UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22227
IndexIQ ETF Trust
(Exact name of registrant as specified in charter)
51 Madison Avenue
New York, NY 10010
(Address of principal executive offices) (Zip code)
Kirk C. Lehneis
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-888-474-7725
Date of fiscal year end: April 30
Date of reporting period: April 30, 2021
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.
| (a) | Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). |
IndexIQ ETF Trust
Annual Report
April 30, 2021
| | 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 Healthy Hearts ETF (HART) | |
| | IQ Real Return ETF (CPI) | | | IQ Candriam ESG International Equity ETF (IQSI) | |
| | IQ S&P High Yield Low Volatility Bond ETF (HYLV) | | | IQ Candriam ESG U.S. Equity ETF (IQSU) | |
| | IQ Merger Arbitrage ETF (MNA) | | | IQ Chaikin U.S. Small Cap ETF (CSML) | |
| | | | | IQ Chaikin U.S. Large Cap ETF (CLRG) | |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Not FDIC Insured | May Lose Value | No Bank Guarantee
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.
Availability of Proxy Voting Policies and Proxy Voting Records
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.
Availability of Quarterly Schedule of Investments
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. Additionally, the Funds' makes its portfolio holdings for the first and third quarters of each fiscal year available at newyorklifeinvestments.com\documents. Each Funds’ premium/discount information is available, free of charge, on the Funds’ website newyorklifeinvestments.com or by calling 1-888-474-7725.
Electronic Delivery
Receive email notifications when your most recent shareholder communications are available for review. Access prospectuses, annual reports and semi-annual reports online.
To enroll:
Visit https://www.fundreports.com
If you have questions about IndexIQ e-Delivery services, contact a representative at 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. IndexIQ® is the indirect wholly owned subsidiary of New York Life Investment Management Holdings LLC and serves as the advisor to the IndexIQ ETFs. 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.
Shareholder Letter (unaudited)
Message from the President
A year ago, the world was beginning to come to grips with COVID-19 and was struggling with how best to mitigate its effects. Today, with the help of an extraordinary coordination of monetary and fiscal policy and the availability of vaccines, the economy has continued to recover, and the markets have rebounded sharply.
The Federal Reserve kept interest rates low and assisted the proper functioning of markets while fiscal stimulus provided a broad range of relief, including to individuals and small businesses. This helped markets stabilize early in the reporting period as investors anticipated further stimulus and awaited progress on a vaccine.
Investors initially sought out higher-quality investments such as investment grade corporate bonds and U.S. Treasury securities, though technology stocks that benefited from work-from-home orders also drew substantial attention. But investors were apparently optimistic about a possible vaccine as the S&P 500® Index, a widely followed measure of U.S. equities, was reaching record highs by August.
When vaccine approvals occurred in November and a $900 billion relief package passed in December, investors shifted further out of safer investments, causing yields on longer-dated U.S. Treasuries to rise. Combined with brighter economic prospects and attractively priced cyclical and value stocks, this took a toll on the technology shares that had seen their valuations soar when the pandemic was at its height.
In January, the Federal Reserve left interest rates unchanged, pointing out that the pace of the global recovery was still uncertain, and that inflation was still low. But the massive fiscal and monetary stimulus that had supported the economic recovery soon gave rise to concerns about inflation. In March, the $1.9 billion American Rescue Plan was passed, providing payments of $1,400 for those earning less than $75,000 per year, plus $1,400 per dependent. This, combined with a proposed $2 trillion infrastructure spending bill, fueled inflation expectations.
As these concerns grew, traditional asset classes experienced substantial volatility. While investment grade corporate bonds performed well early on, their historically low yields became unattractive in light of rising inflation expectations. Despite volatility stemming from the sell-off in longer-dated U.S. Treasuries, the municipal bond market posted a modest gain, helped by $350 billion in support from Washington and the prospect of an increase in federal income tax rates.
Although the S&P 500® Index posted double-digit gains and repeatedly hit record highs during the reporting period, the shift in investor sentiment to cyclical and value-oriented stocks was disruptive, resulting in a sell-off in growth stocks that affected the shares of technology companies, many of which had benefited from the work-from-home environment. As a result, value stocks outperformed growth stocks in the second half of the reporting period, but for the full 12-month reporting period, growth stocks still outperformed value stocks.
With investor sentiment moving away from growth-oriented companies, cyclical sectors performed well. Financials led the way, along with materials and industrials. The more defensive sectors, including consumer staples, utilities, and health care, lagged. A shift was also evident in the performance of small-cap stocks, which easily outperformed large caps. While developed markets trailed the U.S. market somewhat, emerging markets benefited from surging commodities prices, finishing ahead of the U.S.
Despite the volatility, the ETFs in the IndexIQ ETF Trust continued to maintain their investment disciplines and to offer a range of liquid alternatives to meet a variety of objectives. On the following pages, we provide an in-depth review of the factors that drove performance of each ETF during the 12-months ended April 30, 2021.
If you have any questions or would like more information about IndexIQ ETFs, we invite you to visit us at newyorklifeinvestments.com or call us at 1-888-474-7725.
Sincerely,
Kirk C. Lehneis
President
The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.
Management’s Discussion of Fund Performance (unaudited)
IQ Hedge Multi-Strategy Tracker ETF
How did IQ Hedge Multi-Strategy Tracker ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Multi-Strategy Tracker ETF returned 11.01% at NAV (net asset value) and 11.26% at market price.1 To compare, the Fund’s Underlying Index, the IQ Hedge Multi-Strategy Index2 returned 11.76% for the reporting period. The HFRI Fund of Funds Composite Index2 and S&P 500® Index2 returned 22.54% and 45.25%, respectively, for the same period.
What factors affected the Fund’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track its Underlying Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the Underlying ETFs at the weights in which they were included in the Underlying Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the ETF to track its Underlying Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Underlying Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its core allocation to bonds during the reporting period, with its bond allocation increasing from 68.00 to 84.00%. Among bonds, the ETF’s U.S. short-term bond, investment-grade bond and convertible bond allocations remained the highest weighted sectors, totaling over 55% of the ETF’s assets as of April 30, 2021. During the same period, the ETF’s equity allocation decreased from 26.00 to 13.00%, with its emerging-market equity allocations increasing from 1.70 to 5.00%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with currencies decreasing from a short position of −1.40 to −2.00%. Annual portfolio turnover was 168.70% for the reporting period.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
7 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which Underlying ETFs had the highest total returns and which Underlying ETFs had the lowest total returns?
In terms of total return, the best-performing Underlying ETFs held in the ETF during the reporting period were iShares S&P Small-Cap 600 Value ETF, iShares Russell 2000 Value ETF and SPDR® S&P® Bank ETF. During the same period, iPath® Series B S&P 500® VIX Short-Term FuturesTM ETN, iShares 20+ Year Treasury Bond ETF and Vanguard Long-Term Treasury ETF recorded the lowest total returns.
Which Underlying ETFs were the strongest contributors to the ETF’s performance and which Underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the Underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were SPDR® Bloomberg Barclays Convertible Securities ETF, SPDR® S&P® Emerging Markets Small Cap ETF and Vanguard FTSE Europe ETF. The weakest contributors were Vanguard Value ETF, iPath® Series B S&P 500® VIX Short-Term FuturesTM ETN and iShares MSCI USA Min Vol Factor ETF. The Vanguard Value ETF and iShares MSCI USA Min Vol Factor ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 84.00%, with its allocation to equities at 13.00%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with commodities at 3.60% and currencies at 0.90%. Among bonds, 25.10% of the ETF’s assets were allocated to U.S. ultra-short-term instruments, 18.50% to investment-grade corporate bonds and 12.90% to convertible bonds. Among equities, 5.10% of the ETF’s assets were allocated to emerging market stocks and 2.80% to U.S. small-cap growth stocks.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)
Fund Performance History
IQ Hedge Multi-Strategy Tracker ETF
(as of April 30, 2021)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Hedge Multi-Strategy Tracker ETF Market Price1 | | | | | 11.26% | | | | | | 3.13% | | | | | | 2.56% | | |
| IQ Hedge Multi-Strategy Tracker ETF NAV | | | | | 11.01% | | | | | | 3.15% | | | | | | 2.55% | | |
| IQ Hedge Multi-Strategy Index | | | | | 11.76% | | | | | | 3.91% | | | | | | 3.41% | | |
| HFRI Fund of Funds Composite Index | | | | | 22.54% | | | | | | 5.99% | | | | | | 3.53% | | |
| S&P 500 Index | | | | | 45.25% | | | | | | 16.73% | | | | | | 13.47% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Hedge Macro Tracker ETF
How did IQ Hedge Macro Tracker ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Macro Tracker ETF returned 14.44% at NAV (net asset value) and 15.13% at market price.1 To compare, the Fund’s Underlying Index, IQ Hedge Macro Index2 returned 15.16% for the reporting period. The HFRI Macro (Total) Index2 and the MSCI World Index2 returned 13.62% and 45.33%, respectively, for the same period.
What factors affected the Fund’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the its Underlying Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the ETFs at the weights in which they were included in the underlying Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the ETF to track its Underlying Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Underlying Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its core allocation to bonds during the reporting period, with its bond allocation decreasing slightly from 76.00 to 71.00%. Among bonds, the ETF’s ultra-short-term bond and convertible bond allocations remained the highest weighted sectors. During the same period, the ETF’s equity allocation increased from 17.00 to 24.00%, with allocations to the Brazilian, Russian, Indian and Chinese (BRIC) equity markets increasing from 2.00 to 8.50%. Emerging equity allocations remained stable at approximately 8.00% during the reporting period. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with currencies at 2.50%, and real estate in a short position ranging from −3.3 to −4.8%. Annual portfolio turnover was 104.00% for the reporting period.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
10 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which Underlying ETFs had the highest total returns and which Underlying ETFs had the lowest total returns?
In terms of total return, the best-performing Underlying ETFs held in the ETF during the reporting period were iShares Silver Trust, SPDR® Bloomberg Barclays Convertible Securities ETF and SPDR® S&P® Emerging Markets Small Cap ETF. During the same period, the iShares 20+ Year Treasury Bond ETF, Vanguard Long-Term Treasury ETF and SPDR® Portfolio Long Term Treasury ETF recorded the lowest total returns.
Which Underlying ETFs were the strongest contributors to the ETF’s performance and which Underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the Underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were SPDR® Bloomberg Barclays Convertible Securities ETF, SPDR® S&P® Emerging Markets Small Cap ETF and iShares MSCI China ETF. The weakest contributors were Vanguard FTSE All-World ex-US Small-Cap ETF, SPDR® Dow Jones® International Real Estate ETF and iShares MSCI Japan ETF. The Vanguard FTSE All-World ex-US Small-Cap ETF, SPDR® Dow Jones® International Real Estate ETF and iShares MSCI Japan ETF detracted from performance due to the ETF’s short positions in positive-return assets during the reporting period.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 71.00%, with an allocation to equities at 23.00%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with commodities at 7.10%, currencies at 2.90% and real estate at −4.80%. Among bonds, 31.80% of the ETF’s assets were allocated to U.S. ultra-short-term instruments, 11.20% to convertible bonds and 6.80% to local currency emerging markets bonds. Among equities, 8.50% of the ETF’s assets were allocated to BRIC markets and 5.10% to emerging markets.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)
Fund Performance History
IQ Hedge Macro Tracker ETF
(as of April 30, 2021)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Hedge Macro Tracker ETF Market Price1 | | | | | 15.13% | | | | | | 3.83% | | | | | | 1.12% | | |
| IQ Hedge Macro Tracker ETF NAV | | | | | 14.44% | | | | | | 3.95% | | | | | | 1.14% | | |
| IQ Hedge Macro (Total) Index | | | | | 15.16% | | | | | | 4.72% | | | | | | 1.87% | | |
| HFRI Macro (Total) Index | | | | | 13.62% | | | | | | 3.25% | | | | | | 1.52% | | |
| MSCI World Index | | | | | 45.33% | | | | | | 14.03% | | | | | | 9.92% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Hedge Market Neutral Tracker ETF
How did IQ Hedge Market Neutral Tracker ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Market Neutral Tracker ETF returned 8.65% at NAV (net asset value) and 8.74% at market price.1 To compare, the Fund’s Underlying Index, IQ Hedge Market Neutral Index2 returned 9.20% for the reporting period. The HFRI Equity Market Neutral Index2 and the Bloomberg Barclays U.S. Short Treasury Bond Index2 returned 5.40% and 0.13%, respectively, for the same period.
What factors affected the Fund’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the Underlying Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the Underlying ETFs at the weights in which they were included in the Underlying Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the Fund to track its Underlying Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Underlying Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its core allocation to bonds during the reporting period, as well as a dominant satellite allocation to equity. The bond position increased from 86.70 to 97.90%, with the bank loan position increasing from 14.00 to 20.50%, and the U.S. medium-term Treasury position going from −1.10 to 8.30%. In contrast, the ETF’s high-yield corporate bond weighting decreased from 5.40 to −2.67%, and its equity weighting decreased from 11.60 to 4.00% during the same period. International small-cap equity, European equity and U.S. small-cap growth positions decreased or were removed entirely, while emerging market positions increased from 0.50% to 6.47%. Annual portfolio turnover was 133.40% for the reporting period.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
13 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which Underlying ETFs had the highest total returns and which Underlying ETFs had the lowest total returns?
In terms of total return, the best-performing Underlying ETFs held by the ETF during the reporting period were iShares S&P Small-Cap 600 Value ETF, iShares Russell 2000 Value ETF and SPDR® S&P® Bank ETF. During the same period, Invesco DB US Dollar Index Bullish Fund, Schwab Intermediate-Term U.S. Treasury ETF and Vanguard Intermediate-Term Treasury ETF recorded the lowest total returns.
Which Underlying ETFs were the strongest contributors to the ETF’s performance and which Underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the Underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard FTSE All-World ex-US Small-Cap ETF, Vanguard FTSE Europe ETF and Invesco Senior Loan ETF. The weakest contributors were Vanguard Value ETF, SPDR® S&P® Bank ETF and iShares MSCI USA Min Vol Factor ETF. The Vanguard Value ETF and iShares MSCI USA Min Vol Factor ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 97.85% at the end of reporting period. The remaining allocation was to equity at 4.00% and currencies in a short position at −1.85%. Among bonds, the ETF’s U.S. ultra-short-term bond accounted for 43.00% of holdings, followed by bank loans at 20.50% and floating-rate investment-grade at 9.40%. Among equities, the ETF’s emerging-market equities weight stood at 6.47%, while its U.S. large-cap exposure was in a short position with −1.95%.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Hedge Market Neutral Tracker ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Hedge Market Neutral Tracker ETF Market Price2 | | | | | 8.74% | | | | | | 3.46% | | | | | | 2.46% | | | | | | 1.93% | | | | | | 17.80% | | |
| IQ Hedge Market Neutral Tracker ETF NAV | | | | | 8.65% | | | | | | 3.46% | | | | | | 2.41% | | | | | | 1.93% | | | | | | 17.80% | | |
| IQ Hedge Market Neutral Index | | | | | 9.20% | | | | | | 4.03% | | | | | | 3.12% | | | | | | 2.81% | | | | | | 26.80% | | |
HFRI Equity Market Neutral Index3 | | | | | 5.40% | | | | | | 1.16% | | | | | | 2.32% | | | | | | 2.99% | | | | | | 28.83% | | |
| Bloomberg Barclays U.S. Short Treasury Bond Index | | | | | 0.13% | | | | | | 1.62% | | | | | | 1.28% | | | | | | 0.82% | | | | | | 7.26% | | |
1
Fund Inception Date: 10/04/2012
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
Data shown above for the HFRI Equity Market Neutral Index is from 9/30/2012 to 4/30/2021.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Hedge Long/Short Tracker ETF
How did IQ Hedge Long/Short Tracker ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Long/Short Tracker ETF returned 26.42% at NAV (net asset value) and 25.76% at market price.1 To compare, the Fund’s Underlying Index, IQ Hedge Long/Short Index2 returned 27.12% for the reporting period. The HFRI Equity Hedge Index2 and the MSCI World Index2 returned 42.17% and 45.33%, respectively, for the same period.
What factors affected the Fund’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the Underlying Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the Underlying ETFs at the weights in which they were included in the Underlying Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the Fund to track its Underlying Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Underlying Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its core allocation to equities at 61.50% during the reporting period, followed by bonds at 33.40% and satellite allocations to real estate of 3.80% and volatility of 1.30%. During the same period, the ETF’s equity weight decreased from 73.90 to 61.50%. Specifically, the ETF’s U.S. large-cap core allocation increased from 12.60 to 22.00% and the international small-cap equity allocation increased significantly from 4.27 to 19.60%, while the international equity core allocation decreased from 18.10 to 12.90%. Among bond allocations, the ETF’s investment-grade corporate bond position increased from 4.20 to 23.70%, while the U.S. ultra-short-term bond position decreased from 11.10 to 0.30%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with real estate increasing from −2.70 to 3.80%, and volatility remaining at 1.00%. Annual portfolio turnover was 183.00% for the reporting period.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
16 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which Underlying ETFs had the highest total returns and which Underlying ETFs had the lowest total returns?
In terms of total return, the best-performing Underlying ETFs held by the ETF during the reporting period were iShares S&P Small-Cap 600 Growth ETF, iShares Russell 2000 Growth ETF and Vanguard Small-Cap Growth ETF. During the same period, iPath® Series B S&P 500® VIX Short-Term Futures™ ETN, iShares 20+ Year Treasury Bond ETF and Vanguard Long-Term Treasury ETF recorded the lowest total returns.
Which Underlying ETFs were the strongest contributors to the ETF’s performance and which Underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the Underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard FTSE Developed Markets ETF, iShares Core MSCI EAFE ETF and Vanguard Growth ETF. The weakest contributors were iPath® Series B S&P 500® VIX Short-Term Futures™ ETN, Consumer Discretionary Select Sector SPDR Fund and iShares MSCI USA Momentum Factor ETF. The Consumer Discretionary Select Sector SPDR Fund and iShares MSCI USA Min Vol Factor ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF maintained its core allocation to equities and bonds at 61.50% and 33.40%, respectively, with satellite allocations to real estate of 3.80% and volatility of 1.30%. Specifically, the ETF’s equity position included 22.10% in U.S. large-cap core, 19.60% in international small-cap equity and 12.90% in international equity core. Among bond holdings, the ETF’s investment-grade corporate bond weighting was 23.70% and its bank loan weighting was 9.40%.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Hedge Long/Short Tracker ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Hedge Long/Short Tracker ETF Market Price2 | | | | | 25.76% | | | | | | 9.50% | | | | | | 9.14% | | | | | | 6.60% | | | | | | 47.74% | | |
| IQ Hedge Long/Short Tracker ETF NAV | | | | | 26.42% | | | | | | 9.56% | | | | | | 8.97% | | | | | | 6.62% | | | | | | 47.86% | | |
| IQ Hedge Long/Short Index | | | | | 27.12% | | | | | | 10.22% | | | | | | 9.83% | | | | | | 7.57% | | | | | | 56.18% | | |
HFRI Equity Hedge Index3 | | | | | 42.17% | | | | | | 10.87% | | | | | | 10.53% | | | | | | 7.93% | | | | | | 59.17% | | |
| MSCI World Index | | | | | 45.33% | | | | | | 14.10% | | | | | | 14.03% | | | | | | 10.63% | | | | | | 85.34% | | |
1
Fund Inception Date: 3/24/2015
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
Data shown above for the HFRI Equity Hedge Index is from 3/31/2015 to 4/30/2021.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Hedge Event-Driven Tracker ETF
How did IQ Hedge Event-Driven Tracker ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Event-Driven Tracker ETF returned 18.65% at NAV (net asset value) and 18.86% at market price.1 To compare, the Fund’s Underlying Index, the IQ Hedge Event-Driven Index2 returned 19.14% for the reporting period. The HFRI Event-Driven (Total) Index2 and the Bloomberg Barclays U.S. Aggregate Bond Index2 returned 35.76% and −0.27%, respectively, for the same period.
What factors affected the Fund’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled some segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF used derivative positions where necessary to help it track the Underlying Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the Underlying ETFs at the weights in which they were included in the Underlying Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the ETF to track its Underlying Index.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Underlying Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its core allocation to bonds during the reporting period, with a significant satellite allocation to equity. The ETF’s bond weighting increased from 82.70 to 94.80%. Among bonds, investment-grade weighting increased from 18.7 to 46.3%, and convertible bonds increased from 7.80% to 27.30%. The ETF’s bank loan weighting remained at around 24%, while its high-yield corporate bond weighting was cut from 32.00 to a short position of −3.00%. During the same period, the ETF’s equities weighting decreased from 17.00 to 5.00%. Among equities, the ETF’s allocation to U.S. small-cap growth stocks remained at approximately 8.00%, while its allocation to U.S. preferred equity decreased from 8.00% to a short position of -3.00%.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
19 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
During the reporting period, which Underlying ETFs had the highest total returns and which Underlying ETFs had the lowest total returns?
In terms of total return, the best-performing Underlying ETFs held in the ETF during the reporting period were iShares S&P Small-Cap 600 Growth ETF, iShares Russell 2000 Growth ETF and SPDR® Bloomberg Barclays Convertible Securities ETF. During the same period SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF, Goldman Sachs Access Treasury 0-1 Year ETF, and Invesco Treasury Collateral ETF recorded the lowest total returns.
Which Underlying ETFs were the strongest contributors to the ETF’s performance and which Underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the Underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were SPDR® Bloomberg Barclays Convertible Securities ETF, Vanguard Small-Cap Growth ETF and iShares Russell 2000 Growth ETF. The weakest contributors were iShares Preferred and Income Securities ETF, Invesco Preferred ETF and Goldman Sachs Access Treasury 0-1 Year ETF. iShares Preferred and Income Securities ETF and Invesco Preferred ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 94.80%, with an allocation to equities at 5.17%. Among bonds, the ETF’s largest allocation was to investment-grade corporates with a 46.30% weighting, followed by convertible bonds at 27.30% and bank loans at 24.00%. Among equities, U.S. small-cap growth stocks accounted for 8.16% of the ETF’s portfolio, while U.S. preferred shares represented a short position of −3.00% of assets.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Hedge Event-Driven Tracker ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Hedge Event-Driven Tracker ETF Market Price2 | | | | | 18.86% | | | | | | 8.09% | | | | | | 7.32% | | | | | | 5.82% | | | | | | 41.21% | | |
| IQ Hedge Event-Driven Tracker ETF NAV | | | | | 18.65% | | | | | | 8.08% | | | | | | 7.33% | | | | | | 5.80% | | | | | | 41.09% | | |
| IQ Hedge Event-Driven Index | | | | | 19.14% | | | | | | 8.49% | | | | | | 7.84% | | | | | | 6.33% | | | | | | 45.50% | | |
HFRI Event-Driven (Total) Index3 | | | | | 35.76% | | | | | | 8.04% | | | | | | 8.28% | | | | | | 6.01% | | | | | | 42.70% | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | | | -0.27% | | | | | | 5.19% | | | | | | 3.19% | | | | | | 3.00% | | | | | | 19.79% | | |
1
Fund Inception Date: 3/24/2015
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
Data shown above for the HFRI Event-Driven (Total) Index is from 3/31/2015 to 4/30/2021.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Real Return ETF
How did IQ Real Return ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Real Return ETF returned 2.33% at NAV (net asset value) and 2.60% at market price.1 To compare, the Fund’s Underlying Index, IQ Real Return Index2 returned 2.46% for the reporting period. The Bloomberg Barclays U.S. Short Treasury Bond Index2 returned 0.13% for the same period.
What factors affected the Fund’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.
How were the ETF’s assets allocated during the reporting period and why?
The positions in the ETF’s Underlying Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its core allocation to bonds during the reporting period, with its bond allocation increasing slightly from 83.00 to 85.00%. The ETF’s ultra-short-term bond allocation decreased from 83.00 to 75.00%, while medium- and long-term bond weight increased to 7.50% and 2.50% respectively. During the same period, the ETF’s equity weight decreased from 10.40 to 7.40%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with currencies increasing to 7.00%, and real estate dropping from 5.70% in the beginning of the reporting period to 0.00% as of April 30, 2021. Annual portfolio turnover was 50.35% for the reporting period.
During the reporting period, which Underlying ETFs had the highest total returns and which Underlying ETFs had the lowest total returns?
In terms of total return, the best-performing Underlying ETFs held by the ETF during the reporting period were SPDR® Dow Jones® REIT ETF, Vanguard Real Estate ETF and iShares U.S. Real Estate ETF. During the same period iShares 20+ Year Treasury Bond ETF, Vanguard FTSE Emerging Markets ETF and iShares MSCI Emerging Markets ETF recorded the lowest total returns.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
22 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
Which Underlying ETFs were the strongest contributors to the ETF’s performance and which Underlying ETFs were particularly weak?
On the basis of impact, which takes weightings and total returns into consideration, the Underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard Real Estate ETF, SPDR® S&P 500® ETF Trust and IQ Ultra Short Duration ETF. The weakest contributors were Invesco CurrencyShares® Japanese Yen Trust, iShares 7-10 Year Treasury Bond ETF and Invesco DB Gold Fund.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 85.00%, as well as a satellite allocation to equities at 7.40% and currencies at 7.00%. Specifically, the ETF allocated 75.00% to ultra-short-term bonds, 7.50% to medium-term Treasury bonds and 2.5% to long-term Treasury bonds. Among equities, holdings were predominantly allocated to the large-cap sector.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)
Fund Performance History
IQ Real Return ETF
(as of April 30, 2021)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Real Return ETF Market Value1 | | | | | 2.60% | | | | | | 1.52% | | | | | | 1.24% | | |
| IQ Real Return ETF NAV | | | | | 2.33% | | | | | | 1.52% | | | | | | 1.23% | | |
| IQ Real Return Index | | | | | 2.46% | | | | | | 1.74% | | | | | | 1.56% | | |
| Bloomberg Barclays U.S. Short Treasury Bond Index | | | | | 0.13% | | | | | | 1.28% | | | | | | 0.73% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ S&P High Yield Low Volatility Bond ETF
How did IQ S&P High Yield Low Volatility Bond ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), the IQ S&P High Yield Low Volatility Bond ETF returned 8.89% at NAV (net asset value) and 8.23% at market price.1 To compare, the Fund’s Underlying Index, the S&P U.S. High Yield Low Volatility Corporate Bond Index2 returned 9.57% for the reporting period. The ICE BofA U.S. High Yield Index returned 20.10% for the same period.
What factors affected the Fund’s performance during the reporting period?
The ETF underperformed the S&P U.S. High Yield Low Volatility Corporate Bond Index over the period primarily due to the cash holding in the ETF as well as transactions costs from rebalancing activity which are required to maintain its risk versus its benchmark. The ETF was also negatively impacted by relatively underweight positions in the energy and media sectors, which were partially offset by contributions from overweight exposure to insurance.
In terms of the rate environment, yields fell across the U.S. Treasury curve3 during the 2020 calendar year led by a 145 basis point decline in the 2-year rate. (A basis point is one one-hundredth of a percentage point.) Monetary policy proved ultra-accommodative throughout the reporting period with various programs and facilities run by the U.S. central bank. Fiscal policy expanded at the end of December 2020 and into the first quarter of 2021, leading to higher inflation expectations and a sharp backup in intermediate and longer maturity Treasury rates. The 10-year and 30-year rates rose 83 basis points and 78 basis points, respectively, during the first quarter of 2021.
What was the ETF’s duration4 strategy during the reporting period?
The ETF maintained a neutral duration posture relative to the benchmark duration during the reporting period.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care providers & services, media, and real estate management & development. The sectors that made the weakest contributions to the ETF’s absolute performance were insurance; hotels restaurants & leisure; and oil, gas & consumable fuels.
What were some of the ETF’s largest purchases and sales during the reporting period?
The largest purchases in the ETF over the reporting period were securities issued by Ford Motor Credit Company, Centene and Targa Resources Partners. The most significant sales in the ETF over the same period were securities issued by Bausch Health Companies, CSC Holdings and Sprint.
The ETF’s purchases and sales were undertaken to mitigate risk versus the S&P U.S. High Yield Low Volatility Corporate Bond Index. All sales were partial positions.
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were real estate, energy and automotive. During the same period, the sectors with the most substantial weighting decreases were telecommunications, media and health care.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
25 for more information on this index.
3
The yield curve is a line that plots the yields of various securities of similar quality — typically U.S. Treasury issues — across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.
4
Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.
Management’s Discussion of Fund Performance (unaudited) (continued)
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the largest positions held by the ETF relative to the S&P U.S. High Yield Low Volatility Corporate Bond Index were in securities issued by United Airlines, Occidental Petroleum, and Targa Resources Partners. As of the same date, the most significantly underweight positions in the ETF were in securities from Telecom Italia, Bausch Companies and Iron Mountain.
Were there any changes to the Fund during the reporting period?
Effective March 25, 2021, Scott Dolph no longer served as a portfolio manager of the Fund. Alexandra Wilson-Elizondo and Joseph Cantwell continue to serve as portfolio managers of the Fund. For more information about this change refer to the prospectus supplement dated March 25, 2021.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ S&P High Yield Low Volatility Bond ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ S&P High Yield Low Volatility Bond ETF Market Value2 | | | | | 8.23% | | | | | | 5.33% | | | | | | 4.16% | | | | | | 18.70% | | |
| IQ S&P High Yield Low Volatility Bond ETF NAV | | | | | 8.89% | | | | | | 5.25% | | | | | | 4.16% | | | | | | 18.69% | | |
| S&P U.S. High Yield Low Volatility Corporate Bond Index | | | | | 9.57% | | | | | | 5.67% | | | | | | 4.58% | | | | | | 20.72% | | |
| ICE BofA US High Yield Index | | | | | 20.10% | | | | | | 6.68% | | | | | | 5.95% | | | | | | 27.53% | | |
1
Fund Inception Date: 2/15/2017
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Merger Arbitrage ETF
How did IQ Merger Arbitrage ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Merger Arbitrage ETF returned 9.07% at NAV (net asset value) and 9.53% at market price.1 To compare, the Fund’s Underlying Index, the IQ Merger Arbitrage Index2 returned 9.81% for the reporting period. The HFRI Event Driven Merger Arbitrage Index,2 MSCI World Index2 and the S&P 500® Index2 returned 21.25%, 45.33% and 45.25%, respectively, for the same period.
What factors affected the Fund’s performance during the reporting period?
Early in the reporting period, the number of global merger and acquisition transactions first decreased as COVID-19-related shutdowns took hold. As markets adjusted to the shutdowns and global governments and central banks injected massive liquidity into the market, deal activity increased. Approximately 5% of deals in which the Underlying Index participated failed to complete due to deal termination or failure to maintain the strategy’s holding criteria. Approximately 78% of deals completed successfully, while approximately 17% of deals were removed for failing to meet criteria necessary to remain in the Underlying Index.
The strategy also employs a hedging methodology primarily using U.S. large-cap equities. Since U.S. large-cap equities produced positive overall returns during the reporting period, the ETF’s hedges produced negative returns.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF used hedges to dampen potential downward price performance of the acquiring company’s stock used in stock-based transactions. In cases when the acquiring company’s economic sector performed positively, the hedge detracted from performance. Conversely, when the acquiring company’s economic sector performed negatively, the hedge contributed positively to performance. As mentioned above, during the reporting period the ETF’s hedges produced negative returns. The ETF only hedged its exposure to stock-based transactions.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that provided the strongest positive contributions to the ETF’s absolute performance were information technology and energy. The sectors providing the weakest contributions to the ETF’s absolute performance were real estate and utilities.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Vivint Solar and WPX Energy. Vivint Solar is a leading, full-service residential solar provider in the United States. WPX Energy produces natural gas, oil and natural gas liquids from non-conventional resources such as tight-sands and shale formations, as well as from coalbed methane reserves.
During the same period, the weakest contributors to the ETF’s absolute performance were Taubman Centers and Noble Energy. Taubman Centers is an owner of regional malls in the United States, headquartered in Bloomfield Hills, Michigan. Noble Energy is an independent oil and natural gas exploration and production company operating a portfolio of assets onshore in the United States, offshore in the Eastern Mediterranean and off the west coast of Africa.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
28 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were information technology and industrials. During the same period, the sectors with the most substantial weighting decreases were financials and consumer discretionary.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the two largest positions held by the ETF were Alexion Pharmaceuticals and Xilinx. Alexion Pharmaceuticals focuses on serving patients with devastating and rare disorders through the development and commercialization of life-transforming therapeutic products. Xilinx designs and developments programmable logic semiconductor devices and related software design tools. It also provides design services, customer training, field engineering and technical support.
Were there any changes to the Fund during the reporting period?
Effective May 29, 2020, the Fund’s principal investment strategies and principal risks were modified. For more information about these changes refer to the prospectus supplement dated May 29, 2020.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)
Fund Performance History
IQ Merger Arbitrage ETF
(as of April 30, 2021)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Merger Arbitrage ETF Market Value1 | | | | | 9.53% | | | | | | 3.90% | | | | | | 3.34% | | |
| IQ Merger Arbitrage ETF NAV | | | | | 9.07% | | | | | | 3.91% | | | | | | 3.28% | | |
| IQ Merger Arbitrage Index | | | | | 9.81% | | | | | | 4.48% | | | | | | 4.10% | | |
| HFRI ED: Merger Arbitrage Index | | | | | 21.25% | | | | | | 6.27% | | | | | | 4.24% | | |
| MSCI World Index | | | | | 45.33% | | | | | | 14.03% | | | | | | 9.92% | | |
| S&P 500 Index | | | | | 45.25% | | | | | | 16.73% | | | | | | 13.47% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Global Resources ETF
How did IQ Global Resources ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Global Resources ETF returned 30.07% at NAV (net asset value) and 30.76% at market price.1 To compare, the ETF’s Underlying Index, IQ Global Resources Index2 returned 31.36% for the reporting period. The S&P Global Natural Resources Index (Net),2 Bloomberg Commodity Spot Index2 and MSCI World Index2 returned 52.35%, 64.21% and 45.33%, respectively, during the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fallout from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodities began to surge as vaccine distribution ramped up and economies began to reopen prompting concerns about an acceleration in inflation.
During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?
The ETF uses derivative positions when necessary to help it track its Underlying Index, which contains both long and short positions. The ETF’s derivatives positions consisted of short positions in futures contracts on the S&P 500 Index and MSCI EAFE Index. Over the full reporting period, the ETF’s short positions detracted from returns as global markets rallied.
During the reporting period, which subsectors were the strongest positive contributors to the ETF’s relative performance and which subsectors were particularly weak?
On the basis of impact, which takes weightings and total returns into account, the sectors making the strongest contributions to the ETF’s absolute performance were industrial metals and timber. The sectors making the weakest contributions to the ETF’s absolute performance were livestock and precious metals.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks making the strongest contributions to the ETF’s absolute performance during the reporting period were Teck Resources and China Shenhua Energy. Teck Resources mines and develops mineral properties, with business units focused on steelmaking, coal, copper, zinc and energy. China Shenhua Energy produces and sells coal and electricity through the following business segments: Coal, Power, Railway, Port, Shipping and Coal Chemical.
The weakest contributors to the ETF’s absolute performance were Guangdong Investment and Barrick Gold. Guangdong Investment is a water distribution company with the following segments: Water Resources; Property Investment and Development; Department Store; Electric Power Generation; Road and Bridge; Hotel Operation and Management; and Others. Barrick Gold produces and sells gold and copper, and engages in related activities such as exploration and mine development. The company operates through the following
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
31 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
segments: Barrick Nevada, Veladero, Pueblo Viejo, Lagunas Norte, Turquoise Ridge, Acacia and Pascua-Lama.
How did the ETF’s subsector weightings change during the reporting period?
The subsectors experiencing the largest weighting increases in the ETF during the reporting period were coal and industrial metals. During the same period, the subsectors with the most substantial weighting decreases were grains, food & fiber and energy.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF’s largest holdings were China Shenhua Energy, described above, and BHP Group. BHP Group engages in the exploration, development, production, processing and marketing of minerals, and oil and gas. It operates through the following segments: Petroleum, Copper, Iron Ore and Coal.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)
Fund Performance History
IQ Global Resources ETF
(as of April 30, 2021)
| | | | 1 Year | | | 5 Year | | | 10 Year | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | |
IQ Global Resources ETF Market Price1 | | | | | 30.76% | | | | | | 5.43% | | | | | | 0.50% | | |
| IQ Global Resources ETF NAV | | | | | 30.07% | | | | | | 5.53% | | | | | | 0.53% | | |
| IQ Global Resources Index | | | | | 31.36% | | | | | | 6.91% | | | | | | 1.63% | | |
| S&P Global Natural Resources Index-Net | | | | | 52.35% | | | | | | 9.23% | | | | | | 0.73% | | |
| Bloomberg Commodity Spot Index | | | | | 64.21% | | | | | | 8.42% | | | | | | -0.99% | | |
| MSCI World Index | | | | | 45.33% | | | | | | 14.03% | | | | | | 9.92% | | |
1
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ U.S. Real Estate Small Cap ETF
How did IQ U.S. Real Estate Small Cap ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ U.S. Real Estate Small Cap ETF returned 53.54% at NAV (net asset value) and 53.68% at market price.1 To compare, the Fund’s Underlying Index, the IQ U.S. Real Estate Small Cap Index2 returned 54.78% for the reporting period. The Dow Jones U.S. Real Estate Index2 returned 33.63% for the same period.
What factors affected the Fund’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Real estate markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were specialized REITs (real estate mortgage trusts) and mortgage REITs. The sectors that made the weakest contributions to the ETF’s absolute performance were residential REITs and office REITs.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Innovative Industrial Properties and Ryman Hospitality Properties. Innovative Industrial Properties is a REIT that acquires, owns and manages industrial properties. Ryman Hospitality Properties is a hospitality REIT that owns and operates group-oriented, destination hotel assets in urban and resort markets.
The weakest contributors to the ETF’s absolute performance during the same period were Taubman Centers and Easterly Government Properties. Taubman Centers owns regional malls in the United States. Easterly Government Properties is a commercial REIT that leases properties to U.S. Government agencies.
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were mortgage REITs and hotel REITs. During the same period, the sectors with the most substantial weighting decreases were office REITs and specialized REITs.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
34 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the two largest positions held by the ETF were Terreno Realty and QTS Realty Trust. Terreno Realty acquires, owns and manages several types of industrial real estate, including warehouse/distribution, flex, research and development, and trans-shipment facilities. QTS Realty Trust provides data centers facilities and services, including service delivery platform, hybrid colocation, connectivity, public sector and financial services solutions.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ U.S. Real Estate Small Cap ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ U.S. Real Estate Small Cap ETF Market Price2 | | | | | 53.68% | | | | | | 7.56% | | | | | | 5.96% | | | | | | 8.15% | | | | | | 116.97% | | |
| IQ U.S. Real Estate Small Cap ETF NAV | | | | | 53.54% | | | | | | 7.53% | | | | | | 5.94% | | | | | | 8.36% | | | | | | 121.02% | | |
| IQ U.S. Real Estate Small Cap Index | | | | | 54.78% | | | | | | 8.27% | | | | | | 6.72% | | | | | | 9.16% | | | | | | 137.80% | | |
| Dow Jones U.S. Real Estate Index | | | | | 33.63% | | | | | | 13.07% | | | | | | 9.28% | | | | | | 9.87% | | | | | | 153.64% | | |
1
Fund Inception Date: 6/14/2011
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ 500 International ETF
How did IQ 500 International ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ 500 International ETF returned 49.88% at NAV (net asset value) and 50.94% at market price.1 To compare, the ETF’s Underlying Index, the IQ 500 International Index2 returned 50.55% for the reporting period. The MSCI EAFE Index2 and FTSE Developed ex U.S. Index2 returned 39.88% and 42.95%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were industrials and consumer discretionary. The sectors that made the weakest contributions to the ETF’s absolute performance were health care and real estate.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Germany-based Daimler and Luxembourg-based ArcelorMittal. Daimler makes and distributes cars, trucks and vans. ArcelorMittal and its subsidiaries engage in mining and steel manufacturing activities globally.
The weakest contributors to the ETF’s absolute performance during the same period were Japan-based Tokyo Electric Power Company Holdings and U.K.-based GlaxoSmithKline. Tokyo Electric Power Company Holdings generates and distributes electric power, operating thermal, nuclear, solar, wind, hydro and geothermal power plants. GlaxoSmithKline is a health care company researching, developing and manufacturing pharmaceutical medicines, vaccines and consumer health care products.
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were materials and consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were health care and consumer staples.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the two largest positions held by the ETF were Daimler, described above, and Germany-based Volkswagen. Volkswagen produces and sells passenger cars and light commercial vehicles, as well as developing vehicles and components for the company’s brands.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
36 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ 500 International ETF
(as of April 30, 2021)
| | | | 1 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ 500 International ETF Market Price2 | | | | | 50.94% | | | | | | 13.15% | | | | | | 34.19% | | |
| IQ 500 International ETF NAV | | | | | 49.88% | | | | | | 13.23% | | | | | | 34.41% | | |
| IQ 500 International Index | | | | | 50.55% | | | | | | 13.42% | | | | | | 35.00% | | |
| MSCI EAFE Index | | | | | 39.88% | | | | | | 13.76% | | | | | | 35.99% | | |
| FTSE Developed ex US Index | | | | | 42.95% | | | | | | 14.84% | | | | | | 39.07% | | |
1
Fund Inception Date: 12/13/2018
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ 50 Percent Hedged FTSE International ETF
How did IQ 50 Percent Hedged FTSE International ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ 50 Percent Hedged FTSE International ETF returned 38.14% at NAV (net asset value) and 39.70% at market price.1 To compare, the ETF’s Underlying Index, the FTSE Developed ex North America 50% Hedged to USD Index2 returned 38.72% for the reporting period. The FTSE Developed ex North America Index Local Currency2 and FTSE Developed ex North America Index2 returned 34.71% and 42.75%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
The ETF’s Underlying Index uses currency forwards to hedge 50% of the currency exposure of its underlying constituents. The hedge is reset monthly using 30-day forward contracts. During the reporting period, the U.S. dollar depreciated versus the Euro and most other international currencies, reducing the ETF’s performance due to the effect of its currency forwards.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were industrials and financials. The sectors that made the weakest contributions to the ETF’s absolute performance were energy and real estate.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included South Korea-based Samsung Electronics and Netherlands-based ASML Holding. Samsung Electronics manufactures and markets electronics and computer peripherals through its Consumer Electronics, Information Technology & Mobile Communications and Device Solutions divisions. ASML Holding manufactures, markets and services advanced semiconductor equipment, consisting of lithography related systems. It mainly caters to the makers of memory chips and logic chips.
The weakest contributors to the ETF’s absolute performance during the same period were Belgium-based Galapagos and Germany-based Wirecard. Galapagos is a biotechnology company focused on developing small molecule and antibody therapies. Wirecard provides outsourcing and white label solutions for payment processing worldwide. Wirecard was not part of the ETF holdings as of the end of reporting period.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
39 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were technology and consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were health care and consumer staples.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the two largest positions in the ETF were Samsung Electronics, described above, and Switzerland-based Nestlé. Nestlé produces a wide range of nutrition, health, and wellness items, including prepared foods and cooking aids, milk-based products, pharmaceuticals and ophthalmic goods, and baby foods and cereals.
As of the same date, the smallest positions in the ETF were two South Korea-based companies, HLB and Mando. HLB’s diversified businesses include pharmaceutical development and ship building. Mando manufactures and sells automobile parts, including brake, steering and suspension systems.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ 50 Percent Hedged FTSE International ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ 50 Percent Hedged FTSE International ETF Market Price2 | | | | | 39.70% | | | | | | 7.55% | | | | | | 10.18% | | | | | | 6.63% | | | | | | 44.90% | | |
| IQ 50 Percent Hedged FTSE International ETF NAV | | | | | 38.14% | | | | | | 7.48% | | | | | | 10.06% | | | | | | 6.62% | | | | | | 44.84% | | |
| FTSE Developed ex North America 50% Hedged to USD Index | | | | | 38.72% | | | | | | 7.69% | | | | | | 10.47% | | | | | | 7.10% | | | | | | 48.67% | | |
| FTSE Developed ex North America Index Local Currency | | | | | 34.71% | | | | | | 8.55% | | | | | | 11.28% | | | | | | 7.42% | | | | | | 51.23% | | |
| FTSE Developed ex North America Index | | | | | 42.75% | | | | | | 6.77% | | | | | | 9.60% | | | | | | 6.71% | | | | | | 45.56% | | |
1
Fund Inception Date: 7/22/2015
2
Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Healthy Hearts ETF
How did IQ Healthy Hearts ETF perform during the period since its inception on January 14, 2021 through April 30, 2021 (the “reporting period”)?
For the reporting period, IQ Healthy Hearts ETF returned 5.62% at NAV (net asset value) and 5.77% at market price.1 To compare, the ETF’s Benchmark Index, the IQ Candriam Healthy Hearts Index2 returned 5.73% for the reporting period. The MSCI ACWI Index2 returned 6.60% for the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the economic recovery that took hold in early 2021. Following the approval of vaccinations for Covid-19 in late 2020, the economy started improving as people began getting vaccinated in large numbers. This led to a rotation in the market toward value-oriented stocks in cyclical industries and away from higher growth stocks as interest rates moved higher.
During the reporting period, which subsectors were the strongest positive contributors to the ETF’s relative performance and which subsectors were particularly weak?
On the basis of impact, which takes weightings and total returns into account, the subsectors that made the strongest contributions to the ETF’s absolute performance were technology services and health services. The subsectors that made the weakest contributions to the ETF’s absolute performance were finance and commercial services.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Alphabet and Medtronic. Alphabet is a holding company that operates through the Google and Other Bets segments. Among the company’s Other Bets is its health technology unit, Verily Life Sciences, which focuses on the effective use of health data to prevent and manage disease. Medtronic is a medical technology company that produces device-based medical therapies and services, several of which are linked to cardiac health.
The weakest contributors to the ETF’s absolute performance were NIKE and Merck. NIKE makes athletic and fitness-related footwear, apparel, accessories and equipment. Merck provides health solutions through its prescription medicines, vaccines, biologic therapies, animal health and consumer care products.
How did the ETF’s subsector weightings change during the reporting period?
The two subsectors experiencing the largest weighting increases in the ETF during the reporting period were health services and consumer non-durables. During the same period, the two sectors with the most substantial weighting decreases were retail trade and health technology.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF’s largest positions included UnitedHealth Group and Alphabet. UnitedHealth Group provides health care coverage, software and data consultancy services. Alphabet is described above.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page
41 for more information on this index.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Healthy Hearts ETF
(as of April 30, 2021)
| | | | Since Inception1 | |
| | | | Cumulative | |
IQ Healthy Hearts ETF Market Price2 | | | | | 5.77% | | |
| IQ Healthy Hearts ETF NAV | | | | | 5.62% | | |
| IQ Candriam Healthy Hearts Index | | | | | 5.73% | | |
| MSCI ACWI Index | | | | | 6.60% | | |
1
Fund Inception Date: 1/14/2021
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Candriam ESG International Equity ETF
How did IQ Candriam ESG International Equity ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Candriam ESG International Equity ETF returned 41.45% at NAV (net asset value) and 42.51% at market price.1 To compare, the ETF’s Underlying Index, Candriam ESG International Equity Index2 returned 41.86% for the reporting period. The MSCI EAFE Index2 returned 39.88% for the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were industrials and financials. The sectors that made the weakest contributions to the ETF’s absolute performance were energy and real estate.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Netherlands-based ASML Holding and Germany-based Siemens. ASML Holding manufactures, markets and services advanced semiconductor equipment systems. It mainly caters to the makers of memory chips and logic chips. Siemens is a multinational conglomerate engaged in a wide range of industrial, digital and medical lines of business through the following segments: Power & Gas, Energy Management, Building Technologies, Mobility, Digital Factory, Process Industries & Drives, Siemens Healthcare and Financial Services.
The weakest contributors to the ETF’s absolute performance during the same period were Switzerland-based Roche Holding and U.K.-based GlaxoSmithKline. Roche Holding is a health care company focused on pharmaceutical and diagnostic products. GlaxoSmithKline is a health care company researching, developing and manufacturing pharmaceutical medicines, vaccines and consumer health care products.
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were industrials and energy. During the same period, the sectors with the most substantial weighting decreases were health care and consumer staples.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
44 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the two largest positions held by the ETF were Switzerland-based Nestlé and ASML Holdings, the latter of which is described above. Nestlé produces a wide range of nutrition, health, and wellness items, including prepared foods and cooking aids, milk-based products, pharmaceuticals and ophthalmic goods, and baby foods and cereals.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Candriam ESG International Equity ETF
(as of April 30, 2021)
| | | | 1 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Candriam ESG International Equity ETF Market Price2 | | | | | 42.51% | | | | | | 13.32% | | | | | | 18.73% | | |
| IQ Candriam ESG International Equity ETF NAV | | | | | 41.45% | | | | | | 13.21% | | | | | | 18.56% | | |
| IQ Candriam ESG International Equity Index | | | | | 41.86% | | | | | | 13.35% | | | | | | 18.77% | | |
| MSCI EAFE Index | | | | | 39.88% | | | | | | 10.90% | | | | | | 15.26% | | |
1
Fund Inception Date: 12/17/2019
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Candriam ESG U.S. Equity ETF
How did IQ Candriam ESG U.S. Equity ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Candriam ESG U.S. Equity ETF returned 48.85% at NAV (net asset value) and 49.00% at market price.1 To compare, the ETF’s Underlying Index, IQ Candriam ESG U.S. Equity Index2 returned 49.07% for the reporting period. The S&P 500® Index2 returned 45.98% for the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows.
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were information technology and consumer discretionary. The sectors that made the weakest contributions to the ETF’s absolute performance were utilities and energy.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Apple and Microsoft. Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and provides a variety of related services. Microsoft developments and supports software, services, devices and enterprise solutions.
The weakest contributors to the ETF’s absolute performance during the same period were Intel and Gilead Sciences. Intel designs, manufactures and sells semiconductor chips and related technologies for computer, networking, data storage and communications platforms. Gilead Sciences is a biopharmaceutical company researching, developing and commercializing medicines in areas of unmet medical need.
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were information technology and financials. During the same period, the sectors with the most substantial weighting decreases were health care and consumer discretionary.
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the two largest positions held by the ETF were Apple and Microsoft, both described above.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
46 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Candriam ESG U.S. Equity ETF
(as of April 30, 2021)
| | | | 1 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Candriam ESG U.S. Equity ETF Market Price2 | | | | | 49.00% | | | | | | 30.14% | | | | | | 43.56% | | |
| IQ Candriam ESG U.S. Equity ETF NAV | | | | | 48.85% | | | | | | 30.11% | | | | | | 43.51% | | |
| IQ Candriam ESG US Equity Index | | | | | 49.07% | | | | | | 30.21% | | | | | | 43.67% | | |
| S&P 500 Index | | | | | 45.98% | | | | | | 23.85% | | | | | | 34.13% | | |
1
Fund Inception Date: 12/17/2019
2
The price used to calculate the Market Price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Chaikin U.S. Small Cap ETF
How did IQ Chaikin U.S. Small Cap ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Chaikin U.S. Small Cap ETF returned 77.31% at NAV (net asset value) and 77.34% at market price.1 To compare, the ETF’s Underlying Index, the NASDAQ Chaikin Power US Small Cap Index2 returned 78.00% for the reporting period. The Russell 2000 Index2 and the NASDAQ US 1500 Index2 returned 74.91% and 83.73%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. As COVID-19 vaccine rollouts began to take place towards the latter part of the reporting period, we saw a sharp style rotation out of large-cap growth stocks and into large-cap value stocks. Expectations of the economy “returning to normal” also fueled small-caps stocks as they tend to perform well during periods of economic expansion. The market’s trend in favor of value over growth helped the ETF’s performance as its Underlying Index has value factors embedded in its selection process.
During the reporting period, which sectors were the strongest positive contributors to the ETF’s performance and which sectors were particularly weak?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were consumer discretionary and financials. The sectors that made the weakest contributions to the ETF’s absolute performance were communication services and utilities.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Sleep Number and U.S. Silica Holdings. Sleep Number designs, manufactures, markets and distributes beds, proprietary beds and other sleep-related accessories. U.S. Silica Holdings produces industrial silica and sand proppants.
During the same period, the weakest contributors to the ETF’s absolute performance were Peabody Energy and CoreCivic. Peabody Energy mines coal primarily for energy generation. CoreCivic develops and manages prisons and other correctional facilities.
How did the ETF’s sector weightings change during the reporting period?
The sectors experiencing the largest weighting increases in the ETF during the reporting period were financials and industrials. During the same period, the sectors with the most substantial weighting decreases were consumer discretionary and real estate.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
49 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the two largest positions held by the ETF were Genco Shipping & Trading and Translate Bio. Genco Shipping & Trading owns ships that transport iron ore, coal, grain, steel products and other dry bulk cargoes. Translate Bio develops therapeutic drugs focused on the treatment of diseases caused by protein or gene dysfunction.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Chaikin U.S. Small Cap ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Chaikin U.S. Small Cap ETF Market Price2 | | | | | 77.34% | | | | | | 10.17% | | | | | | 9.82% | | | | | | 44.91% | | |
| IQ Chaikin U.S. Small Cap ETF NAV | | | | | 77.31% | | | | | | 10.18% | | | | | | 9.82% | | | | | | 44.89% | | |
| NASDAQ Chaikin Power US Small Cap Index | | | | | 78.00% | | | | | | 10.59% | | | | | | 10.31% | | | | | | 47.50% | | |
| Russell 2000 Index | | | | | 74.91% | | | | | | 15.23% | | | | | | 14.56% | | | | | | 71.33% | | |
| NASDAQ US 1500 Index | | | | | 83.73% | | | | | | 16.41% | | | | | | 15.57% | | | | | | 77.43% | | |
1
Fund Inception Date: 5/16/2017
2
The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Management’s Discussion of Fund Performance (unaudited) (continued)
IQ Chaikin U.S. Large Cap ETF
How did IQ Chaikin U.S. Large Cap ETF perform during the 12 months ended April 30, 2021?
For the 12 months ended April 30, 2021 (the “reporting period”), IQ Chaikin U.S. Large Cap ETF returned 50.46% at NAV (net asset value) and 50.82% at market price.1 To compare, the ETF’s Underlying Index, the NASDAQ Chaikin Power US Large Cap Index2 returned 50.97% for the reporting period. The S&P 500 Index2 and the NASDAQ US 300 Total Return Index2 returned 45.98% and 46.05%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. As COVID-19 vaccine rollouts began to take place towards the latter part of the reporting period, we saw a sharp style rotation out of large-cap growth stocks and into large-cap value stocks. This style rotation bolstered the ETF’s performance as its Underlying Index has value factors embedded in its selection process.
During the reporting period, which sectors were the strongest positive contributors to the ETF’s performance and which sectors were particularly weak?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were information technology and consumer discretionary. The sectors that made the weakest contributions to the ETF’s absolute performance were materials and energy.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?
On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Tesla and Snap. Tesla designs, manufactures and markets fully electric vehicles, energy generation and storage systems. Snap is a camera and social media company. Its products include Snapchat, a popular platform that lets users create and share stories.
During the same period, the weakest contributors to the ETF’s absolute performance were Citrix Systems and Gilead Sciences. Citrix Systems designs, develops and markets information technology solutions. It provides a digital workspace that unifies apps, data and services. Gilead Sciences is a biopharmaceutical company researching, developing and commercializing medicines in areas of unmet medical need.
How did the ETF’s sector weightings change during the reporting period?
The two sectors experiencing the largest weighting increases in the ETF during the reporting period were industrials and real estate. During the same period, the two sectors with the most substantial weighting decreases were utilities and energy.
1
The price used to calculate the market price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
2
See page
52 for more information on this index.
3
The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.
Management’s Discussion of Fund Performance (unaudited) (continued)
How was the ETF positioned at the end of the reporting period?
As of April 30, 2021, the ETF’s largest positions were Snap, described above, and West Pharmaceutical Services. West Pharmaceutical Services manufactures and markets pharmaceuticals, biologics, vaccines and consumer healthcare products.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Management’s Discussion of Fund Performance (unaudited) (continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)
Fund Performance History
IQ Chaikin U.S. Large Cap ETF
(as of April 30, 2021)
| | | | 1 Year | | | 3 Year | | | Since Inception1 | |
| | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | |
IQ Chaikin U.S. Large Cap ETF Market Price2 | | | | | 50.82% | | | | | | 11.01% | | | | | | 10.14% | | | | | | 38.59% | | |
| IQ Chaikin U.S. Large Cap ETF NAV | | | | | 50.46% | | | | | | 10.98% | | | | | | 10.11% | | | | | | 38.47% | | |
| NASDAQ Chaikin Power US Large Cap Index | | | | | 50.97% | | | | | | 11.28% | | | | | | 10.40% | | | | | | 39.76% | | |
| S&P 500 Index | | | | | 45.98% | | | | | | 18.67% | | | | | | 16.41% | | | | | | 67.21% | | |
| NASDAQ US 300 Total Return Index | | | | | 46.05% | | | | | | 19.61% | | | | | | 17.16% | | | | | | 70.90% | | |
1
Fund Inception Date: 12/13/2017
2
The price used to calculate the Market Price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.
Fund Expenses (unaudited)
As a shareholder of a fund, you incur two types of costs: (1) transaction costs on purchases and sales and (2) ongoing costs, including Advisory fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds. Shareholders may pay brokerage commissions on their purchase and sale of the Fund, which are not reflected in the example.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, in a particular fund, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period 11/01/2020 to 04/30/2021” to estimate the expenses you paid on your account during this period. Each Fund will indirectly bear its pro rata share of the expenses incurred by the underlying funds in which each Fund invests. These expenses are not included in the table.
Hypothetical Example for Comparison Purposes
The second line of the table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The Funds will indirectly bear their pro rata share of the expenses incurred by the underlying fund investments in which the Funds invest. These expenses are not included in the table.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Beginning
Account
Value
11/01/2020 | | | Ending
Account
Value
04/30/2021 | | | Annualized
Expenses
Ratios for the
Period
11/01/2020
to 04/30/2021 | | | Expense
Paid During
the Period
11/01/2020 to
04/30/20211 | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,057.40 | | | | | | 0.54% | | | | | $ | 2.75 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.12 | | | | | | 0.54% | | | | | $ | 2.71 | | |
| IQ Hedge Macro Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,061.80 | | | | | | 0.41% | | | | | $ | 2.10 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.76 | | | | | | 0.41% | | | | | $ | 2.06 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,045.60 | | | | | | 0.41% | | | | | $ | 2.08 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.76 | | | | | | 0.41% | | | | | $ | 2.06 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,157.50 | | | | | | 0.41% | | | | | $ | 2.19 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.76 | | | | | | 0.41% | | | | | $ | 2.06 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,093.00 | | | | | | 0.41% | | | | | $ | 2.13 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.76 | | | | | | 0.41% | | | | | $ | 2.06 | | |
Fund Expenses (unaudited) (continued)
| | | | Beginning
Account
Value
11/01/2020 | | | Ending
Account
Value
04/30/2021 | | | Annualized
Expenses
Ratios for the
Period
11/01/2020
to 04/30/2021 | | | Expense
Paid During
the Period
11/01/2020 to
04/30/20211 | |
| IQ Real Return ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,015.10 | | | | | | 0.21% | | | | | $ | 1.05 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.75 | | | | | | 0.21% | | | | | $ | 1.05 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,029.50 | | | | | | 0.40% | | | | | $ | 2.01 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | | 0.40% | | | | | $ | 2.01 | | |
| IQ Merger Arbitrage ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,004.90 | | | | | | 0.76% | | | | | $ | 3.78 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.03 | | | | | | 0.76% | | | | | $ | 3.81 | | |
| IQ Global Resources ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,250.50 | | | | | | 0.76% | | | | | $ | 4.24 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.03 | | | | | | 0.76% | | | | | $ | 3.81 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,534.40 | | | | | | 0.70% | | | | | $ | 4.40 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.32 | | | | | | 0.70% | | | | | $ | 3.51 | | |
| IQ 500 International ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,398.80 | | | | | | 0.25% | | | | | $ | 1.49 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | | 0.25% | | | | | $ | 1.25 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,287.60 | | | | | | 0.20% | | | | | $ | 1.13 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.80 | | | | | | 0.20% | | | | | $ | 1.00 | | |
| IQ Healthy Hearts ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,056.20 | | | | | | 0.45% | | | | | $ | 1.36* | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.56 | | | | | | 0.45% | | | | | $ | 2.26 | | |
| IQ Candriam ESG International Equity ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,286.70 | | | | | | 0.15% | | | | | $ | 0.85 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.05 | | | | | | 0.15% | | | | | $ | 0.75 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,273.30 | | | | | | 0.09% | | | | | $ | 0.51 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.35 | | | | | | 0.09% | | | | | $ | 0.45 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,557.40 | | | | | | 0.35% | | | | | $ | 2.22 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.06 | | | | | | 0.35% | | | | | $ | 1.76 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,330.40 | | | | | | 0.25% | | | | | $ | 1.44 | | |
| Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.55 | | | | | | 0.25% | | | | | $ | 1.25 | | |
*
Fund commenced operation on January 14, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 107/365 (to reflect commencement of operation).
1
Unless otherwise indicated, expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365.
Portfolio Summaries* (unaudited)
IQ Hedge Multi-Strategy Tracker ETF
Net Assets ($ mil): $795.6
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 23.3% | | |
Investment Grade Corporate Bond
Funds | | | | | 17.2 | | |
| Convertible Bond Funds | | | | | 12.0 | | |
| Bank Loan Funds | | | | | 11.1 | | |
| Money Market Funds | | | | | 7.9 | | |
| Emerging Equity Funds | | | | | 5.6 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 3.9 | | |
| International Bond Fund | | | | | 3.3 | | |
| U.S. Small Cap Growth Funds | | | | | 2.6 | | |
Floating Rate — Investment Grade
Funds | | | | | 2.5 | | |
| BRIC Equity Funds | | | | | 2.4 | | |
| Emerging Bonds — USD Funds | | | | | 2.0 | | |
Emerging Bonds — Local Currency
Funds | | | | | 2.0 | | |
Emerging Markets Small Cap Equity
Fund | | | | | 1.9 | | |
| Gold Funds | | | | | 1.6 | | |
| Europe Equity Funds | | | | | 1.5 | | |
| Silver Funds | | | | | 1.4 | | |
| Japan Equity Fund | | | | | 1.0 | | |
| U.S. Large Cap Core Funds | | | | | 0.9 | | |
| U.S. Dollar Fund | | | | | 0.9 | | |
| High Yield Corporate Bond Funds | | | | | 0.7 | | |
| International Small Cap Equity Funds | | | | | 0.7 | | |
| Broad Funds | | | | | 0.3 | | |
| Mortgage Backed Securities Funds | | | | | 0.3 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 0.2 | | |
| U.S. Large Cap Growth Funds | | | | | 0.2 | | |
| U.S. Momentum Fund | | | | | 0.1 | | |
| International Equity Core Funds | | | | | 0.1 | | |
| Municipal Bond Fund | | | | | 0.1 | | |
| U.S. Small Cap Value Funds | | | | | 0.1 | | |
| International Large Cap Growth Fund | | | | | 0.1 | | |
| Volatility Note | | | | | 0.0(a) | | |
| Total Investments | | | | | 107.9 | | |
| Other Assets and Liabilites, Net | | | | | (7.9) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
(a)
Less than 0.05%.
IQ Hedge Macro Tracker ETF
Net Assets ($ mil): $4.3
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 29.1% | | |
| Money Market Funds | | | | | 16.6 | | |
| Convertible Bond Funds | | | | | 10.2 | | |
| BRIC Equity Funds | | | | | 7.8 | | |
| Emerging Equity Funds | | | | | 7.4 | | |
Emerging Bonds — Local Currency
Funds | | | | | 6.2 | | |
Floating Rate — Investment Grade
Funds | | | | | 6.1 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 6.0 | | |
| High Yield Corporate Bond Funds | | | | | 3.9 | | |
| Gold Funds | | | | | 2.9 | | |
| Emerging Small Cap Equity Fund | | | | | 2.9 | | |
| Emerging Bonds — USD Funds | | | | | 2.8 | | |
| Europe Equity Funds | | | | | 2.7 | | |
| U.S. Dollar Fund | | | | | 2.6 | | |
| Silver Funds | | | | | 2.5 | | |
Investment Grade Corporate Bond
Funds | | | | | 2.1 | | |
| Japan Equity Fund | | | | | 1.9 | | |
| U.S. Large Cap Core Funds | | | | | 1.3 | | |
| Broad Funds | | | | | 1.1 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 0.3 | | |
| U.S. Large Cap Growth Funds | | | | | 0.3 | | |
| Total Investments | | | | | 116.7 | | |
| Other Assets and Liabilites, Net | | | | | (16.7) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ Hedge Market Neutral Tracker ETF
Net Assets ($ mil): $17.7
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 39.2% | | |
| Bank Loan Funds | | | | | 18.7 | | |
Floating Rate — Investment Grade
Funds | | | | | 8.5 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 7.6 | | |
| International Bond Fund | | | | | 6.5 | | |
| Emerging Equity Funds | | | | | 5.9 | | |
| Mortgage Backed Securities Funds | | | | | 3.9 | | |
| Money Market Funds | | | | | 3.7 | | |
Investment Grade Corporate Bond
Funds | | | | | 3.6 | | |
| Convertible Bond Funds | | | | | 2.1 | | |
Emerging Bonds — Local Currency
Funds | | | | | 1.3 | | |
| Municipal Bond Fund | | | | | 1.1 | | |
| International Small Cap Equity Funds | | | | | 1.0 | | |
| U.S. Momentum Fund | | | | | 0.4 | | |
| U.S. Small Cap Value Funds | | | | | 0.2 | | |
| Total Investments | | | | | 103.7 | | |
| Other Assets and Liabilites, Net | | | | | (3.7) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Hedge Long/Short Tracker ETF
Net Assets ($ mil): $9.3
| Asset Class | | | % of
Net Assets | |
| U.S. Large Cap Core Funds | | | | | 23.7% | | |
Investment Grade Corporate Bond
Funds | | | | | 21.5 | | |
| International Small Cap Equity Funds | | | | | 17.7 | | |
| International Equity Core Funds | | | | | 11.7 | | |
| International Large Cap Growth Fund | | | | | 8.9 | | |
| Bank Loan Funds | | | | | 8.5 | | |
| Money Market Funds | | | | | 8.3 | | |
| U.S. REITS Funds | | | | | 3.4 | | |
| U.S. Large Cap Growth Funds | | | | | 3.0 | | |
| Volatility Note | | | | | 1.2 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 0.3 | | |
| Total Investments | | | | | 108.2 | | |
| Other Assets and Liabilites, Net | | | | | (8.2) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
IQ Hedge Event-Driven Tracker ETF
Net Assets ($ mil): $9.5
| Asset Class | | | % of
Net Assets | |
Investment Grade Corporate Bond
Funds | | | | | 43.7% | | |
| Convertible Bond Funds | | | | | 25.8 | | |
| Bank Loan Funds | | | | | 22.6 | | |
| U.S. Small Cap Growth Funds | | | | | 7.7 | | |
| Money Market Funds | | | | | 3.0 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 0.2 | | |
| Total Investments | | | | | 103.0 | | |
| Other Assets and Liabilites, Net | | | | | (3.0) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Real Return ETF
Net Assets ($ mil): $53.2
| Asset Class | | | % of
Net Assets | |
| U.S. Ultra Short Term Bond Funds | | | | | 74.9% | | |
| Money Market Funds | | | | | 18.1 | | |
| U.S. Medium Term Treasury Bond Funds | | | | | 7.5 | | |
| U.S. Large Cap Core Funds | | | | | 7.5 | | |
| Japanese Yen Fund | | | | | 4.0 | | |
| Euro Fund | | | | | 3.0 | | |
| U.S. Long Term Treasury Bond Funds | | | | | 2.5 | | |
| Oil Fund | | | | | 0.5 | | |
| Total Investments | | | | | 118.0 | | |
| Other Assets and Liabilites, Net | | | | | (18.0) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ S&P High Yield Low Volatility Bond ETF
Net Assets ($ mil): $106.2
| Industry | | | % of
Net Assets | |
| Consumer Discretionary | | | | | 15.6% | | |
| Media | | | | | 12.4 | | |
| Health Care | | | | | 12.2 | | |
| Industrials | | | | | 9.1 | | |
| Consumer Staples | | | | | 8.6 | | |
| Materials | | | | | 7.7 | | |
| Telecommunication Services | | | | | 6.0 | | |
| Energy | | | | | 5.9 | | |
| Financials | | | | | 4.8 | | |
| Information Technology | | | | | 4.5 | | |
| Real Estate | | | | | 4.3 | | |
| Utilities | | | | | 4.3 | | |
| Transportation | | | | | 2.4 | | |
| Money Market Funds | | | | | 1.7 | | |
| Total Investments | | | | | 99.5 | | |
| Other Assets and Liabilites, Net | | | | | 0.5 | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Merger Arbitrage ETF
Net Assets ($ mil): $746.3
| Industry | | | % of
Net Assets | |
| Information Technology | | | | | 24.7% | | |
| Money Market Funds | | | | | 23.7 | | |
| Industrials | | | | | 14.8 | | |
| Health Care | | | | | 13.2 | | |
| Financials | | | | | 12.6 | | |
| Utilities | | | | | 4.8 | | |
| Consumer Discretionary | | | | | 4.4 | | |
| U.S. Ultra Short Term Bond Funds | | | | | 4.0 | | |
| Communication Services | | | | | 1.7 | | |
| Materials | | | | | 0.8 | | |
| Energy | | | | | 0.3 | | |
| Total Investments | | | | | 105.0 | | |
| Other Assets and Liabilites, Net | | | | | (5.0) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
IQ Global Resources ETF
Net Assets ($ mil): $20.0
Industry | | | % of
Net Assets | |
| Precious Metals | | | | | 16.3% | | |
| Industrial Metals | | | | | 15.6 | | |
| Coal | | | | | 14.8 | | |
| Timber | | | | | 14.4 | | |
| Livestock | | | | | 9.1 | | |
| Energy | | | | | 7.3 | | |
| Water | | | | | 6.9 | | |
| Grains Food Fiber | | | | | 6.6 | | |
| Money Market Funds | | | | | 5.9 | | |
| Cash | | | | | 4.8 | | |
| Total Investments | | | | | 101.7 | | |
| Other Assets and Liabilites, Net | | | | | (1.7) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ U.S. Real Estate Small Cap ETF
Net Assets ($ mil): $52.3
| Asset Class | | | % of
Net Assets | |
| Specialized REITs | | | | | 22.1% | | |
| Retail REITs | | | | | 16.8 | | |
| Mortgage REITs | | | | | 15.8 | | |
| Hotel REITs | | | | | 14.0 | | |
| Diversified REITs | | | | | 14.0 | | |
| Office REITs | | | | | 11.6 | | |
| Residential REITs | | | | | 5.3 | | |
| Money Market Funds | | | | | 1.7 | | |
| Total Investments | | | | | 101.3 | | |
| Other Assets and Liabilites, Net | | | | | (1.3) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ 500 International ETF
Net Assets ($ mil): $244.3
Industry | | | % of
Net Assets | |
| Industrials | | | | | 22.0% | | |
| Consumer Discretionary | | | | | 16.4 | | |
| Materials | | | | | 12.5 | | |
| Financials | | | | | 9.5 | | |
| Consumer Staples | | | | | 9.0 | | |
| Energy | | | | | 7.2 | | |
| Communication Services | | | | | 7.0 | | |
| Utilities | | | | | 5.5 | | |
| Information Technology | | | | | 5.1 | | |
| Health Care | | | | | 4.8 | | |
| Money Market Funds | | | | | 4.4 | | |
| Total Investments | | | | | 103.4 | | |
| Other Assets and Liabilites, Net | | | | | (3.4) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ 50 Percent Hedged FTSE International ETF
Net Assets ($ mil): $310.4
Industry | | | % of
Net Assets | |
| Financials | | | | | 16.9% | | |
| Industrials | | | | | 15.1 | | |
| Consumer Discretionary | | | | | 12.5 | | |
| Information Technology | | | | | 11.4 | | |
| Health Care | | | | | 10.9 | | |
| Consumer Staples | | | | | 9.4 | | |
| Materials | | | | | 8.7 | | |
| Communication Services | | | | | 5.3 | | |
| Real Estate | | | | | 3.3 | | |
| Utilities | | | | | 3.3 | | |
| Money Market Funds | | | | | 3.0 | | |
| Energy | | | | | 3.0 | | |
| Insurance | | | | | 0.0(a) | | |
| Total Investments | | | | | 102.8 | | |
| Other Assets and Liabilites, Net | | | | | (2.8) | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
(a)
Less than 0.05%.
IQ Healthy Hearts ETF
Net Assets ($ mil): $6.6
| Industry | | | % of
Net Assets | |
| Health Care | | | | | 63.3% | | |
| Consumer Discretionary | | | | | 14.4 | | |
| Consumer Staples | | | | | 9.5 | | |
| Information Technology | | | | | 5.5 | | |
| Communication Services | | | | | 5.5 | | |
| Industrials | | | | | 1.1 | | |
| Money Market Funds | | | | | 1.0 | | |
| Real Estate | | | | | 0.5 | | |
| Total Investments | | | | | 100.8 | | |
| Other Assets and Liabilites, Net | | | | | (0.8) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Candriam ESG International Equity ETF
Net Assets ($ mil): $187.0
Industry | | | % of
Net Assets | |
| Financials | | | | | 17.7% | | |
| Industrials | | | | | 16.4 | | |
| Health Care | | | | | 12.0 | | |
| Information Technology | | | | | 10.3 | | |
| Consumer Discretionary | | | | | 10.0 | | |
| Materials | | | | | 8.5 | | |
| Consumer Staples | | | | | 8.2 | | |
| Communication Services | | | | | 6.3 | | |
| Energy | | | | | 4.1 | | |
| Real Estate | | | | | 3.2 | | |
| Utilities | | | | | 2.9 | | |
| Money Market Funds | | | | | 1.4 | | |
| Total Investments | | | | | 101.0 | | |
| Other Assets and Liabilites, Net | | | | | (1.0) | | |
| Total Net Assets | | | | | 100.0% | | |
See notes to financial statements.
Portfolio Summaries* (unaudited) (continued)
IQ Candriam ESG U.S. Equity ETF
Net Assets ($ mil): $410.7
Industry | | | % of
Net Assets | |
| Information Technology | | | | | 34.9% | | |
| Health Care | | | | | 14.7 | | |
| Communication Services | | | | | 11.2 | | |
| Consumer Discretionary | | | | | 9.4 | | |
| Financials | | | | | 8.2 | | |
| Industrials | | | | | 6.9 | | |
| Consumer Staples | | | | | 5.8 | | |
| Real Estate | | | | | 3.3 | | |
| Materials | | | | | 2.8 | | |
| Utilities | | | | | 1.4 | | |
| Energy | | | | | 1.1 | | |
| Money Market Funds | | | | | 0.2 | | |
| Total Investments | | | | | 99.9 | | |
| Other Assets and Liabilites, Net | | | | | 0.1 | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Chaikin U.S. Small Cap ETF
Net Assets ($ mil): $206.7
Industry | | | % of
Net Assets | |
| Financials | | | | | 27.2% | | |
| Industrials | | | | | 17.8 | | |
| Health Care | | | | | 14.1 | | |
| Information Technology | | | | | 12.4 | | |
| Consumer Discretionary | | | | | 9.7 | | |
| Materials | | | | | 4.4 | | |
| Energy | | | | | 3.6 | | |
| Consumer Staples | | | | | 3.3 | | |
| Communication Services | | | | | 3.0 | | |
| Real Estate | | | | | 2.3 | | |
| Utilities | | | | | 2.1 | | |
| Money Market Funds | | | | | 1.6 | | |
| Total Investments | | | | | 101.5 | | |
| Other Assets and Liabilites, Net | | | | | (1.5) | | |
| Total Net Assets | | | | | 100.0% | | |
IQ Chaikin U.S. Large Cap ETF
Net Assets ($ mil): $305.6
Industry | | | % of
Net Assets | |
| Information Technology | | | | | 26.7% | | |
| Health Care | | | | | 16.7 | | |
| Financials | | | | | 13.2 | | |
| Industrials | | | | | 10.7 | | |
| Communication Services | | | | | 9.2 | | |
| Consumer Discretionary | | | | | 9.1 | | |
| Real Estate | | | | | 5.2 | | |
| Consumer Staples | | | | | 4.0 | | |
| Utilities | | | | | 2.0 | | |
| Materials | | | | | 2.0 | | |
| Energy | | | | | 1.0 | | |
| Money Market Funds | | | | | 0.1 | | |
| Total Investments | | | | | 99.9 | | |
| Other Assets and Liabilites, Net | | | | | 0.1 | | |
| Total Net Assets | | | | | 100.0% | | |
*
Each Fund's portfolio is subject to change.
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF
| | | | Shares | | | Value | | | |
| Exchange Traded Note — 0.0%(a) | | | |
| Volatility Note — 0.0%(a) | | | |
iPath Series B S&P 500 VIX Short-Term Futures ETN*(b) | | | | | | | | | | | | | | | |
| (Cost $277,090) | | | | | 5,321 | | | | | $ | 213,692 | | | | |
| Exchange Traded Vehicles — 3.9% | | | |
| Gold Funds — 1.6% | | | |
Aberdeen Standard Physical Gold Shares ETF*(b) | | | | | 49,217 | | | | | | 835,705 | | | | |
Graniteshares Gold Trust* | | | | | 21,139 | | | | | | 371,623 | | | | |
iShares Gold Trust* | | | | | 603,086 | | | | | | 10,161,999 | | | | |
SPDR Gold MiniShares Trust*(b) | | | | | 82,715 | | | | | | 1,455,784 | | | | |
| Total Gold Funds | | | | | | | | | | | 12,825,111 | | | | |
| Silver Funds — 1.4% | | | |
Aberdeen Standard Physical Silver Shares ETF* | | | | | 26,339 | | | | | | 657,948 | | | | |
iShares Silver Trust* | | | | | 429,349 | | | | | | 10,308,670 | | | | |
| Total Silver Funds | | | | | | | | | | | 10,966,618 | | | | |
| U.S. Dollar Fund — 0.9% | | | |
Invesco DB U.S. Dollar Index Bullish Fund*(b) | | | | | 277,833 | | | | | | 6,829,135 | | | | |
| Total Exchange Traded Vehicles | | | | | |
| (Cost $30,483,695) | | | | | | | | | | | 30,620,864 | | | | |
| Investment Companies — 96.1% | | | |
| Bank Loan Funds — 11.1% | | | | | | | |
Invesco Senior Loan ETF(b) | | | | | 2,406,004 | | | | | | 53,292,989 | | | | |
SPDR Blackstone Senior Loan ETF(b) | | | | | 765,751 | | | | | | 35,155,628 | | | | |
| Total Bank Loan Funds | | | | | | | | | | | 88,448,617 | | | | |
| BRIC Equity Funds — 2.4% | | | |
iShares MSCI China ETF(b) | | | | | 177,847 | | | | | | 14,579,897 | | | | |
SPDR S&P China ETF(b) | | | | | 31,897 | | | | | | 4,203,387 | | | | |
| Total BRIC Equity Funds | | | | | | | | | | | 18,783,284 | | | | |
| Broad Funds — 0.3% | | | |
FlexShares Global Upstream Natural Resources Index Fund(b) | | | | | 50,724 | | | | | | 1,910,773 | | | | |
SPDR S&P Global Natural Resources
ETF | | | | | 14,428 | | | | | | 753,142 | | | | |
| Total Broad Funds | | | | | | | | | | | 2,663,915 | | | | |
| Convertible Bond Funds — 12.0% | | | |
| iShares Convertible Bond ETF | | | | | 186,043 | | | | | | 18,721,507 | | | | |
SPDR Bloomberg Barclays Convertible Securities ETF(b) | | | | | 900,093 | | | | | | 76,804,936 | | | | |
| Total Convertible Bond Funds | | | | | | | | | | | 95,526,443 | | | | |
| Emerging Bonds — Local Currency Funds — 2.0% | | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | | | 162,407 | | | | | | 4,302,161 | | | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | | | 367,681 | | | | | | 11,438,556 | | | | |
| Total Emerging Bonds — Local Currency Funds | | | | | | | | | | | 15,740,717 | | | | |
| Emerging Bonds — USD Funds — 2.0% | | | |
iShares J.P. Morgan USD Emerging Markets Bond ETF(b) | | | | | 123,686 | | | | | | 13,746,462 | | | | |
| Vanguard Emerging Markets Government Bond ETF | | | | | 26,362 | | | | | | 2,078,380 | | | | |
| Total Emerging Bonds — USD Funds | | | | | | | | | | | 15,824,842 | | | | |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Emerging Equity Funds — 5.6% | |
iShares Core MSCI Emerging Markets
ETF | | | | | 342,218 | | | | | $ | 22,405,012 | | |
Vanguard FTSE Emerging Markets
ETF(b) | | | | | 424,463 | | | | | | 22,488,050 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 44,893,062 | | |
| Emerging Markets Small Cap Equity Fund — 1.9% | |
| SPDR S&P Emerging Markets SmallCap ETF | | | | | 265,889 | | | | | | 15,549,189 | | |
| Europe Equity Funds — 1.5% | |
iShares Core MSCI Europe ETF(b) | | | | | 44,842 | | | | | | 2,536,712 | | |
| Vanguard FTSE Europe ETF | | | | | 144,813 | | | | | | 9,559,106 | | |
| Total Europe Equity Funds | | | | | | | | | | | 12,095,818 | | |
| Floating Rate — Investment Grade Funds — 2.5% | |
iShares Floating Rate Bond ETF(b) | | | | | 284,918 | | | | | | 14,459,589 | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | | | 174,004 | | | | | | 5,328,002 | | |
| Total Floating Rate — Investment Grade Funds | | | | | | | | | | | 19,787,591 | | |
| High Yield Corporate Bond Funds — 0.7% | |
iShares iBoxx High Yield Corporate Bond
ETF(b) | | | | | 35,764 | | | | | | 3,127,204 | | |
SPDR Bloomberg Barclays High Yield Bond ETF(b) | | | | | 14,080 | | | | | | 1,537,677 | | |
Xtrackers USD High Yield Corporate Bond
ETF(b) | | | | | 24,943 | | | | | | 1,000,963 | | |
Total High Yield Corporate Bond
Funds | | | | | | | | | | | 5,665,844 | | |
| International Bond Fund — 3.3% | |
| SPDR Bloomberg Barclays International Treasury Bond ETF | | | | | 885,854 | | | | | | 26,238,995 | | |
| International Equity Core Funds — 0.1% | |
| iShares Core MSCI EAFE ETF | | | | | 4,944 | | | | | | 367,388 | | |
Vanguard FTSE Developed Markets
ETF(b) | | | | | 7,762 | | | | | | 392,835 | | |
Total International Equity Core
Funds | | | | | | | | | | | 760,223 | | |
| International Large Cap Growth Fund — 0.1% | |
| iShares MSCI EAFE Growth ETF | | | | | 5,520 | | | | | | 577,171 | | |
| International Small Cap Equity Funds — 0.7% | |
Schwab International Small-Cap Equity ETF(b) | | | | | 35,234 | | | | | | 1,449,174 | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | | | 28,670 | | | | | | 3,837,480 | | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 5,286,654 | | |
| Investment Grade Corporate Bond Funds — 17.2% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 9,551 | | | | | | 568,762 | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF(b) | | | | | 32,491 | | | | | | 4,261,195 | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | | | 668,424 | | | | | | 20,941,724 | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 46,236 | | | | | | 4,337,862 | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Investment Grade Corporate Bond Funds (continued) | |
Vanguard Short-Term Corporate Bond ETF(b) | | | | | 1,288,517 | | | | | $ | 106,599,011 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 136,708,554 | | |
| Japan Equity Fund — 1.0% | |
iShares MSCI Japan ETF(b) | | | | | 121,861 | | | | | | 8,215,869 | | |
| Mortgage Backed Securities Funds — 0.3% | |
| iShares MBS ETF | | | | | 12,942 | | | | | | 1,408,866 | | |
SPDR Portfolio Mortgage Backed Bond ETF(b) | | | | | 7,243 | | | | | | 188,535 | | |
Vanguard Mortgage-Backed Securities ETF(b) | | | | | 13,855 | | | | | | 743,321 | | |
| Total Mortgage Backed Securities Funds | | | | | | | | | | | 2,340,722 | | |
| Municipal Bond Fund — 0.1% | |
VanEck Vectors High Yield Muni ETF(b) | | | | | 10,751 | | | | | | 673,873 | | |
| U.S. Large Cap Core Funds — 0.9% | |
| Energy Select Sector SPDR Fund | | | | | 99,068 | | | | | | 4,892,968 | | |
| Financial Select Sector SPDR Fund | | | | | 18,930 | | | | | | 686,402 | | |
Health Care Select Sector SPDR
Fund(b) | | | | | 530 | | | | | | 64,305 | | |
| Technology Select Sector SPDR Fund | | | | | 2,955 | | | | | | 412,813 | | |
Vanguard Energy ETF(b) | | | | | 15,134 | | | | | | 1,033,501 | | |
| Vanguard Financials ETF | | | | | 1,872 | | | | | | 168,106 | | |
| Vanguard Health Care ETF | | | | | 398 | | | | | | 94,815 | | |
| Vanguard Information Technology ETF | | | | | 322 | | | | | | 121,375 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 7,474,285 | | |
| U.S. Large Cap Growth Funds — 0.2% | |
Schwab U.S. Large-Cap Growth ETF(b) | | | | | 1,430 | | | | | | 199,757 | | |
| Vanguard Growth ETF | | | | | 3,740 | | | | | | 1,027,789 | | |
| Vanguard Mega Cap Growth ETF | | | | | 653 | | | | | | 144,940 | | |
| Vanguard Russell 1000 Growth ETF | | | | | 1,268 | | | | | | 84,702 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 1,457,188 | | |
| U.S. Long Term Treasury Bond Funds — 0.2% | |
iShares 20+ Year Treasury Bond ETF(b) | | | | | 7,888 | | | | | | 1,093,592 | | |
| SPDR Portfolio Long Term Treasury ETF | | | | | 6,153 | | | | | | 245,012 | | |
| Vanguard Long-Term Treasury ETF | | | | | 1,894 | | | | | | 160,157 | | |
| Total U.S. Long Term Treasury Bond Funds | | | | | | | | | | | 1,498,761 | | |
| U.S. Medium Term Treasury Bond Funds — 3.9% | |
iShares 3-7 Year Treasury Bond ETF(b) | | | | | 119,194 | | | | | | 15,546,473 | | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | | | 97,091 | | | | | | 5,504,089 | | |
| Vanguard Intermediate-Term Treasury ETF | | | | | 146,655 | | | | | | 9,915,345 | | |
Total U.S. Medium Term Treasury Bond
Funds | | | | | | | | | | | 30,965,907 | | |
| U.S. Momentum Fund — 0.1% | |
iShares MSCI USA Momentum Factor ETF(b) | | | | | 6,554 | | | | | | 1,128,664 | | |
| U.S. Small Cap Growth Funds — 2.6% | |
iShares Russell 2000 Growth ETF(b) | | | | | 23,967 | | | | | | 7,348,522 | | |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Small Cap Growth Funds (continued) | |
iShares S&P Small-Cap 600 Growth
ETF(b) | | | | | 28,923 | | | | | $ | 3,776,765 | | |
| Vanguard Small-Cap Growth ETF | | | | | 33,003 | | | | | | 9,394,304 | | |
| Total U.S. Small Cap Growth Funds | | | | | | | | | | | 20,519,591 | | |
| U.S. Small Cap Value Funds — 0.1% | |
iShares Russell 2000 Value ETF(b) | | | | | 1,351 | | | | | | 219,376 | | |
iShares S&P Small-Cap 600 Value ETF(b) | | | | | 1,137 | | | | | | 116,474 | | |
| Vanguard Small-Cap Value ETF | | | | | 1,809 | | | | | | 311,600 | | |
| Total U.S. Small Cap Value Funds | | | | | | | | | | | 647,450 | | |
| U.S. Ultra Short Term Bond Funds — 23.3% | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 375,594 | | | | | $ | 37,604,471 | | |
| Invesco Treasury Collateral ETF | | | | | 112,039 | | | | | | 11,840,282 | | |
IQ Ultra Short Duration ETF† | | | | | 2,333,212 | | | | | | 115,750,647 | | |
iShares Short Treasury Bond ETF(b)(c) | | | | | 181,344 | | | | | | 20,040,325 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(b) | | | | | 4,711 | | | | | | 431,057 | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 185,666,782 | | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $737,304,759) | | | | | | | | | | | 765,140,011 | | |
| Short-Term Investments — 7.9% | |
| Money Market Funds — 7.9% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(d)(e) | | | | | 62,670,538 | | | | | | 62,670,538 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(d) | | | | | 160,238 | | | | | | 160,238 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $62,830,776) | | | | | | | | | | | 62,830,776 | | |
| Total Investments — 107.9% | | | | | | | | | | | | | |
| (Cost $830,896,320) | | | | | | | | | | | 858,805,343 | | |
Other Assets and Liabilities,
Net — (7.9)% | | | | | | | | | | | (63,228,042) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 795,577,301 | | |
| |
*
Non-income producing securities.
†
Affiliated Fund.
(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 $98,707,740; total market value of collateral held by the Fund was $101,450,142. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $38,779,604.
(c)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $1,105,100.
(d)
Reflects the 1-day yield at April 30, 2021.
