20 | | | | | | 0.41% | | | | | $ | 2.16 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.14 | | | | | | 0.41% | | | | | $ | 2.09 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,085.60 | | | | | | 0.41% | | | | | $ | 2.16 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.14 | | | | | | 0.41% | | | | | $ | 2.09 | | |
Fund Expenses (unaudited) (continued)
| | | | Beginning
Account
Value
05/01/2020 | | | Ending
Account
Value
10/31/2020 | | | Annualized
Expense
Ratios for
the Period
05/01/2020
to 10/31/2020 | | | Expenses
Paid During
the Period
05/01/2020
to 10/31/20201 | |
| IQ Real Return ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,008.10 | | | | | | 0.21% | | | | | $ | 1.06 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.15 | | | | | | 0.21% | | | | | $ | 1.07 | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 991.30 | | | | | | 0.20% | | | | | $ | 1.00 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.20 | | | | | | 0.20% | | | | | $ | 1.02 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,057.70 | | | | | | 0.40% | | | | | $ | 2.07 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.19 | | | | | | 0.40% | | | | | $ | 2.04 | | |
| IQ Merger Arbitrage ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,085.40 | | | | | | 0.76% | | | | | $ | 3.99 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.37 | | | | | | 0.76% | | | | | $ | 3.87 | | |
| IQ Global Resources ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,040.10 | | | | | | 0.76% | | | | | $ | 3.91 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.37 | | | | | | 0.76% | | | | | $ | 3.87 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,000.70 | | | | | | 0.70% | | | | | $ | 3.53 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.68 | | | | | | 0.70% | | | | | $ | 3.57 | | |
| IQ 500 International ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,071.50 | | | | | | 0.25% | | | | | $ | 1.31 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.95 | | | | | | 0.25% | | | | | $ | 1.28 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,072.80 | | | | | | 0.20% | | | | | $ | 1.04 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.20 | | | | | | 0.20% | | | | | $ | 1.02 | | |
| IQ Candriam ESG International Equity ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,099.30 | | | | | | 0.15% | | | | | $ | 0.79 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.45 | | | | | | 0.15% | | | | | $ | 0.77 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,169.00 | | | | | | 0.09% | | | | | $ | 0.49 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.75 | | | | | | 0.09% | | | | | $ | 0.46 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,138.50 | | | | | | 0.35% | | | | | $ | 1.89 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.44 | | | | | | 0.35% | | | | | $ | 1.79 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,130.90 | | | | | | 0.25% | | | | | $ | 1.34 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.95 | | | | | | 0.25% | | | | | $ | 1.28 | | |
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 184/365 (to reflect the one half year period).
October 31, 2020 (unaudited)
IQ Hedge Multi-Strategy Tracker ETF
Net Assets ($ mil): $736.4
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 29.6% | | |
| Bank Loan Funds | | | | | 12.6 | | |
| Money Market Funds | | | | | 12.6 | | |
| Investment Grade Corporate Bond Funds | | | | | 9.3 | | |
| Floating Rate – Investment Grade Funds | | | | | 7.3 | | |
| Emerging Equity Funds | | | | | 6.0 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 5.8 | | |
| Convertible Bond Fund | | | | | 4.9 | | |
| High Yield Corporate Bond Funds | | | | | 3.2 | | |
| International Equity Core Funds | | | | | 2.5 | | |
| Euro Fund | | | | | 2.4 | | |
| U.S. Large Cap Growth Funds | | | | | 2.1 | | |
| Emerging Bonds – USD Funds | | | | | 1.7 | | |
| Europe Equity Funds | | | | | 1.7 | | |
| BRIC Equity Funds | | | | | 1.6 | | |
| Emerging Bonds – Local Currency Funds | | | | | 1.4 | | |
| Emerging Markets Small Cap Equity Fund | | | | | 1.4 | | |
| U.S. Small Cap Value Funds | | | | | 1.3 | | |
| International Small Cap Equity Funds | | | | | 1.2 | | |
| U.S. Large Cap Core Funds | | | | | 1.1 | | |
| Japan Equity Fund | | | | | 0.6 | | |
| Silver Fund | | | | | 0.5 | | |
| Gold Funds | | | | | 0.5 | | |
| British Pound Fund | | | | | 0.4 | | |
| International Large Cap Growth Fund | | | | | 0.3 | | |
| Volatility Note | | | | | 0.3 | | |
| Broad Fund | | | | | 0.1 | | |
| U.S. Dollar Fund | | | | | 0.0(a) | | |
| Total Investments | | | | | 112.4 | | |
| Other Assets and Liabilites, Net | | | | | (12.4) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund’s portfolio is subject to change.
(a)
Less than 0.05%.
IQ Hedge Macro Tracker ETF
Net Assets ($ mil): $4.1
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 36.6% | | |
| Convertible Bond Fund | | | | | 11.1 | | |
| Money Market Funds | | | | | 9.1 | | |
| Emerging Equity Funds | | | | | 6.4 | | |
| BRIC Equity Funds | | | | | 6.0 | | |
| Floating Rate – Investment Grade Funds | | | | | 5.3 | | |
| Emerging Bonds – Local Currency Funds | | | | | 5.3 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 4.7 | | |
| High Yield Corporate Bond Funds | | | | | 4.2 | | |
| Investment Grade Corporate Bond Funds | | | | | 4.1 | | |
| U.S. Dollar Fund | | | | | 2.3 | | |
| Emerging Bonds – USD Funds | | | | | 2.3 | | |
| Emerging Small Cap Equity Fund | | | | | 2.2 | | |
| Japan Equity Fund | | | | | 2.0 | | |
| Silver Fund | | | | | 1.6 | | |
| Gold Funds | | | | | 1.6 | | |
| Europe Equity Funds | | | | | 1.5 | | |
| U.S. Large Cap Growth Funds | | | | | 1.1 | | |
| U.S. Large Cap Core Fund | | | | | 0.9 | | |
| Broad Fund | | | | | 0.4 | | |
| Total Investments | | | | | 108.7 | | |
| Other Assets and Liabilites, Net | | | | | (8.7) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (continued)
October 31, 2020 (unaudited)
IQ Hedge Market Neutral Tracker ETF
Net Assets ($ mil): $16.0
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 34.6% | | |
| Money Market Funds | | | | | 17.7 | | |
| Bank Loan Funds | | | | | 16.6 | | |
| Investment Grade Corporate Bond Funds | | | | | 9.4 | | |
| Floating Rate – Investment Grade Funds | | | | | 8.3 | | |
| Emerging Equity Funds | | | | | 6.5 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 6.1 | | |
| High Yield Corporate Bond Funds | | | | | 4.5 | | |
| International Small Cap Equity Funds | | | | | 3.0 | | |
| Euro Fund | | | | | 2.4 | | |
| Convertible Bond Fund | | | | | 2.4 | | |
| U.S. Small Cap Value Funds | | | | | 1.9 | | |
| U.S. Large Cap Growth Funds | | | | | 1.8 | | |
| Europe Equity Funds | | | | | 1.8 | | |
| British Pound Fund | | | | | 0.6 | | |
| Total Investments | | | | | 117.6 | | |
| Other Assets and Liabilites, Net | | | | | (17.6) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Hedge Long/Short Tracker ETF
Net Assets ($ mil): $8.2
| Asset Class | | | % of
Net Assets | |
| International Equity Core Funds | | | | | 32.1% | | |
| Investment Grade Corporate Bond Funds | | | | | 15.3 | | |
| U.S. Large Cap Core Funds | | | | | 11.5 | | |
| Bank Loan Funds | | | | | 8.2 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 8.2 | | |
| U.S. Large Cap Growth Funds | | | | | 7.4 | | |
| International Large Cap Growth Fund | | | | | 4.5 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 4.0 | | |
| U.S. Preferred Funds | | | | | 3.8 | | |
| U.S. Small Cap Growth Funds | | | | | 3.3 | | |
| Money Market Funds | | | | | 2.7 | | |
| Volatility Note | | | | | 1.3 | | |
| Total Investments | | | | | 102.3 | | |
| Other Assets and Liabilites, Net | | | | | (2.3) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund’s portfolio is subject to change.
IQ Hedge Event-Driven Tracker ETF
Net Assets ($ mil): $4.5
| Asset Class | | | % of
Net Assets | |
| Investment Grade Corporate Bond Funds | | | | | 47.2% | | |
| Bank Loan Funds | | | | | 23.4 | | |
| Convertible Bond Fund | | | | | 22.0 | | |
| U.S. Small Cap Growth Funds | | | | | 7.0 | | |
| Money Market Funds | | | | | 6.0 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 0.1 | | |
| Total Investments | | | | | 105.7 | | |
| Other Assets and Liabilites, Net | | | | | (5.7) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Real Return ETF
Net Assets ($ mil): $51.6
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 80.1% | | |
| Money Market Funds | | | | | 24.6 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 8.6 | | |
| U.S. REITS Funds | | | | | 6.0 | | |
| U.S. Large Cap Core Funds | | | | | 3.8 | | |
| U.S. Long Term Treasury Bond Fund | | | | | 1.3 | | |
| Total Investments | | | | | 124.4 | | |
| Other Assets and Liabilites, Net | | | | | (24.4) | | |
| Total Net Assets | | | | | 100.0% | | |
| |
See notes to financial statements.
Portfolio Summaries* (continued)
October 31, 2020 (unaudited)
IQ Enhanced Core Plus Bond U.S. ETF
Net Assets ($ mil): $26.5
| Asset Class | | | % of
Net Assets | |
| Investment Grade Corporate Bond Funds | | | | | 38.5% | | |
| High Yield Corporate Bond Funds | | | | | 15.7 | | |
| Mortgage Backed Securities Funds | | | | | 15.3 | | |
Short Maturity Investment Grade Corporate
Bond Fund | | | | | 11.4 | | |
U.S. Intermediate Term Treasury Bond Funds | | | | | 10.1 | | |
| Emerging Market Bond Funds | | | | | 5.0 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 3.4 | | |
| Money Market Funds | | | | | 1.8 | | |
| U.S. Short Term Treasury Bond Funds | | | | | 0.5 | | |
| Total Investments | | | | | 101.7 | | |
| Other Assets and Liabilites, Net | | | | | (1.7) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ S&P High Yield Low Volatility Bond ETF
Net Assets ($ mil): $107.6
| Industry | | | % of
Net Assets | |
| Media | | | | | 15.4% | | |
| Consumer Discretionary | | | | | 13.3 | | |
| Health Care | | | | | 11.6 | | |
| Industrials | | | | | 10.4 | | |
| Consumer Staples | | | | | 8.6 | | |
| Materials | | | | | 7.7 | | |
| Telecommunication Services | | | | | 6.9 | | |
| Financials | | | | | 5.5 | | |
| Energy | | | | | 5.3 | | |
| Information Technology | | | | | 5.3 | | |
| Utilities | | | | | 3.9 | | |
| Real Estate | | | | | 3.6 | | |
| Money Market Funds | | | | | 3.1 | | |
| Transportation | | | | | 0.6 | | |
| Total Investments | | | | | 101.2 | | |
| Other Assets and Liabilites, Net | | | | | (1.2) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund’s portfolio is subject to change.
IQ Merger Arbitrage ETF
Net Assets ($ mil): $744.3
| Industry | | | % of
Net Assets | |
| Money Market Funds | | | | | 22.0% | | |
| Consumer Discretionary | | | | | 20.6 | | |
| Information Technology | | | | | 12.7 | | |
| Health Care | | | | | 9.8 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 9.4 | | |
| Financials | | | | | 7.9 | | |
| Industrials | | | | | 7.6 | | |
| Communication Services | | | | | 6.5 | | |
| Energy | | | | | 2.8 | | |
| Real Estate | | | | | 1.6 | | |
| Materials | | | | | 1.4 | | |
| Consumer Staples | | | | | 0.3 | | |
| Total Investments | | | | | 102.6 | | |
| Other Assets and Liabilites, Net | | | | | (2.6) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Global Resources ETF
Net Assets ($ mil): $20.1
| Industry | | | % of
Net Assets | |
| Energy | | | | | 15.2% | | |
| Precious Metals | | | | | 14.0 | | |
| Livestock | | | | | 13.1 | | |
| Grains Food Fiber | | | | | 13.0 | | |
| Timber | | | | | 11.2 | | |
| Industrial Metals | | | | | 9.6 | | |
| Water | | | | | 6.7 | | |
| Coal | | | | | 6.6 | | |
| Money Market Funds | | | | | 5.4 | | |
| U.S. Ultra Short Term Bond Fund | | | | | 5.1 | | |
| Total Investments | | | | | 99.9 | | |
| Other Assets and Liabilites, Net | | | | | 0.1 | | |
| Total Net Assets | | | | | 100.0% | | |
| |
See notes to financial statements.
Portfolio Summaries* (continued)
October 31, 2020 (unaudited)
IQ U.S. Real Estate Small Cap ETF
Net Assets ($ mil): $34.7
| Asset Class | | | % of
Net Assets | |
| Specialized REITs | | | | | 24.8% | | |
| Retail REITs | | | | | 17.3 | | |
| Hotel REITs | | | | | 15.4 | | |
| Mortgage REITs | | | | | 14.5 | | |
| Diversified REITs | | | | | 12.4 | | |
| Office REITs | | | | | 11.4 | | |
| Residential REITs | | | | | 4.0 | | |
| Money Market Funds | | | | | 0.3 | | |
| Total Investments | | | | | 100.1 | | |
| Other Assets and Liabilites, Net | | | | | (0.1) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ 500 International ETF
Net Assets ($ mil): $215.4
| Industry | | | % of
Net Assets | |
| Industrials | | | | | 22.2% | | |
| Consumer Discretionary | | | | | 15.6 | | |
| Materials | | | | | 10.8 | | |
| Consumer Staples | | | | | 10.6 | | |
| Financials | | | | | 8.7 | | |
| Communication Services | | | | | 7.9 | | |
| Energy | | | | | 6.3 | | |
| Utilities | | | | | 6.3 | | |
| Health Care | | | | | 5.9 | | |
| Information Technology | | | | | 5.1 | | |
| Money Market Funds | | | | | 3.7 | | |
| Total Investments | | | | | 103.1 | | |
| Other Assets and Liabilites, Net | | | | | (3.1) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund’s portfolio is subject to change.
IQ 50 Percent Hedged FTSE International ETF
Net Assets ($ mil): $250.1
| Industry | | | % of
Net Assets | |
| Financials | | | | | 15.4% | | |
| Industrials | | | | | 15.0 | | |
| Health Care | | | | | 12.9 | | |
| Consumer Discretionary | | | | | 12.2 | | |
| Consumer Staples | | | | | 10.8 | | |
| Information Technology | | | | | 10.2 | | |
| Materials | | | | | 8.1 | | |
| Communication Services | | | | | 5.8 | | |
| Utilities | | | | | 3.7 | | |
| Real Estate | | | | | 3.1 | | |
| Energy | | | | | 2.6 | | |
| Money Market Fund | | | | | 1.6 | | |
| Total Investments | | | | | 101.4 | | |
| Other Assets and Liabilites, Net | | | | | (1.4) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Candriam ESG International Equity ETF
Net Assets ($ mil): $101.8
| Industry | | | % of
Net Assets | |
| Financials | | | | | 16.9% | | |
| Industrials | | | | | 15.5 | | |
| Health Care | | | | | 13.7 | | |
| Consumer Discretionary | | | | | 12.0 | | |
| Consumer Staples | | | | | 9.5 | | |
| Information Technology | | | | | 9.1 | | |
| Materials | | | | | 7.8 | | |
| Communication Services | | | | | 6.7 | | |
| Utilities | | | | | 3.2 | | |
| Real Estate | | | | | 3.2 | | |
| Energy | | | | | 2.0 | | |
| Money Market Funds | | | | | 1.0 | | |
| Total Investments | | | | | 100.6 | | |
| Other Assets and Liabilites, Net | | | | | (0.6) | | |
| Total Net Assets | | | | | 100.0% | | |
| |
See notes to financial statements.
Portfolio Summaries* (continued)
October 31, 2020 (unaudited)
IQ Candriam ESG U.S. Equity ETF
Net Assets ($ mil): $220.5
| Industry | | | % of
Net Assets | |
| Information Technology | | | | | 35.3% | | |
| Consumer Discretionary | | | | | 15.0 | | |
| Health Care | | | | | 13.9 | | |
| Communication Services | | | | | 10.5 | | |
| Consumer Staples | | | | | 6.0 | | |
| Industrials | | | | | 5.9 | | |
| Financials | | | | | 5.2 | | |
| Real Estate | | | | | 3.2 | | |
| Materials | | | | | 2.7 | | |
| Utilities | | | | | 1.6 | | |
| Energy | | | | | 0.6 | | |
| Money Market Funds | | | | | 0.1 | | |
| Total Investments | | | | | 100.0 | | |
| Other Assets and Liabilites, Net | | | | | (0.0)(a) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Chaikin U.S. Small Cap ETF
Net Assets ($ mil): $132.5
| Industry | | | % of
Net Assets | |
| Financials | | | | | 20.4% | | |
| Industrials | | | | | 17.1 | | |
| Health Care | | | | | 15.7 | | |
| Consumer Discretionary | | | | | 14.2 | | |
| Information Technology | | | | | 12.8 | | |
| Real Estate | | | | | 5.7 | | |
| Materials | | | | | 4.0 | | |
| Consumer Staples | | | | | 3.4 | | |
| Communication Services | | | | | 3.2 | | |
| Money Market Funds | | | | | 2.4 | | |
| Energy | | | | | 2.4 | | |
| Utilities | | | | | 1.0 | | |
| Total Investments | | | | | 102.3 | | |
| Other Assets and Liabilites, Net | | | | | (2.3) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund’s portfolio is subject to change.
(a)
Less than 0.05%.
IQ Chaikin U.S. Large Cap ETF
Net Assets ($ mil): $243.8
| Industry | | | % of
Net Assets | |
| Information Technology | | | | | 25.9% | | |
| Health Care | | | | | 14.1 | | |
| Financials | | | | | 13.7 | | |
| Communication Services | | | | | 11.7 | | |
| Consumer Discretionary | | | | | 11.2 | | |
| Industrials | | | | | 8.6 | | |
| Consumer Staples | | | | | 5.1 | | |
| Utilities | | | | | 3.8 | | |
| Real Estate | | | | | 2.6 | | |
| Energy | | | | | 2.0 | | |
| Materials | | | | | 1.1 | | |
| Money Market Fund | | | | | 0.1 | | |
| Total Investments | | | | | 99.9 | | |
| Other Assets and Liabilites, Net | | | | | 0.1 | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Exchange Traded Note — 0.3% | |
| Volatility Note — 0.3% | |
iPath Series B S&P 500 VIX Short-Term Futures ETN*(a) | | | | | | | | | | | | | |
| (Cost $1,849,227) | | | | | 73,821 | | | | | $ | 1,958,471 | | |
| Exchange Traded Vehicles — 3.8% | |
| British Pound Fund — 0.4% | |
Invesco CurrencyShares British Pound Sterling Trust* | | | | | 22,403 | | | | | | 2,805,752 | | |
| Euro Fund — 2.4% | |
Invesco CurrencyShares Euro Currency Trust†*(a) | | | | | 162,239 | | | | | | 17,771,660 | | |
| Gold Funds — 0.5% | |
Aberdeen Standard Physical Gold Shares ETF*(a) | | | | | 13,646 | | | | | | 246,310 | | |
Graniteshares Gold Trust* | | | | | 6,323 | | | | | | 117,987 | | |
iShares Gold Trust* | | | | | 160,359 | | | | | | 2,868,823 | | |
SPDR Gold MiniShares Trust*(a) | | | | | 17,407 | | | | | | 325,685 | | |
| Total Gold Funds | | | | | | | | | | | 3,558,805 | | |
| Silver Fund — 0.5% | |
iShares Silver Trust* | | | | | 172,526 | | | | | | 3,793,847 | | |
| U.S. Dollar Fund — 0.0%(b) | |
Invesco DB U.S. Dollar Index Bullish
Fund | | | | | 36 | | | | | | 913 | | |
| Total Exchange Traded Vehicles | | | |
| (Cost $27,900,060) | | | | | | | | | | | 27,930,977 | | |
| Investment Companies — 95.7% | |
| Bank Loan Funds — 12.6% | |
Invesco Senior Loan ETF(a) | | | | | 3,086,075 | | | | | | 66,350,613 | | |
SPDR Blackstone / GSO Senior Loan
ETF(a) | | | | | 598,270 | | | | | | 26,479,430 | | |
| Total Bank Loan Funds | | | | | | | | | | | 92,830,043 | | |
| BRIC Equity Funds — 1.6% | |
iShares China Large-Cap ETF(a) | | | | | 81,262 | | | | | | 3,583,654 | | |
iShares MSCI China ETF(a) | | | | | 84,462 | | | | | | 6,564,387 | | |
| SPDR S&P China ETF | | | | | 12,679 | | | | | | 1,571,689 | | |
| Total BRIC Equity Funds | | | | | | | | | | | 11,719,730 | | |
| Broad Fund — 0.1% | |
| FlexShares Global Upstream Natural Resources Index Fund | | | | | 30,261 | | | | | | 809,784 | | |
| Convertible Bond Fund — 4.9% | |
SPDR Bloomberg Barclays Convertible Securities ETF(a) | | | | | 529,267 | | | | | | 36,471,789 | | |
| Emerging Bonds — Local Currency Funds — 1.4% | |
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF(a) | | | | | 84,630 | | | | | | 2,226,615 | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | | | 252,156 | | | | | | 7,751,276 | | |
| WisdomTree Emerging Markets Local Debt Fund | | | | | 9,941 | | | | | | 316,124 | | |
| Total Emerging Bonds — Local Currency Funds | | | | | | | | | | | 10,294,015 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Emerging Bonds — USD Funds — 1.7% | |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | | | | | 103,863 | | | | | $ | 11,427,007 | | |
| Vanguard Emerging Markets Government Bond ETF | | | | | 16,199 | | | | | | 1,268,382 | | |
| Total Emerging Bonds — USD Funds | | | | | | | | | | | 12,695,389 | | |
| Emerging Equity Funds — 6.0% | |
iShares Core MSCI Emerging Markets ETF(a) | | | | | 388,788 | | | | | | 20,788,494 | | |
| Vanguard FTSE Emerging Markets ETF | | | | | 533,594 | | | | | | 23,376,753 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 44,165,247 | | |
| Emerging Markets Small Cap Equity Fund — 1.4% | |
| SPDR S&P Emerging Markets SmallCap ETF | | | | | 232,449 | | | | | | 10,216,134 | | |
| Europe Equity Funds — 1.7% | |
| iShares Core MSCI Europe ETF | | | | | 64,261 | | | | | | 2,724,666 | | |
Vanguard FTSE Europe ETF(a) | | | | | 193,252 | | | | | | 9,583,367 | | |
| Total Europe Equity Funds | | | | | | | | | | | 12,308,033 | | |
| Floating Rate — Investment Grade Funds — 7.3% | |
| iShares Floating Rate Bond ETF | | | | | 733,653 | | | | | | 37,188,871 | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | | | 535,704 | | | | | | 16,381,828 | | |
| Total Floating Rate — Investment Grade Funds | | | | | | | | | | | 53,570,699 | | |
| High Yield Corporate Bond Funds — 3.2% | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | | | 314,146 | | | | | | 13,791,009 | | |
iShares iBoxx High Yield Corporate Bond
ETF(a) | | | | | 3,307 | | | | | | 277,391 | | |
SPDR Bloomberg Barclays High Yield Bond ETF(a) | | | | | 1,253 | | | | | | 130,688 | | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | | | 368,513 | | | | | | 9,540,802 | | |
Xtrackers USD High Yield Corporate Bond
ETF(a) | | | | | 1,368 | | | | | | 65,787 | | |
Total High Yield Corporate Bond
Funds | | | | | | | | | | | 23,805,677 | | |
| International Equity Core Funds — 2.5% | |
| iShares Core MSCI EAFE ETF | | | | | 151,869 | | | | | | 8,832,701 | | |
Vanguard FTSE Developed Markets
ETF | | | | | 234,672 | | | | | | 9,257,810 | | |
Total International Equity Core
Funds | | | | | | | | | | | 18,090,511 | | |
| International Large Cap Growth Fund — 0.3% | |
iShares MSCI EAFE Growth ETF(a) | | | | | 29,377 | | | | | | 2,535,235 | | |
| International Small Cap Equity Funds — 1.2% | |
Schwab International Small-Cap Equity ETF(a) | | | | | 91,070 | | | | | | 2,865,062 | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | | | 57,885 | | | | | | 5,929,161 | | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 8,794,223 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Investment Grade Corporate Bond Funds — 9.3% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 49,832 | | | | | $ | 3,011,348 | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF(a) | | | | | 221,719 | | | | | | 29,650,482 | | |
SPDR Portfolio Short Term Corporate Bond ETF(a) | | | | | 80,439 | | | | | | 2,521,763 | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 218,780 | | | | | | 20,884,739 | | |
Vanguard Short-Term Corporate Bond ETF(a) | | | | | 147,161 | | | | | | 12,181,987 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 68,250,319 | | |
| Japan Equity Fund — 0.6% | |
Xtrackers MSCI Japan Hedged
Equity ETF | | | | | 112,439 | | | | | | 4,487,440 | | |
| U.S. Large Cap Core Funds — 1.1% | |
| Energy Select Sector SPDR Fund | | | | | 61,790 | | | | | | 1,774,609 | | |
Financial Select Sector SPDR Fund(a) | | | | | 174,566 | | | | | | 4,165,145 | | |
Health Care Select Sector SPDR
Fund(a) | | | | | 13,919 | | | | | | 1,415,005 | | |
Technology Select Sector SPDR
Fund(a) | | | | | 8,165 | | | | | | 905,172 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 8,259,931 | | |
| U.S. Large Cap Growth Funds — 2.1% | |
| iShares Core S&P U.S. Growth ETF | | | | | 19,470 | | | | | | 1,512,819 | | |
| Schwab U.S. Large-Cap Growth ETF | | | | | 17,583 | | | | | | 1,967,538 | | |
| SPDR Portfolio S&P 500 Growth ETF | | | | | 30,329 | | | | | | 1,473,686 | | |
Vanguard Growth ETF(a) | | | | | 44,469 | | | | | | 9,817,421 | | |
Vanguard Russell 1000 Growth ETF(a) | | | | | 3,551 | | | | | | 767,868 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 15,539,332 | | |
| U.S. Medium Term Treasury Bond Funds — 5.8% | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 168,469 | | | | | | 22,391,215 | | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | | | 118,474 | | | | | | 6,901,111 | | |
| Vanguard Intermediate-Term Treasury ETF | | | | | 189,969 | | | | | | 13,290,231 | | |
Total U.S. Medium Term Treasury Bond
Funds | | | | | | | | | | | 42,582,557 | | |
| U.S. Small Cap Value Funds — 1.3% | |
iShares Russell 2000 Value ETF(a) | | | | | 27,647 | | | | | | 2,847,364 | | |
iShares S&P Small-Cap 600 Value ETF(a) | | | | | 27,068 | | | | | | 1,717,465 | | |
Vanguard Small-Cap Value ETF(a) | | | | | 41,642 | | | | | | 4,751,352 | | |
| Total U.S. Small Cap Value Funds | | | | | | | | | | | 9,316,181 | | |
| U.S. Ultra Short Term Bond Funds — 29.6% | |
Goldman Sachs Access Treasury 0-1 Year
ETF(a) | | | | | 401,247 | | | | | | 40,176,862 | | |
| Invesco Treasury Collateral ETF | | | | | 360,058 | | | | | | 38,065,332 | | |
IQ Ultra Short Duration ETF† | | | | | 1,885,214 | | | | | | 93,638,579 | | |
iShares Short Treasury Bond ETF(a) | | | | | 336,744 | | | | | | 37,277,561 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 100,665 | | | | | | 9,213,867 | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 218,372,201 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $692,906,811) | | | | | | | | | | $ | 705,114,470 | | |
| Short-Term Investments — 12.6% | |
| Money Market Funds — 12.6% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.02%(c)(d) | | | | | 91,292,003 | | | | | | 91,292,003 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.04%(c) | | | | | 1,337,137 | | | | | | 1,337,137 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $92,629,140) | | | | | | | | | | | 92,629,140 | | |
| Total Investments — 112.4% | | | | | | | | | | | | | |
| (Cost $815,285,238) | | | | | | | | | | | 827,633,058 | | |
| Other Assets and Liabilities, Net — (12.4)% | | | | | | | | | | | (91,227,201) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 736,405,857 | | |
| |
*
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 $202,515,278; total market value of collateral held by the Fund was $208,083,161. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $116,791,158.
(b)
Less than 0.05%.
(c)
Reflects the 1-day yield at October 31, 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)
October 31, 2020 (unaudited)
Total Return Swap contracts outstanding at October 31, 2020:
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(f) | |
Aberdeen Standard Physical Gold
Shares ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 12,382 | | | | | $ | — | | |
Aberdeen Standard Physical Gold
Shares ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 12,382 | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF - 0.05% | | | | | 7/02/2021 | | | | Monthly | | | | | (653,087) | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (653,087) | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 89,175 | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 89,176 | | | | | | — | | |
Financial Select Sector SPDR
Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 209,276 | | | | | | — | | |
Financial Select Sector SPDR
Fund | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 209,276 | | | | | | — | | |
FlexShares Global Upstream Natural Resources Index
Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 40,702 | | | | | | — | | |
FlexShares Global Upstream Natural Resources Index
Fund | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 40,702 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,018,621 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 2,018,621 | | | | | | — | | |
| Graniteshares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 5,934 | | | | | | — | | |
| Graniteshares Gold Trust | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 5,934 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 71,061 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 71,060 | | | | | | — | | |
Invesco CurrencyShares Australian
Dollar Trust | | | Morgan Stanley | | | 1-Day FEDEF - 3.69% | | | | | 7/02/2021 | | | | Monthly | | | | | (956,393) | | | | | | — | | |
Invesco CurrencyShares Australian
Dollar Trust | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,189,099) | | | | | | — | | |
| Invesco CurrencyShares British Pound Sterling Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 141,020 | | | | | | — | | |
| Invesco CurrencyShares British Pound Sterling Trust | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 141,020 | | | | | | — | | |
| Invesco CurrencyShares Euro Currency Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 892,861 | | | | | | — | | |
| Invesco CurrencyShares Euro Currency Trust | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 892,861 | | | | | | — | | |
Invesco DB U.S. Dollar Index Bullish
Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 51 | | | | | | — | | |
Invesco DB U.S. Dollar Index Bullish
Fund | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 51 | | | | | | — | | |
| Invesco KBW Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.14% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,032,381) | | | | | | — | | |
| Invesco KBW Bank ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,032,381) | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (571,443) | | | | | | — | | |
| Invesco Preferred ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (571,443) | | | | | | — | | |
Invesco S&P 500 Low Volatility
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.74% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,010,058) | | | | | | — | | |
Invesco S&P 500 Low Volatility
ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,010,058) | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,333,704 | | | | | | — | | |
| Invesco Senior Loan ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 3,333,704 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,912,581 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,912,581 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 98,400 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 98,400 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,704,742 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 4,704,742 | | | | | | — | | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 692,918 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
October 31, 2020 (unaudited)
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(f) | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | $ | 692,918 | | | | | $ | — | | |
iShares 20+ Year Treasury Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (72,640) | | | | | | — | | |
iShares 20+ Year Treasury Bond
ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (72,640) | | | | | | — | | |
iShares 3-7 Year Treasury Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,125,083 | | | | | | — | | |
iShares 3-7 Year Treasury Bond
ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,125,083 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 151,316 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 151,317 | | | | | | — | | |
| iShares China Large-Cap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 180,061 | | | | | | — | | |
| iShares China Large-Cap ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 180,060 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 443,761 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 443,761 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,044,483 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,044,483 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 136,909 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 136,910 | | | | | | — | | |
| iShares Core MSCI Pacific ETF | | | Morgan Stanley | | | 1-Day FEDEF - 7.64% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,048,878) | | | | | | — | | |
| iShares Core MSCI Pacific ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,048,878) | | | | | | — | | |
iShares Core S&P U.S. Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 75,990 | | | | | | — | | |
iShares Core S&P U.S. Growth
ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 75,991 | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.19% | | | | | 7/02/2021 | | | | Monthly | | | | | (458,237) | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (458,237) | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.09% | | | | | 7/02/2021 | | | | Monthly | | | | | (346,586) | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (346,586) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,868,484 | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,868,484 | | | | | | — | | |
| iShares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 144,139 | | | | | | — | | |
| iShares Gold Trust | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 144,140 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,489,752 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,489,752 | | | | | | — | | |
iShares iBoxx High Yield Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 13,924 | | | | | | — | | |
iShares iBoxx High Yield Corporate
Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 13,924 | | | | | | — | | |
iShares J.P. Morgan USD Emerging
Markets Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 574,084 | | | | | | — | | |
iShares J.P. Morgan USD Emerging
Markets Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 574,084 | | | | | | — | | |
| iShares MBS ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.59% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,698,356) | | | | | | — | | |
| iShares MBS ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,698,356) | | | | | | — | | |
| iShares MSCI China ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 329,843 | | | | | | — | | |
| iShares MSCI China ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 329,844 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 127,379 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 127,379 | | | | | | — | | |
| iShares MSCI Emerging Markets Min Vol Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (820,718) | | | | | | — | | |
| iShares MSCI Emerging Markets Min Vol Factor ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (820,718) | | | | | | — | | |
| iShares MSCI Japan ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (756,363) | | | | | | — | | |
| iShares MSCI Japan ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (756,363) | | | | | | — | | |
| iShares MSCI USA Min Vol Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (3,919,480) | | | | | | — | | |
| iShares MSCI USA Min Vol Factor ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (3,919,480) | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
October 31, 2020 (unaudited)
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(f) | |
| iShares MSCI USA Momentum Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | $ | (315,649) | | | | | $ | — | | |
| iShares MSCI USA Momentum Factor ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (315,649) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,538,263) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,538,263) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.89% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,101,790) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,101,790) | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 143,053 | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 143,053 | | | | | | — | | |
iShares S&P Small-Cap 600 Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 4.04% | | | | | 7/02/2021 | | | | Monthly | | | | | (502,040) | | | | | | — | | |
iShares S&P Small-Cap 600 Growth
ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (502,040) | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 86,292 | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 86,292 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,872,933 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,872,933 | | | | | | — | | |
| iShares Silver Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 190,610 | | | | | | — | | |
| iShares Silver Trust | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 190,609 | | | | | | — | | |
| iShares TIPS Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (2,564,460) | | | | | | — | | |
| iShares TIPS Bond ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (2,564,460) | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 346,704 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 346,704 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 143,961 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 143,961 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 98,807 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 98,808 | | | | | | — | | |
Schwab U.S. Large-Cap Value
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (461,984) | | | | | | — | | |
Schwab U.S. Large-Cap Value
ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (461,983) | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.50% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,049,108) | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,049,108) | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,330,411 | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,330,411 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 462,958 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 462,959 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,832,455 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,832,455 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 111,870 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 111,870 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,571 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 6,571 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
October 31, 2020 (unaudited)
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(f) | |
SPDR Bloomberg Barclays
Investment Grade Floating Rate
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 823,091 | | | | | $ | — | | |
SPDR Bloomberg Barclays
Investment Grade Floating Rate
ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 823,091 | | | | | | — | | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 479,354 | | | | | | — | | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 479,353 | | | | | | — | | |
SPDR Dow Jones International Real
Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.89% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,419,620) | | | | | | — | | |
SPDR Dow Jones International Real
Estate ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,419,620) | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 16,353 | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 16,353 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (10,335) | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (10,335) | | | | | | — | | |
SPDR Portfolio S&P 500 Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 74,051 | | | | | | — | | |
SPDR Portfolio S&P 500 Growth
ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 74,051 | | | | | | — | | |
SPDR Portfolio S&P 500 Value
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.74% | | | | | 7/02/2021 | | | | Monthly | | | | | (372,678) | | | | | | — | | |
SPDR Portfolio S&P 500 Value
ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (372,678) | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 126,716 | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 126,717 | | | | | | — | | |
| SPDR S&P Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.64% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,818,775) | | | | | | — | | |
| SPDR S&P Bank ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,818,775) | | | | | | — | | |
| SPDR S&P China ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 78,962 | | | | | | — | | |
| SPDR S&P China ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 78,963 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 513,292 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 513,292 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 45,453 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 45,453 | | | | | | — | | |
| VanEck Vectors High-Yield Muni ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,417,050) | | | | | | — | | |
| VanEck Vectors High-Yield Muni ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,417,050) | | | | | | — | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 389,445 | | | | | | — | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 389,445 | | | | | | — | | |
| Vanguard Emerging Markets Government Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 63,736 | | | | | | — | | |
| Vanguard Emerging Markets Government Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 63,736 | | | | | | — | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 297,867 | | | | | | — | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 297,866 | | | | | | — | | |
Vanguard FTSE Developed Markets
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 465,155 | | | | | | — | | |
Vanguard FTSE Developed Markets
ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 465,155 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,174,546 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,174,546 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 481,519 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 481,519 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
October 31, 2020 (unaudited)
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(f) | |
| Vanguard FTSE Pacific ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.94% | | | | | 7/02/2021 | | | | Monthly | | | | $ | (3,986,650) | | | | | $ | — | | |
| Vanguard FTSE Pacific ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (3,986,650) | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 493,200 | | | | | | — | | |
| Vanguard Growth ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 493,200 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,049,296 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,049,296 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 667,768 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 667,768 | | | | | | — | | |
Vanguard Long-Term Treasury
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 6.19% | | | | | 7/02/2021 | | | | Monthly | | | | | (9,528) | | | | | | — | | |
Vanguard Long-Term Treasury
ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (9,528) | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (888,165) | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (888,165) | | | | | | — | | |
Vanguard Russell 1000 Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 38,491 | | | | | | — | | |
Vanguard Russell 1000 Growth
ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 38,491 | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Morgan Stanley | | | 1-Day FEDEF - 5.14% | | | | | 7/02/2021 | | | | Monthly | | | | | (183,417) | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (183,418) | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 612,075 | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 612,075 | | | | | | — | | |
Vanguard Small-Cap Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.64% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,351,623) | | | | | | — | | |
Vanguard Small-Cap Growth
ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,351,623) | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 238,697 | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 238,697 | | | | | | — | | |
| Vanguard Value ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (3,524,551) | | | | | | — | | |
| Vanguard Value ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (3,524,551) | | | | | | — | | |
| WisdomTree Emerging Markets Local Debt Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 15,900 | | | | | | — | | |
| WisdomTree Emerging Markets Local Debt Fund | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 15,900 | | | | | | — | | |
| Xtrackers MSCI Europe Hedged Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF - 17.79% | | | | | 7/02/2021 | | | | Monthly | | | | | (727,441) | | | | | | — | | |
| Xtrackers MSCI Europe Hedged Equity ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (727,441) | | | | | | — | | |
| Xtrackers MSCI Japan Hedged Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 225,451 | | | | | | — | | |
| Xtrackers MSCI Japan Hedged Equity ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 225,452 | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,318 | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Bank of America | | | 1-Month LIBOR + 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 3,318 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
At October 31, 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.
(e) Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
(f) Reflects the value at reset date of October 31, 2020.
Abbreviations
FEDEF — Federal Funds Effective Rate
LIBOR — London InterBank Offered Rate
See notes to financial statements.
Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
October 31, 2020 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Note | | | | $ | 1,958,471 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,958,471 | | |
| Exchange Traded Vehicles | | | | | 27,930,977 | | | | | | — | | | | | | — | | | | | | 27,930,977 | | |
| Investment Companies | | | | | 705,114,470 | | | | | | — | | | | | | — | | | | | | 705,114,470 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 92,629,140 | | | | | | — | | | | | | — | | | | | | 92,629,140 | | |
| Total Investments in Securities | | | | | 827,633,058 | | | | | | — | | | | | | — | | | | | | 827,633,058 | | |
| Other Financial Instruments:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 827,633,058 | | | | | $ | — | | | | | $ | — | | | | | $ | 827,633,058 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(g)
For a complete listing of investments and their industries, see the Schedules of Investments.
(h)
Reflects the unrealized appreciation (depreciation) of the instruments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
Invesco
Currency
Shares
Euro
Currency
Trust(i) | | | | | 142,565 | | | | | | 14,761,180 | | | | | | 14,389,241 | | | | | | (12,484,457) | | | | | | 642,980 | | | | | | 462,716 | | | | | | — | | | | | | — | | | | | | 162,239 | | | | | | 17,771,660 | | |
Invesco
Treasury
Collateral
ETF(j) | | | | | 403,476 | | | | | | 42,760,387 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IQ Ultra
Short
Duration
ETF | | | | | 1,137,443 | | | | | | 56,246,556 | | | | | | 53,438,099 | | | | | | (16,508,867) | | | | | | 340,332 | | | | | | 122,459 | | | | | | 445,014 | | | | | | — | | | | | | 1,885,214 | | | | | | 93,638,579 | | |
| | | | | | 1,683,484 | | | | | | 113,768,123 | | | | | | 67,827,340 | | | | | | (28,993,324) | | | | | | 983,312 | | | | | | 585,175 | | | | | | 445,014 | | | | | | — | | | | | | 2,047,453 | | | | | | 111,410,239 | | |
| |
For more information on the determination, please refer to Note 6.
(i)
As of April 30, 2020, this security was not considered an affiliate of the Fund.
(j)
As of October 31, 2020, this security was no longer considered to be an affiliate of the Fund.
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Exchange Traded Vehicles — 5.5% | |
| Gold Funds — 1.6% | |
Aberdeen Standard Physical Gold Shares
ETF*(a) | | | | | 247 | | | | | $ | 4,458 | | |
Graniteshares Gold Trust* | | | | | 115 | | | | | | 2,146 | | |
iShares Gold Trust* | | | | | 2,904 | | | | | | 51,953 | | |
SPDR Gold MiniShares Trust*(a) | | | | | 315 | | | | | | 5,894 | | |
| Total Gold Funds | | | | | | | | | | | 64,451 | | |
| Silver Fund — 1.6% | |
iShares Silver Trust* | | | | | 3,102 | | | | | | 68,213 | | |
| U.S. Dollar Fund — 2.3% | |
Invesco DB U.S. Dollar Index Bullish
Fund(a) | | | | | 3,728 | | | | | | 94,579 | | |
| Total Exchange Traded Vehicles | | | | | | | | | | | | | |
| (Cost $225,255) | | | | | | | | | | | 227,243 | | |
| Investment Companies — 94.1% | |
| BRIC Equity Funds — 6.0% | |
iShares China Large-Cap ETF(a) | | | | | 1,718 | | | | | | 75,764 | | |
iShares MSCI China ETF(a) | | | | | 1,785 | | | | | | 138,730 | | |
| SPDR S&P China ETF | | | | | 268 | | | | | | 33,221 | | |
| Total BRIC Equity Funds | | | | | | | | | | | 247,715 | | |
| Broad Fund — 0.4% | |
FlexShares Global Upstream Natural Resources Index Fund(a) | | | | | 640 | | | | | | 17,126 | | |
| Convertible Bond Fund — 11.1% | |
SPDR Bloomberg Barclays Convertible Securities ETF(a) | | | | | 6,645 | | | | | | 457,907 | | |
| Emerging Bonds — Local Currency Funds — 5.3% | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | | | 1,789 | | | | | | 47,069 | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | | | 5,329 | | | | | | 163,813 | | |
WisdomTree Emerging Markets Local Debt
Fund | | | | | 210 | | | | | | 6,678 | | |
Total Emerging Bonds — Local Currency
Funds | | | | | | | | | | | 217,560 | | |
| Emerging Bonds — USD Funds — 2.3% | |
iShares J.P. Morgan USD Emerging Markets
Bond ETF | | | | | 767 | | | | | | 84,385 | | |
Vanguard Emerging Markets Government
Bond ETF | | | | | 120 | | | | | | 9,396 | | |
| Total Emerging Bonds — USD Funds | | | | | | | | | | | 93,781 | | |
| Emerging Equity Funds — 6.4% | |
iShares Core MSCI Emerging Markets
ETF(a) | | | | | 2,337 | | | | | | 124,959 | | |
| Vanguard FTSE Emerging Markets ETF | | | | | 3,207 | | | | | | 140,499 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 265,458 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Emerging Small Cap Equity Fund — 2.2% | |
SPDR S&P Emerging Markets SmallCap
ETF | | | | | 2,130 | | | | | $ | 93,614 | | |
| Europe Equity Funds — 1.5% | |
| iShares Core MSCI Europe ETF | | | | | 325 | | | | | | 13,780 | | |
Vanguard FTSE Europe ETF(a) | | | | | 977 | | | | | | 48,449 | | |
| Total Europe Equity Funds | | | | | | | | | | | 62,229 | | |
| Floating Rate — Investment Grade Funds — 5.3% | |
| iShares Floating Rate Bond ETF | | | | | 2,985 | | | | | | 151,309 | | |
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF(a) | | | | | 2,179 | | | | | | 66,634 | | |
Total Floating Rate — Investment Grade
Funds | | | | | | | | | | | 217,943 | | |
| High Yield Corporate Bond Funds — 4.2% | |
iShares iBoxx High Yield Corporate Bond ETF(a) | | | | | 1,211 | | | | | | 101,579 | | |
SPDR Bloomberg Barclays High Yield Bond
ETF(a) | | | | | 459 | | | | | | 47,874 | | |
Xtrackers USD High Yield Corporate Bond ETF(a) | | | | | 501 | | | | | | 24,093 | | |
Total High Yield Corporate Bond
Funds | | | | | | | | | | | 173,546 | | |
| Investment Grade Corporate Bond Funds — 4.1% | |
SPDR Portfolio Short Term Corporate Bond
ETF(a) | | | | | 930 | | | | | | 29,155 | | |
Vanguard Short-Term Corporate Bond ETF(a) | | | | | 1,702 | | | | | | 140,892 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 170,047 | | |
| Japan Equity Fund — 2.0% | |
Xtrackers MSCI Japan Hedged Equity
ETF | | | | | 2,036 | | | | | | 81,257 | | |
| U.S. Large Cap Core Fund — 0.9% | |
| Energy Select Sector SPDR Fund | | | | | 1,267 | | | | | | 36,388 | | |
| U.S. Large Cap Growth Funds — 1.1% | |
| iShares Core S&P U.S. Growth ETF | | | | | 56 | | | | | | 4,351 | | |
| Schwab U.S. Large-Cap Growth ETF | | | | | 50 | | | | | | 5,595 | | |
SPDR Portfolio S&P 500 Growth ETF(a) | | | | | 87 | | | | | | 4,227 | | |
Vanguard Growth ETF(a) | | | | | 127 | | | | | | 28,038 | | |
| Vanguard Russell 1000 Growth ETF | | | | | 10 | | | | | | 2,163 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 44,374 | | |
| U.S. Medium Term Treasury Bond Funds — 4.7% | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 763 | | | | | | 101,410 | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | | | 536 | | | | | | 31,222 | | |
Vanguard Intermediate-Term Treasury
ETF | | | | | 860 | | | | | | 60,166 | | |
| Total U.S. Medium Term Treasury Bond Funds | | | | | | | | | | | 192,798 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Ultra Short Term Bond Funds — 36.6% | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | | | 2,772 | | | | | $ | 277,561 | | |
| Invesco Treasury Collateral ETF | | | | | 2,488 | | | | | | 263,031 | | |
IQ Ultra Short Duration ETF† | | | | | 13,025 | | | | | | 646,952 | | |
iShares Short Treasury Bond ETF(b) | | | | | 2,327 | | | | | | 257,599 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a) | | | | | 696 | | | | | | 63,705 | | |
| Total U.S. Ultra Short Term Bond Funds | | | | | | | | | | | 1,508,848 | | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $3,646,509) | | | | | | | | | | | 3,880,591 | | |
| Short-Term Investments — 9.1% | |
| Money Market Funds — 9.1% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(c)(d) | | | | | 367,848 | | | | | | 367,848 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.03%(c) | | | | | 7,704 | | | | | | 7,704 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $375,552) | | | | | | | | | | | 375,552 | | |
| |
| | | | Shares | | | Value | |
| Total Investments — 108.7% | |
| (Cost $4,247,316) | | | | | | | $ | 4,483,386 | | |
Other Assets and Liabilities,
Net — (8.7)% | | | | | | | | (358,214) | | |
| Net Assets — 100.0% | | | | | | | $ | 4,125,172 | | |
| |
*
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 $1,118,030; total market value of collateral held by the Fund was $1,151,518. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $783,670.
(b)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $239,865.
(c)
Reflects the 1-day yield at October 31, 2020.
(d)
Represents security purchased with cash collateral received for securities on loan.
Total Return Swap contracts outstanding at October 31, 2020:
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(f) | |
Aberdeen Standard Physical Gold
Shares ETF | | | Morgan Stanley | ��� | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 451 | | | | | $ | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,647 | | | | | | — | | |
| FlexShares Global Upstream Natural Resources Index Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,713 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 27,936 | | | | | | — | | |
| Graniteshares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 224 | | | | | | — | | |
Invesco DB U.S. Dollar Index Bullish
Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 9,514 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 26,430 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 65,018 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (32,459) | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 10,234 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.84% | | | | | 5/04/2021 | | | | Monthly | | | | | (786) | | | | | | — | | |
| iShares China Large-Cap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,629 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 12,565 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,399 | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 466 | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.09% | | | | | 5/04/2021 | | | | Monthly | | | | | (10,314) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 15,207 | | | | | | — | | |
| iShares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 5,224 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (7,756) | | | | | | — | | |
iShares iBoxx High Yield Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 10,233 | | | | | | — | | |
iShares J.P. Morgan USD Emerging
Markets Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,472 | | | | | | — | | |
| iShares MSCI China ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 13,912 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)
October 31, 2020 (unaudited)
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(f) | |
| iShares MSCI Emerging Markets Min Vol Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | $ | (58,588) | | | | | $ | — | | |
| iShares MSCI Japan ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (42,166) | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 25,904 | | | | | | — | | |
| iShares Silver Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,861 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,146 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.39% | | | | | 5/04/2021 | | | | Monthly | | | | | (26,364) | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 560 | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.50% | | | | | 5/04/2021 | | | | Monthly | | | | | (31,186) | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,407 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 46,032 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,736 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,798 | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,697 | | | | | | — | | |
| SPDR Dow Jones International Real Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.89% | | | | | 5/04/2021 | | | | Monthly | | | | | (80,112) | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 599 | | | | | | — | | |
SPDR Portfolio Long Term Treasury
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (4,603) | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 437 | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,947 | | | | | | — | | |
| SPDR S&P China ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,347 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 9,405 | | | | | | — | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 16,477 | | | | | | — | | |
| Vanguard Emerging Markets Government Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 940 | | | | | | — | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 5/04/2021 | | | | Monthly | | | | | (54,595) | | | | | | — | | |
Vanguard FTSE Emerging Markets
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 14,107 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,860 | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,870 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (5,441) | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,017 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF - 6.19% | | | | | 5/04/2021 | | | | Monthly | | | | | (4,235) | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 216 | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 14,155 | | | | | | — | | |
| WisdomTree Emerging Markets Local Debt Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 668 | | | | | | — | | |
| Xtrackers MSCI Europe Hedged Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF - 17.79% | | | | | 5/04/2021 | | | | Monthly | | | | | (40,565) | | | | | | — | | |
| Xtrackers MSCI Japan Hedged Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,182 | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,405 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)
October 31, 2020 (unaudited)
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $239,865 at October 31, 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)
Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
(f)
Reflects the value at reset date of October 31, 2020.
Abbreviation
FEDEF — Federal Funds Effective Rate
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Vehicles | | | | $ | 227,243 | | | | | $ | — | | | | | $ | — | | | | | $ | 227,243 | | |
| Investment Companies | | | | | 3,880,591 | | | | | | — | | | | | | — | | | | | | 3,880,591 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 375,552 | | | | | | — | | | | | | — | | | | | | 375,552 | | |
| Total Investments in Securities | | | | | 4,483,386 | | | | | | — | | | | | | — | | | | | | 4,483,386 | | |
| Other Financial Instruments:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 4,483,386 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,483,386 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(g)
For a complete listing of investments and their industries, see the Schedules of Investments.
(h)
Reflects the unrealized appreciation (depreciation) of the instruments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | 6,370 | | | | | | 314,997 | | | | | | 328,783 | | | | | | — | | | | | | — | | | | | | 3,172 | | | | | | 2,718 | | | | | | — | | | | | | 13,025 | | | | | | 646,952 | | |
| | | | | | 6,370 | | | | | | 314,997 | | | | | | 328,783 | | | | | | — | | | | | | — | | | | | | 3,172 | | | | | | 2,718 | | | | | | — | | | | | | 13,025 | | | | | | 646,952 | | |
| |
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
October 31, 2020 (unaudited)
| | | | Shares | | | Value | | | |
| Exchange Traded Vehicles — 3.0% | | | | | | | |
| British Pound Fund — 0.6% | | | | | | | |
Invesco CurrencyShares British Pound Sterling Trust*(a) | | | | | 683 | | | | | $ | 85,539 | | | | |
| Euro Fund — 2.4% | | | | | | | |
Invesco CurrencyShares Euro Currency Trust*(a) | | | | | 3,467 | | | | | | 379,775 | | | | |
| Total Exchange Traded Vehicles | | | | | | | | | | | | | | | |
| (Cost $461,774) | | | | | | | | | | | 465,314 | | | | |
| Investment Companies — 96.9% | | | | | | | |
| Bank Loan Funds — 16.6% | | | | | | | |
Invesco Senior Loan ETF(a) | | | | | 88,335 | | | | | | 1,899,202 | | | | |
SPDR Blackstone / GSO Senior Loan
ETF(a) | | | | | 17,125 | | | | | | 757,953 | | | | |
| Total Bank Loan Funds | | | | | | | | | | | 2,657,155 | | | | |
| Convertible Bond Fund — 2.4% | | | | | | | |
SPDR Bloomberg Barclays Convertible Securities ETF(a) | | | | | 5,456 | | | | | | 375,973 | | | | |
| Emerging Equity Funds — 6.5% | | | | | | | |
iShares Core MSCI Emerging Markets ETF(a) | | | | | 9,174 | | | | | | 490,534 | | | | |
| Vanguard FTSE Emerging Markets ETF | | | | | 12,590 | | | | | | 551,568 | | | | |
| Total Emerging Equity Funds | | | | | | | | | | | 1,042,102 | | | | |
| Europe Equity Funds — 1.8% | | | | | | | |
| iShares Core MSCI Europe ETF | | | | | 1,528 | | | | | | 64,787 | | | | |
Vanguard FTSE Europe ETF(a) | | | | | 4,592 | | | | | | 227,717 | | | | |
| Total Europe Equity Funds | | | | | | | | | | | 292,504 | | | | |
| Floating Rate — Investment Grade Funds — 8.3% | | | | | | | |
| iShares Floating Rate Bond ETF | | | | | 18,061 | | | | | | 915,512 | | | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | | | 13,188 | | | | | | 403,289 | | | | |
| Total Floating Rate — Investment Grade Funds | | | | | | | | | | | 1,318,801 | | | | |
| High Yield Corporate Bond Funds — 4.5% | | | | | �� | | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | | | 9,577 | | | | | | 420,430 | | | | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | | | 11,235 | | | | | | 290,874 | | | | |
Total High Yield Corporate Bond
Funds | | | | | | | | | | | 711,304 | | | | |
| International Small Cap Equity Funds — 3.0% | | | | | | | |
Schwab International Small-Cap Equity ETF(a) | | | | | 5,006 | | | | | | 157,489 | | | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | | | 3,182 | | | | | | 325,932 | | | | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 483,421 | | | | |
| Investment Grade Corporate Bond Funds — 9.4% | | | | | | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 1,405 | | | | | | 84,904 | | | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | | | 6,253 | | | | | | 836,214 | | | | |
| | | | Shares | | | Value | | | |
| Investment Companies (continued) | | | |
| Investment Grade Corporate Bond Funds (continued) | | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 6,170 | | | | | $ | 588,988 | | | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 1,510,106 | | | | |
| U.S. Large Cap Growth Funds — 1.8% | | | | | | | |
| iShares Core S&P U.S. Growth ETF | | | | | 367 | | | | | | 28,516 | | | | |
| Schwab U.S. Large-Cap Growth ETF | | | | | 331 | | | | | | 37,039 | | | | |
| SPDR Portfolio S&P 500 Growth ETF | | | | | 572 | | | | | | 27,793 | | | | |
| Vanguard Growth ETF | | | | | 839 | | | | | | 185,226 | | | | |
| Vanguard Russell 1000 Growth ETF | | | | | 66 | | | | | | 14,272 | | | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 292,846 | | | | |
| U.S. Medium Term Treasury Bond Funds — 6.1% | | | | | | | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 3,852 | | | | | | 511,970 | | | | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | | | 2,708 | | | | | | 157,741 | | | | |
| Vanguard Intermediate-Term Treasury ETF | | | | | 4,343 | | | | | | 303,836 | | | | |
Total U.S. Medium Term Treasury Bond
Funds | | | | | | | | | | | 973,547 | | | | |
| U.S. Small Cap Value Funds — 1.9% | | | | | | | |
iShares Russell 2000 Value ETF(a) | | | | | 911 | | | | | | 93,824 | | | | |
iShares S&P Small-Cap 600 Value ETF(a) | | | | | 894 | | | | | | 56,724 | | | | |
Vanguard Small-Cap Value ETF(a) | | | | | 1,374 | | | | | | 156,774 | | | | |
| Total U.S. Small Cap Value Funds | | | | | | | | | | | 307,322 | | | | |
| U.S. Ultra Short Term Bond Funds — 34.6% | | | | | | | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 10,177 | | | | | | 1,019,023 | | | | |
| Invesco Treasury Collateral ETF | | | | | 9,132 | | | | | | 965,435 | | | | |
IQ Ultra Short Duration ETF† | | | | | 47,818 | | | | | | 2,375,120 | | | | |
iShares Short Treasury Bond ETF(a) | | | | | 8,542 | | | | | | 945,600 | | | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 2,553 | | | | | | 233,676 | | | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 5,538,854 | | | | |
| Total Investment Companies | | | | | | | | | | | | | | | |
| (Cost $15,474,670) | | | | | | | | | | | 15,503,935 | | | | |
| Short-Term Investments — 17.7% | | | | | | | |
| Money Market Funds — 17.7% | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.02%(b)(c) | | | | | 2,795,304 | | | | | | 2,795,304 | | | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.03%(b) | | | | | 34,743 | | | | | | 34,743 | | | | |
| Total Short-Term Investments | | | | | | | | | | | | | | | |
| (Cost $2,830,047) | | | | | | | | | | | 2,830,047 | | | | |
| Total Investments — 117.6% | | | | | | | |
| (Cost $18,766,491) | | | | | | | | | | | 18,799,296 | | | | |
| Other Assets and Liabilities, Net — (17.6)% | | | | | | | | | | | (2,807,200) | | | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 15,992,096 | | | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
October 31, 2020 (unaudited)
*
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 $4,655,257; total market value of collateral held by the
Fund was $4,770,015. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $1,974,711.
(b)
Reflects the 1-day yield at October 31, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
Total Return Swap contracts outstanding at October 31, 2020:
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 103,935 | | | | | $ | — | | |
Invesco CurrencyShares Australian
Dollar
Trust | | | Morgan Stanley | | | 1-Day FEDEF - 3.69% | | | | | 5/04/2021 | | | | Monthly | | | | | (52,818) | | | | | | — | | |
| Invesco CurrencyShares British Pound Sterling Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,767 | | | | | | — | | |
| Invesco CurrencyShares Euro Currency Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 38,777 | | | | | | — | | |
Invesco DB U.S. Dollar Index Bullish
Fund | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 5/04/2021 | | | | Monthly | | | | | (168,051) | | | | | | — | | |
| Invesco KBW Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.14% | | | | | 5/04/2021 | | | | Monthly | | | | | (51,147) | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (34,536) | | | | | | — | | |
| Invesco S&P 500 Low Volatility ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.74% | | | | | 5/04/2021 | | | | Monthly | | | | | (33,299) | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 193,758 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 98,531 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 242,290 | | | | | | — | | |
iShares 0-5 Year High Yield Corporate Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 42,890 | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 52,234 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,641 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 50,048 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,614 | | | | | | — | | |
| iShares Core MSCI Pacific ETF | | | Morgan Stanley | | | 1-Day FEDEF - 7.64% | | | | | 5/04/2021 | | | | Monthly | | | | | (34,571) | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,875 | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.19% | | | | | 5/04/2021 | | | | Monthly | | | | | (15,118) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 93,422 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 85,320 | | | | | | — | | |
iShares iBoxx High Yield Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (75,073) | | | | | | — | | |
| iShares MBS ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.59% | | | | | 5/04/2021 | | | | Monthly | | | | | (84,151) | | | | | | — | | |
| iShares MSCI USA Min Vol Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (129,239) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 5/04/2021 | | | | Monthly | | | | | (92,977) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.89% | | | | | 5/04/2021 | | | | Monthly | | | | | (63,157) | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 9,578 | | | | | | — | | |
iShares S&P Small-Cap 600 Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 4.04% | | | | | 5/04/2021 | | | | Monthly | | | | | (28,867) | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 5,837 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 96,420 | | | | | | — | | |
| iShares TIPS Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (126,983) | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 16,077 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 16,076 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
October 31, 2020 (unaudited)
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 3,805 | | | | | $ | — | | |
| Schwab U.S. Large-Cap Value ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (15,231) | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 77,322 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 23,798 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 38,383 | | | | | | — | | |
SPDR Bloomberg Barclays High Yield Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (35,358) | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 41,130 | | | | | | — | | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 29,670 | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,818 | | | | | | — | | |
| SPDR Portfolio S&P 500 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.74% | | | | | 5/04/2021 | | | | Monthly | | | | | (12,279) | | | | | | — | | |
| SPDR S&P Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.64% | | | | | 5/04/2021 | | | | Monthly | | | | | (90,102) | | | | | | — | | |
| VanEck Vectors High Yield Muni ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 5/04/2021 | | | | Monthly | | | | | (70,210) | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 33,290 | | | | | | — | | |
Vanguard FTSE Emerging Markets
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 56,296 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 23,258 | | | | | | — | | |
| Vanguard FTSE Pacific ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.94% | | | | | 5/04/2021 | | | | Monthly | | | | | (131,437) | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 18,986 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 60,044 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 30,992 | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (44,008) | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,514 | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Morgan Stanley | | | 1-Day FEDEF - 5.14% | | | | | 5/04/2021 | | | | Monthly | | | | | (6,056) | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.64% | | | | | 5/04/2021 | | | | Monthly | | | | | (77,607) | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 15,974 | | | | | | — | | |
| Vanguard Value ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (116,257) | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 5/04/2021 | | | | Monthly | | | | | (17,793) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
At October 31, 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)
Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
(e)
Reflects the value at reset date of October 31, 2020.
Abbreviation
FEDEF — Federal Funds Effective Rate
See notes to financial statements.
Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
October 31, 2020 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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 | | | | $ | 465,314 | | | | | $ | — | | | | | $ | — | | | | | $ | 465,314 | | |
| Investment Companies | | | | | 15,503,935 | | | | | | — | | | | | | — | | | | | | 15,503,935 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 2,830,047 | | | | | | — | | | | | | — | | | | �� | | 2,830,047 | | |
| Total Investments in Securities | | | | | 18,799,296 | | | | | | — | | | | | | — | | | | | | 18,799,296 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 18,799,296 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,799,296 | | |
| 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.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | 35,819 | | | | | | 1,771,249 | | | | | | 1,208,567 | | | | | | (614,980) | | | | | | 12,859 | | | | | | (2,575) | | | | | | 13,424 | | | | | | — | | | | | | 47,818 | | | | | | 2,375,120 | | |
| | | | | | 35,819 | | | | | | 1,771,249 | | | | | | 1,208,567 | | | | | | (614,980) | | | | | | 12,859 | | | | | | (2,575) | | | | | | 13,424 | | | | | | — | | | | | | 47,818 | | | | | | 2,375,120 | | |
| |
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
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Exchange Traded Note — 1.3% | |
| Volatility Note — 1.3% | |
iPath Series B S&P 500 VIX Short-Term Futures ETN*(a) | | | | | | | | | | | | | |
| (Cost $130,245) | | | | | 4,165 | | | | | $ | 110,498 | | |
| Investment Companies — 98.3% | |
| Bank Loan Funds — 8.2% | |
| Invesco Senior Loan ETF | | | | | 22,370 | | | | | | 480,955 | | |
SPDR Blackstone / GSO Senior Loan ETF(a) | | | | | 4,337 | | | | | | 191,956 | | |
| Total Bank Loan Funds | | | | | | | | | | | 672,911 | | |
| International Equity Core Funds — 32.1% | |
| iShares Core MSCI EAFE ETF | | | | | 22,033 | | | | | | 1,281,439 | | |
Vanguard FTSE Developed
Markets ETF | | | | | 34,051 | | | | | | 1,343,312 | | |
Total International Equity
Core Funds | | | | | | | | | | | 2,624,751 | | |
| International Large Cap Growth Fund — 4.5% | |
| iShares MSCI EAFE Growth ETF | | | | | 4,265 | | | | | | 368,069 | | |
| Investment Grade Corporate Bond Funds — 15.3% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 1,165 | | | | | | 70,401 | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | | | 5,177 | | | | | | 692,320 | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 5,110 | | | | | | 487,801 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 1,250,522 | | |
| U.S. Large Cap Core Funds — 11.5% | |
Financial Select Sector SPDR Fund(a) | | | | | 25,330 | | | | | | 604,374 | | |
Health Care Select Sector
SPDR Fund(a) | | | | | 2,019 | | | | | | 205,251 | | |
Technology Select Sector
SPDR Fund(a) | | | | | 1,187 | | | | | | 131,591 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 941,216 | | |
| U.S. Large Cap Growth Funds — 7.4% | |
| iShares Core S&P U.S. Growth ETF | | | | | 761 | | | | | | 59,130 | | |
| Schwab U.S. Large-Cap Growth ETF | | | | | 689 | | | | | | 77,099 | | |
SPDR Portfolio S&P 500 Growth ETF(a) | | | | | 1,185 | | | | | | 57,579 | | |
| Vanguard Growth ETF | | | | | 1,738 | | | | | | 383,698 | | |
| Vanguard Russell 1000 Growth ETF | | | | | 138 | | | | | | 29,841 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 607,347 | | |
| U.S. Long Term Treasury Bond Funds — 4.0% | |
| iShares 20+ Year Treasury Bond ETF | | | | | 1,635 | | | | | | 257,627 | | |
| SPDR Portfolio Long Term Treasury ETF | | | | | 814 | | | | | | 36,736 | | |
| Vanguard Long-Term Treasury ETF | | | | | 354 | | | | | | 34,069 | | |
| Total U.S. Long Term Treasury Bond Funds | | | | | | | | | | | 328,432 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Preferred Funds — 3.8% | |
| Invesco Preferred ETF | | | | | 5,774 | | | | | $ | 84,531 | | |
iShares Preferred & Income Securities ETF(a) | | | | | 6,281 | | | | | | 227,498 | | |
| Total U.S. Preferred Funds | | | | | | | | | | | 312,029 | | |
| U.S. Small Cap Growth Funds — 3.3% | |
| iShares Russell 2000 Growth ETF | | | | | 446 | | | | | | 99,534 | | |
| iShares S&P Small-Cap 600 Growth ETF | | | | | 504 | | | | | | 45,184 | | |
| Vanguard Small-Cap Growth ETF | | | | | 562 | | | | | | 121,830 | | |
| Total U.S. Small Cap Growth Funds | | | | | | | | | | | 266,548 | | |
| U.S. Ultra Short Term Bond Funds — 8.2% | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 1,229 | | | | | | 123,060 | | |
| Invesco Treasury Collateral ETF | | | | | 1,103 | | | | | | 116,609 | | |
IQ Ultra Short Duration ETF† | | | | | 5,778 | | | | | | 286,993 | | |
iShares Short Treasury Bond ETF(a) | | | | | 1,030 | | | | | | 114,021 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 309 | | | | | | 28,283 | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 668,966 | | |
| Total Investment Companies | | | |
| (Cost $8,183,671) | | | | | | | | | | | 8,040,791 | | |
| Short-Term Investments — 2.7% | |
| Money Market Funds — 2.7% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.02%(b)(c) | | | | | 196,550 | | | | | | 196,550 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.03%(b) | | | | | 23,266 | | | | | | 23,266 | | |
| Total Short-Term Investments | | | |
| (Cost $219,816) | | | | | | | | | | | 219,816 | | |
| Total Investments — 102.3% | | | |
| (Cost $8,533,732) | | | | | | | | | | | 8,371,105 | | |
Other Assets and Liabilities,
Net — (2.3)% | | | | | | | | | | | (191,085) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 8,180,020 | | |
| |
*
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 $1,171,481; total market value of collateral held by the Fund was $1,196,421. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $999,871.
(b)
Reflects the 1-day yield at October 31, 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)
October 31, 2020 (unaudited)
Total Return Swap contracts outstanding at October 31, 2020:
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF - 0.05% | | | | | 3/30/2021 | | | | Monthly | | | | $ | (224,034) | | | | | $ | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF - 0.10% | | | | | 3/30/2021 | | | | Monthly | | | | | (38,542) | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 61,153 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 12,416 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 20,739 | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 8,550 | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 48,676 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 11,841 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 11,169 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 29,057 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 26,157 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 7,131 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 129,697 | | | | | | — | | |
| iShares Core S&P U.S. Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 5,983 | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.09% | | | | | 3/30/2021 | | | | Monthly | | | | | (55,491) | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 70,075 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 37,195 | | | | | | — | | |
| iShares MSCI USA Momentum Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 3/30/2021 | | | | Monthly | | | | | (180,492) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 23,036 | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 10,043 | | | | | | — | | |
iShares S&P Small-Cap 600 Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 4,572 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 11,513 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.39% | | | | | 3/30/2021 | | | | Monthly | | | | | (45,743) | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 7,833 | | | | | | — | | |
| Schwab U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.50% | | | | | 3/30/2021 | | | | Monthly | | | | | (167,957) | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 19,430 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 2,837 | | | | | | — | | |
SPDR Portfolio Long Term Treasury
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 3,701 | | | | | | — | | |
| SPDR Portfolio S&P 500 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 5,831 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 13,303 | | | | | | — | | |
Vanguard FTSE All World ex-U.S.
Small-Cap ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 3/30/2021 | | | | Monthly | | | | | (94,645) | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 135,945 | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 38,856 | | | | | | — | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 49,353 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 3,465 | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 3,027 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 12,356 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
At October 31, 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)
Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
(e)
Reflects the value at reset date of October 31, 2020.
Abbreviation
FEDEF — Federal Funds Effective Rate
See notes to financial statements.
