TABLE OF CONTENTS
IndexIQ ETF Trust
Annual Report
April 30, 2023
IQ Hedge Multi-Strategy Tracker ETF (QAI)
IQ Merger Arbitrage ETF (MNA)
IQ 500 International ETF (IQIN)
IQ Candriam ESG International Equity ETF (IQSI)
IQ Candriam ESG U.S. Mid Cap Equity ETF (IQSM)
IQ Candriam ESG U.S. Large Cap Equity ETF (IQSU)
IQ Chaikin U.S. Large Cap ETF (CLRG)
IQ Chaikin U.S. Small Cap ETF (CSML)
IQ CBRE NextGen Real Estate ETF (ROOF)
IQ FTSE International Equity Currency Neutral ETF (HFXI)
IQ U.S. Mid Cap R&D Leaders ETF (MRND)
IQ U.S. Large Cap R&D Leaders ETF (LRND)
IQ Global Equity R&D Leaders ETF (WRND)
IQ Global Resources ETF (GRES)
IQ Real Return ETF (CPI)
IQ Clean Oceans ETF (OCEN)
IQ Cleaner Transport ETF (CLNR)
IQ Engender Equality ETF (EQUL)
IQ Healthy Hearts ETF (HART)
   
Not FDIC Insured | May Lose Value | No Bank Guarantee
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TABLE OF CONTENTS
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/etf 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/etf 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, visiting neworklifeinvestments.com/etf, or by accessing the SEC’s website at www.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 www.sec.gov. Additionally, the Funds' makes its portfolio holdings for the first and third quarters of each fiscal year available on the Funds’ website at newyorklifeinvestments.com\documents.
Availablity of Premium/Discount Information
Each Funds’ premium/discount information is available, free of charge, on the Funds’ website newyorklifeinvestments.com/etf 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.
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Shareholder Letter (unaudited)
Message from the President
Despite high levels of volatility and sharp, short-term shifts in value, broadly based stock and bond indices saw relatively modest overall changes during the 12-month reporting period ended April 30, 2023. A deeply challenging investment environment during the last eight months of 2022, driven by increasing inflationary pressures and aggressive monetary efforts to curb them, was followed by a more positive, but uneven, economic and monetary backdrop during the first four months of 2023.
In April 2022, before the start of the reporting period, U.S. inflation stood at an annualized rate of 8.3%, up from 4.2% a year earlier. The U.S. Federal Reserve (the “Fed”), had begun to take steps to curb inflation, raising the federal funds rate from near zero in March 2022. Eight separate rate hikes during the reporting period brought the benchmark rate up to 4.75-5.00% in March 2023. Inflation seemed to respond, easing steadily from a peak of 9.1% in June 2022 to 4.9% in April 2023. Although further interest rate increases are expected in 2023, by the end of the reporting period, it appeared that the Fed might be nearing the end of the current rate-hike cycle. Economic growth, although slower, remained positive, supported by historically high levels of employment and robust consumer spending. International economies experienced similar trends, with more modest central bank interest-rate hikes curbing inflation to a degree.
Equity market behavior during the reporting period reflected the arc of monetary policy and economic developments. From May through early October 2022, as inflation raged and interest-rate increases accelerated, investors shied away from perceived risk, favoring relatively defensive and value-oriented sectors over growth-oriented sectors. The S&P 500® Index, a widely regarded benchmark of U.S. market performance, declined by more than 13% during this time, while international stocks suffered even sharper losses. These trends reversed from mid-October 2022 through the end of the reporting period, as inflationary pressures eased and markets began to anticipate an end to rising interest rates. Between mid-October 2022 and April 30, 2023, the S&P 500® Index regained all the ground it lost earlier, ending in modestly positive territory. International developed-markets stocks bounced back even stronger, prompted by surprisingly robust economic resilience in Europe and further bolstered by China’s reopening after the government rescinded its “zero-COVID-19” policy and eased regulatory restrictions on key industries. The declining value of the U.S. dollar relative to other currencies also enhanced international market equity performance. Emerging markets generally lagged their developed-markets counterparts while outperforming U.S. markets.
Fixed-income markets followed a similar pattern of retreat and recovery. Bond prices trended sharply downward early in the reporting period, as yields rose along with interest rates. Short-term yields rose faster than long-term yields, producing a yield curve inversion — with long-term rates lower than short-term rates — that persisted from July through the end of the reporting period. However, market sentiment improved in the second half of the reporting period as inflationary pressures eased. As the Fed decreased the magnitude of rate increases, focus turned toward the possibility of eventual rate reductions and a potential ‘soft landing’ for the economy. On the negative side, a small number of high-profile, regional U.S. bank failures in March and April 2023 raised fears of possible wider banking industry contagion and future credit constraints.
While many market observers believe the Fed has neared the end of the current cycle of rate increases, the central bank’s rhetoric remains sharply focused on its target inflation rate of 2%. Only time will tell if the market’s favorable expectations prove well founded.
However the economic story unfolds in the months and years to come, at New York Life Investments we remain dedicated to providing the unique investment solutions required to build smarter portfolios during challenging times. Thank you for continuing to place your trust in our team.
Sincerely,
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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.
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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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Hedge Multi-Strategy Tracker ETF returned 0.68% at NAV (net asset value) and 0.73% at market price.1 To compare, the ETF’s Underlying Index, the IQ Hedge Multi-Strategy Index2 returned 1.35% for the reporting period. The S&P 500® Index (Net)2 and Barclay Fund of Funds Index2 returned 2.13% and −0.29%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 30, 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility. Against this challenging backdrop, hedge fund performance was mixed, with macro and multi-strategy funds being the top performers, while equity long/short, fixed income arbitrage and event-driven strategies lagged.
How were the ETF’s assets allocated during the reporting period and why?
The ETF spread its allocations across bonds, equities, commodities, currencies, real estate and volatility, with the largest allocation dedicated to bonds, followed by equities. The Underlying Index uses a rules-based process to select individual Index components that, when combined, produce an Index designed to replicate the risk/return characteristics of hedge funds generally, not individual hedge funds. The Underlying Index uses an optimization process whereby Index components are weighted, pursuant to a rules-based process, in an optimal manner to replicate various hedge fund investment styles.
How did the ETF’s allocations change over the course of the reporting period?
The ETF maintained its largest overweight allocations to bonds, followed by equities. As equity uncertainty stayed high and the Fed’s rate hikes cooled over the reporting period, the ETF increased its allocation to bonds and reduced its exposure to equities.
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 index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
During the reporting period, which Underlying holdings had the highest total returns and which Underlying holdings had the lowest total returns?
In terms of total return, the ETF’s best performers during the reporting period were Energy Select Sector SPDR® Fund and Vanguard Energy ETF. Energy Select Sector SPDR® Fund tracks the performance of the Energy Select Sector Index. The fund holds large-cap U.S. energy stocks. It invests in companies that develop and produce crude oil & natural gas, and provide drilling and other energy related services. The holdings are weighted by market capitalization. Vanguard Energy ETF seeks to track the performance of the MSCI US Investable Market Energy Index, which consists of large, mid-size and small U.S. companies in the energy sector involved in the construction or provision of oil rigs, as well as the exploration, production and refining of oil & gas products.
The holdings with the lowest total returns were Vanguard Real Estate ETF and Fidelity MSCI Real Estate Index ETF. Vanguard Real Estate ETF seeks to track the performance of the MSCI US IMI 25/50 Real Estate Index. The ETF invests in the stocks that make up the Index, holding each stock in the same proportion as its weighting in the Index; the remaining assets are allocated to cash investments. Fidelity MSCI Real Estate Index ETF seeks to provide investment results that correspond, before fees and expenses, to the performance of the MSCI USA IMI Real Estate 25/25 Index. The constituents of the ETF are market cap weighted and rebalanced quarterly.
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 strongest contributors to the ETF’s absolute performance during the reporting period were Vanguard Short-Term Corporate Bond ETF and Energy Select Sector SPDR® Fund, the latter of which is described above. Vanguard Short-Term Corporate Bond ETF seeks to track the performance of the Bloomberg US 1-5 Year Corporate Bond Index.
The weakest contributors to the ETF’s absolute performance were SPDR® Bloomberg Convertible Securities ETF and iShares Convertible Bond ETF. SPDR® Bloomberg Convertible Securities ETF’s objective is to provide investment results that correspond generally to the total return performance of the Bloomberg U.S. Convertibles Liquid Bond Index. iShares Convertible Bond ETF seeks to track the investment results of the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. The Index is a subset of the Bloomberg U.S. Convertibles: Cash Pay Bonds Index and measures the performance of the U.S. dollar-denominated convertibles market.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the ETF’s largest positions included Vanguard Short-Term Corporate Bond ETF, described above, and iShares 1-5 Year Investment Grade Corporate Bond ETF. iShares 1-5 Year Investment Grade Corporate Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between 1-5 years. The ETF seeks to track the ICE BofA 1-5 Year US Corporate Index.
The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2013 Through 4/30/2023)
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Fund Performance History
IQ Hedge Multi-Strategy Tracker ETF
(as of April 30, 2023)
1 Year
5 Year
10 Year
Average
Annual
Average
Annual
Average
Annual
IQ Hedge Multi-Strategy Tracker ETF Market Price1
0.73% 0.93% 1.44%
IQ Hedge Multi-Strategy Tracker ETF NAV
0.68% 0.92% 1.45%
IQ Hedge Multi-Strategy Index2
1.35% 1.49% 2.31%
S&P 500 Index (Net)2
2.13% 10.86% 11.56%
Barclay Fund of Funds Index2
-0.29% 2.12% 2.34%
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.
2
The IQ Hedge Multi-Strategy Index is the underlying index of ETF. The IQ Hedge Multi-Strategy Index seeks to replicate the risk-adjusted return characteristics of hedge funds generally. The S&P 500® (Net) Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The Barclay Fund of Funds Index is a measure of the average net returns of all reporting funds of funds in the Barclay Hedge database.
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.
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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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Merger Arbitrage ETF returned −0.21% at NAV (net asset value) and −0.19% at market price.1 To compare, the ETF’s Underlying Index, the IQ Merger Arbitrage Index2 returned 0.59% for the reporting period. The MSCI World Index (Net),2 S&P 500® Index (Net)2 and Barclay Merger Arbitrage Index2 returned 3.18%, 2.13% and 1.65%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The IQ Merger Arbitrage Index, the ETF’s Underlying Index, seeks to achieve capital appreciation by investing in global companies for which there has been a public announcement of a takeover by an acquirer. This differentiated approach is based on a passive strategy of owning certain announced takeover targets with the goal of generating returns that are representative of global merger arbitrage activity. The Index also includes short exposure to global equities as a partial equity market hedge.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
Overall, global dealmaking had to navigate a daunting environment, with stubbornly high inflation, sharply rising interest rates and the growing specter of recession looming large. Despite the uncertain economic outlook and volatile equity market, M&A (merger and acquisition) activity, while down from a bumper year in 2021, held strong throughout the reporting period. Given that M&A is focused on unlocking long-term value, a significant cohort of companies were contrarians to the prevailing hesitancy and sought to take advantage of lower, and more attractive, valuations. This led to M&A continuing apace and remaining above pre-pandemic levels.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
With deals that involve stock financing, the Underlying Index employs a hedge to the sector of the acquirer if it is a domestic company and to the country or region of an acquirer if it is an international company. This
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 index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
approach served the ETF well, delivering returns of 1.25% for North America sector hedges and 0.17% for non-North America country/regional hedges.
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 health care and consumer staples. The sectors providing the weakest contributions to the ETF’s absolute performance were information technology 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 Oak Street Health and Zendesk. Health care services provider Oak Street offers a technology-enabled, integrated platform to deliver value-based care focused on U.S. patients with health insurance. Software company Zendesk designs and develops software to improve customer relationships worldwide.
During the same period, the weakest contributors to the ETF’s absolute performance were Rogers and Duke Realty. Electronics solutions provider Rogers focuses on specialty engineered materials that enable high performance and reliability in electric vehicles, hybrid electric vehicles, wireless infrastructure, automotive safety and portable electronics for clients worldwide. Duke Realty owns, develops and manages logistics and industrial properties. The company provides development, leasing, property management, construction and other related services in the United States.
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 health care and consumer staples. During the same period, the sectors with the most substantial weighting decreases were information technology and utilities.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Oak Street Health, described above, and TravelCenters of America. TravelCenters of America owns and operates petroleum filling stations in the United States. The company offers petrol, engine oils, preventive maintenance and food services.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2013 Through 4/30/2023)
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Fund Performance History
IQ Merger Arbitrage ETF
(as of April 30, 2023)
1 Year
5 Year
10 Year
Average
Annual
Average
Annual
Average
Annual
IQ Merger Arbitrage ETF Market Value1
-0.19% 1.08% 2.68%
IQ Merger Arbitrage ETF NAV
-0.21% 1.11% 2.62%
IQ Merger Arbitrage Index2
0.59% 1.77% 3.38%
MSCI World Index (Net)2
3.18% 8.14% 8.71%
S&P 500 Index (Net)2
2.13% 10.86% 11.56%
Barclay Merger Arbitrage Index2
1.65% 5.44% 4.76%
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.
2
The IQ Merger Arbitrage Index is the underlying index of ETF. The IQ Merger Arbitrage Index seeks to achieve capital appreciation by investing in global companies for which there has been a public announcement of a takeover by an acquirer. The MSCI World Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The Barclay Merger Arbitrage Index is a measure of the average net returns of all reporting merger arbitrage funds in the Barclay Hedge database.
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.
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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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ 500 International ETF returned 8.93% at NAV (net asset value) and 10.47% at market price.1 To compare, the ETF’s Underlying Index, the IQ 500 International Index2 returned 9.11% for the reporting period. The MSCI EAFE Index (Net)2 returned 8.42% for the same period.
What factors affected the ETF’s performance during the reporting period?
The IQ 500 International Index, the ETF’s Underlying Index, identifies international companies that enjoy a strong global footprint and, at the same time, are able to maintain their long-term competitive positioning. The combination of these factors results in companies that are poised to continue driving improved operational performance and sustainable, long-term equity appreciation with low volatility and turnover.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Moreover, as the low interest rate environment came to a close and investors became more discerning, factor investment performance improved. Value outpaced its factor peers, as rising interest rates softened the appeal of growth stocks and boosted interest in profitable, undervalued companies. Amid this defensive shift, low volatility also fared well, with investors turning to stable, defensive sectors and companies. Quality also outperformed with investors favoring companies with strong, resilient balance sheets amid heightened uncertainty. The lone underperformer was the growth factor due to the sharply higher interest rate environment. With its multifactor approach, the Underlying Index was favorably positioned to benefit from this factor outperformance, while staying buffered from the cyclicality and concentration risk inherent to single factor exposures.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
Global currency and international equity markets experienced sharp volatility throughout the reporting period, with the U.S. dollar surging to historic highs as the Fed outpaced other central banks with significantly higher rates. However, as the reporting period progressed, other central banks raised rates markedly as well,
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 index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
taking some of the air out of the soaring dollar and buoying international developed equities. Moreover, international developed economies held up better than expected amid recession concerns, further aiding performance.
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 information technology.
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 TotalEnergies and LVMH Moet Hennessy Louis Vuitton. Energy company TotalEnergies produces, transports and supplies crude oil, natural gas and low carbon electricity and refines petrochemical products. The company owns and manages gasoline filling stations worldwide. France-based, diversified, luxury goods company LVMH produces and sells wine, cognac, perfumes, cosmetics, luggage, watches and jewelry.
The weakest contributors to the ETF’s absolute performance during the same period were Toyota Motor and Uniper. Toyota Motor manufactures, sells, leases, and repairs passenger cars, trucks, buses and their related parts worldwide. The company also builds homes, produces pleasure boats and develops intelligent transportation products, including radar cruise control and electronic toll collection systems. In addition, Toyota operates financing services through its subsidiaries. International energy company Uniper owns and manages a portfolio of power plants located across Europe and Russia, and focuses on commodity trading businesses, such as power, emission certificates, natural gas, liquefied natural gas, coal and freight. Uniper also operates power and gas storage 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 energy and consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were consumer staples and health care.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Deutsche Post and TotalEnergies, the latter of which is described above. Logistics company Deutsche Post offers letter and parcel dispatch, express delivery, freight transport, supply-chain management, and e-commerce solutions to customers worldwide.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_500international-bw.jpg]
Fund Performance History
IQ 500 International ETF
(as of April 30, 2023)
1 Year
3 Year
Since Inception1
Average
Annual
Average
Annual
Average
Annual
Cumulative
IQ 500 International ETF Market Price2
10.47% 16.49% 8.07% 40.52%
IQ 500 International ETF NAV
8.93% 16.04% 8.00% 40.14%
IQ 500 International Index3
9.11% 16.36% 8.20% 41.28%
MSCI EAFE Index (Net)3
8.42% 11.68% 7.16% 35.43%
1
Fund Inception Date: 12/13/2018
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ 500 International Index selects and weights securities utilizing a rules-based methodology incorporating three fundamental factors: sales, market share, and operating margin. The top 500 securities, based on the composite rank, are included in the Index. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. Index results assume the reinvestment of all capital gain and dividend distributions.
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.
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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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Candriam ESG International Equity ETF returned 7.98% at NAV (net asset value) and 9.81% at market price.1 To compare, the ETF’s Underlying Index, Candriam ESG International Equity Index2 returned 8.15% for the reporting period. The MSCI EAFE Index (Net)2 returned 8.42% for the same period.
What factors affected the ETF’s performance during the reporting period?
The Candriam ESG International Equity Index, the ETF’s Underlying Index, is a rules-based, broad-based, market-cap weighted index that consists of the top-rated international ESG (environmental, social and governance) companies based on ESG criteria developed by Candriam. Candriam’s ESG criteria seeks to identify companies that operate in a sustainable and responsible manner.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly ESG sentiment, global trade activity, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 financials and consumer discretionary. The sectors that made the weakest contributions to the ETF’s absolute performance were real estate and materials.
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 Novo Nordisk and LVMH Moet Hennessy Louis Vuitton. Novo Nordisk develops, produces and markets pharmaceutical products. The company focuses on diabetes care and offers insulin delivery systems and
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 index returns.
14