(e)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(f) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(g) | |
Aberdeen Standard Physical Gold Shares
ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 31,888 | | | | | $ | — | | |
Aberdeen Standard Physical Gold Shares
ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 31,888 | | | | | | — | | |
Aberdeen Standard Physical Silver Shares
ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 25,105 | | | | | | — | | |
Aberdeen Standard Physical Silver Shares
ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 25,105 | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF – 0.05% | | | | | 7/02/2021 | | | | Monthly | | | | | (123,455) | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (123,455) | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 186,744 | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 186,744 | | | | | | — | | |
| Fidelity MSCI Real Estate Index ETF | | | Morgan Stanley | | | 1-Day
FEDEF – 19.67% | | | | | 7/02/2021 | | | | Monthly | | | | | (128,606) | | | | | | — | | |
| Fidelity MSCI Real Estate Index ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (128,606) | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 26,180 | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 26,180 | | | | | | — | | |
| FlexShares Global Upstream Natural Resources Index Fund | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 72,929 | | | | | | — | | |
| FlexShares Global Upstream Natural Resources Index Fund | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 72,929 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,435,120 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,435,120 | | | | | | — | | |
| Graniteshares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 14,169 | | | | | | — | | |
| Graniteshares Gold Trust | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 14,169 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,427 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 2,427 | | | | | | — | | |
| Invesco DB U.S. Dollar Index Bullish Fund | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 260,646 | | | | | | — | | |
| Invesco DB U.S. Dollar Index Bullish Fund | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 260,646 | | | | | | — | | |
| Invesco KBW Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF – 3.47% | | | | | 7/02/2021 | | | | Monthly | | | | | (135,678) | | | | | | — | | |
| Invesco KBW Bank ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (135,678) | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | 1-Day FEDEF – 1.02% | | | | | 7/02/2021 | | | | Monthly | | | | | (1,924,077) | | | | | | — | | |
| Invesco Preferred ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (1,924,077) | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,033,924 | | | | | | — | | |
| Invesco Senior Loan ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 2,033,924 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 451,888 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 451,888 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,152 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 8,152 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,229,649 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(f) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(g) | |
| IQ Ultra Short Duration ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | $ | 4,258,919 | | | | | $ | — | | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.72% | | | | | 7/02/2021 | | | | Monthly | | | | | (287,843) | | | | | | — | | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (287,843) | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 41,731 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 41,731 | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 593,326 | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 593,326 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 21,736 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 21,736 | | | | | | — | | |
| iShares Convertible Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 714,574 | | | | | | — | | |
| iShares Convertible Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 714,574 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 14,045 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 14,045 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 855,038 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 855,038 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 96,848 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 96,848 | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.62% | | | | | 7/02/2021 | | | | Monthly | | | | | (881,933) | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (881,933) | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF – 3.07% | | | | | 7/02/2021 | | | | Monthly | | | | | (166,542) | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (166,542) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 551,856 | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 551,856 | | | | | | — | | |
| iShares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 387,820 | | | | | | — | | |
| iShares Gold Trust | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 387,820 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 162,626 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 162,626 | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 119,356 | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 119,356 | | | | | | — | | |
iShares J.P. Morgan USD Emerging Markets
Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 524,581 | | | | | | — | | |
iShares J.P. Morgan USD Emerging Markets
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 524,581 | | | | | | — | | |
| iShares MBS ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 53,777 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(f) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(g) | |
| iShares MBS ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | $ | 53,777 | | | | | $ | — | | |
| iShares MSCI China ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 556,398 | | | | | | — | | |
| iShares MSCI China ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 556,398 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 22,062 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 22,062 | | | | | | — | | |
| iShares MSCI Emerging Markets Min Vol Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (3,986,787) | | | | | | — | | |
| iShares MSCI Emerging Markets Min Vol Factor ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (3,986,787) | | | | | | — | | |
| iShares MSCI Japan ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 313,570 | | | | | | — | | |
| iShares MSCI Japan ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 313,570 | | | | | | — | | |
| iShares MSCI USA Momentum Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 43,053 | | | | | | — | | |
| iShares MSCI USA Momentum Factor ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 43,053 | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF – 1.57% | | | | | 7/02/2021 | | | | Monthly | | | | | (5,255,073) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (5,255,073) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 280,548 | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 280,548 | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,281 | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 8,281 | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 144,160 | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 144,160 | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,507 | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 4,507 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 764,840 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 764,840 | | | | | | — | | |
| iShares Silver Trust | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 393,428 | | | | | | — | | |
| iShares Silver Trust | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 393,428 | | | | | | — | | |
| iShares TIPS Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (338,936) | | | | | | — | | |
| iShares TIPS Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (338,936) | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 210,093 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 210,093 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 55,320 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 55,320 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,543 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(f) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(g) | |
| Schwab U.S. Large-Cap Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | $ | 7,543 | | | | | $ | — | | |
| Schwab U.S. Large-Cap Value ETF | | | Morgan Stanley | | | 1-Day FEDEF – 1.47% | | | | | 7/02/2021 | | | | Monthly | | | | | (886,105) | | | | | | — | | |
| Schwab U.S. Large-Cap Value ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (886,105) | | | | | | — | | |
| Schwab U.S. TIPS ETF | | | Morgan Stanley | | | 1-Day FEDEF – 1.97% | | | | | 7/02/2021 | | | | Monthly | | | | | (214,890) | | | | | | — | | |
| Schwab U.S. TIPS ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (214,890) | | | | | | — | | |
| SPDR Blackstone Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,341,720 | | | | | | — | | |
| SPDR Blackstone Senior Loan ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,341,720 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 16,470 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 16,470 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,931,256 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 2,931,256 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 164,185 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 164,185 | | | | | | — | | |
SPDR Bloomberg Barclays High Yield Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 58,755 | | | | | | — | | |
SPDR Bloomberg Barclays High Yield Bond
ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 58,755 | | | | | | — | | |
| SPDR Bloomberg Barclays International Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,001,393 | | | | | | — | | |
| SPDR Bloomberg Barclays International Treasury Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 1,001,393 | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 203,347 | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 203,347 | | | | | | — | | |
SPDR Bloomberg Barclays Short Term High
Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (253,336) | | | | | | — | | |
SPDR Bloomberg Barclays Short Term High
Yield Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (253,336) | | | | | | — | | |
SPDR Dow Jones International Real Estate
ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.82% | | | | | 7/02/2021 | | | | Monthly | | | | | (630,101) | | | | | | — | | |
SPDR Dow Jones International Real Estate
ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (630,101) | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 55,563 | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 55,563 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 9,358 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 9,358 | | | | | | — | | |
| SPDR Portfolio Mortgage Backed Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,184 | | | | | | — | | |
| SPDR Portfolio Mortgage Backed Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 7,184 | | | | | | — | | |
| SPDR Portfolio S&P 500 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.57% | | | | | 7/02/2021 | | | | Monthly | | | | | (996,876) | | | | | | — | | |
| SPDR Portfolio S&P 500 Value ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (996,876) | | | | | | — | | |
SPDR Portfolio Short Term Corporate Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 799,260 | | | | | | — | | |
SPDR Portfolio Short Term Corporate Bond
ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 799,260 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(f) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(g) | |
| SPDR S&P Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | $ | (221,653) | | | | | $ | — | | |
| SPDR S&P Bank ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (221,653) | | | | | | — | | |
| SPDR S&P China ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 160,508 | | | | | | — | | |
| SPDR S&P China ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 160,508 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 593,455 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 593,455 | | | | | | — | | |
| SPDR S&P Global Natural Resources ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 28,762 | | | | | | — | | |
| SPDR S&P Global Natural Resources ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 28,762 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 15,786 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 15,786 | | | | | | — | | |
| VanEck Vectors High Yield Muni ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 25,699 | | | | | | — | | |
| VanEck Vectors High Yield Muni ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 25,699 | | | | | | — | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 436,567 | | | | | | — | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 436,567 | | | | | | — | | |
| Vanguard Consumer Discretionary ETF | | | Morgan Stanley | | | 1-Day FEDEF – 3.62% | | | | | 7/02/2021 | | | | Monthly | | | | | (35,801) | | | | | | — | | |
| Vanguard Consumer Discretionary ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (35,801) | | | | | | — | | |
Vanguard Emerging Markets Government
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 79,313 | | | | | | — | | |
Vanguard Emerging Markets Government
Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 79,313 | | | | | | — | | |
| Vanguard Energy ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 39,472 | | | | | | — | | |
| Vanguard Energy ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 39,472 | | | | | | — | | |
| Vanguard Financials ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,376 | | | | | | — | | |
| Vanguard Financials ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 6,376 | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 146,432 | | | | | | — | | |
Vanguard FTSE All World ex-U.S. Small-Cap
ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 146,432 | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 14,981 | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 14,981 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 858,276 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 858,276 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 364,837 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 364,837 | | | | | | — | | |
| Vanguard Global ex-U.S. Real Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (3,454,170) | | | | | | — | | |
| Vanguard Global ex-U.S. Real Estate ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (3,454,170) | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 39,023 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(f) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(g) | |
| Vanguard Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | $ | 39,023 | | | | | $ | — | | |
| Vanguard Health Care ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,573 | | | | | | — | | |
| Vanguard Health Care ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 3,573 | | | | | | — | | |
| Vanguard Information Technology ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,523 | | | | | | — | | |
| Vanguard Information Technology ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 4,523 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 165,592 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 165,592 | | | | | | — | | |
Vanguard Intermediate-Term Treasury
ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 378,413 | | | | | | — | | |
Vanguard Intermediate-Term Treasury
ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 378,413 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,088 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 6,088 | | | | | | — | | |
| Vanguard Mega Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 5,549 | | | | | | — | | |
| Vanguard Mega Cap Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 5,549 | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 28,381 | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 28,381 | | | | | | — | | |
| Vanguard Real Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.15% | | | | | 7/02/2021 | | | | Monthly | | | | | (3,413,009) | | | | | | — | | |
| Vanguard Real Estate ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (3,413,009) | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,206 | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 3,206 | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Morgan Stanley | | | 1-Day FEDEF – 5.37% | | | | | 7/02/2021 | | | | Monthly | | | | | (419,299) | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (419,299) | | | | | | — | | |
Vanguard Short-Term Corporate Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,068,330 | | | | | | — | | |
Vanguard Short-Term Corporate Bond
ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 4,068,330 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 358,659 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 358,659 | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 11,885 | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 11,885 | | | | | | — | | |
| Vanguard Value ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.35% | | | | | 7/02/2021 | | | | Monthly | | | | | (7,054,914) | | | | | | — | | |
| Vanguard Value ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 3/31/2022 | | | | Monthly | | | | | (7,054,914) | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 38,204 | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Merrill Lynch | | | 1-Month LIBOR
+ 0.50% | | | | | 3/31/2022 | | | | Monthly | | | | | 38,204 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
See notes to financial statements.
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
Total Return Swap contracts outstanding at April 30, 2021: (continued)
Cash posted has been segregated as collateral for swaps in the amount of $570,000 at April 30, 2021.
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $1,105,100 and with Merrill Lynch amounted to $ — at April 30, 2021. 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 rate entity.
(g)
Reflects the value at reset date of April 30, 2021.
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 April 30, 2021. 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) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Note | | | | $ | 213,692 | | | | | $ | — | | | | | $ | — | | | | | $ | 213,692 | | |
| Exchange Traded Vehicles | | | | | 30,620,864 | | | | | | — | | | | | | — | | | | | | 30,620,864 | | |
| Investment Companies | | | | | 765,140,011 | | | | | | — | | | | | | — | | | | | | 765,140,011 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 62,830,776 | | | | | | — | | | | | | — | | | | | | 62,830,776 | | |
| Total Investments in Securities | | | | | 858,805,343 | | | | | | — | | | | | | — | | | | | | 858,805,343 | | |
| Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 858,805,343 | | | | | $ | — | | | | | $ | — | | | | | $ | 858,805,343 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(h)
For a complete listing of investments and their industries, see the Schedule of Investments.
(i)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 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
($) | | | Shares at
04/30/2021 | | | Value
($) at
04/30/2021 | |
Invesco
Treasury
Collateral
ETF(j) | | | | | 403,476 | | | | | | 42,760,387 | | | | | | 28,541,567 | | | | | | (59,318,362) | | | | | | (176,558) | | | | | | 33,248 | | | | | | 122,785 | | | | | | — | | | | | | 112,039 | | | | | | 11,840,282 | | |
IQ Ultra
Short
Duration
ETF | | | | | 1,137,443 | | | | | | 56,246,556 | | | | | | 154,421,669 | | | | | | (95,078,285) | | | | | | 1,067,120 | | | | | | (906,413) | | | | | | 1,029,327 | | | | | | 561,469 | | | | | | 2,333,212 | | | | | | 115,750,647 | | |
| | | | | | 1,540,919 | | | | | | 99,006,943 | | | | | | 182,963,236 | | | | | | (154,396,647) | | | | | | 890,562 | | | | | | (873,165) | | | | | | 1,152,112 | | | | | | 561,469 | | | | | | 2,445,251 | | | | | | 127,590,929 | | |
For more information on the determination, please refer to Note 6.
(j)
As of April 30, 2021, this security was no longer considered to be an affiliate of the Fund.
See notes to financial statements.
Schedule of Investments — IQ Hedge Macro Tracker ETF
| | | | Shares | | | Value | |
| Exchange Traded Vehicles — 8.0% | |
| Gold Funds — 2.9% | |
Aberdeen Standard Physical Gold Shares
ETF*(a) | | | | | 473 | | | | | $ | 8,032 | | |
Graniteshares Gold Trust* | | | | | 203 | | | | | | 3,569 | | |
iShares Gold Trust* | | | | | 5,790 | | | | | | 97,562 | | |
SPDR Gold MiniShares Trust*(a) | | | | | 794 | | | | | | 13,974 | | |
| Total Gold Funds | | | | | | | | | | | 123,137 | | |
| Silver Funds — 2.5% | |
Aberdeen Standard Physical Silver Shares
ETF* | | | | | 253 | | | | | | 6,320 | | |
iShares Silver Trust* | | | | | 4,122 | | | | | | 98,969 | | |
| Total Silver Funds | | | | | | | | | | | 105,289 | | |
| U.S. Dollar Fund — 2.6% | |
Invesco DB U.S. Dollar Index Bullish Fund*(a) | | | | | 4,621 | | | | | | 113,584 | | |
| Total Exchange Traded Vehicles | | | | | | | | | | | | | |
| (Cost $338,366) | | | | | | | | | | | 342,010 | | |
| Investment Companies — 92.1% | |
| BRIC Equity Funds — 7.8% | |
iShares MSCI China ETF(a) | | | | | 3,147 | | | | | | 257,991 | | |
SPDR S&P China ETF(a) | | | | | 564 | | | | | | 74,324 | | |
| Total BRIC Equity Funds | | | | | | | | | | | 332,315 | | |
| Broad Funds — 1.1% | |
FlexShares Global Upstream Natural Resources Index Fund(a) | | | | | 897 | | | | | | 33,790 | | |
| SPDR S&P Global Natural Resources ETF | | | | | 255 | | | | | | 13,311 | | |
| Total Broad Funds | | | | | | | | | | | 47,101 | | |
| Convertible Bond Funds — 10.2% | |
| iShares Convertible Bond ETF | | | | | 851 | | | | | | 85,636 | | |
SPDR Bloomberg Barclays Convertible Securities ETF(a) | | | | | 4,115 | | | | | | 351,133 | | |
| Total Convertible Bond Funds | | | | | | | | | | | 436,769 | | |
| Emerging Bonds — Local Currency Funds — 6.2% | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | | | 2,729 | | | | | | 72,291 | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | | | 6,179 | | | | | | 192,229 | | |
Total Emerging Bonds — Local Currency
Funds | | | | | | | | | | | 264,520 | | |
| Emerging Bonds — USD Funds — 2.8% | |
iShares J.P. Morgan USD Emerging Markets
Bond ETF(a) | | | | | 926 | | | | | | 102,916 | | |
Vanguard Emerging Markets Government
Bond ETF | | | | | 197 | | | | | | 15,531 | | |
| Total Emerging Bonds — USD Funds | | | | | | | | | | | 118,447 | | |
| Emerging Equity Funds — 7.4% | |
iShares Core MSCI Emerging
Markets ETF | | | | | 2,412 | | | | | | 157,914 | | |
Vanguard FTSE Emerging Markets ETF(a) | | | | | 2,992 | | | | | | 158,516 | | |
| Total Emerging Equity Funds | | | | | | | | | | | 316,430 | | |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| Emerging Small Cap Equity Fund — 2.9% | |
SPDR S&P Emerging Markets SmallCap
ETF(a) | | | | | 2,096 | | | | | $ | 122,574 | | |
| Europe Equity Funds — 2.7% | |
iShares Core MSCI Europe ETF(a) | | | | | 431 | | | | | | 24,382 | | |
| Vanguard FTSE Europe ETF | | | | | 1,390 | | | | | | 91,754 | | |
| Total Europe Equity Funds | | | | | | | | | | | 116,136 | | |
| Floating Rate — Investment Grade Funds — 6.1% | |
iShares Floating Rate Bond
ETF | | | | | 3,750 | | | | | | 190,312 | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | | | 2,290 | | | | | | 70,120 | | |
Total Floating Rate — Investment Grade
Funds | | | | | | | | | | | 260,432 | | |
| High Yield Corporate Bond Funds — 3.9% | |
iShares iBoxx High Yield Corporate Bond ETF(a) | | | | | 1,060 | | | | | | 92,686 | | |
SPDR Bloomberg Barclays High Yield Bond
ETF(a) | | | | | 418 | | | | | | 45,650 | | |
Xtrackers USD High Yield Corporate Bond ETF(a) | | | | | 740 | | | | | | 29,696 | | |
Total High Yield Corporate
Bond Funds | | | | | | | | | | | 168,032 | | |
| Investment Grade Corporate Bond Funds — 2.1% | |
SPDR Portfolio Short Term Corporate Bond
ETF | | | | | 477 | | | | | | 14,944 | | |
Vanguard Short-Term Corporate Bond
ETF | | | | | 919 | | | | | | 76,029 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 90,973 | | |
| Japan Equity Fund — 1.9% | |
iShares MSCI Japan ETF(a) | | | | | 1,170 | | | | | | 78,881 | | |
| U.S. Large Cap Core Funds — 1.3% | |
Energy Select Sector SPDR Fund(a) | | | | | 960 | | | | | | 47,414 | | |
Vanguard Energy ETF(a) | | | | | 147 | | | | | | 10,039 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 57,453 | | |
| U.S. Large Cap Growth Funds — 0.3% | |
Schwab U.S. Large-Cap Growth ETF(a) | | | | | 12 | | | | | | 1,676 | | |
| Vanguard Growth ETF | | | | | 31 | | | | | | 8,519 | | |
| Vanguard Mega Cap Growth ETF | | | | | 5 | | | | | | 1,110 | | |
| Vanguard Russell 1000 Growth ETF | | | | | 12 | | | | | | 802 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 12,107 | | |
| U.S. Long Term Treasury Bond Funds — 0.3% | |
iShares 20+ Year Treasury Bond ETF(a) | | | | | 76 | | | | | | 10,537 | | |
| SPDR Portfolio Long Term Treasury ETF | | | | | 59 | | | | | | 2,349 | | |
| Vanguard Long-Term Treasury ETF | | | | | 18 | | | | | | 1,522 | | |
| Total U.S. Long Term Treasury Bond Funds | | | | | | | | | | | 14,408 | | |
| U.S. Medium Term Treasury Bond Funds — 6.0% | |
iShares 3-7 Year Treasury Bond ETF(a) | | | | | 978 | | | | | | 127,561 | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Macro Tracker ETF (continued)
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
| U.S. Medium Term Treasury Bond Funds (continued) | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | | | 796 | | | | | $ | 45,125 | | |
Vanguard Intermediate-Term
Treasury ETF | | | | | 1,203 | | | | | | 81,335 | | |
| Total U.S. Medium Term Treasury Bond Funds | | | | | | | | | | | 254,021 | | |
| U.S. Ultra Short Term Bond Funds — 29.1% | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | | | 2,515 | | | | | | 251,802 | | |
| Invesco Treasury Collateral ETF | | | | | 750 | | | | | | 79,260 | | |
| IQ Ultra Short Duration ETF† | | | | | 15,621 | | | | | | 774,958 | | |
iShares Short Treasury Bond ETF(a) | | | | | 1,214 | | | | | | 134,159 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a) | | | | | 32 | | | | | | 2,928 | | |
| Total U.S. Ultra Short Term Bond Funds | | | | | | | | | | | 1,243,107 | | |
| Total Investment Companies | | | | | | | | | | | | | |
| (Cost $3,579,289) | | | | | | | | | | | 3,933,706 | | |
| Short-Term Investments — 16.6% | |
| Money Market Funds — 16.6% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c) | | | | | 705,838 | | | | | | 705,838 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.01%(b) | | | | | 1,271 | | | | | | 1,271 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $707,109) | | | | | | | | | | | 707,109 | | |
| |
| | | | Shares | | | Value | |
| Total Investments — 116.7% | |
| (Cost $4,624,764) | | | | | | | $ | 4,982,825 | | |
Other Assets and Liabilities,
Net — (16.7)% | | | | | | | | (710,447) | | |
| Net Assets — 100.0% | | | | | | | $ | 4,272,378 | | |
| |
*
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 $1,148,226; total market value of collateral held by the Fund was $1,181,211. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $475,373.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
| Total Return Swap contracts outstanding at April 30, 2021: | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| Aberdeen Standard Physical Gold Shares ETF | | | Morgan Stanley | | | 1-Day FEDEF +
0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 747 | | | | | $ | — | | |
| Aberdeen Standard Physical Silver Shares ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 600 | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,396 | | | | | | — | | |
| Fidelity MSCI Real Estate Index ETF | | | Morgan Stanley | | | 1-Day FEDEF –
19.67% | | | | | 5/03/2022 | | | | Monthly | | | | | (2,580) | | | | | | — | | |
| FlexShares Global Upstream Natural Resources Index Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,127 | | | | | | — | | |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 23,328 | | | | | | — | | |
| Graniteshares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 334 | | | | | | — | | |
| Invesco DB U.S. Dollar Index Bullish Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 10,545 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,398 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 71,885 | | | | | | — | | |
| iShares 20+ Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 970 | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 11,869 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Macro Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
1.97% | | | | | 5/03/2022 | | | | Monthly | | | | $ | (4,347) | | | | | $ | — | | |
| iShares Convertible Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,050 | | | | | | — | | |
| iShares Core MSCI Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 14,665 | | | | | | — | | |
| iShares Core MSCI Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,263 | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF –
3.07% | | | | | 5/03/2022 | | | | Monthly | | | | | (3,338) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 17,661 | | | | | | — | | |
| iShares Gold Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 9,048 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
1.72% | | | | | 5/03/2022 | | | | Monthly | | | | | (32,394) | | | | | | — | | |
iShares iBoxx High Yield Corporate Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,569 | | | | | | — | | |
| iShares JP Morgan USD Emerging Markets Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 9,558 | | | | | | — | | |
| iShares MSCI China ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 23,938 | | | | | | — | | |
iShares MSCI Emerging Markets Min Vol
Factor ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.35% | | | | | 5/03/2022 | | | | Monthly | | | | | (127,287) | | | | | | — | | |
| iShares MSCI Japan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,349 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 12,488 | | | | | | — | | |
| iShares Silver Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 9,172 | | | | | | — | | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,195 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 140 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 275 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 32,596 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,702 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 4,259 | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,491 | | | | | | — | | |
| SPDR Dow Jones International Real Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.82% | | | | | 5/03/2022 | | | | Monthly | | | | | (20,133) | | | | | | — | | |
| SPDR Gold MiniShares Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,302 | | | | | | — | | |
| SPDR Portfolio Long Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 199 | | | | | | — | | |
| SPDR Portfolio Short Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,379 | | | | | | — | | |
| SPDR S&P China ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,853 | | | | | | — | | |
| SPDR S&P Emerging Markets SmallCap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 11,345 | | | | | | — | | |
| SPDR S&P Global Natural Resources ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,253 | | | | | | — | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 17,826 | | | | | | — | | |
| Vanguard Emerging Markets Government Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,419 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Macro Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| Vanguard Energy ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | $ | 956 | | | | | $ | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 14,728 | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 8,515 | | | | | | — | | |
| Vanguard Global ex-U.S. Real Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.35% | | | | | 5/03/2022 | | | | Monthly | | | | | (110,280) | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 824 | | | | | | — | | |
| Vanguard Intermediate-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.35% | | | | | 5/03/2022 | | | | Monthly | | | | | (32,931) | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,572 | | | | | | — | | |
| Vanguard Long-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 169 | | | | | | — | | |
| Vanguard Mega Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 222 | | | | | | — | | |
| Vanguard Real Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.15% | | | | | 5/03/2022 | | | | Monthly | | | | | (68,563) | | | | | | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,032 | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 2,729 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
At April 30, 2021 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 rate entity.
(e)
Reflects the value at reset date of April 30, 2021.
Abbreviation
FEDEF — Federal Funds Effective Rate
See notes to financial statements.
Schedule of Investments — IQ Hedge Macro Tracker ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 342,010 | | | | | $ | — | | | | | $ | — | | | | | $ | 342,010 | | |
| Investment Companies | | | | | 3,933,706 | | | | | | — | | | | | | — | | | | | | 3,933,706 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 707,109 | | | | | | — | | | | | | — | | | | | | 707,109 | | |
| Total Investments in Securities | | | | | 4,982,825 | | | | | | — | | | | | | — | | | | | | 4,982,825 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 4,982,825 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,982,825 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedule of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 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
($) | | | Shares at
04/30/2021 | | | Value
($) at
04/30/2021 | |
IQ Ultra
Short
Duration
ETF | | | | | 6,370 | | | | | | 314,997 | | | | | | 726,507 | | | | | | (267,848) | | | | | | (1,099) | | | | | | 2,401 | | | | | | 6,579 | | | | | | 3,528 | | | | | | 15,621 | | | | | | 774,958 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedule of Investments — IQ Hedge Market Neutral Tracker ETF
| | | | Shares | | | Value | | | |
| Investment Companies — 100.0% | | | |
| Bank Loan Funds — 18.7% | | | | | | | |
| Invesco Senior Loan ETF | | | | | 90,091 | | | | | $ | 1,995,516 | | | | |
| SPDR Blackstone Senior Loan ETF | | | | | 28,673 | | | | | | 1,316,377 | | | | |
| Total Bank Loan Funds | | | | | | | | | | | 3,311,893 | | | | |
| Convertible Bond Funds — 2.1% | | | | | | | |
| iShares Convertible Bond ETF | | | | | 728 | | | | | | 73,259 | | | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | | | 3,520 | | | | | | 300,361 | | | | |
| Total Convertible Bond Funds | | | | | | | | | | | 373,620 | | | | |
| Emerging Bonds — Local Currency Funds — 1.3% | | | | | | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | | | 2,427 | | | | | | 64,291 | | | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | | | 5,495 | | | | | | 170,950 | | | | |
| Total Emerging Bonds — Local Currency Funds | | | | | | | | | | | 235,241 | | | | |
| Emerging Equity Funds — 5.9% | | | | | | | |
iShares Core MSCI Emerging Markets
ETF | | | | | 7,957 | | | | | | 520,945 | | | | |
Vanguard FTSE Emerging Markets
ETF(a) | | | | | 9,869 | | | | | | 522,859 | | | | |
| Total Emerging Equity Funds | | | | | | | | | | | 1,043,804 | | | | |
Floating Rate — Investment Grade Funds — 8.5%
| | | | | | | |
| iShares Floating Rate Bond ETF | | | | | 21,729 | | | | | | 1,102,747 | | | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | | | 13,270 | | | | | | 406,327 | | | | |
| Total Floating Rate — Investment Grade Funds | | | | | | | | | | | 1,509,074 | | | | |
International Bond Fund — 6.5%
| | | | | | | |
| SPDR Bloomberg Barclays International Treasury Bond ETF | | | | | 39,271 | | | | | | 1,163,207 | | | | |
International Small Cap Equity Funds — 1.0%
| | | | | | | |
| Schwab International Small-Cap Equity ETF | | | | | 1,220 | | | | | | 50,179 | | | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | | | 993 | | | | | | 132,913 | | | | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 183,092 | | | | |
Investment Grade Corporate Bond Funds — 3.6%
| | | | | | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 666 | | | | | | 39,660 | | | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF(a) | | | | | 2,264 | | | | | | 296,924 | | | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 3,221 | | | | | | 302,194 | | | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 638,778 | | | | |
| | | | Shares | | | Value | | | |
| Investment Companies (continued) | | | |
Mortgage Backed Securities Funds — 3.9%
| | | | | | | |
| iShares MBS ETF | | | | | 3,853 | | | | | $ | 419,437 | | | | |
| SPDR Portfolio Mortgage Backed Bond ETF | | | | | 2,154 | | | | | | 56,069 | | | | |
| Vanguard Mortgage-Backed Securities ETF | | | | | 4,124 | | | | | | 221,253 | | | | |
| Total Mortgage Backed Securities Funds | | | | | | | | | | | 696,759 | | | | |
Municipal Bond Fund — 1.1%
| | | | | | | |
| VanEck Vectors High Yield Muni ETF | | | | | 3,198 | | | | | | 200,451 | | | | |
U.S. Medium Term Treasury Bond Funds — 7.6%
| | | | | | | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 5,172 | | | | | | 674,584 | | | | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | | | 4,213 | | | | | | 238,835 | | | | |
| Vanguard Intermediate-Term Treasury ETF | | | | | 6,363 | | | | | | 430,202 | | | | |
Total U.S. Medium Term Treasury Bond
Funds | | | | | | | | | | | 1,343,621 | | | | |
U.S. Momentum Fund — 0.4%
| | | | | | | |
iShares MSCI USA Momentum Factor ETF(a) | | | | | 367 | | | | | | 63,201 | | | | |
U.S. Small Cap Value Funds — 0.2%
| | | | | | | |
| iShares Russell 2000 Value ETF | | | | | 60 | | | | | | 9,743 | | | | |
iShares S&P Small-Cap 600 Value ETF(a) | | | | | 51 | | | | | | 5,224 | | | | |
| Vanguard Small-Cap Value ETF | | | | | 80 | | | | | | 13,780 | | | | |
| Total U.S. Small Cap Value Funds | | | | | | | | | | | 28,747 | | | | |
U.S. Ultra Short Term Bond Funds — 39.2%
| | | | | | | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 14,071 | | | | | | 1,408,789 | | | | |
| Invesco Treasury Collateral ETF | | | | | 4,198 | | | | | | 443,645 | | | | |
IQ Ultra Short Duration ETF† | | | | | 87,410 | | | | | | 4,336,410 | | | | |
| iShares Short Treasury Bond ETF | | | | | 6,794 | | | | | | 750,805 | | | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 177 | | | | | | 16,195 | | | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 6,955,844 | | | | |
Total Investment Companies
(Cost $17,479,404) | | | | | | | | | | | 17,747,332 | | | | |
| |
See notes to financial statements.
Schedule of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
| | | | Shares | | | Value | |
| Short-Term Investments — 3.7% | |
| Money Market Funds — 3.7% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 649,503 | | | | | $ | 649,503 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | | | | | 15,735 | | | | | | 15,735 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $665,238) | | | | | | | | | | | 665,238 | | |
| Total Investments — 103.7% | | | | | | | | | | | | | |
| (Cost $18,144,642) | | | | | | | | | | | 18,412,570 | | |
Other Assets and Liabilities,
Net — (3.7)% | | | | | | | | | | | (667,727) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 17,744,843 | | |
| |
†
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 $875,040; total market value of collateral held by the Fund was $900,472. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $250,969.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
| Total Return Swap contracts outstanding at April 30, 2021: | |
| 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 | | | | $ | 140,769 | | | | | $ | — | | |
Invesco DB U.S. Dollar Index Bullish
Fund | | | Morgan Stanley | | | 1-Day FEDEF –
4.37% | | | | | 5/03/2022 | | | | Monthly | | | | | (327,430) | | | | | | — | | |
| Invesco KBW Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF –
3.47% | | | | | 5/03/2022 | | | | Monthly | | | | | (58,945) | | | | | | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | 1-Day FEDEF –
1.02% | | | | | 5/03/2022 | | | | Monthly | | | | | (64,168) | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 199,328 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 44,280 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 433,145 | | | | | | — | | |
| iShares 0-5 Year High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.72% | | | | | 5/03/2022 | | | | Monthly | | | | | (125,067) | | | | | | — | | |
| iShares 3-7 Year Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 67,432 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 3,930 | | | | | | — | | |
| iShares Convertible Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 7,447 | | | | | | — | | |
iShares Core MSCI Emerging Markets
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 52,049 | | | | | | — | | |
| iShares Core S&P U.S. Value ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.62% | | | | | 5/03/2022 | | | | Monthly | | | | | (29,820) | | | | | | — | | |
| iShares Floating Rate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 110,178 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 29,640 | | | | | | — | | |
iShares iBoxx High Yield Corporate Bond
ETF | | | Morgan Stanley | | | 1-Day FEDEF –
2.57% | | | | | 5/03/2022 | | | | Monthly | | | | | (131,685) | | | | | | — | | |
| iShares MBS ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 41,911 | | | | | | — | | |
iShares MSCI USA Momentum Factor
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,372 | | | | | | — | | |
iShares Preferred & Income Securities
ETF | | | Morgan Stanley | | | 1-Day FEDEF –
1.57% | | | | | 5/03/2022 | | | | Monthly | | | | | (175,272) | | | | | | — | | |
| iShares Russell 2000 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 974 | | | | | | — | | |
| iShares S&P Small-Cap 600 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 512 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 75,036 | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: (continued) | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
| iShares TIPS Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.35% | | | | | 5/03/2022 | | | | Monthly | | | | $ | (147,308) | | | | | $ | — | | |
Schwab Intermediate-Term U.S. Treasury
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 23,866 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 5,018 | | | | | | — | | |
| Schwab U.S. Large-Cap Value ETF | | | Morgan Stanley | | | 1 Day FEDEF –
1.47% | | | | | 5/03/2022 | | | | Monthly | | | | | (30,010) | | | | | | — | | |
| Schwab U.S. TIPS ETF | | | Morgan Stanley | | | 1-Day FEDEF –
1.97% | | | | | 5/03/2022 | | | | Monthly | | | | | (93,360) | | | | | | — | | |
| SPDR Blackstone Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 131,486 | | | | | | — | | |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,647 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 30,036 | | | | | | — | | |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 6,411 | | | | | | — | | |
| SPDR Bloomberg Barclays High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
1.57% | | | | | 5/03/2022 | | | | Monthly | | | | | (64,762) | | | | | | — | | |
| SPDR Bloomberg Barclays International Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 116,821 | | | | | | — | | |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 40,602 | | | | | | — | | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.35% | | | | | 5/03/2022 | | | | Monthly | | | | | (110,075) | | | | | | — | | |
| SPDR Portfolio Mortgage Backed Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 5,596 | | | | | | — | | |
| SPDR Portfolio S&P 500 Value ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.57% | | | | | 5/03/2022 | | | | Monthly | | | | | (33,714) | | | | | | — | | |
| SPDR S&P Bank ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.35% | | | | | 5/03/2022 | | | | Monthly | | | | | (96,319) | | | | | | — | | |
| VanEck Vectors High Yield Muni ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 19,995 | | | | | | — | | |
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 17,079 | | | | | | — | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 13,251 | | | | | | — | | |
| Vanguard FTSE Emerging Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 52,238 | | | | | | — | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 30,210 | | | | | | — | | |
| Vanguard Intermediate-Term Treasury ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 43,000 | | | | | | — | | |
| Vanguard Mortgage-Backed Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 22,104 | | | | | | — | | |
| Vanguard Russell 1000 Value | | | Morgan Stanley | | | 1-Day FEDEF –
5.37% | | | | | 5/03/2022 | | | | Monthly | | | | | (14,235) | | | | | | — | | |
| Vanguard Small-Cap Value ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 7/02/2021 | | | | Monthly | | | | | 1,378 | | | | | | — | | |
| Vanguard Value ETF | | | Morgan Stanley | | | 1-Day FEDEF –
0.35% | | | | | 5/03/2022 | | | | Monthly | | | | | (238,645) | | | | | | — | | |
| Xtrackers USD High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF –
1.02% | | | | | 5/03/2022 | | | | Monthly | | | | | (42,137) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
At April 30, 2021 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 rate entity.
(e) Reflects the value at reset date of April 30, 2021.
Abbreviation
FEDEF — Federal Funds Effective Rate
See notes to financial statements.
Schedule of Investments — IQ Hedge Market Neutral Tracker ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 17,747,332 | | | | | $ | — | | | | | $ | — | | | | | $ | 17,747,332 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 665,238 | | | | | | — | | | | | | — | | | | | | 665,238 | | |
| Total Investments in Securities | | | | | 18,412,570 | | | | | | — | | | | | | — | | | | | | 18,412,570 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 18,412,570 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,412,570 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedule of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 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
($) | | | Shares at
04/30/2021 | | | Value
($) at
04/30/2021 | |
IQ Ultra
Short
Duration
ETF | | | | | 35,819 | | | | | | 1,771,249 | | | | | | 3,371,152 | | | | | | (812,835) | | | | | | 12,430 | | | | | | (5,586) | | | | | | 27,670 | | | | | | 13,197 | | | | | | 87,410 | | | | | | 4,336,410 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedule of Investments — IQ Hedge Long/Short Tracker ETF
| | | | Shares | | | Value | |
| Exchange Traded Note — 1.2% | |
| Volatility Note — 1.2% | |
iPath Series B S&P 500 VIX Short-Term Futures ETN*(a) | | | | | | | | | | | | | |
| (Cost $187,413) | | | | | 2,683 | | | | | $ | 107,729 | | |
| Investment Companies — 98.7% | |
| Bank Loan Funds — 8.5% | |
| Invesco Senior Loan ETF | | | | | 21,544 | | | | | | 477,200 | | |
| SPDR Blackstone Senior Loan ETF | | | | | 6,857 | | | | | | 314,805 | | |
| Total Bank Loan Funds | | | | | | | | | | | 792,005 | | |
| International Equity Core Funds — 11.7% | |
| iShares Core MSCI EAFE ETF | | | | | 7,043 | | | | | | 523,365 | | |
Vanguard FTSE Developed Markets ETF(a) | | | | | 11,049 | | | | | | 559,190 | | |
| Total International Equity Core Funds | | | | | | | | | | | 1,082,555 | | |
| International Large Cap Growth Fund — 8.9% | |
| iShares MSCI EAFE Growth ETF | | | | | 7,868 | | | | | | 822,678 | | |
| International Small Cap Equity Funds — 17.7% | |
| Schwab International Small-Cap Equity ETF | | | | | 10,988 | | | | | | 451,936 | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | | | 8,940 | | | | | | 1,196,619 | | |
| Total International Small Cap Equity Funds | | | | | | | | | | | 1,648,555 | | |
| Investment Grade Corporate Bond Funds — 21.5% | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | | | 2,076 | | | | | | 123,626 | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF(a) | | | | | 7,063 | | | | | | 926,312 | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | | | 10,049 | | | | | | 942,797 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 1,992,735 | | |
| U.S. Large Cap Core Funds — 23.7% | |
| Financial Select Sector SPDR Fund | | | | | 26,975 | | | | | | 978,114 | | |
| Health Care Select Sector SPDR Fund | | | | | 758 | | | | | | 91,968 | | |
| Technology Select Sector SPDR Fund | | | | | 4,210 | | | | | | 588,137 | | |
| Vanguard Financials ETF | | | | | 2,661 | | | | | | 238,958 | | |
| Vanguard Health Care ETF | | | | | 562 | | | | | | 133,885 | | |
Vanguard Information Technology
ETF(a) | | | | | 448 | | | | | | 168,869 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 2,199,931 | | |
| U.S. Large Cap Growth Funds — 3.0% | |
Schwab U.S. Large-Cap Growth ETF(a) | | | | | 273 | | | | | | 38,136 | | |
| Vanguard Growth ETF | | | | | 714 | | | | | | 196,214 | | |
| Vanguard Mega Cap Growth ETF | | | | | 126 | | | | | | 27,967 | | |
| Vanguard Russell 1000 Growth ETF | | | | | 240 | | | | | | 16,032 | | |
| Total U.S. Large Cap Growth Funds | | | | | | | | | | | 278,349 | | |
| | | | Shares | | | Value | | | |
| Investment Companies (continued) | | | |
| U.S. REITS Funds — 3.4% | | | |
| Fidelity MSCI Real Estate Index ETF | | | | | 375 | | | | | $ | 11,123 | | | | |
iShares Core U.S. REIT ETF(a) | | | | | 255 | | | | | | 14,425 | | | | |
Vanguard Real Estate ETF(a) | | | | | 2,983 | | | | | | 295,556 | | | | |
| Total U.S. REITS Funds | | | | | | | | | | | 321,104 | | | | |
| U.S. Ultra Short Term Bond Funds — 0.3% | | | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 51 | | | | | | 5,106 | | | | |
| Invesco Treasury Collateral ETF | | | | | 15 | | | | | | 1,585 | | | | |
IQ Ultra Short Duration ETF† | | | | | 317 | | | | | | 15,726 | | | | |
iShares Short Treasury Bond ETF(a) | | | | | 25 | | | | | | 2,763 | | | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF | | | | | 1 | | | | | | 92 | | | | |
| Total U.S. Ultra Short Term Bond Funds | | | | | | | | | | | 25,272 | | | | |
| Total Investment Companies | | | | | | | | | | | | | | | |
| (Cost $8,867,360) | | | | | | | | | | | 9,163,184 | | | | |
| Short-Term Investments — 8.3% | | | |
| Money Market Funds — 8.3% | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 743,134 | | | | | | 743,134 | | | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | | | | | 28,232 | | | | | | 28,232 | | | | |
| Total Short-Term Investments | | | | | | | | | | | | | | | |
| (Cost $771,366) | | | | | | | | | | | 771,366 | | | | |
| Total Investments — 108.2% | | | |
| (Cost $9,826,139) | | | | | | | | | | | 10,042,279 | | | | |
Other Assets and Liabilities,
Net — (8.2)% | | | | | | | | | | | (760,254) | | | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 9,282,025 | | | | |
| |
*
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 $1,391,162; total market value of collateral held by the Fund was $1,415,013. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $671,879.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedule of Investments — IQ Hedge Long/Short Tracker ETF (continued)
Total Return Swap contracts outstanding at April 30, 2021:
| 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% | | | | | 3/30/2022 | | | | | | Monthly | | | | | $ | (222,040) | | | | | $ | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF - 0.10% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | (76,801) | | | | | | — | | |
| Fidelity MSCI Real Estate Index ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 1,127 | | | | | | — | | |
| Financial Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 99,062 | | | | | | — | | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 501 | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 9,342 | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 48,331 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 211 | | | | | | — | | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 10,883 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 1,588 | | | | | | — | | |
| iShares Broad USD Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 12,506 | | | | | | — | | |
| iShares Core MSCI EAFE ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 52,983 | | | | | | — | | |
| iShares Core U.S. REIT ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 1,471 | | | | | | — | | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 93,772 | | | | | | — | | |
| iShares MSCI EAFE Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 83,334 | | | | | | — | | |
iShares MSCI USA Momentum Factor
ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.27% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | (288,280) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.37% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | (99,035) | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.32% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | (50,926) | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 221 | | | | | | — | | |
| Schwab International Small-Cap Equity ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 45,778 | | | | | | — | | |
| Schwab U.S. Large-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 3,911 | | | | | | — | | |
| SPDR Blackstone Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 31,862 | | | | | | — | | |
| Technology Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 59,512 | | | | | | — | | |
| Vanguard Consumer Discretionary ETF | | | Morgan Stanley | | | 1-Day FEDEF - 3.62% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | (64,378) | | | | | | — | | |
| Vanguard Energy ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.72% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | (16,253) | | | | | | — | | |
| Vanguard Financials ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 24,156 | | | | | | — | | |
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 121,134 | | | | | | — | | |
| Vanguard FTSE Developed Markets ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 56,633 | | | | | | — | | |
| Vanguard Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 19,786 | | | | | | — | | |
| Vanguard Health Care ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 13,579 | | | | | | — | | |
| Vanguard Information Technology ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 16,962 | | | | | | — | | |
Vanguard Intermediate-Term Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 95,509 | | | | | | — | | |
| Vanguard Mega Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 2,885 | | | | | | — | | |
| Vanguard Real Estate ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 29,922 | | | | | | — | | |
| Vanguard Russell 1000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | 1,603 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF - 0.97% | | | | | 3/30/2022 | | | | | | Monthly | | | | | | (126,669) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
At April 30, 2021 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 rate entity.
(e) Reflects the value at reset date of April 30, 2021.
Abbreviations
FEDEF — Federal Funds Effective Rate
See notes to financial statements.
Schedule of Investments — IQ Hedge Long/Short Tracker ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 Note | | | | $ | 107,729 | | | | | $ | — | | | | | $ | — | | | | | $ | 107,729 | | |
| Investment Companies | | | | | 9,163,184 | | | | | | — | | | | | | — | | | | | | 9,163,184 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 771,366 | | | | | | — | | | | | | — | | | | | | 771,366 | | |
| Total Investments in Securities | | | | | 10,042,279 | | | | | | — | | | | | | — | | | | | | 10,042,279 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 10,042,279 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,042,279 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedule of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 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
($) | | | Shares at
04/30/2021 | | | Value
($) at
04/30/2021 | |
IQ Ultra
Short
Duration
ETF | | | | | 5,656 | | | | | | 279,689 | | | | | | 1,066,175 | | | | | | (1,326,759) | | | | | | 2,131 | | | | | | (5,510) | | | | | | 3,217 | | | | | | 1,801 | | | | | | 317 | | | | | | 15,726 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedule of Investments — IQ Hedge Event-Driven Tracker ETF
| | | | Shares | | | Value | |
| Investment Companies — 100.0% | |
| Bank Loan Funds — 22.6% | |
| Invesco Senior Loan ETF | | | | | 58,394 | | | | | $ | 1,293,427 | | |
| SPDR Blackstone Senior Loan ETF | | | | | 18,585 | | | | | | 853,238 | | |
| Total Bank Loan Funds | | | | | | | | | | | 2,146,665 | | |
Convertible Bond Funds — 25.8%
| |
| iShares Convertible Bond ETF | | | | | 4,759 | | | | | | 478,898 | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | | | 23,024 | | | | | | 1,964,638 | | |
| Total Convertible Bond Funds | | | | | | | | | | | 2,443,536 | | |
Investment Grade Corporate Bond Funds — 43.7%
| |
SPDR Portfolio Short Term Corporate Bond
ETF | | | | | 21,729 | | | | | | 680,769 | | |
Vanguard Short-Term Corporate Bond
ETF | | | | | 41,886 | | | | | | 3,465,229 | | |
| Total Investment Grade Corporate Bond Funds | | | | | | | | | | | 4,145,998 | | |
U.S. Small Cap Growth Funds — 7.7%
| |
iShares Russell 2000 Growth ETF(a) | | | | | 854 | | | | | | 261,845 | | |
iShares S&P Small-Cap 600 Growth
ETF(a) | | | | | 1,030 | | | | | | 134,497 | | |
| Vanguard Small-Cap Growth ETF | | | | | 1,175 | | | | | | 334,464 | | |
| Total U.S. Small Cap Growth Funds | | | | | | | | | | | 730,806 | | |
U.S. Ultra Short Term Bond Funds — 0.2%
| |
| Goldman Sachs Access Treasury 0-1 Year ETF | | | | | 35 | | | | | | 3,504 | | |
| Invesco Treasury Collateral ETF | | | | | 10 | | | | | | 1,057 | | |
IQ Ultra Short Duration ETF† | | | | | 221 | | | | | | 10,964 | | |
| | | | Shares | | | Value | |
| Investment Companies (continued) | |
U.S. Ultra Short Term Bond Funds (continued)
| |
iShares Short Treasury Bond ETF(a) | | | | | 8 | | | | | $ | 884 | | |
| Total U.S. Ultra Short Term Bond Funds | | | | | | | | | | | 16,409 | | |
Total Investment Companies
(Cost $9,190,206) | | | | | | | | | | | 9,483,414 | | |
Short-Term Investments — 3.0%
| |
Money Market Funds — 3.0%
| |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c) | | | | | 280,133 | | | | | | 280,133 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional Shares,
0.01%(b) | | | | | 6,227 | | | | | | 6,227 | | |
Total Short-Term Investments
(Cost $286,360) | | | | | | | | | | | 286,360 | | |
Total Investments — 103.0%
(Cost $9,476,566) | | | | | | | | | | | 9,769,774 | | |
Other Assets and Liabilities,
Net — (3.0)% | | | | | | | | | | | (282,989) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 9,486,785 | | |
| |
†
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 $271,619; total market value of collateral held by the Fund was $280,810. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $677.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
| Total Return Swap contracts outstanding at April 30, 2021: | |
| 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% | | | | | 3/30/2022 | | | | Monthly | | | | $ | 200 | | | | | $ | — | | |
| Invesco Preferred ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.02% | | | | | 3/30/2022 | | | | Monthly | | | | | (76,043) | | | | | | — | | |
| Invesco Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 77,414 | | | | | | — | | |
| Invesco Treasury Collateral ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 106 | | | | | | — | | |
| IQ Ultra Short Duration ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 645 | | | | | | — | | |
| iShares Convertible Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 28,680 | | | | | | — | | |
| iShares iBoxx High Yield Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 2.57% | | | | | 3/30/2022 | | | | Monthly | | | | | (155,993) | | | | | | — | | |
| iShares Preferred & Income Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.57% | | | | | 3/30/2022 | | | | Monthly | | | | | (207,703) | | | | | | — | | |
| iShares Russell 2000 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 15,637 | | | | | | — | | |
| iShares S&P Small-Cap 600 Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 8,096 | | | | | | — | | |
| iShares Short Treasury Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 111 | | | | | | — | | |
| SPDR Blackstone Senior Loan ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 51,052 | | | | | | — | | |
| SPDR Bloomberg Barclays Convertible Securities ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 117,585 | | | | | | — | | |
SPDR Bloomberg Barclays High Yield
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.57% | | | | | 3/30/2022 | | | | Monthly | | | | | (76,774) | | | | | | — | | |
See notes to financial statements.
Schedule of Investments — IQ Hedge Event-Driven Tracker ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(d) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(e) | |
SPDR Portfolio Short Term Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | $ | 40,760 | | | | | $ | — | | |
| Vanguard Short-Term Corporate Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 207,404 | | | | | | — | | |
| Vanguard Small-Cap Growth ETF | | | Morgan Stanley | | | 1-Day FEDEF + 0.50% | | | | | 3/30/2022 | | | | Monthly | | | | | 19,926 | | | | | | — | | |
Xtrackers USD High Yield Corporate
Bond ETF | | | Morgan Stanley | | | 1-Day FEDEF - 1.02% | | | | | 3/30/2022 | | | | Monthly | | | | | (49,962) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
| |
At April 30, 2021 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 rate entity.
(e)
Reflects the value at reset date of April 30, 2021.
Abbreviations
FEDEF — Federal Funds Effective Rate
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 9,483,414 | | | | | $ | — | | | | | $ | — | | | | | $ | 9,483,414 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 286,360 | | | | | | — | | | | | | — | | | | | | 286,360 | | |
| Total Investments in Securities | | | | | 9,769,774 | | | | | | — | | | | | | — | | | | | | 9,769,774 | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 9,769,774 | | | | | $ | — | | | | | $ | — | | | | | $ | 9,769,774 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(f)
For a complete listing of investments and their industries, see the Schedule of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 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
($) | | | Shares at
04/30/2021 | | | Value
($) at
04/30/2021 | |
| IQ Ultra Short Duration ETF | | | | | — | | | | | | — | | | | | | 14,699 | | | | | | (3,771) | | | | | | 20 | | | | | | 16 | | | | | | 21 | | | | | | 6 | | | | | | 221 | | | | | | 10,964 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedule of Investments — IQ Real Return ETF
| | | | Shares | | | Value | |
| Exchange Traded Vehicles — 7.5% | |
| Euro Fund — 3.0% | |
Invesco CurrencyShares Euro Currency Trust*(a) | | | | | 14,442 | | | | | $ | 1,625,881 | | |
| Japanese Yen Fund — 4.0% | |
Invesco CurrencyShares Japanese Yen Trust*(a) | | | | | 24,461 | | | | | | 2,108,538 | | |
| Oil Fund — 0.5% | |
Invesco DB Oil Fund* | | | | | 23,705 | | | | | | 266,444 | | |
Total Exchange Traded Vehicles
(Cost $4,032,040) | | | | | | | | | | | 4,000,863 | | |
| Investment Companies — 92.4% | |
| U.S. Large Cap Core Funds — 7.5% | |
iShares Core S&P 500 ETF(a) | | | | | 4,063 | | | | | | 1,701,909 | | |
SPDR S&P 500 ETF Trust(a) | | | | | 5,379 | | | | | | 2,244,657 | | |
| Total U.S. Large Cap Core Funds | | | | | | | | | | | 3,946,566 | | |
| U.S. Long Term Treasury Bond Funds — 2.5% | |
iShares 20+ Year Treasury Bond ETF(a) | | | | | 9,649 | | | | | | 1,337,737 | | |
| U.S. Medium Term Treasury Bond Funds — 7.5% | |
| iShares 3-7 Year Treasury Bond ETF | | | | | 10,196 | | | | | | 1,329,864 | | |
iShares 7-10 Year Treasury Bond ETF(a) | | | | | 23,361 | | | | | | 2,662,921 | | |
| Total U.S. Medium Term Treasury Bond Funds | | | | | | | | | | | 3,992,785 | | |
| U.S. Ultra Short Term Bond Funds — 74.9% | |
Goldman Sachs Access Treasury 0-1 Year
ETF | | | | | 17,453 | | | | | | 1,747,394 | | |
| Invesco Treasury Collateral ETF | | | | | 5,948 | | | | | | 628,585 | | |
IQ Ultra Short Duration ETF† | | | | | 267,499 | | | | | | 13,270,626 | | |
iShares Short Treasury Bond ETF(a) | | | | | 120,002 | | | | | | 13,261,421 | | |
SPDR Bloomberg Barclays 1-3 Month T-Bill
ETF(a) | | | | | 119,982 | | | | | | 10,978,353 | | |
Total U.S. Ultra Short Term
Bond Funds | | | | | | | | | | | 39,886,379 | | |
Total Investment Companies
(Cost $48,995,114) | | | | | | | | | | | 49,163,467 | | |
| | | | Shares | | | Value | |
| Short-Term Investments — 18.1% | |
| Money Market Funds — 18.1% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 9,545,463 | | | | | $ | 9,545,463 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | | | | | 76,292 | | | | | | 76,292 | | |
Total Short-Term Investments
(Cost $9,621,755) | | | | | | | | | | | 9,621,755 | | |
Total Investments — 118.0%
(Cost $62,648,909) | | | | | | | | | | | 62,786,085 | | |
Other Assets and Liabilities,
Net — (18.0)% | | | | | | | | | | | (9,550,752) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 53,235,333 | | |
| |
*
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 $14,796,180; total market value of collateral held by the Fund was $15,142,650. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $5,597,187.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exchange Traded Vehicles | | | | $ | 4,000,863 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,000,863 | | |
| Investment Companies | | | | | 49,163,467 | | | | | | — | | | | | | — | | | | | | 49,163,467 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 9,621,755 | | | | | | — | | | | | | — | | | | | | 9,621,755 | | |
| Total Investments in Securities | | | | $ | 62,786,085 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,786,085 | | |
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Schedule of Investments — IQ Real Return ETF (continued)
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 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
($) | | | Shares at
04/30/2021 | | | Value
($) at
04/30/2021 | |
IQ Ultra Short Duration
ETF | | | | | 262,340 | | | | | | 12,972,713 | | | | | | 603,948 | | | | | | (347,132) | | | | | | (4,655) | | | | | | 45,752 | | | | | | 147,173 | | | | | | 59,425 | | | | | | 267,499 | | | | | | 13,270,626 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF
| | | | Principal
Amount | | | Value | |
| Long-Term Bonds 97.8% | |
| Corporate Bonds — 90.9% | |
| Consumer Discretionary — 14.2% | |
| Adient US LLC | | | | | | | | | | | | | |
| 9.000%, due 4/15/25 | | | | $ | 33,000 | | | | | $ | 36,547 | | |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | | | | | | | | | | | | | |
| 3.250%, due 3/15/26 | | | | | 96,000 | | | | | | 95,640 | | |
| 3.500%, due 2/15/23 | | | | | 268,000 | | | | | | 275,705 | | |
| 3.500%, due 3/15/29 | | | | | 244,000 | | | | | | 234,240 | | |
| 4.625%, due 1/15/27 | | | | | 270,000 | | | | | | 280,125 | | |
| 4.875%, due 2/15/30 | | | | | 225,000 | | | | | | 233,719 | | |
| 5.875%, due 2/15/28 | | | | | 174,000 | | | | | | 185,527 | | |
| 7.500%, due 3/15/26 | | | | | 139,000 | | | | | | 152,900 | | |
| Allison Transmission, Inc. | | | | | | | | | | | | | |
| 3.750%, due 1/30/31 | | | | | 202,000 | | | | | | 194,425 | | |
| 5.875%, due 6/1/29 | | | | | 93,000 | | | | | | 100,207 | | |
| Boyd Gaming Corp. | | | | | | | | | | | | | |
| 4.750%, due 12/1/27 | | | | | 127,000 | | | | | | 129,699 | | |
| 8.625%, due 6/1/25 | | | | | 99,000 | | | | | | 109,271 | | |
| Carnival Corp. | | | | | | | | | | | | | |
| 11.500%, due 4/1/23 | | | | | 715,000 | | | | | | 817,781 | | |
Cedar Fair LP / Canada’s Wonderland
Co. / Magnum Management Corp. /
Millennium Op | | | | | | | | | | | | | |
| 5.500%, due 5/1/25 | | | | | 308,000 | | | | | | 321,860 | | |
| Churchill Downs, Inc. | | | | | | | | | | | | | |
| 4.750%, due 1/15/28 | | | | | 93,000 | | | | | | 95,790 | | |
| 5.500%, due 4/1/27 | | | | | 147,000 | | | | | | 152,145 | | |
| Clarios Global LP | | | | | | | | | | | | | |
| 6.750%, due 5/15/25 | | | | | 86,000 | | | | | | 92,235 | | |
| Clarios Global LP / Clarios US Finance Co. | | | | | | | | | | | | | |
| 6.250%, due 5/15/26 | | | | | 178,000 | | | | | | 188,903 | | |
| Ford Motor Co. | | | | | | | | | | | | | |
| 4.346%, due 12/8/26 | | | | | 246,000 | | | | | | 259,530 | | |
| 4.750%, due 1/15/43 | | | | | 223,000 | | | | | | 224,828 | | |
| 5.291%, due 12/8/46 | | | | | 76,000 | | | | | | 80,137 | | |
| 7.450%, due 7/16/31 | | | | | 99,000 | | | | | | 127,403 | | |
| 8.500%, due 4/21/23 | | | | | 263,000 | | | | | | 294,559 | | |
| Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
| 3.087%, due 1/9/23 | | | | | 96,000 | | | | | | 97,795 | | |
| 3.096%, due 5/4/23 | | | | | 375,000 | | | | | | 382,461 | | |
| 3.350%, due 11/1/22 | | | | | 70,000 | | | | | | 71,570 | | |
| 3.370%, due 11/17/23 | | | | | 247,000 | | | | | | 255,081 | | |
| 4.063%, due 11/1/24 | | | | | 430,000 | | | | | | 452,655 | | |
| 4.271%, due 1/9/27 | | | | | 96,000 | | | | | | 100,858 | | |
| 4.375%, due 8/6/23 | | | | | 96,000 | | | | | | 101,283 | | |
| 4.389%, due 1/8/26 | | | | | 41,000 | | | | | | 43,773 | | |
| 4.687%, due 6/9/25 | | | | | 86,000 | | | | | | 92,129 | | |
| 5.113%, due 5/3/29 | | | | | 89,000 | | | | | | 97,305 | | |
| 5.125%, due 6/16/25 | | | | | 359,000 | | | | | | 391,876 | | |
| 5.596%, due 1/7/22 | | | | | 155,000 | | | | | | 159,418 | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Consumer Discretionary (continued) | |
| Gap, Inc. (The) | | | | | | | | | | | | | |
| 8.375%, due 5/15/23 | | | | $ | 96,000 | | | | | $ | 109,200 | | |
| 8.625%, due 5/15/25 | | | | | 390,000 | | | | | | 431,437 | | |
| 8.875%, due 5/15/27 | | | | | 75,000 | | | | | | 87,750 | | |
| Goodyear Tire & Rubber Co. (The) | | | | | | | | | | | | | |
| 9.500%, due 5/31/25 | | | | | 77,000 | | | | | | 86,432 | | |
| Hanesbrands, Inc. | | | | | | | | | | | | | |
| 4.625%, due 5/15/24 | | | | | 171,000 | | | | | | 179,977 | | |
| 4.875%, due 5/15/26 | | | | | 275,000 | | | | | | 294,250 | | |
| Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
| 3.625%, due 2/15/32 | | | | | 355,000 | | | | | | 349,231 | | |
| 3.750%, due 5/1/29 | | | | | 100,000 | | | | | | 100,375 | | |
| 4.000%, due 5/1/31 | | | | | 240,000 | | | | | | 242,400 | | |
| 4.875%, due 1/15/30 | | | | | 234,000 | | | | | | 248,625 | | |
| 5.375%, due 5/1/25 | | | | | 86,000 | | | | | | 90,300 | | |
| 5.750%, due 5/1/28 | | | | | 86,000 | | | | | | 92,450 | | |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | | | | | | | | | | | | | |
| 4.875%, due 4/1/27 | | | | | 140,000 | | | | | | 145,425 | | |
| International Game Technology PLC | | | | | | | | | | | | | |
| 5.250%, due 1/15/29 | | | | | 157,000 | | | | | | 165,635 | | |
| 6.250%, due 1/15/27 | | | | | 194,000 | | | | | | 217,037 | | |
| 6.500%, due 2/15/25 | | | | | 238,000 | | | | | | 263,287 | | |
| IRB Holding Corp. | | | | | | | | | | | | | |
| 7.000%, due 6/15/25 | | | | | 58,000 | | | | | | 62,495 | | |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | | | | | | | | | | | | | |
| 4.750%, due 6/1/27 | | | | | 166,000 | | | | | | 174,300 | | |
| L Brands, Inc. | | | | | | | | | | | | | |
| 5.250%, due 2/1/28 | | | | | 236,000 | | | | | | 258,420 | | |
| 9.375%, due 7/1/25 | | | | | 187,000 | | | | | | 237,023 | | |
| Lithia Motors, Inc. | | | | | | | | | | | | | |
| 4.375%, due 1/15/31 | | | | | 121,000 | | | | | | 127,806 | | |
| Macy’s, Inc. | | | | | | | | | | | | | |
| 8.375%, due 6/15/25 | | | | | 352,000 | | | | | | 388,520 | | |
| Marriott Ownership Resorts, Inc. | | | | | | | | | | | | | |
| 6.125%, due 9/15/25 | | | | | 203,000 | | | | | | 215,434 | | |
| MGM Resorts International | | | | | | | | | | | | | |
| 4.750%, due 10/15/28 | | | | | 93,000 | | | | | | 97,883 | | |
| 5.500%, due 4/15/27 | | | | | 240,000 | | | | | | 261,300 | | |
| 5.750%, due 6/15/25 | | | | | 206,000 | | | | | | 225,828 | | |
| 6.000%, due 3/15/23 | | | | | 263,000 | | | | | | 281,081 | | |
| 7.750%, due 3/15/22 | | | | | 192,000 | | | | | | 201,600 | | |
| Murphy Oil USA, Inc. | | | | | | | | | | | | | |
| 4.750%, due 9/15/29 | | | | | 184,000 | | | | | | 193,430 | | |
| Penske Automotive Group, Inc. | | | | | | | | | | | | | |
| 3.500%, due 9/1/25 | | | | | 111,000 | | | | | | 113,775 | | |
| QVC, Inc. | | | | | | | | | | | | | |
| 4.375%, due 9/1/28 | | | | | 96,000 | | | | | | 98,280 | | |
| 4.750%, due 2/15/27 | | | | | 132,000 | | | | | | 139,590 | | |
| Royal Caribbean Cruises Ltd. | | | | | | | | | | | | | |
| 10.875%, due 6/1/23 | | | | | 115,000 | | | | | | 131,819 | | |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Consumer Discretionary (continued) | | | |
| Scientific Games International, Inc. | | | | | | | | | | | | | | | |
| 5.000%, due 10/15/25 | | | | $ | 238,000 | | | | | $ | 245,438 | | | | |
| Six Flags Theme Parks, Inc. | | | | | | | | | | | | | | | |
| 7.000%, due 7/1/25 | | | | | 197,000 | | | | | | 211,775 | | | | |
| Tesla, Inc. | | | | | | | | | | | | | | | |
| 5.300%, due 8/15/25 | | | | | 266,000 | | | | | | 275,975 | | | | |
| Travel + Leisure Co. | | | | | | | | | | | | | | | |
| 6.625%, due 7/31/26 | | | | | 208,000 | | | | | | 238,420 | | | | |
| William Carter Co. (The) | | | | | | | | | | | | | | | |
| 5.500%, due 5/15/25 | | | | | 86,000 | | | | | | 90,838 | | | | |
| 5.625%, due 3/15/27 | | | | | 86,000 | | | | | | 90,193 | | | | |
| Yum! Brands, Inc. | | | | | | | | | | | | | | | |
| 3.625%, due 3/15/31 | | | | | 217,000 | | | | | | 213,745 | | | | |
| 4.750%, due 1/15/30 | | | | | 305,000 | | | | | | 326,350 | | | | |
| 7.750%, due 4/1/25 | | | | | 182,000 | | | | | | 198,835 | | | | |
| | | | | | | | | | | | 15,133,344 | | | | |
| Consumer Staples — 8.6% | | | | | | | |
| B&G Foods, Inc. | | | | | | | | | | | | | | | |
| 5.250%, due 9/15/27 | | | | | 157,000 | | | | | | 161,710 | | | | |
| Central Garden & Pet Co. | | | | | | | | | | | | | | | |
| 4.125%, due 10/15/30 | | | | | 131,000 | | | | | | 134,439 | | | | |
| Edgewell Personal Care Co. | | | | | | | | | | | | | | | |
| 4.125%, due 4/1/29 | | | | | 48,000 | | | | | | 47,760 | | | | |
| 5.500%, due 6/1/28 | | | | | 152,000 | | | | | | 160,740 | | | | |
| Energizer Holdings, Inc. | | | | | | | | | | | | | | | |
| 4.375%, due 3/31/29 | | | | | 167,000 | | | | | | 165,747 | | | | |
| 4.750%, due 6/15/28 | | | | | 142,000 | | | | | | 145,727 | | | | |
| JBS USA LUX SA / JBS USA Finance, Inc. | | | | | | | | | | | | | | | |
| 6.750%, due 2/15/28 | | | | | 243,000 | | | | | | 266,085 | | | | |
JBS USA LUX SA / JBS USA Food Co. / JBS
USA Finance, Inc. | | | | | | | | | | | | | | | |
| 5.500%, due 1/15/30 | | | | | 244,000 | | | | | | 268,400 | | | | |
| 6.500%, due 4/15/29 | | | | | 268,000 | | | | | | 300,830 | | | | |
| Kraft Heinz Foods Co. | | | | | | | | | | | | | | | |
| 3.000%, due 6/1/26 | | | | | 267,000 | | | | | | 282,374 | | | | |
| 3.750%, due 4/1/30 | | | | | 150,000 | | | | | | 159,857 | | | | |
| 3.875%, due 5/15/27 | | | | | 217,000 | | | | | | 236,215 | | | | |
| 4.250%, due 3/1/31 | | | | | 351,000 | | | | | | 386,795 | | | | |
| 4.375%, due 6/1/46 | | | | | 429,000 | | | | | | 458,160 | | | | |
| 4.625%, due 1/30/29 | | | | | 160,000 | | | | | | 180,464 | | | | |
| 4.625%, due 10/1/39 | | | | | 113,000 | | | | | | 124,539 | | | | |
| 4.875%, due 10/1/49 | | | | | 225,000 | | | | | | 257,087 | | | | |
| 5.000%, due 7/15/35 | | | | | 265,000 | | | | | | 308,140 | | | | |
| 5.000%, due 6/4/42 | | | | | 305,000 | | | | | | 350,823 | | | | |
| 5.200%, due 7/15/45 | | | | | 177,000 | | | | | | 209,441 | | | | |
| 5.500%, due 6/1/50 | | | | | 116,000 | | | | | | 144,092 | | | | |
| Lamb Weston Holdings, Inc. | | | | | | | | | | | | | | | |
| 4.625%, due 11/1/24 | | | | | 153,000 | | | | | | 158,546 | | | | |
| 4.875%, due 11/1/26 | | | | | 76,000 | | | | | | 78,755 | | | | |
| 4.875%, due 5/15/28 | | | | | 111,000 | | | | | | 122,100 | | | | |
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Consumer Staples (continued) | | | |
| Mattel, Inc. | | | | | | | | | | | | | | | |
| 3.375%, due 4/1/26 | | | | $ | 333,000 | | | | | $ | 344,655 | | | | |
| 5.875%, due 12/15/27 | | | | | 108,000 | | | | | | 118,260 | | | | |
| Newell Brands, Inc. | | | | | | | | | | | | | | | |
| 4.350%, due 4/1/23 | | | | | 87,000 | | | | | | 91,459 | | | | |
| 4.700%, due 4/1/26 | | | | | 428,000 | | | | | | 475,615 | | | | |
| 4.875%, due 6/1/25 | | | | | 296,000 | | | | | | 328,930 | | | | |
| Performance Food Group, Inc. | | | | | | | | | | | | | | | |
| 5.500%, due 10/15/27 | | | | | 224,000 | | | | | | 236,320 | | | | |
| Pilgrim’s Pride Corp. | | | | | | | | | | | | | | | |
| 4.250%, due 4/15/31 | | | | | 254,000 | | | | | | 255,905 | | | | |
| 5.875%, due 9/30/27 | | | | | 171,000 | | | | | | 181,260 | | | | |
| Post Holdings, Inc. | | | | | | | | | | | | | | | |
| 4.500%, due 9/15/31 | | | | | 330,000 | | | | | | 325,875 | | | | |
| 4.625%, due 4/15/30 | | | | | 333,000 | | | | | | 335,498 | | | | |
| 5.500%, due 12/15/29 | | | | | 149,000 | | | | | | 160,361 | | | | |
| 5.625%, due 1/15/28 | | | | | 181,000 | | | | | | 190,955 | | | | |
| 5.750%, due 3/1/27 | | | | | 260,000 | | | | | | 272,350 | | | | |
| Scotts Miracle-GRO Co. (The) | | | | | | | | | | | | | | | |
| 4.000%, due 4/1/31 | | | | | 108,000 | | | | | | 106,650 | | | | |
| Spectrum Brands, Inc. | | | | | | | | | | | | | | | |
| 3.875%, due 3/15/31 | | | | | 153,000 | | | | | | 150,705 | | | | |
| Tempur Sealy International, Inc. | | | | | | | | | | | | | | | |
| 4.000%, due 4/15/29 | | | | | 225,000 | | | | | | 227,531 | | | | |
| US Foods, Inc. | | | | | | | | | | | | | | | |
| 6.250%, due 4/15/25 | | | | | 207,000 | | | | | | 219,938 | | | | |
| | | | | | | | | | | | 9,131,093 | | | | |
| Energy — 5.8% | | | | | | | |
| AmeriGas Partners LP / AmeriGas Finance Corp. | | | | | | | | | | | | | | | |
| 5.500%, due 5/20/25 | | | | | 141,000 | | | | | | 156,157 | | | | |
| 5.625%, due 5/20/24 | | | | | 140,000 | | | | | | 155,750 | | | | |
| 5.750%, due 5/20/27 | | | | | 82,000 | | | | | | 91,532 | | | | |
| 5.875%, due 8/20/26 | | | | | 140,000 | | | | | | 156,625 | | | | |
| Buckeye Partners LP | | | | | | | | | | | | | | | |
| 4.125%, due 3/1/25 | | | | | 142,000 | | | | | | 145,905 | | | | |
| Cheniere Energy Partners LP | | | | | | | | | | | | | | | |
| 4.000%, due 3/1/31 | | | | | 295,000 | | | | | | 300,162 | | | | |
| 4.500%, due 10/1/29 | | | | | 304,000 | | | | | | 316,540 | | | | |
| Cheniere Energy, Inc. | | | | | | | | | | | | | | | |
| 4.625%, due 10/15/28 | | | | | 410,000 | | | | | | 425,887 | | | | |
| Continental Resources, Inc. | | | | | | | | | | | | | | | |
| 3.800%, due 6/1/24 | | | | | 197,000 | | | | | | 205,619 | | | | |
4.375%, due 1/15/28(a) | | | | | 277,000 | | | | | | 299,852 | | | | |
| 5.750%, due 1/15/31 | | | | | 262,000 | | | | | | 303,920 | | | | |
| DCP Midstream Operating LP | | | | | | | | | | | | | | | |
| 5.125%, due 5/15/29 | | | | | 170,000 | | | | | | 181,050 | | | | |
| 5.375%, due 7/15/25 | | | | | 167,000 | | | | | | 182,865 | | | | |
| EQM Midstream Partners LP | | | | | | | | | | | | | | | |
| 4.750%, due 7/15/23 | | | | | 85,000 | | | | | | 88,613 | | | | |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Energy (continued) | | | |
| EQT Corp. | | | | | | | | | | | | | | | |
3.000%, due 10/1/22(a) | | | | $ | 178,000 | | | | | $ | 180,670 | | | | |
| 3.900%, due 10/1/27 | | | | | 360,000 | | | | | | 373,500 | | | | |
| 7.625%, due 2/1/25 | | | | | 121,000 | | | | | | 138,847 | | | | |
| Occidental Petroleum Corp. | | | | | | | | | | | | | | | |
| 2.700%, due 8/15/22 | | | | | 232,000 | | | | | | 233,160 | | | | |
| 2.900%, due 8/15/24 | | | | | 427,000 | | | | | | 425,933 | | | | |
| Ovintiv Exploration, Inc. | | | | | | | | | | | | | | | |
| 5.625%, due 7/1/24 | | | | | 209,000 | | | | | | 232,774 | | | | |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | | | | | | | | | | | | | | | |
| 4.000%, due 1/15/32 | | | | | 600,000 | | | | | | 589,500 | | | | |
| 5.000%, due 1/15/28 | | | | | 308,000 | | | | | | 323,400 | | | | |
| Western Midstream Operating LP | | | | | | | | | | | | | | | |
| 4.350%, due 2/1/25 | | | | | 148,000 | | | | | | 155,955 | | | | |
| 4.650%, due 7/1/26 | | | | | 75,000 | | | | | | 80,063 | | | | |
| 5.300%, due 2/1/30 | | | | | 263,000 | | | | | | 286,013 | | | | |
| WPX Energy, Inc. | | | | | | | | | | | | | | | |
| 4.500%, due 1/15/30 | | | | | 126,000 | | | | | | 135,608 | | | | |
| | | | | | | | | | | | 6,165,900 | | | | |
| Financials — 4.8% | | | | | | | |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | | | | | | | | | | | | | | | |
| 4.250%, due 10/15/27 | | | | | 111,000 | | | | | | 112,110 | | | | |
| CIT Group, Inc. | | | | | | | | | | | | | | | |
| 4.750%, due 2/16/24 | | | | | 92,000 | | | | | | 100,280 | | | | |
| 5.000%, due 8/15/22 | | | | | 224,000 | | | | | | 235,760 | | | | |
| 5.250%, due 3/7/25 | | | | | 159,000 | | | | | | 179,471 | | | | |
| Compass Group Diversified Holdings LLC | | | | | | | | | | | | | | | |
| 5.250%, due 4/15/29 | | | | | 186,000 | | | | | | 196,230 | | | | |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | | | | | | | | | | | |
| 4.750%, due 9/15/24 | | | | | 243,000 | | | | | | 253,631 | | | | |
| LPL Holdings, Inc. | | | | | | | | | | | | | | | |
| 4.000%, due 3/15/29 | | | | | 123,000 | | | | | | 123,154 | | | | |
| MSCI, Inc. | | | | | | | | | | | | | | | |
| 3.625%, due 9/1/30 | | | | | 150,000 | | | | | | 152,250 | | | | |