Schedules of Investments — IQ Hedge Long/Short Tracker ETF (continued)
October 31, 2020 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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 | | | | $ | 8,040,791 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,040,791 | | |
| Exchange Traded Note | | | | | 110,498 | | | | | | — | | | | | | — | | | | | | 110,498 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 219,816 | | | | | | — | | | | | | — | | | | | | 219,816 | | |
| Total Investments in Securities | | | | | 8,371,105 | | | | | | — | | | | | | — | | | | | | 8,371,105 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 8,371,105 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,371,105 | | |
| 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.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | 5,656 | | | | | | 279,689 | | | | | | 670,250 | | | | | | (661,787) | | | | | | 3,930 | | | | | | (5,089) | | | | | | 1,738 | | | | | | — | | | | | | 5,778 | | | | | | 286,993 | | |
| | | | | | 5,656 | | | | | | 279,689 | | | | | | 670,250 | | | | | | (661,787) | | | | | | 3,930 | | | | | | (5,089) | | | | | | 1,738 | | | | | | — | | | | | | 5,778 | | | | | | 286,993 | | |
| |
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
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Investment Companies — 99.7% | |
| Bank Loan Funds — 23.4% | |
Invesco Senior Loan ETF(a) | | | | | 35,254 | | | | | $ | 757,961 | | |
SPDR Blackstone / GSO Senior Loan
ETF(a) | | | | | 6,833 | | | | | | 302,428 | | |
| Total Bank Loan Funds | | | | | | | | | | | 1,060,389 | | |
| Convertible Bond Fund — 22.0% | |
SPDR Bloomberg Barclays Convertible Securities ETF(a) | | | | | 14,470 | | | | | | 997,128 | | |
| Investment Grade Corporate Bond Funds — 47.2% | |
SPDR Portfolio Short Term Corporate Bond
ETF | | | | | 11,722 | | | | | | 367,485 | | |
Vanguard Short-Term Corporate Bond
ETF | | | | | 21,439 | | | | | | 1,774,720 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 2,142,205 | | |
| U.S. Small Cap Growth Funds — 7.0% | |
| iShares Russell 2000 Growth ETF | | | | | 533 | | | | | | 118,950 | | |
| iShares S&P Small-Cap 600 Growth ETF | | | | | 604 | | | | | | 54,148 | | |
| Vanguard Small-Cap Growth ETF | | | | | 674 | | | | | | 146,110 | | |
| Total U.S. Small Cap Growth Funds | | | | | | | | | | | 319,208 | | |
| U.S. Ultra Short Term Bond Funds — 0.1% | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | | | 8 | | | | | | 801 | | |
| Invesco Treasury Collateral ETF | | | | | 7 | | | | | | 740 | | |
IQ Ultra Short Duration ETF† | | | | | 26 | | | | | | 1,292 | | |
iShares Short Treasury Bond ETF(a) | | | | | 6 | | | | | | 664 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a) | | | | | 3 | | | | | | 275 | | |
| Total U.S. Ultra Short Term Bond Funds | | | | | | | | | | | 3,772 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
Total Investment Companies
(Cost $4,587,974) | | | | | | | | | | $ | 4,522,702 | | |
| Short-Term Investments — 6.0% | |
| Money Market Funds — 6.0% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(b)(c) | | | | | 257,495 | | | | | | 257,495 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.04%(b) | | | | | 13,892 | | | | | | 13,892 | | |
Total Short-Term Investments
(Cost $271,387) | | | | | | | | | | | 271,387 | | |
Total Investments — 105.7%
(Cost $4,859,361) | | | | | | | | | | | 4,794,089 | | |
Other Assets and Liabilities,
Net — (5.7)% | | | | | | | | | | | (259,737) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 4,534,352 | | |
| |
†
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 $662,681; total market value of collateral held by the Fund was $682,972. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $425,477.
(b)
Reflects the 1-day yield at October 31, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
Total Return Swap contracts outstanding at October 31, 2020:
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Invesco Preferred ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 3/30/2021 | | | | Monthly | | | | $ | (36,673) | | | | | $ | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 27,542 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 50 | | | | | | — | | |
iShares iBoxx High Yield Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 3/30/2021 | | | | Monthly | | | | | (16,860) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.04% | | | | | 3/30/2021 | | | | Monthly | | | | | (98,736) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 4,240 | | | | | | — | | |
iShares S&P Small-Cap 600 Growth
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 1,972 | | | | | | — | | |
| SPDR Blackstone / GSO Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 10,976 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 36,247 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 3/30/2021 | | | | Monthly | | | | | (7,927) | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 13,355 | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | | 64,486 | | | | | | — | | |
See notes to financial statements.
Schedules of Investments — IQ Hedge Event-Driven Tracker ETF (continued)
October 31, 2020 (unaudited)
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(e) | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2021 | | | | Monthly | | | | $ | 5,420 | | | | | $ | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 3/30/2021 | | | | Monthly | | | | | (3,991) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
At October 31, 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)
Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
(e)
Reflects the value at reset date of October 31, 2020.
Abbreviation
FEDEF — Federal Funds Effective Rate
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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 | | | | $ | 4,522,702 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,522,702 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 271,387 | | | | | | — | | | | | | — | | | | | | 271,387 | | |
| Total Investments in Securities | | | | | 4,794,089 | | | | | | — | | | | | | — | | | | | | 4,794,089 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 4,794,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,794,089 | | |
| 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.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/
(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
IQ Ultra Short Duration
ETF | | | | | — | | | | | | — | | | | | | 3,354 | | | | | | (2,084) | | | | | | 20 | | | | | | 2 | | | | | | 9 | | | | | | — | | | | | | 26 | | | | | | 1,292 | | |
| | | | | | — | | | | | | — | | | | | | 3,354 | | | | | | (2,084) | | | | | | 20 | | | | | | 2 | | | | | | 9 | | | | | | — | | | | | | 26 | | | | | | 1,292 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Real Return ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Investment Companies — 99.8% | |
| U.S. Large Cap Core Funds — 3.8% | |
iShares Core S&P 500 ETF(a) | | | | | 2,495 | | | | | $ | 817,412 | | |
SPDR S&P 500 ETF Trust(a) | | | | | 3,444 | | | | | | 1,124,603 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 1,942,015 | | |
| U.S. Long Term Treasury Bond Fund — 1.3% | |
| iShares 20+ Year Treasury Bond ETF | | | | | 4,324 | | | | | | 681,333 | | |
| U.S. Medium Term Treasury Bond Funds — 8.6% | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 14,075 | | | | | | 1,870,708 | | |
iShares 7-10 Year Treasury Bond ETF(a) | | | | | 21,230 | | | | | | 2,548,874 | | |
| Total U.S. Medium Term Treasury Bond Funds | | | | | | | | | | | 4,419,582 | | |
| U.S. REITS Funds — 6.0% | |
| iShares U.S. Real Estate ETF | | | | | 4,472 | | | | | | 346,625 | | |
SPDR Dow Jones REIT ETF(a) | | | | | 1,528 | | | | | | 116,113 | | |
| Vanguard Real Estate ETF | | | | | 34,758 | | | | | | 2,662,115 | | |
| Total U.S. REITS Funds | | | | | | | | | | | 3,124,853 | | |
| U.S. Ultra Short-Term Bond Funds — 80.1% | |
Goldman Sachs Access Treasury 0-1 Year
ETF(a) | | | | | 22,404 | | | | | | 2,243,313 | | |
| Invesco Treasury Collateral ETF | | | | | 6,749 | | | | | | 713,504 | | |
IQ Ultra Short Duration ETF† | | | | | 260,763 | | | | | | 12,952,098 | | |
iShares Short Treasury Bond ETF(a) | | | | | 116,813 | | | | | | 12,931,199 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 136,734 | | | | | | 12,515,263 | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 41,355,377 | | |
Total Investment Companies
(Cost $51,505,156) | | | | | | | | | | | 51,523,160 | | |
| |
| | | | Shares | | | Value | |
| Short-Term Investments — 24.6% | |
| Money Market Funds — 24.6% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.02%(b)(c) | | | | | 12,588,896 | | | | | $ | 12,588,896 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.04%(b) | | | | | 80,964 | | | | | | 80,964 | | |
Total Short-Term Investments
(Cost $12,669,860) | | | | | | | | | | | 12,669,860 | | |
Total Investments — 124.4%
(Cost $64,175,016) | | | | | | | | | | | 64,193,020 | | |
Other Assets and Liabilities,
Net — (24.4)% | | | | | | | | | | | (12,590,217) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 51,602,803 | | |
| |
†
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 $15,183,196; total market value of collateral held by the Fund was $15,532,782. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,943,886.
(b)
Reflects the 1-day yield at October 31, 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 October 31, 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 | | | | $ | 51,523,160 | | | | | $ | — | | | | | $ | — | | | | | $ | 51,523,160 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 12,669,860 | | | | | | — | | | | | | — | | | | | | 12,669,860 | | |
| Total Investments in Securities | | | | $ | 64,193,020 | | | | | $ | — | | | | | $ | — | | | | | $ | 64,193,020 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ Real Return ETF (continued)
October 31, 2020 (unaudited)
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/
(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | 262,340 | | | | | | 12,972,713 | | | | | | 137,343 | | | | | | (214,457) | | | | | | (3,700) | | | | | | 60,199 | | | | | | 86,492 | | | | | | — | | | | | | 260,763 | | | | | | 12,952,098 | | |
| | | | | | 262,340 | | | | | | 12,972,713 | | | | | | 137,343 | | | | | | (214,457) | | | | | | (3,700) | | | | | | 60,199 | | | | | | 86,492 | | | | | | — | | | | | | 260,763 | | | | | | 12,952,098 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Enhanced Core Plus Bond U.S. ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Investment Companies — 99.9% | |
| Emerging Market Bond Funds — 5.0% | |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | | | | | 10,808 | | | | | $ | 1,189,096 | | |
| Vanguard Emerging Markets Government Bond ETF | | | | | 1,680 | | | | | | 131,544 | | |
| Total Emerging Market Bond Funds | | | | | | | | | | | 1,320,640 | | |
| High Yield Corporate Bond Funds — 15.7% | |
iShares iBoxx High Yield Corporate Bond
ETF(a) | | | | | 29,067 | | | | | | 2,438,140 | | |
SPDR Bloomberg Barclays High Yield Bond ETF(a) | | | | | 11,120 | | | | | | 1,159,816 | | |
Xtrackers USD High Yield Corporate Bond
ETF | | | | | 11,866 | | | | | | 570,636 | | |
Total High Yield Corporate
Bond Funds | | | | | | | | | | | 4,168,592 | | |
| Investment Grade Corporate Bond Funds — 38.5% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 36,361 | | | | | | 2,197,295 | | |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | | | | | 26,939 | | | | | | 988,123 | | |
SPDR Portfolio Long Term Corporate Bond ETF(a) | | | | | 19,179 | | | | | | 602,412 | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 29,790 | | | | | | 2,843,754 | | |
| Vanguard Long-Term Corporate Bond ETF | | | | | 33,874 | | | | | | 3,579,804 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 10,211,388 | | |
| Mortgage Backed Securities Funds — 15.3% | |
iShares MBS ETF(a) | | | | | 22,440 | | | | | | 2,474,908 | | |
| SPDR Portfolio Mortgage Backed Bond ETF | | | | | 10,841 | | | | | | 287,720 | | |
Vanguard Mortgage-Backed Securities ETF(a) | | | | | 23,886 | | | | | | 1,292,949 | | |
| Total Mortgage Backed Securities Funds | | | | | | | | | | | 4,055,577 | | |
| Short Maturity Investment Grade Corporate Bond Fund — 11.4% | |
| Vanguard Short-Term Corporate Bond ETF | | | | | 36,521 | | | | | | 3,023,208 | | |
| U.S. Intermediate Term Treasury Bond Funds — 10.1% | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | | | 15,449 | | | | | | 899,904 | | |
| Vanguard Intermediate-Term Treasury ETF | | | | | 25,192 | | | | | | 1,762,433 | | |
| Total U.S. Intermediate Term Treasury Bond Funds | | | | | | | | | | | 2,662,337 | | |
| |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Long Term Treasury Bond Funds — 3.4% | |
| iShares 10-20 Year Treasury Bond ETF | | | | | 620 | | | | | $ | 100,229 | | |
| iShares 20+ Year Treasury Bond ETF | | | | | 3,776 | | | | | | 594,984 | | |
| SPDR Portfolio Long Term Treasury ETF | | | | | 2,453 | | | | | | 110,704 | | |
| Vanguard Long-Term Treasury ETF | | | | | 1,060 | | | | | | 102,015 | | |
| Total U.S. Long Term Treasury Bond Funds | | | | | | | | | | | 907,932 | | |
| U.S. Short Term Treasury Bond Funds — 0.5% | |
| Schwab Short-Term U.S. Treasury ETF | | | | | 1,068 | | | | | | 54,959 | | |
| Vanguard Short-Term Treasury ETF | | | | | 1,132 | | | | | | 70,229 | | |
| Total U.S. Short Term Treasury Bond Funds | | | | | | | | | | | 125,188 | | |
| Total Investment Companies | |
| (Cost $26,949,121) | | | | | | | | | | | 26,474,862 | | |
| Short-Term Investments — 1.8% | |
| Money Market Funds — 1.8% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.02%(b)(c) | | | | | 433,490 | | | | | | 433,490 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.04%(b) | | | | | 32,426 | | | | | | 32,426 | | |
| Total Short-Term Investments | | | |
| (Cost $465,916) | | | | | | | | | | | 465,916 | | |
| Total Investments — 101.7% | | | |
| (Cost $27,415,037) | | | | | | | | | | | 26,940,778 | | |
Other Assets and Liabilities,
Net — (1.7)% | | | | | | | | | | | (437,986) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 26,502,792 | | |
| |
(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 $7,919,695; total market value of collateral held by the Fund was $8,079,407. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $7,645,917.
(b)
Reflects the 1-day yield at October 31, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Enhanced Core Plus Bond U.S. ETF (continued)
October 31, 2020 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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 | | | | $ | 26,474,862 | | | | | $ | — | | | | | $ | — | | | | | $ | 26,474,862 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 465,916 | | | | | | — | | | | | | — | | | | | | 465,916 | | |
| Total Investments in Securities | | | | $ | 26,940,778 | | | | | $ | — | | | | | $ | — | | | | | $ | 26,940,778 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Long-Term Bonds 98.1% | |
| Corporate Bonds — 87.1% | |
| Consumer Discretionary — 11.4% | |
| Adient US LLC | | | | | | | | | | | | | |
7.000%, due 5/15/26‡ | | | | $ | 200,000 | | | | | $ | 213,000 | | |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | | | | | | | | | | | | | |
3.250%, due 3/15/26‡ | | | | | 100,000 | | | | | | 98,250 | | |
3.500%, due 2/15/23‡ | | | | | 158,000 | | | | | | 160,567 | | |
3.500%, due 3/15/29‡ | | | | | 175,000 | | | | | | 168,000 | | |
4.625%, due 1/15/27‡ | | | | | 265,000 | | | | | | 274,937 | | |
4.875%, due 2/15/30‡ | | | | | 237,000 | | | | | | 251,812 | | |
5.875%, due 2/15/28‡ | | | | | 182,000 | | | | | | 193,375 | | |
7.500%, due 3/15/26‡ | | | | | 147,000 | | | | | | 162,067 | | |
| Allison Transmission, Inc. | | | | | | | | | | | | | |
5.000%, due 10/1/24‡ | | | | | 200,000 | | | | | | 201,500 | | |
5.875%, due 6/1/29‡(a) | | | | | 97,000 | | | | | | 105,730 | | |
| Churchill Downs, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28‡ | | | | | 97,000 | | | | | | 98,455 | | |
5.500%, due 4/1/27‡ | | | | | 155,000 | | | | | | 159,650 | | |
| Clarios Global LP | | | | | | | | | | | | | |
6.750%, due 5/15/25‡ | | | | | 90,000 | | | | | | 95,175 | | |
| Clarios Global LP / Clarios US Finance Co. | | | | | | | | | | | | | |
6.250%, due 5/15/26‡ | | | | | 186,000 | | | | | | 193,440 | | |
| Ford Motor Co. | | | | | | | | | | | | | |
| 4.346%, due 12/8/26 | | | | | 100,000 | | | | | | 101,500 | | |
| 4.750%, due 1/15/43 | | | | | 200,000 | | | | | | 184,750 | | |
| 5.291%, due 12/8/46 | | | | | 100,000 | | | | | | 94,250 | | |
| 8.500%, due 4/21/23 | | | | | 275,000 | | | | | | 303,259 | | |
| Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
| 3.087%, due 1/9/23 | | | | | 100,000 | | | | | | 98,989 | | |
| 3.096%, due 5/4/23 | | | | | 500,000 | | | | | | 492,442 | | |
| 3.350%, due 11/1/22 | | | | | 450,000 | | | | | | 448,269 | | |
| 4.063%, due 11/1/24 | | | | | 450,000 | | | | | | 450,988 | | |
| 4.271%, due 1/9/27 | | | | | 100,000 | | | | | | 99,690 | | |
| 4.375%, due 8/6/23 | | | | | 100,000 | | | | | | 101,485 | | |
| 4.687%, due 6/9/25 | | | | | 90,000 | | | | | | 92,065 | | |
| 5.113%, due 5/3/29 | | | | | 50,000 | | | | | | 51,685 | | |
| 5.125%, due 6/16/25 | | | | | 375,000 | | | | | | 389,441 | | |
| 5.584%, due 3/18/24 | | | | | 100,000 | | | | | | 105,068 | | |
| 5.596%, due 1/7/22 | | | | | 200,000 | | | | | | 204,788 | | |
| Series G, 4.389%, due 1/8/26 | | | | | 45,000 | | | | | | 45,167 | | |
| Gap, Inc. (The) | | | | | | | | | | | | | |
8.375%, due 5/15/23‡ | | | | | 100,000 | | | | | | 111,500 | | |
8.625%, due 5/15/25‡ | | | | | 200,000 | | | | | | 220,000 | | |
8.875%, due 5/15/27‡ | | | | | 240,000 | | | | | | 273,600 | | |
| Hanesbrands, Inc. | | | | | | | | | | | | | |
4.625%, due 5/15/24‡ | | | | | 179,000 | | | | | | 186,384 | | |
4.875%, due 5/15/26‡ | | | | | 312,000 | | | | | | 335,400 | | |
| Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
| 4.250%, due 9/1/24 | | | | | 240,000 | | | | | | 238,800 | | |
| 4.875%, due 1/15/30 | | | | | 246,000 | | | | | | 253,380 | | |
| 5.125%, due 5/1/26 | | | | | 266,000 | | | | | | 271,320 | | |
5.375%, due 5/1/25‡ | | | | | 90,000 | | | | | | 92,925 | | |
5.750%, due 5/1/28‡ | | | | | 90,000 | | | | | | 94,275 | | |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | | | | | | | | | | | | | |
| 4.625%, due 4/1/25 | | | | | 163,000 | | | | | | 164,426 | | |
| 4.875%, due 4/1/27 | | | | | 148,000 | | | | | | 149,665 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Consumer Discretionary (continued) | |
| International Game Technology PLC | | | | | | | | | | | | | |
5.250%, due 1/15/29‡ | | | | $ | 165,000 | | | | | $ | 163,763 | | |
6.250%, due 2/15/22‡ | | | | | 250,000 | | | | | | 255,000 | | |
6.250%, due 1/15/27‡ | | | | | 125,000 | | | | | | 132,812 | | |
6.500%, due 2/15/25‡ | | | | | 250,000 | | | | | | 266,250 | | |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | | | | | | | | | | | | | |
4.750%, due 6/1/27‡ | | | | | 174,000 | | | | | | 179,655 | | |
5.250%, due 6/1/26‡ | | | | | 228,000 | | | | | | 235,410 | | |
| L Brands, Inc. | | | | | | | | | | | | | |
6.875%, due 7/1/25‡ | | | | | 150,000 | | | | | | 160,875 | | |
| Lithia Motors, Inc. | | | | | | | | | | | | | |
4.375%, due 1/15/31‡ | | | | | 125,000 | | | | | | 129,688 | | |
| MGM Resorts International | | | | | | | | | | | | | |
| 5.750%, due 6/15/25 | | | | | 214,000 | | | | | | 222,293 | | |
| 6.000%, due 3/15/23 | | | | | 175,000 | | | | | | 181,563 | | |
| 7.750%, due 3/15/22 | | | | | 200,000 | | | | | | 209,500 | | |
| Penske Automotive Group, Inc. | | | | | | | | | | | | | |
| 3.500%, due 9/1/25 | | | | | 115,000 | | | | | | 115,575 | | |
| PetSmart, Inc. | | | | | | | | | | | | | |
5.875%, due 6/1/25‡ | | | | | 180,000 | | | | | | 182,700 | | |
| QVC, Inc. | | | | | | | | | | | | | |
| 4.375%, due 9/1/28 | | | | | 100,000 | | | | | | 100,250 | | |
| 4.750%, due 2/15/27 | | | | | 140,000 | | | | | | 142,800 | | |
| Scientific Games International, Inc. | | | | | | | | | | | | | |
5.000%, due 10/15/25‡ | | | | | 250,000 | | | | | | 250,000 | | |
| Tesla, Inc. | | | | | | | | | | | | | |
5.300%, due 8/15/25‡ | | | | | 375,000 | | | | | | 387,656 | | |
| William Carter Co. (The) | | | | | | | | | | | | | |
5.500%, due 5/15/25‡ | | | | | 90,000 | | | | | | 94,275 | | |
5.625%, due 3/15/27‡ | | | | | 90,000 | | | | | | 94,388 | | |
| Wyndham Hotels & Resorts, Inc. | | | | | | | | | | | | | |
4.375%, due 8/15/28‡ | | | | | 150,000 | | | | | | 149,063 | | |
| Yum! Brands, Inc. | | | | | | | | | | | | | |
| 3.625%, due 3/15/31 | | | | | 225,000 | | | | | | 220,500 | | |
4.750%, due 1/15/30‡ | | | | | 167,000 | | | | | | 179,108 | | |
7.750%, due 4/1/25‡ | | | | | 190,000 | | | | | | 208,050 | | |
| | | | | | | | | | | | 12,292,643 | | |
| Consumer Staples — 7.8% | |
| B&G Foods, Inc. | | | | | | | | | | | | | |
| 5.250%, due 4/1/25 | | | | | 65,000 | | | | | | 66,706 | | |
| 5.250%, due 9/15/27 | | | | | 165,000 | | | | | | 169,537 | | |
| Edgewell Personal Care Co. | | | | | | | | | | | | | |
5.500%, due 6/1/28‡ | | | | | 160,000 | | | | | | 168,000 | | |
| Energizer Holdings, Inc. | | | | | | | | | | | | | |
4.375%, due 3/31/29‡ | | | | | 175,000 | | | | | | 176,750 | | |
4.750%, due 6/15/28‡ | | | | | 150,000 | | | | | | 154,312 | | |
7.750%, due 1/15/27‡ | | | | | 97,000 | | | | | | 105,245 | | |
| Kraft Heinz Foods Co. | | | | | | | | | | | | | |
| 3.000%, due 6/1/26 | | | | | 300,000 | | | | | | 306,301 | | |
3.750%, due 4/1/30‡ | | | | | 158,000 | | | | | | 165,621 | | |
3.875%, due 5/15/27‡ | | | | | 225,000 | | | | | | 237,033 | | |
| 3.950%, due 7/15/25 | | | | | 256,000 | | | | | | 277,081 | | |
4.250%, due 3/1/31‡ | | | | | 200,000 | | | | | | 216,525 | | |
| 4.375%, due 6/1/46 | | | | | 449,000 | | | | | | 456,761 | | |
| 4.625%, due 1/30/29 | | | | | 168,000 | | | | | | 186,844 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Consumer Staples (continued) | |
4.625%, due 10/1/39‡ | | | | $ | 79,000 | | | | | $ | 83,711 | | |
4.875%, due 10/1/49‡ | | | | | 237,000 | | | | | | 248,888 | | |
| 5.000%, due 7/15/35 | | | | | 163,000 | | | | | | 187,215 | | |
| 5.000%, due 6/4/42 | | | | | 321,000 | | | | | | 349,758 | | |
| 5.200%, due 7/15/45 | | | | | 261,000 | | | | | | 287,483 | | |
5.500%, due 6/1/50‡ | | | | | 120,000 | | | | | | 136,104 | | |
| Lamb Weston Holdings, Inc. | | | | | | | | | | | | | |
4.625%, due 11/1/24‡ | | | | | 161,000 | | | | | | 166,635 | | |
4.875%, due 11/1/26‡ | | | | | 175,000 | | | | | | 181,344 | | |
4.875%, due 5/15/28‡ | | | | | 115,000 | | | | | | 125,062 | | |
| Mattel, Inc. | | | | | | | | | | | | | |
5.875%, due 12/15/27‡ | | | | | 140,000 | | | | | | 151,725 | | |
| Newell Brands, Inc. | | | | | | | | | | | | | |
| 4.350%, due 4/1/23 | | | | | 261,000 | | | | | | 272,745 | | |
| 4.700%, due 4/1/26 | | | | | 448,000 | | | | | | 477,120 | | |
| 4.875%, due 6/1/25 | | | | | 90,000 | | | | | | 96,975 | | |
| 5.875%, due 4/1/36 | | | | | 110,000 | | | | | | 128,975 | | |
| 6.000%, due 4/1/46 | | | | | 136,000 | | | | | | 158,440 | | |
| Performance Food Group, Inc. | | | | | | | | | | | | | |
5.500%, due 10/15/27‡ | | | | | 236,000 | | | | | | 242,490 | | |
| Pilgrim’s Pride Corp. | | | | | | | | | | | | | |
5.750%, due 3/15/25‡ | | | | | 205,000 | | | | | | 209,612 | | |
5.875%, due 9/30/27‡ | | | | | 179,000 | | | | | | 189,069 | | |
| Post Holdings, Inc. | | | | | | | | | | | | | |
4.625%, due 4/15/30‡ | | | | | 270,000 | | | | | | 277,088 | | |
5.000%, due 8/15/26‡ | | | | | 433,000 | | | | | | 447,614 | | |
5.500%, due 12/15/29‡ | | | | | 157,000 | | | | | | 169,364 | | |
5.625%, due 1/15/28‡ | | | | | 189,000 | | | | | | 198,923 | | |
5.750%, due 3/1/27‡ | | | | | 389,000 | | | | | | 407,477 | | |
| Tempur Sealy International, Inc. | | | | | | | | | | | | | |
| 5.500%, due 6/15/26 | | | | | 146,000 | | | | | | 150,745 | | |
| TreeHouse Foods, Inc. | | | | | | | | | | | | | |
| 4.000%, due 9/1/28 | | | | | 125,000 | | | | | | 125,625 | | |
| US Foods, Inc. | | | | | | | | | | | | | |
6.250%, due 4/15/25‡ | | | | | 215,000 | | | | | | 223,600 | | |
| | | | | | | | | | | | 8,380,503 | | |
| Energy — 4.7% | |
| AmeriGas Partners LP / AmeriGas Finance Corp. | | | | | | | | | | | | | |
| 5.500%, due 5/20/25 | | | | | 149,000 | | | | | | 159,430 | | |
| 5.625%, due 5/20/24 | | | | | 148,000 | | | | | | 157,250 | | |
| 5.750%, due 5/20/27 | | | | | 86,000 | | | | | | 94,600 | | |
| 5.875%, due 8/20/26 | | | | | 148,000 | | | | | | 162,060 | | |
| Apache Corp. | | | | | | | | | | | | | |
| 4.750%, due 4/15/43 | | | | | 275,000 | | | | | | 244,750 | | |
| Cheniere Energy Partners LP | | | | | | | | | | | | | |
| 4.500%, due 10/1/29 | | | | | 320,000 | | | | | | 326,000 | | |
| 5.250%, due 10/1/25 | | | | | 332,000 | | | | | | 337,810 | | |
| 5.625%, due 10/1/26 | | | | | 240,000 | | | | | | 245,400 | | |
| Cheniere Energy, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/28‡ | | | | | 430,000 | | | | | | 443,975 | | |
| DCP Midstream Operating LP | | | | | | | | | | | | | |
| 5.375%, due 7/15/25 | | | | | 175,000 | | | | | | 182,875 | | |
| Endeavor Energy Resources LP / EER Finance, Inc. | | | | | | | | | | | | | |
5.750%, due 1/30/28‡ | | | | | 225,000 | | | | | | 234,000 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Energy (continued) | |
| EQM Midstream Partners LP | | | | | | | | | | | | | |
| 4.125%, due 12/1/26 | | | | $ | 125,000 | | | | | $ | 118,750 | | |
| EQT Corp. | | | | | | | | | | | | | |
3.000%, due 10/1/22(a) | | | | | 155,000 | | | | | | 152,287 | | |
| 3.900%, due 10/1/27 | | | | | 275,000 | | | | | | 264,000 | | |
| Parsley Energy LLC / Parsley Finance Corp. | | | | | | | | | | | | | |
5.375%, due 1/15/25‡ | | | | | 225,000 | | | | | | 230,062 | | |
5.625%, due 10/15/27‡ | | | | | 150,000 | | | | | | 159,188 | | |
| Sunoco LP / Sunoco Finance Corp. | | | | | | | | | | | | | |
| 4.875%, due 1/15/23 | | | | | 230,000 | | | | | | 230,575 | | |
| 5.500%, due 2/15/26 | | | | | 160,000 | | | | | | 160,800 | | |
| 6.000%, due 4/15/27 | | | | | 145,000 | | | | | | 149,713 | | |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | | | | | | | | | | | | | |
5.500%, due 3/1/30‡ | | | | | 445,000 | | | | | | 447,225 | | |
| 5.875%, due 4/15/26 | | | | | 400,000 | | | | | | 408,000 | | |
| WPX Energy, Inc. | | | | | | | | | | | | | |
| 4.500%, due 1/15/30 | | | | | 200,000 | | | | | | 192,000 | | |
| | | | | | | | | | | | 5,100,750 | | |
| Financials — 5.5% | |
Alliant Holdings Intermediate LLC / Alliant
Holdings Co.-Issuer | | | | | | | | | | | | | |
4.250%, due 10/15/27‡ | | | | | 115,000 | | | | | | 114,281 | | |
| CIT Group, Inc. | | | | | | | | | | | | | |
| 4.750%, due 2/16/24 | | | | | 96,000 | | | | | | 102,600 | | |
| 5.000%, due 8/15/22 | | | | | 236,000 | | | | | | 249,570 | | |
| 5.250%, due 3/7/25 | | | | | 167,000 | | | | | | 186,414 | | |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | | | | | | | | | |
| 4.750%, due 9/15/24 | | | | | 255,000 | | | | | | 259,462 | | |
| 5.250%, due 5/15/27 | | | | | 225,000 | | | | | | 232,875 | | |
| 6.250%, due 5/15/26 | | | | | 250,000 | | | | | | 259,375 | | |
| LPL Holdings, Inc. | | | | | | | | | | | | | |
5.750%, due 9/15/25‡ | | | | | 165,000 | | | | | | 170,775 | | |
| MSCI, Inc. | | | | | | | | | | | | | |
3.875%, due 2/15/31‡ | | | | | 200,000 | | | | | | 209,000 | | |
4.000%, due 11/15/29‡ | | | | | 231,000 | | | | | | 240,240 | | |
4.750%, due 8/1/26‡ | | | | | 176,000 | | | | | | 182,600 | | |
5.375%, due 5/15/27‡ | | | | | 91,000 | | | | | | 97,484 | | |
| Navient Corp. | | | | | | | | | | | | | |
| 6.625%, due 7/26/21 | | | | | 140,000 | | | | | | 142,800 | | |
| OneMain Finance Corp. | | | | | | | | | | | | | |
| 5.625%, due 3/15/23 | | | | | 190,000 | | | | | | 197,837 | | |
| 6.125%, due 5/15/22 | | | | | 237,000 | | | | | | 246,480 | | |
| 6.125%, due 3/15/24 | | | | | 285,000 | | | | | | 298,894 | | |
| 6.625%, due 1/15/28 | | | | | 350,000 | | | | | | 382,813 | | |
| 6.875%, due 3/15/25 | | | | | 280,000 | | | | | | 308,000 | | |
| 7.125%, due 3/15/26 | | | | | 350,000 | | | | | | 388,062 | | |
| 8.875%, due 6/1/25 | | | | | 130,000 | | | | | | 142,838 | | |
| Quicken Loans LLC | | | | | | | | | | | | | |
5.250%, due 1/15/28‡ | | | | | 186,000 | | | | | | 194,571 | | |
| Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc. | | | | | | | | | | | | | |
3.625%, due 3/1/29‡ | | | | | 125,000 | | | | | | 123,145 | | |
3.875%, due 3/1/31‡ | | | | | 300,000 | | | | | | 295,446 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Financials (continued) | |
| Radian Group, Inc. | | | | | | | | | | | | | |
| 4.500%, due 10/1/24 | | | | $ | 200,000 | | | | | $ | 201,750 | | |
| 4.875%, due 3/15/27 | | | | | 100,000 | | | | | | 102,000 | | |
| Refinitiv US Holdings, Inc. | | | | | | | | | | | | | |
6.250%, due 5/15/26‡ | | | | | 240,000 | | | | | | 256,500 | | |
8.250%, due 11/15/26‡ | | | | | 330,000 | | | | | | 358,050 | | |
| | | | | | | | | | | | 5,943,862 | | |
| Health Care — 11.6% | |
| Acadia Healthcare Co., Inc. | | | | | | | | | | | | | |
5.000%, due 4/15/29‡ | | | | | 100,000 | | | | | | 103,000 | | |
5.500%, due 7/1/28‡ | | | | | 85,000 | | | | | | 88,825 | | |
| Avantor Funding, Inc. | | | | | | | | | | | | | |
4.625%, due 7/15/28‡ | | | | | 325,000 | | | | | | 336,781 | | |
| Bausch Health Cos., Inc. | | | | | | | | | | | | | |
5.500%, due 11/1/25‡ | | | | | 375,000 | | | | | | 385,313 | | |
5.750%, due 8/15/27‡ | | | | | 100,000 | | | | | | 106,750 | | |
| Centene Corp. | | | | | | | | | | | | | |
| 3.000%, due 10/15/30 | | | | | 360,000 | | | | | | 371,250 | | |
| 3.375%, due 2/15/30 | | | | | 650,000 | | | | | | 674,375 | | |
| 4.250%, due 12/15/27 | | | | | 513,000 | | | | | | 539,291 | | |
| 4.625%, due 12/15/29 | | | | | 730,000 | | | | | | 793,875 | | |
5.375%, due 6/1/26‡ | | | | | 486,000 | | | | | | 510,300 | | |
| Charles River Laboratories International, Inc. | | | | | | | | | | | | | |
4.250%, due 5/1/28‡ | | | | | 97,000 | | | | | | 101,365 | | |
| DaVita, Inc. | | | | | | | | | | | | | |
3.750%, due 2/15/31‡ | | | | | 310,000 | | | | | | 298,375 | | |
4.625%, due 6/1/30‡ | | | | | 380,000 | | | | | | 385,700 | | |
| Elanco Animal Health, Inc. | | | | | | | | | | | | | |
| 4.912%, due 8/27/21 | | | | | 72,000 | | | | | | 73,617 | | |
| 5.272%, due 8/28/23 | | | | | 97,000 | | | | | | 105,082 | | |
| 5.900%, due 8/28/28 | | | | | 172,000 | | | | | | 199,950 | | |
| Encompass Health Corp. | | | | | | | | | | | | | |
| 4.500%, due 2/1/28 | | | | | 163,000 | | | | | | 166,871 | | |
| 4.750%, due 2/1/30 | | | | | 183,000 | | | | | | 189,862 | | |
| HCA, Inc. | | | | | | | | | | | | | |
| 3.500%, due 9/1/30 | | | | | 565,000 | | | | | | 576,300 | | |
| 5.375%, due 2/1/25 | | | | | 609,000 | | | | | | 675,229 | | |
| 5.375%, due 9/1/26 | | | | | 229,000 | | | | | | 257,052 | | |
| 5.625%, due 9/1/28 | | | | | 331,000 | | | | | | 384,787 | | |
| 5.875%, due 5/1/23 | | | | | 252,000 | | | | | | 273,735 | | |
| 5.875%, due 2/15/26 | | | | | 334,000 | | | | | | 377,002 | | |
| 5.875%, due 2/1/29 | | | | | 182,000 | | | | | | 214,305 | | |
| Hologic, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/29‡ | | | | | 210,000 | | | | | | 211,050 | | |
| IQVIA, Inc. | | | | | | | | | | | | | |
5.000%, due 10/15/26‡ | | | | | 184,000 | | | | | | 190,670 | | |
5.000%, due 5/15/27‡ | | | | | 246,000 | | | | | | 258,607 | | |
Jaguar Holding Co. II / PPD Development
LP | | | | | | | | | | | | | |
4.625%, due 6/15/25‡ | | | | | 50,000 | | | | | | 51,938 | | |
5.000%, due 6/15/28‡ | | | | | 200,000 | | | | | | 208,000 | | |
| Legacy LifePoint Health LLC | | | | | | | | | | | | | |
4.375%, due 2/15/27‡ | | | | | 148,000 | | | | | | 147,075 | | |
6.750%, due 4/15/25‡ | | | | | 100,000 | | | | | | 106,000 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Health Care (continued) | |
| MEDNAX, Inc. | | | | | | | | | | | | | |
5.250%, due 12/1/23‡ | | | | $ | 150,000 | | | | | $ | 151,500 | | |
| Molina Healthcare, Inc. | | | | | | | | | | | | | |
4.375%, due 6/15/28‡ | | | | | 195,000 | | | | | | 199,388 | | |
| 5.375%, due 11/15/22 | | | | | 148,000 | | | | | | 153,920 | | |
| Select Medical Corp. | | | | | | | | | | | | | |
6.250%, due 8/15/26‡ | | | | | 257,000 | | | | | | 271,135 | | |
| Service Corp. International | | | | | | | | | | | | | |
| 3.375%, due 8/15/30 | | | | | 200,000 | | | | | | 202,000 | | |
| 4.625%, due 12/15/27 | | | | | 70,000 | | | | | | 73,763 | | |
| 5.125%, due 6/1/29 | | | | | 172,000 | | | | | | 187,480 | | |
| Teleflex, Inc. | | | | | | | | | | | | | |
4.250%, due 6/1/28‡ | | | | | 100,000 | | | | | | 104,500 | | |
| 4.625%, due 11/15/27 | | | | | 100,000 | | | | | | 105,500 | | |
| Tenet Healthcare Corp. | | | | | | | | | | | | | |
| 4.625%, due 7/15/24 | | | | | 400,000 | | | | | | 406,000 | | |
4.625%, due 9/1/24‡ | | | | | 117,000 | | | | | | 119,633 | | |
4.625%, due 6/15/28‡ | | | | | 130,000 | | | | | | 131,625 | | |
4.875%, due 1/1/26‡ | | | | | 459,000 | | | | | | 467,033 | | |
5.125%, due 11/1/27‡ | | | | | 335,000 | | | | | | 343,375 | | |
7.500%, due 4/1/25‡ | | | | | 150,000 | | | | | | 162,375 | | |
| | | | | | | | | | | | 12,441,559 | | |
| Industrials — 9.2% | |
| ADT Security Corp. (The) | | | | | | | | | | | | | |
| 3.500%, due 7/15/22 | | | | | 300,000 | | | | | | 303,750 | | |
4.875%, due 7/15/32‡ | | | | | 140,000 | | | | | | 144,200 | | |
| AECOM | | | | | | | | | | | | | |
| 5.125%, due 3/15/27 | | | | | 225,000 | | | | | | 244,969 | | |
| 5.875%, due 10/15/24 | | | | | 165,000 | | | | | | 180,881 | | |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | | | | | | | | | |
6.625%, due 7/15/26‡ | | | | | 425,000 | | | | | | 444,656 | | |
| American Builders & Contractors Supply Co., Inc. | | | | | | | | | | | | | |
4.000%, due 1/15/28‡ | | | | | 157,000 | | | | | | 159,551 | | |
5.875%, due 5/15/26‡ | | | | | 87,000 | | | | | | 90,262 | | |
| Aramark Services, Inc. | | | | | | | | | | | | | |
| 4.750%, due 6/1/26 | | | | | 50,000 | | | | | | 49,687 | | |
5.000%, due 4/1/25‡(a) | | | | | 148,000 | | | | | | 149,295 | | |
5.000%, due 2/1/28‡(a) | | | | | 300,000 | | | | | | 303,375 | | |
| Brink’s Co. (The) | | | | | | | | | | | | | |
4.625%, due 10/15/27‡ | | | | | 120,000 | | | | | | 122,700 | | |
| Builders FirstSource, Inc. | | | | | | | | | | | | | |
5.000%, due 3/1/30‡ | | | | | 90,000 | | | | | | 94,500 | | |
6.750%, due 6/1/27‡ | | | | | 235,000 | | | | | | 252,038 | | |
| Gartner, Inc. | | | | | | | | | | | | | |
3.750%, due 10/1/30‡ | | | | | 150,000 | | | | | | 153,375 | | |
4.500%, due 7/1/28‡ | | | | | 225,000 | | | | | | 234,000 | | |
| Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27‡ | | | | | 256,000 | | | | | | 261,760 | | |
| Howmet Aerospace, Inc. | | | | | | | | | | | | | |
| 5.125%, due 10/1/24 | | | | | 260,000 | | | | | | 273,000 | | |
| 6.875%, due 5/1/25 | | | | | 245,000 | | | | | | 272,563 | | |
| Lennar Corp. | | | | | | | | | | | | | |
| 4.125%, due 1/15/22 | | | | | 158,000 | | | | | | 161,950 | | |
| 4.500%, due 4/30/24 | | | | | 148,000 | | | | | | 159,285 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Industrials (continued) | |
| 4.750%, due 11/29/27 | | | | $ | 182,000 | | | | | $ | 207,480 | | |
| 5.875%, due 11/15/24 | | | | | 170,000 | | | | | | 191,250 | | |
| Picasso Finance Sub, Inc. | | | | | | | | | | | | | |
6.125%, due 6/15/25‡ | | | | | 140,000 | | | | | | 147,350 | | |
| Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | | | | | | |
3.375%, due 8/31/27‡ | | | | | 200,000 | | | | | | 194,500 | | |
5.250%, due 4/15/24‡ | | | | | 163,000 | | | | | | 170,539 | | |
5.750%, due 4/15/26‡ | | | | | 311,000 | | | | | | 331,215 | | |
| PulteGroup, Inc. | | | | | | | | | | | | | |
| 5.000%, due 1/15/27 | | | | | 154,000 | | | | | | 175,945 | | |
| 5.500%, due 3/1/26 | | | | | 146,000 | | | | | | 168,448 | | |
| Signature Aviation US Holdings, Inc. | | | | | | | | | | | | | |
4.000%, due 3/1/28‡ | | | | | 200,000 | | | | | | 193,500 | | |
| Standard Industries, Inc. | | | | | | | | | | | | | |
3.375%, due 1/15/31‡ | | | | | 250,000 | | | | | | 243,750 | | |
4.375%, due 7/15/30‡ | | | | | 250,000 | | | | | | 257,500 | | |
4.750%, due 1/15/28‡ | | | | | 186,000 | | | | | | 194,370 | | |
5.000%, due 2/15/27‡ | | | | | 200,000 | | | | | | 206,500 | | |
| Summit Materials LLC / Summit Materials Finance Corp. | | | | | | | | | | | | | |
5.250%, due 1/15/29‡ | | | | | 175,000 | | | | | | 180,250 | | |
| Taylor Morrison Communities, Inc. | | | | | | | | | | | | | |
5.125%, due 8/1/30‡ | | | | | 100,000 | | | | | | 108,250 | | |
5.875%, due 6/15/27‡ | | | | | 220,000 | | | | | | 243,650 | | |
| Toll Brothers Finance Corp. | | | | | | | | | | | | | |
| 4.875%, due 3/15/27 | | | | | 76,000 | | | | | | 85,880 | | |
| TransDigm, Inc. | | | | | | | | | | | | | |
6.250%, due 3/15/26‡ | | | | | 1,000,000 | | | | | | 1,042,500 | | |
| United Rentals North America, Inc. | | | | | | | | | | | | | |
| 3.875%, due 2/15/31 | | | | | 225,000 | | | | | | 227,250 | | |
| 4.000%, due 7/15/30 | | | | | 200,000 | | | | | | 204,000 | | |
| 4.875%, due 1/15/28 | | | | | 336,000 | | | | | | 352,800 | | |
| 5.250%, due 1/15/30 | | | | | 162,000 | | | | | | 175,568 | | |
| 5.500%, due 5/15/27 | | | | | 242,000 | | | | | | 257,125 | | |
| 5.875%, due 9/15/26 | | | | | 177,000 | | | | | | 186,071 | | |
| Williams Scotsman International, Inc. | | | | | | | | | | | | | |
4.625%, due 8/15/28‡ | | | | | 125,000 | | | | | | 125,625 | | |
| | | | | | | | | | | | 9,927,113 | | |
| Information Technology — 4.3% | |
| Black Knight InfoServ LLC | | | | | | | | | | | | | |
3.625%, due 9/1/28‡ | | | | | 200,000 | | | | | | 202,000 | | |
| BY Crown Parent LLC / BY Bond Finance, Inc. | | | | | | | | | | | | | |
4.250%, due 1/31/26‡ | | | | | 175,000 | | | | | | 178,937 | | |
| CDK Global, Inc. | | | | | | | | | | | | | |
| 4.875%, due 6/1/27 | | | | | 145,000 | | | | | | 150,437 | | |
5.250%, due 5/15/29‡ | | | | | 92,000 | | | | | | 98,440 | | |
| 5.875%, due 6/15/26 | | | | | 76,000 | | | | | | 79,135 | | |
| CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
| 3.250%, due 2/15/29 | | | | | 200,000 | | | | | | 199,000 | | |
| 4.125%, due 5/1/25 | | | | | 175,000 | | | | | | 181,781 | | |
| 4.250%, due 4/1/28 | | | | | 97,000 | | | | | | 100,031 | | |
| CommScope, Inc. | | | | | | | | | | | | | |
5.500%, due 3/1/24‡ | | | | | 238,000 | | | | | | 243,355 | | |
6.000%, due 3/1/26‡ | | | | | 321,000 | | | | | | 332,235 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Information Technology (continued) | |
| EMC Corp. | | | | | | | | | | | | | |
| 3.375%, due 6/1/23 | | | | $ | 179,000 | | | | | $ | 182,580 | | |
| Microchip Technology, Inc. | | | | | | | | | | | | | |
4.250%, due 9/1/25‡ | | | | | 235,000 | | | | | | 243,225 | | |
| NCR Corp. | | | | | | | | | | | | | |
5.000%, due 10/1/28‡ | | | | | 100,000 | | | | | | 99,250 | | |
5.250%, due 10/1/30‡ | | | | | 100,000 | | | | | | 100,000 | | |
5.750%, due 9/1/27‡ | | | | | 142,000 | | | | | | 146,260 | | |
6.125%, due 9/1/29‡ | | | | | 94,000 | | | | | | 99,170 | | |
| PTC, Inc. | | | | | | | | | | | | | |
3.625%, due 2/15/25‡ | | | | | 83,000 | | | | | | 84,038 | | |
4.000%, due 2/15/28‡ | | | | | 104,000 | | | | | | 107,120 | | |
| Qorvo, Inc. | | | | | | | | | | | | | |
3.375%, due 4/1/31‡ | | | | | 175,000 | | | | | | 176,750 | | |
| 4.375%, due 10/15/29 | | | | | 173,000 | | | | | | 185,110 | | |
| Sensata Technologies, Inc. | | | | | | | | | | | | | |
3.750%, due 2/15/31‡ | | | | | 175,000 | | | | | | 172,813 | | |
4.375%, due 2/15/30‡ | | | | | 110,000 | | | | | | 115,088 | | |
| SS&C Technologies, Inc. | | | | | | | | | | | | | |
5.500%, due 9/30/27‡ | | | | | 410,000 | | | | | | 435,625 | | |
| Western Digital Corp. | | | | | | | | | | | | | |
| 4.750%, due 2/15/26 | | | | | 512,000 | | | | | | 551,680 | | |
| Xerox Corp. | | | | | | | | | | | | | |
| 4.375%, due 3/15/23 | | | | | 180,000 | | | | | | 187,200 | | |
| | | | | | | | | | | | 4,651,260 | | |
| Materials — 5.6% | |
| Alcoa Nederland Holding BV | | | | | | | | | | | | | |
5.500%, due 12/15/27‡ | | | | | 175,000 | | | | | | 184,406 | | |
6.125%, due 5/15/28‡ | | | | | 93,000 | | | | | | 99,510 | | |
| Arconic Corp. | | | | | | | | | | | | | |
6.000%, due 5/15/25‡ | | | | | 150,000 | | | | | | 158,812 | | |
6.125%, due 2/15/28‡ | | | | | 150,000 | | | | | | 157,500 | | |
| Avient Corp. | | | | | | | | | | | | | |
5.750%, due 5/15/25‡ | | | | | 140,000 | | | | | | 147,350 | | |
| Axalta Coating Systems LLC | | | | | | | | | | | | | |
4.875%, due 8/15/24‡ | | | | | 100,000 | | | | | | 101,875 | | |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV | | | | | | | | | | | | | |
4.750%, due 6/15/27‡ | | | | | 125,000 | | | | | | 131,250 | | |
| Ball Corp. | | | | | | | | | | | | | |
| 2.875%, due 8/15/30 | | | | | 300,000 | | | | | | 294,574 | | |
| 4.875%, due 3/15/26 | | | | | 104,000 | | | | | | 116,220 | | |
| 5.250%, due 7/1/25 | | | | | 317,000 | | | | | | 358,210 | | |
| Berry Global, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/26‡ | | | | | 89,000 | | | | | | 90,224 | | |
4.875%, due 7/15/26‡ | | | | | 312,000 | | | | | | 326,852 | | |
5.625%, due 7/15/27‡ | | | | | 97,000 | | | | | | 101,365 | | |
| Crown Americas LLC / Crown Americas Capital Corp. IV | | | | | | | | | | | | | |
| 4.500%, due 1/15/23 | | | | | 181,000 | | | | | | 188,240 | | |
| Crown Americas LLC / Crown Americas Capital Corp. VI | | | | | | | | | | | | | |
| 4.750%, due 2/1/26 | | | | | 182,000 | | | | | | 188,825 | | |
| Freeport-McMoRan, Inc. | | | | | | | | | | | | | |
| 4.125%, due 3/1/28 | | | | | 90,000 | | | | | | 92,250 | | |
| 4.250%, due 3/1/30 | | | | | 130,000 | | | | | | 136,175 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Materials (continued) | |
| 4.375%, due 8/1/28 | | | | $ | 140,000 | | | | | $ | 145,600 | | |
| 4.625%, due 8/1/30 | | | | | 180,000 | | | | | | 194,400 | | |
| 5.000%, due 9/1/27 | | | | | 147,000 | | | | | | 153,615 | | |
| 5.250%, due 9/1/29 | | | | | 147,000 | | | | | | 158,760 | | |
| 5.450%, due 3/15/43 | | | | | 415,000 | | | | | | 472,062 | | |
| Graphic Packaging International LLC | | | | | | | | | | | | | |
3.500%, due 3/15/28‡ | | | | | 80,000 | | | | | | 80,000 | | |
| Novelis Corp. | | | | | | | | | | | | | |
4.750%, due 1/30/30‡ | | | | | 341,000 | | | | | | 345,689 | | |
5.875%, due 9/30/26‡ | | | | | 314,000 | | | | | | 324,598 | | |
| Olin Corp. | | | | | | | | | | | | | |
| 5.125%, due 9/15/27 | | | | | 300,000 | | | | | | 306,000 | | |
| Owens-Brockway Glass Container, Inc. | | | | | | | | | | | | | |
6.625%, due 5/13/27‡ | | | | | 145,000 | | | | | | 155,513 | | |
| Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | | | | | | | | | | | | | |
4.000%, due 10/15/27‡ | | | | | 200,000 | | | | | | 202,000 | | |
| Sealed Air Corp. | | | | | | | | | | | | | |
4.000%, due 12/1/27‡ | | | | | 79,000 | | | | | | 82,753 | | |
| Valvoline, Inc. | | | | | | | | | | | | | |
4.250%, due 2/15/30‡ | | | | | 115,000 | | | | | | 117,300 | | |
| 4.375%, due 8/15/25 | | | | | 200,000 | | | | | | 205,750 | | |
| WR Grace & Co-Conn | | | | | | | | | | | | | |
4.875%, due 6/15/27‡ | | | | | 150,000 | | | | | | 156,000 | | |
| | | | | | | | | | | | 5,973,678 | | |
| Media — 13.5% | |
| AMC Networks, Inc. | | | | | | | | | | | | | |
4.750%, due 8/1/25(a) | | | | | 166,000 | | | | | | 166,000 | | |
| 5.000%, due 4/1/24 | | | | | 174,000 | | | | | | 174,870 | | |
| ANGI Group LLC | | | | | | | | | | | | | |
3.875%, due 8/15/28‡ | | | | | 125,000 | | | | | | 122,969 | | |
| CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | |
4.000%, due 3/1/23‡ | | | | | 50,000 | | | | | | 50,312 | | |
4.250%, due 2/1/31‡ | | | | | 425,000 | | | | | | 434,562 | | |
4.500%, due 8/15/30‡ | | | | | 412,000 | | | | | | 427,965 | | |
4.500%, due 5/1/32‡ | | | | | 570,000 | | | | | | 588,525 | | |
4.750%, due 3/1/30‡ | | | | | 418,000 | | | | | | 439,422 | | |
5.000%, due 2/1/28‡ | | | | | 571,000 | | | | | | 600,977 | | |
5.125%, due 5/1/27‡ | | | | | 395,000 | | | | | | 414,750 | | |
5.375%, due 6/1/29‡ | | | | | 171,000 | | | | | | 184,252 | | |
| CSC Holdings LLC | | | | | | | | | | | | | |
3.375%, due 2/15/31‡ | | | | | 100,000 | | | | | | 96,125 | | |
4.125%, due 12/1/30‡ | | | | | 125,000 | | | | | | 126,562 | | |
4.625%, due 12/1/30‡ | | | | | 710,000 | | | | | | 708,225 | | |
5.375%, due 2/1/28‡ | | | | | 230,000 | | | | | | 244,375 | | |
5.500%, due 4/15/27‡ | | | | | 158,000 | | | | | | 166,295 | | |
5.750%, due 1/15/30‡ | | | | | 433,000 | | | | | | 461,686 | | |
6.500%, due 2/1/29‡ | | | | | 199,000 | | | | | | 220,641 | | |
| 6.750%, due 11/15/21 | | | | | 128,000 | | | | | | 133,920 | | |
7.500%, due 4/1/28‡ | | | | | 516,000 | | | | | | 565,020 | | |
| DISH DBS Corp. | | | | | | | | | | | | | |
| 5.000%, due 3/15/23 | | | | | 339,000 | | | | | | 341,542 | | |
| 5.875%, due 7/15/22 | | | | | 424,000 | | | | | | 436,190 | | |
| 6.750%, due 6/1/21 | | | | | 469,000 | | | | | | 478,380 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Media (continued) | |
| Gray Television, Inc. | | | | | | | | | | | | | |
4.750%, due 10/15/30‡ | | | | $ | 175,000 | | | | | $ | 172,375 | | |
5.875%, due 7/15/26‡ | | | | | 158,000 | | | | | | 164,320 | | |
| Lamar Media Corp. | | | | | | | | | | | | | |
| 4.000%, due 2/15/30 | | | | | 100,000 | | | | | | 101,000 | | |
| Live Nation Entertainment, Inc. | | | | | | | | | | | | | |
6.500%, due 5/15/27‡ | | | | | 245,000 | | | | | | 263,375 | | |
| Match Group Holdings II LLC | | | | | | | | | | | | | |
4.125%, due 8/1/30‡ | | | | | 94,000 | | | | | | 95,997 | | |
4.625%, due 6/1/28‡ | | | | | 90,000 | | | | | | 93,150 | | |
5.000%, due 12/15/27‡ | | | | | 140,000 | | | | | | 145,950 | | |
| Netflix, Inc. | | | | | | | | | | | | | |
3.625%, due 6/15/25‡ | | | | | 75,000 | | | | | | 77,813 | | |
| 4.375%, due 11/15/26 | | | | | 244,000 | | | | | | 265,045 | | |
| 4.875%, due 4/15/28 | | | | | 280,000 | | | | | | 314,300 | | |
4.875%, due 6/15/30‡ | | | | | 331,000 | | | | | | 377,340 | | |
5.375%, due 11/15/29‡ | | | | | 186,000 | | | | | | 217,388 | | |
| 5.500%, due 2/15/22 | | | | | 159,000 | | | | | | 166,553 | | |
| 5.875%, due 2/15/25 | | | | | 202,000 | | | | | | 227,755 | | |
| 5.875%, due 11/15/28 | | | | | 354,000 | | | | | | 422,145 | | |
| 6.375%, due 5/15/29 | | | | | 181,000 | | | | | | 222,404 | | |
| Nexstar Broadcasting, Inc. | | | | | | | | | | | | | |
4.750%, due 11/1/28‡ | | | | | 200,000 | | | | | | 202,500 | | |
5.625%, due 7/15/27‡ | | | | | 399,000 | | | | | | 415,958 | | |
| Nielsen Co. Luxembourg SARL (The) | | | | | | | | | | | | | |
5.000%, due 2/1/25‡ | | | | | 139,000 | | | | | | 142,823 | | |
| Radiate Holdco LLC / Radiate Finance, Inc. | | | | | | | | | | | | | |
4.500%, due 9/15/26‡ | | | | | 200,000 | | | | | | 200,750 | | |
| Sirius XM Radio, Inc. | | | | | | | | | | | | | |
3.875%, due 8/1/22‡ | | | | | 224,000 | | | | | | 225,960 | | |
4.125%, due 7/1/30‡ | | | | | 330,000 | | | | | | 338,663 | | |
4.625%, due 7/15/24‡ | | | | | 330,000 | | | | | | 339,900 | | |
5.000%, due 8/1/27‡ | | | | | 329,000 | | | | | | 343,805 | | |
5.375%, due 7/15/26‡ | | | | | 229,000 | | | | | | 238,446 | | |
5.500%, due 7/1/29‡ | | | | | 266,000 | | | | | | 289,608 | | |
| TEGNA, Inc. | | | | | | | | | | | | | |
4.625%, due 3/15/28‡ | | | | | 217,000 | | | | | | 213,745 | | |
4.750%, due 3/15/26‡ | | | | | 125,000 | | | | | | 128,750 | | |
5.000%, due 9/15/29(a) | | | | | 231,000 | | | | | | 233,310 | | |
| WMG Acquisition Corp. | | | | | | | | | | | | | |
3.875%, due 7/15/30‡ | | | | | 250,000 | | | | | | 250,938 | | |
| | | | | | | | | | | | 14,475,631 | | |
| Real Estate — 3.6% | |
| ESH Hospitality, Inc. | | | | | | | | | | | | | |
4.625%, due 10/1/27‡ | | | | | 150,000 | | | | | | 147,375 | | |
| HAT Holdings I LLC / HAT Holdings II LLC | | | | | | | | | | | | | |
5.250%, due 7/15/24‡ | | | | | 100,000 | | | | | | 103,625 | | |
| Iron Mountain, Inc. | | | | | | | | | | | | | |
4.875%, due 9/15/27‡ | | | | | 232,000 | | | | | | 236,640 | | |
4.875%, due 9/15/29‡ | | | | | 171,000 | | | | | | 171,855 | | |
5.000%, due 7/15/28‡ | | | | | 400,000 | | | | | | 408,000 | | |
5.250%, due 3/15/28‡ | | | | | 171,000 | | | | | | 175,275 | | |
5.250%, due 7/15/30‡ | | | | | 100,000 | | | | | | 102,250 | | |
5.625%, due 7/15/32‡ | | | | | 325,000 | | | | | | 334,750 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Real Estate (continued) | |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc. | | | | | | | | | | | | | |
| 4.500%, due 9/1/26 | | | | $ | 95,000 | | | | | $ | 96,425 | | |
4.625%, due 6/15/25‡ | | | | | 200,000 | | | | | | 203,000 | | |
5.625%, due 5/1/24(a) | | | | | 251,000 | | | | | | 263,236 | | |
| 5.750%, due 2/1/27 | | | | | 159,000 | | | | | | 171,322 | | |
| SBA Communications Corp. | | | | | | | | | | | | | |
3.875%, due 2/15/27‡ | | | | | 297,000 | | | | | | 301,455 | | |
| 4.000%, due 10/1/22 | | | | | 100,000 | | | | | | 100,875 | | |
| VICI Properties LP / VICI Note Co., Inc. | | | | | | | | | | | | | |
3.500%, due 2/15/25‡ | | | | | 153,000 | | | | | | 153,765 | | |
3.750%, due 2/15/27‡ | | | | | 158,000 | | | | | | 158,395 | | |
4.125%, due 8/15/30‡ | | | | | 230,000 | | | | | | 232,875 | | |
4.250%, due 12/1/26‡ | | | | | 261,000 | | | | | | 265,568 | | |
4.625%, due 12/1/29‡ | | | | | 202,000 | | | | | | 209,828 | | |
| | | | | | | | | | | | 3,836,514 | | |
| Telecommunication Services — 5.4% | |
| Cablevision Lightpath LLC | | | | | | | | | | | | | |
3.875%, due 9/15/27‡ | | | | | 100,000 | | | | | | 99,250 | | |
| CenturyLink, Inc. | | | | | | | | | | | | | |
4.000%, due 2/15/27‡ | | | | | 257,000 | | | | | | 261,819 | | |
5.125%, due 12/15/26‡ | | | | | 301,000 | | | | | | 307,772 | | |
| 5.800%, due 3/15/22 | | | | | 174,000 | | | | | | 180,960 | | |
| 6.450%, due 6/15/21 | | | | | 264,000 | | | | | | 270,270 | | |
| 7.500%, due 4/1/24 | | | | | 241,000 | | | | | | 264,497 | | |
| Hughes Satellite Systems Corp. | | | | | | | | | | | | | |
| 6.625%, due 8/1/26 | | | | | 158,000 | | | | | | 171,430 | | |
| Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.625%, due 1/15/29‡ | | | | | 150,000 | | | | | | 145,125 | | |
4.250%, due 7/1/28‡ | | | | | 275,000 | | | | | | 279,125 | | |
4.625%, due 9/15/27‡ | | | | | 176,000 | | | | | | 179,520 | | |
| Sprint Capital Corp. | | | | | | | | | | | | | |
| 6.875%, due 11/15/28 | | | | | 263,000 | | | | | | 332,695 | | |
| 8.750%, due 3/15/32 | | | | | 284,000 | | | | | | 424,935 | | |
| Sprint Communications, Inc. | | | | | | | | | | | | | |
| 6.000%, due 11/15/22 | | | | | 254,000 | | | | | | 271,145 | | |
| Sprint Corp. | | | | | | | | | | | | | |
| 7.125%, due 6/15/24 | | | | | 258,000 | | | | | | 296,700 | | |
| 7.250%, due 9/15/21 | | | | | 261,000 | | | | | | 271,440 | | |
| 7.625%, due 2/15/25 | | | | | 321,000 | | | | | | 379,181 | | |
| 7.625%, due 3/1/26 | | | | | 125,000 | | | | | | 152,188 | | |
| 7.875%, due 9/15/23 | | | | | 559,000 | | | | | | 637,260 | | |
| T-Mobile USA, Inc. | | | | | | | | | | | | | |
| 4.000%, due 4/15/22 | | | | | 140,000 | | | | | | 144,200 | | |
| 4.750%, due 2/1/28 | | | | | 136,000 | | | | | | 145,180 | | |
| 5.125%, due 4/15/25 | | | | | 90,000 | | | | | | 92,138 | | |
| 5.375%, due 4/15/27 | | | | | 93,000 | | | | | | 99,278 | | |
| ViaSat, Inc. | | | | | | | | | | | | | |
5.625%, due 4/15/27‡ | | | | | 148,000 | | | | | | 155,030 | | |
| Zayo Group Holdings, Inc. | | | | | | | | | | | | | |
4.000%, due 3/1/27‡ | | | | | 305,000 | | | | | | 298,900 | | |
| | | | | | | | | | | | 5,860,038 | | |
| |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Transportation — 0.6% | |
| Delta Air Lines, Inc. | | | | | | | | | | | | | |
| 3.625%, due 3/15/22 | | | | $ | 200,000 | | | | | $ | 195,500 | | |
| XPO Logistics, Inc. | | | | | | | | | | | | | |
6.250%, due 5/1/25‡ | | | | | 230,000 | | | | | | 244,375 | | |
6.750%, due 8/15/24‡ | | | | | 231,000 | | | | | | 244,571 | | |
| | | | | | | | | | | | 684,446 | | |
| Utilities — 3.9% | |
| AES Corp. (The) | | | | | | | | | | | | | |
| 5.125%, due 9/1/27 | | | | | 95,000 | | | | | | 101,531 | | |
| Calpine Corp. | | | | | | | | | | | | | |
4.500%, due 2/15/28‡ | | | | | 266,000 | | | | | | 269,990 | | |
4.625%, due 2/1/29‡ | | | | | 400,000 | | | | | | 404,000 | | |
5.125%, due 3/15/28‡ | | | | | 295,000 | | | | | | 303,850 | | |
5.250%, due 6/1/26‡ | | | | | 236,000 | | | | | | 242,195 | | |
| Clearway Energy Operating LLC | | | | | | | | | | | | | |
4.750%, due 3/15/28‡ | | | | | 153,000 | | | | | | 161,032 | | |
| 5.750%, due 10/15/25 | | | | | 180,000 | | | | | | 188,550 | | |
| DPL, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/25‡ | | | | | 75,000 | | | | | | 78,000 | | |
| NextEra Energy Operating Partners LP | | | | | | | | | | | | | |
3.875%, due 10/15/26‡ | | | | | 97,000 | | | | | | 100,826 | | |
4.250%, due 7/15/24‡ | | | | | 178,000 | | | | | | 186,900 | | |
4.250%, due 9/15/24‡ | | | | | 130,000 | | | | | | 135,525 | | |
4.500%, due 9/15/27‡ | | | | | 100,000 | | | | | | 109,500 | | |
| NRG Energy, Inc. | | | | | | | | | | | | | |
5.250%, due 6/15/29‡ | | | | | 172,000 | | | | | | 186,835 | | |
| 5.750%, due 1/15/28 | | | | | 197,000 | | | | | | 212,021 | | |
| 6.625%, due 1/15/27 | | | | | 247,000 | | | | | | 259,350 | | |
| TerraForm Power Operating LLC | | | | | | | | | | | | | |
4.250%, due 1/31/23‡ | | | | | 202,000 | | | | | | 206,545 | | |
4.750%, due 1/15/30‡ | | | | | 128,000 | | | | | | 137,600 | | |
5.000%, due 1/31/28‡ | | | | | 145,000 | | | | | | 159,681 | | |
| Vistra Operations Co. LLC | | | | | | | | | | | | | |
5.000%, due 7/31/27‡ | | | | | 255,000 | | | | | | 265,838 | | |
5.500%, due 9/1/26‡ | | | | | 241,000 | | | | | | 250,038 | | |
5.625%, due 2/15/27‡ | | | | | 247,000 | | | | | | 258,115 | | |
| | | | | | | | | | | | 4,217,922 | | |
Total Corporate Bonds
(Cost $92,195,247) | | | | | | | | | | | 93,785,919 | | |
| Foreign Bonds — 11.0% | |
| Consumer Discretionary — 1.9% | |
1011778 BC ULC / New Red Finance, Inc.,
(Canada) | | | | | | | | | | | | | |
3.875%, due 1/15/28‡ | | | | | 182,000 | | | | | | 183,820 | | |
4.000%, due 10/15/30‡ | | | | | 300,000 | | | | | | 298,500 | | |
4.250%, due 5/15/24‡ | | | | | 317,000 | | | | | | 323,340 | | |
4.375%, due 1/15/28‡ | | | | | 148,000 | | | | | | 149,850 | | |
5.750%, due 4/15/25‡ | | | | | 90,000 | | | | | | 95,850 | | |
| Fiat Chrysler Automobiles NV, (United Kingdom) | | | | | | | | | | | | | |
| 5.250%, due 4/15/23 | | | | | 326,000 | | | | | | 344,745 | | |
| Parkland Corp., (Canada) | | | | | | | | | | | | | |
5.875%, due 7/15/27‡ | | | | | 92,000 | | | | | | 94,875 | | |
6.000%, due 4/1/26‡ | | | | | 94,000 | | | | | | 97,525 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Foreign Bonds (continued) | |
| Consumer Discretionary (continued) | |
Stars Group Holdings BV / Stars Group US
Co.-Borrower LLC, (Canada) | | | | | | | | | | | | | |
7.000%, due 7/15/26‡ | | | | $ | 185,000 | | | | | $ | 194,712 | | |
| ZF North America Capital, Inc., (Germany) | | | | | | | | | | | | | |
4.750%, due 4/29/25‡ | | | | | 235,000 | | | | | | 243,225 | | |
| | | | | | | | | | | | 2,026,442 | | |
| Consumer Staples — 0.8% | |
| JBS USA LUX SA / JBS USA Finance, Inc., (Brazil) | | | | | | | | | | | | | |
6.750%, due 2/15/28‡ | | | | | 255,000 | | | | | | 279,863 | | |
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Brazil) | | | | | | | | | | | | | |
5.500%, due 1/15/30‡ | | | | | 256,000 | | | | | | 279,040 | | |
6.500%, due 4/15/29‡ | | | | | 280,000 | | | | | | 314,300 | | |
| | | | | | | | | | | | 873,203 | | |
| Energy — 0.6% | |
| Cenovus Energy, Inc., (Canada) | | | | | | | | | | | | | |
| 4.250%, due 4/15/27 | | | | | 200,000 | | | | | | 203,500 | | |
| 5.250%, due 6/15/37 | | | | | 125,000 | | | | | | 122,500 | | |
| 5.400%, due 6/15/47 | | | | | 180,000 | | | | | | 177,750 | | |
| Methanex Corp., (Canada) | | | | | | | | | | | | | |
| 5.125%, due 10/15/27 | | | | | 150,000 | | | | | | 152,250 | | |
| | | | | | | | | | | | 656,000 | | |
| Industrials — 1.2% | |
| Garda World Security Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 2/15/27‡ | | | | | 94,000 | | | | | | 92,355 | | |
| GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
3.750%, due 8/1/25‡ | | | | | 150,000 | | | | | | 150,000 | | |
5.125%, due 12/15/26‡ | | | | | 243,000 | | | | | | 254,239 | | |
| Mattamy Group Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 3/1/30‡ | | | | | 145,000 | | | | | | 147,719 | | |
5.250%, due 12/15/27‡ | | | | | 93,000 | | | | | | 98,347 | | |
| Rolls-Royce PLC, (United Kingdom) | | | | | | | | | | | | | |
3.625%, due 10/14/25‡ | | | | | 200,000 | | | | | | 189,817 | | |
| Vertical US Newco, Inc., (Germany) | | | | | | | | | | | | | |
5.250%, due 7/15/27‡ | | | | | 325,000 | | | | | | 333,531 | | |
| | | | | | | | | | | | 1,266,008 | | |
| Information Technology — 1.0% | |
| Nokia OYJ, (Finland) | | | | | | | | | | | | | |
| 3.375%, due 6/12/22 | | | | | 81,000 | | | | | | 82,721 | | |
| 4.375%, due 6/12/27 | | | | | 138,000 | | | | | | 145,935 | | |
| Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 2/15/28‡ | | | | | 188,000 | | | | | | 190,820 | | |
5.875%, due 6/1/26‡ | | | | | 155,000 | | | | | | 161,200 | | |
| Open Text Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.125%, due 2/15/30‡ | | | | | 222,000 | | | | | | 230,880 | | |
| Telefonaktiebolaget LM Ericsson, (Sweden) | | | | | | | | | | | | | |
| 4.125%, due 5/15/22 | | | | | 238,000 | | | | | | 245,438 | | |
| | | | | | | | | | | | 1,056,994 | | |
| |
| | | | Principal
Amount | | | Value | |
| Foreign Bonds (continued) | |
| Materials — 2.1% | |
| ArcelorMittal SA, (Luxembourg) | | | | | | | | | | | | | |
| 3.600%, due 7/16/24 | | | | $ | 155,000 | | | | | $ | 161,200 | | |
| 4.250%, due 7/16/29 | | | | | 200,000 | | | | | | 211,250 | | |
| 4.550%, due 3/11/26 | | | | | 40,000 | | | | | | 42,900 | | |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., (Ireland) | | | | | | | | | | | | | |
4.125%, due 8/15/26‡ | | | | | 323,000 | | | | | | 331,075 | | |
5.250%, due 4/30/25‡ | | | | | 150,000 | | | | | | 156,937 | | |
5.250%, due 8/15/27‡ | | | | | 357,000 | | | | | | 367,036 | | |
| FMG Resources August 2006 Pty Ltd., (Australia) | | | | | | | | | | | | | |
4.500%, due 9/15/27‡ | | | | | 152,000 | | | | | | 161,500 | | |
4.750%, due 5/15/22‡ | | | | | 184,000 | | | | | | 187,680 | | |
5.125%, due 3/15/23‡ | | | | | 65,000 | | | | | | 67,681 | | |
5.125%, due 5/15/24‡(a) | | | | | 148,000 | | | | | | 157,805 | | |
| OCI NV, (Netherlands) | | | | | | | | | | | | | |
5.250%, due 11/1/24‡ | | | | | 125,000 | | | | | | 127,813 | | |
| Trivium Packaging Finance BV, (Netherlands) | | | | | | | | | | | | | |
5.500%, due 8/15/26‡ | | | | | 230,000 | | | | | | 240,350 | | |
| | | | | | | | | | | | 2,213,227 | | |
| Media — 1.9% | |
Telenet Finance Luxembourg Notes SARL,
(Belgium) | | | | | | | | | | | | | |
5.500%, due 3/1/28‡ | | | | | 200,000 | | | | | | 210,000 | | |
| UPC Holding BV, (Netherlands) | | | | | | | | | | | | | |
5.500%, due 1/15/28‡ | | | | | 100,000 | | | | | | 103,000 | | |
| Videotron Ltd., (Canada) | | | | | | | | | | | | | |
5.125%, due 4/15/27‡ | | | | | 146,000 | | | | | | 154,395 | | |
| Virgin Media Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.000%, due 7/15/30‡ | | | | | 175,000 | | | | | | 173,906 | | |
| Virgin Media Secured Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
4.500%, due 8/15/30‡ | | | | | 150,000 | | | | | | 155,250 | | |
5.500%, due 8/15/26‡ | | | | | 87,000 | | | | | | 90,480 | | |
5.500%, due 5/15/29‡ | | | | | 315,000 | | | | | | 336,656 | | |
| Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
5.125%, due 2/28/30‡ | | | | | 90,000 | | | | | | 92,362 | | |
6.000%, due 1/15/27‡ | | | | | 158,000 | | | | | | 164,123 | | |
| Ziggo BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 1/15/30‡ | | | | | 147,000 | | | | | | 152,329 | | |
5.500%, due 1/15/27‡ | | | | | 426,000 | | | | | | 440,910 | | |
| | | | | | | | | | | | 2,073,411 | | |
| Telecommunication Services — 1.5% | |
| Altice France SA, (France) | | | | | | | | | | | | | |
5.500%, due 1/15/28‡ | | | | | 242,000 | | | | | | 244,420 | | |
| Telecom Italia Capital SA, (Italy) | | | | | | | | | | | | | |
| 6.000%, due 9/30/34 | | | | | 237,000 | | | | | | 274,624 | | |
| 7.200%, due 7/18/36 | | | | | 197,000 | | | | | | 247,974 | | |
| 7.721%, due 6/4/38 | | | | | 217,000 | | | | | | 295,391 | | |
| Telecom Italia SpA, (Italy) | | | | | | | | | | | | | |
5.303%, due 5/30/24‡ | | | | | 285,000 | | | | | | 307,460 | | |
See notes to financial statements.
Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
October 31, 2020 (unaudited)
| | | | Principal
Amount | | | Value | |
| Foreign Bonds (continued) | |
| Telecommunication Services (continued) | |
| Vmed O2 UK Financing I PLC, (United Kingdom) | | | | | | | | | | | | | |
4.250%, due 1/31/31‡ | | | | $ | 300,000 | | | | | $ | 300,000 | | |
| | | | | | | | | | | | 1,669,869 | | |
Total Foreign Bonds
(Cost $11,615,540) | | | | | | | | | | | 11,835,154 | | |
| Short-Term Investments — 3.1% | | | | | | | | | | | | | |
| | | | Shares | | | | | | | |
| Money Market Funds — 3.1% | | | | | | | | | | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) | | | | | 2,355,055 | | | | | | 2,355,055 | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.02%(b)(c) | | | | | 968,842 | | | | | | 968,842 | | |
Total Short-Term Investments
(Cost $3,323,897) | | | | | | | | | | | 3,323,897 | | |
| | | |
Shares | | | Value | |
Total Investments — 101.2%
(Cost $107,134,684) | | | | | | | $ | 108,944,970 | | |
Other Assets and Liabilities,
Net — (1.2)% | | | | | | | | (1,306,236) | | |
| Net Assets — 100.0% | | | | | | | $ | 107,638,734 | | |
‡
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. The total market value of 144A securities held was $61,280,102, 56.9% of net asset value.
(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 $1,103,682; total market value of collateral held by the Fund was $1,140,772. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $171,930.
(b)
Reflects the 1-day yield at October 31, 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 October 31, 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 | | | | $ | — | | | | | $ | 93,785,919 | | | | | $ | — | | | | | $ | 93,785,919 | | |
| Foreign Bonds | | | | | — | | | | | | 11,835,154 | | | | | | — | | | | | | 11,835,154 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 3,323,897 | | | | | | — | | | | | | — | | | | | | 3,323,897 | | |
| Total Investments in Securities | | | | $ | 3,323,897 | | | | | $ | 105,621,073 | | | | | $ | — | | | | | $ | 108,944,970 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ Merger Arbitrage ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 71.2% | |
| Communication Services — 6.5% | |
Cincinnati Bell, Inc.* | | | | | 953,724 | | | | | $ | 14,353,546 | | |
GCI Liberty, Inc., Class A* | | | | | 118,952 | | | | | | 9,662,471 | | |
Leyou Technologies Holdings Ltd.* | | | | | 3,043,634 | | | | | | 1,283,414 | | |
Sunrise Communications Group
AG‡*(a) | | | | | 196,246 | | | | | | 23,616,752 | | |
| Total Communication Services | | | | | | | | | | | 48,916,183 | | |
| Consumer Discretionary — 20.6% | |
Grubhub, Inc.* | | | | | 512,004 | | | | | | 37,867,816 | | |
NetEnt AB* | | | | | 3,866,340 | | | | | | 36,703,766 | | |
| Tiffany & Co. | | | | | 307,443 | | | | | | 40,225,842 | | |
William Hill PLC* | | | | | 10,981,597 | | | | | | 38,962,629 | | |
| Total Consumer Discretionary | | | | | | | | | | | 153,760,053 | | |
| Consumer Staples — 0.3% | |
| METRO AG | | | | | 224,262 | | | | | | 2,199,569 | | |
| Energy — 2.8% | |
WPX Energy, Inc.* | | | | | 4,481,709 | | | | | | 20,660,678 | | |
| Financials — 7.9% | |
| Dime Community Bancshares, Inc. | | | | | 208,919 | | | | | | 2,642,825 | | |
Hastings Group Holdings PLC‡ | | | | | 659,879 | | | | | | 2,127,940 | | |
| Hitachi Capital Corp. | | | | | 222,511 | | | | | | 4,682,650 | | |
| National General Holdings Corp. | | | | | 517,424 | | | | | | 17,576,893 | | |
| Willis Towers Watson PLC | | | | | 175,487 | | | | | | 32,022,868 | | |
| Total Financials | | | | | | | | | | | 59,053,176 | | |
| Health Care — 9.8% | |
Varian Medical Systems, Inc.* | | | | | 222,480 | | | | | | 38,444,544 | | |
Wright Medical Group NV*(a) | | | | | 1,121,720 | | | | | | 34,313,415 | | |
| Total Health Care | | | | | | | | | | | 72,757,959 | | |
| Industrials — 7.6% | |
BMC Stock Holdings, Inc.* | | | | | 92,841 | | | | | | 3,675,575 | | |
| CoreLogic, Inc. | | | | | 515,046 | | | | | | 39,622,489 | | |
G4S PLC* | | | | | 2,531,189 | | | | | | 6,679,842 | | |
| Neles OYJ | | | | | 495,724 | | | | | | 6,637,717 | | |
| Total Industrials | | | | | | | | | | | 56,615,623 | | |
| Information Technology — 12.7% | |
Fitbit, Inc., Class A* | | | | | 4,481,915 | | | | | | 31,552,681 | | |
| Maxim Integrated Products, Inc. | | | | | 621,244 | | | | | | 43,269,645 | | |
MobileIron, Inc.* | | | | | 1,652,242 | | | | | | 11,631,784 | | |
Virtusa Corp.* | | | | | 157,796 | | | | | | 7,937,139 | | |
| Total Information Technology | | | | | | | | | | | 94,391,249 | | |
| Materials — 1.4% | |
| Highland Gold Mining Ltd. | | | | | 2,705,245 | | | | | | 10,479,657 | | |
| Real Estate — 1.6% | |
| Jernigan Capital, Inc. | | | | | 97,744 | | | | | | 1,689,994 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Real Estate (continued) | |
| Northview Apartment Real Estate Investment Trust, Class Trust Unit | | | | | 370,794 | | | | | $ | 10,044,684 | | |
| Total Real Estate | | | | | | | | | | | 11,734,678 | | |
| Total Common Stocks | |
| (Cost $520,019,141) | | | | | | | | | | | 530,568,825 | | |
| Investment Companies — 9.4% | |
| U.S. Ultra Short Term Bond Funds — 9.4% | |
IQ Ultra Short Duration ETF† | | | | | 40,648 | | | | | | 2,018,986 | | |
iShares Short Treasury Bond ETF(a) | | | | | 299,285 | | | | | | 33,130,849 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a) | | | | | 377,335 | | | | | | 34,537,473 | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 69,687,308 | | |
Total Investment Companies
(Cost $69,678,817) | | | | | | | | | | | 69,687,308 | | |
| Short-Term Investments — 22.0% | |
| Money Market Funds — 22.0% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(b)(c) | | | | | 17,090,918 | | | | | | 17,090,918 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.03%(b) | | | | | 146,964,217 | | | | | | 146,964,217 | | |
Total Short-Term Investments
(Cost $164,055,135) | | | | | | | | | | | 164,055,135 | | |
Total Investments — 102.6%
(Cost $753,753,093) | | | | | | | | | | | 764,311,268 | | |
| Other Assets and Liabilities, Net — (2.6)% | | | | | | | | | | | (19,964,496) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 744,346,772 | | |
| |
‡
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. The total market value of 144A securities held was $25,744,692, 3.5% of net asset value.
*
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 $50,544,862; total market value of collateral held by the Fund was $51,258,153. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $34,167,235.
(b)
Reflects the 1-day yield at October 31, 2020.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Merger Arbitrage ETF (continued)
October 31, 2020 (unaudited)
| Total Return Swap contracts outstanding at October 31, 2020: | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| Communication Services Select Sector SPDR Fund | | | Bank of America | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | $ | (4,835,693) | | | | | $ | — | | |
| Communication Services Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF - 0.35 | | | | | 2/02/2022 | | | | Monthly | | | | | (4,835,634) | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Bank of America | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (18,078,555) | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 2/02/2022 | | | | Monthly | | | | | (18,078,555) | | | | | | — | | |
| Industrial Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF - 0.15% | | | | | 2/02/2022 | | | | Monthly | | | | | (3,888,262) | | | | | | — | | |
| iShares MSCI Japan ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (2,549,340) | | | | | | — | | |
| iShares MSCI Japan ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 2/02/2022 | | | | Monthly | | | | | (2,549,340) | | | | | | — | | |
| iShares PHLX Semiconductor ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.34% | | | | | 2/02/2022 | | | | Monthly | | | | | (41,926,519) | | | | | | — | | |
| SPDR S&P Oil & Gas Exploration & Production ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (10,542,035) | | | | | | — | | |
| SPDR S&P Oil & Gas Exploration & Production ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.35% | | | | | 2/02/2022 | | | | Monthly | | | | | (10,542,035) | | | | | | — | | |
| SPDR S&P Regional Banking ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (1,285,320) | | | | | | — | | |
| SPDR S&P Regional Banking ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.75% | | | | | 2/02/2022 | | | | Monthly | | | | | (1,285,320) | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (32,984,640) | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF | | | | | 2/02/2022 | | | | Monthly | | | | | (32,984,640) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
At October 31, 2020 Morgan Stanley has pledged $111 in cash which is invested in the Blackrock Treasury Trust Institutional Shares as collateral for total return swap contracts. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(d)
Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
(e)
Reflects the value at reset date of October 31, 2020.
Abbreviations
FEDEF — Federal Funds Effective Rate
LIBOR — London InterBank Offered Rate
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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 | | | | $ | 530,568,825 | | | | | $ | — | | | | | $ | — | | | | | $ | 530,568,825 | | |
| Investment Companies | | | | | 69,687,308 | | | | | | — | | | | | | — | | | | | | 69,687,308 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 164,055,135 | | | | | | — | | | | | | — | | | | | | 164,055,135 | | |
| Total Investments in Securities | | | | | 764,311,268 | | | | | | — | | | | | | — | | | | | | 764,311,268 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 764,311,268 | | | | | $ | — | | | | | $ | — | | | | | $ | 764,311,268 | | |
| 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.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ Merger Arbitrage ETF (continued)
October 31, 2020 (unaudited)
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/
(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
IQ Ultra
Short
Duration
ETF | | | | | 59,392 | | | | | | 2,936,934 | | | | | | 2,617,753 | | | | | | (3,564,852) | | | | | | 28,991 | | | | | | 160 | | | | | | 22,488 | | | | | | — | | | | | | 40,648 | | | | | | 2,018,986 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 89.4% | |
| Australia — 7.7% | |
| BHP Group Ltd. | | | | | 18,859 | | | | | $ | 447,373 | | |
| Evolution Mining Ltd. | | | | | 16,079 | | | | | | 62,555 | | |
| Fortescue Metals Group Ltd. | | | | | 9,979 | | | | | | 121,725 | | |
GrainCorp Ltd., Class A* | | | | | 3,402 | | | | | | 8,457 | | |
| IGO Ltd. | | | | | 6,565 | | | | | | 20,470 | | |
| Iluka Resources Ltd. | | | | | 1,623 | | | | | | 5,870 | | |
Inghams Group Ltd.(a) | | | | | 13,739 | | | | | | 27,594 | | |
| Mineral Resources Ltd. | | | | | 714 | | | | | | 12,515 | | |
| New Hope Corp., Ltd. | | | | | 21,270 | | | | | | 15,982 | | |
| Newcrest Mining Ltd. | | | | | 7,809 | | | | | | 160,348 | | |
| Northern Star Resources Ltd. | | | | | 8,369 | | | | | | 87,275 | | |
OceanaGold Corp.* | | | | | 8,071 | | | | | | 10,533 | | |
| OZ Minerals Ltd. | | | | | 1,275 | | | | | | 13,305 | | |
Perseus Mining Ltd.* | | | | | 11,659 | | | | | | 9,948 | | |
| Regis Resources Ltd. | | | | | 5,019 | | | | | | 14,627 | | |
| Rio Tinto PLC | | | | | 4,977 | | | | | | 280,384 | | |
Saracen Mineral Holdings Ltd.* | | | | | 10,105 | | | | | | 40,023 | | |
| South32 Ltd. | | | | | 19,775 | | | | | | 28,191 | | |
| St. Barbara Ltd. | | | | | 6,882 | | | | | | 12,807 | | |
Washington H Soul Pattinson & Co.,
Ltd.(a) | | | | | 6,773 | | | | | | 120,526 | | |
| Whitehaven Coal Ltd. | | | | | 26,087 | | | | | | 19,510 | | |
| Woodside Petroleum Ltd. | | | | | 2,798 | | | | | | 34,425 | | |
| Total Australia | | | | | | | | | | | 1,554,443 | | |
| Austria — 0.2% | |
| OMV AG | | | | | 909 | | | | | | 20,859 | | |
voestalpine AG(a) | | | | | 586 | | | | | | 16,280 | | |
| Total Austria | | | | | | | | | | | 37,139 | | |
| Belgium — 0.2% | |
| Umicore SA | | | | | 875 | | | | | | 33,676 | | |
| Brazil — 1.4% | |
| Wheaton Precious Metals Corp. | | | | | 3,942 | | | | | | 180,758 | | |
| Yara International ASA | | | | | 2,720 | | | | | | 94,614 | | |
| Total Brazil | | | | | | | | | | | 275,372 | | |
| Burkina Faso — 0.1% | |
IAMGOLD Corp.* | | | | | 5,002 | | | | | | 18,307 | | |
| Canada — 12.4% | |
| Agnico Eagle Mines Ltd. | | | | | 2,428 | | | | | | 192,058 | | |
| Alamos Gold, Inc., Class A | | | | | 3,859 | | | | | | 35,223 | | |
| B2Gold Corp. | | | | | 11,564 | | | | | | 74,327 | | |
| Barrick Gold Corp. | | | | | 15,724 | | | | | | 420,061 | | |
| Canadian Natural Resources Ltd. | | | | | 4,138 | | | | | | 65,793 | | |
| Enbridge, Inc. | | | | | 4,796 | | | | | | 132,044 | | |
First Majestic Silver Corp.* | | | | | 2,159 | | | | | | 22,070 | | |
| Imperial Oil Ltd. | | | | | 2,668 | | | | | | 35,457 | | |
| Kinross Gold Corp. | | | | | 13,381 | | | | | | 106,378 | | |
| Kirkland Lake Gold Ltd. | | | | | 1,956 | | | | | | 89,046 | | |
| Labrador Iron Ore Royalty Corp. | | | | | 239 | | | | | | 4,390 | | |
| Maple Leaf Foods, Inc. | | | | | 3,797 | | | | | | 69,085 | | |
| Norbord, Inc. | | | | | 3,930 | | | | | | 129,010 | | |
| Nutrien Ltd. | | | | | 5,929 | | | | | | 240,833 | | |
| Osisko Gold Royalties Ltd. | | | | | 1,473 | | | | | | 16,461 | | |
| Pan American Silver Corp. | | | | | 2,461 | | | | | | 78,148 | | |
| Pembina Pipeline Corp. | | | | | 1,948 | | | | | | 40,747 | | |
Pretium Resources, Inc.* | | | | | 1,969 | | | | | | 23,997 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Canada (continued) | |
Sandstorm Gold Ltd.* | | | | | 1,760 | | | | | $ | 12,989 | | |
SSR Mining, Inc.* | | | | | 2,581 | | | | | | 47,735 | | |
| Suncor Energy, Inc. | | | | | 4,900 | | | | | | 55,235 | | |
| TC Energy Corp. | | | | | 2,039 | | | | | | 80,193 | | |
| Teck Resources Ltd., Class B | | | | | 17,061 | | | | | | 224,051 | | |
Torex Gold Resources, Inc.* | | | | | 995 | | | | | | 13,402 | | |
| TransAlta Corp. | | | | | 9,320 | | | | | | 55,220 | | |
Wesdome Gold Mines Ltd.* | | | | | 1,424 | | | | | | 14,087 | | |
| West Fraser Timber Co., Ltd. | | | | | 2,887 | | | | | | 133,789 | | |
| Westshore Terminals Investment Corp. | | | | | 1,764 | | | | | | 17,715 | | |
| Yamana Gold, Inc. | | | | | 11,356 | | | | | | 63,110 | | |
| Total Canada | | | | | | | | | | | 2,492,654 | | |
| Chile — 0.3% | |
| Antofagasta PLC | | | | | 3,038 | | | | | | 40,440 | | |
| Lundin Mining Corp. | | | | | 3,063 | | | | | | 18,493 | | |
| Total Chile | | | | | | | | | | | 58,933 | | |
| China — 9.1% | |
Ausnutria Dairy Corp., Ltd.* | | | | | 54,530 | | | | | | 77,771 | | |
| China Coal Energy Co., Ltd., Class H | | | | | 360,058 | | | | | | 87,753 | | |
| China Hongqiao Group Ltd. | | | | | 32,891 | | | | | | 23,752 | | |
| China Molybdenum Co., Ltd., Class H | | | | | 87,752 | | | | | | 31,797 | | |
| China Petroleum & Chemical Corp., Class H | | | | | 220,703 | | | | | | 85,665 | | |
| China Shenhua Energy Co., Ltd., Class H | | | | | 422,094 | | | | | | 729,358 | | |
| CNOOC Ltd. | | | | | 107,132 | | | | | | 97,256 | | |
| COFCO Joycome Foods Ltd. | | | | | 118,338 | | | | | | 38,455 | | |
Dali Foods Group Co., Ltd.‡ | | | | | 112,707 | | | | | | 69,762 | | |
| Guangdong Investment Ltd. | | | | | 34,710 | | | | | | 51,383 | | |
MMG Ltd.* | | | | | 34,955 | | | | | | 8,249 | | |
| PetroChina Co., Ltd., Class H | | | | | 355,510 | | | | | | 99,481 | | |
Southern Energy Holdings Group Ltd.*(b) | | | | | 53,183 | | | | | | 4,663 | | |
| Wilmar International Ltd. | | | | | 69,084 | | | | | | 204,393 | | |
| Zhaojin Mining Industry Co., Ltd., Class H | | | | | 32,309 | | | | | | 41,455 | | |
| Zijin Mining Group Co., Ltd., Class H | | | | | 255,548 | | | | | | 184,868 | | |
| Total China | | | | | | | | | | | 1,836,061 | | |
| Egypt — 0.1% | |
| Centamin PLC | | | | | 10,763 | | | | | | 17,250 | | |
| Finland — 4.3% | |
| Kemira OYJ | | | | | 4,251 | | | | | | 52,538 | | |
Neste OYJ(a) | | | | | 1,642 | | | | | | 85,459 | | |
| Stora Enso OYJ, Class R | | | | | 19,579 | | | | | | 285,652 | | |
| UPM-Kymmene OYJ | | | | | 12,635 | | | | | | 357,056 | | |
| Valmet OYJ | | | | | 3,834 | | | | | | 91,464 | | |
| Total Finland | | | | | | | | | | | 872,169 | | |
| France — 1.6% | |
| Suez SA | | | | | 5,218 | | | | | | 95,549 | | |
| TOTAL SE | | | | | 5,185 | | | | | | 155,946 | | |
| Veolia Environnement SA | | | | | 4,051 | | | | | | 75,454 | | |
| Total France | | | | | | | | | | | 326,949 | | |
| Germany — 0.3% | |
| Aurubis AG | | | | | 155 | | | | | | 9,920 | | |
| Suedzucker AG | | | | | 1,920 | | | | | | 27,643 | | |
| Uniper SE | | | | | 805 | | | | | | 24,061 | | |
| Total Germany | | | | | | | | | | | 61,624 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Hong Kong — 0.0%(c) | |
| Nissin Foods Co., Ltd. | | | | | 9,487 | | | | | $ | 8,894 | | |
| Indonesia — 0.3% | |
| First Pacific Co., Ltd. | | | | | 56,908 | | | | | | 17,612 | | |
| First Resources Ltd. | | | | | 18,452 | | | | | | 16,351 | | |
| Golden Agri-Resources Ltd. | | | | | 160,128 | | | | | | 16,534 | | |
| Total Indonesia | | | | | | | | | | | 50,497 | | |
| Italy — 0.3% | |
| Eni SpA | | | | | 8,021 | | | | | | 56,162 | | |
| Ivory Coast — 0.1% | |
Endeavour Mining Corp.* | | | | | 1,162 | | | | | | 28,480 | | |
| Japan — 2.9% | |
| Fuji Oil Holdings, Inc. | | | | | 715 | | | | | | 22,570 | | |
| Hoshizaki Corp. | | | | | 444 | | | | | | 35,379 | | |
| Inpex Corp. | | | | | 4,110 | | | | | | 19,343 | | |
| Itoham Yonekyu Holdings, Inc. | | | | | 9,207 | | | | | | 61,474 | | |
JFE Holdings, Inc.* | | | | | 2,499 | | | | | | 17,403 | | |
| Kewpie Corp. | | | | | 1,140 | | | | | | 23,315 | | |
| NH Foods Ltd. | | | | | 3,705 | | | | | | 151,333 | | |
| Nichirei Corp. | | | | | 1,041 | | | | | | 26,169 | | |
| Nippon Flour Mills Co., Ltd. | | | | | 634 | | | | | | 10,152 | | |
Nippon Steel Corp.* | | | | | 3,684 | | | | | | 35,469 | | |
| Nisshin Oillio Group Ltd. (The) | | | | | 265 | | | | | | 7,595 | | |
Nisshin Seifun Group, Inc.(a) | | | | | 2,613 | | | | | | 39,268 | | |
| Prima Meat Packers Ltd. | | | | | 1,514 | | | | | | 42,984 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 1,014 | | | | | | 31,262 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 726 | | | | | | 36,113 | | |
| UACJ Corp. | | | | | 180 | | | | | | 2,832 | | |
Yamazaki Baking Co., Ltd.(a) | | | | | 1,532 | | | | | | 25,147 | | |
| Total Japan | | | | | | | | | | | 587,808 | | |
| Kazakhstan — 0.1% | |
| KAZ Minerals PLC | | | | | 1,738 | | | | | | 14,158 | | |
| Kyrgyzstan — 0.1% | |
| Centerra Gold, Inc. | | | | | 2,658 | | | | | | 23,204 | | |
| Luxembourg — 0.3% | |
ArcelorMittal SA* | | | | | 4,600 | | | | | | 62,435 | | |
| Mexico — 0.4% | |
| Fresnillo PLC | | | | | 5,862 | | | | | | 88,112 | | |
| Netherlands — 1.3% | |
OCI NV*(a) | | | | | 2,532 | | | | | | 30,349 | | |
| Royal Dutch Shell PLC, Class B | | | | | 18,362 | | | | | | 220,564 | | |
| Total Netherlands | | | | | | | | | | | 250,913 | | |
| New Zealand — 0.4% | |
Fletcher Building Ltd.* | | | | | 27,267 | | | | | | 73,885 | | |
| Norway — 0.6% | |
| Equinor ASA | | | | | 7,303 | | | | | | 92,636 | | |
Norsk Hydro ASA* | | | | | 8,215 | | | | | | 22,972 | | |
| Total Norway | | | | | | | | | | | 115,608 | | |
| Peru — 0.9% | |
Hochschild Mining PLC* | | | | | 6,733 | | | | | | 19,153 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Peru (continued) | |
| Hudbay Minerals, Inc. | | | | | 1,033 | | | | | $ | 4,656 | | |
Nexa Resources SA(a) | | | | | 851 | | | | | | 5,149 | | |
| Southern Copper Corp. | | | | | 2,812 | | | | | | 147,180 | | |
| Total Peru | | | | | | | | | | | 176,138 | | |
| Portugal — 0.3% | |
| Galp Energia SGPS SA | | | | | 1,824 | | | | | | 14,775 | | |
Navigator Co. SA (The)* | | | | | 19,652 | | | | | | 43,288 | | |
| Total Portugal | | | | | | | | | | | 58,063 | | |
| Russia — 0.7% | |
| Evraz PLC | | | | | 6,482 | | | | | | 30,130 | | |
| Highland Gold Mining Ltd. | | | | | 3,409 | | | | | | 13,206 | | |
| Polymetal International PLC | | | | | 3,576 | | | | | | 75,807 | | |
United Co. RUSAL International PJSC* | | | | | 67,342 | | | | | | 25,270 | | |
| Total Russia | | | | | | | | | | | 144,413 | | |
| Singapore — 0.2% | |
| Olam International Ltd. | | | | | 33,578 | | | | | | 31,476 | | |
| South Africa — 0.6% | |
| Anglo American PLC | | | | | 4,978 | | | | | | 116,579 | | |
| Spain — 0.2% | |
| Ebro Foods SA | | | | | 1,235 | | | | | | 27,650 | | |
| Repsol SA | | | | | 3,252 | | | | | | 20,228 | | |
| Total Spain | | | | | | | | | | | 47,878 | | |
| Sweden — 1.0% | |
AAK AB* | | | | | 2,310 | | | | | | 45,000 | | |
| Boliden AB | | | | | 937 | | | | | | 25,601 | | |
| Holmen AB, B Shares | | | | | 3,498 | | | | | | 132,593 | | |
| Total Sweden | | | | | | | | | | | 203,194 | | |
| Switzerland — 0.3% | |
Aryzta AG* | | | | | 20,570 | | | | | | 10,350 | | |
| Bell Food Group AG | | | | | 209 | | | | | | 53,017 | | |
| Total Switzerland | | | | | | | | | | | 63,367 | | |
| Turkey — 0.1% | |
Eldorado Gold Corp.* | | | | | 1,958 | | | | | | 24,524 | | |
| United Kingdom — 2.1% | |
| BP PLC | | | | | 44,499 | | | | | | 113,118 | | |
| Cranswick PLC | | | | | 1,626 | | | | | | 67,656 | | |
Greggs PLC* | | | | | 1,177 | | | | | | 19,586 | | |
| Hilton Food Group PLC | | | | | 2,704 | | | | | | 40,557 | | |
| Severn Trent PLC | | | | | 1,456 | | | | | | 45,747 | | |
| Spirax-Sarco Engineering PLC | | | | | 428 | | | | | | 62,424 | | |
| Tate & Lyle PLC | | | | | 4,494 | | | | | | 34,586 | | |
| United Utilities Group PLC | | | | | 4,041 | | | | | | 45,113 | | |
| Total United Kingdom | | | | | | | | | | | 428,787 | | |
| United States — 38.3% | |
Alcoa Corp.* | | | | | 1,274 | | | | | | 16,460 | | |
| American Water Works Co., Inc. | | | | | 1,017 | | | | | | 153,069 | | |
| Andersons, Inc. (The) | | | | | 282 | | | | | | 6,117 | | |
| Arch Resources, Inc. | | | | | 615 | | | | | | 18,788 | | |
| Archer-Daniels-Midland Co. | | | | | 5,171 | | | | | | 239,107 | | |
| Armstrong World Industries, Inc. | | | | | 1,289 | | | | | | 77,211 | | |
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United States (continued) | |
| Baker Hughes Co. | | | | | 1,829 | | | | | $ | 27,014 | | |
Builders FirstSource, Inc.* | | | | | 4,588 | | | | | | 139,016 | | |
| Bunge Ltd. | | | | | 1,407 | | | | | | 79,819 | | |
| Campbell Soup Co. | | | | | 2,560 | | | | | | 119,475 | | |
| Carpenter Technology Corp. | | | | | 275 | | | | | | 4,807 | | |
Cheniere Energy, Inc.* | | | | | 714 | | | | | | 34,179 | | |
| Chevron Corp. | | | | | 4,451 | | | | | | 309,345 | | |
Cleveland-Cliffs, Inc.(a) | | | | | 1,211 | | | | | | 10,027 | | |
Coeur Mining, Inc.* | | | | | 2,643 | | | | | | 18,686 | | |
| Commercial Metals Co. | | | | | 420 | | | | | | 8,673 | | |
| Conagra Brands, Inc. | | | | | 3,821 | | | | | | 134,079 | | |
| Concho Resources, Inc. | | | | | 576 | | | | | | 23,910 | | |
| ConocoPhillips | | | | | 3,133 | | | | | | 89,666 | | |
| Diamondback Energy, Inc. | | | | | 691 | | | | | | 17,938 | | |
| Dover Corp. | | | | | 962 | | | | | | 106,503 | | |
| Ecolab, Inc. | | | | | 1,818 | | | | | | 333,767 | | |
| EOG Resources, Inc. | | | | | 1,883 | | | | | | 64,474 | | |
| Essential Utilities, Inc. | | | | | 1,271 | | | | | | 52,365 | | |
| Exxon Mobil Corp. | | | | | 10,533 | | | | | | 343,586 | | |
| Flowers Foods, Inc. | | | | | 1,926 | | | | | | 45,415 | | |
| FMC Corp. | | | | | 1,276 | | | | | | 131,096 | | |
| Freeport-McMoRan, Inc. | | | | | 6,520 | | | | | | 113,057 | | |
| Fresh Del Monte Produce, Inc. | | | | | 413 | | | | | | 8,892 | | |
| General Mills, Inc. | | | | | 4,879 | | | | | | 288,447 | | |
| Graco, Inc. | | | | | 921 | | | | | | 57,010 | | |
| Halliburton Co. | | | | | 3,982 | | | | | | 48,023 | | |
| Hecla Mining Co. | | | | | 6,405 | | | | | | 29,335 | | |
| Hess Corp. | | | | | 945 | | | | | | 35,173 | | |
| Hormel Foods Corp. | | | | | 15,963 | | | | | | 777,238 | | |
| IDEX Corp. | | | | | 443 | | | | | | 75,483 | | |
| Ingredion, Inc. | | | | | 639 | | | | | | 45,299 | | |
| International Paper Co. | | | | | 9,911 | | | | | | 433,606 | | |
| J & J Snack Foods Corp. | | | | | 217 | | | | | | 29,419 | | |
| John Bean Technologies Corp. | | | | | 359 | | | | | | 30,145 | | |
| Kellogg Co. | | | | | 2,988 | | | | | | 187,915 | | |
| Kinder Morgan, Inc. | | | | | 5,630 | | | | | | 66,997 | | |
| Louisiana-Pacific Corp. | | | | | 3,947 | | | | | | 112,805 | | |
| Marathon Petroleum Corp. | | | | | 2,393 | | | | | | 70,594 | | |
| Mosaic Co. (The) | | | | | 5,171 | | | | | | 95,664 | | |
| Newmont Corp. | | | | | 6,725 | | | | | | 422,599 | | |
| Nucor Corp. | | | | | 1,055 | | | | | | 50,387 | | |
Occidental Petroleum Corp.(a) | | | | | 4,641 | | | | | | 42,372 | | |
| ONEOK, Inc. | | | | | 2,321 | | | | | | 67,309 | | |
Peabody Energy Corp.* | | | | | 4,544 | | | | | | 5,862 | | |
| Pentair PLC | | | | | 1,212 | | | | | | 60,309 | | |
| Phillips 66 | | | | | 1,129 | | | | | | 52,679 | | |
Pilgrim’s Pride Corp.* | | | | | 9,704 | | | | | | 162,445 | | |
| Pioneer Natural Resources Co. | | | | | 533 | | | | | | 42,405 | | |
Post Holdings, Inc.* | | | | | 741 | | | | | | 63,652 | | |
| Reliance Steel & Aluminum Co. | | | | | 237 | | | | | | 25,831 | | |
| Sanderson Farms, Inc. | | | | | 743 | | | | | | 95,082 | | |
| Schlumberger NV | | | | | 5,073 | | | | | | 75,791 | | |
| Seaboard Corp. | | | | | 47 | | | | | | 161,915 | | |
| Simpson Manufacturing Co., Inc. | | | | | 1,203 | | | | | | 106,730 | | |
| Steel Dynamics, Inc. | | | | | 772 | | | | | | 24,303 | | |
| Tyson Foods, Inc., Class A | | | | | 13,976 | | | | | | 799,846 | | |
| UFP Industries, Inc. | | | | | 1,646 | | | | | | 82,152 | | |
United States Steel Corp.(a) | | | | | 658 | | | | | | 6,356 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United States (continued) | |
| Valero Energy Corp. | | | | | 1,079 | | | | | $ | 41,660 | | |
| Warrior Met Coal, Inc. | | | | | 1,984 | | | | | | 29,760 | | |
| Williams Cos., Inc. (The) | | | | | 2,996 | | | | | | 57,493 | | |
| Xylem, Inc. | | | | | 1,164 | | | | | | 101,431 | | |
| Total United States | | | | | | | | | | | 7,688,063 | | |
| Zambia — 0.2% | |
| First Quantum Minerals Ltd. | | | | | 3,052 | | | | | | 35,044 | | |
Total Common Stocks
(Cost $20,401,344) | | | | | | | | | | | 17,962,259 | | |
| Investment Companies — 5.1% | |
| U.S. Ultra Short Term Bond Fund — 5.1% | |
IQ Ultra Short Duration ETF†
(Cost $1,026,845) | | | | | 20,668 | | | | | | 1,026,580 | | |
| Short-Term Investments — 5.4% | |
| Money Market Funds — 5.4% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(d)(e) | | | | | 201,810 | | | | | | 201,810 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.03%(d) | | | | | 892,777 | | | | | | 892,777 | | |
Total Short-Term Investments
(Cost $1,094,587) | | | | | | | | | | | 1,094,587 | | |
Total Investments — 99.9%
(Cost $22,522,776) | | | | | | | | | | | 20,083,426 | | |
Other Assets and Liabilities,
Net — 0.1% | | | | | | | | | | | 17,066 | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 20,100,492 | | |
| |
†
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. The total market value of 144A securities held was $69,762, 0.3% of net asset value.
*
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 $302,678; total market value of collateral held by the Fund was $316,859. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $115,049.
(b)
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.
(c)
Less than 0.05%.
(d)
Reflects the 1-day yield at October 31, 2020.
(e)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedules of Investments — IQ Global Resources ETF (continued)
October 31, 2020 (unaudited)
| Total Return Swap contracts outstanding at October 31, 2020: | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(f) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value
Unrealized
Appreciation/
(Depreciation)(g) | |
| iShares MSCI EAFE ETF | | | Bank of America | | | 1-Month LIBOR | | | | | 4/05/2021 | | | | | | Monthly | | | | | $ | (985,432) | | | | | $ | — | | |
| iShares MSCI EAFE ETF | | | Morgan Stanley | | | 1-Day FEDEF | | | | | 5/04/2021 | | | | | | Monthly | | | | | | (985,432) | | | | | | — | | |
| SPDR S&P 500 ETF Trust | | | Bank of America | | | 1-Month LIBOR | | | | | 4/05/2021 | | | | | | Monthly | | | | | | (996,274) | | | | | | — | | |
| SPDR S&P 500 ETF Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.10% | | | | | 5/04/2021 | | | | | | Monthly | | | | | | (996,274) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
Cash posted has been segregated as collateral for swaps in the amount of $28 at October 31, 2020.
The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(f)
Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
(g)
Reflects the value at reset date of October 31, 2020.
Abbreviations
FEDEF — Federal Funds Effective Rate
LIBOR — London InterBank Offered Rate
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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 | | | | $ | 17,957,596 | | | | | $ | — | | | | | $ | 4,663(i) | | | | | $ | 17,962,259 | | |
| Investment Companies | | | | | 1,026,580 | | | | | | — | | | | | | — | | | | | | 1,026,580 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,094,587 | | | | | | — | | | | | | — | | | | | | 1,094,587 | | |
| Total Investments in Securities | | | | | 20,078,763 | | | | | | — | | | | | | 4,663 | | | | | | 20,083,426 | | |
| Other Financial Instruments:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 20,078,763 | | | | | $ | — | | | | | $ | 4,663 | | | | | $ | 20,083,426 | | |
| 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 $4,663, has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(j)
Reflects the unrealized appreciation (depreciation) of the instruments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
A summary of the Fund’s transactions with affiliated fund during the period ended October 31, 2020 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) at
04/30/2020 | | | Purchases
Cost
($) | | | Sales
Proceeds
($) | | | Net
Realized
Gain/
(Loss)
($) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | | | Income
Distributions
($) | | | Capital
Gain
Distributions
($) | | | Shares at
10/31/2020 | | | Value
($) at
10/31/2020 | |
IQ Ultra Short Duration
ETF | | | | | 21,468 | | | | | | 1,061,593 | | | | | | 175,621 | | | | | | (216,752) | | | | | | 3,647 | | | | | | 2,471 | | | | | | 7,825 | | | | | | — | | | | | | 20,668 | | | | | | 1,026,580 | | |
| |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedules of Investments — IQ U.S. Real Estate Small Cap ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 99.8% | |
| Diversified REITs — 12.4% | |
| Alexander & Baldwin, Inc. | | | | | 24,535 | | | | | $ | 315,275 | | |
| American Assets Trust, Inc. | | | | | 17,985 | | | | | | 376,426 | | |
| Empire State Realty Trust, Inc., Class A | | | | | 61,966 | | | | | | 333,377 | | |
| Gladstone Commercial Corp. | | | | | 12,240 | | | | | | 198,900 | | |
| Granite Point Mortgage Trust, Inc. | | | | | 19,527 | | | | | | 131,612 | | |
| Industrial Logistics Properties Trust | | | | | 23,209 | | | | | | 445,149 | | |
Kennedy-Wilson Holdings, Inc.(a) | | | | | 44,644 | | | | | | 588,408 | | |
Monmouth Real Estate Investment
Corp. | | | | | 33,221 | | | | | | 460,111 | | |
| New Senior Investment Group, Inc. | | | | | 27,667 | | | | | | 108,178 | | |
Preferred Apartment Communities, Inc.,
Class A | | | | | 17,459 | | | | | | 94,278 | | |
| Redwood Trust, Inc. | | | | | 41,108 | | | | | | 349,418 | | |
| Safehold, Inc. | | | | | 5,645 | | | | | | 388,489 | | |
Washington Real Estate Investment
Trust | | | | | 29,380 | | | | | | 513,562 | | |
| Total Diversified REITs | | | | | | | | | | | 4,303,183 | | |
| Hotel REITs — 15.4% | |
| Apple Hospitality REIT, Inc. | | | | | 75,055 | | | | | | 743,044 | | |
| Chatham Lodging Trust | | | | | 16,504 | | | | | | 121,305 | | |
| DiamondRock Hospitality Co. | | | | | 70,678 | | | | | | 349,149 | | |
| Hersha Hospitality Trust | | | | | 13,084 | | | | | | 64,112 | | |
| MGM Growth Properties LLC, Class A | | | | | 47,254 | | | | | | 1,249,868 | | |
| Pebblebrook Hotel Trust | | | | | 46,613 | | | | | | 558,424 | | |
| Ryman Hospitality Properties, Inc. | | | | | 18,023 | | | | | | 718,217 | | |
| Service Properties Trust | | | | | 58,594 | | | | | | 422,463 | | |
| Summit Hotel Properties, Inc. | | | | | 37,208 | | | | | | 196,458 | | |
| Sunstone Hotel Investors, Inc. | | | | | 76,794 | | | | | | 569,811 | | |
| Xenia Hotels & Resorts, Inc. | | | | | 40,614 | | | | | | 334,659 | | |
| Total Hotel REITs | | | | | | | | | | | 5,327,510 | | |
| Mortgage REITs — 14.5% | |
| Anworth Mortgage Asset Corp. | | | | | 35,069 | | | | | | 57,513 | | |
Apollo Commercial Real Estate Finance,
Inc. | | | | | 52,932 | | | | | | 460,508 | | |
| Arbor Realty Trust, Inc. | | | | | 36,785 | | | | | | 434,799 | | |
| ARMOUR Residential REIT, Inc. | | | | | 22,818 | | | | | | 217,684 | | |
| Capstead Mortgage Corp. | | | | | 34,054 | | | | | | 174,016 | | |
| Chimera Investment Corp. | | | | | 82,351 | | | | | | 687,631 | | |
| Dynex Capital, Inc. | | | | | 7,997 | | | | | | 130,990 | | |
| Front Yard Residential Corp. | | | | | 16,728 | | | | | | 223,988 | | |
| Invesco Mortgage Capital, Inc. | | | | | 65,277 | | | | | | 176,248 | | |
| iStar, Inc. | | | | | 25,863 | | | | | | 305,183 | | |
| KKR Real Estate Finance Trust, Inc. | | | | | 11,133 | | | | | | 186,032 | | |
| MFA Financial, Inc. | | | | | 162,293 | | | | | | 457,666 | | |
| New York Mortgage Trust, Inc. | | | | | 135,342 | | | | | | 343,769 | | |
| Orchid Island Capital, Inc. | | | | | 23,871 | | | | | | 123,890 | | |
| PennyMac Mortgage Investment Trust | | | | | 35,049 | | | | | | 524,684 | | |
| Two Harbors Investment Corp. | | | | | 97,845 | | | | | | 495,096 | | |
| Western Asset Mortgage Capital Corp. | | | | | 21,287 | | | | | | 41,297 | | |
| Total Mortgage REITs | | | | | | | | | | | 5,040,994 | | |
| Office REITs — 11.4% | |
| Brandywine Realty Trust | | | | | 60,606 | | | | | | 530,908 | | |
| City Office REIT, Inc. | | | | | 15,279 | | | | | | 96,563 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Office REITs (continued) | |
| Easterly Government Properties, Inc. | | | | | 28,630 | | | | | $ | 598,367 | | |
| Franklin Street Properties Corp. | | | | | 34,991 | | | | | | 146,962 | | |
| Global Net Lease, Inc. | | | | | 32,229 | | | | | | 458,619 | | |
| Lexington Realty Trust | | | | | 97,693 | | | | | | 970,092 | | |
| Mack-Cali Realty Corp. | | | | | 28,215 | | | | | | 310,083 | | |
| Office Properties Income Trust | | | | | 17,101 | | | | | | 314,829 | | |
| Piedmont Office Realty Trust, Inc., Class A | | | | | 44,845 | | | | | | 512,130 | | |
| Total Office REITs | | | | | | | | | | | 3,938,553 | | |
| Residential REITs — 4.0% | |
| Bluerock Residential Growth REIT, Inc. | | | | | 8,827 | | | | | | 76,442 | | |
| Essential Properties Realty Trust, Inc. | | | | | 33,167 | | | | | | 547,919 | | |
| Independence Realty Trust, Inc. | | | | | 33,865 | | | | | | 411,460 | | |
| NexPoint Residential Trust, Inc. | | | | | 7,513 | | | | | | 332,976 | | |
| Total Residential REITs | | | | | | | | | | | 1,368,797 | | |
| Retail REITs — 17.3% | |
| Acadia Realty Trust | | | | | 30,889 | | | | | | 288,194 | | |
| Agree Realty Corp. | | | | | 18,985 | | | | | | 1,178,399 | | |
| Brookfield Property REIT, Inc., Class A | | | | | 17,420 | | | | | | 256,945 | | |
| Four Corners Property Trust, Inc. | | | | | 25,144 | | | | | | 637,149 | | |
| Kite Realty Group Trust | | | | | 30,136 | | | | | | 312,209 | | |
| Macerich Co. (The) | | | | | 49,630 | | | | | | 345,425 | | |
| Retail Opportunity Investments Corp. | | | | | 41,430 | | | | | | 403,114 | | |
| Retail Properties of America, Inc., Class A | | | | | 76,686 | | | | | | 401,835 | | |
| RPT Realty | | | | | 27,944 | | | | | | 136,646 | | |
Seritage Growth Properties, Class A* | | | | | 12,152 | | | | | | 154,695 | | |
| SITE Centers Corp. | | | | | 54,583 | | | | | | 371,710 | | |
| Tanger Factory Outlet Centers, Inc. | | | | | 32,716 | | | | | | 202,512 | | |
| Taubman Centers, Inc. | | | | | 21,313 | | | | | | 712,280 | | |
| Urban Edge Properties | | | | | 39,925 | | | | | | 375,295 | | |
| Urstadt Biddle Properties, Inc., Class A | | | | | 10,614 | | | | | | 100,939 | | |
| Washington Prime Group, Inc. | | | | | 66,922 | | | | | | 39,183 | | |
| Whitestone REIT | | | | | 14,260 | | | | | | 84,990 | | |
| Total Retail REITs | | | | | | | | | | | 6,001,520 | | |
| Specialized REITs — 24.8% | |
| American Finance Trust, Inc. | | | | | 39,019 | | | | | | 224,945 | | |
| CareTrust REIT, Inc. | | | | | 33,993 | | | | | | 581,280 | | |
| CatchMark Timber Trust, Inc., Class A | | | | | 17,381 | | | | | | 151,041 | | |
| Diversified Healthcare Trust | | | | | 84,793 | | | | | | 245,476 | | |
| EPR Properties | | | | | 26,561 | | | | | | 633,214 | | |
| Global Medical REIT, Inc. | | | | | 15,333 | | | | | | 190,589 | | |
| Innovative Industrial Properties, Inc. | | | | | 7,661 | | | | | | 893,503 | | |
| LTC Properties, Inc. | | | | | 13,896 | | | | | | 458,707 | | |
| National Storage Affiliates Trust | | | | | 19,408 | | | | | | 657,737 | | |
| Physicians Realty Trust | | | | | 74,655 | | | | | | 1,258,683 | | |
| QTS Realty Trust, Inc., Class A | | | | | 21,953 | | | | | | 1,350,329 | | |
| Terreno Realty Corp. | | | | | 24,131 | | | | | | 1,358,093 | | |
| Uniti Group, Inc. | | | | | 69,060 | | | | | | 609,109 | | |
| Total Specialized REITs | | | | | | | | | | | 8,612,706 | | |
| Total Common Stocks | |
| (Cost $47,653,055) | | | | | | | | | | | 34,593,263 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ U.S. Real Estate Small Cap ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Short-Term Investments — 0.3% | |
| Money Market Funds — 0.3% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(b)(c) | | | | | 6,683 | | | | | $ | 6,683 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.03%(b) | | | | | 84,322 | | | | | | 84,322 | | |
Total Short-Term Investments
(Cost $91,005) | | | | | | | | | | | 91,005 | | |
Total Investments — 100.1%
(Cost $47,744,060) | | | | | | | | | | | 34,684,268 | | |
Other Assets and Liabilities,
Net — (0.1)% | | | | | | | | | | | (4,577) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 34,679,691 | | |
| |
*
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 $576,638; total market value of collateral held by the Fund was $586,085. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $579,402.
(b)
Reflects the 1-day yield at October 31, 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 October 31, 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 | | | | $ | 34,593,263 | | | | | $ | | | | | | $ | | | | | | $ | 34,593,263 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 91,005 | | | | | | — | | | | | | — | | | | | | 91,005 | | |
| Total Investments in Securities | | | | $ | 34,684,268 | | | | | $ | — | | | | | $ | — | | | | | $ | 34,684,268 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 98.1% | |
| Australia — 4.8% | |
| AGL Energy Ltd. | | | | | 16,313 | | | | | $ | 142,968 | | |
| Ampol Ltd. | | | | | 13,621 | | | | | | 248,125 | | |
| Australia & New Zealand Banking Group Ltd. | | | | | 20,969 | | | | | | 276,986 | | |
| BHP Group Ltd. | | | | | 43,404 | | | | | | 1,029,630 | | |
| BlueScope Steel Ltd. | | | | | 30,683 | | | | | | 315,881 | | |
| Brambles Ltd. | | | | | 26,687 | | | | | | 179,726 | | |
CIMIC Group Ltd.* | | | | | 17,211 | | | | | | 259,858 | | |
| Commonwealth Bank of Australia | | | | | 6,556 | | | | | | 317,765 | | |
| CSL Ltd. | | | | | 1,034 | | | | | | 208,805 | | |
| Downer EDI Ltd. | | | | | 133,431 | | | | | | 412,289 | | |
Glencore PLC* | | | | | 944,915 | | | | | | 1,904,748 | | |
| Metcash Ltd. | | | | | 91,860 | | | | | | 190,301 | | |
| National Australia Bank Ltd. | | | | | 20,666 | | | | | | 269,936 | | |
| Origin Energy Ltd. | | | | | 65,376 | | | | | | 183,641 | | |
Qantas Airways Ltd.* | | | | | 121,469 | | | | | | 357,414 | | |
| Ramsay Health Care Ltd. | | | | | 7,879 | | | | | | 344,984 | | |
| Rio Tinto PLC | | | | | 16,526 | | | | | | 931,009 | | |
| Sonic Healthcare Ltd. | | | | | 13,303 | | | | | | 325,290 | | |
| South32 Ltd. | | | | | 131,689 | | | | | | 187,732 | | |
| Telstra Corp., Ltd. | | | | | 154,014 | | | | | | 289,859 | | |
Viva Energy Group Ltd.‡ | | | | | 217,391 | | | | | | 257,237 | | |
| Wesfarmers Ltd. | | | | | 22,540 | | | | | | 727,488 | | |
| Westpac Banking Corp. | | | | | 23,617 | | | | | | 297,038 | | |
| Woolworths Group Ltd. | | | | | 24,346 | | | | | | 652,421 | | |
| Total Australia | | | | | | | | | | | 10,311,131 | | |
| Austria — 0.3% | | | | | | | | | | | | | |
| OMV AG | | | | | 11,591 | | | | | | 265,985 | | |
voestalpine AG(a) | | | | | 12,347 | | | | | | 343,020 | | |
| Total Austria | | | | | | | | | | | 609,005 | | |
| Belgium — 1.0% | | | | | | | | | | | | | |
| Anheuser-Busch InBev SA/NV | | | | | 25,284 | | | | | | 1,312,384 | | |
| bpost SA | | | | | 20,485 | | | | | | 181,470 | | |
| Etablissements Franz Colruyt NV | | | | | 2,848 | | | | | | 168,595 | | |
| Solvay SA | | | | | 3,361 | | | | | | 272,880 | | |
| Umicore SA | | | | | 6,813 | | | | | | 262,209 | | |
| Total Belgium | | | | | | | | | | | 2,197,538 | | |
| Brazil — 0.1% | | | | | | | | | | | | | |
| Yara International ASA | | | | | 7,163 | | | | | | 249,162 | | |
| Canada — 6.2% | | | | | | | | | | | | | |
Air Canada* | | | | | 21,580 | | | | | | 238,402 | | |
Alimentation Couche-Tard, Inc.,
Class B | | | | | 33,335 | | | | | | 1,025,788 | | |
Bank of Montreal(a) | | | | | 4,073 | | | | | | 242,330 | | |
| Bank of Nova Scotia (The) | | | | | 6,085 | | | | | | 252,600 | | |
| Barrick Gold Corp. | | | | | 7,305 | | | | | | 195,151 | | |
| BCE, Inc. | | | | | 8,325 | | | | | | 334,286 | | |
Bombardier, Inc., Class B* | | | | | 869,701 | | | | | | 182,635 | | |
| Brookfield Asset Management, Inc., Class A | | | | | 12,539 | | | | | | 372,310 | | |
Canadian Imperial Bank of
Commerce | | | | | 2,950 | | | | | | 219,876 | | |
| Canadian National Railway Co. | | | | | 2,984 | | | | | | 296,196 | | |
| Canadian Natural Resources Ltd. | | | | | 20,031 | | | | | | 318,489 | | |
Canadian Tire Corp., Ltd., Class A(a) | | | | | 2,642 | | | | | | 294,804 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Canada (continued) | | | |
| Cenovus Energy, Inc. | | | | | 108,383 | | | | | $ | 354,408 | | |
CGI, Inc.* | | | | | 4,603 | | | | | | 285,394 | | |
| Empire Co., Ltd., Class A | | | | | 12,041 | | | | | | 328,264 | | |
| Enbridge, Inc. | | | | | 30,120 | | | | | | 829,269 | | |
| George Weston Ltd. | | | | | 6,869 | | | | | | 481,322 | | |
| Great-West Lifeco, Inc. | | | | | 15,290 | | | | | | 311,339 | | |
Husky Energy, Inc.(a) | | | | | 84,810 | | | | | | 218,171 | | |
| Imperial Oil Ltd. | | | | | 29,593 | | | | | | 393,286 | | |
| Loblaw Cos., Ltd. | | | | | 10,008 | | | | | | 497,792 | | |
| Magna International, Inc. | | | | | 14,795 | | | | | | 754,868 | | |
| Manulife Financial Corp. | | | | | 17,845 | | | | | | 241,708 | | |
| Metro, Inc. | | | | | 4,313 | | | | | | 201,037 | | |
| Nutrien Ltd. | | | | | 10,285 | | | | | | 417,771 | | |
| Parkland Corp. | | | | | 11,247 | | | | | | 274,480 | | |
| Pembina Pipeline Corp. | | | | | 8,634 | | | | | | 180,599 | | |
| Power Corp. of Canada | | | | | 17,535 | | | | | | 333,643 | | |
| Restaurant Brands International, Inc. | | | | | 4,096 | | | | | | 212,672 | | |
| Rogers Communications, Inc., Class B | | | | | 5,610 | | | | | | 227,707 | | |
| Royal Bank of Canada | | | | | 5,655 | | | | | | 395,110 | | |
| Saputo, Inc. | | | | | 7,164 | | | | | | 174,244 | | |
SNC-Lavalin Group, Inc.(a) | | | | | 11,656 | | | | | | 162,949 | | |
| Sun Life Financial, Inc. | | | | | 5,727 | | | | | | 227,688 | | |
| Suncor Energy, Inc. | | | | | 29,995 | | | | | | 338,114 | | |
| TC Energy Corp. | | | | | 5,558 | | | | | | 218,593 | | |
| Teck Resources Ltd., Class B | | | | | 26,948 | | | | | | 353,890 | | |
| TELUS Corp. | | | | | 12,936 | | | | | | 221,009 | | |
| Thomson Reuters Corp. | | | | | 2,608 | | | | | | 202,600 | | |
| Toronto-Dominion Bank (The) | | | | | 7,367 | | | | | | 324,770 | | |
| WSP Global, Inc. | | | | | 2,697 | | | | | | 170,455 | | |
| Total Canada | | | | | | | | | | | 13,306,019 | | |
| China — 0.4% | | | | | | | | | | | | | |
| Wilmar International Ltd. | | | | | 266,467 | | | | | | 788,375 | | |
| Denmark — 0.9% | | | | | | | | | | | | | |
| Carlsberg AS, Class B | | | | | 1,570 | | | | | | 198,723 | | |
| DSV PANALPINA A/S | | | | | 2,608 | | | | | | 422,327 | | |
ISS A/S* | | | | | 20,151 | | | | | | 261,494 | | |
| Novo Nordisk A/S, Class B | | | | | 6,202 | | | | | | 398,381 | | |
Orsted A/S‡ | | | | | 1,827 | | | | | | 289,995 | | |
| Vestas Wind Systems A/S | | | | | 2,020 | | | | | | 344,808 | | |
| Total Denmark | | | | | | | | | | | 1,915,728 | | |
| Finland — 1.0% | | | | | | | | | | | | | |
| Kesko OYJ, Class B | | | | | 12,167 | | | | | | 312,650 | | |
| Kone OYJ, Class B | | | | | 2,726 | | | | | | 217,006 | | |
Neste OYJ(a) | | | | | 6,450 | | | | | | 335,693 | | |
Nokia OYJ* | | | | | 142,237 | | | | | | 480,486 | | |
Outokumpu OYJ*(a) | | | | | 57,969 | | | | | | 144,707 | | |
| Stora Enso OYJ, Class R | | | | | 23,251 | | | | | | 339,226 | | |
| UPM-Kymmene OYJ | | | | | 8,553 | | | | | | 241,701 | | |
| Wartsila OYJ Abp | | | | | 21,139 | | | | | | 167,983 | | |
| Total Finland | | | | | | | | | | | 2,239,452 | | |
| France — 12.7% | | | | | | | | | | | | | |
Air France-KLM*(a) | | | | | 86,240 | | | | | | 282,283 | | |
| Air Liquide SA | | | | | 3,756 | | | | | | 549,084 | | |
Airbus SE* | | | | | 14,684 | | | | | | 1,070,580 | | |
| Arkema SA | | | | | 2,843 | | | | | | 278,445 | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | | | |
Atos SE* | | | | | 4,654 | | | | | $ | 317,683 | | |
| AXA SA | | | | | 44,388 | | | | | | 713,534 | | |
BNP Paribas SA* | | | | | 18,301 | | | | | | 636,446 | | |
| Bollore SA | | | | | 201,686 | | | | | | 722,657 | | |
| Bouygues SA | | | | | 23,344 | | | | | | 765,462 | | |
Bureau Veritas SA* | | | | | 8,797 | | | | | | 193,159 | | |
| Capgemini SE | | | | | 3,922 | | | | | | 452,925 | | |
| Carrefour SA | | | | | 67,302 | | | | | | 1,047,380 | | |
Casino Guichard Perrachon SA*(a) | | | | | 13,294 | | | | | | 299,257 | | |
Cie de Saint-Gobain* | | | | | 24,484 | | | | | | 955,426 | | |
| Cie Generale des Etablissements Michelin | | | | | 3,110 | | | | | | 335,605 | | |
CNP Assurances* | | | | | 28,320 | | | | | | 318,999 | | |
Credit Agricole SA* | | | | | 42,151 | | | | | | 332,993 | | |
| Danone SA | | | | | 7,189 | | | | | | 396,932 | | |
Eiffage SA* | | | | | 5,299 | | | | | | 384,673 | | |
| Electricite de France SA | | | | | 122,157 | | | | | | 1,418,392 | | |
Elior Group SA‡ | | | | | 29,628 | | | | | | 111,681 | | |
Engie SA* | | | | | 94,684 | | | | | | 1,145,389 | | |
EssilorLuxottica SA* | | | | | 2,186 | | | | | | 270,424 | | |
Faurecia SE* | | | | | 8,283 | | | | | | 313,961 | | |
| Kering SA | | | | | 482 | | | | | | 291,116 | | |
| L’Oreal SA | | | | | 2,004 | | | | | | 648,251 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 2,729 | | | | | | 1,278,861 | | |
Natixis SA* | | | | | 51,891 | | | | | | 120,649 | | |
| Orange SA | | | | | 62,562 | | | | | | 701,789 | | |
| Orpea* | | | | | 1,759 | | | | | | 175,679 | | |
| Pernod Ricard SA | | | | | 1,265 | | | | | | 203,937 | | |
Peugeot SA* | | | | | 55,860 | | | | | | 1,004,007 | | |
| Publicis Groupe SA | | | | | 11,322 | | | | | | 393,015 | | |
Renault SA* | | | | | 29,665 | | | | | | 734,472 | | |
Rexel SA* | | | | | 30,653 | | | | | | 322,355 | | |
Safran SA* | | | | | 5,000 | | | | | | 527,211 | | |
| Sanofi | | | | | 8,796 | | | | | | 792,734 | | |
| Schneider Electric SE | | | | | 4,449 | | | | | | 540,008 | | |
Societe Generale SA* | | | | | 18,091 | | | | | | 245,293 | | |
| Sodexo SA | | | | | 7,513 | | | | | | 482,208 | | |
SPIE SA* | | | | | 15,764 | | | | | | 248,631 | | |
| Suez SA | | | | | 26,903 | | | | | | 492,633 | | |
| Teleperformance | | | | | 758 | | | | | | 227,538 | | |
| Thales SA | | | | | 4,184 | | | | | | 272,344 | | |
| TOTAL SE | | | | | 54,822 | | | | | | 1,648,849 | | |
| Valeo SA | | | | | 15,387 | | | | | | 465,474 | | |
| Veolia Environnement SA | | | | | 19,338 | | | | | | 360,189 | | |
| Vinci SA | | | | | 17,120 | | | | | | 1,352,482 | | |
| Vivendi SA | | | | | 17,057 | | | | | | 492,548 | | |
| Total France | | | | | | | | | | | 27,335,643 | | |
| Germany — 12.3% | | | | | | | | | | | | | |
adidas AG* | | | | | 1,554 | | | | | | 461,595 | | |
| Allianz SE | | | | | 4,255 | | | | | | 748,719 | | |
| Aurubis AG | | | | | 4,638 | | | | | | 296,817 | | |
| BASF SE | | | | | 38,983 | | | | | | 2,137,417 | | |
| Bayer AG | | | | | 15,712 | | | | | | 738,673 | | |
| Bayerische Motoren Werke AG | | | | | 21,674 | | | | | | 1,481,491 | | |
| Beiersdorf AG | | | | | 1,500 | | | | | | 157,080 | | |
| Brenntag AG | | | | | 7,432 | | | | | | 475,105 | | |
CECONOMY AG* | | | | | 138,797 | | | | | | 614,052 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | | | |
| Continental AG | | | | | 9,435 | | | | | $ | 1,003,200 | | |
Covestro AG‡ | | | | | 10,131 | | | | | | 483,491 | | |
| Daimler AG | | | | | 47,218 | | | | | | 2,442,083 | | |
Deutsche Bank AG* | | | | | 40,838 | | | | | | 375,852 | | |
Deutsche Lufthansa AG*(a) | | | | | 65,135 | | | | | | 559,332 | | |
| Deutsche Post AG | | | | | 41,268 | | | | | | 1,828,621 | | |
| Deutsche Telekom AG | | | | | 97,762 | | | | | | 1,488,386 | | |
| E.ON SE | | | | | 44,336 | | | | | | 462,324 | | |
| Evonik Industries AG | | | | | 14,780 | | | | | | 355,865 | | |
Fresenius Medical Care AG & Co.
KGaA | | | | | 8,762 | | | | | | 669,336 | | |
| Fresenius SE & Co. KGaA | | | | | 17,047 | | | | | | 632,253 | | |
| Hannover Rueck SE | | | | | 1,159 | | | | | | 168,352 | | |
| HeidelbergCement AG | | | | | 7,664 | | | | | | 438,514 | | |
| Infineon Technologies AG | | | | | 13,092 | | | | | | 364,480 | | |
| LANXESS AG | | | | | 4,283 | | | | | | 217,123 | | |
| Merck KGaA | | | | | 3,161 | | | | | | 468,178 | | |
| METRO AG | | | | | 58,179 | | | | | | 570,621 | | |
Muenchener Rueckversicherungs-
Gesellschaft AG | | | | | 1,884 | | | | | | 440,671 | | |
ProSiebenSat.1 Media SE*(a) | | | | | 18,911 | | | | | | 211,033 | | |
| RWE AG | | | | | 13,232 | | | | | | 489,988 | | |
Salzgitter AG*(a) | | | | | 14,105 | | | | | | 205,377 | | |
| SAP SE | | | | | 6,618 | | | | | | 705,294 | | |
| Siemens AG | | | | | 15,172 | | | | | | 1,779,681 | | |
Siemens Healthineers AG‡ | | | | | 13,499 | | | | | | 579,519 | | |
| Telefonica Deutschland Holding AG | | | | | 62,884 | | | | | | 158,734 | | |
thyssenkrupp AG*(a) | | | | | 109,172 | | | | | | 520,757 | | |
TUI AG(a) | | | | | 99,492 | | | | | | 389,274 | | |
| Uniper SE | | | | | 40,632 | | | | | | 1,214,492 | | |
| United Internet AG | | | | | 6,278 | | | | | | 220,119 | | |
| Total Germany | | | | | | | | | | | 26,553,899 | | |
| Hong Kong — 0.6% | | | | | | | | | | | | | |
| AIA Group Ltd. | | | | | 29,970 | | | | | | 282,315 | | |
| CLP Holdings Ltd. | | | | | 20,434 | | | | | | 187,875 | | |
| Dairy Farm International Holdings Ltd. | | | | | 35,713 | | | | | | 134,638 | | |
| Nine Dragons Paper Holdings Ltd. | | | | | 186,367 | | | | | | 247,533 | | |
WH Group Ltd.‡ | | | | | 345,303 | | | | | | 271,172 | | |
| Yue Yuen Industrial Holdings Ltd. | | | | | 99,475 | | | | | | 161,882 | | |
| Total Hong Kong | | | | | | | | | | | 1,285,415 | | |
| Ireland — 0.3% | | | | | | | | | | | | | |
| CRH PLC | | | | | 18,757 | | | | | | 659,676 | | |
| Israel — 0.2% | | | | | | | | | | | | | |
Teva Pharmaceutical Industries Ltd.* | | | | | 42,101 | | | | | | 364,951 | | |
| Italy — 2.6% | | | | | | | | | | | | | |
| Assicurazioni Generali SpA | | | | | 39,430 | | | | | | 528,654 | | |
Atlantia SpA* | | | | | 12,481 | | ��� | | | | 191,254 | | |
Autogrill SpA* | | | | | 36,279 | | | | | | 135,907 | | |
| Enel SpA | | | | | 228,024 | | | | | | 1,815,204 | | |
| Eni SpA | | | | | 112,706 | | | | | | 789,157 | | |
Intesa Sanpaolo SpA* | | | | | 152,362 | | | | | | 251,949 | | |
| Leonardo SpA | | | | | 38,246 | | | | | | 182,124 | | |
Poste Italiane SpA‡ | | | | | 59,993 | | | | | | 489,180 | | |
| Prysmian SpA | | | | | 9,000 | | | | | | 244,688 | | |
Saipem SpA(a) | | | | | 84,522 | | | | | | 148,422 | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Italy (continued) | | | |
Saras SpA* | | | | | 183,052 | | | | | $ | 93,692 | | |
| Telecom Italia SpA | | | | | 942,301 | | | | | | 319,852 | | |
UniCredit SpA* | | | | | 23,739 | | | | | | 177,003 | | |
Unipol Gruppo SpA* | | | | | 42,343 | | | | | | 154,283 | | |
| Total Italy | | | | | | | | | | | 5,521,369 | | |
| Japan — 29.7% | | | | | | | | | | | | | |
| Aeon Co., Ltd. | | | | | 36,394 | | | | | | 927,257 | | |
| AGC, Inc. | | | | | 9,181 | | | | | | 284,985 | | |
| Aisin Seiki Co., Ltd. | | | | | 14,952 | | | | | | 449,819 | | |
| Ajinomoto Co., Inc. | | | | | 9,196 | | | | | | 184,509 | | |
| Alfresa Holdings Corp. | | | | | 17,883 | | | | | | 326,903 | | |
ANA Holdings, Inc.*(a) | | | | | 11,244 | | | | | | 244,154 | | |
| Asahi Group Holdings Ltd. | | | | | 8,581 | | | | | | 264,555 | | |
| Asahi Kasei Corp. | | | | | 41,516 | | | | | | 357,576 | | |
| Astellas Pharma, Inc. | | | | | 14,732 | | | | | | 202,223 | | |
| Bridgestone Corp. | | | | | 10,085 | | | | | | 327,034 | | |
| Brother Industries Ltd. | | | | | 8,925 | | | | | | 137,111 | | |
| Canon, Inc. | | | | | 27,115 | | | | | | 467,004 | | |
| Central Japan Railway Co. | | | | | 1,826 | | | | | | 219,822 | | |
| Chubu Electric Power Co., Inc. | | | | | 25,123 | | | | | | 281,534 | | |
Chugoku Electric Power Co., Inc.
