Schedule of Investments ─ IQ Ultra Short Duration ETF
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Long - Term Bonds 98.3% | ||||||||
| Corporate Bonds — 42.5% | ||||||||
| Communications — 3.6% | ||||||||
| T-Mobile USA, Inc. | ||||||||
| 1.500%, due 2/15/26 | $ | 290,000 | $ | 263,417 | ||||
| 2.625%, due 4/15/26 | 150,000 | 139,128 | ||||||
| Verizon Communications, Inc. | ||||||||
| 6.023%, (SOFR + 0.79%), due 3/20/26(a) | 365,000 | 368,700 | ||||||
| 771,245 | ||||||||
| Consumer, Cyclical — 1.6% | ||||||||
| General Motors Financial Co., Inc. | ||||||||
| 6.050%, due 10/10/25 | 140,000 | 141,144 | ||||||
| Hyundai Capital America | ||||||||
| 5.650%, due 6/26/26 | 70,000 | 69,825 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 3.428%, due 3/15/24 | 125,000 | 123,052 | ||||||
| 334,021 | ||||||||
| Consumer, Non-cyclical — 1.1% | ||||||||
| Laboratory Corp. of America Holdings | ||||||||
| 3.250%, due 9/1/24 | 250,000 | 243,409 | ||||||
| Energy — 1.1% | ||||||||
| ONEOK, Inc. | ||||||||
| 5.850%, due 1/15/26 | 100,000 | 100,728 | ||||||
| Plains All American Pipeline LP / PAA Finance Corp. | ||||||||
| 4.500%, due 12/15/26 | 145,000 | 140,439 | ||||||
| 241,167 | ||||||||
| Financial — 21.4% | ||||||||
| Air Lease Corp. | ||||||||
| 0.800%, due 8/18/24 | 440,000 | 417,067 | ||||||
| Bank of America Corp. | ||||||||
| 4.200%, due 8/26/24 | 475,000 | 467,426 | ||||||
| 5.080%, (SOFR + 1.29%), due 1/20/27(a) | 230,000 | 227,536 | ||||||
| Bank of New York Mellon Corp. (The) | ||||||||
| 4.543%, (SOFR + 1.17%), due 2/1/29(a) | 110,000 | 107,359 | ||||||
| 4.947%, (SOFR + 1.03%), due 4/26/27(a) | 65,000 | 64,243 | ||||||
| Blackstone Holdings Finance Co. LLC | ||||||||
| 5.900%, due 11/3/27 | 115,000 | 116,866 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 7.050%, due 9/29/25 | 115,000 | 115,518 | ||||||
| Capital One Financial Corp. | ||||||||
| 4.166%, (SOFR + 1.37%), due 5/9/25(a) | 325,000 | 317,955 | ||||||
| Citigroup, Inc. | ||||||||
| 5.610%, (SOFR + 1.55%), due 9/29/26(a) | 150,000 | 149,682 | ||||||
| Corebridge Financial, Inc. | ||||||||
| 3.500%, due 4/4/25 | 385,000 | 369,471 | ||||||
| Fifth Third Bancorp | ||||||||
| 6.361%, (SOFR + 2.19%), due 10/27/28(a) | 130,000 | 132,000 | ||||||
| HSBC USA, Inc. | ||||||||
| 5.625%, due 3/17/25 | 300,000 | 299,874 | ||||||
| Huntington National Bank (The) | ||||||||
| 4.008%, (SOFR + 1.21%), due 5/16/25(a) | 380,000 | 368,748 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 3.845%, (SOFR + 0.98%), due 6/14/25(a) | 365,000 | 358,146 | ||||||
| 5.546%, (SOFR + 1.07%), due 12/15/25(a) | 110,000 | 109,700 | ||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 5.400%, due 11/21/25 | 250,000 | 245,154 | ||||||
| Morgan Stanley | ||||||||
| 4.679%, (SOFR + 1.67%), due 7/17/26(a) | 200,000 | 196,056 | ||||||
| 5.164%, (SOFR + 1.59%), due 4/20/29(a) | 205,000 | 202,841 | ||||||
| Morgan Stanley Bank NA | ||||||||
| 4.754%, due 4/21/26 | 250,000 | 246,921 | ||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Financial (continued) | ||||||||
| US Bancorp | ||||||||
| 4.653%, (SOFR + 1.23%), due 2/1/29(a) | $ | 100,000 | $ | 95,957 | ||||
| 4,608,520 | ||||||||
| Technology — 0.6% | ||||||||
| Oracle Corp. | ||||||||
| 5.800%, due 11/10/25 | 135,000 | 136,708 | ||||||
| Utilities — 13.1% | ||||||||
| CenterPoint Energy, Inc. | ||||||||
| 5.777%, (SOFR + 0.65%), due 5/13/24(a) | 705,000 | 704,069 | ||||||
| Eversource Energy | ||||||||
| Series T, 5.380%, (SOFR + 0.25%), due 8/15/23(a) | 705,000 | 704,464 | ||||||
| Florida Power & Light Co. | ||||||||
| 5.050%, due 4/1/28 | 115,000 | 115,972 | ||||||
| National Rural Utilities Cooperative Finance Corp. | ||||||||
| 5.050%, due 9/15/28 | 50,000 | 50,022 | ||||||
| Nextera Energy Capital Holdings, Inc. | ||||||||
| 6.051%, due 3/1/25 | 50,000 | 50,363 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 3.250%, due 2/16/24 | 280,000 | 275,544 | ||||||
| 4.200%, due 3/1/29 | 193,000 | 173,951 | ||||||
| Sempra | ||||||||
| 3.300%, due 4/1/25 | 150,000 | 144,510 | ||||||
| Southern California Edison Co. | ||||||||
| 1.100%, due 4/1/24 | 100,000 | 96,833 | ||||||
| 5.300%, due 3/1/28 | 65,000 | 65,421 | ||||||
| 5.850%, due 11/1/27 | 105,000 | 108,116 | ||||||
| Southern Co. (The) | ||||||||