| 3.875%, due 2/15/31 | | | | | 130,000 | | | | | | 133,250 | | | | |
| 4.000%, due 11/15/29 | | | | | 219,000 | | | | | | 228,855 | | | | |
| 5.375%, due 5/15/27 | | | | | 87,000 | | | | | | 92,872 | | | | |
| Navient Corp. | | | | | | | | | | | | | | | |
| 6.500%, due 6/15/22 | | | | | 468,000 | | | | | | 490,815 | | | | |
| OneMain Finance Corp. | | | | | | | | | | | | | | | |
| 5.375%, due 11/15/29 | | | | | 195,000 | | | | | | 210,112 | | | | |
| 5.625%, due 3/15/23 | | | | | 182,000 | | | | | | 193,830 | | | | |
| 6.125%, due 3/15/24 | | | | | 273,000 | | | | | | 294,499 | | | | |
| 6.625%, due 1/15/28 | | | | | 300,000 | | | | | | 342,000 | | | | |
| 6.875%, due 3/15/25 | | | | | 268,000 | | | | | | 304,515 | | | | |
| 7.125%, due 3/15/26 | | | | | 387,000 | | | | | | 450,855 | | | | |
| 8.875%, due 6/1/25 | | | | | 126,000 | | | | | | 139,388 | | | | |
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Financials (continued) | | | |
| Quicken Loans LLC | | | | | | | | | | | | | | | |
| 5.250%, due 1/15/28 | | | | $ | 178,000 | | | | | $ | 187,295 | | | | |
| Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc. | | | | | | | | | | | | | | | |
| 3.625%, due 3/1/29 | | | | | 121,000 | | | | | | 117,716 | | | | |
| 3.875%, due 3/1/31 | | | | | 288,000 | | | | | | 280,832 | | | | |
| Radian Group, Inc. | | | | | | | | | | | | | | | |
| 4.500%, due 10/1/24 | | | | | 192,000 | | | | | | 202,560 | | | | |
| 4.875%, due 3/15/27 | | | | | 96,000 | | | | | | 102,120 | | | | |
| | | | | | | | | | | | 5,124,400 | | | | | | |
| Health Care — 12.2% | | | | | | | |
| Avantor Funding, Inc. | | | | | | | | | | | | | | | |
| 4.625%, due 7/15/28 | | | | | 309,000 | | | | | | 323,291 | | | | |
| Bausch Health Americas, Inc. | | | | | | | | | | | | | | | |
| 9.250%, due 4/1/26 | | | | | 321,000 | | | | | | 355,508 | | | | |
| Bausch Health Cos., Inc. | | | | | | | | | | | | | | | |
| 9.000%, due 12/15/25 | | | | | 303,000 | | | | | | 328,376 | | | | |
| Catalent Pharma Solutions, Inc. | | | | | | | | | | | | | | | |
| 3.125%, due 2/15/29 | | | | | 142,000 | | | | | | 137,385 | | | | |
| Centene Corp. | | | | | | | | | | | | | | | |
| 2.500%, due 3/1/31 | | | | | 370,000 | | | | | | 351,036 | | | | |
| 3.000%, due 10/15/30 | | | | | 344,000 | | | | | | 341,420 | | | | |
| 3.375%, due 2/15/30 | | | | | 622,000 | | | | | | 623,555 | | | | |
| 4.250%, due 12/15/27 | | | | | 764,000 | | | | | | 801,245 | | | | |
| 4.625%, due 12/15/29 | | | | | 698,000 | | | | | | 754,712 | | | | |
Charles River Laboratories International,
Inc. | | | | | | | | | | | | | | | |
| 3.750%, due 3/15/29 | | | | | 159,000 | | | | | | 161,782 | | | | |
| 4.250%, due 5/1/28 | | | | | 93,000 | | | | | | 96,487 | | | | |
| DaVita, Inc. | | | | | | | | | | | | | | | |
| 3.750%, due 2/15/31 | | | | | 431,000 | | | | | | 409,450 | | | | |
| 4.625%, due 6/1/30 | | | | | 364,000 | | | | | | 367,640 | | | | |
| Elanco Animal Health, Inc. | | | | | | | | | | | | | | | |
| 5.272%, due 8/28/23 | | | | | 93,000 | | | | | | 100,423 | | | | |
| 5.900%, due 8/28/28 | | | | | 164,000 | | | | | | 186,550 | | | | |
| Encompass Health Corp. | | | | | | | | | | | | | | | |
| 4.500%, due 2/1/28 | | | | | 155,000 | | | | | | 160,425 | | | | |
| 4.750%, due 2/1/30 | | | | | 175,000 | | | | | | 184,187 | | | | |
| HCA, Inc. | | | | | | | | | | | | | | | |
| 3.500%, due 9/1/30 | | | | | 541,000 | | | | | | 554,525 | | | | |
| 5.375%, due 2/1/25 | | | | | 477,000 | | | | | | 531,259 | | | | |
| 5.375%, due 9/1/26 | | | | | 217,000 | | | | | | 246,295 | | | | |
| 5.625%, due 9/1/28 | | | | | 231,000 | | | | | | 269,404 | | | | |
| 5.875%, due 5/1/23 | | | | | 240,000 | | | | | | 261,000 | | | | |
| 5.875%, due 2/15/26 | | | | | 318,000 | | | | | | 365,302 | | | | |
| 5.875%, due 2/1/29 | | | | | 351,000 | | | | | | 414,180 | | | | |
| Hologic, Inc. | | | | | | | | | | | | | | | |
| 3.250%, due 2/15/29 | | | | | 202,000 | | | | | | 197,960 | | | | |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Health Care (continued) | | | |
| IQVIA, Inc. | | | | | | | | | | | | | | | |
| 5.000%, due 10/15/26 | | | | $ | 176,000 | | | | | $ | 181,280 | | | | |
| 5.000%, due 5/15/27 | | | | | 234,000 | | | | | | 244,238 | | | | |
| Jaguar Holding Co. II / PPD Development LP | | | | | | | | | | | | | | | |
| 4.625%, due 6/15/25 | | | | | 46,000 | | | | | | 48,358 | | | | |
| 5.000%, due 6/15/28 | | | | | 192,000 | | | | | | 209,040 | | | | |
| Legacy LifePoint Health LLC | | | | | | | | | | | | | | | |
| 6.750%, due 4/15/25 | | | | | 30,000 | | | | | | 31,913 | | | | |
| Molina Healthcare, Inc. | | | | | | | | | | | | | | | |
| 3.875%, due 11/15/30 | | | | | 96,000 | | | | | | 98,640 | | | | |
| 4.375%, due 6/15/28 | | | | | 187,000 | | | | | | 191,909 | | | | |
| 5.375%, due 11/15/22 | | | | | 140,000 | | | | | | 146,650 | | | | |
| Organon Finance 1 LLC | | | | | | | | | | | | | | | |
| 4.125%, due 4/30/28 | | | | | 393,000 | | | | | | 402,825 | | | | |
| Prestige Brands, Inc. | | | | | | | | | | | | | | | |
| 3.750%, due 4/1/31 | | | | | 177,000 | | | | | | 169,256 | | | | |
| Service Corp. International | | | | | | | | | | | | | | | |
| 3.375%, due 8/15/30 | | | | | 192,000 | | | | | | 186,000 | | | | |
| 4.625%, due 12/15/27 | | | | | 66,000 | | | | | | 69,713 | | | | |
| 5.125%, due 6/1/29 | | | | | 164,000 | | | | | | 175,890 | | | | |
| Teleflex, Inc. | | | | | | | | | | | | | | | |
| 4.250%, due 6/1/28 | | | | | 96,000 | | | | | | 98,640 | | | | |
| 4.625%, due 11/15/27 | | | | | 96,000 | | | | | | 102,000 | | | | |
| Tenet Healthcare Corp. | | | | | | | | | | | | | | | |
| 4.625%, due 7/15/24 | | | | | 187,000 | | | | | | 189,805 | | | | |
| 4.625%, due 9/1/24 | | | | | 386,000 | | | | | | 396,133 | | | | |
| 4.625%, due 6/15/28 | | | | | 126,000 | | | | | | 129,780 | | | | |
| 4.875%, due 1/1/26 | | | | | 164,000 | | | | | | 170,355 | | | | |
| 5.125%, due 11/1/27 | | | | | 319,000 | | | | | | 335,349 | | | | |
| 6.750%, due 6/15/23 | | | | | 626,000 | | | | | | 683,905 | | | | |
| 7.500%, due 4/1/25 | | | | | 142,000 | | | | | | 153,005 | | | | |
| | | | | | | | | | | | 12,938,081 | | | | |
| Industrials — 8.2% | | | | | | | |
| ADT Security Corp. (The) | | | | | | | | | | | | | | | |
| 3.500%, due 7/15/22 | | | | | 288,000 | ��� | | | | | 294,840 | | | | |
| 4.875%, due 7/15/32 | | | | | 132,000 | | | | | | 137,940 | | | | |
| AECOM | | | | | | | | | | | | | | | |
| 5.125%, due 3/15/27 | | | | | 217,000 | | | | | | 241,412 | | | | |
American Builders & Contractors Supply
Co., Inc. | | | | | | | | | | | | | | | |
| 4.000%, due 1/15/28 | | | | | 149,000 | | | | | | 151,607 | | | | |
| Aramark Services, Inc. | | | | | | | | | | | | | | | |
| 5.000%, due 4/1/25 | | | | | 140,000 | | | | | | 143,675 | | | | |
| 5.000%, due 2/1/28 | | | | | 288,000 | | | | | | 301,320 | | | | |
| 6.375%, due 5/1/25 | | | | | 223,000 | | | | | | 236,380 | | | | |
| Brink’s Co. (The) | | | | | | | | | | | | | | | |
| 4.625%, due 10/15/27 | | | | | 116,000 | | | | | | 120,350 | | | | |
| Builders FirstSource, Inc. | | | | | | | | | | | | | | | |
| 5.000%, due 3/1/30 | | | | | 86,000 | | | | | | 91,267 | | | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Industrials (continued) | |
| 6.750%, due 6/1/27 | | | | $ | 199,000 | | | | | $ | 213,427 | | |
| CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
| 3.250%, due 2/15/29 | | | | | 192,000 | | | | | | 190,320 | | |
| 4.125%, due 5/1/25 | | | | | 167,000 | | | | | | 174,306 | | |
| 4.250%, due 4/1/28 | | | | | 93,000 | | | | | | 96,487 | | |
| Gartner, Inc. | | | | | | | | | | | | | |
| 3.750%, due 10/1/30 | | | | | 142,000 | | | | | | 142,355 | | |
| 4.500%, due 7/1/28 | | | | | 217,000 | | | | | | 228,121 | | |
| H&E Equipment Services, Inc. | | | | | | | | | | | | | |
| 3.875%, due 12/15/28 | | | | | 296,000 | | | | | | 290,080 | | |
| Herc Holdings, Inc. | | | | | | | | | | | | | |
| 5.500%, due 7/15/27 | | | | | 244,000 | | | | | | 257,420 | | |
| Howmet Aerospace, Inc. | | | | | | | | | | | | | |
| 5.125%, due 10/1/24 | | | | | 248,000 | | | | | | 271,870 | | |
| 6.875%, due 5/1/25 | | | | | 233,000 | | | | | | 270,280 | | |
| Meritage Homes Corp. | | | | | | | | | | | | | |
| 3.875%, due 4/15/29 | | | | | 65,000 | | | | | | 66,787 | | |
| Picasso Finance Sub, Inc. | | | | | | | | | | | | | |
| 6.125%, due 6/15/25 | | | | | 118,000 | | | | | | 125,523 | | |
| Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | | | | | | |
| 3.375%, due 8/31/27 | | | | | 192,000 | | | | | | 185,280 | | |
| 5.250%, due 4/15/24 | | | | | 155,000 | | | | | | 165,463 | | |
| Spirit AeroSystems, Inc. | | | | | | | | | | | | | |
| 5.500%, due 1/15/25 | | | | | 66,000 | | | | | | 69,630 | | |
| Standard Industries, Inc. | | | | | | | | | | | | | |
| 3.375%, due 1/15/31 | | | | | 238,000 | | | | | | 222,233 | | |
| 4.375%, due 7/15/30 | | | | | 238,000 | | | | | | 238,893 | | |
| 4.750%, due 1/15/28 | | | | | 178,000 | | | | | | 182,895 | | |
| Stericycle, Inc. | | | | | | | | | | | | | |
| 3.875%, due 1/15/29 | | | | | 63,000 | | | | | | 62,921 | | |
| 5.375%, due 7/15/24 | | | | | 66,000 | | | | | | 68,063 | | |
Summit Materials LLC / Summit Materials
Finance Corp. | | | | | | | | | | | | | |
| 5.250%, due 1/15/29 | | | | | 167,000 | | | | | | 175,976 | | |
| Taylor Morrison Communities, Inc. | | | | | | | | | | | | | |
| 5.125%, due 8/1/30 | | | | | 96,000 | | | | | | 105,360 | | |
| 5.875%, due 6/15/27 | | | | | 212,000 | | | | | | 240,620 | | |
| Toll Brothers Finance Corp. | | | | | | | | | | | | | |
| 4.875%, due 3/15/27 | | | | | 72,000 | | | | | | 81,540 | | |
| TransDigm, Inc. | | | | | | | | | | | | | |
| 6.250%, due 3/15/26 | | | | | 956,000 | | | | | | 1,012,165 | | |
| 8.000%, due 12/15/25 | | | | | 243,000 | | | | | | 263,959 | | |
| United Rentals North America, Inc. | | | | | | | | | | | | | |
| 3.875%, due 2/15/31 | | | | | 217,000 | | | | | | 218,628 | | |
| 4.000%, due 7/15/30 | | | | | 192,000 | | | | | | 196,080 | | |
| 4.875%, due 1/15/28 | | | | | 320,000 | | | | | | 338,000 | | |
| 5.250%, due 1/15/30 | | | | | 154,000 | | | | | | 168,053 | | |
| 5.500%, due 5/15/27 | | | | | 230,000 | | | | | | 245,238 | | |
| WESCO Distribution, Inc. | | | | | | | | | | | | | |
| 7.125%, due 6/15/25 | | | | | 276,000 | | | | | | 298,770 | | |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Industrials (continued) | | | |
| Williams Scotsman International, Inc. | | | | | | | | | | | | | | | |
| 4.625%, due 8/15/28 | | | | $ | 121,000 | | | | | $ | 123,420 | | | | |
| | | | | | | | | | | | 8,708,954 | | | | | | |
| Information Technology — 3.9% | | | | | | | |
| Black Knight InfoServ LLC | | | | | | | | | | | | | | | |
| 3.625%, due 9/1/28 | | | | | 192,000 | | | | | | 187,920 | | | | |
BY Crown Parent LLC / BY Bond Finance,
Inc. | | | | | | | | | | | | | | | |
| 4.250%, due 1/31/26 | | | | | 167,000 | | | | | | 174,515 | | | | |
| CDK Global, Inc. | | | | | | | | | | | | | | | |
| 4.875%, due 6/1/27 | | | | | 137,000 | | | | | | 144,192 | | | | |
| 5.250%, due 5/15/29 | | | | | 88,000 | | | | | | 94,600 | | | | |
| CommScope, Inc. | | | | | | | | | | | | | | | |
| 6.000%, due 3/1/26 | | | | | 205,000 | | | | | | 216,019 | | | | |
| EMC Corp. | | | | | | | | | | | | | | | |
| 3.375%, due 6/1/23 | | | | | 171,000 | | | | | | 176,985 | | | | |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc. | | | | | | | | | | | | | | | |
| 3.500%, due 3/1/29 | | | | | 189,000 | | | | | | 184,039 | | | | |
| Microchip Technology, Inc. | | | | | | | | | | | | | | | |
| 4.250%, due 9/1/25 | | | | | 223,000 | | | | | | 233,417 | | | | |
| PTC, Inc. | | | | | | | | | | | | | | | |
| 3.625%, due 2/15/25 | | | | | 79,000 | | | | | | 80,580 | | | | |
| 4.000%, due 2/15/28 | | | | | 100,000 | | | | | | 102,500 | | | | |
| Rackspace Technology Global, Inc. | | | | | | | | | | | | | | | |
| 3.500%, due 2/15/28 | | | | | 125,000 | | | | | | 120,937 | | | | |
| Seagate HDD Cayman | | | | | | | | | | | | | | | |
| 3.375%, due 7/15/31 | | | | | 422,000 | | | | | | 405,120 | | | | |
| 4.875%, due 3/1/24 | | | | | 39,000 | | | | | | 42,071 | | | | |
| 4.875%, due 6/1/27 | | | | | 203,000 | | | | | | 225,330 | | | | |
| Sensata Technologies BV | | | | | | | | | | | | | | | |
| 4.000%, due 4/15/29 | | | | | 165,000 | | | | | | 165,825 | | | | |
| Sensata Technologies, Inc. | | | | | | | | | | | | | | | |
| 3.750%, due 2/15/31 | | | | | 167,000 | | | | | | 165,748 | | | | |
| 4.375%, due 2/15/30 | | | | | 106,000 | | | | | | 110,505 | | | | |
| SS&C Technologies, Inc. | | | | | | | | | | | | | | | |
| 5.500%, due 9/30/27 | | | | | 390,000 | | | | | | 412,913 | | | | |
| Twilio, Inc. | | | | | | | | | | | | | | | |
| 3.875%, due 3/15/31 | | | | | 128,000 | | | | | | 131,040 | | | | |
| Western Digital Corp. | | | | | | | | | | | | | | | |
| 4.750%, due 2/15/26 | | | | | 488,000 | | | | | | 540,460 | | | | |
| Xerox Corp. | | | | | | | | | | | | | | | |
| 4.375%, due 3/15/23 | | | | | 172,000 | | | | | | 179,955 | | | | |
| | | | | | | | | | | | 4,094,671 | | | | |
| Materials — 5.9% | | | | | | | |
| Alcoa Nederland Holding BV | | | | | | | | | | | | | | | |
| 4.125%, due 3/31/29 | | | | | 42,000 | | | | | | 43,102 | | | | |
| 5.500%, due 12/15/27 | | | | | 167,000 | | | | | | 180,777 | | | | |
| 6.125%, due 5/15/28 | | | | | 89,000 | | | | | | 96,899 | | | | |
| | | | Principal
Amount | | | Value | |
| Corporate Bonds (continued) | |
| Materials (continued) | |
| Arconic Corp. | | | | | | | | | | | | | |
| 6.000%, due 5/15/25 | | | | $ | 142,000 | | | | | $ | 151,407 | | |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | | | | | | | | | | | | | |
| 3.250%, due 9/1/28 | | | | | 331,000 | | | | | | 326,449 | | |
| Avient Corp. | | | | | | | | | | | | | |
| 5.750%, due 5/15/25 | | | | | 132,000 | | | | | | 139,590 | | |
| Axalta Coating Systems LLC | | | | | | | | | | | | | |
| 3.375%, due 2/15/29 | | | | | 196,000 | | | | | | 190,120 | | |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV | | | | | | | | | | | | | |
| 4.750%, due 6/15/27 | | | | | 121,000 | | | | | | 126,596 | | |
| Ball Corp. | | | | | | | | | | | | | |
| 2.875%, due 8/15/30 | | | | | 256,000 | | | | | | 247,040 | | |
| 4.000%, due 11/15/23 | | | | | 274,000 | | | | | | 290,440 | | |
| 4.875%, due 3/15/26 | | | | | 100,000 | | | | | | 112,000 | | |
| 5.250%, due 7/1/25 | | | | | 218,000 | | | | | | 246,340 | | |
| Berry Global, Inc. | | | | | | | | | | | | | |
| 0.950%, due 2/15/24 | | | | | 45,000 | | | | | | 44,911 | | |
| 1.570%, due 1/15/26 | | | | | 131,000 | | | | | | 129,854 | | |
| 4.875%, due 7/15/26 | | | | | 300,000 | | | | | | 316,875 | | |
| 5.625%, due 7/15/27 | | | | | 345,000 | | | | | | 366,994 | | |
| Cleveland-Cliffs, Inc. | | | | | | | | | | | | | |
| 6.750%, due 3/15/26 | | | | | 212,000 | | | | | | 230,550 | | |
| Crown Americas LLC / Crown Americas Capital Corp. IV | | | | | | | | | | | | | |
| 4.500%, due 1/15/23 | | | | | 148,000 | | | | | | 156,140 | | |
| Freeport-McMoRan, Inc. | | | | | | | | | | | | | |
| 4.125%, due 3/1/28 | | | | | 86,000 | | | | | | 90,300 | | |
| 4.250%, due 3/1/30 | | | | | 126,000 | | | | | | 134,820 | | |
| 4.375%, due 8/1/28 | | | | | 132,000 | | | | | | 140,415 | | |
4.625%, due 8/1/30(a) | | | | | 172,000 | | | | | | 188,985 | | |
| 5.000%, due 9/1/27 | | | | | 139,000 | | | | | | 146,992 | | |
| 5.250%, due 9/1/29 | | | | | 139,000 | | | | | | 154,116 | | |
| 5.450%, due 3/15/43 | | | | | 395,000 | | | | | | 480,419 | | |
| Graphic Packaging International LLC | | | | | | | | | | | | | |
| 3.500%, due 3/15/28 | | | | | 76,000 | | | | | | 75,620 | | |
| Novelis Corp. | | | | | | | | | | | | | |
| 4.750%, due 1/30/30 | | | | | 325,000 | | | | | | 338,406 | | |
| Olin Corp. | | | | | | | | | | | | | |
| 5.000%, due 2/1/30 | | | | | 64,000 | | | | | | 67,360 | | |
| 5.125%, due 9/15/27 | | | | | 288,000 | | | | | | 300,240 | | |
| 5.625%, due 8/1/29 | | | | | 193,000 | | | | | | 208,199 | | |
| Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | | | | | | | | | | | | | |
| 4.000%, due 10/15/27 | | | | | 192,000 | | | | | | 189,840 | | |
| Sealed Air Corp. | | | | | | | | | | | | | |
| 4.000%, due 12/1/27 | | | | | 75,000 | | | | | | 78,563 | | |
| Tronox, Inc. | | | | | | | | | | | | | |
| 6.500%, due 5/1/25 | | | | | 135,000 | | | | | | 144,113 | | |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Materials (continued) | | | |
| Valvoline, Inc. | | | | | | | | | | | | | | | |
| 3.625%, due 6/15/31 | | | | $ | 189,000 | | | | | $ | 184,275 | | | | |
| | | | | | | | | | | | 6,318,747 | | | | |
| Media — 11.1% | | | | | | | |
| AMC Networks, Inc. | | | | | | | | | | | | | | | |
| 4.750%, due 8/1/25 | | | | | 158,000 | | | | | | 162,740 | | | | |
| ANGI Group LLC | | | | | | | | | | | | | | | |
3.875%, due 8/15/28(a) | | | | | 121,000 | | | | | | 120,244 | | | | |
| Arches Buyer, Inc. | | | | | | | | | | | | | | | |
| 4.250%, due 6/1/28 | | | | | 138,000 | | | | | | 137,137 | | | | |
| CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | | | |
| 4.000%, due 3/1/23 | | | | | 46,000 | | | | | | 46,402 | | | | |
| 4.250%, due 2/1/31 | | | | | 405,000 | | | | | | 405,000 | | | | |
| 4.500%, due 8/15/30 | | | | | 392,000 | | | | | | 399,350 | | | | |
| 4.500%, due 5/1/32 | | | | | 546,000 | | | | | | 550,095 | | | | |
| 4.500%, due 6/1/33 | | | | | 44,000 | | | | | | 44,330 | | | | |
| 4.750%, due 3/1/30 | | | | | 448,000 | | | | | | 465,920 | | | | |
| 5.000%, due 2/1/28 | | | | | 547,000 | | | | | | 570,931 | | | | |
| 5.125%, due 5/1/27 | | | | | 475,000 | | | | | | 496,969 | | | | |
| 5.375%, due 6/1/29 | | | | | 163,000 | | | | | | 176,447 | | | | |
| CSC Holdings LLC | | | | | | | | | | | | | | | |
| 3.375%, due 2/15/31 | | | | | 258,000 | | | | | | 241,875 | | | | |
| 4.125%, due 12/1/30 | | | | | 121,000 | | | | | | 120,092 | | | | |
| 5.375%, due 2/1/28 | | | | | 218,000 | | | | | | 229,172 | | | | |
| 5.500%, due 4/15/27 | | | | | 250,000 | | | | | | 261,875 | | | | |
| 6.500%, due 2/1/29 | | | | | 383,000 | | | | | | 421,300 | | | | |
| 6.750%, due 11/15/21 | | | | | 207,000 | | | | | | 212,692 | | | | |
| DISH DBS Corp. | | | | | | | | | | | | | | | |
| 5.000%, due 3/15/23 | | | | | 323,000 | | | | | | 336,727 | | | | |
| 5.875%, due 7/15/22 | | | | | 404,000 | | | | | | 421,675 | | | | |
| Gray Television, Inc. | | | | | | | | | | | | | | | |
| 7.000%, due 5/15/27 | | | | | 136,000 | | | | | | 148,070 | | | | |
| iHeartCommunications, Inc. | | | | | | | | | | | | | | | |
| 5.250%, due 8/15/27 | | | | | 422,000 | | | | | | 436,770 | | | | |
| Lamar Media Corp. | | | | | | | | | | | | | | | |
| 3.625%, due 1/15/31 | | | | | 181,000 | | | | | | 176,023 | | | | |
| 3.750%, due 2/15/28 | | | | | 128,000 | | | | | | 128,960 | | | | |
| 4.000%, due 2/15/30 | | | | | 96,000 | | | | | | 96,960 | | | | |
| Live Nation Entertainment, Inc. | | | | | | | | | | | | | | | |
| 3.750%, due 1/15/28 | | | | | 160,000 | | | | | | 159,200 | | | | |
| 6.500%, due 5/15/27 | | | | | 266,000 | | | | | | 294,263 | | | | |
| Match Group Holdings II LLC | | | | | | | | | | | | | | | |
| 4.125%, due 8/1/30 | | | | | 90,000 | | | | | | 90,338 | | | | |
| 4.625%, due 6/1/28 | | | | | 86,000 | | | | | | 88,795 | | | | |
| Netflix, Inc. | | | | | | | | | | | | | | | |
| 3.625%, due 6/15/25 | | | | | 96,000 | | | | | | 102,960 | | | | |
4.375%, due 11/15/26(a) | | | | | 232,000 | | | | | | 261,290 | | | | |
| 4.875%, due 4/15/28 | | | | | 268,000 | | | | | | 307,530 | | | | |
| 4.875%, due 6/15/30 | | | | | 315,000 | | | | | | 365,400 | | | | |
| 5.375%, due 11/15/29 | | | | | 178,000 | | | | | | 211,375 | | | | |
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Media (continued) | | | |
| 5.875%, due 11/15/28 | | | | $ | 338,000 | | | | | $ | 410,670 | | | | |
| 6.375%, due 5/15/29 | | | | | 122,000 | | | | | | 153,110 | | | | |
| News Corp. | | | | | | | | | | | | | | | |
| 3.875%, due 5/15/29 | | | | | 138,000 | | | | | | 140,588 | | | | |
Nielsen Finance LLC /
Nielsen Finance Co. | | | | | | | | | | | | | | | |
| 5.875%, due 10/1/30 | | | | | 210,000 | | | | | | 229,425 | | | | |
| Scripps Escrow II, Inc. | | | | | | | | | | | | | | | |
| 3.875%, due 1/15/29 | | | | | 51,000 | | | | | | 50,490 | | | | |
| Sinclair Television Group, Inc. | | | | | | | | | | | | | | | |
| 4.125%, due 12/1/30 | | | | | 188,000 | | | | | | 183,300 | | | | |
| Sirius XM Radio, Inc. | | | | | | | | | | | | | | | |
| 4.125%, due 7/1/30 | | | | | 314,000 | | | | | | 313,215 | | | | |
| 5.000%, due 8/1/27 | | | | | 267,000 | | | | | | 279,349 | | | | |
| 5.375%, due 7/15/26 | | | | | 284,000 | | | | | | 293,230 | | | | |
| 5.500%, due 7/1/29 | | | | | 254,000 | | | | | | 274,003 | | | | |
| TEGNA, Inc. | | | | | | | | | | | | | | | |
| 4.625%, due 3/15/28 | | | | | 121,000 | | | | | | 123,420 | | | | |
| 4.750%, due 3/15/26 | | | | | 121,000 | | | | | | 128,714 | | | | |
| 5.000%, due 9/15/29 | | | | | 219,000 | | | | | | 227,486 | | | | |
| WMG Acquisition Corp. | | | | | | | | | | | | | | | |
| 3.000%, due 2/15/31 | | | | | 50,000 | | | | | | 46,938 | | | | |
| 3.875%, due 7/15/30 | | | | | 238,000 | | | | | | 240,975 | | | | |
| | | | | | | | | | | | 11,783,820 | | | | |
| Real Estate — 4.3% | | | | | | | |
| Diversified Healthcare Trust | | | | | | | | | | | | | | | |
| 9.750%, due 6/15/25 | | | | | 114,000 | | | | | | 127,713 | | | | |
| EPR Properties | | | | | | | | | | | | | | | |
| 4.500%, due 6/1/27 | | | | | 264,000 | | | | | | 270,104 | | | | |
| ESH Hospitality, Inc. | | | | | | | | | | | | | | | |
| 4.625%, due 10/1/27 | | | | | 142,000 | | | | | | 150,342 | | | | |
| Howard Hughes Corp. (The) | | | | | | | | | | | | | | | |
| 4.375%, due 2/1/31 | | | | | 176,000 | | | | | | 173,800 | | | | |
| 5.375%, due 8/1/28 | | | | | 225,000 | | | | | | 237,375 | | | | |
| Iron Mountain, Inc. | | | | | | | | | | | | | | | |
| 4.500%, due 2/15/31 | | | | | 142,000 | | | | | | 141,290 | | | | |
| 4.875%, due 9/15/27 | | | | | 220,000 | | | | | | 227,975 | | | | |
| 5.000%, due 7/15/28 | | | | | 240,000 | | | | | | 248,400 | | | | |
| 5.250%, due 3/15/28 | | | | | 26,000 | | | | | | 27,170 | | | | |
| iStar, Inc. | | | | | | | | | | | | | | | |
| 4.750%, due 10/1/24 | | | | | 76,000 | | | | | | 79,230 | | | | |
| Kennedy-Wilson, Inc. | | | | | | | | | | | | | | | |
4.750%, due 3/1/29(a) | | | | | 59,000 | | | | | | 60,770 | | | | |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc. | | | | | | | | | | | | | | | |
| 3.875%, due 2/15/29 | | | | | 191,000 | | | | | | 192,910 | | | | |
| 4.500%, due 9/1/26 | | | | | 91,000 | | | | | | 96,232 | | | | |
| 4.625%, due 6/15/25 | | | | | 192,000 | | | | | | 203,520 | | | | |
| 5.625%, due 5/1/24 | | | | | 239,000 | | | | | | 256,925 | | | | |
| 5.750%, due 2/1/27 | | | | | 151,000 | | | | | | 167,987 | | | | |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Real Estate (continued) | | | |
| Realogy Group LLC / Realogy Co-Issuer Corp. | | | | | | | | | | | | | | | |
| 4.875%, due 6/1/23 | | | | $ | 101,000 | | | | | $ | 104,914 | | | | |
| RHP Hotel Properties LP / RHP Finance Corp. | | | | | | | | | | | | | | | |
| 4.750%, due 10/15/27 | | | | | 100,000 | | | | | | 102,750 | | | | |
| SBA Communications Corp. | | | | | | | | | | | | | | | |
| 3.125%, due 2/1/29 | | | | | 447,000 | | | | | | 425,768 | | | | |
| 3.875%, due 2/15/27 | | | | | 90,000 | | | | | | 91,800 | | | | |
| Starwood Property Trust, Inc. | | | | | | | | | | | | | | | |
| 4.750%, due 3/15/25 | | | | | 202,000 | | | | | | 210,333 | | | | |
| VICI Properties LP / VICI Note Co., Inc. | | | | | | | | | | | | | | | |
3.500%, due 2/15/25(a) | | | | | 145,000 | | | | | | 148,081 | | | | |
| 3.750%, due 2/15/27 | | | | | 150,000 | | | | | | 150,750 | | | | |
| 4.125%, due 8/15/30 | | | | | 218,000 | | | | | | 221,815 | | | | |
| 4.250%, due 12/1/26 | | | | | 249,000 | | | | | | 257,093 | | | | |
| 4.625%, due 12/1/29 | | | | | 194,000 | | | | | | 201,518 | | | | |
| | | | | | | | | | | | 4,576,565 | | | | |
| Telecommunication Services — 5.2% | | | | | | | |
| Cablevision Lightpath LLC | | | | | | | | | | | | | | | |
| 3.875%, due 9/15/27 | | | | | 96,000 | | | | | | 95,640 | | | | |
| Level 3 Financing, Inc. | | | | | | | | | | | | | | | |
| 3.625%, due 1/15/29 | | | | | 142,000 | | | | | | 137,385 | | | | |
| 3.750%, due 7/15/29 | | | | | 182,000 | | | | | | 177,222 | | | | |
| 4.250%, due 7/1/28 | | | | | 263,000 | | | | | | 264,972 | | | | |
| 4.625%, due 9/15/27 | | | | | 168,000 | | | | | | 172,620 | | | | |
| Lumen Technologies, Inc. | | | | | | | | | | | | | | | |
| 4.000%, due 2/15/27 | | | | | 245,000 | | | | | | 249,594 | | | | |
| 5.125%, due 12/15/26 | | | | | 378,000 | | | | | | 395,955 | | | | |
| Series T, 5.800%, due 3/15/22 | | | | | 166,000 | | | | | | 170,980 | | | | |
| Series Y, 7.500%, due 4/1/24 | | | | | 229,000 | | | | | | 256,194 | | | | |
| Sprint Capital Corp. | | | | | | | | | | | | | | | |
| 6.875%, due 11/15/28 | | | | | 347,000 | | | | | | 436,786 | | | | |
| 8.750%, due 3/15/32 | | | | | 153,000 | | | | | | 226,440 | | | | |
| Sprint Communications, Inc. | | | | | | | | | | | | | | | |
| 6.000%, due 11/15/22 | | | | | 242,000 | | | | | | 258,033 | | | | |
| Sprint Corp. | | | | | | | | | | | | | | | |
| 7.125%, due 6/15/24 | | | | | 246,000 | | | | | | 284,130 | | | | |
| 7.625%, due 2/15/25 | | | | | 305,000 | | | | | | 362,950 | | | | |
| 7.625%, due 3/1/26 | | | | | 41,000 | | | | | | 50,276 | | | | |
| 7.875%, due 9/15/23 | | | | | 475,000 | | | | | | 541,500 | | | | |
| T-Mobile USA, Inc. | | | | | | | | | | | | | | | |
| 2.875%, due 2/15/31 | | | | | 173,000 | | | | | | 168,813 | | | | |
| 3.500%, due 4/15/31 | | | | | 289,000 | | | | | | 293,335 | | | | |
| 4.000%, due 4/15/22 | | | | | 132,000 | | | | | | 135,135 | | | | |
| 4.750%, due 2/1/28 | | | | | 128,000 | | | | | | 136,160 | | | | |
5.375%, due 4/15/27(a) | | | | | 233,000 | | | | | | 246,106 | | | | |
| Viasat, Inc. | | | | | | | | | | | | | | | |
| 5.625%, due 4/15/27 | | | | | 140,000 | | | | | | 146,650 | | | | |
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Telecommunication Services (continued) | | | |
| Zayo Group Holdings, Inc. | | | | | | | | | | | | | | | |
| 4.000%, due 3/1/27 | | | | $ | 335,000 | | | | | $ | 332,488 | | | | |
| | | | | | | | | | | | 5,539,364 | | | | |
| Transportation — 2.4% | | | | | | | |
| Delta Air Lines, Inc. | | | | | | | | | | | | | | | |
| 2.900%, due 10/28/24 | | | | | 100,000 | | | | | | 100,875 | | | | |
| 3.625%, due 3/15/22 | | | | | 215,000 | | | | | | 217,687 | | | | |
| 3.750%, due 10/28/29 | | | | | 91,000 | | | | | | 90,772 | | | | |
| 3.800%, due 4/19/23 | | | | | 241,000 | | | | | | 248,230 | | | | |
| 4.375%, due 4/19/28 | | | | | 315,000 | | | | | | 331,537 | | | | |
| Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. | | | | | | | | | | | | | | | |
| 5.750%, due 1/20/26 | | | | | 313,000 | | | | | | 329,824 | | | | |
| Signature Aviation US Holdings, Inc. | | | | | | | | | | | | | | | |
| 4.000%, due 3/1/28 | | | | | 192,000 | | | | | | 193,920 | | | | |
| United Airlines, Inc. | | | | | | | | | | | | | | | |
| 4.625%, due 4/15/29 | | | | | 734,000 | | | | | | 762,443 | | | | |
| XPO Logistics, Inc. | | | | | | | | | | | | | | | |
| 6.250%, due 5/1/25 | | | | | 218,000 | | | | | | 232,988 | | | | |
| | | | | | | | | | | | 2,508,276 | | | | |
| Utilities — 4.3% | | | | | | | |
| Calpine Corp. | | | | | | | | | | | | | | | |
| 3.750%, due 3/1/31 | | | | | 248,000 | | | | | | 236,220 | | | | |
| 5.250%, due 6/1/26 | | | | | 31,000 | | | | | | 31,736 | | | | |
| Clearway Energy Operating LLC | | | | | | | | | | | | | | | |
| 3.750%, due 2/15/31 | | | | | 153,000 | | | | | | 151,087 | | | | |
| 4.750%, due 3/15/28 | | | | | 145,000 | | | | | | 151,525 | | | | |
| DPL, Inc. | | | | | | | | | | | | | | | |
| 4.125%, due 7/1/25 | | | | | 71,000 | | | | | | 76,382 | | | | |
| FirstEnergy Corp. | | | | | | | | | | | | | | | |
2.650%, due 3/1/30(a) | | | | | 871,000 | | | | | | 849,874 | | | | |
| Series A, 3.350%, due 7/15/22 | | | | | 23,000 | | | | | | 23,546 | | | | |
| Series B, 4.400%, due 7/15/27 | | | | | 220,000 | | | | | | 241,013 | | | | |
| Series C, 5.350%, due 7/15/47 | | | | | 369,000 | | | | | | 427,499 | | | | |
| FirstEnergy Transmission LLC | | | | | | | | | | | | | | | |
| 4.550%, due 4/1/49 | | | | | 87,000 | | | | | | 96,854 | | | | |
| NextEra Energy Operating Partners LP | | | | | | | | | | | | | | | |
| 3.875%, due 10/15/26 | | | | | 93,000 | | | | | | 97,317 | | | | |
| 4.250%, due 7/15/24 | | | | | 170,000 | | | | | | 179,775 | | | | |
| 4.500%, due 9/15/27 | | | | | 96,000 | | | | | | 103,320 | | | | |
| NRG Energy, Inc. | | | | | | | | | | | | | | | |
| 3.375%, due 2/15/29 | | | | | 100,000 | | | | | | 98,000 | | | | |
| 3.625%, due 2/15/31 | | | | | 190,000 | | | | | | 185,488 | | | | |
| 5.250%, due 6/15/29 | | | | | 164,000 | | | | | | 175,685 | | | | |
| 5.750%, due 1/15/28 | | | | | 189,000 | | | | | | 200,812 | | | | |
| PG&E Corp. | | | | | | | | | | | | | | | |
| 5.000%, due 7/1/28 | | | | | 357,000 | | | | | | 375,296 | | | | |
| 5.250%, due 7/1/30 | | | | | 105,000 | | | | | | 112,051 | | | | |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | | |
| Corporate Bonds (continued) | | | |
| Utilities (continued) | | | |
| TerraForm Power Operating LLC | | | | | | | | | | | | | | | |
| 4.250%, due 1/31/23 | | | | $ | 194,000 | | | | | $ | 199,335 | | | | |
| 4.750%, due 1/15/30 | | | | | 124,000 | | | | | | 128,805 | | | | |
| 5.000%, due 1/31/28 | | | | | 137,000 | | | | | | 146,933 | | | | |
| Vistra Operations Co. LLC | | | | | | | | | | | | | | | |
| 5.000%, due 7/31/27 | | | | | 243,000 | | | | | | 251,505 | | | | |
| | | | | | | | | | | | 4,540,058 | | | | | | |
Total Corporate Bonds
(Cost $94,660,128) | | | | | | | | | | | 96,563,273 | | | | | | |
| Foreign Bonds — 6.9% | | | | | | | |
| Consumer Discretionary — 1.4% | | | | | | | |
| 1011778 BC ULC / New Red Finance, Inc., (Canada) | | | | | | | | | | | | | | | |
| 3.500%, due 2/15/29 | | | | | 233,000 | | | | | | 227,757 | | | | |
| 3.875%, due 1/15/28 | | | | | 174,000 | | | | | | 175,740 | | | | |
| 4.000%, due 10/15/30 | | | | | 491,000 | | | | | | 478,725 | | | | |
| 4.375%, due 1/15/28 | | | | | 339,000 | | | | | | 342,390 | | | | |
| 5.750%, due 4/15/25 | | | | | 44,000 | | | | | | 46,640 | | | | |
| ZF North America Capital, Inc., (Germany) | | | | | | | | | | | | | | | |
| 4.750%, due 4/29/25 | | | | | 223,000 | | | | | | 240,283 | | | | |
| | | | | | | | | | | | 1,511,535 | | | | | | |
| Energy — 0.1% | | | | | | | |
| Parkland Corp., (Canada) | | | | | | | | | | | | | | | |
| 5.875%, due 7/15/27 | | | | | 88,000 | | | | | | 93,720 | | | | |
| Industrials — 0.9% | | | | | | | |
| GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | | | |
| 3.500%, due 9/1/28 | | | | | 103,000 | | | | | | 99,266 | | | | |
| 3.750%, due 8/1/25 | | | | | 142,000 | | | | | | 144,307 | | | | |
| 5.125%, due 12/15/26 | | | | | 231,000 | | | | | | 242,550 | | | | |
| Mattamy Group Corp., (Canada) | | | | | | | | | | | | | | | |
| 4.625%, due 3/1/30 | | | | | 137,000 | | | | | | 138,713 | | | | |
| 5.250%, due 12/15/27 | | | | | 89,000 | | | | | | 93,673 | | | | |
| Rolls-Royce PLC, (United Kingdom) | | | | | | | | | | | | | | | |
| 3.625%, due 10/14/25 | | | | | 212,000 | | | | | | 213,325 | | | | |
| | | | | | 931,834 | | | | | | | | | | |
| Information Technology — 0.6% | | | | | | | |
| Nokia OYJ, (Finland) | | | | | | | | | | | | | | | |
| 3.375%, due 6/12/22 | | | | | 77,000 | | | | | | 79,021 | | | | |
| 4.375%, due 6/12/27 | | | | | 130,000 | | | | | | 141,050 | | | | |
| Open Text Corp., (Canada) | | | | | | | | | | | | | | | |
| 3.875%, due 2/15/28 | | | | | 180,000 | | | | | | 182,250 | | | | |
| Open Text Holdings, Inc., (Canada) | | | | | | | | | | | | | | | |
| 4.125%, due 2/15/30 | | | | | 214,000 | | | | | | 215,873 | | | | |
| | | | | | 618,194 | | | | | | | | | | |
| Materials — 1.8% | | | | | | | |
| ArcelorMittal SA, (Luxembourg) | | | | | | | | | | | | | | | |
| 3.600%, due 7/16/24 | | | | | 147,000 | | | | | | 156,187 | | | | |
| | | | Principal
Amount | | | Value | | | |
| Foreign Bonds (continued) | | | |
| Materials (continued) | | | |
| 4.250%, due 7/16/29 | | | | $ | 192,000 | | | | | $ | 207,600 | | | | |
| 4.550%, due 3/11/26 | | | | | 36,000 | | | | | | 39,915 | | | | |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., (Ireland) | | | | | | | | | | | | | | | |
| 4.125%, due 8/15/26 | | | | | 307,000 | | | | | | 314,675 | | | | |
| 5.250%, due 4/30/25 | | | | | 142,000 | | | | | | 148,923 | | | | |
| Constellium SE, (Netherlands) | | | | | | | | | | | | | | | |
| 3.750%, due 4/15/29 | | | | | 151,000 | | | | | | 147,791 | | | | |
| FMG Resources August 2006 Pty Ltd., (Australia) | | | | | | | | | | | | | | | |
| 4.500%, due 9/15/27 | | | | | 576,000 | | | | | | 622,800 | | | | |
| 5.125%, due 5/15/24 | | | | | 44,000 | | | | | | 47,960 | | | | |
| NOVA Chemicals Corp., (Canada) | | | | | | | | | | | | | | | |
| 4.875%, due 6/1/24 | | | | | 215,000 | | | | | | 226,556 | | | | |
| | | | | | | | | | | | 1,912,407 | | | | | | |
| Media — 1.3% | | | | | | | |
| Telenet Finance Luxembourg Notes SARL, (Belgium) | | | | | | | | | | | | | | | |
| 5.500%, due 3/1/28 | | | | | 200,000 | | | | | | 211,800 | | | | |
| Videotron Ltd., (Canada) | | | | | | | | | | | | | | | |
| 5.125%, due 4/15/27 | | | | | 138,000 | | | | | | 145,245 | | | | |
| Virgin Media Secured Finance PLC, (United Kingdom) | | | | | | | | | | | | | | | |
| 4.500%, due 8/15/30 | | | | | 142,000 | | | | | | 142,549 | | | | |
| 5.500%, due 5/15/29 | | | | | 303,000 | | | | | | 323,831 | | | | |
| Ziggo BV, (Netherlands) | | | | | | | | | | | | | | | |
| 4.875%, due 1/15/30 | | | | | 139,000 | | | | | | 142,823 | | | | |
| 5.500%, due 1/15/27 | | | | | 445,000 | | | | | | 462,244 | | | | |
| | | | | | | | | | | | 1,428,492 | | | | | | |
| Telecommunication Services — 0.8% | | | | | | | |
| Altice France Holding SA, (France) | | | | | | | | | | | | | | | |
| 10.500%, due 5/15/27 | | | | | 234,000 | | | | | | 263,542 | | | | |
| Telecom Italia SpA, (Italy) | | | | | | | | | | | | | | | |
| 5.303%, due 5/30/24 | | | | | 273,000 | | | | | | 298,231 | | | | |
| Vmed O2 UK Financing I PLC, (United Kingdom) | | | | | | | | | | | | | | | |
| 4.250%, due 1/31/31 | | | | | 288,000 | | | | | | 278,640 | | | | |
| | | | | | | | | | | | 840,413 | | | | | | |
Total Foreign Bonds
(Cost $7,232,603) | | | | | | | | | | | 7,336,595 | | | | |
| | | | Shares | | | | | | | | | |
| Short-Term Investments — 1.7% | | | | | | | |
| Money Market Funds — 1.7% | | | | | | | | | | | | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.02%(b) | | | | | 961,775 | | | | | | 961,775 | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 850,100 | | | | | | 850,100 | | | | |
| |
See notes to financial statements.
Schedule of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)
| | | | Principal
Amount | | | Value | | |
| Short-Term Investments (continued) | | |
Total Short-Term Investments
(Cost $1,811,875) | | | | | | | $ | 1,811,875 | | | |
Total Investments — 99.5%
(Cost $103,704,606) | | | | | | | | 105,711,743 | | | |
Other Assets and Liabilities,
Net — 0.5% | | | | | | | | 510,313 | | | | | |
| Net Assets — 100.0% | | | | | | | $ | 106,222,056 | | | | | |
| |
(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 $1,475,075; total market value of collateral held by the Fund was $1,525,592. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $675,492.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | — | | | | | $ | 96,563,273 | | | | | $ | — | | | | | $ | 96,563,273 | | |
| Foreign Bonds | | | | | — | | | | | | 7,336,595 | | | | | | — | | | | | | 7,336,595 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,811,875 | | | | | | — | | | | | | — | | | | | | 1,811,875 | | |
| Total Investments in Securities | | | | $ | 1,811,875 | | | | | $ | 103,899,868 | | | | | $ | — | | | | | $ | 105,711,743 | | |
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Schedule of Investments — IQ Merger Arbitrage ETF
| | | | Shares | | | Value | |
| Common Stocks — 77.3% | |
| Communication Services — 1.7% | |
Boingo Wireless, Inc.* | | | | | 83,422 | | | | | $ | 1,164,571 | | |
MSG Networks, Inc., Class A*(a) | | | | | 136,367 | | | | | | 2,164,145 | | |
| Shaw Communications, Inc., Class B | | | | | 258,354 | | | | | | 7,476,347 | | |
Vocus Group Ltd.* | | | | | 386,508 | | | | | | 1,633,113 | | |
| Total Communication Services | | | | | | | | | | | 12,438,176 | | |
| Consumer Discretionary — 4.4% | |
| Cooper Tire & Rubber Co. | | | | | 175,629 | | | | | | 10,009,097 | | |
| Extended Stay America, Inc. | | | | | 223,682 | | | | | | 4,449,035 | | |
Funai Electric Co., Ltd.* | | | | | 167,069 | | | | | | 1,397,018 | | |
Great Canadian Gaming Corp.* | | | | | 96,008 | | | | | | 3,461,189 | | |
Sportsman’s Warehouse Holdings, Inc.* | | | | | 754,680 | | | | | | 13,252,181 | | |
| Total Consumer Discretionary | | | | | | | | | | | 32,568,520 | | |
| Energy — 0.3% | |
| Inter Pipeline Ltd. | | | | | 172,748 | | | | | | 2,516,375 | | |
| Financials — 12.6% | |
| Boston Private Financial Holdings, Inc. | | | | | 312,580 | | | | | | 4,601,178 | | |
| CIT Group, Inc. | | | | | 707,776 | | | | | | 37,717,383 | | |
| People’s United Financial, Inc. | | | | | 901,971 | | | | | | 16,352,734 | | |
| RSA Insurance Group PLC | | | | | 1,150,791 | | | | | | 10,872,873 | | |
| TCF Financial Corp. | | | | | 392,887 | | | | | | 17,884,216 | | |
Waddell & Reed Financial, Inc.,
Class A | | | | | 251,924 | | | | | | 6,293,062 | | |
| Total Financials | | | | | | | | | | | 93,721,446 | | |
| Health Care — 13.2% | |
Alexion Pharmaceuticals, Inc.* | | | | | 290,052 | | | | | | 48,925,971 | | |
Cantel Medical Corp.* | | | | | 133,297 | | | | | | 11,718,139 | | |
Change Healthcare, Inc.* | | | | | 1,091,897 | | | | | | 25,059,036 | | |
Magellan Health, Inc.* | | | | | 91,667 | | | | | | 8,635,032 | | |
PRA Health Sciences, Inc.* | | | | | 24,865 | | | | | | 4,149,720 | | |
| Total Health Care | | | | | | | | | | | 98,487,898 | | |
| Industrials — 14.8% | |
| Aerojet Rocketdyne Holdings, Inc. | | | | | 479,349 | | | | | | 22,395,185 | | |
| Aggreko PLC | | | | | 104,512 | | | | | | 1,248,056 | | |
| CoreLogic, Inc. | | | | | 138,060 | | | | | | 11,003,382 | | |
| Cubic Corp. | | | | | 36,184 | | | | | | 2,708,010 | | |
| IHS Markit Ltd. | | | | | 369,172 | | | | | | 39,715,524 | | |
| Kansas City Southern | | | | | 114,214 | | | | | | 33,374,473 | | |
| Total Industrials | | | | | | | | | | | 110,444,630 | | |
| Information Technology — 24.7% | |
Cardtronics PLC, Class A* | | | | | 300,408 | | | | | | 11,667,847 | | |
Coherent, Inc.* | | | | | 113,087 | | | | | | 29,401,489 | | |
Dialog Semiconductor PLC* | | | | | 40,057 | | | | | | 3,141,090 | | |
| FLIR Systems, Inc. | | | | | 453,589 | | | | | | 27,201,732 | | |
Magnachip Semiconductor Corp.* | | | | | 172,928 | | | | | | 4,324,929 | | |
| Perspecta, Inc. | | | | | 281,072 | | | | | | 8,226,978 | | |
| Siltronic AG | | | | | 38,662 | | | | | | 6,590,249 | | |
Slack Technologies, Inc., Class A*(b) | | | | | 1,060,946 | | | | | | 44,984,110 | | |
Talend SA*(a) | | | | | 58,199 | | | | | | 3,748,598 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | |
Xilinx, Inc.(b) | | | | | 351,870 | | | | | $ | 45,025,285 | | |
| Total Information Technology | | | | | | | | | | | 184,312,307 | | |
| Materials — 0.8% | |
Forterra, Inc.* | | | | | 153,448 | | | | | | 3,599,890 | | |
| W R Grace & Co. | | | | | 38,158 | | | | | | 2,622,599 | | |
| Total Materials | | | | | | | | | | | 6,222,489 | | |
| Utilities — 4.8% | |
| PNM Resources, Inc. | | | | | 728,409 | | | | | | 35,954,268 | | |
| Total Common Stocks | | | |
| (Cost $536,804,529) | | | | | | | | | | | 576,666,109 | | |
| Investment Companies — 4.0% | |
| U.S. Ultra Short Term Bond Funds — 4.0% | |
IQ Ultra Short Duration ETF†(a) | | | | | 145,656 | | | | | $ | 7,225,994 | | |
iShares Short Treasury Bond ETF(a) | | | | | 204,136 | | | | | | 22,559,069 | | |
Total U.S. Ultra Short Term Bond
Funds | | | | | | | | | | | 29,785,063 | | |
| Total Investment Companies | | | |
| (Cost $29,785,443) | | | | | | | | | | | 29,785,063 | | |
| Short-Term Investments — 23.7% | |
| Money Market Funds — 23.7% | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)(d) | | | | | 10,089,260 | | | | | | 10,089,260 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(c) | | | | | 167,141,394 | | | | | | 167,141,394 | | |
| Total Short-Term Investments | | | |
| (Cost $177,230,654) | | | | | | | | | | | 177,230,654 | | |
| Total Investments — 105.0% | | | |
| (Cost $743,820,626) | | | | | | | | | | | 783,681,826 | | |
| Other Assets and Liabilities, Net — (5.0)% | | | | | | | | | | | (37,403,246) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 746,278,580 | | |
| |
*
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 $13,546,738; total market value of collateral held by the Fund was $13,838,022. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,748,762.
(b)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $23,358,920.
(c)
Reflects the 1-day yield at April 30, 2021.
(d)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedule of Investments — IQ Merger Arbitrage ETF (continued)
| Total Return Swap contracts outstanding at April 30, 2021: | |
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(e) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(f) | |
| Communication Services Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | $ | (1,318,811) | | | | | $ | — | | |
| Communication Services Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF – 0.35% | | | | | 2/02/2022 | | | | Monthly | | | | | (1,318,811) | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (1,216,119) | | | | | | — | | |
| Consumer Discretionary Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF – 0.05% | | | | | 2/02/2022 | | | | Monthly | | | | | (1,216,119) | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (259,989) | | | | | | — | | |
| Energy Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF – 0.10% | | | | | 2/02/2022 | | | | Monthly | | | | | (259,989) | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (5,463,733) | | | | | | — | | |
| Health Care Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF – 0.10% | | | | | 2/02/2022 | | | | Monthly | | | | | (5,463,733) | | | | | | — | | |
| Industrial Select Sector SPDR Fund | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (17,190,495) | | | | | | — | | |
| Industrial Select Sector SPDR Fund | | | Morgan Stanley | | | 1-Day FEDEF – 0.15% | | | | | 2/02/2022 | | | | Monthly | | | | | (17,190,495) | | | | | | — | | |
| iShares Expanded Tech-Software Sector ETF | | | Morgan Stanley | | | 1-Day FEDEF – 1.00% | | | | | 2/02/2022 | | | | Monthly | | | | | (19,029,759) | | | | | | — | | |
| iShares PHLX Semiconductor ETF | | | Morgan Stanley | | | 1-Day FEDEF – 1.44% | | | | | 2/02/2022 | | | | Monthly | | | | | (50,549,065) | | | | | | — | | |
| iShares U.S. Financial Services ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (19,102,280) | | | | | | — | | |
| iShares U.S. Financial Services ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.83% | | | | | 2/02/2022 | | | | Monthly | | | | | (19,102,280) | | | | | | — | | |
| SPDR S&P Regional Banking ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (38,344,905) | | | | | | — | | |
| SPDR S&P Regional Banking ETF | | | Morgan Stanley | | | 1-Day FEDEF – 0.75% | | | | | 2/02/2022 | | | | Monthly | | | | | (38,344,905) | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 8/31/2021 | | | | Monthly | | | | | (15,281,183) | | | | | | — | | |
| Vanguard FTSE Europe ETF | | | Morgan Stanley | | | 1-Day FEDEF | | | | | 2/02/2022 | | | | Monthly | | | | | (15,281,183) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $13,691,720 and with counterparty Merrill Lynch amounted to $9,667,200 at April 30, 2021.
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 rate entity.
(f)
Reflects the value at reset date of April 30, 2021.
Abbreviations
FEDEF — Federal Funds Effective Rate
LIBOR — London InterBank Offered Rate
See notes to financial statements.
Schedule of Investments — IQ Merger Arbitrage ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 576,666,109 | | | | | $ | — | | | | | $ | — | | | | | $ | 576,666,109 | | |
| Investment Companies | | | | | 29,785,063 | | | | | | — | | | | | | — | | | | | | 29,785,063 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 177,998,551 | | | | | | — | | | | | | — | | | | | | 177,998,551 | | |
| Total Investments in Securities | | | | | 784,449,723 | | | | | | — | | | | | | — | | | | | | 784,449,723 | | |
| Other Financial Instruments:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 784,449,723 | | | | | $ | — | | | | | $ | — | | | | | $ | 784,449,723 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(h) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(g)
For a complete listing of investments and their industries, see the Schedule of Investments.
(h)
Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 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
($) | | | Shares at
04/30/2021 | | | Value
($) at
04/30/2021 | |
IQ Ultra
Short
Duration
ETF | | | | | 59,392 | | | | | | 2,936,934 | | | | | | 10,866,003 | | | | | | (6,609,375) | | | | | | 45,808 | | | | | | (13,376) | | | | | | 29,885 | | | | | | 10,350 | | | | | | 145,656 | | | | | | 7,225,994 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedule of Investments — IQ Global Resources ETF
| | | | Shares | | | Value | |
| Common Stocks — 91.0% | |
| Australia — 12.3% | | | | | | | | | | | | | |
| BHP Group Ltd. | | | | | 18,917 | | | | | $ | 697,013 | | |
| Evolution Mining Ltd. | | | | | 19,776 | | | | | | 70,728 | | |
| Fortescue Metals Group Ltd. | | | | | 12,802 | | | | | | 223,390 | | |
Glencore PLC* | | | | | 46,485 | | | | | | 189,993 | | |
| IGO Ltd. | | | | | 9,374 | | | | | | 54,235 | | |
| Iluka Resources Ltd. | | | | | 4,922 | | | | | | 29,428 | | |
| Mineral Resources Ltd. | | | | | 648 | | | | | | 23,901 | | |
| New Hope Corp., Ltd. | | | | | 30,181 | | | | | | 27,160 | | |
| Newcrest Mining Ltd. | | | | | 9,245 | | | | | | 189,387 | | |
| Nickel Mines Ltd. | | | | | 9,914 | | | | | | 8,730 | | |
| Northern Star Resources Ltd. | | | | | 8,970 | | | | | | 72,823 | | |
OceanaGold Corp.* | | | | | 7,610 | | | | | | 12,681 | | |
| OZ Minerals Ltd. | | | | | 1,120 | | | | | | 20,712 | | |
| Regis Resources Ltd. | | | | | 6,213 | | | | | | 12,478 | | |
| Rio Tinto PLC | | | | | 6,197 | | | | | | 521,324 | | |
| South32 Ltd. | | | | | 16,260 | | | | | | 36,173 | | |
| St. Barbara Ltd. | | | | | 8,394 | | | | | | 11,963 | | |
Washington H Soul Pattinson & Co., Ltd.(a) | | | | | 9,293 | | | | | | 217,290 | | |
Whitehaven Coal Ltd.* | | | | | 36,429 | | | | | | 36,019 | | |
| Woodside Petroleum Ltd. | | | | | 774 | | | | | | 13,667 | | |
| Total Australia | | | | | | | | | | | 2,469,095 | | |
| Austria — 0.2% | | | |
| OMV AG | | | | | 241 | | | | | | 11,898 | | |
voestalpine AG(a) | | | | | 582 | | | | | | 25,292 | | |
| Total Austria | | | | | | | | | | | 37,190 | | |
| Belgium — 0.3% | | | |
| Umicore SA | | | | | 908 | | | | | | 55,265 | | |
| Brazil — 1.2% | | | |
| Wheaton Precious Metals Corp. | | | | | 4,682 | | | | | | 194,062 | | |
| Yara International ASA | | | | | 843 | | | | | | 44,107 | | |
| Total Brazil | | | | | | | | | | | 238,169 | | |
| Burkina Faso — 0.1% | | | |
IAMGOLD Corp.* | | | | | 5,263 | | | | | | 16,428 | | |
| Canada — 11.0% | | | |
| Agnico Eagle Mines Ltd. | | | | | 2,609 | | | | | | 162,919 | | |
| Alamos Gold, Inc., Class A | | | | | 3,963 | | | | | | 31,731 | | |
| B2Gold Corp. | | | | | 11,806 | | | | | | 56,813 | | |
| Barrick Gold Corp. | | | | | 18,610 | | | | | | 396,192 | | |
| Canadian Natural Resources Ltd. | | | | | 814 | | | | | | 24,687 | | |
| Enbridge, Inc. | | | | | 1,463 | | | | | | 56,382 | | |
First Majestic Silver Corp.* | | | | | 2,854 | | | | | | 43,198 | | |
Fortuna Silver Mines, Inc.* | | | | | 2,376 | | | | | | 14,292 | | |
| Imperial Oil Ltd. | | | | | 517 | | | | | | 14,919 | | |
K92 Mining, Inc.* | | | | | 2,412 | | | | | | 15,725 | | |
| Kinross Gold Corp. | | | | | 13,064 | | | | | | 91,858 | | |
| Kirkland Lake Gold Ltd. | | | | | 2,888 | | | | | | 107,214 | | |
Lundin Gold, Inc.* | | | | | 2,636 | | | | | | 25,542 | | |
| Maple Leaf Foods, Inc. | | | | | 2,372 | | | | | | 54,701 | | |
New Gold, Inc.* | | | | | 7,897 | | | | | | 12,967 | | |
| Nutrien Ltd. | | | | | 1,982 | | | | | | 109,315 | | |
| Osisko Gold Royalties Ltd. | | | | | 1,680 | | | | | | 20,266 | | |
| Pan American Silver Corp. | | | | | 2,576 | | | | | | 81,832 | | |
| Pembina Pipeline Corp. | | | | | 377 | | | | | | 11,627 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Canada (continued) | | | |
| Premium Brands Holdings Corp. | | | | | 128 | | | | | $ | 12,441 | | |
Pretium Resources, Inc.* | | | | | 1,955 | | | | | | 20,516 | | |
Sandstorm Gold Ltd.* | | | | | 1,931 | | | | | | 14,284 | | |
| SSR Mining, Inc. | | | | | 2,426 | | | | | | 38,475 | | |
| Suncor Energy, Inc. | | | | | 1,128 | | | | | | 24,106 | | |
| TC Energy Corp. | | | | | 669 | | | | | | 33,069 | | |
| Teck Resources Ltd., Class B | | | | | 23,442 | | | | | | 495,632 | | |
Torex Gold Resources, Inc.* | | | | | 2,041 | | | | | | 24,687 | | |
| West Fraser Timber Co., Ltd. | | | | | 1,630 | | | | | | 125,741 | | |
Westshore Terminals Investment
Corp.(a) | | | | | 2,476 | | | | | | 40,374 | | |
| Yamana Gold, Inc. | | | | | 9,698 | | | | | | 44,383 | | |
| Total Canada | | | | | | | | | | | 2,205,888 | | |
| Chile — 0.6% | | | |
| Antofagasta PLC | | | | | 3,575 | | | | | | 92,338 | | |
| Lundin Mining Corp. | | | | | 2,795 | | | | | | 33,739 | | |
| Total Chile | | | | | | | | | | | 126,077 | | |
| China — 15.9% | | | | | | | | | | | | | |
Ausnutria Dairy Corp., Ltd.*(a) | | | | | 41,903 | | | | | | 62,044 | | |
| China Coal Energy Co., Ltd., Class H | | | | | 477,918 | | | | | | 259,054 | | |
| China Hongqiao Group Ltd. | | | | | 27,983 | | | | | | 44,315 | | |
China Modern Dairy Holdings Ltd.*(a) | | | | | 197,851 | | | | | | 49,928 | | |
| China Molybdenum Co., Ltd., Class H | | | | | 93,365 | | | | | | 63,350 | | |
| China Petroleum & Chemical Corp., Class H | | | | | 97,374 | | | | | | 48,519 | | |
| China Resources Power Holdings Co., Ltd. | | | | | 170,273 | | | | | | 223,615 | | |
| China Shenhua Energy Co., Ltd., Class H | | | | | 739,522 | | | | | | 1,542,486 | | |
| COFCO Joycome Foods Ltd. | | | | | 106,700 | | | | | | 54,265 | | |
| Dali Foods Group Co., Ltd. | | | | | 50,641 | | | | | | 30,123 | | |
| Guangdong Investment Ltd. | | | | | 36,317 | | | | | | 55,924 | | |
MMG Ltd.* | | | | | 30,912 | | | | | | 20,139 | | |
| PetroChina Co., Ltd., Class H | | | | | 140,536 | | | | | | 51,207 | | |
| Shougang Fushan Resources Group Ltd. | | | | | 207,538 | | | | | | 54,244 | | |
Southern Energy Holdings Group
Ltd.*(b) | | | | | 53,183 | | | | | | 4,656 | | |
| Wilmar International Ltd. | | | | | 21,490 | | | | | | 84,319 | | |
| Xinyi Solar Holdings Ltd. | | | | | 8,720 | | | | | | 14,595 | | |
| Zhaojin Mining Industry Co., Ltd., Class H | | | | | 40,255 | | | | | | 36,540 | | |
| Zijin Mining Group Co., Ltd., Class H | | | | | 338,418 | | | | | | 476,679 | | |
| Total China | | | | | | | | | | | 3,176,002 | | |
| Denmark — 0.2% | | | |
Chr Hansen Holding A/S* | | | | | 432 | | | | | | 39,762 | | |
| Egypt — 0.1% | | | |
| Centamin PLC | | | | | 12,561 | | | | | | 18,678 | | |
| Finland — 5.8% | | | |
| Kemira OYJ | | | | | 900 | | | | | | 14,724 | | |
| Neste OYJ | | | | | 739 | | | | | | 44,836 | | |
| Stora Enso OYJ, Class R | | | | | 20,764 | | | | | | 398,181 | | |
| UPM-Kymmene OYJ | | | | | 14,114 | | | | | | 553,038 | | |
| Valmet OYJ | | | | | 3,440 | | | | | | 143,944 | | |
| Total Finland | | | | | | | | | | | 1,154,723 | | |
| |
See notes to financial statements.
Schedule of Investments — IQ Global Resources ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France — 1.3% | | | |
| Suez SA | | | | | 3,133 | | | | | $ | 74,902 | | |
| TOTAL SE | | | | | 2,029 | | | | | | 89,945 | | |
| Veolia Environnement SA | | | | | 3,021 | | | | | | 96,336 | | |
| Total France | | | | | | | | | | | 261,183 | | |
| Germany — 0.2% | | | |
| Aurubis AG | | | | | 158 | | | | | | 13,607 | | |
| KWS Saat SE & Co. KGaA | | | | | 116 | | | | | | 10,333 | | |
| Suedzucker AG | | | | | 657 | | | | | | 10,772 | | |
Uniper SE(a) | | | | | 275 | | | | | | 10,044 | | |
| Total Germany | | | | | | | | | | | 44,756 | | |
| Hong Kong — 0.4% | | | |
| C.P. Pokphand Co., Ltd. | | | | | 497,182 | | | | | | 62,733 | | |
| Vitasoy International Holdings Ltd. | | | | | 4,218 | | | | | | 16,320 | | |
| Total Hong Kong | | | | | | | | | | | 79,053 | | |
| Indonesia — 0.0%(c) | | | | | | | | | | | | | |
| First Resources Ltd. | | | | | 5,749 | | | | | | 6,611 | | |
| Golden Agri-Resources Ltd. | | | | | 36 | | | | | | 7 | | |
| Total Indonesia | | | | | | | | | | | 6,618 | | |
| Ireland — 0.4% | | | |
| Kerry Group PLC, Class A | | | | | 591 | | | | | | 76,694 | | |
| Italy — 0.1% | | | |
| Eni SpA | | | | | 2,582 | | | | | | 30,865 | | |
| Ivory Coast — 0.2% | | | |
| Endeavour Mining Corp. | | | | | 1,733 | | | | | | 36,049 | | |
| Japan — 2.8% | | | |
| Ajinomoto Co., Inc. | | | | | 1,840 | | | | | | 36,807 | | |
Fuji Oil Holdings, Inc.(a) | | | | | 309 | | | | | | 7,958 | | |
| Itoham Yonekyu Holdings, Inc. | | | | | 6,276 | | | | | | 40,364 | | |
| JFE Holdings, Inc. | | | | | 1,664 | | | | | | 21,891 | | |
| Kagome Co., Ltd. | | | | | 289 | | | | | | 8,289 | | |
| Kewpie Corp. | | | | | 469 | | | | | | 11,087 | | |
| Kikkoman Corp. | | | | | 735 | | | | | | 45,120 | | |
| NH Foods Ltd. | | | | | 2,111 | | | | | | 94,151 | | |
| Nichirei Corp. | | | | | 465 | | | | | | 11,750 | | |
| Nippon Steel Corp. | | | | | 2,695 | | | | | | 47,019 | | |
| Nisshin Seifun Group, Inc. | | | | | 988 | | | | | | 15,927 | | |
| Oji Holdings Corp. | | | | | 23,928 | | | | | | 150,829 | | |
| Prima Meat Packers Ltd. | | | | | 173 | | | | | | 5,461 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 1,042 | | | | | | 44,223 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 358 | | | | | | 14,591 | | |
Yamazaki Baking Co., Ltd.(a) | | | | | 782 | | | | | | 12,384 | | |
| Total Japan | | | | | | | | | | | 567,851 | | |
| Kyrgyzstan — 0.2% | | | | | | | | | | | | | |
| Centerra Gold, Inc. | | | | | 3,609 | | | | | | 33,268 | | |
| Luxembourg — 0.4% | | | |
ArcelorMittal SA* | | | | | 2,978 | | | | | | 86,934 | | |
| Mexico — 0.5% | | | |
| Fresnillo PLC | | | | | 8,696 | | | | | | 99,162 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Mongolia — 0.1% | | | |
Turquoise Hill Resources Ltd.* | | | | | 640 | | | | | $ | 11,248 | | |
| Netherlands — 0.7% | | | |
OCI NV* | | | | | 723 | | | | | | 16,893 | | |
| Royal Dutch Shell PLC, Class B | | | | | 6,351 | | | | | | 114,225 | | |
| Total Netherlands | | | | | | | | | | | 131,118 | | |
| New Zealand — 0.5% | | | |
| Fletcher Building Ltd. | | | | | 19,338 | | | | | | 100,871 | | |
| Norway — 0.5% | | | |
| Aker BP ASA | | | | | 256 | | | | | | 7,358 | | |
| Equinor ASA | | | | | 2,429 | | | | | | 49,555 | | |
| Norsk Hydro ASA | | | | | 6,034 | | | | | | 38,609 | | |
| Total Norway | | | | | | | | | | | 95,522 | | |
| Peru — 1.0% | | | |
| Hochschild Mining PLC | | | | | 6,327 | | | | | | 16,276 | | |
| Southern Copper Corp. | | | | | 2,757 | | | | | | 191,364 | | |
| Total Peru | | | | | | | | | | | 207,640 | | |
| Portugal — 0.3% | | | |
| Galp Energia SGPS SA | | | | | 621 | | | | | | 7,184 | | |
Navigator Co. SA (The)* | | | | | 18,387 | | | | | | 62,109 | | |
| Total Portugal | | | | | | | | | | | 69,293 | | |
| Russia — 1.0% | | | |
| Evraz PLC | | | | | 4,948 | | | | | | 44,009 | | |
Petropavlovsk PLC* | | | | | 42,652 | | | | | | 15,165 | | |
| Polymetal International PLC | | | | | 5,295 | | | | | | 109,638 | | |
United Co. RUSAL International PJSC* | | | | | 45,304 | | | | | | 31,207 | | |
| Total Russia | | | | | | | | | | | 200,019 | | |
| Spain — 0.2% | | | |
| Befesa SA | | | | | 118 | | | | | | 8,267 | | |
| Ebro Foods SA | | | | | 557 | | | | | | 11,412 | | |
| Repsol SA | | | | | 1,190 | | | | | | 14,237 | | |
| Total Spain | | | | | | | | | | | 33,916 | | |
| Sweden — 1.2% | | | |
| AAK AB | | | | | 833 | | | | | | 19,121 | | |
Boliden AB(a) | | | | | 994 | | | | | | 38,769 | | |
| Holmen AB, B Shares | | | | | 4,041 | | | | | | 190,682 | | |
| Total Sweden | | | | | | | | | | | 248,572 | | |
| Switzerland — 0.2% | | | |
| Bell Food Group AG | | | | | 130 | | | | | | 40,623 | | |
| Turkey — 0.1% | | | |
Eldorado Gold Corp.* | | | | | 1,880 | | | | | | 18,552 | | |
| Ukraine — 0.1% | | | |
| Ferrexpo PLC | | | | | 1,808 | | | | | | 10,984 | | |
| United Kingdom — 2.1% | | | |
| BP PLC | | | | | 15,715 | | | | | | 65,927 | | |
| Cranswick PLC | | | | | 1,049 | | | | | | 54,174 | | |
Greggs PLC* | | | | | 328 | | | | | | 10,718 | | |
| Pennon Group PLC | | | | | 1,937 | | | | | | 27,731 | | |
| Severn Trent PLC | | | | | 4,069 | | | | | | 139,548 | | |
See notes to financial statements.
Schedule of Investments — IQ Global Resources ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | | | |
| Spirax-Sarco Engineering PLC | | | | | 354 | | | | | $ | 57,909 | | |
| Tate & Lyle PLC | | | | | 1,537 | | | | | | 17,024 | | |
| United Utilities Group PLC | | | | | 3,241 | | | | | | 43,446 | | |
| Total United Kingdom | | | | | | | | | | | 416,477 | | |
| United States — 28.5% | | | |
Alcoa Corp.* | | | | | 477 | | | | | | 17,477 | | |
Allegheny Technologies, Inc.* | | | | | 402 | | | | | | 9,351 | | |
| American Water Works Co., Inc. | | | | | 867 | | | | | | 135,243 | | |
Arch Resources, Inc.*(a) | | | | | 708 | | | | | | 31,442 | | |
| Archer-Daniels-Midland Co. | | | | | 1,907 | | | | | | 120,389 | | |
| Armstrong World Industries, Inc. | | | | | 1,130 | | | | | | 117,124 | | |
B&G Foods, Inc.(a) | | | | | 217 | | | | | | 6,332 | | |
| Baker Hughes Co. | | | | | 635 | | | | | | 12,751 | | |
Builders FirstSource, Inc.* | | | | | 2,707 | | | | | | 131,750 | | |
| Bunge Ltd. | | | | | 467 | | | | | | 39,424 | | |
| Campbell Soup Co. | | | | | 1,010 | | | | | | 48,227 | | |
Cheniere Energy, Inc.* | | | | | 183 | | | | | | 14,186 | | |
| Chevron Corp. | | | | | 1,423 | | | | | | 146,669 | | |
Cleveland-Cliffs, Inc.*(a) | | | | | 1,075 | | | | | | 19,200 | | |
Coeur Mining, Inc.* | | | | | 2,690 | | | | | | 21,735 | | |
| Commercial Metals Co. | | | | | 333 | | | | | | 9,730 | | |
| Conagra Brands, Inc. | | | | | 1,523 | | | | | | 56,488 | | |
| ConocoPhillips | | | | | 812 | | | | | | 41,526 | | |
| Diamondback Energy, Inc. | | | | | 490 | | | | | | 40,048 | | |
| Dover Corp. | | | | | 653 | | | | | | 97,421 | | |
| Ecolab, Inc. | | | | | 1,413 | | | | | | 316,682 | | |
| EOG Resources, Inc. | | | | | 402 | | | | | | 29,603 | | |
| Essential Utilities, Inc. | | | | | 1,166 | | | | | | 54,954 | | |
| Exxon Mobil Corp. | | | | | 3,193 | | | | | | 182,767 | | |
| Flowers Foods, Inc. | | | | | 668 | | | | | | 16,005 | | |
| FMC Corp. | | | | | 411 | | | | | | 48,597 | | |
| Freeport-McMoRan, Inc. | | | | | 5,095 | | | | | | 192,132 | | |
| General Mills, Inc. | | | | | 1,896 | | | | | | 115,391 | | |
| Graco, Inc. | | | | | 825 | | | | | | 63,360 | | |
Hain Celestial Group, Inc. (The)* | | | | | 334 | | | | | | 13,697 | | |
| Halliburton Co. | | | | | 697 | | | | | | 13,633 | | |
Hecla Mining Co.(a) | | | | | 6,749 | | | | | | 39,887 | | |
| Hess Corp. | | | | | 220 | | | | | | 16,392 | | |
| Hormel Foods Corp. | | | | | 11,031 | | | | | | 509,632 | | |
| IDEX Corp. | | | | | 358 | | | | | | 80,264 | | |
| Ingredion, Inc. | | | | | 232 | | | | | | 21,671 | | |
| International Paper Co. | | | | | 8,964 | | | | | | 519,912 | | |
| J&J Snack Foods Corp. | | | | | 66 | | | | | | 10,864 | | |
| John Bean Technologies Corp. | | | | | 121 | | | | | | 17,591 | | |
Kellogg Co.(a) | | | | | 1,083 | | | | | | 67,601 | | |
| Kinder Morgan, Inc. | | | | | 1,548 | | | | | | 26,393 | | |
| Louisiana-Pacific Corp. | | | | | 2,265 | | | | | | 149,218 | | |
| Marathon Petroleum Corp. | | | | | 515 | | | | | | 28,660 | | |
| Mosaic Co. (The) | | | | | 1,218 | | | | | | 42,849 | | |
| Newmont Corp. | | | | | 7,984 | | | | | | 498,281 | | |
| Nucor Corp. | | | | | 764 | | | | | | 62,847 | | |
| Occidental Petroleum Corp. | | | | | 721 | | | | | | 18,285 | | |
| ONEOK, Inc. | | | | | 301 | | | | | | 15,754 | | |
Peabody Energy Corp.* | | | | | 109 | | | | | | 403 | | |
Pentair PLC(a) | | | | | 754 | | | | | | 48,641 | | |
| Phillips 66 | | | | | 345 | | | | | | 27,914 | | |
Pilgrim’s Pride Corp.* | | | | | 4,826 | | | | | | 115,631 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United States (continued) | | | |
| Pioneer Natural Resources Co. | | | | | 119 | | | | | $ | 18,306 | | |
Post Holdings, Inc.* | | | | | 202 | | | | | | 22,984 | | |
| Reliance Steel & Aluminum Co. | | | | | 187 | | | | | | 29,978 | | |
| Sanderson Farms, Inc. | | | | | 460 | | | | | | 75,684 | | |
| Schlumberger NV | | | | | 1,107 | | | | | | 29,944 | | |
| Seaboard Corp. | | | | | 22 | | | | | | 78,716 | | |
| Simpson Manufacturing Co., Inc. | | | | | 1,011 | | | | | | 113,940 | | |
| Steel Dynamics, Inc. | | | | | 586 | | | | | | 31,773 | | |
Sunrun, Inc.*(a) | | | | | 161 | | | | | | 7,889 | | |
| Tyson Foods, Inc., Class A | | | | | 6,861 | | | | | | 531,384 | | |
| UFP Industries, Inc. | | | | | 1,222 | | | | | | 102,697 | | |
United States Steel Corp.(a) | | | | | 475 | | | | | | 10,930 | | |
| Valero Energy Corp. | | | | | 340 | | | | | | 25,146 | | |
| Warrior Met Coal, Inc. | | | | | 2,312 | | | | | | 36,645 | | |
| Williams Cos., Inc. (The) | | | | | 906 | | | | | | 22,070 | | |
| Xylem, Inc. | | | | | 863 | | | | | | 95,491 | | |
| Total United States | | | | | | | | | | | 5,715,601 | | |
| Zambia — 0.3% | | | | | | | | | | | | | |
| First Quantum Minerals Ltd. | | | | | 2,656 | | | | | | 61,164 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $15,182,432) | | | | | | | | | | | 18,221,310 | | |
| Rights — 0.0%(c) | | | | | | | | | | | | | |
| Australia — 0.0%(c) | | | |
Regis Resources Ltd., expires 5/10/21*(b) | | | | | | | | | | | | | |
| (Cost $0) | | | | | 2,017 | | | | | | 0 | | |
| Investment Companies — 4.8% | | | |
| U.S. Ultra Short Term Bond Fund — 4.8% | | | |
IQ Ultra Short Duration ETF†(a)(d) | | | | | | | | | | | | | |
| (Cost $968,784) | | | | | 19,464 | | | | | | 965,609 | | |
| Short-Term Investments — 5.9% | | | |
| Money Market Funds — 5.9% | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(e)(f) | | | | | 251,875 | | | | | | 251,875 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(e) | | | | | 921,706 | | | | | | 921,706 | | |
| Total Short-Term Investments | | | | | | | | | | | | | |
| (Cost $1,173,581) | | | | | | | | | | | 1,173,581 | | |
| Total Investments — 101.7% | | | | | | | | | | | | | |
| (Cost $17,324,797) | | | | | | | | | | | 20,360,500 | | |
| Other Assets and Liabilities, Net — (1.7)% | | | | | | | | | | | (339,991) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 20,020,509 | | |
| |
†
Affiliated Fund.
*
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 $523,321; total market value of collateral held by the Fund was $605,600. Market value of the collateral held includes
See notes to financial statements.
Schedule of Investments — IQ Global Resources ETF (continued)
non-cash U.S. Treasury securities collateral having a value of $353,725.
(b)
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.
(c)
Less than 0.05%.
(d)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $595,320.
(e)
Reflects the 1-day yield at April 30, 2021.
(f)
Represents security purchased with cash collateral received for securities on loan.
Total Return Swap contracts outstanding at April 30, 2021:
| Total Return Benchmark | | | Counterparty | | | Floating
Rate(g) | | | Expiration
Date | | | Payment
Frequency | | | Notional
Amount
Long/
(Short) | | | Value/
Unrealized
Appreciation/
(Depreciation)(h) | |
| iShares MSCI EAFE ETF | | | Morgan Stanley | | | 1-Day FEDEF | | | | | 5/03/2022 | | | | Monthly | | | | $ | (992,934) | | | | | $ | — | | |
| iShares MSCI EAFE ETF | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 9/30/2022 | | | | Monthly | | | | | (992,934) | | | | | | — | | |
| SPDR S&P 500 ETF Trust | | | Morgan Stanley | | | 1-Day FEDEF + 0.10% | | | | | 5/03/2022 | | | | Monthly | | | | | (1,015,291) | | | | | | — | | |
| SPDR S&P 500 ETF Trust | | | Merrill Lynch | | | 1-Month LIBOR | | | | | 9/30/2022 | | | | Monthly | | | | | (1,015,291) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | |
Cash posted has been segregated as collateral for swaps in the amount of $28 at April 30, 2021.
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $595,320 and with Merrill Lynch amounted to $ — at April 30, 2021. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(g)
Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.
(h)
Reflects the value at reset date of April 30, 2021.
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 April 30, 2021. 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:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | | | $ | 18,216,654 | | | | | $ | — | | | | | $ | 4,656(j) | | | | | $ | 18,221,310 | | |
| Investment Companies | | | | | 965,609 | | | | | | — | | | | | | — | | | | | | 965,609 | | |
| Rights | | | | | — | | | | | | — | | | | | | 0(j) | | | | | | 0 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 1,173,581 | | | | | | — | | | | | | — | | | | | | 1,173,581 | | |
| Total Investments in Securities | | | | | 20,355,844 | | | | | | — | | | | | | 4,656 | | | | | | 20,360,500 | | |
Other Financial Instruments:(k) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 20,355,844 | | | | | $ | — | | | | | $ | 4,656 | | | | | $ | 20,360,500 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(k) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap Contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(i)
For a complete listing of investments and their countries, see the Schedule of Investments.
(j)
The Level 3 securities, valued at $4,656, have been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(k)
Reflects the unrealized appreciation (depreciation) of the instruments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the year.
See notes to financial statements.
Schedule of Investments — IQ Global Resources ETF (continued)
A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 is as follows:
Affiliated Holdings
| | | | Shares at
04/30/2020 | | | Value
($) 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
04/30/2021 | | | Value
($) at
04/30/2021 | |
IQ Ultra Short Duration
ETF | | | | | 21,468 | | | | | | 1,061,593 | | | | | | 344,927 | | | | | | (446,113) | | | | | | 5,641 | | | | | | (439) | | | | | | 12,538 | | | | | | 4,584 | | | | | | 19,464 | | | | | | 965,609 | | |
For more information on the determination, please refer to Note 6.
See notes to financial statements.
Schedule of Investments — IQ U.S. Real Estate Small Cap ETF
| | | | Shares | | | Value | | | |
| Common Stocks — 99.6% | | | |
| Diversified REITs — 14.0% | | | | | | | |
| Alexander & Baldwin, Inc. | | | | | 27,608 | | | | | $ | 506,055 | | | | |
| American Assets Trust, Inc. | | | | | 18,031 | | | | | | 631,987 | | | | |
| Broadstone Net Lease, Inc. | | | | | 13,814 | | | | | | 278,766 | | | | |
| Empire State Realty Trust, Inc., Class A | | | | | 69,285 | | | | | | 789,156 | | | | |
| Gladstone Commercial Corp. | | | | | 14,255 | | | | | | 299,925 | | | | |
| Granite Point Mortgage Trust, Inc. | | | | | 21,939 | | | | | | 290,472 | | | | |
| Industrial Logistics Properties Trust | | | | | 26,146 | | | | | | 648,421 | | | | |
| Kennedy-Wilson Holdings, Inc. | | | | | 49,130 | | | | | | 1,009,621 | | | | |
| Monmouth Real Estate Investment Corp. | | | | | 37,477 | | | | | | 692,575 | | | | |
| New Senior Investment Group, Inc. | | | | | 30,877 | | | | | | 204,406 | | | | |
Preferred Apartment Communities, Inc.,
Class A | | | | | 19,819 | | | | | | 202,154 | | | | |
| Redwood Trust, Inc. | | | | | 45,075 | | | | | | 500,783 | | | | |
Safehold, Inc.(a) | | | | | 6,749 | | | | | | 477,222 | | | | |
Washington Real Estate Investment
Trust | | | | | 33,919 | | | | | | 787,599 | | | | |
| Total Diversified REITs | | | | | | | | | | | 7,319,142 | | | | |
| Hotel REITs — 14.0% | | | | | | | |
| Apple Hospitality REIT, Inc. | | | | | 84,467 | | | | | | 1,339,646 | | | | |
Ashford Hospitality Trust, Inc.* | | | | | 26,892 | | | | | | 73,684 | | | | |
Braemar Hotels & Resorts, Inc.* | | | | | 15,456 | | | | | | 101,237 | | | | |
Chatham Lodging Trust* | | | | | 18,529 | | | | | | 256,997 | | | | |
DiamondRock Hospitality Co.* | | | | | 83,407 | | | | | | 869,101 | | | | |
Hersha Hospitality Trust* | | | | | 14,875 | | | | | | 171,955 | | | | |
Pebblebrook Hotel Trust(a) | | | | | 52,582 | | | | | | 1,255,658 | | | | |
| Service Properties Trust | | | | | 66,048 | | | | | | 813,381 | | | | |
Summit Hotel Properties, Inc.* | | | | | 41,586 | | | | | | 422,930 | | | | |
Sunstone Hotel Investors, Inc.* | | | | | 86,212 | | | | | | 1,134,550 | | | | |
Xenia Hotels & Resorts, Inc.* | | | | | 45,870 | | | | | | 891,254 | | | | |
| Total Hotel REITs | | | | | | | | | | | 7,330,393 | | | | |
| Mortgage REITs — 15.8% | | | | | | | |
Apollo Commercial Real Estate Finance,
Inc. | | | | | 56,316 | | | | | | 856,566 | | | | |
| Arbor Realty Trust, Inc. | | | | | 47,134 | | | | | | 833,329 | | | | |
| ARMOUR Residential REIT, Inc. | | | | | 25,920 | | | | | | 322,186 | | | | |
| Capstead Mortgage Corp. | | | | | 38,308 | | | | | | 248,236 | | | | |
| Chimera Investment Corp. | | | | | 91,501 | | | | | | 1,202,323 | | | | |
| Dynex Capital, Inc. | | | | | 11,926 | | | | | | 240,905 | | | | |
Invesco Mortgage Capital, Inc.(a) | | | | | 93,559 | | | | | | 364,880 | | | | |
iStar, Inc.(a) | | | | | 28,650 | | | | | | 530,312 | | | | |
| KKR Real Estate Finance Trust, Inc. | | | | | 11,720 | | | | | | 247,292 | | | | |
| MFA Financial, Inc. | | | | | 182,023 | | | | | | 800,901 | | | | |
| New York Mortgage Trust, Inc. | | | | | 152,864 | | | | | | 701,646 | | | | |
| Orchid Island Capital, Inc. | | | | | 38,194 | | | | | | 210,067 | | | | |
| PennyMac Mortgage Investment Trust | | | | | 38,888 | | | | | | 779,704 | | | | |
| Two Harbors Investment Corp. | | | | | 110,212 | | | | | | 859,654 | | | | |
| Western Asset Mortgage Capital Corp. | | | | | 23,943 | | | | | | 75,660 | | | | |
| Total Mortgage REITs | | | | | | | | | | | 8,273,661 | | | | |
| Office REITs — 11.6% | | | | | | | |
Brandywine Realty Trust(a) | | | | | 68,114 | | | | | | 921,583 | | | | |
| City Office REIT, Inc. | | | | | 17,181 | | | | | | 187,788 | | | | |
| Easterly Government Properties, Inc. | | | | | 33,207 | | | | | | 711,626 | | | | |
| Franklin Street Properties Corp. | | | | | 39,141 | | | | | | 206,665 | | | | |
| Global Net Lease, Inc. | | | | | 36,696 | | | | | | 704,563 | | | | |
| Lexington Realty Trust | | | | | 110,389 | | | | | | 1,351,161 | | | | |
| Mack-Cali Realty Corp. | | | | | 32,345 | | | | | | 529,164 | | | | |
| Office Properties Income Trust | | | | | 19,271 | | | | | | 534,770 | | | | |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Office REITs (continued) | | | |
| Piedmont Office Realty Trust, Inc., Class A | | | | | 49,553 | | | | | $ | 922,677 | | | | |
| Total Office REITs | | | | | | | | | | | 6,069,997 | | | | |
| Residential REITs — 5.3% | | | | | | | |
| Apartment Investment and Management Co., Class A | | | | | 60,112 | | | | | | 417,177 | | | | |
| Bluerock Residential Growth REIT, Inc. | | | | | 9,227 | | | | | | 87,472 | | | | |
| Essential Properties Realty Trust, Inc. | | | | | 42,928 | | | | | | 1,124,284 | | | | |
| Independence Realty Trust, Inc. | | | | | 40,841 | | | | | | 687,763 | | | | |
| NexPoint Residential Trust, Inc. | | | | | 8,937 | | | | | | 448,280 | | | | |
| Total Residential REITs | | | | | | | | | | | 2,764,976 | | | | |
| Retail REITs — 16.8% | | | | | | | |
| Acadia Realty Trust | | | | | 34,765 | | | | | | 726,241 | | | | |
| Brookfield Property REIT, Inc., Class A | | | | | 14,238 | | | | | | 256,070 | | | | |
| Four Corners Property Trust, Inc. | | | | | 30,585 | | | | | | 882,989 | | | | |
| Kite Realty Group Trust | | | | | 33,901 | | | | | | 705,480 | | | | |
Macerich Co. (The)(a) | | | | | 59,172 | | | | | | 815,982 | | | | |
| Retail Opportunity Investments Corp. | | | | | 46,639 | | | | | | 820,846 | | | | |
| Retail Properties of America, Inc., Class A | | | | | 86,290 | | | | | | 1,012,182 | | | | |
| RPT Realty | | | | | 32,409 | | | | | | 411,918 | | | | |
Seritage Growth Properties, Class A*(a) | | | | | 13,868 | | | | | | 238,530 | | | | |
| SITE Centers Corp. | | | | | 68,218 | | | | | | 1,006,215 | | | | |
| Tanger Factory Outlet Centers, Inc. | | | | | 36,735 | | | | | | 641,026 | | | | |
| Urban Edge Properties | | | | | 45,730 | | | | | | 862,011 | | | | |
| Urstadt Biddle Properties, Inc., Class A | | | | | 11,959 | | | | | | 217,295 | | | | |
| Whitestone REIT | | | | | 15,961 | | | | | | 155,939 | | | | |
| Total Retail REITs | | | | | | | | | | | 8,752,724 | | | | |
| Specialized REITs — 22.1% | | | | | | | |
| American Finance Trust, Inc. | | | | | 44,001 | | | | | | 440,450 | | | | |
| CareTrust REIT, Inc. | | | | | 38,204 | | | | | | 923,773 | | | | |
| CatchMark Timber Trust, Inc., Class A | | | | | 19,565 | | | | | | 227,541 | | | | |
| Diversified Healthcare Trust | | | | | 95,508 | | | | | | 421,668 | | | | |
EPR Properties*(a) | | | | | 29,919 | | | | | | 1,427,436 | | | | |
| Global Medical REIT, Inc. | | | | | 19,654 | | | | | | 282,231 | | | | |
| LTC Properties, Inc. | | | | | 15,604 | | | | | | 663,638 | | | | |
| National Storage Affiliates Trust | | | | | 22,967 | | | | | | 1,043,620 | | | | |
| Physicians Realty Trust | | | | | 84,821 | | | | | | 1,588,697 | | | | |
QTS Realty Trust, Inc., Class A(a) | | | | | 25,930 | | | | | | 1,724,086 | | | | |
| Terreno Realty Corp. | | | | | 27,229 | | | | | | 1,756,815 | | | | |
| Uniti Group, Inc. | | | | | 93,299 | | | | | | 1,063,609 | | | | |
| Total Specialized REITs | | | | | | | | | | | 11,563,564 | | | | |
| Total Common Stocks | | | | | |
| (Cost $49,548,068) | | | | | | | | | | | 52,074,457 | | | | |
| Short-Term Investments — 1.7% | | | | | | | |
| Money Market Funds — 1.7% | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 688,938 | | | | | | 688,938 | | | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | | | | | 206,366 | | | | | | 206,366 | | | | |
| Total Short-Term Investments | | | | | |
| (Cost $895,304) | | | | | | | | | | | 895,304 | | | | |
| Total Investments — 101.3% | | | | | |
| (Cost $50,443,372) | | | | | | | | | | | 52,969,761 | | | | |
See notes to financial statements.
Schedule of Investments — IQ U.S. Real Estate Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Other Assets and Liabilities, Net — (1.3)% | | | | | | | $ | (660,625) | | |
| Net Assets — 100.0% | | | | | | | $ | 52,309,136 | | |
*
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 $3,946,070; total market value of collateral held by the Fund was $4,148,409. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,459,471.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 52,074,457 | | | | | $ | — | | | | | $ | — | | | | | $ | 52,074,457 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 895,304 | | | | | | — | | | | | | — | | | | | | 895,304 | | |
| Total Investments in Securities | | | | $ | 52,969,761 | | | | | $ | — | | | | | $ | — | | | | | $ | 52,969,761 | | |
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Schedule of Investments — IQ 500 International ETF
| | | | Shares | | | Value | |
| Common Stocks — 97.4% | |
| Australia — 5.1% | |
| AGL Energy Ltd. | | | | | 13,384 | | | | | $ | 92,323 | | |
| Ampol Ltd. | | | | | 11,373 | | | | | | 224,810 | | |
Australia & New Zealand Banking Group
Ltd. | | | | | 17,201 | | | | | | 381,866 | | |
| BHP Group Ltd. | | | | | 35,773 | | | | | | 1,318,087 | | |
| BlueScope Steel Ltd. | | | | | 25,172 | | | | | | 420,382 | | |
| Brambles Ltd. | | | | | 21,995 | | | | | | 176,696 | | |
CIMIC Group Ltd.*(a) | | | | | 14,120 | | | | | | 211,596 | | |
| Commonwealth Bank of Australia | | | | | 5,378 | | | | | | 369,893 | | |
| CSL Ltd. | | | | | 850 | | | | | | 178,039 | | |
| Downer EDI Ltd. | | | | | 109,979 | | | | | | 478,287 | | |
Glencore PLC* | | | | | 778,827 | | | | | | 3,183,217 | | |
| Metcash Ltd. | | | | | 75,367 | | | | | | 206,671 | | |
| National Australia Bank Ltd. | | | | | 16,955 | | | | | | 349,163 | | |
| Origin Energy Ltd. | | | | | 53,635 | | | | | | 172,350 | | |
Qantas Airways Ltd.* | | | | | 101,428 | | | | | | 387,823 | | |
| Ramsay Health Care Ltd. | | | | | 6,496 | | | | | | 337,801 | | |
| Rio Tinto PLC | | | | | 13,621 | | | | | | 1,145,871 | | |
| Sonic Healthcare Ltd. | | | | | 11,108 | | | | | | 307,864 | | |
| South32 Ltd. | | | | | 108,041 | | | | | | 240,354 | | |
| Telstra Corp., Ltd. | | | | | 128,605 | | | | | | 336,766 | | |
| Viva Energy Group Ltd. | | | | | 181,523 | | | | | | 274,125 | | |
| Wesfarmers Ltd. | | | | | 18,578 | | | | | | 776,510 | | |
| Westpac Banking Corp. | | | | | 19,376 | | | | | | 373,875 | | |
| Woolworths Group Ltd. | | | | | 20,066 | | | | | | 609,149 | | |
| Total Australia | | | | | | | | | | | 12,553,518 | | |
| Austria — 0.4% | |
| OMV AG | | | | | 9,678 | | | | | | 477,782 | | |
| voestalpine AG | | | | | 10,129 | | | | | | 440,177 | | |
| Total Austria | | | | | | | | | | | 917,959 | | |
| Belgium — 1.0% | |
| Anheuser-Busch InBev SA/NV | | | | | 20,841 | | | | | | 1,475,950 | | |
bpost SA* | | | | | 16,807 | | | | | | 178,954 | | |
| Etablissements Franz Colruyt NV | | | | | 2,346 | | | | | | 139,314 | | |
| Solvay SA | | | | | 2,755 | | | | | | 350,882 | | |
| Umicore SA | | | | | 5,686 | | | | | | 346,073 | | |
| Total Belgium | | | | | | | | | | | 2,491,173 | | |
| Brazil — 0.1% | |
| Yara International ASA | | | | | 5,875 | | | | | | 307,391 | | |
| Canada — 6.7% | |
Air Canada* | | | | | 17,705 | | | | | | 356,489 | | |
Alimentation Couche-Tard, Inc.,
Class B | | | | | 27,478 | | | | | | 930,303 | | |
Bank of Montreal(a) | | | | | 3,339 | | | | | | 314,874 | | |
| Bank of Nova Scotia (The) | | | | | 4,990 | | | | | | 317,483 | | |
| Barrick Gold Corp. | | | | | 5,992 | | | | | | 127,565 | | |
| BCE, Inc. | | | | | 6,955 | | | | | | 328,471 | | |
Bombardier, Inc., Class B* | | | | | 713,519 | | | | | | 533,602 | | |
| Brookfield Asset Management, Inc., Class A | | | | | 10,335 | | | | | | 470,712 | | |
Canadian Imperial Bank of
Commerce | | | | | 2,419 | | | | | | 251,260 | | |
| Canadian National Railway Co. | | | | | 2,446 | | | | | | 263,111 | | |
| Canadian Natural Resources Ltd. | | | | | 16,723 | | | | | | 507,182 | | |
Canadian Tire Corp., Ltd., Class A(a) | | | | | 2,169 | | | | | | 345,432 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Canada (continued) | |
Cenovus Energy, Inc.(a) | | | | | 143,915 | | | | | $ | 1,119,547 | | |
CGI, Inc.* | | | | | 3,775 | | | | | | 333,711 | | |
| Empire Co., Ltd., Class A | | | | | 9,877 | | | | | | 310,392 | | |
| Enbridge, Inc. | | | | | 24,824 | | | | | | 956,678 | | |
| George Weston Ltd. | | | | | 5,661 | | | | | | 499,421 | | |
| Great-West Lifeco, Inc. | | | | | 12,543 | | | | | | 363,382 | | |
| Imperial Oil Ltd. | | | | | 24,390 | | | | | | 703,825 | | |
| Loblaw Cos., Ltd. | | | | | 8,249 | | | | | | 457,644 | | |
| Magna International, Inc. | | | | | 12,197 | | | | | | 1,150,892 | | |
| Manulife Financial Corp. | | | | | 14,638 | | | | | | 319,366 | | |
| Metro, Inc. | | | | | 3,539 | | | | | | 162,020 | | |
| Nutrien Ltd. | | | | | 8,474 | | | | | | 467,372 | | |
| Parkland Corp. | | | | | 9,227 | | | | | | 296,116 | | |
| Pembina Pipeline Corp. | | | | | 7,081 | | | | | | 218,382 | | |
| Power Corp. of Canada | | | | | 14,387 | | | | | | 418,675 | | |
| Restaurant Brands International, Inc. | | | | | 3,366 | | | | | | 230,958 | | |
| Rogers Communications, Inc., Class B | | | | | 4,602 | | | | | | 226,471 | | |
| Royal Bank of Canada | | | | | 4,662 | | | | | | 444,561 | | |
| Saputo, Inc. | | | | | 5,875 | | | | | | 186,537 | | |
| SNC-Lavalin Group, Inc. | | | | | 9,562 | | | | | | 213,672 | | |
| Sun Life Financial, Inc. | | | | | 4,729 | | | | | | 254,902 | | |
| Suncor Energy, Inc. | | | | | 24,723 | | | | | | 528,343 | | |
| TC Energy Corp. | | | | | 4,563 | | | | | | 225,554 | | |
| Teck Resources Ltd., Class B | | | | | 22,107 | | | | | | 467,406 | | |
| TELUS Corp. | | | | | 10,801 | | | | | | 223,887 | | |
| Thomson Reuters Corp. | | | | | 2,138 | | | | | | 198,107 | | |
| Toronto-Dominion Bank (The) | | | | | 6,154 | | | | | | 422,706 | | |
| WSP Global, Inc. | | | | | 2,214 | | | | | | 229,697 | | |
| Total Canada | | | | | | | | | | | 16,376,708 | | |
| China — 0.4% | |
| Wilmar International Ltd. | | | | | 219,630 | | | | | | 861,747 | | |
| Denmark — 0.8% | |
| Carlsberg A/S, Class B | | | | | 1,289 | | | | | | 226,495 | | |
| DSV PANALPINA A/S | | | | | 2,151 | | | | | | 480,329 | | |
ISS A/S* | | | | | 16,828 | | | | | | 319,935 | | |
| Novo Nordisk A/S, Class B | | | | | 5,113 | | | | | | 374,972 | | |
| Orsted A/S | | | | | 1,499 | | | | | | 218,918 | | |
| Vestas Wind Systems A/S | | | | | 8,285 | | | | | | 346,279 | | |
| Total Denmark | | | | | | | | | | | 1,966,928 | | |
| Finland — 1.0% | |
Kesko OYJ, Class B(a) | | | | | 10,028 | | | | | | 305,897 | | |
| Kone OYJ, Class B | | | | | 2,236 | | | | | | 175,875 | | |
| Neste OYJ | | | | | 5,289 | | | | | | 320,892 | | |
Nokia OYJ* | | | | | 117,233 | | | | | | 556,386 | | |
Outokumpu OYJ* | | | | | 47,562 | | | | | | 309,750 | | |
| Stora Enso OYJ, Class R | | | | | 19,076 | | | | | | 365,811 | | |
| UPM-Kymmene OYJ | | | | | 7,017 | | | | | | 274,952 | | |
| Wartsila OYJ Abp | | | | | 17,341 | | | | | | 224,094 | | |
| Total Finland | | | | | | | | | | | 2,533,657 | | |
| France — 12.9% | |
Air France-KLM*(a) | | | | | 72,010 | | | | | | 401,875 | | |
| Air Liquide SA | | | | | 3,094 | | | | | | 521,885 | | |
Airbus SE* | | | | | 12,102 | | | | | | 1,455,964 | | |
| Arkema SA | | | | | 2,334 | | | | | | 292,206 | | |
Atos SE* | | | | | 3,834 | | | | | | 261,322 | | |
See notes to financial statements.