(The) | | | | | 13,109 | | | | | | 164,897 | | |
Coca-Cola Bottlers Japan Holdings, Inc.(a) | | | | | 6,647 | | | | | | 93,658 | | |
| Cosmo Energy Holdings Co., Ltd. | | | | | 18,565 | | | | | | 269,933 | | |
| Dai Nippon Printing Co., Ltd. | | | | | 12,133 | | | | | | 225,042 | | |
| Dai-ichi Life Holdings, Inc. | | | | | 29,870 | | | | | | 441,878 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 7,104 | | | | | | 186,740 | | |
| Daikin Industries Ltd. | | | | | 2,158 | | | | | | 402,122 | | |
| Denso Corp. | | | | | 16,901 | | | | | | 782,160 | | |
| Dentsu Group, Inc. | | | | | 11,177 | | | | | | 319,786 | | |
| DIC Corp. | | | | | 6,177 | | | | | | 149,846 | | |
| East Japan Railway Co. | | | | | 6,362 | | | | | | 332,097 | | |
| ENEOS Holdings, Inc. | | | | | 278,159 | | | | | | 932,873 | | |
| Fast Retailing Co., Ltd. | | | | | 674 | | | | | | 468,783 | | |
| Fuji Media Holdings, Inc. | | | | | 14,824 | | | | | | 142,369 | | |
| FUJIFILM Holdings Corp. | | | | | 4,594 | | | | | | 233,699 | | |
| Fujitsu Ltd. | | | | | 7,675 | | | | | | 897,521 | | |
| Hakuhodo DY Holdings, Inc. | | | | | 25,711 | | | | | | 326,368 | | |
| Hankyu Hanshin Holdings, Inc. | | | | | 4,158 | | | | | | 126,482 | | |
| Hanwa Co., Ltd. | | | | | 16,762 | | | | | | 323,247 | | |
| Hino Motors Ltd. | | | | | 36,571 | | | | | | 278,463 | | |
HIS Co., Ltd.* | | | | | 13,248 | | | | | | 177,544 | | |
| Hitachi Ltd. | | | | | 30,717 | | | | | | 1,028,993 | | |
| Honda Motor Co., Ltd. | | | | | 42,904 | | | | | | 999,342 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 17,595 | | | | | | 354,290 | | |
| IHI Corp. | | | | | 12,892 | | | | | | 154,768 | | |
| Isetan Mitsukoshi Holdings Ltd. | | | | | 25,463 | | | | | | 123,004 | | |
| Isuzu Motors Ltd. | | | | | 27,740 | | | | | | 223,693 | | |
| ITOCHU Corp. | | | | | 93,917 | | | | | | 2,245,958 | | |
Japan Airlines Co., Ltd.* | | | | | 12,736 | | | | | | 221,363 | | |
| Japan Post Holdings Co., Ltd. | | | | | 79,212 | | | | | | 541,694 | | |
| Japan Post Insurance Co., Ltd. | | | | | 21,827 | | | | | | 344,505 | | |
| Japan Tobacco, Inc. | | | | | 17,625 | | | | | | 332,134 | | |
JFE Holdings, Inc.* | | | | | 69,980 | | | | | | 487,330 | | |
| JTEKT Corp. | | | | | 23,519 | | | | | | 185,380 | | |
| Kajima Corp. | | | | | 31,828 | | | | | | 338,557 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 37,309 | | | | | $ | 339,364 | | |
| Kao Corp. | | | | | 2,598 | | | | | | 184,400 | | |
Kawasaki Heavy Industries Ltd.* | | | | | 11,349 | | | | | | 134,616 | | |
Kawasaki Kisen Kaisha Ltd.* | | | | | 19,266 | | | | | | 233,315 | | |
| KDDI Corp. | | | | | 27,575 | | | | | | 736,591 | | |
| Kintetsu Group Holdings Co., Ltd. | | | | | 3,866 | | | | | | 153,841 | | |
| Kirin Holdings Co., Ltd. | | | | | 12,267 | | | | | | 220,487 | | |
Kobe Steel Ltd.* | | | | | 75,394 | | | | | | 292,085 | | |
| Komatsu Ltd. | | | | | 16,992 | | | | | | 380,508 | | |
| Konica Minolta, Inc. | | | | | 42,240 | | | | | | 106,671 | | |
| Kubota Corp. | | | | | 16,055 | | | | | | 278,052 | | |
| Kyocera Corp. | | | | | 4,445 | | | | | | 243,680 | | |
| Kyushu Electric Power Co., Inc. | | | | | 30,988 | | | | | | 259,666 | | |
| LIXIL Group Corp. | | | | | 14,888 | | | | | | 321,287 | | |
| Marubeni Corp. | | | | | 174,479 | | | | | | 906,610 | | |
| Maruha Nichiro Corp. | | | | | 6,302 | | | | | | 131,538 | | |
| Mazda Motor Corp. | | | | | 47,294 | | | | | | 247,011 | | |
| Medipal Holdings Corp. | | | | | 20,793 | | | | | | 370,352 | | |
| MEIJI Holdings Co., Ltd. | | | | | 2,510 | | | | | | 181,515 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 89,378 | | | | | | 501,180 | | |
| Mitsubishi Corp. | | | | | 103,407 | | | | | | 2,300,296 | | |
| Mitsubishi Electric Corp. | | | | | 53,082 | | | | | | 680,408 | | |
| Mitsubishi Heavy Industries Ltd. | | | | | 14,890 | | | | | | 318,268 | | |
| Mitsubishi Materials Corp. | | | | | 8,856 | | | | | | 161,719 | | |
Mitsubishi Motors Corp.* | | | | | 65,057 | | | | | | 118,240 | | |
| Mitsubishi UFJ Financial Group, Inc. | | | | | 86,587 | | | | | | 339,755 | | |
| Mitsui & Co., Ltd. | | | | | 64,229 | | | | | | 1,001,466 | | |
| Mitsui Chemicals, Inc. | | | | | 11,124 | | | | | | 283,686 | | |
| Mitsui OSK Lines Ltd. | | | | | 12,841 | | | | | | 287,307 | | |
| Mizuho Financial Group, Inc. | | | | | 18,699 | | | | | | 229,221 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 9,568 | | | | | | 260,342 | | |
| Murata Manufacturing Co., Ltd. | | | | | 5,416 | | | | | | 376,488 | | |
| NEC Corp. | | | | | 14,103 | | | | | | 708,253 | | |
| NH Foods Ltd. | | | | | 4,808 | | | | | | 196,386 | | |
| Nidec Corp. | | | | | 3,333 | | | | | | 334,767 | | |
| Nippon Express Co., Ltd. | | | | | 6,062 | | | | | | 339,226 | | |
| Nippon Paper Industries Co., Ltd. | | | | | 11,214 | | | | | | 126,257 | | |
Nippon Steel Corp.* | | | | | 72,839 | | | | | | 701,286 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 86,175 | | | | | | 1,810,219 | | |
| Nippon Yusen K.K. | | | | | 22,667 | | | | | | 415,222 | | |
Nissan Motor Co., Ltd.* | | | | | 230,332 | | | | | | 806,404 | | |
| Nitto Denko Corp. | | | | | 3,570 | | | | | | 249,634 | | |
| Nomura Research Institute Ltd. | | | | | 6,234 | | | | | | 184,563 | | |
| NTT Data Corp. | | | | | 40,988 | | | | | | 460,694 | | |
| NTT DOCOMO, Inc. | | | | | 26,782 | | | | | | 995,807 | | |
| Obayashi Corp. | | | | | 37,641 | | | | | | 313,255 | | |
| Oji Holdings Corp. | | | | | 41,834 | | | | | | 175,676 | | |
| Olympus Corp. | | | | | 10,782 | | | | | | 205,141 | | |
| Omron Corp. | | | | | 3,168 | | | | | | 227,281 | | |
| Oriental Land Co., Ltd. | | | | | 1,142 | | | | | | 159,327 | | |
| ORIX Corp. | | | | | 12,579 | | | | | | 146,258 | | |
| Osaka Gas Co., Ltd. | | | | | 9,750 | | | | | | 184,853 | | |
| Otsuka Corp. | | | | | 4,375 | | | | | | 201,717 | | |
| Otsuka Holdings Co., Ltd. | | | | | 5,666 | | | | | | 208,938 | | |
| PALTAC Corp. | | | | | 3,281 | | | | | | 183,603 | | |
Pan Pacific International Holdings
Corp. | | | | | 7,433 | | | | | | 157,989 | | |
| Panasonic Corp. | | | | | 76,147 | | | | | | 699,774 | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Persol Holdings Co., Ltd. | | | | | 18,754 | | | | | $ | 281,830 | | |
| Rakuten, Inc. | | | | | 32,258 | | | | | | 313,199 | | |
| Recruit Holdings Co., Ltd. | | | | | 16,021 | | | | | | 608,412 | | |
Renesas Electronics Corp.* | | | | | 40,790 | | | | | | 335,950 | | |
| Ricoh Co., Ltd. | | | | | 41,923 | | | | | | 273,498 | | |
| Secom Co., Ltd. | | | | | 2,811 | | | | | | 236,491 | | |
| Seibu Holdings, Inc. | | | | | 12,134 | | | | | | 120,945 | | |
| Seiko Epson Corp. | | | | | 16,517 | | | | | | 190,228 | | |
| Sekisui Chemical Co., Ltd. | | | | | 13,010 | | | | | | 201,609 | | |
| Sekisui House Ltd. | | | | | 8,812 | | | | | | 145,532 | | |
| Seven & i Holdings Co., Ltd. | | | | | 27,202 | | | | | | 827,197 | | |
| SG Holdings Co., Ltd. | | | | | 16,324 | | | | | | 392,719 | | |
| Sharp Corp. | | | | | 18,441 | | | | | | 211,682 | | |
| Shimizu Corp. | | | | | 35,637 | | | | | | 246,807 | | |
| Shin-Etsu Chemical Co., Ltd. | | | | | 2,639 | | | | | | 350,638 | | |
| Ship Healthcare Holdings, Inc. | | | | | 4,093 | | | | | | 193,805 | | |
| Shiseido Co., Ltd. | | | | | 2,641 | | | | | | 162,947 | | |
| Showa Denko K.K. | | | | | 7,920 | | | | | | 133,869 | | |
| SoftBank Group Corp. | | | | | 34,066 | | | | | | 2,213,606 | | |
| Sojitz Corp. | | | | | 111,625 | | | | | | 244,520 | | |
| Sompo Holdings, Inc. | | | | | 6,272 | | | | | | 233,445 | | |
| Sony Corp. | | | | | 11,120 | | | | | | 922,660 | | |
| Subaru Corp. | | | | | 13,518 | | | | | | 246,399 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 106,047 | | | | | | 344,901 | | |
| Sumitomo Corp. | | | | | 64,623 | | | | | | 707,490 | | |
| Sumitomo Electric Industries Ltd. | | | | | 29,186 | | | | | | 319,806 | | |
| Sumitomo Forestry Co., Ltd. | | | | | 14,485 | | | | | | 227,099 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 6,868 | | | | | | 211,743 | | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | 12,880 | | | | | | 354,958 | | |
| Suntory Beverage & Food Ltd. | | | | | 4,643 | | | | | | 159,889 | | |
| Suzuken Co., Ltd. | | | | | 8,110 | | | | | | 292,081 | | |
| Suzuki Motor Corp. | | | | | 12,059 | | | | | | 514,128 | | |
| T&D Holdings, Inc. | | | | | 16,492 | | | | | | 163,595 | | |
| Taiheiyo Cement Corp. | | | | | 7,790 | | | | | | 182,119 | | |
| Taisei Corp. | | | | | 9,304 | | | | | | 288,803 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 8,618 | | | | | | 267,015 | | |
| TDK Corp. | | | | | 3,076 | | | | | | 359,269 | | |
| Teijin Ltd. | | | | | 8,981 | | | | | | 137,112 | | |
| Toho Holdings Co., Ltd. | | | | | 8,575 | | | | | | 158,064 | | |
| Tohoku Electric Power Co., Inc. | | | | | 27,443 | | | | | | 242,036 | | |
| Tokio Marine Holdings, Inc. | | | | | 6,113 | | | | | | 272,436 | | |
Tokyo Electric Power Co.
Holdings, Inc.* | | | | | 194,310 | | | | | | 499,994 | | |
| Tokyo Electron Ltd. | | | | | 1,254 | | | | | | 334,672 | | |
| Tokyo Gas Co., Ltd. | | | | | 10,042 | | | | | | 227,227 | | |
| Tokyu Corp. | | | | | 11,797 | | | | | | 139,366 | | |
| Toppan Printing Co., Ltd. | | | | | 17,309 | | | | | | 219,053 | | |
| Toray Industries, Inc. | | | | | 72,038 | | | | | | 324,150 | | |
| Toshiba Corp. | | | | | 12,259 | | | | | | 308,293 | | |
| Tosoh Corp. | | | | | 13,268 | | | | | | 214,491 | | |
| Toyota Boshoku Corp. | | | | | 12,857 | | | | | | 185,218 | | |
| Toyota Industries Corp. | | | | | 3,847 | | | | | | 247,291 | | |
| Toyota Motor Corp. | | | | | 29,330 | | | | | | 1,908,666 | | |
| Toyota Tsusho Corp. | | | | | 36,308 | | | | | | 1,006,858 | | |
| West Japan Railway Co. | | | | | 3,577 | | | | | | 152,606 | | |
| Yamada Holdings Co., Ltd. | | | | | 44,865 | | | | | | 218,016 | | |
| Yamaha Motor Co., Ltd. | | | | | 12,335 | | | | | | 174,984 | | |
| Yamato Holdings Co., Ltd. | | | | | 15,560 | | | | | | 409,912 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | | | |
| Yamazaki Baking Co., Ltd. | | | | | 7,313 | | | | | $ | 120,041 | | |
| Z Holdings Corp. | | | | | 70,778 | | | | | | 490,923 | | |
| Zensho Holdings Co., Ltd. | | | | | 7,780 | | | | | | 181,067 | | |
| Total Japan | | | | | | | | | | | 63,956,860 | | |
| Luxembourg — 0.9% | | | | | | | | | | | | | |
ArcelorMittal SA* | | | | | 127,574 | | | | | | 1,731,540 | | |
RTL Group SA* | | | | | 6,123 | | | | | | 232,658 | | |
| Total Luxembourg | | | | | | | | | | | 1,964,198 | | |
| Netherlands — 3.6% | | | | | | | | | | | | | |
| Aegon NV | | | | | 78,678 | | | | | | 212,165 | | |
| Akzo Nobel NV | | | | | 2,996 | | | | | | 288,614 | | |
Altice Europe NV* | | | | | 95,387 | | | | | | 469,891 | | |
| ASML Holding NV | | | | | 716 | | | | | | 260,218 | | |
| EXOR NV | | | | | 15,905 | �� | | | | | 826,301 | | |
| Heineken Holding NV | | | | | 5,463 | | | | | | 422,223 | | |
Heineken NV(a) | | | | | 5,006 | | | | | | 444,340 | | |
ING Groep NV* | | | | | 28,205 | | | | | | 192,495 | | |
| Koninklijke Ahold Delhaize NV | | | | | 36,349 | | | | | | 998,827 | | |
| Koninklijke DSM NV | | | | | 1,810 | | | | | | 289,796 | | |
Koninklijke Philips NV* | | | | | 9,345 | | | | | | 434,060 | | |
| NN Group NV | | | | | 6,320 | | | | | | 220,414 | | |
Randstad NV* | | | | | 15,054 | | | | | | 752,454 | | |
| Royal Dutch Shell PLC, Class B | | | | | 139,467 | | | | | | 1,675,274 | | |
| Wolters Kluwer NV | | | | | 2,326 | | | | | | 188,523 | | |
| Total Netherlands | | | | | | | | | | | 7,675,595 | | |
| Norway — 0.8% | | | | | | | | | | | | | |
| Equinor ASA | | | | | 88,317 | | | | | | 1,120,264 | | |
Norsk Hydro ASA* | | | | | 135,489 | | | | | | 378,876 | | |
| Telenor ASA | | | | | 17,654 | | | | | | 271,860 | | |
| Total Norway | | | | | | | | | | | 1,771,000 | | |
| Portugal — 0.3% | | | | | | | | | | | | | |
| EDP — Energias de Portugal SA | | | | | 74,445 | | | | | | 366,987 | | |
| Galp Energia SGPS SA | | | | | 22,209 | | | | | | 179,901 | | |
| Jeronimo Martins SGPS SA | | | | | 14,662 | | | | | | 232,958 | | |
| Total Portugal | | | | | | | | | | | 779,846 | | |
| Singapore — 0.5% | | | | | | | | | | | | | |
| Jardine Cycle & Carriage Ltd. | | | | | 18,385 | | | | | | 239,119 | | |
| Oversea-Chinese Banking Corp., Ltd. | | | | | 25,110 | | | | | | 154,834 | | |
| Sembcorp Industries Ltd. | | | | | 127,097 | | | | | | 147,062 | | |
| Singapore Airlines Ltd. | | | | | 127,238 | | | | | | 315,882 | | |
| Singapore Telecommunications Ltd. | | | | | 122,543 | | | | | | 182,177 | | |
| Total Singapore | | | | | | | | | | | 1,039,074 | | |
| Spain — 2.7% | | | | | | | | | | | | | |
| Acciona SA | | | | | 1,912 | | | | | | 193,097 | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 43,263 | | | | | | 1,028,056 | | |
| Amadeus IT Group SA | | | | | 3,663 | | | | | | 174,898 | | |
| Banco Bilbao Vizcaya Argentaria SA | | | | | 62,848 | | | | | | 180,239 | | |
Banco Santander SA* | | | | | 249,451 | | | | | | 497,112 | | |
| Cia de Distribucion Integral Logista Holdings SA | | | | | 11,807 | | | | | | 199,149 | | |
| Endesa SA | | | | | 15,308 | | | | | | 410,303 | | |
| Iberdrola SA | | | | | 64,003 | | | | | | 754,858 | | |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Spain (continued) | | | |
Industria de Diseno Textil SA* | | | | | 19,288 | | | | | $ | 476,089 | | |
| Mapfre SA | | | | | 104,689 | | | | | | 157,799 | | |
| Naturgy Energy Group SA | | | | | 17,110 | | | | | | 317,893 | | |
| Repsol SA | | | | | 82,733 | | | | | | 514,624 | | |
Siemens Gamesa Renewable
Energy SA | | | | | 9,541 | | | | | | 270,399 | | |
| Telefonica SA | | | | | 204,790 | | | | | | 669,370 | | |
| Total Spain | | | | | | | | | | | 5,843,886 | | |
| Sweden — 2.3% | | | | | | | | | | | | | |
| Assa Abloy AB, B Shares | | | | | 8,408 | | | | | | 180,418 | | |
| Atlas Copco AB, A Shares | | | | | 5,006 | | | | | | 220,967 | | |
Electrolux AB, Series B*(a) | | | | | 12,669 | | | | | | 285,941 | | |
Essity AB, B Shares(a) | | | | | 7,190 | | | | | | 208,322 | | |
Hennes & Mauritz AB, B Shares(a) | | | | | 27,810 | | | | | | 451,776 | | |
ICA Gruppen AB(a) | | | | | 4,481 | | | | | | 212,090 | | |
| NCC AB, B Shares | | | | | 11,525 | | | | | | 183,858 | | |
Sandvik AB* | | | | | 11,679 | | | | | | 207,964 | | |
Securitas AB, B Shares* | | | | | 24,938 | | | | | | 352,869 | | |
Skanska AB, B Shares(a) | | | | | 23,659 | | | | | | 444,679 | | |
| SKF AB, B Shares | | | | | 11,249 | | | | | | 230,259 | | |
SSAB AB, A Shares* | | | | | 65,256 | | | | | | 189,731 | | |
Telefonaktiebolaget LM Ericsson,
B Shares | | | | | 53,173 | | | | | | 593,071 | | |
Telia Co. AB(a) | | | | | 51,122 | | | | | | 195,961 | | |
Volvo AB, B Shares* | | | | | 48,396 | | | | | | 941,425 | | |
| Total Sweden | | | | | | | | | | | 4,899,331 | | |
| Switzerland — 4.6% | | | | | | | | | | | | | |
| ABB Ltd. | | | | | 22,329 | | | | | | 542,055 | | |
| Adecco Group AG | | | | | 14,054 | | | | | | 690,011 | | |
| Cie Financiere Richemont SA, Class A | | | | | 2,935 | | | | | | 184,128 | | |
| Credit Suisse Group AG | | | | | 26,292 | | | | | | 247,387 | | |
| Kuehne + Nagel International AG | | | | | 2,535 | | | | | | 506,419 | | |
LafargeHolcim Ltd.* | | | | | 10,695 | | | | | | 459,166 | | |
| Nestle SA | | | | | 21,407 | | | | | | 2,408,010 | | |
| Novartis AG | | | | | 12,971 | | | | | | 1,011,725 | | |
| Roche Holding AG | | | | | 5,845 | | | | | | 1,879,672 | | |
| Schindler Holding AG — Participating Certificate | | | | | 705 | | | | | | 180,375 | | |
| Sika AG | | | | | 900 | | | | | | 221,624 | | |
| STMicroelectronics NV | | | | | 9,561 | | | | | | 291,236 | | |
| Swiss Life Holding AG | | | | | 440 | | | | | | 147,955 | | |
| Swiss Re AG | | | | | 3,400 | | | | | | 243,867 | | |
| Swisscom AG | | | | | 402 | | | | | | 204,520 | | |
| UBS Group AG | | | | | 30,356 | | | | | | 352,561 | | |
| Zurich Insurance Group AG | | | | | 885 | | | | | | 293,535 | | |
| Total Switzerland | | | | | | | | | | | 9,864,246 | | |
| United Kingdom — 9.0% | | | | | | | | | | | | | |
| Associated British Foods PLC | | | | | 13,218 | | | | | | 290,118 | | |
| AstraZeneca PLC | | | | | 4,919 | | | | | | 493,938 | | |
| Aviva PLC | | | | | 52,465 | | | | | | 174,681 | | |
| Babcock International Group PLC | | | | | 33,500 | | | | | | 94,081 | | |
| BAE Systems PLC | | | | | 62,783 | | | | | | 322,278 | | |
Balfour Beatty PLC* | | | | | 65,826 | | | | | | 181,801 | | |
Barclays PLC* | | | | | 166,527 | | | | | | 229,444 | | |
| BP PLC | | | | | 428,898 | | | | | | 1,090,275 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | | | |
| British American Tobacco PLC | | | | | 17,635 | | | | | $ | 558,194 | | |
| BT Group PLC | | | | | 371,117 | | | | | | 486,572 | | |
| Bunzl PLC | | | | | 11,619 | | | | | | 360,561 | | |
Capita PLC* | | | | | 379,264 | | | | | | 121,077 | | |
Centrica PLC* | | | | | 1,029,964 | | | | | | 495,142 | | |
| CK Hutchison Holdings Ltd. | | | | | 77,125 | | | | | | 464,450 | | |
| Compass Group PLC | | | | | 44,464 | | | | | | 606,540 | | |
| Computacenter PLC | | | | | 9,370 | | | | | | 275,505 | | |
| DCC PLC | | | | | 3,731 | | | | | | 242,367 | | |
| Diageo PLC | | | | | 8,613 | | | | | | 278,304 | | |
| Dixons Carphone PLC | | | | | 187,105 | | | | | | 232,371 | | |
DS Smith PLC* | | | | | 43,872 | | | | | | 160,593 | | |
| easyJet PLC | | | | | 21,460 | | | | | | 140,348 | | |
| Experian PLC | | | | | 5,247 | | | | | | 191,116 | | |
Fiat Chrysler Automobiles NV* | | | | | 133,009 | | | | | | 1,633,330 | | |
G4S PLC* | | | | | 205,786 | | | | | | 543,072 | | |
| GlaxoSmithKline PLC | | | | | 44,919 | | | | | | 750,281 | | |
Hays PLC* | | | | | 137,418 | | | | | | 189,764 | | |
HSBC Holdings PLC* | | | | | 73,659 | | | | | | 309,105 | | |
| Imperial Brands PLC | | | | | 20,474 | | | | | | 324,028 | | |
Inchcape PLC* | | | | | 32,523 | | | | | | 208,495 | | |
InterContinental Hotels Group PLC* | | | | | 3,365 | | | | | | 170,383 | | |
International Consolidated Airlines
Group SA | | | | | 18,060 | | | | | | 22,520 | | |
ITV PLC* | | | | | 169,914 | | | | | | 158,491 | | |
| J Sainsbury PLC | | | | | 166,744 | | | | | | 434,650 | | |
John Wood Group PLC* | | | | | 99,228 | | | | | | 272,128 | | |
| Johnson Matthey PLC | | | | | 13,722 | | | | | | 381,287 | | |
Kingfisher PLC* | | | | | 118,947 | | | | | | 441,556 | | |
| Legal & General Group PLC | | | | | 55,471 | | | | | | 132,546 | | |
Lloyds Banking Group PLC* | | | | | 610,518 | | | | | | 221,229 | | |
| Marks & Spencer Group PLC | | | | | 158,252 | | | | | | 182,398 | | |
| Mondi PLC | | | | | 10,503 | | | | | | 198,681 | | |
| National Grid PLC | | | | | 26,416 | | | | | | 313,893 | | |
Natwest Group PLC* | | | | | 108,741 | | | | | | 174,628 | | |
Pearson PLC(a) | | | | | 24,303 | | | | | | 160,261 | | |
Petrofac Ltd.* | | | | | 58,975 | | | | | | 90,514 | | |
| Prudential PLC | | | | | 17,274 | | | | | | 210,577 | | |
| Reckitt Benckiser Group PLC | | | | | 3,625 | | | | | | 318,725 | | |
| RELX PLC | | | | | 12,355 | | | | | | 244,018 | | |
Rolls-Royce Holdings PLC*(a) | | | | | 340,288 | | | | | | 313,803 | | |
Royal Mail PLC(a) | | | | | 143,745 | | | | | | 421,908 | | |
| SSE PLC | | | | | 26,403 | | | | | | 428,446 | | |
Standard Chartered PLC* | | | | | 30,220 | | | | | | 137,464 | | |
| Tesco PLC | | | | | 321,404 | | | | | | 854,008 | | |
Travis Perkins PLC* | | | | | 14,342 | | | | | | 196,847 | | |
| Vodafone Group PLC | | | | | 507,132 | | | | | | 675,394 | | |
Wm Morrison Supermarkets PLC(a) | | | | | 129,334 | | | | | | 272,416 | | |
| WPP PLC | | | | | 70,644 | | | | | | 563,219 | | |
| Total United Kingdom | | | | | | | | | | | 19,439,821 | | |
| United States — 0.3% | | | | | | | | | | | | | |
Ferguson PLC* | | | | | 5,997 | | | | | | 598,773 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $250,398,410) | | | | | | | | | | | 211,169,993 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 500 International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | | |
| Preferred Stocks — 1.3% | | | | | | | | | | | | | | |
| Germany — 1.3% | | | | | | | | | | | | | | |
| Henkel AG & Co. KGaA, 2.18% | | | | | 4,568 | | | | | $ | 444,413 | | | |
| Schaeffler AG, 8.40% | | | | | 36,771 | | | | | | 223,801 | | | |
| Volkswagen AG, 3.74% | | | | | 14,844 | | | | | | 2,163,107 | | | |
| Total Germany | | | | | | | | | | | 2,831,321 | | | |
| Total Preferred Stocks | | | | | | | | | | | | | | |
| (Cost $3,596,648) | | | | | | | | | | | 2,831,321 | | | | | |
| Rights — 0.0%(b) | | | | | | | | | | | | | | |
| United Kingdom — 0.0%(b) | | | | | | | | | | | | | | |
Rolls-Royce Holdings PLC, expires 11/19/20* | | | | | | | | | | | | | | |
| (Cost $16) | | | | | 20 | | | | | | 10 | | | |
| Short-Term Investments — 3.7% | | | | | | | | | | | | | | |
| Money Market Funds — 3.7% | | | | | | | | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(c)(d) | | | | | 7,592,425 | | | | | | 7,592,425 | | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.04%(c) | | | | | 410,985 | | | | | | 410,985 | | | |
| |
| | | | Shares | | | Value | |
| Short-Term Investments (continued) | | | |
| Total Short-Term Investments | | | | | | | | | | |
| (Cost $8,003,410) | | | | | | | $ | 8,003,410 | | |
| Total Investments — 103.1% | | | |
| (Cost $261,998,484) | | | | | | | | 222,004,734 | | |
Other Assets and Liabilities,
Net — (3.1)% | | | | | | | | (6,605,743) | | |
| Net Assets — 100.0% | | | | | | | $ | 215,398,991 | | |
| |
‡
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. The total market value of 144A securities held was $2,482,275, 1.2% of net asset value.
*
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 $7,530,922; total market value of collateral held by the Fund was $8,090,143. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $497,718.
(b)
Less than 0.05%.
(c)
Reflects the 1-day yield at October 31, 2020.
(d)
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 October 31, 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 | | | | $ | 211,169,993 | | | | | $ | — | | | | | $ | — | | | | | $ | 211,169,993 | | |
| Preferred Stocks | | | | | 2,831,321 | | | | | | — | | | | | | — | | | | | | 2,831,321 | | |
| Right | | | | | 10 | | | | | | — | | | | | | — | | | | | | 10 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 8,003,410 | | | | | | — | | | | | | — | | | | | | 8,003,410 | | |
| Total Investments in Securities | | | | $ | 222,004,734 | | | | | $ | — | | | | | $ | — | | | | | $ | 222,004,734 | | |
(e)
For a complete listing of investments and their countries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 99.0% | |
| Australia — 7.6% | |
Afterpay Ltd.* | | | | | 3,892 | | | | | $ | 264,269 | | |
| AGL Energy Ltd. | | | | | 12,861 | | | | | | 112,715 | | |
| AMP Ltd. | | | | | 75,182 | | | | | | 80,779 | | |
| Ampol Ltd. | | | | | 5,636 | | | | | | 102,667 | | |
| APA Group | | | | | 24,567 | | | | | | 180,975 | | |
| Aristocrat Leisure Ltd. | | | | | 13,112 | | | | | | 263,622 | | |
| ASX Ltd. | | | | | 3,973 | | | | | | 222,171 | | |
| Aurizon Holdings Ltd. | | | | | 41,259 | | | | | | 109,232 | | |
| Australia & New Zealand Banking Group Ltd. | | | | | 49,638 | | | | | | 655,684 | | |
| BHP Group Ltd. | | | | | 50,923 | | | | | | 1,207,996 | | |
| BHP Group PLC | | | | | 36,007 | | | | | | 693,793 | | |
| BlueScope Steel Ltd. | | | | | 10,067 | | | | | | 103,640 | | |
| Boral Ltd. | | | | | 30,801 | | | | | | 98,633 | | |
| Brambles Ltd. | | | | | 29,401 | | | | | | 198,003 | | |
| Charter Hall Group | | | | | 11,323 | | | | | | 98,122 | | |
| Coca-Cola Amatil Ltd. | | | | | 16,484 | | | | | | 143,888 | | |
| Cochlear Ltd. | | | | | 1,169 | | | | | | 174,185 | | |
| Coles Group Ltd. | | | | | 22,405 | | | | | | 279,277 | | |
| Commonwealth Bank of Australia | | | | | 30,887 | | | | | | 1,497,071 | | |
| Computershare Ltd. | | | | | 13,079 | | | | | | 111,594 | | |
| CSL Ltd. | | | | | 7,915 | | | | | | 1,598,348 | | |
Deterra Royalties Ltd.* | | | | | 9,315 | | | | | | 25,708 | | |
| Dexus | | | | | 26,307 | | | | | | 159,062 | | |
| Evolution Mining Ltd. | | | | | 29,629 | | | | | | 115,271 | | |
| Fortescue Metals Group Ltd. | | | | | 29,134 | | | | | | 355,379 | | |
Glencore PLC* | | | | | 195,294 | | | | | | 393,671 | | |
| Goodman Group | | | | | 34,356 | | | | | | 443,928 | | |
| GPT Group (The) | | | | | 47,460 | | | | | | 134,315 | | |
| Iluka Resources Ltd. | | | | | 9,315 | | | | | | 33,689 | | |
| Incitec Pivot Ltd. | | | | | 49,085 | | | | | | 66,182 | | |
| Insurance Australia Group Ltd. | | | | | 47,586 | | | | | | 159,400 | | |
| Lendlease Group | | | | | 13,052 | | | | | | 109,623 | | |
| Macquarie Group Ltd. | | | | | 6,132 | | | | | | 545,811 | | |
| Magellan Financial Group Ltd. | | | | | 2,740 | | | | | | 106,021 | | |
| Medibank Pvt Ltd. | | | | | 64,835 | | | | | | 121,566 | | |
| Mirvac Group | | | | | 96,201 | | | | | | 142,546 | | |
| National Australia Bank Ltd. | | | | | 56,927 | | | | | | 743,572 | | |
| Newcrest Mining Ltd. | | | | | 14,331 | | | | | | 294,270 | | |
| Northern Star Resources Ltd. | | | | | 14,058 | | | | | | 146,603 | | |
| Oil Search Ltd. | | | | | 44,665 | | | | | | 80,611 | | |
| Orica Ltd. | | | | | 9,704 | | | | | | 103,991 | | |
| Origin Energy Ltd. | | | | | 35,684 | | | | | | 100,236 | | |
| QBE Insurance Group Ltd. | | | | | 28,296 | | | | | | 163,935 | | |
| Ramsay Health Care Ltd. | | | | | 3,793 | | | | | | 166,078 | | |
| Rio Tinto Ltd. | | | | | 6,517 | | | | | | 423,012 | | |
| Rio Tinto PLC | | | | | 18,922 | | | | | | 1,065,990 | | |
| Santos Ltd. | | | | | 36,418 | | | | | | 120,968 | | |
Saracen Mineral Holdings Ltd.* | | | | | 21,617 | | | | | | 85,618 | | |
| Scentre Group | | | | | 105,215 | | | | | | 155,163 | | |
SEEK Ltd.(a) | | | | | 8,941 | | | | | | 135,057 | | |
| Shopping Centres Australasia Property Group | | | | | 41,338 | | | | | | 67,349 | | |
| Sonic Healthcare Ltd. | | | | | 10,355 | | | | | | 253,204 | | |
| South32 Ltd. | | | | | 90,562 | | | | | | 129,102 | | |
| Stockland | | | | | 53,788 | | | | | | 145,425 | | |
| Suncorp Group Ltd. | | | | | 25,909 | | | | | | 149,378 | | |
| Sydney Airport | | | | | 32,543 | | | | | | 124,551 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Australia (continued) | |
| Tabcorp Holdings Ltd. | | | | | 48,952 | | | | | $ | 113,099 | | |
| Telstra Corp., Ltd. | | | | | 73,054 | | | | | | 137,490 | | |
| Transurban Group | | | | | 50,730 | | | | | | 479,515 | | |
| Treasury Wine Estates Ltd. | | | | | 15,033 | | | | | | 96,807 | | |
| Vicinity Centres | | | | | 92,509 | | | | | | 78,607 | | |
| Wesfarmers Ltd. | | | | | 20,088 | | | | | | 648,349 | | |
| Westpac Banking Corp. | | | | | 62,509 | | | | | | 786,194 | | |
| Woodside Petroleum Ltd. | | | | | 18,768 | | | | | | 230,911 | | |
| Woolworths Group Ltd. | | | | | 22,637 | | | | | | 606,623 | | |
| Total Australia | | | | | | | | | | | 18,940,544 | | |
| Austria — 0.1% | |
Erste Group Bank AG* | | | | | 8,524 | | | | | | 174,555 | | |
| OMV AG | | | | | 5,320 | | | | | | 122,081 | | |
| Total Austria | | | | | | | | | | | 296,636 | | |
| Belgium — 0.8% | |
Ageas SA/NV(b) | | | | | 4,291 | | | | | | 172,694 | | |
| Anheuser-Busch InBev SA/NV | | | | | 14,425 | | | | | | 748,740 | | |
Galapagos NV* | | | | | 942 | | | | | | 111,265 | | |
| Groupe Bruxelles Lambert SA | | | | | 2,335 | | | | | | 191,156 | | |
| KBC Group NV | | | | | 5,083 | | | | | | 250,633 | | |
| Solvay SA | | | | | 1,556 | | | | | | 126,332 | | |
| Telenet Group Holding NV | | | | | 1,337 | | | | | | 51,394 | | |
| UCB SA | | | | | 2,316 | | | | | | 228,503 | | |
| Umicore SA | | | | | 3,950 | | | | | | 152,022 | | |
| Total Belgium | | | | | | | | | | | 2,032,739 | | |
| Brazil — 0.1% | |
| Yara International ASA | | | | | 3,734 | | | | | | 129,885 | | |
| Cambodia — 0.0%(c) | |
| NagaCorp Ltd. | | | | | 45,415 | | | | | | 46,851 | | |
| China — 0.6% | |
AAC Technologies Holdings, Inc.(b) | | | | | 15,450 | | | | | | 81,386 | | |
| BOC Hong Kong Holdings Ltd. | | | | | 75,529 | | | | | | 209,401 | | |
ESR Cayman Ltd.‡* | | | | | 30,660 | | | | | | 92,318 | | |
| Lenovo Group Ltd. | | | | | 168,818 | | | | | | 105,581 | | |
Prosus NV* | | | | | 7,574 | | | | | | 756,800 | | |
| Want Want China Holdings Ltd. | | | | | 152,900 | | | | | | 100,949 | | |
| Wilmar International Ltd. | | | | | 36,767 | | | | | | 108,780 | | |
| Total China | | | | | | | | | | | 1,455,215 | | |
| Denmark — 2.3% | |
| Ambu A/S, Class B | | | | | 3,099 | | | | | | 93,943 | | |
AP Moller — Maersk A/S, Class B(b) | | | | | 169 | | | | | | 269,968 | | |
| Carlsberg AS, Class B | | | | | 1,924 | | | | | | 243,531 | | |
| Chr Hansen Holding A/S | | | | | 1,940 | | | | | | 195,413 | | |
| Coloplast A/S, Class B | | | | | 2,412 | | | | | | 352,019 | | |
Danske Bank A/S* | | | | | 12,327 | | | | | | 163,860 | | |
| DSV PANALPINA A/S | | | | | 3,696 | | | | | | 598,512 | | |
Genmab A/S* | | | | | 1,102 | | | | | | 367,078 | | |
| GN Store Nord A/S | | | | | 2,413 | | | | | | 173,553 | | |
| Novo Nordisk A/S, Class B | | | | | 27,832 | | | | | | 1,787,768 | | |
| Novozymes A/S, Class B | | | | | 3,819 | | | | | | 229,506 | | |
Orsted A/S‡ | | | | | 3,090 | | | | | | 490,469 | | |
| Pandora A/S | | | | | 1,819 | | | | | | 144,064 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Denmark (continued) | |
| Vestas Wind Systems A/S | | | | | 3,445 | | | | | $ | 588,050 | | |
| Total Denmark | | | | | | | | | | | 5,697,734 | | |
| Finland — 1.3% | |
| Elisa OYJ | | | | | 2,877 | | | | | | 141,558 | | |
| Fortum OYJ | | | | | 8,153 | | | | | | 153,377 | | |
| Huhtamaki OYJ | | | | | 1,700 | | | | | | 83,012 | | |
| Kesko OYJ, Class B | | | | | 4,492 | | | | | | 115,429 | | |
| Kone OYJ, Class B | | | | | 6,807 | | | | | | 541,877 | | |
| Metso Outotec OYJ | | | | | 11,361 | | | | | | 79,999 | | |
Neste OYJ(b) | | | | | 7,415 | | | | | | 385,917 | | |
Nokia OYJ* | | | | | 98,452 | | | | | | 332,577 | | |
Nokian Renkaat OYJ(b) | | | | | 3,094 | | | | | | 95,111 | | |
Nordea Bank Abp* | | | | | 56,317 | | | | | | 423,781 | | |
| Sampo OYJ, Class A | | | | | 9,029 | | | | | | 340,765 | | |
| Stora Enso OYJ, Class R | | | | | 11,343 | | | | | | 165,491 | | |
| UPM-Kymmene OYJ | | | | | 9,818 | | | | | | 277,449 | | |
| Wartsila OYJ Abp | | | | | 10,743 | | | | | | 85,370 | | |
| Total Finland | | | | | | | | | | | 3,221,713 | | |
| France — 9.0% | |
Accor SA*(b) | | | | | 4,446 | | | | | | 113,211 | | |
Adevinta ASA* | | | | | 4,338 | | | | | | 66,938 | | |
| Air Liquide SA | | | | | 7,967 | | | | | | 1,164,685 | | |
Airbus SE* | | | | | 9,654 | | | | | | 703,853 | | |
Alstom SA* | | | | | 3,406 | | | | | | 152,669 | | |
| Arkema SA | | | | | 1,456 | | | | | | 142,601 | | |
Atos SE* | | | | | 1,901 | | | | | | 129,763 | | |
| AXA SA | | | | | 33,454 | | | | | | 537,770 | | |
| BioMerieux | | | | | 687 | | | | | | 102,272 | | |
BNP Paribas SA* | | | | | 19,368 | | | | | | 673,553 | | |
| Bouygues SA | | | | | 4,131 | | | | | | 135,458 | | |
Bureau Veritas SA* | | | | | 6,629 | | | | | | 145,556 | | |
| Capgemini SE | | | | | 2,805 | | | | | | 323,930 | | |
| Carrefour SA | | | | | 10,650 | | | | | | 165,739 | | |
Cie de Saint-Gobain* | | | | | 9,294 | | | | | | 362,675 | | |
Cie Generale des Etablissements
Michelin | | | | | 3,196 | | | | | | 344,886 | | |
| Covivio | | | | | 1,368 | | | | | | 81,429 | | |
Credit Agricole SA* | | | | | 20,432 | | | | | | 161,413 | | |
| Danone SA | | | | | 9,973 | | | | | | 550,648 | | |
| Dassault Systemes SE | | | | | 2,342 | | | | | | 399,800 | | |
| Edenred | | | | | 4,839 | | | | | | 225,694 | | |
Engie SA* | | | | | 29,454 | | | | | | 356,304 | | |
EssilorLuxottica SA* | | | | | 5,161 | | | | | | 638,452 | | |
| Gecina SA | | | | | 1,115 | | | | | | 138,453 | | |
Getlink SE* | | | | | 10,232 | | | | | | 137,542 | | |
| Hermes International | | | | | 556 | | | | | | 517,477 | | |
| Ipsen SA | | | | | 839 | | | | | | 76,377 | | |
| Kering SA | | | | | 1,298 | | | | | | 783,959 | | |
| Klepierre SA | | | | | 4,582 | | | | | | 58,044 | | |
| Legrand SA | | | | | 4,915 | | | | | | 363,438 | | |
| L’Oreal SA | | | | | 4,105 | | | | | | 1,327,880 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 4,295 | | | | | | 2,012,718 | | |
| Orange SA | | | | | 33,114 | | | | | | 371,456 | | |
| Orpea* | | | | | 1,195 | | | | | | 119,350 | | |
| Pernod Ricard SA | | | | | 3,642 | | | | | | 587,146 | | |
Peugeot SA* | | | | | 9,770 | | | | | | 175,602 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | |
| Publicis Groupe SA | | | | | 4,057 | | | | | $ | 140,829 | | |
Remy Cointreau SA(b) | | | | | 420 | | | | | | 70,939 | | |
Renault SA* | | | | | 3,516 | | | | | | 87,052 | | |
Rexel SA* | | | | | 7,876 | | | | | | 82,826 | | |
| Rubis SCA | | | | | 2,128 | | | | | | 69,853 | | |
Safran SA* | | | | | 5,733 | | | | | | 604,500 | | |
| Sanofi | | | | | 18,708 | | | | | | 1,686,047 | | |
| Sartorius Stedim Biotech | | | | | 402 | | | | | | 152,469 | | |
| Schneider Electric SE | | | | | 9,055 | | | | | | 1,099,072 | | |
SCOR SE* | | | | | 3,480 | | | | | | 84,560 | | |
Societe Generale SA* | | | | | 13,868 | | | | | | 188,034 | | |
| Sodexo SA | | | | | 1,612 | | | | | | 103,463 | | |
| Suez SA | | | | | 6,307 | | | | | | 115,490 | | |
| Teleperformance | | | | | 1,069 | | | | | | 320,894 | | |
| Thales SA | | | | | 2,070 | | | | | | 134,740 | | |
| TOTAL SE | | | | | 42,181 | | | | | | 1,268,653 | | |
Ubisoft Entertainment SA* | | | | | 1,697 | | | | | | 149,719 | | |
| Unibail-Rodamco-Westfield | | | | | 2,736 | | | | | | 111,227 | | |
| Valeo SA | | | | | 4,764 | | | | | | 144,116 | | |
| Veolia Environnement SA | | | | | 9,306 | | | | | | 173,333 | | |
| Vinci SA | | | | | 8,270 | | | | | | 653,331 | | |
| Vivendi SA | | | | | 14,646 | | | | | | 422,927 | | |
Worldline SA‡* | | | | | 4,199 | | | | | | 311,276 | | |
| Total France | | | | | | | | | | | 22,524,091 | | |
| Germany — 7.8% | |
adidas AG* | | | | | 3,392 | | | | | | 1,007,548 | | |
| Allianz SE | | | | | 7,291 | | | | | | 1,282,940 | | |
Aroundtown SA* | | | | | 24,216 | | | | | | 116,132 | | |
| BASF SE | | | | | 16,286 | | | | | | 892,953 | | |
| Bayer AG | | | | | 16,872 | | | | | | 793,209 | | |
| Bayerische Motoren Werke AG | | | | | 6,170 | | | | | | 421,740 | | |
| Bechtle AG | | | | | 555 | | | | | | 95,228 | | |
| Beiersdorf AG | | | | | 1,925 | | | | | | 201,586 | | |
| Brenntag AG | | | | | 3,323 | | | | | | 212,429 | | |
Commerzbank AG*(b) | | | | | 20,214 | | | | | | 95,245 | | |
| Continental AG | | | | | 1,927 | | | | | | 204,893 | | |
Covestro AG‡ | | | | | 3,189 | | | | | | 152,192 | | |
CTS Eventim AG & Co. KGaA* | | | | | 1,451 | | | | | | 64,295 | | |
| Daimler AG | | | | | 14,161 | | | | | | 732,397 | | |
Delivery Hero SE‡* | | | | | 2,542 | | | | | | 292,492 | | |
Deutsche Bank AG* | | | | | 37,606 | | | | | | 346,106 | | |
| Deutsche Boerse AG | | | | | 3,224 | | | | | | 474,504 | | |
| Deutsche Post AG | | | | | 17,056 | | | | | | 755,766 | | |
| Deutsche Telekom AG | | | | | 55,829 | | | | | | 849,973 | | |
| Deutsche Wohnen SE | | | | | 6,548 | | | | | | 330,497 | | |
| E.ON SE | | | | | 38,854 | | | | | | 405,159 | | |
Fresenius Medical Care AG & Co.
KGaA | | | | | 3,854 | | | | | | 294,410 | | |
| Fresenius SE & Co. KGaA | | | | | 7,644 | | | | | | 283,507 | | |
| GEA Group AG | | | | | 3,732 | | | | | | 124,200 | | |
| Hannover Rueck SE | | | | | 1,247 | | | | | | 181,135 | | |
| HeidelbergCement AG | | | | | 2,858 | | | | | | 163,527 | | |
HelloFresh SE* | | | | | 2,545 | | | | | | 136,132 | | |
| Henkel AG & Co. KGaA | | | | | 1,620 | | | | | | 146,530 | | |
| Infineon Technologies AG | | | | | 23,126 | | | | | | 643,826 | | |
Just Eat Takeaway.com NV‡* | | | | | 2,115 | | | | | | 234,309 | | |
| KION Group AG | | | | | 1,450 | | | | | | 112,895 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | |
| Knorr-Bremse AG | | | | | 1,112 | | | | | $ | 128,793 | | |
| LANXESS AG | | | | | 2,226 | | | | | | 112,845 | | |
| LEG Immobilien AG | | | | | 1,261 | | | | | | 170,419 | | |
| Merck KGaA | | | | | 2,383 | | | | | | 352,948 | | |
| MTU Aero Engines AG | | | | | 1,044 | | | | | | 178,220 | | |
| Muenchener Rueckversicherungs-Gesellschaft AG | | | | | 2,352 | | | | | | 550,137 | | |
Puma SE* | | | | | 1,577 | | | | | | 137,846 | | |
| RWE AG | | | | | 11,334 | | | | | | 419,704 | | |
| SAP SE | | | | | 19,310 | | | | | | 2,057,907 | | |
Scout24 AG‡ | | | | | 2,056 | | | | | | 165,610 | | |
| Siemens AG | | | | | 13,369 | | | | | | 1,568,188 | | |
Siemens Energy AG* | | | | | 6,643 | | | | | | 145,476 | | |
| Symrise AG | | | | | 2,450 | | | | | | 302,083 | | |
TeamViewer AG‡* | | | | | 2,325 | | | | | | 102,373 | | |
thyssenkrupp AG*(b) | | | | | 9,288 | | | | | | 44,304 | | |
| United Internet AG | | | | | 2,396 | | | | | | 84,009 | | |
| Vonovia SE | | | | | 9,520 | | | | | | 607,919 | | |
Zalando SE‡* | | | | | 3,047 | | | | | | 284,583 | | |
| Total Germany | | | | | | | | | | | 19,461,119 | | |
| Hong Kong — 2.8% | |
| AIA Group Ltd. | | | | | 212,324 | | | | | | 2,000,073 | | |
| ASM Pacific Technology Ltd. | | | | | 7,611 | | | | | | 76,553 | | |
| CK Asset Holdings Ltd. | | | | | 53,741 | | | | | | 248,787 | | |
| CK Infrastructure Holdings Ltd. | | | | | 19,947 | | | | | | 93,885 | | |
| CLP Holdings Ltd. | | | | | 31,547 | | | | | | 290,051 | | |
| Hang Lung Properties Ltd. | | | | | 50,743 | | | | | | 123,147 | | |
| Hang Seng Bank Ltd. | | | | | 14,308 | | | | | | 219,929 | | |
| Henderson Land Development Co., Ltd. | | | | | 39,072 | | | | | | 138,304 | | |
| Hong Kong & China Gas Co., Ltd. | | | | | 201,924 | | | | | | 290,068 | | |
| Hong Kong Exchanges & Clearing Ltd. | | | | | 22,839 | | | | | | 1,090,285 | | |
| Hongkong Land Holdings Ltd. | | | | | 28,520 | | | | | | 104,668 | | |
| Hysan Development Co., Ltd. | | | | | 23,281 | | | | | | 74,002 | | |
| Jardine Matheson Holdings Ltd. | | | | | 4,236 | | | | | | 188,036 | | |
| Jardine Strategic Holdings Ltd. | | | | | 3,905 | | | | | | 84,699 | | |
| Link REIT | | | | | 39,829 | | | | | | 303,282 | | |
| Man Wah Holdings Ltd. | | | | | 48,496 | | | | | | 67,039 | | |
| MTR Corp., Ltd. | | | | | 30,836 | | | | | | 152,493 | | |
| New World Development Co., Ltd. | | | | | 34,010 | | | | | | 161,830 | | |
| Power Assets Holdings Ltd. | | | | | 31,517 | | | | | | 161,957 | | |
Sino Land Co., Ltd.(b) | | | | | 90,652 | | | | | | 107,078 | | |
| Sun Hung Kai Properties Ltd. | | | | | 27,769 | | | | | | 355,042 | | |
| Swire Pacific Ltd., Class A | | | | | 19,089 | | | | | | 86,893 | | |
| Techtronic Industries Co., Ltd. | | | | | 25,880 | | | | | | 345,073 | | |
WH Group Ltd.‡ | | | | | 186,288 | | | | | | 146,295 | | |
| Wharf Real Estate Investment Co., Ltd. | | | | | 36,238 | | | | | | 139,020 | | |
| Total Hong Kong | | | | | | | | | | | 7,048,489 | | |
| Ireland — 0.6% | |
| CRH PLC | | | | | 13,916 | | | | | | 489,420 | | |
Flutter Entertainment PLC* | | | | | 2,275 | | | | | | 392,995 | | |
| Kerry Group PLC, Class A | | | | | 2,729 | | | | | | 326,470 | | |
Kingspan Group PLC* | | | | | 2,776 | | | | | | 242,037 | | |
| Smurfit Kappa Group PLC | | | | | 4,518 | | | | | | 170,112 | | |
| Total Ireland | | | | | | | | | | | 1,621,034 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Israel — 0.5% | |
Bank Hapoalim BM* | | | | | 36,425 | | | | | $ | 213,743 | | |
| Bank Leumi Le-Israel BM | | | | | 45,054 | | | | | | 213,592 | | |
Bezeq The Israeli Telecommunication Corp., Ltd.* | | | | | 66,183 | | | | | | 75,574 | | |
| Israel Discount Bank Ltd., Class A | | | | | 46,354 | | | | | | 130,656 | | |
Nice Ltd.* | | | | | 1,500 | | | | | | 343,627 | | |
Teva Pharmaceutical Industries Ltd.* | | | | | 19,529 | | | | | | 169,286 | | |
| Total Israel | | | | | | | | | | | 1,146,478 | | |
| Italy — 1.8% | |
Amplifon SpA* | | | | | 2,819 | | | | | | 102,485 | | |
| Assicurazioni Generali SpA | | | | | 23,077 | | | | | | 309,403 | | |
Atlantia SpA* | | | | | 10,321 | | | | | | 158,155 | | |
| DiaSorin SpA | | | | | 421 | | | | | | 92,441 | | |
| Enel SpA | | | | | 137,313 | | | | | | 1,093,091 | | |
| Eni SpA | | | | | 45,576 | | | | | | 319,119 | | |
| Ferrari NV | | | | | 2,108 | | | | | | 376,060 | | |
FinecoBank Banca Fineco SpA* | | | | | 11,725 | | | | | | 160,480 | | |
Intesa Sanpaolo SpA* | | | | | 280,009 | | | | | | 463,028 | | |
| Mediobanca Banca di Credito Finanziario SpA | | | | | 19,045 | | | | | | 135,060 | | |
Moncler SpA* | | | | | 3,834 | | | | | | 153,453 | | |
Nexi SpA‡* | | | | | 5,939 | | | | | | 91,249 | | |
| Prysmian SpA | | | | | 5,368 | | | | | | 145,943 | | |
| Recordati Industria Chimica e Farmaceutica SpA | | | | | 2,434 | | | | | | 126,140 | | |
| Snam SpA | | | | | 45,105 | | | | | | 220,145 | | |
| Telecom Italia SpA | | | | | 307,445 | | | | | | 104,358 | | |
| Terna Rete Elettrica Nazionale SpA | | | | | 32,804 | | | | | | 221,781 | | |
UniCredit SpA* | | | | | 38,860 | | | | | | 289,748 | | |
| Total Italy | | | | | | | | | | | 4,562,139 | | |
| Japan — 25.9% | |
| Advantest Corp. | | | | | 3,973 | | | | | | 229,168 | | |
| Aeon Co., Ltd. | | | | | 13,978 | | | | | | 356,135 | | |
| AGC, Inc. | | | | | 4,694 | | | | | | 145,705 | | |
| Air Water, Inc. | | | | | 5,967 | | | | | | 85,047 | | |
| Aisin Seiki Co., Ltd. | | | | | 3,982 | | | | | | 119,795 | | |
| Ajinomoto Co., Inc. | | | | | 10,890 | | | | | | 218,498 | | |
| Alfresa Holdings Corp. | | | | | 5,158 | | | | | | 94,289 | | |
| Alps Alpine Co., Ltd. | | | | | 4,479 | | | | | | 63,967 | | |
| Amada Co., Ltd. | | | | | 11,330 | | | | | | 98,083 | | |
| Aozora Bank Ltd. | | | | | 4,609 | | | | | | 75,303 | | |
| Asahi Group Holdings Ltd. | | | | | 8,758 | | | | | | 270,012 | | |
| Asahi Intecc Co., Ltd. | | | | | 3,788 | | | | | | 117,220 | | |
| Asahi Kasei Corp. | | | | | 26,088 | | | | | | 224,695 | | |
| Astellas Pharma, Inc. | | | | | 35,530 | | | | | | 487,713 | | |
| Bandai Namco Holdings, Inc. | | | | | 3,925 | | | | | | 291,953 | | |
Bank of Kyoto Ltd. (The)(b) | | | | | 1,967 | | | | | | 86,458 | | |
| Bridgestone Corp. | | | | | 11,387 | | | | | | 369,255 | | |
| Brother Industries Ltd. | | | | | 6,605 | | | | | | 101,470 | | |
| Canon, Inc. | | | | | 19,217 | | | | | | 330,976 | | |
| Capcom Co., Ltd. | | | | | 1,886 | | | | | | 103,735 | | |
| Central Japan Railway Co. | | | | | 3,405 | | | | | | 409,909 | | |
| Chiba Bank Ltd. (The) | | | | | 15,937 | | | | | | 81,865 | | |
| Chubu Electric Power Co., Inc. | | | | | 13,508 | | | | | | 151,374 | | |
| Chugai Pharmaceutical Co., Ltd. | | | | | 12,028 | | | | | | 462,642 | | |
| Concordia Financial Group Ltd. | | | | | 30,456 | | | | | | 99,927 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| CyberAgent, Inc. | | | | | 1,932 | | | | | $ | 121,050 | | |
| Dai Nippon Printing Co., Ltd. | | | | | 7,348 | | | | | | 136,290 | | |
| Daifuku Co., Ltd. | | | | | 2,090 | | | | | | 214,518 | | |
| Dai-ichi Life Holdings, Inc. | | | | | 21,048 | | | | | | 311,371 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 33,706 | | | | | | 886,016 | | |
| Daikin Industries Ltd. | | | | | 4,887 | | | | | | 910,644 | | |
| Daito Trust Construction Co., Ltd. | | | | | 1,497 | | | | | | 135,896 | | |
| Daiwa House Industry Co., Ltd. | | | | | 12,522 | | | | | | 327,663 | | |
| Daiwa Securities Group, Inc. | | | | | 33,333 | | | | | | 134,238 | | |
| Denso Corp. | | | | | 8,263 | | | | | | 382,403 | | |
| Dentsu Group, Inc. | | | | | 4,594 | | | | | | 131,439 | | |
| Disco Corp. | | | | | 544 | | | | | | 145,861 | | |
| East Japan Railway Co. | | | | | 6,760 | | | | | | 352,873 | | |
| Eisai Co., Ltd. | | | | | 4,954 | | | | | | 383,326 | | |
| ENEOS Holdings, Inc. | | | | | 60,152 | | | | | | 201,734 | | |
| FamilyMart Co., Ltd. | | | | | 3,255 | | | | | | 71,240 | | |
| FANUC Corp. | | | | | 3,451 | | | | | | 727,899 | | |
| Fast Retailing Co., Ltd. | | | | | 951 | | | | | | 661,443 | | |
| Fuji Electric Co., Ltd. | | | | | 2,958 | | | | | | 89,130 | | |
| FUJIFILM Holdings Corp. | | | | | 6,834 | | | | | | 347,649 | | |
| Fujitsu Ltd. | | | | | 3,615 | | | | | | 422,741 | | |
| Fukuoka Financial Group, Inc. | | | | | 5,075 | | | | | | 84,373 | | |
| Hamamatsu Photonics K.K. | | | | | 3,458 | | | | | | 173,330 | | |
| Hankyu Hanshin Holdings, Inc. | | | | | 5,198 | | | | | | 158,118 | | |
| Hirose Electric Co., Ltd. | | | | | 920 | | | | | | 127,959 | | |
| Hisamitsu Pharmaceutical Co., Inc. | | | | | 1,772 | | | | | | 84,328 | | |
| Hitachi Ltd. | | | | | 16,890 | | | | | | 565,800 | | |
| Honda Motor Co., Ltd. | | | | | 31,420 | | | | | | 731,851 | | |
| Hoya Corp. | | | | | 6,573 | | | | | | 741,930 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 4,865 | | | | | | 97,961 | | |
| Inpex Corp. | | | | | 21,508 | | | | | | 101,224 | | |
| Isuzu Motors Ltd. | | | | | 13,174 | | | | | | 106,234 | | |
| ITOCHU Corp. | | | | | 25,846 | | | | | | 618,089 | | |
| Japan Exchange Group, Inc. | | | | | 10,102 | | | | | | 245,689 | | |
| Japan Tobacco, Inc. | | | | | 22,343 | | | | | | 421,042 | | |
JFE Holdings, Inc.* | | | | | 10,682 | | | | | | 74,388 | | |
| JGC Holdings Corp. | | | | | 6,272 | | | | | | 51,297 | | |
| Kajima Corp. | | | | | 11,985 | | | | | | 127,485 | | |
| Kakaku.com, Inc. | | | | | 3,323 | | | | | | 88,081 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 14,391 | | | | | | 130,901 | | |
| Kansai Paint Co., Ltd. | | | | | 5,371 | | | | | | 138,154 | | |
| Kao Corp. | | | | | 8,813 | | | | | | 625,526 | | |
| KDDI Corp. | | | | | 30,985 | | | | | | 827,679 | | |
| Keikyu Corp. | | | | | 6,738 | | | | | | 93,845 | | |
| Keio Corp. | | | | | 2,874 | | | | | | 166,326 | | |
| Keisei Electric Railway Co., Ltd. | | | | | 3,887 | | | | | | 108,385 | | |
| Keyence Corp. | | | | | 3,210 | | | | | | 1,450,856 | | |
| Kikkoman Corp. | | | | | 3,818 | | | | | | 189,183 | | |
| Kintetsu Group Holdings Co., Ltd. | | | | | 3,973 | | | | | | 158,099 | | |
| Kirin Holdings Co., Ltd. | | | | | 15,228 | | | | | | 273,708 | | |
| Kobayashi Pharmaceutical Co., Ltd. | | | | | 1,369 | | | | | | 133,181 | | |
| Koito Manufacturing Co., Ltd. | | | | | 2,752 | | | | | | 132,151 | | |
| Komatsu Ltd. | | | | | 17,760 | | | | | | 397,706 | | |
Konami Holdings Corp.(b) | | | | | 2,127 | | | | | | 82,809 | | |
| Kubota Corp. | | | | | 21,820 | | | | | | 377,895 | | |
| Kuraray Co., Ltd. | | | | | 10,035 | | | | | | 92,344 | | |
| Kurita Water Industries Ltd. | | | | | 4,549 | | | | | | 134,895 | | |
| Kyocera Corp. | | | | | 6,060 | | | | | | 332,216 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Kyowa Kirin Co., Ltd. | | | | | 5,992 | | | | | $ | 148,453 | | |
| Kyushu Electric Power Co., Inc. | | | | | 11,258 | | | | | | 94,337 | | |
| Lasertec Corp. | | | | | 1,492 | | | | | | 129,019 | | |
| Lion Corp. | | | | | 5,622 | | | | | | 114,925 | | |
| LIXIL Group Corp. | | | | | 6,394 | | | | | | 137,984 | | |
| M3, Inc. | | | | | 7,927 | | | | | | 532,839 | | |
| Makita Corp. | | | | | 5,680 | | | | | | 249,933 | | |
| Marubeni Corp. | | | | | 32,014 | | | | | | 166,348 | | |
| Marui Group Co., Ltd. | | | | | 6,026 | | | | | | 108,023 | | |
| Matsumotokiyoshi Holdings Co., Ltd. | | | | | 1,925 | | | | | | 70,986 | | |
| Mazda Motor Corp. | | | | | 13,666 | | | | | | 71,376 | | |
| MEIJI Holdings Co., Ltd. | | | | | 2,854 | | | | | | 206,392 | | |
| MINEBEA MITSUMI, Inc. | | | | | 8,204 | | | | | | 147,066 | | |
| MISUMI Group, Inc. | | | | | 6,879 | | | | | | 203,330 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 28,744 | | | | | | 161,180 | | |
| Mitsubishi Corp. | | | | | 23,006 | | | | | | 511,770 | | |
| Mitsubishi Electric Corp. | | | | | 38,003 | | | | | | 487,125 | | |
| Mitsubishi Estate Co., Ltd. | | | | | 22,631 | | | | | | 336,413 | | |
| Mitsubishi Heavy Industries Ltd. | | | | | 6,299 | | | | | | 134,639 | | |
| Mitsubishi Materials Corp. | | | | | 3,523 | | | | | | 64,333 | | |
| Mitsubishi UFJ Financial Group, Inc. | | | | | 231,067 | | | | | | 906,674 | | |
| Mitsui & Co., Ltd. | | | | | 31,584 | | | | | | 492,461 | | |
| Mitsui Chemicals, Inc. | | | | | 4,412 | | | | | | 112,516 | | |
| Mitsui Fudosan Co., Ltd. | | | | | 17,405 | | | | | | 295,439 | | |
| Mizuho Financial Group, Inc. | | | | | 44,111 | | | | | | 540,733 | | |
| MonotaRO Co., Ltd. | | | | | 2,778 | | | | | | 154,127 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 9,811 | | | | | | 266,954 | | |
| Murata Manufacturing Co., Ltd. | | | | | 10,494 | | | | | | 729,481 | | |
| Nabtesco Corp. | | | | | 3,188 | | | | | | 118,628 | | |
| NEC Corp. | | | | | 5,143 | | | | | | 258,282 | | |
| Nexon Co., Ltd. | | | | | 7,718 | | | | | | 215,505 | | |
| NGK Spark Plug Co., Ltd. | | | | | 5,250 | | | | | | 91,652 | | |
| NH Foods Ltd. | | | | | 2,936 | | | | | | 119,923 | | |
| Nidec Corp. | | | | | 8,284 | | | | | | 832,045 | | |
| Nihon M&A Center, Inc. | | | | | 3,056 | | | | | | 178,613 | | |
| Nintendo Co., Ltd. | | | | | 1,869 | | | | | | 1,018,707 | | |
| Nippon Express Co., Ltd. | | | | | 1,895 | | | | | | 106,043 | | |
| Nippon Paint Holdings Co., Ltd. | | | | | 2,977 | | | | | | 267,400 | | |
| Nippon Shinyaku Co., Ltd. | | | | | 1,252 | | | | | | 89,103 | | |
Nippon Steel Corp.* | | | | | 15,588 | | | | | | 150,080 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 23,833 | | | | | | 500,643 | | |
| Nissan Chemical Corp. | | | | | 3,037 | | | | | | 160,362 | | |
Nissan Motor Co., Ltd.* | | | | | 37,384 | | | | | | 130,883 | | |
Nisshin Seifun Group, Inc.(b) | | | | | 8,018 | | | | | | 120,492 | | |
| Nissin Foods Holdings Co., Ltd. | | | | | 1,985 | | | | | | 171,651 | | |
| Nitori Holdings Co., Ltd. | | | | | 1,502 | | | | | | 309,624 | | |
| Nitto Denko Corp. | | | | | 3,335 | | | | | | 233,201 | | |
| Nomura Holdings, Inc. | | | | | 61,911 | | | | | | 275,088 | | |
| Nomura Research Institute Ltd. | | | | | 6,172 | | | | | | 182,728 | | |
| NSK Ltd. | | | | | 11,209 | | | | | | 88,887 | | |
| NTT Data Corp. | | | | | 14,433 | | | | | | 162,223 | | |
| NTT DOCOMO, Inc. | | | | | 21,237 | | | | | | 789,633 | | |
| Obayashi Corp. | | | | | 18,527 | | | | | | 154,185 | | |
| Obic Co., Ltd. | | | | | 1,402 | | | | | | 248,777 | | |
Odakyu Electric Railway Co., Ltd.(b) | | | | | 7,393 | | | | | | 177,718 | | |
| Oji Holdings Corp. | | | | | 23,977 | | | | | | 100,688 | | |
| Olympus Corp. | | | | | 19,381 | | | | | | 368,747 | | |
