Schedule of Investments ─ IQ Ultra Short Duration ETF
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Long - Term Bonds 95.5% | ||||||||
| Commercial Asset-Backed Securities — 13.6% | ||||||||
| Asset Backed Securities — 13.6% | ||||||||
| Amur Equipment Finance Receivables XI LLC | ||||||||
| Series 2022-2A, A2, 5.300%, due 6/21/28 | $ | 214,000 | $ | 212,182 | ||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| Series 2017-2A, A, 2.970%, due 3/20/24 | 250,000 | 249,462 | ||||||
| Series 2018-1A, A, 3.700%, due 9/20/24 | 500,000 | 495,827 | ||||||
| Ford Credit Auto Owner Trust 2018-REV2 | ||||||||
| Series 2018-2, A, 3.470%, due 1/15/30 | 500,000 | 495,990 | ||||||
| Ford Credit Floorplan Master Owner Trust A | ||||||||
| Series 2019-2, A, 3.060%, due 4/15/26 | 500,000 | 488,342 | ||||||
| Hertz Vehicle Financing III LLC | ||||||||
| Series 2022-3A, A, 3.370%, due 3/25/25 | 500,000 | 489,151 | ||||||
| Neuberger Berman Loan Advisers CLO 32 Ltd., (Cayman Islands) | ||||||||
| Series 2019-32A, BR, 6.198%, (3-Month LIBOR + 1.40%), due 1/20/32(a) | 1,000,000 | 967,877 | ||||||
| Oak Hill Credit Partners, (Cayman Islands) | ||||||||
| Series 2021-8A, A, 5.985%, (3-Month LIBOR + 1.19%), due 1/18/34(a) | 750,000 | 743,559 | ||||||
| Octagon Investment Partners 51 Ltd., (Cayman Islands) | ||||||||
| Series 2021-1A, A, 5.958%, (3-Month LIBOR + 1.15%), due 7/20/34(a) | 1,000,000 | 986,087 | ||||||
| Palmer Square CLO 2021-2 Ltd., (Cayman Islands) | ||||||||
| Series 2021-2A, A, 5.942%, (3-Month LIBOR + 1.15%), due 7/15/34(a) | 1,000,000 | 987,582 | ||||||
| Romark CLO IV Ltd., (Cayman Islands) | ||||||||
| Series 2021-4A, A1, 5.980%, (3-Month LIBOR + 1.17%), due 7/10/34(a) | 1,000,000 | 985,557 | ||||||
| TICP CLO XV Ltd., (Cayman Islands) | ||||||||
| Series 2020-15A, A, 6.088%, (3-Month LIBOR + 1.28%), due 4/20/33(a) | 1,000,000 | 995,465 | ||||||
| 8,097,081 | ||||||||
| Total Commercial Asset-Backed Securities | ||||||||
| (Cost $8,182,790) | 8,097,081 | |||||||
| Commercial Mortgage-Backed Securities — 1.6% | ||||||||
| Mortgage Securities — 1.6% | ||||||||
| COMM 2013-SFS Mortgage Trust | ||||||||
| Series 2013-SFS, A2, 2.987%, due 4/12/35(a),(b) | 500,000 | 495,161 | ||||||
| Queens Center Mortgage Trust 2013-QC | ||||||||
| Series 2013-QCA, A, 3.275%, due 1/11/37 | 500,000 | 465,195 | ||||||
| 960,356 | ||||||||
| Total Commercial Mortgage-Backed Securities | ||||||||
| (Cost $1,024,853) | 960,356 | |||||||
| Corporate Bonds — 44.0% | ||||||||
| Basic Materials — 0.4% | ||||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.230%, due 10/1/25 | 280,000 | 251,786 | ||||||
| Communications — 3.9% | ||||||||
| T-Mobile USA, Inc. | ||||||||
| 1.500%, due 2/15/26 | 700,000 | 638,722 | ||||||
| Verizon Communications, Inc. | ||||||||
| 5.114%, (SOFR + 0.79%), due 3/20/26(a) | 1,720,000 | 1,713,857 | ||||||
| 2,352,579 | ||||||||
| Consumer, Cyclical — 1.4% | ||||||||
| General Motors Financial Co., Inc. | ||||||||
| 6.000%, due 1/9/28 | 200,000 | 205,832 | ||||||
| 6.050%, due 10/10/25 | 340,000 | 346,389 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 3.428%, due 3/15/24 | 315,000 | 308,302 | ||||||
| 860,523 | ||||||||
| Consumer, Non-cyclical — 3.4% | ||||||||
| GE HealthCare Technologies, Inc. | ||||||||
| 5.550%, due 11/15/24 | 265,000 | 267,265 | ||||||
| Global Payments, Inc. | ||||||||
| 1.500%, due 11/15/24 | 470,000 | 440,567 | ||||||
| Laboratory Corp. of America Holdings | ||||||||
| 3.250%, due 9/1/24 | 600,000 | 584,640 | ||||||
| Mondelez International, Inc. | ||||||||