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Management’s Discussion of Fund Performance (unaudited)(continued)
other diabetes products. Novo Nordisk also works in areas such as hemostasis management, growth disorders and hormone replacement therapy, and offers educational and training materials. France-based, diversified, luxury goods company LVMH produces and sells wine, cognac, perfumes, cosmetics, luggage, watches and jewelry.
The weakest contributors to the ETF’s absolute performance were Toyota Motor and Roche Holding. Toyota Motor manufactures, sells, leases and repairs passenger cars, trucks, buses and their related parts worldwide. The company also builds homes, produces pleasure boats and develops intelligent transportation products, including radar cruise control and electronic toll collection systems. In addition, Toyota operates financing services through its subsidiaries. Pharmaceutical and diagnostics products company Roche produces prescription drugs in the areas of cardiovascular, infectious, autoimmune and respiratory diseases, as well as products related to dermatology, metabolic disorders, oncology, transplantation and the central nervous system. The company serves customers worldwide.
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 health care and consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were industrials and information technology.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were ASML Holdings and LVMH, the latter of which is described above. ASML Holding develops, produces and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography, for clients worldwide.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_esginternational-bw.jpg]
Fund Performance History
IQ Candriam ESG International Equity ETF
(as of April 30, 2023)
1 Year
3 Year
Since Inception1
Average
Annual
Average
Annual
Average
Annual
Cumulative
IQ Candriam ESG International Equity ETF Market Price2
9.81% 12.40% 5.11% 18.31%
IQ Candriam ESG International Equity ETF NAV
7.98% 12.08% 5.03% 18.01%
IQ Candriam ESG International Equity Index3
8.15% 12.32% 5.20% 18.63%
MSCI EAFE Index (Net)3
8.42% 11.68% 4.17% 14.78%
1
Fund Inception Date: 12/17/2019
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ Candriam ESG International Equity Index is the underlying index of ETF. The IQ Candriam ESG International Equity Index is designed to deliver exposure to equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market-capitalization weighting methodology. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ Candriam ESG U.S. Mid Cap Equity ETF
How did IQ Candriam ESG U.S. Mid Cap Equity ETF perform during the period since its inception on October 25, 2022, through April 30, 2023 (the “reporting period”)?
For the reporting period, IQ Candriam ESG U.S. Mid Cap Equity ETF returned 6.85% at NAV (net asset value) and 6.88% at market price.1 To compare, the ETF’s Underlying Index, the IQ Candriam ESG US Mid Cap Equity Index,2 and the Russell Midcap Index returned 6.95% and 8.31%, respectively, for the reporting period.
What factors affected the ETF’s performance during the reporting period?
The IQ Candriam ESG US Mid Cap Equity Index, the ETF’s Underlying Index, is a rules-based, broad-based, market-cap weighted index that consists of the top-rated US Mid Cap ESG (environmental, social and governance) companies based on ESG criteria developed by Candriam. Candriam’s ESG criteria seeks to identify companies that operate in a sustainable and responsible manner.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly ESG sentiment, global trade activity, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 industrials and health care. The sectors that made the weakest contributions to the ETF’s absolute performance were information technology and financials.
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 Fair Isaac and Abiomed. Fair Isaac provides analytics software, solutions, and services. The company offers tools used to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict
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 19 for more information on index returns.
17​