| Omron Corp. | | | | | 4,096 | | | | | | 293,859 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Ono Pharmaceutical Co., Ltd. | | | | | 9,265 | | | | | $ | 263,398 | | |
| Oriental Land Co., Ltd. | | | | | 3,608 | | | | | | 503,374 | | |
| ORIX Corp. | | | | | 24,376 | | | | | | 283,423 | | |
| Osaka Gas Co., Ltd. | | | | | 8,002 | | | | | | 151,712 | | |
| Otsuka Corp. | | | | | 2,165 | | | | | | 99,821 | | |
| Otsuka Holdings Co., Ltd. | | | | | 8,396 | | | | | | 309,610 | | |
| Pan Pacific International Holdings Corp. | | | | | 10,221 | | | | | | 217,248 | | |
| Panasonic Corp. | | | | | 39,842 | | | | | | 366,139 | | |
PeptiDream, Inc.* | | | | | 2,156 | | | | | | 99,509 | | |
| Pigeon Corp. | | | | | 2,363 | | | | | | 108,611 | | |
| Rakuten, Inc. | | | | | 15,470 | | | | | | 150,201 | | |
| Recruit Holdings Co., Ltd. | | | | | 22,151 | | | | | | 841,204 | | |
Renesas Electronics Corp.* | | | | | 13,863 | | | | | | 114,177 | | |
| Resona Holdings, Inc. | | | | | 48,590 | | | | | | 159,193 | | |
| Ricoh Co., Ltd. | | | | | 16,014 | | | | | | 104,472 | | |
| Rohm Co., Ltd. | | | | | 1,990 | | | | | | 152,286 | | |
| Ryohin Keikaku Co., Ltd. | | | | | 5,839 | | | | | | 121,874 | | |
| Santen Pharmaceutical Co., Ltd. | | | | | 9,501 | | | | | | 168,771 | | |
| SBI Holdings, Inc. | | | | | 5,615 | | | | | | 128,532 | | |
| Secom Co., Ltd. | | | | | 4,024 | | | | | | 338,541 | | |
| Sekisui Chemical Co., Ltd. | | | | | 10,328 | | | | | | 160,047 | | |
| Sekisui House Ltd. | | | | | 14,361 | | | | | | 237,175 | | |
| Seven & i Holdings Co., Ltd. | | | | | 14,314 | | | | | | 435,280 | | |
| SG Holdings Co., Ltd. | | | | | 8,368 | | | | | | 201,315 | | |
| Shimadzu Corp. | | | | | 6,025 | | | | | | 171,229 | | |
| Shimano, Inc. | | | | | 1,563 | | | | | | 355,316 | | |
| Shimizu Corp. | | | | | 16,923 | | | | | | 117,202 | | |
| Shin-Etsu Chemical Co., Ltd. | | | | | 7,241 | | | | | | 962,096 | | |
| Shionogi & Co., Ltd. | | | | | 5,502 | | | | | | 259,153 | | |
| Shiseido Co., Ltd. | | | | | 7,023 | | | | | | 433,311 | | |
| Shizuoka Bank Ltd. (The) | | | | | 16,894 | | | | | | 113,122 | | |
| SMC Corp. | | | | | 1,077 | | | | | | 569,716 | | |
| SoftBank Corp. | | | | | 47,998 | | | | | | 556,701 | | |
| SoftBank Group Corp. | | | | | 25,552 | | | | | | 1,660,367 | | |
| Sompo Holdings, Inc. | | | | | 7,031 | | | | | | 261,695 | | |
| Sony Corp. | | | | | 21,237 | | | | | | 1,762,098 | | |
| Stanley Electric Co., Ltd. | | | | | 4,018 | | | | | | 113,768 | | |
| Subaru Corp. | | | | | 11,454 | | | | | | 208,777 | | |
| SUMCO Corp. | | | | | 5,377 | | | | | | 81,524 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 37,965 | | | | | | 123,475 | | |
| Sumitomo Corp. | | | | | 23,738 | | | | | | 259,883 | | |
| Sumitomo Electric Industries Ltd. | | | | | 17,407 | | | | | | 190,738 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 4,901 | | | | | | 151,099 | | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | 24,800 | | | | | | 683,459 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 7,512 | | | | | | 200,016 | | |
Sumitomo Realty & Development Co.,
Ltd. | | | | | 8,583 | | | | | | 228,820 | | |
| Suntory Beverage & Food Ltd. | | | | | 3,032 | | | | | | 104,412 | | |
| Suzuki Motor Corp. | | | | | 8,048 | | | | | | 343,122 | | |
| Sysmex Corp. | | | | | 3,559 | | | | | | 333,635 | | |
| T&D Holdings, Inc. | | | | | 14,415 | | | | | | 142,992 | | |
| Taiheiyo Cement Corp. | | | | | 3,699 | | | | | | 86,477 | | |
| Taisei Corp. | | | | | 4,984 | | | | | | 154,707 | | |
| Taiyo Yuden Co., Ltd. | | | | | 2,883 | | | | | | 105,899 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 27,416 | | | | | | 849,440 | | |
| TDK Corp. | | | | | 2,401 | | | | | | 280,431 | | |
| Teijin Ltd. | | | | | 7,408 | | | | | | 113,097 | | |
| Terumo Corp. | | | | | 12,423 | | | | | | 455,969 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| TIS, Inc. | | | | | 5,588 | | | | | $ | 106,960 | | |
| Tobu Railway Co., Ltd. | | | | | 5,282 | | | | | | 149,305 | | |
| Toho Co., Ltd. | | | | | 3,527 | | | | | | 139,339 | | |
| Toho Gas Co., Ltd. | | | | | 1,890 | | | | | | 97,447 | | |
| Tohoku Electric Power Co., Inc. | | | | | 11,252 | | | | | | 99,238 | | |
| Tokio Marine Holdings, Inc. | | | | | 12,240 | | | | | | 545,496 | | |
| Tokyo Century Corp. | | | | | 1,505 | | | | | | 73,278 | | |
| Tokyo Electron Ltd. | | | | | 2,681 | | | | | | 715,515 | | |
| Tokyo Gas Co., Ltd. | | | | | 9,444 | | | | | | 213,696 | | |
| Tokyu Corp. | | | | | 12,036 | | | | | | 142,189 | | |
| Toppan Printing Co., Ltd. | | | | | 7,471 | | | | | | 94,549 | | |
| Toray Industries, Inc. | | | | | 32,218 | | | | | | 144,972 | | |
| Toshiba Corp. | | | | | 8,429 | | | | | | 211,975 | | |
| Tosoh Corp. | | | | | 6,733 | | | | | | 108,846 | | |
| TOTO Ltd. | | | | | 3,868 | | | | | | 175,566 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 2,926 | | | | | | 145,544 | | |
| Toyota Industries Corp. | | | | | 3,532 | | | | | | 227,043 | | |
| Toyota Motor Corp. | | | | | 42,453 | | | | | | 2,762,653 | | |
| Toyota Tsusho Corp. | | | | | 5,436 | | | | | | 150,746 | | |
| Trend Micro, Inc. | | | | | 2,575 | | | | | | 144,096 | | |
| Tsuruha Holdings, Inc. | | | | | 949 | | | | | | 132,718 | | |
| Unicharm Corp. | | | | | 7,538 | | | | | | 348,995 | | |
| USS Co., Ltd. | | | | | 6,811 | | | | | | 124,440 | | |
| West Japan Railway Co. | | | | | 3,634 | | | | | �� | 155,038 | | |
| Yakult Honsha Co., Ltd. | | | | | 3,008 | | | | | | 145,595 | | |
| Yamada Holdings Co., Ltd. | | | | | 17,893 | | | | | | 86,949 | | |
| Yamaha Corp. | | | | | 3,412 | | | | | | 160,580 | | |
| Yamaha Motor Co., Ltd. | | | | | 8,122 | | | | | | 115,218 | | |
| Yamato Holdings Co., Ltd. | | | | | 7,126 | | | | | | 187,727 | | |
| Yaskawa Electric Corp. | | | | | 5,176 | | | | | | 199,782 | | |
| Yokogawa Electric Corp. | | | | | 5,569 | | | | | | 81,292 | | |
| Z Holdings Corp. | | | | | 50,231 | | | | | | 348,407 | | |
| Total Japan | | | | | | | | | | | 64,790,735 | | |
| Jordan — 0.0%(c) | |
| Hikma Pharmaceuticals PLC | | | | | 3,448 | | | | | | 111,903 | | |
| Luxembourg — 0.1% | |
ArcelorMittal SA* | | | | | 11,882 | | | | | | 161,272 | | |
Eurofins Scientific SE* | | | | | 227 | | | | | | 180,811 | | |
| Total Luxembourg | | | | | | | | | | | 342,083 | | |
| Macau — 0.2% | |
| Galaxy Entertainment Group Ltd. | | | | | 42,785 | | | | | | 281,928 | | |
| Sands China Ltd. | | | | | 49,319 | | | | | | 172,668 | | |
| Total Macau | | | | | | | | | | | 454,596 | | |
| Netherlands — 3.9% | |
Adyen NV‡* | | | | | 476 | | | | | | 802,593 | | |
| Aegon NV | | | | | 38,295 | | | | | | 103,267 | | |
| Akzo Nobel NV | | | | | 3,635 | | | | | | 350,171 | | |
Argenx SE* | | | | | 860 | | | | | | 214,780 | | |
| ASM International NV | | | | | 842 | | | | | | 120,443 | | |
| ASML Holding NV | | | | | 6,756 | | | | | | 2,455,354 | | |
| ASR Nederland NV | | | | | 3,023 | | | | | | 91,907 | | |
Euronext NV‡ | | | | | 1,072 | | | | | | 111,823 | | |
| EXOR NV | | | | | 2,180 | | | | | | 113,256 | | |
| Heineken Holding NV | | | | | 1,992 | | | | | | 153,957 | | |
Heineken NV(b) | | | | | 4,224 | | | | | | 374,929 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Netherlands (continued) | |
ING Groep NV* | | | | | 70,010 | | | | | $ | 477,808 | | |
| Koninklijke Ahold Delhaize NV | | | | | 18,795 | | | | | | 516,464 | | |
| Koninklijke DSM NV | | | | | 3,077 | | | | | | 492,654 | | |
| Koninklijke KPN NV | | | | | 66,763 | | | | | | 180,424 | | |
Koninklijke Philips NV* | | | | | 15,796 | | | | | | 733,698 | | |
| NN Group NV | | | | | 6,876 | | | | | | 239,804 | | |
Randstad NV* | | | | | 2,274 | | | | | | 113,663 | | |
| Royal Dutch Shell PLC, Class A | | | | | 70,940 | | | | | | 885,517 | | |
| Royal Dutch Shell PLC, Class B | | | | | 64,212 | | | | | | 771,313 | | |
Signify NV‡* | | | | | 2,456 | | | | | | 87,514 | | |
| Wolters Kluwer NV | | | | | 4,770 | | | | | | 386,609 | | |
| Total Netherlands | | | | | | | | | | | 9,777,948 | | |
| New Zealand — 0.4% | |
a2 Milk Co., Ltd.* | | | | | 16,136 | | | | | | 156,125 | | |
Auckland International Airport Ltd.* | | | | | 32,839 | | | | | | 151,923 | | |
| Fisher & Paykel Healthcare Corp., Ltd. | | | | | 12,392 | | | | | | 286,646 | | |
SKYCITY Entertainment Group Ltd.(b) | | | | | 35,839 | | | | | | 66,321 | | |
| Spark New Zealand Ltd. | | | | | 55,228 | | | | | | 163,886 | | |
Xero Ltd.* | | | | | 2,044 | | | | | | 158,109 | | |
| Total New Zealand | | | | | | | | | | | 983,010 | | |
| Norway — 0.5% | |
DNB ASA* | | | | | 20,440 | | | | | | 275,203 | | |
| Equinor ASA | | | | | 18,455 | | | | | | 234,094 | | |
| Mowi ASA | | | | | 8,817 | | | | | | 138,958 | | |
Norsk Hydro ASA* | | | | | 30,678 | | | | | | 85,787 | | |
| Orkla ASA | | | | | 17,465 | | | | | | 164,585 | | |
Schibsted ASA, Class A* | | | | | 3,362 | | | | | | 136,888 | | |
| Telenor ASA | | | | | 12,737 | | | | | | 196,142 | | |
| Total Norway | | | | | | | | | | | 1,231,657 | | |
| Poland — 0.3% | |
Allegro.eu SA‡* | | | | | 5,200 | | | | | | 105,543 | | |
Bank Polska Kasa Opieki SA* | | | | | 5,918 | | | | | | 63,111 | | |
CD Projekt SA* | | | | | 1,299 | | | | | | 109,919 | | |
KGHM Polska Miedz SA* | | | | | 2,934 | | | | | | 87,457 | | |
| Polski Koncern Naftowy ORLEN SA | | | | | 6,625 | | | | | | 63,681 | | |
Powszechna Kasa Oszczednosci Bank Polski SA* | | | | | 20,123 | | | | | | 96,231 | | |
Powszechny Zaklad Ubezpieczen SA* | | | | | 17,433 | | | | | | 95,000 | | |
| Total Poland | | | | | | | | | | | 620,942 | | |
| Portugal — 0.1% | |
| EDP — Energias de Portugal SA | | | | | 54,545 | | | | | | 268,887 | | |
| Galp Energia SGPS SA | | | | | 10,954 | | | | | | 88,732 | | |
| Total Portugal | | | | | | | | | | | 357,619 | | |
| Russia — 0.1% | |
| Polymetal International PLC | | | | | 8,347 | | | | | | 176,946 | | |
| Singapore — 1.0% | |
| Ascendas Real Estate Investment Trust | | | | | 100,292 | | | | | | 211,528 | | |
| CapitaLand Ltd. | | | | | 63,128 | | | | | | 118,813 | | |
| CapitaLand Mall Trust | | | | | 177,151 | | | | | | 224,439 | | |
| ComfortDelGro Corp., Ltd. | | | | | 64,039 | | | | | | 63,312 | | |
| DBS Group Holdings Ltd. | | | | | 32,679 | | | | | | 487,014 | | |
| Genting Singapore Ltd. | | | | | 211,258 | | | | | | 99,789 | | |
| Keppel Corp., Ltd. | | | | | 35,863 | | | | | | 115,297 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Singapore (continued) | |
| Keppel DC REIT | | | | | 43,531 | | | | | $ | 92,449 | | |
| Oversea-Chinese Banking Corp., Ltd. | | | | | 63,133 | | | | | | 389,293 | | |
| Singapore Exchange Ltd. | | | | | 21,507 | | | | | | 136,397 | | |
Singapore Technologies Engineering
Ltd. | | | | | 50,320 | | | | | | 128,610 | | |
| Singapore Telecommunications Ltd. | | | | | 148,926 | | | | | | 221,399 | | |
| United Overseas Bank Ltd. | | | | | 23,900 | | | | | | 332,377 | | |
| Total Singapore | | | | | | | | | | | 2,620,717 | | |
| South Africa — 0.2% | |
| Anglo American PLC | | | | | 22,061 | | | | | | 516,643 | | |
| South Korea — 5.0% | |
Alteogen, Inc.* | | | | | 383 | | | | | | 53,432 | | |
| Amorepacific Corp. | | | | | 765 | | | | | | 106,522 | | |
Celltrion Healthcare Co., Ltd.* | | | | | 1,582 | | | | | | 118,089 | | |
Celltrion, Inc.* | | | | | 1,893 | | | | | | 402,056 | | |
| CJ CheilJedang Corp. | | | | | 270 | | | | | | 85,899 | | |
Coway Co., Ltd.* | | | | | 1,576 | | | | | | 96,391 | | |
| E-MART, Inc. | | | | | 637 | | | | | | 79,716 | | |
| Hana Financial Group, Inc. | | | | | 7,399 | | | | | | 198,228 | | |
| Hankook Tire & Technology Co., Ltd. | | | | | 3,208 | | | | | | 89,480 | | |
| Hanwha Solutions Corp. | | | | | 2,064 | | | | | | 79,490 | | |
HLB, Inc.* | | | | | 897 | | | | | | 72,728 | | |
| Hotel Shilla Co., Ltd. | | | | | 883 | | | | | | 57,741 | | |
| Hyundai Mobis Co., Ltd. | | | | | 1,245 | | | | | | 247,420 | | |
| Hyundai Motor Co. | | | | | 3,070 | | | | | | 445,065 | | |
| Industrial Bank of Korea | | | | | 14,559 | | | | | | 104,827 | | |
| Kakao Corp. | | | | | 1,062 | | | | | | 308,857 | | |
| KB Financial Group, Inc. | | | | | 8,040 | | | | | | 284,132 | | |
| Kia Motors Corp. | | | | | 5,577 | | | | | | 248,205 | | |
Korea Electric Power Corp.* | | | | | 6,197 | | | | | | 108,954 | | |
| Korea Zinc Co., Ltd. | | | | | 293 | | | | | | 98,768 | | |
| KT&G Corp. | | | | | 2,874 | | | | | | 205,159 | | |
| LG Chem Ltd. | | | | | 899 | | | | | | 484,083 | | |
| LG Corp. | | | | | 2,483 | | | | | | 148,363 | | |
| LG Electronics, Inc. | | | | | 2,447 | | | | | | 181,147 | | |
| LG Household & Health Care Ltd. | | | | | 202 | | | | | | 267,031 | | |
| NAVER Corp. | | | | | 2,456 | | | | | | 627,690 | | |
| NCSoft Corp. | | | | | 342 | | | | | | 233,887 | | |
| Orion Corp. | | | | | 697 | | | | | | 66,647 | | |
| POSCO | | | | | 1,346 | | | | | | 246,733 | | |
Samsung Biologics Co., Ltd.‡* | | | | | 281 | | | | | | 168,892 | | |
| Samsung C&T Corp. | | | | | 1,674 | | | | | | 163,018 | | |
| Samsung Electro-Mechanics Co., Ltd. | | | | | 1,168 | | | | | | 137,418 | | |
| Samsung Electronics Co., Ltd. | | | | | 81,456 | | | | | | 4,063,109 | | |
Samsung Fire & Marine Insurance Co.,
Ltd. | | | | | 799 | | | | | | 126,043 | | |
| Samsung Life Insurance Co., Ltd. | | | | | 1,776 | | | | | | 98,919 | | |
| Samsung SDI Co., Ltd. | | | | | 984 | | | | | | 383,298 | | |
| Samsung SDS Co., Ltd. | | | | | 696 | | | | | | 103,354 | | |
| Shinhan Financial Group Co., Ltd. | | | | | 9,800 | | | | | | 262,122 | | |
| SK Holdings Co., Ltd. | | | | | 664 | | | | | | 106,795 | | |
| SK Hynix, Inc. | | | | | 9,208 | | | | | | 648,382 | | |
| SK Innovation Co., Ltd. | | | | | 1,142 | | | | | | 126,307 | | |
| SK Telecom Co., Ltd. | | | | | 717 | | | | | | 135,223 | | |
| Woori Financial Group, Inc. | | | | | 17,445 | | | | | | 136,676 | | |
| Total South Korea | | | | | | | | | | | 12,406,296 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Spain — 2.1% | |
Abertis Infraestructuras SA*(a) | | | | | 5,353 | | | | | $ | 37,350 | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 5,041 | | | | | | 119,789 | | |
Aena SME SA‡* | | | | | 1,337 | | | | | | 180,036 | | |
| Amadeus IT Group SA | | | | | 7,588 | | | | | | 362,306 | | |
| Banco Bilbao Vizcaya Argentaria SA | | | | | 118,205 | | | | | | 338,995 | | |
Banco Santander SA* | | | | | 288,593 | | | | | | 575,115 | | |
| Bankinter SA | | | | | 18,213 | | | | | | 68,250 | | |
| CaixaBank SA | | | | | 67,363 | | | | | | 122,567 | | |
Cellnex Telecom SA‡* | | | | | 6,051 | | | | | | 388,513 | | |
| Enagas SA | | | | | 4,935 | | | | | | 106,520 | | |
| Endesa SA | | | | | 5,637 | | | | | | 151,089 | | |
| Ferrovial SA | | | | | 8,993 | | | | | | 194,582 | | |
Grifols SA(b) | | | | | 6,070 | | | | | | 163,968 | | |
| Iberdrola SA | | | | | 100,061 | | | | | | 1,180,130 | | |
Industria de Diseno Textil SA* | | | | | 18,445 | | | | | | 455,281 | | |
| Merlin Properties Socimi SA | | | | | 7,716 | | | | | | 51,906 | | |
| Naturgy Energy Group SA | | | | | 5,663 | | | | | | 105,215 | | |
| Red Electrica Corp. SA | | | | | 8,818 | | | | | | 155,359 | | |
| Repsol SA | | | | | 26,051 | | | | | | 162,045 | | |
Siemens Gamesa Renewable Energy
SA | | | | | 3,535 | | | | | | 100,185 | | |
| Telefonica SA | | | | | 84,498 | | | | | | 276,187 | | |
| Total Spain | | | | | | | | | | | 5,295,388 | | |
| Sweden — 3.1% | |
Alfa Laval AB* | | | | | 6,537 | | | | | | 132,559 | | |
| Assa Abloy AB, B Shares | | | | | 16,137 | | | | | | 346,266 | | |
| Atlas Copco AB, A Shares | | | | | 11,013 | | | | | | 486,118 | | |
| Atlas Copco AB, B Shares | | | | | 6,687 | | | | | | 256,402 | | |
| Boliden AB | | | | | 5,394 | | | | | | 147,377 | | |
| Castellum AB | | | | | 5,029 | | | | | | 104,748 | | |
Electrolux AB, Series B*(b) | | | | | 4,994 | | | | | | 112,715 | | |
| Elekta AB, B Shares | | | | | 6,491 | | | | | | 76,059 | | |
| Epiroc AB, A Shares | | | | | 11,115 | | | | | | 166,079 | | |
| Epiroc AB, B Shares | | | | | 6,998 | | | | | | 100,318 | | |
| EQT AB | | | | | 3,956 | | | | | | 75,354 | | |
Essity AB, B Shares(b) | | | | | 11,082 | | | | | | 321,088 | | |
Evolution Gaming Group AB‡ | | | | | 2,522 | | | | | | 187,284 | | |
Hennes & Mauritz AB, B Shares(b) | | | | | 15,744 | | | | | | 255,763 | | |
Hexagon AB, B Shares* | | | | | 4,711 | | | | | | 344,229 | | |
| Husqvarna AB, B Shares | | | | | 7,954 | | | | | | 82,211 | | |
Industrivarden AB, A Shares* | | | | | 7,399 | | | | | | 198,999 | | |
| Investor AB, B Shares | | | | | 10,027 | | | | | | 601,993 | | |
| Kinnevik AB, B Shares | | | | | 5,129 | | | | | | 210,406 | | |
| Lundin Energy AB | | | | | 4,828 | | | | | | 92,127 | | |
Nibe Industrier AB, B Shares* | | | | | 5,244 | | | | | | 126,429 | | |
Sandvik AB* | | | | | 19,672 | | | | | | 350,293 | | |
Securitas AB, B Shares* | | | | | 6,804 | | | | | | 96,276 | | |
Skandinaviska Enskilda Banken AB, A Shares* | | | | | 26,168 | | | | | | 224,310 | | |
Skanska AB, B Shares(b) | | | | | 6,916 | | | | | | 129,988 | | |
| SKF AB, B Shares | | | | | 7,947 | | | | | | 162,669 | | |
Svenska Cellulosa AB SCA, B Shares* | | | | | 11,319 | | | | | | 153,550 | | |
Svenska Handelsbanken AB, A Shares* | | | | | 26,489 | | | | | | 214,622 | | |
Swedbank AB, A Shares* | | | | | 17,715 | | | | | | 277,632 | | |
| Swedish Match AB | | | | | 2,987 | | | | | | 225,036 | | |
Swedish Orphan Biovitrum AB* | | | | | 3,324 | | | | | | 57,397 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden (continued) | |
| Tele2 AB, B Shares | | | | | 10,415 | | | | | $ | 123,501 | | |
Telefonaktiebolaget LM Ericsson,
B Shares | | | | | 52,880 | | | | | | 589,803 | | |
Telia Co. AB(b) | | | | | 44,686 | | | | | | 171,291 | | |
Trelleborg AB, B Shares* | | | | | 6,479 | | | | | | 107,654 | | |
Volvo AB, B Shares* | | | | | 28,533 | | | | | | 555,039 | | |
| Total Sweden | | | | | | | | | | | 7,863,585 | | |
| Switzerland — 9.2% | |
| ABB Ltd. | | | | | 31,380 | | | | | | 761,775 | | |
| Adecco Group AG | | | | | 3,016 | | | | | | 148,077 | | |
Alcon, Inc.* | | | | | 7,902 | | | | | | 449,178 | | |
| Baloise Holding AG | | | | | 1,007 | | | | | | 137,665 | | |
Chocoladefabriken Lindt & Spruengli AG(b) | | | | | 32 | | | | | | 253,821 | | |
| Cie Financiere Richemont SA, Class A | | | | | 9,060 | | | | | | 568,381 | | |
| Clariant AG | | | | | 5,683 | | | | | | 97,471 | | |
Coca-Cola HBC AG* | | | | | 4,127 | | | | | | 93,651 | | |
| Credit Suisse Group AG | | | | | 40,624 | | | | | | 382,239 | | |
| EMS-Chemie Holding AG | | | | | 145 | | | | | | 127,511 | | |
| Geberit AG | | | | | 714 | | | | | | 406,642 | | |
| Givaudan SA | | | | | 163 | | | | | | 664,413 | | |
| Julius Baer Group Ltd. | | | | | 4,221 | | | | | | 188,542 | | |
| Kuehne + Nagel International AG | | | | | 779 | | | | | | 155,622 | | |
LafargeHolcim Ltd.* | | | | | 8,689 | | | | | | 373,043 | | |
| Logitech International SA | | | | | 2,333 | | | | | | 196,506 | | |
| Lonza Group AG | | | | | 1,329 | | | | | | 805,042 | | |
Nestle SA(d) | | | | | 47,577 | | | | | | 5,351,796 | | |
| Novartis AG | | | | | 36,658 | | | | | | 2,859,288 | | |
| Partners Group Holding AG | | | | | 324 | | | | | | 292,203 | | |
| PSP Swiss Property AG | | | | | 1,088 | | | | | | 131,645 | | |
| Roche Holding AG | | | | | 12,322 | | | | | | 3,962,587 | | |
| Schindler Holding AG — Participating Certificate | | | | | 983 | | | | | | 251,501 | | |
| SGS SA | | | | | 123 | | | | | | 307,450 | | |
SIG Combibloc Group AG* | | | | | 4,538 | | | | | | 93,330 | | |
| Sika AG | | | | | 2,544 | | | | | | 626,459 | | |
Sonova Holding AG* | | | | | 995 | | | | | | 236,116 | | |
| Straumann Holding AG | | | | | 175 | | | | | | 182,532 | | |
| Swatch Group AG (The) — Bearer | | | | | 634 | | | | | | 134,160 | | |
| Swiss Life Holding AG | | | | | 659 | | | | | | 221,596 | | |
| Swiss Prime Site AG | | | | | 1,633 | | | | | | 137,368 | | |
| Swiss Re AG | | | | | 5,056 | | | | | | 362,644 | | |
| Swisscom AG | | | | | 465 | | | | | | 236,571 | | |
| Temenos AG | | | | | 1,076 | | | | | | 115,565 | | |
| UBS Group AG | | | | | 58,723 | | | | | | 682,021 | | |
| Vifor Pharma AG | | | | | 1,077 | | | | | | 121,207 | | |
| Zurich Insurance Group AG | | | | | 2,486 | | | | | | 824,553 | | |
| Total Switzerland | | | | | | | | | | | 22,940,171 | | |
| United Kingdom — 11.1% | |
| 3i Group PLC | | | | | 17,922 | | | | | | 222,694 | | |
| Admiral Group PLC | | | | | 3,968 | | | | | | 141,092 | | |
| Ashtead Group PLC | | | | | 8,233 | | | | | | 298,068 | | |
| Associated British Foods PLC | | | | | 6,510 | | | | | | 142,886 | | |
| AstraZeneca PLC | | | | | 22,523 | | | | | | 2,261,634 | | |
Auto Trader Group PLC‡(b) | | | | | 18,260 | | | | | | 136,703 | | |
| Aviva PLC | | | | | 71,370 | | | | | | 237,625 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | |
| B&M European Value Retail SA | | | | | 15,919 | | | | | $ | 99,788 | | |
| BAE Systems PLC | | | | | 55,601 | | | | | | 285,412 | | |
Barclays PLC* | | | | | 304,629 | | | | | | 419,724 | | |
Barratt Developments PLC* | | | | | 20,117 | | | | | | 125,504 | | |
| Berkeley Group Holdings PLC | | | | | 2,560 | | | | | | 134,290 | | |
| BP PLC | | | | | 341,508 | | | | | | 868,127 | | |
| British American Tobacco PLC | | | | | 39,640 | | | | | | 1,254,711 | | |
| British Land Co. PLC (The) | | | | | 19,184 | | | | | | 86,470 | | |
| BT Group PLC | | | | | 148,914 | | | | | | 195,242 | | |
| Bunzl PLC | | | | | 6,788 | | | | | | 210,645 | | |
| Burberry Group PLC | | | | | 7,796 | | | | | | 136,688 | | |
| CK Hutchison Holdings Ltd. | | | | | 48,093 | | | | | | 289,618 | | |
CNH Industrial NV* | | | | | 17,562 | | | | | | 136,244 | | |
| Compass Group PLC | | | | | 30,976 | | | | | | 422,548 | | |
| Croda International PLC | | | | | 2,375 | | | | | | 185,297 | | |
| DCC PLC | | | | | 1,961 | | | | | | 127,387 | | |
| Diageo PLC | | | | | 39,706 | | | | | | 1,282,983 | | |
| Direct Line Insurance Group PLC | | | | | 29,967 | | | | | | 102,099 | | |
DS Smith PLC* | | | | | 28,502 | | | | | | 104,331 | | |
| Experian PLC | | | | | 15,923 | | | | | | 579,976 | | |
Fiat Chrysler Automobiles NV* | | | | | 18,987 | | | | | | 233,157 | | |
| GlaxoSmithKline PLC | | | | | 84,904 | | | | | | 1,418,150 | | |
GVC Holdings PLC* | | | | | 11,608 | | | | | | 145,018 | | |
| Halma PLC | | | | | 5,426 | | | | | | 166,135 | | |
Hargreaves Lansdown PLC(b) | | | | | 6,526 | | | | | | 114,126 | | |
HSBC Holdings PLC* | | | | | 350,193 | | | | | | 1,469,561 | | |
| IMI PLC | | | | | 7,137 | | | | | | 95,419 | | |
| Imperial Brands PLC | | | | | 16,760 | | | | | | 265,249 | | |
Informa PLC* | | | | | 31,933 | | | | | | 172,590 | | |
InterContinental Hotels Group PLC* | | | | | 3,603 | | | | | | 182,434 | | |
| Intermediate Capital Group PLC | | | | | 5,828 | | | | | | 88,242 | | |
| Intertek Group PLC | | | | | 3,122 | | | | | | 224,928 | | |
| JD Sports Fashion PLC | | | | | 8,751 | | | | | | 83,867 | | |
| Johnson Matthey PLC | | | | | 3,949 | | | | | | 109,729 | | |
Kingfisher PLC* | | | | | 43,812 | | | | | | 162,639 | | |
| Land Securities Group PLC | | | | | 14,304 | | | | | | 94,195 | | |
| Legal & General Group PLC | | | | | 109,308 | | | | | | 261,188 | | |
Lloyds Banking Group PLC* | | | | | 1,239,568 | | | | | | 449,174 | | |
| London Stock Exchange Group PLC | | | | | 5,332 | | | | | | 570,708 | | |
| M&G PLC | | | | | 53,641 | | | | | | 101,713 | | |
Meggitt PLC* | | | | | 18,404 | | | | | | 65,035 | | |
Melrose Industries PLC* | | | | | 90,176 | | | | | | 139,509 | | |
| Mondi PLC | | | | | 9,262 | | | | | | 175,206 | | |
| National Grid PLC | | | | | 59,491 | | | | | | 706,912 | | |
Natwest Group PLC* | | | | | 83,387 | | | | | | 133,912 | | |
| Next PLC | | | | | 2,507 | | | | | | 189,307 | | |
Ocado Group PLC* | | | | | 8,485 | | | | | | 249,702 | | |
Pearson PLC(b) | | | | | 15,626 | | | | | | 103,043 | | |
| Persimmon PLC | | | | | 6,306 | | | | | | 190,469 | | |
| Prudential PLC | | | | | 45,796 | | | | | | 558,272 | | |
| Reckitt Benckiser Group PLC | | | | | 10,874 | | | | | | 956,086 | | |
| RELX PLC | | | | | 32,066 | | | | | | 633,322 | | |
Rentokil Initial PLC* | | | | | 32,590 | | | | | | 221,651 | | |
Rightmove PLC*(b) | | | | | 16,397 | | | | | | 131,024 | | |
Rolls-Royce Holdings PLC*(b) | | | | | 30,792 | | | | | | 28,395 | | |
RSA Insurance Group PLC* | | | | | 21,416 | | | | | | 117,299 | | |
| Sage Group PLC (The) | | | | | 20,610 | | | | | | 169,379 | | |
| Segro PLC | | | | | 19,929 | | | | | | 232,429 | | |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| United Kingdom (continued) | | | |
| Severn Trent PLC | | | | | 4,672 | | | | | $ | 146,794 | | | | |
| Smith & Nephew PLC | | | | | 15,679 | | | | | | 270,948 | | | | |
| Smiths Group PLC | | | | | 8,225 | | | | | | 141,391 | | | | |
| Spirax-Sarco Engineering PLC | | | | | 1,252 | | | | | | 182,605 | | | | |
| SSE PLC | | | | | 18,388 | | | | | | 298,385 | | | | |
| St James’s Place PLC | | | | | 9,836 | | | | | | 114,360 | | | | |
Standard Chartered PLC* | | | | | 46,350 | | | | | | 210,836 | | | | |
| Standard Life Aberdeen PLC | | | | | 41,166 | | | | | | 119,496 | | | | |
| Tate & Lyle PLC | | | | | 12,006 | | | | | | 92,397 | | | | |
Taylor Wimpey PLC* | | | | | 71,968 | | | | | | 98,452 | | | | |
| TechnipFMC PLC | | | | | 8,700 | | | | | | 47,641 | | | | |
| Tesco PLC | | | | | 163,961 | | | | | | 435,663 | | | | |
Travis Perkins PLC* | | | | | 5,151 | | | | | | 70,698 | | | | |
| Unilever NV | | | | | 24,854 | | | | | | 1,405,579 | | | | |
| Unilever PLC | | | | | 18,619 | | | | | | 1,060,235 | | | | |
| United Utilities Group PLC | | | | | 13,498 | | | | | | 150,689 | | | | |
| Vodafone Group PLC | | | | | 471,903 | | | | | | 628,476 | | | | |
Weir Group PLC (The)* | | | | | 5,402 | | | | | | 100,127 | | | | |
Whitbread PLC(b) | | | | | 4,137 | | | | | | 114,846 | | | | |
| Wm Morrison Supermarkets PLC | | | | | 42,604 | | | | | | 89,737 | | | | |
| WPP PLC | | | | | 21,888 | | | | | | 174,505 | | | | |
| Total United Kingdom | | | | | | | | | | | 27,850,820 | | | | |
| United States — 0.5% | | | |
| Amcor PLC | | | | | 31,139 | | | | | | 323,856 | | | | |
Ferguson PLC* | | | | | 4,117 | | | | | | 411,064 | | | | |
| James Hardie Industries PLC | | | | | 8,246 | | | | | | 200,244 | | | | |
OneMarket Ltd.*(a) | | | | | 1,633 | | | | | | — | | | | |
QIAGEN NV* | | | | | 4,032 | | | | | | 191,483 | | | | |
| Total United States | | | | | | | | | | | 1,126,647 | | | | |
| Total Common Stocks | | | |
| (Cost $283,596,046) | | | | | | | | | | | 247,652,373 | | | | |
| Preferred Stocks — 0.8% | | | |
| Germany — 0.6% | | | |
| FUCHS PETROLUB SE, 2.14% | | | | | 2,573 | | | | | | 132,415 | | | | |
| Henkel AG & Co. KGaA, 2.18% | | | | | 3,405 | | | | | | 331,266 | | | | |
| Porsche Automobil Holding SE, 4.58% | | | | | 3,220 | | | | | | 172,538 | | | | |
| Sartorius AG, 0.10% | | | | | 638 | | | | | | 270,069 | | | | |
| Volkswagen AG, 3.74% | | | | | 3,622 | | | | | | 527,808 | | | | |
| Total Germany | | | | | | | | | | | 1,434,096 | | | | |
| South Korea — 0.2% | | | |
| Samsung Electronics Co., Ltd., 2.71% | | | | | 13,398 | | | | | | 591,557 | | | | |
| Total Preferred Stocks | | | | | | | |
| (Cost $2,014,189) | | | | | | | | | | | 2,025,653 | | | | |
| Rights — 0.0%(c) | | | |
| United Kingdom — 0.0%(c) | | | |
Rolls-Royce Holdings PLC, expires 11/19/20* | | | | | | | | | | | | | | | |
| (Cost $14) | | | | | 20 | | | | | | 10 | | | | |
| |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Short-Term Investment — 1.6% | |
| Money Market Fund — 1.6% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.02%(e)(f) | | | | | | | | | | | | | |
| (Cost $3,935,916) | | | | | 3,935,916 | | | | | $ | 3,935,916 | | |
| Total Investments — 101.4% | | | | | | | | | | | | | |
| (Cost $289,546,165) | | | | | | | | | | | 253,613,952 | | |
Other Assets and Liabilities,
Net — (1.4)% | | | | | | | | | | | (3,492,262) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 250,121,690 | | |
| |
*
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. The total market value of 144A securities held was $4,532,067, 1.8% of net asset value.
(a)
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.
(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 $3,828,217; total market value of collateral held by the Fund was $4,089,870. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $153,954.
(c)
Less than 0.05%.
(d)
All or a portion of the security has been segregated as collateral for forward foreign currency contracts. The total value of the security segregated amounted to $3,037,150.
(e)
Reflects the 1-day yield at October 31, 2020.
(f)
Represents security purchased with cash collateral received for securities on loan.
Forward Foreign Currency Contracts Outstanding as of October 31, 2020:
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
October 31,
2020 | | | Unrealized
Appreciation | |
| Australian Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 12,206,857 | | | | | $ | 8,571,319 | | | | | $ | 8,572,446 | | | | | $ | 1,127 | | |
| Swiss Franc | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 11,188,401 | | | | | | 12,207,661 | | | | | | 12,208,486 | | | | | | 825 | | |
| British Pound | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 87,923 | | | | | | 113,534 | | | | | | 113,687 | | | | | | 153 | | |
| Israeli Shekel | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 1,901,980 | | | | | | 557,996 | | | | | | 558,341 | | | | | | 345 | | |
| Japanese Yen | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 3,476,155,849 | | | | | | 33,250,013 | | | | | | 33,253,460 | | | | | | 3,447 | | |
South Korean Won# | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 7,558,170,645 | | | | | | 6,656,367 | | | | | | 6,660,865 | | | | | | 4,498 | | |
| Polish Zloty | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 1,175,118 | | | | | | 296,030 | | | | | | 296,473 | | | | | | 443 | | |
| Swedish Krona | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 192,232 | | | | | | 21,492 | | | | | | 21,597 | | | | | | 105 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | 61,674,412 | | | | | $ | 61,685,355 | | | | | $ | 10,943 | | |
| |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
October 31,
2020 | | | Unrealized
Appreciation | |
| Australian Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (12,206,857) | | | | | $ | (8,750,146) | | | | | $ | (8,572,446) | | | | | $ | 177,700 | | |
| Danish Krone | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (18,599,057) | | | | | | (2,931,133) | | | | | | (2,910,248) | | | | | | 20,885 | | |
| Danish Krone | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (18,235,122) | | | | | | (2,855,614) | | | | | | (2,855,226) | | | | | | 388 | | |
| Euro | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (32,571,301) | | | | | | (38,219,060) | | | | | | (37,944,013) | | | | | | 275,047 | | |
| Euro | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (30,301,292) | | | | | | (35,323,113) | | | | | | (35,323,057) | | | | | | 56 | | |
| British Pound | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (12,423,781) | | | | | | (16,070,310) | | | | | | (16,067,504) | | | | | | 2,806 | | |
| Hong Kong Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (31,717,849) | | | | | | (4,091,803) | | | | | | (4,090,053) | | | | | | 1,750 | | |
| Norwegian Krone | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (7,207,329) | | | | | | (770,239) | | | | | | (753,978) | | | | | | 16,261 | | |
| Norwegian Krone | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (6,827,317) | | | | | | (715,243) | | | | | | (714,119) | | | | | | 1,124 | | |
| New Zealand Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (632,706) | | | | | | (418,218) | | | | | | (418,157) | | | | | | 61 | | |
| New Zealand Dollar | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (624,073) | | | | | | (412,570) | | | | | | (412,463) | | | | | | 107 | | |
| Polish Zloty | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (1,179,521) | | | | | | (305,064) | | | | | | (297,584) | | | | | | 7,480 | | |
| Swedish Krona | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (34,997,474) | | | | | | (3,934,605) | | | | | | (3,933,304) | | | | | | 1,301 | | |
| Singapore Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (1,935,243) | | | | | | (1,417,400) | | | | | | (1,417,243) | | | | | | 157 | | |
| Singapore Dollar | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (1,887,005) | | | | | | (1,381,994) | | | | | | (1,381,927) | | | | | | 67 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | (117,596,512) | | | | | $ | (117,091,322) | | | | | $ | 505,190 | | |
| Total Unrealized Appreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 516,133 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
October 31,
2020 | | | Unrealized
(Depreciation) | |
| Danish Krone | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 18,599,057 | | | | | $ | 2,910,880 | | | | | $ | 2,910,248 | | | | | $ | (632) | | |
| Euro | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 32,571,301 | | | | | | 37,950,993 | | | | | | 37,944,013 | | | | | | (6,980) | | |
| British Pound | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 13,091,739 | | | | | | 16,932,698 | | | | | | 16,928,043 | | | | | | (4,655) | | |
| Hong Kong Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 31,717,849 | | | | | | 4,090,073 | | | | | | 4,090,053 | | | | | | (20) | | |
| Norwegian Krone | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 7,207,329 | | | | | | 755,200 | | | | | | 753,978 | | | | | | (1,222) | | |
| New Zealand Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 632,706 | | | | | | 418,270 | | | | | | 418,157 | | | | | | (113) | | |
| Polish Zloty | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 4,403 | | | | | | 1,142 | | | | | | 1,111 | | | | | | (31) | | |
| Swedish Krona | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 37,130,581 | | | | | | 4,173,195 | | | | | | 4,171,618 | | | | | | (1,577) | | |
| Singapore Dollar | | | | | 11/04/20 | | | | Morgan Stanley | | | | | 1,935,243 | | | | | | 1,417,356 | | | | | | 1,417,243 | | | | | | (113) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | 68,649,807 | | | | | $ | 68,634,464 | | | | | $ | (15,343) | | |
| |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
October 31,
2020 | | | Unrealized
(Depreciation) | |
| Australian Dollar | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (12,438,880) | | | | | $ | (8,735,136) | | | | | $ | (8,736,736) | | | | | $ | (1,600) | | |
| Swiss Franc | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (11,188,401) | | | | | | (12,186,964) | | | | | | (12,208,486) | | | | | | (21,522) | | |
| Swiss Franc | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (10,423,827) | | | | | | (11,381,998) | | | | | | (11,384,050) | | | | | | (2,052) | | |
| British Pound | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (13,179,662) | | | | | | (17,040,866) | | | | | | (17,041,731) | | | | | | (865) | | |
| Hong Kong Dollar | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (31,220,192) | | | | | | (4,025,739) | | | | | | (4,025,783) | | | | | | (44) | | |
| Israeli Shekel | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (1,901,980) | | | | | | (556,338) | | | | | | (558,341) | | | | | | (2,003) | | |
| Israeli Shekel | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (1,952,796) | | | | | | (573,044) | | | | | | (573,417) | | | | | | (373) | | |
| Japanese Yen | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (3,476,155,849) | | | | | | (32,950,143) | | | | | | (33,253,460) | | | | | | (303,317) | | |
| Japanese Yen | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (3,386,611,708) | | | | | | (32,401,042) | | | | | | (32,408,648) | | | | | | (7,606) | | |
South Korean Won# | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (7,558,170,645) | | | | | | (6,484,350) | | | | | | (6,660,865) | | | | | | (176,515) | | |
South Korean Won# | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (7,374,332,165) | | | | | | (6,480,194) | | | | | | (6,498,475) | | | | | | (18,281) | | |
| Polish Zloty | | | | | 12/03/20 | | | | Morgan Stanley | | | | | (1,225,924) | | | | | | (308,851) | | | | | | (309,315) | | | | | | (464) | | |
| Swedish Krona | | | | | 11/04/20 | | | | Morgan Stanley | | | | | (37,322,813) | | | | | | (4,171,041) | | | | | | (4,193,215) | | | | | | (22,174) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | (137,295,706) | | | | | $ | (137,852,522) | | | | | $ | (556,816) | | |
| Total Unrealized Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (572,159) | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (56,026) | | |
#
Non-deliverable forward.
As of October 31, 2020, there was collateral segregated by the counterparty for forward foreign currency contracts in the amount of $3,037,150.
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
October 31, 2020 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 247,479,966 | | | | | $ | 135,057 | | | | | $ | 37,350(h) | | | | | $ | 247,652,373 | | |
| Preferred Stocks | | | | | 2,025,653 | | | | | | — | | | | | | — | | | | | | 2,025,653 | | |
| Right | | | | | 10 | | | | | | — | | | | | | — | | | | | | 10 | | |
| Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Fund | | | | | 3,935,916 | | | | | | — | | | | | | — | | | | | | 3,935,916 | | |
| Total Investments in Securities | | | | | 253,441,545 | | | | | | 135,057 | | | | | | 37,350 | | | | | | 253,613,952 | | |
| Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 516,133 | | | | | | — | | | | | | 516,133 | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 253,441,545 | | | | | $ | 651,190 | | | | | $ | 37,350 | | | | | $ | 254,130,085 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | 572,159 | | | | | $ | — | | | | | $ | 572,159 | | |
(g)
For a complete listing of investments and their countries, see the Schedules of Investments.
(h)
The Level 3 security, valued at $37,350, 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.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 99.2% | |
| Australia — 8.0% | |
| Alumina Ltd. | | | | | 27,534 | | | | | $ | 27,747 | | |
| AMP Ltd. | | | | | 36,461 | | | | | | 39,175 | | |
| Ampol Ltd. | | | | | 2,687 | | | | | | 48,947 | | |
| APA Group | | | | | 12,719 | | | | | | 93,696 | | |
| ASX Ltd. | | | | | 2,068 | | | | | | 115,643 | | |
| AusNet Services | | | | | 19,896 | | | | | | 27,944 | | |
| Australia & New Zealand Banking Group Ltd. | | | | | 28,694 | | | | | | 379,028 | | |
| BHP Group Ltd. | | | | | 31,719 | | | | | | 752,438 | | |
| BHP Group PLC | | | | | 22,170 | | | | | | 427,178 | | |
| BlueScope Steel Ltd. | | | | | 5,394 | | | | | | 55,531 | | |
| Boral Ltd. | | | | | 13,198 | | | | | | 42,263 | | |
| Brambles Ltd. | | | | | 16,281 | | | | | | 109,646 | | |
| Coca-Cola Amatil Ltd. | | | | | 5,366 | | | | | | 46,840 | | |
| Cochlear Ltd. | | | | | 705 | | | | | | 105,047 | | |
| Computershare Ltd. | | | | | 4,994 | | | | | | 42,611 | | |
| CSL Ltd. | | | | | 4,882 | | | | | | 985,866 | | |
| Dexus | | | | | 11,751 | | | | | | 71,051 | | |
| Fortescue Metals Group Ltd. | | | | | 18,286 | | | | | | 223,054 | | |
| Goodman Group | | | | | 19,512 | | | | | | 252,122 | | |
| GPT Group (The) | | | | | 20,977 | | | | | | 59,366 | | |
| Insurance Australia Group Ltd. | | | | | 24,902 | | | | | | 83,415 | | |
| Lendlease Group | | | | | 7,406 | | | | | | 62,202 | | |
| Macquarie Group Ltd. | | | | | 3,853 | | | | | | 342,956 | | |
| Mirvac Group | | | | | 42,324 | | | | | | 62,714 | | |
| National Australia Bank Ltd. | | | | | 35,491 | | | | | | 463,578 | | |
| Newcrest Mining Ltd. | | | | | 8,794 | | | | | | 180,574 | | |
| Orica Ltd. | | | | | 4,353 | | | | | | 46,648 | | |
| QBE Insurance Group Ltd. | | | | | 14,931 | | | | | | 86,504 | | |
| Ramsay Health Care Ltd. | | | | | 1,994 | | | | | | 87,308 | | |
| REA Group Ltd. | | | | | 612 | | | | | | 50,830 | | |
| Rio Tinto Ltd. | | | | | 3,969 | | | | | | 257,624 | | |
| Rio Tinto PLC | | | | | 11,480 | | | | | | 646,738 | | |
| Santos Ltd. | | | | | 22,463 | | | | | | 74,614 | | |
| Sonic Healthcare Ltd. | | | | | 5,051 | | | | | | 123,509 | | |
| Stockland | | | | | 25,615 | | | | | | 69,254 | | |
| Suncorp Group Ltd. | | | | | 13,777 | | | | | | 79,431 | | |
| Telstra Corp., Ltd. | | | | | 127,715 | | | | | | 240,364 | | |
| Transurban Group | | | | | 29,483 | | | | | | 278,682 | | |
| Vicinity Centres | | | | | 39,496 | | | | | | 33,561 | | |
| Wesfarmers Ltd. | | | | | 12,157 | | | | | | 392,372 | | |
| Westpac Banking Corp. | | | | | 38,965 | | | | | | 490,075 | | |
| Woodside Petroleum Ltd. | | | | | 10,259 | | | | | | 126,221 | | |
| Total Australia | | | | | | | | | | | 8,184,367 | | |
| Austria — 0.2% | |
| ANDRITZ AG | | | | | 777 | | | | | | 26,175 | | |
| OMV AG | | | | | 1,537 | | | | | | 35,270 | | |
Raiffeisen Bank International AG* | | | | | 1,460 | | | | | | 20,986 | | |
| Telekom Austria AG | | | | | 1,469 | | | | | | 9,891 | | |
| Verbund AG | | | | | 712 | | | | | | 40,955 | | |
| voestalpine AG | | | | | 1,198 | | | | | | 33,282 | | |
| Total Austria | | | | | | | | | | | 166,559 | | |
| Belgium — 0.5% | |
Ackermans & van Haaren NV* | | | | | 237 | | | | | | 29,153 | | |
| Elia Group SA/NV | | | | | 308 | | | | | | 29,814 | | |
| KBC Group NV | | | | | 3,020 | | | | | | 148,910 | | |
| Sofina SA | | | | | 161 | | | | | | 41,822 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Belgium (continued) | |
| Solvay SA | | | | | 763 | | | | | $ | 61,948 | | |
| Telenet Group Holding NV | | | | | 461 | | | | | | 17,721 | | |
| UCB SA | | | | | 1,301 | | | | | | 128,360 | | |
| Umicore SA | | | | | 2,079 | | | | | | 80,014 | | |
| Total Belgium | | | | | | | | | | | 537,742 | | |
| Brazil — 0.1% | |
| Yara International ASA | | | | | 1,826 | | | | | | 63,517 | | |
| Chile — 0.1% | |
| Antofagasta PLC | | | | | 3,733 | | | | | | 49,692 | | |
| China — 1.0% | |
Alibaba Health Information Technology
Ltd.* | | | | | 43,641 | | | | | | 113,958 | | |
| China Gas Holdings Ltd. | | | | | 20,129 | | | | | | 61,647 | | |
| CSPC Pharmaceutical Group Ltd. | | | | | 102,643 | | | | | | 108,138 | | |
| Fosun International Ltd. | | | | | 26,249 | | | | | | 31,614 | | |
| Geely Automobile Holdings Ltd. | | | | | 61,902 | | | | | | 127,079 | | |
| Haier Electronics Group Co., Ltd. | | | | | 13,022 | | | | | | 49,369 | | |
Prosus NV* | | | | | 4,196 | | | | | | 419,268 | | |
| Shimao Group Holdings Ltd. | | | | | 13,310 | | | | | | 46,942 | | |
| Sun Art Retail Group Ltd. | | | | | 18,469 | | | | | | 19,958 | | |
| Total China | | | | | | | | | | | 977,973 | | |
| Colombia — 0.0%(a) | |
| Millicom International Cellular SA | | | | | 1,092 | | | | | | 32,265 | | |
| Denmark — 3.0% | |
| AP Moller — Maersk A/S, Class A | | | | | 33 | | | | | | 48,689 | | |
| AP Moller — Maersk A/S, Class B | | | | | 60 | | | | | | 95,847 | | |
| Chr Hansen Holding A/S | | | | | 1,053 | | | | | | 106,067 | | |
| Coloplast A/S, Class B | | | | | 1,331 | | | | | | 194,253 | | |
Danske Bank A/S* | | | | | 6,921 | | | | | | 91,999 | | |
| DSV PANALPINA A/S | | | | | 2,350 | | | | | | 380,547 | | |
Genmab A/S* | | | | | 696 | | | | | | 231,838 | | |
| Novo Nordisk A/S, Class B | | | | | 17,901 | | | | | | 1,149,857 | | |
| Novozymes A/S, Class B | | | | | 2,166 | | | | | | 130,168 | | |
Orsted A/S‡ | | | | | 1,926 | | | | | | 305,710 | | |
| Vestas Wind Systems A/S | | | | | 2,123 | | | | | | 362,389 | | |
| Total Denmark | | | | | | | | | | | 3,097,364 | | |
| Finland — 1.6% | |
| Elisa OYJ | | | | | 1,538 | | | | | | 75,674 | | |
| Huhtamaki OYJ | | | | | 947 | | | | | | 46,242 | | |
| Kone OYJ, Class B | | | | | 3,844 | | | | | | 306,005 | | |
| Neles OYJ | | | | | 1,325 | | | | | | 17,742 | | |
Neste OYJ(b) | | | | | 4,988 | | | | | | 259,603 | | |
Nokia OYJ* | | | | | 60,465 | | | | | | 204,255 | | |
Nordea Bank Abp* | | | | | 43,002 | | | | | | 323,587 | | |
| Orion OYJ, Class B | | | | | 1,051 | | | | | | 44,991 | | |
| Sampo OYJ, Class A | | | | | 4,956 | | | | | | 187,045 | | |
| Stora Enso OYJ, Class R | | | | | 6,042 | | | | | | 88,151 | | |
| Wartsila OYJ Abp | | | | | 5,808 | | | | | | 46,154 | | |
| Total Finland | | | | | | | | | | | 1,599,449 | | |
| France — 9.6% | |
Accor SA* | | | | | 1,995 | | | | | | 50,800 | | |
Adevinta ASA* | | | | | 2,707 | | | | | | 41,771 | | |
Air Liquide SA(b) | | | | | 5,102 | | | | | | 745,854 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | |
Amundi SA‡* | | | | | 646 | | | | | $ | 42,365 | | |
| AXA SA | | | | | 24,328 | | | | | | 391,071 | | |
| BioMerieux | | | | | 431 | | | | | | 64,162 | | |
BNP Paribas SA* | | | | | 12,296 | | | | | | 427,613 | | |
| Bouygues SA | | | | | 3,221 | | | | | | 105,618 | | |
| Capgemini SE | | | | | 1,729 | | | | | | 199,670 | | |
| Carrefour SA | | | | | 5,759 | | | | | | 89,624 | | |
Cie de Saint-Gobain* | | | | | 5,851 | | | | | | 228,320 | | |
| Cie Generale des Etablissements Michelin | | | | | 1,745 | | | | | | 188,306 | | |
Credit Agricole SA* | | | | | 13,721 | | | | | | 108,396 | | |
| Danone SA | | | | | 6,500 | | | | | | 358,890 | | |
| Dassault Systemes SE | | | | | 1,437 | | | | | | 245,308 | | |
Engie SA* | | | | | 19,585 | | | | | | 236,919 | | |
EssilorLuxottica SA* | | | | | 3,179 | | | | | | 393,265 | | |
| Hermes International | | | | | 357 | | | | | | 332,265 | | |
| Kering SA | | | | | 806 | | | | | | 486,803 | | |
| Legrand SA | | | | | 2,838 | | | | | | 209,855 | | |
| L’Oreal SA | | | | | 2,256 | | | | | | 729,768 | | |
Natixis SA* | | | | | 10,212 | | | | | | 23,743 | | |
| Orange SA | | | | | 21,515 | | | | | | 241,345 | | |
Peugeot SA* | | | | | 6,058 | | | | | | 108,884 | | |
| Publicis Groupe SA | | | | | 2,342 | | | | | | 81,297 | | |
| Sanofi | | | | | 11,677 | | | | | | 1,052,383 | | |
| Sartorius Stedim Biotech | | | | | 256 | | | | | | 97,094 | | |
| Schneider Electric SE | | | | | 5,782 | | | | | | 701,804 | | |
Societe Generale SA* | | | | | 8,984 | | | | | | 121,813 | | |
| Sodexo SA | | | | | 903 | | | | | | 57,958 | | |
| Teleperformance | | | | | 621 | | | | | | 186,413 | | |
| TOTAL SE | | | | | 28,073 | | | | | | 844,335 | | |
| Unibail-Rodamco-Westfield | | | | | 1,358 | | | | | | 55,207 | | |
| Vinci SA | | | | | 6,002 | | | | | | 474,159 | | |
| Total France | | | | | | | | | | | 9,723,078 | | |
| Germany — 9.0% | |
adidas AG* | | | | | 1,966 | | | | | | 583,974 | | |
| Allianz SE | | | | | 4,494 | | | | | | 790,774 | | |
| BASF SE | | | | | 9,910 | | | | | | 543,360 | | |
| Bayerische Motoren Werke AG | | | | | 3,444 | | | | | | 235,409 | | |
| Beiersdorf AG | | | | | 1,060 | | | | | | 111,003 | | |
| Continental AG | | | | | 1,166 | | | | | | 123,978 | | |
Covestro AG‡ | | | | | 1,823 | | | | | | 87,001 | | |
| Daimler AG | | | | | 8,619 | | | | | | 445,769 | | |
Delivery Hero SE‡* | | | | | 1,356 | | | | | | 156,026 | | |
Deutsche Bank AG* | | | | | 18,908 | | | | | | 174,019 | | |
| Deutsche Boerse AG | | | | | 1,980 | | | | | | 291,414 | | |
| Deutsche Post AG | | | | | 10,591 | | | | | | 469,296 | | |
| Deutsche Telekom AG | | | | | 34,988 | | | | | | 532,678 | | |
| Deutsche Wohnen SE | | | | | 3,737 | | | | | | 188,617 | | |
| Fresenius Medical Care AG & Co. KGaA | | | | | 2,142 | | | | | | 163,629 | | |
| Fresenius SE & Co. KGaA | | | | | 4,390 | | | | | | 162,820 | | |
| Hannover Rueck SE | | | | | 649 | | | | | | 94,272 | | |
| Henkel AG & Co. KGaA | | | | | 1,089 | | | | | | 98,501 | | |
| Infineon Technologies AG | | | | | 14,066 | | | | | | 391,596 | | |
| Knorr-Bremse AG | | | | | 518 | | | | | | 59,995 | | |
| Merck KGaA | | | | | 1,394 | | | | | | 206,466 | | |
Muenchener Rueckversicherungs-
Gesellschaft AG | | | | | 1,512 | | | | | | 353,659 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | |
| SAP SE | | | | | 11,019 | | | | | $ | 1,174,318 | | |
| Siemens AG | | | | | 8,770 | | | | | | 1,028,724 | | |
| Symrise AG | | | | | 1,342 | | | | | | 165,468 | | |
| Talanx AG | | | | | 570 | | | | | | 16,785 | | |
| Vonovia SE | | | | | 5,851 | | | | | | 373,628 | | |
Zalando SE‡* | | | | | 1,755 | | | | | | 163,913 | | |
| Total Germany | | | | | | | | | | | 9,187,092 | | |
| Hong Kong — 3.1% | |
| AIA Group Ltd. | | | | | 130,378 | | | | | | 1,228,149 | | |
| ASM Pacific Technology Ltd. | | | | | 3,277 | | | | | | 32,961 | | |
Bank of East Asia Ltd. (The)(b) | | | | | 14,794 | | | | | | 26,632 | | |
Cathay Pacific Airways Ltd.* | | | | | 10,432 | | | | | | 7,076 | | |
| CK Infrastructure Holdings Ltd. | | | | | 6,551 | | | | | | 30,834 | | |
| Hang Lung Properties Ltd. | | | | | 19,720 | | | | | | 47,858 | | |
| Hang Seng Bank Ltd. | | | | | 7,810 | | | | | | 120,048 | | |
| Henderson Land Development Co., Ltd. | | | | | 14,170 | | | | | | 50,158 | | |
| HKT Trust & HKT Ltd. | | | | | 36,753 | | | | | | 47,488 | | |
| Hong Kong & China Gas Co., Ltd. | | | | | 111,551 | | | | | | 160,245 | | |
Hong Kong Exchanges & Clearing
Ltd. | | | | | 13,674 | | | | | | 652,768 | | |
| Kerry Properties Ltd. | | | | | 6,338 | | | | | | 15,496 | | |
| Link REIT | | | | | 22,189 | | | | | | 168,960 | | |
| MTR Corp., Ltd. | | | | | 16,396 | | | | | | 81,083 | | |
| NWS Holdings Ltd. | | | | | 15,079 | | | | | | 13,203 | | |
| Sino Biopharmaceutical Ltd. | | | | | 105,155 | | | | | | 106,038 | | |
| Sun Hung Kai Properties Ltd. | | | | | 15,573 | | | | | | 199,109 | | |
| Swire Pacific Ltd., Class A | | | | | 5,325 | | | | | | 24,239 | | |
| Swire Pacific Ltd., Class B | | | | | 9,403 | | | | | | 7,639 | | |
| Swire Properties Ltd. | | | | | 11,366 | | | | | | 30,413 | | |
WH Group Ltd.‡ | | | | | 101,976 | | | | | | 80,083 | | |
| Total Hong Kong | | | | | | | | | | | 3,130,480 | | |
| Ireland — 0.5% | |
| CRH PLC | | | | | 8,467 | | | | | | 297,781 | | |
Kingspan Group PLC* | | | | | 1,641 | | | | | | 143,077 | | |
| Smurfit Kappa Group PLC | | | | | 2,552 | | | | | | 96,089 | | |
| Total Ireland | | | | | | | | | | | 536,947 | | |
| Israel — 0.3% | |
Bank Hapoalim BM* | | | | | 12,106 | | | | | | 71,038 | | |
| Bank Leumi Le-Israel BM | | | | | 15,676 | | | | | | 74,317 | | |
Check Point Software Technologies Ltd.* | | | | | 1,177 | | | | | | 133,660 | | |
| ICL Group Ltd. | | | | | 7,481 | | | | | | 27,275 | | |
| Mizrahi Tefahot Bank Ltd. | | | | | 1,427 | | | | | | 27,906 | | |
| Total Israel | | | | | | | | | | | 334,196 | | |
| Italy — 2.2% | |
Amplifon SpA* | | | | | 1,310 | | | | | | 47,625 | | |
| Assicurazioni Generali SpA | | | | | 12,489 | | | | | | 167,445 | | |