Schedule of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | |
| AXA SA | | | | | 36,587 | | | | | $ | 1,036,121 | | |
BNP Paribas SA* | | | | | 15,082 | | | | | | 969,333 | | |
| Bollore SA | | | | | 166,232 | | | | | | 840,462 | | |
Bouygues SA(a) | | | | | 19,243 | | | | | | 825,591 | | |
Bureau Veritas SA* | | | | | 7,188 | | | | | | 215,198 | | |
| Capgemini SE | | | | | 3,230 | | | | | | 592,573 | | |
| Carrefour SA | | | | | 55,474 | | | | | | 1,075,485 | | |
Casino Guichard Perrachon SA*(a) | | | | | 11,101 | | | | | | 388,206 | | |
Cie de Saint-Gobain* | | | | | 20,178 | | | | | | 1,275,239 | | |
| Cie Generale des Etablissements Michelin | | | | | 2,598 | | | | | | 376,391 | | |
| CNP Assurances | | | | | 23,233 | | | | | | 407,352 | | |
Credit Agricole SA* | | | | | 34,741 | | | | | | 538,323 | | |
Danone SA(a) | | | | | 5,957 | | | | | | 420,438 | | |
Eiffage SA* | | | | | 4,369 | | | | | | 479,237 | | |
Electricite de France SA* | | | | | 100,685 | | | | | | 1,468,999 | | |
Elior Group SA* | | | | | 24,307 | | | | | | 201,607 | | |
Engie SA* | | | | | 78,041 | | | | | | 1,162,109 | | |
| EssilorLuxottica SA | | | | | 1,794 | | | | | | 298,891 | | |
Faurecia SE* | | | | | 10,027 | | | | | | 541,965 | | |
| Kering SA | | | | | 397 | | | | | | 318,526 | | |
L’Oreal SA(a) | | | | | 1,652 | | | | | | 679,432 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 2,250 | | | | | | 1,696,094 | | |
Natixis SA* | | | | | 42,573 | | | | | | 208,277 | | |
| Orange SA | | | | | 51,566 | | | | | | 642,478 | | |
| Orpea* | | | | | 1,469 | | | | | | 189,305 | | |
| Pernod Ricard SA | | | | | 1,044 | | | | | | 214,530 | | |
| Publicis Groupe SA | | | | | 9,333 | | | | | | 605,120 | | |
Renault SA* | | | | | 24,453 | | | | | | 986,859 | | |
Rexel SA* | | | | | 25,263 | | | | | | 497,838 | | |
Safran SA* | | | | | 4,118 | | | | | | 615,591 | | |
| Sanofi(a) | | | | | 7,252 | | | | | | 761,863 | | |
Schneider Electric SE(a) | | | | | 3,670 | | | | | | 587,675 | | |
Societe Generale SA* | | | | | 14,843 | | | | | | 422,936 | | |
Sodexo SA* | | | | | 6,195 | | | | | | 619,721 | | |
SPIE SA* | | | | | 12,933 | | | | | | 327,255 | | |
| Suez SA | | | | | 22,175 | | | | | | 530,148 | | |
| Teleperformance | | | | | 621 | | | | | | 240,041 | | |
| Thales SA | | | | | 3,496 | | | | | | 356,795 | | |
TOTAL SE(a) | | | | | 45,184 | | | | | | 2,003,003 | | |
| Valeo SA | | | | | 12,680 | | | | | | 411,217 | | |
| Veolia Environnement SA | | | | | 15,941 | | | | | | 508,337 | | |
| Vinci SA | | | | | 14,112 | | | | | | 1,552,705 | | |
Vivendi SE* | | | | | 14,058 | | | | | | 490,767 | | |
| Total France | | | | | | | | | | | 31,513,285 | | |
| Germany — 12.8% | |
adidas AG* | | | | | 1,279 | | | | | | 395,462 | | |
| Allianz SE | | | | | 3,510 | | | | | | 914,363 | | |
| Aurubis AG | | | | | 3,807 | | | | | | 327,858 | | |
| BASF SE | | | | | 32,134 | | | | | | 2,594,849 | | |
| Bayer AG | | | | | 12,953 | | | | | | 839,205 | | |
| Bayerische Motoren Werke AG | | | | | 17,866 | | | | | | 1,793,691 | | |
| Beiersdorf AG | | | | | 1,229 | | | | | | 138,922 | | |
| Brenntag SE | | | | | 6,125 | | | | | | 550,636 | | |
CECONOMY AG* | | | | | 114,398 | | | | | | 670,659 | | |
| Continental AG | | | | | 7,777 | | | | | | 1,054,530 | | |
| Covestro AG | | | | | 8,349 | | | | | | 546,950 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | |
| Daimler AG | | | | | 38,917 | | | | | $ | 3,469,115 | | |
Deutsche Bank AG* | | | | | 34,098 | | | | | | 476,393 | | |
Deutsche Lufthansa AG*(a) | | | | | 53,688 | | | | | | 693,993 | | |
| Deutsche Post AG | | | | | 34,014 | | | | | | 2,004,514 | | |
| Deutsche Telekom AG | | | | | 80,577 | | | | | | 1,551,977 | | |
| E.ON SE | | | | | 36,542 | | | | | | 441,036 | | |
| Evonik Industries AG | | | | | 12,184 | | | | | | 427,106 | | |
| Fresenius Medical Care AG & Co. KGaA | | | | | 7,223 | | | | | | 575,264 | | |
| Fresenius SE & Co. KGaA | | | | | 14,049 | | | | | | 691,370 | | |
| Hannover Rueck SE | | | | | 949 | | | | | | 175,702 | | |
| HeidelbergCement AG | | | | | 6,318 | | | | | | 579,699 | | |
| Infineon Technologies AG | | | | | 10,740 | | | | | | 433,955 | | |
| LANXESS AG | | | | | 3,516 | | | | | | 259,117 | | |
| Merck KGaA | | | | | 2,607 | | | | | | 458,663 | | |
| METRO AG | | | | | 47,953 | | | | | | 525,305 | | |
Muenchener Rueckversicherungs-
Gesellschaft AG | | | | | 1,555 | | | | | | 450,475 | | |
ProSiebenSat.1 Media SE* | | | | | 15,514 | | | | | | 337,004 | | |
| RWE AG | | | | | 10,905 | | | | | | 414,039 | | |
Salzgitter AG* | | | | | 11,573 | | | | | | 368,908 | | |
| SAP SE | | | | | 5,457 | | | | | | 767,012 | | |
| Siemens AG | | | | | 12,508 | | | | | | 2,090,230 | | |
| Siemens Healthineers AG | | | | | 11,128 | | | | | | 636,037 | | |
| Telefonica Deutschland Holding AG | | | | | 53,242 | | | | | | 154,976 | | |
thyssenkrupp AG* | | | | | 89,980 | | | | | | 1,204,495 | | |
TUI AG*(a) | | | | | 152,700 | | | | | | 910,590 | | |
Uniper SE(a) | | | | | 33,487 | | | | | | 1,223,055 | | |
| United Internet AG | | | | | 5,176 | | | | | | 218,143 | | |
| Total Germany | | | | | | | | | | | 31,365,298 | | |
| Hong Kong — 0.5% | |
| AIA Group Ltd. | | | | | 24,586 | | | | | | 313,068 | | |
| CLP Holdings Ltd. | | | | | 16,765 | | | | | | 165,452 | | |
| Dairy Farm International Holdings Ltd. | | | | | 29,300 | | | | | | 127,748 | | |
| Nine Dragons Paper Holdings Ltd. | | | | | 152,888 | | | | | | 210,233 | | |
| WH Group Ltd. | | | | | 283,276 | | | | | | 247,648 | | |
| Yue Yuen Industrial Holdings Ltd. | | | | | 81,605 | | | | | | 204,883 | | |
| Total Hong Kong | | | | | | | | | | | 1,269,032 | | |
| Ireland — 0.3% | |
| CRH PLC | | | | | 15,461 | | | | | | 733,602 | | |
| Israel — 0.2% | |
Teva Pharmaceutical Industries Ltd.* | | | | | 34,699 | | | | | | 362,144 | | |
| Italy — 2.7% | |
| Assicurazioni Generali SpA | | | | | 32,499 | | | | | | 652,755 | | |
Atlantia SpA* | | | | | 10,240 | | | | | | 200,004 | | |
Autogrill SpA*(a) | | | | | 29,764 | | | | | | 246,653 | | |
| Enel SpA | | | | | 187,946 | | | | | | 1,870,403 | | |
| Eni SpA | | | | | 92,896 | | | | | | 1,110,454 | | |
Intesa Sanpaolo SpA* | | | | | 125,003 | | | | | | 349,261 | | |
| Leonardo SpA | | | | | 31,384 | | | | | | 256,677 | | |
| Poste Italiane SpA | | | | | 49,448 | | | | | | 648,828 | | |
| Prysmian SpA | | | | | 7,385 | | | | | | 231,586 | | |
Saipem SpA(a) | | | | | 69,341 | | | | | | 160,393 | | |
Saras SpA* | | | | | 150,176 | | | | | | 103,877 | | |
| Telecom Italia SpA | | | | | 776,670 | | | | | | 426,620 | | |
See notes to financial statements.
Schedule of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Italy (continued) | |
| UniCredit SpA | | | | | 19,476 | | | | | $ | 200,738 | | |
Unipol Gruppo SpA* | | | | | 34,737 | | | | | | 190,474 | | |
| Total Italy | | | | | | | | | | | 6,648,723 | | |
| Japan — 27.0% | |
| Aeon Co., Ltd. | | | | | 29,999 | | | | | | 818,554 | | |
| AGC, Inc. | | | | | 7,530 | | | | | | 343,071 | | |
| Aisin Corp. | | | | | 12,326 | | | | | | 474,749 | | |
| Ajinomoto Co., Inc. | | | | | 7,546 | | | | | | 150,948 | | |
| Alfresa Holdings Corp. | | | | | 14,742 | | | | | | 263,941 | | |
ANA Holdings, Inc.* | | | | | 9,267 | | | | | | 212,377 | | |
| Asahi Group Holdings Ltd. | | | | | 7,163 | | | | | | 299,155 | | |
| Asahi Kasei Corp. | | | | | 34,221 | | | | | | 360,509 | | |
| Astellas Pharma, Inc. | | | | | 12,086 | | | | | | 181,392 | | |
| Bridgestone Corp. | | | | | 8,424 | | | | | | 337,330 | | |
| Brother Industries Ltd. | | | | | 7,322 | | | | | �� | 154,807 | | |
| Canon, Inc. | | | | | 22,350 | | | | | | 532,245 | | |
| Central Japan Railway Co. | | | | | 1,525 | | | | | | 223,019 | | |
| Chubu Electric Power Co., Inc. | | | | | 20,977 | | | | | | 253,421 | | |
| Chugoku Electric Power Co., Inc. (The) | | | | | 10,753 | | | | | | 120,019 | | |
Coca-Cola Bottlers Japan Holdings, Inc.(a) | | | | | 5,454 | | | | | | 87,070 | | |
| Cosmo Energy Holdings Co., Ltd. | | | | | 15,230 | | | | | | 327,298 | | |
| Dai Nippon Printing Co., Ltd. | | | | | 9,955 | | | | | | 197,725 | | |
| Dai-ichi Life Holdings, Inc. | | | | | 24,622 | | | | | | 442,748 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 5,827 | | | | | | 148,574 | | |
| Daikin Industries Ltd. | | | | | 1,778 | | | | | | 356,722 | | |
| Denso Corp. | | | | | 13,931 | | | | | | 899,675 | | |
Dentsu Group, Inc.(a) | | | | | 9,167 | | | | | | 281,791 | | |
| DIC Corp. | | | | | 5,068 | | | | | | 129,499 | | |
| East Japan Railway Co. | | | | | 5,244 | | | | | | 358,811 | | |
| ENEOS Holdings, Inc. | | | | | 229,268 | | | | | | 988,345 | | |
| Fast Retailing Co., Ltd. | | | | | 554 | | | | | | 454,685 | | |
| Fuji Media Holdings, Inc. | | | | | 12,062 | | | | | | 146,106 | | |
| FUJIFILM Holdings Corp. | | | | | 3,767 | | | | | | 244,241 | | |
| Fujitsu Ltd. | | | | | 6,327 | | | | | | 1,007,469 | | |
| Hakuhodo DY Holdings, Inc. | | | | | 21,472 | | | | | | 361,648 | | |
| Hankyu Hanshin Holdings, Inc. | | | | | 3,412 | | | | | | 107,381 | | |
| Hanwa Co., Ltd. | | | | | 13,998 | | | | | | 415,567 | | |
| Hino Motors Ltd. | | | | | 30,003 | | | | | | 251,157 | | |
HIS Co., Ltd.*(a) | | | | | 10,869 | | | | | | 223,734 | | |
| Hitachi Ltd. | | | | | 25,317 | | | | | | 1,246,336 | | |
| Honda Motor Co., Ltd. | | | | | 35,362 | | | | | | 1,045,606 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 14,500 | | | | | | 347,162 | | |
IHI Corp.* | | | | | 10,577 | | | | | | 212,498 | | |
| Isetan Mitsukoshi Holdings Ltd. | | | | | 20,895 | | | | | | 145,666 | | |
| Isuzu Motors Ltd. | | | | | 22,759 | | | | | | 230,286 | | |
| ITOCHU Corp. | | | | | 77,407 | | | | | | 2,413,458 | | |
Japan Airlines Co., Ltd.* | | | | | 10,448 | | | | | | 221,855 | | |
Japan Post Holdings Co., Ltd.* | | | | | 65,288 | | | | | | 548,084 | | |
| Japan Post Insurance Co., Ltd. | | | | | 17,906 | | | | | | 344,998 | | |
| Japan Tobacco, Inc. | | | | | 14,719 | | | | | | 275,245 | | |
| JFE Holdings, Inc. | | | | | 57,680 | | | | | | 758,829 | | |
| JTEKT Corp. | | | | | 19,292 | | | | | | 173,673 | | |
| Kajima Corp. | | | | | 26,234 | | | | | | 362,411 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 30,753 | | | | | | 304,421 | | |
| Kao Corp. | | | | | 2,130 | | | | | | 136,544 | | |
Kawasaki Heavy Industries Ltd.* | | | | | 9,308 | | | | | | 222,513 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
Kawasaki Kisen Kaisha Ltd.* | | | | | 15,880 | | | | | $ | 442,382 | | |
| KDDI Corp. | | | | | 22,726 | | | | | | 687,362 | | |
Kintetsu Group Holdings Co., Ltd.* | | | | | 3,171 | | | | | | 113,576 | | |
| Kirin Holdings Co., Ltd. | | | | | 10,066 | | | | | | 188,832 | | |
| Kobe Steel Ltd. | | | | | 61,851 | | | | | | 445,895 | | |
| Komatsu Ltd. | | | | | 14,002 | | | | | | 410,561 | | |
| Konica Minolta, Inc. | | | | | 34,661 | | | | | | 195,970 | | |
| Kubota Corp. | | | | | 13,169 | | | | | | 309,632 | | |
| Kyocera Corp. | | | | | 3,645 | | | | | | 221,324 | | |
| Kyushu Electric Power Co., Inc. | | | | | 25,424 | | | | | | 232,132 | | |
| Lixil Corp. | | | | | 12,214 | | | | | | 330,869 | | |
| Marubeni Corp. | | | | | 143,810 | | | | | | 1,195,424 | | |
| Maruha Nichiro Corp. | | | | | 5,171 | | | | | | 118,175 | | |
Mazda Motor Corp.* | | | | | 39,487 | | | | | | 305,622 | | |
| Medipal Holdings Corp. | | | | | 17,141 | | | | | | 314,891 | | |
| MEIJI Holdings Co., Ltd. | | | | | 2,060 | | | | | | 127,590 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 73,666 | | | | | | 548,258 | | |
| Mitsubishi Corp. | | | | | 85,230 | | | | | | 2,354,829 | | |
| Mitsubishi Electric Corp. | | | | | 43,752 | | | | | | 673,262 | | |
| Mitsubishi Heavy Industries Ltd. | | | | | 12,434 | | | | | | 369,363 | | |
| Mitsubishi Materials Corp. | | | | | 7,241 | | | | | | 162,501 | | |
Mitsubishi Motors Corp.* | | | | | 53,377 | | | | | | 144,546 | | |
| Mitsubishi UFJ Financial Group, Inc. | | | | | 71,370 | | | | | | 377,401 | | |
| Mitsui & Co., Ltd. | | | | | 52,941 | | | | | | 1,115,682 | | |
| Mitsui Chemicals, Inc. | | | | | 9,288 | | | | | | 292,308 | | |
| Mitsui OSK Lines Ltd. | | | | | 10,536 | | | | | | 423,156 | | |
| Mizuho Financial Group, Inc. | | | | | 15,616 | | | | | | 219,300 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 7,850 | | | | | | 222,275 | | |
| Murata Manufacturing Co., Ltd. | | | | | 4,525 | | | | | | 360,286 | | |
| NEC Corp. | | | | | 11,621 | | | | | | 676,177 | | |
| NH Foods Ltd. | | | | | 3,942 | | | | | | 175,813 | | |
| Nidec Corp. | | | | | 2,779 | | | | | | 321,744 | | |
| Nippon Express Co., Ltd. | | | | | 5,059 | | | | | | 386,466 | | |
| Nippon Paper Industries Co., Ltd. | | | | | 9,202 | | | | | | 112,978 | | |
| Nippon Steel Corp. | | | | | 60,034 | | | | | | 1,047,389 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 71,028 | | | | | | 1,790,240 | | |
| Nippon Yusen K.K. | | | | | 18,681 | | | | | | 733,191 | | |
Nissan Motor Co., Ltd.* | | | | | 189,847 | | | | | | 951,276 | | |
| Nitto Denko Corp. | | | | | 2,928 | | | | | | 242,694 | | |
| Nomura Research Institute Ltd. | | | | | 5,113 | | | | | | 157,406 | | |
| NTT Data Corp. | | | | | 33,781 | | | | | | 524,771 | | |
| Obayashi Corp. | | | | | 31,428 | | | | | | 286,663 | | |
| Oji Holdings Corp. | | | | | 34,319 | | | | | | 216,329 | | |
| Olympus Corp. | | | | | 8,844 | | | | | | 181,848 | | |
| Omron Corp. | | | | | 2,597 | | | | | | 196,964 | | |
| Oriental Land Co., Ltd. | | | | | 936 | | | | | | 132,515 | | |
| ORIX Corp. | | | | | 10,319 | | | | | | 165,918 | | |
| Osaka Gas Co., Ltd. | | | | | 8,000 | | | | | | 154,284 | | |
| Otsuka Corp. | | | | | 3,589 | | | | | | 180,919 | | |
| Otsuka Holdings Co., Ltd. | | | | | 4,647 | | | | | | 178,602 | | |
| PALTAC Corp. | | | | | 2,692 | | | | | | 140,135 | | |
Pan Pacific International Holdings
Corp. | | | | | 6,098 | | | | | | 131,383 | | |
| Panasonic Corp. | | | | | 62,762 | | | | | | 740,133 | | |
| Persol Holdings Co., Ltd. | | | | | 15,384 | | | | | | 282,754 | | |
| Rakuten Group, Inc. | | | | | 26,937 | | | | | | 342,304 | | |
| Recruit Holdings Co., Ltd. | | | | | 13,206 | | | | | | 596,720 | | |
Renesas Electronics Corp.* | | | | | 33,332 | | | | | | 388,805 | | |
See notes to financial statements.
Schedule of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Ricoh Co., Ltd. | | | | | 35,005 | | | | | $ | 372,131 | | |
| Secom Co., Ltd. | | | | | 2,304 | | | | | | 191,310 | | |
Seibu Holdings, Inc.* | | | | | 9,955 | | | | | | 107,105 | | |
| Seiko Epson Corp. | | | | | 13,556 | | | | | | 230,429 | | |
| Sekisui Chemical Co., Ltd. | | | | | 10,674 | | | | | | 185,737 | | |
| Sekisui House Ltd. | | | | | 7,227 | | | | | | 146,054 | | |
| Seven & i Holdings Co., Ltd. | | | | | 22,418 | | | | | | 963,745 | | |
| SG Holdings Co., Ltd. | | | | | 13,496 | | | | | | 306,702 | | |
| Sharp Corp. | | | | | 15,130 | | | | | | 255,662 | | |
| Shimizu Corp. | | | | | 29,235 | | | | | | 239,379 | | |
| Shin-Etsu Chemical Co., Ltd. | | | | | 2,173 | | | | | | 366,789 | | |
| Ship Healthcare Holdings, Inc. | | | | | 6,713 | | | | | | 175,893 | | |
| Shiseido Co., Ltd. | | | | | 2,206 | | | | | | 160,003 | | |
| Showa Denko K.K. | | | | | 6,499 | | | | | | 196,804 | | |
| SoftBank Group Corp. | | | | | 28,081 | | | | | | 2,539,506 | | |
| Sojitz Corp. | | | | | 91,583 | | | | | | 273,144 | | |
| Sompo Holdings, Inc. | | | | | 5,147 | | | | | | 191,179 | | |
| Sony Group Corp. | | | | | 9,166 | | | | | | 914,042 | | |
| Subaru Corp. | | | | | 11,088 | | | | | | 205,671 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 87,409 | | | | | | 445,422 | | |
| Sumitomo Corp. | | | | | 53,261 | | | | | | 725,057 | | |
| Sumitomo Electric Industries Ltd. | | | | | 24,370 | | | | | | 362,523 | | |
| Sumitomo Forestry Co., Ltd. | | | | | 11,884 | | | | | | 275,070 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 5,659 | | | | | | 240,173 | | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | 10,709 | | | | | | 372,495 | | |
| Suntory Beverage & Food Ltd. | | | | | 3,878 | | | | | | 130,916 | | |
| Suzuken Co., Ltd. | | | | | 6,656 | | | | | | 239,617 | | |
| Suzuki Motor Corp. | | | | | 9,941 | | | | | | 377,159 | | |
| T&D Holdings, Inc. | | | | | 13,530 | | | | | | 165,744 | | |
| Taiheiyo Cement Corp. | | | | | 6,392 | | | | | | 160,173 | | |
| Taisei Corp. | | | | | 7,768 | | | | | | 286,401 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 7,194 | | | | | | 239,241 | | |
| TDK Corp. | | | | | 2,524 | | | | | | 342,907 | | |
| Teijin Ltd. | | | | | 7,366 | | | | | | 121,166 | | |
| Toho Holdings Co., Ltd. | | | | | 7,034 | | | | | | 118,665 | | |
| Tohoku Electric Power Co., Inc. | | | | | 22,914 | | | | | | 201,877 | | |
| Tokio Marine Holdings, Inc. | | | | | 5,017 | | | | | | 240,052 | | |
Tokyo Electric Power Co. Holdings,
Inc.* | | | | | 160,155 | | | | | | 473,263 | | |
| Tokyo Electron Ltd. | | | | | 1,048 | | | | | | 463,285 | | |
| Tokyo Gas Co., Ltd. | | | | | 8,237 | | | | | | 166,767 | | |
| Tokyu Corp. | | | | | 9,678 | | | | | | 124,400 | | |
| Toppan Printing Co., Ltd. | | | | | 14,199 | | | | | | 242,008 | | |
| Toray Industries, Inc. | | | | | 60,151 | | | | | | 373,767 | | |
| Toshiba Corp. | | | | | 10,236 | | | | | | 422,813 | | |
| Tosoh Corp. | | | | | 10,936 | | | | | | 193,898 | | |
| Toyota Boshoku Corp. | | | | | 10,735 | | | | | | 199,958 | | |
| Toyota Industries Corp. | | | | | 3,155 | | | | | | 252,562 | | |
| Toyota Motor Corp. | | | | | 24,177 | | | | | | 1,797,598 | | |
| Toyota Tsusho Corp. | | | | | 29,925 | | | | | | 1,264,842 | | |
| West Japan Railway Co. | | | | | 2,936 | | | | | | 162,023 | | |
| Yamada Holdings Co., Ltd. | | | | | 36,807 | | | | | | 183,185 | | |
| Yamaha Motor Co., Ltd. | | | | | 10,120 | | | | | | 252,664 | | |
| Yamato Holdings Co., Ltd. | | | | | 12,823 | | | | | | 361,914 | | |
| Yamazaki Baking Co., Ltd. | | | | | 5,999 | | | | | | 95,003 | | |
| Z Holdings Corp. | | | | | 58,339 | | | | | | 269,532 | | |
| Zensho Holdings Co., Ltd. | | | | | 6,383 | | | | | | 160,006 | | |
| Total Japan | | | | | | | | | | | 66,010,624 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Luxembourg — 1.4% | |
ArcelorMittal SA* | | | | | 105,148 | | | | | $ | 3,069,495 | | |
RTL Group SA* | | | | | 5,025 | | | | | | 295,922 | | |
| Total Luxembourg | | | | | | | | | | | 3,365,417 | | |
| Netherlands — 3.4% | |
| Aegon NV | | | | | 64,545 | | | | | | 300,385 | | |
| Akzo Nobel NV | | | | | 2,456 | | | | | | 295,417 | | |
| ASML Holding NV | | | | | 588 | | | | | | 383,080 | | |
| EXOR NV | | | | | 13,106 | | | | | | 1,077,884 | | |
| Heineken Holding NV | | | | | 4,503 | | | | | | 447,751 | | |
| Heineken NV | | | | | 4,123 | | | | | | 478,657 | | |
| ING Groep NV | | | | | 23,144 | | | | | | 296,160 | | |
| Koninklijke Ahold Delhaize NV | | | | | 29,960 | | | | | | 807,514 | | |
| Koninklijke DSM NV | | | | | 1,485 | | | | | | 266,716 | | |
Koninklijke Philips NV* | | | | | 7,705 | | | | | | 434,825 | | |
| NN Group NV | | | | | 5,186 | | | | | | 259,518 | | |
| Randstad NV | | | | | 12,408 | | | | | | 897,400 | | |
| Royal Dutch Shell PLC, Class B | | | | | 114,955 | | | | | | 2,067,502 | | |
| Wolters Kluwer NV | | | | | 1,909 | | | | | | 172,951 | | |
| Total Netherlands | | | | | | | | | | | 8,185,760 | | |
| Norway — 1.0% | |
| Equinor ASA | | | | | 72,793 | | | | | | 1,485,088 | | |
| Norsk Hydro ASA | | | | | 111,676 | | | | | | 714,559 | | |
| Telenor ASA | | | | | 14,482 | | | | | | 258,763 | | |
| Total Norway | | | | | | | | | | | 2,458,410 | | |
| Portugal — 0.3% | |
| EDP — Energias de Portugal SA | | | | | 61,357 | | | | | | 341,388 | | |
| Galp Energia SGPS SA | | | | | 18,219 | | | | | | 210,767 | | |
| Jeronimo Martins SGPS SA | | | | | 12,029 | | | | | | 219,959 | | |
| Total Portugal | | | | | | | | | | | 772,114 | | |
| Singapore — 0.5% | |
| Jardine Cycle & Carriage Ltd. | | | | | 15,082 | | | | | | 262,779 | | |
| Oversea-Chinese Banking Corp., Ltd. | | | | | 21,103 | | | | | | 193,518 | | |
| Sembcorp Industries Ltd. | | | | | 104,275 | | | | | | 166,163 | | |
Singapore Airlines Ltd.*(a) | | | | | 106,244 | | | | | | 404,085 | | |
| Singapore Telecommunications Ltd. | | | | | 102,325 | | | | | | 192,282 | | |
| Total Singapore | | | | | | | | | | | 1,218,827 | | |
| Spain — 2.9% | |
Acciona SA(a) | | | | | 1,569 | | | | | | 273,304 | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 35,658 | | | | | | 1,164,558 | | |
Amadeus IT Group SA* | | | | | 3,005 | | | | | | 205,108 | | |
Banco Bilbao Vizcaya Argentaria SA* | | | | | 51,561 | | | | | | 289,894 | | |
Banco Santander SA* | | | | | 214,544 | | | | | | 830,332 | | |
| Cia de Distribucion Integral Logista Holdings SA | | | | | 9,686 | | | | | | 201,718 | | |
| Endesa SA | | | | | 12,619 | | | | | | 332,070 | | |
| Iberdrola SA | | | | | 52,753 | | | | | | 713,468 | | |
Industria de Diseno Textil SA(a) | | | | | 15,899 | | | | | | 566,903 | | |
| Mapfre SA | | | | | 85,889 | | | | | | 185,125 | | |
| Naturgy Energy Group SA | | | | | 14,289 | | | | | | 366,899 | | |
| Repsol SA | | | | | 68,192 | | | | | | 815,805 | | |
| Siemens Gamesa Renewable Energy SA | | | | | 7,825 | | | | | | 283,534 | | |
See notes to financial statements.
Schedule of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Spain (continued) | |
| Telefonica SA | | | | | 168,791 | | | | | $ | 782,995 | | |
| Total Spain | | | | | | | | | | | 7,011,713 | | |
| Sweden — 2.1% | |
Assa Abloy AB, B Shares(a) | | | | | 6,812 | | | | | | 194,393 | | |
| Atlas Copco AB, A Shares | | | | | 4,109 | | | | | | 249,288 | | |
| Electrolux AB, Series B | | | | | 10,395 | | | | | | 292,091 | | |
| Essity AB, B Shares | | | | | 5,900 | | | | | | 192,788 | | |
H & M Hennes & Mauritz AB, B
Shares*(a) | | | | | 22,922 | | | | | | 566,019 | | |
| ICA Gruppen AB | | | | | 3,677 | | | | | | 169,592 | | |
| NCC AB, B Shares | | | | | 9,623 | | | | | | 181,973 | | |
Sandvik AB(a) | | | | | 9,580 | | | | | | 237,128 | | |
Securitas AB, B Shares(a) | | | | | 20,556 | | | | | | 351,159 | | |
| Skanska AB, B Shares | | | | | 19,502 | | | | | | 529,540 | | |
| SKF AB, B Shares | | | | | 9,229 | | | | | | 238,590 | | |
SSAB AB, A Shares* | | | | | 53,540 | | | | | | 291,959 | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 43,824 | | | | | | 600,888 | | |
| Telia Co. AB | | | | | 42,138 | | | | | | 174,617 | | |
| Volvo AB, B Shares | | | | | 39,890 | | | | | | 975,815 | | |
| Total Sweden | | | | | | | | | | | 5,245,840 | | |
| Switzerland — 3.9% | |
| ABB Ltd. | | | | | 18,402 | | | | | | 598,234 | | |
| Adecco Group AG | | | | | 11,586 | | | | | | 785,569 | | |
| Cie Financiere Richemont SA, Class A | | | | | 2,420 | | | | | | 248,461 | | |
| Credit Suisse Group AG | | | | | 21,570 | | | | | | 225,763 | | |
| Kuehne + Nagel International AG | | | | | 2,090 | | | | | | 625,591 | | |
LafargeHolcim Ltd.* | | | | | 8,815 | | | | | | 544,142 | | |
| Nestle SA | | | | | 17,643 | | | | | | 2,106,211 | | |
| Novartis AG | | | | | 10,693 | | | | | | 914,014 | | |
| Roche Holding AG | | | | | 4,819 | | | | | | 1,572,430 | | |
| Schindler Holding AG — Participating Certificate | | | | | 579 | | | | | | 164,930 | | |
| Sika AG | | | | | 738 | | | | | | 220,417 | | |
| STMicroelectronics NV | | | | | 7,845 | | | | | | 294,269 | | |
| Swiss Life Holding AG | | | | | 372 | | | | | | 181,462 | | |
| Swiss Re AG | | | | | 2,790 | | | | | | 259,652 | | |
| Swisscom AG | | | | | 329 | | | | | | 178,667 | | |
| UBS Group AG | | | | | 25,348 | | | | | | 387,008 | | |
| Zurich Insurance Group AG | | | | | 739 | | | | | | 303,605 | | |
| Total Switzerland | | | | | | | | | | | 9,610,425 | | |
| United Kingdom — 8.4% | |
Associated British Foods PLC* | | | | | 11,035 | | | | | | 352,628 | | |
| AstraZeneca PLC | | | | | 4,055 | | | | | | 433,147 | | |
| Aviva PLC | | | | | 43,048 | | | | | | 238,587 | | |
Babcock International Group PLC* | | | | | 27,344 | | | | | | 109,072 | | |
| BAE Systems PLC | | | | | 51,750 | | | | | | 362,695 | | |
Balfour Beatty PLC* | | | | | 54,963 | | | | | | 237,429 | | |
| Barclays PLC | | | | | 136,622 | | | | | | 331,976 | | |
| BP PLC | | | | | 353,507 | | | | | | 1,483,029 | | |
| British American Tobacco PLC | | | | | 14,535 | | | | | | 539,738 | | |
BT Group PLC* | | | | | 305,883 | | | | | | 698,581 | | |
| Bunzl PLC | | | | | 9,532 | | | | | | 307,107 | | |
Capita PLC* | | | | | 311,151 | | | | | | 188,348 | | |
Centrica PLC* | | | | | 848,926 | | | | | | 665,971 | | |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| United Kingdom (continued) | | | |
| CK Hutchison Holdings Ltd. | | | | | 63,570 | | | | | $ | 521,371 | | | | |
Compass Group PLC* | | | | | 36,646 | | | | | | 797,859 | | | | |
| Computacenter PLC | | | | | 7,689 | | | | | | 285,095 | | | | |
| DCC PLC | | | | | 3,112 | | | | | | 270,760 | | | | |
| Diageo PLC | | | | | 7,190 | | | | | | 323,634 | | | | |
Dixons Carphone PLC* | | | | | 153,499 | | | | | | 296,050 | | | | |
| DS Smith PLC | | | | | 36,344 | | | | | | 211,747 | | | | |
easyJet PLC* | | | | | 17,605 | | | | | | 252,525 | | | | |
| Experian PLC | | | | | 4,305 | | | | | | 166,417 | | | | |
| GlaxoSmithKline PLC | | | | | 37,024 | | | | | | 686,700 | | | | |
Hays PLC* | | | | | 112,738 | | | | | | 255,054 | | | | |
| HSBC Holdings PLC | | | | | 61,505 | | | | | | 385,590 | | | | |
| Imperial Brands PLC | | | | | 16,873 | | | | | | 352,175 | | | | |
Inchcape PLC* | | | | | 26,681 | | | | | | 288,695 | | | | |
InterContinental Hotels Group PLC* | | | | | 2,759 | | | | | | 196,805 | | | | |
International Consolidated Airlines Group SA* | | | | | 18,060 | | | | | | 50,710 | | | | |
ITV PLC* | | | | | 139,398 | | | | | | 233,534 | | | | |
| J Sainsbury PLC | | | | | 137,437 | | | | | | 452,316 | | | | |
John Wood Group PLC* | | | | | 81,410 | | | | | | 317,409 | | | | |
| Johnson Matthey PLC | | | | | 11,307 | | | | | | 508,791 | | | | |
Kingfisher PLC* | | | | | 97,588 | | | | | | 482,768 | | | | |
| Legal & General Group PLC | | | | | 45,505 | | | | | | 171,623 | | | | |
| Lloyds Banking Group PLC | | | | | 500,878 | | | | | | 315,088 | | | | |
Marks & Spencer Group PLC* | | | | | 129,828 | | | | | | 284,010 | | | | |
| Mondi PLC | | | | | 8,618 | | | | | | 234,465 | | | | |
| National Grid PLC | | | | | 22,057 | | | | | | 278,088 | | | | |
| Natwest Group PLC | | | | | 89,211 | | | | | | 242,835 | | | | |
Pearson PLC(a) | | | | | 19,938 | | | | | | 229,123 | | | | |
Petrofac Ltd.* | | | | | 48,383 | | | | | | 88,157 | | | | |
| Prudential PLC | | | | | 14,171 | | | | | | 301,076 | | | | |
| Reckitt Benckiser Group PLC | | | | | 3,029 | | | | | | 270,542 | | | | |
| RELX PLC | | | | | 10,136 | | | | | | 263,765 | | | | |
Rolls-Royce Holdings PLC* | | | | | 284,137 | | | | | | 411,577 | | | | |
Royal Mail PLC* | | | | | 118,477 | | | | | | 813,626 | | | | |
| SSE PLC | | | | | 21,764 | | | | | | 442,358 | | | | |
| Standard Chartered PLC | | | | | 24,910 | | | | | | 179,206 | | | | |
| Tesco PLC | | | | | 209,139 | | | | | | 639,935 | | | | |
Travis Perkins PLC* | | | | | 10,500 | | | | | | 223,446 | | | | |
| Vodafone Group PLC | | | | | 417,991 | | | | | | 791,702 | | | | |
Wickes Group PLC* | | | | | 11,766 | | | | | | 40,718 | | | | |
| Wm Morrison Supermarkets PLC | | | | | 106,598 | | | | | | 256,586 | | | | |
| WPP PLC | | | | | 58,224 | | | | | | 786,471 | | | | |
| Total United Kingdom | | | | | | | | | | | 20,548,710 | | | | |
| United States — 1.6% | | | |
| Ferguson PLC | | | | | 4,943 | | | | | | 624,979 | | | | |
| Stellantis NV | | | | | 189,834 | | | | | | 3,159,089 | | | | |
| Total United States | | | | | | | | | | | 3,784,068 | | | | |
| Total Common Stocks | | | | | |
| (Cost $212,844,444) | | | | | | | | | | | 238,113,073 | | | | |
| Preferred Stocks — 1.6% | | | | | | | |
| Germany — 1.6% | | | |
| Henkel AG & Co. KGaA, 1.93% | | | | | 3,766 | | | | | | 433,222 | | | | |
| Schaeffler AG, 3.33% | | | | | 30,170 | | | | | | 272,208 | | | | |
| Volkswagen AG, 2.22% | | | | | 12,232 | | | | | | 3,190,881 | | | | |
| Total Germany | | | | | | | | | | | 3,896,311 | | | | |
| |
See notes to financial statements.
Schedule of Investments — IQ 500 International ETF (continued)
| | | | Shares | | | Value | |
| Preferred Stocks (continued) | |
| Total Preferred Stocks | | | |
| (Cost $3,050,279) | | | | | | | | | | $ | 3,896,311 | | |
| Rights — 0.0%(b) | | | |
| Switzerland — 0.0%(b) | | | |
Credit Suisse Group AG, expires 5/11/21*(c) | | | | | | | | | | | | | |
| (Cost $0) | | | | | 21,570 | | | | | | 0 | | |
| Short-Term Investments — 4.4% | |
| Money Market Funds — 4.4% | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(d)(e) | | | | | 9,927,426 | | | | | | 9,927,426 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(d) | | | | | 912,951 | | | | | | 912,951 | | |
| Total Short-Term Investments | | | |
| (Cost $10,840,377) | | | | | | | | | | | 10,840,377 | | |
| Total Investments — 103.4% | | | |
| (Cost $226,735,100) | | | | | | | | | | | 252,849,761 | | |
| Other Assets and Liabilities, Net — (3.4)% | | | | | | | | | | | (8,513,637) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 244,336,124 | | |
| |
*
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 $12,119,424; total market value of collateral held by the Fund was $13,717,598. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,790,172.
(b)
Less than 0.05%.
(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 April 30, 2021.
(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 April 30, 2021. 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 | | | | $ | 238,113,073 | | | | | $ | — | | | | | $ | — | | | | | $ | 238,113,073 | | |
| Preferred Stocks | | | | | 3,896,311 | | | | | | — | | | | | | — | | | | | | 3,896,311 | | |
| Rights | | | | | — | | | | | | — | | | | | | 0(g) | | | | | | 0 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 10,840,377 | | | | | | — | | | | | | — | | | | | | 10,840,377 | | |
| Total Investments in Securities | | | | $ | 252,849,761 | | | | | $ | — | | | | | $ | 0 | | | | | $ | 252,849,761 | | |
(f)
For a complete listing of investments and their countries, see the Schedule 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 year.
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF
| | | | Shares | | | Value | |
| Common Stocks — 98.8% | |
| Australia — 7.9% | |
Afterpay Ltd.* | | | | | 3,787 | | | | | $ | 344,158 | | |
APA Group(a) | | | | | 23,909 | | | | | | 185,239 | | |
| Aristocrat Leisure Ltd. | | | | | 12,536 | | | | | | 359,933 | | |
| ASX Ltd. | | | | | 3,868 | | | | | | 218,052 | | |
| Aurizon Holdings Ltd. | | | | | 43,199 | | | | | | 125,134 | | |
Australia & New Zealand Banking Group
Ltd. | | | | | 47,772 | | | | | | 1,060,549 | | |
| BHP Group Ltd. | | | | | 49,010 | | | | | | 1,805,816 | | |
| BHP Group PLC | | | | | 34,581 | | | | | | 1,045,920 | | |
| BlueScope Steel Ltd. | | | | | 9,801 | | | | | | 163,680 | | |
Boral Ltd.* | | | | | 29,975 | | | | | | 143,556 | | |
| Brambles Ltd. | | | | | 28,617 | | | | | | 229,894 | | |
| Charter Hall Group | | | | | 12,921 | | | | | | 139,732 | | |
| Cochlear Ltd. | | | | | 1,241 | | | | | | 213,291 | | |
| Coles Group Ltd. | | | | | 22,755 | | | | | | 286,858 | | |
| Commonwealth Bank of Australia | | | | | 29,726 | | | | | | 2,044,523 | | |
| Computershare Ltd. | | | | | 14,270 | | | | | | 155,643 | | |
| CSL Ltd. | | | | | 7,618 | | | | | | 1,595,648 | | |
| Dexus | | | | | 28,153 | | | | | | 221,165 | | |
| Evolution Mining Ltd. | | | | | 33,775 | | | | | | 120,794 | | |
| Fortescue Metals Group Ltd. | | | | | 27,849 | | | | | | 485,955 | | |
Glencore PLC* | | | | | 184,156 | | | | | | 752,681 | | |
| Goodman Group | | | | | 33,409 | | | | | | 488,006 | | |
| GPT Group (The) | | | | | 49,353 | | | | | | 176,127 | | |
Incitec Pivot Ltd.* | | | | | 47,776 | | | | | | 97,797 | | |
| Insurance Australia Group Ltd. | | | | | 48,826 | | | | | | 184,807 | | |
| Lendlease Group | | | | | 12,702 | | | | | | 124,706 | | |
| Macquarie Group Ltd. | | | | | 5,902 | | | | | | 731,674 | | |
| Magellan Financial Group Ltd. | | | | | 3,114 | | | | | | 116,662 | | |
| Medibank Pvt Ltd. | | | | | 63,104 | | | | | | 150,134 | | |
| Mirvac Group | | | | | 93,632 | | | | | | 194,557 | | |
| National Australia Bank Ltd. | | | | | 54,788 | | | | | | 1,128,278 | | |
| Newcrest Mining Ltd. | | | | | 14,835 | | | | | | 303,901 | | |
| Northern Star Resources Ltd. | | | | | 21,598 | | | | | | 175,342 | | |
| Oil Search Ltd. | | | | | 43,475 | | | | | | 127,613 | | |
| Orica Ltd. | | | | | 9,445 | | | | | | 98,931 | | |
| Origin Energy Ltd. | | | | | 34,732 | | | | | | 111,608 | | |
| OZ Minerals Ltd. | | | | | 7,713 | | | | | | 142,632 | | |
| QBE Insurance Group Ltd. | | | | | 27,540 | | | | | | 209,755 | | |
| Ramsay Health Care Ltd. | | | | | 3,695 | | | | | | 192,145 | | |
| Rio Tinto Ltd. | | | | | 6,272 | | | | | | 586,948 | | |
| Rio Tinto PLC | | | | | 17,984 | | | | | | 1,512,909 | | |
| Santos Ltd. | | | | | 37,974 | | | | | | 204,744 | | |
| Scentre Group | | | | | 108,095 | | | | | | 227,115 | | |
SEEK Ltd.* | | | | | 8,360 | | | | | | 199,994 | | |
| Shopping Centres Australasia Property Group | | | | | 54,974 | | | | | | 105,737 | | |
| Sonic Healthcare Ltd. | | | | | 10,084 | | | | | | 279,483 | | |
| South32 Ltd. | | | | | 88,140 | | | | | | 196,081 | | |
| Stockland | | | | | 54,953 | | | | | | 198,659 | | |
| Suncorp Group Ltd. | | | | | 25,216 | | | | | | 204,715 | | |
Sydney Airport* | | | | | 30,646 | | | | | | 146,533 | | |
| Tabcorp Holdings Ltd. | | | | | 50,305 | | | | | | 193,125 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Australia (continued) | |
| Telstra Corp., Ltd. | | | | | 78,126 | | | | | $ | 204,581 | | |
| Transurban Group | | | | | 48,833 | | | | | | 534,507 | | |
| Treasury Wine Estates Ltd. | | | | | 14,634 | | | | | | 113,493 | | |
| Vicinity Centres | | | | | 90,038 | | | | | | 110,237 | | |
| Wesfarmers Ltd. | | | | | 19,712 | | | | | | 823,908 | | |
| Westpac Banking Corp. | | | | | 60,433 | | | | | | 1,166,103 | | |
| Woodside Petroleum Ltd. | | | | | 18,264 | | | | | | 322,510 | | |
| Woolworths Group Ltd. | | | | | 21,786 | | | | | | 661,364 | | |
| Total Australia | | | | | | | | | | | 24,445,642 | | |
| Austria — 0.2% | |
ams AG* | | | | | 5,032 | | | | | | 87,338 | | |
Erste Group Bank AG* | | | | | 7,980 | | | | | | 284,347 | | |
| OMV AG | | | | | 4,322 | | | | | | 213,368 | | |
| Total Austria | | | | | | | | | | | 585,053 | | |
| Belgium — 0.9% | |
| Ageas SA/NV | | | | | 4,179 | | | | | | 253,345 | | |
| Anheuser-Busch InBev SA/NV | | | | | 14,040 | | | | | | 994,307 | | |
Galapagos NV* | | | | | 914 | | | | | | 71,397 | | |
| Groupe Bruxelles Lambert SA | | | | | 2,358 | | | | | | 258,252 | | |
KBC Group NV* | | | | | 4,975 | | | | | | 387,003 | | |
| Solvay SA | | | | | 1,575 | | | | | | 200,595 | | |
| UCB SA | | | | | 2,448 | | | | | | 227,088 | | |
| Umicore SA | | | | | 4,010 | | | | | | 244,065 | | |
| Total Belgium | | | | | | | | | | | 2,636,052 | | |
| Brazil — 0.0%(b) | |
| Yara International ASA | | | | | 2,848 | | | | | | 149,012 | | |
| Cambodia — 0.0%(b) | |
| NagaCorp Ltd. | | | | | 55,863 | | | | | | 59,842 | | |
| Chile — 0.1% | |
| Antofagasta PLC | | | | | 6,493 | | | | | | 167,706 | | |
| China — 0.6% | |
| AAC Technologies Holdings, Inc. | | | | | 15,037 | | | | | | 83,734 | | |
| BOC Hong Kong Holdings Ltd. | | | | | 68,595 | | | | | | 241,990 | | |
| Budweiser Brewing Co APAC Ltd. | | | | | 31,235 | | | | | | 98,730 | | |
ESR Cayman Ltd.* | | | | | 39,418 | | | | | | 134,746 | | |
| Lenovo Group Ltd. | | | | | 143,879 | | | | | | 197,845 | | |
Prosus NV* | | | | | 7,361 | | | | | | 799,543 | | |
| Want Want China Holdings Ltd. | | | | | 148,812 | | | | | | 107,870 | | |
| Wilmar International Ltd. | | | | | 35,787 | | | | | | 140,415 | | |
| Total China | | | | | | | | | | | 1,804,873 | | |
| Denmark — 2.2% | |
| Ambu A/S, Class B | | | | | 3,015 | | | | | | 169,158 | | |
AP Moller — Maersk A/S, Class B(a) | | | | | 159 | | | | | | 395,592 | | |
| Carlsberg A/S, Class B | | | | | 1,875 | | | | | | 329,464 | | |
Chr Hansen Holding A/S* | | | | | 1,891 | | | | | | 174,050 | | |
| Coloplast A/S, Class B | | | | | 2,349 | | | | | | 389,177 | | |
| Danske Bank A/S | | | | | 11,140 | | | | | | 212,877 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Denmark (continued) | |
Demant A/S* | | | | | 1,855 | | | | | $ | 93,146 | | |
| DSV PANALPINA A/S | | | | | 3,487 | | | | | | 778,664 | | |
Genmab A/S* | | | | | 1,061 | | | | | | 389,868 | | |
| GN Store Nord A/S | | | | | 2,350 | | | | | | 212,417 | | |
| Novo Nordisk A/S, Class B | | | | | 26,811 | | | | | | 1,966,237 | | |
| Novozymes A/S, Class B | | | | | 3,714 | | | | | | 264,708 | | |
| Orsted A/S | | | | | 2,979 | | | | | | 435,061 | | |
Pandora A/S* | | | | | 1,721 | | | | | | 195,567 | | |
| SimCorp A/S | | | | | 792 | | | | | | 104,820 | | |
| Vestas Wind Systems A/S | | | | | 16,895 | | | | | | 706,141 | | |
| Total Denmark | | | | | | | | | | | 6,816,947 | | |
| Finland — 1.2% | |
| Elisa OYJ | | | | | 2,995 | | | | | | 170,138 | | |
Fortum OYJ(a) | | | | | 8,260 | | | | | | 217,263 | | |
| Kesko OYJ, Class B | | | | | 5,500 | | | | | | 167,773 | | |
| Kone OYJ, Class B | | | | | 6,628 | | | | | | 521,334 | | |
| Metso Outotec OYJ | | | | | 12,185 | | | | | | 137,061 | | |
| Neste OYJ | | | | | 7,215 | | | | | | 437,745 | | |
Nokia OYJ* | | | | | 96,237 | | | | | | 456,739 | | |
| Nokian Renkaat OYJ | | | | | 3,010 | | | | | | 112,254 | | |
| Nordea Bank Abp | | | | | 58,210 | | | | | | 603,610 | | |
| Sampo OYJ, Class A | | | | | 9,104 | | | | | | 433,006 | | |
| Stora Enso OYJ, Class R | | | | | 11,042 | | | | | | 211,747 | | |
| UPM-Kymmene OYJ | | | | | 9,616 | | | | | | 376,790 | | |
| Total Finland | | | | | | | | | | | 3,845,460 | | |
| France — 9.6% | |
Accor SA* | | | | | 4,180 | | | | | | 168,417 | | |
Adevinta ASA* | | | | | 4,219 | | | | | | 77,441 | | |
Air Liquide SA(a) | | | | | 7,667 | | | | | | 1,293,242 | | |
Airbus SE* | | | | | 9,219 | | | | | | 1,109,117 | | |
Alstom SA* | | | | | 4,660 | | | | | | 254,905 | | |
| Arkema SA | | | | | 1,414 | | | | | | 177,026 | | |
Atos SE* | | | | | 1,852 | | | | | | 126,231 | | |
AXA SA(a) | | | | | 32,197 | | | | | | 911,799 | | |
BNP Paribas SA* | | | | | 18,152 | | | | | | 1,166,645 | | |
Bouygues SA(a) | | | | | 4,019 | | | | | | 172,429 | | |
Bureau Veritas SA* | | | | | 6,454 | | | | | | 193,223 | | |
| Capgemini SE | | | | | 2,746 | | | | | | 503,779 | | |
| Carrefour SA | | | | | 9,890 | | | | | | 191,739 | | |
Cie de Saint-Gobain* | | | | | 8,632 | | | | | | 545,538 | | |
| Cie Generale des Etablissements Michelin | | | | | 3,057 | | | | | | 442,890 | | |
| Covivio | | | | | 1,333 | | | | | | 119,066 | | |
Credit Agricole SA* | | | | | 19,886 | | | | | | 308,140 | | |
Danone SA(a) | | | | | 9,922 | | | | | | 700,283 | | |
| Dassault Systemes SE | | | | | 2,280 | | | | | | 529,583 | | |
| Edenred | | | | | 4,713 | | | | | | 267,506 | | |
Eiffage SA* | | | | | 1,395 | | | | | | 153,018 | | |
Engie SA* | | | | | 28,601 | | | | | | 425,897 | | |
| EssilorLuxottica SA | | | | | 4,967 | | | | | | 827,531 | | |
| Gecina SA | | | | | 1,199 | | | | | | 175,584 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| France (continued) | |
Getlink SE* | | | | | 9,389 | | | | | $ | 149,532 | | |
| Hermes International | | | | | 542 | | | | | | 681,168 | | |
Kering SA(a) | | | | | 1,250 | | | | | | 1,002,916 | | |
| Klepierre SA | | | | | 3,997 | | | | | | 106,144 | | |
| Legrand SA | | | | | 4,785 | | | | | | 466,575 | | |
L’Oreal SA(a) | | | | | 3,951 | | | | | | 1,624,960 | | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | 4,134 | | | | | | 3,116,289 | | |
| Orange SA | | | | | 32,415 | | | | | | 403,869 | | |
| Orpea* | | | | | 1,096 | | | | | | 141,238 | | |
| Pernod Ricard SA | | | | | 3,546 | | | | | | 728,663 | | |
| Publicis Groupe SA | | | | | 4,189 | | | | | | 271,601 | | |
Renault SA* | | | | | 3,425 | | | | | | 138,224 | | |
Rexel SA* | | | | | 6,843 | | | | | | 134,849 | | |
| Rubis SCA | | | | | 2,072 | | | | | | 97,401 | | |
Safran SA* | | | | | 5,523 | | | | | | 825,621 | | |
| Sanofi(a) | | | | | 18,005 | | | | | | 1,891,526 | | |
| Sartorius Stedim Biotech | | | | | 437 | | | | | | 200,955 | | |
| Schneider Electric SE | | | | | 8,715 | | | | | | 1,395,528 | | |
SCOR SE* | | | | | 3,389 | | | | | | 109,784 | | |
Societe Generale SA* | | | | | 13,188 | | | | | | 375,778 | | |
Sodexo SA* | | | | | 1,698 | | | | | | 169,861 | | |
| Suez SA | | | | | 6,139 | | | | | | 146,768 | | |
| Teleperformance | | | | | 1,047 | | | | | | 404,707 | | |
| Thales SA | | | | | 1,932 | | | | | | 197,176 | | |
TOTAL SE(a) | | | | | 40,273 | | | | | | 1,785,299 | | |
Ubisoft Entertainment SA* | | | | | 1,655 | | | | | | 124,438 | | |
| Unibail-Rodamco-Westfield* | | | | | 2,430 | | | | | | 200,642 | | |
| Valeo SA | | | | | 4,459 | | | | | | 144,607 | | |
| Veolia Environnement SA | | | | | 9,061 | | | | | | 288,943 | | |
| Vinci SA | | | | | 7,757 | | | | | | 853,482 | | |
Vivendi SE* | | | | | 13,906 | | | | | | 485,461 | | |
Worldline SA* | | | | | 4,236 | | | | | | 416,255 | | |
| Total France | | | | | | | | | | | 29,921,289 | | |
| Germany — 7.8% | |
adidas AG* | | | | | 3,263 | | | | | | 1,008,906 | | |
| Allianz SE | | | | | 6,819 | | | | | | 1,776,365 | | |
| Aroundtown SA | | | | | 23,572 | | | | | | 181,720 | | |
| BASF SE | | | | | 15,449 | | | | | | 1,247,520 | | |
| Bayer AG | | | | | 16,238 | | | | | | 1,052,036 | | |
| Bayerische Motoren Werke AG | | | | | 6,007 | | | | | | 603,084 | | |
| Bechtle AG | | | | | 541 | | | | | | 110,290 | | |
| Beiersdorf AG | | | | | 1,876 | | | | | | 212,057 | | |
| Brenntag SE | | | | | 3,171 | | | | | | 285,072 | | |
Commerzbank AG* | | | | | 19,675 | | | | | | 130,053 | | |
| Continental AG | | | | | 1,842 | | | | | | 249,768 | | |
| Covestro AG | | | | | 3,296 | | | | | | 215,924 | | |
CTS Eventim AG & Co. KGaA* | | | | | 1,409 | | | | | | 97,495 | | |
| Daimler AG | | | | | 13,628 | | | | | | 1,214,818 | | |
Deutsche Bank AG* | | | | | 35,228 | | | | | | 492,181 | | |
| Deutsche Boerse AG | | | | | 3,131 | | | | | | 540,112 | | |
| Deutsche Post AG | | | | | 16,415 | | | | | | 967,369 | | |
| Deutsche Telekom AG | | | | | 53,731 | | | | | | 1,034,902 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Germany (continued) | |
| Deutsche Wohnen SE | | | | | 6,265 | | | | | $ | 339,381 | | |
| E.ON SE | | | | | 38,034 | | | | | | 459,044 | | |
Fresenius Medical Care AG &
Co. KGaA | | | | | 3,749 | | | | | | 298,583 | | |
| Fresenius SE & Co. KGaA | | | | | 7,308 | | | | | | 359,636 | | |
| GEA Group AG | | | | | 3,477 | | | | | | 152,817 | | |
| Hannover Rueck SE | | | | | 1,212 | | | | | | 224,395 | | |
| HeidelbergCement AG | | | | | 2,781 | | | | | | 255,167 | | |
HelloFresh SE* | | | | | 2,617 | | | | | | 217,374 | | |
| Henkel AG & Co. KGaA | | | | | 1,578 | | | | | | 157,097 | | |
| Infineon Technologies AG | | | | | 21,992 | | | | | | 888,599 | | |
Just Eat Takeaway.com NV* | | | | | 2,059 | | | | | | 213,667 | | |
| KION Group AG | | | | | 1,578 | | | | | | 157,552 | | |
| Knorr-Bremse AG | | | | | 1,084 | | | | | | 133,102 | | |
| LANXESS AG | | | | | 1,920 | | | | | | 141,497 | | |
| LEG Immobilien SE | | | | | 1,302 | | | | | | 181,342 | | |
| Merck KGaA | | | | | 2,333 | | | | | | 410,457 | | |
| MTU Aero Engines AG | | | | | 1,016 | | | | | | 256,720 | | |
| Muenchener Rueckversicherungs- Gesellschaft AG | | | | | 2,290 | | | | | | 663,400 | | |
Puma SE* | | | | | 1,671 | | | | | | 176,453 | | |
| RWE AG | | | | | 10,737 | | | | | | 407,661 | | |
| SAP SE | | | | | 18,525 | | | | | | 2,603,793 | | |
Scout24 AG(a) | | | | | 2,000 | | | | | | 166,461 | | |
| Siemens AG | | | | | 12,452 | | | | | | 2,080,872 | | |
Siemens Energy AG* | | | | | 6,468 | | | | | | 216,456 | | |
| Siemens Healthineers AG | | | | | 3,542 | | | | | | 202,448 | | |
| Symrise AG | | | | | 2,342 | | | | | | 302,793 | | |
TeamViewer AG* | | | | | 2,885 | | | | | | 137,390 | | |
thyssenkrupp AG* | | | | | 9,043 | | | | | | 121,052 | | |
| United Internet AG | | | | | 2,333 | | | | | | 98,324 | | |
| Vonovia SE | | | | | 9,269 | | | | | | 609,674 | | |
Zalando SE* | | | | | 2,963 | | | | | | 308,676 | | |
| Total Germany | | | | | | | | | | | 24,361,555 | | |
| Hong Kong — 2.7% | |
| AIA Group Ltd. | | | | | 200,514 | | | | | | 2,553,266 | | |
| ASM Pacific Technology Ltd. | | | | | 7,038 | | | | | | 106,746 | | |
| CK Asset Holdings Ltd. | | | | | 45,382 | | | | | | 284,848 | | |
| CLP Holdings Ltd. | | | | | 29,999 | | | | | | 296,056 | | |
| Hang Lung Properties Ltd. | | | | | 49,385 | | | | | | 134,799 | | |
| Hang Seng Bank Ltd. | | | | | 13,923 | | | | | | 273,374 | | |
Henderson Land Development Co.,
Ltd. | | | | | 38,029 | | | | | | 169,168 | | |
| Hong Kong & China Gas Co., Ltd. | | | | | 196,527 | | | | | | 315,279 | | |
| Hong Kong Exchanges & Clearing Ltd. | | | | | 21,440 | | | | | | 1,297,412 | | |
| Hongkong Land Holdings Ltd. | | | | | 27,757 | | | | | | 137,397 | | |
| Hysan Development Co., Ltd. | | | | | 22,658 | | | | | | 85,330 | | |
| Jardine Matheson Holdings Ltd. | | | | | 3,669 | | | | | | 246,704 | | |
| Link REIT | | | | | 38,145 | | | | | | 360,732 | | |
| Man Wah Holdings Ltd. | | | | | 43,561 | | | | | | 91,644 | | |
| MTR Corp., Ltd. | | | | | 30,010 | | | | | | 167,305 | | |
| New World Development Co., Ltd. | | | | | 33,100 | | | | | | 175,156 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Hong Kong (continued) | |
| Power Assets Holdings Ltd. | | | | | 30,677 | | | | | $ | 188,600 | | |
| Sino Land Co., Ltd. | | | | | 88,230 | | | | | | 131,092 | | |
| Sun Hung Kai Properties Ltd. | | | | | 27,037 | | | | | | 408,330 | | |
| Swire Pacific Ltd., Class A | | | | | 17,446 | | | | | | 141,175 | | |
| Techtronic Industries Co., Ltd. | | | | | 23,116 | | | | | | 421,435 | | |
| WH Group Ltd. | | | | | 181,311 | | | | | | 158,507 | | |
| Wharf Real Estate Investment Co., Ltd. | | | | | 32,439 | | | | | | 186,694 | | |
| Xinyi Glass Holdings Ltd. | | | | | 38,427 | | | | | | 136,305 | | |
| Total Hong Kong | | | | | | | | | | | 8,467,354 | | |
| Ireland — 0.7% | |
| CRH PLC | | | | | 13,549 | | | | | | 642,880 | | |
Flutter Entertainment PLC* | | | | | 2,753 | | | | | | 565,652 | | |
| Kerry Group PLC, Class A | | | | | 2,610 | | | | | | 338,699 | | |
| Kingspan Group PLC | | | | | 2,699 | | | | | | 240,625 | | |
| Smurfit Kappa Group PLC | | | | | 4,686 | | | | | | 240,964 | | |
| Total Ireland | | | | | | | | | | | 2,028,820 | | |
| Israel — 0.5% | |
Bank Hapoalim BM* | | | | | 35,452 | | | | | | 283,104 | | |
Bank Leumi Le-Israel BM* | | | | | 42,844 | | | | | | 302,240 | | |
| ICL Group Ltd. | | | | | 20,624 | | | | | | 132,582 | | |
Israel Discount Bank Ltd., Class A* | | | | | 38,255 | | | | | | 173,149 | | |
Nice Ltd.* | | | | | 1,338 | | | | | | 323,759 | | |
Teva Pharmaceutical Industries Ltd.* | | | | | 19,004 | | | | | | 198,340 | | |
Tower Semiconductor Ltd.* | | | | | 3,282 | | | | | | 96,031 | | |
| Total Israel | | | | | | | | | | | 1,509,205 | | |
| Italy — 1.9% | |
| Assicurazioni Generali SpA | | | | | 22,736 | | | | | | 456,662 | | |
Atlantia SpA* | | | | | 9,709 | | | | | | 189,633 | | |
| Davide Campari-Milano NV | | | | | 11,885 | | | | | | 140,382 | | |
| Enel SpA | | | | | 132,154 | | | | | | 1,315,172 | | |
| Eni SpA | | | | | 45,346 | | | | | | 542,054 | | |
| Ferrari NV | | | | | 2,130 | | | | | | 456,793 | | |
FinecoBank Banca Fineco SpA* | | | | | 11,410 | | | | | | 196,690 | | |
Intesa Sanpaolo SpA* | | | | | 272,631 | | | | | | 761,736 | | |
Mediobanca Banca di Credito Finanziario SpA* | | | | | 16,074 | | | | | | 181,927 | | |
Moncler SpA* | | | | | 3,729 | | | | | | 229,027 | | |
Nexi SpA* | | | | | 9,337 | | | | | | 179,164 | | |
| Prysmian SpA | | | | | 5,228 | | | | | | 163,945 | | |
| Recordati Industria Chimica e Farmaceutica SpA | | | | | 2,371 | | | | | | 130,837 | | |
| Snam SpA | | | | | 43,901 | | | | | | 247,329 | | |
| Telecom Italia SpA | | | | | 318,538 | | | | | | 174,971 | | |
| Terna Rete Elettrica Nazionale SpA | | | | | 31,929 | | | | | | 235,613 | | |
| UniCredit SpA | | | | | 38,039 | | | | | | 392,065 | | |
| Total Italy | | | | | | | | | | | 5,994,000 | | |
| Japan — 23.2% | |
| Advantest Corp. | | | | | 3,622 | | | | | | 343,958 | | |
| Aeon Co., Ltd. | | | | | 12,810 | | | | | | 349,534 | | |
| AGC, Inc. | | | | | 4,568 | | | | | | 208,121 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Air Water, Inc. | | | | | 5,806 | | | | | $ | 96,143 | | |
| Aisin Corp. | | | | | 3,877 | | | | | | 149,327 | | |
| Ajinomoto Co., Inc. | | | | | 10,596 | | | | | | 211,959 | | |
| Alfresa Holdings Corp. | | | | | 5,018 | | | | | | 89,842 | | |
| Amada Co., Ltd. | | | | | 10,058 | | | | | | 108,857 | | |
| Aozora Bank Ltd. | | | | | 4,483 | | | | | | 96,382 | | |
| Asahi Group Holdings Ltd. | | | | | 8,144 | | | | | | 340,125 | | |
| Asahi Kasei Corp. | | | | | 25,388 | | | | | | 267,456 | | |
| Astellas Pharma, Inc. | | | | | 33,787 | | | | | | 507,091 | | |
| Bandai Namco Holdings, Inc. | | | | | 3,753 | | | | | | 275,574 | | |
Bank of Kyoto Ltd. (The)(a) | | | | | 1,918 | | | | | | 102,827 | | |
| Bridgestone Corp. | | | | | 10,665 | | | | | | 427,068 | | |
| Brother Industries Ltd. | | | | | 5,823 | | | | | | 123,114 | | |
| Canon, Inc. | | | | | 17,467 | | | | | | 415,961 | | |
| Capcom Co., Ltd. | | | | | 3,674 | | | | | | 119,324 | | |
| Casio Computer Co., Ltd. | | | | | 4,220 | | | | | | 74,551 | | |
| Central Japan Railway Co. | | | | | 3,315 | | | | | | 484,793 | | |
| Chubu Electric Power Co., Inc. | | | | | 13,144 | | | | | | 158,791 | | |
| Chugai Pharmaceutical Co., Ltd. | | | | | 11,438 | | | | | | 429,141 | | |
| Concordia Financial Group Ltd. | | | | | 29,644 | | | | | | 111,194 | | |
| CyberAgent, Inc. | | | | | 7,532 | | | | | | 154,905 | | |
| Dai Nippon Printing Co., Ltd. | | | | | 7,152 | | | | | | 142,052 | | |
| Daifuku Co., Ltd. | | | | | 2,034 | | | | | | 201,344 | | |
| Dai-ichi Life Holdings, Inc. | | | | | 20,150 | | | | | | 362,333 | | |
| Daiichi Sankyo Co., Ltd. | | | | | 32,245 | | | | | | 822,166 | | |
| Daikin Industries Ltd. | | | | | 4,583 | | | | | | 919,493 | | |
| Daito Trust Construction Co., Ltd. | | | | | 1,455 | | | | | | 154,678 | | |
| Daiwa House Industry Co., Ltd. | | | | | 12,258 | | | | | | 362,789 | | |
| Daiwa Securities Group, Inc. | | | | | 32,444 | | | | | | 172,779 | | |
| Denso Corp. | | | | | 7,993 | | | | | | 516,194 | | |
| Dentsu Group, Inc. | | | | | 4,468 | | | | | | 137,345 | | |
| Disco Corp. | | | | | 530 | | | | | | 171,648 | | |
| East Japan Railway Co. | | | | | 6,618 | | | | | | 452,825 | | |
| Eisai Co., Ltd. | | | | | 4,711 | | | | | | 307,257 | | |
| ENEOS Holdings, Inc. | | | | | 58,542 | | | | | | 252,367 | | |
| FANUC Corp. | | | | | 3,322 | | | | | | 765,119 | | |
| Fast Retailing Co., Ltd. | | | | | 886 | | | | | | 727,168 | | |
| Food & Life Cos. Ltd. | | | | | 2,572 | | | | | | 114,946 | | |
| Fuji Electric Co., Ltd. | | | | | 2,881 | | | | | | 131,128 | | |
| FUJIFILM Holdings Corp. | | | | | 6,385 | | | | | | 413,984 | | |
| Fujitsu Ltd. | | | | | 3,469 | | | | | | 552,380 | | |
| Fukuoka Financial Group, Inc. | | | | | 4,942 | | | | | | 84,096 | | |
| Hamamatsu Photonics K.K. | | | | | 3,036 | | | | | | 176,097 | | |
| Hankyu Hanshin Holdings, Inc. | | | | | 5,058 | | | | | | 159,183 | | |
| Hirose Electric Co., Ltd. | | | | | 899 | | | | | | 143,192 | | |
| Hitachi Ltd. | | | | | 16,256 | | | | | | 800,270 | | |
| Honda Motor Co., Ltd. | | | | | 29,189 | | | | | | 863,079 | | |
| Hoya Corp. | | | | | 6,326 | | | | | | 719,673 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 4,732 | | | | | | 113,294 | | |
| Inpex Corp. | | | | | 19,331 | | | | | | 131,933 | | |
| Isuzu Motors Ltd. | | | | | 11,915 | | | | | | 120,562 | | |
Ito En Ltd.(a) | | | | | 1,410 | | | | | | 78,043 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| ITOCHU Corp. | | | | | 24,223 | | | | | $ | 755,244 | | |
| Japan Exchange Group, Inc. | | | | | 9,829 | | | | | | 230,337 | | |
| Japan Metropolitan Fund Invest. | | | | | 123 | | | | | | 121,194 | | |
| Japan Tobacco, Inc. | | | | | 21,898 | | | | | | 409,492 | | |
| JFE Holdings, Inc. | | | | | 10,395 | | | | | | 136,755 | | |
| JGC Holdings Corp. | | | | | 6,104 | | | | | | 69,637 | | |
| JSR Corp. | | | | | 3,821 | | | | | | 117,631 | | |
| Kajima Corp. | | | | | 11,663 | | | | | | 161,119 | | |
| Kakaku.com, Inc. | | | | | 3,232 | | | | | | 87,819 | | |
| Kansai Electric Power Co., Inc. (The) | | | | | 14,006 | | | | | | 138,644 | | |
| Kansai Paint Co., Ltd. | | | | | 4,899 | | | | | | 123,388 | | |
| Kao Corp. | | | | | 8,481 | | | | | | 543,675 | | |
| KDDI Corp. | | | | | 29,465 | | | | | | 891,188 | | |
| Keio Corp. | | | | | 2,692 | | | | | | 174,861 | | |
| Keisei Electric Railway Co., Ltd. | | | | | 3,782 | | | | | | 117,987 | | |
| Keyence Corp. | | | | | 3,050 | | | | | | 1,465,496 | | |
Kikkoman Corp.(a) | | | | | 3,713 | | | | | | 227,933 | | |
Kintetsu Group Holdings Co., Ltd.* | | | | | 3,868 | | | | | | 138,541 | | |
| Kirin Holdings Co., Ltd. | | | | | 14,558 | | | | | | 273,100 | | |
| Kobayashi Pharmaceutical Co., Ltd. | | | | | 1,452 | | | | | | 129,518 | | |
| Koito Manufacturing Co., Ltd. | | | | | 2,431 | | | | | | 151,458 | | |
| Komatsu Ltd. | | | | | 17,186 | | | | | | 503,921 | | |
Konami Holdings Corp.(a) | | | | | 2,071 | | | | | | 123,534 | | |
| Kose Corp. | | | | | 676 | | | | | | 101,797 | | |
| Kubota Corp. | | | | | 20,053 | | | | | | 471,490 | | |
| Kuraray Co., Ltd. | | | | | 9,769 | | | | | | 106,087 | | |
| Kurita Water Industries Ltd. | | | | | 3,464 | | | | | | 159,723 | | |
| Kyocera Corp. | | | | | 5,625 | | | | | | 341,550 | | |
| Kyowa Kirin Co., Ltd. | | | | | 5,831 | | | | | | 177,109 | | |
| Kyushu Electric Power Co., Inc. | | | | | 10,957 | | | | | | 100,042 | | |
| Lasertec Corp. | | | | | 1,450 | | | | | | 256,557 | | |
| Lion Corp. | | | | | 5,475 | | | | | | 102,683 | | |
| Lixil Corp. | | | | | 6,226 | | | | | | 168,658 | | |
| M3, Inc. | | | | | 7,451 | | | | | | 516,502 | | |
| Makita Corp. | | | | | 5,526 | | | | | | 248,482 | | |
| Marubeni Corp. | | | | | 29,957 | | | | | | 249,018 | | |
| Marui Group Co., Ltd. | | | | | 5,865 | | | | | | 109,783 | | |
| Matsumotokiyoshi Holdings Co., Ltd. | | | | | 1,876 | | | | | | 75,260 | | |
| MEIJI Holdings Co., Ltd. | | | | | 2,777 | | | | | | 171,998 | | |
| MINEBEA MITSUMI, Inc. | | | | | 7,987 | | | | | | 200,287 | | |
| MISUMI Group, Inc. | | | | | 6,132 | | | | | | 172,788 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 27,974 | | | | | | 208,196 | | |
| Mitsubishi Corp. | | | | | 22,142 | | | | | | 611,764 | | |
| Mitsubishi Electric Corp. | | | | | 36,575 | | | | | | 562,821 | | |
| Mitsubishi Estate Co., Ltd. | | | | | 22,153 | | | | | | 363,897 | | |
| Mitsubishi Heavy Industries Ltd. | | | | | 5,893 | | | | | | 175,057 | | |
| Mitsubishi Materials Corp. | | | | | 3,432 | | | | | | 77,020 | | |
| Mitsubishi UFJ Financial Group, Inc. | | | | | 215,902 | | | | | | 1,141,680 | | |
| Mitsui & Co., Ltd. | | | | | 29,711 | | | | | | 626,131 | | |
| Mitsui Chemicals, Inc. | | | | | 4,293 | | | | | | 135,107 | | |
| Mitsui Fudosan Co., Ltd. | | | | | 17,037 | | | | | | 369,404 | | |
| Mizuho Financial Group, Inc. | | | | | 43,102 | | | | | | 605,293 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| MonotaRO Co., Ltd. | | | | | 5,402 | | | | | $ | 137,886 | | |
| MS&AD Insurance Group Holdings, Inc. | | | | | 9,552 | | | | | | 270,467 | | |
| Murata Manufacturing Co., Ltd. | | | | | 9,824 | | | | | | 782,199 | | |
| Nabtesco Corp. | | | | | 3,104 | | | | | | 139,574 | | |
| NEC Corp. | | | | | 5,003 | | | | | | 291,104 | | |
| Nexon Co., Ltd. | | | | | 7,515 | | | | | | 249,228 | | |
| NGK Insulators Ltd. | | | | | 5,525 | | | | | | 100,638 | | |
| NH Foods Ltd. | | | | | 2,859 | | | | | | 127,511 | | |
| Nidec Corp. | | | | | 7,873 | | | | | | 911,512 | | |
| Nihon M&A Center, Inc. | | | | | 5,655 | | | | | | 148,172 | | |
| Nintendo Co., Ltd. | | | | | 1,799 | | | | | | 1,031,785 | | |
| Nippon Building Fund, Inc. | | | | | 26 | | | | | | 170,788 | | |
| Nippon Express Co., Ltd. | | | | | 1,846 | | | | | | 141,019 | | |
Nippon Paint Holdings Co., Ltd.(a) | | | | | 14,235 | | | | | | 203,422 | | |
| Nippon Prologis REIT, Inc. | | | | | 44 | | | | | | 141,293 | | |
Nippon Shinyaku Co., Ltd.(a) | | | | | 1,217 | | | | | | 81,946 | | |
| Nippon Steel Corp. | | | | | 15,177 | | | | | | 264,787 | | |
| Nippon Telegraph & Telephone Corp. | | | | | 22,057 | | | | | | 555,940 | | |
| Nippon Yusen K.K. | | | | | 3,700 | | | | | | 145,218 | | |
| Nissan Chemical Corp. | | | | | 2,953 | | | | | | 151,831 | | |
Nissan Motor Co., Ltd.* | | | | | 36,383 | | | | | | 182,306 | | |
| Nisshin Seifun Group, Inc. | | | | | 7,801 | | | | | | 125,752 | | |
Nissin Foods Holdings Co., Ltd.(a) | | | | | 1,929 | | | | | | 136,771 | | |
| Nitori Holdings Co., Ltd. | | | | | 1,460 | | | | | | 261,933 | | |
| Nitto Denko Corp. | | | | | 3,126 | | | | | | 259,106 | | |
| Nomura Holdings, Inc. | | | | | 57,582 | | | | | | 309,180 | | |
| Nomura Real Estate Master Fund, Inc. | | | | | 89 | | | | | | 140,700 | | |
| Nomura Research Institute Ltd. | | | | | 6,004 | | | | | | 184,836 | | |
| NSK Ltd. | | | | | 10,908 | | | | | | 100,393 | | |
| NTT Data Corp. | | | | | 13,643 | | | | | | 211,937 | | |
| Obayashi Corp. | | | | | 18,030 | | | | | | 164,456 | | |
| Obic Co., Ltd. | | | | | 1,340 | | | | | | 259,038 | | |
| Odakyu Electric Railway Co., Ltd. | | | | | 7,197 | | | | | | 194,567 | | |
| Oji Holdings Corp. | | | | | 23,340 | | | | | | 147,123 | | |
| Olympus Corp. | | | | | 18,543 | | | | | | 381,276 | | |
| Omron Corp. | | | | | 3,788 | | | | | | 287,293 | | |
| Ono Pharmaceutical Co., Ltd. | | | | | 8,795 | | | | | | 221,354 | | |
| Oriental Land Co., Ltd. | | | | | 3,472 | | | | | | 491,553 | | |
| ORIX Corp. | | | | | 22,792 | | | | | | 366,469 | | |
| Orix JREIT, Inc. | | | | | 67 | | | | | | 118,179 | | |
| Osaka Gas Co., Ltd. | | | | | 7,785 | | | | | | 150,138 | | |
| Otsuka Corp. | | | | | 2,109 | | | | | | 106,313 | | |
| Otsuka Holdings Co., Ltd. | | | | | 8,139 | | | | | | 312,812 | | |
Pan Pacific International Holdings
Corp. | | | | | 9,948 | | | | | | 214,332 | | |
| Panasonic Corp. | | | | | 38,091 | | | | | | 449,195 | | |
PeptiDream, Inc.* | | | | | 2,100 | | | | | | 90,010 | | |
| Pigeon Corp. | | | | | 2,642 | | | | | | 89,553 | | |
| Rakuten Group, Inc. | | | | | 15,057 | | | | | | 191,338 | | |
| Recruit Holdings Co., Ltd. | | | | | 22,757 | | | | | | 1,028,286 | | |
Renesas Electronics Corp.* | | | | | 13,492 | | | | | | 157,379 | | |
| Resona Holdings, Inc. | | | | | 51,209 | | | | | | 210,355 | | |
| Ricoh Co., Ltd. | | | | | 13,018 | | | | | | 138,392 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Rohm Co., Ltd. | | | | | 1,757 | | | | | $ | 174,085 | | |
| Ryohin Keikaku Co., Ltd. | | | | | 5,685 | | | | | | 119,624 | | |
| Santen Pharmaceutical Co., Ltd. | | | | | 8,766 | | | | | | 112,277 | | |
| SBI Holdings, Inc. | | | | | 5,270 | | | | | | 148,980 | | |
| Secom Co., Ltd. | | | | | 3,846 | | | | | | 319,348 | | |
| Sekisui Chemical Co., Ltd. | | | | | 10,055 | | | | | | 174,966 | | |
| Sekisui House Ltd. | | | | | 13,976 | | | | | | 282,448 | | |
| Seven & i Holdings Co., Ltd. | | | | | 13,776 | | | | | | 592,227 | | |
| SG Holdings Co., Ltd. | | | | | 8,144 | | | | | | 185,076 | | |
| Shimadzu Corp. | | | | | 5,864 | | | | | | 205,204 | | |
| Shimano, Inc. | | | | | 1,496 | | | | | | 342,641 | | |
| Shimizu Corp. | | | | | 16,468 | | | | | | 134,842 | | |
| Shin-Etsu Chemical Co., Ltd. | | | | | 6,791 | | | | | | 1,146,278 | | |
| Shionogi & Co., Ltd. | | | | | 5,355 | | | | | | 281,553 | | |
| Shiseido Co., Ltd. | | | | | 6,875 | | | | | | 498,651 | | |
| Shizuoka Bank Ltd. (The) | | | | | 16,446 | | | | | | 125,935 | | |
| SMC Corp. | | | | | 1,020 | | | | | | 592,096 | | |
| SoftBank Corp. | | | | | 46,586 | | | | | | 600,732 | | |
| SoftBank Group Corp. | | | | | 22,939 | | | | | | 2,074,489 | | |
| Sompo Holdings, Inc. | | | | | 6,553 | | | | | | 243,403 | | |
| Sony Group Corp. | | | | | 20,328 | | | | | | 2,027,128 | | |
| Stanley Electric Co., Ltd. | | | | | 3,913 | | | | | | 112,051 | | |
| Subaru Corp. | | | | | 11,146 | | | | | | 206,747 | | |
| SUMCO Corp. | | | | | 5,239 | | | | | | 135,738 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 36,950 | | | | | | 188,291 | | |
| Sumitomo Corp. | | | | | 23,101 | | | | | | 314,480 | | |
| Sumitomo Electric Industries Ltd. | | | | | 15,997 | | | | | | 237,968 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 4,768 | | | | | | 202,358 | | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | 23,163 | | | | | | 805,688 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 7,309 | | | | | | 248,749 | | |
| Sumitomo Realty & Development Co., Ltd. | | | | | 7,774 | | | | | | 258,813 | | |
| Suntory Beverage & Food Ltd. | | | | | 2,948 | | | | | | 99,521 | | |
| Suzuki Motor Corp. | | | | | 7,879 | | | | | | 298,927 | | |
| Sysmex Corp. | | | | | 3,489 | | | | | | 348,724 | | |
| T&D Holdings, Inc. | | | | | 14,030 | | | | | | 171,869 | | |
| Taiheiyo Cement Corp. | | | | | 3,601 | | | | | | 90,235 | | |
| Taisei Corp. | | | | | 4,851 | | | | | | 178,853 | | |
| Taiyo Yuden Co., Ltd. | | | | | 2,806 | | | | | | 128,870 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 26,386 | | | | | | 877,481 | | |
| TDK Corp. | | | | | 2,296 | | | | | | 311,931 | | |
| Teijin Ltd. | | | | | 7,212 | | | | | | 118,633 | | |
| Terumo Corp. | | | | | 12,095 | | | | | | 457,221 | | |
| TIS, Inc. | | | | | 5,441 | | | | | | 135,148 | | |
| Tobu Railway Co., Ltd. | | | | | 5,142 | | | | | | 132,190 | | |
| Toho Co., Ltd. | | | | | 3,249 | | | | | | 129,300 | | |
| Toho Gas Co., Ltd. | | | | | 1,841 | | | | | | 102,236 | | |
| Tohoku Electric Power Co., Inc. | | | | | 10,951 | | | | | | 96,481 | | |
| Tokio Marine Holdings, Inc. | | | | | 11,780 | | | | | | 563,647 | | |
| Tokyo Century Corp. | | | | | 1,463 | | | | | | 90,346 | | |
| Tokyo Electron Ltd. | | | | | 2,518 | | | | | | 1,113,122 | | |
| Tokyo Gas Co., Ltd. | | | | | 9,192 | | | | | | 186,102 | | |
| Tokyu Corp. | | | | | 11,714 | | | | | | 150,571 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Tokyu Fudosan Holdings Corp. | | | | | 15,096 | | | | | $ | 83,832 | | |
| Toppan Printing Co., Ltd. | | | | | 7,273 | | | | | | 123,961 | | |
| Toray Industries, Inc. | | | | | 31,357 | | | | | | 194,846 | | |
| Toshiba Corp. | | | | | 8,205 | | | | | | 338,919 | | |
| Tosoh Corp. | | | | | 6,551 | | | | | | 116,151 | | |
| TOTO Ltd. | | | | | 3,441 | | | | | | 178,496 | | |
| Toyo Suisan Kaisha Ltd. | | | | | 2,849 | | | | | | 116,118 | | |
| Toyota Industries Corp. | | | | | 3,267 | | | | | | 261,527 | | |
| Toyota Motor Corp. | | | | | 40,599 | | | | | | 3,018,600 | | |
| Toyota Tsusho Corp. | | | | | 5,289 | | | | | | 223,550 | | |
| Trend Micro, Inc. | | | | | 2,702 | | | | | | 128,543 | | |
| Tsuruha Holdings, Inc. | | | | | 921 | | | | | | 106,336 | | |
| Unicharm Corp. | | | | | 7,213 | | | | | | 280,060 | | |
| USS Co., Ltd. | | | | | 6,629 | | | | | | 120,141 | | |
| West Japan Railway Co. | | | | | 3,536 | | | | | | 195,134 | | |
| Yakult Honsha Co., Ltd. | | | | | 3,136 | | | | | | 152,633 | | |
| Yamaha Corp. | | | | | 3,321 | | | | | | 180,778 | | |
| Yamaha Motor Co., Ltd. | | | | | 7,199 | | | | | | 179,736 | | |
| Yamato Holdings Co., Ltd. | | | | | 6,937 | | | | | | 195,788 | | |
| Yaskawa Electric Corp. | | | | | 5,036 | | | | | | 232,208 | | |
| Yokogawa Electric Corp. | | | | | 5,422 | | | | | | 98,415 | | |
| Z Holdings Corp. | | | | | 48,887 | | | | | | 225,863 | | |
| Zenkoku Hosho Co., Ltd. | | | | | 2,158 | | | | | | 96,839 | | |
| Total Japan | | | | | | | | | | | 71,865,504 | | |
| Jordan — 0.0%(b) | |
| Hikma Pharmaceuticals PLC | | | | | 3,357 | | | | | | 113,410 | | |
| Luxembourg — 0.2% | |
ArcelorMittal SA* | | | | | 11,710 | | | | | | 341,840 | | |
Eurofins Scientific SE* | | | | | 2,211 | | | | | | 219,183 | | |
| Total Luxembourg | | | | | | | | | | | 561,023 | | |
| Macau — 0.2% | |
Galaxy Entertainment Group Ltd.* | | | | | 40,008 | | | | | | 352,337 | | |
Sands China Ltd.* | | | | | 48,003 | | | | | | 228,060 | | |
| Total Macau | | | | | | | | | | | 580,397 | | |
| Netherlands — 4.4% | |
Adyen NV* | | | | | 456 | | | | | | 1,120,646 | | |
| Aegon NV | | | | | 37,273 | | | | | | 173,465 | | |
| Akzo Nobel NV | | | | | 3,561 | | | | | | 428,330 | | |
Argenx SE* | | | | | 925 | | | | | | 267,689 | | |
| ASM International NV | | | | | 821 | | | | | | 249,946 | | |
| ASML Holding NV | | | | | 6,502 | | | | | | 4,236,030 | | |
| ASR Nederland NV | | | | | 2,939 | | | | | | 128,817 | | |
| Euronext NV | | | | | 1,044 | | | | | | 105,191 | | |
| EXOR NV | | | | | 1,898 | | | | | | 156,098 | | |
| Heineken Holding NV | | | | | 1,936 | | | | | | 192,504 | | |
Heineken NV(a) | | | | | 4,135 | | | | | | 480,051 | | |
| ING Groep NV | | | | | 65,728 | | | | | | 841,081 | | |
| Koninklijke Ahold Delhaize NV | | | | | 18,300 | | | | | | 493,241 | | |
| Koninklijke DSM NV | | | | | 2,996 | | | | | | 538,102 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Netherlands (continued) | |
Koninklijke KPN NV(a) | | | | | 63,377 | | | | | $ | 218,656 | | |
Koninklijke Philips NV* | | | | | 15,203 | | | | | | 857,968 | | |
| NN Group NV | | | | | 6,924 | | | | | | 346,491 | | |
| Randstad NV | | | | | 2,211 | | | | | | 159,909 | | |
| Royal Dutch Shell PLC, Class A | | | | | 67,110 | | | | | | 1,268,320 | | |
| Royal Dutch Shell PLC, Class B | | | | | 60,650 | | | | | | 1,090,809 | | |
| Wolters Kluwer NV | | | | | 4,644 | | | | | | 420,737 | | |
| Total Netherlands | | | | | | | | | | | 13,774,081 | | |
| New Zealand — 0.4% | |
a2 Milk Co., Ltd. (The)* | | | | | 15,702 | | | | | | 86,186 | | |
Auckland International Airport Ltd.* | | | | | 31,964 | | | | | | 174,070 | | |
| Contact Energy Ltd. | | | | | 18,789 | | | | | | 101,647 | | |
| Fisher & Paykel Healthcare Corp., Ltd. | | | | | 12,063 | | | | | | 311,155 | | |
| Meridian Energy Ltd. | | | | | 24,586 | | | | | | 94,024 | | |
| Spark New Zealand Ltd. | | | | | 53,751 | | | | | | 169,692 | | |
Xero Ltd.* | | | | | 2,533 | | | | | | 276,979 | | |
| Total New Zealand | | | | | | | | | | | 1,213,753 | | |
| Norway — 0.6% | |
| DNB ASA | | | | | 19,069 | | | | | | 410,956 | | |
| Equinor ASA | | | | | 17,643 | | | | | | 359,944 | | |
| Mowi ASA | | | | | 8,579 | | | | | | 212,301 | | |
| Norsk Hydro ASA | | | | | 29,859 | | | | | | 191,053 | | |
| Orkla ASA | | | | | 16,996 | | | | | | 173,802 | | |
Schibsted ASA, Class A* | | | | | 3,271 | | | | | | 165,121 | | |
| Telenor ASA | | | | | 12,394 | | | | | | 221,454 | | |
| TOMRA Systems ASA | | | | | 2,323 | | | | | | 116,539 | | |
| Total Norway | | | | | | | | | | | 1,851,170 | | |
| Poland — 0.3% | |
Allegro.eu SA* | | | | | 8,963 | | | | | | 137,530 | | |
CD Projekt SA* | | | | | 1,264 | | | | | | 58,085 | | |
KGHM Polska Miedz SA* | | | | | 3,193 | | | | | | 163,988 | | |
| Polski Koncern Naftowy ORLEN SA | | | | | 7,062 | | | | | | 124,352 | | |
Powszechna Kasa Oszczednosci Bank Polski SA* | | | | | 19,584 | | | | | | 182,296 | | |
Powszechny Zaklad Ubezpieczen SA* | | | | | 16,964 | | | | | | 146,267 | | |
| Total Poland | | | | | | | | | | | 812,518 | | |
| Portugal — 0.1% | |
| EDP — Energias de Portugal SA | | | | | 52,186 | | | | | | 290,361 | | |
| Galp Energia SGPS SA | | | | | 10,660 | | | | | | 123,320 | | |
| Total Portugal | | | | | | | | | | | 413,681 | | |
| Russia — 0.1% | |
| Polymetal International PLC | | | | | 8,123 | | | | | | 168,194 | | |
| Saudi Arabia — 0.1% | |
Delivery Hero SE* | | | | | 2,566 | | | | | | 407,896 | | |
| Singapore — 1.1% | |
| Ascendas Real Estate Investment Trust | | | | | 107,106 | | | | | | 250,376 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Singapore (continued) | |
| CapitaLand Integrated Commercial Trust | | | | | 137,339 | | | | | $ | 221,947 | | |
| CapitaLand Ltd. | | | | | 71,527 | | | | | | 200,000 | | |
| DBS Group Holdings Ltd. | | | | | 31,451 | | | | | | 707,080 | | |
| Genting Singapore Ltd. | | | | | 205,612 | | | | | | 133,685 | | |
| Keppel Corp., Ltd. | | | | | 34,904 | | | | | | 142,198 | | |
| Mapletree Industrial Trust | | | | | 68,955 | | | | | | 146,680 | | |
| Oversea-Chinese Banking Corp., Ltd. | | | | | 62,175 | | | | | | 570,156 | | |
| Singapore Exchange Ltd. | | | | | 20,933 | | | | | | 164,424 | | |
| Singapore Technologies Engineering Ltd. | | | | | 48,976 | | | | | | 142,098 | | |
| Singapore Telecommunications Ltd. | | | | | 151,597 | | | | | | 284,871 | | |
| United Overseas Bank Ltd. | | | | | 23,395 | | | | | | 467,583 | | |
| Total Singapore | | | | | | | | | | | 3,431,098 | | |
| South Africa — 0.3% | |
| Anglo American PLC | | | | | 20,260 | | | | | | 861,166 | | |
| South Korea — 5.6% | |
| Amorepacific Corp. | | | | | 801 | | | | | | 194,786 | | |
Celltrion Healthcare Co., Ltd.* | | | | | 1,570 | | | | | | 158,362 | | |
Celltrion, Inc.* | | | | | 1,897 | | | | | | 453,636 | | |
| CJ CheilJedang Corp. | | | | | 310 | | | | | | 110,222 | | |
| Coway Co., Ltd. | | | | | 2,050 | | | | | | 123,293 | | |
| E-MART, Inc. | | | | | 690 | | | | | | 104,212 | | |
| Hana Financial Group, Inc. | | | | | 7,203 | | | | | | 295,606 | | |
| Hankook Tire & Technology Co., Ltd. | | | | | 2,792 | | | | | | 120,731 | | |
HLB, Inc.* | | | | | 1,752 | | | | | | 52,134 | | |
HMM Co., Ltd.* | | | | | 6,175 | | | | | | 217,611 | | |
| Hyundai Mobis Co., Ltd. | | | | | 1,210 | | | | | | 293,702 | | |
| Hyundai Motor Co. | | | | | 2,890 | | | | | | 550,798 | | |
| Industrial Bank of Korea | | | | | 12,758 | | | | | | 111,139 | | |
| Kakao Corp. | | | | | 5,157 | | | | | | 526,201 | | |
| KB Financial Group, Inc. | | | | | 7,823 | | | | | | 384,697 | | |
| Kia Corp. | | | | | 4,700 | | | | | | 325,347 | | |
| Korea Electric Power Corp. | | | | | 6,716 | | | | | | 142,791 | | |
| Korea Zinc Co., Ltd. | | | | | 357 | | | | | | 143,140 | | |
Korean Air Lines Co., Ltd.* | | | | | 4,687 | | | | | | 113,346 | | |
| KT&G Corp. | | | | | 3,602 | | | | | | 266,827 | | |
| LG Chem Ltd. | | | | | 859 | | | | | | 719,727 | | |
| LG Corp. | | | | | 2,342 | | | | | | 266,340 | | |
LG Display Co., Ltd.* | | | | | 5,909 | | | | | | 129,086 | | |
| LG Electronics, Inc. | | | | | 2,242 | | | | | | 317,450 | | |
| LG Household & Health Care Ltd. | | | | | 208 | | | | | | 287,780 | | |
Mando Corp.* | | | | | 1,065 | | | | | | 55,627 | | |
| NAVER Corp. | | | | | 2,377 | | | | | | 768,222 | | |
| NCSoft Corp. | | | | | 342 | | | | | | 255,189 | | |
| POSCO | | | | | 1,365 | | | | | | 446,676 | | |
Samsung Biologics Co., Ltd.* | | | | | 274 | | | | | | 198,046 | | |
| Samsung C&T Corp. | | | | | 1,871 | | | | | | 228,755 | | |
| Samsung Electro-Mechanics Co., Ltd. | | | | | 1,227 | | | | | | 197,450 | | |
| Samsung Electronics Co., Ltd. | | | | | 78,212 | | | | | | 5,730,461 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| South Korea (continued) | |
| Samsung Fire & Marine Insurance Co., Ltd. | | | | | 918 | | | | | $ | 163,405 | | |
| Samsung Life Insurance Co., Ltd. | | | | | 1,727 | | | | | | 126,845 | | |
| Samsung SDI Co., Ltd. | | | | | 954 | | | | | | 560,899 | | |
| Samsung SDS Co., Ltd. | | | | | 858 | | | | | | 141,155 | | |
| Shinhan Financial Group Co., Ltd. | | | | | 10,403 | | | | | | 374,091 | | |
| SK Holdings Co., Ltd. | | | | | 643 | | | | | | 159,543 | | |
| SK Hynix, Inc. | | | | | 8,823 | | | | | | 1,015,278 | | |
SK Innovation Co., Ltd.* | | | | | 1,065 | | | | | | 258,985 | | |
| SK Telecom Co., Ltd. | | | | | 846 | | | | | | 230,827 | | |
| Woori Financial Group, Inc. | | | | | 15,719 | | | | | | 151,205 | | |
| Total South Korea | | | | | | | | | | | 17,471,623 | | |
| Spain — 2.3% | |
Abertis Infraestructuras SA(c) | | | | | 5,353 | | | | | | 24,745 | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 4,531 | | | | | | 147,978 | | |
Aena SME SA* | | | | | 1,302 | | | | | | 226,795 | | |
Amadeus IT Group SA* | | | | | 7,314 | | | | | | 499,220 | | |
Banco Bilbao Vizcaya Argentaria SA* | | | | | 113,012 | | | | | | 635,393 | | |
Banco Santander SA* | | | | | 285,840 | | | | | | 1,106,262 | | |
| Bankinter SA | | | | | 17,732 | | | | | | 97,273 | | |
CaixaBank SA* | | | | | 81,042 | | | | | | 260,188 | | |
Cellnex Telecom SA* | | | | | 8,178 | | | | | | 463,093 | | |
| Enagas SA | | | | | 4,802 | | | | | | 104,745 | | |
| Endesa SA | | | | | 5,490 | | | | | | 144,470 | | |
| Ferrovial SA | | | | | 8,755 | | | | | | 249,148 | | |
| Grifols SA | | | | | 5,909 | | | | | | 160,404 | | |
| Iberdrola SA | | | | | 97,676 | | | | | | 1,321,038 | | |
Industria de Diseno Textil SA(a) | | | | | 17,886 | | | | | | 637,753 | | |
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros* | | | | | 17,732 | | | | | | 34,794 | | |
| Naturgy Energy Group SA | | | | | 5,188 | | | | | | 133,212 | | |
| Red Electrica Corp. SA | | | | | 8,074 | | | | | | 148,465 | | |
| Repsol SA | | | | | 24,435 | | | | | | 292,325 | | |
| Siemens Gamesa Renewable Energy SA | | | | | 3,826 | | | | | | 138,633 | | |
| Telefonica SA | | | | | 85,809 | | | | | | 398,054 | | |
| Total Spain | | | | | | | | | | | 7,223,988 | | |
| Sweden — 3.4% | |
Alfa Laval AB(a) | | | | | 6,057 | | | | | | 205,153 | | |
Assa Abloy AB, B Shares(a) | | | | | 15,703 | | | | | | 448,113 | | |
| Atlas Copco AB, A Shares | | | | | 10,537 | | | | | | 639,267 | | |
| Atlas Copco AB, B Shares | | | | | 6,386 | | | | | | 331,922 | | |
Boliden AB(a) | | | | | 5,247 | | | | | | 204,649 | | |
| Castellum AB | | | | | 4,896 | | | | | | 119,335 | | |
| Electrolux AB, Series B | | | | | 4,861 | | | | | | 136,590 | | |
Elekta AB, B Shares(a) | | | | | 6,316 | | | | | | 84,629 | | |
Epiroc AB, A Shares(a) | | | | | 10,821 | | | | | | 234,829 | | |
| Epiroc AB, B Shares | | | | | 6,809 | | | | | | 133,752 | | |
| EQT AB | | | | | 3,851 | | | | | | 130,390 | | |
| Essity AB, B Shares | | | | | 10,788 | | | | | | 352,509 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden (continued) | |
| Evolution Gaming Group AB | | | | | 2,880 | | | | | $ | 569,478 | | |
H & M Hennes & Mauritz AB,
B Shares*(a) | | | | | 15,324 | | | | | | 378,399 | | |
| Hexagon AB, B Shares | | | | | 4,416 | | | | | | 421,663 | | |
| Husqvarna AB, B Shares | | | | | 7,744 | | | | | | 107,930 | | |
Industrivarden AB, A Shares(a) | | | | | 7,203 | | | | | | 276,680 | | |
| Indutrade AB | | | | | 5,110 | | | | | | 133,676 | | |
Investor AB, B Shares(a) | | | | | 9,579 | | | | | | 814,398 | | |
Kinnevik AB, B Shares* | | | | | 4,989 | | | | | | 276,126 | | |
| Lundin Energy AB | | | | | 4,070 | | | | | | 130,536 | | |
| Nibe Industrier AB, B Shares | | | | | 5,104 | | | | | | 186,999 | | |
Sandvik AB(a) | | | | | 18,405 | | | | | | 455,568 | | |
Securitas AB, B Shares(a) | | | | | 6,622 | | | | | | 113,124 | | |
Sinch AB* | | | | | 789 | | | | | | 124,801 | | |
| Skandinaviska Enskilda Banken AB, A Shares | | | | | 25,468 | | | | | | 327,245 | | |
| Skanska AB, B Shares | | | | | 6,734 | | | | | | 182,849 | | |
| SKF AB, B Shares | | | | | 7,434 | | | | | | 192,185 | | |
| Svenska Cellulosa AB SCA, B Shares | | | | | 11,018 | | | | | | 193,498 | | |
| Svenska Handelsbanken AB, A Shares | | | | | 25,782 | | | | | | 299,356 | | |
| Swedbank AB, A Shares | | | | | 17,239 | | | | | | 303,241 | | |
| Swedish Match AB | | | | | 2,910 | | | | | | 238,974 | | |
| Tele2 AB, B Shares | | | | | 10,135 | | | | | | 131,066 | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 50,114 | | | | | | 687,132 | | |
| Telia Co. AB | | | | | 43,489 | | | | | | 180,215 | | |
| Trelleborg AB, B Shares | | | | | 5,811 | | | | | | 151,602 | | |
| Volvo AB, B Shares | | | | | 27,539 | | | | | | 673,677 | | |
| Total Sweden | | | | | | | | | | | 10,571,556 | | |
| Switzerland — 8.4% | |
| ABB Ltd. | | | | | 28,522 | | | | | | 927,227 | | |
| Adecco Group AG | | | | | 2,941 | | | | | | 199,409 | | |
Alcon, Inc.* | | | | | 7,693 | | | | | | 577,787 | | |
Baloise Holding AG* | | | | | 979 | | | | | | 165,734 | | |
Chocoladefabriken Lindt & Spruengli AG* | | | | | 32 | | | | | | 297,177 | | |
| Cie Financiere Richemont SA, Class A | | | | | 8,719 | | | | | | 895,178 | | |
| Clariant AG | | | | | 5,953 | | | | | | 124,765 | | |
Coca-Cola HBC AG* | | | | | 3,706 | | | | | | 128,381 | | |
| Credit Suisse Group AG | | | | | 39,767 | | | | | | 416,223 | | |
| EMS-Chemie Holding AG | | | | | 138 | | | | | | 128,990 | | |
| Geberit AG | | | | | 679 | | | | | | 446,984 | | |
| Givaudan SA | | | | | 158 | | | | | | 662,455 | | |
| Julius Baer Group Ltd. | | | | | 3,973 | | | | | | 250,564 | | |
| Kuehne + Nagel International AG | | | | | 758 | | | | | | 226,889 | | |
LafargeHolcim Ltd.* | | | | | 8,460 | | | | | | 522,228 | | |
| Logitech International SA | | | | | 2,442 | | | | | | 274,174 | | |
Lonza Group AG* | | | | | 1,294 | | | | | | 824,028 | | |
Nestle SA(d) | | | | | 45,448 | | | | | | 5,425,556 | | |
| Novartis AG | | | | | 34,816 | | | | | | 2,975,994 | | |
| Partners Group Holding AG | | | | | 409 | | | | | | 582,972 | | |
| PSP Swiss Property AG | | | | | 1,060 | | | | | | 130,866 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Switzerland (continued) | |
Roche Holding AG(d) | | | | | 11,826 | | | | | $ | 3,858,799 | | |
| Schindler Holding AG — Participating Certificate | | | | | 955 | | | | | | 272,034 | | |
| SGS SA | | | | | 113 | | | | | | 334,521 | | |
SIG Combibloc Group AG* | | | | | 5,280 | | | | | | 129,446 | | |
| Sika AG | | | | | 2,469 | | | | | | 737,411 | | |
Sonova Holding AG* | | | | | 967 | | | | | | 286,373 | | |
| STMicroelectronics NV | | | | | 10,638 | | | | | | 399,036 | | |
| Straumann Holding AG | | | | | 178 | | | | | | 254,592 | | |
| Swatch Group AG (The) — Bearer | | | | | 620 | | | | | | 190,069 | | |
| Swiss Life Holding AG | | | | | 629 | | | | | | 306,828 | | |
| Swiss Prime Site AG | | | | | 1,591 | | | | | | 154,817 | | |
| Swiss Re AG | | | | | 4,833 | | | | | | 449,783 | | |
| Swisscom AG | | | | | 439 | | | | | | 238,404 | | |
| Temenos AG | | | | | 1,048 | | | | | | 154,089 | | |
| UBS Group AG | | | | | 55,842 | | | | | | 852,585 | | |
| Vifor Pharma AG | | | | | 1,049 | | | | | | 151,303 | | |
| Zurich Insurance Group AG | | | | | 2,392 | | | | | | 982,712 | | |
| Total Switzerland | | | | | | | | | | | 25,936,383 | | |
| United Kingdom — 11.2% | |
| 3i Group PLC | | | | | 17,446 | | | | | | 309,665 | | |
| Admiral Group PLC | | | | | 3,863 | | | | | | 167,355 | | |
| Ashtead Group PLC | | | | | 7,876 | | | | | | 507,179 | | |
Associated British Foods PLC* | | | | | 6,335 | | | | | | 202,438 | | |
| AstraZeneca PLC | | | | | 21,535 | | | | | | 2,300,327 | | |
Auto Trader Group PLC*(a) | | | | | 17,770 | | | | | | 140,289 | | |
| Aviva PLC | | | | | 68,239 | | | | | | 378,205 | | |
| B&M European Value Retail SA | | | | | 15,492 | | | | | | 121,361 | | |
| BAE Systems PLC | | | | | 54,428 | | | | | | 381,464 | | |
| Barclays PLC | | | | | 289,495 | | | | | | 703,440 | | |
| Barratt Developments PLC | | | | | 18,904 | | | | | | 202,060 | | |
| Bellway PLC | | | | | 2,212 | | | | | | 110,622 | | |
| Berkeley Group Holdings PLC | | | | | 2,399 | | | | | | 153,688 | | |
| BP PLC | | | | | 325,480 | | | | | | 1,365,450 | | |
| British American Tobacco PLC | | | | | 37,762 | | | | | | 1,402,241 | | |
| British Land Co. PLC (The) | | | | | 18,673 | | | | | | 134,026 | | |
BT Group PLC* | | | | | 144,934 | | | | | | 331,003 | | |
| Bunzl PLC | | | | | 6,606 | | | | | | 212,835 | | |
Burberry Group PLC* | | | | | 7,586 | | | | | | 216,471 | | |
Centrica PLC* | | | | | 98,165 | | | | | | 77,009 | | |
| CK Hutchison Holdings Ltd. | | | | | 48,010 | | | | | | 393,755 | | |
| CNH Industrial NV | | | | | 17,819 | | | | | | 265,343 | | |
Compass Group PLC* | | | | | 30,160 | | | | | | 656,645 | | |
| Croda International PLC | | | | | 2,475 | | | | | | 231,786 | | |
| DCC PLC | | | | | 1,838 | | | | | | 159,915 | | |
| Diageo PLC | | | | | 37,832 | | | | | | 1,702,884 | | |
| Direct Line Insurance Group PLC | | | | | 27,679 | | | | | | 109,259 | | |
| DS Smith PLC | | | | | 24,079 | | | | | | 140,289 | | |
Entain PLC* | | | | | 10,804 | | | | | | 253,026 | | |
| Experian PLC | | | | | 15,464 | | | | | | 597,786 | | |
| GlaxoSmithKline PLC | | | | | 81,556 | | | | | | 1,512,655 | | |
| Halma PLC | | | | | 5,279 | | | | | | 189,158 | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | |
Hargreaves Lansdown PLC(a) | | | | | 6,351 | | | | | $ | 151,200 | | |
| HSBC Holdings PLC | | | | | 331,642 | | | | | | 2,079,145 | | |
| IMI PLC | | | | | 5,995 | | | | | | 132,308 | | |
| Imperial Brands PLC | | | | | 16,024 | | | | | | 334,455 | | |
Informa PLC* | | | | | 27,510 | | | | | | 214,136 | | |
InterContinental Hotels Group PLC* | | | | | 3,505 | | | | | | 250,019 | | |
| Intermediate Capital Group PLC | | | | | 5,674 | | | | | | 171,731 | | |
| Intertek Group PLC | | | | | 3,038 | | | | | | 258,181 | | |
ITV PLC* | | | | | 68,361 | | | | | | 114,526 | | |
JD Sports Fashion PLC* | | | | | 8,520 | | | | | | 108,338 | | |
| Johnson Matthey PLC | | | | | 3,660 | | | | | | 164,692 | | |
Kingfisher PLC* | | | | | 40,591 | | | | | | 200,804 | | |
| Land Securities Group PLC | | | | | 13,326 | | | | | | 132,991 | | |
| Legal & General Group PLC | | | | | 106,429 | | | | | | 401,399 | | |
| Lloyds Banking Group PLC | | | | | 1,175,421 | | | | | | 739,423 | | |
| London Stock Exchange Group PLC | | | | | 5,607 | | | | | | 574,475 | | |
| M&G PLC | | | | | 52,206 | | | | | | 157,068 | | |
Meggitt PLC* | | | | | 15,410 | | | | | | 99,425 | | |
| Melrose Industries PLC | | | | | 87,768 | | | | | | 197,955 | | |
| Mondi PLC | | | | | 9,017 | | | | | | 245,320 | | |
| National Grid PLC | | | | | 57,924 | | | | | | 730,289 | | |
| Natwest Group PLC | | | | | 73,788 | | | | | | 200,853 | | |
Next PLC* | | | | | 2,327 | | | | | | 251,369 | | |
Ocado Group PLC* | | | | | 8,261 | | | | | | 239,850 | | |
Pearson PLC(a) | | | | | 14,623 | | | | | | 168,044 | | |
| Persimmon PLC | | | | | 5,988 | | | | | | 259,664 | | |
| Prudential PLC | | | | | 43,060 | | | | | | 914,850 | | |
| Reckitt Benckiser Group PLC | | | | | 10,465 | | | | | | 934,706 | | |
| RELX PLC | | | | | 31,221 | | | | | | 812,452 | | |
| Rentokil Initial PLC | | | | | 31,722 | | | | | | 219,779 | | |
Rightmove PLC(a) | | | | | 15,956 | | | | | | 135,644 | | |
Rolls-Royce Holdings PLC* | | | | | 127,823 | | | | | | 185,154 | | |
| RSA Insurance Group PLC | | | | | 18,861 | | | | | | 178,202 | | |
| Sage Group PLC (The) | | | | | 20,057 | | | | | | 177,172 | | |
| Segro PLC | | | | | 19,397 | | | | | | 270,038 | | |
| Severn Trent PLC | | | | | 4,546 | | | | | | 155,907 | | |
| Smith & Nephew PLC | | | | | 15,259 | | | | | | 331,797 | | |
| Smiths Group PLC | | | | | 7,579 | | | | | | 170,572 | | |
| Spirax-Sarco Engineering PLC | | | | | 1,217 | | | | | | 199,083 | | |
| SSE PLC | | | | | 17,579 | | | | | | 357,297 | | |
St James’s Place PLC(a) | | | | | 9,570 | | | | | | 180,401 | | |
| Standard Chartered PLC | | | | | 42,177 | | | | | | 303,427 | | |
| Standard Life Aberdeen PLC | | | | | 40,067 | | | | | | 153,943 | | |
| Tate & Lyle PLC | | | | | 11,684 | | | | | | 129,417 | | |
| Taylor Wimpey PLC | | | | | 70,043 | | | | | | 174,173 | | |
| Tesco PLC | | | | | 126,032 | | | | | | 385,640 | | |
THG PLC* | | | | | 11,100 | | | | | | 95,285 | | |
| Unilever PLC | | | | | 41,407 | | | | | | 2,425,923 | | |
| United Utilities Group PLC | | | | | 12,717 | | | | | | 170,474 | | |
| Vodafone Group PLC | | | | | 445,584 | | | | | | 843,965 | | |
Weir Group PLC (The)* | | | | | 5,255 | | | | | | 139,477 | | |
Whitbread PLC*(a) | | | | | 4,025 | | | | | | 180,782 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | |
| WPP PLC | | | | | 21,300 | | | | | $ | 287,713 | | |
| Total United Kingdom | | | | | | | | | | | 34,720,562 | | |
| United States — 0.6% | |
| Amcor PLC | | | | | 30,494 | | | | | | 356,860 | | |
| Ferguson PLC | | | | | 3,937 | | | | | | 497,783 | | |
| James Hardie Industries PLC | | | | | 8,029 | | | | | | 266,066 | | |
OneMarket Ltd.*(c) | | | | | 1,633 | | | | | | — | | |
QIAGEN NV* | | | | | 4,326 | | | | | | 211,066 | | |
| Stellantis NV | | | | | 35,775 | | | | | | 595,343 | | |
| Total United States | | | | | | | | | | | 1,927,118 | | |
| Total Common Stocks | | | |
| (Cost $275,500,368) | | | | | | | | | | | 306,697,931 | | |
| Preferred Stocks — 1.0% | | | |
| Germany — 0.7% | |
| FUCHS PETROLUB SE, 2.20% | | | | | 2,275 | | | | | | 121,431 | | |
| Henkel AG & Co. KGaA, 1.93% | | | | | 3,269 | | | | | | 376,050 | | |
| Porsche Automobil Holding SE, 2.51% | | | | | 2,798 | | | | | | 294,990 | | |
| Sartorius AG, 0.16% | | | | | 609 | | | | | | 343,977 | | |
| Volkswagen AG, 2.22% | | | | | 3,507 | | | | | | 914,848 | | |
| Total Germany | | | | | | | | | | | 2,051,296 | | |
| South Korea — 0.3% | |
| Samsung Electronics Co., Ltd., 4.03% | | | | | 12,964 | | | | | | 854,283 | | |
| Total Preferred Stocks | | | | | | | | | | | | | |
| (Cost $1,916,266) | | | | | | | | | | | 2,905,579 | | |
| Rights — 0.0%(b) | | | |
| Switzerland — 0.0%(b) | |
Credit Suisse Group AG, expires 5/11/21*(c) | | | | | 39,767 | | | | | | — | | |
| Netherlands — 0.0%(b) | |
Euronext NV, expires 5/13/21* | | | | | 1,044 | | | | | | 12,253 | | |
| Total Rights | | | | | | | | | | | | | |
| (Cost $0) | | | | | | | | | | | 12,253 | | |
| Short-Term Investment — 3.0% | | | |
| Money Market Fund — 3.0% | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(e)(f)
(Cost $9,425,880) | | | | | 9,425,880 | | | | | | 9,425,880 | | |
| Total Investments — 102.8% | | | |
| (Cost $286,842,514) | | | | | | | | | | | 319,041,643 | | |
Other Assets and Liabilities,
Net — (2.8)% | | | | | | | | | | | (8,653,888) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 310,387,755 | | |
| |
*
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
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
was $12,045,010; total market value of collateral held by the Fund was $14,108,563. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $4,682,683.