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Management’s Discussion of Fund Performance (unaudited)(continued)
government regulations. Fair Isaac serves banks, collection agencies and governments, as well as enterprises in the insurance, health care and transportation industries worldwide. Abiomed develops, manufactures and markets cardiovascular products. The company develops technologies designed to assist and replace the pumping function of the heart for customers worldwide.
During the same period, the weakest contributors to the ETF’s absolute performance were Western Alliance Bancorp and Sunrun. Multi-bank holding company Western Alliance provides a full range of banking and related services to businesses and consumers in Nevada, Arizona and California. Solar energy solutions provider Sunrun sells, installs, monitors and maintains solar panels on U.S. homeowner’s roofs and related equipment to supply solar electricity.
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 consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were energy and utilities.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Fair Isaac, described above, and Lamb Weston Holdings. Through its subsidiaries, Lamb Weston produces and supplies frozen potato products, including fries, oven roasted potatoes, puffs, chips, slices and prepared potato 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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_esgusmidcap-bw.jpg]
Fund Performance History
IQ Candriam ESG U.S. Mid Cap Equity ETF
(as of April 30, 2023)
Since Inception1
Cumulative
IQ Candriam ESG U.S. Mid Cap Equity ETF Market Price2
6.88%
IQ Candriam ESG U.S. Mid Cap Equity ETF NAV
6.85%
IQ Candriam ESG U.S. Mid Cap Equity Index3
6.95%
Russell Midcap Index3
8.31%
1
Fund Inception Date: 10/25/2022
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ Candriam ESG U.S. Mid Cap Equity Index is the underlying index of ETF. The IQ Candriam ESG US Mid Cap Equity Index is a broad-based, market-cap weighted index that consists of the top-rated US Mid Cap ESG companies based on Candriam’s ESG criteria. Candriam’s ESG criteria seeks to identify companies that operate in a sustainable and responsible manner. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ Candriam ESG U.S. Large Cap Equity ETF
How did IQ Candriam ESG U.S. Large Cap Equity ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Candriam ESG U.S. Large Cap Equity ETF returned 1.81% at NAV (net asset value) and 1.75% at market price.1 To compare, the ETF’s Underlying Index, IQ Candriam ESG US Equity Index2 returned 1.86% for the reporting period. The S&P 500® Index2 returned 2.66% for the same period.
What factors affected the ETF’s performance during the reporting period?
The IQ Candriam ESG U.S Equity Index, the ETF’s Underlying Index, is a rules-based, broad-based, market-cap weighted index that consists of the top-rated U.S. ESG (environmental, social and governance) companies based on ESG criteria developed by Candriam. Candriam’s ESG criteria seeks to identify companies that operate in a sustainable and responsible manner.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels
These crosscurrents weighed heavily on key asset class performance drivers, particularly ESG sentiment, global trade activity, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 energy. The sectors that made the weakest contributions to the ETF’s absolute performance were consumer staples 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 Microsoft and NVIDIA. Microsoft develops and markets software applications, cloud storage services and advanced
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 index returns.
20

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Management’s Discussion of Fund Performance (unaudited)(continued)
security solutions for customers worldwide. NVIDIA designs, develops and markets three-dimensional (3D) graphics processors and related software for the mainstream personal computer market.
The weakest contributors to the ETF’s absolute performance during the same period were SVB Financial Group and Johnson & Johnson. SVB Financial is the holding company for Silicon Valley Bank, a commercial bank that serves emerging growth and middle-market growth companies in targeted niches, focusing on the technology and life sciences industries. Silicon Valley operates offices throughout the Silicon Valley and other areas of California, as well as in other states. Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical device and diagnostics markets. The company sells items such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment and surgical equipment worldwide.
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 consumer discretionary and consumer staples. During the same period, the sectors with the most substantial weighting decreases were health care and communication services.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions held by the ETF were Amazon.com and Microsoft, the latter of which is described above. Online retailer Amazon.com offers a wide range of products, including books, music, computers and electronics, among many others. Amazon also provides personalized shopping services, Web-based credit card payment and direct shipping to customers, as well as a global cloud platform offering.
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.
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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_esguslargecap-bw.jpg]
Fund Performance History
IQ Candriam ESG U.S. Large Cap Equity ETF
(as of April 30, 2023)
1 Year
3 Year
Since Inception1
Average
Annual
Average
Annual
Average
Annual
Cumulative
IQ Candriam ESG U.S. Large Cap Equity ETF Market Price2
1.75% 15.35% 12.30% 47.88%
IQ Candriam ESG U.S. Large Cap Equity ETF NAV
1.81% 15.32% 12.30% 47.88%
IQ Candriam ESG US Equity Index3
1.86% 15.43% 12.38% 48.23%
S&P 500 Index3
2.66% 14.52% 10.02% 38.00%
1
Fund Inception Date: 12/17/2019
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ Candriam ESG US Equity Index is the underlying index of ETF. The IQ Candriam ESG US Equity Index is designed to deliver exposure to equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
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.
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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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Chaikin U.S. Large Cap ETF returned 2.85% at NAV (net asset value) and 2.83% at market price.1 To compare, the ETF’s Underlying Index, the NASDAQ Chaikin Power US Large Cap Index2 returned 3.10% for the reporting period. The S&P 500® Index2 and the NASDAQ US 300 Index2 returned 2.66% and 2.71%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The NASDAQ Chaikin Power US Large Cap Index, the ETF’s Underlying Index, is a rules-based, quantitative index designed to enhance an existing index (the NASDAQ US 300 Index) by selecting stocks with the highest Chaikin Power Gauge rating based on a number of fundamental, technical and sentiment factors. The Underlying Index rebalances and reconstitutes annually and typically consists of 45 to 65 equally weighted securities.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with stocks suffering their worst year since the 2008 Great Financial Crisis and bonds posting historically negative performance amid rapid, global, central bank tightening. The first four months of 2023, while showing improvement, remained uneven.
Moreover, as the low interest rate environment came to a close and investors became more discerning, factor investment performance improved. Value outpaced its factor peers, as rising interest rates softened the appeal of growth stocks and boosted interest in profitable, undervalued companies. Amid this defensive shift, low volatility also fared well, with investors turning to stable, defensive sectors and companies. Quality also outperformed with investors favoring companies with strong, resilient balance sheets amid heightened uncertainty. The lone underperformer was the growth factor due to the sharply higher interest rate environment. With its multifactor approach, the Underlying Index was favorably positioned to benefit from this factor outperformance, while staying buffered from the cyclicality and concentration risk inherent to single factor exposures.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 health care. The
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 index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
sectors that made the weakest contributions to the ETF’s absolute performance were information technology and financials.
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 Las Vegas Sands and O’Reilly Automotive. Las Vegas Sands owns and operates casino resorts and convention centers in the United States, Macau and Singapore. The company offers a wide range of gaming activities and entertainment, as well as overnight accommodations, while its expo centers host diverse entertainment shows, expositions and other activities. O’Reilly Automotive retails and supplies automotive aftermarket parts, tools, supplies, equipment and accessories. Operating throughout the United States, the company sells its products to do-it-yourself customers, professional mechanics and service technicians.
During the same period, the weakest contributors to the ETF’s absolute performance were First Republic Bank and Snap. First Republic and its subsidiaries provide private banking, private business banking and private wealth management in U.S. urban, coastal markets. The company delivers relationship-based service by providing a single point of contact for all of its services. Snap provides technology and social media services. The company develops mobile camera application products and services that allow its worldwide customer base to send and receive photos, drawings, text and videos.
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 consumer staples and utilities. During the same period, the two sectors with the most substantial weighting decreases were information technology and communication services.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the ETF’s largest positions included ResMed and Starbucks. ResMed develops, manufactures and markets medical equipment for the treatment of sleep disordered breathing. The company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors. Starbucks is the premier roaster, marketer and retailer of specialty coffee. The company offers packaged and single-serve coffees and teas, beverage-related ingredients and ready-to-drink beverages, as well as producing and selling bottled coffee drinks and a line of ice creams. Starbucks serves customers worldwide.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_chaikinuslargecap-bw.jpg]
Fund Performance History
IQ Chaikin U.S. Large Cap ETF
(as of April 30, 2023)
1 Year
3 Year
5 Year
Since Inception1
Average
Annual
Average
Annual
Average
Annual
Average
Annual
Cumulative
IQ Chaikin U.S. Large Cap ETF Market Price2
2.83% 15.82% 7.10% 6.84% 42.76%
IQ Chaikin U.S. Large Cap ETF NAV
2.85% 15.76% 7.10% 6.84% 42.77%
NASDAQ Chaikin Power US Large Cap Index3
3.10% 16.09% 7.38% 7.12% 44.83%
S&P 500 Index3
2.66% 14.52% 11.45% 10.60% 72.03%
NASDAQ US 300 Index3
2.71% 13.93% 11.62% 10.72% 73.03%
1
Fund Inception Date: 12/13/2017
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The NASDAQ Chaikin Power US Large Cap Index is the underlying index of ETF. The NASDAQ Chaikin Power US Large Cap Index is a rules-based, quantitative index designed to enhance an existing index (NASDAQ US 300 Index) by selecting stocks with the highest Chaikin Power Gauge rating. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The NASDAQ US 300 Index includes up to the 300 largest securities in the NASDAQ US Large Cap Index, a float-adjusted market capitalization-weighted index, designed to track the performance of securities in NASDAQ US Benchmark Index that comprises the largecap segment of companies.
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.
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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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Chaikin U.S. Small Cap ETF returned −2.10% at NAV (net asset value) and −2.07% at market price.1 To compare, the ETF’s Underlying Index, the NASDAQ Chaikin Power US Small Cap Index2 returned −1.84% for the reporting period. The Russell 2000 Index2 and the NASDAQ US 1500 Index2 returned −3.65% and −4.95%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The NASDAQ Chaikin Power US Small Cap Index, the ETF’s Underlying Index, is a rules-based, quantitative index designed to augment an existing Index (the NASDAQ US 1500 Index) by selecting stocks with the highest Chaikin Power Gauge rating based on a number of fundamental, technical and sentiment factors. The Underlying Index rebalances and reconstitutes annually and typically consists of 200 to 350 equally weighted securities.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with stocks suffering their worst year since the 2008 Great Financial Crisis and bonds posting historically negative performance amid rapid, global, central bank tightening. The first four months of 2023, while showing improvement, remained uneven.
Moreover, as the low interest rate environment came to a close and investors became more discerning, factor investment performance improved, while small caps experienced challenges as investors flocked to larger, more established companies amid intensifying economic uncertainty.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 industrials and health care. The sectors that made the weakest contributions to the ETF’s absolute performance were information technology, financials 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 were Immunovant and
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 index returns.
26