| 5.150%, due 10/6/25 | 120,000 | 119,418 | ||||||
| Virginia Electric and Power Co. | ||||||||
| Series B, 3.750%, due 5/15/27 | 215,000 | 206,481 | ||||||
| 2,815,164 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost $9,303,639) | 9,150,234 | |||||||
| Foreign Bonds — 6.7% | ||||||||
| Financial — 5.7% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | ||||||||
| 1.650%, due 10/29/24 | 540,000 | 510,250 | ||||||
| Credit Suisse AG, (Switzerland) | ||||||||
| 7.950%, due 1/9/25 | 250,000 | 255,647 | ||||||
| Mitsubishi UFJ Financial Group, Inc., (Japan) | ||||||||
| 5.541%, (1 Year US CMT T-Note + 1.50%), due 4/17/26(a) | 200,000 | 199,150 | ||||||
| Royal Bank of Canada, (Canada) | ||||||||
| 5.660%, due 10/25/24 | 140,000 | 140,002 | ||||||
| Toronto-Dominion Bank (The), (Canada) | ||||||||
| 4.285%, due 9/13/24 | 125,000 | 123,102 | ||||||
| 1,228,151 | ||||||||
| Utilities — 1.0% | ||||||||
| Enel Finance America LLC, (Italy) | ||||||||
| 7.100%, due 10/14/27 | 200,000 | 210,029 | ||||||
| Total Foreign Bonds | ||||||||
| (Cost $1,451,893) | 1,438,180 | |||||||
| U.S. Treasury Notes — 49.1% | ||||||||
| U.S. Treasury Note, 2.250%, due 12/31/23 | 4,800,000 | 4,737,750 | ||||||
Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| U.S. Treasury Notes (continued) | ||||||||
| U.S. Treasury Note, 4.000%, due 7/31/30 | $ | 155,000 | $ | 154,394 | ||||
| U.S. Treasury Note, 4.125%, due 7/31/28 | 3,405,000 | 3,398,882 | ||||||
| U.S. Treasury Note, 4.500%, due 7/15/26 | 525,000 | 524,877 | ||||||
| U.S. Treasury Note, 4.750%, due 7/31/25 | 1,750,000 | 1,746,172 | ||||||
| 10,562,075 | ||||||||
| Total U.S. Treasury Notes | ||||||||
| (Cost $10,569,481) | 10,562,075 | |||||||
| Shares | ||||||||
| Short-Term Investment — 1.2% | ||||||||
| Money Market Fund — 1.2% | ||||||||
| BlackRock Liquidity T-Fund, 5.16%(b) | ||||||||
| (Cost $259,611) | 259,611 | 259,611 | ||||||
| Total Investments — 99.5% | ||||||||
| (Cost $21,584,624) | 21,410,100 | |||||||
| Other Assets and Liabilities, Net — 0.5% | 98,499 | |||||||
| Net Assets — 100.0% | $ | 21,508,599 | ||||||
| (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 July 31, 2023. |
| (b) | Reflects the 7-day yield at July 31, 2023. |
| Abbreviations | |
| CMT | - Constant Maturity Treasury Index |
| SOFR | - Secured Financing Overnight Rate |
Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)
July 31, 2023 (unaudited)
| Open futures contracts outstanding at July 31, 2023: | ||||||||||||||||||||
| Type | Broker | Expiration Date | Number of Contracts Purchased (Sold) | Notional Value at Trade Date | Notional Value at July 31, 2023 | Unrealized Appreciation (Depreciation) | ||||||||||||||
| U.S. 10 year Note (CBT) | RBC Capital Markets | September 2023 | (2) | $ | (228,184 | ) | $ | (222,813 | ) | $ | 5,371 | |||||||||
| U.S. 2 year Note (CBT) | RBC Capital Markets | September 2023 | (24) | (4,947,132 | ) | (4,872,750 | ) | 74,382 | ||||||||||||
| U.S. 5 year Note (CBT) | RBC Capital Markets | September 2023 | (47) | (5,125,859 | ) | (5,020,555 | ) | 105,304 | ||||||||||||
| $ | 185,057 | |||||||||||||||||||
| CBT — Chicago Board of Trade | ||||||||||||
| Cash posted as collateral to broker for futures contracts was $93,875 at July 31, 2023. | ||||||||||||
| The following is a summary of the inputs used to value the Fund’s investments as of July 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:(c) | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 9,150,234 | $ | — | $ | 9,150,234 | ||||||||
| Foreign Bonds | — | 1,438,180 | — | 1,438,180 | ||||||||||||
| U.S. Treasury Notes | — | 10,562,075 | — | 10,562,075 | ||||||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Fund | 259,611 | — | — | 259,611 | ||||||||||||
| Total Investments in Securities | 259,611 | 21,150,489 | — | 21,410,100 | ||||||||||||
| Other Financial Instruments:(d) | ||||||||||||||||
| Futures Contracts | 185,057 | — | — | 185,057 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 444,668 | $ | 21,150,489 | $ | — | $ | 21,595,157 | ||||||||
| (c) | For a complete listing of investments and their industries, see the Schedule of Investments. |
| (d) | Reflects the unrealized appreciation (depreciation) of the instruments. |
For the period ended July 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.