(b)
Less than 0.05%.
(c)
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.
(d)
All or a portion of these securities have been segregated as collateral for forward foreign currency contracts. The total value of securities segregated amounted to $6,532,407.
(e)
Reflects the 1-day yield at April 30, 2021.
(f)
Represents security purchased with cash collateral received for securities on loan.
Forward Foreign Currency Contracts Outstanding as of April 30, 2021:
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
April 30,
2021 | | | Unrealized
Appreciation | |
| Australian Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 13,993,378 | | | | | $ | 10,808,762 | | | | | $ | 10,809,495 | | | | | $ | 733 | | |
| Swiss Franc | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 11,701,839 | | | | | | 12,831,535 | | | | | | 12,832,288 | | | | | | 753 | | |
| Danish Krone | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 20,146,115 | | | | | | 3,260,882 | | | | | | 3,261,449 | | | | | | 567 | | |
| Euro | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 37,689,000 | | | | | | 45,369,446 | | | | | | 45,375,515 | | | | | | 6,069 | | |
| British Pound | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 15,226,197 | | | | | | 21,080,403 | | | | | | 21,081,744 | | | | | | 1,341 | | |
| Hong Kong Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 37,960,277 | | | | | | 4,887,263 | | | | | | 4,887,561 | | | | | | 298 | | |
| Israeli Shekel | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 2,396,019 | | | | | | 738,686 | | | | | | 738,788 | | | | | | 102 | | |
South Korean Won# | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 10,143,277,240 | | | | | | 9,088,877 | | | | | | 9,118,786 | | | | | | 29,909 | | |
| Norwegian Krone | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 8,500,237 | | | | | | 1,023,015 | | | | | | 1,023,124 | | | | | | 109 | | |
| New Zealand Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 639,102 | | | | | | 458,527 | | | | | | 458,547 | | | | | | 20 | | |
| Polish Zloty | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 1,505,906 | | | | | | 397,398 | | | | | | 397,446 | | | | | | 48 | | |
| Singapore Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 2,339,959 | | | | | | 1,758,647 | | | | | | 1,758,799 | | | | | | 152 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | 111,703,441 | | | | | $ | 111,743,542 | | | | | $ | 40,101 | | |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30,
2021 | | | Unrealized
Appreciation | |
| Swedish Krona | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (44,695,216) | | | | | $ | (5,287,549) | | | | | $ | (5,287,487) | | | | | $ | 62 | | |
| Unrealized Appreciation | | | | | | | | | | | | | | | | | | | $ | (5,287,549) | | | | | $ | (5,287,487) | | | | | $ | 62 | | |
| Total Unrealized Appreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 40,163 | | |
| Purchased Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Purchased | | | Value at
Settlement
Date | | | Value at
April 30,
2021 | | | Unrealized
(Depreciation) | |
| Japanese Yen | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 4,067,497,352 | | | | | $ | 37,214,078 | | | | | $ | 37,214,046 | | | | | $ | (32) | | |
| Swedish Krona | | | | | 05/06/21 | | | | Morgan Stanley | | | | | 44,817,328 | | | | | | 5,300,831 | | | | | | 5,300,502 | | | | | | (329) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | 42,514,909 | | | | | $ | 42,514,548 | | | | | $ | (361) | | |
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30,
2021 | | | Unrealized
(Depreciation) | |
| Australian Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (13,993,378) | | | | | $ | (10,658,469) | | | | | $ | (10,809,495) | | | | | $ | (151,026) | | |
| Australian Dollar | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (14,263,225) | | | | | | (11,018,128) | | | | | | (11,019,465) | | | | | | (1,337) | | |
| Swiss Franc | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (11,701,839) | | | | | | (12,441,684) | | | | | | (12,832,288) | | | | | | (390,604) | | |
| Swiss Franc | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (11,697,528) | | | | | | (12,834,892) | | | | | | (12,837,546) | | | | | | (2,654) | | |
| Danish Krone | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (20,146,115) | | | | | | (3,184,707) | | | | | | (3,261,449) | | | | | | (76,742) | | |
| Danish Krone | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (21,056,356) | | | | | | (3,409,578) | | | | | | (3,410,485) | | | | | | (907) | | |
| Euro | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (37,689,000) | | | | | | (44,317,214) | | | | | | (45,375,515) | | | | | | (1,058,301) | | |
| Euro | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (38,347,778) | | | | | | (46,184,587) | | | | | | (46,196,440) | | | | | | (11,853) | | |
| British Pound | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (15,226,197) | | | | | | (21,007,797) | | | | | | (21,081,744) | | | | | | (73,947) | | |
| British Pound | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (15,684,850) | | | | | | (21,716,069) | | | | | | (21,718,399) | | | | | | (2,330) | | |
| Hong Kong Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (37,960,277) | | | | | | (4,883,205) | | | | | | (4,887,561) | | | | | | (4,356) | | |
| Hong Kong Dollar | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (38,764,976) | | | | | | (4,991,140) | | | | | | (4,991,585) | | | | | | (445) | | |
| Israeli Shekel | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (2,396,019) | | | | | | (718,643) | | | | | | (738,788) | | | | | | (20,145) | | |
| Israeli Shekel | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (2,447,440) | | | | | | (754,732) | | | | | | (754,864) | | | | | | (132) | | |
See notes to financial statements.
Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)
| Sold Contracts | | | Settlement
Date | | | Counterparty | | | Currency
Amount
Sold | | | Value at
Settlement
Date | | | Value at
April 30,
2021 | | | Unrealized
(Depreciation) | |
| Japanese Yen | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (4,067,497,352) | | | | | | (36,816,710) | | | | | | (37,214,046) | | | | | | (397,336) | | |
| Japanese Yen | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (3,927,629,474) | | | | | | (35,938,432) | | | | | | (35,942,672) | | | | | | (4,240) | | |
South Korean Won# | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (10,143,277,240) | | | | | | (8,994,835) | | | | | | (9,118,786) | | | | | | (123,951) | | |
South Korean Won# | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (10,192,410,285) | | | | | | (9,124,726) | | | | | | (9,163,028) | | | | | | (38,302) | | |
| Norwegian Krone | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (8,500,237) | | | | | | (995,672) | | | | | | (1,023,124) | | | | | | (27,452) | | |
| Norwegian Krone | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (8,630,658) | | | | | | (1,038,746) | | | | | | (1,038,868) | | | | | | (122) | | |
| New Zealand Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (639,102) | | | | | | (447,542) | | | | | | (458,547) | | | | | | (11,005) | | |
| New Zealand Dollar | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (652,804) | | | | | | (468,299) | | | | | | (468,330) | | | | | | (31) | | |
| Polish Zloty | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (1,505,906) | | | | | | (381,721) | | | | | | (397,446) | | | | | | (15,725) | | |
| Polish Zloty | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (1,541,533) | | | | | | (406,850) | | | | | | (406,905) | | | | | | (55) | | |
| Swedish Krona | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (44,817,328) | | | | | | (5,142,509) | | | | | | (5,300,503) | | | | | | (157,994) | | |
| Singapore Dollar | | | | | 05/06/21 | | | | Morgan Stanley | | | | | (2,339,959) | | | | | | (1,740,907) | | | | | | (1,758,799) | | | | | | (17,892) | | |
| Singapore Dollar | | | | | 06/04/21 | | | | Morgan Stanley | | | | | (2,375,770) | | | | | | (1,785,182) | | | | | | (1,785,519) | | | | | | (337) | | |
| Unrealized Depreciation | | | | | | | | | | | | | | | | | | | $ | (301,402,976) | | | | | $ | (303,992,197) | | | | | $ | (2,589,221) | | |
| Total Unrealized Depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (2,589,582) | | |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (2,549,419) | | |
| |
#
Non-deliverable forward.
As of April 30, 2021, there was collateral segregated by the counterparty for forward foreign currency contracts in the amount of $6,532,407.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 306,406,846 | | | | | $ | 266,340 | | | | | $ | 24,745(h) | | | | | $ | 306,697,931 | | |
| Preferred Stocks | | | | | 2,905,579 | | | | | | — | | | | | | — | | | | | | 2,905,579 | | |
| Rights | | | | | 12,253 | | | | | | — | | | | | | 0(h) | | | | | | 12,253 | | |
| Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Fund | | | | | 9,425,880 | | | | | | — | | | | | | — | | | | | | 9,425,880 | | |
| Total Investments in Securities | | | | | 318,750,558 | | | | | | 266,340 | | | | | | 24,745 | | | | | | 319,041,643 | | |
| Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 40,163 | | | | | | — | | | | | | 40,163 | | |
| Total Investments in Securities and Other Financial Instruments | | | | $ | 318,750,558 | | | | | $ | 306,503 | | | | | $ | 24,745 | | | | | $ | 319,081,806 | | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | �� | $ | — | | | | | $ | 2,589,582 | | | | | $ | — | | | | | $ | 2,589,582 | | |
(g)
For a complete listing of investments and their countries, see the Schedule of Investments.
(h)
The Level 3 securities, valued at $24,745, have 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 year.
See notes to financial statements.
Schedule of Investments — IQ Healthy Hearts ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.8% | |
| Australia — 0.5% | |
| Ramsay Health Care Ltd. | | | | | 601 | | | | | $ | 31,253 | | |
| Canada — 1.1% | |
| George Weston Ltd. | | | | | 416 | | | | | | 36,700 | | |
| Loblaw Cos., Ltd. | | | | | 634 | | | | | | 35,174 | | |
| Total Canada | | | | | | | | | | | 71,874 | | |
| China — 1.0% | |
China Resources Pharmaceutical Group
Ltd. | | | | | 48,124 | | | | | | 32,529 | | |
| China Traditional Chinese Medicine Holdings Co., Ltd. | | | | | 51,229 | | | | | | 29,286 | | |
| Total China | | | | | | | | | | | 61,815 | | |
| Denmark — 2.5% | |
| Novo Nordisk A/S, Class B | | | | | 2,238 | | | | | | 164,128 | | |
| France — 3.1% | |
| Danone SA | | | | | 797 | | | | | | 56,251 | | |
| Sanofi | | | | | 1,401 | | | | | | 147,183 | | |
| Total France | | | | | | | | | | | 203,434 | | |
| Germany — 2.5% | |
adidas AG* | | | | | 219 | | | | | | 67,714 | | |
| Fresenius SE & Co. KGaA | | | | | 714 | | | | | | 35,137 | | |
Puma SE* | | | | | 288 | | | | | | 30,412 | | |
| Siemens Healthineers AG | | | | | 552 | | | | | | 31,550 | | |
| Total Germany | | | | | | | | | | | 164,813 | | |
| Ireland — 0.5% | |
| Glanbia PLC | | | | | 2,353 | | | | | | 34,670 | | |
| Italy — 1.5% | |
Moncler SpA* | | | | | 493 | | | | | | 30,279 | | |
| Recordati Industria Chimica e Farmaceutica SpA | | | | | 600 | | | | | | 33,109 | | |
Technogym SpA* | | | | | 2,802 | | | | | | 37,610 | | |
| Total Italy | | | | | | | | | | | 100,998 | | |
| Japan — 1.4% | |
| Asahi Intecc Co., Ltd. | | | | | 1,071 | | | | | | 28,827 | | |
| Seiko Epson Corp. | | | | | 1,876 | | | | | | 31,889 | | |
| Shimano, Inc. | | | | | 137 | | | | | | 31,378 | | |
| Total Japan | | | | | | | | | | | 92,094 | | |
| Malaysia — 0.5% | |
| IHH Healthcare Bhd | | | | | 24,467 | | | | | | 32,134 | | |
| Netherlands — 0.9% | |
Basic-Fit NV* | | | | | 718 | | | | | | 32,430 | | |
uniQure NV* | | | | | 835 | | | | | | 26,945 | | |
| Total Netherlands | | | | | | | | | | | 59,375 | | |
| South Africa — 0.5% | |
Netcare Ltd.* | | | | | 33,975 | | | | | | 35,269 | | |
| South Korea — 0.4% | |
Celltrion Pharm, Inc.* | | | | | 224 | | | | | | 26,783 | | |
| Spain — 0.6% | |
| Fluidra SA | | | | | 1,134 | | | | | | 39,452 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Sweden — 1.1% | |
| Getinge AB, B Shares | | | | | 1,207 | | | | | $ | 40,896 | | |
| Thule Group AB | | | | | 731 | | | | | | 33,231 | | |
| Total Sweden | | | | | | | | | | | 74,127 | | |
| Switzerland — 10.4% | |
Idorsia Ltd.* | | | | | 1,117 | | | | | | 28,977 | | |
| Nestle SA | | | | | 2,920 | | | | | | 348,588 | | |
| Novartis AG | | | | | 3,548 | | | | | | 303,275 | | |
| Total Switzerland | | | | | | | | | | | 680,840 | | |
| Taiwan — 1.7% | |
| Feng TAY Enterprise Co., Ltd. | | | | | 4,598 | | | | | | 34,156 | | |
| Giant Manufacturing Co., Ltd. | | | | | 3,044 | | | | | | 38,795 | | |
| Merida Industry Co., Ltd. | | | | | 3,001 | | | | | | 35,776 | | |
| Total Taiwan | | | | | | | | | | | 108,727 | | |
| Thailand — 1.0% | |
| Bangkok Dusit Medical Services PCL | | | | | 46,270 | | | | | | 32,246 | | |
| Bumrungrad Hospital PCL | | | | | 7,315 | | | | | | 31,480 | | |
| Total Thailand | | | | | | | | | | | 63,726 | | |
| United Kingdom — 2.6% | |
| AstraZeneca PLC | | | | | 1,588 | | | | | | 169,627 | | |
| United States — 66.0% | |
| Abbott Laboratories | | | | | 2,559 | | | | | | 307,285 | | |
ABIOMED, Inc.* | | | | | 94 | | | | | | 30,149 | | |
Acadia Healthcare Co., Inc.* | | | | | 555 | | | | | | 33,811 | | |
Alphabet, Inc., Class A* | | | | | 152 | | | | | | 357,732 | | |
| Anthem, Inc. | | | | | 309 | | | | | | 117,231 | | |
| Apple, Inc. | | | | | 2,527 | | | | | | 332,199 | | |
Arena Pharmaceuticals, Inc.* | | | | | 381 | | | | | | 26,148 | | |
Boston Scientific Corp.* | | | | | 1,791 | | | | | | 78,088 | | |
| Bristol-Myers Squibb Co. | | | | | 2,837 | | | | | | 177,085 | | |
| Campbell Soup Co. | | | | | 674 | | | | | | 32,183 | | |
Centene Corp.* | | | | | 721 | | | | | | 44,514 | | |
Cytokinetics, Inc.* | | | | | 1,636 | | | | | | 41,620 | | |
Edwards Lifesciences Corp.* | | | | | 786 | | | | | | 75,079 | | |
| Eli Lilly & Co. | | | | | 1,496 | | | | | | 273,424 | | |
| Encompass Health Corp. | | | | | 381 | | | | | | 32,332 | | |
| Garmin Ltd. | | | | | 247 | | | | | | 33,898 | | |
| General Mills, Inc. | | | | | 773 | | | | | | 47,045 | | |
| HCA Healthcare, Inc. | | | | | 337 | | | | | | 67,757 | | |
Healthcare Services Group, Inc.(a) | | | | | 1,077 | | | | | | 32,256 | | |
| Johnson & Johnson | | | | | 1,934 | | | | | | 314,720 | | |
| Kellogg Co. | | | | | 531 | | | | | | 33,145 | | |
LivaNova PLC* | | | | | 395 | | | | | | 33,524 | | |
| Medical Properties Trust, Inc. | | | | | 1,419 | | | | | | 31,289 | | |
| Medtronic PLC | | | | | 2,620 | | | | | | 343,010 | | |
| Merck & Co., Inc. | | | | | 4,220 | | | | | | 314,390 | | |
Molina Healthcare, Inc.* | | | | | 141 | | | | | | 35,969 | | |
| NIKE, Inc., Class B | | | | | 2,274 | | | | | | 301,578 | | |
Peloton Interactive, Inc., Class A* | | | | | 325 | | | | | | 31,964 | | |
Penumbra, Inc.* | | | | | 108 | | | | | | 33,047 | | |
Planet Fitness, Inc., Class A* | | | | | 356 | | | | | | 29,901 | | |
Select Medical Holdings Corp.* | | | | | 968 | | | | | | 36,513 | | |
Tenet Healthcare Corp.* | | | | | 601 | | | | | | 35,615 | | |
Under Armour, Inc., Class A* | | | | | 1,400 | | | | | | 34,034 | | |
United Therapeutics Corp.* | | | | | 183 | | | | | | 36,885 | | |
See notes to financial statements.
Schedule of Investments — IQ Healthy Hearts ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United States (continued) | |
| UnitedHealth Group, Inc. | | | | | 922 | | | | | $ | 367,694 | | |
| Universal Health Services, Inc., Class B | | | | | 245 | | | | | | 36,360 | | |
Vail Resorts, Inc.* | | | | | 99 | | | | | | 32,191 | | |
| VF Corp. | | | | | 460 | | | | | | 40,324 | | |
WW International, Inc.* | | | | | 1,039 | | | | | | 28,822 | | |
YETI Holdings, Inc.* | | | | | 446 | | | | | | 38,097 | | |
| Total United States | | | | | | | | | | | 4,328,908 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $6,261,101) | | | | | | | | | | | 6,544,047 | | |
| Short-Term Investments — 1.0% | |
| Money Market Funds — 1.0% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 53,815 | | | | | | 53,815 | | |
| | | | Shares | | | Value | |
| Short-Term Investments (continued) | |
| Money Market Funds (continued) | | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | | | | | 9,122 | | | | | $ | 9,122 | | |
Total Short-Term Investments
(Cost $62,937) | | | | | | | | | | | 62,937 | | |
Total Investments — 100.8%
(Cost $6,324,038) | | | | | | | | | | | 6,606,984 | | |
Other Assets and Liabilities,
Net — (0.8)% | | | | | | | | | | | (47,540) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 6,559,444 | | |
| |
*
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 $31,597; total market value of collateral held by the Fund was $86,058. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $32,243.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedule of Investments — IQ Healthy Hearts ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 6,544,047 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,544,047 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 62,937 | | | | | | — | | | | | | — | | | | | | 62,937 | | |
| Total Investments in Securities | | | | $ | 6,606,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,606,984 | | |
(d)
For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF
| | | | Shares | | | Value | | | |
| Common Stocks — 99.0% | | | | | | | |
| Australia — 8.4% | | | | | | | |
| Alumina Ltd. | | | | | 38,260 | | | | | $ | 51,128 | | | | |
| AMP Ltd. | | | | | 50,159 | | | | | | 43,201 | | | | |
| Ampol Ltd. | | | | | 3,471 | | | | | | 68,611 | | | | |
| APA Group | | | | | 16,463 | | | | | | 127,550 | | | | |
| Aurizon Holdings Ltd. | | | | | 26,469 | | | | | | 76,672 | | | | |
| AusNet Services | | | | | 27,418 | | | | | | 40,134 | | | | |
| Australia & New Zealand Banking Group Ltd. | | | | | 39,184 | | | | | | 869,893 | | | | |
| BHP Group Ltd. | | | | | 43,128 | | | | | | 1,589,089 | | | | |
| BHP Group PLC | | | | | 30,170 | | | | | | 912,507 | | | | |
| BlueScope Steel Ltd. | | | | | 7,367 | | | | | | 123,032 | | | | |
Boral Ltd.* | | | | | 18,161 | | | | | | 86,976 | | | | |
| Brambles Ltd. | | | | | 21,625 | | | | | | 173,724 | | | | |
CIMIC Group Ltd.* | | | | | 1,052 | | | | | | 15,765 | | | | |
| Cochlear Ltd. | | | | | 966 | | | | | | 166,027 | | | | |
| Computershare Ltd. | | | | | 6,935 | | | | | | 75,640 | | | | |
| CSL Ltd. | | | | | 6,652 | | | | | | 1,393,312 | | | | |
| Dexus | | | | | 15,956 | | | | | | 125,347 | | | | |
| Fortescue Metals Group Ltd. | | | | | 25,765 | | | | | | 449,590 | | | | |
| Goodman Group | | | | | 26,246 | | | | | | 383,376 | | | | |
| GPT Group (The) | | | | | 28,558 | | | | | | 101,915 | | | | |
| Insurance Australia Group Ltd. | | | | | 34,308 | | | | | | 129,856 | | | | |
| Lendlease Group | | | | | 10,087 | | | | | | 99,033 | | | | |
| Macquarie Group Ltd. | | | | | 5,252 | | | | | | 651,093 | | | | |
| Magellan Financial Group Ltd. | | | | | 1,931 | | | | | | 72,343 | | | | |
| Medibank Pvt Ltd. | | | | | 40,809 | | | | | | 97,091 | | | | |
| Mirvac Group | | | | | 57,652 | | | | | | 119,795 | | | | |
| National Australia Bank Ltd. | | | | | 48,412 | | | | | | 996,973 | | | | |
| Newcrest Mining Ltd. | | | | | 11,984 | | | | | | 245,497 | | | | |
| Oil Search Ltd. | | | | | 27,492 | | | | | | 80,698 | | | | |
| QBE Insurance Group Ltd. | | | | | 20,135 | | | | | | 153,355 | | | | |
| Ramsay Health Care Ltd. | | | | | 2,713 | | | | | | 141,080 | | | | |
| REA Group Ltd. | | | | | 844 | | | | | | 103,236 | | | | |
| Rio Tinto Ltd. | | | | | 5,400 | | | | | | 505,345 | | | | |
| Rio Tinto PLC | | | | | 15,624 | | | | | | 1,314,374 | | | | |
| Santos Ltd. | | | | | 30,575 | | | | | | 164,851 | | | | |
| Scentre Group | | | | | 74,987 | | | | | | 157,552 | | | | |
SEEK Ltd.* | | | | | 4,947 | | | | | | 118,346 | | | | |
Seven Group Holdings Ltd.(a) | | | | | 1,919 | | | | | | 31,929 | | | | |
| Sonic Healthcare Ltd. | | | | | 6,925 | | | | | | 191,930 | | | | |
| Stockland | | | | | 34,897 | | | | | | 126,155 | | | | |
| Suncorp Group Ltd. | | | | | 18,768 | | | | | | 152,367 | | | | |
Sydney Airport* | | | | | 39,468 | | | | | | 188,715 | | | | |
| Telstra Corp., Ltd. | | | | | 173,042 | | | | | | 453,129 | | | | |
| Transurban Group | | | | | 40,177 | | | | | | 439,762 | | | | |
| Vicinity Centres | | | | | 54,992 | | | | | | 67,329 | | | | |
| Wesfarmers Ltd. | | | | | 16,553 | | | | | | 691,870 | | | | |
| Westpac Banking Corp. | | | | | 53,665 | | | | | | 1,035,509 | | | | |
| WiseTech Global Ltd. | | | | | 2,088 | | | | | | 50,693 | | | | |
| Woodside Petroleum Ltd. | | | | | 14,082 | | | | | | 248,663 | | | | |
| Total Australia | | | | | | | | | | | 15,702,058 | | | | |
| Austria — 0.4% | | | | | | | |
ams AG* | | | | | 3,738 | | | | | | 64,879 | | | | |
| ANDRITZ AG | | | | | 1,062 | | | | | | 57,785 | | | | |
| CA Immobilien Anlagen AG | | | | | 963 | | | | | | 42,255 | | | | |
Erste Group Bank AG* | | | | | 4,333 | | | | | | 154,396 | | | | |
Oesterreichische Post AG(a) | | | | | 485 | | | | | | 21,515 | | | | |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Austria (continued) | | | |
| OMV AG | | | | | 2,091 | | | | | $ | 103,228 | | | | |
| Raiffeisen Bank International AG | | | | | 2,030 | | | | | | 44,451 | | | | |
| Verbund AG | | | | | 974 | | | | | | 80,082 | | | | |
| voestalpine AG | | | | | 1,636 | | | | | | 71,096 | | | | |
| Wienerberger AG | | | | | 1,670 | | | | | | 65,577 | | | | |
| Total Austria | | | | | | | | | | | 705,264 | | | | |
| Belgium — 0.6% | | | | | | | |
| Elia Group SA/NV | | | | | 417 | | | | | | 45,179 | | | | |
Galapagos NV* | | | | | 631 | | | | | | 49,290 | | | | |
KBC Group NV* | | | | | 4,112 | | | | | | 319,870 | | | | |
Proximus SADP(a) | | | | | 2,122 | | | | | | 45,291 | | | | |
| Sofina SA | | | | | 223 | | | | | | 84,883 | | | | |
| Solvay SA | | | | | 1,039 | | | | | | 132,329 | | | | |
| Telenet Group Holding NV | | | | | 638 | | | | | | 27,357 | | | | |
| UCB SA | | | | | 1,774 | | | | | | 164,565 | | | | |
| Umicore SA | | | | | 2,850 | | | | | | 173,463 | | | | |
| Warehouses De Pauw CVA | | | | | 1,957 | | | | | | 69,073 | | | | |
| Total Belgium | | | | | | | | | | | 1,111,300 | | | | |
| Brazil — 0.1% | | | | | | | |
| Yara International ASA | | | | | 2,437 | | | | | | 127,508 | | | | |
| Chile — 0.1% | | | | | | | |
| Antofagasta PLC | | | | | 5,082 | | | | | | 131,262 | | | | |
| China — 0.6% | | | | | | | |
| China Gas Holdings Ltd. | | | | | 27,278 | | | | | | 98,514 | | | | |
| CSPC Pharmaceutical Group Ltd. | | | | | 124,234 | | | | | | 153,876 | | | | |
| Fosun International Ltd. | | | | | 34,602 | | | | | | 49,808 | | | | |
Prosus NV* | | | | | 6,012 | | | | | | 653,016 | | | | |
| Shimao Group Holdings Ltd. | | | | | 18,340 | | | | | | 53,130 | | | | |
| Sun Art Retail Group Ltd. | | | | | 23,302 | | | | | | 21,481 | | | | |
| Wharf Holdings Ltd. (The) | | | | | 20,091 | | | | | | 61,048 | | | | |
| Total China | | | | | | | | | | | 1,090,873 | | | | |
| Colombia — 0.0%(b) | | | | | | | |
Millicom International Cellular SA* | | | | | 1,486 | | | | | | 58,872 | | | | |
| Denmark — 2.9% | | | | | | | |
| AP Moller — Maersk A/S, Class A | | | | | 45 | | | | | | 105,987 | | | | |
| AP Moller — Maersk A/S, Class B | | | | | 86 | | | | | | 213,968 | | | | |
Chr Hansen Holding A/S* | | | | | 1,444 | | | | | | 132,908 | | | | |
| Coloplast A/S, Class B | | | | | 1,816 | | | | | | 300,871 | | | | |
| Danske Bank A/S | | | | | 9,558 | | | | | | 182,646 | | | | |
Demant A/S* | | | | | 1,438 | | | | | | 72,207 | | | | |
| DSV PANALPINA A/S | | | | | 3,319 | | | | | | 741,149 | | | | |
Genmab A/S* | | | | | 958 | | | | | | 352,021 | | | | |
| GN Store Nord A/S | | | | | 1,886 | | | | | | 170,476 | | | | |
| H Lundbeck A/S | | | | | 914 | | | | | | 28,229 | | | | |
| Novo Nordisk A/S, Class B | | | | | 24,281 | | | | | | 1,780,695 | | | | |
| Novozymes A/S, Class B | | | | | 2,949 | | | | | | 210,184 | | | | |
| Orsted A/S | | | | | 2,629 | | | | | | 383,946 | | | | |
| Tryg A/S | | | | | 3,822 | | | | | | 87,574 | | | | |
| Vestas Wind Systems A/S | | | | | 14,580 | | | | | | 609,383 | | | | |
| Total Denmark | | | | | | | | | | | 5,372,244 | | | | |
| Finland — 1.6% | | | | | | | |
| Elisa OYJ | | | | | 2,087 | | | | | | 118,557 | | | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Finland (continued) | | | |
| Huhtamaki OYJ | | | | | 1,304 | | | | | $ | 61,943 | | | | |
| Kesko OYJ, Class B | | | | | 3,877 | | | | | | 118,265 | | | | |
| Kone OYJ, Class B | | | | | 5,236 | | | | | | 411,844 | | | | |
| Metso Outotec OYJ | | | | | 11,705 | | | | | | 131,661 | | | | |
| Neste OYJ | | | | | 6,787 | | | | | | 411,778 | | | | |
Nokia OYJ* | | | | | 82,306 | | | | | | 390,623 | | | | |
| Nordea Bank Abp | | | | | 58,071 | | | | | | 602,169 | | | | |
| Orion OYJ, Class B | | | | | 1,444 | | | | | | 64,021 | | | | |
| Sampo OYJ, Class A | | | | | 6,748 | | | | | | 320,949 | | | | |
| UPM-Kymmene OYJ | | | | | 7,454 | | | | | | 292,075 | | | | |
| Wartsila OYJ Abp | | | | | 7,909 | | | | | | 102,206 | | | | |
| Total Finland | | | | | | | | | | | 3,026,091 | | | | |
| France — 9.6% | | | | | | | |
Adevinta ASA* | | | | | 3,738 | | | | | | 68,612 | | | | |
| Air Liquide SA | | | | | 6,944 | | | | | | 1,171,289 | | | | |
Amundi SA* | | | | | 879 | | | | | | 78,408 | | | | |
| AXA SA | | | | | 33,208 | | | | | | 940,430 | | | | |
| BioMerieux | | | | | 600 | | | | | | 71,448 | | | | |
BNP Paribas SA* | | | | | 16,737 | | | | | | 1,075,701 | | | | |
Bouygues SA(a) | | | | | 4,406 | | | | | | 189,033 | | | | |
| Capgemini SE | | | | | 2,326 | | | | | | 426,726 | | | | |
| Carrefour SA | | | | | 9,153 | | | | | | 177,451 | | | | |
Cie de Saint-Gobain* | | | | | 7,508 | | | | | | 474,502 | | | | |
| Cie Generale des Etablissements Michelin | | | | | 2,395 | | | | | | 346,981 | | | | |
Credit Agricole SA* | | | | | 18,907 | | | | | | 292,970 | | | | |
| Danone SA | | | | | 9,328 | | | | | | 658,359 | | | | |
| Dassault Systemes SE | | | | | 1,958 | | | | | | 454,791 | | | | |
| EssilorLuxottica SA | | | | | 4,343 | | | | | | 723,569 | | | | |
| Hermes International | | | | | 488 | | | | | | 613,302 | | | | |
Kering SA(a) | | | | | 1,101 | | | | | | 883,368 | | | | |
| Legrand SA | | | | | 3,857 | | | | | | 376,088 | | | | |
| L’Oreal SA | | | | | 3,081 | | | | | | 1,267,148 | | | | |
| Orange SA | | | | | 29,282 | | | | | | 364,834 | | | | |
| Sanofi(a) | | | | | 15,940 | | | | | | 1,674,586 | | | | |
| Sartorius Stedim Biotech | | | | | 352 | | | | | | 161,868 | | | | |
| Schneider Electric SE | | | | | 7,873 | | | | | | 1,260,699 | | | | |
Societe Generale SA* | | | | | 12,198 | | | | | | 347,569 | | | | |
Sodexo SA* | | | | | 1,153 | | | | | | 115,341 | | | | |
| Teleperformance | | | | | 849 | | | | | | 328,173 | | | | |
TOTAL SE(a) | | | | | 38,963 | | | | | | 1,727,227 | | | | |
| Vinci SA | | | | | 8,268 | | | | | | 909,706 | | | | |
Vivendi SE* | | | | | 10,230 | | | | | | 357,131 | | | | |
Worldline SA* | | | | | 3,330 | | | | | | 327,226 | | | | |
| Total France | | | | | | | | | | | 17,864,536 | | | | |
| Germany — 8.6% | | | | | | | |
adidas AG* | | | | | 2,571 | | | | | | 794,943 | | | | |
| Allianz SE | | | | | 6,043 | | | | | | 1,574,215 | | | | |
| BASF SE | | | | | 13,494 | | | | | | 1,089,652 | | | | |
| Bayerische Motoren Werke AG | | | | | 4,692 | | | | | | 471,062 | | | | |
| Beiersdorf AG | | | | | 1,440 | | | | | | 162,773 | | | | |
| Continental AG | | | | | 1,582 | | | | | | 214,513 | | | | |
| Covestro AG | | | | | 2,756 | | | | | | 180,548 | | | | |
Deutsche Bank AG* | | | | | 28,123 | | | | | | 392,915 | | | | |
| Deutsche Boerse AG | | | | | 2,692 | | | | | | 464,382 | | | | |
| Deutsche Post AG | | | | | 14,453 | | | | | | 851,744 | | | | |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Germany (continued) | | | |
| Deutsche Telekom AG | | | | | 47,625 | | | | | $ | 917,295 | | | | |
| Deutsche Wohnen SE | | | | | 5,053 | | | | | | 273,726 | | | | |
| E.ON SE | | | | | 31,306 | | | | | | 377,841 | | | | |
| Evonik Industries AG | | | | | 2,812 | | | | | | 98,574 | | | | |
| Fresenius Medical Care AG & Co. KGaA | | | | | 2,917 | | | | | | 232,320 | | | | |
| Fresenius SE & Co. KGaA | | | | | 5,981 | | | | | | 294,333 | | | | |
| Hannover Rueck SE | | | | | 883 | | | | | | 163,483 | | | | |
| Hapag-Lloyd AG | | | | | 359 | | | | | | 65,386 | | | | |
| HeidelbergCement AG | | | | | 2,170 | | | | | | 199,105 | | | | |
| Henkel AG & Co. KGaA | | | | | 1,485 | | | | | | 147,838 | | | | |
| Infineon Technologies AG | | | | | 19,067 | | | | | | 770,412 | | | | |
| Knorr-Bremse AG | | | | | 975 | | | | | | 119,718 | | | | |
| Merck KGaA | | | | | 1,900 | | | | | | 334,277 | | | | |
Muenchener Rueckversicherungs-
Gesellschaft AG | | | | | 2,056 | | | | | | 595,612 | | | | |
| SAP SE | | | | | 14,798 | | | | | | 2,079,943 | | | | |
| Siemens AG | | | | | 11,859 | | | | | | 1,981,775 | | | | |
| Symrise AG | | | | | 1,822 | | | | | | 235,563 | | | | |
| Talanx AG | | | | | 785 | | | | | | 33,150 | | | | |
| Telefonica Deutschland Holding AG | | | | | 11,707 | | | | | | 34,077 | | | | |
Volkswagen AG(a) | | | | | 415 | | | | | | 131,988 | | | | |
| Vonovia SE | | | | | 8,310 | | | | | | 546,595 | | | | |
Zalando SE* | | | | | 2,418 | | | | | | 251,900 | | | | |
| Total Germany | | | | | | | | | | | 16,081,658 | | | | |
| Hong Kong — 2.9% | | | | | | | |
| AIA Group Ltd. | | | | | 177,468 | | | | | | 2,259,807 | | | | |
| ASM Pacific Technology Ltd. | | | | | 4,510 | | | | | | 68,403 | | | | |
| Bank of East Asia Ltd. (The) | | | | | 20,408 | | | | | | 42,882 | | | | |
| CK Infrastructure Holdings Ltd. | | | | | 9,028 | | | | | | 55,329 | | | | |
| Hang Lung Properties Ltd. | | | | | 27,174 | | | | | | 74,173 | | | | |
| Hang Seng Bank Ltd. | | | | | 10,628 | | | | | | 208,678 | | | | |
| Hong Kong & China Gas Co., Ltd. | | | | | 151,817 | | | | | | 243,553 | | | | |
Hong Kong Exchanges & Clearing
Ltd. | | | | | 18,614 | | | | | | 1,126,400 | | | | |
| Link REIT | | | | | 30,636 | | | | | | 289,720 | | | | |
| MTR Corp., Ltd. | | | | | 22,621 | | | | | | 126,112 | | | | |
| New World Development Co., Ltd. | | | | | 20,567 | | | | | | 108,835 | | | | |
| Power Assets Holdings Ltd. | | | | | 20,072 | | | | | | 123,401 | | | | |
| Sino Biopharmaceutical Ltd. | | | | | 145,465 | | | | | | 156,761 | | | | |
| Swire Pacific Ltd., Class A | | | | | 7,329 | | | | | | 59,307 | | | | |
| Swire Pacific Ltd., Class B | | | | | 12,859 | | | | | | 16,308 | | | | |
| Swire Properties Ltd. | | | | | 15,644 | | | | | | 46,730 | | | | |
| Techtronic Industries Co., Ltd. | | | | | 20,023 | | | | | | 365,046 | | | | |
Wharf Real Estate Investment Co.,
Ltd. | | | | | 20,904 | | | | | | 120,307 | | | | |
| Total Hong Kong | | | | | | | | | | | 5,491,752 | | | | |
| Ireland — 0.7% | | | | | | | |
AIB Group PLC* | | | | | 11,698 | | | | | | 34,276 | | | | |
| CRH PLC | | | | | 11,527 | | | | | | 546,939 | | | | |
| Kerry Group PLC, Class A | | | | | 2,268 | | | | | | 294,318 | | | | |
| Kingspan Group PLC | | | | | 2,245 | | | | | | 200,149 | | | | |
| Smurfit Kappa Group PLC | | | | | 3,770 | | | | | | 193,862 | | | | |
| Total Ireland | | | | | | | | | | | 1,269,544 | | | | |
| |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Israel — 0.5% | | | | | | | |
Bank Hapoalim BM* | | | | | 16,026 | | | | | $ | 127,977 | | | | |
Bank Leumi Le-Israel BM* | | | | | 20,637 | | | | | | 145,582 | | | | |
Check Point Software Technologies Ltd.* | | | | | 1,619 | | | | | | 189,116 | | | | |
Nice Ltd.* | | | | | 853 | | | | | | 206,402 | | | | |
Wix.com Ltd.* | | | | | 789 | | | | | | 250,807 | | | | |
| Total Israel | | | | | | | | | | | 919,884 | | | | |
| Italy — 2.3% | | | | | | | |
| A2A SpA | | | | | 23,005 | | | | | | 45,057 | | | | |
Amplifon SpA* | | | | | 1,707 | | | | | | 72,188 | | | | |
| Assicurazioni Generali SpA | | | | | 16,998 | | | | | | 341,412 | | | | |
Banca Mediolanum SpA* | | | | | 3,175 | | | | | | 29,705 | | | | |
| Buzzi Unicem SpA | | | | | 1,404 | | | | | | 37,538 | | | | |
| DiaSorin SpA | | | | | 343 | | | | | | 58,323 | | | | |
| Enel SpA | | | | | 114,110 | | | | | | 1,135,601 | | | | |
| Eni SpA | | | | | 36,281 | | | | | | 433,693 | | | | |
FinecoBank Banca Fineco SpA* | | | | | 8,950 | | | | | | 154,284 | | | | |
| Hera SpA | | | | | 12,669 | | | | | | 51,015 | | | | |
Intesa Sanpaolo SpA* | | | | | 251,906 | | | | | | 703,830 | | | | |
Mediobanca Banca di Credito Finanziario SpA* | | | | | 10,943 | | | | | | 123,854 | | | | |
Moncler SpA* | | | | | 2,942 | | | | | | 180,691 | | | | |
Nexi SpA* | | | | | 7,373 | | | | | | 141,477 | | | | |
Pirelli & C SpA* | | | | | 6,152 | | | | | | 34,637 | | | | |
| Prysmian SpA | | | | | 3,476 | | | | | | 109,004 | | | | |
| Recordati Industria Chimica e Farmaceutica SpA | | | | | 1,390 | | | | | | 76,703 | | | | |
| Telecom Italia SpA | | | | | 144,780 | | | | | | 79,527 | | | | |
| Telecom Italia SpA-RSP | | | | | 89,860 | | | | | | 52,789 | | | | |
| Terna Rete Elettrica Nazionale SpA | | | | | 20,707 | | | | | | 152,803 | | | | |
| UniCredit SpA | | | | | 31,285 | | | | | | 322,452 | | | | |
| UnipolSai Assicurazioni SpA | | | | | 6,558 | | | | | | 20,415 | | | | |
| Total Italy | | | | | | | | | | | 4,356,998 | | | | |
| Japan — 23.3% | | | | | | | |
| ABC-Mart, Inc. | | | | | 473 | | | | | | 25,315 | | | | |
| Advantest Corp. | | | | | 2,875 | | | | | | 273,020 | | | | |
| Aeon Co., Ltd. | | | | | 10,539 | | | | | | 287,568 | | | | |
| Aeon Mall Co., Ltd. | | | | | 1,439 | | | | | | 22,828 | | | | |
| Air Water, Inc. | | | | | 2,823 | | | | | | 46,747 | | | | |
| Ajinomoto Co., Inc. | | | | | 7,984 | | | | | | 159,709 | | | | |
| Alfresa Holdings Corp. | | | | | 2,674 | | | | | | 47,875 | | | | |
| Asahi Intecc Co., Ltd. | | | | | 2,849 | | | | | | 76,682 | | | | |
| Astellas Pharma, Inc. | | | | | 27,072 | | | | | | 406,309 | | | | |
| Benesse Holdings, Inc. | | | | | 1,157 | | | | | | 25,542 | | | | |
| Bridgestone Corp. | | | | | 8,392 | | | | | | 336,048 | | | | |
| Brother Industries Ltd. | | | | | 3,655 | | | | | | 77,276 | | | | |
| Canon, Inc. | | | | | 14,986 | | | | | | 356,878 | | | | |
| Central Japan Railway Co. | | | | | 2,506 | | | | | | 366,483 | | | | |
| Chugai Pharmaceutical Co., Ltd. | | | | | 9,258 | | | | | | 347,350 | | | | |
| CyberAgent, Inc. | | | | | 5,862 | | | | | | 120,560 | | | | |
| Dai Nippon Printing Co., Ltd. | | | | | 3,445 | | | | | | 68,424 | | | | |
| Daifuku Co., Ltd. | | | | | 1,652 | | | | | | 163,530 | | | | |
| Daiichi Sankyo Co., Ltd. | | | | | 27,868 | | | | | | 710,563 | | | | |
| Daikin Industries Ltd. | | | | | 3,841 | | | | | | 770,625 | | | | |
| Daito Trust Construction Co., Ltd. | | | | | 940 | | | | | | 99,930 | | | | |
| Daiwa House Industry Co., Ltd. | | | | | 8,793 | | | | | | 260,238 | | | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Daiwa House REIT Investment Corp. | | | | | 27 | | | | | $ | 72,400 | | |
| Daiwa Securities Group, Inc. | | | | | 21,284 | | | | | | 113,347 | | |
| Denso Corp. | | | | | 6,475 | | | | | | 418,160 | | |
| Dentsu Group, Inc. | | | | | 3,155 | | | | | | 96,984 | | |
| Disco Corp. | | | | | 409 | | | | | | 132,461 | | |
| East Japan Railway Co. | | | | | 5,017 | | | | | | 343,279 | | |
| Eisai Co., Ltd. | | | | | 3,972 | | | | | | 259,058 | | |
| ENEOS Holdings, Inc. | | | | | 45,672 | | | | | | 196,886 | | |
| FANUC Corp. | | | | | 2,797 | | | | | | 644,202 | | |
| Fast Retailing Co., Ltd. | | | | | 797 | | | | | | 654,123 | | |
| FUJIFILM Holdings Corp. | | | | | 5,483 | | | | | | 355,501 | | |
| Fujitsu Ltd. | | | | | 2,722 | | | | | | 433,433 | | |
| GMO Payment Gateway, Inc. | | | | | 608 | | | | | | 77,596 | | |
| Hakuhodo DY Holdings, Inc. | | | | | 3,011 | | | | | | 50,714 | | |
| Hamamatsu Photonics K.K. | | | | | 2,045 | | | | | | 118,616 | | |
| Hikari Tsushin, Inc. | | | | | 285 | | | | | | 57,310 | | |
| Hirose Electric Co., Ltd. | | | | | 471 | | | | | | 75,020 | | |
| Hisamitsu Pharmaceutical Co., Inc. | | | | | 985 | | | | | | 57,313 | | |
Hitachi Construction
Machinery Co., Ltd. | | | | | 1,541 | | | | | | 47,299 | | |
| Hitachi Ltd. | | | | | 13,824 | | | | | | 680,545 | | |
| Hoshizaki Corp. | | | | | 752 | | | | | | 66,734 | | |
| Hoya Corp. | | | | | 5,391 | | | | | | 613,303 | | |
| Hulic Co., Ltd. | | | | | 4,891 | | | | | | 55,664 | | |
| Idemitsu Kosan Co., Ltd. | | | | | 3,030 | | | | | | 72,545 | | |
| Inpex Corp. | | | | | 14,408 | | | | | | 98,334 | | |
| Isetan Mitsukoshi Holdings Ltd. | | | | | 4,958 | | | | | | 34,564 | | |
| Isuzu Motors Ltd. | | | | | 8,114 | | | | | | 82,101 | | |
| ITOCHU Corp. | | | | | 21,586 | | | | | | 673,026 | | |
| Itochu Techno-Solutions Corp. | | | | | 1,353 | | | | | | 46,913 | | |
| J Front Retailing Co., Ltd. | | | | | 3,706 | | | | | | 35,261 | | |
| Japan Metropolitan Fund Invest. | | | | | 76 | | | | | | 74,884 | | |
Japan Post Holdings Co., Ltd.* | | | | | 20,699 | | | | | | 173,765 | | |
| Japan Real Estate Investment Corp. | | | | | 17 | | | | | | 105,448 | | |
| JFE Holdings, Inc. | | | | | 6,968 | | | | | | 91,670 | | |
| JTEKT Corp. | | | | | 3,355 | | | | | | 30,203 | | |
| Kajima Corp. | | | | | 6,519 | | | | | | 90,057 | | |
| Kakaku.com, Inc. | | | | | 1,906 | | | | | | 51,789 | | |
| Kao Corp. | | | | | 6,910 | | | | | | 442,966 | | |
| KDDI Corp. | | | | | 23,275 | | | | | | 703,967 | | |
| Keihan Holdings Co., Ltd. | | | | | 1,489 | | | | | | 54,285 | | |
| Keikyu Corp. | | | | | 3,410 | | | | | | 43,614 | | |
| Keio Corp. | | | | | 1,605 | | | | | | 104,254 | | |
| Keisei Electric Railway Co., Ltd. | | | | | 2,200 | | | | | | 68,634 | | |
| Kikkoman Corp. | | | | | 2,135 | | | | | | 131,063 | | |
Kintetsu Group Holdings Co., Ltd.* | | | | | 2,659 | | | | | | 95,238 | | |
| Kobayashi Pharmaceutical Co., Ltd. | | | | | 726 | | | | | | 64,759 | | |
| Koito Manufacturing Co., Ltd. | | | | | 1,740 | | | | | | 108,407 | | |
| Kose Corp. | | | | | 453 | | | | | | 68,216 | | |
| Kubota Corp. | | | | | 16,961 | | | | | | 398,790 | | |
| Kuraray Co., Ltd. | | | | | 4,925 | | | | | | 53,483 | | |
| Kyocera Corp. | | | | | 4,798 | | | | | | 291,335 | | |
| Kyowa Kirin Co., Ltd. | | | | | 3,655 | | | | | | 111,016 | | |
| Kyushu Railway Co. | | | | | 2,020 | | | | | | 45,314 | | |
| Lasertec Corp. | | | | | 1,128 | | | | | | 199,584 | | |
| Lion Corp. | | | | | 3,709 | | | | | | 69,562 | | |
| Lixil Corp. | | | | | 3,988 | | | | | | 108,032 | | |
| Marubeni Corp. | | | | | 24,678 | | | | | | 205,136 | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Marui Group Co., Ltd. | | | | | 2,924 | | | | | $ | 54,732 | | |
Mazda Motor Corp.* | | | | | 8,521 | | | | | | 65,951 | | |
| Medipal Holdings Corp. | | | | | 2,495 | | | | | | 45,835 | | |
| MEIJI Holdings Co., Ltd. | | | | | 1,888 | | | | | | 116,937 | | |
| MINEBEA MITSUMI, Inc. | | | | | 5,599 | | | | | | 140,404 | | |
| MISUMI Group, Inc. | | | | | 4,165 | | | | | | 117,361 | | |
| Mitsubishi Chemical Holdings Corp. | | | | | 20,267 | | | | | | 150,837 | | |
| Mitsubishi Corp. | | | | | 19,890 | | | | | | 549,543 | | |
| Mitsubishi Estate Co., Ltd. | | | | | 17,472 | | | | | | 287,004 | | |
| Mitsubishi Gas Chemical Co., Inc. | | | | | 2,796 | | | | | | 64,640 | | |
| Mitsubishi Materials Corp. | | | | | 1,724 | | | | | | 38,690 | | |
| Mitsui & Co., Ltd. | | | | | 23,573 | | | | | | 496,779 | | |
| Mitsui Chemicals, Inc. | | | | | 2,575 | | | | | | 81,039 | | |
| Mitsui Fudosan Co., Ltd. | | | | | 13,051 | | | | | | 282,978 | | |
| Miura Co., Ltd. | | | | | 1,407 | | | | | | 73,758 | | |
| Mizuho Financial Group, Inc. | | | | | 34,413 | | | | | | 483,271 | | |
| MonotaRO Co., Ltd. | | | | | 3,558 | | | | | | 90,818 | | |
MS&AD Insurance Group
Holdings, Inc. | | | | | 6,922 | | | | | | 195,998 | | |
| Nabtesco Corp. | | | | | 1,631 | | | | | | 73,339 | | |
Nagoya Railroad Co., Ltd.* | | | | | 2,855 | | | | | | 65,456 | | |
| NEC Corp. | | | | | 3,663 | | | | | | 213,135 | | |
| NGK Insulators Ltd. | | | | | 4,520 | | | | | | 82,332 | | |
| NGK Spark Plug Co., Ltd. | | | | | 2,807 | | | | | | 46,841 | | |
| NH Foods Ltd. | | | | | 1,487 | | | | | | 66,320 | | |
| Nidec Corp. | | | | | 7,370 | | | | | | 853,276 | | |
| Nikon Corp. | | | | | 4,334 | | | | | | 40,761 | | |
| Nintendo Co., Ltd. | | | | | 1,712 | | | | | | 981,888 | | |
| Nippon Building Fund, Inc. | | | | | 22 | | | | | | 144,513 | | |
| Nippon Prologis REIT, Inc. | | | | | 26 | | | | | | 83,491 | | |
| Nippon Sanso Holdings Corp. | | | | | 2,464 | | | | | | 46,302 | | |
Nippon Telegraph & Telephone
Corp. | | | | | 34,141 | | | | | | 860,514 | | |
| Nippon Yusen K.K. | | | | | 2,318 | | | | | | 90,977 | | |
| Nissan Chemical Corp. | | | | | 1,868 | | | | | | 96,045 | | |
Nissan Motor Co., Ltd.* | | | | | 32,318 | | | | | | 161,937 | | |
| Nisshin Seifun Group, Inc. | | | | | 3,479 | | | | | | 56,082 | | |
| Nissin Foods Holdings Co., Ltd. | | | | | 1,022 | | | | | | 72,462 | | |
| Nitto Denko Corp. | | | | | 2,143 | | | | | | 177,628 | | |
| Nomura Holdings, Inc. | | | | | 44,084 | | | | | | 236,704 | | |
| Nomura Real Estate Holdings, Inc. | | | | | 1,685 | | | | | | 41,468 | | |
Nomura Real Estate Master
Fund, Inc. | | | | | 61 | | | | | | 96,435 | | |
| Nomura Research Institute Ltd. | | | | | 5,314 | | | | | | 163,594 | | |
| NTT Data Corp. | | | | | 9,217 | | | | | | 143,182 | | |
| Obayashi Corp. | | | | | 9,671 | | | | | | 88,212 | | |
| Odakyu Electric Railway Co., Ltd. | | | | | 4,979 | | | | | | 134,604 | | |
| Oji Holdings Corp. | | | | | 12,686 | | | | | | 79,966 | | |
| Omron Corp. | | | | | 2,800 | | | | | | 212,360 | | |
| Ono Pharmaceutical Co., Ltd. | | | | | 5,841 | | | | | | 147,007 | | |
| Oriental Land Co., Ltd. | | | | | 2,922 | | | | | | 413,686 | | |
| ORIX Corp. | | | | | 17,892 | | | | | | 287,683 | | |
| Orix JREIT, Inc. | | | | | 37 | | | | | | 65,263 | | |
Pan Pacific International
Holdings Corp. | | | | | 5,706 | | | | | | 122,937 | | |
| Panasonic Corp. | | | | | 31,503 | | | | | | 371,505 | | |
PeptiDream, Inc.* | | | | | 1,397 | | | | | | 59,878 | | |
| Persol Holdings Co., Ltd. | | | | | 2,607 | | | | | | 47,916 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Japan (continued) | |
| Pigeon Corp. | | | | | 1,696 | | | | | $ | 57,488 | | |
| Pola Orbis Holdings, Inc. | | | | | 1,238 | | | | | | 32,087 | | |
| Rakuten Group, Inc. | | | | | 11,845 | | | | | | 150,521 | | |
| Recruit Holdings Co., Ltd. | | | | | 19,478 | | | | | | 880,123 | | |
| Resona Holdings, Inc. | | | | | 33,063 | | | | | | 135,815 | | |
| Ricoh Co., Ltd. | | | | | 10,195 | | | | | | 108,381 | | |
| Rinnai Corp. | | | | | 513 | | | | | | 51,532 | | |
| Rohm Co., Ltd. | | | | | 1,245 | | | | | | 123,355 | | |
| Ryohin Keikaku Co., Ltd. | | | | | 3,512 | | | | | | 73,900 | | |
| Santen Pharmaceutical Co., Ltd. | | | | | 5,560 | | | | | | 71,214 | | |
| SBI Holdings, Inc. | | | | | 3,393 | | | | | | 95,918 | | |
| Secom Co., Ltd. | | | | | 3,077 | | | | | | 255,495 | | |
| Seiko Epson Corp. | | | | | 4,240 | | | | | | 72,073 | | |
| Sekisui Chemical Co., Ltd. | | | | | 5,791 | | | | | | 100,768 | | |
| Sekisui House Ltd. | | | | | 8,698 | | | | | | 175,782 | | |
| Seven Bank Ltd. | | | | | 8,963 | | | | | | 19,270 | | |
| SG Holdings Co., Ltd. | | | | | 6,258 | | | | | | 142,216 | | |
| Sharp Corp. | | | | | 3,011 | | | | | | 50,879 | | |
| Shimadzu Corp. | | | | | 4,111 | | | | | | 143,860 | | |
| Shimano, Inc. | | | | | 1,125 | | | | | | 257,668 | | |
| Shimizu Corp. | | | | | 8,633 | | | | | | 70,688 | | |
| Shionogi & Co., Ltd. | | | | | 4,428 | | | | | | 232,814 | | |
| Shiseido Co., Ltd. | | | | | 5,797 | | | | | | 420,462 | | |
| Shizuoka Bank Ltd. (The) | | | | | 7,529 | | | | | | 57,653 | | |
| SMC Corp. | | | | | 917 | | | | | | 532,305 | | |
| SoftBank Corp. | | | | | 40,943 | | | | | | 527,964 | | |
| SoftBank Group Corp. | | | | | 18,220 | | | | | | 1,647,726 | | |
| Sohgo Security Services Co., Ltd. | | | | | 1,043 | | | | | | 45,707 | | |
| Sompo Holdings, Inc. | | | | | 4,746 | | | | | | 176,284 | | |
| Sony Group Corp. | | | | | 18,114 | | | | | | 1,806,346 | | |
| Square Enix Holdings Co., Ltd. | | | | | 1,290 | | | | | | 71,755 | | |
| Stanley Electric Co., Ltd. | | | | | 2,142 | | | | | | 61,337 | | |
| Sumitomo Chemical Co., Ltd. | | | | | 23,339 | | | | | | 118,932 | | |
| Sumitomo Corp. | | | | | 17,024 | | | | | | 231,753 | | |
Sumitomo Dainippon
Pharma Co., Ltd. | | | | | 2,462 | | | | | | 42,683 | | |
| Sumitomo Heavy Industries Ltd. | | | | | 1,695 | | | | | | 49,080 | | |
| Sumitomo Metal Mining Co., Ltd. | | | | | 3,538 | | | | | | 150,156 | | |
Sumitomo Mitsui Financial
Group, Inc. | | | | | 18,884 | | | | | | 656,850 | | |
| Sumitomo Mitsui Trust Holdings, Inc. | | | | | 4,299 | | | | | | 146,309 | | |
| Sumitomo Rubber Industries Ltd. | | | | | 2,635 | | | | | | 32,592 | | |
| Sundrug Co., Ltd. | | | | | 1,007 | | | | | | 34,317 | | |
| Suntory Beverage & Food Ltd. | | | | | 1,837 | | | | | | 62,015 | | |
| Suzuken Co., Ltd. | | | | | 925 | | | | | | 33,300 | | |
| Sysmex Corp. | | | | | 2,175 | | | | | | 217,391 | | |
| T&D Holdings, Inc. | | | | | 7,350 | | | | | | 90,038 | | |
| Taiheiyo Cement Corp. | | | | | 1,763 | | | | | | 44,178 | | |
| Taisei Corp. | | | | | 2,767 | | | | | | 102,017 | | |
| Takeda Pharmaceutical Co., Ltd. | | | | | 22,574 | | | | | | 750,711 | | |
| TDK Corp. | | | | | 1,853 | | | | | | 251,746 | | |
| Teijin Ltd. | | | | | 2,686 | | | | | | 44,183 | | |
| Terumo Corp. | | | | | 10,389 | | | | | | 392,730 | | |
| Tobu Railway Co., Ltd. | | | | | 2,848 | | | | | | 73,216 | | |
| Toho Gas Co., Ltd. | | | | | 1,320 | | | | | | 73,303 | | |
| Tokyo Century Corp. | | | | | 532 | | | | | | 32,853 | | |
| Tokyo Electron Ltd. | | | | | 2,181 | | | | | | 964,145 | | |
| Tokyu Corp. | | | | | 8,699 | | | | | | 111,816 | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Japan (continued) | | | |
| Tokyu Fudosan Holdings Corp. | | | | | 8,964 | | | | | $ | 49,779 | | | | |
| Toppan Printing Co., Ltd. | | | | | 4,110 | | | | | | 70,051 | | | | |
| TOTO Ltd. | | | | | 2,271 | | | | | | 117,804 | | | | |
| Toyoda Gosei Co., Ltd. | | | | | 1,017 | | | | | | 24,842 | | | | |
| Toyota Industries Corp. | | | | | 2,260 | | | | | | 180,916 | | | | |
| Toyota Motor Corp. | | | | | 33,072 | | | | | | 2,458,956 | | | | |
| Trend Micro, Inc. | | | | | 1,948 | | | | | | 92,673 | | | | |
| Tsuruha Holdings, Inc. | | | | | 545 | | | | | | 62,924 | | | | |
| Unicharm Corp. | | | | | 5,897 | | | | | | 228,964 | | | | |
| United Urban Investment Corp. | | | | | 38 | | | | | | 56,806 | | | | |
| Welcia Holdings Co., Ltd. | | | | | 1,398 | | | | | | 43,614 | | | | |
| West Japan Railway Co. | | | | | 2,546 | | | | | | 140,501 | | | | |
| Yakult Honsha Co., Ltd. | | | | | 1,875 | | | | | | 91,258 | | | | |
| Yamada Holdings Co., Ltd. | | | | | 9,796 | | | | | | 48,754 | | | | |
| Yamaha Corp. | | | | | 2,425 | | | | | | 132,004 | | | | |
| Yamaha Motor Co., Ltd. | | | | | 4,295 | | | | | | 107,233 | | | | |
| Yamato Holdings Co., Ltd. | | | | | 4,697 | | | | | | 132,567 | | | | |
| Yaskawa Electric Corp. | | | | | 3,660 | | | | | | 168,761 | | | | |
| Yokohama Rubber Co., Ltd. (The) | | | | | 1,979 | | | | | | 36,772 | | | | |
| Total Japan | | | | | | | | | | | 43,560,816 | | | | |
| Luxembourg — 0.3% | | | | | | | |
ArcelorMittal SA* | | | | | 10,140 | | | | | | 296,008 | | | | |
Eurofins Scientific SE* | | | | | 1,865 | | | | | | 184,883 | | | | |
| Total Luxembourg | | | | | | | | | | | 480,891 | | | | |
| Mexico — 0.0%(b) | | | | | | | |
| Fresnillo PLC | | | | | 2,704 | | | | | | 30,834 | | | | |
| Netherlands — 5.8% | | | | | | | |
ABN AMRO Bank NV* | | | | | 6,480 | | | | | | 83,841 | | | | |
Adyen NV* | | | | | 354 | | | | | | 869,975 | | | | |
| Akzo Nobel NV | | | | | 2,541 | | | | | | 305,641 | | | | |
| ASML Holding NV | | | | | 6,074 | | | | | | 3,957,189 | | | | |
| ING Groep NV | | | | | 57,294 | | | | | | 733,156 | | | | |
| Koninklijke DSM NV | | | | | 2,499 | | | | | | 448,838 | | | | |
Koninklijke KPN NV(a) | | | | | 50,597 | | | | | | 174,564 | | | | |
Koninklijke Philips NV* | | | | | 13,241 | | | | | | 747,244 | | | | |
| NN Group NV | | | | | 4,098 | | | | | | 205,072 | | | | |
| NXP Semiconductors NV | | | | | 4,090 | | | | | | 787,366 | | | | |
| Randstad NV | | | | | 1,750 | | | | | | 126,568 | | | | |
| Royal Dutch Shell PLC, Class A | | | | | 60,229 | | | | | | 1,138,275 | | | | |
| Royal Dutch Shell PLC, Class B | | | | | 54,429 | | | | | | 978,923 | | | | |
| Wolters Kluwer NV | | | | | 3,872 | | | | | | 350,795 | | | | |
| Total Netherlands | | | | | | | | | | | 10,907,447 | | | | |
| New Zealand — 0.4% | | | | | | | |
a2 Milk Co., Ltd. (The)* | | | | | 10,039 | | | | | | 55,103 | | | | |
Auckland International Airport Ltd.* | | | | | 17,715 | | | | | | 96,473 | | | | |
| Chorus Ltd. | | | | | 6,597 | | | | | | 32,140 | | | | |
Fisher & Paykel Healthcare
Corp., Ltd. | | | | | 8,427 | | | | | | 217,367 | | | | |
| Fletcher Building Ltd. | | | | | 11,198 | | | | | | 58,411 | | | | |
| Mercury NZ Ltd. | | | | | 9,033 | | | | | | 44,979 | | | | |
| Meridian Energy Ltd. | | | | | 16,978 | | | | | | 64,929 | | | | |
| Ryman Healthcare Ltd. | | | | | 5,643 | | | | | | 57,453 | | | | |
| Spark New Zealand Ltd. | | | | | 27,477 | | | | | | 86,745 | | | | |
| Total New Zealand | | | | | | | | | | | 713,600 | | | | |
| |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Norway — 0.9% | | | | | | | |
| Aker ASA, Class A | | | | | 342 | | | | | $ | 25,583 | | | | |
| Austevoll Seafood ASA | | | | | 1,275 | | | | | | 16,328 | | | | |
| DNB ASA | | | | | 12,964 | | | | | | 279,387 | | | | |
| Entra ASA | | | | | 2,462 | | | | | | 55,711 | | | | |
| Equinor ASA | | | | | 15,561 | | | | | | 317,468 | | | | |
| Gjensidige Forsikring ASA | | | | | 2,752 | | | | | | 62,753 | | | | |
| Leroy Seafood Group ASA | | | | | 4,181 | | | | | | 38,467 | | | | |
| Mowi ASA | | | | | 6,170 | | | | | | 152,687 | | | | |
NEL ASA* | | | | | 20,779 | | | | | | 60,475 | | | | |
| Norsk Hydro ASA | | | | | 19,703 | | | | | | 126,070 | | | | |
| Orkla ASA | | | | | 11,086 | | | | | | 113,366 | | | | |
| Scatec ASA | | | | | 1,399 | | | | | | 37,803 | | | | |
Schibsted ASA, Class A* | | | | | 1,059 | | | | | | 53,458 | | | | |
Schibsted ASA, Class B* | | | | | 1,412 | | | | | | 62,033 | | | | |
| SpareBank 1 SR-Bank ASA | | | | | 2,670 | | | | | | 34,644 | | | | |
| Storebrand ASA | | | | | 6,641 | | | | | | 63,755 | | | | |
| Telenor ASA | | | | | 9,373 | | | | | | 167,476 | | | | |
| TGS NOPEC Geophysical Co. ASA | | | | | 1,702 | | | | | | 25,966 | | | | |
| TOMRA Systems ASA | | | | | 1,705 | | | | | | 85,535 | | | | |
| Total Norway | | | | | | | | | | | 1,778,965 | | | | |
| Poland — 0.3% | | | | | | | |
Bank Polska Kasa Opieki SA* | | | | | 2,400 | | | | | | 50,698 | | | | |
CD Projekt SA* | | | | | 939 | | | | | | 43,150 | | | | |
| Cyfrowy Polsat SA | | | | | 2,954 | | | | | | 23,014 | | | | |
Dino Polska SA* | | | | | 730 | | | | | | 47,433 | | | | |
KGHM Polska Miedz SA* | | | | | 2,040 | | | | | | 104,771 | | | | |
| Polski Koncern Naftowy ORLEN SA | | | | | 4,623 | | | | | | 81,405 | | | | |
| Polskie Gornictwo Naftowe i Gazownictwo SA | | | | | 24,227 | | | | | | 42,072 | | | | |
Powszechna Kasa Oszczednosci Bank Polski SA* | | | | | 13,149 | | | | | | 122,396 | | | | |
Powszechny Zaklad
Ubezpieczen SA* | | | | | 8,474 | | | | | | 73,065 | | | | |
| Total Poland | | | | | | | | | | | 588,004 | | | | |
| Portugal — 0.2% | | | | | | | |
| EDP — Energias de Portugal SA | | | | | 38,897 | | | | | | 216,422 | | | | |
| Jeronimo Martins SGPS SA | | | | | 3,641 | | | | | | 66,578 | | | | |
| NOS SGPS SA | | | | | 3,057 | | | | | | 11,607 | | | | |
| Total Portugal | | | | | | | | | | | 294,607 | | | | |
| Singapore — 1.3% | | | | | | | |
Ascendas Real Estate Investment
Trust | | | | | 48,461 | | | | | | 113,284 | | | | |
| CapitaLand Integrated Commercial Trust | | | | | 64,975 | | | | | | 105,003 | | | | |
| CapitaLand Ltd. | | | | | 38,167 | | | | | | 106,721 | | | | |
| City Developments Ltd. | | | | | 8,709 | | | | | | 51,649 | | | | |
| ComfortDelGro Corp., Ltd. | | | | | 32,118 | | | | | | 41,524 | | | | |
| DBS Group Holdings Ltd. | | | | | 26,339 | | | | | | 592,152 | | | | |
| Jardine Cycle & Carriage Ltd. | | | | | 1,412 | | | | | | 24,602 | | | | |
| Keppel Corp., Ltd. | | | | | 21,292 | | | | | | 86,743 | | | | |
| Mapletree Commercial Trust | | | | | 33,179 | | | | | | 54,617 | | | | |
Oversea-Chinese Banking
Corp., Ltd. | | | | | 54,599 | | | | | | 500,682 | | | | |
SATS Ltd.* | | | | | 9,935 | | | | | | 30,319 | | | | |
| Singapore Telecommunications Ltd. | | | | | 114,955 | | | | | | 216,016 | | | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Singapore (continued) | | | |
| Suntec Real Estate Investment Trust | | | | | 26,517 | | | | | $ | 30,495 | | | | |
| United Overseas Bank Ltd. | | | | | 21,148 | | | | | | 422,674 | | | | |
| UOL Group Ltd. | | | | | 7,906 | | | | | | 45,758 | | | | |
| Venture Corp., Ltd. | | | | | 4,001 | | | | | | 60,598 | | | | |
| Total Singapore | | | | | | | | | | | 2,482,837 | | | | |
| South Africa — 0.4% | | | | | | | |
| Anglo American PLC | | | | | 17,058 | | | | | | 725,062 | | | | |
| Spain — 3.1% | | | | | | | |
| ACS Actividades de Construccion y Servicios SA | | | | | 3,387 | | | | | | 110,616 | | | | |
Aena SME SA* | | | | | 997 | | | | | | 173,667 | | | | |
Amadeus IT Group SA* | | | | | 6,606 | | | | | | 450,895 | | | | |
Banco Bilbao Vizcaya Argentaria SA* | | | | | 97,576 | | | | | | 548,606 | | | | |
Banco Santander SA* | | | | | 252,126 | | | | | | 975,782 | | | | |
CaixaBank SA* | | | | | 52,065 | | | | | | 167,156 | | | | |
Cellnex Telecom SA* | | | | | 7,596 | | | | | | 430,137 | | | | |
EDP Renovaveis SA* | | | | | 2,280 | | | | | | 54,399 | | | | |
| Ferrovial SA | | | | | 5,969 | | | | | | 169,865 | | | | |
| Grifols SA | | | | | 4,293 | | | | | | 116,536 | | | | |
| Iberdrola SA | | | | | 91,806 | | | | | | 1,241,648 | | | | |
Industria de Diseno Textil SA(a) | | | | | 16,290 | | | | | | 580,845 | | | | |
| Mapfre SA | | | | | 14,295 | | | | | | 30,812 | | | | |
| Red Electrica Corp. SA | | | | | 6,198 | | | | | | 113,969 | | | | |
| Repsol SA | | | | | 19,956 | | | | | | 238,741 | | | | |
| Siemens Gamesa Renewable Energy SA | | | | | 3,275 | | | | | | 118,668 | | | | |
| Telefonica SA | | | | | 69,042 | | | | | | 320,275 | | | | |
| Total Spain | | | | | | | | | | | 5,842,617 | | | | |
| Sweden — 3.6% | | | | | | | |
| AAK AB | | | | | 2,538 | | | | | | 58,259 | | | | |
Alfa Laval AB(a) | | | | | 4,355 | | | | | | 147,506 | | | | |
| Assa Abloy AB, B Shares | | | | | 13,774 | | | | | | 393,066 | | | | |
| Atlas Copco AB, A Shares | | | | | 9,499 | | | | | | 576,293 | | | | |
| Atlas Copco AB, B Shares | | | | | 5,731 | | | | | | 297,877 | | | | |
| Axfood AB | | | | | 1,556 | | | | | | 39,012 | | | | |
| Boliden AB | | | | | 3,945 | | | | | | 153,867 | | | | |
| Castellum AB | | | | | 3,394 | | | | | | 82,725 | | | | |
| Electrolux AB, Series B | | | | | 3,672 | | | | | | 103,180 | | | | |
| Elekta AB, B Shares | | | | | 5,278 | | | | | | 70,721 | | | | |
| EQT AB | | | | | 5,231 | | | | | | 177,114 | | | | |
| Essity AB, B Shares | | | | | 8,927 | | | | | | 291,699 | | | | |
| Fabege AB | | | | | 3,976 | | | | | | 59,364 | | | | |
Fastighets AB Balder, B Shares* | | | | | 1,313 | | | | | | 75,730 | | | | |
H & M Hennes & Mauritz AB,
B Shares* | | | | | 10,899 | | | | | | 269,132 | | | | |
| Hexagon AB, B Shares | | | | | 4,102 | | | | | | 391,681 | | | | |
| Holmen AB, B Shares | | | | | 1,304 | | | | | | 61,532 | | | | |
| Husqvarna AB, B Shares | | | | | 5,848 | | | | | | 81,505 | | | | |
ICA Gruppen AB(a) | | | | | 1,285 | | | | | | 59,267 | | | | |
Indutrade AB(a) | | | | | 3,735 | | | | | | 97,706 | | | | |
Kinnevik AB, B Shares* | | | | | 3,542 | | | | | | 196,039 | | | | |
| Lifco AB, B Shares | | | | | 664 | | | | | | 71,538 | | | | |
| Nibe Industrier AB, B Shares | | | | | 6,203 | | | | | | 227,264 | | | | |
| Sagax AB, B Shares | | | | | 1,112 | | | | | | 29,458 | | | | |
Sandvik AB(a) | | | | | 15,689 | | | | | | 388,340 | | | | |
| Securitas AB, B Shares | | | | | 4,519 | | | | | | 77,198 | | | | |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| Sweden (continued) | | | |
Sinch AB* | | | | | 549 | | | | | $ | 86,839 | | | | |
| Skandinaviska Enskilda Banken AB, A Shares | | | | | 22,411 | | | | | | 287,964 | | | | |
| Skanska AB, B Shares | | | | | 5,448 | | | | | | 147,930 | | | | |
| SKF AB, B Shares | | | | | 6,228 | | | | | | 161,008 | | | | |
SSAB AB, A Shares* | | | | | 2,999 | | | | | | 16,354 | | | | |
SSAB AB, B Shares* | | | | | 8,139 | | | | | | 40,821 | | | | |
| Svenska Cellulosa AB SCA, B Shares | | | | | 8,314 | | | | | | 146,011 | | | | |
Svenska Handelsbanken AB, A
Shares | | | | | 21,428 | | | | | | 248,801 | | | | |
Sweco AB, B Shares(a) | | | | | 2,926 | | | | | | 52,252 | | | | |
| Swedbank AB, A Shares | | | | | 15,804 | | | | | | 277,999 | | | | |
Swedish Orphan Biovitrum AB* | | | | | 2,498 | | | | | | 42,555 | | | | |
Tele2 AB, B Shares(a) | | | | | 6,579 | | | | | | 85,080 | | | | |
| Telefonaktiebolaget LM Ericsson, B Shares | | | | | 43,274 | | | | | | 593,346 | | | | |
| Telia Co. AB | | | | | 30,283 | | | | | | 125,490 | | | | |
| Wallenstam AB, B Shares | | | | | 2,206 | | | | | | 34,124 | | | | |
| Total Sweden | | | | | | | | | | | 6,823,647 | | | | |
| Switzerland — 8.0% | | | | | | | |
| ABB Ltd. | | | | | 26,409 | | | | | | 858,535 | | | | |
Alcon, Inc.* | | | | | 7,182 | | | | | | 539,408 | | | | |
| Geberit AG | | | | | 524 | | | | | | 344,948 | | | | |
| Givaudan SA | | | | | 118 | | | | | | 494,745 | | | | |
| Kuehne + Nagel International AG | | | | | 811 | | | | | | 242,753 | | | | |
Lonza Group AG* | | | | | 1,095 | | | | | | 697,304 | | | | |
| Nestle SA | | | | | 41,127 | | | | | | 4,909,717 | | | | |
| Partners Group Holding AG | | | | | 327 | | | | | | 466,093 | | | | |
| Roche Holding AG | | | | | 10,318 | | | | | | 3,366,742 | | | | |
| Roche Holding AG | | | | | 389 | | | | | | 135,289 | | | | |
| Schindler Holding AG — Participating Certificate | | | | | 595 | | | | | | 169,487 | | | | |
| Schindler Holding AG — Registered | | | | | 279 | | | | | | 77,700 | | | | |
| SGS SA | | | | | 83 | | | | | | 245,710 | | | | |
| Sika AG | | | | | 1,962 | | | | | | 585,986 | | | | |
| STMicroelectronics NV | | | | | 9,430 | | | | | | 353,723 | | | | |
| Swiss Re AG | | | | | 4,035 | | | | | | 375,518 | | | | |
| Swisscom AG | | | | | 374 | | | | | | 203,105 | | | | |
| Zurich Insurance Group AG | | | | | 2,203 | | | | | | 905,065 | | | | |
| Total Switzerland | | | | | | | | | | | 14,971,828 | | | | |
| United Kingdom — 11.7% | | | | | | | |
| 3i Group PLC | | | | | 14,290 | | | | | | 253,647 | | | | |
| Admiral Group PLC | | | | | 3,813 | | | | | | 165,189 | | | | |
| Ashtead Group PLC | | | | | 6,585 | | | | | | 424,044 | | | | |
ASOS PLC* | | | | | 1,011 | | | | | | 73,069 | | | | |
Associated British Foods PLC* | | | | | 5,278 | | | | | | 168,661 | | | | |
| AstraZeneca PLC | | | | | 18,517 | | | | | | 1,977,950 | | | | |
Auto Trader Group PLC* | | | | | 13,878 | | | | | | 109,563 | | | | |
| AVEVA Group PLC | | | | | 1,630 | | | | | | 78,537 | | | | |
| Aviva PLC | | | | | 57,698 | | | | | | 319,783 | | | | |
| Barclays PLC | | | | | 254,794 | | | | | | 619,120 | | | | |
| Barratt Developments PLC | | | | | 14,931 | | | | | | 159,593 | | | | |
| Berkeley Group Holdings PLC | | | | | 1,754 | | | | | | 112,367 | | | | |
| BP PLC | | | | | 298,672 | | | | | | 1,252,985 | | | | |
| British Land Co. PLC (The) | | | | | 12,335 | | | | | | 88,535 | | | | |
BT Group PLC* | | | | | 127,969 | | | | | | 292,258 | | | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| United Kingdom (continued) | |
| Bunzl PLC | | | | | 4,947 | | | | | $ | 159,385 | | |
Burberry Group PLC* | | | | | 5,943 | | | | | | 169,587 | | |
| CK Hutchison Holdings Ltd. | | | | | 39,271 | | | | | | 322,082 | | |
| Coca-Cola European Partners PLC | | | | | 2,060 | | | | | | 117,049 | | |
Compass Group PLC* | | | | | 26,181 | | | | | | 570,014 | | |
| ConvaTec Group PLC | | | | | 23,573 | | | | | | 71,216 | | |
| Croda International PLC | | | | | 2,045 | | | | | | 191,516 | | |
| DCC PLC | | | | | 1,400 | | | | | | 121,807 | | |
| Direct Line Insurance Group PLC | | | | | 20,041 | | | | | | 79,109 | | |
| DS Smith PLC | | | | | 20,124 | | | | | | 117,246 | | |
easyJet PLC* | | | | | 4,774 | | | | | | 68,478 | | |
| Experian PLC | | | | | 13,444 | | | | | | 519,700 | | |
| GlaxoSmithKline PLC | | | | | 73,865 | | | | | | 1,370,007 | | |
| Halma PLC | | | | | 5,556 | | | | | | 199,084 | | |
| Hargreaves Lansdown PLC | | | | | 4,848 | | | | | | 115,418 | | |
Informa PLC* | | | | | 22,028 | | | | | | 171,465 | | |
InterContinental Hotels Group PLC* | | | | | 2,576 | | | | | | 183,751 | | |
| Intertek Group PLC | | | | | 2,368 | | | | | | 201,241 | | |
ITV PLC* | | | | | 53,226 | | | | | | 89,170 | | |
| J Sainsbury PLC | | | | | 32,656 | | | | | | 107,473 | | |
JD Sports Fashion PLC* | | | | | 6,430 | | | | | | 81,762 | | |
| Johnson Matthey PLC | | | | | 2,838 | | | | | | 127,704 | | |
Kingfisher PLC* | | | | | 30,993 | | | | | | 153,322 | | |
| Land Securities Group PLC | | | | | 10,878 | | | | | | 108,561 | | |
| Legal & General Group PLC | | | | | 87,593 | | | | | | 330,358 | | |
| Lloyds Banking Group PLC | | | | | 1,039,241 | | | | | | 653,756 | | |
| M&G PLC | | | | | 38,180 | | | | | | 114,869 | | |
| Mondi PLC | | | | | 7,129 | | | | | | 193,955 | | |
| Natwest Group PLC | | | | | 68,089 | | | | | | 185,340 | | |
Next PLC* | | | | | 1,792 | | | | | | 193,577 | | |
| Pearson PLC | | | | | 11,046 | | | | | | 126,938 | | |
| Phoenix Group Holdings PLC | | | | | 10,587 | | | | | | 104,279 | | |
| Prudential PLC | | | | | 38,268 | | | | | | 813,039 | | |
| Reckitt Benckiser Group PLC | | | | | 10,450 | | | | | | 933,366 | | |
| RELX PLC | | | | | 28,357 | | | | | | 737,924 | | |
| Rentokil Initial PLC | | | | | 27,201 | | | | | | 188,456 | | |
| Rightmove PLC | | | | | 12,796 | | | | | | 108,781 | | |
| RSA Insurance Group PLC | | | | | 15,199 | | | | | | 143,603 | | |
| Sage Group PLC (The) | | | | | 16,059 | | | | | | 141,856 | | |
| Schroders PLC | | | | | 1,733 | | | | | | 86,571 | | |
| Segro PLC | | | | | 17,467 | | | | | | 243,170 | | |
| Severn Trent PLC | | | | | 3,496 | | | | | | 119,896 | | |
| Spirax-Sarco Engineering PLC | | | | | 1,074 | | | | | | 175,690 | | |
| SSE PLC | | | | | 15,301 | | | | | | 310,996 | | |
| St James’s Place PLC | | | | | 7,854 | | | | | | 148,053 | | |
| Standard Chartered PLC | | | | | 46,325 | | | | | | 333,268 | | |
| Standard Life Aberdeen PLC | | | | | 32,121 | | | | | | 123,413 | | |
| Taylor Wimpey PLC | | | | | 52,078 | | | | | | 129,500 | | |
| Unilever PLC | | | | | 37,897 | | | | | | 2,220,281 | | |
| United Utilities Group PLC | | | | | 10,006 | | | | | | 134,133 | | |
| Vodafone Group PLC | | | | | 393,850 | | | | | | 745,978 | | |
Weir Group PLC (The)* | | | | | 3,808 | | | | | | 101,071 | | |
Whitbread PLC* | | | | | 2,961 | | | | | | 132,993 | | |
| Wm Morrison Supermarkets PLC | | | | | 35,328 | | | | | | 85,036 | | |
| WPP PLC | | | | | 17,977 | | | | | | 242,828 | | |
| Total United Kingdom | | | | | | | | | | | 21,814,422 | | |
| |
| | | | Shares | | | Value | | | |
| Common Stocks (continued) | | | |
| United States — 0.4% | | | | | | | |
| Avast PLC | | | | | 9,512 | | | | | $ | 62,912 | | | | |
Carnival PLC* | | | | | 2,314 | | | | | | 53,870 | | | | |
CyberArk Software Ltd.* | | | | | 555 | | | | | | 77,978 | | | | |
| Ferguson PLC | | | | | 3,303 | | | | | | 417,622 | | | | |
| Tenaris SA | | | | | 6,848 | | | | | | 73,846 | | | | |
| Total United States | | | | | | | | | | | 686,228 | | | | |
| Total Common Stocks | | | | | | | | | | | | | | | |
| (Cost $155,949,072) | | | | | | | | | | | 185,011,649 | | | | |
| Preferred Stocks — 0.6% | | | | | | | |
| Germany — 0.6% | | | | | | | |
Bayerische Motoren
Werke AG, 3.68% | | | | | 840 | | | | | | 68,963 | | | | |
| Henkel AG & Co. KGaA, 1.93% | | | | | 2,562 | | | | | | 294,720 | | | | |
| Volkswagen AG, 2.22% | | | | | 2,688 | | | | | | 701,201 | | | | |
| Total Germany | | | | | | | | | | | 1,064,884 | | | | |
| Spain — 0.0%(b) | | | | | | | |
| Grifols SA, 2.15%, Class B | | | | | 3,897 | | | | | | 69,195 | | | | |
| Total Preferred Stocks | | | | | | | | | | | | | | | |
| (Cost $912,086) | | | | | | | | | | | 1,134,079 | | | | |
| Short-Term Investments — 1.4% | | | | | | | |
| Money Market Funds — 1.4% | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)(d) | | | | | 2,624,267 | | | | | | 2,624,267 | | | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(c) | | | | | 77,240 | | | | | | 77,240 | | | | |
| Total Short-Term Investments | | | | | | | |
| (Cost $2,701,507) | | | | | | | | | | | 2,701,507 | | | | |
| Total Investments — 101.0% | | | | | | | |
| (Cost $159,562,665) | | | | | | | | | | | 188,847,235 | | | | |
| Other Assets and Liabilities, Net — (1.0)% | | | | | | | | | | | (1,896,131) | | | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 186,951,104 | | | | |
| |
*
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 $3,469,490; total market value of collateral held by the Fund was $4,981,547. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,357,280.