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Management’s Discussion of Fund Performance (unaudited)(continued)
Super Micro Computer. Biotechnology company Immunovant develops and manufactures drugs for patients worldwide with autoimmune diseases. Super Micro Computer designs, develops, manufactures and sells server solutions based on modular and open-standard architecture. The company offers servers, motherboards, chassis and accessories worldwide.
During the same period, the weakest contributors to the ETF’s absolute performance were Bioventus and Avaya Holdings. Medical device maker Bioventus offers ultrasound bone healing devices, musculoskeletal ultrasound devices, osteoarthritis pain treatments, bone fracture healing systems and portable diagnostic systems to customers worldwide. Through its subsidiaries, Avaya Holdings provides business collaboration and communications software solutions. The company offers unified communications, contact centers, real-time video and collaboration services to clients worldwide.
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 and energy. During the same period, the sectors with the most substantial weighting decreases were financials and information technology.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Sana Biotechnology and ImmunityBio. Sana Biotechnology focuses on creating and delivering engineered cells as medicine for patients to replace damaged cells and tissues and treat a broad array of diseases. Biotechnology company ImmunityBio develops cell and immunotherapy products for the treatment of cancers, infections and inflammatory diseases in the United States.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_chaikinussmallcap-bw.jpg]
Fund Performance History
IQ Chaikin U.S. Small Cap ETF
(as of April 30, 2023)
1 Year
3 Year
5 Year
Since Inception1
Average
Annual
Average
Annual
Average
Annual
Average
Annual
Cumulative
IQ Chaikin U.S. Small Cap ETF Market Price2
-2.07% 16.93% 3.81% 4.58% 30.63%
IQ Chaikin U.S. Small Cap ETF NAV
-2.10% 16.93% 3.82% 4.59% 30.65%
NASDAQ Chaikin Power US Small Cap Index3
-1.84% 17.33% 4.19% 5.01% 33.85%
Russell 2000 Index3
-3.65% 11.90% 4.15% 5.45% 37.24%
NASDAQ US 1500 Index3
-4.95% 13.98% 4.92% 6.18% 42.98%
1
Fund Inception Date: 5/16/2017
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The NASDAQ Chaikin Power US Small Cap Index is the underlying index of ETF. The NASDAQ Chaikin Power U.S. Small Cap Index is a rules-based, quantitative index designed to enhance an existing index (NASDAQ US 1500 Index) by selecting stocks with the highest Chaikin Power Gauge rating. The Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. The NASDAQ US 1500 Index contains up to the 1500 largest securities in the NASDAQ US Small Cap Index.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ CBRE NextGen Real Estate ETF
How did IQ CBRE NextGen Real Estate ETF (formerly, IQ U.S. Real Estate Small Cap ETF) perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ CBRE NextGen Real Estate ETF returned −16.22% at NAV (net asset value) and −16.15% at market price.1 On September 1, 2022, the Fund’s underlying index changed from the IQ U.S. Real Estate Small Cap Index to the IQ CBRE NextGen Real Estate Index. To compare, the ETF’s Underlying Index, the IQ CBRE NextGen Real Estate Index2 returned –6.86% for the period September 1, 2022 to the period ended April 30, 2023. The FTSE Nareit All Equity REITs Index2 and Dow Jones U.S. Real Estate Index2 returned –16.09% and –14.58%, respectively, for the 12 months ended April 30, 2023.
What factors affected the ETF’s performance during the reporting period?
The IQ CBRE NextGen Real Estate Index, the ETF’s Underlying Index, seeks to provide exposure to real estate sectors and companies that are expected to benefit from large trends (“NextGen trends”) affecting the global economy over a secular, multi-year time horizon. The ETF primarily provides exposure to U.S. companies but also holds securities of issuers based in foreign markets.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
With an uncertain economic outlook throughout the reporting period, real estate faced several formidable headwinds, none more so than rising interests. Facing the most rapid series of interest rate increases since the 1980’s, real estate suffered as an asset class.
During the reporting period, which subsectors made the strongest contributions to the ETF’s performance and which subsectors made the weakest contributions?
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 student housing and health care, both
1
The price used to calculate the market price returns is determined by using the closing price listed on the NASDAQ and does not represent returns an investor would receive if shares were traded at other times.
2
See page 31 for more information on index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
belonging to the generation change sector. The subsectors that made the weakest contributions to the ETF’s absolute performance were infrastructure (tower) and industrial, belonging to the digital transformation and ecommerce revolution sectors, respectively.
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 Keppel DC REIT and Americold Realty Trust. Keppel DC is Asia’s first pure-play datacenter REIT (real estate investment trust) listed on the Singapore Exchange. The company principally invests, directly or indirectly, in a diversified portfolio of income-producing real estate assets, which are used primarily for datacenter purposes and as real estate-related assets. Americold provides temperature-controlled food distribution services. The company offers warehousing, consolidation programs, shipment management, multi-vendor consolidation and logistics solutions, serving food producers, processors, distributors, wholesalers, retailers and restaurants worldwide.
The weakest contributors to the ETF’s absolute performance during the same period were Crown Castle and Prologis. Crown Castle, a REIT, owns, operates and leases towers and other infrastructure for wireless communications. The company manages and offers wireless communication coverage and infrastructure sites in the United States and Australia. Prologis owns and develops industrial real estate focused on global and regional markets across the Americas, Europe and Asia. The company also leases modern distribution facilities to customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
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 datacenter and specialty. The two subsectors with the largest weighting decreases were infrastructure (tower) and student housing.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Prologis, described above, and American Tower. American Tower, a REIT, owns, operates and develops wireless communications and broadcast towers in the United States. The company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging and cellular.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2013 Through 4/30/2023)
[MISSING IMAGE: lc_cbrenextgenrealestate-bw.jpg]
Fund Performance History
IQ CBRE NextGen Real Estate ETF
(as of April 30, 2023)
1 Year
5 Year
10 Year
Average
Annual
Average
Annual
Average
Annual
IQ CBRE NextGen Real Estate ETF Market Price1
-16.15% 0.69% 2.17%
IQ CBRE NextGen Real Estate ETF NAV
-16.22% 0.67% 2.17%
IQ CBRE NextGen Real Estate Index2
N/A N/A N/A
FTSE Nareit All Equity REITs Index2
-16.09% 6.20% 5.83%
Dow Jones U.S. Real Estate Index3
-14.58% 5.77% 5.47%
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.
2
The IQ CBRE NextGen Real Estate Index is the underlying index of ETF. The IQ CBRE NextGen Real Estate Index is designed to provide exposure to real estate sectors and companies that are expected to benefit from large trends (“NextGen trends”) affecting the global economy over a secular, multi-year time horizon. The Underlying Index will primarily provide exposure to U.S. companies but may also include securities of issuers based in foreign markets. Effective September 1, 2022, the ETF changed its underlying index and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the ETF’s prior underlying index and principal investment strategies. The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
3
The Dow Jones U.S. Real Estate Index measures the stock performance of REITs and real estate operating companies in the U.S. On September 1, 2022, the Fund's primary benchmark changed from the Dow Jones U.S. Real Estate Index to the FTSE Nareit All Equity REITs Index because the Advisor believes that the FTSE Nareit All Equity REITs Index better reflects the investment strategies of the Fund.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ FTSE International Equity Currency Neutral ETF
How did IQ FTSE International Equity Currency Neutral ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ FTSE International Equity Currency Neutral ETF returned 8.31% at NAV (net asset value) and 10.19% at market price.1 To compare, the ETF’s Underlying Index, the FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index2 returned 8.74% for the reporting period. The FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index2 and FTSE Developed ex North America Net Tax (US RIC) Index2 returned 10.23% and 7.04%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index, the ETF’s Underlying Index, is an equity benchmark of international stocks from developed markets, with approximately half of the currency exposure of the securities included in the Index “hedged” against the U.S. dollar on a monthly basis.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
Global currency and international equity markets experienced sharp volatility throughout the reporting period, with the U.S. dollar surging to historic highs as the Fed outpaced other central banks with significantly higher rates. However, as the reporting period progressed, other central banks raised rates markedly as well, taking some of the air out of the soaring dollar. Against this backdrop, the ETF’s currency hedge provided a positive contribution to the ETF’s performance.
During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?
Against the backdrop of a rising USD, the Underlying Index’s currency hedge positively contributed to performance, returning 1.69% over 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 34 for more information on index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?
On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were financials and industrials. The sectors that made the weakest contributions to the ETF’s absolute performance were real estate and information technology.
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 Novo Nordisk and LVMH Moet Hennessy Louis Vuitton. Novo Nordisk develops, produces and markets pharmaceutical products. The company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as hemostasis management, growth disorders and hormone replacement therapy, and offers educational and training materials. France-based diversified luxury goods company LVMH produces and sells wine, cognac, perfumes, cosmetics, luggage, watches and jewelry.
The weakest contributors to the ETF’s absolute performance were Toyota Motor and Roche Holding. Toyota Motor manufactures, sells, leases and repairs passenger cars, trucks, buses and their related parts worldwide. The company also builds homes, produces pleasure boats and develops intelligent transportation products, including radar cruise control and electronic toll collection systems. In addition, Toyota operates financing services through its subsidiaries. Pharmaceutical and diagnostics products company Roche produces prescription drugs in the areas of cardiovascular, infectious, autoimmune and respiratory diseases, as well as products related to dermatology, metabolic disorders, oncology, transplantation and the central nervous system. The company serves customers worldwide.
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 energy and health care. During the same period, the sectors with the most substantial weighting decreases were information technology and consumer discretionary.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Nestlé and Novo Nordisk, 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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_internationequity-bw.jpg]
Fund Performance History
IQ FTSE International Equity Currency Neutral ETF
(as of April 30, 2023)
1 Year
3 Year
5 Year
Since Inception1
Average
Annual
Average
Annual
Average
Annual
Average
Annual
Cumulative
IQ FTSE International Equity Currency Neutral ETF Market Price2
10.19% 13.73% 5.54% 5.58% 52.56%
IQ FTSE International Equity Currency Neutral ETF NAV
8.31% 13.15% 5.42% 5.52% 51.90%
FTSE Developed ex North America 50% Hedged to USD Index3
8.74% 13.49% 5.65% 5.94% 56.67%
FTSE Developed ex North America 100% Hedged to USD Net Tax
(US RIC) Index3
10.23% 15.30% 7.80% 7.23% 72.10%
FTSE Developed ex North America Net Tax (US RIC) Index3
7.04% 11.56% 3.44% 4.57% 41.58%
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.
3
The FTSE Developed ex North America 50% Hedged to USD Index is the underlying index of ETF. The FTSE Developed ex North America 50% Hedged to USD Index is the FTSE Developed ex North America Index with 50% of its exposure hedged to U.S. dollars. The FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index is comprised of large and mid-cap stocks in developed markets, The FTSE Developed ex North America Net Tax (US RIC) Index is comprised of large- and mid-cap stocks in Developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. The FTSE currency hedging methodology allows exposure to the returns of the foreign assets in the index without being exposed to the volatility of the exchange rates against the US dollar.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ U.S. Mid Cap R&D Leaders ETF
How did IQ U.S. Mid Cap R&D Leaders ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ U.S. Mid Cap R&D Leaders ETF returned −8.07% at NAV (net asset value) and −8.03% at market price.1 To compare, the ETF’s Underlying Index, the IQ U.S. Mid Cap R&D Leaders Index,2 and the Russell Midcap Growth Index2 returned −8.05% and 1.60%, respectively, for the reporting period.
What factors affected the ETF’s performance during the reporting period?
The IQ U.S. Mid Cap R&D Leaders Index, the ETF’s Underlying Index, seeks to provide exposure to highly innovative companies through the selection of equities in the U.S mid-cap universe with the highest R&D (research and development) spending in the past year. Companies with high R&D spending are investing for future growth in their business and may enjoy strong long-term competitive positioning.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
With an uncertain economic outlook throughout the reporting period, R&D spending was somewhat subdued and mid-cap stocks were out of favor, as investors sought refuge in larger, more established companies or higher-yielding alternatives amid rising interest rates.
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 communication services and materials. The sectors that made the weakest contributions to the ETF’s absolute performance were consumer discretionary and information technology.
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page 37 for more information on index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
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 Biogen and Seagen. Biogen develops, manufactures and commercializes therapies, focusing on neurology, oncology and immunology. The company products address diseases such as multiple sclerosis, non-Hodgkin’s lymphoma, rheumatoid arthritis, Crohn’s disease and psoriasis. Biotechnology developer Seagen focuses on monoclonal antibody-based drugs to treat cancer and related diseases, and offers antibody/drug conjugate technology designed to deliver cell-killing agents directly to tumor cells. Seagen serves customers worldwide.
During the same period, the weakest contributors to the ETF’s absolute performance were Novavax and Rivian Automotive. Clinical stage biotechnology company Novavax creates novel vaccines to address a broad range of infectious diseases worldwide using proprietary, virus-like particle (VLP) technology. Automotive technology company Rivian designs and manufactures vans, trucks and sports utility vehicles, and offers related software solutions, information technology, repair and maintenance services. Rivian Automotive serves customers in North America and the U.K.
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 health care and communication services. During the same period, the sectors with the most substantial weighting decreases were information technology and industrials.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the largest positions in the ETF were Electronic Arts and Biogen, the latter of which is described above. Electronic Arts develops, publishes and distributes branded interactive entertainment software worldwide for video game consoles, personal computers, handheld game players and cellular handsets. The company also provides online game-related services.
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.
36

TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_usmidcaprandd-bw.jpg]
Fund Performance History
IQ U.S. Mid Cap R&D Leaders ETF
(as of April 30, 2023)
1 Year
Since Inception1
Average
Annual
Average
Annual
Cumulative
IQ U.S. Mid Cap R&D Leaders ETF Market Price2
-8.03% -14.39% -17.32%
IQ U.S. Mid Cap R&D Leaders ETF NAV
-8.07% -14.41% -17.35%
IQ U.S. Mid Cap R&D Leaders Index3
-8.05% -14.38% -17.31%
Russell Midcap Growth Index3
1.60% -7.33% -8.90%
1
Fund Inception Date: 2/8/2022
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ U.S. Mid Cap R&D Leaders Index is the underlying index of ETF. The IQ U.S. Mid Cap R&D Leaders Index seeks to provide exposure to highly innovative companies through the selection of mid-cap equities with the highest R&D spending in the past one year. Companies with high R&D spending areinvesting for future growth in their business and may enjoy strong long-term competitive positioning. The Russell Midcap Growth Index measures the performance of the midcap growth segment of the US equity universe. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the midcap growth market.
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.
37​

TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
IQ U.S. Large Cap R&D Leaders ETF
How did IQ U.S. Large Cap R&D Leaders ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ U.S. Large Cap R&D Leaders ETF returned 3.95% at NAV (net asset value) and 4.08% at market price.1 To compare, the ETF’s Underlying Index, the IQ U.S. Large Cap R&D Leaders Index,2 and the Russell 1000 Growth Index2 returned 4.06% and 2.34%, respectively, for the reporting period.
What factors affected the ETF’s performance during the reporting period?
The IQ U.S. Large Cap R&D Leaders Index, the ETF’s Underlying Index, seeks to provide exposure to highly innovative companies through the selection of equities in the U.S. large cap universe with the highest R&D (research and development) spending in the past year. Companies with high R&D spending are investing for future growth in their business and may enjoy strong, long-term competitive positioning.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
With a uncertain economic outlook throughout the reporting period, R&D spending was somewhat subdued. However, amid this environment of uncertainty, investors sought safety in the type of companies that are targeted by the Underlying Index’s methodology — namely, established, large-cap companies that are at the forefront of innovation and generate strong free cash flows.
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 health care. The sectors that made the weakest contributions to the ETF’s absolute performance were consumer discretionary and financials.
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page 40 for more information on index returns.
38

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Management’s Discussion of Fund Performance (unaudited)(continued)
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 Meta Platforms and Merck & Co. Social technology company Meta Platforms builds applications and technologies that help people connect, find communities and grow businesses. The company is also involved in advertising, as well as augmented and virtual reality. Merck is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health and consumer care products, which it markets directly and through its joint ventures.
During the same period, the weakest contributors to the ETF’s absolute performance were Amazon.com and Intel. Online retailer Amazon.com offers a wide range of products, including books, music, computers and electronics, among many others. Amazon also provides personalized shopping services, Web-based credit card payment and direct shipping to customers, as well as a global cloud platform offering. Intel designs, manufactures, and sells computer components and related products. The company’s major products include microprocessors; chipsets; embedded processors and microcontrollers; flash memory; graphic, network and communication systems management software; and conferencing and digital imaging 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 information technology and communication services. During the same period, the sectors with the most substantial weighting decreases were consumer discretionary and energy.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Alphabet and Amazon.com, the latter of which is described above. Alphabet operates as a holding company. Through its subsidiaries, most notably Google, the company provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions and commerce and hardware 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.
39​

TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_uslargecaprandd-bw.jpg]
Fund Performance History
IQ U.S. Large Cap R&D Leaders ETF
(as of April 30, 2023)
1 Year
Since Inception1
Average
Annual
Average
Annual
Cumulative
IQ U.S. Large Cap R&D Leaders ETF Market Price2
4.08% -4.72% -5.74%
IQ U.S. Large Cap R&D Leaders ETF NAV
3.95% -4.75% -5.79%
IQ U.S. Large Cap R&D Leaders Index3
4.06% -4.68% -5.70%
Russell 1000 Growth Index3
2.34% -7.25% -8.81%
1
Fund Inception Date: 2/8/2022
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ U.S. Large Cap R&D Leaders Index is the underlying index of ETF. The IQ U.S. Large Cap R&D Leaders Index seeks to provide exposure to highly innovative companies through the selection of Large-cap equities with the highest R&D spending in the past one year. The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher priceto-book ratios and higher forecasted growth values.
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.
40

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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ Global Equity R&D Leaders ETF
How did IQ Global Equity R&D Leaders ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Global Equity R&D Leaders ETF returned 5.54% at NAV (net asset value) and 6.54% at market price.1 To compare, the ETF’s Underlying Index, the IQ Global Equity R&D Leaders Index,2 and the FTSE All-World Growth Index (Net)2 returned 5.59% and 1.43%, respectively, for the reporting period.
What factors affected the ETF’s performance during the reporting period?
The IQ Global Equity R&D Leaders Index, the ETF’s Underlying Index, seeks to provide exposure to highly innovative companies through the selection of equities in the global universe with the highest R&D (research and development) spending in the past year. Companies with high R&D spending are investing for future growth in their business and may enjoy strong long-term competitive positioning.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
With an uncertain economic outlook throughout the reporting period, R&D spending was somewhat subdued. However, amid this environment of uncertainty, investors sought safety in the type of companies that are targeted by the Underlying Index’s methodology: established, large-cap companies at the forefront of innovation that generate strong free cash flows.
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 communication services and health care. The sectors that made the weakest contributions to the ETF’s absolute performance were consumer discretionary and financials.
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page 43 for more information on index returns.
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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
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 Meta Platforms and Merck & Company. Social networking company Meta Platforms builds applications and technologies that help people connect, find communities and grow businesses. The company is also involved in advertising and augmented and virtual reality. Merck is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health and consumer care products, which it markets directly and through its joint ventures.
During the same period, the weakest contributors to the ETF’s absolute performance were Amazon.com and Intel. Online retailer Amazon offers a wide range of products, including books, music, computers, electronics and numerous others. The company also offers personalized shopping services, web-based credit card payment and direct shipping to customers. In addition, Amazon also operates a cloud platform offering services globally. Intel designs, manufactures and sells computer components and related products, including microprocessors; chipsets; embedded processors and microcontrollers; flash memory; graphic, network and communication chips; systems management software; and conferencing and digital imaging 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 information technology and communication services. During the same period, the sectors with the most substantial weighting decreases were consumer discretionary and health care.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Amazon.com, described above, and Alphabet. Through its subsidiaries, Alphabet provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware 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.
42

TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_globalequityrandd-bw.jpg]
Fund Performance History
IQ Global Equity R&D Leaders ETF
(as of April 30, 2023)
1 Year
Since Inception1
Average
Annual
Average
Annual
Cumulative
IQ Global Equity R&D Leaders ETF Market Price2
6.54% -4.27% -5.21%
IQ Global Equity R&D Leaders ETF NAV
5.54% -4.43% -5.39%
IQ Global Equity R&D Leaders Index3
5.59% -4.93% -6.00%
FTSE All-World Growth Index (Net)3
1.43% -7.50% -9.10%
1
Fund Inception Date: 2/8/2022
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ Global Equity R&D Leaders Index is the underlying index of ETF. The IQ Global Equity R&D Leaders Index seeks to provide exposure to highly innovative companies through the selection of global equities with the highest R&D spending in the past one year. Companies with high R&D spending are investing for future growth in their business and may enjoy strong long-term competitive positioning. The FTSE All World Growth Index (Net) measures the performance of the investable securities in the developed and emerging large and mid cap growth segment of the market, which includes companies with higher growth earning potential.
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.
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TABLE OF CONTENTS
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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Global Resources ETF returned 4.79% at NAV (net asset value) and 5.32% at market price.1 To compare, the ETF’s Underlying Index, IQ Global Resources Index2 returned 5.11% for the reporting period. The S&P Global Natural Resources Index (Net),2 Bloomberg Commodity Spot Index2 and MSCI World Index (Net)2 returned −1.54%, −22.26% and 3.18%, respectively, during the same period.
What factors affected the ETF’s performance during the reporting period?
The IQ Global Resources Index, the ETF’s Underlying Index, seeks investment results that track, before fees and expenses, the price and yield performance of the IQ Global Resources Index. The IQ Global Resources Index uses a tiered weighting approach to provide exposure to companies in commodity-specific market segments and whose equity securities trade in developed markets, including the United States. These segments include livestock; precious metals; grains, food & fiber; energy; industrial metals; timber; and water.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the”GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly commodities supply and demand, global trade activity and economic stability, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
With constrained supply from lingering COVID-19 disruptions coinciding with stabilizing global economies and rising demand, commodities and natural resources generally outperformed most other market segments. Steadily mixed economic data led to considerable volatility over the reporting period, with the prospects of commodities sectors ebbing and flowing with changes in investor sentiment.
During the reporting period, which subsectors were the strongest positive contributors to the ETF’s performance and which subsectors were particularly weak?
On the basis of impact, which takes weightings and total returns into account, the subsectors making the strongest contributions to the ETF’s absolute performance were energy and grains, food & fiber. The subsectors making the weakest contributions to the ETF’s absolute performance were livestock and timber.
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 index returns.
44