| 2.125%, due 3/17/24 | 500,000 | 485,604 | ||||||
| PayPal Holdings, Inc. | ||||||||
| 3.900%, due 6/1/27 | 215,000 | 211,426 | ||||||
| 1,989,502 | ||||||||
| Energy — 1.4% | ||||||||
| Energy Transfer LP | ||||||||
| 5.550%, due 2/15/28 | 215,000 | 218,490 | ||||||
| ONEOK, Inc. | ||||||||
| 5.850%, due 1/15/26 | 250,000 | 256,157 | ||||||
| Plains All American Pipeline LP / PAA Finance Corp. | ||||||||
| 4.500%, due 12/15/26 | 350,000 | 341,672 | ||||||
| 816,319 | ||||||||
| Financial — 18.4% | ||||||||
| Air Lease Corp. | ||||||||
| 0.800%, due 8/18/24 | 900,000 | 838,533 | ||||||
| American Express Co. | ||||||||
| 3.950%, due 8/1/25 | 630,000 | 620,326 | ||||||
| Bank of America Corp. | ||||||||
| 4.200%, due 8/26/24 | 1,070,000 | 1,058,260 | ||||||
| 5.080%, (SOFR + 1.29%), due 1/20/27(a) | 520,000 | 521,911 | ||||||
| Bank of New York Mellon Corp. (The) | ||||||||
| 4.543%, (SOFR + 1.17%), due 2/1/29(a) | 225,000 | 224,821 | ||||||
| Blackstone Holdings Finance Co. LLC | ||||||||
| 5.900%, due 11/3/27 | 245,000 | 255,056 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 7.050%, due 9/29/25 | 230,000 | 233,213 | ||||||
| Capital One Financial Corp. | ||||||||
| 4.166%, (SOFR + 1.37%), due 5/9/25(a) | 670,000 | 659,083 | ||||||
| Citigroup, Inc. | ||||||||
| 5.610%, (SOFR + 1.55%), due 9/29/26(a) | 310,000 | 314,977 | ||||||
| Citizens Bank NA/Providence RI | ||||||||
| 6.064%, (SOFR + 1.45%), due 10/24/25(a) | 250,000 | 253,628 | ||||||
| Corebridge Financial, Inc. | ||||||||
| 3.500%, due 4/4/25 | 800,000 | 773,157 | ||||||
| Fifth Third Bancorp | ||||||||
| 6.361%, (SOFR + 2.19%), due 10/27/28(a) | 525,000 | 555,508 | ||||||
| Goldman Sachs Group, Inc. (The) | ||||||||
| 5.700%, due 11/1/24 | 550,000 | 558,061 | ||||||
| Huntington National Bank (The) | ||||||||
| 4.008%, (SOFR + 1.21%), due 5/16/25(a) | 675,000 | 664,622 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 3.845%, (SOFR + 0.98%), due 6/14/25(a) | 760,000 | 746,700 | ||||||
| 5.546%, (SOFR + 1.07%), due 12/15/25(a) | 215,000 | 216,735 | ||||||
Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Financial (continued) | ||||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 4.700%, due 1/27/28 | $ | 265,000 | $ | 264,324 | ||||
| Morgan Stanley | ||||||||
| 4.679%, (SOFR + 1.67%), due 7/17/26(a) | 420,000 | 416,490 | ||||||
| 5.050%, (SOFR + 1.30%), due 1/28/27(a) | 680,000 | 682,361 | ||||||
| PNC Financial Services Group, Inc. (The) | ||||||||
| 4.758%, (SOFR + 1.09%), due 1/26/27(a) | 130,000 | 130,212 | ||||||
| Realty Income Corp. | ||||||||
| 5.050%, due 1/13/26 | 200,000 | 200,549 | ||||||
| State Street Corp. | ||||||||
| 4.857%, (SOFR + 0.60%), due 1/26/26(a) | 90,000 | 90,329 | ||||||
| Truist Financial Corp. | ||||||||
| 4.873%, (SOFR + 1.44%), due 1/26/29(a) | 110,000 | 110,622 | ||||||
| US Bancorp | ||||||||
| 4.653%, (SOFR + 1.23%), due 2/1/29(a) | 230,000 | 229,805 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.540%, (SOFR + 1.56%), due 8/15/26(a) | 350,000 | 346,614 | ||||||
| 10,965,897 | ||||||||
| Industrial — 2.1% | ||||||||
| Boeing Co. (The) | ||||||||
| 1.167%, due 2/4/23 | 500,000 | 499,915 | ||||||
| 1.950%, due 2/1/24 | 800,000 | 775,804 | ||||||
| 1,275,719 | ||||||||
| Technology — 1.2% | ||||||||
| Dell International LLC / EMC Corp. | ||||||||
| 5.250%, due 2/1/28 | 265,000 | 267,212 | ||||||
| Oracle Corp. | ||||||||
| 2.300%, due 3/25/28 | 160,000 | 142,887 | ||||||
| 5.800%, due 11/10/25 | 330,000 | 339,227 | ||||||
| 749,326 | ||||||||
| Utilities — 11.8% | ||||||||
| American Electric Power Co., Inc. | ||||||||