(b)
Less than 0.05%.
(c)
Reflects the 1-day yield at April 30, 2021.
(d)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 185,011,649 | | | | | $ | — | | | | | $ | — | | | | | $ | 185,011,649 | | |
| Preferred Stocks | | | | | 1,134,079 | | | | | | — | | | | | | — | | | | | | 1,134,079 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 2,701,507 | | | | | | — | | | | | | — | | | | | | 2,701,507 | | |
| Total Investments in Securities | | | | $ | 188,847,235 | | | | | $ | — | | | | | $ | — | | | | | $ | 188,847,235 | | |
(e)
For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG U.S. Equity ETF
| | | | Shares | | | Value | | | |
| Common Stocks — 99.7% | | | |
| Communication Services — 11.2% | | | | | | | |
| Activision Blizzard, Inc. | | | | | 12,376 | | | | | $ | 1,128,568 | | | | |
Alphabet, Inc., Class A* | | | | | 4,598 | | | | | | 10,821,393 | | | | |
Alphabet, Inc., Class C* | | | | | 4,410 | | | | | | 10,628,629 | | | | |
| AT&T, Inc. | | | | | 110,027 | | | | | | 3,455,948 | | | | |
| Comcast Corp., Class A | | | | | 73,378 | | | | | | 4,120,175 | | | | |
| Electronic Arts, Inc. | | | | | 4,668 | | | | | | 663,229 | | | | |
| Fox Corp., Class A | | | | | 5,372 | | | | | | 201,020 | | | | |
| Fox Corp., Class B | | | | | 2,517 | | | | | | 91,569 | | | | |
Liberty Broadband Corp., Class A* | | | | | 399 | | | | | | 62,910 | | | | |
Liberty Broadband Corp., Class C* | | | | | 3,267 | | | | | | 531,606 | | | | |
| Omnicom Group, Inc. | | | | | 3,446 | | | | | | 283,468 | | | | |
Pinterest, Inc., Class A* | | | | | 7,848 | | | | | | 520,872 | | | | |
Roku, Inc.* | | | | | 1,760 | | | | | | 603,627 | | | | |
Snap, Inc., Class A*(a) | | | | | 16,716 | | | | | | 1,033,383 | | | | |
Take-Two Interactive Software, Inc.* | | | | | 1,832 | | | | | | 321,296 | | | | |
T-Mobile US, Inc.* | | | | | 9,022 | | | | | | 1,192,077 | | | | |
Twitter, Inc.* | | | | | 11,973 | | | | | | 661,149 | | | | |
| Verizon Communications, Inc. | | | | | 63,940 | | | | | | 3,695,093 | | | | |
Walt Disney Co. (The)* | | | | | 29,260 | | | | | | 5,442,945 | | | | |
Zillow Group, Inc., Class A* | | | | | 659 | | | | | | 87,878 | | | | |
Zillow Group, Inc., Class C* | | | | | 2,268 | | | | | | 295,112 | | | | |
| Total Communication Services | | | | | | | | | | | 45,841,947 | | | | |
| Consumer Discretionary — 9.4% | | | | | | | | | | | | | | | |
Aptiv PLC* | | | | | 4,339 | | | | | | 624,339 | | | | |
| Best Buy Co., Inc. | | | | | 3,736 | | | | | | 434,385 | | | | |
Booking Holdings, Inc.* | | | | | 660 | | | | | | 1,627,613 | | | | |
Carnival Corp.*(a) | | | | | 13,001 | | | | | | 363,508 | | | | |
Chipotle Mexican Grill, Inc.* | | | | | 446 | | | | | | 665,445 | | | | |
| Domino’s Pizza, Inc. | | | | | 633 | | | | | | 267,341 | | | | |
| DR Horton, Inc. | | | | | 5,499 | | | | | | 540,497 | | | | |
| eBay, Inc. | | | | | 10,739 | | | | | | 599,129 | | | | |
| Garmin Ltd. | | | | | 2,314 | | | | | | 317,573 | | | | |
| Hasbro, Inc. | | | | | 2,064 | | | | | | 205,265 | | | | |
Hilton Worldwide Holdings, Inc.* | | | | | 4,408 | | | | | | 567,310 | | | | |
| Home Depot, Inc. (The) | | | | | 17,393 | | | | | | 5,629,592 | | | | |
LKQ Corp.* | | | | | 4,187 | | | | | | 195,575 | | | | |
| Lowe’s Cos., Inc. | | | | | 11,846 | | | | | | 2,324,777 | | | | |
Lululemon Athletica, Inc.* | | | | | 1,940 | | | | | | 650,424 | | | | |
Marriott International, Inc., Class A* | | | | | 4,230 | | | | | | 628,240 | | | | |
| McDonald’s Corp. | | | | | 12,046 | | | | | | 2,843,820 | | | | |
MercadoLibre, Inc.* | | | | | 734 | | | | | | 1,153,099 | | | | |
Mohawk Industries, Inc.* | | | | | 945 | | | | | | 194,197 | | | | |
| Newell Brands, Inc. | | | | | 6,100 | | | | | | 164,456 | | | | |
| NIKE, Inc., Class B | | | | | 20,297 | | | | | | 2,691,788 | | | | |
| Ross Stores, Inc. | | | | | 5,649 | | | | | | 739,680 | | | | |
Royal Caribbean Cruises Ltd.* | | | | | 3,033 | | | | | | 263,719 | | | | |
| Starbucks Corp. | | | | | 18,949 | | | | | | 2,169,471 | | | | |
| Target Corp. | | | | | 8,076 | | | | | | 1,673,832 | | | | |
Tesla, Inc.* | | | | | 12,269 | | | | | | 8,704,119 | | | | |
| TJX Cos., Inc. (The) | | | | | 17,769 | | | | | | 1,261,599 | | | | |
| Tractor Supply Co. | | | | | 1,872 | | | | | | 353,059 | | | | |
Ulta Beauty, Inc.* | | | | | 871 | | | | | | 286,864 | | | | |
Vail Resorts, Inc.* | | | | | 644 | | | | | | 209,403 | | | | |
| VF Corp. | | | | | 5,197 | | | | | | 455,569 | | | | |
| Total Consumer Discretionary | | | | | | | | | | | 38,805,688 | | | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Staples — 5.8% | | | | | | | | | | | | | |
| Archer-Daniels-Midland Co. | | | | | 8,958 | | | | | $ | 565,518 | | |
| Campbell Soup Co. | | | | | 3,270 | | | | | | 156,142 | | |
| Church & Dwight Co., Inc. | | | | | 4,010 | | | | | | 343,817 | | |
| Clorox Co. (The) | | | | | 2,033 | | | | | | 371,022 | | |
| Coca-Cola Co. (The) | | | | | 62,417 | | | | | | 3,369,270 | | |
| Colgate-Palmolive Co. | | | | | 13,826 | | | | | | 1,115,758 | | |
| Conagra Brands, Inc. | | | | | 7,696 | | | | | | 285,445 | | |
| Costco Wholesale Corp. | | | | | 7,148 | | | | | | 2,659,699 | | |
| Estee Lauder Cos., Inc. (The), Class A | | | | | 3,369 | | | | | | 1,057,192 | | |
| General Mills, Inc. | | | | | 9,865 | | | | | | 600,384 | | |
| Hershey Co. (The) | | | | | 2,377 | | | | | | 390,541 | | |
| Hormel Foods Corp. | | | | | 4,554 | | | | | | 210,395 | | |
J M Smucker Co. (The)(a) | | | | | 1,766 | | | | | | 231,328 | | |
| Kellogg Co. | | | | | 4,154 | | | | | | 259,293 | | |
Keurig Dr Pepper, Inc.(a) | | | | | 11,169 | | | | | | 400,409 | | |
| Kimberly-Clark Corp. | | | | | 5,484 | | | | | | 731,127 | | |
| Kraft Heinz Co. (The) | | | | | 10,165 | | | | | | 419,713 | | |
| Kroger Co. (The) | | | | | 11,805 | | | | | | 431,355 | | |
| McCormick & Co., Inc. | | | | | 3,975 | | | | | | 359,181 | | |
| PepsiCo, Inc. | | | | | 22,316 | | | | | | 3,217,075 | | |
| Procter & Gamble Co. (The) | | | | | 39,918 | | | | | | 5,325,860 | | |
| Sysco Corp. | | | | | 7,892 | | | | | | 668,689 | | |
| Walgreens Boots Alliance, Inc. | | | | | 11,567 | | | | | | 614,208 | | |
| Total Consumer Staples | | | | | | | | | | | 23,783,421 | | |
| Energy — 1.1% | | | | | | | | | | | | | |
| Baker Hughes Co. | | | | | 10,454 | | | | | | 209,916 | | |
Cheniere Energy, Inc.* | | | | | 3,742 | | | | | | 290,080 | | |
| Halliburton Co. | | | | | 13,283 | | | | | | 259,815 | | |
| Kinder Morgan, Inc. | | | | | 31,416 | | | | | | 535,643 | | |
| Marathon Petroleum Corp. | | | | | 10,470 | | | | | | 582,656 | | |
| ONEOK, Inc. | | | | | 7,144 | | | | | | 373,917 | | |
| Phillips 66 | | | | | 7,046 | | | | | | 570,092 | | |
| Schlumberger NV | | | | | 22,471 | | | | | | 607,841 | | |
| Valero Energy Corp. | | | | | 6,576 | | | | | | 486,361 | | |
| Williams Cos., Inc. (The) | | | | | 19,593 | | | | | | 477,285 | | |
| Total Energy | | | | | | | | | | | 4,393,606 | | |
| Financials — 8.2% | | | | | | | | | | | | | |
| Aflac, Inc. | | | | | 10,447 | | | | | | 561,317 | | |
Alleghany Corp.* | | | | | 221 | | | | | | 150,052 | | |
| Allstate Corp. (The) | | | | | 4,795 | | | | | | 608,006 | | |
| Ally Financial, Inc. | | | | | 6,013 | | | | | | 309,369 | | |
| American Express Co. | | | | | 9,772 | | | | | | 1,498,536 | | |
| American International Group, Inc. | | | | | 13,923 | | | | | | 674,569 | | |
| Ameriprise Financial, Inc. | | | | | 1,901 | | | | | | 491,218 | | |
| Annaly Capital Management, Inc. | | | | | 22,523 | | | | | | 204,509 | | |
| Aon PLC, Class A | | | | | 3,616 | | | | | | 909,207 | | |
Arch Capital Group Ltd.* | | | | | 6,366 | | | | | | 252,794 | | |
| Arthur J Gallagher & Co. | | | | | 3,080 | | | | | | 446,446 | | |
| Bank of America Corp. | | | | | 123,438 | | | | | | 5,002,942 | | |
| Bank of New York Mellon Corp. (The) | | | | | 13,134 | | | | | | 655,124 | | |
| Blackstone Group, Inc. (The) | | | | | 10,837 | | | | | | 958,966 | | |
| Charles Schwab Corp. (The) | | | | | 26,010 | | | | | | 1,831,104 | | |
| Chubb Ltd. | | | | | 6,315 | | | | | | 1,083,591 | | |
| Cincinnati Financial Corp. | | | | | 2,515 | | | | | | 283,390 | | |
| Citigroup, Inc. | | | | | 33,628 | | | | | | 2,395,659 | | |
| Citizens Financial Group, Inc. | | | | | 6,875 | | | | | | 318,175 | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| First Republic Bank | | | | | 2,789 | | | | | $ | 511,056 | | |
| Franklin Resources, Inc. | | | | | 4,767 | | | | | | 143,010 | | |
| Globe Life, Inc. | | | | | 1,551 | | | | | | 158,962 | | |
| Hartford Financial Services Group, Inc. (The) | | | | | 5,776 | | | | | | 380,985 | | |
| Huntington Bancshares, Inc. | | | | | 16,318 | | | | | | 249,992 | | |
| Interactive Brokers Group, Inc., Class A | | | | | 1,257 | | | | | | 89,901 | | |
| KeyCorp | | | | | 15,718 | | | | | | 342,024 | | |
| M&T Bank Corp. | | | | | 2,017 | | | | | | 318,061 | | |
| Marsh & McLennan Cos., Inc. | | | | | 8,185 | | | | | | 1,110,705 | | |
| MetLife, Inc. | | | | | 11,270 | | | | | | 717,110 | | |
| Moody’s Corp. | | | | | 2,626 | | | | | | 857,940 | | |
| Morgan Stanley | | | | | 23,043 | | | | | | 1,902,200 | | |
| MSCI, Inc. | | | | | 1,239 | | | | | | 601,869 | | |
| Northern Trust Corp. | | | | | 3,212 | | | | | | 365,526 | | |
| PNC Financial Services Group, Inc. (The) | | | | | 6,753 | | | | | | 1,262,473 | | |
| Principal Financial Group, Inc. | | | | | 4,421 | | | | | | 282,369 | | |
| Progressive Corp. (The) | | | | | 9,437 | | | | | | 950,683 | | |
| Prudential Financial, Inc. | | | | | 6,393 | | | | | | 641,602 | | |
| Raymond James Financial, Inc. | | | | | 1,975 | | | | | | 258,291 | | |
| Regions Financial Corp. | | | | | 15,469 | | | | | | 337,224 | | |
SVB Financial Group* | | | | | 834 | | | | | | 476,906 | | |
| Synchrony Financial | | | | | 9,084 | | | | | | 397,334 | | |
| Travelers Cos., Inc. (The) | | | | | 4,082 | | | | | | 631,322 | | |
| Truist Financial Corp. | | | | | 21,694 | | | | | | 1,286,671 | | |
| W R Berkley Corp. | | | | | 2,203 | | | | | | 175,623 | | |
| Willis Towers Watson PLC | | | | | 2,067 | | | | | | 535,064 | | |
| Total Financials | | | | | | | | | | | 33,619,877 | | |
| Health Care — 14.7% | | | | | | | | | | | | | |
| Abbott Laboratories | | | | | 28,457 | | | | | | 3,417,117 | | |
| AbbVie, Inc. | | | | | 28,187 | | | | | | 3,142,850 | | |
ABIOMED, Inc.* | | | | | 714 | | | | | | 229,001 | | |
| Agilent Technologies, Inc. | | | | | 4,939 | | | | | | 660,048 | | |
Alexion Pharmaceuticals, Inc.* | | | | | 3,379 | | | | | | 569,970 | | |
Align Technology, Inc.* | | | | | 1,168 | | | | | | 695,579 | | |
| Amgen, Inc. | | | | | 9,401 | | | | | | 2,252,856 | | |
| Anthem, Inc. | | | | | 4,018 | | | | | | 1,524,389 | | |
Biogen, Inc.* | | | | | 2,464 | | | | | | 658,701 | | |
BioMarin Pharmaceutical, Inc.* | | | | | 2,915 | | | | | | 227,137 | | |
| Cardinal Health, Inc. | | | | | 4,730 | | | | | | 285,408 | | |
Centene Corp.* | | | | | 9,174 | | | | | | 566,403 | | |
| Cerner Corp. | | | | | 4,731 | | | | | | 355,062 | | |
| Cigna Corp. | | | | | 5,826 | | | | | | 1,450,732 | | |
| Cooper Cos., Inc. (The) | | | | | 790 | | | | | | 324,603 | | |
| CVS Health Corp. | | | | | 21,119 | | | | | | 1,613,492 | | |
| Danaher Corp. | | | | | 10,195 | | | | | | 2,588,918 | | |
DaVita, Inc.* | | | | | 1,171 | | | | | | 136,457 | | |
| DENTSPLY SIRONA, Inc. | | | | | 3,518 | | | | | | 237,500 | | |
Dexcom, Inc.* | | | | | 1,540 | | | | | | 594,594 | | |
Edwards Lifesciences Corp.* | | | | | 10,000 | | | | | | 955,200 | | |
| Eli Lilly & Co. | | | | | 13,653 | | | | | | 2,495,359 | | |
| Gilead Sciences, Inc. | | | | | 20,266 | | | | | | 1,286,283 | | |
| HCA Healthcare, Inc. | | | | | 4,283 | | | | | | 861,140 | | |
Henry Schein, Inc.* | | | | | 2,278 | | | | | | 165,155 | | |
Hologic, Inc.* | | | | | 4,111 | | | | | | 269,476 | | |
| Humana, Inc. | | | | | 2,136 | | | | | | 951,033 | | |
IDEXX Laboratories, Inc.* | | | | | 1,366 | | | | | | 749,920 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | | | |
Illumina, Inc.* | | | | | 2,353 | | | | | $ | 924,353 | | |
Incyte Corp.* | | | | | 2,987 | | | | | | 255,030 | | |
Intuitive Surgical, Inc.* | | | | | 1,885 | | | | | | 1,630,525 | | |
IQVIA Holdings, Inc.* | | | | | 3,031 | | | | | | 711,345 | | |
Jazz Pharmaceuticals PLC* | | | | | 873 | | | | | | 143,521 | | |
| Johnson & Johnson | | | | | 42,555 | | | | | | 6,924,975 | | |
Laboratory Corp. of America Holdings* | | | | | 1,568 | | | | | | 416,884 | | |
| Medtronic PLC | | | | | 21,746 | | | | | | 2,846,986 | | |
| Merck & Co., Inc. | | | | | 40,546 | | | | | | 3,020,677 | | |
Mettler-Toledo International, Inc.* | | | | | 380 | | | | | | 499,062 | | |
Moderna, Inc.* | | | | | 5,249 | | | | | | 938,626 | | |
| Quest Diagnostics, Inc. | | | | | 2,169 | | | | | | 286,048 | | |
Regeneron Pharmaceuticals, Inc.* | | | | | 1,650 | | | | | | 794,145 | | |
| ResMed, Inc. | | | | | 2,322 | | | | | | 436,466 | | |
Seagen, Inc.* | | | | | 2,121 | | | | | | 304,915 | | |
| Thermo Fisher Scientific, Inc. | | | | | 6,398 | | | | | | 3,008,532 | | |
| UnitedHealth Group, Inc. | | | | | 15,261 | | | | | | 6,086,087 | | |
Vertex Pharmaceuticals, Inc.* | | | | | 4,202 | | | | | | 916,876 | | |
Viatris, Inc.* | | | | | 19,625 | | | | | | 261,012 | | |
Waters Corp.* | | | | | 998 | | | | | | 299,270 | | |
| West Pharmaceutical Services, Inc. | | | | | 1,187 | | | | | | 389,953 | | |
| Total Health Care | | | | | | | | | | | 60,359,671 | | |
| Industrials — 6.9% | | | | | | | | | | | | | |
| 3M Co. | | | | | 9,297 | | | | | | 1,832,811 | | |
| A O Smith Corp. | | | | | 2,170 | | | | | | 147,017 | | |
| CH Robinson Worldwide, Inc. | | | | | 2,180 | | | | | | 211,634 | | |
| Cintas Corp. | | | | | 1,452 | | | | | | 501,143 | | |
CoStar Group, Inc.* | | | | | 602 | | | | | | 514,367 | | |
| CSX Corp. | | | | | 12,315 | | | | | | 1,240,736 | | |
| Deere & Co. | | | | | 5,060 | | | | | | 1,876,501 | | |
| Dover Corp. | | | | | 2,320 | ��� | | | | | 346,121 | | |
| Eaton Corp. PLC | | | | | 6,435 | | | | | | 919,755 | | |
| Equifax, Inc. | | | | | 1,961 | | | | | | 449,520 | | |
| Expeditors International of Washington, Inc. | | | | | 2,721 | | | | | | 298,929 | | |
| Fastenal Co. | | | | | 9,252 | | | | | | 483,695 | | |
| FedEx Corp. | | | | | 3,959 | | | | | | 1,149,337 | | |
| Fortive Corp. | | | | | 5,013 | | | | | | 355,021 | | |
| Fortune Brands Home & Security, Inc. | | | | | 2,234 | | | | | | 234,525 | | |
| General Electric Co. | | | | | 134,514 | | | | | | 1,764,824 | | |
| IHS Markit Ltd. | | | | | 5,635 | | | | | | 606,213 | | |
| Illinois Tool Works, Inc. | | | | | 4,624 | | | | | | 1,065,647 | | |
Ingersoll Rand, Inc.* | | | | | 6,002 | | | | | | 296,559 | | |
| JB Hunt Transport Services, Inc. | | | | | 1,357 | | | | | | 231,653 | | |
| Johnson Controls International PLC | | | | | 11,666 | | | | | | 727,258 | | |
| Kansas City Southern | | | | | 1,507 | | | | | | 440,360 | | |
Lyft, Inc., Class A* | | | | | 3,795 | | | | | | 211,230 | | |
| Masco Corp. | | | | | 4,211 | | | | | | 268,999 | | |
| Norfolk Southern Corp. | | | | | 4,104 | | | | | | 1,146,001 | | |
| Old Dominion Freight Line, Inc. | | | | | 1,693 | | | | | | 436,472 | | |
| Parker-Hannifin Corp. | | | | | 2,073 | | | | | | 650,528 | | |
| Republic Services, Inc. | | | | | 3,389 | | | | | | 360,251 | | |
| Rockwell Automation, Inc. | | | | | 1,875 | | | | | | 495,487 | | |
| Roper Technologies, Inc. | | | | | 1,614 | | | | | | 720,554 | | |
| Trane Technologies PLC | | | | | 3,866 | | | | | | 672,027 | | |
| TransUnion | | | | | 2,923 | | | | | | 305,717 | | |
| Union Pacific Corp. | | | | | 10,878 | | | | | | 2,415,895 | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Industrials (continued) | | | |
| United Parcel Service, Inc., Class B | | | | | 11,565 | | | | | $ | 2,357,641 | | |
United Rentals, Inc.* | | | | | 1,161 | | | | | | 371,462 | | |
| Verisk Analytics, Inc. | | | | | 2,605 | | | | | | 490,261 | | |
| Waste Management, Inc. | | | | | 6,826 | | | | | | 941,783 | | |
| Westinghouse Air Brake Technologies Corp. | | | | | 2,892 | | | | | | 237,346 | | |
| WW Grainger, Inc. | | | | | 729 | | | | | | 316,051 | | |
| Xylem, Inc. | | | | | 2,901 | | | | | | 320,996 | | |
| Total Industrials | | | | | | | | | | | 28,412,327 | | |
| Information Technology — 34.9% | | | | | | | | | | | | | |
| Accenture PLC, Class A | | | | | 10,204 | | | | | | 2,958,854 | | |
Adobe, Inc.* | | | | | 7,392 | | | | | | 3,757,649 | | |
Advanced Micro Devices, Inc.* | | | | | 18,474 | | | | | | 1,507,848 | | |
Akamai Technologies, Inc.* | | | | | 2,462 | | | | | | 267,619 | | |
| Analog Devices, Inc. | | | | | 5,693 | | | | | | 871,940 | | |
ANSYS, Inc.* | | | | | 1,312 | | | | | | 479,746 | | |
| Apple, Inc. | | | | | 259,757 | | | | | | 34,147,655 | | |
| Applied Materials, Inc. | | | | | 14,691 | | | | | | 1,949,643 | | |
Arista Networks, Inc.* | | | | | 849 | | | | | | 267,579 | | |
Autodesk, Inc.* | | | | | 3,392 | | | | | | 990,159 | | |
| Automatic Data Processing, Inc. | | | | | 6,134 | | | | | | 1,146,997 | | |
| Broadcom, Inc. | | | | | 6,134 | | | | | | 2,798,331 | | |
| Broadridge Financial Solutions, Inc. | | | | | 1,857 | | | | | | 294,576 | | |
Cadence Design Systems, Inc.* | | | | | 4,248 | | | | | | 559,759 | | |
| CDW Corp. | | | | | 2,185 | | | | | | 389,651 | | |
| Cisco Systems, Inc. | | | | | 60,288 | | | | | | 3,069,262 | | |
| Citrix Systems, Inc. | | | | | 1,884 | | | | | | 233,333 | | |
| Cognizant Technology Solutions Corp., Class A | | | | | 8,241 | | | | | | 662,576 | | |
Coupa Software, Inc.* | | | | | 1,109 | | | | | | 298,365 | | |
Datadog, Inc., Class A* | | | | | 2,700 | | | | | | 231,579 | | |
Dell Technologies, Inc., Class C* | | | | | 3,786 | | | | | | 372,277 | | |
DocuSign, Inc.* | | | | | 2,781 | | | | | | 619,996 | | |
Dropbox, Inc., Class A* | | | | | 4,611 | | | | | | 118,503 | | |
F5 Networks, Inc.* | | | | | 948 | | | | | | 177,048 | | |
Fiserv, Inc.* | | | | | 8,978 | | | | | | 1,078,437 | | |
Fortinet, Inc.* | | | | | 2,129 | | | | | | 434,806 | | |
Gartner, Inc.* | | | | | 1,403 | | | | | | 274,820 | | |
| Global Payments, Inc. | | | | | 4,594 | | | | | | 986,010 | | |
| Hewlett Packard Enterprise Co. | | | | | 19,932 | | | | | | 319,311 | | |
| HP, Inc. | | | | | 19,888 | | | | | | 678,380 | | |
| Intel Corp. | | | | | 63,310 | | | | | | 3,642,224 | | |
| International Business Machines Corp. | | | | | 13,754 | | | | | | 1,951,417 | | |
| Intuit, Inc. | | | | | 3,942 | | | | | | 1,624,735 | | |
Keysight Technologies, Inc.* | | | | | 2,855 | | | | | | 412,119 | | |
| KLA Corp. | | | | | 2,375 | | | | | | 748,956 | | |
| Lam Research Corp. | | | | | 2,219 | | | | | | 1,376,779 | | |
| Mastercard, Inc., Class A | | | | | 14,126 | | | | | | 5,396,980 | | |
| Maxim Integrated Products, Inc. | | | | | 4,102 | | | | | | 385,588 | | |
Micron Technology, Inc.* | | | | | 17,225 | | | | | | 1,482,556 | | |
| Microsoft Corp. | | | | | 115,176 | | | | | | 29,045,084 | | |
| Motorola Solutions, Inc. | | | | | 2,609 | | | | | | 491,275 | | |
| NetApp, Inc. | | | | | 3,438 | | | | | | 256,784 | | |
| NortonLifeLock, Inc. | | | | | 8,729 | | | | | | 188,634 | | |
| NVIDIA Corp. | | | | | 9,174 | | | | | | 5,507,886 | | |
Okta, Inc.*(a) | | | | | 1,856 | | | | | | 500,563 | | |
Palo Alto Networks, Inc.* | | | | | 1,435 | | | | | | 507,115 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | | | |
| Paychex, Inc. | | | | | 4,977 | | | | | $ | 485,208 | | |
Paycom Software, Inc.* | | | | | 756 | | | | | | 290,614 | | |
PayPal Holdings, Inc.* | | | | | 18,094 | | | | | | 4,745,875 | | |
| QUALCOMM, Inc. | | | | | 17,457 | | | | | | 2,423,032 | | |
RingCentral, Inc., Class A* | | | | | 1,207 | | | | | | 384,973 | | |
salesforce.com, Inc.* | | | | | 13,639 | | | | | | 3,141,334 | | |
| Seagate Technology PLC | | | | | 3,483 | | | | | | 323,362 | | |
ServiceNow, Inc.* | | | | | 3,004 | | | | | | 1,521,135 | | |
| Skyworks Solutions, Inc. | | | | | 2,556 | | | | | | 463,479 | | |
Splunk, Inc.* | | | | | 2,485 | | | | | | 314,154 | | |
Synopsys, Inc.* | | | | | 2,350 | | | | | | 580,591 | | |
| TE Connectivity Ltd. | | | | | 5,099 | | | | | | 685,662 | | |
| Texas Instruments, Inc. | | | | | 14,164 | | | | | | 2,556,744 | | |
Trimble, Inc.* | | | | | 3,854 | | | | | | 316,028 | | |
Twilio, Inc., Class A* | | | | | 2,125 | | | | | | 781,575 | | |
VeriSign, Inc.* | | | | | 1,543 | | | | | | 337,562 | | |
Visa, Inc., Class A(a) | | | | | 27,248 | | | | | | 6,364,043 | | |
VMware, Inc., Class A*(a) | | | | | 1,240 | | | | | | 199,429 | | |
Western Digital Corp.* | | | | | 4,576 | | | | | | 323,203 | | |
| Western Union Co. (The) | | | | | 6,600 | | | | | | 170,016 | | |
Workday, Inc., Class A* | | | | | 2,741 | | | | | | 677,027 | | |
| Xilinx, Inc. | | | | | 3,781 | | | | | | 483,817 | | |
Zscaler, Inc.*(a) | | | | | 1,161 | | | | | | 217,850 | | |
| Total Information Technology | | | | | | | | | | | 143,248,117 | | |
| Materials — 2.8% | | | | | | | | | | | | | |
| Air Products and Chemicals, Inc. | | | | | 3,563 | | | | | | 1,027,854 | | |
| Albemarle Corp. | | | | | 1,715 | | | | | | 288,412 | | |
| Ball Corp. | | | | | 5,252 | | | | | | 491,797 | | |
| Dow, Inc. | | | | | 11,973 | | | | | | 748,313 | | |
| DuPont de Nemours, Inc. | | | | | 11,847 | | | | | | 913,522 | | |
| Ecolab, Inc. | | | | | 4,095 | | | | | | 917,771 | | |
| International Flavors & Fragrances, Inc. | | | | | 1,725 | | | | | | 245,243 | | |
| International Paper Co. | | | | | 6,339 | | | | | | 367,662 | | |
| Linde PLC | | | | | 8,446 | | | | | | 2,414,205 | | |
| LyondellBasell Industries NV, Class A | | | | | 4,171 | | | | | | 432,700 | | |
| Newmont Corp. | | | | | 12,950 | | | | | | 808,210 | | |
| Nucor Corp. | | | | | 4,848 | | | | | | 398,796 | | |
| Packaging Corp. of America | | | | | 1,512 | | | | | | 223,247 | | |
| PPG Industries, Inc. | | | | | 3,816 | | | | | | 653,452 | | |
| Sherwin-Williams Co. (The) | | | | | 3,985 | | | | | | 1,091,372 | | |
| Vulcan Materials Co. | | | | | 2,139 | | | | | | 381,255 | | |
| Westrock Co. | | | | | 4,195 | | | | | | 233,871 | | |
| Total Materials | | | | | | | | | | | 11,637,682 | | |
| Real Estate — 3.3% | | | | | | | | | | | | | |
| Alexandria Real Estate Equities, Inc. | | | | | 2,231 | | | | | | 404,034 | | |
| American Tower Corp. | | | | | 7,163 | | | | | | 1,824,917 | | |
| AvalonBay Communities, Inc. | | | | | 2,251 | | | | | | 432,192 | | |
| Boston Properties, Inc. | | | | | 2,303 | | | | | | 251,833 | | |
CBRE Group, Inc., Class A* | | | | | 5,200 | | | | | | 443,040 | | |
| Crown Castle International Corp. | | | | | 6,945 | | | | | | 1,313,022 | | |
| Duke Realty Corp. | | | | | 6,006 | | | | | | 279,399 | | |
| Equinix, Inc. | | | | | 1,435 | | | | | | 1,034,291 | | |
| Equity Residential | | | | | 5,934 | | | | | | 440,481 | | |
| Essex Property Trust, Inc. | | | | | 1,053 | | | | | | 305,918 | | |
| Extra Space Storage, Inc. | | | | | 2,078 | | | | | | 308,978 | | |
| Healthpeak Properties, Inc. | | | | | 8,689 | | | | | | 298,380 | | |
See notes to financial statements.
Schedule of Investments — IQ Candriam ESG U.S. Equity ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Real Estate (continued) | | | |
Host Hotels & Resorts, Inc.* | | | | | 11,279 | | | | | $ | 204,827 | | |
| Invitation Homes, Inc. | | | | | 9,035 | | | | | | 316,767 | | |
| Iron Mountain, Inc. | | | | | 4,614 | | | | | | 185,114 | | |
| Mid-America Apartment Communities, Inc. | | | | | 1,838 | | | | | | 289,172 | | |
| Prologis, Inc. | | | | | 11,888 | | | | | | 1,385,309 | | |
| Public Storage | | | | | 2,400 | | | | | | 674,784 | | |
| Realty Income Corp. | | | | | 5,669 | | | | | | 392,011 | | |
| SBA Communications Corp. | | | | | 1,779 | | | | | | 533,202 | | |
| Simon Property Group, Inc. | | | | | 5,279 | | | | | | 642,665 | | |
| UDR, Inc. | | | | | 4,716 | | | | | | 219,058 | | |
| Ventas, Inc. | | | | | 6,030 | | | | | | 334,424 | | |
| Welltower, Inc. | | | | | 6,738 | | | | | | 505,552 | | |
| Weyerhaeuser Co. | | | | | 12,043 | | | | | | 466,907 | | |
| WP Carey, Inc. | | | | | 2,803 | | | | | | 209,917 | | |
| Total Real Estate | | | | | | | | | | | 13,696,194 | | |
| Utilities — 1.4% | | | | | | | | | | | | | |
| American Water Works Co., Inc. | | | | | 2,925 | | | | | | 456,271 | | |
| Atmos Energy Corp. | | | | | 2,023 | | | | | | 209,563 | | |
| Avangrid, Inc. | | | | | 917 | | | | | | 46,675 | | |
| CenterPoint Energy, Inc. | | | | | 8,778 | | | | | | 214,973 | | |
| Consolidated Edison, Inc. | | | | | 5,524 | | | | | | 427,613 | | |
| Entergy Corp. | | | | | 3,230 | | | | | | 353,007 | | |
| Eversource Energy | | | | | 5,530 | | | | | | 476,797 | | |
| NextEra Energy, Inc. | | | | | 31,622 | | | | | | 2,451,021 | | |
| Public Service Enterprise Group, Inc. | | | | | 8,166 | | | | | | 515,764 | | |
| Sempra Energy | | | | | 4,674 | | | | | | 643,002 | | |
| Total Utilities | | | | | | | | | | | 5,794,686 | | |
| |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
Total Common Stocks
(Cost $343,438,408) | | | | | | | | | | $ | 409,593,216 | | |
| Short-Term Investments — 0.2% | | | | | | | | | | | | | |
| Money Market Funds — 0.2% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 8,790 | | | | | | 8,790 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | | | | | 784,055 | | | | | | 784,055 | | |
Total Short-Term Investments
(Cost $792,845) | | | | | | | | | | | 792,845 | | |
Total Investments — 99.9%
(Cost $344,231,253) | | | | | | | | | | | 410,386,061 | | |
| Other Assets and Liabilities, Net — 0.1% | | | | | | | | | | | 316,256 | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 410,702,317 | | |
| |
*
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 $9,017,258; total market value of collateral held by the Fund was $9,300,121. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $9,291,331.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 409,593,216 | | | | | $ | — | | | | | $ | — | | | | | $ | 409,593,216 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 792,845 | | | | | | — | | | | | | — | | | | | | 792,845 | | |
| Total Investments in Securities | | | | $ | 410,386,061 | | | | | $ | — | | | | | $ | — | | | | | $ | 410,386,061 | | |
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.9% | |
| Communication Services — 3.0% | |
AMC Networks, Inc.,
Class A*(a) | | | | | 7,658 | | | | | $ | 385,044 | | |
Angi, Inc.*(a) | | | | | 31,316 | | | | | | 501,369 | | |
Cargurus, Inc.* | | | | | 17,084 | | | | | | 421,633 | | |
Consolidated Communications
Holdings, Inc.* | | | | | 56,542 | | | | | | 407,102 | | |
Emerald Holding, Inc.* | | | | | 73,750 | | | | | | 413,738 | | |
IDT Corp., Class B* | | | | | 17,966 | | | | | | 431,364 | | |
Liberty Latin America Ltd., Class C* | | | | | 31,364 | | | | | | 437,528 | | |
QuinStreet, Inc.* | | | | | 20,054 | | | | | | 406,495 | | |
| Scholastic Corp. | | | | | 13,520 | | | | | | 410,062 | | |
Sinclair Broadcast Group, Inc., Class A(a) | | | | | 13,913 | | | | | | 451,755 | | |
| TEGNA, Inc. | | | | | 21,620 | | | | | | 433,697 | | |
| Telephone and Data Systems, Inc. | | | | | 17,731 | | | | | | 407,458 | | |
TrueCar, Inc.* | | | | | 85,079 | | | | | | 391,363 | | |
United States Cellular Corp.* | | | | | 11,160 | | | | | | 380,891 | | |
World Wrestling Entertainment, Inc., Class A(a) | | | | | 7,503 | | | | | | 413,490 | | |
| Total Communication Services | | | | | | | | | | | 6,292,989 | | |
| Consumer Discretionary — 9.7% | |
1-800-Flowers.com, Inc., Class A*(a) | | | | | 14,745 | | | | | | 471,471 | | |
Adtalem Global Education, Inc.* | | | | | 10,296 | | | | | | 353,256 | | |
America’s Car-Mart, Inc.* | | | | | 2,672 | | | | | | 403,018 | | |
American Eagle Outfitters, Inc.(a) | | | | | 13,923 | | | | | | 481,318 | | |
American Public Education, Inc.* | | | | | 11,426 | | | | | | 348,036 | | |
Asbury Automotive Group, Inc.* | | | | | 2,072 | | | | | | 411,520 | | |
| Carriage Services, Inc. | | | | | 11,569 | | | | | | 430,135 | | |
Cato Corp. (The), Class A* | | | | | 33,925 | | | | | | 454,595 | | |
Children’s Place, Inc. (The)*(a) | | | | | 5,841 | | | | | | 457,642 | | |
| Core-Mark Holding Co., Inc. | | | | | 10,522 | | | | | | 447,816 | | |
| Dillard’s, Inc., Class A | | | | | 4,216 | | | | | | 417,005 | | |
| Escalade, Inc. | | | | | 19,469 | | | | | | 428,707 | | |
| Ethan Allen Interiors, Inc. | | | | | 14,745 | | | | | | 423,329 | | |
| Foot Locker, Inc. | | | | | 7,237 | | | | | | 426,838 | | |
Genius Brands International, Inc.*(a) | | | | | 209,847 | | | | | | 371,429 | | |
Gentherm, Inc.* | | | | | 5,493 | | | | | | 391,102 | | |
| Graham Holdings Co., Class B | | | | | 724 | | | | | | 460,182 | | |
Green Brick Partners, Inc.* | | | | | 17,950 | | | | | | 463,289 | | |
| Haverty Furniture Cos., Inc. | | | | | 10,947 | | | | | | 508,707 | | |
| Hooker Furniture Corp. | | | | | 11,166 | | | | | | 418,837 | | |
iRobot Corp.*(a) | | | | | 3,332 | | | | | | 362,522 | | |
| Johnson Outdoors, Inc., Class A | | | | | 2,852 | | | | | | 404,442 | | |
Lakeland Industries, Inc.* | | | | | 14,612 | | | | | | 412,205 | | |
| LCI Industries | | | | | 3,078 | | | | | | 450,927 | | |
Liquidity Services, Inc.* | | | | | 21,911 | | | | | | 392,864 | | |
Lumber Liquidators Holdings, Inc.* | | | | | 16,206 | | | | | | 388,458 | | |
MarineMax, Inc.*(a) | | | | | 8,248 | | | | | | 468,486 | | |
| MDC Holdings, Inc. | | | | | 6,854 | | | | | | 402,056 | | |
Motorcar Parts of America, Inc.* | | | | | 18,093 | | | | | | 390,809 | | |
| Murphy USA, Inc. | | | | | 2,816 | | | | | | 392,550 | | |
National Vision Holdings, Inc.* | | | | | 9,288 | | | | | | 468,208 | | |
Norwegian Cruise Line Holdings Ltd.*(a) | | | | | 14,755 | | | | | | 458,143 | | |
| Penske Automotive Group, Inc. | | | | | 5,074 | | | | | | 444,939 | | |
Perdoceo Education Corp.* | | | | | 34,039 | | | | | | 396,895 | | |
| Rent-A-Center, Inc. | | | | | 7,060 | | | | | | 406,303 | | |
| Rocky Brands, Inc. | | | | | 7,531 | | | | | | 396,507 | | |
Sally Beauty Holdings, Inc.* | | | | | 20,224 | | | | | | 405,896 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Consumer Discretionary (continued) | |
| Smith & Wesson Brands, Inc. | | | | | 23,330 | | | | | $ | 405,942 | | |
| Standard Motor Products, Inc. | | | | | 9,791 | | | | | | 419,349 | | |
| Strategic Education, Inc. | | | | | 4,429 | | | | | | 332,441 | | |
| Superior Group of Cos., Inc. | | | | | 16,015 | | | | | | 403,898 | | |
Tri Pointe Homes, Inc.* | | | | | 19,995 | | | | | | 476,281 | | |
Unifi, Inc.* | | | | | 14,771 | | | | | | 399,260 | | |
Universal Electronics, Inc.* | | | | | 7,406 | | | | | | 421,031 | | |
Vista Outdoor, Inc.* | | | | | 12,694 | | | | | | 413,951 | | |
Vivint Smart Home, Inc.* | | | | | 28,429 | | | | | | 340,579 | | |
| Winmark Corp. | | | | | 2,184 | | | | | | 420,573 | | |
Zumiez, Inc.* | | | | | 9,490 | | | | | | 407,785 | | |
| Total Consumer Discretionary | | | | | | | | | | | 20,051,532 | | |
| Consumer Staples — 3.3% | | | | | | | | | | | | | |
BellRing Brands, Inc., Class A* | | | | | 17,243 | | | | | | 444,697 | | |
Central Garden & Pet Co., Class A* | | | | | 7,845 | | | | | | 386,523 | | |
| Coca-Cola Consolidated, Inc. | | | | | 1,410 | | | | | | 413,482 | | |
Edgewell Personal Care Co.(a) | | | | | 10,280 | | | | | | 392,696 | | |
| Ingles Markets, Inc., Class A | | | | | 6,603 | | | | | | 404,698 | | |
| Medifast, Inc. | | | | | 1,922 | | | | | | 436,467 | | |
| National Beverage Corp. | | | | | 8,323 | | | | | | 404,415 | | |
| Nu Skin Enterprises, Inc., Class A | | | | | 7,697 | | | | | | 406,863 | | |
Pilgrim’s Pride Corp.* | | | | | 17,112 | | | | | | 410,004 | | |
| Sanderson Farms, Inc. | | | | | 2,613 | | | | | | 429,917 | | |
| Seaboard Corp. | | | | | 110 | | | | | | 393,579 | | |
Seneca Foods Corp., Class A* | | | | | 8,645 | | | | | | 398,189 | | |
| Spectrum Brands Holdings, Inc. | | | | | 4,789 | | | | | | 422,102 | | |
Sprouts Farmers Market, Inc.* | | | | | 15,293 | | | | | | 391,654 | | |
| Universal Corp. | | | | | 6,901 | | | | | | 388,043 | | |
USANA Health Sciences, Inc.* | | | | | 4,171 | | | | | | 375,348 | | |
Weis Markets, Inc.(a) | | | | | 7,203 | | | | | | 373,476 | | |
| Total Consumer Staples | | | | | | | | | | | 6,872,153 | | |
| Energy — 3.6% | | | | | | | | | | | | | |
| Archrock, Inc. | | | | | 42,898 | | | | | | 400,667 | | |
| Brigham Minerals, Inc., Class A | | | | | 27,808 | | | | | | 476,629 | | |
ChampionX Corp.* | | | | | 18,735 | | | | | | 393,623 | | |
Comstock Resources, Inc.* | | | | | 73,484 | | | | | | 403,427 | | |
| CVR Energy, Inc. | | | | | 21,225 | | | | | | 451,880 | | |
Diamond S Shipping, Inc.* | | | | | 40,588 | | | | | | 399,792 | | |
Dril-Quip, Inc.* | | | | | 12,251 | | | | | | 375,493 | | |
EQT Corp.* | | | | | 21,911 | | | | | | 418,500 | | |
Exterran Corp.* | | | | | 121,161 | | | | | | 397,408 | | |
Helix Energy Solutions Group, Inc.* | | | | | 80,614 | | | | | | 345,834 | | |
| International Seaways, Inc. | | | | | 21,006 | | | | | | 371,386 | | |
Liberty Oilfield Services, Inc., Class A*(a) | | | | | 36,059 | | | | | | 421,890 | | |
NextDecade Corp.*(a) | | | | | 152,473 | | | | | | 336,966 | | |
NexTier Oilfield Solutions, Inc.* | | | | | 109,436 | | | | | | 392,875 | | |
ProPetro Holding Corp.* | | | | | 38,190 | | | | | | 367,770 | | |
Renewable Energy Group, Inc.*(a) | | | | | 6,164 | | | | | | 342,225 | | |
REX American Resources Corp.* | | | | | 4,837 | | | | | | 390,491 | | |
| Solaris Oilfield Infrastructure, Inc., Class A | | | | | 33,179 | | | | | | 362,978 | | |
Tellurian, Inc.* | | | | | 173,975 | | | | | | 385,355 | | |
| Total Energy | | | | | | | | | | | 7,435,189 | | |
| Financials — 27.2% | | | | | | | | | | | | | |
| 1st Source Corp. | | | | | 8,556 | | | | | | 407,180 | | |
| Affiliated Managers Group, Inc. | | | | | 2,732 | | | | | | 440,316 | | |
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| Allegiance Bancshares, Inc. | | | | | 10,042 | | | | | $ | 397,663 | | |
| Altabancorp | | | | | 9,684 | | | | | | 404,307 | | |
| A-Mark Precious Metals, Inc. | | | | | 11,308 | | | | | | 421,449 | | |
| American National Group, Inc. | | | | | 3,774 | | | | | | 427,783 | | |
| Ameris Bancorp | | | | | 7,753 | | | | | | 419,360 | | |
| Argo Group International Holdings Ltd. | | | | | 8,090 | | | | | | 422,136 | | |
Artisan Partners Asset Management, Inc.,
Class A | | | | | 7,803 | | | | | | 397,329 | | |
| Associated Banc-Corp. | | | | | 19,077 | | | | | | 417,596 | | |
Atlantic Capital Bancshares, Inc.* | | | | | 16,892 | | | | | | 451,861 | | |
| Atlantic Union Bankshares Corp. | | | | | 10,613 | | | | | | 410,405 | | |
| Axis Capital Holdings Ltd. | | | | | 8,213 | | | | | | 458,285 | | |
Axos Financial, Inc.* | | | | | 8,660 | | | | | | 390,999 | | |
| B Riley Financial, Inc. | | | | | 7,221 | | | | | | 514,785 | | |
| BancorpSouth Bank | | | | | 12,534 | | | | | | 370,881 | | |
| BankUnited, Inc. | | | | | 9,263 | | | | | | 431,748 | | |
| Banner Corp. | | | | | 7,634 | | | | | | 433,917 | | |
| Berkshire Hills Bancorp, Inc. | | | | | 18,239 | | | | | | 404,723 | | |
Blucora, Inc.* | | | | | 24,465 | | | | | | 352,174 | | |
| Brookline Bancorp, Inc. | | | | | 27,140 | | | | | | 436,954 | | |
| Cambridge Bancorp | | | | | 4,828 | | | | | | 422,691 | | |
| Camden National Corp. | | | | | 8,506 | | | | | | 405,906 | | |
Cannae Holdings, Inc.* | | | | | 10,275 | | | | | | 407,918 | | |
| Cathay General Bancorp | | | | | 9,983 | | | | | | 404,112 | | |
| CBTX, Inc. | | | | | 13,252 | | | | | | 414,390 | | |
| Central Pacific Financial Corp. | | | | | 15,259 | | | | | | 411,230 | | |
| City Holding Co. | | | | | 4,978 | | | | | | 385,297 | | |
| CNO Financial Group, Inc. | | | | | 16,760 | | | | | | 427,883 | | |
| Cohen & Steers, Inc. | | | | | 6,231 | | | | | | 423,833 | | |
| Community Trust Bancorp, Inc. | | | | | 9,246 | | | | | | 412,002 | | |
| Cowen, Inc., Class A | | | | | 11,582 | | | | | | 457,373 | | |
| CVB Financial Corp. | | | | | 18,429 | | | | | | 390,879 | | |
| Diamond Hill Investment Group, Inc. | | | | | 2,609 | | | | | | 446,139 | | |
| Eagle Bancorp, Inc. | | | | | 7,651 | | | | | | 408,640 | | |
Enstar Group Ltd.* | | | | | 1,650 | | | | | | 414,447 | | |
| Enterprise Financial Services Corp. | | | | | 8,234 | | | | | | 404,536 | | |
| Evercore, Inc., Class A | | | | | 3,090 | | | | | | 433,002 | | |
EZCORP, Inc., Class A* | | | | | 81,912 | | | | | | 461,165 | | |
| Federal Agricultural Mortgage Corp., Class C | | | | | 4,042 | | | | | | 415,760 | | |
| Financial Institutions, Inc. | | | | | 13,440 | | | | | | 429,139 | | |
| First Bancshares, Inc. (The) | | | | | 11,120 | | | | | | 435,014 | | |
| First BankCorp | | | | | 9,359 | | | | | | 396,822 | | |
| First Busey Corp. | | | | | 15,871 | | | | | | 396,458 | | |
| First Commonwealth Financial Corp. | | | | | 28,330 | | | | | | 410,502 | | |
| First Foundation, Inc. | | | | | 17,353 | | | | | | 413,001 | | |
| First Merchants Corp. | | | | | 8,755 | | | | | | 404,569 | | |
| First Mid Bancshares, Inc. | | | | | 9,267 | | | | | | 403,485 | | |
| First Midwest Bancorp, Inc. | | | | | 18,581 | | | | | | 389,644 | | |
| First of Long Island Corp. (The) | | | | | 19,158 | | | | | | 407,874 | | |
| Flagstar Bancorp, Inc. | | | | | 9,027 | | | | | | 420,117 | | |
| Flushing Financial Corp. | | | | | 19,176 | | | | | | 446,226 | | |
| FNB Corp. | | | | | 32,055 | | | | | | 413,189 | | |
| Fulton Financial Corp. | | | | | 23,905 | | | | | | 407,580 | | |
| German American Bancorp, Inc. | | | | | 8,808 | | | | | | 381,651 | | |
| Greenhill & Co., Inc. | | | | | 24,703 | | | | | | 374,992 | | |
| Hanmi Financial Corp. | | | | | 20,634 | | | | | | 418,870 | | |
| Hanover Insurance Group, Inc. (The) | | | | | 3,145 | | | | | | 434,985 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| HarborOne Bancorp, Inc. | | | | | 30,223 | | | | | $ | 432,491 | | |
| HBT Financial, Inc. | | | | | 23,779 | | | | | | 432,778 | | |
| Heartland Financial USA, Inc. | | | | | 8,100 | | | | | | 407,187 | | |
| Heritage Commerce Corp. | | | | | 33,314 | | | | | | 402,100 | | |
| Heritage Financial Corp. | | | | | 14,416 | | | | | | 405,090 | | |
| Heritage Insurance Holdings, Inc. | | | | | 36,742 | | | | | | 334,720 | | |
| Hilltop Holdings, Inc. | | | | | 11,928 | | | | | | 419,866 | | |
| Hingham Institution For Savings The | | | | | 1,435 | | | | | | 436,441 | | |
| HomeStreet, Inc. | | | | | 9,238 | | | | | | 377,280 | | |
| Hope Bancorp, Inc. | | | | | 27,032 | | | | | | 405,750 | | |
| Horace Mann Educators Corp. | | | | | 9,421 | | | | | | 377,782 | | |
| Houlihan Lokey, Inc. | | | | | 6,121 | | | | | | 405,639 | | |
| Independent Bank Corp. | | | | | 17,221 | | | | | | 405,727 | | |
| Interactive Brokers Group, Inc., Class A | | | | | 5,574 | | | | | | 398,652 | | |
| International Bancshares Corp. | | | | | 8,770 | | | | | | 415,610 | | |
| Investors Bancorp, Inc. | | | | | 27,713 | | | | | | 405,718 | | |
| Kearny Financial Corp. | | | | | 33,701 | | | | | | 430,699 | | |
| Lakeland Bancorp, Inc. | | | | | 23,356 | | | | | | 423,444 | | |
| Lazard Ltd., Class A | | | | | 9,357 | | | | | | 420,971 | | |
| Live Oak Bancshares, Inc. | | | | | 5,944 | | | | | | 380,178 | | |
| Mercantile Bank Corp. | | | | | 12,538 | | | | | | 404,727 | | |
| Merchants Bancorp | | | | | 9,707 | | | | | | 395,949 | | |
| Mercury General Corp. | | | | | 6,695 | | | | | | 416,898 | | |
| Meridian Bancorp, Inc. | | | | | 22,101 | | | | | | 488,653 | | |
Metropolitan Bank Holding Corp.* | | | | | 8,084 | | | | | | 508,079 | | |
| Midland States Bancorp, Inc. | | | | | 14,676 | | | | | | 413,570 | | |
| MidWestOne Financial Group, Inc. | | | | | 13,145 | | | | | | 414,856 | | |
| Moelis & Co., Class A | | | | | 7,418 | | | | | | 402,649 | | |
| MVB Financial Corp. | | | | | 12,044 | | | | | | 485,132 | | |
National Western Life Group, Inc.,
Class A | | | | | 1,635 | | | | | | 374,906 | | |
| NBT Bancorp, Inc. | | | | | 10,203 | | | | | | 386,592 | | |
| Northfield Bancorp, Inc. | | | | | 25,572 | | | | | | 413,755 | | |
| Northwest Bancshares, Inc. | | | | | 28,173 | | | | | | 395,549 | | |
| OceanFirst Financial Corp. | | | | | 17,005 | | | | | | 388,734 | | |
| OFG Bancorp | | | | | 17,997 | | | | | | 426,349 | | |
Oportun Financial Corp.* | | | | | 19,657 | | | | | | 426,753 | | |
| Oppenheimer Holdings, Inc., Class A | | | | | 10,165 | | | | | | 520,143 | | |
| Peapack-Gladstone Financial Corp. | | | | | 13,183 | | | | | | 421,856 | | |
PennyMac Financial Services, Inc.(a) | | | | | 6,088 | | | | | | 366,558 | | |
| Peoples Bancorp, Inc. | | | | | 12,273 | | | | | | 410,286 | | |
| Pinnacle Financial Partners, Inc. | | | | | 4,592 | | | | | | 402,443 | | |
| Piper Sandler Cos. | | | | | 3,713 | | | | | | 430,671 | | |
| Popular, Inc. | | | | | 5,789 | | | | | | 428,154 | | |
| Preferred Bank | | | | | 6,393 | | | | | | 418,997 | | |
| Premier Financial Corp. | | | | | 12,240 | | | | | | 386,662 | | |
| PROG Holdings, Inc. | | | | | 9,404 | | | | | | 479,040 | | |
| Provident Financial Services, Inc. | | | | | 18,272 | | | | | | 430,671 | | |
| QCR Holdings, Inc. | | | | | 8,621 | | | | | | 415,705 | | |
| Republic Bancorp, Inc., Class A | | | | | 9,192 | | | | | | 412,997 | | |
| S&T Bancorp, Inc. | | | | | 12,152 | | | | | | 400,408 | | |
| Safety Insurance Group, Inc. | | | | | 4,832 | | | | | | 396,369 | | |
| Sandy Spring Bancorp, Inc. | | | | | 9,374 | | | | | | 425,205 | | |
| Sculptor Capital Management, Inc. | | | | | 18,606 | | | | | | 423,100 | | |
| Selective Insurance Group, Inc. | | | | | 5,612 | | | | | | 427,298 | | |
ServisFirst Bancshares, Inc.(a) | | | | | 6,638 | | | | | | 419,787 | | |
| Simmons First National Corp., Class A | | | | | 13,721 | | | | | | 391,049 | | |
SiriusPoint Ltd.* | | | | | 40,030 | | | | | | 423,517 | | |
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Financials (continued) | | | |
| SLM Corp. | | | | | 22,655 | | | | | $ | 445,397 | | |
| South State Corp. | | | | | 5,185 | | | | | | 437,199 | | |
Southern First Bancshares, Inc.* | | | | | 8,684 | | | | | | 447,226 | | |
| State Auto Financial Corp. | | | | | 20,655 | | | | | | 389,966 | | |
| Stewart Information Services Corp. | | | | | 7,824 | | | | | | 458,878 | | |
| Towne Bank | | | | | 13,392 | | | | | | 414,884 | | |
| TriCo Bancshares | | | | | 8,594 | | | | | | 397,730 | | |
| Trustmark Corp. | | | | | 12,095 | | | | | | 391,999 | | |
| UMB Financial Corp. | | | | | 4,409 | | | | | | 427,805 | | |
| Umpqua Holdings Corp. | | | | | 23,197 | | | | | | 432,392 | | |
| United Community Banks, Inc. | | | | | 11,931 | | | | | | 390,382 | | |
| United Fire Group, Inc. | | | | | 11,698 | | | | | | 353,981 | | |
| Universal Insurance Holdings, Inc. | | | | | 28,389 | | | | | | 396,027 | | |
| Univest Financial Corp. | | | | | 14,239 | | | | | | 397,695 | | |
| Valley National Bancorp | | | | | 29,629 | | | | | | 407,991 | | |
| Victory Capital Holdings, Inc., Class A | | | | | 15,927 | | | | | | 441,974 | | |
| Virtus Investment Partners, Inc. | | | | | 1,729 | | | | | | 472,812 | | |
| Walker & Dunlop, Inc. | | | | | 3,962 | | | | | | 439,188 | | |
| WesBanco, Inc. | | | | | 11,290 | | | | | | 409,714 | | |
| Wintrust Financial Corp. | | | | | 5,371 | | | | | | 414,104 | | |
| Total Financials | | | | | | | | | | | 56,202,706 | | |
| Health Care — 14.1% | | | | | | | | | | | | | |
Akero Therapeutics, Inc.* | | | | | 14,033 | | | | | | 432,216 | | |
Alector, Inc.*(a) | | | | | 20,214 | | | | | | 394,173 | | |
Alkermes PLC* | | | | | 21,793 | | | | | | 479,555 | | |
Allscripts Healthcare Solutions, Inc.* | | | | | 27,113 | | | | | | 421,878 | | |
Amneal Pharmaceuticals, Inc.* | | | | | 60,491 | | | | | | 333,305 | | |
AngioDynamics, Inc.* | | | | | 17,398 | | | | | | 422,771 | | |
Aquestive Therapeutics, Inc.*(a) | | | | | 78,289 | | | | | | 318,636 | | |
Arcutis Biotherapeutics, Inc.*(a) | | | | | 14,072 | | | | | | 471,412 | | |
Assembly Biosciences, Inc.* | | | | | 88,500 | | | | | | 378,780 | | |
Avanos Medical, Inc.* | | | | | 9,307 | | | | | | 402,156 | | |
Axogen, Inc.* | | | | | 20,094 | | | | | | 376,160 | | |
Axonics Inc.* | | | | | 6,797 | | | | | | 427,735 | | |
Beam Therapeutics, Inc.*(a) | | | | | 5,086 | | | | | | 417,052 | | |
BioDelivery Sciences International, Inc.* | | | | | 104,118 | | | | | | 360,248 | | |
Bioxcel Therapeutics, Inc.*(a) | | | | | 9,432 | | | | | | 320,405 | | |
Catalyst Pharmaceuticals, Inc.* | | | | | 88,309 | | | | | | 404,455 | | |
Cerus Corp.* | | | | | 67,737 | | | | | | 413,196 | | |
Coherus Biosciences, Inc.*(a) | | | | | 27,865 | | | | | | 412,402 | | |
Collegium Pharmaceutical, Inc.* | | | | | 17,177 | | | | | | 383,047 | | |
| Computer Programs and Systems, Inc. | | | | | 13,304 | | | | | | 399,386 | | |
Concert Pharmaceuticals, Inc.* | | | | | 81,584 | | | | | | 338,574 | | |
Cross Country Healthcare, Inc.* | | | | | 32,594 | | | | | | 434,152 | | |
Eagle Pharmaceuticals, Inc.* | | | | | 9,753 | | | | | | 398,215 | | |
Enanta Pharmaceuticals, Inc.* | | | | | 8,254 | | | | | | 418,808 | | |
Harpoon Therapeutics, Inc.* | | | | | 19,460 | | | | | | 440,574 | | |
Heat Biologics, Inc.*(a) | | | | | 55,921 | | | | | | 384,177 | | |
ICU Medical, Inc.* | | | | | 1,982 | | | | | | 412,791 | | |
Inogen, Inc.* | | | | | 7,751 | | | | | | 506,838 | | |
Integer Holdings Corp.* | | | | | 4,420 | | | | | | 414,950 | | |
Invacare Corp.*(a) | | | | | 50,761 | | | | | | 458,372 | | |
Kezar Life Sciences, Inc.* | | | | | 68,306 | | | | | | 398,224 | | |
Liquidia Corp.*(a) | | | | | 151,339 | | | | | | 429,803 | | |
| Luminex Corp. | | | | | 12,762 | | | | | | 468,238 | | |
MeiraGTx Holdings PLC* | | | | | 28,212 | | | | | | 422,616 | | |
Meridian Bioscience, Inc.* | | | | | 15,509 | | | | | | 303,666 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | | | |
Molecular Templates, Inc.* | | | | | 32,258 | | | | | $ | 301,935 | | |
Myriad Genetics, Inc.* | | | | | 13,370 | | | | | | 404,041 | | |
| National HealthCare Corp. | | | | | 5,225 | | | | | | 367,370 | | |
Natus Medical, Inc.* | | | | | 15,896 | | | | | | 406,143 | | |
NextCure, Inc.* | | | | | 40,670 | | | | | | 356,676 | | |
NextGen Healthcare, Inc.* | | | | | 22,492 | | | | | | 411,829 | | |
Omeros Corp.*(a) | | | | | 22,871 | | | | | | 403,902 | | |
Organogenesis Holdings, Inc.* | | | | | 22,344 | | | | | | 499,612 | | |
Orthofix Medical, Inc.* | | | | | 9,391 | | | | | | 416,491 | | |
Outlook Therapeutics, Inc.* | | | | | 180,934 | | | | | | 430,623 | | |
| Owens & Minor, Inc. | | | | | 10,830 | | | | | | 390,855 | | |
Pennant Group, Inc. (The)* | | | | | 8,889 | | | | | | 359,293 | | |
Personalis, Inc.* | | | | | 16,542 | | | | | | 407,595 | | |
| Premier, Inc., Class A | | | | | 12,027 | | | | | | 425,155 | | |
Prestige Consumer Healthcare, Inc.*(a) | | | | | 9,236 | | | | | | 402,320 | | |
Radius Health, Inc.*(a) | | | | | 19,516 | | | | | | 435,207 | | |
Replimune Group, Inc.* | | | | | 13,343 | | | | | | 488,220 | | |
Rocket Pharmaceuticals, Inc.*(a) | | | | | 9,175 | | | | | | 420,582 | | |
Scholar Rock Holding Corp.* | | | | | 8,036 | | | | | | 259,965 | | |
SeaSpine Holdings Corp.* | | | | | 23,397 | | | | | | 486,892 | | |
Select Medical Holdings Corp.* | | | | | 11,938 | | | | | | 450,301 | | |
Selecta Biosciences, Inc.* | | | | | 89,967 | | | | | | 269,901 | | |
Shockwave Medical, Inc.* | | | | | 3,125 | | | | | | 510,813 | | |
SIGA Technologies, Inc.* | | | | | 62,631 | | | | | | 449,064 | | |
SmileDirectClub, Inc.*(a) | | | | | 39,486 | | | | | | 419,934 | | |
Spero Therapeutics, Inc.* | | | | | 27,656 | | | | | | 380,547 | | |
Tactile Systems Technology, Inc.* | | | | | 7,471 | | | | | | 428,088 | | |
TCR2 Therapeutics, Inc.* | | | | | 18,438 | | | | | | 418,727 | | |
TFF Pharmaceuticals, Inc.* | | | | | 30,000 | | | | | | 340,200 | | |
Translate Bio, Inc.*(a) | | | | | 24,688 | | | | | | 573,255 | | |
Triple-S Management Corp., Class B* | | | | | 15,640 | | | | | | 370,824 | | |
Vanda Pharmaceuticals, Inc.* | | | | | 27,104 | | | | | | 449,926 | | |
Varex Imaging Corp.* | | | | | 19,868 | | | | | | 471,666 | | |
Verastem, Inc.* | | | | | 164,819 | | | | | | 505,994 | | |
Vericel Corp.*(a) | | | | | 7,329 | | | | | | 457,476 | | |
Voyager Therapeutics, Inc.* | | | | | 86,434 | | | | | | 416,612 | | |
| Total Health Care | | | | | | | | | | | 29,187,000 | | |
| Industrials — 17.8% | | | | | | | | | | | | | |
| ABM Industries, Inc. | | | | | 7,981 | | | | | | 410,303 | | |
Acacia Research Corp.* | | | | | 61,218 | | | | | | 372,205 | | |
| Advanced Drainage Systems, Inc. | | | | | 3,938 | | | | | | 439,717 | | |
| Alamo Group, Inc. | | | | | 2,607 | | | | | | 409,951 | | |
| Apogee Enterprises, Inc. | | | | | 9,958 | | | | | | 349,825 | | |
| Applied Industrial Technologies, Inc. | | | | | 4,465 | | | | | | 427,122 | | |
| ArcBest Corp. | | | | | 5,785 | | | | | | 420,917 | | |
| Argan, Inc. | | | | | 7,631 | | | | | | 382,695 | | |
ASGN, Inc.* | | | | | 4,266 | | | | | | 448,698 | | |
| Astec Industries, Inc. | | | | | 5,398 | | | | | | 404,904 | | |
Blue Bird Corp.* | | | | | 16,265 | | | | | | 438,179 | | |
| Boise Cascade Co. | | | | | 6,804 | | | | | | 453,963 | | |
BrightView Holdings, Inc.* | | | | | 24,132 | | | | | | 432,687 | | |
CBIZ, Inc.* | | | | | 12,465 | | | | | | 418,699 | | |
Clean Harbors, Inc.* | | | | | 4,843 | | | | | | 430,833 | | |
| Comfort Systems USA, Inc. | | | | | 5,445 | | | | | | 448,450 | | |
CoreCivic, Inc.* | | | | | 44,984 | | | | | | 349,526 | | |
| CRA International, Inc. | | | | | 5,454 | | | | | | 437,738 | | |
| Crane Co. | | | | | 4,335 | | | | | | 407,750 | | |
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Industrials (continued) | | | |
| Curtiss-Wright Corp. | | | | | 3,433 | | | | | $ | 439,081 | | |
Custom Truck One Source, Inc.*(a) | | | | | 43,540 | | | | | | 446,720 | | |
Ducommun, Inc.* | | | | | 6,785 | | | | | | 399,840 | | |
Eagle Bulk Shipping, Inc.*(a) | | | | | 11,271 | | | | | | 488,485 | | |
Echo Global Logistics, Inc.* | | | | | 12,961 | | | | | | 423,825 | | |
| EMCOR Group, Inc. | | | | | 3,630 | | | | | | 434,874 | | |
| Encore Wire Corp. | | | | | 6,064 | | | | | | 452,860 | | |
| Ennis, Inc. | | | | | 19,068 | | | | | | 395,280 | | |
| Federal Signal Corp. | | | | | 10,629 | | | | | | 440,359 | | |
| Franklin Electric Co., Inc. | | | | | 5,157 | | | | | | 419,109 | | |
| Genco Shipping & Trading Ltd. | | | | | 40,387 | | | | | | 619,537 | | |
Gibraltar Industries, Inc.* | | | | | 4,449 | | | | | | 408,685 | | |
| GrafTech International Ltd. | | | | | 33,287 | | | | | | 423,411 | | |
Greenbrier Cos., Inc. (The)(a) | | | | | 8,621 | | | | | | 407,256 | | |
| Heidrick & Struggles International, Inc. | | | | | 11,397 | | | | | | 482,093 | | |
| Helios Technologies, Inc. | | | | | 5,587 | | | | | | 403,828 | | |
Heritage-Crystal Clean, Inc.* | | | | | 15,006 | | | | | | 430,972 | | |
| Hillenbrand, Inc. | | | | | 8,533 | | | | | | 418,885 | | |
| HNI Corp. | | | | | 10,291 | | | | | | 435,721 | | |
Hub Group, Inc., Class A* | | | | | 6,051 | | | | | | 397,672 | | |
Huron Consulting Group, Inc.* | | | | | 8,081 | | | | | | 454,637 | | |
| ICF International, Inc. | | | | | 4,658 | | | | | | 424,157 | | |
IES Holdings, Inc.* | | | | | 8,076 | | | | | | 426,332 | | |
| Insperity, Inc. | | | | | 4,862 | | | | | | 425,619 | | |
| Insteel Industries, Inc. | | | | | 13,200 | | | | | | 503,316 | | |
Kelly Services, Inc., Class A* | | | | | 18,280 | | | | | | 457,914 | | |
| Kforce, Inc. | | | | | 7,595 | | | | | | 425,624 | | |
| Korn Ferry | | | | | 6,527 | | | | | | 443,118 | | |
| ManTech International Corp., Class A | | | | | 4,682 | | | | | | 399,609 | | |
| Marten Transport Ltd. | | | | | 23,990 | | | | | | 401,113 | | |
MasTec, Inc.* | | | | | 4,345 | | | | | | 453,444 | | |
| Matson, Inc. | | | | | 6,103 | | | | | | 398,709 | | |
| Matthews International Corp., Class A | | | | | 10,293 | | | | | | 425,924 | | |
Meritor, Inc.* | | | | | 13,838 | | | | | | 374,041 | | |
| Miller Industries, Inc. | | | | | 8,814 | | | | | | 379,178 | | |
| Moog, Inc., Class A | | | | | 4,896 | | | | | | 423,749 | | |
MRC Global, Inc.* | | | | | 45,083 | | | | | | 424,682 | | |
| Mueller Industries, Inc. | | | | | 9,845 | | | | | | 441,745 | | |
MYR Group, Inc.* | | | | | 5,680 | | | | | | 442,472 | | |
| National Presto Industries, Inc. | | | | | 3,988 | | | | | | 410,285 | | |
Northwest Pipe Co.* | | | | | 12,181 | | | | | | 405,262 | | |
PGT Innovations, Inc.* | | | | | 16,123 | | | | | | 424,519 | | |
| Powell Industries, Inc. | | | | | 12,020 | | | | | | 423,585 | | |
| Primoris Services Corp. | | | | | 12,288 | | | | | | 401,326 | | |
Radiant Logistics, Inc.* | | | | | 58,576 | | | | | | 391,288 | | |
| Regal Beloit Corp. | | | | | 2,853 | | | | | | 412,059 | | |
| Rush Enterprises, Inc., Class A | | | | | 8,170 | | | | | | 403,271 | | |
| Ryder System, Inc. | | | | | 5,381 | | | | | | 429,619 | | |
Saia, Inc.*(a) | | | | | 1,766 | | | | | | 414,127 | | |
| Schneider National, Inc., Class B | | | | | 16,304 | | | | | | 395,046 | | |
| Shyft Group, Inc. (The) | | | | | 10,944 | | | | | | 387,636 | | |
SPX Corp.* | | | | | 6,986 | | | | | | 423,771 | | |
| SPX FLOW, Inc. | | | | | 6,428 | | | | | | 428,041 | | |
| Standex International Corp. | | | | | 4,260 | | | | | | 403,933 | | |
Sterling Construction Co., Inc.* | | | | | 17,548 | | | | | | 365,876 | | |
| Tennant Co. | | | | | 5,096 | | | | | | 402,125 | | |
Thermon Group Holdings, Inc.* | | | | | 20,888 | | | | | | 398,961 | | |
| Timken Co. (The) | | | | | 5,015 | | | | | | 420,608 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Industrials (continued) | | | |
Titan Machinery, Inc.* | | | | | 15,965 | | | | | $ | 416,846 | | |
Transcat, Inc.* | | | | | 8,295 | | | | | | 414,750 | | |
TriMas Corp.* | | | | | 13,427 | | | | | | 427,516 | | |
| Triton International Ltd. | | | | | 7,403 | | | | | | 371,408 | | |
TrueBlue, Inc.* | | | | | 18,488 | | | | | | 523,210 | | |
| UFP Industries, Inc. | | | | | 5,368 | | | | | | 451,127 | | |
| Universal Logistics Holdings, Inc. | | | | | 15,473 | | | | | | 386,980 | | |
Upwork, Inc.* | | | | | 9,093 | | | | | | 418,824 | | |
| VSE Corp. | | | | | 10,306 | | | | | | 444,704 | | |
| Werner Enterprises, Inc. | | | | | 8,631 | | | | | | 399,011 | | |
| Total Industrials | | | | | | | | | | | 36,773,752 | | |
| Information Technology — 12.4% | | | | | | | | | | | | | |
A10 Networks, Inc.* | | | | | 42,362 | | | | | | 367,702 | | |
ACI Worldwide, Inc.* | | | | | 10,699 | | | | | | 404,208 | | |
| ADTRAN, Inc. | | | | | 24,407 | | | | | | 417,116 | | |
| Amkor Technology, Inc. | | | | | 17,170 | | | | | | 347,177 | | |
| Belden, Inc. | | | | | 9,175 | | | | | | 397,094 | | |
| Benchmark Electronics, Inc. | | | | | 13,166 | | | | | | 395,243 | | |
Blackbaud, Inc.* | | | | | 5,727 | | | | | | 407,304 | | |
BM Technologies, Inc.* | | | | | 2,941 | | | | | | 28,851 | | |
Brightcove, Inc.* | | | | | 20,234 | | | | | | 293,798 | | |
Cambium Networks Corp.* | | | | | 8,714 | | | | | | 522,840 | | |
| Cass Information Systems, Inc. | | | | | 8,798 | | | | | | 403,740 | | |
ChannelAdvisor Corp.* | | | | | 17,287 | | | | | | 365,620 | | |
CommScope Holding Co., Inc.* | | | | | 26,504 | | | | | | 435,991 | | |
CommVault Systems, Inc.* | | | | | 6,312 | | | | | | 438,747 | | |
Cornerstone OnDemand, Inc.* | | | | | 9,341 | | | | | | 413,479 | | |
| CSG Systems International, Inc. | | | | | 9,069 | | | | | | 417,083 | | |
| CTS Corp. | | | | | 13,107 | | | | | | 426,240 | | |
CyberOptics Corp.* | | | | | 15,676 | | | | | | 517,151 | | |
Daktronics, Inc.* | | | | | 64,929 | | | | | | 400,612 | | |
Digi International, Inc.* | | | | | 21,438 | | | | | | 383,097 | | |
eGain Corp.* | | | | | 42,898 | | | | | | 421,687 | | |
ePlus, Inc.* | | | | | 4,086 | | | | | | 410,071 | | |
ExlService Holdings, Inc.* | | | | | 4,515 | | | | | | 417,096 | | |
FARO Technologies, Inc.* | | | | | 4,703 | | | | | | 356,699 | | |
FormFactor, Inc.* | | | | | 9,025 | | | | | | 353,329 | | |
GTY Technology Holdings, Inc.* | | | | | 63,709 | | | | | | 324,916 | | |
| Hackett Group, Inc. (The) | | | | | 24,838 | | | | | | 413,056 | | |
Insight Enterprises, Inc.* | | | | | 4,266 | | | | | | 428,178 | | |
Intelligent Systems Corp.*(a) | | | | | 9,951 | | | | | | 381,322 | | |
| InterDigital, Inc. | | | | | 6,416 | | | | | | 445,399 | | |
Iteris, Inc.* | | | | | 65,981 | | | | | | 445,372 | | |
J2 Global, Inc.* | | | | | 3,396 | | | | | | 410,916 | | |
Kimball Electronics, Inc.* | | | | | 15,779 | | | | | | 363,075 | | |
Knowles Corp.* | | | | | 19,460 | | | | | | 406,714 | | |
Mitek Systems, Inc.*(a) | | | | | 27,922 | | | | | | 452,616 | | |
NeoPhotonics Corp.* | | | | | 34,067 | | | | | | 318,867 | | |
NETGEAR, Inc.*(a) | | | | | 9,905 | | | | | | 368,565 | | |
NetScout Systems, Inc.* | | | | | 14,457 | | | | | | 378,701 | | |
Onto Innovation, Inc.* | | | | | 6,195 | | | | | | 424,481 | | |
OSI Systems, Inc.* | | | | | 4,236 | | | | | | 409,071 | | |
Perficient, Inc.* | | | | | 6,933 | | | | | | 454,874 | | |
Photronics, Inc.* | | | | | 31,656 | | | | | | 402,031 | | |
Plexus Corp.* | | | | | 4,433 | | | | | | 409,787 | | |
| Progress Software Corp. | | | | | 9,240 | | | | | | 403,418 | | |
Rambus, Inc.* | | | | | 20,941 | | | | | | 397,460 | | |
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Information Technology (continued) | | | |
Ribbon Communications, Inc.* | | | | | 49,586 | | | | | $ | 334,706 | | |
Rimini Street, Inc.* | | | | | 45,385 | | | | | | 357,180 | | |
Sanmina Corp.* | | | | | 9,838 | | | | | | 401,784 | | |
ScanSource, Inc.* | | | | | 13,593 | | | | | | 410,916 | | |
SMART Global Holdings, Inc.*(a) | | | | | 8,846 | | | | | | 408,243 | | |
Smith Micro Software, Inc.* | | | | | 73,951 | | | | | | 415,605 | | |
SPS Commerce, Inc.* | | | | | 4,099 | | | | | | 419,902 | | |
Sykes Enterprises, Inc.* | | | | | 9,236 | | | | | | 404,814 | | |
Synaptics, Inc.*(a) | | | | | 3,006 | | | | | | 420,449 | | |
Teradata Corp.* | | | | | 10,563 | | | | | | 522,552 | | |
| TTEC Holdings, Inc. | | | | | 4,053 | | | | | | 412,312 | | |
TTM Technologies, Inc.* | | | | | 28,076 | | | | | | 421,140 | | |
Unisys Corp.* | | | | | 16,015 | | | | | | 384,360 | | |
Veeco Instruments, Inc.*(a) | | | | | 19,629 | | | | | | 451,663 | | |
VirnetX Holding Corp.(a) | | | | | 73,088 | | | | | | 340,590 | | |
| Vishay Intertechnology, Inc. | | | | | 16,906 | | | | | | 415,380 | | |
Vishay Precision Group, Inc.* | | | | | 13,213 | | | | | | 421,231 | | |
| Xerox Holdings Corp. | | | | | 16,774 | | | | | | 404,924 | | |
| Xperi Holding Corp. | | | | | 18,700 | | | | | | 384,285 | | |
| Total Information Technology | | | | | | | | | | | 25,512,830 | | |
| Materials — 4.4% | | | | | | | | | | | | | |
| American Vanguard Corp. | | | | | 19,946 | | | | | | 394,532 | | |
| Avient Corp. | | | | | 8,612 | | | | | | 437,231 | | |
Clearwater Paper Corp.* | | | | | 10,821 | | | | | | 362,071 | | |
| Commercial Metals Co. | | | | | 13,200 | | | | | | 385,704 | | |
Domtar Corp.* | | | | | 11,018 | | | | | | 434,330 | | |
Eagle Materials, Inc.* | | | | | 3,029 | | | | | | 418,426 | | |
| Element Solutions, Inc. | | | | | 22,258 | | | | | | 487,005 | | |
| Greif, Inc., Class A | | | | | 7,142 | | | | | | 432,162 | | |
| Hawkins, Inc. | | | | | 12,145 | | | | | | 405,036 | | |
| HB Fuller Co. | | | | | 6,471 | | | | | | 432,392 | | |
| Kaiser Aluminum Corp. | | | | | 3,684 | | | | | | 443,812 | | |
| Louisiana-Pacific Corp. | | | | | 7,340 | | | | | | 483,559 | | |
Marrone Bio Innovations, Inc.* | | | | | 194,786 | | | | | | 329,188 | | |
| Materion Corp. | | | | | 6,146 | | | | | | 435,198 | | |
| Minerals Technologies, Inc. | | | | | 5,405 | | | | | | 422,347 | | |
| PQ Group Holdings, Inc. | | | | | 24,377 | | | | | | 341,278 | | |
| Schnitzer Steel Industries, Inc., Class A | | | | | 9,742 | | | | | | 459,920 | | |
| Stepan Co. | | | | | 3,203 | | | | | | 418,504 | | |
| Tredegar Corp. | | | | | 27,122 | | | | | | 396,524 | | |
UFP Technologies, Inc.* | | | | | 8,171 | | | | | | 409,040 | | |
| United States Lime & Minerals, Inc. | | | | | 3,045 | | | | | | 420,758 | | |
| Verso Corp., Class A | | | | | 27,903 | | | | | | 430,822 | | |
| Total Materials | | | | | | | | | | | 9,179,839 | | |
| Real Estate — 2.3% | | | | | | | | | | | | | |
| Alexander & Baldwin, Inc. | | | | | 24,247 | | | | | | 444,447 | | |
| American Finance Trust, Inc. | | | | | 41,456 | | | | | | 414,974 | | |
| CTO Realty Growth, Inc. | | | | | 7,827 | | | | | | 414,831 | | |
Forestar Group, Inc.* | | | | | 17,487 | | | | | | 443,121 | | |
| Industrial Logistics Properties Trust | | | | | 17,601 | | | | | | 436,505 | | |
| Kennedy-Wilson Holdings, Inc. | | | | | 20,144 | | | | | | 413,959 | | |
Marcus & Millichap, Inc.* | | | | | 12,080 | | | | | | 426,666 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Real Estate (continued) | | | |
Piedmont Office Realty Trust, Inc.,
Class A | | | | | 23,437 | | | | | $ | 436,397 | | |
| Plymouth Industrial REIT, Inc. | | | | | 24,160 | | | | | | 450,342 | | |
| PS Business Parks, Inc. | | | | | 2,634 | | | | | | 427,683 | | |
| RMR Group, Inc. (The), Class A | | | | | 9,976 | | | | | | 394,850 | | |
| Total Real Estate | | | | | | | | | | | 4,703,775 | | |
| Utilities — 2.1% | | | | | | | | | | | | | |
| ALLETE, Inc. | | | | | 6,059 | | | | | | 426,311 | | |
| Black Hills Corp. | | | | | 6,097 | | | | | | 420,571 | | |
| California Water Service Group | | | | | 7,226 | | | | | | 424,528 | | |
| Consolidated Water Co., Ltd. | | | | | 30,268 | | | | | | 356,254 | | |
| Middlesex Water Co. | | | | | 5,152 | | | | | | 422,567 | | |
| Otter Tail Corp. | | | | | 8,817 | | | | | | 416,427 | | |
| SJW Group | | | | | 6,463 | | | | | | 423,650 | | |
South Jersey Industries, Inc.(a) | | | | | 18,029 | | | | | | 446,218 | | |
| Southwest Gas Holdings, Inc. | | | | | 5,925 | | | | | | 413,091 | | |
| Unitil Corp. | | | | | 8,910 | | | | | | 513,483 | | |
| Total Utilities | | | | | | | | | | | 4,263,100 | | |
Total Common Stocks
(Cost $185,303,417) | | | | | | | | | | | 206,474,865 | | |
| Short-Term Investments — 1.6% | | | | | | | | | | | | | |
| Money Market Funds — 1.6% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 3,075,181 | | | | | | 3,075,181 | | |
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional
Shares, 0.01%(b) | | | | | 195,030 | | | | | | 195,030 | | |
Total Short-Term Investments
(Cost $3,270,211) | | | | | | | | | | | 3,270,211 | | |
Total Investments — 101.5%
(Cost $188,573,628) | | | | | | | | | | | 209,745,076 | | |
Other Assets and Liabilities,
Net — (1.5)% | | | | | | | | | | | (3,086,030) | | |
| Net Assets — 100.0% | | | | | | | | | | $ | 206,659,046 | | |
| |
*
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 $13,481,054; total market value of collateral held by the Fund was $14,075,159. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $10,999,978.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 206,446,014 | | | | | $ | 28,851 | | | | | $ | — | | | | | $ | 206,474,865 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 3,270,211 | | | | | | — | | | | | | — | | | | | | 3,270,211 | | |
| Total Investments in Securities | | | | $ | 209,716,225 | | | | | $ | 28,851 | | | | | $ | — | | | | | $ | 209,745,076 | | |
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Large Cap ETF
| | | | Shares | | | Value | |
| Common Stocks — 99.8% | |
| Communication Services — 9.2% | |
| Activision Blizzard, Inc. | | | | | 31,256 | | | | | $ | 2,850,235 | | |
Alphabet, Inc., Class A* | | | | | 1,408 | | | | | | 3,313,728 | | |
Charter Communications, Inc.,
Class A*(a) | | | | | 4,711 | | | | | | 3,172,623 | | |
| Comcast Corp., Class A | | | | | 53,718 | | | | | | 3,016,266 | | |
Facebook, Inc., Class A* | | | | | 9,868 | | | | | | 3,207,889 | | |
Liberty Broadband Corp., Class C* | | | | | 19,359 | | | | | | 3,150,096 | | |
Snap, Inc., Class A*(a) | | | | | 55,588 | | | | | | 3,436,450 | | |
Take-Two Interactive Software, Inc.* | | | | | 16,449 | | | | | | 2,884,826 | | |
T-Mobile US, Inc.* | | | | | 23,198 | | | | | | 3,065,152 | | |
| Total Communication Services | | | | | | | | | | | 28,097,265 | | |
| Consumer Discretionary — 9.1% | |
Amazon.com, Inc.* | | | | | 939 | | | | | | 3,255,907 | | |
AutoZone, Inc.* | | | | | 2,070 | | | | | | 3,030,728 | | |
| Dollar General Corp. | | | | | 14,347 | | | | | | 3,081,018 | | |
| Garmin Ltd. | | | | | 22,047 | | | | | | 3,025,730 | | |
| Home Depot, Inc. (The) | | | | | 9,521 | | | | | | 3,081,662 | | |
NVR, Inc.* | | | | | 618 | | | | | | 3,101,186 | | |
O’Reilly Automotive, Inc.* | | | | | 5,729 | | | | | | 3,167,450 | | |
| Target Corp. | | | | | 14,675 | | | | | | 3,041,541 | | |
| Tractor Supply Co. | | | | | 16,416 | | | | | | 3,096,058 | | |
| Total Consumer Discretionary | | | | | | | | | | | 27,881,280 | | |
| Consumer Staples — 4.0% | |
| Archer-Daniels-Midland Co. | | | | | 50,993 | | | | | | 3,219,188 | | |
| Hershey Co. (The) | | | | | 18,378 | | | | | | 3,019,506 | | |
| PepsiCo, Inc. | | | | | 20,551 | | | | | | 2,962,632 | | |
| Tyson Foods, Inc., Class A | | | | | 39,122 | | | | | | 3,029,999 | | |
| Total Consumer Staples | | | | | | | | | | | 12,231,325 | | |
| Energy — 1.0% | |
| EOG Resources, Inc. | | | | | 40,077 | | | | | | 2,951,270 | | |
| Financials — 13.2% | |
| Aflac, Inc. | | | | | 56,795 | | | | | | 3,051,595 | | |
| Allstate Corp. (The) | | | | | 25,297 | | | | | | 3,207,660 | | |
| Bank of New York Mellon Corp. (The) | | | | | 61,466 | | | | | | 3,065,924 | | |
Berkshire Hathaway, Inc., Class B* | | | | | 11,377 | | | | | | 3,128,106 | | |
| BlackRock, Inc. | | | | | 3,854 | | | | | | 3,157,582 | | |
| Charles Schwab Corp. (The) | | | | | 44,596 | | | | | | 3,139,558 | | |
| Chubb Ltd. | | | | | 18,400 | | | | | | 3,157,256 | | |
Markel Corp.* | | | | | 2,549 | | | | | | 2,998,695 | | |
| Nasdaq, Inc. | | | | | 19,712 | | | | | | 3,184,277 | | |
| Northern Trust Corp. | | | | | 27,655 | | | | | | 3,147,139 | | |
| Progressive Corp. (The) | | | | | 30,401 | | | | | | 3,062,597 | | |
| T Rowe Price Group, Inc. | | | | | 16,939 | | | | | | 3,035,469 | | |
| Travelers Cos., Inc. (The) | | | | | 19,326 | | | | | | 2,988,959 | | |
| Total Financials | | | | | | | | | | | 40,324,817 | | |
| Health Care — 16.7% | |
| Abbott Laboratories | | | | | 24,255 | | | | | | 2,912,540 | | |
| AmerisourceBergen Corp. | | | | | 24,619 | | | | | | 2,973,975 | | |
| Baxter International, Inc. | | | | | 34,462 | | | | | | 2,953,049 | | |
| Becton Dickinson and Co. | | | | | 11,953 | | | | | | 2,974,026 | | |
| Cardinal Health, Inc. | | | | | 47,846 | | | | | | 2,887,028 | | |
| Cigna Corp. | | | | | 12,024 | | | | | | 2,994,096 | | |
| CVS Health Corp. | | | | | 38,637 | | | | | | 2,951,867 | | |
| Danaher Corp. | | | | | 12,913 | | | | | | 3,279,127 | | |
IDEXX Laboratories, Inc.* | | | | | 5,939 | | | | | | 3,260,452 | | |
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Health Care (continued) | |
| Johnson & Johnson | | | | | 17,687 | | | | | $ | 2,878,205 | | |
| McKesson Corp. | | | | | 14,904 | | | | | | 2,795,394 | | |
Regeneron Pharmaceuticals, Inc.* | | | | | 6,143 | | | | | | 2,956,626 | | |
| Stryker Corp. | | | | | 11,932 | | | | | | 3,133,701 | | |
Teladoc Health, Inc.* | | | | | 15,993 | | | | | | 2,756,394 | | |
| UnitedHealth Group, Inc. | | | | | 7,811 | | | | | | 3,115,027 | | |
Vertex Pharmaceuticals, Inc.* | | | | | 13,526 | | | | | | 2,951,373 | | |
| West Pharmaceutical Services, Inc. | | | | | 10,315 | | | | | | 3,388,684 | | |
| Total Health Care | | | | | | | | | | | 51,161,564 | | |
| Industrials — 10.7% | |
| 3M Co. | | | | | 15,087 | | | | | | 2,974,251 | | |
| AMETEK, Inc. | | | | | 22,757 | | | | | | 3,070,602 | | |
| Caterpillar, Inc. | | | | | 12,535 | | | | | | 2,859,359 | | |
| Cummins, Inc. | | | | | 11,217 | | | | | | 2,827,133 | | |
| Deere & Co. | | | | | 7,770 | | | | | | 2,881,504 | | |
| General Dynamics Corp. | | | | | 16,010 | | | | | | 3,045,582 | | |
| L3Harris Technologies, Inc. | | | | | 14,342 | | | | | | 3,000,777 | | |
| Lockheed Martin Corp. | | | | | 7,866 | | | | | | 2,993,485 | | |
| Northrop Grumman Corp. | | | | | 8,981 | | | | | | 3,183,226 | | |
| Old Dominion Freight Line, Inc. | | | | | 12,092 | | | | | | 3,117,439 | | |
| PACCAR, Inc. | | | | | 31,280 | | | | | | 2,811,446 | | |
| Total Industrials | | | | | | | | | | | 32,764,804 | | |
| Information Technology — 26.7% | |
| Accenture PLC, Class A | | | | | 10,522 | | | | | | 3,051,064 | | |
Adobe, Inc.* | | | | | 6,113 | | | | | | 3,107,482 | | |
Akamai Technologies, Inc.* | | | | | 28,525 | | | | | | 3,100,668 | | |
ANSYS, Inc.* | | | | | 8,559 | | | | | | 3,129,684 | | |
Arista Networks, Inc.* | | | | | 9,629 | | | | | | 3,034,772 | | |
| Automatic Data Processing, Inc. | | | | | 15,423 | | | | | | 2,883,947 | | |
| Broadcom, Inc. | | | | | 6,270 | | | | | | 2,860,374 | | |
Cadence Design Systems, Inc.* | | | | | 21,218 | | | | | | 2,795,896 | | |
| CDW Corp. | | | | | 17,538 | | | | | | 3,127,552 | | |
| Citrix Systems, Inc. | | | | | 20,710 | | | | | | 2,564,934 | | |
Coupa Software, Inc.* | | | | | 11,422 | | | | | | 3,072,975 | | |
Dell Technologies, Inc., Class C* | | | | | 32,973 | | | | | | 3,242,235 | | |
DocuSign, Inc.* | | | | | 14,359 | | | | | | 3,201,195 | | |
Fiserv, Inc.* | | | | | 24,418 | | | | | | 2,933,090 | | |
| HP, Inc. | | | | | 91,548 | | | | | | 3,122,702 | | |
| Intel Corp. | | | | | 45,417 | | | | | | 2,612,840 | | |
| International Business Machines Corp. | | | | | 21,813 | | | | | | 3,094,828 | | |
| Intuit, Inc. | | | | | 7,589 | | | | | | 3,127,882 | | |
| Microsoft Corp. | | | | | 12,327 | | | | | | 3,108,623 | | |
salesforce.com, Inc.* | | | | | 13,719 | | | | | | 3,159,760 | | |
Synopsys, Inc.* | | | | | 11,732 | | | | | | 2,898,508 | | |
| Texas Instruments, Inc. | | | | | 15,380 | | | | | | 2,776,244 | | |
Trade Desk, Inc. (The), Class A* | | | | | 4,460 | | | | | | 3,252,723 | | |
Tyler Technologies, Inc.* | | | | | 6,848 | | | | | | 2,909,441 | | |
VeriSign, Inc.* | | | | | 14,624 | | | | | | 3,199,292 | | |
VMware, Inc., Class A*(a) | | | | | 19,320 | | | | | | 3,107,236 | | |
Zscaler, Inc.*(a) | | | | | 16,932 | | | | | | 3,177,120 | | |
| Total Information Technology | | | | | | | | | | | 81,653,067 | | |
| Materials — 2.0% | |
| Corteva, Inc. | | | | | 62,349 | | | | | | 3,040,137 | | |
| Newmont Corp. | | | | | 48,227 | | | | | | 3,009,847 | | |
| Total Materials | | | | | | | | | | | 6,049,984 | | |
| |
See notes to financial statements.