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Management’s Discussion of Fund Performance (unaudited)(continued)
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 Exxon Mobil and Mondelez International. Exxon Mobil operates petroleum and petrochemical businesses serving customers worldwide. The company’s operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants and chemicals. Food and beverage company Mondelez International manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and other packaged grocery products. The company sells its products worldwide.
The weakest contributors to the ETF’s absolute performance were Nutrien and Newmont. Nutrien provides crop inputs and services, producing and distributing potash, nitrogen and phosphate products for agricultural, industrial and feed customers worldwide. Newmont acquires, explores, and develops mineral properties, producing and marketing gold, copper, silver, zinc and lead for customers worldwide.
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 grains, food & fiber and energy. During the same period, the subsectors with the most substantial weighting decreases were precious metals and livestock.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the ETF’s largest holdings were Exxon Mobil and Mondelez International, 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.
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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2013 Through 4/30/2023)
[MISSING IMAGE: lc_globalresource-bw.jpg]
Fund Performance History
IQ Global Resources ETF
(as of April 30, 2023)
1 Year
5 Year
10 Year
Average
Annual
Average
Annual
Average
Annual
IQ Global Resources ETF Market Price1
5.32% 7.79% 4.13%
IQ Global Resources ETF NAV
4.79% 7.69% 4.06%
IQ Global Resources Index
5.11% 8.62% 5.14%
S&P Global Natural Resources Index (Net)2
-1.54% 6.02% 4.57%
Bloomberg Commodity Spot Index2
-22.26% 6.29% 1.65%
MSCI World Index (Net)2
3.18% 8.14% 8.71%
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.
2
The IQ Global Resources Index is the underlying index of ETF. The IQ Global Resources Index uses a tiered sector weighting approach designed to provide exposure to developed market companies involved in the production and distribution of commodities and commodities-related products and services across the Precious Metals, Grains, Food and Fiber, Energy, Industrial Metals, Timber and Water sectors. The S&P Global Natural Resources Index includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. The Bloomberg Commodity Spot Index measures the price movements of commodities included in the Bloomberg Commodity Index and select sub indexes. It does not account for the effects of rolling futures contracts or the costs associated with holding physical commodities. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
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.
46