| Banca Mediolanum SpA | | | | | 2,282 | | | | | | 15,577 | | |
| DiaSorin SpA | | | | | 271 | | | | | | 59,505 | | |
| Enel SpA | | | | | 83,829 | | | | | | 667,328 | | |
| Eni SpA | | | | | 26,655 | | | | | | 186,636 | | |
FinecoBank Banca Fineco SpA* | | | | | 6,577 | | | | | | 90,019 | | |
Infrastrutture Wireless Italiane SpA‡ | | | | | 3,522 | | | | | | 38,072 | | |
Intesa Sanpaolo SpA* | | | | | 164,342 | | | | | | 271,759 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Italy (continued) | |
Moncler SpA* | | | | | 2,159 | | | | | $ | 86,412 | | |
Nexi SpA‡* | | | | | 3,838 | | | | | | 58,969 | | |
Poste Italiane SpA‡ | | | | | 4,976 | | | | | | 40,574 | | |
| Prysmian SpA | | | | | 2,550 | | | | | | 69,328 | | |
| Snam SpA | | | | | 20,909 | | | | | | 102,051 | | |
| Telecom Italia SpA | | | | | 108,102 | | | | | | 36,694 | | |
| Telecom Italia SpA-RSP | | | | | 65,038 | | | | | | 23,660 | | |
| Terna Rete Elettrica Nazionale SpA | | | | | 15,213 | | | | | | 102,852 | | |
UniCredit SpA* | | | | | 22,986 | | | | | | 171,388 | | |
| Total Italy | | | | | | | | | | | 2,235,894 | | |
| Japan — 24.6% | |
| Advantest Corp. | | | | | 2,129 | | | | | | 122,803 | | |
| Aeon Co., Ltd. | | | | | 7,592 | | | | | | 193,431 | | |
| AEON Financial Service Co., Ltd. | | | | | 1,120 | | | | | | 11,389 | | |
| AGC, Inc. | | | | | 2,125 | | | | | | 65,962 | | |
| Air Water, Inc. | | | | | 2,037 | | | | | | 29,033 | | |
| Aisin Seiki Co., Ltd. | | | | | 1,693 | | | | | | 50,933 | | |
| Ajinomoto Co., Inc. | | | | | 5,820 | | | | | | 116,773 | | |
| Astellas Pharma, Inc. | | | | | 19,888 | | | | | | 272,999 | | |
| Benesse Holdings, Inc. | | | | | 829 | | | | | | 19,500 | | |
| Bridgestone Corp. | | | | | 6,132 | | | | | | 198,847 | | |
| Brother Industries Ltd. | | | | | 2,638 | | | | | | 40,526 | | |
| Canon, Inc. | | | | | 11,013 | | | | | | 189,678 | | |
| Casio Computer Co., Ltd. | | | | | 2,288 | | | | | | 34,559 | | |
| Central Japan Railway Co. | | | | | 1,836 | | | | | | 221,026 | | |
| Chugai Pharmaceutical Co., Ltd. | | | | | 6,780 | | | | | | 260,784 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 20,080 | | | | | | 527,835 | | |
| Daikin Industries Ltd. | | | | | 2,790 | | | | | | 519,889 | | |
| Daito Trust Construction Co., Ltd. | | | | | 690 | | | | | | 62,637 | | |
| Daiwa House Industry Co., Ltd. | | | | | 6,492 | | | | | | 169,876 | | |
| Daiwa House REIT Investment Corp. | | | | | 23 | | | | | | 53,221 | | |
| Daiwa Securities Group, Inc. | | | | | 15,644 | | | | | | 63,001 | | |
| Denso Corp. | | | | | 4,757 | | | | | | 220,149 | | |
| East Japan Railway Co. | | | | | 3,707 | | | | | | 193,506 | | |
| Eisai Co., Ltd. | | | | | 2,921 | | | | | | 226,018 | | |
| FANUC Corp. | | | | | 2,055 | | | | | | 433,449 | | |
| Fast Retailing Co., Ltd. | | | | | 586 | | | | | | 407,577 | | |
| Fuji Electric Co., Ltd. | | | | | 1,380 | | | | | | 41,582 | | |
| FUJIFILM Holdings Corp. | | | | | 4,046 | | | | | | 205,822 | | |
| Fujitsu Ltd. | | | | | 2,022 | | | | | | 236,454 | | |
| Hakuhodo DY Holdings, Inc. | | | | | 2,354 | | | | | | 29,881 | | |
| Hino Motors Ltd. | | | | | 2,845 | | | | | | 21,663 | | |
| Hitachi Ltd. | | | | | 10,165 | | | | | | 340,519 | | |
| Hitachi Metals Ltd. | | | | | 2,154 | | | | | | 28,455 | | |
| Honda Motor Co., Ltd. | | | | | 17,354 | | | | | | 404,218 | | |
| Hulic Co., Ltd. | | | | | 4,078 | | | | | | 37,683 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 2,183 | | | | | | 43,957 | | |
| Inpex Corp. | | | | | 10,504 | | | | | | 49,435 | | |
| ITOCHU Corp. | | | | | 15,903 | | | | | | 380,309 | | |
| J Front Retailing Co., Ltd. | | | | | 2,681 | | | | | | 20,286 | | |
| Japan Exchange Group, Inc. | | | | | 5,724 | | | | | | 139,212 | | |
| Japan Real Estate Investment Corp. | | | | | 14 | | | | | | 68,567 | | |
| Japan Retail Fund Investment Corp. | | | | | 30 | | | | | | 43,132 | | |
JFE Holdings, Inc.* | | | | | 5,534 | | | | | | 38,538 | | |
| JTEKT Corp. | | | | | 2,438 | | | | | | 19,217 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 7,909 | | | | | | 71,941 | | |
| Kao Corp. | | | | | 5,077 | | | | | | 360,353 | | |
| KDDI Corp. | | | | | 17,304 | | | | | | 462,229 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Keikyu Corp. | | | | | 2,585 | | | | | $ | 36,003 | | |
| Keio Corp. | | | | | 1,241 | | | | | | 71,820 | | |
| Keisei Electric Railway Co., Ltd. | | | | | 1,601 | | | | | | 44,642 | | |
| Kikkoman Corp. | | | | | 1,565 | | | | | | 77,546 | | |
| Kintetsu Group Holdings Co., Ltd. | | | | | 1,961 | | | | | | 78,035 | | |
| Koito Manufacturing Co., Ltd. | | | | | 1,284 | | | | | | 61,658 | | |
| Komatsu Ltd. | | | | | 10,085 | | | | | | 225,837 | | |
| Konica Minolta, Inc. | | | | | 5,241 | | | | | | 13,235 | | |
| Kose Corp. | | | | | 326 | | | | | | 41,413 | | |
| Kubota Corp. | | | | | 12,529 | | | | | | 216,986 | | |
| Kuraray Co., Ltd. | | | | | 3,601 | | | | | | 33,137 | | |
| Kyocera Corp. | | | | | 3,517 | | | | | | 192,806 | | |
| Kyowa Kirin Co., Ltd. | | | | | 2,655 | | | | | | 65,778 | | |
| Lion Corp. | | | | | 2,644 | | | | | | 54,048 | | |
| Makita Corp. | | | | | 2,606 | | | | | | 114,670 | | |
| Marui Group Co., Ltd. | | | | | 2,114 | | | | | | 37,896 | | |
| Mazda Motor Corp. | | | | | 6,165 | | | | | | 32,199 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 14,889 | | | | | | 83,489 | | |
| Mitsubishi Estate Co., Ltd. | | | | | 12,807 | | | | | | 190,378 | | |
Mitsubishi UFJ Lease & Finance Co.,
Ltd. | | | | | 5,527 | | | | | | 23,263 | | |
| Mitsui Chemicals, Inc. | | | | | 1,829 | | | | | | 46,644 | | |
| Mitsui OSK Lines Ltd. | | | | | 1,251 | | | | | | 27,990 | | |
MS&AD Insurance Group Holdings,
Inc. | | | | | 5,086 | | | | | | 138,388 | | |
| Murata Manufacturing Co., Ltd. | | | | | 6,673 | | | | | | 463,867 | | |
| Nabtesco Corp. | | | | | 1,194 | | | | | | 44,430 | | |
| NEC Corp. | | | | | 2,685 | | | | | | 134,841 | | |
| NGK Insulators Ltd. | | | | | 3,288 | | | | | | 46,643 | | |
| NGK Spark Plug Co., Ltd. | | | | | 2,032 | | | | | | 35,474 | | |
| NH Foods Ltd. | | | | | 1,085 | | | | | | 44,317 | | |
| Nidec Corp. | | | | | 5,409 | | | | | | 543,280 | | |
| Nikon Corp. | | | | | 3,117 | | | | | | 18,754 | | |
| Nintendo Co., Ltd. | | | | | 1,262 | | | | | | 687,859 | | |
| Nippon Building Fund, Inc. | | | | | 14 | | | | | | 70,710 | | |
| Nippon Paint Holdings Co., Ltd. | | | | | 1,880 | | | | | | 168,866 | | |
| Nippon Prologis REIT, Inc. | | | | | 22 | | | | | | 72,393 | | |
| Nippon Sanso Holdings Corp. | | | | | 1,762 | | | | | | 25,737 | | |
Nippon Telegraph & Telephone
Corp. | | | | | 25,550 | | | | | | 536,711 | | |
| Nippon Yusen K.K. | | | | | 1,646 | | | | | | 30,152 | | |
Nissan Motor Co., Ltd.* | | | | | 25,258 | | | | | | 88,430 | | |
| Nisshin Seifun Group, Inc. | | | | | 2,472 | | | | | | 37,149 | | |
| Nitori Holdings Co., Ltd. | | | | | 872 | | | | | | 179,755 | | |
| Nitto Denko Corp. | | | | | 1,595 | | | | | | 111,531 | | |
| NOK Corp. | | | | | 962 | | | | | | 10,895 | | |
| Nomura Real Estate Holdings, Inc. | | | | | 1,224 | | | | | | 21,321 | | |
| Nomura Research Institute Ltd. | | | | | 3,873 | | | | | | 114,664 | | |
| NSK Ltd. | | | | | 4,885 | | | | | | 38,738 | | |
| NTT Data Corp. | | | | | 6,771 | | | | | | 76,104 | | |
| NTT DOCOMO, Inc. | | | | | 11,563 | | | | | | 429,935 | | |
| Obayashi Corp. | | | | | 7,005 | | | | | | 58,297 | | |
| Odakyu Electric Railway Co., Ltd. | | | | | 3,630 | | | | | | 87,260 | | |
| Oji Holdings Corp. | | | | | 9,706 | | | | | | 40,759 | | |
| Omron Corp. | | | | | 2,048 | | | | | | 146,929 | | |
| Oracle Corp. Japan | | | | | 357 | | | | | | 35,721 | | |
| Oriental Land Co., Ltd. | | | | | 2,128 | | | | | | 296,890 | | |
| ORIX Corp. | | | | | 13,419 | | | | | | 156,024 | | |
| Otsuka Holdings Co., Ltd. | | | | | 4,298 | | | | | | 158,492 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Pan Pacific International Holdings Corp. | | | | | 4,195 | | | | | $ | 89,165 | | |
| Panasonic Corp. | | | | | 23,442 | | | | | | 215,427 | | |
| Pola Orbis Holdings, Inc. | | | | | 887 | | | | | | 17,462 | | |
| Rakuten, Inc. | | | | | 8,665 | | | | | | 84,130 | | |
| Recruit Holdings Co., Ltd. | | | | | 13,117 | | | | | | 498,130 | | |
| Resona Holdings, Inc. | | | | | 24,295 | | | | | | 79,597 | | |
| Ricoh Co., Ltd. | | | | | 7,478 | | | | | | 48,785 | | |
| Rinnai Corp. | | | | | 374 | | | | | | 36,849 | | |
| Rohm Co., Ltd. | | | | | 914 | | | | | | 69,945 | | |
| Santen Pharmaceutical Co., Ltd. | | | | | 4,012 | | | | | | 71,267 | | |
| SBI Holdings, Inc. | | | | | 2,430 | | | | | | 55,625 | | |
| Secom Co., Ltd. | | | | | 2,260 | | | | | | 190,135 | | |
| Sekisui Chemical Co., Ltd. | | | | | 4,289 | | | | | | 66,464 | | |
| Sekisui House Ltd. | | | | | 6,375 | | | | | | 105,284 | | |
| Seven Bank Ltd. | | | | | 6,440 | | | | | | 14,723 | | |
| Sharp Corp. | | | | | 2,188 | | | | | | 25,116 | | |
| Shimamura Co., Ltd. | | | | | 257 | | | | | | 27,337 | | |
| Shimano, Inc. | | | | | 826 | | | | | | 187,774 | | |
| Shimizu Corp. | | | | | 6,224 | | | | | | 43,105 | | |
| Shinsei Bank Ltd. | | | | | 2,391 | | | | | | 28,635 | | |
| Shionogi & Co., Ltd. | | | | | 3,207 | | | | | | 151,055 | | |
| Shiseido Co., Ltd. | | | | | 4,236 | | | | | | 261,356 | | |
| Shizuoka Bank Ltd. (The) | | | | | 5,455 | | | | | | 36,527 | | |
| SoftBank Group Corp. | | | | | 15,050 | | | | | | 977,948 | | |
| Sompo Holdings, Inc. | | | | | 3,574 | | | | | | 133,025 | | |
| Sony Corp. | | | | | 13,584 | | | | | | 1,127,106 | | |
| Square Enix Holdings Co., Ltd. | | | | | 932 | | | | | | 54,561 | | |
| Stanley Electric Co., Ltd. | | | | | 1,577 | | | | | | 44,652 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 17,138 | | | | | | 55,739 | | |
Sumitomo Dainippon Pharma Co.,
Ltd. | | | | | 1,794 | | | | | | 20,971 | | |
| Sumitomo Electric Industries Ltd. | | | | | 7,971 | | | | | | 87,342 | | |
| Sumitomo Heavy Industries Ltd. | | | | | 1,234 | | | | | | 26,205 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 2,557 | | | | | | 78,833 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 3,355 | | | | | | 89,331 | | |
| Sumitomo Rubber Industries Ltd. | | | | | 1,910 | | | | | | 16,681 | | |
| Suntory Beverage & Food Ltd. | | | | | 1,343 | | | | | | 46,248 | | |
| Suzuken Co., Ltd. | | | | | 673 | | | | | | 24,238 | | |
| Sysmex Corp. | | | | | 1,635 | | | | | | 153,271 | | |
| Taiheiyo Cement Corp. | | | | | 1,272 | | | | | | 29,738 | | |
| Taisei Corp. | | | | | 2,061 | | | | | | 63,975 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 16,583 | | | | | | 513,797 | | |
| TDK Corp. | | | | | 1,358 | | | | | | 158,611 | | |
| Teijin Ltd. | | | | | 1,946 | | | | | | 29,709 | | |
| Terumo Corp. | | | | | 7,595 | | | | | | 278,764 | | |
| THK Co., Ltd. | | | | | 1,289 | | | | | | 33,896 | | |
| Tobu Railway Co., Ltd. | | | | | 2,161 | | | | | | 61,084 | | |
| Toho Gas Co., Ltd. | | | | | 966 | | | | | | 49,806 | | |
| Tokio Marine Holdings, Inc. | | | | | 6,889 | | | | | | 307,020 | | |
| Tokyo Electron Ltd. | | | | | 1,505 | | | | | | 401,660 | | |
| Tokyu Corp. | | | | | 6,392 | | | | | | 75,513 | | |
| Toppan Printing Co., Ltd. | | | | | 3,032 | | | | | | 38,371 | | |
| Toshiba Corp. | | | | | 4,635 | | | | | | 116,562 | | |
| TOTO Ltd. | | | | | 1,660 | | | | | | 75,346 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 936 | | | | | | 46,558 | | |
| Toyoda Gosei Co., Ltd. | | | | | 736 | | | | | | 18,572 | | |
| Toyota Boshoku Corp. | | | �� | | 618 | | | | | | 8,903 | | |
| Toyota Industries Corp. | | | | | 1,655 | | | | | | 106,386 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Toyota Motor Corp. | | | | | 24,355 | | | | | $ | 1,584,915 | | |
| Trend Micro, Inc. | | | | | 1,425 | | | | | | 79,742 | | |
| Unicharm Corp. | | | | | 4,127 | | | | | | 191,072 | | |
| United Urban Investment Corp. | | | | | 32 | | | | | | 34,069 | | |
| West Japan Railway Co. | | | | | 1,930 | | | | | | 82,340 | | |
| Yakult Honsha Co., Ltd. | | | | | 1,252 | | | | | | 60,600 | | |
| Yamada Holdings Co., Ltd. | | | | | 7,096 | | | | | | 34,482 | | |
| Yamaha Corp. | | | | | 1,783 | | | | | | 83,914 | | |
| Yamaha Motor Co., Ltd. | | | | | 3,134 | | | | | | 44,459 | | |
| Yamato Holdings Co., Ltd. | | | | | 3,563 | | | | | | 93,864 | | |
| Yaskawa Electric Corp. | | | | | 2,686 | | | | | | 103,673 | | |
| Yokogawa Electric Corp. | | | | | 2,759 | | | | | | 40,274 | | |
| Z Holdings Corp. | | | | | 28,001 | | | | | | 194,218 | | |
| ZOZO, Inc. | | | | | 1,050 | | | | | | 26,627 | | |
| Total Japan | | | | | | | | | | | 25,078,207 | | |
| Mexico — 0.0%(a) | |
| Fresnillo PLC | | | | | 1,986 | | | | | | 29,852 | | |
| Netherlands — 4.0% | |
ABN AMRO Bank NV‡* | | | | | 4,758 | | | | | | 39,051 | | |
Adyen NV‡* | | | | | 203 | | | | | | 342,282 | | |
| Akzo Nobel NV | | | | | 1,866 | | | | | | 179,757 | | |
| ASML Holding NV | | | | | 4,592 | | | | | | 1,668,885 | | |
ING Groep NV* | | | | | 42,087 | | | | | | 287,238 | | |
| Koninklijke DSM NV | | | | | 1,832 | | | | | | 293,319 | | |
Koninklijke Philips NV* | | | | | 9,724 | | | | | | 451,664 | | |
| NN Group NV | | | | | 2,874 | | | | | | 100,232 | | |
| NXP Semiconductors NV | | | | | 2,998 | | | | | | 405,090 | | |
Randstad NV* | | | | | 1,281 | | | | | | 64,029 | | |
| Wolters Kluwer NV | | | | | 2,940 | | | | | | 238,288 | | |
| Total Netherlands | | | | | | | | | | | 4,069,835 | | |
| New Zealand — 0.2% | |
| Contact Energy Ltd. | | | | | 7,733 | | | | | | 37,717 | | |
Fletcher Building Ltd.* | | | | | 8,882 | | | | | | 24,067 | | |
| Mercury NZ Ltd. | | | | | 6,558 | | | | | | 23,188 | | |
| Meridian Energy Ltd. | | | | | 13,521 | | | | | | 47,361 | | |
| Ryman Healthcare Ltd. | | | | | 4,449 | | | | | | 41,165 | | |
| Spark New Zealand Ltd. | | | | | 19,791 | | | | | | 58,729 | | |
| Total New Zealand | | | | | | | | | | | 232,227 | | |
| Norway — 0.7% | |
DNB ASA* | | | | | 9,456 | | | | | | 127,315 | | |
| Equinor ASA | | | | | 11,417 | | | | | | 144,820 | | |
| Mowi ASA | | | | | 4,807 | | | | | | 75,760 | | |
Norsk Hydro ASA* | | | | | 14,226 | | | | | | 39,781 | | |
| Orkla ASA | | | | | 8,060 | | | | | | 75,955 | | |
Schibsted ASA, Class A* | | | | | 768 | | | | | | 31,270 | | |
Schibsted ASA, Class B* | | | | | 1,016 | | | | | | 36,415 | | |
Storebrand ASA* | | | | | 4,902 | | | | | | 25,692 | | |
| Telenor ASA | | | | | 6,392 | | | | | | 98,432 | | |
| TGS NOPEC Geophysical Co. ASA | | | | | 1,241 | | | | | | 11,425 | | |
| TOMRA Systems ASA | | | | | 1,251 | | | | | | 50,347 | | |
| Total Norway | | | | | | | | | | | 717,212 | | |
| Poland — 0.3% | |
Bank Polska Kasa Opieki SA* | | | | | 1,724 | | | | | | 18,385 | | |
CD Projekt SA* | | | | | 690 | | | | | | 58,386 | | |
| Cyfrowy Polsat SA | | | | | 2,138 | | | | | | 13,312 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Poland (continued) | |
Dino Polska SA‡* | | | | | 517 | | | | | $ | 28,356 | | |
| Grupa Lotos SA | | | | | 932 | | | | | | 6,556 | | |
KGHM Polska Miedz SA* | | | | | 1,470 | | | | | | 43,818 | | |
mBank SA* | | | | | 138 | | | | | | 4,021 | | |
Polski Koncern Naftowy ORLEN SA(b) | | | | | 3,120 | | | | | | 29,990 | | |
| Polskie Gornictwo Naftowe i Gazownictwo SA | | | | | 17,532 | | | | | | 18,445 | | |
Powszechna Kasa Oszczednosci Bank Polski SA* | | | | | 9,516 | | | | | | 45,507 | | |
Powszechny Zaklad Ubezpieczen
SA* | | | | | 6,133 | | | | | | 33,422 | | |
Santander Bank Polska SA* | | | | | 358 | | | | | | 11,109 | | |
| Total Poland | | | | | | | | | | | 311,307 | | |
| Portugal — 0.2% | |
| EDP — Energias de Portugal SA | | | | | 26,472 | | | | | | 130,497 | | |
| Jeronimo Martins SGPS SA | | | | | 2,638 | | | | | | 41,914 | | |
| Total Portugal | | | | | | | | | | | 172,411 | | |
| Singapore — 1.3% | |
Ascendas Real Estate Investment
Trust | | | | | 31,340 | | | | | | 66,100 | | |
| CapitaLand Ltd. | | | | | 26,652 | | | | | | 50,161 | | |
| CapitaLand Mall Trust | | | | | 48,369 | | | | | | 61,280 | | |
| City Developments Ltd. | | | | | 6,318 | | | | | | 29,334 | | |
| ComfortDelGro Corp., Ltd. | | | | | 23,311 | | | | | | 23,046 | | |
| DBS Group Holdings Ltd. | | | | | 19,100 | | | | | | 284,647 | | |
| Jardine Cycle & Carriage Ltd. | | | | | 1,066 | | | | | | 13,865 | | |
| Keppel Corp., Ltd. | | | | | 15,401 | | | | | | 49,513 | | |
| Oversea-Chinese Banking Corp., Ltd. | | | | | 39,638 | | | | | | 244,417 | | |
| Singapore Exchange Ltd. | | | | | 8,435 | | | | | | 53,495 | | |
| Singapore Press Holdings Ltd. | | | | | 17,154 | | | | | | 12,437 | | |
| Singapore Telecommunications Ltd. | | | | | 83,463 | | | | | | 124,079 | | |
| Suntec Real Estate Investment Trust | | | | | 19,244 | | | | | | 18,885 | | |
| United Overseas Bank Ltd. | | | | | 15,355 | | | | | | 213,542 | | |
| UOL Group Ltd. | | | | | 5,739 | | | | | | 26,142 | | |
| Total Singapore | | | | | | | | | | | 1,270,943 | | |
| Spain — 2.5% | |
| Amadeus IT Group SA | | | | | 4,849 | | | | | | 231,526 | | |
| Banco Bilbao Vizcaya Argentaria SA | | | | | 71,812 | | | | | | 205,947 | | |
Banco Santander SA* | | | | | 177,307 | | | | | | 353,342 | | |
Cellnex Telecom SA‡* | | | | | 3,726 | | | | | | 239,233 | | |
| Ferrovial SA | | | | | 5,062 | | | | | | 109,527 | | |
| Iberdrola SA | | | | | 65,404 | | | | | | 771,381 | | |
Industria de Diseno Textil SA* | | | | | 8,841 | | | | | | 218,224 | | |
| Mapfre SA | | | | | 10,343 | | | | | | 15,590 | | |
| Red Electrica Corp. SA | | | | | 4,649 | | | | | | 81,908 | | |
| Repsol SA | | | | | 14,827 | | | | | | 92,228 | | |
| Siemens Gamesa Renewable Energy SA | | | | | 1,807 | | | | | | 51,212 | | |
| Telefonica SA | | | | | 48,863 | | | | | | 159,712 | | |
| Total Spain | | | | | | | | | | | 2,529,830 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden — 4.0% | |
AAK AB* | | | | | 1,827 | | | | | $ | 35,591 | | |
Alfa Laval AB* | | | | | 3,201 | | | | | | 64,911 | | |
| Assa Abloy AB, B Shares | | | | | 10,119 | | | | | | 217,133 | | |
| Atlas Copco AB, A Shares | | | | | 6,981 | | | | | | 308,144 | | |
| Atlas Copco AB, B Shares | | | | | 4,207 | | | | | | 161,311 | | |
| Boliden AB | | | | | 2,896 | | | | | | 79,125 | | |
| Castellum AB | | | | | 2,459 | | | | | | 51,218 | | |
Electrolux AB, Series B*(b) | | | | | 2,693 | | | | | | 60,781 | | |
Elekta AB, B Shares(b) | | | | | 3,502 | | | | | | 41,035 | | |
| Epiroc AB, A Shares | | | | | 6,718 | | | | | | 100,380 | | |
| Epiroc AB, B Shares | | | | | 3,929 | | | | | | 56,323 | | |
Essity AB, B Shares(b) | | | | | 6,557 | | | | | | 189,981 | | |
| Fabege AB | | | | | 2,874 | | | | | | 36,308 | | |
Hennes & Mauritz AB, B Shares(b) | | | | | 8,008 | | | | | | 130,091 | | |
Hexagon AB, B Shares* | | | | | 3,015 | | | | | | 220,304 | | |
ICA Gruppen AB(b) | | | | | 928 | | | | | | 43,923 | | |
Industrivarden AB, A Shares* | | | | | 1,144 | | | | | | 30,768 | | |
Industrivarden AB, C Shares* | | | | | 1,610 | | | | | | 41,167 | | |
| Investor AB, A Shares | | | | | 1,424 | | | | | | 85,269 | | |
| Investor AB, B Shares | | | | | 4,907 | | | | | | 294,602 | | |
| Kinnevik AB, B Shares | | | | | 2,598 | | | | | | 106,577 | | |
Nibe Industrier AB, B Shares* | | | | | 4,551 | | | | | | 109,721 | | |
Sandvik AB* | | | | | 11,525 | | | | | | 205,222 | | |
Securitas AB, B Shares* | | | | | 3,321 | | | | | | 46,992 | | |
Skandinaviska Enskilda Banken AB, A Shares* | | | | | 16,459 | | | | | | 141,085 | | |
Skandinaviska Enskilda Banken AB, C Shares* | | | | | 198 | | | | | | 1,820 | | |
Skanska AB, B Shares(b) | | | | | 4,162 | | | | | | 78,226 | | |
| SKF AB, B Shares | | | | | 4,562 | | | | | | 93,381 | | |
SSAB AB, A Shares* | | | | | 2,169 | | | | | | 6,306 | | |
SSAB AB, B Shares* | | | | | 5,890 | | | | | | 15,921 | | |
Svenska Cellulosa AB SCA, B Shares* | | | | | 6,108 | | | | | | 82,859 | | |
Swedbank AB, A Shares* | | | | | 11,609 | | | | | | 181,938 | | |
| Tele2 AB, B Shares | | | | | 4,827 | | | | | | 57,239 | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 31,790 | | | | | | 354,573 | | |
Volvo AB, A Shares* | | | | | 2,128 | | | | | | 41,359 | | |
Volvo AB, B Shares* | | | | | 16,169 | | | | | | 314,528 | | |
| Total Sweden | | | | | | | | | | | 4,086,112 | | |
| Switzerland — 10.1% | |
| ABB Ltd. | | | | | 20,191 | | | | | | 490,153 | | |
Alcon, Inc.* | | | | | 5,271 | | | | | | 299,623 | | |
Cie Financiere Richemont SA,
Class A | | | | | 5,501 | | | | | | 345,107 | | |
| Credit Suisse Group AG | | | | | 24,788 | | | | | | 233,235 | | |
| Geberit AG | | | | | 383 | | | | | | 218,129 | | |
| Givaudan SA | | | | | 86 | | | | | | 350,549 | | |
| Kuehne + Nagel International AG | | | | | 597 | | | | | | 119,263 | | |
| Nestle SA | | | | | 31,072 | | | | | | 3,495,197 | | |
| Roche Holding AG | | | | | 287 | | | | | | 92,436 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Switzerland (continued) | |
| Roche Holding AG | | | | | 7,576 | | | | | $ | 2,436,338 | | |
| Schindler Holding AG — Participating Certificate | | | | | 434 | | | | | | 111,039 | | |
| Schindler Holding AG — Registered | | | | | 209 | | | | | | 53,678 | | |
| SGS SA | | | | | 56 | | | | | | 139,977 | | |
| Sika AG | | | | | 1,446 | | | | | | 356,077 | | |
| STMicroelectronics NV | | | | | 6,926 | | | | | | 210,972 | | |
| Swiss Re AG | | | | | 2,973 | | | | | | 213,240 | | |
| Swisscom AG | | | | | 274 | | | | | | 139,399 | | |
| UBS Group AG | | | | | 41,620 | | | | | | 483,383 | | |
| Zurich Insurance Group AG | | | | | 1,622 | | | | | | 537,983 | | |
| Total Switzerland | | | | | | | | | | | 10,325,778 | | |
| United Kingdom — 11.9% | |
| 3i Group PLC | | | | | 10,495 | | | | | | 130,408 | | |
| Admiral Group PLC | | | | | 2,772 | | | | | | 98,565 | | |
| Ashtead Group PLC | | | | | 4,832 | | | | | | 174,938 | | |
| Associated British Foods PLC | | | | | 3,880 | | | | | | 85,161 | | |
| AstraZeneca PLC | | | | | 13,598 | | | | | | 1,365,435 | | |
Auto Trader Group PLC‡ | | | | | 10,187 | | | | | | 76,265 | | |
| AVEVA Group PLC | | | | | 692 | | | | | | 38,385 | | |
| Aviva PLC | | | | | 42,379 | | | | | | 141,100 | | |
Barratt Developments PLC* | | | | | 10,968 | | | | | | 68,426 | | |
| Berkeley Group Holdings PLC | | | | | 1,276 | | | | | | 66,935 | | |
| British Land Co. PLC (The) | | | | | 9,254 | | | | | | 41,712 | | |
| BT Group PLC | | | | | 94,015 | | | | | | 123,263 | | |
| Bunzl PLC | | | | | 3,631 | | | | | | 112,677 | | |
| Burberry Group PLC | | | | | 4,360 | | | | | | 76,444 | | |
| Coca-Cola European Partners PLC | | | | | 1,536 | | | | | | 54,851 | | |
| Compass Group PLC | | | | | 19,236 | | | | | | 262,401 | | |
| Croda International PLC | | | | | 1,386 | | | | | | 108,135 | | |
DS Smith PLC* | | | | | 14,781 | | | | | | 54,106 | | |
| easyJet PLC | | | | | 3,299 | | | | | | 21,576 | | |
| Experian PLC | | | | | 9,876 | | | | | | 359,722 | | |
| GlaxoSmithKline PLC | | | | | 54,123 | | | | | | 904,015 | | |
| Halma PLC | | | | | 4,079 | | | | | | 124,892 | | |
HSBC Holdings PLC* | | | | | 219,668 | | | | | | 921,822 | | |
Informa PLC* | | | | | 16,177 | | | | | | 87,433 | | |
InterContinental Hotels Group PLC* | | | | | 1,891 | | | | | | 95,749 | | |
| Intertek Group PLC | | | | | 1,734 | | | | | | 124,928 | | |
ITV PLC* | | | | | 39,103 | | | | | | 36,474 | | |
| J Sainsbury PLC | | | | | 23,961 | | | | | | 62,459 | | |
| Johnson Matthey PLC | | | | | 2,086 | | | | | | 57,963 | | |
Kingfisher PLC* | | | | | 22,762 | | | | | | 84,497 | | |
| Land Securities Group PLC | | | | | 7,994 | | | | | | 52,643 | | |
| Legal & General Group PLC | | | | | 64,338 | | | | | | 153,733 | | |
Liberty Global PLC, Class A* | | | | | 1,547 | | | | | | 29,362 | | |
Liberty Global PLC, Class C* | | | | | 4,133 | | | | | | 77,122 | | |
Lloyds Banking Group PLC* | | | | | 762,666 | | | | | | 276,362 | | |
| London Stock Exchange Group PLC | | | | | 3,788 | | | | | | 405,447 | | |
| Marks & Spencer Group PLC | | | | | 21,040 | | | | | | 24,250 | | |
| Mondi PLC | | | | | 5,237 | | | | | | 99,066 | | |
Natwest Group PLC* | | | | | 49,806 | | | | | | 79,984 | | |
| Next PLC | | | | | 1,333 | | | | | | 100,657 | | |
| Pearson PLC | | | | | 8,106 | | | | | | 53,453 | | |
| Prudential PLC | | | | | 28,084 | | | | | | 342,355 | | |
| Reckitt Benckiser Group PLC | | | | | 7,656 | | | | | | 673,146 | | |
| RELX PLC | | | | | 20,825 | | | | | | 411,306 | | |
Rentokil Initial PLC* | | | | | 19,982 | | | | | | 135,901 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | |
| Sage Group PLC (The) | | | | | 11,744 | | | | | $ | 96,516 | | |
| Schroders PLC | | | | | 1,272 | | | | | | 42,992 | | |
| Segro PLC | | | | | 12,823 | | | | | | 149,553 | | |
| Severn Trent PLC | | | | | 2,605 | | | | | | 81,849 | | |
| Smith & Nephew PLC | | | | | 9,442 | | | | | | 163,167 | | |
| Spirax-Sarco Engineering PLC | | | | | 793 | | | | | | 115,659 | | |
Standard Chartered PLC* | | | | | 34,032 | | | | | | 154,804 | | |
| Standard Life Aberdeen PLC | | | | | 24,373 | | | | | | 70,750 | | |
Taylor Wimpey PLC* | | | | | 38,246 | | | | | | 52,320 | | |
| TechnipFMC PLC | | | | | 4,525 | | | | | | 25,023 | | |
| Unilever NV | | | | | 14,799 | | | | | | 836,934 | | |
| Unilever PLC | | | | | 11,892 | | | | | | 677,175 | | |
| United Utilities Group PLC | | | | | 7,354 | | | | | | 82,098 | | |
| Vodafone Group PLC | | | | | 289,241 | | | | | | 385,208 | | |
Weir Group PLC (The)* | | | | | 2,794 | | | | | | 51,787 | | |
| Whitbread PLC | | | | | 2,175 | | | | | | 60,380 | | |
| Wm Morrison Supermarkets PLC | | | | | 25,901 | | | | | | 54,555 | | |
| WPP PLC | | | | | 13,205 | | | | | | 105,279 | | |
| Total United Kingdom | | | | | | | | | | | 12,081,573 | | |
| United States — 0.2% | |
Ferguson PLC* | | | | | 2,422 | | | | | | 241,826 | | |
Total Common Stocks
(Cost $95,073,338) | | | | | | | | | | | 101,003,728 | | |
| Preferred Stocks — 0.4% | | | | | | | | | | | | | |
| Germany — 0.4% | |
Bayerische Motoren Werke AG,
5.46% | | | | | 613 | | | | | | 31,704 | | |
| Henkel AG & Co. KGaA, 2.18% | | | | | 1,884 | | | | | | 183,291 | | |
| Sartorius AG, 0.10% | | | | | 368 | | | | | | 155,777 | | |
| Total Germany | | | | | | | | | | | 370,772 | | |
Total Preferred Stocks
(Cost $311,754) | | | | | | | | | | | 370,772 | | |
| Rights — 0.0%(a) | |
| China — 0.0%(a) | |
Shimao Group Holdings Ltd., expires 11/2/20*(c)
(Cost $0) | | | | | 218 | | | | | | 0 | | |
| Short-Term Investments — 1.0% | | | | | | | | | | | | | |
| Money Market Funds — 1.0% | | | | | | | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(d)(e) | | | | | 862,955 | | | | | | 862,955 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.03%(d) | | | | | 183,923 | | | | | | 183,923 | | |
Total Short-Term Investments
(Cost $1,046,878) | | | | | | | | | | | 1,046,878 | | |
Total Investments — 100.6%
(Cost $96,431,970) | | | | | | | | | | | 102,421,378 | | |
Other Assets and Liabilities,
Net — (0.6)% | | | | | | | | | | | (596,547) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 101,824,831 | | |
| |
*
Non-income producing securities.
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)
October 31, 2020 (unaudited)
‡
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. The total market value of 144A securities held was $1,697,900, 1.7% of net asset value.
(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 $1,561,885; total market value of collateral held by the Fund was $1,642,612. Market value of the collateral held
includes non-cash U.S. Treasury securities collateral having a value of $779,657.
(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)
Reflects the 1-day yield at October 31, 2020.
(e)
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 October 31, 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 | | | | $ | 101,003,728 | | | | | $ | — | | | | | $ | — | | | | | $ | 101,003,728 | | |
| Preferred Stocks | | | | | 370,772 | | | | | | — | | | | | | — | | | | | | 370,772 | | |
| Rights | | | | | — | | | | | | — | | | | | | 0(g) | | | | | | 0 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,046,878 | | | | | | — | | | | | | — | | | | | | 1,046,878 | | |
| Total Investments in Securities | | | | $ | 102,421,378 | | | | | $ | — | | | | | $ | 0 | | | | | $ | 102,421,378 | | |
(f)
For a complete listing of investments and their countries, see the Schedules of Investments.
(g)
The Level 3 security, valued at $0, has been fair valued in good faith in accordance with procedures established by the Board of Trustees.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 99.9% | |
| Communication Services — 10.5% | |
| Activision Blizzard, Inc. | | | | | 8,283 | | | | | $ | 627,272 | | |
Alphabet, Inc., Class A* | | | | | 3,245 | | | | | | 5,244,277 | | |
Alphabet, Inc., Class C* | | | | | 3,157 | | | | | | 5,117,529 | | |
| AT&T, Inc. | | | | | 77,292 | | | | | | 2,088,430 | | |
CenturyLink, Inc.(a) | | | | | 11,797 | | | | | | 101,690 | | |
Charter Communications, Inc.,
Class A*(a) | | | | | 1,558 | | | | | | 940,752 | | |
| Comcast Corp., Class A | | | | | 49,114 | | | | | | 2,074,575 | | |
Discovery, Inc., Class C* | | | | | 3,496 | | | | | | 64,047 | | |
Discovery, Inc., Class A* | | | | | 1,681 | | | | | | 34,023 | | |
DISH Network Corp., Class A* | | | | | 2,659 | | | | | | 67,778 | | |
Electronic Arts, Inc.* | | | | | 3,123 | | | | | | 374,229 | | |
| Fox Corp., Class B | | | | | 1,714 | | | | | | 44,804 | | |
| Fox Corp., Class A | | | | | 3,647 | | | | | | 96,718 | | |
| Interpublic Group of Cos., Inc. (The) | | | | | 4,211 | | | | | | 76,177 | | |
| Omnicom Group, Inc. | | | | | 2,320 | | | | | | 109,504 | | |
Sirius XM Holdings, Inc.(a) | | | | | 11,626 | | | | | | 66,617 | | |
Take-Two Interactive Software, Inc.* | | | | | 1,229 | | | | | | 190,397 | | |
T-Mobile US, Inc.* | | | | | 4,190 | | | | | | 459,098 | | |
Twitter, Inc.* | | | | | 8,178 | | | | | | 338,242 | | |
| Verizon Communications, Inc. | | | | | 44,895 | | | | | | 2,558,566 | | |
ViacomCBS, Inc., Class B(a) | | | | | 5,830 | | | | | | 166,563 | | |
| ViacomCBS, Inc., Class A | | | | | 129 | | | | | | 3,852 | | |
| Walt Disney Co. (The) | | | | | 19,594 | | | | | | 2,375,772 | | |
| Total Communication Services | | | | | | | | | | | 23,220,912 | | |
| Consumer Discretionary — 15.0% | |
| Advance Auto Parts, Inc. | | | | | 740 | | | | | | 108,987 | | |
Amazon.com, Inc.* | | | | | 4,576 | | | | | | 13,893,422 | | |
| Best Buy Co., Inc. | | | | | 2,497 | | | | | | 278,540 | | |
Booking Holdings, Inc.* | | | | | 452 | | | | | | 733,370 | | |
CarMax, Inc.*(a) | | | | | 1,750 | | | | | | 151,270 | | |
Chipotle Mexican Grill, Inc.* | | | | | 303 | | | | | | 364,049 | | |
| Dollar General Corp. | | | | | 2,709 | | | | | | 565,395 | | |
| eBay, Inc. | | | | | 7,235 | | | | | | 344,603 | | |
| Ford Motor Co. | | | | | 42,063 | | | | | | 325,147 | | |
| Hasbro, Inc. | | | | | 1,394 | | | | | | 115,312 | | |
| Hilton Worldwide Holdings, Inc. | | | | | 2,966 | | | | | | 260,445 | | |
| Home Depot, Inc. (The) | | | | | 11,644 | | | | | | 3,105,571 | | |
| Lowe’s Cos., Inc. | | | | | 8,180 | | | | | | 1,293,258 | | |
Lululemon Athletica, Inc.* | | | | | 1,285 | | | | | | 410,288 | | |
| Marriott International, Inc., Class A | | | | | 2,614 | | | | | | 242,788 | | |
| McDonald’s Corp. | | | | | 8,046 | | | | | | 1,713,798 | | |
MercadoLibre, Inc.* | | | | | 501 | | | | | | 608,239 | | |
Mohawk Industries, Inc.* | | | | | 635 | | | | | | 65,526 | | |
| Newell Brands, Inc. | | | | | 4,088 | | | | | | 72,194 | | |
| NIKE, Inc., Class B | | | | | 13,310 | | | | | | 1,598,265 | | |
| PulteGroup, Inc. | | | | | 2,817 | | | | | | 114,821 | | |
| Royal Caribbean Cruises Ltd. | | | | | 1,861 | | | | | | 104,998 | | |
| Starbucks Corp. | | | | | 12,671 | | | | | | 1,101,870 | | |
| Target Corp. | | | | | 5,438 | | | | | | 827,772 | | |
Tesla, Inc.*(a) | | | | | 8,002 | | | | | | 3,105,096 | | |
| Tiffany & Co. | | | | | 1,291 | | | | | | 168,914 | | |
| TJX Cos., Inc. (The) | | | | | 12,039 | | | | | | 611,581 | | |
| Tractor Supply Co. | | | | | 1,249 | | | | | | 166,379 | | |
Ulta Beauty, Inc.* | | | | | 597 | | | | | | 123,442 | | |
| VF Corp. | | | | | 3,473 | | | | | | 233,386 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Discretionary (continued) | |
| Yum! Brands, Inc. | | | | | 3,272 | | | | | $ | 305,376 | | |
| Total Consumer Discretionary | | | | | | | | | | | 33,114,102 | | |
| Consumer Staples — 6.0% | |
| Campbell Soup Co. | | | | | 2,078 | | | | | | 96,980 | | |
| Church & Dwight Co., Inc. | | | | | 2,664 | | | | | | 235,471 | | |
| Clorox Co. (The) | | | | | 1,378 | | | | | | 285,590 | | |
| Coca-Cola Co. (The) | | | | | 41,837 | | | | | | 2,010,686 | | |
| Colgate-Palmolive Co. | | | | | 9,259 | | | | | | 730,443 | | |
| Conagra Brands, Inc. | | | | | 5,157 | | | | | | 180,959 | | |
| Estee Lauder Cos., Inc. (The), Class A | | | | | 2,163 | | | | | | 475,125 | | |
| General Mills, Inc. | | | | | 6,595 | | | | | | 389,896 | | |
| Hershey Co. (The) | | | | | 1,586 | | | | | | 218,012 | | |
| Hormel Foods Corp. | | | | | 3,025 | | | | | | 147,287 | | |
| J M Smucker Co. (The) | | | | | 1,205 | | | | | | 135,201 | | |
| Kellogg Co. | | | | | 2,783 | | | | | | 175,023 | | |
| Keurig Dr Pepper, Inc. | | | | | 4,231 | | | | | | 113,814 | | |
| Kimberly-Clark Corp. | | | | | 3,660 | | | | | | 485,279 | | |
| Kroger Co. (The) | | | | | 8,162 | | | | | | 262,898 | | |
| McCormick & Co., Inc. | | | | | 1,307 | | | | | | 235,927 | | |
| Mondelez International, Inc., Class A | | | | | 15,269 | | | | | | 811,089 | | |
| PepsiCo, Inc. | | | | | 15,040 | | | | | | 2,004,682 | | |
| Procter & Gamble Co. (The) | | | | | 26,715 | | | | | | 3,662,627 | | |
| Sysco Corp. | | | | | 5,216 | | | | | | 288,497 | | |
| Walgreens Boots Alliance, Inc. | | | | | 7,882 | | | | | | 268,303 | | |
| Total Consumer Staples | | | | | | | | | | | 13,213,789 | | |
| Energy — 0.6% | |
| Baker Hughes Co. | | | | | 7,085 | | | | | | 104,645 | | |
Cheniere Energy, Inc.* | | | | | 2,495 | | | | | | 119,436 | | |
| Halliburton Co. | | | | | 8,793 | | | | | | 106,044 | | |
| Kinder Morgan, Inc. | | | | | 21,049 | | | | | | 250,483 | | |
| ONEOK, Inc. | | | | | 4,812 | | | | | | 139,548 | | |
| Schlumberger NV | | | | | 15,041 | | | | | | 224,712 | | |
| Valero Energy Corp. | | | | | 4,403 | | | | | | 170,000 | | |
| Williams Cos., Inc. (The) | | | | | 13,154 | | | | | | 252,425 | | |
| Total Energy | | | | | | | | | | | 1,367,293 | | |
| Financials — 5.2% | |
| Aflac, Inc. | | | | | 7,222 | | | | | | 245,187 | | |
| Allstate Corp. (The) | | | | | 3,316 | | | | | | 294,295 | | |
| American Express Co. | | | | | 6,552 | | | | | | 597,804 | | |
| American International Group, Inc. | | | | | 9,365 | | | | | | 294,904 | | |
| Ameriprise Financial, Inc. | | | | | 1,301 | | | | | | 209,240 | | |
| Annaly Capital Management, Inc. | | | | | 15,485 | | | | | | 109,789 | | |
| Aon PLC, Class A | | | | | 2,494 | | | | | | 458,921 | | |
Arch Capital Group Ltd.* | | | | | 4,254 | | | | | | 128,513 | | |
| Bank of New York Mellon Corp. (The) | | | | | 8,630 | | | | | | 296,527 | | |
| Capital One Financial Corp. | | | | | 4,882 | | | | | | 356,777 | | |
| Chubb Ltd. | | | | | 4,250 | | | | | | 552,118 | | |
| Cincinnati Financial Corp. | | | | | 1,708 | | | | | | 120,824 | | |
| Discover Financial Services | | | | | 3,299 | | | | | | 214,468 | | |
| Fifth Third Bancorp | | | | | 7,690 | | | | | | 178,562 | | |
| First Republic Bank | | | | | 1,855 | | | | | | 233,990 | | |
| Franklin Resources, Inc. | | | | | 3,018 | | | | | | 56,587 | | |
| Globe Life, Inc. | | | | | 1,070 | | | | | | 86,766 | | |
| Hartford Financial Services Group, Inc. (The) | | | | | 3,889 | | | | | | 149,804 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | |
| Huntington Bancshares, Inc. | | | | | 10,851 | | | | | $ | 113,284 | | |
| Intercontinental Exchange, Inc. | | | | | 5,852 | | | | | | 552,429 | | |
| KeyCorp | | | | | 10,524 | | | | | | 136,602 | | |
| Lincoln National Corp. | | | | | 1,992 | | | | | | 69,919 | | |
| Marsh & McLennan Cos., Inc. | | | | | 5,516 | | | | | | 570,685 | | |
| MetLife, Inc. | | | | | 7,641 | | | | | | 289,212 | | |
| Moody’s Corp. | | | | | 1,748 | | | | | | 459,549 | | |
| Morgan Stanley | | | | | 15,410 | | | | | | 741,992 | | |
| MSCI, Inc. | | | | | 898 | | | | | | 314,156 | | |
| Northern Trust Corp. | | | | | 2,165 | | | | | | 169,455 | | |
| PNC Financial Services Group, Inc. (The) | | | | | 4,499 | | | | | | 503,348 | | |
| Progressive Corp. (The) | | | | | 6,316 | | | | | | 580,440 | | |
| Prudential Financial, Inc. | | | | | 4,265 | | | | | | 273,045 | | |
| Raymond James Financial, Inc. | | | | | 1,302 | | | | | | 99,525 | | |
| Regions Financial Corp. | | | | | 10,362 | | | | | | 137,815 | | |
| Reinsurance Group of America, Inc. | | | | | 749 | | | | | | 75,664 | | |
| S&P Global, Inc. | | | | | 2,629 | | | | | | 848,457 | | |
| Travelers Cos., Inc. (The) | | | | | 2,713 | | | | | | 327,486 | | |
| Truist Financial Corp. | | | | | 14,562 | | | | | | 613,351 | | |
| Total Financials | | | | | | | | | | | 11,461,490 | | |
| Health Care — 13.9% | |
| Abbott Laboratories | | | | | 19,034 | | | | | | 2,000,664 | | |
| AbbVie, Inc. | | | | | 19,118 | | | | | | 1,626,942 | | |
ABIOMED, Inc.* | | | | | 475 | | | | | | 119,643 | | |
| Agilent Technologies, Inc. | | | | | 3,322 | | | | | | 339,143 | | |
Alexion Pharmaceuticals, Inc.* | | | | | 2,310 | | | | | | 265,973 | | |
Align Technology, Inc.* | | | | | 782 | | | | | | 333,195 | | |
| AmerisourceBergen Corp. | | | | | 1,581 | | | | | | 151,887 | | |
| Amgen, Inc. | | | | | 6,389 | | | | | | 1,386,030 | | |
| Baxter International, Inc. | | | | | 5,493 | | | | | | 426,092 | | |
| Becton Dickinson and Co. | | | | | 3,138 | | | | | | 725,286 | | |
Biogen, Inc.* | | | | | 1,745 | | | | | | 439,862 | | |
Boston Scientific Corp.* | | | | | 15,483 | | | | | | 530,602 | | |
| Bristol-Myers Squibb Co. | | | | | 24,518 | | | | | | 1,433,077 | | |
| Cardinal Health, Inc. | | | | | 3,147 | | | | | | 144,101 | | |
Centene Corp.* | | | | | 6,135 | | | | | | 362,578 | | |
| Cerner Corp. | | | | | 3,297 | | | | | | 231,087 | | |
| Cigna Corp. | | | | | 3,971 | | | | | | 663,038 | | |
| Cooper Cos., Inc. (The) | | | | | 592 | | | | | | 188,878 | | |
| CVS Health Corp. | | | | | 14,142 | | | | | | 793,225 | | |
| Danaher Corp. | | | | | 6,793 | | | | | | 1,559,265 | | |
Edwards Lifesciences Corp.* | | | | | 6,696 | | | | | | 480,036 | | |
| Eli Lilly and Co. | | | | | 9,140 | | | | | | 1,192,404 | | |
| Gilead Sciences, Inc. | | | | | 13,539 | | | | | | 787,293 | | |
| HCA Healthcare, Inc. | | | | | 2,851 | | | | | | 353,353 | | |
Hologic, Inc.* | | | | | 2,793 | | | | | | 192,214 | | |
| Humana, Inc. | | | | | 1,425 | | | | | | 568,974 | | |
Illumina, Inc.* | | | | | 1,583 | | | | | | 463,344 | | |
Incyte Corp.* | | | | | 2,003 | | | | | | 173,540 | | |
IQVIA Holdings, Inc.* | | | | | 2,005 | | | | | | 308,750 | | |
Jazz Pharmaceuticals PLC* | | | | | 596 | | | | | | 85,884 | | |
| Johnson & Johnson | | | | | 28,570 | | | | | | 3,917,233 | | |
Laboratory Corp. of America Holdings* | | | | | 1,065 | | | | | | 212,755 | | |
| Medtronic PLC | | | | | 14,556 | | | | | | 1,463,897 | | |
| Merck & Co., Inc. | | | | | 27,404 | | | | | | 2,061,055 | | |
Mettler-Toledo International, Inc.* | | | | | 274 | | | | | | 273,427 | | |
Mylan NV* | | | | | 5,599 | | | | | | 81,409 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | |
| Perrigo Co. PLC | | | | | 1,456 | | | | | $ | 63,875 | | |
| Quest Diagnostics, Inc. | | | | | 1,434 | | | | | | 175,149 | | |
| ResMed, Inc. | | | | | 1,561 | | | | | | 299,618 | | |
| Stryker Corp. | | | | | 3,604 | | | | | | 728,044 | | |
| Thermo Fisher Scientific, Inc. | | | | | 4,265 | | | | | | 2,017,857 | | |
Varian Medical Systems, Inc.* | | | | | 970 | | | | | | 167,616 | | |
Vertex Pharmaceuticals, Inc.* | | | | | 2,815 | | | | | | 586,533 | | |
Waters Corp.* | | | | | 656 | | | | | | 146,170 | | |
| Total Health Care | | | | | | | | | | | 30,520,998 | | |
| Industrials — 5.9% | |
| 3M Co. | | | | | 6,237 | | | | | | 997,671 | | |
CH Robinson Worldwide, Inc.(a) | | | | | 1,437 | | | | | | 127,074 | | |
| Cintas Corp. | | | | | 948 | | | | | | 298,193 | | |
Copart, Inc.* | | | | | 2,306 | | | | | | 254,490 | | |
CoStar Group, Inc.* | | | | | 437 | | | | | | 359,918 | | |
| CSX Corp. | | | | | 8,283 | | | | | | 653,860 | | |
| Cummins, Inc. | | | | | 1,576 | | | | | | 346,547 | | |
| Deere & Co. | | | | | 3,406 | | | | | | 769,449 | | |
| Dover Corp. | | | | | 1,559 | | | | | | 172,597 | | |
| Eaton Corp. PLC | | | | | 4,350 | | | | | | 451,487 | | |
| FedEx Corp. | | | | | 2,630 | | | | | | 682,406 | | |
| General Electric Co. | | | | | 93,493 | | | | | | 693,718 | | |
Ingersoll Rand, Inc.* | | | | | 4,128 | | | | | | 144,232 | | |
| Johnson Controls International PLC | | | | | 8,033 | | | | | | 339,073 | | |
| Kansas City Southern | | | | | 1,049 | | | | | | 184,771 | | |
| Masco Corp. | | | | | 2,839 | | | | | | 152,170 | | |
| Norfolk Southern Corp. | | | | | 2,792 | | | | | | 583,863 | | |
| Parker-Hannifin Corp. | | | | | 1,392 | | | | | | 290,037 | | |
| Republic Services, Inc. | | | | | 2,246 | | | | | | 198,030 | | |
| Rockwell Automation, Inc. | | | | | 1,250 | | | | | | 296,400 | | |
| Roper Technologies, Inc. | | | | | 1,107 | | | | | | 411,073 | | |
| Southwest Airlines Co. | | | | | 6,392 | | | | | | 252,676 | | |
| Stanley Black & Decker, Inc. | | | | | 1,685 | | | | | | 280,047 | | |
| Trane Technologies PLC | | | | | 2,561 | | | | | | 339,973 | | |
| Union Pacific Corp. | | | | | 7,357 | | | | | | 1,303,587 | | |
| United Parcel Service, Inc., Class B | | | | | 7,656 | | | | | | 1,202,834 | | |
United Rentals, Inc.*(a) | | | | | 780 | | | | | | 139,066 | | |
| Verisk Analytics, Inc. | | | | | 1,739 | | | | | | 309,490 | | |
| Waste Management, Inc. | | | | | 4,575 | | | | | | 493,688 | | |
| WW Grainger, Inc. | | | | | 481 | | | | | | 168,360 | | |
| Xylem, Inc. | | | | | 1,924 | | | | | | 167,657 | | |
| Total Industrials | | | | | | | | | | | 13,064,437 | | |
| Information Technology — 35.3% | |
| Accenture PLC, Class A | | | | | 6,895 | | | | | | 1,495,594 | | |
Adobe, Inc.* | | | | | 5,186 | | | | | | 2,318,661 | | |
Advanced Micro Devices, Inc.* | | | | | 12,656 | | | | | | 952,870 | | |
Akamai Technologies, Inc.* | | | | | 1,724 | | | | | | 163,987 | | |
| Amphenol Corp., Class A | | | | | 3,177 | | | | | | 358,493 | | |
| Analog Devices, Inc. | | | | | 3,965 | | | | | | 469,971 | | |
ANSYS, Inc.* | | | | | 925 | | | | | | 281,542 | | |
| Apple, Inc. | | | | | 187,971 | | | | | | 20,462,523 | | |
| Applied Materials, Inc. | | | | | 9,885 | | | | | | 585,488 | | |
Autodesk, Inc.* | | | | | 2,368 | | | | | | 557,759 | | |
| Automatic Data Processing, Inc. | | | | | 4,341 | | | | | | 685,704 | | |
| Broadcom, Inc. | | | | | 4,252 | | | | | | 1,486,627 | | |
| Broadridge Financial Solutions, Inc. | | | | | 1,243 | | | | | | 171,037 | | |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | |
Cadence Design Systems, Inc.* | | | | | 2,984 | | | | | $ | 326,360 | | |
| Cisco Systems, Inc. | | | | | 42,362 | | | | | | 1,520,796 | | |
| Citrix Systems, Inc. | | | | | 1,304 | | | | | | 147,704 | | |
| Cognizant Technology Solutions Corp., Class A | | | | | 5,836 | | | | | | 416,807 | | |
| Corning, Inc. | | | | | 8,209 | | | | | | 262,442 | | |
Dell Technologies, Inc., Class C* | | | | | 2,546 | | | | | | 153,422 | | |
F5 Networks, Inc.* | | | | | 649 | | | | | | 86,278 | | |
Fortinet, Inc.* | | | | | 1,464 | | | | | | 161,582 | | |
| Hewlett Packard Enterprise Co. | | | | | 13,928 | | | | | | 120,338 | | |
| HP, Inc. | | | | | 15,501 | | | | | | 278,398 | | |
| Intel Corp. | | | | | 45,951 | | | | | | 2,034,710 | | |
| International Business Machines Corp. | | | | | 9,610 | | | | | | 1,073,053 | | |
| Intuit, Inc. | | | | | 2,713 | | | | | | 853,727 | | |
| Juniper Networks, Inc. | | | | | 3,571 | | | | | | 70,420 | | |
| KLA Corp. | | | | | 1,691 | | | | | | 333,431 | | |
| Lam Research Corp. | | | | | 1,561 | | | | | | 533,987 | | |
| Mastercard, Inc., Class A | | | | | 9,529 | | | | | | 2,750,450 | | |
Microchip Technology, Inc.(a) | | | | | 2,624 | | | | | | 275,730 | | |
Micron Technology, Inc.* | | | | | 12,051 | | | | | | 606,647 | | |
| Microsoft Corp. | | | | | 81,134 | | | | | | 16,427,201 | | |
| Motorola Solutions, Inc. | | | | | 1,852 | | | | | | 292,727 | | |
| NortonLifeLock, Inc. | | | | | 5,962 | | | | | | 122,638 | | |
| NVIDIA Corp. | | | | | 6,408 | | | | | | 3,212,715 | | |
Okta, Inc.* | | | | | 1,249 | | | | | | 262,078 | | |
| Oracle Corp. | | | | | 20,870 | | | | | | 1,171,016 | | |
PayPal Holdings, Inc.* | | | | | 12,723 | | | | | | 2,368,132 | | |
Qorvo, Inc.* | | | | | 1,241 | | | | | | 158,054 | | |
| QUALCOMM, Inc. | | | | | 12,209 | | | | | | 1,506,102 | | |
salesforce.com, Inc.* | | | | | 9,412 | | | | | | 2,186,125 | | |
| Seagate Technology PLC | | | | | 2,405 | | | | | | 115,007 | | |
ServiceNow, Inc.* | | | | | 2,054 | | | | | | 1,022,009 | | |
Splunk, Inc.*(a) | | | | | 1,714 | | | | | | 339,441 | | |
| SS&C Technologies Holdings, Inc. | | | | | 2,458 | | | | | | 145,563 | | |
Synopsys, Inc.* | | | | | 1,609 | | | | | | 344,101 | | |
| TE Connectivity Ltd. | | | | | 3,583 | | | | | | 347,121 | | |
| Texas Instruments, Inc. | | | | | 9,926 | | | | | | 1,435,200 | | |
VeriSign, Inc.* | | | | | 1,098 | | | | | | 209,389 | | |
Visa, Inc., Class A(a) | | | | | 18,190 | | | | | | 3,305,305 | | |
VMware, Inc., Class A*(a) | | | | | 888 | | | | | | 114,312 | | |
Western Union Co. (The)(a) | | | | | 4,415 | | | | | | 85,828 | | |
Workday, Inc., Class A* | | | | | 1,870 | | | | | | 392,924 | | |
| Xilinx, Inc. | | | | | 2,645 | | | | | | 313,935 | | |
| Total Information Technology | | | | | | | | | | | 77,873,461 | | |
| Materials — 2.7% | |
| Air Products and Chemicals, Inc. | | | | | 2,379 | | | | | | 657,175 | | |
| Albemarle Corp. | | | | | 1,132 | | | | | | 105,514 | | |
| Ball Corp. | | | | | 3,494 | | | | | | 310,966 | | |
| DuPont de Nemours, Inc. | | | | | 7,966 | | | | | | 453,106 | | |
| Ecolab, Inc. | | | | | 2,800 | | | | | | 514,052 | | |
International Flavors & Fragrances,
Inc.(a) | | | | | 1,139 | | | | | | 116,930 | | |
| International Paper Co. | | | | | 4,248 | | | | | | 185,850 | | |
| Linde PLC | | | | | 5,623 | | | | | | 1,238,972 | | |
| LyondellBasell Industries NV, Class A | | | | | 2,788 | | | | | | 190,839 | | |
| Newmont Corp. | | | | | 8,664 | | | | | | 544,446 | | |
| Nucor Corp. | | | | | 3,260 | | | | | | 155,698 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Materials (continued) | |
| Packaging Corp. of America | | | | | 991 | | | | | $ | 113,459 | | |
| PPG Industries, Inc. | | | | | 2,543 | | | | | | 329,878 | | |
| Sherwin-Williams Co. (The) | | | | | 907 | | | | | | 623,998 | | |
| Vulcan Materials Co. | | | | | 1,428 | | | | | | 206,831 | | |
| Westrock Co. | | | | | 2,786 | | | | | | 104,614 | | |
| Total Materials | | | | | | | | | | | 5,852,328 | | |
| Real Estate — 3.2% | |
| Alexandria Real Estate Equities, Inc. | | | | | 1,422 | | | | | | 215,462 | | |
| American Tower Corp. | | | | | 4,817 | | | | | | 1,106,224 | | |
| AvalonBay Communities, Inc. | | | | | 1,537 | | | | | | 213,843 | | |
| Boston Properties, Inc. | | | | | 1,550 | | | | | | 112,236 | | |
CBRE Group, Inc., Class A* | | | | | 3,472 | | | | | | 174,989 | | |
| Crown Castle International Corp. | | | | | 4,517 | | | | | | 705,555 | | |
| Digital Realty Trust, Inc. | | | | | 2,877 | | | | | | 415,151 | | |
| Duke Realty Corp. | | | | | 3,969 | | | | | | 150,782 | | |
| Equinix, Inc. | | | | | 951 | | | | | | 695,409 | | |
| Equity Residential | | | | | 3,959 | | | | | | 185,994 | | |
| Essex Property Trust, Inc. | | | | | 732 | | | | | | 149,760 | | |
| Extra Space Storage, Inc. | | | | | 1,381 | | | | | | 160,127 | | |
| Healthpeak Properties, Inc. | | | | | 5,821 | | | | | | 156,992 | | |
| Host Hotels & Resorts, Inc. | | | | | 7,554 | | | | | | 79,166 | | |
| Iron Mountain, Inc. | | | | | 3,107 | | | | | | 80,968 | | |
Mid-America Apartment Communities,
Inc. | | | | | 1,240 | | | | | | 144,621 | | |
| Prologis, Inc. | | | | | 7,983 | | | | | | 791,914 | | |
| Regency Centers Corp. | | | | | 1,838 | | | | | | 65,414 | | |
| SBA Communications Corp. | | | | | 1,216 | | | | | | 353,090 | | |
| Simon Property Group, Inc. | | | | | 3,298 | | | | | | 207,147 | | |
| UDR, Inc. | | | | | 3,158 | | | | | | 98,656 | | |
| Ventas, Inc. | | | | | 4,045 | | | | | | 159,656 | | |
| Vornado Realty Trust | | | | | 1,881 | | | | | | 57,803 | | |
| Welltower, Inc. | | | | | 4,531 | | | | | | 243,632 | | |
| Weyerhaeuser Co. | | | | | 8,054 | | | | | | 219,794 | | |
| WP Carey, Inc. | | | | | 1,900 | | | | | | 118,959 | | |
| Total Real Estate | | | | | | | | | | | 7,063,344 | | |
| Utilities — 1.6% | |
| American Water Works Co., Inc. | | | | | 1,936 | | | | | | 291,387 | | |
| Atmos Energy Corp. | | | | | 1,295 | | | | | | 118,713 | | |
| Avangrid, Inc. | | | | | 617 | | | | | | 30,443 | | |
| CenterPoint Energy, Inc. | | | | | 5,451 | | | | | | 115,180 | | |
| Consolidated Edison, Inc. | | | | | 3,616 | | | | | | 283,820 | | |
| Eversource Energy | | | | | 3,726 | | | | | | 325,168 | | |
| NextEra Energy, Inc. | | | | | 21,244 | | | | | | 1,555,273 | | |
| Public Service Enterprise Group, Inc. | | | | | 5,481 | | | | | | 318,720 | | |
| Sempra Energy | | | | | 3,160 | | | | | | 396,137 | | |
| Total Utilities | | | | | | | | | | | 3,434,841 | | |
Total Common Stocks
(Cost $218,304,351) | | | | | | | | | | | 220,186,995 | | |
| Short-Term Investments — 0.1% | |
| Money Market Funds — 0.1% | | | | | | | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(b)(c) | | | | | 187,581 | | | | | | 187,581 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.04%(b) | | | | | 135,968 | | | | | | 135,968 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Short-Term Investments (continued) | |
Total Short-Term Investments
(Cost $323,549) | | | | | | | $ | 323,549 | | |
Total Investments — 100.0%
(Cost $218,627,900) | | | | | | | $ | 220,510,544 | | |
Other Assets and Liabilities,
Net — (0.0)%(d) | | | | | | | | (20,458) | | |
| Net Assets — 100.0% | | | | | | | $ | 220,490,086 | | |
| |
*
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 $4,597,858; total market value of collateral held by the Fund was $4,874,457. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $4,686,876.