Schedule of Investments — IQ Chaikin U.S. Large Cap ETF (continued)
| | | | Shares | | | Value | |
| Common Stocks (continued) | |
| Real Estate — 5.2% | |
| Crown Castle International Corp. | | | | | 16,886 | | | | | $ | 3,192,467 | | |
| Essex Property Trust, Inc. | | | | | 10,692 | | | | | | 3,106,240 | | |
| Invitation Homes, Inc. | | | | | 90,862 | | | | | | 3,185,622 | | |
| Prologis, Inc. | | | | | 27,422 | | | | | | 3,195,486 | | |
| Sun Communities, Inc. | | | | | 19,373 | | | | | | 3,231,997 | | |
| Total Real Estate | | | | | | | | | | | 15,911,812 | | |
| Utilities — 2.0% | |
| CMS Energy Corp. | | | | | 47,479 | | | | | | 3,057,173 | | |
| DTE Energy Co. | | | | | 21,833 | | | | | | 3,057,056 | | |
| Total Utilities | | | | | | | | | | | 6,114,229 | | |
| Total Common Stocks | | | | | | | | | | | | | |
| (Cost $269,334,664) | | | | | | | | | | | 305,141,417 | | |
| Short-Term Investments — 0.1% | | | | | | | | | | | | | |
| Money Market Funds — 0.1% | | | | | | | | | | | | | |
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)(c) | | | | | 8,956 | | | | | | 8,956 | | |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | | | | | 346,486 | | | | | | 346,486 | | |
| |
| | | | Shares | | | Value | |
| Short-Term Investments (continued) | | | |
| Money Market Funds (continued) | | | |
| Total Short-Term Investments | | | | | | | | | | |
| (Cost $355,442) | | | | | | | $ | 355,442 | | |
| Total Investments — 99.9% | | | | | | | | | | |
| (Cost $269,690,106) | | | | | | | | 305,496,859 | | |
Other Assets and Liabilities,
Net — 0.1% | | | | | | | | 110,815 | | |
| Net Assets — 100.0% | | | | | | | $ | 305,607,674 | | |
| |
*
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 $12,634,856; total market value of collateral held by the Fund was $13,590,917. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $13,581,961.
(b)
Reflects the 1-day yield at April 30, 2021.
(c)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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 | | | | $ | 305,141,417 | | | | | $ | — | | | | | $ | — | | | | | $ | 305,141,417 | | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money Market Funds | | | | | 355,442 | | | | | | — | | | | | | — | | | | | | 355,442 | | |
| Total Investments in Securities | | | | $ | 305,496,859 | | | | | $ | — | | | | | $ | — | | | | | $ | 305,496,859 | | |
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
Statements of Assets and Liabilities
| | | | IQ Hedge
Multi-Strategy
Tracker ETF | | | IQ Hedge
Macro
Tracker ETF | | | IQ Hedge
Market
Neutral
Tracker ETF | | | IQ Hedge
Long/Short
Tracker ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 743,054,696 | | | | | $ | 4,207,867 | | | | | $ | 14,076,160 | | | | | $ | 10,026,553 | | |
| Investments in affiliates, at value | | | | | 115,750,647 | | | | | | 774,958 | | | | | | 4,336,410 | | | | | | 15,726 | | |
| Cash | | | | | — | | | | | | 69 | | | | | | 323 | | | | | | 126 | | |
| Deposits at broker for swap contracts | | | | | 570,000 | | | | | | — | | | | | | — | | | | | | — | | |
| Receivable for investments sold | | | | | 1,601,049 | | | | | | — | | | | | | — | | | | | | — | | |
| Due from broker | | | | | 465,943 | | | | | | 4,246 | | | | | | 11,284 | | | | | | 20,173 | | |
| Securities lending income receivable | | | | | 64,057 | | | | | | 628 | | | | | | 1,943 | | | | | | 1,393 | | |
| Dividend receivable | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
| Total Assets | | | | | 861,506,393 | | | | | | 4,987,768 | | | | | | 18,426,120 | | | | | | 10,063,971 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 62,670,538 | | | | | | 705,838 | | | | | | 649,503 | | | | | | 743,134 | | |
| Payable for capital shares repurchased | | | | | 1,600,718 | | | | | | — | | | | | | — | | | | | | — | | |
| Due to broker | | | | | 1,305,020 | | | | | | 8,048 | | | | | | 25,705 | | | | | | 35,423 | | |
| Advisory fees payable | | | | | 342,866 | | | | | | 1,403 | | | | | | 5,860 | | | | | | 3,257 | | |
| Trustee fees payable | | | | | 3,955 | | | | | | 20 | | | | | | 74 | | | | | | 44 | | |
| Compliance fees payable | | | | | 261 | | | | | | 1 | | | | | | 4 | | | | | | 1 | | |
| Accrued expenses and other liabilities | | | | | 5,734 | | | | | | 80 | | | | | | 131 | | | | | | 87 | | |
| Total Liabilities | | | | | 65,929,092 | | | | | | 715,390 | | | | | | 681,277 | | | | | | 781,946 | | |
| Net Assets | | | | $ | 795,577,301 | | | | | $ | 4,272,378 | | | | | $ | 17,744,843 | | | | | $ | 9,282,025 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 819,343,776 | | | | | $ | 9,333,798 | | | | | $ | 17,895,284 | | | | | $ | 9,734,136 | | |
| Total distributable earnings/(accumulated loss) | | | | | (23,766,475) | | | | | | (5,061,420) | | | | | | (150,441) | | | | | | (452,111) | | |
| Net Assets | | | | $ | 795,577,301 | | | | | $ | 4,272,378 | | | | | $ | 17,744,843 | | | | | $ | 9,282,025 | | |
| NET ASSET VALUE PER SHARE | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 24,850,000 | | | | | | 150,000 | | | | | | 650,000 | | | | | | 350,000 | | |
| Net Asset Value Per Share | | | | $ | 32.02 | | | | | $ | 28.48 | | | | | $ | 27.30 | | | | | $ | 26.52 | | |
| Investments, at cost | | | | $ | 715,342,996 | | | | | $ | 3,858,434 | | | | | $ | 13,837,780 | | | | | $ | 9,810,432 | | |
| Investments in affiliates, at cost | | | | $ | 115,553,324 | | | | | $ | 766,330 | | | | | $ | 4,306,862 | | | | | $ | 15,707 | | |
(a)Market value of securities on loan | | | | $ | 98,707,740 | | | | | $ | 1,148,226 | | | | | $ | 875,040 | | | | | $ | 1,391,162 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Hedge
Event-Driven
Tracker ETF | | | IQ Real
Return ETF | | | IQ S&P High
Yield Low
Volatility
Bond ETF | | | IQ Merger
Arbitrage ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 9,758,810 | | | | | $ | 49,515,459 | | | | | $ | 105,711,743 | | | | | $ | 776,455,832 | | |
| Investments in affiliates, at value | | | | | 10,964 | | | | | | 13,270,626 | | | | | | — | | | | | | 7,225,994 | | |
| Cash | | | | | — | | | | | | 66 | | | | | | — | | | | | | — | | |
Foreign currency(b) | | | | | — | | | | | | — | | | | | | — | | | | | | 94,735 | | |
| Due from broker | | | | | 3,577 | | | | | | — | | | | | | — | | | | | | 303,886 | | |
| Securities lending income receivable | | | | | 346 | | | | | | 3,792 | | | | | | 247 | | | | | | 2,603 | | |
| Receivable for investments sold | | | | | — | | | | | | — | | | | | | 7,645,567 | | | | | | 2,826,348 | | |
| Interest receivable | | | | | — | | | | | | — | | | | | | 1,259,972 | | | | | | — | | |
| Reclaims receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 29,252 | | |
| Dividend receivable | | | | | — | | | | | | — | | | | | | 25 | | | | | | 2,305,091 | | |
| Total Assets | | | | | 9,773,697 | | | | | | 62,789,943 | | | | | | 114,617,554 | | | | | | 789,243,741 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 280,133 | | | | | | 9,545,463 | | | | | | 850,100 | | | | | | 10,089,260 | | |
| Due to broker | | | | | 3,742 | | | | | | — | | | | | | — | | | | | | 8,385,334 | | |
| Advisory fees payable | | | | | 2,895 | | | | | | 8,601 | | | | | | 34,207 | | | | | | 454,481 | | |
| Trustee fees payable | | | | | 41 | | | | | | 224 | | | | | | 547 | | | | | | 3,646 | | |
| Compliance fees payable | | | | | 3 | | | | | | 13 | | | | | | 24 | | | | | | 185 | | |
| Payable for investments purchased | | | | | — | | | | | | — | | | | | | 7,509,919 | | | | | | 10,179,110 | | |
| Cash due to custodian | | | | | — | | | | | | — | | | | | | — | | | | | | 13,847,775 | | |
| Accrued expenses and other liabilities | | | | | 98 | | | | | | 309 | | | | | | 701 | | | | | | 5,370 | | |
| Total Liabilities | | | | | 286,912 | | | | | | 9,554,610 | | | | | | 8,395,498 | | | | | | 42,965,161 | | |
| Net Assets | | | | $ | 9,486,785 | | | | | $ | 53,235,333 | | | | | $ | 106,222,056 | | | | | $ | 746,278,580 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 9,384,923 | | | | | $ | 55,220,491 | | | | | $ | 106,955,346 | | | | | $ | 857,916,981 | | |
| Total distributable earnings/(accumulated loss) | | | | | 101,862 | | | | | | (1,985,158) | | | | | | (733,290) | | | | | | (111,638,401) | | |
| Net Assets | | | | $ | 9,486,785 | | | | | $ | 53,235,333 | | | | | $ | 106,222,056 | | | | | $ | 746,278,580 | | |
| NET ASSET VALUE PER SHARE | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 400,000 | | | | | | 1,950,000 | | | | | | 4,250,000 | | | | | | 22,200,000 | | |
| Net Asset Value Per Share | | | | $ | 23.72 | | | | | $ | 27.30 | | | | | $ | 24.99 | | | | | $ | 33.62 | | |
| Investments, at cost | | | | $ | 9,465,618 | | | | | $ | 49,256,865 | | | | | $ | 103,704,606 | | | | | $ | 736,598,260 | | |
| Investments in affiliates, at cost | | | | $ | 10,948 | | | | | $ | 13,392,044 | | | | | $ | — | | | | | $ | 7,222,366 | | |
(a)Market value of securities on loan | | | | $ | 271,619 | | | | | $ | 14,796,180 | | | | | $ | 1,475,075 | | | | | $ | 13,546,738 | | |
(b)Cost of foreign currency | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 94,733 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Global
Resources ETF | | | IQ U.S.
Real Estate
Small Cap ETF | | | IQ 500
International
ETF | | | IQ 50 Percent
Hedged FTSE
International
ETF | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at value (including securities on
loan)(a) | | | | $ | 19,394,891 | | | | | $ | 52,969,761 | | | | | $ | 252,849,761 | | | | | $ | 319,041,643 | | |
| Investments in affiliates, at value | | | | | 965,609 | | | | | | — | | | | | | — | | | | | | — | | |
| Cash | | | | | — | | | | | | 21,802 | | | | | | — | | | | | | — | | |
Foreign currency(b) | | | | | — | | | | | | — | | | | | | 125,576 | | | | | | 150,337 | | |
| Deposits at broker for swap contracts | | | | | 28 | | | | | | — | | | | | | — | | | | | | — | | |
| Reclaims receivable | | | | | 58,033 | | | | | | — | | | | | | 260,225 | | | | | | 650,003 | | |
| Dividend receivable | | | | | 25,465 | | | | | | 34,919 | | | | | | 1,078,496 | | | | | | 1,055,805 | | |
| Due from broker | | | | | 410 | | | | | | — | | | | | | — | | | | | | — | | |
| Securities lending income receivable | | | | | 332 | | | | | | 478 | | | | | | 11,418 | | | | | | 2,598 | | |
| Receivable for investments sold | | | | | — | | | | | | — | | | | | | 640 | | | | | | 2,054,202 | | |
| Due from advisor | | | | | — | | | | | | — | | | | | | — | | | | | | 40,359 | | |
Unrealized appreciation on forward foreign currency
contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 40,163 | | |
| Total Assets | | | | | 20,444,768 | | | | | | 53,026,960 | | | | | | 254,326,116 | | | | | | 323,035,110 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 251,875 | | | | | | 688,938 | | | | | | 9,927,426 | | | | | | 9,425,880 | | |
| Due to broker | | | | | 159,382 | | | | | | — | | | | | | — | | | | | | — | | |
| Advisory fees payable | | | | | 12,247 | | | | | | 28,466 | | | | | | 49,701 | | | | | | 89,270 | | |
Foreign currency due to custodian(b) | | | | | 483 | | | | | | — | | | | | | — | | | | | | — | | |
| Trustee fees payable | | | | | 99 | | | | | | 204 | | | | | | 1,101 | | | | | | 1,517 | | |
| Compliance fees payable | | | | | 5 | | | | | | 11 | | | | | | 34 | | | | | | 92 | | |
| Payable for investments purchased | | | | | 1 | | | | | | — | | | | | | 21 | | | | | | 153,696 | | |
| Cash due to custodian | | | | | — | | | | | | — | | | | | | — | | | | | | 383,577 | | |
Unrealized depreciation on forward foreign currency
contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 2,589,582 | | |
| Accrued expenses and other liabilities | | | | | 167 | | | | | | 205 | | | | | | 11,709 | | | | | | 3,741 | | |
| Total Liabilities | | | | | 424,259 | | | | | | 717,824 | | | | | | 9,989,992 | | | | | | 12,647,355 | | |
| Net Assets | | | | $ | 20,020,509 | | | | | $ | 52,309,136 | | | | | $ | 244,336,124 | | | | | $ | 310,387,755 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 80,231,277 | | | | | $ | 58,789,478 | | | | | $ | 219,771,237 | | | | | $ | 295,665,403 | | |
| Total distributable earnings/(accumulated loss) | | | | | (60,210,768) | | | | | | (6,480,342) | | | | | | 24,564,887 | | | | | | 14,722,352 | | |
| Net Assets | | | | $ | 20,020,509 | | | | | $ | 52,309,136 | | | | | $ | 244,336,124 | | | | | $ | 310,387,755 | | |
| NET ASSET VALUE PER SHARE | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 700,000 | | | | | | 2,050,000 | | | | | | 7,500,000 | | | | | | 12,750,000 | | |
| Net Asset Value Per Share | | | | $ | 28.60 | | | | | $ | 25.52 | | | | | $ | 32.58 | | | | | $ | 24.34 | | |
| Investments, at cost | | | | $ | 16,356,013 | | | | | $ | 50,443,372 | | | | | $ | 226,735,100 | | | | | $ | 286,842,514 | | |
| Investments in affiliates, at cost | | | | $ | 968,784 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(a)Market value of securities on loan | | | | $ | 523,321 | | | | | $ | 3,946,070 | | | | | $ | 12,119,424 | | | | | $ | 12,045,010 | | |
(b)Cost of foreign currency | | | | $ | (482) | | | | | $ | — | | | | | $ | 125,840 | | | | | $ | 149,950 | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Healthy
Hearts 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) | | | | $ | 6,606,984 | | | | | $ | 188,847,235 | | | | | $ | 410,386,061 | | | | | $ | 209,745,076 | | |
Foreign currency(b) | | | | | 156 | | | | | | 11,682 | | | | | | — | | | | | | — | | |
| Dividend receivable | | | | | 4,541 | | | | | | 610,053 | | | | | | 353,929 | | | | | | 50,953 | | |
| Reclaims receivable | | | | | 3,939 | | | | | | 159,416 | | | | | | — | | | | | | — | | |
| Receivable for investments sold | | | | | 238 | | | | | | 105 | | | | | | — | | | | | | — | | |
| Securities lending income receivable | | | | | 6 | | | | | | 653 | | | | | | 663 | | | | | | 2,567 | | |
| Due from advisor | | | | | — | | | | | | 1,466 | | | | | | 3,577 | | | | | | — | | |
| Total Assets | | | | | 6,615,864 | | | | | | 189,630,610 | | | | | | 410,744,230 | | | | | | 209,798,596 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateral for investments on loan | | | | | 53,815 | | | | | | 2,624,267 | | | | | | 8,790 | | | | | | 3,075,181 | | |
| Advisory fees payable | | | | | 2,270 | | | | | | 22,114 | | | | | | 29,863 | | | | | | 61,550 | | |
| Payable for investments purchased | | | | | 239 | | | | | | 31,813 | | | | | | — | | | | | | — | | |
| Trustee fees payable | | | | | 26 | | | | | | 712 | | | | | | 1,698 | | | | | | 1,036 | | |
| Compliance fees payable | | | | | 1 | | | | | | 37 | | | | | | 83 | | | | | | 27 | | |
| Cash due to custodian | | | | | — | | | | | | — | | | | | | 74 | | | | | | 1,192 | | |
| Accrued expenses and other liabilities | | | | | 69 | | | | | | 563 | | | | | | 1,405 | | | | | | 564 | | |
| Total Liabilities | | | | | 56,420 | | | | | | 2,679,506 | | | | | | 41,913 | | | | | | 3,139,550 | | |
| Net Assets | | | | $ | 6,559,444 | | | | | $ | 186,951,104 | | | | | $ | 410,702,317 | | | | | $ | 206,659,046 | | |
| Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 6,298,900 | | | | | $ | 156,901,120 | | | | | $ | 345,089,666 | | | | | $ | 262,566,814 | | |
| Total distributable earnings/(accumulated loss) | | | | | 260,544 | | | | | | 30,049,984 | | | | | | 65,612,651 | | | | | | (55,907,768) | | |
| Net Assets | | | | $ | 6,559,444 | | | | | $ | 186,951,104 | | | | | $ | 410,702,317 | | | | | $ | 206,659,046 | | |
| NET ASSET VALUE PER SHARE | | | | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 250,000 | | | | | | 6,400,000 | | | | | | 11,550,000 | | | | | | 5,900,000 | | |
| Net Asset Value Per Share | | | | $ | 26.24 | | | | | $ | 29.21 | | | | | $ | 35.56 | | | | | $ | 35.03 | | |
| Investments, at cost | | | | $ | 6,324,038 | | | | | $ | 159,562,665 | | | | | $ | 344,231,253 | | | | | $ | 188,573,628 | | |
(a)Market value of securities on loan | | | | $ | 31,597 | | | | | $ | 3,469,490 | | | | | $ | 9,017,258 | | | | | $ | 13,481,054 | | |
(b)Cost of foreign currency | | | | $ | 156 | | | | | $ | 11,676 | | | | | $ | — | | | | | $ | — | | |
See notes to financial statements.
Statements of Assets and Liabilities (continued)
| | | | IQ Chaikin
U.S. Large Cap
ETF | |
| Assets | | | | | | | |
Investments, at value (including securities on loan)(a) | | | | $ | 305,496,859 | | |
| Dividend receivable | | | | | 186,703 | | |
| Securities lending income receivable | | | | | 1,069 | | |
| Total Assets | | | | | 305,684,631 | | |
| Liabilities | | | | | | | |
| Advisory fees payable | | | | | 65,378 | | |
| Collateral for investments on loan | | | | | 8,956 | | |
| Trustee fees payable | | | | | 1,542 | | |
| Compliance fees payable | | | | | 45 | | |
| Accrued expenses and other liabilities | | | | | 1,036 | | |
| Total Liabilities | | | | | 76,957 | | |
| Net Assets | | | | $ | 305,607,674 | | |
| Composition of Net Assets | | | | | | | |
| Paid-in capital | | | | $ | 337,463,607 | | |
| Total distributable earnings/(accumulated loss) | | | | | (31,855,933) | | |
| Net Assets | | | | $ | 305,607,674 | | |
| NET ASSET VALUE PER SHARE | | |
| Shares Outstanding (no par value, unlimited shares authorized) | | | | | 9,400,000 | | |
| Net Asset Value Per Share | | | | $ | 32.51 | | |
| Investments, at cost | | | | $ | 269,690,106 | | |
(a)Market value of securities on loan | | | | $ | 12,634,856 | | |
See notes to financial statements.
For the year ended April 30, 2021
| | | | 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* | | | | $ | 12,507,829 | | | | | $ | 56,103 | | | | | $ | 285,291 | | | | | $ | 234,052 | | |
| Dividend income from affiliates | | | | | 1,152,112 | | | | | | 6,579 | | | | | | 27,670 | | | | | | 3,217 | | |
| Securities lending income, net of borrower rebates | | | | | 916,588 | | | | | | 5,519 | | | | | | 25,932 | | | | | | 10,817 | | |
| Total investment income | | | | | 14,576,529 | | | | | | 68,201 | | | | | | 338,893 | | | | | | 248,086 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 5,774,948 | | | | | | 31,216 | | | | | | 132,640 | | | | | | 84,252 | | |
| Trustee fees | | | | | 43,573 | | | | | | 242 | | | | | | 986 | | | | | | 655 | | |
| Legal fees | | | | | 38,515 | | | | | | 205 | | | | | | 869 | | | | | | 527 | | |
| Compliance fees | | | | | 2,210 | | | | | | 12 | | | | | | 48 | | | | | | 32 | | |
| Miscellaneous | | | | | 1,148 | | | | | | 57 | | | | | | 57 | | | | | | 56 | | |
| Total expenses | | | | | 5,860,394 | | | | | | 31,732 | | | | | | 134,600 | | | | | | 85,522 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (1,693,984) | | | | | | (14,568) | | | | | | (61,898) | | | | | | (39,186) | | |
| Net expenses | | | | | 4,166,410 | | | | | | 17,164 | | | | | | 72,702 | | | | | | 46,336 | | |
| Net investment income | | | | | 10,410,119 | | | | | | 51,037 | | | | | | 266,191 | | | | | | 201,750 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 29,236,878 | | | | | | 216,424 | | | | | | 71,101 | | | | | | 156,097 | | |
| Investment in affiliates | | | | | (338,597) | | | | | | (1,099) | | | | | | (365) | | | | | | 210 | | |
| In-Kind redemptions | | | | | 31,786,276 | | | | | | — | | | | | | 1,063,480 | | | | | | 2,246,075 | | |
| Affiliates in-kind redemptions | | | | | 1,229,159 | | | | | | — | | | | | | 12,795 | | | | | | 1,921 | | |
| Swap transactions | | | | | (14,767,188) | | | | | | (67,391) | | | | | | (319,930) | | | | | | (136,495) | | |
| Distributions by other investment companies | | | | | 171,582 | | | | | | 717 | | | | | | 4,971 | | | | | | 1,205 | | |
| Distributions by other investment companies in affiliates | | | | | 561,469 | | | | | | 3,528 | | | | | | 13,197 | | | | | | 1,801 | | |
| Net realized gain (loss) | | | | | 47,879,579 | | | | | | 152,179 | | | | | | 845,249 | | | | | | 2,270,814 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 25,762,773 | | | | | | 346,341 | | | | | | 382,089 | | | | | | (45,528) | | |
| Investment in affiliates | | | | | (873,165) | | | | | | 2,401 | | | | | | (5,586) | | | | | | (5,510) | | |
Net change in net unrealized appreciation
(depreciation) | | | | | 24,889,608 | | | | | | 348,742 | | | | | | 376,503 | | | | | | (51,038) | | |
| Net realized and unrealized gain (loss) | | | | | 72,769,187 | | | | | | 500,921 | | | | | | 1,221,752 | | | | | | 2,219,776 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 83,179,306 | | | | | $ | 551,958 | | | | | $ | 1,487,943 | | | | | $ | 2,421,526 | | |
| *Net of foreign taxes withheld of: | | | | $ | — | | | | | $ | 62 | | | | | $ | — | | | | | $ | — | | |
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2021
| | | | IQ Hedge
Event-Driven
Tracker ETF | | | IQ Real
Return ETF | | | IQ S&P High
Yield Low
Volatility
Bond ETF | | | IQ Merger
Arbitrage ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income* | | | | $ | 185,554 | | | | | $ | 190,684 | | | | | $ | 255 | | | | | $ | 11,774,311 | | |
| Dividend income from affiliates | | | | | 21 | | | | | | 147,173 | | | | | | — | | | | | | 29,885 | | |
| Interest income | | | | | — | | | | | | — | | | | | | 4,125,683 | | | | | | — | | |
| Securities lending income, net of borrower rebates | | | | | 5,501 | | | | | | 61,714 | | | | | | 2,622 | | | | | | 432,949 | | |
| Total investment income | | | | | 191,076 | | | | | | 399,571 | | | | | | 4,128,560 | | | | | | 12,237,145 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 54,959 | | | | | | 248,708 | | | | | | 400,716 | | | | | | 5,409,284 | | |
| Trustee fees | | | | | 416 | | | | | | 2,893 | | | | | | 5,688 | | | | | | 40,653 | | |
| Legal fees | | | | | 386 | | | | | | 2,496 | | | | | | 4,252 | | | | | | 34,882 | | |
| Compliance fees | | | | | 21 | | | | | | 144 | | | | | | 273 | | | | | | 2,010 | | |
| Miscellaneous | | | | | 57 | | | | | | 372 | | | | | | 402 | | | | | | 4,233 | | |
| Total expenses | | | | | 55,839 | | | | | | 254,613 | | | | | | 411,331 | | | | | | 5,491,062 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (25,527) | | | | | | (145,079) | | | | | | (10,600) | | | | | | — | | |
| Net expenses | | | | | 30,312 | | | | | | 109,534 | | | | | | 400,731 | | | | | | 5,491,062 | | |
| Net investment income | | | | | 160,764 | | | | | | 290,037 | | | | | | 3,727,829 | | | | | | 6,746,083 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (50,595) | | | | | | 233,729 | | | | | | 1,211,556 | | | | | | 18,608,731 | | |
| Investment in affiliates | | | | | — | | | | | | (4,655) | | | | | | — | | | | | | 37,884 | | |
| In-Kind redemptions | | | | | 596,906 | | | | | | — | | | | | | 248,819 | | | | | | 97,185,804 | | |
| Affiliates in-kind redemptions | | | | | 20 | | | | | | — | | | | | | — | | | | | | 7,924 | | |
| Swap transactions | | | | | (4,992) | | | | | | — | | | | | | — | | | | | | (177,670,573) | | |
| Distributions by other investment companies | | | | | 1 | | | | | | 18,542 | | | | | | — | | | | | | — | | |
| Distributions by other investment companies in affiliates | | | | | 6 | | | | | | 59,425 | | | | | | — | | | | | | 10,350 | | |
| Foreign currency transactions | | | | | — | | | | | | — | | | | | | — | | | | | | (548,733) | | |
| Net realized gain (loss) | | | | | 541,346 | | | | | | 307,041 | | | | | | 1,460,375 | | | | | | (62,368,613) | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 556,045 | | | | | | 550,512 | | | | | | 2,569,537 | | | | | | 117,530,449 | | |
| Investment in affiliates | | | | | 16 | | | | | | 45,752 | | | | | | — | | | | | | (13,376) | | |
| Foreign currency translations | | | | | — | | | | | | — | | | | | | — | | | | | | 114,836 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 556,061 | | | | | | 596,264 | | | | | | 2,569,537 | | | | | | 117,631,909 | | |
| Net realized and unrealized gain (loss) | | | | | 1,097,407 | | | | | | 903,305 | | | | | | 4,029,912 | | | | | | 55,263,296 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 1,258,171 | | | | | $ | 1,193,342 | | | | | $ | 7,757,741 | | | | | $ | 62,009,379 | | |
| *Net of foreign taxes withheld of: | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 156,464 | | |
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2021
| | | | IQ Global
Resources ETF | | | IQ U.S. Real
Estate Small
Cap ETF | | | IQ 500
International
ETF | | | IQ 50 Percent
Hedged FTSE
International
ETF | |
| Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend income* | | | | $ | 754,423 | | | | | $ | 1,001,670 | | | | | $ | 7,264,795 | | | | | $ | 7,245,430 | | |
| Dividend income from affiliates | | | | | 12,538 | | | | | | — | | | | | | — | | | | | | — | | |
| Securities lending income, net of borrower rebates | | | | | 3,203 | | | | | | 4,587 | | | | | | 141,004 | | | | | | 34,844 | | |
| Total investment income | | | | | 770,164 | | | | | | 1,006,257 | | | | | | 7,405,799 | | | | | | 7,280,274 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 166,784 | | | | | | 294,480 | | | | | | 594,716 | | | | | | 977,173 | | |
| Trustee fees | | | | | 1,242 | | | | | | 2,254 | | | | | | 13,332 | | | | | | 15,739 | | |
| Legal fees | | | | | 993 | | | | | | 2,014 | | | | | | 11,014 | | | | | | 11,377 | | |
| Compliance fees | | | | | 72 | | | | | | 116 | | | | | | 631 | | | | | | 787 | | |
| Miscellaneous | | | | | 57 | | | | | | 57 | | | | | | 57 | | | | | | 659 | | |
| Total expenses | | | | | 169,148 | | | | | | 298,921 | | | | | | 619,750 | | | | | | 1,005,735 | | |
| Waivers/Reimbursement (See Note 3) | | | | | — | | | | | | — | | | | | | (24,997) | | | | | | (447,510) | | |
| Net expenses | | | | | 169,148 | | | | | | 298,921 | | | | | | 594,753 | | | | | | 558,225 | | |
| Net investment income | | | | | 601,016 | | | | | | 707,336 | | | | | | 6,811,046 | | | | | | 6,722,049 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (1,496,923) | | | | | | (2,237,842) | | | | | | (3,224,478) | | | | | | (8,168,690) | | |
| Investment in affiliates | | | | | (1,097) | | | | | | — | | | | | | — | | | | | | — | | |
| In-Kind redemptions | | | | | 1,467,694 | | | | | | (910,187) | | | | | | 12,471,295 | | | | | | 4,090,632 | | |
| Affiliates in-kind redemptions | | | | | 6,738 | | | | | | — | | | | | | — | | | | | | — | | |
| Swap transactions | | | | | (1,658,568) | | | | | | — | | | | | | — | | | | | | — | | |
| Distributions by other investment companies in affiliates | | | | | 4,584 | | | | | | — | | | | | | — | | | | | | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (6,296,349) | | |
| Foreign currency transactions | | | | | 1,874 | | | | | | — | | | | | | 10,138 | | | | | | (43,026) | | |
| Net realized gain (loss) | | | | | (1,675,698) | | | | | | (3,148,029) | | | | | | 9,256,955 | | | | | | (10,417,433) | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 6,766,344 | | | | | | 21,157,244 | | | | | | 80,945,329 | | | | | | 94,228,728 | | |
| Investment in affiliates | | | | | (439) | | | | | | — | | | | | | — | | | | | | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (1,563,862) | | |
| Foreign currency translations | | | | | 6,865 | | | | | | — | | | | | | 10,799 | | | | | | 36,037 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 6,772,770 | | | | | | 21,157,244 | | | | | | 80,956,128 | | | | | | 92,700,903 | | |
| Net realized and unrealized gain (loss) | | | | | 5,097,072 | | | | | | 18,009,215 | | | | | | 90,213,083 | | | | | | 82,283,470 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 5,698,088 | | | | | $ | 18,716,551 | | | | | $ | 97,024,129 | | | | | $ | 89,005,519 | | |
| *Net of foreign taxes withheld of: | | | | $ | 50,191 | | | | | $ | — | | | | | $ | 742,586 | | | | | $ | 701,511 | | |
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2021
| | | | IQ Healthy
Hearts 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* | | | | $ | 42,393 | | | | | $ | 3,088,241 | | | | | $ | 3,229,217 | | | | | $ | 2,330,349 | | |
| Securities lending income, net of borrower rebates | | | | | 13 | | | | | | 9,363 | | | | | | 8,515 | | | | | | 128,149 | | |
| Total investment income | | | | | 42,406 | | | | | | 3,097,604 | | | | | | 3,237,732 | | | | | | 2,458,498 | | |
| Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory fees (See Note 3) | | | | | 8,062 | | | | | | 181,840 | | | | | | 202,743 | | | | | | 525,573 | | |
| Trustee fees | | | | | 101 | | | | | | 6,801 | | | | | | 12,391 | | | | | | 8,392 | | |
| Legal fees | | | | | 69 | | | | | | 5,295 | | | | | | 8,718 | | | | | | 6,486 | | |
| Compliance fees | | | | | 4 | | | | | | 330 | | | | | | 598 | | | | | | 387 | | |
| Miscellaneous | | | | | 57 | | | | | | 40 | | | | | | 30 | | | | | | 57 | | |
| Total expenses | | | | | 8,293 | | | | | | 194,306 | | | | | | 224,480 | | | | | | 540,895 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (231) | | | | | | (12,439) | | | | | | (21,676) | | | | | | (15,291) | | |
| Net expenses | | | | | 8,062 | | | | | | 181,867 | | | | | | 202,804 | | | | | | 525,604 | | |
| Net investment income | | | | | 34,344 | | | | | | 2,915,737 | | | | | | 3,034,928 | | | | | | 1,932,894 | | |
Realized and Unrealized Gain (Loss)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | (34,955) | | | | | | (96,311) | | | | | | (979,455) | | | | | | 3,563,959 | | |
| In-Kind redemptions | | | | | 65,667 | | | | | | 8,660,476 | | | | | | 11,133,417 | | | | | | 64,508,065 | | |
| Foreign currency transactions | | | | | (297) | | | | | | (43,055) | | | | | | — | | | | | | — | | |
| Net realized gain (loss) | | | | | 30,415 | | | | | | 8,521,110 | | | | | | 10,153,962 | | | | | | 68,072,024 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | | | | 282,946 | | | | | | 29,625,296 | | | | | | 66,417,860 | | | | | | 17,445,976 | | |
| Foreign currency translations | | | | | 74 | | | | | | 4,265 | | | | | | — | | | | | | — | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 283,020 | | | | | | 29,629,561 | | | | | | 66,417,860 | | | | | | 17,445,976 | | |
| Net realized and unrealized gain (loss) | | | | | 313,435 | | | | | | 38,150,671 | | | | | | 76,571,822 | | | | | | 85,518,000 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 347,779 | | | | | $ | 41,066,408 | | | | | $ | 79,606,750 | | | | | $ | 87,450,894 | | |
| *Net of foreign taxes withheld of: | | | | $ | 4,274 | | | | | $ | 323,813 | | | | | $ | 3 | | | | | $ | 2,582 | | |
** Commencement of operations January 14, 2021.
See notes to financial statements.
Statements of Operations (continued)
For the year ended April 30, 2021
| | | | IQ Chaikin U.S.
Large Cap ETF | |
| Investment Income | | | | | | | |
| Dividend income | | | | $ | 4,447,287 | | |
| Securities lending income, net of borrower rebates | | | | | 5,182 | | |
| Total investment income | | | | | 4,452,469 | | |
| Expenses | | | | | | | |
| Advisory fees (See Note 3) | | | | | 664,355 | | |
| Trustee fees | | | | | 14,845 | | |
| Legal fees | | | | | 12,061 | | |
| Compliance fees | | | | | 683 | | |
| Miscellaneous | | | | | 57 | | |
| Total expenses | | | | | 692,001 | | |
| Waivers/Reimbursement (See Note 3) | | | | | (27,601) | | |
| Net expenses | | | | | 664,400 | | |
| Net investment income | | | | | 3,788,069 | | |
| Realized and Unrealized Gain (Loss) | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
| Investment securities | | | | | 7,885,689 | | |
| In-Kind redemptions | | | | | 71,313,516 | | |
| Net realized gain (loss) | | | | | 79,199,205 | | |
| Net change in net unrealized appreciation (depreciation) on: | | | | | | | |
| Investment securities | | | | | 25,070,548 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 25,070,548 | | |
| Net realized and unrealized gain (loss) | | | | | 104,269,753 | | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 108,057,822 | | |
See notes to financial statements.
Statements of Changes in Net Assets
| | | | IQ Hedge Multi-Strategy
Tracker ETF | | | IQ Hedge Macro Tracker ETF | |
| | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 10,410,119 | | | | | $ | 20,842,057 | | | | | $ | 51,037 | | | | | $ | 100,870 | | |
| Net realized gain (loss) | | | | | 47,879,579 | | | | | | (16,734,225) | | | | | | 152,179 | | | | | | (80,989) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 24,889,608 | | | | | | (12,595,811) | | | | | | 348,742 | | | | | | (44,333) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 83,179,306 | | | | | | (8,487,979) | | | | | | 551,958 | | | | | | (24,452) | | |
| Distributions to Shareholders | | | | | (15,953,112) | | | | | | (16,163,950) | | | | | | (106,851) | | | | | | (54,164) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 369,110,615 | | | | | | 108,741,902 | | | | | | — | | | | | | — | | |
| Cost of shares redeemed | | | | | (380,419,895) | | | | | | (337,851,658) | | | | | | — | | | | | | (1,345,577) | | |
| Net increase (decrease) from capital share transactions | | | | | (11,309,280) | | | | | | (229,109,756) | | | | | | — | | | | | | (1,345,577) | | |
| Total increase (decrease) in net assets | | | | | 55,916,914 | | | | | | (253,761,685) | | | | | | 445,107 | | | | | | (1,424,193) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 739,660,387 | | | | | | 993,422,072 | | | | | | 3,827,271 | | | | | | 5,251,464 | | |
| End of year | | | | $ | 795,577,301 | | | | | $ | 739,660,387 | | | | | $ | 4,272,378 | | | | | $ | 3,827,271 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 25,150,000 | | | | | | 32,800,000 | | | | | | 150,000 | | | | | | 200,000 | | |
| Shares created | | | | | 11,800,000 | | | | | | 3,600,000 | | | | | | — | | | | | | — | | |
| Shares redeemed | | | | | (12,100,000) | | | | | | (11,250,000) | | | | | | — | | | | | | (50,000) | | |
| Shares outstanding, end of year | | | | | 24,850,000 | | | | | | 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 Year Ended April 30, | | | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 266,191 | | | | | $ | 350,179 | | | | | $ | 201,750 | | | | | $ | 166,866 | | |
| Net realized gain (loss) | | | | | 845,249 | | | | | | 13,206 | | | | | | 2,270,814 | | | | | | (352,670) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 376,503 | | | | | | (336,826) | | | | | | (51,038) | | | | | | 163,059 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 1,487,943 | | | | | | 26,559 | | | | | | 2,421,526 | | | | | | (22,745) | | |
| Distributions to Shareholders | | | | | (341,520) | | | | | | (239,729) | | | | | | (181,041) | | | | | | (123,690) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 12,150,236 | | | | | | 5,068,994 | | | | | | 13,498,911 | | | | | | 8,803,502 | | |
| Cost of shares redeemed | | | | | (13,508,262) | | | | | | (2,639,984) | | | | | | (17,156,549) | | | | | | (4,417,086) | | |
| Net increase (decrease) from capital share transactions | | | | | (1,358,026) | | | | | | 2,429,010 | | | | | | (3,657,638) | | | | | | 4,386,416 | | |
| Total increase (decrease) in net assets | | | | | (211,603) | | | | | | 2,215,840 | | | | | | (1,417,153) | | | | | | 4,239,981 | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 17,956,446 | | | | | | 15,740,606 | | | | | | 10,699,178 | | | | | | 6,459,197 | | |
| End of year | | | | $ | 17,744,843 | | | | | $ | 17,956,446 | | | | | $ | 9,282,025 | | | | | $ | 10,699,178 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 700,000 | | | | | | 600,000 | | | | | | 500,000 | | | | | | 300,000 | | |
| Shares created | | | | | 450,000 | | | | | | 200,000 | | | | | | 550,000 | | | | | | 400,000 | | |
| Shares redeemed | | | | | (500,000) | | | | | | (100,000) | | | | | | (700,000) | | | | | | (200,000) | | |
| Shares outstanding, end of year | | | | | 650,000 | | | | | | 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 Year Ended April 30, | | | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 160,764 | | | | | $ | 201,009 | | | | | $ | 290,037 | | | | | $ | 1,075,218 | | |
| Net realized gain (loss) | | | | | 541,346 | | | | | | (129,344) | | | | | | 307,041 | | | | | | (500,329) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 556,061 | | | | | | (341,340) | | | | | | 596,264 | | | | | | (1,143,699) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 1,258,171 | | | | | | (269,675) | | | | | | 1,193,342 | | | | | | (568,810) | | |
| Distributions to Shareholders | | | | | (209,892) | | | | | | (157,392) | | | | | | (511,575) | | | | | | (1,185,760) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 8,147,454 | | | | | | 8,619,767 | | | | | | 1,365,759 | | | | | | — | | |
| Cost of shares redeemed | | | | | (8,062,646) | | | | | | (4,091,994) | | | | | | — | | | | | | (4,103,526) | | |
| Net increase (decrease) from capital share transactions | | | | | 84,808 | | | | | | 4,527,773 | | | | | | 1,365,759 | | | | | | (4,103,526) | | |
| Total increase (decrease) in net assets | | | | | 1,133,087 | | | | | | 4,100,706 | | | | | | 2,047,526 | | | | | | (5,858,096) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 8,353,698 | | | | | | 4,252,992 | | | | | | 51,187,807 | | | | | | 57,045,903 | | |
| End of year | | | | $ | 9,486,785 | | | | | $ | 8,353,698 | | | | | $ | 53,235,333 | | | | | $ | 51,187,807 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 400,000 | | | | | | 200,000 | | | | | | 1,900,000 | | | | | | 2,050,000 | | |
| Shares created | | | | | 350,000 | | | | | | 400,000 | | | | | | 50,000 | | | | | | — | | |
| Shares redeemed | | | | | (350,000) | | | | | | (200,000) | | | | | | — | | | | | | (150,000) | | |
| Shares outstanding, end of year | | | | | 400,000 | | | | | | 400,000 | | | | | | 1,950,000 | | | | | | 1,900,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ S&P High Yield Low
Volatility Bond ETF | | | IQ Merger Arbitrage ETF | |
| | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 3,727,829 | | | | | $ | 2,548,294 | | | | | $ | 6,746,083 | | | | | $ | 3,872,200 | | |
| Net realized gain (loss) | | | | | 1,460,375 | | | | | | (2,350,176) | | | | | | (62,368,613) | | | | | | 82,702,816 | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 2,569,537 | | | | | | (1,115,683) | | | | | | 117,631,909 | | | | | | (95,293,870) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 7,757,741 | | | | | | (917,565) | | | | | | 62,009,379 | | | | | | (8,718,854) | | |
| Distributions to Shareholders | | | | | (3,749,100) | | | | | | (2,787,812) | | | | | | (16,966,679) | | | | | | — | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 55,988,259 | | | | | | 16,228,614 | | | | | | 452,464,996 | | | | | | 778,842,132 | | |
| Cost of shares redeemed | | | | | (5,069,562) | | | | | | (26,854,263) | | | | | | (474,810,890) | | | | | | (1,032,341,051) | | |
| Net increase (decrease) from capital share transactions | | | | | 50,918,697 | | | | | | (10,625,649) | | | | | | (22,345,894) | | | | | | (253,498,919) | | |
| Total increase (decrease) in net assets | | | | | 54,927,338 | | | | | | (14,331,026) | | | | | | 22,696,806 | | | | | | (262,217,773) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 51,294,718 | | | | | | 65,625,744 | | | | | | 723,581,774 | | | | | | 985,799,547 | | |
| End of year | | | | $ | 106,222,056 | | | | | $ | 51,294,718 | | | | | $ | 746,278,580 | | | | | $ | 723,581,774 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 2,150,000 | | | | | | 2,650,000 | | | | | | 22,950,000 | | | | | | 31,300,000 | | |
| Shares created | | | | | 2,300,000 | | | | | | 650,000 | | | | | | 13,500,000 | | | | | | 23,900,000 | | |
| Shares redeemed | | | | | (200,000) | | | | | | (1,150,000) | | | | | | (14,250,000) | | | | | | (32,250,000) | | |
| Shares outstanding, end of year | | | | | 4,250,000 | | | | | | 2,150,000 | | | | | | 22,200,000 | | | | | | 22,950,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Global Resources ETF | | | IQ U.S. Real Estate Small Cap
ETF | |
| | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 601,016 | | | | | $ | 2,749,818 | | | | | $ | 707,336 | | | | | $ | 1,707,060 | | |
| Net realized gain (loss) | | | | | (1,675,698) | | | | | | 1,836,863 | | | | | | (3,148,029) | | | | | | (2,621,227) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 6,772,770 | | | | | | (5,664,345) | | | | | | 21,157,244 | | | | | | (15,279,064) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 5,698,088 | | | | | | (1,077,664) | | | | | | 18,716,551 | | | | | | (16,193,231) | | |
| Distributions to Shareholders | | | | | (2,041,648) | | | | | | (2,539,080) | | | | | | (662,106) | | | | | | (1,633,256) | | |
| Distributions to Shareholders from Return of Capital | | | | | — | | | | | | — | | | | | | (1,029,743) | | | | | | (1,775,536) | | |
| Total distributions to shareholders | | | | | (2,041,648) | | | | | | (2,539,080) | | | | | | (1,691,849) | | | | | | (3,408,792) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | — | | | | | | 1,340,878 | | | | | | 3,041,462 | | | | | | 3,688,926 | | |
| Cost of shares redeemed | | | | | (6,584,287) | | | | | | (150,087,715) | | | | | | (8,459,347) | | | | | | (14,999,579) | | |
| Net increase (decrease) from capital share transactions | | | | | (6,584,287) | | | | | | (148,746,837) | | | | | | (5,417,885) | | | | | | (11,310,653) | | |
| Total increase (decrease) in net assets | | | | | (2,927,847) | | | | | | (152,363,581) | | | | | | 11,606,817 | | | | | | (30,912,676) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 22,948,356 | | | | | | 175,311,937 | | | | | | 40,702,319 | | | | | | 71,614,995 | | |
| End of year | | | | $ | 20,020,509 | | | | | $ | 22,948,356 | | | | | $ | 52,309,136 | | | | | $ | 40,702,319 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 950,000 | | | | | | 6,500,000 | | | | | | 2,350,000 | | | | | | 2,850,000 | | |
| Shares created | | | | | — | | | | | | 50,000 | | | | | | 150,000 | | | | | | 150,000 | | |
| Shares redeemed | | | | | (250,000) | | | | | | (5,600,000) | | | | | | (450,000) | | | | | | (650,000) | | |
| Shares outstanding, end of year | | | | | 700,000 | | | | | | 950,000 | | | | | | 2,050,000 | | | | | | 2,350,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ 500 International ETF | | | IQ 50 Percent Hedged FTSE
International ETF | |
| | For the Year Ended April 30, | | | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 6,811,046 | | | | | $ | 4,213,636 | | | | | $ | 6,722,049 | | | | | $ | 7,283,615 | | |
| Net realized gain (loss) | | | | | 9,256,955 | | | | | | 4,809,844 | | | | | | (10,417,433) | | | | | | (3,622,654) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 80,956,128 | | | | | | (60,097,774) | | | | | | 92,700,903 | | | | | | (43,441,569) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 97,024,129 | | | | | | (51,074,294) | | | | | | 89,005,519 | | | | | | (39,780,608) | | |
| Distributions to Shareholders | | | | | (5,907,221) | | | | | | (3,080,969) | | | | | | (6,183,285) | | | | | | (7,874,573) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | — | | | | | | 284,884,301 | | | | | | 22,964,165 | | | | | | 134,725,957 | | |
| Cost of shares redeemed | | | | | (65,232,048) | | | | | | (97,952,352) | | | | | | (44,973,441) | | | | | | (118,574,884) | | |
| Net increase (decrease) from capital share transactions | | | | | (65,232,048) | | | | | | 186,931,949 | | | | | | (22,009,276) | | | | | | 16,151,073 | | |
| Total increase (decrease) in net assets | | | | | 25,884,860 | | | | | | 132,776,686 | | | | | | 60,812,958 | | | | | | (31,504,108) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year | | | | | 218,451,264 | | | | | | 85,674,578 | | | | | | 249,574,797 | | | | | | 281,078,905 | | |
| End of year | | | | $ | 244,336,124 | | | | | $ | 218,451,264 | | | | | $ | 310,387,755 | | | | | $ | 249,574,797 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of year | | | | | 9,800,000 | | | | | | 3,100,000 | | | | | | 13,850,000 | | | | | | 13,650,000 | | |
| Shares created | | | | | — | | | | | | 10,350,000 | | | | | | 1,150,000 | | | | | | 6,400,000 | | |
| Shares redeemed | | | | | (2,300,000) | | | | | | (3,650,000) | | | | | | (2,250,000) | | | | | | (6,200,000) | | |
| Shares outstanding, end of year | | | | | 7,500,000 | | | | | | 9,800,000 | | | | | | 12,750,000 | | | | | | 13,850,000 | | |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | IQ Healthy
Hearts ETF | | | IQ Candriam ESG International
Equity ETF | |
| | For the Period
January 14,
2021* to
April 30, 2021 | | | For the Year
Ended
April 30, 2021 | | | For the Period
December 17,
2019* to
April 30, 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 34,344 | | | | | $ | 2,915,737 | | | | | $ | 142,981 | | |
| Net realized gain (loss) | | | | | 30,415 | | | | | | 8,521,110 | | | | | | (47,615) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 283,020 | | | | | | 29,629,561 | | | | | | (340,084) | | |
Net increase (decrease) in net assets resulting from
operations | | | | | 347,779 | | | | | | 41,066,408 | | | | | | (244,718) | | |
| Distributions to Shareholders | | | | | (21,568) | | | | | | (2,032,608) | | | | | | (50,904) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 7,491,647 | | | | | | 136,458,862 | | | | | | 46,491,761 | | |
| Cost of shares redeemed | | | | | (1,258,414) | | | | | | (34,737,697) | | | | | | — | | |
| Net increase (decrease) from capital share transactions | | | | | 6,233,233 | | | | | | 101,721,165 | | | | | | 46,491,761 | | |
| Total increase (decrease) in net assets | | | | | 6,559,444 | | | | | | 140,754,965 | | | | | | 46,196,139 | | |
| Net Assets | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | — | | | | | | 46,196,139 | | | | | | — | | |
| End of period | | | | $ | 6,559,444 | | | | | $ | 186,951,104 | | | | | $ | 46,196,139 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | — | | | | | | 2,200,000 | | | | | | — | | |
| Shares created | | | | | 300,000 | | | | | | 5,550,000 | | | | | | 2,200,000 | | |
| Shares redeemed | | | | | (50,000) | | | | | | (1,350,000) | | | | | | — | | |
| Shares outstanding, end of period | | | | | 250,000 | | | | | | 6,400,000 | | | | | | 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 Year
Ended | | | For the Period
December 17,
2019* | | | For the Year Ended April 30, | |
| | | | April 30, 2021 | | | to April 30, 2020 | | | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 3,034,928 | | | | | $ | 39,607 | | | | | $ | 1,932,894 | | | | | $ | 2,395,386 | | |
| Net realized gain (loss) | | | | | 10,153,962 | | | | | | 54,203 | | | | | | 68,072,024 | | | | | | (38,685,566) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 66,417,860 | | | | | | (263,052) | | | | | | 17,445,976 | | | | | | 5,130,703 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 79,606,750 | | | | | | (169,242) | | | | | | 87,450,894 | | | | | | (31,159,477) | | |
| Distributions to Shareholders | | | | | (2,588,974) | | | | | | (30,853) | | | | | | (1,965,356) | | | | | | (2,340,043) | | |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 382,934,271 | | | | | | 10,070,844 | | | | | | 153,825,587 | | | | | | 4,615,525 | | |
| Cost of shares redeemed | | | | | (55,283,477) | | | | | | (3,837,002) | | | | | | (135,760,327) | | | | | | (216,562,479) | | |
| Net increase (decrease) from capital share transactions | | | | | 327,650,794 | | | | | | 6,233,842 | | | | | | 18,065,260 | | | | | | (211,946,954) | | |
| Total increase (decrease) in net assets | | | | | 404,668,570 | | | | | | 6,033,747 | | | | | | 103,550,798 | | | | | | (245,446,474) | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | | | 6,033,747 | | | | | | — | | | | | | 103,108,248 | | | | | | 348,554,722 | | |
| End of period | | | | $ | 410,702,317 | | | | | $ | 6,033,747 | | | | | $ | 206,659,046 | | | | | $ | 103,108,248 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 250,000 | | | | | | — | | | | | | 5,150,000 | | | | | | 13,550,000 | | |
| Shares created | | | | | 13,050,000 | | | | | | 400,000 | | | | | | 4,850,000 | | | | | | 200,000 | | |
| Shares redeemed | | | | | (1,750,000) | | | | | | (150,000) | | | | | | (4,100,000) | | | | | | (8,600,000) | | |
| Shares outstanding, end of period | | | | | 11,550,000 | | | | | | 250,000 | | | | | | 5,900,000 | | | | | | 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 Year Ended April 30, | |
| | 2021 | | | 2020 | |
| Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
| Net investment income | | | | $ | 3,788,069 | | | | | $ | 6,114,254 | | |
| Net realized gain (loss) | | | | | 79,199,205 | | | | | | (43,036,686) | | |
| Net change in net unrealized appreciation (depreciation) | | | | | 25,070,548 | | | | | | 18,023,957 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 108,057,822 | | | | | | (18,898,475) | | |
| Distributions to Shareholders | | | | | (4,106,799) | | | | | | (6,034,101) | | |
| Capital Share Transactions | | | | | | | | | | | | | |
| Proceeds from shares created | | | | | 187,813,882 | | | | | | 168,898,124 | | |
| Cost of shares redeemed | | | | | (206,787,024) | | | | | | (201,747,345) | | |
| Net increase (decrease) from capital share transactions | | | | | (18,973,142) | | | | | | (32,849,221) | | |
| Total increase (decrease) in net assets | | | | | 84,977,881 | | | | | | (57,781,797) | | |
| Net Assets | | | | | | | | | | | | | |
| Beginning of period | | | | | 220,629,793 | | | | | | 278,411,590 | | |
| End of period | | | | $ | 305,607,674 | | | | | $ | 220,629,793 | | |
| Changes in Shares Outstanding | | | | | | | | | | | | | |
| Shares outstanding, beginning of period | | | | | 10,050,000 | | | | | | 11,250,000 | | |
| Shares created | | | | | 6,100,000 | | | | | | 6,800,000 | | |
| Shares redeemed | | | | | (6,750,000) | | | | | | (8,000,000) | | |
| Shares outstanding, end of period | | | | | 9,400,000 | | | | | | 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 Year Ended April 30, | |
| | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 29.41 | | | | | $ | 30.29 | | | | | $ | 30.39 | | | | | $ | 29.15 | | | | | $ | 29.03 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.42 | | | | | | 0.75 | | | | | | 0.72 | | | | | | 0.56 | | | | | | 0.50 | | |
| Net realized and unrealized gain (loss) | | | | | 2.79 | | | | | | (1.04) | | | | | | (0.27) | | | | | | 0.68 | | | | | | (0.38) | | |
| Distributions of net realized gains from investments in other investment companies | | | | | 0.03 | | | | | | 0.00(c) | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 3.24 | | | | | | (0.29) | | | | | | 0.45 | | | | | | 1.24 | | | | | | 0.12 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.63) | | | | | | (0.59) | | | | | | (0.55) | | | | | | — | | | | | | (0.00)(d) | | |
| Net asset value, end of year | | | | $ | 32.02 | | | | | $ | 29.41 | | | | | $ | 30.29 | | | | | $ | 30.39 | | | | | $ | 29.15 | | |
| Market price, end of year | | | | $ | 32.01 | | | | | $ | 29.34 | | | | | $ | 30.28 | | | | | $ | 30.38 | | | | | $ | 29.15 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | 11.01% | | | | | | (1.04)% | | | | | | 1.56% | | | | | | 4.24% | | | | | | 0.42% | | |
Total investment return based on market price(f) | | | | | 11.26% | | | | | | (1.26)% | | | | | | 1.56% | | | | | | 4.22% | | | | | | 0.31% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 795,577 | | | | | $ | 739,660 | | | | | $ | 993,422 | | | | | $ | 1,124,278 | | | | | $ | 1,062,579 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.54% | | | | | | 0.54% | | | | | | 0.54% | | | | | | 0.64% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 1.35% | | | | | | 2.49% | | | | | | 2.40% | | | | | | 1.87% | | | | | | 1.72% | | |
Portfolio turnover rate(h) | | | | | 163% | | | | | | 166% | | | | | | 137% | | | | | | 164% | | | | | | 285% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Greater than $(0.005) per share.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(f)
The market price returns are calculated using the mean between the last bid and ask prices.
(g)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Macro Tracker ETF | |
| | | | For the Year Ended April 30, | |
| | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 25.52 | | | | | $ | 26.26 | | | | | $ | 26.35 | | | | | $ | 25.46 | | | | | $ | 24.66 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.34 | | | | | | 0.56 | | | | | | 0.44 | | | | | | 0.39 | | | | | | 0.37 | | |
| Net realized and unrealized gain (loss) | | | | | 3.30 | | | | | | (0.94) | | | | | | (0.25) | | | | | | 0.50 | | | | | | 0.43 | | |
| Distributions of net realized gains from investments in other investment companies | | | | | 0.03 | | | | | | — | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 3.67 | | | | | | (0.38) | | | | | | 0.19 | | | | | | 0.89 | | | | | | 0.80 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.71) | | | | | | (0.36) | | | | | | (0.28) | | | | | | — | | | | | | — | | |
| Net asset value, end of year | | | | $ | 28.48 | | | | | $ | 25.52 | | | | | $ | 26.26 | | | | | $ | 26.35 | | | | | $ | 25.46 | | |
| Market price, end of year | | | | $ | 28.48 | | | | | $ | 25.36 | | | | | $ | 26.24 | | | | | $ | 26.34 | | | | | $ | 25.44 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 14.44% | | | | | | (1.51)% | | | | | | 0.77% | | | | | | 3.50% | | | | | | 3.25% | | |
Total investment return based on market price(e) | | | | | 15.13% | | | | | | (2.04)% | | | | | | 0.74% | | | | | | 3.54% | | | | | | 2.58% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 4,272 | | | | | $ | 3,827 | | | | | $ | 5,251 | | | | | $ | 6,588 | | | | | $ | 6,365 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.41% | | | | | | 0.54% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.75% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 1.23% | | | | | | 2.13% | | | | | | 1.70% | | | | | | 1.47% | | | | | | 1.50% | | |
Portfolio turnover rate(g) | | | | | 104% | | | | | | 104% | | | | | | 82% | | | | | | 152% | | | | | | 68% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Market Neutral Tracker ETF | |
| | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 25.65 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | | | | $ | 25.49 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.40 | | | | | | 0.62 | | | | | | 0.55 | | | | | | 0.41 | | | | | | 0.36 | | |
| Net realized and unrealized gain (loss) | | | | | 1.79 | | | | | | (0.76) | | | | | | 0.10 | | | | | | (0.08) | | | | | | (0.25) | | |
Distributions of net realized gains from investments in other
investment companies | | | | | 0.03 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(c) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 2.22 | | | | | | (0.14) | | | | | | 0.65 | | | | | | 0.33 | | | | | | 0.11 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.57) | | | | | | (0.44) | | | | | | — | | | | | | — | | | | | | (0.35) | | |
| Net asset value, end of year | | | | $ | 27.30 | | | | | $ | 25.65 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | |
| Market price, end of year | | | | $ | 27.30 | | | | | $ | 25.63 | | | | | $ | 26.23 | | | | | $ | 25.58 | | | | | $ | 25.25 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 8.65% | | | | | | (0.62)% | | | | | | 2.56% | | | | | | 1.29% | | | | | | 0.44% | | |
Total investment return based on market price(e) | | | | | 8.74% | | | | | | (0.69)% | | | | | | 2.54% | | | | | | 1.31% | | | | | | 0.67% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 17,745 | | | | | $ | 17,956 | | | | | $ | 15,741 | | | | | $ | 12,790 | | | | | $ | 11,364 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.41% | | | | | | 0.53% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 1.51% | | | | | | 2.36% | | | | | | 2.15% | | | | | | 1.61% | | | | | | 1.40% | | |
Portfolio turnover rate(g) | | | | | 116% | | | | | | 77% | | | | | | 107% | | | | | | 165% | | | | | | 99% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Long/Short Tracker ETF | |
| | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 21.40 | | | | | $ | 21.53 | | | | | $ | 21.91 | | | | | $ | 20.36 | | | | | $ | 18.88 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.44 | | | | | | 0.51 | | | | | | 0.44 | | | | | | 0.41 | | | | | | 0.35 | | |
| Net realized and unrealized gain (loss) | | | | | 5.19 | | | | | | (0.29) | | | | | | 0.13 | | | | | | 1.22 | | | | | | 1.19 | | |
| Distributions of net realized gains from investments in other investment companies | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | |
Net increase (decrease) in net assets resulting from investment
operations | | | | | 5.64 | | | | | | 0.22 | | | | | | 0.57 | | | | | | 1.63 | | | | | | 1.54 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.52) | | | | | | (0.35) | | | | | | (0.95) | | | | | | (0.08) | | | | | | (0.06) | | |
| Net asset value, end of year | | | | $ | 26.52 | | | | | $ | 21.40 | | | | | $ | 21.53 | | | | | $ | 21.91 | | | | | $ | 20.36 | | |
| Market price, end of year | | | | $ | 26.53 | | | | | $ | 21.52 | | | | | $ | 21.54 | | | | | $ | 21.93 | | | | | $ | 20.34 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 26.42% | | | | | | 0.93% | | | | | | 3.07% | | | | | | 8.02% | | | | | | 8.18% | | |
Total investment return based on market price(e) | | | | | 25.76% | | | | | | 1.46% | | | | | | 2.91% | | | | | ��� | 8.23% | | | | | | 8.98% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 9,282 | | | | | $ | 10,699 | | | | | $ | 6,459 | | | | | $ | 8,764 | | | | | $ | 4,072 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.41% | | | | | | 0.51% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.77% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.77% | | |
Net investment income (loss)(b) | | | | | 1.80% | | | | | | 2.35% | | | | | | 2.06% | | | | | | 1.89% | | | | | | 1.78% | | |
Portfolio turnover rate(g) | | | | | 156% | | | | | | 136% | | | | | | 95% | | | | | | 77% | | | | | | 147% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Hedge Event-Driven Tracker ETF | |
| | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 20.88 | | | | | $ | 21.26 | | | | | $ | 20.93 | | | | | $ | 20.59 | | | | | $ | 19.40 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.50 | | | | | | 0.73 | | | | | | 0.74 | | | | | | 0.55 | | | | | | 0.56 | | |
| Net realized and unrealized gain (loss) | | | | | 3.39 | | | | | | (0.66) | | | | | | 0.46 | | | | | | 0.26 | | | | | | 1.09 | | |
| 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 | | | | | 3.89 | | | | | | 0.07 | | | | | | 1.20 | | | | | | 0.81 | | | | | | 1.65 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (1.05) | | | | | | (0.45) | | | | | | (0.87) | | | | | | (0.47) | | | | | | (0.46) | | |
| Net asset value, end of year | | | | $ | 23.72 | | | | | $ | 20.88 | | | | | $ | 21.26 | | | | | $ | 20.93 | | | | | $ | 20.59 | | |
| Market price, end of year | | | | $ | 23.73 | | | | | $ | 20.86 | | | | | $ | 21.27 | | | | | $ | 20.93 | | | | | $ | 20.59 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 18.65% | | | | | | 0.25% | | | | | | 6.12% | | | | | | 3.93% | | | | | | 8.58% | | |
Total investment return based on market price(e) | | | | | 18.86% | | | | | | 0.11% | | | | | | 6.13% | | | | | | 3.94% | | | | | | 8.44% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 9,487 | | | | | $ | 8,354 | | | | | $ | 4,253 | | | | | $ | 3,139 | | | | | $ | 3,088 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.41% | | | | | | 0.50% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 2.19% | | | | | | 3.48% | | | | | | 3.54% | | | | | | 2.64% | | | | | | 2.80% | | |
Portfolio turnover rate(g) | | | | | 69% | | | | | | 77% | | | | | | 34% | | | | | | 41% | | | | | | 68% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Real Return ETF | |
| | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 26.94 | | | | | $ | 27.83 | | | | | $ | 27.47 | | | | | $ | 27.25 | | | | | $ | 26.73 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.15 | | | | | | 0.54 | | | | | | 0.49 | | | | | | 0.30 | | | | | | 0.22 | | |
| Net realized and unrealized gain (loss) | | | | | 0.44 | | | | | | (0.84) | | | | | | 0.22 | | | | | | 0.21 | | | | | | 0.30 | | |
Distributions of net realized gains from investments in other
investment companies | | | | | 0.04 | | | | | | 0.00(c) | | | | | | — | | | | | | 0.00(c) | | | | | | 0.00(c) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 0.63 | | | | | | (0.30) | | | | | | 0.71 | | | | | | 0.51 | | | | | | 0.52 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.27) | | | | | | (0.59) | | | | | | (0.35) | | | | | | (0.29) | | | | | | — | | |
| Net asset value, end of year | | | | $ | 27.30 | | | | | $ | 26.94 | | | | | $ | 27.83 | | | | | $ | 27.47 | | | | | $ | 27.25 | | |
| Market price, end of year | | | | $ | 27.29 | | | | | $ | 26.86 | | | | | $ | 27.80 | | | | | $ | 27.47 | | | | | $ | 27.27 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 2.33% | | | | | | (1.13)% | | | | | | 2.64% | | | | | | 1.89% | | | | | | 1.94% | | |
Total investment return based on market price(e) | | | | | 2.60% | | | | | | (1.33)% | | | | | | 2.53% | | | | | | 1.81% | | | | | | 2.06% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 53,235 | | | | | $ | 51,188 | | | | | $ | 57,046 | | | | | $ | 45,319 | | | | | $ | 28,608 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.21% | | | | | | 0.21% | | | | | | 0.37% | | | | | | 0.49% | | | | | | 0.49% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | | | | | 0.49% | | |
Net investment income (loss)(b) | | | | | 0.56% | | | | | | 1.95% | | | | | | 1.77% | | | | | | 1.10% | | | | | | 0.82% | | |
Portfolio turnover rate(g) | | | | | 66% | | | | | | 68% | | | | | | 97% | | | | | | 101% | | | | | | 71% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ S&P High Yield Low Volatility Bond ETF | |
| | | | For the Year Ended April 30, | | | For the
Period
February 15,
2017(a) to
April 30,
2017 | |
| | | | 2021 | | | 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) | | | | | 0.93 | | | | | | 1.01 | | | | | | 1.07 | | | | | | 0.99 | | | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | | 1.16 | | | | | | (0.81) | | | | | | 0.41 | | | | | | (0.88) | | | | | | 0.10 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 2.09 | | | | | | 0.20 | | | | | | 1.48 | | | | | | 0.11 | | | | | | 0.30 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.96) | | | | | | (1.10) | | | | | | (1.08) | | | | | | (0.95) | | | | | | (0.10) | | |
| Net asset value, end of period | | | | $ | 24.99 | | | | | $ | 23.86 | | | | | $ | 24.76 | | | | | $ | 24.36 | | | | | $ | 25.20 | | |
| Market price, end of period | | | | $ | 25.02 | | | | | $ | 24.03 | | | | | $ | 24.78 | | | | | $ | 24.32 | | | | | $ | 25.34 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 8.89% | | | | | | 0.71% | | | | | | 6.31% | | | | | | 0.39% | | | | | | 1.40% | | |
Total investment return based on market price(e) | | | | | 8.23% | | | | | | 1.34% | | | | | | 6.56% | | | | | | (0.36)% | | | | | | 1.93%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 106,222 | | | | | $ | 51,295 | | | | | $ | 65,626 | | | | | $ | 107,192 | | | | | $ | 49,145 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40% | | | | | | 0.40%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.41% | | | | | | 0.41% | | | | | | 0.41% | | | | | | 0.41% | | | | | | 0.41%(h) | | |
Net investment income (loss)(c) | | | | | 3.72% | | | | | | 4.04% | | | | | | 4.42% | | | | | | 3.97% | | | | | | 4.05%(h) | | |
Portfolio turnover rate(i) | | | | | 105% | | | | | | 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 Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 31.53 | | | | | $ | 31.50 | | | | | $ | 30.72 | | | | | $ | 30.21 | | | | | $ | 28.44 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.31 | | | | | | 0.14 | | | | | | 0.07 | | | | | | 0.10 | | | | | | 0.24(c) | | |
| Net realized and unrealized gain (loss) | | | | | 2.55 | | | | | | (0.11) | | | | | | 0.71 | | | | | | 0.41(d) | | | | | | 1.59 | | |
Distributions of net realized gains from investments in
other investment companies | | | | | 0.00(e) | | | | | | 0.00(e) | | | | | | — | | | | | | — | | | | | | — | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 2.86 | | | | | | 0.03 | | | | | | 0.78 | | | | | | 0.51 | | | | | | 1.83 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | |
| Net investment income | | | | | (0.77) | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.06) | | |
| Net asset value, end of year | | | | $ | 33.62 | | | | | $ | 31.53 | | | | | $ | 31.50 | | | | | $ | 30.72 | | | | | $ | 30.21 | | |
| Market price, end of year | | | | $ | 33.67 | | | | | $ | 31.45 | | | | | $ | 31.48 | | | | | $ | 30.75 | | | | | $ | 30.27 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(f) | | | | | 9.07% | | | | | | 0.10% | | | | | | 2.52% | | | | | | 1.69% | | | | | | 6.45% | | |
Total investment return based on market price(g) | | | | | 9.53% | | | | | | (0.10)% | | | | | | 2.37% | | | | | | 1.59% | | | | | | 6.39% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 746,279 | | | | | $ | 723,582 | | | | | $ | 985,800 | | | | | $ | 525,386 | | | | | $ | 188,833 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(h) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | |
Net investment income (loss)(b) | | | | | 0.94% | | | | | | 0.42% | | | | | | 0.21% | | | | | | 0.34% | | | | | | 0.82%(c) | | |
Portfolio turnover rate(i) | | | | | 313% | | | | | | 308% | | | | | | 337% | | | | | | 329% | | | | | | 268% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Net investment income per share and ratio of net investment income to average net assets include a special cash dividend received of $0.14 per share owned of Calsonic Kansei Corp. on February 17, 2017. Net investment income per share and the net investment income to average net assets excluding the special dividend are $0.10 and 0.34% respectively.