TABLE OF CONTENTS
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, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Real Return ETF returned −2.30% at NAV (net asset value) and −2.40% at market price.1 To compare, the ETF’s Underlying Index, Bloomberg IQ Multi-Asset Inflation Index returned –2.03% for the same period. The Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index2 and the Bloomberg U.S. Short Treasury Bond Index2 returned −1.82% and 2.62%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The Bloomberg IQ Multi-Asset Inflation Index, the ETF’s Underlying Index is designed to give exposure to inflation-sensitive securities and tracks the performance of a weighted long position across the equity, fixed income and commodity asset classes.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with stocks suffering their worst year since the 2008 Great Financial Crisis and bonds posting historically negative performance amid rapid, global, central bank tightening. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
During the reporting period, which sectors were the strongest positive contributors 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 energy. The sectors that made the weakest contributions to the ETF’s absolute performance were consumer staples and real estate. The TIPS sleeve, comprising approximately 60% of the Underlying Index, was the greatest detractor from performance, amid the Federal Reserve’s historically fast rate tightening campaign to combat sharply above-target inflation.
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 Apple and Microsoft. Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories. The company also offers payment, digital content, cloud and advertising services. Apple
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 index returns.
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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
serves customers in consumer, small & mid-sized business, education, enterprise and government markets worldwide. Microsoft develops and markets software applications, cloud storage services and advanced security solutions for customers worldwide.
During the same period, the weakest contributors to the ETF’s absolute performance were Tesla and Pfizer. Tesla operates as a multinational automotive and clean energy company. The company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers. Pharmaceutical firm Pfizer develops and markets medicines, vaccines, medical devices and consumer healthcare products for oncology, inflammation, cardiovascular and other therapeutic areas. The company serves customers worldwide.
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 energy and materials. During the same period, the sectors with the most substantial weighting decreases were information technology and financials.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in 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.
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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(From 4/30/2013 Through 4/30/2023)
[MISSING IMAGE: lc_realreturn-bw.jpg]
Fund Performance History
IQ Real Return ETF
(as of April 30, 2023)
1 Year
5 Year
10 Year
Average
Annual
Average
Annual
Average
Annual
IQ Real Return ETF Market Value1
-2.40% 0.11% 0.55%
IQ Real Return ETF NAV
-2.30% 0.11% 0.54%
Bloomberg IQ Multi-Asset Inflation Index2
-2.03% N/A N/A
Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index2
-1.82% 3.24% 1.57%
Bloomberg U.S. Short Treasury Bond Index2
2.62% 1.46% 0.94%
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.
2
The Bloomberg IQ Multi-Asset Inflation Index is the underlying index of ETF. The Bloomberg IQ Multi-Asset Inflation Index is designed to give exposure to inflation-sensitive underlying securities and track the performance of weighted long positions across equity, fixed income and commodities. Effective February 28, 2022, the ETF changed its underlying index and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the ETF’s prior underlying index and principal investment strategies. The Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market with less than 10 years to maturity. The Bloomberg U.S. Short Treasury Bond Index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of between 1 and 12 months.
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.
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IQ Clean Oceans ETF
How did IQ Clean Oceans ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Clean Oceans ETF returned 2.59% at NAV (net asset value) and 3.55% at market price.1 To compare, the ETF’s Underlying Index, the IQ Candriam Clean Oceans Index,2 and the MSCI World Index (Net)2 returned 3.19% and 3.18%, respectively, for the reporting period.
What factors affected the ETF’s performance during the reporting period?
The IQ Candriam Clean Oceans Index, the ETF’s Underlying Index, seeks to track companies that help to protect and/or achieve cleaner oceans through reduced pollution and increased resource efficiency.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly ESG sentiment, global trade activity, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 industrials and information technology. The sectors that made the weakest contributions to the ETF’s absolute performance were materials 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 were Siemens and Schneider Electric. Germany-based engineering and manufacturing company Siemens focuses on areas of electrification, automation and digitalization. The company also provides engineering solutions in automation and control, power, transportation and medical diagnosis. France-based Schneider Electric manufactures electrical power products. The company offers car chargers, home security goods, light switches, access
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page 52 for more information on index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
control, sensors, valves, circuit breakers, cables, accessories, signaling devices, fuse, motor starters and voltage transformers to customers worldwide.
During the same period, the weakest contributors to the ETF’s absolute performance were Ball and Intel, both based in the United States. Ball provides metal packaging for beverages, foods and household products. The company also supplies aerospace and other technologies and services to commercial and governmental customers worldwide. Intel designs, manufactures and sells computer components and related products. The company’s major products include microprocessors; chipsets; embedded processors and microcontrollers; flash memory; graphic, network and communication chips; systems management software; conferencing; and digital imaging 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 information technology. During the same period, the sectors with the most substantial weighting decreases were consumer staples and consumer discretionary.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Intel, described above, and Microsoft. U.S.-based software company Microsoft offers applications, extra cloud storage and advanced security solutions to customers worldwide.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_cleanoceans-bw.jpg]
Fund Performance History
IQ Clean Oceans ETF
(as of April 30, 2023)
1 Year
Since Inception1
Average
Annual
Average
Annual
Cumulative
IQ Clean Oceans ETF Market Price2
3.55% -8.82% -13.15%
IQ Clean Oceans ETF NAV
2.59% -8.84% -13.18%
IQ Candriam Clean Oceans Index3
3.19% -8.36% -12.47%
MSCI World Index (Net)3
3.18% -5.10% -7.67%
1
Fund Inception Date: 10/21/2021
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ Candriam Clean Ocean Index is the underlying index of ETF. The IQ Candriam Clean Oceans Index incorporates thematic selection criteria designed to provide exposure to equity securities of companies that help to protect and/or achieve a cleaner ocean through reduced pollution and increased resource efficiency. The MSCI World Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ Cleaner Transport ETF
How did IQ Cleaner Transport ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Cleaner Transport ETF returned 2.59% at NAV (net asset value) and 4.39% at market price.1 To compare, the ETF’s Underlying Index, the IQ Candriam Cleaner Transport Index,2 and the MSCI World Index (Net)2 returned 3.04% and 3.18%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The IQ Candriam Cleaner Transport Index, the ETF’s Benchmark Index, is a rules-based, modified capitalization weighted, float-adjusted index. Developed in alignment with the National Wildlife Federation (“NWF”), the largest conservation organization in the United States, the ETF provides exposure to select global companies that support the transition to more environmentally efficient transportation technologies, such as electric vehicles, bicycles, motor vehicle parts manufacturers and multi-passenger transportation.3
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with stocks suffering their worst year since the 2008 Great Financial Crisis and bonds posting historically negative performance amid rapid, global, central bank tightening. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels. Lastly, as COVID-19 supply-chain bottlenecks eased, the prospects of transportation companies brightened and performance improved.
These crosscurrents weighed heavily on key asset class performance drivers, particularly ESG sentiment, global trade activity, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 industrials. The sectors that made the weakest contributions to the ETF’s absolute performance were consumer discretionary and materials.
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 NVIDIA and Siemens. NVIDIA designs, develops and markets three-dimensional (3D) graphics processors and related
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page 55 for more information on index returns.
3
Shares of the Fund are not issued, sponsored or endorsed by the National Wildlife Federation®
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Management’s Discussion of Fund Performance (unaudited)(continued)
software for the mainstream personal computer market. NVIDIA’s Compute & Networking segment provides transportation technology solutions through its Data Center platforms and systems for AI, HPC, and accelerated computing; Mellanox networking and interconnect solutions; automotive AI Cockpit, autonomous driving development agreements, and autonomous vehicle solutions; Jetson for robotics and other embedded platforms; and NVIDIA AI Enterprise and other software. Engineering and manufacturing company Siemens focuses on areas of electrification, automation and digitalization. Siemens also provides engineering solutions in automation and control, power, transportation and medical diagnosis.
During the same period, the weakest contributors to the ETF’s absolute performance were Tesla and Toyota Motor. Tesla operates as a multinational automotive and clean energy company. The company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers. Toyota Motor manufactures, sells, leases and repairs passenger cars, trucks, buses and their related parts worldwide. The company also builds homes, produces pleasure boats and develops intelligent transportation products, including radar cruise control and electronic toll collection systems. In addition, Toyota operates financing services through its subsidiaries.
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 consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were industrials and utilities.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Intel and Alphabet. Intel designs, manufactures, and sells computer components and related products. Major products include microprocessors; chipsets; embedded processors and microcontrollers; flash memory; graphic, network and communication equipment; systems management software; and conferencing and digital imaging products. Alphabet operates as a holding company. Through its subsidiaries, most notably Google, The company provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware 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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_cleanertransport-bw.jpg]
Fund Performance History
IQ Cleaner Transport ETF
(as of April 30, 2023)
1 Year
Since Inception1
Average
Annual
Average
Annual
Cumulative
IQ Cleaner Transport ETF Market Price2
4.39% -10.21% -15.15%
IQ Cleaner Transport ETF NAV
2.59% -10.21% -15.16%
IQ Candriam Cleaner Transport Index3
3.04% -9.79% -14.55%
MSCI World Index (Net)3
3.18% -5.10% -7.67%
1
Fund Inception Date: 10/21/2021
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ Candriam Cleaner Transport Index is the underlying index of ETF. The IQ Candriam Cleaner Transport Index incorporates thematic selection criteria designed to provide exposure to equity securities of companies that support the transition to more environmentally efficient transportation technologies, such as electric vehicles, bicycles, motor vehicle parts manufacturers, and multipassenger transportation. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ Engender Equality ETF
How did IQ Engender Equality ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Engender Equality ETF returned 5.46% at NAV (net asset value) and 5.63% at market price.1 To compare, the ETF’s Benchmark Index, the Solactive Equileap US Select Gender Equality Index,2 and the Russell 1000 Index2 returned 5.97% and 1.82%, respectively, for the reporting period.
What factors affected the ETF’s performance during the reporting period?
The Solactive Equileap US Select Gender Equality Index, the ETF’s Underlying Index, is a rules-based, equal-weighted index designed to deliver exposure to global companies that promote gender equality and are committed to women’s empowerment through equal compensation and gender balance in leadership and the workforce.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the”GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly ESG sentiment, global trade activity, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 health care and information technology. The sectors that made the weakest contributions to the ETF’s absolute performance were industrials and communication services.
During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s 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 Spotify Technology and Salesforce. Entertainment services provider Spotify offers commercial free music and audio streaming solutions to subscribers worldwide and provides content design services. Cloud-based software company
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page 58 for more information on index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Salesforce develops customer relationship management software and applications focused on sales, customer service, marketing automation, analytics and application development for customers worldwide.
During the same period, the weakest contributors to the ETF’s absolute performance were Lyft and Paramount Global. Online ridesharing services provider Lyft offers ride booking, payment processing and car transportation services to customers in the United States. Media company Paramount Global produces and distributes entertainment content through studios, networks, streaming services, live events and merchandise, serving customers worldwide.
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 materials. During the same period, the sectors with the most substantial weighting decreases were financials and consumer staples.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the two largest positions in the ETF were Shockwave Medical and Hasbro. Medical device manufacturer Shockwave Medical offers intravascular devices and balloon dilatation catheters for patients worldwide with calcified cardiovascular disease. Hasbro designs, manufactures, and markets toys, games, interactive software, puzzles, and infant products. The company’s products include a variety of games, including traditional board, card, hand-held electronic, trading card, role-playing and DVD games, as well as electronic learning aids and puzzles.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_engenderequty-bw.jpg]
Fund Performance History
IQ Engender Equality ETF
(as of April 30, 2023)
1 Year
Since Inception1
Average
Annual
Average
Annual
Cumulative
IQ Engender Equality ETF Market Price2
5.63% -4.85% -7.30%
IQ Engender Equality ETF NAV
5.46% -4.85% -7.31%
Solactive Equileap US Select Gender Equality Index3
5.97% -4.41% -6.65%
Russell 1000 Index3
1.82% -5.62% -8.45%
1
Fund Inception Date: 10/21/2021
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The Solactive Equileap US Select Gender Equality Index is the underlying index of ETF. The Solactive Equileap U.S. Gender Equality Index is a quantitative and investable index developed by Solactive AG. The Index is designed to track the U.S. large-, mid and small-capitalization companies that have the highest Equileap Score. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.
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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
IQ Healthy Hearts ETF
How did IQ Healthy Hearts ETF perform during the 12 months ended April 30, 2023?
For the 12 months ended April 30, 2023 (the “reporting period”), IQ Healthy Hearts ETF returned 4.35% at NAV (net asset value) and 4.70% at market price.1 To compare, the ETF’s Underlying Index, the IQ Candriam Healthy Hearts Index2 returned 4.77% for the reporting period. The MSCI ACWI Index (Net)2 and the MSCI World Health Care Index (Net)2 returned 2.06% and 4.52%, respectively, for the same period.
What factors affected the ETF’s performance during the reporting period?
The IQ Candriam Healthy Hearts Index, the ETF’s Underlying Index, is a rules-based global, modified, market-cap weighted index that consists of the top-rated companies making a positive contribution to global health-related goals, including by providing solutions for monitoring and curing heart diseases and helping people adopt a healthy lifestyle that limits cardiovascular risks.
Markets were whipsawed during the reporting period, as volatility ran high and investors struggled to make sense of a dizzying array of conflicting economic signals. Many of the headwinds that had raged during the previous reporting period lingered, including COVID-19-related supply-chain disruptions, worsening geopolitical disequilibrium stemming from Russia’s war in Ukraine and sharpening U.S./China tensions, and stubbornly high inflation. Overall, 2022 proved a difficult year for markets, with domestic stocks suffering their worst year since the 2008 Great Financial Crisis (the “GFC”) and bonds posting historically negative performance amid rapid, global, central bank tightening. Global stocks varied by geography but, if not since the GFC, they generally suffered their worst performance in multiple years. The first four months of 2023, while showing improvement, remained uneven.
Inflation, and central banks’ responses to it, arguably held primacy over all other factors. The U.S. Federal Reserve (the “Fed”) waged its most aggressive campaign in decades to tame inflation, sharply raising interest rates from a shallow range of 0.25% – 0.5% as of the start of the reporting period to 4.75% – 5% as of April 2023. Cracks from this abrupt pivot from near-zero rates emerged late in the reporting period, most notably with the collapse of two major regional banks, raising financial stability concerns.
Belying these challenges, other factors pointed in a positive direction. Employment and consumer spending remained robust, wages steadily rose, energy markets stabilized and China began to reopen from its zero-COVID-19 phase. Also, inflation, while still above the Fed’s target, trended downward and rates were increasingly believed to be at, or approaching, peak levels.
These crosscurrents weighed heavily on key asset class performance drivers, particularly ESG sentiment, global trade activity, earnings outlooks, interest-rate levels, credit spreads, commodity prices and currency volatility.
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 health care and information technology. The sectors that made the weakest contributions to the ETF’s absolute performance were consumer discretionary and consumer staples.
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 Eli Lilly and Company and Merck & Co. Eli Lilly discovers, develops, manufactures and sells a wide range of products for human and animal health worldwide. Areas of focus include neuroscience, endocrinology, anti-infectives,
1
The price used to calculate the market price returns is the mean between the day’s last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.
2
See page 61 for more information on index returns.
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Management’s Discussion of Fund Performance (unaudited)(continued)
cardiovascular agents and oncology. Merck is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health and consumer care products, which it markets directly and through its joint ventures.
The weakest contributors to the ETF’s absolute performance were Pfizer and Nestlé. Pharmaceutical firm Pfizer develops and markets medicines, vaccines, medical devices and consumer healthcare products for oncology, inflammation, cardiovascular and other therapeutic areas. The company serves customers worldwide. Nestlé is one of the leading food and drinks companies that produces more than 2,000 brands. The company’s global business portfolio includes a wide range of brands from food and beverages to health care nutrition and petcare. Its brands, produced at around 355 factories globally, include global, regional, and local favorites. Nutrition and Health Science (approximately 15% of sales) sells baby food, infant nutrition, and skin care products under brands including Gerber, illuma, and Cerelac.
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 health care and consumer staples. During the same period, the two sectors with the most substantial weighting decreases were consumer discretionary and information technology.
What were the largest positions in the ETF at the end of the reporting period?
As of April 30, 2023, the ETF’s largest positions included Eli Lilly and Company, described above, and Alphabet Inc. Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware 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.
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Management’s Discussion of Fund Performance (unaudited)(continued)
Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2023)
[MISSING IMAGE: lc_healtheart-bw.jpg]
Fund Performance History
IQ Healthy Hearts ETF
(as of April 30, 2023)
1 Year
Since Inception1
Average
Annual
Average
Annual
Cumulative
IQ Healthy Hearts ETF Market Price2
4.70% 7.20% 17.28%
IQ Healthy Hearts ETF NAV
4.35% 7.16% 17.17%
IQ Candriam Healthy Hearts Index3
4.77% 7.55% 18.18%
MSCI ACWI Index (Net)3
2.06% 1.25% 2.88%
MSCI World Health Care Index (Net)3
4.52% 5.29% 12.56%
1
Fund Inception Date: 1/14/2021
2
The price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. The market price returns do not represent returns an investor would receive if shares were traded at other times.
3
The IQ Candriam Healthy Hearts Index is the underlying index of ETF. The IQ Candriam Healthy Hearts Index seeks to provide investors with exposure to select companies that are involved in the diagnosis and/or treatment of heart disease, or that provide goods or services that allow people to adopt or maintain a healthy lifestyle. The MSCI ACWI Index (Net) is an unmanaged free-float-adjusted market-capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The MSCI World Health Care Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the health-care sector.
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.
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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 a 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 11/01/2022 to 04/30/23” to estimate the expenses you paid on your account during this period. To the extent a Fund invests in other ETFs, that Fund will indirectly bear its pro rata share of the expenses incurred by the underlying ETF investments in which each such 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. To the extent a Fund invests in other ETFs, that Fund will indirectly bear its pro rata share of the expenses incurred by the underlying fund investments in which the Fund invests. 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
11/01/2022
Ending
Account
Value
04/30/2023
Annualized
Expense
Ratios for the
Period
11/01/2022
to 04/30/2023
Expenses
Paid During
the Period
11/01/2022 to
04/30/20231
IQ Hedge Multi-Strategy Tracker ETF
Actual
$ 1,000.00 $ 1,064.20 0.52% $ 2.66
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,022.22 0.52% $ 2.61
IQ Merger Arbitrage ETF
Actual
$ 1,000.00 $ 1,002.40 0.74% $ 3.67
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,021.12 0.74% $ 3.71
IQ 500 International ETF
Actual
$ 1,000.00 $ 1,238.30 0.23% $ 1.28
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,023.65 0.23% $ 1.15
IQ Candriam ESG International Equity ETF
Actual
$ 1,000.00 $ 1,234.90 0.13% $ 0.72
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,024.15 0.13% $ 0.65
IQ Candriam ESG U.S. Mid Cap Equity ETF
Actual
$ 1,000.00 $ 1,031.40 0.15% $ 0.76
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,024.05 0.15% $ 0.75
62