(b)
Reflects the 1-day yield at October 31, 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 October 31, 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 | | | | $ | 220,186,995 | | | | | $ | — | | | | | $ | — | | | | | $ | 220,186,995 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 323,549 | | | | | | — | | | | | | — | | | | | | 323,549 | | |
| Total Investments in Securities | | | | $ | 220,510,544 | | | | | $ | — | | | | | $ | — | | | | | $ | 220,510,544 | | |
(e)
For a complete listing of investments and their industries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 99.9% | |
| Communication Services — 3.2% | |
AMC Entertainment Holdings, Inc., Class A(a) | | | | | 66,446 | | | | | $ | 156,812 | | |
AMC Networks, Inc., Class A*(a) | | | | | 8,637 | | | | | | 183,536 | | |
Anterix, Inc.* | | | | | 4,598 | | | | | | 146,768 | | |
Clear Channel Outdoor Holdings, Inc., Class A* | | | | | 328,076 | | | | | | 293,300 | | |
Cogent Communications Holdings,
Inc. | | | | | 2,562 | | | | | | 142,960 | | |
| Emerald Holding, Inc. | | | | | 81,069 | | | | | | 212,401 | | |
Gannett Co., Inc.* | | | | | 141,871 | | | | | | 163,152 | | |
| John Wiley & Sons, Inc., Class A | | | | | 5,601 | | | | | | 173,407 | | |
Liberty Latin America Ltd., Class C* | | | | | 21,753 | | | | | | 211,439 | | |
| Loral Space & Communications, Inc. | | | | | 16,603 | | | | | | 289,058 | | |
| Marcus Corp. (The) | | | | | 17,043 | | | | | | 124,925 | | |
Meredith Corp.(a) | | | | | 17,182 | | | | | | 189,002 | | |
| National CineMedia, Inc. | | | | | 64,408 | | | | | | 127,850 | | |
ORBCOMM, Inc.* | | | | | 86,053 | | | | | | 370,028 | | |
QuinStreet, Inc.* | | | | | 26,083 | | | | | | 417,458 | | |
| Scholastic Corp. | | | | | 8,237 | | | | | | 162,763 | | |
Sinclair Broadcast Group, Inc., Class A(a) | | | | | 13,058 | | | | | | 242,618 | | |
| Telephone and Data Systems, Inc. | | | | | 12,528 | | | | | | 212,976 | | |
United States Cellular Corp.* | | | | | 7,169 | | | | | | 208,761 | | |
Yelp, Inc., Class A* | | | | | 11,646 | | | | | | 229,077 | | |
| Total Communication Services | | | | | | | | | | | 4,258,291 | | |
| Consumer Discretionary — 14.2% | | | | | | | | | | | | | |
1-800-Flowers.com, Inc., Class A* | | | | | 15,871 | | | | | | 314,722 | | |
Asbury Automotive Group, Inc.* | | | | | 3,802 | | | | | | 391,530 | | |
| BJ’s Restaurants, Inc. | | | | | 15,117 | | | | | | 426,450 | | |
| Bloomin’ Brands, Inc. | | | | | 29,407 | | | | | | 411,110 | | |
| Brinker International, Inc. | | | | | 17,483 | | | | | | 761,210 | | |
| Cato Corp. (The), Class A | | | | | 19,678 | | | | | | 120,429 | | |
Cavco Industries, Inc.* | | | | | 1,449 | | | | | | 249,431 | | |
Century Communities, Inc.* | | | | | 14,471 | | | | | | 562,054 | | |
| Cooper Tire & Rubber Co. | | | | | 12,882 | | | | | | 443,012 | | |
| Core-Mark Holding Co., Inc. | | | | | 7,349 | | | | | | 200,995 | | |
Duluth Holdings, Inc., Class B*(a) | | | | | 52,361 | | | | | | 803,218 | | |
Fossil Group, Inc.*(a) | | | | | 63,820 | | | | | | 364,412 | | |
Genesco, Inc.* | | | | | 15,740 | | | | | | 278,913 | | |
Gentherm, Inc.* | | | | | 6,687 | | | | | | 309,541 | | |
GoPro, Inc., Class A* | | | | | 80,141 | | | | | | 476,037 | | |
| Graham Holdings Co., Class B | | | | | 615 | | | | | | 233,909 | | |
Green Brick Partners, Inc.* | | | | | 26,083 | | | | | | 466,625 | | |
| Haverty Furniture Cos., Inc. | | | | | 17,659 | | | | | | 441,828 | | |
Houghton Mifflin Harcourt Co.* | | | | | 111,685 | | | | | | 291,498 | | |
Hyatt Hotels Corp., Class A(a) | | | | | 4,383 | | | | | | 241,679 | | |
| Johnson Outdoors, Inc., Class A | | | | | 3,349 | | | | | | 292,468 | | |
K12, Inc.* | | | | | 11,133 | | | | | | 265,745 | | |
| KB Home | | | | | 11,600 | | | | | | 374,100 | | |
| La-Z-Boy, Inc., Class Z | | | | | 10,217 | | | | | | 349,728 | | |
| LCI Industries | | | | | 3,142 | | | | | | 344,552 | | |
LGI Homes, Inc.*(a) | | | | | 4,650 | | | | | | 496,992 | | |
Lindblad Expeditions Holdings, Inc.* | | | | | 50,352 | | | | | | 418,929 | | |
Lithia Motors, Inc., Class A(a) | | | | | 2,567 | | | | | | 589,306 | | |
M/I Homes, Inc.* | | | | | 12,702 | | | | | | 519,766 | | |
MarineMax, Inc.* | | | | | 20,151 | | | | | | 604,127 | | |
| MDC Holdings, Inc. | | | | | 9,050 | | | | | | 393,856 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Discretionary (continued) | | | |
Meritage Homes Corp.* | | | | | 5,751 | | | | | $ | 500,855 | | |
Murphy USA, Inc.* | | | | | 2,489 | | | | | | 304,380 | | |
Perdoceo Education Corp.* | | | | | 19,460 | | | | | | 219,703 | | |
Playa Hotels & Resorts NV* | | | | | 119,982 | | | | | | 464,330 | | |
| Rent-A-Center, Inc., Class A | | | | | 14,849 | | | | | | 458,834 | | |
Ruth’s Hospitality Group, Inc.(a) | | | | | 31,432 | | | | | | 351,410 | | |
Sally Beauty Holdings, Inc.* | | | | | 25,986 | | | | | | 217,503 | | |
| Shoe Carnival, Inc. | | | | | 10,109 | | | | | | 313,177 | | |
Sleep Number Corp.* | | | | | 10,959 | | | | | | 694,362 | | |
Smith & Wesson Brands, Inc.(a) | | | | | 32,937 | | | | | | 546,425 | | |
| Standard Motor Products, Inc. | | | | | 5,051 | | | | | | 231,336 | | |
Taylor Morrison Home Corp.* | | | | | 19,088 | | | | | | 412,301 | | |
TRI Pointe Group, Inc.* | | | | | 23,942 | | | | | | 393,367 | | |
Unifi, Inc.* | | | | | 18,179 | | | | | | 272,503 | | |
Universal Electronics, Inc.* | | | | | 5,472 | | | | | | 202,792 | | |
Urban Outfitters, Inc.*(a) | | | | | 14,745 | | | | | | 329,403 | | |
Vista Outdoor, Inc.* | | | | | 23,860 | | | | | | 471,712 | | |
| Total Consumer Discretionary | | | | | | | | | | | 18,822,565 | | |
| Consumer Staples — 3.4% | | | | | | | | | | | | | |
B&G Foods, Inc., Class A(a) | | | | | 11,607 | | | | | | 308,282 | | |
Central Garden & Pet Co., Class A* | | | | | 8,212 | | | | | | 290,623 | | |
| Coca-Cola Consolidated, Inc. | | | | | 1,007 | | | | | | 230,552 | | |
Darling Ingredients, Inc.* | | | | | 10,953 | | | | | | 470,979 | | |
Edgewell Personal Care Co.* | | | | | 8,720 | | | | | | 228,638 | | |
| Fresh Del Monte Produce, Inc. | | | | | 7,605 | | | | | | 163,736 | | |
Hain Celestial Group, Inc. (The)* | | | | | 8,085 | | | | | | 248,614 | | |
| Ingles Markets, Inc., Class A | | | | | 5,807 | | | | | | 208,239 | | |
| Medifast, Inc. | | | | | 3,359 | | | | | | 471,906 | | |
National Beverage Corp.*(a) | | | | | 4,923 | | | | | | 385,422 | | |
| SpartanNash Co. | | | | | 14,663 | | | | | | 269,946 | | |
Sprouts Farmers Market, Inc.* | | | | | 11,295 | | | | | | 215,170 | | |
| Turning Point Brands, Inc. | | | | | 9,946 | | | | | | 372,676 | | |
| Universal Corp. | | | | | 4,749 | | | | | | 189,247 | | |
USANA Health Sciences, Inc.* | | | | | 3,635 | | | | | | 274,988 | | |
| Vector Group Ltd. | | | | | 22,290 | | | | | | 204,845 | | |
| Total Consumer Staples | | | | | | | | | | | 4,533,863 | | |
| Energy — 2.4% | | | | | | | | | | | | | |
| Cactus, Inc., Class A | | | | | 18,101 | | | | | | 307,717 | | |
CNX Resources Corp.* | | | | | 39,468 | | | | | | 382,840 | | |
| Core Laboratories NV | | | | | 20,306 | | | | | | 293,422 | | |
Liberty Oilfield Services, Inc.,
Class A(a) | | | | | 78,055 | | | | | | 521,407 | | |
Magnolia Oil & Gas Corp., Class A* | | | | | 52,492 | | | | | | 227,815 | | |
| Patterson-UTI Energy, Inc. | | | | | 89,348 | | | | | | 228,731 | | |
PBF Energy, Inc., Class A(a) | | | | | 29,657 | | | | | | 138,498 | | |
Peabody Energy Corp.* | | | | | 72,403 | | | | | | 93,400 | | |
ProPetro Holding Corp.* | | | | | 83,987 | | | | | | 331,749 | | |
Select Energy Services, Inc., Class A* | | | | | 65,006 | | | | | | 196,318 | | |
US Silica Holdings, Inc.(a) | | | | | 116,649 | | | | | | 317,285 | | |
| World Fuel Services Corp. | | | | | 8,339 | | | | | | 175,536 | | |
| Total Energy | | | | | | | | | | | 3,214,718 | | |
| Financials — 20.4% | | | | | | | | | | | | | |
| AG Mortgage Investment Trust, Inc. | | | | | 76,631 | | | | | | 200,007 | | |
| Allegiance Bancshares, Inc. | | | | | 8,709 | | | | | | 246,465 | | |
| Amalgamated Bank, Class A | | | | | 19,406 | | | | | | 215,407 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| American National Group, Inc. | | | | | 2,549 | | | | | $ | 175,371 | | |
| Ameris Bancorp | | | | | 8,837 | | | | | | 258,924 | | |
| ARMOUR Residential REIT, Inc. | | | | | 23,833 | | | | | | 227,367 | | |
| Artisan Partners Asset Management, Inc., Class A | | | | | 9,771 | | | | | | 391,426 | | |
Atlantic Capital Bancshares, Inc.* | | | | | 17,689 | | | | | | 245,523 | | |
Axos Financial, Inc.* | | | | | 11,581 | | | | | | 315,698 | | |
| B Riley Financial, Inc. | | | | | 11,420 | | | | | | 299,661 | | |
| Bank of Marin Bancorp | | | | | 6,999 | | | | | | 210,950 | | |
| BankUnited, Inc. | | | | | 11,228 | | | | | | 283,507 | | |
| Banner Corp. | | | | | 6,355 | | | | | | 234,309 | | |
| Berkshire Hills Bancorp, Inc. | | | | | 14,130 | | | | | | 184,114 | | |
| BGC Partners, Inc., Class A | | | | | 83,321 | | | | | | 245,797 | | |
Blucora, Inc.* | | | | | 17,425 | | | | | | 173,379 | | |
Boston Private Financial Holdings,
Inc. | | | | | 29,366 | | | | | | 181,482 | | |
| Bridge Bancorp, Inc. | | | | | 9,923 | | | | | | 193,895 | | |
| Brookline Bancorp, Inc. | | | | | 18,614 | | | | | | 178,322 | | |
| Bryn Mawr Bank Corp. | | | | | 7,398 | | | | | | 198,710 | | |
| Byline Bancorp, Inc. | | | | | 20,248 | | | | | | 266,059 | | |
| Cambridge Bancorp | | | | | 4,038 | | | | | | 250,719 | | |
| Camden National Corp. | | | | | 6,676 | | | | | | 213,432 | | |
| Capstead Mortgage Corp. | | | | | 49,992 | | | | | | 255,459 | | |
| Carter Bank & Trust | | | | | 22,872 | | | | | | 158,960 | | |
| Cathay General Bancorp | | | | | 9,149 | | | | | | 215,276 | | |
| CBTX, Inc. | | | | | 11,816 | | | | | | 223,322 | | |
| CNO Financial Group, Inc. | | | | | 16,947 | | | | | | 300,809 | | |
| Colony Credit Real Estate, Inc. | | | | | 53,291 | | | | | | 279,245 | | |
| Cowen, Inc., Class A | | | | | 21,736 | | | | | | 466,455 | | |
Customers Bancorp, Inc.* | | | | | 19,210 | | | | | | 265,482 | | |
| Diamond Hill Investment Group, Inc. | | | | | 2,327 | | | | | | 318,659 | | |
| Dynex Capital, Inc. | | | | | 20,112 | | | | | | 329,435 | | |
| Eagle Bancorp, Inc. | | | | | 6,950 | | | | | | 207,944 | | |
| Ellington Financial, Inc. | | | | | 36,772 | | | | | | 450,089 | | |
| Enterprise Financial Services Corp. | | | | | 7,523 | | | | | | 218,995 | | |
Equity Bancshares, Inc., Class A* | | | | | 12,172 | | | | | | 223,721 | | |
| Farmers National Banc Corp. | | | | | 18,054 | | | | | | 210,329 | | |
| Federal Agricultural Mortgage Corp., Class C | | | | | 3,774 | | | | | | 243,763 | | |
| Federated Hermes, Inc., Class B | | | | | 11,022 | | | | | | 263,426 | | |
| First Bancshares, Inc. (The) | | | | | 11,010 | | | | | | 262,478 | | |
| First Commonwealth Financial Corp. | | | | | 22,972 | | | | | | 198,019 | | |
| First Community Bankshares, Inc. | | | | | 9,012 | | | | | | 171,048 | | |
| First Financial Corp. | | | | | 6,227 | | | | | | 216,201 | | |
| First Foundation, Inc. | | | | | 20,545 | | | | | | 305,504 | | |
| First Merchants Corp. | | | | | 7,926 | | | | | | 206,948 | | |
| First Midwest Bancorp, Inc. | | | | | 15,865 | | | | | | 199,106 | | |
| Flagstar Bancorp, Inc. | | | | | 10,588 | | | | | | 310,758 | | |
| Flushing Financial Corp. | | | | | 15,716 | | | | | | 201,008 | | |
| Great Southern Bancorp, Inc. | | | | | 5,197 | | | | | | 212,817 | | |
Green Dot Corp., Class A* | | | | | 8,270 | | | | | | 440,956 | | |
Greenhill & Co., Inc.(a) | | | | | 21,338 | | | | | | 275,900 | | |
| Hancock Whitney Corp. | | | | | 10,757 | | | | | | 246,013 | | |
| Hanmi Financial Corp. | | | | | 19,352 | | | | | | 173,974 | | |
| HarborOne Bancorp, Inc. | | | | | 27,884 | | | | | | 262,110 | | |
| Heartland Financial USA, Inc. | | | | | 6,953 | | | | | | 229,032 | | |
| Heritage Commerce Corp. | | | | | 27,375 | | | | | | 198,469 | | |
| Heritage Insurance Holdings, Inc. | | | | | 19,605 | | | | | | 185,071 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| HomeStreet, Inc. | | | | | 9,445 | | | | | $ | 293,456 | | |
| Hope Bancorp, Inc. | | | | | 25,544 | | | | | | 206,140 | | |
| Houlihan Lokey, Inc. | | | | | 4,029 | | | | | | 252,618 | | |
| Independent Bank Corp. | | | | | 16,315 | | | | | | 244,236 | | |
| Invesco Mortgage Capital, Inc. | | | | | 61,574 | | | | | | 166,250 | | |
| Investors Title Co. | | | | | 1,640 | | | | | | 218,973 | | |
| Lakeland Bancorp, Inc. | | | | | 19,424 | | | | | | 216,189 | | |
| Meridian Bancorp, Inc. | | | | | 18,714 | | | | | | 232,989 | | |
| MFA Financial, Inc. | | | | | 135,464 | | | | | | 382,008 | | |
| Midland States Bancorp, Inc. | | | | | 12,005 | | | | | | 178,874 | | |
| MidWestOne Financial Group, Inc. | | | | | 10,027 | | | | | | 202,044 | | |
Mr Cooper Group, Inc.* | | | | | 28,645 | | | | | | 603,837 | | |
National Bank Holdings Corp.,
Class A | | | | | 8,785 | | | | | | 264,868 | | |
| New York Mortgage Trust, Inc. | | | | | 135,464 | | | | | | 344,079 | | |
Nicolet Bankshares, Inc.* | | | | | 3,847 | | | | | | 237,360 | | |
NMI Holdings, Inc., Class A* | | | | | 18,085 | | | | | | 388,647 | | |
| OceanFirst Financial Corp. | | | | | 13,197 | | | | | | 197,559 | | |
| OFG Bancorp | | | | | 18,781 | | | | | | 270,259 | | |
| Oppenheimer Holdings, Inc., Class A | | | | | 10,626 | | | | | | 266,288 | | |
| Orchid Island Capital, Inc. | | | | | 71,176 | | | | | | 369,403 | | |
| Pacific Premier Bancorp, Inc. | | | | | 11,145 | | | | | | 284,198 | | |
| Peapack-Gladstone Financial Corp. | | | | | 11,697 | | | | | | 197,445 | | |
| PennyMac Financial Services, Inc. | | | | | 9,497 | | | | | | 482,638 | | |
| Peoples Bancorp, Inc. | | | | | 9,479 | | | | | | 214,225 | | |
| Piper Sandler Cos. | | | | | 4,152 | | | | | | 346,484 | | |
| PJT Partners, Inc., Class A | | | | | 4,839 | | | | | | 327,407 | | |
| Preferred Bank | | | | | 6,208 | | | | | | 210,017 | | |
| Provident Financial Services, Inc. | | | | | 16,327 | | | | | | 221,557 | | |
| QCR Holdings, Inc. | | | | | 7,756 | | | | | | 240,669 | | |
| S&T Bancorp, Inc. | | | | | 7,686 | | | | | | 152,106 | | |
| Sandy Spring Bancorp, Inc. | | | | | 9,274 | | | | | | 235,096 | | |
| Sculptor Capital Management, Inc., Class A | | | | | 15,507 | | | | | | 168,096 | | |
| ServisFirst Bancshares, Inc. | | | | | 7,161 | | | | | | 264,241 | | |
| Sierra Bancorp | | | | | 11,944 | | | | | | 236,969 | | |
| Simmons First National Corp., Class A | | | | | 11,411 | | | | | | 193,873 | | |
| Southern National Bancorp of Virginia, Inc. | | | | | 21,338 | | | | | | 206,125 | | |
StoneX Group, Inc.* | | | | | 5,791 | | | | | | 306,807 | | |
| TCF Financial Corp. | | | | | 9,266 | | | | | | 252,128 | | |
Third Point Reinsurance Ltd.* | | | | | 28,336 | | | | | | 220,454 | | |
| United Community Banks, Inc. | | | | | 11,467 | | | | | | 240,119 | | |
| United Insurance Holdings Corp. | | | | | 22,724 | | | | | | 99,758 | | |
| Universal Insurance Holdings, Inc. | | | | | 11,717 | | | | | | 146,111 | | |
| Univest Financial Corp. | | | | | 12,866 | | | | | | 204,055 | | |
| Virtu Financial, Inc., Class A | | | | | 10,085 | | | | | | 215,617 | | |
| Virtus Investment Partners, Inc. | | | | | 2,759 | | | | | | 440,198 | | |
| Walker & Dunlop, Inc. | | | | | 5,214 | | | | | | 327,856 | | |
| Waterstone Financial, Inc. | | | | | 14,441 | | | | | | 243,764 | | |
| WesBanco, Inc. | | | | | 8,859 | | | | | | 215,185 | | |
| WSFS Financial Corp. | | | | | 8,426 | | | | | | 267,020 | | |
| Total Financials | | | | | | | | | | | 27,013,600 | | |
| Health Care — 15.7% | | | | | | | | | | | | | |
Aerie Pharmaceuticals, Inc.*(a) | | | | | 15,553 | | | | | | 165,017 | | |
Amicus Therapeutics, Inc.* | | | | | 22,724 | | | | | | 405,169 | | |
AMN Healthcare Services, Inc.* | | | | | 3,632 | | | | | | 237,097 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | | | |
AngioDynamics, Inc.* | | | | | 20,131 | | | | | $ | 208,155 | | |
Anika Therapeutics, Inc.* | | | | | 7,263 | | | | | | 236,919 | | |
Antares Pharma, Inc.* | | | | | 88,970 | | | | | | 242,888 | | |
Arcus Biosciences, Inc.* | | | | | 15,127 | | | | | | 329,769 | | |
Arrowhead Pharmaceuticals, Inc.*(a) | | | | | 7,298 | | | | | | 418,175 | | |
Arvinas, Inc.* | | | | | 5,210 | | | | | | 108,941 | | |
Athenex, Inc.*(a) | | | | | 27,128 | | | | | | 309,259 | | |
AtriCure, Inc.* | | | | | 6,251 | | | | | | 216,035 | | |
Axogen, Inc.* | | | | | 20,189 | | | | | | 254,583 | | |
Axonics Modulation Technologies, Inc.*(a) | | | | | 8,263 | | | | | | 387,452 | | |
BioSpecifics Technologies Corp.* | | | | | 3,712 | | | | | | 327,027 | | |
CareDx, Inc.* | | | | | 9,618 | | | | | | 471,763 | | |
Catalyst Pharmaceuticals, Inc.* | | | | | 54,537 | | | | | | 161,975 | | |
Clovis Oncology, Inc.*(a) | | | | | 33,014 | | | | | | 162,759 | | |
Codexis, Inc.* | | | | | 18,814 | | | | | | 250,414 | | |
Collegium Pharmaceutical, Inc.*(a) | | | | | 12,858 | | | | | | 229,258 | | |
Computer Programs and Systems,
Inc. | | | | | 9,437 | | | | | | 263,198 | | |
Corcept Therapeutics, Inc.*(a) | | | | | 17,659 | | | | | | 296,318 | | |
Emergent BioSolutions, Inc.* | | | | | 3,629 | | | | | | 326,501 | | |
Enanta Pharmaceuticals, Inc.* | | | | | 4,083 | | | | | | 178,141 | | |
| Ensign Group, Inc. (The) | | | | | 5,583 | | | | | | 328,504 | | |
Fluidigm Corp.*(a) | | | | | 82,665 | | | | | | 474,497 | | |
G1 Therapeutics, Inc.*(a) | | | | | 19,053 | | | | | | 209,393 | | |
GenMark Diagnostics, Inc.* | | | | | 50,963 | | | | | | 622,768 | | |
HealthStream, Inc.* | | | | | 8,767 | | | | | | 160,436 | | |
HMS Holdings Corp.* | | | | | 8,309 | | | | | | 221,186 | | |
Innoviva, Inc.* | | | | | 17,854 | | | | | | 193,002 | | |
Integer Holdings Corp.* | | | | | 3,340 | | | | | | 195,223 | | |
Intersect ENT, Inc.* | | | | | 17,719 | | | | | | 274,645 | | |
Iovance Biotherapeutics, Inc.*(a) | | | | | 7,014 | | | | | | 250,260 | | |
Krystal Biotech, Inc.*(a) | | | | | 4,856 | | | | | | 208,760 | | |
Ligand Pharmaceuticals, Inc.*(a) | | | | | 2,887 | | | | | | 238,033 | | |
| Luminex Corp. | | | | | 7,627 | | | | | | 168,099 | | |
Magellan Health, Inc.* | | | | | 4,364 | | | | | | 315,386 | | |
Medpace Holdings, Inc.* | | | | | 2,861 | | | | | | 317,399 | | |
Meridian Bioscience, Inc.* | | | | | 24,996 | | | | | | 428,681 | | |
Myriad Genetics, Inc.*(a) | | | | | 14,673 | | | | | | 182,385 | | |
NanoString Technologies, Inc.* | | | | | 8,730 | | | | | | 319,955 | | |
| National HealthCare Corp. | | | | | 2,927 | | | | | | 185,279 | | |
Natus Medical, Inc.* | | | | | 9,078 | | | | | | 165,310 | | |
Nevro Corp.* | | | | | 2,100 | | | | | | 313,341 | | |
NextGen Healthcare, Inc.* | | | | | 20,112 | | | | | | 273,523 | | |
NuVasive, Inc.* | | | | | 4,145 | | | | | | 184,162 | | |
Omnicell, Inc.* | | | | | 3,202 | | | | | | 277,133 | | |
OPKO Health, Inc.*(a) | | | | | 156,693 | | | | | | 551,559 | | |
OraSure Technologies, Inc.* | | | | | 19,514 | | | | | | 291,539 | | |
| Patterson Cos., Inc. | | | | | 13,732 | | | | | | 341,584 | | |
| Premier, Inc., Class A | | | | | 6,417 | | | | | | 210,029 | | |
Prestige Consumer Healthcare, Inc.* | | | | | 5,724 | | | | | | 189,064 | | |
Provention Bio, Inc.* | | | | | 22,823 | | | | | | 270,681 | | |
Providence Service Corp. (The)* | | | | | 3,826 | | | | | | 449,746 | | |
Quidel Corp.*(a) | | | | | 2,147 | | | | | | 576,019 | | |
R1 RCM, Inc.* | | | | | 23,099 | | | | | | 413,934 | | |
Radius Health, Inc.* | | | | | 16,151 | | | | | | 216,585 | | |
Select Medical Holdings Corp.* | | | | | 13,998 | | | | | | 293,678 | | |
SI-BONE, Inc.* | | | | | 17,571 | | | | | | 368,464 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | | | |
SIGA Technologies, Inc.* | | | | | 43,926 | | | | | $ | 280,687 | | |
Surmodics, Inc.* | | | | | 6,302 | | | | | | 231,599 | | |
TCR2 Therapeutics, Inc.*(a) | | | | | 27,128 | | | | | | 533,608 | | |
TG Therapeutics, Inc.* | | | | | 21,338 | | | | | | 539,211 | | |
Triple-S Management Corp., Class B* | | | | | 14,891 | | | | | | 275,781 | | |
Twist Bioscience Corp.* | | | | | 6,866 | | | | | | 526,210 | | |
United Therapeutics Corp.* | | | | | 2,214 | | | | | | 297,185 | | |
| Utah Medical Products, Inc. | | | | | 2,233 | | | | | | 185,339 | | |
Vanda Pharmaceuticals, Inc.* | | | | | 20,267 | | | | | | 216,654 | | |
Vocera Communications, Inc.* | | | | | 9,886 | | | | | | 324,063 | | |
Y-mAbs Therapeutics, Inc.* | | | | | 8,045 | | | | | | 343,843 | | |
Zogenix, Inc.* | | | | | 8,490 | | | | | | 181,007 | | |
| Total Health Care | | | | | | | | | | | 20,802,242 | | |
| Industrials — 17.1% | | | | | | | | | | | | | |
| ABM Industries, Inc. | | | | | 8,619 | | | | | | 299,252 | | |
| Alamo Group, Inc. | | | | | 2,365 | | | | | | 284,580 | | |
| Allied Motion Technologies, Inc. | | | | | 8,859 | | | | | | 334,693 | | |
| Applied Industrial Technologies, Inc. | | | | | 4,592 | | | | | | 280,342 | | |
| Arcosa, Inc. | | | | | 5,284 | | | | | | 243,962 | | |
ASGN, Inc.* | | | | | 5,945 | | | | | | 396,413 | | |
Atkore International Group, Inc.* | | | | | 9,965 | | | | | | 206,176 | | |
| AZZ, Inc. | | | | | 7,467 | | | | | | 250,817 | | |
| Barnes Group, Inc. | | | | | 5,020 | | | | | | 184,234 | | |
| Barrett Business Services, Inc. | | | | | 5,297 | | | | | | 313,847 | | |
Beacon Roofing Supply, Inc.* | | | | | 12,695 | | | | | | 389,737 | | |
Blue Bird Corp.* | | | | | 19,210 | | | | | | 221,683 | | |
BMC Stock Holdings, Inc.* | | | | | 11,843 | | | | | | 468,864 | | |
BrightView Holdings, Inc.* | | | | | 18,984 | | | | | | 232,174 | | |
| CAI International, Inc. | | | | | 14,849 | | | | | | 391,271 | | |
CBIZ, Inc.* | | | | | 10,037 | | | | | | 227,539 | | |
Cimpress PLC* | | | | | 3,947 | | | | | | 289,710 | | |
| Comfort Systems USA, Inc. | | | | | 5,745 | | | | | | 263,121 | | |
| CRA International, Inc. | | | | | 6,285 | | | | | | 257,371 | | |
| CSW Industrials, Inc. | | | | | 3,238 | | | | | | 276,946 | | |
| Douglas Dynamics, Inc. | | | | | 5,913 | | | | | | 201,692 | | |
Ducommun, Inc.* | | | | | 8,449 | | | | | | 277,972 | | |
| Encore Wire Corp. | | | | | 5,000 | | | | | | 231,050 | | |
| EnerSys | | | | | 4,240 | | | | | | 303,584 | | |
| Ennis, Inc. | | | | | 11,180 | | | | | | 170,383 | | |
| ESCO Technologies, Inc. | | | | | 2,766 | | | | | | 231,487 | | |
Evoqua Water Technologies Corp.* | | | | | 18,730 | | | | | | 429,479 | | |
| Federal Signal Corp. | | | | | 7,697 | | | | | | 220,750 | | |
| Forward Air Corp. | | | | | 4,145 | | | | | | 261,011 | | |
Foundation Building Materials, Inc.* | | | | | 20,405 | | | | | | 297,097 | | |
| Franklin Electric Co., Inc. | | | | | 4,455 | | | | | | 266,097 | | |
| GATX Corp. | | | | | 3,356 | | | | | | 229,148 | | |
| Gorman-Rupp Co. (The) | | | | | 6,728 | | | | | | 208,904 | | |
Great Lakes Dredge & Dock Corp.* | | | | | 25,297 | | | | | | 261,318 | | |
| Healthcare Services Group, Inc. | | | | | 8,782 | | | | | | 200,932 | | |
| Heartland Express, Inc. | | | | | 11,307 | | | | | | 207,031 | | |
Heidrick & Struggles International,
Inc. | | | | | 9,332 | | | | | | 213,236 | | |
Heritage-Crystal Clean, Inc.* | | | | | 12,929 | | | | | | 213,070 | | |
| Herman Miller, Inc. | | | | | 9,458 | | | | | | 288,185 | | |
| Hillenbrand, Inc. | | | | | 10,987 | | | | | | 321,370 | | |
| HNI Corp. | | | | | 8,335 | | | | | | 271,304 | | |
Hub Group, Inc., Class A* | | | | | 4,618 | | | | | | 231,500 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | | | |
Huron Consulting Group, Inc.* | | | | | 4,629 | | | | | $ | 175,254 | | |
| Hyster-Yale Materials Handling, Inc. | | | | | 5,237 | | | | | | 222,049 | | |
| KAR Auction Services, Inc. | | | | | 17,497 | | | | | | 254,756 | | |
| Kelly Services, Inc., Class A | | | | | 16,546 | | | | | | 287,570 | | |
| Kforce, Inc. | | | | | 8,212 | | | | | | 284,956 | | |
| Kimball International, Inc., Class B | | | | | 17,630 | | | | | | 181,589 | | |
| Knoll, Inc. | | | | | 20,346 | | | | | | 233,165 | | |
| Korn Ferry | | | | | 8,634 | | | | | | 260,660 | | |
| Macquarie Infrastructure Corp. | | | | | 8,316 | | | | | | 214,553 | | |
| Marten Transport Ltd. | | | | | 15,349 | | | | | | 235,530 | | |
| Matson, Inc. | | | | | 6,857 | | | | | | 356,221 | | |
| McGrath RentCorp | | | | | 4,009 | | | | | | 228,834 | | |
| Miller Industries, Inc. | | | | | 7,425 | | | | | | 222,305 | | |
Mistras Group, Inc.* | | | | | 49,288 | | | | | | 183,351 | | |
| Mueller Industries, Inc. | | | | | 8,771 | | | | | | 253,745 | | |
| Mueller Water Products, Inc., Class A | | | | | 26,213 | | | | | | 271,567 | | |
MYR Group, Inc.* | | | | | 8,017 | | | | | | 342,727 | | |
PGT Innovations, Inc.* | | | | | 25,026 | | | | | | 414,931 | | |
| Powell Industries, Inc. | | | | | 8,180 | | | | | | 193,293 | | |
| Primoris Services Corp. | | | | | 13,206 | | | | | | 249,197 | | |
| Quanex Building Products Corp. | | | | | 20,830 | | | | | | 379,106 | | |
| Regal Beloit Corp. | | | | | 3,335 | | | | | | 328,998 | | |
| Resources Connection, Inc. | | | | | 19,140 | | | | | | 205,564 | | |
| Rush Enterprises, Inc., Class A | | | | | 9,856 | | | | | | 353,239 | | |
Saia, Inc.* | | | | | 2,855 | | | | | | 421,569 | | |
| Simpson Manufacturing Co., Inc. | | | | | 3,388 | | | | | | 300,583 | | |
SP Plus Corp.* | | | | | 10,119 | | | | | | 186,493 | | |
Spirit Airlines, Inc.*(a) | | | | | 16,289 | | | | | | 286,198 | | |
SPX Corp.* | | | | | 6,433 | | | | | | 272,695 | | |
| Standex International Corp. | | | | | 4,283 | | | | | | 265,932 | | |
| Steelcase, Inc., Class A | | | | | 21,273 | | | | | | 222,090 | | |
Sterling Construction Co., Inc.* | | | | | 22,102 | | | | | | 324,899 | | |
| Systemax, Inc. | | | | | 11,843 | | | | | | 336,697 | | |
| Tennant Co. | | | | | 3,623 | | | | | | 216,003 | | |
Thermon Group Holdings, Inc.* | | | | | 13,933 | | | | | | 140,584 | | |
| Timken Co. (The) | | | | | 6,493 | | | | | | 387,632 | | |
TriMas Corp.* | | | | | 9,090 | | | | | | 221,160 | | |
| Triton International Ltd. | | | | | 8,116 | | | | | | 299,318 | | |
| UniFirst Corp. | | | | | 1,390 | | | | | | 227,696 | | |
Watts Water Technologies, Inc.,
Class A | | | | | 2,480 | | | | | | 274,710 | | |
| Werner Enterprises, Inc. | | | | | 5,791 | | | | | | 220,174 | | |
WESCO International, Inc.* | | | | | 9,189 | | | | | | 378,954 | | |
| Total Industrials | | | | | | | | | | | 22,665,879 | | |
| Information Technology — 12.8% | | | | | | | | | | | | | |
2U, Inc.*(a) | | | | | 9,895 | | | | | | 364,631 | | |
A10 Networks, Inc.* | | | | | 33,811 | | | | | | 227,886 | | |
Agilysys, Inc.* | | | | | 12,573 | | | | | | 340,477 | | |
Alarm.com Holdings, Inc.* | | | | | 5,396 | | | | | | 314,749 | | |
| American Software, Inc., Class A | | | | | 14,776 | | | | | | 216,912 | | |
Arlo Technologies, Inc.* | | | | | 86,407 | | | | | | 385,375 | | |
Axcelis Technologies, Inc.* | | | | | 11,467 | | | | | | 253,077 | | |
| Benchmark Electronics, Inc. | | | | | 10,504 | | | | | | 218,798 | | |
Benefitfocus, Inc.* | | | | | 23,565 | | | | | | 242,013 | | |
Box, Inc., Class A* | | | | | 14,955 | | | | | | 231,802 | | |
Calix, Inc.* | | | | | 29,657 | | | | | | 694,270 | | |
Casa Systems, Inc.* | | | | | 59,991 | | | | | | 250,162 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | | | |
| Cass Information Systems, Inc. | | | | | 5,972 | | | | | $ | 234,222 | | |
Cirrus Logic, Inc.* | | | | | 3,199 | | | | | | 220,315 | | |
| CMC Materials, Inc. | | | | | 1,840 | | | | | | 261,630 | | |
CommVault Systems, Inc.* | | | | | 5,187 | | | | | | 205,353 | | |
Cornerstone OnDemand, Inc.* | | | | | 6,613 | | | | | | 251,228 | | |
| CSG Systems International, Inc. | | | | | 5,017 | | | | | | 190,044 | | |
| CTS Corp. | | | | | 8,436 | | | | | | 233,171 | | |
Diodes, Inc.* | | | | | 5,167 | | | | | | 298,808 | | |
Domo, Inc., Class B* | | | | | 21,124 | | | | | | 671,109 | | |
DSP Group, Inc.* | | | | | 15,669 | | | | | | 206,361 | | |
EchoStar Corp., Class A* | | | | | 6,568 | | | | | | 152,115 | | |
ePlus, Inc.* | | | | | 3,353 | | | | | | 226,361 | | |
Evo Payments, Inc., Class A* | | | | | 13,723 | | | | | | 289,144 | | |
ExlService Holdings, Inc.* | | | | | 4,036 | | | | | | 305,687 | | |
| Fabrinet* | | | | | 3,848 | | | | | | 230,957 | | |
FireEye, Inc.*(a) | | | | | 19,846 | | | | | | 274,669 | | |
FormFactor, Inc.* | | | | | 10,451 | | | | | | 296,286 | | |
| Hackett Group, Inc. (The) | | | | | 16,507 | | | | | | 213,270 | | |
Harmonic, Inc.*(a) | | | | | 36,453 | | | | | | 216,531 | | |
Insight Enterprises, Inc.* | | | | | 4,984 | | | | | | 265,896 | | |
Itron, Inc.* | | | | | 3,761 | | | | | | 255,560 | | |
MagnaChip Semiconductor
Corp.*(a) | | | | | 19,002 | | | | | | 260,137 | | |
| ManTech International Corp., Class A | | | | | 2,889 | | | | | | 187,438 | | |
MaxLinear, Inc., Class A* | | | | | 17,992 | | | | | | 475,708 | | |
| Methode Electronics, Inc. | | | | | 7,944 | | | | | | 244,437 | | |
MicroStrategy, Inc., Class A* | | | | | 1,778 | | | | | | 297,050 | | |
Mitek Systems, Inc.* | | | | | 26,646 | | | | | | 331,743 | | |
Model N, Inc.* | | | | | 9,454 | | | | | | 333,064 | | |
NETGEAR, Inc.* | | | | | 9,193 | | | | | | 283,328 | | |
NetScout Systems, Inc.* | | | | | 8,871 | | | | | | 182,033 | | |
| NVE Corp. | | | | | 4,036 | | | | | | 186,181 | | |
Onto Innovation, Inc.* | | | | | 7,077 | | | | | | 226,959 | | |
| PC Connection, Inc. | | | | | 5,095 | | | | | | 232,077 | | |
Perficient, Inc.* | | | | | 7,751 | | | | | | 303,529 | | |
Photronics, Inc.* | | | | | 20,465 | | | | | | 199,534 | | |
| Power Integrations, Inc. | | | | | 4,754 | | | | | | 286,238 | | |
| Progress Software Corp. | | | | | 6,562 | | | | | | 238,660 | | |
Qualys, Inc.* | | | | | 2,414 | | | | | | 212,070 | | |
Rambus, Inc.* | | | | | 18,916 | | | | | | 260,852 | | |
Sanmina Corp.* | | | | | 7,697 | | | | | | 188,115 | | |
ScanSource, Inc.* | | | | | 9,816 | | | | | | 197,302 | | |
SPS Commerce, Inc.* | | | | | 4,514 | | | | | | 386,353 | | |
Sykes Enterprises, Inc.* | | | | | 7,742 | | | | | | 265,086 | | |
Telenav, Inc.* | | | | | 48,604 | | | | | | 197,818 | | |
| TTEC Holdings, Inc. | | | | | 5,718 | | | | | | 313,232 | | |
Varonis Systems, Inc.* | | | | | 3,298 | | | | | | 381,150 | | |
Virtusa Corp.* | | | | | 7,393 | | | | | | 371,868 | | |
| Vishay Intertechnology, Inc. | | | | | 14,571 | | | | | | 236,342 | | |
Vishay Precision Group, Inc.* | | | | | 10,457 | | | | | | 249,818 | | |
| Xperi Holding Corp. | | | | | 15,095 | | | | | | 187,178 | | |
| Total Information Technology | | | | | | | | | | | 16,954,169 | | |
| Materials — 4.0% | | | | | | | | | | | | | |
| Cabot Corp. | | | | | 8,039 | | | | | | 305,562 | | |
| Compass Minerals International, Inc. | | | | | 5,458 | | | | | | 329,554 | | |
| Greif, Inc., Class A | | | | | 6,754 | | | | | | 274,145 | | |
| Hawkins, Inc. | | | | | 5,898 | | | | | | 275,496 | | |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Materials (continued) | | | |
| Haynes International, Inc. | | | | | 10,188 | | | | | $ | 165,147 | | |
| Innospec, Inc. | | | | | 3,022 | | | | | | 199,875 | | |
| Kaiser Aluminum Corp. | | | | | 3,031 | | | | | | 190,741 | | |
Koppers Holdings, Inc.* | | | | | 16,974 | | | | | | 380,727 | | |
| Materion Corp. | | | | | 5,997 | | | | | | 306,986 | | |
| Myers Industries, Inc. | | | | | 19,532 | | | | | | 280,089 | | |
PQ Group Holdings, Inc.* | | | | | 19,263 | | | | | | 222,680 | | |
| Schnitzer Steel Industries, Inc., Class A | | | | | 16,102 | | | | | | 338,142 | | |
Schweitzer-Mauduit International,
Inc. | | | | | 7,547 | | | | | | 250,560 | | |
| Stepan Co. | | | | | 2,374 | | | | | | 276,429 | | |
| Tredegar Corp. | | | | | 13,434 | | | | | | 195,868 | | |
UFP Technologies, Inc.* | | | | | 5,512 | | | | | | 204,275 | | |
US Concrete, Inc.* | | | | | 11,575 | | | | | | 393,087 | | |
| Warrior Met Coal, Inc. | | | | | 19,771 | | | | | | 296,565 | | |
| Worthington Industries, Inc. | | | | | 7,999 | | | | | | 393,631 | | |
| Total Materials | | | | | | | | | | | 5,279,559 | | |
| Real Estate — 5.7% | | | | | | | | | | | | | |
| Alexander & Baldwin, Inc. | | | | | 18,714 | | | | | | 240,475 | | |
Altisource Portfolio Solutions SA* | | | | | 27,375 | | | | | | 304,684 | | |
| American Finance Trust, Inc. | | | | | 33,595 | | | | | | 193,675 | | |
| Apple Hospitality REIT, Inc. | | | | | 22,897 | | | | | | 226,680 | | |
| Chatham Lodging Trust | | | | | 35,348 | | | | | | 259,808 | | |
| Columbia Property Trust, Inc. | | | | | 16,797 | | | | | | 177,712 | | |
| CoreCivic, Inc. | | | | | 18,798 | | | | | | 120,495 | | |
| CorePoint Lodging, Inc. | | | | | 53,563 | | | | | | 256,031 | | |
| Corporate Office Properties Trust | | | | | 9,488 | | | | | | 212,816 | | |
| CTO Realty Growth, Inc. | | | | | 4,632 | | | | | | 204,410 | | |
| DiamondRock Hospitality Co. | | | | | 41,332 | | | | | | 204,180 | | |
Empire State Realty Trust, Inc.,
Class A | | | | | 23,434 | | | | | | 126,075 | | |
| Four Corners Property Trust, Inc. | | | | | 11,222 | | | | | | 284,366 | | |
| Franklin Street Properties Corp. | | | | | 36,644 | | | | | | 153,905 | | |
| GEO Group, Inc. (The) | | | | | 17,267 | | | | | | 152,986 | | |
| Hersha Hospitality Trust | | | | | 58,650 | | | | | | 287,385 | | |
| Investors Real Estate Trust | | | | | 3,818 | | | | | | 257,371 | | |
| Kennedy-Wilson Holdings, Inc. | | | | | 15,646 | | | | | | 206,214 | | |
| Mack-Cali Realty Corp. | | | | | 13,787 | | | | | | 151,519 | | |
Marcus & Millichap, Inc.* | | | | | 7,748 | | | | | | 241,970 | | |
| New Senior Investment Group, Inc. | | | | | 82,019 | | | | | | 320,694 | | |
| Newmark Group, Inc., Class A | | | | | 49,404 | | | | | | 233,928 | | |
| Office Properties Income Trust | | | | | 7,705 | | | | | | 141,849 | | |
| Paramount Group, Inc. | | | | | 23,860 | | | | | | 137,911 | | |
| Piedmont Office Realty Trust, Inc., Class A | | | | | 11,889 | | | | | | 135,772 | | |
| PotlatchDeltic Corp. | | | | | 6,689 | | | | | | 277,928 | | |
Preferred Apartment Communities, Inc.,
Class A | | | | | 29,244 | | | | | | 157,918 | | |
| Retail Value, Inc. | | | | | 17,140 | | | | | | 214,250 | | |
| RLJ Lodging Trust | | | | | 27,198 | | | | | | 222,480 | | |
| RMR Group, Inc. (The), Class A | | | | | 7,785 | | | | | | 207,548 | | |
| Safehold, Inc. | | | | | 3,321 | | | | | | 228,551 | | |
| Saul Centers, Inc. | | | | | 6,413 | | | | | | 158,722 | | |
| Sunstone Hotel Investors, Inc. | | | | | 24,107 | | | | | | 178,874 | | |
Tejon Ranch Co.* | | | | | 14,934 | | | | | | 204,745 | | |
| Weingarten Realty Investors | | | | | 14,551 | | | | | | 230,779 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Real Estate (continued) | | | |
| Whitestone REIT | | | | | 33,866 | | | | | $ | 201,841 | | |
| Total Real Estate | | | | | | | | | | | 7,516,547 | | |
| Utilities — 1.0% | | | | | | | | | | | | | |
| Avista Corp. | | | | | 4,942 | | | | | | 164,173 | | |
| NorthWestern Corp. | | | | | 3,509 | | | | | | 182,924 | | |
Ormat Technologies, Inc.(a) | | | | | 3,103 | | | | | | 219,910 | | |
| Otter Tail Corp. | | | | | 4,723 | | | | | | 181,127 | | |
| SJW Group | | | | | 3,635 | | | | | | 220,608 | | |
South Jersey Industries, Inc.(a) | | | | | 8,399 | | | | | | 161,849 | | |
| Unitil Corp. | | | | | 4,013 | | | | | | 138,649 | | |
| Total Utilities | | | | | | | | | | | 1,269,240 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $117,906,688) | | | | | | | | | | | 132,330,673 | | |
| Short-Term Investments — 2.4% | | | | | | | | | | | | | |
| Money Market Funds — 2.4% | | | | | | | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%(b)(c) | | | | | 3,083,247 | | | | | | 3,083,247 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.03%(b) | | | | | 144,562 | | | | | | 144,562 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $3,227,809) | | | | | | | | | | | 3,227,809 | | |
| Total Investments — 102.3% | | | | | | | | | | | | | |
| (Cost $121,134,497) | | | | | | | | | | | 135,558,482 | | |
Other Assets and Liabilities,
Net — (2.3)% | | | | | | | | | | | (3,045,583) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 132,512,899 | | |
| |
*
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 $10,021,790; total market value of collateral held by the Fund was $10,520,461. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $7,437,214.
(b)
Reflects the 1-day yield at October 31, 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)
October 31, 2020 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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 | | | | $ | 132,330,673 | | | | | $ | — | | | | | $ | — | | | | | $ | 132,330,673 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 3,227,809 | | | | | | — | | | | | | — | | | | | | 3,227,809 | | |
| Total Investments in Securities | | | | $ | 135,558,482 | | | | | $ | — | | | | | $ | — | | | | | $ | 135,558,482 | | |
(d)
For a complete listing of investments and their industries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Large Cap ETF
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks — 99.8% | |
| Communication Services — 11.7% | |
| Activision Blizzard, Inc. | | | | | 32,005 | | | | | $ | 2,423,739 | | |
Alphabet, Inc., Class A* | | | | | 1,639 | | | | | | 2,648,804 | | |
| AT&T, Inc. | | | | | 65,305 | | | | | | 1,764,541 | | |
| Comcast Corp., Class A | | | | | 55,371 | | | | | | 2,338,871 | | |
Facebook, Inc., Class A* | | | | | 11,413 | | | | | | 3,002,874 | | |
Snap, Inc., Class A* | | | | | 160,104 | | | | | | 6,306,497 | | |
T-Mobile US, Inc.* | | | | | 22,689 | | | | | | 2,486,034 | | |
Twitter, Inc.* | | | | | 77,511 | | | | | | 3,205,855 | | |
| Verizon Communications, Inc. | | | | | 35,429 | | | | | | 2,019,099 | | |
| Walt Disney Co. (The) | | | | | 19,706 | | | | | | 2,389,352 | | |
| Total Communication Services | | | | | | | | | | | 28,585,666 | | |
| Consumer Discretionary — 11.2% | |
AutoZone, Inc.* | | | | | 2,251 | | | | | | 2,541,334 | | |
| Dollar General Corp. | | | | | 12,606 | | | | | | 2,630,998 | | |
| Home Depot, Inc. (The) | | | | | 10,195 | | | | | | 2,719,108 | | |
| Las Vegas Sands Corp. | | | | | 44,823 | | | | | | 2,154,193 | | |
| NIKE, Inc., Class B | | | | | 23,008 | | | | | | 2,762,801 | | |
| Ross Stores, Inc. | | | | | 21,888 | | | | | | 1,864,201 | | |
| Starbucks Corp. | | | | | 28,957 | | | | | | 2,518,101 | | |
| Target Corp. | | | | | 20,476 | | | | | | 3,116,857 | | |
Tesla, Inc.*(a) | | | | | 18,165 | | | | | | 7,048,747 | | |
| Total Consumer Discretionary | | | | | | | | | | | 27,356,340 | | |
| Consumer Staples — 5.1% | |
| Archer-Daniels-Midland Co. | | | | | 54,111 | | | | | | 2,502,093 | | |
| Costco Wholesale Corp. | | | | | 6,676 | | | | | | 2,387,471 | | |
| General Mills, Inc. | | | | | 36,074 | | | | | | 2,132,695 | | |
| Hormel Foods Corp. | | | | | 40,815 | | | | | | 1,987,282 | | |
| Tyson Foods, Inc., Class A | | | | | 32,895 | | | | | | 1,882,581 | | |
| Walgreens Boots Alliance, Inc. | | | | | 41,609 | | | | | | 1,416,370 | | |
| Total Consumer Staples | | | | | | | | | | | 12,308,492 | | |
| Energy — 2.0% | |
| Exxon Mobil Corp. | | | | | 50,136 | | | | | | 1,635,436 | | |
| Phillips 66 | | | | | 35,482 | | | | | | 1,655,590 | | |
| Valero Energy Corp. | | | | | 41,968 | | | | | | 1,620,385 | | |
| Total Energy | | | | | | | | | | | 4,911,411 | | |
| Financials — 13.7% | |
| Allstate Corp. (The) | | | | | 20,753 | | | | | | 1,841,829 | | |
| American Express Co. | | | | | 22,236 | | | | | | 2,028,813 | | |
| Bank of New York Mellon Corp. (The) | | | | | 56,521 | | | | | | 1,942,062 | | |
| Hartford Financial Services Group, Inc. (The) | | | | | 54,019 | | | | | | 2,080,812 | | |
| Intercontinental Exchange, Inc. | | | | | 23,574 | | | | | | 2,225,386 | | |
| JPMorgan Chase & Co. | | | | | 21,145 | | | | | | 2,073,056 | | |
| M&T Bank Corp. | | | | | 18,405 | | | | | | 1,906,390 | | |
| MetLife, Inc. | | | | | 62,271 | | | | | | 2,356,957 | | |
| Northern Trust Corp. | | | | | 25,227 | | | | | | 1,974,517 | | |
| Progressive Corp. (The) | | | | | 25,780 | | | | | | 2,369,182 | | |
| S&P Global, Inc. | | | | | 7,769 | | | | | | 2,507,289 | | |
| Synchrony Financial | | | | | 118,312 | | | | | | 2,960,166 | | |
| T Rowe Price Group, Inc. | | | | | 19,494 | | | | | | 2,469,110 | | |
| Truist Financial Corp. | | | | | 61,726 | | | | | | 2,599,899 | | |
| US Bancorp | | | | | 55,258 | | | | | | 2,152,299 | | |
| Total Financials | | | | | | | | | | | 33,487,767 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care — 14.1% | |
| AbbVie, Inc. | | | | | 24,985 | | | | | $ | 2,126,224 | | |
| Amgen, Inc. | | | | | 9,390 | | | | | | 2,037,067 | | |
| Anthem, Inc. | | | | | 8,384 | | | | | | 2,287,155 | | |
| Becton Dickinson and Co. | | | | | 8,285 | | | | | | 1,914,912 | | |
| Bristol-Myers Squibb Co. | | | | | 34,152 | | | | | | 1,996,184 | | |
| Cigna Corp. | | | | | 10,744 | | | | | | 1,793,926 | | |
| CVS Health Corp. | | | | | 32,086 | | | | | | 1,799,704 | | |
| Gilead Sciences, Inc. | | | | | 25,463 | | | | | | 1,480,673 | | |
| HCA Healthcare, Inc. | | | | | 21,186 | | | | | | 2,625,793 | | |
| Humana, Inc. | | | | | 6,062 | | | | | | 2,420,435 | | |
| Johnson & Johnson | | | | | 14,517 | | | | | | 1,990,426 | | |
| Medtronic PLC | | | | | 21,109 | | | | | | 2,122,932 | | |
| Merck & Co., Inc. | | | | | 24,741 | | | | | | 1,860,771 | | |
| Thermo Fisher Scientific, Inc. | | | | | 6,712 | | | | | | 3,175,581 | | |
| UnitedHealth Group, Inc. | | | | | 7,633 | | | | | | 2,329,134 | | |
| Zimmer Biomet Holdings, Inc. | | | | | 18,832 | | | | | | 2,487,707 | | |
| Total Health Care | | | | | | | | | | | 34,448,624 | | |
| Industrials — 8.6% | |
| Cintas Corp. | | | | | 10,989 | | | | | | 3,456,590 | | |
| Cummins, Inc. | | | | | 14,068 | | | | | | 3,093,413 | | |
| Delta Air Lines, Inc. | | | | | 66,723 | | | | | | 2,044,393 | | |
| Emerson Electric Co. | | | | | 39,950 | | | | | | 2,588,360 | | |
| Johnson Controls International PLC | | | | | 70,610 | | | | | | 2,980,448 | | |
| Northrop Grumman Corp. | | | | | 6,292 | | | | | | 1,823,547 | | |
| TransDigm Group, Inc. | | | | | 5,945 | | | | | | 2,838,202 | | |
United Airlines Holdings, Inc.* | | | | | 60,338 | | | | | | 2,043,045 | | |
| Total Industrials | | | | | | | | | | | 20,867,998 | | |
| Information Technology — 25.9% | |
| Accenture PLC, Class A | | | | | 11,660 | | | | | | 2,529,171 | | |
Adobe, Inc.* | | | | | 5,982 | | | | | | 2,674,552 | | |
| Amphenol Corp., Class A | | | | | 26,120 | | | | | | 2,947,381 | | |
| Broadcom, Inc. | | | | | 8,029 | | | | | | 2,807,179 | | |
Cadence Design Systems, Inc.* | | | | | 28,826 | | | | | | 3,152,700 | | |
| Cognizant Technology Solutions Corp., Class A | | | | | 40,966 | | | | | | 2,925,792 | | |
Fiserv, Inc.* | | | | | 20,041 | | | | | | 1,913,314 | | |
FleetCor Technologies, Inc.* | | | | | 10,205 | | | | | | 2,254,387 | | |
| Global Payments, Inc. | | | | | 13,199 | | | | | | 2,082,010 | | |
| Hewlett Packard Enterprise Co. | | | | | 196,049 | | | | | | 1,693,863 | | |
| Intel Corp. | | | | | 35,175 | | | | | | 1,557,549 | | |
| International Business Machines Corp. | | | | | 17,161 | | | | | | 1,916,197 | | |
| Intuit, Inc. | | | | | 8,277 | | | | | | 2,604,606 | | |
| Mastercard, Inc., Class A | | | | | 7,881 | | | | | | 2,274,772 | | |
| Microsoft Corp. | | | | | 12,071 | | | | | | 2,444,015 | | |
| Motorola Solutions, Inc. | | | | | 14,321 | | | | | | 2,263,577 | | |
| Oracle Corp. | | | | | 39,389 | | | | | | 2,210,117 | | |
Palo Alto Networks, Inc.* | | | | | 11,610 | | | | | | 2,568,016 | | |
PayPal Holdings, Inc.* | | | | | 19,883 | | | | | | 3,700,823 | | |
ServiceNow, Inc.* | | | | | 6,642 | | | | | | 3,304,860 | | |
Splunk, Inc.* | | | | | 15,080 | | | | | | 2,986,443 | | |
Synopsys, Inc.* | | | | | 14,781 | | | | | | 3,161,065 | | |
VeriSign, Inc.* | | | | | 10,570 | | | | | | 2,015,699 | | |
Visa, Inc., Class A(a) | | | | | 11,815 | | | | | | 2,146,904 | | |
Workday, Inc., Class A* | | | | | 14,619 | | | | | | 3,071,744 | | |
| Total Information Technology | | | | | | | | | | | 63,206,736 | | |
| |
See notes to financial statements.
Schedules of Investments — IQ Chaikin U.S. Large Cap ETF (continued)
October 31, 2020 (unaudited)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Materials — 1.1% | |
| Air Products and Chemicals, Inc. | | | | | 9,537 | | | | | $ | 2,634,501 | | |
| Real Estate — 2.6% | |
| American Tower Corp. | | | | | 8,743 | | | | | | 2,007,830 | | |
| Crown Castle International Corp. | | | | | 13,183 | | | | | | 2,059,184 | | |
| Realty Income Corp. | | | | | 38,179 | | | | | | 2,209,037 | | |
| Total Real Estate | | | | | | | | | | | 6,276,051 | | |
| Utilities — 3.8% | |
| American Electric Power Co., Inc. | | | | | 23,801 | | | | | | 2,140,424 | | |
| DTE Energy Co. | | | | | 20,045 | | | | | | 2,473,954 | | |
| Entergy Corp. | | | | | 20,258 | | | | | | 2,050,515 | | |
| Public Service Enterprise Group, Inc. | | | | | 42,388 | | | | | | 2,464,862 | | |
| Total Utilities | | | | | | | | | | | 9,129,755 | | |
Total Common Stocks
(Cost $207,123,944) | | | | | | | | | | | 243,213,341 | | |
| |
| | | | Shares | | | Value | |
| Short-Term Investment — 0.1% | | | | | | | | | | | | | |
| Money Market Fund — 0.1% | | | | | | | | | | | | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.03%(b)
(Cost $337,549) | | | | | 337,549 | | | | | $ | 337,549 | | |
Total Investments — 99.9%
(Cost $207,461,493) | | | | | | | | | | | 243,550,890 | | |
Other Assets and Liabilities,
Net — 0.1% | | | | | | | | | | | 201,522 | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 243,752,412 | | |
| |
*
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 $9,000,618; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $9,632,768.
(b)
Reflects the 1-day yield at October 31, 2020.
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 243,213,341 | | | | | $ | — | | | | | $ | — | | | | | $ | 243,213,341 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Fund | | | | | 337,549 | | | | | | — | | | | | | — | | | | | | 337,549 | | |
| Total Investments in Securities | | | | $ | 243,550,890 | | | | | $ | — | | | | | $ | — | | | | | $ | 243,550,890 | | |
(c)
For a complete listing of investments and their industries, see the Schedules of Investments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
Statements of Assets and Liabilities
October 31, 2020 (unaudited)
| | | | 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) | | | | $ | 716,222,819 | | | | | $ | 3,836,434 | | | | | $ | 16,424,176 | | | | | $ | 8,084,112 | | |
| Investments in affiliates, at value | | | | | 111,410,239 | | | | | | 646,952 | | | | | | 2,375,120 | | | | | | 286,993 | | |
| Cash | | | | | 6,832 | | | | | | — | | | | | | — | | | | | | — | | |
| Due from broker | | | | | 1,344,393 | | | | | | 13,350 | | | | | | 16,913 | | | | | | 29,149 | | |
| Securities lending income receivable | | | | | 101,139 | | | | | | 417 | | | | | | 2,772 | | | | | | 593 | | |
| Dividend receivable | | | | | 415 | | | | | | — | | | | | | 1 | | | | | | 1 | | |
| Total Assets | | | | | 829,085,837 | | | | | | 4,497,153 | | | | | | 18,818,982 | | | | | | 8,400,848 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 91,292,003 | | | | | | 367,848 | | | | | | 2,795,304 | | | | | | 196,550 | | |
| Due to broker | | | | | 1,043,521 | | | | | | 2,638 | | | | | | 25,504 | | | | | | 19,693 | | |
| Advisory fees payable | | | | | 332,740 | | | | | | 1,410 | | | | | | 5,740 | | | | | | 4,384 | | |
| Trustee fees payable | | | | | 6,962 | | | | | | 32 | | | | | | 183 | | | | | | 84 | | |
| Compliance fees payable | | | | | 586 | | | | | | 3 | | | | | | 16 | | | | | | 9 | | |
| Accrued expenses and other liabilities | | | | | 4,168 | | | | | | 50 | | | | | | 139 | | | | | | 108 | | |
| Total Liabilities | | | | | 92,679,980 | | | | | | 371,981 | | | | | | 2,826,886 | | | | | | 220,828 | | |
| Net Assets | | | | $ | 736,405,857 | | | | | $ | 4,125,172 | | | | | $ | 15,992,096 | | | | | $ | 8,180,020 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 757,047,730 | | | | | $ | 9,333,628 | | | | | $ | 15,520,495 | | | | | $ | 7,630,059 | | |
| Total distributable earnings/(accumulated loss) | | | | | (20,641,873) | | | | | | (5,208,456) | | | | | | 471,601 | | | | | | 549,961 | | |
| Net Assets | | | | $ | 736,405,857 | | | | | $ | 4,125,172 | | | | | $ | 15,992,096 | | | | | $ | 8,180,020 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 23,850,000 | | | | | | 150,000 | | | | | | 600,000 | | | | | | 350,000 | | |
| Net Asset Value Per Share | | | | $ | 30.88 | | | | | $ | 27.50 | | | | | $ | 26.65 | | | | | $ | 23.37 | | |
| Investments, at cost | | | | $ | 705,422,601 | | | | | $ | 3,609,763 | | | | | $ | 16,423,929 | | | | | $ | 8,247,179 | | |
| Investments in affiliates, at cost | | | | $ | 109,862,637 | | | | | $ | 637,553 | | | | | $ | 2,342,562 | | | | | $ | 286,553 | | |
(a)Market value of securities on loan | | | | $ | 202,515,278 | | | | | $ | 1,118,030 | | | | | $ | 4,655,257 | | | | | $ | 1,171,481 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
October 31, 2020 (unaudited)
| | | | IQ Hedge
Event-Driven
Tracker ETF | | | IQ Real
Return ETF | | | IQ Enhanced
Core Plus
Bond U.S. ETF | | | IQ S&P
High Yield
Low Volatility
Bond ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 4,792,797 | | | | | $ | 51,240,922 | | | | | $ | 26,940,778 | | | | | $ | 108,944,970 | | |
| Investments in affiliates, at value | | | | | 1,292 | | | | | | 12,952,098 | | | | | | — | | | | | | — | | |
| Due from broker | | | | | 1,501 | | | | | | — | | | | | | — | | | | | | — | | |
| Securities lending income receivable | | | | | 656 | | | | | | 8,358 | | | | | | 744 | | | | | | 150 | | |
| Dividend receivable | | | | | 1 | | | | | | 4 | | | | | | 2 | | | | | | 8 | | |
| Receivable for investments sold | | | | | — | | | | | | — | | | | | | 983,543 | | | | | | 7,564,323 | | |
| Due from advisor | | | | | — | | | | | | — | | | | | | 1,739 | | | | | | — | | |
| Interest receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 1,358,903 | | |
| Total Assets | | | | | 4,796,247 | | | | | | 64,201,382 | | | | | | 27,926,806 | | | | | | 117,868,354 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 257,495 | | | | | | 12,588,896 | | | | | | 433,490 | | | | | | 968,842 | | |
| Advisory fees payable | | | | | 2,754 | | | | | | 8,813 | | | | | | 5,872 | | | | | | 35,639 | | |
| Due to broker | | | | | 1,488 | | | | | | — | | | | | | — | | | | | | — | | |
| Trustee fees payable | | | | | 77 | | | | | | 495 | | | | | | 676 | | | | | | 644 | | |
| Compliance fees payable | | | | | 8 | | | | | | 42 | | | | | | 51 | | | | | | 83 | | |
| Payable for investments purchased | | | | | — | | | | | | — | | | | | | — | | | | | | 9,223,520 | | |
| Payable for capital shares repurchased | | | | | — | | | | | | — | | | | | | 983,556 | | | | | | — | | |
| Accrued expenses and other liabilities | | | | | 73 | | | | | | 333 | | | | | | 369 | | | | | | 892 | | |
| Total Liabilities | | | | | 261,895 | | | | | | 12,598,579 | | | | | | 1,424,014 | | | | | | 10,229,620 | | |
| Net Assets | | | | $ | 4,534,352 | | | | | $ | 51,602,803 | | | | | $ | 26,502,792 | | | | | $ | 107,638,734 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 4,067,840 | | | | | $ | 53,834,160 | | | | | $ | 42,474,630 | | | | | $ | 109,253,579 | | |
| Total distributable earnings/(accumulated loss) | | | | | 466,512 | | | | | | (2,231,357) | | | | | | (15,971,838) | | | | | | (1,614,845) | | |
| Net Assets | | | | $ | 4,534,352 | | | | | $ | 51,602,803 | | | | | $ | 26,502,792 | | | | | $ | 107,638,734 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 200,000 | | | | | | 1,900,000 | | | | | | 1,350,000 | | | | | | 4,350,000 | | |
| Net Asset Value Per Share | | | | $ | 22.67 | | | | | $ | 27.16 | | | | | $ | 19.63 | | | | | $ | 24.74 | | |
| Investments, at cost | | | | $ | 4,858,071 | | | | | $ | 51,115,947 | | | | | $ | 27,415,037 | | | | | $ | 107,134,684 | | |
| Investments in affiliates, at cost | | | | $ | 1,290 | | | | | $ | 13,059,069 | | | | | $ | — | | | | | $ | — | | |
(a)Market value of securities on loan | | | | $ | 662,681 | | | | | $ | 15,183,196 | | | | | $ | 7,919,695 | | | | | $ | 1,103,682 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
October 31, 2020 (unaudited)
| | | | IQ Merger
Arbitrage ETF | | | IQ Global
Resources ETF | | | IQ U.S.
Real Estate
Small Cap ETF | | | IQ 500
International
ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 762,292,282 | | | | | $ | 19,056,846 | | | | | $ | 34,684,268 | | | | | $ | 222,004,734 | | |
| Investments in affiliates, at value | | | | | 2,018,986 | | | | | | 1,026,580 | | | | | | — | | | | | | — | | |
| Cash | | | | | 496,771 | | | | | | — | | | | | | — | | | | | | — | | |
| Deposits at broker for swap contracts | | | | | — | | | | | | 28 | | | | | | — | | | | | | — | | |
| Due from broker | | | | | 5,878,904 | | | | | | 124,583 | | | | | | — | | | | | | — | | |
| Receivable for investments sold | | | | | 1,224,577 | | | | | | 5,235 | | | | | | — | | | | | | 179,221 | | |
| Dividend receivable | | | | | 40,691 | | | | | | 24,920 | | | | | | 24,793 | | | | | | 716,951 | | |
| Securities lending income receivable | | | | | 3,985 | | | | | | 209 | | | | | | 24 | | | | | | 7,918 | | |
| Reclaims receivable | | | | | 676 | | | | | | 82,895 | | | | | | — | | | | | | 298,368 | | |
| Due from advisor | | | | | — | | | | | | — | | | | | | — | | | | | | 1,844 | | |
| Total Assets | | | | | 771,956,872 | | | | | | 20,321,296 | | | | | | 34,709,085 | | | | | | 223,209,036 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 17,090,918 | | | | | | 201,810 | | | | | | 6,683 | | | | | | 7,592,425 | | |
| Payable for investments purchased | | | | | 8,226,468 | | | | | | 3 | | | | | | — | | | | | | — | | |
Foreign currency due to custodian(b) | | | | | 1,244,619 | | | | | | 4,418 | | | | | | — | | | | | | 166,234 | | |
| Due to broker | | | | | 573,922 | | | | | | 15 | | | | | | — | | | | | | — | | |
| Advisory fees payable | | | | | 462,286 | | | | | | 14,087 | | | | | | 22,010 | | | | | | 48,049 | | |
| Trustee fees payable | | | | | 6,863 | | | | | | 225 | | | | | | 446 | | | | | | 1,960 | | |
| Compliance fees payable | | | | | 553 | | | | | | 13 | | | | | | 32 | | | | | | 181 | | |
| Accrued expenses and other liabilities | | | | | 4,471 | | | | | | 233 | | | | | | 223 | | | | | | 1,196 | | |
| Total Liabilities | | | | | 27,610,100 | | | | | | 220,804 | | | | | | 29,394 | | | | | | 7,810,045 | | |
| Net Assets | | | | $ | 744,346,772 | | | | | $ | 20,100,492 | | | | | $ | 34,679,691 | | | | | $ | 215,398,991 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 744,724,211 | | | | | $ | 81,655,861 | | | | | $ | 60,739,957 | | | | | $ | 256,810,810 | | |
| Total distributable earnings/(accumulated loss) | | | | | (377,439) | | | | | | (61,555,369) | | | | | | (26,060,266) | | | | | | (41,411,819) | | |
| Net Assets | | | | $ | 744,346,772 | | | | | $ | 20,100,492 | | | | | $ | 34,679,691 | | | | | $ | 215,398,991 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 21,750,000 | | | | | | 800,000 | | | | | | 2,050,000 | | | | | | 9,150,000 | | |
| Net Asset Value Per Share | | | | $ | 34.22 | | | | | $ | 25.13 | | | | | $ | 16.92 | | | | | $ | 23.54 | | |
| Investments, at cost | | | | $ | 751,751,271 | | | | | $ | 21,495,931 | | | | | $ | 47,744,060 | | | | | $ | 261,998,484 | | |
| Investments in affiliates, at cost | | | | $ | 2,001,822 | | | | | $ | 1,026,845 | | | | | $ | — | | | | | $ | — | | |
(a)Market value of securities on loan | | | | $ | 50,544,862 | | | | | $ | 302,678 | | | | | $ | 576,638 | | | | | $ | 7,530,922 | | |
(b)Cost of foreign currency | | | | $ | (1,244,779) | | | | | $ | (4,508) | | | | | $ | — | | | | | $ | (166,229) | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
October 31, 2020 (unaudited)
| | | | IQ 50 Percent
Hedged FTSE
International
ETF | | | IQ Candriam
ESG
International
Equity ETF | | | IQ Candriam
ESG
U.S. Equity ETF | | | IQ Chaikin
U.S. Small Cap
ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 253,613,952 | | | | | $ | 102,421,378 | | | | | $ | 220,510,544 | | | | | $ | 135,558,482 | | |
| Cash | | | | | — | | | | | | — | | | | | | — | | | | | | 105 | | |
Foreign currency(b) | | | | | 36,954 | | | | | | 809 | | | | | | — | | | | | | — | | |
| Dividend receivable | | | | | 665,911 | | | | | | 235,546 | | | | | | 181,213 | | | | | | 64,612 | | |
| Reclaims receivable | | | | | 572,570 | | | | | | 43,398 | | | | | | — | | | | | | — | | |
Unrealized appreciation on forward foreign currency
contracts | | | | | 516,133 | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for investments sold | | | | | 70,281 | | | | | | 11 | | | | | | — | | | | | | — | | |
| Due from advisor | | | | | 35,815 | | | | | | 1,144 | | | | | | 1,152 | | | | | | — | | |
| Securities lending income receivable | | | | | 1,681 | | | | | | 458 | | | | | | 220 | | | | | | 12,598 | | |
| Prepaid expenses | | | | | — | | | | | | — | | | | | | 614 | | | | | | — | | |
| Total Assets | | | | | 255,513,297 | | | | | | 102,702,744 | | | | | | 220,693,743 | | | | | | 135,635,797 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 3,935,916 | | | | | | 862,955 | | | | | | 187,581 | | | | | | 3,083,247 | | |
| Cash due to custodian | | | | | 800,359 | | | | | | — | | | | | | — | | | | | | — | | |
Unrealized depreciation on forward foreign currency
contracts | | | | | 572,159 | | | | | | — | | | | | | — | | | | | | — | | |
| Advisory fees payable | | | | | 77,986 | | | | | | 14,141 | | | | | | 15,789 | | | | | | 38,175 | | |
| Trustee fees payable | | | | | 2,321 | | | | | | 360 | | | | | | — | | | | | | 838 | | |
| Compliance fees payable | | | | | 209 | | | | | | 69 | | | | | | 52 | | | | | | 87 | | |
| Accrued expenses and other liabilities | | | | | 2,657 | | | | | | 388 | | | | | | 235 | | | | | | 551 | | |
| Total Liabilities | | | | | 5,391,607 | | | | | | 877,913 | | | | | | 203,657 | | | | | | 3,122,898 | | |
| Net Assets | | | | $ | 250,121,690 | | | | | $ | 101,824,831 | | | | | $ | 220,490,086 | | | | | $ | 132,512,899 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 299,897,277 | | | | | $ | 93,006,040 | | | | | $ | 216,366,353 | | | | | $ | 196,479,251 | | |
| Total distributable earnings/(accumulated loss) | | | | | (49,775,587) | | | | | | 8,818,791 | | | | | | 4,123,733 | | | | | | (63,966,352) | | |
| Net Assets | | | | $ | 250,121,690 | | | | | $ | 101,824,831 | | | | | $ | 220,490,086 | | | | | $ | 132,512,899 | | |
| NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 13,100,000 | | | | | | 4,450,000 | | | | | | 7,850,000 | | | | | | 5,850,000 | | |
| Net Asset Value Per Share | | | | $ | 19.09 | | | | | $ | 22.88 | | | | | $ | 28.09 | | | | | $ | 22.65 | | |
| Investments, at cost | | | | $ | 289,546,165 | | | | | $ | 96,431,970 | | | | | $ | 218,627,900 | | | | | $ | 121,134,497 | | |
(a)Market value of securities on loan | | | | $ | 3,828,217 | | | | | $ | 1,561,885 | | | | | $ | 4,597,858 | | | | | $ | 10,021,790 | | |
(b)Cost of foreign currency | | | | $ | 36,576 | | | | | $ | 807 | | | | | $ | — | | | | | $ | — | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
October 31, 2020 (unaudited)
| | | | IQ Chaikin
U.S. Large Cap
ETF | |
| Assets | | | | | | | |
Investments, at value (including securities on loan)(a) | | | | $ | 243,550,890 | | |
| Dividend receivable | | | | | 256,242 | | |
| Securities lending income receivable | | | | | 377 | | |
| Total Assets | | | | | 243,807,509 | | |
| Liabilities | | | | | | | |
| Advisory fees payable | | | | | 51,531 | | |
| Trustee fees payable | | | | | 2,074 | | |
| Compliance fees payable | | | | | 200 | | |
| Accrued expenses and other liabilities | | | | | 1,292 | | |
| Total Liabilities | | | | | 55,097 | | |
| Net Assets | | | | $ | 243,752,412 | | |
| Composition of Net Assets | | | | | | | |
| Paid-in capital | | | | $ | 282,561,265 | | |
| Total distributable earnings/(accumulated loss) | | | | | (38,808,853) | | |
| Net Assets | | | | $ | 243,752,412 | | |
| NET ASSET VALUE PER SHARE | | | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 9,900,000 | | |
| Net Asset Value Per Share | | | | $ | 24.62 | | |
| Investments, at cost | | | | $ | 207,461,493 | | |
(a)Market value of securities on loan | | | | $ | 9,000,618 | | |
See notes to financial statements.
For the Six Months Ended October 31, 2020 (unaudited)
| | | | 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* | | | | $ | 6,799,436 | | | | | $ | 31,068 | | | | | $ | 160,205 | | | | | $ | 137,649 | | |
| Dividend income from affiliates | | | | | 445,014 | | | | | | 2,718 | | | | | | 13,424 | | | | | | 1,738 | | |
| Securities lending income, net of borrower rebates | | | | | 518,816 | | | | | | 2,475 | | | | | | 15,011 | | | | | | 3,773 | | |
| Total investment income | | | | | 7,763,266 | | | | | | 36,261 | | | | | | 188,640 | | | | | | 143,160 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 2,874,740 | | | | | | 15,285 | | | | | | 70,385 | | | | | | 48,487 | | |
| Trustee fees | | | | | 25,249 | | | | | | 136 | | | | | | 636 | | | | | | 414 | | |
| Legal fees | | | | | 20,026 | | | | | | 106 | | | | | | 505 | | | | | | 311 | | |
| Compliance fees | | | | | 992 | | | | | | 5 | | | | | | 25 | | | | | | 17 | | |
| Miscellaneous | | | | | 578 | | | | | | 29 | | | | | | 29 | | | | | | 28 | | |
| Total expenses | | | | | 2,921,585 | | | | | | 15,561 | | | | | | 71,580 | | | | | | 49,257 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (843,255) | | | | | | (7,133) | | | | | | (32,846) | | | | | | (22,626) | | |
| Net expenses | | | | | 2,078,330 | | | | | | 8,428 | | | | | | 38,734 | | | | | | 26,631 | | |
| Net investment income | | | | | 5,684,936 | | | | | | 27,833 | | | | | | 149,906 | | | | | | 116,529 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 15,577,261 | | | | | | 44,033 | | | | | | 72,002 | | | | | | (154,339) | | |
| Investment in affiliates | | | | | 434,093 | | | | | | — | | | | | | 64 | | | | | | 2,010 | | |
| In-Kind redemptions | | | | | 11,110,413 | | | | | | — | | | | | | 493,889 | | | | | | 1,643,012 | | |
| Affiliates in-kind redemptions | | | | | 549,219 | | | | | | — | | | | | | 12,795 | | | | | | 1,920 | | |
| Swap transactions | | | | | (3,447,280) | | | | | | (716) | | | | | | (119,754) | | | | | | (39,813) | | |
| Net realized gain (loss) | | | | | 24,223,706 | | | | | | 43,317 | | | | | | 458,996 | | | | | | 1,452,790 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 8,838,486 | | | | | | 223,579 | | | | | | 143,956 | | | | | | (424,716) | | |
| Investment in affiliates | | | | | 489,918 | | | | | | 3,172 | | | | | | (2,576) | | | | | | (5,089) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 9,328,404 | | | | | | 226,751 | | | | | | 141,380 | | | | | | (429,805) | | |
| Net realized and unrealized gain (loss) | | | | | 33,552,110 | | | | | | 270,068 | | | | | | 600,376 | | | | | | 1,022,985 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 39,237,046 | | | | | $ | 297,901 | | | | | $ | 750,282 | | | | | $ | 1,139,514 | | |
| *Net of foreign taxes withheld of: | | | | $ | — | | | | | $ | 62 | | | | | $ | — | | | | | $ | — | | |
See notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended October 31, 2020 (unaudited)
| | | | IQ Hedge
Event-Driven
Tracker ETF | | | IQ Real
Return ETF | | | IQ Enhanced
Core Plus Bond
U.S. ETF | | | IQ S&P High
Yield Low
Volatility Bond
ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income | | | | $ | 118,677 | | | | | $ | 128,049 | | | | | $ | 625,638 | | | | | $ | 155 | | |
| Dividend income from affiliates | | | | | 9 | | | | | | 86,492 | | | | | | — | | | | | | — | | |
| Interest income | | | | | — | | | | | | — | | | | | | — | | | | | | 2,039,382 | | |
| Securities lending income, net of borrower rebates | | | | | 4,057 | | | | | | 27,324 | | | | | | 4,667 | | | | | | 1,313 | | |
| Total investment income | | | | | 122,743 | | | | | | 241,865 | | | | | | 630,305 | | | | | | 2,040,850 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 32,849 | | | | | | 124,958 | | | | | | 73,962 | | | | | | 187,647 | | |
| Trustee fees | | | | | 289 | | | | | | 1,725 | | | | | | 2,223 | | | | | | 2,799 | | |
| Legal fees | | | | | 229 | | | | | | 1,352 | | | | | | 1,786 | | | | | | 2,160 | | |
| Compliance fees | | | | | 12 | | | | | | 69 | | | | | | 88 | | | | | | 115 | | |
| Miscellaneous | | | | | 29 | | | | | | 344 | | | | | | 45 | | | | | | 202 | | |
| Total expenses | | | | | 33,408 | | | | | | 128,448 | | | | | | 78,104 | | | | | | 192,923 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (15,329) | | | | | | (72,892) | | | | | | (18,857) | | | | | | (5,277) | | |
| Net expenses | | | | | 18,079 | | | | | | 55,556 | | | | | | 59,247 | | | | | | 187,646 | | |
| Net investment income | | | | | 104,664 | | | | | | 186,309 | | | | | | 571,058 | | | | | | 1,853,204 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (78,619) | | | | | | (244,705) | | | | | | 328,862 | | | | | | 399,065 | | |
| Investment in affiliates | | | | | — | | | | | | (3,700) | | | | | | — | | | | | | — | | |
| In-Kind redemptions | | | | | 596,906 | | | | | | — | | | | | | 235,476 | | | | | | — | | |
| Affiliates in-kind redemptions | | | | | 20 | | | | | | — | | | | | | — | | | | | | — | | |
| Swap transactions | | | | | (182) | | | | | | — | | | | | | — | | | | | | — | | |
| Net realized gain (loss) | | | | | 518,125 | | | | | | (248,405) | | | | | | 564,338 | | | | | | 399,065 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 197,579 | | | | | | 416,893 | | | | | | (1,430,238) | | | | | | 2,372,686 | | |
| Investment in affiliates | | | | | 2 | | | | | | 60,199 | | | | | | — | | | | | | — | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 197,581 | | | | | | 477,092 | | | | | | (1,430,238) | | | | | | 2,372,686 | | |
| Net realized and unrealized gain (loss) | | | | | 715,706 | | | | | | 228,687 | | | | | | (865,900) | | | | | | 2,771,751 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 820,370 | | | | | $ | 414,996 | | | | | $ | (294,842) | | | | | $ | 4,624,955 | | |
See notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended October 31, 2020 (unaudited)
| | | | IQ Merger
Arbitrage ETF | | | IQ Global
Resources ETF | | | IQ U.S. Real
Estate Small
Cap ETF | | | IQ 500
International
ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income* | | | | $ | 2,728,729 | | | | | $ | 495,457 | | | | | $ | 966,797 | | | | | $ | 3,519,974 | | |
| Dividend income from affiliates | | | | | 22,488 | | | | | | 7,825 | | | | | | — | | | | | | — | | |
| Securities lending income, net of borrower rebates | | | | | 400,435 | | | | | | 1,858 | | | | | | 3,454 | | | | | | 68,046 | | |
| Total investment income | | | | | 3,151,652 | | | | | | 505,140 | | | | | | 970,251 | | | | | | 3,588,020 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 2,663,146 | | | | | | 89,901 | | | | | | 138,540 | | | | | | 288,581 | | |
| Trustee fees | | | | | 23,478 | | | | | | 784 | | | | | | 1,299 | | | | | | 7,469 | | |
| Legal fees | | | | | 18,649 | | | | | | 580 | | | | | | 1,053 | | | | | | 5,865 | | |
| Compliance fees | | | | | 923 | | | | | | 35 | | | | | | 53 | | | | | | 293 | | |
| Miscellaneous | | | | | 2,911 | | | | | | 30 | | | | | | 30 | | | | | | 25 | | |
| Total expenses | | | | | 2,709,107 | | | | | | 91,330 | | | | | | 140,975 | | | | | | 302,233 | | |
| Waivers/Reimbursement (See Note 3) | | | | | — | | | | | | — | | | | | | — | | | | | | (13,651) | | |
| Net expenses | | | | | 2,709,107 | | | | | | 91,330 | | | | | | 140,975 | | | | | | 288,582 | | |
| Net investment income | | | | | 442,545 | | | | | | 413,810 | | | | | | 829,276 | | | | | | 3,299,438 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (30,127,878) | | | | | | (806,535) | | | | | | (4,766,615) | | | | | | (3,671,257) | | |
| Investment in affiliates | | | | | 23,210 | | | | | | (320) | | | | | | — | | | | | | — | | |
| In-Kind redemptions | | | | | 20,962,857 | | | | | | 746,085 | | | | | | (1,255,983) | | | | | | 1,543,393 | | |
| Affiliates in-kind redemptions | | | | | 5,781 | | | | | | 3,967 | | | | | | — | | | | | | — | | |
| Swap transactions | | | | | (21,507,411) | | | | | | (593,675) | | | | | | — | | | | | | — | | |
| Foreign currency transactions | | | | | (262,020) | | | | | | 1,718 | | | | | | — | | | | | | (2,879) | | |
| Net realized gain (loss) | | | | | (30,905,461) | | | | | | (648,760) | | | | | | (6,022,598) | | | | | | (2,130,743) | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 88,213,888 | | | | | | 1,288,381 | | | | | | 5,571,063 | | | | | | 14,836,918 | | |
| Investment in affiliates | | | | | 160 | | | | | | 2,471 | | | | | | — | | | | | | — | | |
| Foreign currency translations | | | | | 5,244 | | | | | | 5,252 | | | | | | — | | | | | | 14,100 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 88,219,292 | | | | | | 1,296,104 | | | | | | 5,571,063 | | | | | | 14,851,018 | | |
| Net realized and unrealized gain (loss) | | | | | 57,313,831 | | | | | | 647,344 | | | | | | (451,535) | | | | | | 12,720,275 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 57,756,376 | | | | | $ | 1,061,154 | | | | | $ | 377,741 | | | | | $ | 16,019,713 | | |
| *Net of foreign taxes withheld of: | | | | $ | 41,121 | | | | | $ | 34,561 | | | | | $ | — | | | | | $ | 389,170 | | |
See notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended October 31, 2020 (unaudited)
| | | | IQ 50 Percent
Hedged FTSE
International
ETF | | | IQ Candriam
ESG
International
Equity ETF | | | IQ Candriam
ESG U.S. Equity
ETF | | | IQ Chaikin U.S.