(d)
Calculation of the net realized and unrealized gain (loss) per share does not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.
(e)
Less than $0.005 per share.
(f)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(g)
The market price returns are calculated using the mean between the last bid and ask prices.
(h)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Global Resources ETF | |
| | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 24.16 | | | | | $ | 26.97 | | | | | $ | 27.76 | | | | | $ | 25.82 | | | | | $ | 24.70 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.71 | | | | | | 0.66 | | | | | | 0.65 | | | | | | 0.68 | | | | | | 0.33 | | |
| Net realized and unrealized gain (loss) | | | | | 6.27 | | | | | | (3.00) | | | | | | (1.24) | | | | | | 1.26 | | | | | | 0.89 | | |
| Distributions of net realized gains from investments in other investment companies | | | | | 0.01 | | | | | | 0.00(c) | | | | | | — | | | | | | — | | | | | | — | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 6.99 | | | | | | (2.34) | | | | | | (0.59) | | | | | | 1.94 | | | | | | 1.22 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (2.55) | | | | | | (0.47) | | | | | | (0.20) | | | | | | — | | | | | | (0.10) | | |
| Net asset value, end of year | | | | $ | 28.60 | | | | | $ | 24.16 | | | | | $ | 26.97 | | | | | $ | 27.76 | | | | | $ | 25.82 | | |
| Market price, end of year | | | | $ | 28.55 | | | | | $ | 23.99 | | | | | $ | 27.06 | | | | | $ | 27.65 | | | | | $ | 25.95 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 30.07% | | | | | | (8.89)% | | | | | | (2.08)% | | | | | | 7.50% | | | | | | 4.94% | | |
Total investment return based on market price(e) | | | | | 30.76% | | | | | | (9.81)% | | | | | | (1.38)% | | | | | | 6.55% | | | | | | 5.13% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 20,021 | | | | | $ | 22,948 | | | | | $ | 175,312 | | | | | $ | 238,712 | | | | | $ | 179,450 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(f) | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.75% | | |
Net investment income (loss)(b) | | | | | 2.70% | | | | | | 2.48% | | | | | | 2.37% | | | | | | 2.51% | | | | | | 1.29% | | |
Portfolio turnover rate(g) | | | | | 98% | | | | | | 100% | | | | | | 132% | | | | | | 235% | | | | | | 199% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ U.S. Real Estate Small Cap ETF | |
| | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 17.32 | | | | | $ | 25.13 | | | | | $ | 24.14 | | | | | $ | 27.14 | | | | | $ | 25.14 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.33 | | | | | | 0.66 | | | | | | 0.79 | | | | | | 0.88 | | | | | | 0.71 | | |
| Net realized and unrealized gain (loss) | | | | | 8.67 | | | | | | (7.16) | | | | | | 1.81 | | | | | | (2.53) | | | | | | 2.88 | | |
| Distributions of net realized gains from investments in other investment companies | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00(c) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 9.00 | | | | | | (6.50) | | | | | | 2.60 | | | | | | (1.65) | | | | | | 3.59 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.32) | | | | | | (0.62) | | | | | | (0.78) | | | | | | (0.85) | | | | | | (0.71) | | |
| Return of capital | | | | | (0.48) | | | | | | (0.69) | | | | | | (0.83) | | | | | | (0.50) | | | | | | (0.88) | | |
Total distributions from net investment income and return
of capital | | | | | (0.80) | | | | | | (1.31) | | | | | | (1.61) | | | | | | (1.35) | | | | | | (1.59) | | |
| Net asset value, end of year | | | | $ | 25.52 | | | | | $ | 17.32 | | | | | $ | 25.13 | | | | | $ | 24.14 | | | | | $ | 27.14 | | |
| Market price, end of year | | | | $ | 25.51 | | | | | $ | 17.30 | | | | | $ | 25.12 | | | | | $ | 24.12 | | | | | $ | 27.15 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 53.54% | | | | | | (27.15)% | | | | | | 11.16% | | | | | | (6.37)% | | | | | | 14.60% | | |
Total investment return based on market price(e) | | | | | 53.68% | | | | | | (27.21)% | | | | | | 11.24% | | | | | | (6.49)% | | | | | | 14.79% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 52,309 | | | | | $ | 40,702 | | | | | $ | 71,615 | | | | | $ | 82,089 | | | | | $ | 114,001 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses(f) | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | |
Net investment income (loss)(b) | | | | | 1.66% | | | | | | 2.72% | | | | | | 3.11% | | | | | | 3.36% | | | | | | 2.64% | | |
Portfolio turnover rate(g) | | | | | 38% | | | | | | 26% | | | | | | 26% | | | | | | 27% | | | | | | 28% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ 500 International ETF | |
| | For the Year Ended April 30, | | | For the Period
December 13,
2018(a) to
April 30, 2019 | |
| | 2021 | | | 2020 | |
| Net asset value, beginning of period | | | | $ | 22.29 | | | | | $ | 27.64 | | | | | $ | 25.50 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b)(c) | | | | | 0.77 | | | | | | 0.72 | | | | | | 0.39 | | |
| Net realized and unrealized gain (loss) | | | | | 10.19 | | | | | | (5.40) | | | | | | 1.77 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 10.96 | | | | | | (4.68) | | | | | | 2.16 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.67) | | | | | | (0.67) | | | | | | (0.02) | | |
| Net asset value, end of period | | | | $ | 32.58 | | | | | $ | 22.29 | | | | | $ | 27.64 | | |
| Market price, end of period | | | | $ | 32.52 | | | | | $ | 22.10 | | | | | $ | 27.65 | | |
| Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 49.88% | | | | | | (17.33)% | | | | �� | | 8.47% | | |
Total investment return based on market price(e) | | | | | 50.94% | | | | | | (18.07)% | | | | | | 8.52% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 244,336 | | | | | $ | 218,451 | | | | | $ | 85,675 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25%(g) | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.26%(g) | | |
Net investment income (loss)(c) | | | | | 2.86% | | | | | | 2.81% | | | | | | 3.90%(g) | | |
Portfolio turnover rate(h) | | | | | 9% | | | | | | 13% | | | | | | 0% | | |
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Annualized.
(h)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ 50 Percent Hedged FTSE International ETF | |
| | For the Year Ended April 30, | |
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net asset value, beginning of year | | | | $ | 18.02 | | | | | $ | 20.59 | | | | | $ | 21.63 | | | | | $ | 19.68 | | | | | $ | 17.68 | | |
| Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a)(b) | | | | | 0.51 | | | | | | 0.56 | | | | | | 0.62 | | | | | | 0.60 | | | | | | 0.46 | | |
| Net realized and unrealized gain (loss) | | | | | 6.28 | | | | | | (2.51) | | | | | | (0.77) | | | | | | 1.89 | | | | | | 2.18 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 6.79 | | | | | | (1.95) | | | | | | (0.15) | | | | | | 2.49 | | | | | | 2.64 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.47) | | | | | | (0.62) | | | | | | (0.70) | | | | | | (0.54) | | | | | | (0.44) | | |
| Net realized gain | | | | | — | | | | | | — | | | | | | (0.19) | | | | | | 0.00(c) | | | | | | (0.20) | | |
| Total distributions from net investment income and realized gains | | | | | (0.47) | | | | | | (0.62) | | | | | | (0.89) | | | | | | (0.54) | | | | | | (0.64) | | |
| Net asset value, end of year | | | | $ | 24.34 | | | | | $ | 18.02 | | | | | $ | 20.59 | | | | | $ | 21.63 | | | | | $ | 19.68 | | |
| Market price, end of year | | | | $ | 24.36 | | | | | $ | 17.83 | | | | | $ | 20.65 | | | | | $ | 21.60 | | | | | $ | 19.75 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 38.14% | | | | | | (9.74)% | | | | | | (0.42)% | | | | | | 12.84% | | | | | | 15.29% | | |
Total investment return based on market price(e) | | | | | 39.70% | | | | | | (10.94)% | | | | | | (0.03)% | | | | | | 12.28% | | | | | | 16.28% | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000’s omitted) | | | | $ | 310,388 | | | | | $ | 249,575 | | | | | $ | 281,079 | | | | | $ | 578,517 | | | | | $ | 208,595 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(f) | | | | | 0.20% | | | | | | 0.20% | | | | | | 0.20% | | | | | | 0.22% | | | | | | 0.36% | | |
Expenses excluding waivers/reimbursements(f) | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | |
Net investment income (loss)(b) | | | | | 2.41% | | | | | | 2.78% | | | | | | 3.03% | | | | | | 2.87% | | | | | | 2.55% | | |
Portfolio turnover rate(g) | | | | | 10% | | | | | | 8% | | | | | | 13% | | | | | | 10% | | | | | | 8% | | |
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Less than $0.005 per share.
(d)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
(f)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
| | | | IQ Healthy Hearts ETF | |
| | | | For the Period
January 14,
2021(a) to
April 30, 2021 | |
| Net asset value, beginning of period | | | | $ | 24.93 | | |
| Income from Investment Operations | | | | | | | |
Net investment income(b)(c) | | | | | 0.14 | | |
| Net realized and unrealized gain (loss) | | | | | 1.26 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 1.40 | | |
| Distributions from: | | | | | | | |
| Net investment income | | | | | (0.09) | | |
| Net asset value, end of period | | | | $ | 26.24 | | |
| Market price, end of period | | | | $ | 26.28 | | |
| Total Return | | | | | | | |
Total investment return based on net asset value(d) | | | | | 5.62% | | |
Total investment return based on market price(e) | | | | | 5.77%(f) | | |
| Ratios/Supplemental Data | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 6,559 | | |
| Ratio to average net assets of: | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.45%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.46%(h) | | |
Net investment income (loss)(c) | | | | | 1.92%(h) | | |
Portfolio turnover rate(i) | | | | | 14% | | |
(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 International Equity ETF | |
| | For the
Year Ended
April 30, 2021 | | | 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) | | | | | 0.62 | | | | | | 0.26 | | |
| Net realized and unrealized gain (loss) | | | | | 8.01 | | | | | | (4.34) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 8.63 | | | | | | (4.08) | | |
| Distributions from: | | | | | | | | | | | | | |
| Net investment income | | | | | (0.42) | | | | | | (0.11) | | |
| Net asset value, end of period | | | | $ | 29.21 | | | | | $ | 21.00 | | |
| Market price, end of period | | | | $ | 29.25 | | | | | $ | 20.87 | | |
| Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 41.45% | | | | | | (16.18)% | | |
Total investment return based on market price(e) | | | | | 42.51% | | | | | | (16.68)%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 186,951 | | | | | $ | 46,196 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.15% | | | | | | 0.15%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.16% | | | | | | 0.16%(h) | | |
Net investment income (loss)(c) | | | | | 2.41% | | | | | | 3.20%(h) | | |
Portfolio turnover rate(i) | | | | | 21% | | | | | | 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
Year Ended
April 30, 2021 | | | 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) | | | | | 0.42 | | | | | | 0.15 | | |
| Net realized and unrealized gain (loss) | | | | | 11.32 | | | | | | (1.08) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 11.74 | | | | | | (0.93) | | |
| Distributions from: | | | | | | | | | | | | | |
| Net investment income | | | | | (0.31) | | | | | | (0.12) | | |
| Net asset value, end of period | | | | $ | 35.56 | | | | | $ | 24.13 | | |
| Market price, end of period | | | | $ | 35.57 | | | | | $ | 24.12 | | |
| Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 48.85% | | | | | | (3.59)% | | |
Total investment return based on market price(e) | | | | | 49.00% | | | | | | (3.64)%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 410,702 | | | | | $ | 6,034 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.09% | | | | | | 0.09%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.10% | | | | | | 0.11%(h) | | |
Net investment income (loss)(c) | | | | | 1.35% | | | | | | 1.67%(h) | | |
Portfolio turnover rate(i) | | | | | 21% | | | | | | 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 Year Ended April 30, | | | For the Period
May 16,
2017(a) to
April 30, 2018 | |
| | 2021 | | | 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) | | | | | 0.35 | | | | | | 0.28 | | | | | | 0.27 | | | | | | 0.16 | | |
| Net realized and unrealized gain (loss) | | | | | 15.01 | | | | | | (5.72) | | | | | | (1.39) | | | | | | 1.93 | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 15.36 | | | | | | (5.44) | | | | | | (1.12) | | | | | | 2.09 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.35) | | | | | | (0.26) | | | | | | (0.29) | | | | | | (0.12) | | |
| Net asset value, end of period | | | | $ | 35.03 | | | | | $ | 20.02 | | | | | $ | 25.72 | | | | | $ | 27.13 | | |
| Market price, end of period | | | | $ | 35.03 | | | | | $ | 20.02 | | | | | $ | 25.72 | | | | | $ | 27.14 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 77.31% | | | | | | (21.35)% | | | | | | (4.10)% | | | | | | 8.33% | | |
Total investment return based on market price(e) | | | | | 77.34% | | | | | | (21.34)% | | | | | | (4.14)% | | | | | | 8.36%(f) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 206,659 | | | | | $ | 103,108 | | | | | $ | 348,555 | | | | | $ | 465,347 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(g) | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35% | | | | | | 0.35%(h) | | |
Expenses excluding waivers/reimbursements(g) | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36% | | | | | | 0.36%(h) | | |
Net investment income (loss)(c) | | | | | 1.29% | | | | | | 1.14% | | | | | | 1.01% | | | | | | 0.61%(h) | | |
Portfolio turnover rate(i) | | | | | 76% | | | | | | 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 Year Ended April 30, | | | For the Period
December 13,
2017(a) to
April 30, 2018 | |
| | 2021 | | | 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) | | | | | 0.38 | | | | | | 0.58 | | | | | | 0.48 | | | | | | 0.15 | | |
| Net realized and unrealized gain (loss) | | | | | 10.60 | | | | | | (2.80) | | | | | | (0.53) | | | | | | 0.18(d) | | |
| Net increase (decrease) in net assets resulting from investment operations | | | | | 10.98 | | | | | | (2.22) | | | | | | (0.05) | | | | | | 0.33 | | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | | (0.42) | | | | | | (0.58) | | | | | | (0.50) | | | | | | (0.08) | | |
| Net asset value, end of period | | | | $ | 32.51 | | | | | $ | 21.95 | | | | | $ | 24.75 | | | | | $ | 25.30 | | |
| Market price, end of period | | | | $ | 32.54 | | | | | $ | 21.92 | | | | | $ | 24.75 | | | | | $ | 25.30 | | |
| Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(e) | | | | | 50.46% | | | | | | (9.04)% | | | | | | (0.13)% | | | | | | 1.31% | | |
Total investment return based on market price(f) | | | | | 50.82% | | | | | | (9.18)% | | | | | | (0.13)% | | | | | | 1.32%(g) | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000’s omitted) | | | | $ | 305,608 | | | | | $ | 220,630 | | | | | $ | 278,412 | | | | | $ | 320,000 | | |
| Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers/reimbursements(h) | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.25%(i) | | |
Expenses excluding waivers/reimbursements(h) | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.26% | | | | | | 0.26%(i) | | |
Net investment income (loss)(c) | | | | | 1.43% | | | | | | 2.35% | | | | | | 1.97% | | | | | | 1.59%(i) | | |
Portfolio turnover rate(j) | | | | | 68% | | | | | | 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
1. ORGANIZATION
IndexIQ ETF Trust (the “Trust”) was organized as a Delaware statutory trust on July 1, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end, management investment company, as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is currently comprised of twenty-two operational funds (collectively, the “Funds” and each individually, a “Fund”). The Funds are exchange-traded funds (“ETFs”), whose shares are listed on a stock exchange and traded like equity securities at market prices.
Investors may find the financial statements of any issuer whose securities represent a significant amount of the Fund’s assets on the SEC’s website (www.sec.gov).
| Funds | | | Diversification
Policy | | | Commencement of Operations Date | |
| IQ Hedge Multi-Strategy Tracker ETF* | | | Diversified | | | March 25, 2009 | |
| IQ Hedge Macro Tracker ETF* | | | Diversified | | | June 9, 2009 | |
| IQ Hedge Market Neutral Tracker ETF* | | | Diversified | | | October 4, 2012 | |
| IQ Hedge Long/Short Tracker ETF* | | | Diversified | | | March 24, 2015 | |
| IQ Hedge Event-Driven Tracker ETF* | | | Diversified | | | March 24, 2015 | |
| IQ Real Return ETF* | | | Diversified | | | October 27, 2009 | |
| IQ 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 Healthy Hearts ETF | | | Non-diversified | | | January 14, 2021 | |
| IQ Candriam ESG International Equity ETF | | | Diversified | | | December 17, 2019 | |
| IQ Candriam ESG U.S. Equity ETF | | | Diversified | | | December 17, 2019 | |
| IQ Chaikin U.S. Small Cap ETF | | | Diversified | | | May 16, 2017 | |
| IQ Chaikin U.S. Large Cap ETF | | | Diversified | | | December 13, 2017 | |
*
Funds are “fund of funds”, meaning that they seek to achieve their investment objective by investing primarily in underlying funds, including ETFs, exchange-traded notes (“ETNs”), and other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange traded commodity pools (“ETVs”). Such ETFs, ETVs and ETNs are referred to collectively as exchange-traded products (“ETPs”).
Notes to Financial Statements (continued)
Each Fund’s investment objective is to seek daily investment results, before fees and expenses that correspond to the performance of a particular index (the “Underlying Index”). The underlying indices for the Funds are listed below:
| | Fund | | | Underlying Index | |
| | IQ Hedge Multi-Strategy Tracker ETF | | | IQ Hedge Multi-Strategy Index | |
| | IQ Hedge Macro Tracker ETF | | | IQ Hedge Macro Index | |
| | IQ Hedge Market Neutral Tracker ETF | | | IQ Hedge Market Neutral Index | |
| | IQ Hedge Long/Short Tracker ETF | | | IQ Hedge Long/Short Index | |
| | IQ Hedge Event-Driven Tracker ETF | | | IQ Hedge Event-Driven Index | |
| | IQ Real Return ETF | | | IQ Real Return Index | |
| | IQ 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 Healthy Hearts ETF | | | IQ Candriam Healthy Hearts Index | |
| | IQ Candriam ESG International Equity ETF | | | IQ Candriam ESG International Equity Index | |
| | IQ Candriam ESG U.S. Equity ETF | | | IQ Candriam ESG US Equity Index | |
| | IQ Chaikin U.S. Small Cap ETF | | | NASDAQ Chaikin Power U.S. Small Cap Index | |
| | IQ Chaikin U.S. Large Cap ETF | | | NASDAQ Chaikin Power U.S. Large Cap Index | |
2. SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. Each Fund prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.
Use of Estimates
IndexIQ Advisors LLC (the “Advisor”) makes certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.
Indemnification
In the normal course of business, the Funds may enter into contracts that contain a variety of representations and warranties that may provide general indemnifications for certain liabilities. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. The Advisor believes that the risk of loss in connection with these potential indemnification obligations is remote. 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)
of trading (generally, 4:00 PM Eastern Time) on each day the Fund’s listed exchange is open for trading. The NAV of the shares of each Fund will be equal to each Fund’s total assets minus each Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places. The consideration for purchase of a Creation Unit of shares of each Fund generally consists of a basket of securities and/or cash that the Fund specifies each day.
In calculating NAV, each Fund’s investments are valued using market quotations when available. Equity securities are generally valued at the closing price of the security on the security’s primary exchange. The primary exchanges for a Fund’s foreign equity securities may close for trading at various times prior to close of regular trading on the New York Stock Exchange Arca, and the value of such securities used in computing the Fund’s NAV are generally determined as of such times.
A Fund typically values fixed-income portfolio securities using last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots often trade at different prices that may be above or below the price at which the pricing service has valued the security. Amortized cost is used as the method of valuation with respect to debt obligations with sixty days or less remaining to maturity unless the Advisor determines in good faith that such method does not represent fair value.
A swap on an exchange-listed security or securities is valued based on the last reported sale price of the swap’s underlying security or securities on the exchange where the security or securities is primarily traded, or if no sale price is available, at the mid-price of the security or securities underlying the swap on the exchange where the security is primarily traded. A swap on an index is valued based on the publicly available index price. The index price, in turn, is determined by the applicable index calculation agent, which generally values the securities underlying the index at the last reported sale price.
Over-the-counter (“OTC”) traded financial Instruments, forward foreign currency contracts and currency-related derivatives, are normally valued on the basis of quotes obtained from a third party broker-dealer who makes markets in such securities or on the basis of quotes obtained from an independent third-party pricing service.
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 (“Dreyfus Institutional Fund”) or the
Notes to Financial Statements (continued)
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class (“BlackRock Liquidity Fund”). The Dreyfus Institutional Fund and the BlackRock Liquidity Fund seek as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The Dreyfus Institutional Fund and the BlackRock Liquidity Fund 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 (“Dreyfus Government Fund”). The Dreyfus Government 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 Fund has no redemption restrictions and is valued at the daily NAV.
Fair Value Measurement
Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the following hierarchy:
•
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
•
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
•
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The availability of observable inputs can vary from security to security and are affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. With respect to the valuation of Level 3 securities, the Advisor may employ a market-based valuation approach which may use related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Advisor may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Advisor representatives meet regularly to review and discuss the appropriateness of such fair values using more current information, such as recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events.
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
Notes to Financial Statements (continued)
or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund’s investments at April 30, 2021 is disclosed at the end of each Fund’s Schedule of Investments.
Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included on the Statements of Operations within net change in unrealized appreciation/depreciation on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
Foreign securities and instruments are valued in their local currency following the methodologies described above. Foreign securities, instruments and currencies will be translated to U.S. dollars, based on foreign currency exchange rate quotations supplied by the London Stock Exchange.
Tax Information and Uncertain Tax Positions
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of the taxable income to the shareholders of the Funds within the allowable time limits.
The Advisor evaluates each Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Advisor has analyzed each Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years), and has concluded that no provisions for federal, state and local income tax are required in each Fund’s financial statements. Each Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.
The Funds have concluded that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken.
Dividends and Distributions to Shareholders
Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such 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.
Notes to Financial Statements (continued)
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 Fund has an open receivable. The Funds regularly evaluate the probability of recovering each accrued withholding tax. If the likelihood of recovery decreases accruals in the Funds’ net asset value for such refunds may be written down partially or in full, which will adversely affect the Funds’ net asset value.
The Funds may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which they invest. The Funds will accrue the unrecoverable portion of such taxes as applicable based upon their current interpretation of tax rules and regulations that exist in the market in which they invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statements of Assets and Liabilities, as well as an adjustment to the Funds’ net unrealized appreciation/depreciation. Taxes related to capital gains realized during the year ended April 30, 2021, 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.
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 the IQ U.S. Real Estate Small Cap ETF, IQ 500 International ETF, IQ 50 Percent Hedged FTSE International ETF, IQ Healthy Hearts 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 S&P High Yield Low Volatility Bond ETF typically distributes 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 and the IQ Chaikin U.S. 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
Notes to Financial Statements (continued)
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 market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.
In accordance with the securities lending agreement between the Funds and the BNY Mellon, the Funds will be indemnified by the BNY Mellon in the event of default of a third party Borrower.
The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of April 30, 2021, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds, Separate Trading of
Notes to Financial Statements (continued)
Registered Interest (“STRIPs”) and Principal of Securities and U.S. Treasury Inflation Indexed Notes and Bonds with the following maturities:
| | | | Money Market
Mutual Fund | | | U.S. Government Securities | |
| Fund | | | Overnight and
Continuous | | | <30 Days | | | Between
30 & 90 Days | | | >90 Days | | | Total | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 62,670,538 | | | | | $ | 400,426 | | | | | $ | 793,291 | | | | | $ | 37,585,887 | | | | | $ | 101,450,142 | | |
| IQ Hedge Macro Tracker ETF | | | | | 705,838 | | | | | | 4,195 | | | | | | 9,175 | | | | | | 462,003 | | | | | | 1,181,211 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 649,503 | | | | | | 411 | | | | | | 148 | | | | | | 250,410 | | | | | | 900,472 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 743,134 | | | | | | 1,148 | | | | | | 491 | | | | | | 670,240 | | | | | | 1,415,013 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 280,133 | | | | | | 13 | | | | | | 24 | | | | | | 640 | | | | | | 280,810 | | |
| IQ Real Return ETF | | | | | 9,545,463 | | | | | | 68,909 | | | | | | 127,791 | | | | | | 5,400,487 | | | | | | 15,142,650 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 850,100 | | | | | | 10,800 | | | | | | 19,748 | | | | | | 644,944 | | | | | | 1,525,592 | | |
| IQ Merger Arbitrage ETF | | | | | 10,089,260 | | | | | | 30,451 | | | | | | 121,335 | | | | | | 3,596,976 | | | | | | 13,838,022 | | |
| IQ Global Resources ETF | | | | | 251,875 | | | | | | 1,681 | | | | | | 4,325 | | | | | | 347,719 | | | | | | 605,600 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 688,938 | | | | | | 16,125 | | | | | | 40,789 | | | | | | 3,402,557 | | | | | | 4,148,409 | | |
| IQ 500 International ETF | | | | | 9,927,426 | | | | | | — | | | | | | 39,792 | | | | | | 3,750,380 | | | | | | 13,717,598 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 9,425,880 | | | | | | — | | | | | | 2,675 | | | | | | 4,680,008 | | | | | | 14,108,563 | | |
| IQ Healthy Hearts ETF | | | | | 53,815 | | | | | | 2,223 | | | | | | 883 | | | | | | 29,137 | | | | | | 86,058 | | |
| IQ Candriam ESG International Equity ETF | | | | | 2,624,267 | | | | | | — | | | | | | 6,617 | | | | | | 2,350,663 | | | | | | 4,981,547 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 8,790 | | | | | | 129,049 | | | | | | 515,292 | | | | | | 8,646,990 | | | | | | 9,300,121 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 3,075,181 | | | | | | 104,799 | | | | | | 215,439 | | | | | | 10,679,740 | | | | | | 14,075,159 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 8,956 | | | | | | 19,499 | | | | | | 401,972 | | | | | | 13,160,490 | | | | | | 13,590,917 | | |
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.
At April 30, 2021, 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 (“MLI”) and Morgan Stanley Capital Service LLC (“Morgan Stanley”), as counterparties to the following Funds:
IQ Hedge Multi-Strategy Tracker ETF
IQ Hedge Macro Tracker ETF
IQ Hedge Market Neutral Tracker ETF
IQ Hedge Long/Short Tracker ETF
Notes to Financial Statements (continued)
IQ Hedge Event-Driven Tracker ETF
IQ Merger Arbitrage ETF
IQ Global Resources ETF
As of April 30, 2021, 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 | | | | $ | 98,707,740 | | | | | $ | (98,707,740) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| IQ Hedge Macro Tracker ETF | | | | | 1,148,226 | | | | | | (1,148,226) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 875,040 | | | | | | (875,040) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 1,391,162 | | | | | | (1,391,162) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 271,619 | | | | | | (271,619) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Real Return ETF | | | | | 14,796,180 | | | | | | (14,796,180) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 1,475,075 | | | | | | (1,475,075) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | 13,546,738 | | | | | | (13,546,738) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Global Resources ETF | | | | | 523,321 | | | | | | (523,321) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 3,946,070 | | | | | | (3,946,070) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ 500 International ETF | | | | | 12,119,424 | | | | | | (12,119,424) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 12,045,010 | | | | | | (12,045,010) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Healthy Hearts ETF | | | | | 31,597 | | | | | | (31,597) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IQ Candriam ESG International
Equity ETF | | | | | 3,469,490 | | | | | | (3,469,490) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 9,017,258 | | | | | | (9,017,258) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 13,481,054 | | | | | | (13,481,054) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 12,634,856 | | | | | | (12,634,856) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
1
The amount of collateral presented is limited such that the net amount cannot be less than $0.
As of April 30, 2021, 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 | | | | $ | 40,163 | | | | | $ | (40,163) | | | | | $ | — | | | | | $ | 2,589,582 | | | | | $ | (40,163) | | | | | $ | 2,549,419 | | |
This does not reflect securities segregated as collateral, as detailed on the Schedule of Investments.
Notes to Financial Statements (continued)
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 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 Healthy Hearts ETF | | | | | 0.45% | | |
| IQ Candriam ESG International Equity ETF | | | | | 0.15% | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 0.09% | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 0.35% | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 0.25% | | |
The Advisor has agreed to pay all expenses of the Funds, except: brokerage and other transaction expenses; extraordinary legal fees or expenses, such as those for litigation or arbitration; compensation and expenses of the Independent Trustees, counsel to the Independent Trustee, and the Chief Compliance Officer; extraordinary expenses; distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and the advisory fee payable to the Advisor.
Notes to Financial Statements (continued)
The Advisor has entered into a Fee Waiver Agreement with certain Funds 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% | | |
The Advisor has entered into an Expense Limitation Agreement with certain Funds under which it has contractually agreed, to waive a portion of its management fee and/or reimburse expenses of the Fund in an amount that limits the Fund’s total annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, dividends paid on short sale, acquired fund fees and expenses, and extraordinary expenses) to not more than a specific percentage of the average daily net assets as follows:
| Fund | | | Rate | | | Expires | |
IQ S&P High Yield Low Volatility Bond ETF | | | | | 0.40% | | | | | | 8/31/2021 | | |
| IQ 500 International ETF | | | | | 0.25% | | | | | | 8/31/2021 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 0.20% | | | | | | 8/31/2021 | | |
| IQ Healthy Hearts ETF | | | | | 0.45% | | | | | | 8/31/2022 | | |
| IQ Candriam ESG International Equity ETF | | | | | 0.15% | | | | | | 8/31/2021 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 0.09% | | | | | | 8/31/2021 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 0.35% | | | | | | 8/31/2021 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 0.25% | | | | | | 8/31/2021 | | |
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 (“Sub-Advisory 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)
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 April 30, 2021, 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 | | | | $ | 832,047,379 | | | | | $ | 28,544,174 | | | | | $ | (1,786,210) | | | | | | 26,757,964 | | |
| IQ Hedge Macro Tracker ETF | | | | | 4,633,396 | | | | | | 377,661 | | | | | | (28,232) | | | | | | 349,429 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 18,168,736 | | | | | | 3,818,260 | | | | | | (3,574,426) | | | | | | 243,834 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 9,866,018 | | | | | | 2,178,438 | | | | | | (2,002,177) | | | | | | 176,261 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 9,487,176 | | | | | | 1,439,365 | | | | | | (1,156,767) | | | | | | 282,598 | | |
| IQ Real Return ETF | | | | | 62,764,652 | | | | | | 428,563 | | | | | | (407,130) | | | | | | 21,433 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 103,840,719 | | | | | | 2,500,187 | | | | | | (629,163) | | | | | | 1,871,024 | | |
| IQ Merger Arbitrage ETF | | | | | 744,966,596 | | | | | | 311,168,274 | | | | | | (271,685,147) | | | | | | 39,483,127 | | |
| IQ Global Resources ETF | | | | | 17,480,864 | | | | | | 7,615,907 | | | | | | (4,736,271) | | | | | | 2,879,636 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 50,491,428 | | | | | | 9,812,661 | | | | | | (7,334,328) | | | | | | 2,478,333 | | |
| IQ 500 International ETF | | | | | 227,144,891 | | | | | | 40,107,143 | | | | | | (14,402,273) | | | | | | 25,704,870 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 289,377,995 | | | | | | 57,419,605 | | | | | | (27,755,957) | | | | | | 29,663,648 | | |
| IQ Healthy Hearts ETF | | | | | 6,326,564 | | | | | | 412,236 | | | | | | (131,816) | | | | | | 280,420 | | |
| IQ Candriam ESG International Equity ETF | | | | | 160,184,809 | | | | | | 31,435,093 | | | | | | (2,772,667) | | | | | | 28,662,426 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 344,202,284 | | | | | | 68,741,138 | | | | | | (2,557,361) | | | | | | 66,183,777 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 188,630,812 | | | | | | 25,727,214 | | | | | | (4,612,950) | | | | | | 21,114,264 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 269,722,349 | | | | | | 37,041,496 | | | | | | (1,266,986) | | | | | | 35,774,510 | | |
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 April 30, 2021.
Notes to Financial Statements (continued)
At April 30, 2021, 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
Distributable
Earnings/
(Losses) | |
IQ Hedge Multi-Strategy Tracker ETF | | | | $ | (2,808,621) | | | | | $ | (47,715,818) | | | | | $ | 26,757,964 | | | | | $ | (23,766,475) | | |
| IQ Hedge Macro Tracker ETF | | | | | (7,955) | | | | | | (5,402,898) | | | | | | 349,433 | | | | | | (5,061,420) | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | (10,894) | | | | | | (383,381) | | | | | | 243,834 | | | | | | (150,441) | | |
| IQ Hedge Long/Short Tracker ETF | | | | | (36,973) | | | | | | (591,399) | | | | | | 176,261 | | | | | | (452,111) | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 24,566 | | | | | | (205,302) | | | | | | 282,598 | | | | | | 101,862 | | |
| IQ Real Return ETF | | | | | 75,740 | | | | | | (2,082,331) | | | | | | 21,433 | | | | | | (1,985,158) | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 314,424 | | | | | | (2,918,738) | | | | | | 1,871,024 | | | | | | (733,290) | | |
| IQ Merger Arbitrage ETF | | | | | (122,189,319) | | | | | | (29,042,188) | | | | | | 39,593,106 | | | | | | (111,638,401) | | |
| IQ Global Resources ETF | | | | | (982,462) | | | | | | (62,111,008) | | | | | | 2,882,702 | | | | | | (60,210,768) | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | — | | | | | | (8,958,675) | | | | | | 2,478,333 | | | | | | (6,480,342) | | |
| IQ 500 International ETF | | | | | 3,235,648 | | | | | | (4,392,918) | | | | | | 25,722,157 | | | | | | 24,564,887 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 2,673,997 | | | | | | (17,653,217) | | | | | | 29,701,572 | | | | | | 14,722,352 | | |
| IQ Healthy Hearts ETF | | | | | 12,479 | | | | | | (32,429) | | | | | | 280,494 | | | | | | 260,544 | | |
| IQ Candriam ESG International Equity ETF | | | | | 1,382,651 | | | | | | — | | | | | | 28,667,333 | | | | | | 30,049,984 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 387,406 | | | | | | (958,532) | | | | | | 66,183,777 | | | | | | 65,612,651 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | — | | | | | | (77,022,031) | | | | | | 21,114,263 | | | | | | (55,907,768) | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | (67,630,443) | | | | | | 35,774,510 | | | | | | (31,855,933) | | |
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, 2021, 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 | | | | $ | (31,113,750) | | | | | $ | 31,113,750 | | |
| IQ Hedge Macro Tracker ETF | | | | | (170) | | | | | | 170 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | (1,018,183) | | | | | | 1,018,183 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | (2,103,043) | | | | | | 2,103,043 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | (592,559) | | | | | | 592,559 | | |
| IQ Real Return ETF | | | | | (20,572) | | | | | | 20,572 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | (240,107) | | | | | | 240,107 | | |
| IQ Merger Arbitrage ETF | | | | | (98,547,286) | | | | | | 98,547,286 | | |
| IQ Global Resources ETF | | | | | (1,250,685) | | | | | | 1,250,685 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 967,151 | | | | | | (967,151) | | |
| IQ 500 International ETF | | | | | (12,403,797) | | | | | | 12,403,797 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | (3,675,930) | | | | | | 3,675,930 | | |
| IQ Healthy Hearts ETF | | | | | (65,667) | | | | | | 65,667 | | |
| IQ Candriam ESG International Equity ETF | | | | | (8,688,194) | | | | | | 8,688,194 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | (11,131,913) | | | | | | 11,131,913 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | (64,515,624) | | | | | | 64,515,624 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | (70,635,005) | | | | | | 70,635,005 | | |
Notes to Financial Statements (continued)
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, 2021 and 2020 were as follows:
| | | | 2021 | | | 2020 | |
| 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 | | | | $ | 15,953,112 | | | | | $ | — | | | | | $ | — | | | | | $ | 16,163,950 | | | | | $ | — | | | | | $ | — | | |
| IQ Hedge Macro Tracker ETF | | | | | 106,851 | | | | | | — | | | | | | — | | | | | | 54,164 | | | | | | — | | | | | | — | | |
IQ Hedge Market Neutral Tracker
ETF | | | | | 341,520 | | | | | | — | | | | | | — | | | | | | 239,729 | | | | | | — | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 181,041 | | | | | | — | | | | | | — | | | | | | 123,690 | | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 209,892 | | | | | | — | | | | | | — | | | | | | 157,392 | | | | | | — | | | | | | — | | |
| IQ Real Return ETF | | | | | 511,575 | | | | | | — | | | | | | — | | | | | | 1,185,760 | | | | | | — | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 3,749,100 | | | | | | — | | | | | | — | | | | | | 2,787,812 | | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | 16,966,679 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| IQ Global Resources ETF | | | | | 2,041,648 | | | | | | — | | | | | | — | | | | | | 2,539,080 | | | | | | — | | | | | | — | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 662,106 | | | | | | — | | | | | | 1,029,743 | | | | | | 1,633,256 | | | | | | — | | | | | | 1,775,536 | | |
| IQ 500 International ETF | | | | | 5,907,221 | | | | | | — | | | | | | — | | | | | | 3,080,969 | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 6,183,285 | | | | | | — | | | | | | — | | | | | | 7,874,573 | | | | | | — | | | | | | — | | |
| IQ Healthy Hearts ETF | | | | | 21,568 | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| IQ Candriam ESG International Equity ETF | | | | | 2,032,608 | | | | | | — | | | | | | — | | | | | | 50,904 | | | | | | — | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 2,588,974 | | | | | | — | | | | | | — | | | | | | 30,853 | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 1,965,356 | | | | | | — | | | | | | — | | | | | | 2,340,043 | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 4,106,799 | | | | | | — | | | | | | — | | | | | | 6,034,101 | | | | | | — | | | | | | — | | |
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
Notes to Financial Statements (continued)
the year ended April 30, 2021, the Funds incurred and elected to defer to May 1, 2021 Post-October Losses and late year ordinary losses of:
| Fund | | | Late Year
Ordinary Losses | | | Short-Term
Post October Losses | | | Long-Term
Post October Losses | |
IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 2,808,621 | | | | | $ | — | | | | | $ | — | | |
| IQ Hedge Macro Tracker ETF | | | | | 7,955 | | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 10,894 | | | | | | — | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 36,973 | | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Real Return ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF | | | | | 122,189,319 | | | | | | — | | | | | | — | | |
| IQ Global Resources ETF | | | | | 982,462 | | | | | | — | | | | | | — | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ 500 International ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Healthy Hearts ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Candriam ESG International Equity ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | — | | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | — | | | | | | — | | |
At April 30, 2021, 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 are as follows:
| Fund | | | Expired
Current Year | | | Utilized on
Current Year | | | Short-Term
With No Expiration | | | Long-Term
With No Expiration | |
IQ Hedge Multi-Strategy Tracker ETF | | | | $ | — | | | | | $ | 24,932,203 | | | | | $ | 42,463,293 | | | | | $ | 5,252,525 | | |
| IQ Hedge Macro Tracker ETF | | | | | — | | | | | | 198,655 | | | | | | 4,216,880 | | | | | | 1,186,018 | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | — | | | | | | 96,444 | | | | | | 335,400 | | | | | | 47,981 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | — | | | | | | 122,384 | | | | | | 317,991 | | | | | | 273,408 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | — | | | | | | — | | | | | | 112,364 | | | | | | 92,938 | | |
| IQ Real Return ETF | | | | | — | | | | | | 148,042 | | | | | | 884,751 | | | | | | 1,197,580 | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | — | | | | | | 948,830 | | | | | | 2,371,167 | | | | | | 547,571 | | |
| IQ Merger Arbitrage ETF | | | | | — | | | | | | — | | | | | | 27,744,453 | | | | | | 1,297,735 | | |
| IQ Global Resources ETF | | | | | — | | | | | | — | | | | | | 32,470,786 | | | | | | 29,640,222 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | — | | | | | | — | | | | | | 637,347 | | | | | | 8,321,328 | | |
| IQ 500 International ETF | | | | | — | | | | | | — | | | | | | 3,429,754 | | | | | | 963,164 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | — | | | | | | — | | | | | | 3,782,962 | | | | | | 13,870,255 | | |
| IQ Healthy Hearts ETF | | | | | — | | | | | | — | | | | | | 32,429 | | | | | | — | | |
| IQ Candriam ESG International Equity ETF | | | | | — | | | | | | 29,003 | | | | | | — | | | | | | — | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | — | | | | | | — | | | | | | 898,091 | | | | | | 60,441 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | — | | | | | | 3,413,364 | | | | | | 33,073,222 | | | | | | 43,948,809 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | — | | | | | | 7,769,428 | | | | | | 29,628,892 | | | | | | 38,001,551 | | |
Notes to Financial Statements (continued)
6. OTHER AFFILIATED PARTIES AND TRANSACTIONS
For the purposes of the financial statements, the Funds assume the following to be affiliated issuers. As of April 30, 2021, affiliated transactions, if any, are listed at the end of the Fund’s respective Schedule of Investments.
The Advisor is an affiliate and subsidiary of New York Life Investment Management LLC (“NYLIM”) and of New York Life Insurance & Annuity Corporation (“NYLife”). As of April 30, 2021, NYLIM and NYLife were not known to own beneficially greater than 5% of the shares of any Fund except as set forth below. NYLIM and NYLife own shares of the Funds on their own behalf or on behalf of Funds or accounts managed by NYLIM or NYLife.
New York Life Insurance & Annuity Corporation
| Fund | | | % Ownership | |
IQ Healthy Hearts ETF | | | | | 79.6% | | |
New York Life Investment Management LLC
| Fund | | | % Ownership | |
IQ S&P High Yield Low Volatility Bond ETF | | | | | 54.5% | | |
| IQ 500 International ETF | | | | | 98.9% | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 51.3% | | |
| IQ Candriam ESG International Equity ETF | | | | | 95.3% | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 96.7% | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 80.7% | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 98.1% | | |
Notes to Financial Statements (continued)
7. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) for the year ended April 30, 2021 are as follows:
| Fund | | | Purchases | | | Sales | | | Purchases In-Kind | | | Sales In-Kind | |
IQ Hedge Multi-Strategy Tracker ETF | | | | $ | 1,250,938,514 | | | | | $ | 1,271,577,008 | | | | | $ | 368,917,290 | | | | | $ | 380,310,913 | | |
| IQ Hedge Macro Tracker ETF | | | | | 4,316,601 | | | | | | 4,434,043 | | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | 20,390,171 | | | | | | 21,053,874 | | | | | | 12,146,179 | | | | | | 13,302,534 | | |
| IQ Hedge Long/Short Tracker ETF | | | | | 17,066,251 | | | | | | 17,239,667 | | | | | | 13,492,188 | | | | | | 17,176,878 | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | 5,019,763 | | | | | | 5,057,726 | | | | | | 8,139,260 | | | | | | 8,048,763 | | |
| IQ Real Return ETF | | | | | 34,360,611 | | | | | | 34,575,668 | | | | | | 1,365,633 | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF | | | | | 108,913,665 | | | | | | 100,103,075 | | | | | | 46,652,007 | | | | ��� | | 4,938,192 | | |
| IQ Merger Arbitrage ETF | | | | | 2,067,140,329 | | | | | | 2,245,777,765 | | | | | | 397,048,877 | | | | | | 472,669,687 | | |
| IQ Global Resources ETF | | | | | 20,487,796 | | | | | | 24,013,376 | | | | | | — | | | | | | 6,323,605 | | |
| IQ U.S. Real Estate Small Cap ETF | | | | | 16,113,724 | | | | | | 16,249,381 | | | | | | 3,040,729 | | | | | | 8,458,130 | | |
| IQ 500 International ETF | | | | | 21,596,074 | | | | | | 25,267,265 | | | | | | — | | | | | | 64,185,550 | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | 28,171,802 | | | | | | 37,390,836 | | | | | | 21,270,617 | | | | | | 42,193,405 | | |
| IQ Healthy Hearts ETF | | | | | 1,013,771 | | | | | | 829,736 | | | | | | 7,297,522 | | | | | | 1,251,241 | | |
| IQ Candriam ESG International Equity ETF | | | | | 30,969,477 | | | | | | 25,532,714 | | | | | | 130,522,747 | | | | | | 34,038,413 | | |
| IQ Candriam ESG U.S. Equity ETF | | | | | 45,239,533 | | | | | | 46,953,870 | | | | | | 383,132,778 | | | | | | 54,418,658 | | |
| IQ Chaikin U.S. Small Cap ETF | | | | | 118,809,506 | | | | | | 119,136,911 | | | | | | 153,795,934 | | | | | | 135,110,597 | | |
| IQ Chaikin U.S. Large Cap ETF | | | | | 188,602,964 | | | | | | 189,754,189 | | | | | | 187,773,401 | | | | | | 205,656,211 | | |
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 on the Statements of Operations.
When a Fund has an unrealized loss on a swap agreement, the Fund instructs 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
Notes to Financial Statements (continued)
the swap contract. Therefore, the Funds consider the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying instruments.
Pursuant to documentation governing the Funds’ swap transactions with MLI and Morgan Stanley, MLI 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, MLI and Morgan Stanley may require the Funds to pay or receive a settlement amount in connection with the terminated swap transaction. The Funds utilized swaps to affect both long and short exposure to several asset classes and market segments, including, among others, real estate, domestic equity, international equity, emerging markets equities, investment grade corporate bonds, high yield corporate bonds, convertible bonds, preferred securities, emerging market-debt, mortgage-backed securities, floating rate notes, developed markets currencies, broad commodity indices, precious metals, equity market volatility, and U.S. Treasury bonds. As of April 30, 2021, the Funds have not triggered the conditions under such documentation that will give the counterparty the right to call for an early termination. As of such date, the settlement values of these contracts were approximately equal to the fair value of such contracts. As of April 30, 2021, open swap transactions, if any, are listed at the end of the Funds’ respective Schedule of Investments.
Forward Foreign Currency Contracts
Certain Funds may enter into forward foreign currency transactions to seek a closer correlation between the Funds’ overall currency exposures and the currency exposures of the Underlying Index as a part of its principal investment strategy.
The Funds may enter into forward foreign currency contracts for hedging purposes, to seek to protect against anticipated changes in future foreign currency exchange rates. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A non-deliverable forward currency contract does not require physical delivery of the underlying currencies and the contract is settled based on the difference between the contracted price and the prevailing spot price of the agreed upon notional amount. These contracts are traded in the interbank market between currency traders (usually large commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are generally charged at any stage for trades.
Upon entering into a forward foreign currency contract, a Fund is required to segregate permissible liquid assets or engage in other measures approved by the SEC to “cover” the Fund’s obligations relating to its transactions in derivatives. Fluctuations in the value of open forward foreign currency contracts are recorded for book purposes as unrealized gains or losses on forward foreign currency contracts by the Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have matured or were sold. At April 30, 2021, 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.
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 | | | | $ | 40,163 | | |
Notes to Financial Statements (continued)
Liability Derivatives
| | | | Currency Risk | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | |
| Unrealized depreciation on forward foreign currency contracts | | | | $ | 2,589,582 | | |
Total return swaps reflect a reset date as of April 30, 2021; therefore, there is no unrealized appreciation/depreciation reflected on the Statements of Assets and Liabilities.
Transactions in derivative instruments reflected on the Statements of Operations during the year ended April 30, 2021 were as follows:
| Fund | | | Currency Risk | | | Equity Risk | |
| IQ Hedge Multi-Strategy Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (14,767,188) | | |
| IQ Hedge Macro Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (67,391) | | |
| IQ Hedge Market Neutral Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (319,930) | | |
| IQ Hedge Long/Short Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (136,495) | | |
| IQ Hedge Event-Driven Tracker ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (4,992) | | |
| IQ Merger Arbitrage ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (177,670,573) | | |
| IQ Global Resources ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Swap transactions | | | | | | | | | | $ | (1,658,568) | | |
| IQ 50 Percent Hedged FTSE International ETF | | | | | | | | | | | | | |
| Realized gain (loss) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | (6,296,349) | | | | | | | | |
| Change in unrealized appreciation (depreciation) | | | | | | | | | | | | | |
| Forward foreign currency contracts | | | | $ | (1,563,862) | | | | | | | | |
Notes to Financial Statements (continued)
For the year ended April 30, 2021, the monthly average notional value of the derivatives held by the Funds were as follows:
| | | | Average Notional Value | |
| FIHI | | | 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 | | | | $ | 75,010,897 | | | | | $ | 408,212 | | | | | $ | 1,763,945 | | | | | $ | 1,080,418 | | | | | $ | 245,405 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 244,176,383 | | |
| Liability Derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap contracts | | | | $ | (74,409,473) | | | | | $ | (407,989) | | | | | $ | (1,764,627) | | | | | $ | (1,087,945) | | | | | $ | (245,750) | | | | | $ | (276,798,066) | | | | | $ | (4,315,566) | | | | | $ | — | | |
| Forward foreign currency contracts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (244,871,625) | | |
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 Underlying Index and the Fund’s NAV will be calculated in U.S. dollars. Furthermore a Fund may convert cash
1
Applies to IQ S&P High Yield Low Volatility Bond ETF
2
Applies to IQ 50 Percent Hedged FTSE International ETF
Notes to Financial Statements (continued)
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.
ESG Investing Style Risk3
The application of environmental, social and corporate governance investing criteria may affect the Fund’s exposure to certain sectors or types of investments and may impact the Fund’s relative investment performance depending on whether such sectors or investments are in or out of favor in the market. In addition, there is no guarantee that the construction methodology of the Underlying Index will accurately provide exposure to issuers meeting environmental, social and corporate governance criteria.
3
Applies to IQ Healthy Hearts ETF, IQ Candriam ESG International Equity ETF, and IQ Candriam ESG U.S. Equity ETF.
Notes to Financial Statements (continued)
Exchange Traded Vehicle Risk4
Unlike an investment in a mutual fund, the value of the Funds’ investments in ETFs, ETVs and ETNs is based on stock market prices and the Funds could lose money due to stock market developments, the failure of an active trading market to develop, or exchange trading halts or de-listings. Federal law prohibits the Funds from acquiring investment company shares, including shares of ETFs, in excess of specific thresholds unless exempted by rule, regulation or exemptive order. These prohibitions may prevent the Funds from allocating their investments to ETFs in an optimal manner.
Fund of Funds Risk4
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
1
Applies to IQ S&P High Yield Low Volatility Bond ETF
4
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, and IQ Real Return ETF.
Notes to Financial Statements (continued)
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.
LIBOR Replacement Risk
A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize 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 NAV.
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.
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.
An outbreak of COVID-19 has developed into a global pandemic and has resulted in travel restrictions, closure of international borders, certain businesses and securities markets, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as general concern
Notes to Financial Statements (continued)
and uncertainty. The full effects, duration and costs of the COVID-19 pandemic are uncertain, and the circumstances surrounding the COVID-19 pandemic will continue to evolve and may adversely affect a Fund and its investments.
New Fund Risk5
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 Risk6
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 Risk7
Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. Total return swaps can also be used to replicate an exposure to a short position in an asset class where a Fund has the right to receive the depreciation in value of a specified security, index or other instrument (“inverse swaps”). If the underlying asset in a total return swap declines in value (or increases in value, if an inverse swap) over the term of the swap, a Fund may also be required to pay the dollar value of that decline (or, if an inverse swap, increase, if an inverse swap) to the counterparty. Therefore, swaps are subject to credit risk or the risk of default or non-performance by the counterparty.
Tracking Error Risk
Each Fund’s performance may not match its Underlying Index during any period of time. Although each Fund attempts to track the performance of its Underlying Index, a Fund may not be able to duplicate its exact composition or return for a number of reasons, including that the strategies used by the Advisor to match the performance of the Underlying Indexes were unsuccessful and because a Fund incurs expenses, which an Underlying Index does not incur.
Trading Price Risk
Although it is expected that generally the market price of a Fund’s Shares will approximate the Fund’s NAV, there may be times when market price in the Secondary Market and the NAV vary significantly. During periods of market stress, shares of a Fund may also experience significantly wider “bid/ask” spreads, premiums and discounts between a Fund’s NAV and market price.
10. NEW ACCOUNTING PRONOUNCEMENTS
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate
5
Applies to IQ Healthy Hearts ETF.
6
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.
7
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)
Reform on Financial Reporting” in response to concerns about structural risks of interbank offered rates, such as LIBOR. ASU 2020-04 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 June 11, 2021, the IQ S&P High Yield Low Volatility Bond ETF (HYLV) experienced a redemption of approximately 63% of the Fund. The Fund continues to trade on the New York Stock Exchange Arca, there are no plans to close the Fund. Other than the Fund redemption, Advisor has determined that there were no other material events that would require disclosure in the preparation of these financial statements.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of IndexIQ ETF Trust and Shareholders of each of the seventeen funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (seventeen of the funds constituting IndexIQ ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| | | Individual Fund Comprising the
IndexIQ ETF Trust | | | | Statement
of
Operations | | | | Statements
of Changes
in Net Assets | | | | Financial Highlights | | |
| | | IQ Hedge Multi-Strategy Tracker ETF | | | | For the year ended April 30, 2021 | | | | For the years ended April 30, 2021 and 2020 | | | | For the years ended April 30, 2021, 2020, 2019, 2018 and 2017 | | |
| | | IQ Hedge Macro Tracker ETF | | | | | | | | | | | | | | |
| | | IQ Hedge Market Neutral Tracker ETF | | | | | | | | | | | | | | |
| | | IQ Hedge Long/Short Tracker ETF | | | | | | | | | | | | | | |
| | | IQ Hedge Event-Driven Tracker ETF | | | | | | | | | | | | | | |
| | | IQ Real Return ETF | | | | | | | | | | | | | | |
| | | IQ Merger Arbitrage ETF | | | | | | | | | | | | | | |
| | | IQ Global Resources ETF | | | | | | | | | | | | | | |
| | | IQ U.S. Real Estate Small Cap ETF
IQ 50 Percent Hedged FTSE International ETF | | | | | | | | | | | | | | |
| | | IQ S&P High Yield Low Volatility Bond ETF | | | | For the year ended April 30, 2021 | | | | For the years ended April 30, 2021 and 2020 | | | | For the years ended April 30, 2021, 2020, 2019 and 2018, and the period from February 15, 2017 (commencement of operations) through April 30, 2017 | | |
| | | IQ 500 International ETF | | | | For the year ended April 30, 2021 | | | | For the years ended April 30, 2021 and 2020 | | | | For the years ended April 30, 2021 and 2020, and the period from December 13, 2018 (commencement of operations) through April 30, 2019 | | |
| | | IQ Healthy Hearts ETF | | | | For the period January 14, 2021 (commencement of operations) through April 30, 2021 | | |
| | | IQ Candriam ESG International Equity ETF
IQ Candriam ESG U.S. Equity ETF | | | | For the year ended April 30, 2021 | | | | For the year ended April 30, 2021 and the period from December 17, 2019 (commencement of operations) through April 30, 2020 | | |
Report of Independent Registered Public Accounting Firm (continued)
| | | Individual Fund Comprising the
IndexIQ ETF Trust | | | | Statement
of
Operations | | | | Statements
of Changes
in Net Assets | | | | Financial Highlights | | |
| | | IQ Chaikin U.S. Small Cap ETF | | | | For the year ended April 30, 2021 | | | | For the years ended April 30, 2021 and 2020 | | | | For the years ended April 30, 2021, 2020 and 2019, and the period from May 16, 2017 (commencement of operations) through April 30, 2018 | | |
| | | IQ Chaikin U.S. Large Cap ETF | | | | For the year ended April 30, 2021 | | | | For the years ended April 30, 2021 and 2020 | | | | For the years ended April 30, 2021, 2020 and 2019, and the period from December 13, 2017 (commencement of operations) through April 30, 2018 | | |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
June 28, 2021
We have served as the auditor of one or more investment companies in the IndexIQ Complex since 2015.
Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, the funds of IndexIQ ETF Trust (the “Funds”) have adopted and implemented a liquidity risk management program (the “Program”), which IndexIQ Advisors LLC believes is reasonably designed to assess and manage the Funds’ liquidity risk. The Board of Trustees (the “Board”) designated IndexIQ Advisors LLC as administrator of the Program (the “Administrator”). The Program Administrator’s Portfolio Oversight Committee acts as the Liquidity Risk Management Committee to assist the Administrator in the implementation and day-to-day administration of the Program and to otherwise support the Administrator in fulfilling its responsibilities under the Program.
At a meeting of the Board held on March 31, 2021, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”), as required under the Liquidity Rule. The report noted that the Administrator concluded that: (i) the Program operated effectively to assess and manage the Funds’ liquidity risk; (ii) the Program has been adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments; and (iii) each Fund’s investment strategy continues to be appropriate for an open-end fund.
In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration certain factors, as applicable, such as: (i) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (ii) each Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; (iii) each Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources; (iv) the relationship between each Fund’s portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (v) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio.
In compliance with the Liquidity Rule and in accordance with the Program, funds able to qualify as “In-Kind ETFs” are not required to: (i) classify each portfolio investment into one of four categories or (ii) establish a highly liquid investment minimum. The Liquidity Rule defines an In-Kind ETF as an ETF that meets redemptions through in-kind transfers of securities, positions, and assets other than a de minimis amount of cash and publishes its portfolio holdings daily. Each of the Funds, with the exceptions of IQ 50 Percent Hedged FTSE International ETF and IQ S&P High Yield Low Volatility Bond ETF qualify as In-Kind ETFs.
IQ 50 Percent Hedged FTSE International ETF and IQ S&P High Yield Low Volatility Bond ETF both classify each Fund portfolio investment into one of four liquidity categories. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Classification determinations are made by taking into account each Fund’s reasonably anticipated trade size, various market, trading and investment-specific considerations, as well as market depth, and, in certain cases, third-party vendor data. The Administrator has delegated liquidity classification determinations for IQ S&P High Yield Low Volatility Bond ETF to the Fund’s sub-adviser, subject to appropriate oversight by the Administrator.
The Liquidity Rule requires funds that do not primarily hold assets that are highly liquid investments and do not qualify as In-Kind ETFs to adopt a minimum amount of net assets that must be invested in highly liquid investments that are assets (“HLIM”). In addition, the Liquidity Rule limits a fund’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in a fund holding more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to determine, periodically review and comply with the HLIM requirement, as applicable, and to comply with the 15% limit on illiquid investments.
There were no material changes to the Program during the Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
Supplemental Information (unaudited)
Federal Tax Status of Dividends Declared During the Tax Year
IQ U.S. Real Estate Small Cap ETF designates 92.21% as qualified business income.
Qualified Dividend Income — Certain dividends paid by the fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the fiscal year ended April 30, 2021 taxed at a maximum rate of 20% is as follows:
| | IQ Hedge Multi-Strategy Tracker ETF . | | | | | 15.58% | | |
| | IQ Hedge Macro Tracker ETF. | | | | | 15.04% | | |
| | IQ Hedge Market Neutral Tracker ETF. | | | | | 8.40% | | |
| | IQ Hedge Long/Short Tracker ETF . | | | | | 37.28% | | |
| | IQ Hedge Event-Driven Tracker ETF . | | | | | 4.01% | | |
| | IQ Real Return ETF . | | | | | 2.96% | | |
| | IQ S&P High Yield Low Volatility Bond ETF . | | | | | 0.00% | | |
| | IQ Merger Arbitrage ETF . | | | | | 23.82% | | |
| | IQ Global Resources ETF . | | | | | 100.00% | | |
| | IQ U.S. Real Estate Small Cap ETF. | | | | | 0.15% | | |
| | IQ 500 International ETF . | | | | | 81.31% | | |
| | IQ 50 Percent Hedged FTSE International ETF . | | | | | 73.87% | | |
| | IQ Healthy Hearts ETF . | | | | | 100.00% | | |
| | IQ Candriam ESG International Equity ETF. | | | | | 75.65% | | |
| | IQ Candriam ESG U.S. Equity ETF .. | | | | | 100.00% | | |
| | IQ Chaikin U.S. Small Cap ETF . | | | | | 100.00% | | |
| | IQ Chaikin U.S. Large Cap ETF . | | | | | 100.00% | | |
Supplemental Information (unaudited) (continued)
Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended April 30, 2021 that qualifies for the dividends received deduction is as follows:
| | IQ Hedge Multi-Strategy Tracker ETF . | | | | | 2.08% | | |
| | IQ Hedge Macro Tracker ETF. | | | | | 0.71% | | |
| | IQ Hedge Market Neutral Tracker ETF. | | | | | 0.23% | | |
| | IQ Hedge Long/Short Tracker ETF . | | | | | 3.66% | | |
| | IQ Hedge Event-Driven Tracker ETF . | | | | | 3.63% | | |
| | IQ Real Return ETF . | | | | | 2.86% | | |
| | IQ S&P High Yield Low Volatility Bond ETF . | | | | | 0.00% | | |
| | IQ Merger Arbitrage ETF . | | | | | 39.38% | | |
| | IQ Global Resources ETF . | | | | | 42.70% | | |
| | IQ U.S. Real Estate Small Cap ETF. | | | | | 0.00% | | |
| | IQ 500 International ETF . | | | | | 0.00% | | |
| | IQ 50 Percent Hedged FTSE International ETF . | | | | | 0.00% | | |
| | IQ Healthy Hearts ETF . | | | | | 32.04% | | |
| | IQ Candriam ESG International Equity ETF. | | | | | 0.00% | | |
| | IQ Candriam ESG U.S. Equity ETF .. | | | | | 94.25% | | |
| | IQ Chaikin U.S. Small Cap ETF . | | | | | 100.00% | | |
| | IQ Chaikin U.S. Large Cap ETF . | | | | | 99.89% | | |
Supplemental Information (unaudited) (continued)
Foreign Taxes Paid — The following Funds elect under the Internal Revenue Code Section 853 to pass through foreign taxes paid to its shareholders. The total amount of foreign taxes passed through to shareholders on a per share basis for the year ended April 30, 2021, are as follows:
| | | | Foreign Taxes | | | Foreign Income | |
| Fund | | | Per Share | | | Per Share | |
| IQ Hedge Multi-Strategy Tracker ETF . | | | | | — | | | | | | — | | |
| IQ Hedge Macro Tracker ETF. | | | | | — | | | | | | — | | |
| IQ Hedge Market Neutral Tracker ETF. | | | | | — | | | | | | — | | |
| IQ Hedge Long/Short Tracker ETF . | | | | | — | | | | | | — | | |
| IQ Hedge Event-Driven Tracker ETF . | | | | | — | | | | | | — | | |
| IQ Real Return ETF . | | | | | — | | | | | | — | | |
| IQ S&P High Yield Low Volatility Bond ETF . | | | | | — | | | | | | — | | |
| IQ Merger Arbitrage ETF . | | | | | — | | | | | | — | | |
| IQ Global Resources ETF . | | | | | 0.0545 | | | | | | 0.8015 | | |
| IQ U.S. Real Estate Small Cap ETF. | | | | | — | | | | | | — | | |
| IQ 500 International ETF . | | | | | 0.0709 | | | | | | 1.0676 | | |
| IQ 50 Percent Hedged FTSE International ETF . | | | | | 0.0414 | | | | | | 0.6233 | | |
| IQ Healthy Hearts ETF . | | | | | — | | | | | | — | | |
| IQ Candriam ESG International Equity ETF. | | | | | 0.0431 | | | | | | 0.5331 | | |
| IQ Candriam ESG U.S. Equity ETF .. | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Small Cap ETF . | | | | | — | | | | | | — | | |
| IQ Chaikin U.S. Large Cap ETF . | | | | | — | | | | | | — | | |
In January 2022, you will be advised on IRS Form 1099 DIV as to the Federal tax status of the distributions received by you in calendar year 2021.
Board Review of Investment Advisory Agreements (unaudited)
Approval Relating to the IQ Healthy Hearts ETF (the “New Fund”)
The Board (the members of which are referred to as “Trustees”) met by videoconference on December 10, 2020, pursuant to an order issued by the U.S. Securities and Exchange Commission’s Division of Investment Management temporarily exempting fund boards from the in-person approval requirements of certain provisions of the Investment Company Act of 1940, as amended (“1940 Act”), in light of the impact of COVID-19. The Board met to consider the approval of an amendment to the Investment Advisory Agreement between the Trust and IndexIQ Advisors LLC (the “Advisor”) to add the New Fund (the “Advisory Agreement Amendment”).
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Advisor relevant to the Board’s consideration of whether to approve the Advisory Agreement Amendment, as supplemented by the information submitted in connection with the Board’s review of contractual arrangements, at the March 31, 2020 meeting, to the extent relevant. In connection with considering approval of the Advisory Agreement Amendment, the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), met in executive session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. The consideration of the Advisory Agreement Amendment was conducted by both the full Board and the Independent Trustees, who also voted separately.
During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, quality, and extent of the services that the Advisor will provide to the New Fund, and the fees that the Advisor will charge to the New Fund; (2) information concerning the business and operations, compliance program and portfolio management team of the Advisor; (3) information describing the New Fund’s anticipated operating expenses; (4) data comparing the proposed fee rate for advisory services to be charged to the New Fund and the expected expense ratio to fees paid by and expense ratios of other mutual funds or exchange-traded funds (“ETFs”) with similar investment objectives and policies as those of the New Fund; (5) the extent to which economies of scale would be realized as the New Fund grows; (6) any “fall-out” benefits to be derived by the Advisor from its relationship with the Trust; and (7) potential conflicts of interest. The Board considered that the New Fund was a passively managed ETF designed to track an index created by an affiliate of the Advisor.
In reviewing such factors, the Board relied on certain information, including (1) copies of the Investment Advisory Agreement and Advisory Agreement Amendment; (2) information about the proposed expense limitation and fee waiver arrangement; (3) information describing the Advisor and the services to be provided thereby; (4) information regarding the compliance program and portfolio management team of the Advisor; (5) a copy of the Form ADV of the Advisor; (6) memoranda and guidance from legal counsel to the Independent Trustees on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act; (7) materials provided by the Advisor in response to 15(c) requests for information from legal counsel to the Independent Trustees for this meeting and the March 31, 2020 contract renewal meeting, to the extent relevant to the approval of the Advisory Agreement Amendment; (8) a presentation, via videoconference, by personnel of the Advisor. In addition, the Board was provided data comparing the advisory fees and estimated operating expenses (including acquired fund fees and expenses, as applicable) of the New Fund with expenses and performance of other registered investment companies with similar investment objectives and policies; and (9) information about the Advisor’s relationship with American Heart Association, Inc. (“AHA”), including the license for the New Fund to use AHA’s name and certain trademarks and the payments made by the Advisor or its affiliates to AHA . The Trustees also considered their personal experiences as Trustees and participants in the ETF and mutual fund industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and IndexIQ Active ETF Trust.
In particular, the Trustees including the Independent Trustees, considered and discussed the following with respect to the New Fund:
1.
The nature, extent, and quality of the facilities and services to be provided by the Advisor. The Independent Trustees reviewed the services that the Advisor would provide to the New Fund. In
Board Review of Investment Advisory Agreements (unaudited) (continued)
connection with the investment advisory services to be provided to the New Fund, the Independent Trustees noted the responsibilities that the Advisor would have as the New Fund’s investment adviser, including overall supervisory responsibility for the general management and investment of the New Fund’s securities portfolio, ultimate responsibility, subject to oversight by the Board, for daily monitoring and quarterly reporting to the Board, and the implementation of Board directives as they relate to the New Fund.
The Independent Trustees reviewed and considered the Advisor’s performance in managing the existing Funds of the Trust. The Independent Trustees reviewed the Advisor’s experience, resources, and strengths in managing other ETFs. Based on their consideration and review of the foregoing information, the Independent Trustees determined that the New Fund would likely benefit from the nature, quality, and extent of these services, as well as the Advisor’s ability to render such services based on its experience, operations, and resources.
2.
Comparison of services to be provided and fees to be charged by the Advisor and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by the Advisor from the relationship with the New Fund. The Independent Trustees then compared both the services to be rendered and the proposed fees to be paid pursuant to the Advisory Agreement Amendment to the Advisor and to contracts of other investment advisers with respect to similar mutual funds and ETFs, as well as the operational Funds. In particular, the Independent Trustees compared the New Fund’s proposed advisory fee and projected expense ratio for its first year of operations to other ETFs in the New Fund’s peer group.
After comparing the New Fund’s proposed fee with those of other funds in the New Fund’s peer group, and in light of the nature, quality, and extent of services proposed to be provided by the Advisor, the Independent Trustees concluded that the fee proposed to be paid to the Advisor with respect to the New Fund was fair and reasonable.
3.
The Advisor’s profitability and the extent to which economies of scale would be realized as the New Fund grows and whether fee levels would reflect such economies of scale. The Independent Trustees next considered potential economies of scale and the anticipated costs and projected profitability of the Advisor in connection with its serving as investment adviser to the New Fund, including operational costs. Due to the fact that the New Fund had no assets at the time, the Independent Trustees made no determination with respect to economies of scale or the impact of the New Fund on the Advisor’s profitability.
4.
Investment performance of the Advisor. Because the New Fund has not commenced operations, the Independent Trustees could not consider the investment performance of the New Fund, but did take into account the experience of the Advisor and the investment strategy developed for the New Fund by the Advisor.
The Board agreed that it had been furnished with sufficient information, both at the meeting and in its ongoing oversight of the existing Funds, to make an informed business decision with respect to the Advisory Agreement Amendment for the New Fund. Based on the foregoing and such other matters as were deemed relevant, and while no single factor was determinative in the decision, the Independent Trustees concluded that the terms of the Advisory Agreement with the Advisor were reasonable and fair to the New Fund and to recommend to the Board the approval of the Advisory Agreement Amendment. As a result, all of the Board members, including the Independent Trustees, determined that the approval of the Advisory Agreement Amendment was in the best interests of the New Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the Advisory Agreement Amendment for a two-year period.
Board Review of Investment Advisory Agreements (unaudited) (continued)
Approval Relating To Annual Continuation of the Advisory Agreement and Sub-Advisory Agreement
The Board (the members of which are referred to as “Trustees”) met by videoconference on March 31, 2021, pursuant to an order issued by the U.S. Securities and Exchange Commission’s Division of Investment Management temporarily exempting fund boards from the in-person approval requirements of certain provisions of the 1940 Act, in light of the impact of COVID-19. The Board met to consider the approval of the continuation, for an additional year, of the Advisory Agreement with respect to the series of the Trust for which the agreement applies (the “Funds”). The Board noted that the Advisory Agreement was between the Trust and IndexIQ Advisors LLC (the “Advisor”). In addition, the Board considered the continuation of the Sub-Advisory Agreement between the Advisor and MacKay Shields LLC (“MacKay” or the “Sub-Advisor”), with respect to the IQ S&P High Yield Low Volatility Bond ETF (“HYLV”).
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Advisor relevant to the Board’s consideration of whether to approve the continuation of the Advisory Agreement with respect to the Funds, and from MacKay and the Advisor relevant to the Board’s consideration of whether to approve the continuation of the Sub-Advisory Agreement as it relates to HYLV. In connection with considering approval of the continuation of the Advisory Agreement and Sub-Advisory Agreement, the Independent Trustees, met in executive session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. The consideration of the continuation of the Advisory Agreement and Sub-Advisory Agreement was conducted by both the full Board and the Independent Trustees, who also voted separately.
During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, extent and quality of the services provided by the Advisor to the Funds and by MacKay with respect to HYLV, and the fees charged by the Advisor and MacKay; (2) information concerning the business and operations, compliance program and portfolio management team of the Advisor and MacKay; (3) the expense levels of each Fund; (4) the investment performance of the Funds; (5) the costs of the services provided and profits realized by the Advisor and its affiliates from the relationship with the Trust, including expense limitation agreements and fee waiver agreements between the Advisor and certain Funds; (6) the extent to which economies of scale would be realized as each Fund grows; (7) any “fall-out” benefits derived or to be derived by the Advisor or MacKay from their relationships with the Trust; and (8) potential conflicts of interest. The Board considered that the Funds were passively managed ETFs and that several of the Funds were designed to track indexes created by an affiliate of the Advisor.
In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement; (2) a copy of the Sub-Advisory Agreement; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor and MacKay and the services provided thereby; (5) information regarding the respective compliance program and portfolio management teams of the Advisor and MacKay; (6) copies of the Form ADV for each of the Advisor and MacKay; (7) memoranda and guidance from legal counsel to the Independent Trustees on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act; (8) materials provided by each of the Advisor and MacKay in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (9) a presentation, via videoconference, by personnel of the Advisor. In addition, the Board was provided data comparing the advisory fees and operating expenses (including acquired fund fees and expenses, as applicable) of the Funds with expenses and performance of other registered investment companies with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the ETF and mutual fund industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and IndexIQ Active ETF Trust.
In particular, the Trustees including the Independent Trustees, considered and discussed the following with respect to the Funds:
1.
The nature, extent and quality of the facilities and services provided by the Advisor and MacKay. The Board reviewed the services that the Advisor and MacKay provide to the respective Funds, noting that they had continually reviewed and overseen such services throughout the past year. The Board noted
Board Review of Investment Advisory Agreements (unaudited) (continued)
the responsibilities that the Advisor and MacKay have as the investment advisor and sub-advisor to the respective Funds, including overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, monitoring fund compliance with regulatory requirements and Fund objectives and policies, daily monitoring of the portfolio, overseeing Fund service providers, obtaining licenses for use of indexes tracked by the Funds, providing officers for the Funds, ongoing reporting to the Board, and the implementation of Board directives as they relate to the Funds. For Funds that were not yet operational, the Board considered the services rendered in respect of the existing Funds in assessing services expected to be provided to the non-operational Funds.
The Board reviewed the Advisor’s and MacKay’s experience, resources, and strengths in managing mutual funds and ETFs, including the Advisor’s management of the Funds and the funds of the IndexIQ Active ETF Trust. The Board also considered the experience of MacKay’s team in managing strategies and asset classes similar to HYLV, and their tenure in managing the portfolio of HYLV. The Board also noted and discussed with the Advisor the resources and additional support and personnel from its affiliate New York Life Investment Management LLC (“NYLIM”), which resources enhance and support the work of the Advisor’s officers and staff. The Board also considered the tenure and experience of the personnel at the Advisor providing management and administrative services to the Funds. The Board also considered the Advisor’s marketing and distribution strategy, including the various services engaged by the Advisor in seeking to market and grow assets in the Funds.
Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Advisor’s and MacKay’s ability to render such services based on its personnel, experience, operations, and resources.
2.
Comparison of services provided and fees charged by the Advisor and MacKay and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Advisor and MacKay from their relationships with the respective Funds. The Board then compared both the services rendered and the fees paid with respect to the Funds pursuant to the Advisory Agreement and Sub-Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. The Board also considered that the Advisor is responsible for payment of the sub-advisory fee to MacKay pursuant to the Sub-Advisory Agreement, and that HYLV shareholders do not directly pay the sub-advisory fee.
In particular, the Board compared each Fund’s advisory fee and expense ratio (including acquired fund fees and expenses, as applicable) to other investment companies considered to be in each such Fund’s peer group. The Advisor presented information on how peer groups were selected for the Funds, which generally are differentiated from broad Morningstar categorization based on distinguishing characteristics of many Funds’ core strategies, several of which are unique indexes designed by an affiliate of the Advisor. The Advisor explained that peer groups were selected using an objective methodology by a NYLIM team.
The Board noted that certain Funds had peer groups of limited size and, in certain cases, with substantial differences in portfolio management and operational costs. The Board was presented with information describing the Funds’ performance and fees, with information relative to peer groups. The Board considered unique characteristics of certain Funds relative to peer groups, particularly where such Funds had fee or total expense ratios that diverged from the median levels of the applicable peer group. The Board also discussed price pressure in the general ETF marketplace and the impact of market pressures on the price levels for relatively unique investment strategies such as those implemented by several of the Funds.
Additionally, the Trustees considered that the Advisor had put in place expense limitation or fee waiver agreements whereby the Advisor reimburses expenses and/or waives fees to limit the impact above set thresholds of certain expenses on shareholders of certain Funds. The Board noted that such expense
Board Review of Investment Advisory Agreements (unaudited) (continued)
limitation and fee waiver agreements were reflected, where applicable, in the peer group analysis provided by the Advisor.
The Board also considered that certain Funds invest in the IQ Ultra Short Duration ETF and other third-party funds and based on information provided by the Advisor, determined that fees that would be paid to the Advisor that are attributable to the investments made by such Funds would not be duplicative.
After comparing each Fund’s fees with those of other investment companies in the Fund’s peer group, and in light of the nature, quality, and extent of services provided by the Advisor and MacKay and the costs incurred by the Advisor and MacKay in rendering those services, the Board concluded that the level of fees paid (or proposed to be paid) to the Advisor with respect to each Fund and MacKay with respect to HYLV is fair and reasonable.
3.
The Advisor’s and MacKay’s profitability and the extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale. The Board discussed with the Advisor the costs and profitability of the Advisor in connection with its serving as investment advisor to each Fund, including operational costs. The Board also discussed additional resources available to the Advisor as part of a larger organization, including the investment of financial and human resources into the Advisor and additional support to market and distribute the Funds.
The Board considered information regarding the strategy of the Advisor to grow assets in the Funds during the calendar year, including the marketing and distribution details that were provided in the Board materials. The Board reviewed the net asset levels of the Funds and the impact of both high and low asset levels on such Funds. The Advisor presented to the Board information on the operating profits on a year over year basis.
The Board also considered the impact of future asset growth on the services required and fees paid to MacKay, noting again that such fees were paid by the Advisor out of its management fees. The Board considered whether the continued operation of certain Funds that had not attracted significant assets under management would be profitable to the Advisor under the unitary fee arrangement of the Advisory Agreement and determined to continue to review the asset levels of the Funds in relation to the Advisor’s profitability. The Board also noted the existence of Expense Limitation Agreements and Fee Waiver Agreements applicable to certain of the Funds, and their respective impacts on costs to shareholders and profitability of the Advisor.
The Board noted that certain Funds had not yet commenced operations, and therefore no direct historical profitability data was available for consideration for such Funds.
The Board concluded that the fees paid to the Advisor and MacKay, respectively, were reasonable when considering the relative asset levels and profitability of the Funds to the Advisor.
4.
Investment performance of the Funds. The Board considered the investment performance of the existing Funds, including tracking error. In particular, the Board considered the investment performance of the Funds relative to their stated objectives and the success of the Advisor and MacKay in reaching such objectives. The Board considered each Fund’s investment performance compared to the underlying index that each Fund seeks to track and includes in its prospectus and shareholder reports. The Board also considered each Fund’s investment performance compared to the respective Fund’s peer group. The Board considered that certain Funds had not yet commenced operations, and therefore had no performance or operational history to consider.
The Board concluded that the investment performance of the Funds, particularly in the context of tracking error as against each Fund’s underlying index and in succeeding in satisfying their stated investment objective, supported the approval of the Advisory Agreement and Sub-Advisory Agreement.
Board Review of Investment Advisory Agreements (unaudited) (continued)
The Board agreed that it had been furnished with sufficient information, both at the meeting and in its ongoing oversight of the Funds, to make an informed business decision with respect to the Advisory Agreement for the Funds and, with respect to HYLV, the Sub-Advisory Agreement. Based on the foregoing and such other matters as were deemed relevant, and while no single factor was determinative in the decision, the Independent Trustees concluded that the terms of the Advisory Agreement with the Advisor and the Sub-Advisory Agreement between the Advisor and MacKay were reasonable and fair to the Funds and to recommend to the Board the approval of the Advisory Agreement and Sub-Advisory Agreement. As a result, all of the Board members, including the Independent Trustees, determined that the continuation of the Advisory Agreement with the Advisor and continuation of the Sub-Advisory Agreement with MacKay was in the best interests of each applicable Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the continuation of the Advisory Agreement and Sub-Advisory Agreement for an additional one-year period.
Board of Trustees and Officers (unaudited)
The Board oversees the IndexIQ ETF Trust, IndexIQ Active ETF Trust, the Advisor and the Subadvisors. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds’ Trustees and Officers and is available without charge, upon request by calling 1-888-474-7725.
Independent Trustees
| | Name and
Year of Birth(1) | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of
Portfolios
in Fund
Complex
Overseen
by Trustee(3) | | | Other
Directorships
Held by
Trustee
During Past 5 Years | |
| | Reena Aggarwal, 1957 | | | Trustee Chair | | | Since August 2008 Since January 2018 | | | Vice Provost of Faculty (2016 to present), Georgetown University, Robert E. McDonough Professor (2003 to present) and Professor of Finance, McDonough School of Business, Georgetown University (2000 to present); Director, Georgetown Center for Financial Markets and Policy (2010 to present); Co-Chair of Board, Social Innovations and Public Service Fund, Georgetown University (2012 to 2014). | | | 20 | | | FBR & Co. (investment banking) (2011 to 2017); Cohen & Steers (asset management) (2017 to present); Director, Brightwood Capital Advisors, L.P. (private equity investment) (2013 to present); Nuveen Churchill BDC (2019 to present). | |
| | Michael A. Pignataro, 1959 | | | Trustee | | | Since April 2015 | | | Retired; formerly, Director, Credit Suisse Asset Management (2001 to 2012); and Chief Financial Officer, Credit Suisse Funds (1996 to 2013). | | | 20 | | | The New Ireland Fund, Inc. (closed-end fund) (2015 to present). | |
| | Paul D. Schaeffer, 1951 | | | Trustee | | | Since April 2015 | | | President, ASP (dba Aspiring Solution Partners) (financial services consulting) (2013 to present); Executive Advisor, Aquiline Capital Partners LLC (private equity investment) (2014 to present). | | | 20 | | | Management Board Member, RIA in a Box LLC (financial services consulting) (2018 to present); Context Capital Funds (mutual fund trust) (2 Portfolios) (2014 to 2018); Management Board Member, Altegris Investments, LLC (registered broker-dealer) (2016 to 2018); Management Board Member, AssetMark Inc. (financial services consulting) (2016 to 2017); PopTech! (conference operator) (2012 to 2016); Board Member, Pathways Core Training (non-profit) (2019 to present). | |
Board of Trustees and Officers (unaudited) (continued)
Interested Trustee
| | Name and
Year of Birth(1) | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of
Portfolios
in Fund
Complex
Overseen
by Trustee(3) | | | Other
Directorships
Held by
Trustee
During Past 5 Years | |
| | Kirk C. Lehneis, 1974(4) | | | Trustee, President and Principal | | | Since January 2018 | | | Chief Operating Officer and Senior Managing Director, New York Life Investment Management LLC (since 2016); Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since 2017). | | | 20 | | | None. | |
Other Officers
| | Names and
Year of Birth(1) | | | Position(s)
Held with
Trust | | | Term of
Office and
Length of
Time Served(2) | | | Principal Occupation(s) During Past 5 Years | |
| | Jonathan Zimmerman, 1982 | | | Executive Vice President | | | Since April 2018 | | | Chief Operating Officer, IndexIQ Advisors (2018 to present); Managing Director, New York Life Investments LLC (2018 to present); Director, New York Life Investment Management LLC (2015 to 2018); Vice President, Morgan Stanley (2007 to 2015). | |
| | Adefolahan Oyefeso, 1974 | | | Treasurer, Principal Financial Officer and Principal Accounting Officer | | | Since April 2018 | | | Vice President of Operations & Finance, IndexIQ Advisors (2015 to present); Director of the Fund Administration Client Service Department at The Bank of New York Mellon (2007 to 2015). | |
| | Matthew V. Curtin, 1982 | | | Secretary and Chief Legal Officer | | | Since June 2015 | | | Secretary and Chief Legal Officer, IndexIQ Advisors, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since February 2015); Associate, Dechert LLP (2007 to 2015). | |
| | Kevin M. Bopp,
1969 | | | Chief Compliance Officer | | | Since June 2021 | | | Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2021); Head of Investments Compliance, New York Life Investments (since 2019); Chief Compliance Officer, IndexIQ Advisors (since 2017); Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (2017 to 2019) Vice President and Chief Compliance Officer, The MainStay Funds, MainStay Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (2014 to 2019). | |
(1)
The address of each Trustee or officer is c/o IndexIQ Advisors, 51 Madison Avenue, New York, New York 10010.
(2)
Trustees and Officers serve until their successors are duly elected and qualified.
(3)
The Fund is part of a “fund complex” as defined in the 1940 Act. The fund complex includes all open-end funds (including all of their portfolios) advised by the Advisor and any funds that have an investment advisor that is an affiliated person the Advisor.
(4)
Mr. Lehneis is an “interested person” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with the Advisor.
IndexIQ ETF Trust
Annual Report | April 30, 2021
IQ Hedge Multi-Strategy Tracker ETF (QAI)
IQ Hedge Macro Tracker ETF (MCRO)
IQ Hedge Market Neutral Tracker ETF (QMN)
IQ Hedge Long/Short Tracker ETF (QLS)
IQ Hedge Event-Driven Tracker ETF (QED)
IQ Real Return ETF (CPI)
IQ S&P High Yield Low Volatility Bond ETF (HYLV)
IQ Merger Arbitrage ETF (MNA)
IQ Global Resources ETF (GRES)
IQ U.S. Real Estate Small Cap ETF (ROOF)
IQ 500 International ETF (IQIN)
IQ 50 Percent Hedged FTSE International ETF (HFXI)
IQ Healthy Hearts ETF (HART)
IQ Candriam ESG International Equity ETF (IQSI)
IQ Candriam ESG U.S. Equity ETF (IQSU)
IQ Chaikin U.S. Small Cap ETF (CSML)
IQ Chaikin U.S. Large Cap ETF (CLRG)
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
The Report to Shareholders is attached herewith.
Item 2. Code of Ethics.
| (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| | | |
| (c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
| | | |
| (d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has two audit committee financial experts serving on its Audit Committee, each an “independent” Trustee, Reena Aggarwal and Michael Pignataro. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $358,700 for 2021 and $451,373 for 2020. |
Audit-Related Fees
| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2021 and $0 for 2020. |
Tax Fees
| (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2021 and $0 for 2020. |
All Other Fees
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2021 and $0 for 2020. |
| (e)(1) | Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant. |
| (e)(2) | With respect to the services described in each of Items 4(b) through (d), no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X. |
| (f) | The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent. |
| (g) | The aggregate non-audit fees billed by the principal accountant for services rendered to the registrant's investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were (i) approximately $10,306,000 for the fiscal year ended April 30, 2021, and (ii) $10,322,000 for the fiscal year ended April 30, 2020. |
| (h) | The registrant’s Audit Committee has determined that the non-audit services rendered by the principal accountant for the fiscal year ended April 30, 2021 to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of the principal accountant during the relevant time period. |
Item 5. Audit Committee of Listed Registrants.
| (a) | The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the members of such committee are Reena Aggarwal, Michael Pignataro, and Paul Schaeffer. |
Item 6. Investments.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | IndexIQ ETF Trust | |
| By (Signature and Title) | /s/ Kirk C. Lehneis | |
| | Kirk C. Lehneis | |
| | (Principal Executive Officer) | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Kirk C. Lehneis | |
| | Kirk C. Lehneis | |
| | (Principal Executive Officer) | |
| By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
| | Adefolahan O. Oyefeso | |
| | (Principal Financial Officer) | |
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