| 2.031%, due 3/15/24 | 170,000 | 164,272 | ||||||
| CenterPoint Energy, Inc. | ||||||||
| 4.777%, (SOFR + 0.65%), due 5/13/24(a) | 1,515,000 | 1,497,694 | ||||||
| Duke Energy Corp. | ||||||||
| 4.300%, due 3/15/28 | 295,000 | 290,727 | ||||||
| Entergy Louisiana LLC | ||||||||
| 0.620%, due 11/17/23 | 394,000 | 380,873 | ||||||
| Eversource Energy | ||||||||
| Series T, 4.390%, (SOFR + 0.25%), due 8/15/23(a) | 1,685,000 | 1,681,394 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 3.250%, due 2/16/24 | 585,000 | 574,203 | ||||||
| 4.200%, due 3/1/29 | 398,000 | 368,144 | ||||||
| Sempra Energy | ||||||||
| 3.300%, due 4/1/25 | 305,000 | 295,263 | ||||||
| Southern California Edison Co. | ||||||||
| 1.100%, due 4/1/24 | 775,000 | 740,307 | ||||||
| 5.850%, due 11/1/27 | 210,000 | 221,050 | ||||||
| Southern Co. (The) | ||||||||
| 5.150%, due 10/6/25 | 250,000 | 252,641 | ||||||
| Virginia Electric and Power Co. | ||||||||
| Series B, 3.750%, due 5/15/27 | 605,000 | 589,908 | ||||||
| 7,056,476 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost $26,725,986) | 26,318,127 | |||||||
| Foreign Bonds — 8.3% | ||||||||
| Consumer, Cyclical — 1.5% | ||||||||
| Daimler Truck Finance North America LLC, (Germany) | ||||||||
| 5.150%, due 1/16/26 | 150,000 | 150,867 | ||||||
| Volkswagen Group of America Finance LLC, (Germany) | ||||||||
| 1.250%, due 11/24/25 | 800,000 | 723,156 | ||||||
| 874,023 | ||||||||
| Financial — 6.5% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | ||||||||
| 1.650%, due 10/29/24 | 1,140,000 | 1,066,516 | ||||||
| Bank of New Zealand, (New Zealand) | ||||||||
| 4.846%, due 2/7/28 | 265,000 | 266,396 | ||||||
| Cooperatieve Rabobank UA, (Netherlands) | ||||||||
| 4.655%, (1 Year US CMT T-Note + 1.75%), due 8/22/28(a) | 440,000 | 435,664 | ||||||
| Credit Suisse AG, (Switzerland) | ||||||||
| 7.950%, due 1/9/25 | 450,000 | 460,959 | ||||||
| Danske Bank A/S, (Denmark) | ||||||||
| 6.466%, (1 Year US CMT T-Note + 2.10%), due 1/9/26(a) | 285,000 | 289,126 | ||||||
| HSBC Holdings PLC, (United Kingdom) | ||||||||
| 7.336%, (SOFR + 3.03%), due 11/3/26(a) | 420,000 | 443,310 | ||||||
| Royal Bank of Canada, (Canada) | ||||||||
| 5.660%, due 10/25/24 | 295,000 | 299,945 | ||||||
| Swedbank AB, (Sweden) | ||||||||
| 5.337%, due 9/20/27 | 350,000 | 354,174 | ||||||
| Toronto-Dominion Bank (The), (Canada) | ||||||||
| 4.285%, due 9/13/24 | 270,000 | 267,789 | ||||||
| 3,883,879 | ||||||||
| Utilities — 0.3% | ||||||||
| Enel Finance America LLC, (Italy) | ||||||||
| 7.100%, due 10/14/27 | 200,000 | 214,354 | ||||||
| Total Foreign Bonds | ||||||||
| (Cost $5,058,639) | 4,972,256 | |||||||
| U.S. Treasury Bill — 1.7% | ||||||||
| U.S. Treasury Bill, –%, due 4/20/23(c) | ||||||||
| (Cost $990,132) | 1,000,000 | 990,173 | ||||||
| U.S. Treasury Notes — 23.8% | ||||||||
| U.S. Treasury Note, 2.500%, due 3/31/23 | 2,380,000 | 2,371,795 | ||||||
| U.S. Treasury Note, 3.500%, due 1/31/28 | 2,890,000 | 2,877,130 | ||||||
| U.S. Treasury Note, 3.500%, due 1/31/30 | 335,000 | 333,796 | ||||||
| U.S. Treasury Note, 4.125%, due 1/31/25 | 8,655,000 | 8,645,196 | ||||||
| 14,227,917 | ||||||||
| Total U.S. Treasury Notes | ||||||||
| (Cost $14,207,512) | 14,227,917 | |||||||
| United States Government Agency Mortgage-Backed Securities — 2.5% | ||||||||
| Mortgage Securities — 2.5% | ||||||||
| Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
| Series 2020-K108, 1.691%, due 3/25/30(a),(b)(d) | 7,355,149 | 695,217 | ||||||
| Series 2020-K119, 0.930%, due 9/25/30(a),(b)(d) | 14,920,517 | 825,643 | ||||||