Small Cap ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income* | | | | $ | 3,225,580 | | | | | $ | 1,204,021 | | | | | $ | 788,613 | | | | | $ | 1,004,429 | | |
| Securities lending income, net of borrower rebates | | | | | 23,553 | | | | | | 7,038 | | | | | | 874 | | | | | | 94,008 | | |
| Total investment income | | | | | 3,249,133 | | | | | | 1,211,059 | | | | | | 789,487 | | | | | | 1,098,437 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 461,494 | | | | | | 73,992 | | | | | | 49,857 | | | | | | 205,918 | | |
| Trustee fees | | | | | 8,570 | | | | | | 2,779 | | | | | | 1,630 | | | | | | 3,544 | | |
| Legal fees | | | | | 5,928 | | | | | | 2,104 | | | | | | 1,190 | | | | | | 2,792 | | |
| Compliance fees | | | | | 338 | | | | | | 113 | | | | | | 70 | | | | | | 141 | | |
| Miscellaneous | | | | | 484 | | | | | | 19 | | | | | | 19 | | | | | | 29 | | |
| Total expenses | | | | | 476,814 | | | | | | 79,007 | | | | | | 52,766 | | | | | | 212,424 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (213,310) | | | | | | (5,015) | | | | | | (2,906) | | | | | | (6,506) | | |
| Net expenses | | | | | 263,504 | | | | | | 73,992 | | | | | | 49,860 | | | | | | 205,918 | | |
| Net investment income | | | | | 2,985,629 | | | | | | 1,137,067 | | | | | | 739,627 | | | | | | 892,519 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (6,984,294) | | | | | | (280,407) | | | | | | (218,840) | | | | | | 512,166 | | |
| In-Kind redemptions | | | | | 1,320,427 | | | | | | 2,830,586 | | | | | | 2,245,737 | | | | | | 1,495,707 | | |
| Forward foreign currency contracts | | | | | (6,426,021) | | | | | | — | | | | | | — | | | | | | — | | |
| Foreign currency transactions | | | | | (20,097) | | | | | | (1,274) | | | | | | — | | | | | | — | | |
| Net realized gain (loss) | | | | | (12,109,985) | | | | | | 2,548,905 | | | | | | 2,026,897 | | | | | | 2,007,873 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 26,097,386 | | | | | | 6,330,134 | | | | | | 2,145,696 | | | | | | 10,698,513 | | |
| Forward foreign currency contracts | | | | | 929,531 | | | | | | — | | | | | | — | | | | | | — | | |
| Foreign currency translations | | | | | 26,934 | | | | | | 3,104 | | | | | | — | | | | | | — | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 27,053,851 | | | | | | 6,333,238 | | | | | | 2,145,696 | | | | | | 10,698,513 | | |
| Net realized and unrealized gain (loss) | | | | | 14,943,866 | | | | | | 8,882,143 | | | | | | 4,172,593 | | | | | | 12,706,386 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 17,929,495 | | | | | $ | 10,019,210 | | | | | $ | 4,912,220 | | | | | $ | 13,598,905 | | |
| *Net of foreign taxes withheld of: | | | | $ | 284,392 | | | | | $ | 115,441 | | | | | $ | 3 | | | | | $ | 291 | | |
See notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended October 31, 2020 (unaudited)
| | | | IQ Chaikin U.S.
Large Cap ETF | |
| Investment Income | | | | | | | |
| Dividend income | | | | $ | 2,246,098 | | |
| Securities lending income, net of borrower rebates | | | | | 2,891 | | |
| Total investment income | | | | | 2,248,989 | | |
| Expenses | | | | | | | |
| Advisory fees (See Note 3) | | | | | 302,127 | | |
| Trustee fees | | | | | 7,660 | | |
| Legal fees | | | | | 6,036 | | |
| Compliance fees | | | | | 299 | | |
| Miscellaneous | | | | | 29 | | |
| Total expenses | | | | | 316,151 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (14,024) | | |
| Net expenses | | | | | 302,127 | | |
| Net investment income | | | | | 1,946,862 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
| Investment securities | | | | | (41,298) | | |
| In-Kind redemptions | | | | | 1,039,929 | | |
| Net realized gain (loss) | | | | | 998,631 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | |
| Investment securities | | | | | 25,353,192 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 25,353,192 | | |
| Net realized and unrealized gain (loss) | | | | | 26,351,823 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 28,298,685 | | |
See notes to financial statements.
Statements of Changes in Net Assets
| | | | IQ Hedge Multi-Strategy
Tracker ETF | | | IQ Hedge Macro
Tracker ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 5,684,936 | | | | | $ | 20,842,057 | | | | | $ | 27,833 | | | | | $ | 100,870 | | |
| Net realized gain (loss) | | | | | 24,223,706 | | | | | | (16,734,225) | | | | | | 43,317 | | | | | | (80,989) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 9,328,404 | | | | | | (12,595,811) | | | | | | 226,751 | | | | | | (44,333) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 39,237,046 | | | | | | (8,487,979) | | | | | | 297,901 | | | | | | (24,452) | | |
| Distributions to Shareholders | | | | | — | | | | | | (16,163,950) | | | | | | — | | | | | | (54,164) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 133,904,672 | | | | | | 108,741,902 | | | | | | — | | | | | | — | | |
| Cost of shares redeemed | | | | | (176,396,248) | | | | | | (337,851,658) | | | | | | — | | | | | | (1,345,577) | | |
| Net increase (decrease) from capital share transactions | | | | | (42,491,576) | | | | | | (229,109,756) | | | | | | — | | | | | | (1,345,577) | | |
| Total increase (decrease) in net assets | | | | | (3,254,530) | | | | | | (253,761,685) | | | | | | 297,901 | | | | | | (1,424,193) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 739,660,387 | | | | | | 993,422,072 | | | | | | 3,827,271 | | | | | | 5,251,464 | | |
| End of period | | | | $ | 736,405,857 | | | | | $ | 739,660,387 | | | | | $ | 4,125,172 | | | | | $ | 3,827,271 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 25,150,000 | | | | | | 32,800,000 | | | | | | 150,000 | | | | | | 200,000 | | |
| Shares created | | | | | 4,450,000 | | | | | | 3,600,000 | | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | (5,750,000) | | | | | | (11,250,000) | | | | | | — | | | | | | (50,000) | | |
| Shares outstanding, end of period | | | | | 23,850,000 | | | | | | 25,150,000 | | | | | | 150,000 | | | | | | 150,000 | | |
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 Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 149,906 | | | | | $ | 350,179 | | | | | $ | 116,529 | | | | | $ | 166,866 | | |
| Net realized gain (loss) | | | | | 458,996 | | | | | | 13,206 | | | | | | 1,452,790 | | | | | | (352,670) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 141,380 | | | | | | (336,826) | | | | | | (429,805) | | | | | | 163,059 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 750,282 | | | | | | 26,559 | | | | | | 1,139,514 | | | | | | (22,745) | | |
| Distributions to Shareholders | | | | | — | | | | | | (239,729) | | | | | | — | | | | | | (123,690) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 5,339,025 | | | | | | 5,068,994 | | | | | | 8,270,737 | | | | | | 8,803,502 | | |
| Cost of shares redeemed | | | | | (8,053,657) | | | | | | (2,639,984) | | | | | | (11,929,409) | | | | | | (4,417,086) | | |
| Net increase (decrease) from capital share transactions | | | | | (2,714,632) | | | | | | 2,429,010 | | | | | | (3,658,672) | | | | | | 4,386,416 | | |
| Total increase (decrease) in net assets | | | | | (1,964,350) | | | | | | 2,215,840 | | | | | | (2,519,158) | | | | | | 4,239,981 | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 17,956,446 | | | | | | 15,740,606 | | | | | | 10,699,178 | | | | | | 6,459,197 | | |
| End of period | | | | $ | 15,992,096 | | | | | $ | 17,956,446 | | | | | $ | 8,180,020 | | | | | $ | 10,699,178 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 700,000 | | | | | | 600,000 | | | | | | 500,000 | | | | | | 300,000 | | |
| Shares created | | | | | 200,000 | | | | | | 200,000 | | | | | | 350,000 | | | | | | 400,000 | | |
| Shares redeemed | | | | | (300,000) | | | | | | (100,000) | | | | | | (500,000) | | | | | | (200,000) | | |
| Shares outstanding, end of period | | | | | 600,000 | | | | | | 700,000 | | | | | | 350,000 | | | | | | 500,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Hedge Event-Driven
Tracker ETF | | | IQ Real Return ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 104,664 | | | | | $ | 201,009 | | | | | $ | 186,309 | | | | | $ | 1,075,218 | | |
| Net realized gain (loss) | | | | | 518,125 | | | | | | (129,344) | | | | | | (248,405) | | | | | | (500,329) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 197,581 | | | | | | (341,340) | | | | | | 477,092 | | | | | | (1,143,699) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 820,370 | | | | | | (269,675) | | | | | | 414,996 | | | | | | (568,810) | | |
| Distributions to Shareholders | | | | | — | | | | | | (157,392) | | | | | | — | | | | | | (1,185,760) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 3,422,930 | | | | | | 8,619,767 | | | | | | — | | | | | | — | | |
| Cost of shares redeemed | | | | | (8,062,646) | | | | | | (4,091,994) | | | | | | — | | | | | | (4,103,526) | | |
| Net increase (decrease) from capital share transactions | | | | | (4,639,716) | | | | | | 4,527,773 | | | | | | — | | | | | | (4,103,526) | | |
| Total increase (decrease) in net assets | | | | | (3,819,346) | | | | | | 4,100,706 | | | | | | 414,996 | | | | | | (5,858,096) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 8,353,698 | | | | | | 4,252,992 | | | | | | 51,187,807 | | | | | | 57,045,903 | | |
| End of period | | | | $ | 4,534,352 | | | | | $ | 8,353,698 | | | | | $ | 51,602,803 | | | | | $ | 51,187,807 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 400,000 | | | | | | 200,000 | | | | | | 1,900,000 | | | | | | 2,050,000 | | |
| Shares created | | | | | 150,000 | | | | | | 400,000 | | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | (350,000) | | | | | | (200,000) | | | | | | — | | | | | | (150,000) | | |
| Shares outstanding, end of period | | | | | 200,000 | | | | | | 400,000 | | | | | | 1,900,000 | | | | | | 1,900,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Enhanced Core Plus Bond
U.S. ETF | | | IQ S&P High Yield Low
Volatility Bond ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 571,058 | | | | | $ | 3,141,793 | | | | | $ | 1,853,204 | | | | | $ | 2,548,294 | | |
| Net realized gain (loss) | | | | | 564,338 | | | | | | 5,991,745 | | | | | | 399,065 | | | | | | (2,350,176) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | (1,430,238) | | | | | | (1,318,948) | | | | | | 2,372,686 | | | | | | (1,115,683) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (294,842) | | | | | | 7,814,590 | | | | | | 4,624,955 | | | | | | (917,565) | | |
| Distributions to Shareholders | | | | | (574,223) | | | | | | (3,150,736) | | | | | | (1,737,976) | | | | | | (2,787,812) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 996,463 | | | | | | 10,759,163 | | | | | | 53,457,037 | | | | | | 16,228,614 | | |
| Cost of shares redeemed | | | | | (42,616,860) | | | | | | (102,924,698) | | | | | | — | | | | | | (26,854,263) | | |
| Net increase (decrease) from capital share transactions | | | | | (41,620,397) | | | | | | (92,165,535) | | | | | | 53,457,037 | | | | | | (10,625,649) | | |
| Total increase (decrease) in net assets | | | | | (42,489,462) | | | | | | (87,501,681) | | | | | | 56,344,016 | | | | | | (14,331,026) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 68,992,254 | | | | | | 156,493,935 | | | | | | 51,294,718 | | | | | | 65,625,744 | | |
| End of period | | | | $ | 26,502,792 | | | | | $ | 68,992,254 | | | | | $ | 107,638,734 | | | | | $ | 51,294,718 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 3,450,000 | | | | | | 8,150,000 | | | | | | 2,150,000 | | | | | | 2,650,000 | | |
| Shares created | | | | | 50,000 | | | | | | 550,000 | | | | | | 2,200,000 | | | | | | 650,000 | | |
| Shares redeemed | | | | | (2,150,000) | | | | | | (5,250,000) | | | | | | — | | | | | | (1,150,000) | | |
| Shares outstanding, end of period | | | | | 1,350,000 | | | | | | 3,450,000 | | | | | | 4,350,000 | | | | | | 2,150,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Merger Arbitrage ETF | | | IQ Global Resources ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 442,545 | | | | | $ | 3,872,200 | | | | | $ | 413,810 | | | | | $ | 2,749,818 | | |
| Net realized gain (loss) | | | | | (30,905,461) | | | | | | 82,702,816 | | | | | | (648,760) | | | | | | 1,836,863 | | |
Net change in net unrealized appreciation
(depreciation) | | | | | 88,219,292 | | | | | | (95,293,870) | | | | | | 1,296,104 | | | | | | (5,664,345) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 57,756,376 | | | | | | (8,718,854) | | | | | | 1,061,154 | | | | | | (1,077,664) | | |
| Distributions to Shareholders | | | | | — | | | | | | — | | | | | | — | | | | | | (2,539,080) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 77,198,291 | | | | | | 778,842,132 | | | | | | — | | | | | | 1,340,878 | | |
| Cost of shares redeemed | | | | | (114,189,669) | | | | | | (1,032,341,051) | | | | | | (3,909,018) | | | | | | (150,087,715) | | |
| Net increase (decrease) from capital share transactions | | | | | (36,991,378) | | | | | | (253,498,919) | | | | | | (3,909,018) | | | | | | (148,746,837) | | |
| Total increase (decrease) in net assets | | | | | 20,764,998 | | | | | | (262,217,773) | | | | | | (2,847,864) | | | | | | (152,363,581) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 723,581,774 | | | | | | 985,799,547 | | | | | | 22,948,356 | | | | | | 175,311,937 | | |
| End of period | | | | $ | 744,346,772 | | | | | $ | 723,581,774 | | | | | $ | 20,100,492 | | | | | $ | 22,948,356 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 22,950,000 | | | | | | 31,300,000 | | | | | | 950,000 | | | | | | 6,500,000 | | |
| Shares created | | | | | 2,300,000 | | | | | | 23,900,000 | | | | | | — | | | | | | 50,000 | | |
| Shares redeemed | | | | | (3,500,000) | | | | | | (32,250,000) | | | | | | (150,000) | | | | | | (5,600,000) | | |
| Shares outstanding, end of period | | | | | 21,750,000 | | | | | | 22,950,000 | | | | | | 800,000 | | | | | | 950,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ U.S. Real Estate Small Cap ETF | | | IQ 500 International ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 829,276 | | | | | $ | 1,707,060 | | | | | $ | 3,299,438 | | | | | $ | 4,213,636 | | |
| Net realized gain (loss) | | | | | (6,022,598) | | | | | | (2,621,227) | | | | | | (2,130,743) | | | | | | 4,809,844 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 5,571,063 | | | | | | (15,279,064) | | | | | | 14,851,018 | | | | | | (60,097,774) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 377,741 | | | | | | (16,193,231) | | | | | | 16,019,713 | | | | | | (51,074,294) | | |
| Distributions to Shareholders | | | | | (936,069) | | | | | | (1,633,256) | | | | | | (3,283,308) | | | | | | (3,080,969) | | |
| Distributions to Shareholders from Return of Capital | | | | | — | | | | | | (1,775,536) | | | | | | — | | | | | | — | | |
| Total distributions to shareholders | | | | | (936,069) | | | | | | (3,408,792) | | | | | | (3,283,308) | | | | | | (3,080,969) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 850,893 | | | | | | 3,688,926 | | | | | | — | | | | | | 284,884,301 | | |
| Cost of shares redeemed | | | | | (6,315,193) | | | | | | (14,999,579) | | | | | | (15,788,678) | | | | | | (97,952,352) | | |
| Net increase (decrease) from capital share transactions | | | | | (5,464,300) | | | | | | (11,310,653) | | | | | | (15,788,678) | | | | | | 186,931,949 | | |
| Total increase (decrease) in net assets | | | | | (6,022,628) | | | | | | (30,912,676) | | | | | | (3,052,273) | | | | | | 132,776,686 | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 40,702,319 | | | | | | 71,614,995 | | | | | | 218,451,264 | | | | | | 85,674,578 | | |
| End of period | | | | $ | 34,679,691 | | | | | $ | 40,702,319 | | | | | $ | 215,398,991 | | | | | $ | 218,451,264 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 2,350,000 | | | | | | 2,850,000 | | | | | | 9,800,000 | | | | | | 3,100,000 | | |
| Shares created | | | | | 50,000 | | | | | | 150,000 | | | | | | — | | | | | | 10,350,000 | | |
| Shares redeemed | | | | | (350,000) | | | | | | (650,000) | | | | | | (650,000) | | | | | | (3,650,000) | | |
| Shares outstanding, end of period | | | | | 2,050,000 | | | | | | 2,350,000 | | | | | | 9,150,000 | | | | | | 9,800,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ 50 Percent Hedged FTSE
International ETF | | | IQ Candriam ESG International
Equity ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Period
December 17,
2019* to
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 2,985,629 | | | | | $ | 7,283,615 | | | | | $ | 1,137,067 | | | | | $ | 142,981 | | |
| Net realized gain (loss) | | | | | (12,109,985) | | | | | | (3,622,654) | | | | | | 2,548,905 | | | | | | (47,615) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 27,053,851 | | | | | | (43,441,569) | | | | | | 6,333,238 | | | | | | (340,084) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 17,929,495 | | | | | | (39,780,608) | | | | | | 10,019,210 | | | | | | (244,718) | | |
| Distributions to Shareholders | | | | | (3,281,130) | | | | | | (7,874,573) | | | | | | (904,797) | | | | | | (50,904) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 16,392,428 | | | | | | 134,725,957 | | | | | | 62,073,063 | | | | | | 46,491,761 | | |
| Cost of shares redeemed | | | | | (30,493,900) | | | | | | (118,574,884) | | | | | | (15,558,784) | | | | | | — | | |
| Net increase (decrease) from capital share transactions | | | | | (14,101,472) | | | | | | 16,151,073 | | | | | | 46,514,279 | | | | | | 46,491,761 | | |
| Total increase (decrease) in net assets | | | | | 546,893 | | | | | | (31,504,108) | | | | | | 55,628,692 | | | | | | 46,196,139 | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 249,574,797 | | | | | | 281,078,905 | | | | | | 46,196,139 | | | | | | — | | |
| End of period | | | | $ | 250,121,690 | | | | | $ | 249,574,797 | | | | | $ | 101,824,831 | | | | | $ | 46,196,139 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 13,850,000 | | | | | | 13,650,000 | | | | | | 2,200,000 | | | | | | — | | |
| Shares created | | | | | 850,000 | | | | | | 6,400,000 | | | | | | 2,900,000 | | | | | | 2,200,000 | | |
| Shares redeemed | | | | | (1,600,000) | | | | | | (6,200,000) | | | | | | (650,000) | | | | | | — | | |
| Shares outstanding, end of period | | | | | 13,100,000 | | | | | | 13,850,000 | | | | | | 4,450,000 | | | | | | 2,200,000 | | |
*
Commencement of operations.
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Candriam ESG U.S. Equity ETF | | | IQ Chaikin U.S. Small Cap ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the Period
December 17,
2019* to
April 30, 2020 | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 739,627 | | | | | $ | 39,607 | | | | | $ | 892,519 | | | | | $ | 2,395,386 | | |
| Net realized gain (loss) | | | | | 2,026,897 | | | | | | 54,203 | | | | | | 2,007,873 | | | | | | (38,685,566) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 2,145,696 | | | | | | (263,052) | | | | | | 10,698,513 | | | | | | 5,130,703 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 4,912,220 | | | | | | (169,242) | | | | | | 13,598,905 | | | | | | (31,159,477) | | |
| Distributions to Shareholders | | | | | (515,275) | | | | | | (30,853) | | | | | | (687,575) | | | | | | (2,340,043) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 220,259,677 | | | | | | 10,070,844 | | | | | | 24,234,941 | | | | | | 4,615,525 | | |
| Cost of shares redeemed | | | | | (10,200,283) | | | | | | (3,837,002) | | | | | | (7,741,620) | | | | | | (216,562,479) | | |
| Net increase (decrease) from capital share transactions | | | | | 210,059,394 | | | | | | 6,233,842 | | | | | | 16,493,321 | | | | | | (211,946,954) | | |
| Total increase (decrease) in net assets | | | | | 214,456,339 | | | | | | 6,033,747 | | | | | | 29,404,651 | | | | | | (245,446,474) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 6,033,747 | | | | | | — | | | | | | 103,108,248 | | | | | | 348,554,722 | | |
| End of period | | | | $ | 220,490,086 | | | | | $ | 6,033,747 | | | | | $ | 132,512,899 | | | | | $ | 103,108,248 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 250,000 | | | | | | — | | | | | | 5,150,000 | | | | | | 13,550,000 | | |
| Shares created | | | | | 7,950,000 | | | | | | 400,000 | | | | | | 1,050,000 | | | | | | 200,000 | | |
| Shares redeemed | | | | | (350,000) | | | | | | (150,000) | | | | | | (350,000) | | | | | | (8,600,000) | | |
| Shares outstanding, end of period | | | | | 7,850,000 | | | | | | 250,000 | | | | | | 5,850,000 | | | | | | 5,150,000 | | |
*
Commencement of operations.
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Chaikin U.S. Large Cap ETF | |
| | | | For the Six
Months Ended
October 31,
2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
| Net investment income | | | | $ | 1,946,862 | | | | | $ | 6,114,254 | | |
| Net realized gain (loss) | | | | | 998,631 | | | | | | (43,036,686) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 25,353,192 | | | | | | 18,023,957 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 28,298,685 | | | | | | (18,898,475) | | |
| Distributions to Shareholders | | | | | (1,935,587) | | | | | | (6,034,101) | | |
| Capital Share Transactions | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 2,542,530 | | | | | | 168,898,124 | | |
| Cost of shares redeemed | | | | | (5,783,009) | | | | | | (201,747,345) | | |
| Net increase (decrease) from capital share transactions | | | | | (3,240,479) | | | | | | (32,849,221) | | |
| Total increase (decrease) in net assets | | | | | 23,122,619 | | | | | | (57,781,797) | | |
| Net Assets | | | | | | | | | | | | | |
| Beginning of period | | | | | 220,629,793 | | | | | | 278,411,590 | | |
| End of period | | | | $ | 243,752,412 | | | | | $ | 220,629,793 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 10,050,000 | | | | | | 11,250,000 | | |
| Shares created | | | | | 100,000 | | | | | | 6,800,000 | | |
| Shares redeemed | | | | | (250,000) | | | | | | (8,000,000) | | |
| Shares outstanding, end of period | | | | | 9,900,000 | | | | | | 10,050,000 | | |
See notes to financial statements.
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Multi-Strategy Tracker ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 29.41 | | | | | $ | 30.29 | | | | | $ | 30.39 | | | | | $ | 29.15 | | | | | $ | 29.03 | | | | | $ | 30.01 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.23 | | | | | | 0.75 | | | | | | 0.72 | | | | | | 0.56 | | | | | | 0.50 | | | | | | 0.43 | | |
| Net realized and unrealized gain (loss) | | | | | 1.24 | | | | | | (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 | | | | | 1.47 | | | | | | (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 period | | | | $ | 30.88 | | | | | $ | 29.41 | | | | | $ | 30.29 | | | | | $ | 30.39 | | | | | $ | 29.15 | | | | | $ | 29.03 | | |
| Market price, end of period | | | | $ | 30.86 | | | | | $ | 29.34 | | | | | $ | 30.28 | | | | | $ | 30.38 | | | | | $ | 29.15 | | | | | $ | 29.06 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset
value(e) | | | | | 4.99% | | | | | | (1.04)% | | | | | | 1.56% | | | | | | 4.24% | | | | | | 0.42% | | | | | | (2.80)% | | |
Total investment return based on market price(f) | | | | | 5.18% | | | | | | (1.26)% | | | | | | 1.56% | | | | | | 4.22% | | | | | | 0.31% | | | | | | (2.67)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 736,406 | | | | | $ | 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%(h) | | | | | | 0.54% | | | | | | 0.54% | | | | | | 0.64% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.76%(h) | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 1.48%(h) | | | | | | 2.49% | | | | | | 2.40% | | | | | | 1.87% | | | | | | 1.72% | | | | | | 1.48% | | |
Portfolio turnover rate(i) | | | | | 91% | | | | | | 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. 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)
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 Hedge Macro Tracker ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 25.52 | | | | | $ | 26.26 | | | | | $ | 26.35 | | | | | $ | 25.46 | | | | | $ | 24.66 | | | | | $ | 25.69 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.19 | | | | | | 0.56 | | | | | | 0.44 | | | | | | 0.39 | | | | | | 0.37 | | | | | | 0.46 | | |
| Net realized and unrealized gain (loss) | | | | | 1.79 | | | | | | (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 | | | | | 1.98 | | | | | | (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 period | | | | $ | 27.50 | | | | | $ | 25.52 | | | | | $ | 26.26 | | | | | $ | 26.35 | | | | | $ | 25.46 | | | | | $ | 24.66 | | |
| Market price, end of period | | | | $ | 27.49 | | | | | $ | 25.36 | | | | | $ | 26.24 | | | | | $ | 26.34 | | | | | $ | 25.44 | | | | | $ | 24.80 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 7.78% | | | | | | (1.51)% | | | | | | 0.77% | | | | | | 3.50% | | | | | | 3.25% | | | | | | (2.97)% | | |
Total investment return based on market price(e) | | | | | 8.40% | | | | | | (2.04)% | | | | | | 0.74% | | | | | | 3.54% | | | | | | 2.58% | | | | | | (2.60)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 4,125 | | | | | $ | 3,827 | | | | | $ | 5,251 | | | | | $ | 6,588 | | | | | $ | 6,365 | | | | | $ | 14,794 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.41%(g) | | | | | | 0.54% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76%(g) | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 1.37%(g) | | | | | | 2.13% | | | | | | 1.70% | | | | | | 1.47% | | | | | | 1.50% | | | | | | 1.86% | | |
Portfolio turnover rate(h) | | | | | 58% | | | | | | 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. 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)
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 Hedge Market Neutral Tracker ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 25.65 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | | | | $ | 25.49 | | | | | $ | 25.53 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.21 | | | | | | 0.62 | | | | | | 0.55 | | | | | | 0.41 | | | | | | 0.36 | | | | | | 0.27 | | |
| Net realized and unrealized gain (loss) | | | | | 0.79 | | | | | | (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 | | | | | 1.00 | | | | | | (0.14) | | | | | | 0.65 | | | | | | 0.33 | | | | | | 0.11 | | | | | | (0.04) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | — | | | | | | (0.44) | | | | | | — | | | | | | — | | | | | | (0.35) | | | | | | — | | |
| Net asset value, end of period | | | | $ | 26.65 | | | | | $ | 25.65 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | | | | $ | 25.49 | | |
| Market price, end of period | | | | $ | 26.65 | | | | | $ | 25.63 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | | | | $ | 25.43 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 3.90% | | | | | | (0.62)% | | | | | | 2.56% | | | | | | 1.29% | | | | | | 0.44% | | | | | | (0.15)% | | |
Total investment return based on market
price(e) | | | | | 3.98% | | | | | | (0.69)% | | | | | | 2.54% | | | | | | 1.31% | | | | | | 0.67% | | | | | | 0.27% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 15,992 | | | | | $ | 17,956 | | | | | $ | 15,741 | | | | | $ | 12,790 | | | | | $ | 11,364 | | | | | $ | 15,294 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.41%(g) | | | | | | 0.53% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76%(g) | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 1.60%(g) | | | | | | 2.36% | | | | | | 2.15% | | | | | | 1.61% | | | | | | 1.40% | | | | | | 1.09% | | |
Portfolio turnover rate(h) | | | | | 55% | | | | | | 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. 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)
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 Hedge Long/Short Tracker ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 21.40 | | | | | $ | 21.53 | | | | | $ | 21.91 | | | | | $ | 20.36 | | | | | $ | 18.88 | | | | | $ | 19.93 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.21 | | | | | | 0.51 | | | | | | 0.44 | | | | | | 0.41 | | | | | | 0.35 | | | | | | 0.41 | | |
| Net realized and unrealized gain (loss) | | | | | 1.76 | | | | | | (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 | | | | | 1.97 | | | | | | 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 period | | | | $ | 23.37 | | | | | $ | 21.40 | | | | | $ | 21.53 | | | | | $ | 21.91 | | | | | $ | 20.36 | | | | | $ | 18.88 | | |
| Market price, end of period | | | | $ | 23.37 | | | | | $ | 21.52 | | | | | $ | 21.54 | | | | | $ | 21.93 | | | | | $ | 20.34 | | | | | $ | 18.72 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 9.22% | | | | | | 0.93% | | | | | | 3.07% | | | | | | 8.02% | | | | | | 8.18% | | | | | | (3.46)% | | |
Total investment return based on market price(e) | | | | | 8.60% | | | | | | 1.46% | | | | | | 2.91% | | | | | | 8.23% | | | | | | 8.98% | | | | | | (8.23)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 8,180 | | | | | $ | 10,699 | | | | | $ | 6,459 | | | | | $ | 8,764 | | | | | $ | 4,072 | | | | | $ | 1,888 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of
waivers/reimbursements(f) | | | | | 0.41%(g) | | | | | | 0.51% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.77% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76%(g) | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.77% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 1.80%(g) | | | | | | 2.35% | | | | | | 2.06% | | | | | | 1.89% | | | | | | 1.78% | | | | | | 2.15% | | |
Portfolio turnover rate(h) | | | | | 76% | | | | | | 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. 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)
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 Hedge Event-Driven Tracker ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 20.88 | | | | | $ | 21.26 | | | | | $ | 20.93 | | | | | $ | 20.59 | | | | | $ | 19.40 | | | | | $ | 20.01 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.27 | | | | | | 0.73 | | | | | | 0.74 | | | | | | 0.55 | | | | | | 0.56 | | | | | | 0.54 | | |
| Net realized and unrealized gain (loss) | | | | | 1.52 | | | | | | (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 | | | | | 1.79 | | | | | | 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 period | | | | $ | 22.67 | | | | | $ | 20.88 | | | | | $ | 21.26 | | | | | $ | 20.93 | | | | | $ | 20.59 | | | | | $ | 19.40 | | |
| Market price, end of period | | | | $ | 22.66 | | | | | $ | 20.86 | | | | | $ | 21.27 | | | | | $ | 20.93 | | | | | $ | 20.59 | | | | | $ | 19.43 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 8.56% | | | | | | 0.25% | | | | | | 6.12% | | | | | | 3.93% | | | | | | 8.58% | | | | | | (1.26)% | | |
Total investment return based on market price(e) | | | | | 8.63% | | | | | | 0.11% | | | | | | 6.13% | | | | | | 3.94% | | | | | | 8.44% | | | | | | (1.04)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 4,534 | | | | | $ | 8,354 | | | | | $ | 4,253 | | | | | $ | 3,139 | | | | | $ | 3,088 | | | | | $ | 1,940 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.41%(g) | | | | | | 0.50% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.79% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76%(g) | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.79% | | |
Net investment income (loss)(b) | | | | | 2.39%(g) | | | | | | 3.48% | | | | | | 3.54% | | | | | | 2.64% | | | | | | 2.80% | | | | | | 2.81% | | |
Portfolio turnover rate(h) | | | | | 48% | | | | | | 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. 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)
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 Real Return ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 26.94 | | | | | $ | 27.83 | | | | | $ | 27.47 | | | | | $ | 27.25 | | | | | $ | 26.73 | | | | | $ | 26.70 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.10 | | | | | | 0.54 | | | | | | 0.49 | | | | | | 0.30 | | | | | | 0.22 | | | | | | 0.09 | | |
| Net realized and unrealized gain (loss) | | | | | 0.12 | | | | | | (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 | | | | | 0.22 | | | | | | (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 period | | | | $ | 27.16 | | | | | $ | 26.94 | | | | | $ | 27.83 | | | | | $ | 27.47 | | | | | $ | 27.25 | | | | | $ | 26.73 | | |
| Market price, end of period | | | | $ | 27.15 | | | | | $ | 26.86 | | | | | $ | 27.80 | | | | | $ | 27.47 | | | | | $ | 27.27 | | | | | $ | 26.72 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | 0.81% | | | | | | (1.13)% | | | | | | 2.64% | | | | | | 1.89% | | | | | | 1.94% | | | | | | 0.11% | | |
Total investment return based on market
price(f) | | | | | 1.08% | | | | | | (1.33)% | | | | | | 2.53% | | | | | | 1.81% | | | | | | 2.06% | | | | | | (0.32)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 51,603 | | | | | $ | 51,188 | | | | | $ | 57,046 | | | | | $ | 45,319 | | | | | $ | 28,608 | | | | | $ | 26,727 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.21%(h) | | | | | | 0.21% | | | | | | 0.37% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.49%(h) | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | |
Net investment income (loss)(b) | | | | | 0.72%(h) | | | | | | 1.95% | | | | | | 1.77% | | | | | | 1.10% | | | | | | 0.82% | | | | | | 0.33% | | |
Portfolio turnover rate(i) | | | | | 32% | | | | | | 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. 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)
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 Enhanced Core Plus Bond U.S. ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | 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 | | | | $ | 20.00 | | | | | $ | 19.20 | | | | | $ | 19.09 | | | | | $ | 19.98 | | | | | $ | 20.00 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.19 | | | | | | 0.57 | | | | | | 0.57 | | | | | | 0.61 | | | | | | 0.53 | | |
| Net realized and unrealized gain (loss) | | | | | (0.37) | | | | | | 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 | | | | | (0.18) | | | | | | 1.35 | | | | | | 0.67 | | | | | | (0.27) | | | | | | 0.51 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.19) | | | | | | (0.55) | | | | | | (0.56) | | | | | | (0.62) | | | | | | (0.53) | | |
| Net asset value, end of period | | | | $ | 19.63 | | | | | $ | 20.00 | | | | | $ | 19.20 | | | | | $ | 19.09 | | | | | $ | 19.98 | | |
| Market price, end of period | | | | $ | 19.63 | | | | | $ | 20.00 | | | | | $ | 19.18 | | | | | $ | 19.07 | | | | | $ | 19.99 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (0.87)% | | | | | | 7.11% | | | | | | 3.63% | | | | | | (1.44)% | | | | | | 2.57% | | |
Total investment return based on market price(e) | | | | | (0.89)% | | | | | | 7.24% | | | | | | 3.59% | | | | | | (1.56)% | | | | | | 2.61%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 26,503 | | | | | $ | 68,992 | | | | | $ | 156,494 | | | | | $ | 333,990 | | | | | $ | 230,787 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.20%(h) | | | | | | 0.21% | | | | | | 0.21% | | | | | | 0.21% | | | | | | 0.20%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.26%(h) | | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.25%(h) | | |
Net investment income (loss)(c) | | | | | 1.93%(h) | | | | | | 2.90% | | | | | | 2.99% | | | | | | 3.09% | | | | | | 2.73%(h) | | |
Portfolio turnover rate(i) | | | | | 102% | | | | | | 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 Fund 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 S&P High Yield Low Volatility Bond ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | 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 | | | | $ | 23.86 | | | | | $ | 24.76 | | | | | $ | 24.36 | | | | | $ | 25.20 | | | | | $ | 25.00 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.49 | | | | | | 1.01 | | | | | | 1.07 | | | | | | 0.99 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | 0.88 | | | | | | (0.81) | | | | | | 0.41 | | | | | | (0.88) | | | | | | 0.10 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 1.37 | | | | | | 0.20 | | | | | | 1.48 | | | | | | 0.11 | | | | | | 0.30 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.49) | | | | | | (1.10) | | | | | | (1.08) | | | | | | (0.95) | | | | | | (0.10) | | |
| Net asset value, end of period | | | | $ | 24.74 | | | | | $ | 23.86 | | | | | $ | 24.76 | | | | | $ | 24.36 | | | | | $ | 25.20 | | |
| Market price, end of period | | | | $ | 24.85 | | | | | $ | 24.03 | | | | | $ | 24.78 | | | | | $ | 24.32 | | | | | $ | 25.34 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 5.77% | | | | | | 0.71% | | | | | | 6.31% | | | | | | 0.39% | | | | | | 1.40% | | |
Total investment return based on market
price(e) | | | | | 5.50% | | | | | | 1.34% | | | | | | 6.56% | | | | | | (0.36)% | | | | | | 1.93%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | |
| Net assets, end of period (000’s omitted) | | | | $ | 107,639 | | | | | $ | 51,295 | | | | | $ | 65,626 | | | | | $ | 107,192 | | | | | $ | 49,145 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.40%(h) | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.41%(h) | | | | | | 0.41% | | | | | | 0.41% | | | | | | 0.41% | | | | | | 0.41%(h) | | |
Net investment income (loss)(c) | | | | | 3.95%(h) | | | | | | 4.04% | | | | | | 4.42% | | | | | | 3.97% | | | | | | 4.05%(h) | | |
Portfolio turnover rate(i) | | | | | 58% | | | | | | 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 Fund 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 Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 31.53 | | | | | $ | 31.50 | | | | | $ | 30.72 | | | | | $ | 30.21 | | | | | $ | 28.44 | | | | | $ | 28.92 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.02 | | | | | | 0.14 | | | | | | 0.07 | | | | | | 0.10 | | | | | | 0.24(c) | | | | | | 0.02 | | |
| Net realized and unrealized gain (loss) | | | | | 2.67 | | | | | | (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 | | | | | 2.69 | | | | | | 0.03 | | | | | | 0.78 | | | | | | 0.51 | | | | | | 1.83 | | | | | | (0.23) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.06) | | | | | | (0.25) | | |
| Net asset value, end of period | | | | $ | 34.22 | | | | | $ | 31.53 | | | | | $ | 31.50 | | | | | $ | 30.72 | | | | | $ | 30.21 | | | | | $ | 28.44 | | |
| Market price, end of period | | | | $ | 34.17 | | | | | $ | 31.45 | | | | | $ | 31.48 | | | | | $ | 30.75 | | | | | $ | 30.27 | | | | | $ | 28.51 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(f) | | | | | 8.54% | | | | | | 0.10% | | | | | | 2.52% | | | | | | 1.69% | | | | | | 6.45% | | | | | | (0.79)% | | |
Total investment return based on market price(g) | | | | | 8.65% | | | | | | (0.10)% | | | | | | 2.37% | | | | | | 1.59% | | | | | | 6.39% | | | | | | (0.73)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 744,347 | | | | | $ | 723,582 | | | | | $ | 985,800 | | | | | $ | 525,386 | | | | | $ | 188,833 | | | | | $ | 139,367 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(h) | | | | | 0.76%(i) | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 0.12%(i) | | | | | | 0.42% | | | | | | 0.21% | | | | | | 0.34% | | | | | | 0.82%(c) | | | | | | 0.09% | | |
Portfolio turnover rate(j) | | | | | 160% | | | | | | 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. Total return calculated for a period less than one year is not annualized.
(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)
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 Global Resources ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 24.16 | | | | | $ | 26.97 | | | | | $ | 27.76 | | | | | $ | 25.82 | | | | | $ | 24.70 | | | | | $ | 27.18 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.44 | | | | | | 0.66 | | | | | | 0.65 | | | | | | 0.68 | | | | | | 0.33 | | | | | | 0.56 | | |
| Net realized and unrealized gain (loss) | | | | | 0.53 | | | | | | (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 | | | | | 0.97 | | | | | | (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 period | | | | $ | 25.13 | | | | | $ | 24.16 | | | | | $ | 26.97 | | | | | $ | 27.76 | | | | | $ | 25.82 | | | | | $ | 24.70 | | |
| Market price, end of period | | | | $ | 25.16 | | | | | $ | 23.99 | | | | | $ | 27.06 | | | | | $ | 27.65 | | | | | $ | 25.95 | | | | | $ | 24.78 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net
asset value(d) | | | | | 4.01% | | | | | | (8.89)% | | | | | | (2.08)% | | | | | | 7.50% | | | | | | 4.94% | | | | | | (6.71)%(e) | | |
Total investment return based on market price(f) | | | | | 4.88% | | | | | | (9.81)% | | | | | | (1.38)% | | | | | | 6.55% | | | | | | 5.13% | | | | | | (6.41)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 20,100 | | | | | $ | 22,948 | | | | | $ | 175,312 | | | | | $ | 238,712 | | | | | $ | 179,450 | | | | | $ | 67,924 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(g) | | | | | 0.76%(h) | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 3.45%(h) | | | | | | 2.48% | | | | | | 2.37% | | | | | | 2.51% | | | | | | 1.29% | | | | | | 2.39% | | |
Portfolio turnover rate(i) | | | | | 47% | | | | | | 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. Total return calculated for a period less than one year is not annualized.
(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)
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 U.S. Real Estate Small Cap ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the Year Ended April 30, | |
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Net asset value, beginning of period | | | | $ | 17.32 | | | | | $ | 25.13 | | | | | $ | 24.14 | | | | | $ | 27.14 | | | | | $ | 25.14 | | | | | $ | 26.77 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.37 | | | | | | 0.66 | | | | | | 0.79 | | | | | | 0.88 | | | | | | 0.71 | | | | | | 0.90 | | |
| Net realized and unrealized gain (loss) | | | | | (0.35) | | | | | | (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 | | | | | 0.02 | | | | | | (6.50) | | | | | | 2.60 | | | | | | (1.65) | | | | | | 3.59 | | | | | | (0.19) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.42) | | | | | | (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 | | | | | (0.42) | | | | | | (1.31) | | | | | | (1.61) | | | | | | (1.35) | | | | | | (1.59) | | | | | | (1.44) | | |
| Net asset value, end of period | | | | $ | 16.92 | | | | | $ | 17.32 | | | | | $ | 25.13 | | | | | $ | 24.14 | | | | | $ | 27.14 | | | | | $ | 25.14 | | |
| Market price, end of period | | | | $ | 16.92 | | | | | $ | 17.30 | | | | | $ | 25.12 | | | | | $ | 24.12 | | | | | $ | 27.15 | | | | | $ | 25.10 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset
value(d) | | | | | 0.07% | | | | | | (27.15)% | | | | | | 11.16% | | | | | | (6.37)% | | | | | | 14.60% | | | | | | (0.51)% | | |
Total investment return based on market price(e) | | | | | 0.20% | | | | | | (27.21)% | | | | | | 11.24% | | | | | | (6.49)% | | | | | | 14.79% | | | | | | (0.83)% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 34,680 | | | | | $ | 40,702 | | | | | $ | 71,615 | | | | | $ | 82,089 | | | | | $ | 114,001 | | | | | $ | 76,663 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(f) | | | | | 0.70%(g) | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | |
Net investment income (loss)(b) | | | | | 4.13%(g) | | | | | | 2.72% | | | | | | 3.11% | | | | | | 3.36% | | | | | | 2.64% | | | | | | 3.62% | | |
Portfolio turnover rate(h) | | | | | 22% | | | | | | 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. 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)
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 500 International ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the
Year Ended
April 30, 2020 | | | For the
Period
December 13,
2018(a) to
April 30, 2019 | |
| Net asset value, beginning of period | | | | $ | 22.29 | | | | | $ | 27.64 | | | | | $ | 25.50 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.35 | | | | | | 0.72 | | | | | | 0.39 | | |
| Net realized and unrealized gain (loss) | | | | | 1.25 | | | | | | (5.40) | | | | | | 1.77 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 1.60 | | | | | | (4.68) | | | | | | 2.16 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.35) | | | | | | (0.67) | | | | | | (0.02) | | |
| Net asset value, end of period | | | | $ | 23.54 | | | | | $ | 22.29 | | | | | $ | 27.64 | | |
| Market price, end of period | | | | $ | 23.59 | | | | | $ | 22.10 | | | | | $ | 27.65 | | |
| Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 7.15% | | | | | | (17.33)% | | | | | | 8.47% | | |
Total investment return based on market price(e) | | | | | 8.32% | | | | | | (18.07)% | | | | | | 8.52% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 215,399 | | | | | $ | 218,451 | | | | | $ | 85,675 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.25%(g) | | | | | | 0.25% | | | | | | 0.25%(g) | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.26%(g) | | | | | | 0.26% | | | | | | 0.26%(g) | | |
Net investment income (loss)(c) | | | | | 2.86%(g) | | | | | | 2.81% | | | | | | 3.90%(g) | | |
Portfolio turnover rate(h) | | | | | 8% | | | | | | 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 Six
Months Ended
October 31, 2020
(unaudited) | | | 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 | | | | $ | 18.02 | | | | | $ | 20.59 | | | | | $ | 21.63 | | | | | $ | 19.68 | | | | | $ | 17.68 | | | | | $ | 19.94 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.22 | | | | | | 0.56 | | | | | | 0.62 | | | | | | 0.60 | | | | | | 0.46 | | | | | | 0.37 | | |
| Net realized and unrealized gain (loss) | | | | | 1.09 | | | | | | (2.51) | | | | | | (0.77) | | | | | | 1.89 | | | | | | 2.18 | | | | | | (2.42) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 1.31 | | | | | | (1.95) | | | | | | (0.15) | | | | | | 2.49 | | | | | | 2.64 | | | | | | (2.05) | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.24) | | | | | | (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 | | | | | (0.24) | | | | | | (0.62) | | | | | | (0.89) | | | | | | (0.54) | | | | | | (0.64) | | | | | | (0.21) | | |
| Net asset value, end of period | | | | $ | 19.09 | | | | | $ | 18.02 | | | | | $ | 20.59 | | | | | $ | 21.63 | | | | | $ | 19.68 | | | | | $ | 17.68 | | |
| Market price, end of period | | | | $ | 19.15 | | | | | $ | 17.83 | | | | | $ | 20.65 | | | | | $ | 21.60 | | | | | $ | 19.75 | | | | | $ | 17.59 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset
value(e) | | | | | 7.28% | | | | | | (9.74)% | | | | | | (0.42)% | | | | | | 12.84% | | | | | | 15.29% | | | | | | (10.33)% | | |
Total investment return based on market
price(f) | | | | | 8.75% | | | | | | (10.94)% | | | | | | (0.03)% | | | | | | 12.28% | | | | | | 16.28% | | | | | | (10.77)%(g) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period
(000’s omitted) | | | | $ | 250,122 | | | | | $ | 249,575 | | | | | $ | 281,079 | | | | | $ | 578,517 | | | | | $ | 208,595 | | | | | $ | 76,010 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(h) | | | | | 0.20%(i) | | | | | | 0.20% | | | | | | 0.20% | | | | | | 0.22% | | | | | | 0.36% | | | | | | 0.36%(i) | | |
Expenses excluding waivers/
reimbursements(h) | | | | | 0.36%(i) | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36%(i) | | |
Net investment income (loss)(c) | | | | | 2.26%(i) | | | | | | 2.78% | | | | | | 3.03% | | | | | | 2.87% | | | | | | 2.55% | | | | | | 2.71%(i) | | |
Portfolio turnover rate(j) | | | | | 6% | | | | | | 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 Fund 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 Candriam ESG International
Equity ETF | |
| | | | For the Six
Months Ended
October 31, 2020
(unaudited) | | | For the
Period
December 17,
2019(a) to
April 30, 2020 | |
| Net asset value, beginning of period | | | | $ | 21.00 | | | | | $ | 25.19 | | |
| Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.27 | | | | | | 0.26 | | |
| Net realized and unrealized gain (loss) | | | | | 1.81 | | | | | | (4.34) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 2.08 | | | | | | (4.08) | | |
| Distributions from: | | | |
| Net investment income | | | | | (0.20) | | | | | | (0.11) | | |
| Net asset value, end of period | | | | $ | 22.88 | | | | | $ | 21.00 | | |
| Market price, end of period | | | | $ | 22.98 | | | | | $ | 20.87 | | |
| Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 9.93% | | | | | | (16.18)% | | |
Total investment return based on market price(e) | | | | | 11.08% | | | | | | (16.68)%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 101,825 | | | | | $ | 46,196 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.15%(h) | | | | | | 0.15%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.16%(h) | | | | | | 0.16%(h) | | |
Net investment income (loss)(c) | | | | | 2.31%(h) | | | | | | 3.20%(h) | | |
Portfolio turnover rate(i) | | | | | 4% | | | | | | 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 Fund 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 Six
Months Ended
October 31, 2020
(unaudited) | | | For the
Period
December 17,
2019(a) to
April 30, 2020 | |
| Net asset value, beginning of period | | | | $ | 24.13 | | | | | $ | 25.18 | | |
| Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.01 | | | | | | 0.15 | | |
| Net realized and unrealized gain (loss) | | | | | 4.07 | | | | | | (1.08) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 4.08 | | | | | | (0.93) | | |
| Distributions from: | | | | | | | | | | | | | |
| Net investment income | | | | | (0.12) | | | | | | (0.12) | | |
| Net asset value, end of period | | | | $ | 28.09 | | | | | $ | 24.13 | | |
| Market price, end of period | | | | $ | 28.10 | | | | | $ | 24.12 | | |
| Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 16.90% | | | | | | (3.59)% | | |
Total investment return based on market price(e) | | | | | 17.03% | | | | | | (3.64)%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 220,490 | | | | | $ | 6,034 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.09%(h) | | | | | | 0.09%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.10%(h) | | | | | | 0.11%(h) | | |
Net investment income (loss)(c) | | | | | 1.34%(h) | | | | | | 1.67%(h) | | |
Portfolio turnover rate(i) | | | | | 1% | | | | | | 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 Fund 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 Six
Months Ended
October 31, 2020
(unaudited) | | | 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 | | | | $ | 20.02 | | | | | $ | 25.72 | | | | | $ | 27.13 | | | | | $ | 25.16 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.01 | | | | | | 0.28 | | | | | | 0.27 | | | | | | 0.16 | | |
| Net realized and unrealized gain (loss) | | | | | 2.75 | | | | | | (5.72) | | | | | | (1.39) | | | | | | 1.93 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 2.76 | | | | | | (5.44) | | | | | | (1.12) | | | | | | 2.09 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.13) | | | | | | (0.26) | | | | | | (0.29) | | | | | | (0.12) | | |
| Net asset value, end of period | | | | $ | 22.65 | | | | | $ | 20.02 | | | | | $ | 25.72 | | | | | $ | 27.13 | | |
| Market price, end of period | | | | $ | 22.66 | | | | | $ | 20.02 | | | | | $ | 25.72 | | | | | $ | 27.14 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 13.85% | | | | | | (21.35)% | | | | | | (4.10)% | | | | | | 8.33% | | |
Total investment return based on market price(e) | | | | | 13.90% | | | | | | (21.34)% | | | | | | (4.14)% | | | | | | 8.36%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 132,513 | | | | | $ | 103,108 | | | | | $ | 348,555 | | | | | $ | 465,347 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.35%(h) | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.36%(h) | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36%(h) | | |
Net investment income (loss)(c) | | | | | 1.52%(h) | | | | | | 1.14% | | | | | | 1.01% | | | | | | 0.61%(h) | | |
Portfolio turnover rate(i) | | | | | 1% | | | | | | 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 Fund 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 Six
Months Ended
October 31, 2020
(unaudited) | | | 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 | | | | $ | 21.95 | | | | | $ | 24.75 | | | | | $ | 25.30 | | | | | $ | 25.05 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.20 | | | | | | 0.58 | | | | | | 0.48 | | | | | | 0.15 | | |
| Net realized and unrealized gain (loss) | | | | | 2.67 | | | | | | (2.80) | | | | | | (0.53) | | | | | | 0.18(d) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 2.87 | | | | | | (2.22) | | | | | | (0.05) | | | | | | 0.33 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.20) | | | | | | (0.58) | | | | | | (0.50) | | | | | | (0.08) | | |
| Net asset value, end of period | | | | $ | 24.62 | | | | | $ | 21.95 | | | | | $ | 24.75 | | | | | $ | 25.30 | | |
| Market price, end of period | | | | $ | 24.64 | | | | | $ | 21.92 | | | | | $ | 24.75 | | | | | $ | 25.30 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | 13.09% | | | | | | (9.04)% | | | | | | (0.13)% | | | | | | 1.31% | | |
Total investment return based on market price(f) | | | | | 13.35% | | | | | | (9.18)% | | | | | | (0.13)% | | | | | | 1.32%(g) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 243,752 | | | | | $ | 220,630 | | | | | $ | 278,412 | | | | | $ | 320,000 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(h) | | | | | 0.25%(i) | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25%(i) | | |
Expenses excluding waivers/reimbursements(h) | | | | | 0.26%(i) | | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.26%(i) | | |
Net investment income (loss)(c) | | | | | 1.61%(i) | | | | | | 2.35% | | | | | | 1.97% | | | | | | 1.59%(i) | | |
Portfolio turnover rate(j) | | | | | 0% | | | | | | 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 Fund 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
October 31, 2020 (unaudited)
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 seventeen 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 Enhanced Core Plus Bond U.S. ETF* | | | Diversified | | | May 10, 2016 | |
| | 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 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 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)
October 31, 2020 (unaudited)
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 Enhanced Core Plus Bond U.S. ETF | | | IQ Enhanced Core Plus 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 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 Candriam ESG International Equity ETF | | | IQ Candriam ESG International Equity Index | |
| | IQ Candriam ESG U.S. Equity ETF | | | IQ Candriam ESG U.S. 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. 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
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
of trading (generally, 4:00 PM Eastern Time) on each day the Fund’s listing 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 October 31, 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 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
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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.
LIBOR Replacement
A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the LIBOR, as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. The Advisor is currently working to assess exposure and will modify contracts as necessary.
The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value.
Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance.
Accordingly, the potential effect of a transition away from LIBOR on a Fund or the debt securities or other instruments based on LIBOR in which a Fund invests cannot yet be determined. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.
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
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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.
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 October 31, 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”),
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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 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 Taxes
The Funds may be subject to foreign withholding 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 expected 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 a determination by the tax authorities of each country in which the Funds has an open receivable. The Funds regularly evaluates the probability of recovering each accrued withholding tax. 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 period ended October 31, 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.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
Cash Equivalents
Cash equivalents consist of highly liquid investments, with maturities of three months or less when acquired and are disclosed as “Short-Term Investments” in the Schedules of Investments.
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; except that IQ U.S. Real Estate Small Cap ETF, IQ 500 International ETF, IQ 50 Percent Hedged FTSE International ETF, IQ Candriam ESG International Equity ETF, IQ Candriam ESG U.S. Equity ETF, IQ Chaikin U.S. Small Cap ETF, and IQ Chaikin U.S. Large Cap ETF typically distributes income quarterly, and IQ Enhanced Core Plus Bond U.S. ETF and IQ S&P High Yield Low Volatility Bond ETF typically distribute income monthly. 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.
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
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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 October 31, 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 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 | | | | $ | 91,292,003 | | | | | $ | 426,844 | | | | | $ | 2,202,707 | | | | | $ | 114,161,607 | | | | | $ | 208,083,161 | | |
| IQ Hedge Macro Tracker ETF | | | | | 367,848 | | | | | | 1,243 | | | | | | 15,830 | | | | | | 766,597 | | | | | | 1,151,518 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 2,795,304 | | | | | | 3,042 | | | | | | 30,793 | | | | | | 1,940,876 | | | | | | 4,770,015 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 196,550 | | | | | | 14,767 | | | | | | 10,983 | | | | | | 974,121 | | | | | | 1,196,421 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 257,495 | | | | | | 450 | | | | | | 10,624 | | | | | | 414,403 | | | | | | 682,972 | | |
| IQ Real Return ETF | | | | | 12,588,896 | | | | | | 16,627 | | | | | | 34,669 | | | | | | 2,892,590 | | | | | | 15,532,782 | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 433,490 | | | | | | 18,890 | | | | | | 101,613 | | | | | | 7,525,414 | | | | | | 8,079,407 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 968,842 | | | | | | 2,748 | | | | | | 1,851 | | | | | | 167,331 | | | | | | 1,140,772 | | |
| IQ Merger Arbitrage ETF | | | | | 17,090,918 | | | | | | 13,706 | | | | | | 810,593 | | | | | | 33,342,936 | | | | | | 51,258,153 | | |
| IQ Global Resources ETF | | | | | 201,810 | | | | | | 142 | | | | | | 1,125 | | | | | | 113,782 | | | | | | 316,859 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 6,683 | | | | | | 598 | | | | | | 14,482 | | | | | | 564,322 | | | | | | 586,085 | | |
| IQ 500 International ETF | | | | | 7,592,425 | | | | | | — | | | | | | — | | | | | | 497,718 | | | | | | 8,090,143 | | |
IQ 50 Percent Hedged FTSE International
ETF | | | | | 3,935,916 | | | | | | — | | | | | | — | | | | | | 153,954 | | | | | | 4,089,870 | | |
| IQ Candriam ESG International Equity ETF | | | | | 862,955 | | | | | | — | | | | | | — | | | | | | 779,657 | | | | | | 1,642,612 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 187,581 | | | | | | 21,030 | | | | | | 95,769 | | | | | | 4,570,077 | | | | | | 4,874,457 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 3,083,247 | | | | | | 32,779 | | | | | | 131,786 | | | | | | 7,272,649 | | | | | | 10,520,461 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | 47,200 | | | | | | 190,712 | | | | | | 9,394,856 | | | | | | 9,632,768 | | |
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)
October 31, 2020 (unaudited)
At October 31, 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 Merrill Lynch International (“Bank of America”) and Morgan Stanley Capital Services 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 Merger Arbitrage ETF
IQ Global Resources ETF
As of October 31, 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 | | | | $ | 202,515,278 | | | | | $ | (202,515,278) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | |
| IQ Hedge Macro Tracker ETF | | | | | 1,118,030 | | | | | | (1,118,030) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 4,655,257 | | | | | | (4,655,257) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 1,171,481 | | | | | | (1,171,481) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 662,681 | | | | | | (662,681) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Real Return ETF | | | | | 15,183,196 | | | | | | (15,183,196) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 7,919,695 | | | | | | (7,919,695) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 1,103,682 | | | | | | (1,103,682) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Merger Arbitrage ETF | | | | | 50,544,862 | | | | | | (50,544,862) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Global Resources ETF | | | | | 302,678 | | | | | | (302,678) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 576,638 | | | | | | (576,638) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ 500 International ETF | | | | | 7,530,922 | | | | | | (7,530,922) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 3,828,217 | | | | | | (3,828,217) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Candriam ESG International Equity ETF | | | | | 1,561,885 | | | | | | (1,561,885) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 4,597,858 | | | | | | (4,597,858) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 10,021,790 | | | | | | (10,021,790) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 9,000,618 | | | | | | (9,000,618) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
1 The amount of collateral presented is limited such that the net amount cannot be less than $0.
As of October 31, 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 | | | Net
Amount of
Derivatives
Liabilities | |
IQ 50 Percent Hedged FTSE International
ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Morgan Stanley | | | | $ | 516,133 | | | | | $ | (516,133) | | | | | $ | — | | | | | $ | 572,159 | | | | | $ | (572,159) | | | | | $ | — | | |
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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”).
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 Enhanced Core Plus Bond U.S. ETF | | | | | 0.25% | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 0.40% | | |
| IQ Merger Arbitrage ETF | | | | | 0.75% | | |
| IQ Global Resources 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 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.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
The Advisor has entered into a Fee Waiver Agreement with each Fund under which it has contractually agreed, until August 31, 2021, 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 Enhanced Core Plus Bond U.S. ETF | | | | | 0.05% | | |
The Advisor has entered into an Expense Limitation Agreement with each Fund under which it has contractually agreed, until August 31, 2021, 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 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 | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 0.40% | | |
| IQ 500 International ETF | | | | | 0.25% | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 0.20% | | |
| 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% | | |
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.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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.
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 October 31, 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 | | | | $ | 820,723,318 | | | | | $ | 14,538,978 | | | | | $ | (7,629,238) | | | | | | 6,909,740 | | |
| IQ Hedge Macro Tracker ETF | | | | | 4,268,445 | | | | | | 251,915 | | | | | | (36,974) | | | | | | 214,941 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 18,798,291 | | | | | | 127,336 | | | | | | (126,331) | | | | | | 1,005 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 8,725,204 | | | | | | 14,225 | | | | | | (368,324) | | | | | | (354,099) | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 4,882,764 | | | | | | 4,868 | | | | | | (93,543) | | | | | | (88,675) | | |
| IQ Real Return ETF | | | | | 64,404,970 | | | | | | 271,883 | | | | | | (483,833) | | | | | | (211,950) | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 27,416,907 | | | | | | 76,504 | | | | | | (552,633) | | | | | | (476,129) | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 107,388,502 | | | | | | 2,242,595 | | | | | | (686,127) | | | | | | 1,556,468 | | |
| IQ Merger Arbitrage ETF | | | | | 755,503,628 | | | | | | 16,452,272 | | | | | | (7,644,632) | | | | | | 8,807,640 | | |
| IQ Global Resources ETF | | | | | 22,811,285 | | | | | | 1,274,103 | | | | | | (4,001,962) | | | | | | (2,727,859) | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 48,140,358 | | | | | | 4,199,197 | | | | | | (17,655,287) | | | | | | (13,456,090) | | |
| IQ 500 International ETF | | | | | 262,084,931 | | | | | | 9,898,329 | | | | | | (49,978,526) | | | | | | (40,080,197) | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 291,071,270 | | | | | | 26,153,098 | | | | | | (63,610,416) | | | | | | (37,457,318) | | |
| IQ Candriam ESG International Equity ETF | | | | | 96,477,530 | | | | | | 9,626,591 | | | | | | (3,682,743) | | | | | | 5,943,848 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 218,633,598 | | | | | | 7,963,952 | | | | | | (6,087,006) | | | | | | 1,876,946 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 121,303,551 | | | | | | 25,142,593 | | | | | | (10,887,662) | | | | | | 14,254,931 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 208,264,348 | | | | | | 48,029,519 | | | | | | (12,742,977) | | | | | | 35,286,542 | | |
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, distributions from underlying Funds and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at October 31, 2020.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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 Enhanced Core Plus Bond U.S. ETF | | | | | — | | | | | | (16,056,882) | | | | | | 954,109 | | | | | | (15,102,773) | | |
| 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 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 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.
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 Enhanced Core Plus Bond U.S. ETF | | | | | (1,970,362) | | | | | | 1,970,362 | | |
| 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 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 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 | | |
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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, the expiration of capital loss carryforwards, nondeductible expenses and capital share redemptions utilized as distributions for tax purposes.
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 Enhanced Core Plus Bond U.S.
ETF | | | | | 3,150,736 | | | | | | — | | | | | | — | | | | | | 6,882,062 | | | | | | — | | | | | | — | | |
| 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 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 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 | | | | | | — | | | | | | — | | |
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 did not incur Post-October Losses and late year ordinary losses.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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. There is no assurance that any Fund will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards expire in amounts and fiscal years as follows:
| Fund | | | Utilized on
Current Year | | | Short-Term
With No Expiration | | | Long-Term
With No Expiration | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | — | | | | | $ | 70,903,956 | | | | | $ | 1,817,369.00 | | |
| 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 Enhanced Core Plus Bond U.S. ETF | | | | | 4,009,883 | | | | | | 15,277,824 | | | | | | 779,058 | | |
| 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 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 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 October 31, 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 October 31, 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 Investment Management LLC
| Fund | | | % Ownership | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 50.5% | | |
| IQ 500 International ETF | | | | | 98.9% | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 52.9% | | |
| IQ Candriam ESG International Equity ETF | | | | | 98.0% | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 99.0% | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 78.1% | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 98.1% | | |
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
7. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) for the period ended October 31, 2020 are as follows:
| Fund | | | Purchases | | | Sales | | | Purchases In-Kind | | | Sales In-Kind | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 689,454,018 | | | | | $ | 690,636,765 | | | | | $ | 133,661,200 | | | | | $ | 176,158,474 | | |
| IQ Hedge Macro Tracker ETF | | | | | 2,327,001 | | | | | | 2,325,896 | | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 10,104,812 | | | | | | 10,175,062 | | | | | | 5,339,677 | | | | | | 8,064,193 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 9,138,543 | | | | | | 9,181,889 | | | | | | 8,271,673 | | | | | | 11,915,592 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 4,033,770 | | | | | | 3,923,791 | | | | | | 3,417,105 | | | | | | 8,048,763 | | |
| IQ Real Return ETF | | | | | 16,484,542 | | | | | | 16,378,505 | | | | | | — | | | | | | — | | |
| IQ Enhanced Core Plus Bond U.S. ETF | | | | | 56,650,614 | | | | | | 56,594,082 | | | | | | 996,433 | | | | | | 42,622,564 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 57,677,076 | | | | | | 51,529,001 | | | | | | 46,652,007 | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | 1,019,303,329 | | | | | | 1,082,095,577 | | | | | | 63,404,114 | | | | | | 107,044,045 | | |
| IQ Global Resources ETF | | | | | 10,512,809 | | | | | | 11,305,131 | | | | | | — | | | | | | 3,746,618 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 8,646,285 | | | | | | 8,694,214 | | | | | | 850,694 | | | | | | 6,313,824 | | |
| IQ 500 International ETF | | | | | 16,819,950 | | | | | | 19,918,801 | | | | | | — | | | | | | 15,594,520 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 14,622,384 | | | | | | 21,744,456 | | | | | | 15,195,797 | | | | | | 28,473,768 | | |
| IQ Candriam ESG International Equity ETF | | | | | 5,541,514 | | | | | | 3,683,738 | | | | | | 59,600,830 | | | | | | 15,029,428 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 1,499,365 | | | | | | 1,785,432 | | | | | | 220,423,608 | | | | | | 10,144,913 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 1,507,957 | | | | | | 1,326,563 | | | | | | 24,227,781 | | | | | | 7,738,534 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 625,178 | | | | | | 663,797 | | | | | | 2,541,036 | | | | | | 5,779,319 | | |
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 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
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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 October 31, 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 October 31, 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 October 31, 2020, open forward foreign currency contracts, if any, are listed at the end of the Funds’ respective Schedule of Investments.
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.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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 | | | | $ | 516,133 | | |
Liability Derivatives
| | | | Currency Risk | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | |
| Unrealized depreciation on forward foreign currency contracts | | | | $ | 572,159 | | |
Total return swaps reflect a reset date as of October 31, 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 period ended October 31, 2020 were as follows:
| Fund | | | Currency Risk | | | Equity Risk | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (3,447,280) | | |
| IQ Hedge Macro Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (716) | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (119,754) | | |
| IQ Hedge Long/Short Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (39,813) | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (182) | | |
| IQ Merger Arbitrage ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (21,507,411) | | |
| IQ Global Resources ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (593,675) | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | (6,426,021) | | | | | | | | |
| Change in unrealized appreciation (depreciation) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | 929,531 | | | | | | | | |
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
For the period ended October 31, 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 Merger
Arbitrage
ETF | | | IQ Global
Resources
ETF | | | IQ 50
Percent
Hedged
FTSE
International
ETF | |
| Asset Derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap contracts | | | | $ | 75,283,261 | | | | | $ | 398,440 | | | | | $ | 1,833,185 | | | | | $ | 1,184,617 | | | | | $ | 210,663 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 241,626,735 | | |
| Liability Derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap contracts | | | | $ | (74,670,259) | | | | | $ | (399,409) | | | | | $ | (1,846,694) | | | | | $ | (1,203,319) | | | | | $ | (211,860) | | | | | $ | (248,614,459) | | | | | $ | (4,653,085) | | | | | $ | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (242,550,939) | | |
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.
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
1
Applies to IQ Enhanced Core Plus Bond U.S. ETF and IQ S&P High Yield Low Volatility
2
Applies to IQ 50 Percent Hedged FTSE International ETF
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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 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.
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, and IQ Enhanced Core Plus Bond U.S. ETF.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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.
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.
1
Applies to IQ Enhanced Core Plus Bond U.S. ETF and IQ S&P High Yield Low Volatility Bond ETF.
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, and IQ Enhanced Core Plus Bond U.S. ETF.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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 fixed-income securities markets generally or particular segments of the market.
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.
4
Applies to IQ Candriam ESG International Equity ETF and IQ Candriam ESG U.S. Equity ETF.
5
Applies to IQ U.S. Real Estate Small Cap ETF, IQ Candriam ESG International Equity ETF, IQ Candriam ESG U.S. Equity ETF, and IQ Chaikin U.S. Small Cap 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 Merger Arbitrage ETF and IQ Global Resources ETF.
Notes to Financial Statements (continued)
October 31, 2020 (unaudited)
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
10. NEW ACCOUNTING PRONOUNCEMENTS
To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standard 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 October 31, 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 these provisions on the financial statement disclosures, if any.
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 (“ASU 2020-04”), which provides optional guidance to ease the potential accounting burden associated with transitioning away from LIBOR and other reference rates that are expected to be discontinued. ASU 2020-04 is effective immediately upon release of the update on March 12, 2020, through December 31, 2022. At this time, the Advisor is evaluating the implications of certain other provisions of ASU 2020-04 related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.
11. SUBSEQUENT EVENTS
On December 10, 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 Enhanced Core Plus Bond U.S. ETF (AGGP) 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 Fund and its shareholders to liquidate the Funds. The Funds will be liquidated on or about February 3, 2021.
Other than the Fund liquidation, management has determined that there were no other material events that would require disclosure in the preparation of these financial statements.
IndexIQ ETF Trust
SEMI-ANNUAL REPORT | October 31, 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 Enhanced Core Plus Bond U.S. ETF
IQ S&P High Yield Low Volatility Bond ETF
IQ Merger Arbitrage ETF
IQ Global Resources ETF
IQ U.S. Real Estate Small Cap ETF
IQ 500 International ETF
IQ 50 Percent Hedged FTSE International 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
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| (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 directors, 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.
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) | |
| | |
| Date | January 6, 2021 | |
| | |
| 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) | |
| | |
| Date | January 6, 2021 | |
| | |
| By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
| | Adefolahan O. Oyefeso | |
| | (Principal Financial Officer) | |
| | |
| Date | January 6, 2021 | |
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