| 1,520,860 | ||||||||
| Total United States Government Agency Mortgage-Backed Securities | ||||||||
| (Cost $1,737,498) | 1,520,860 | |||||||
Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Short-Term Investment — 5.9% | ||||||||
| Commercial Paper — 1.7% | ||||||||
| Financial — 1.7% | ||||||||
| Barclays Capital | ||||||||
| 0.000%, due 4/3/23(c) (Cost $995,885) | $ | 1,000,000 | $ | 992,050 | ||||
| Shares | Value | |||||||
| Money Market Fund — 4.2% | ||||||||
| BlackRock Liquidity T-Fund, 4.07%(e) | ||||||||
| (Cost $2,506,440) | 2,506,440 | 2,506,440 | ||||||
| Total Investments — 101.4% | ||||||||
| (Cost $61,429,735) | 60,585,260 | |||||||
| Other Assets and Liabilities, Net — (1.4)% | (825,204 | ) | ||||||
| Net Assets — 100.0% | $ | 59,760,056 | ||||||
| (a) | Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of January 31, 2023. |
| (b) | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. |
| (c) | The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield. |
| (d) | An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| (e) | Reflects the 7-day yield at January 31, 2023. |
| Abbreviations | |
| CMT | - Constant Maturity Treasury Index |
| LIBOR | - London InterBank Offered Rate |
| SOFR | - Secured Financing Overnight Rate |
Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)
January 31, 2023 (unaudited)
Open futures contracts outstanding at January 31, 2023:
| Type | Broker | Expiration Date | Number of Contracts Purchased (Sold) | Notional Value at Trade Date | Notional Value at January 31, 2023 | Unrealized Appreciation (Depreciation) | ||||||||||||||
| U.S. 10 Year Note (CBT) | RBC Capital Markets | March 2023 | (8) | $ | (903,866 | ) | $ | (916,125 | ) | $ | (12,259 | ) | ||||||||
| U.S. 2 Year Note (CBT) | RBC Capital Markets | March 2023 | (70) | (14,369,243 | ) | (14,395,391 | ) | (26,148 | ) | |||||||||||
| U.S. 5 Year Note (CBT) | RBC Capital Markets | March 2023 | (111) | (12,091,669 | ) | (12,125,883 | ) | (34,214 | ) | |||||||||||
| $ | (72,621 | ) | ||||||||||||||||||
CBT — Chicago Board of Trade
Cash posted as collateral to broker for futures contracts was $231,200 at January 31, 2023.
The following is a summary of the inputs used to value the Fund's investments as of January 31, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements.
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Investments in Securities:(f) | ||||||||||||||||
| Commercial Asset-Backed Securities | $ | – | $ | 8,097,081 | $ | – | $ | 8,097,081 | ||||||||
| Commercial Mortgage-Backed Securities | – | 960,356 | – | 960,356 | ||||||||||||
| Corporate Bonds | – | 26,318,127 | – | 26,318,127 | ||||||||||||
| Foreign Bonds | – | 4,972,256 | – | 4,972,256 | ||||||||||||
| U.S. Treasury Bill | – | 990,173 | – | 990,173 | ||||||||||||
| U.S. Treasury Notes | – | 14,227,917 | – | 14,227,917 | ||||||||||||
| United States Government Agency Mortgage-Backed Securities | – | 1,520,860 | – | 1,520,860 | ||||||||||||
| Short-Term Investment: | ||||||||||||||||
| Commercial Paper | – | 992,050 | – | 992,050 | ||||||||||||
| Money Market Fund | 2,506,440 | – | – | 2,506,440 | ||||||||||||
| Total Investments in Securities | $ | 2,506,440 | $ | 58,078,820 | $ | – | $ | 60,585,260 | ||||||||
| Liability Valuation Inputs | ||||||||||||||||
| Other Financial Instruments:(g) | ||||||||||||||||
| Futures Contracts | $ | (72,621 | ) | $ | – | $ | – | $ | (72,621 | ) | ||||||
| (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 period ended January 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.