TABLE OF CONTENTS
Fund Expenses (unaudited)(continued)
Beginning
Account
Value
11/01/2022
Ending
Account
Value
04/30/2023
Annualized
Expense
Ratios for the
Period
11/01/2022
to 04/30/2023
Expenses
Paid During
the Period
11/01/2022 to
04/30/20231
IQ Candriam ESG U.S. Large Cap Equity ETF
Actual
$ 1,000.00 $ 1,095.10 0.07% $ 0.36
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,024.45 0.07% $ 0.35
IQ Chaikin U.S. Large Cap ETF
Actual
$ 1,000.00 $ 1,054.50 0.23% $ 1.17
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,023.65 0.23% $ 1.15
IQ Chaikin U.S. Small Cap ETF
Actual
$ 1,000.00 $ 949.90 0.33% $ 1.60
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,023.16 0.33% $ 1.66
IQ CBRE NextGen Real Estate ETF
Actual
$ 1,000.00 $ 1,071.00 0.57% $ 2.93
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,021.97 0.57% $ 2.86
IQ FTSE International Equity Currency Neutral ETF
Actual
$ 1,000.00 $ 1,190.40 0.18% $ 0.98
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,023.90 0.18% $ 0.90
IQ U.S. Mid Cap R&D Leaders ETF
Actual
$ 1,000.00 $ 1,007.30 0.16% $ 0.80
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,024.00 0.16% $ 0.80
IQ U.S. Large Cap R&D Leaders ETF
Actual
$ 1,000.00 $ 1,143.70 0.14% $ 0.74
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,024.10 0.14% $ 0.70
IQ Global Equity R&D Leaders ETF
Actual
$ 1,000.00 $ 1,216.70 0.18% $ 0.99
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,023.90 0.18% $ 0.90
IQ Global Resources ETF
Actual
$ 1,000.00 $ 1,117.20 0.28% $ 1.47
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,023.41 0.28% $ 1.40
IQ Real Return ETF
Actual
$ 1,000.00 $ 1,033.50 0.15% $ 0.76
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,024.05 0.15% $ 0.75
IQ Clean Oceans ETF
Actual
$ 1,000.00 $ 1,210.00 0.45% $ 2.47
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,022.56 0.45% $ 2.26
IQ Cleaner Transport ETF
Actual
$ 1,000.00 $ 1,187.00 0.45% $ 2.44
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,022.56 0.45% $ 2.26
IQ Engender Equality ETF
Actual
$ 1,000.00 $ 1,088.60 0.45% $ 2.33
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,022.56 0.45% $ 2.26
IQ Healthy Hearts ETF
Actual
$ 1,000.00 $ 1,121.80 0.43% $ 2.26
Hypothetical (assuming a 5% return before expenses)
$ 1,000.00 $ 1,022.66 0.43% $ 2.16
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.
63​

TABLE OF CONTENTS
Portfolio Summaries* (unaudited)
April 30, 2023
IQ Hedge Multi-Strategy Tracker ETF
Net Assets ($ mil): $606.5
Asset Class
% of
Net Assets
Investment Grade Corporate Bond
Funds
18.8%
U.S. Ultra Short Term Bond Funds
14.1
Money Market Fund
13.1
Bank Loan Funds
10.9
Convertible Bond Funds
8.5
U.S. Medium Term Treasury Bond Funds
8.4
Emerging Equity Funds
6.4
Floating Rate — Investment Grade
Funds
4.9
U.S. Large Cap Core Funds
4.1
U.S. Small Cap Growth Funds
3.0
High Yield Corporate Bond Funds
2.9
International Equity Core Funds
2.9
Gold Funds
2.7
U.S. Large Cap Growth Funds
2.6
U.S. Dollar Fund
2.5
Emerging Markets Small Cap Equity Fund
1.8
BRIC Equity Funds
1.3
Emerging Bonds — Local Currency Funds
1.3
Silver Funds
1.1
U.S. Momentum Fund
0.7
Mortgage Backed Securities Funds
0.4
U.S. REITS Funds
0.4
Europe Equity Funds
0.1
Equity Fund
0.0(a)
International REITs Fund
0.0(a)
Total Investments
112.9
Other Assets and Liabilites, Net
(12.9)
Total Net Assets
100.0%
*
Each Fund’s portfolio is subject to change.
(a)
Less than 0.05%.
IQ Merger Arbitrage ETF
Net Assets ($ mil): $460.2
Industry
% of
Net Assets
Industrials 28.8%
Health Care
23.8
Information Technology
10.2
Financials 7.1
Consumer Discretionary
6.3
Consumer Staples
5.7
Utilities 4.3
Money Market Funds
2.3
Materials 1.9
Energy 1.1
Communication Services
1.1
Real Estate
1.1
Total Investments
93.7
Other Assets and Liabilites, Net
6.3
Total Net Assets
100.0%
See notes to financial statements.
64

TABLE OF CONTENTS
Portfolio Summaries* (unaudited)(continued)
April 30, 2023
IQ 500 International ETF
Net Assets ($ mil): $196.0
Industry
% of
Net Assets
Industrials 22.1%
Consumer Discretionary
13.4
Consumer Staples
11.2
Financials 10.1
Materials 9.7
Energy 8.3
Communication Services
7.9
Health Care
6.5
Utilities 5.2
Money Market Funds
4.2
Information Technology
4.2
Investment Companies
0.4
Total Investments
103.2
Other Assets and Liabilites, Net
(3.2)
Total Net Assets
100.0%
IQ Candriam ESG International Equity ETF
Net Assets ($ mil): $192.7
Industry
% of
Net Assets
Financials 17.6%
Health Care
16.0
Industrials 13.7
Consumer Discretionary
12.5
Consumer Staples
9.2
Information Technology
8.0
Materials 6.5
Energy 5.7
Communication Services
4.5
Utilities 2.9
Money Market Funds
2.8
Real Estate
2.6
Total Investments
102.0
Other Assets and Liabilites, Net
(2.0)
Total Net Assets
100.0%
*
Each Fund’s portfolio is subject to change.
(a)
Less than 0.05%
IQ Candriam ESG U.S. Mid Cap Equity ETF
Net Assets ($ mil): $5.3
Industry
% of
Net Assets
Industrials 21.6%
Consumer Discretionary
16.8
Financials 13.5
Information Technology
12.2
Health Care
11.6
Real Estate
9.3
Materials 6.1
Consumer Staples
4.2
Communication Services
2.4
Utilities 1.5
Energy 0.7
Money Market Fund
0.4
Total Investments
100.3
Other Assets and Liabilites, Net
(0.3)
Total Net Assets
100.0%
IQ Candriam ESG U.S. Large Cap Equity ETF
Net Assets ($ mil): $376.4
Industry
% of
Net Assets
Information Technology
34.8%
Consumer Discretionary
12.7
Financials 11.5
Health Care
9.1
Consumer Staples
8.5
Communication Services
7.7
Industrials 5.9
Energy 3.5
Real Estate
3.1
Materials 1.7
Utilities 1.4
Money Market Funds
0.0(a)
Total Investments
99.9
Other Assets and Liabilites, Net
0.1
Total Net Assets
100.0%
See notes to financial statements.
65​

TABLE OF CONTENTS
Portfolio Summaries* (unaudited)(continued)
April 30, 2023
IQ Chaikin U.S. Large Cap ETF
Net Assets ($ mil): $277.6
Industry
% of
Net Assets
Information Technology
18.2%
Health Care
18.2
Financials 16.3
Industrials 12.8
Consumer Staples
10.0
Consumer Discretionary
9.4
Energy 5.0
Communication Services
3.0
Real Estate
3.0
Utilities 2.0
Materials 2.0
Money Market Fund
0.0(a)
Total Investments
99.9
Other Assets and Liabilites, Net
0.1
Total Net Assets
100.0%
IQ Chaikin U.S. Small Cap ETF
Net Assets ($ mil): $244.2
Industry
% of
Net Assets
Financials 20.6%
Industrials 20.4
Health Care
14.3
Information Technology
12.9
Consumer Discretionary
9.7
Real Estate
5.4
Materials 4.8
Consumer Staples
4.3
Energy 2.9
Utilities 2.4
Communication Services
2.2
Money Market Funds
0.7
Total Investments
100.6
Other Assets and Liabilites, Net
(0.6)
Total Net Assets
100.0%
*
Each Fund’s portfolio is subject to change.
(a)
Less than 0.05%.
IQ CBRE NextGen Real Estate ETF
Net Assets ($ mil): $23.5
Industry
% of
Net Assets
Industrial 33.6%
Infrastructure (Tower)
23.1
Multi-Family Residential
14.4
Health Care
12.6
Data Center
9.4
Single-Family Residential
3.1
Manufactured Homes
3.0
Student Housing
0.6
Money Market Funds
0.2
Total Investments
100.0
Other Assets and Liabilites, Net
0.0(a)
Total Net Assets
100.0%
IQ FTSE International Equity Currency Neutral ETF
Net Assets ($ mil): $325.2
Industry
% of
Net Assets
Financials 17.6%
Industrials 16.2
Health Care
12.3
Consumer Discretionary
11.9
Consumer Staples
10.0
Information Technology
9.1
Materials 7.8
Communication Services
4.4
Energy 4.2
Money Market Funds
3.4
Utilities 3.3
Real Estate
2.9
Total Investments
103.1
Other Assets and Liabilites, Net
(3.1)
Total Net Assets
100.0%
See notes to financial statements.
66

TABLE OF CONTENTS
Portfolio Summaries* (unaudited)(continued)
April 30, 2023
IQ U.S. Mid Cap R&D Leaders ETF
Net Assets ($ mil): $4.1
Industry
% of
Net Assets
Information Technology
34.5%
Health Care
26.2
Consumer Discretionary
12.9
Communication Services
10.5
Industrials 7.3
Materials 6.0
Money Market Funds
3.9
Energy 0.9
Financials 0.8
Real Estate
0.8
Total Investments
103.8
Other Assets and Liabilites, Net
(3.8)
Total Net Assets
100.0%
IQ U.S. Large Cap R&D Leaders ETF
Net Assets ($ mil): $4.6
Industry
% of
Net Assets
Information Technology
40.0%
Health Care
24.5
Communication Services
15.5
Consumer Discretionary
12.6
Industrials 5.1
Financials 1.1
Money Market Funds
0.7
Materials 0.5
Consumer Staples
0.5
Total Investments
100.5
Other Assets and Liabilites, Net
(0.5)
Total Net Assets
100.0%
*
Each Fund’s portfolio is subject to change.
(a)
Less than 0.05%.
IQ Global Equity R&D Leaders ETF
Net Assets ($ mil): $5.8
Industry
% of
Net Assets
Information Technology
31.0%
Health Care
23.9
Consumer Discretionary
21.7
Communication Services
13.2
Industrials 7.3
Materials 1.0
Consumer Staples
0.8
Financials 0.6
Energy 0.1
Money Market Fund
0.1
Total Investments
99.7
Other Assets and Liabilites, Net
0.3
Total Net Assets
100.0%
IQ Global Resources ETF
Net Assets ($ mil): $34.3
Industry
% of
Net Assets
Energy 30.1%
Grains Food Fiber
27.3
Industrial Metals
21.8
Precious Metals
7.4
Water 5.0
Timber 4.7
Livestock 3.3
Money Market Funds
0.5
Coal 0.0(a)
Total Investments
100.1
Other Assets and Liabilites, Net
(0.1)
Total Net Assets
100.0%
See notes to financial statements.
67​

TABLE OF CONTENTS
Portfolio Summaries* (unaudited)(continued)
April 30, 2023
IQ Real Return ETF
Net Assets ($ mil): $6.4
Industry
% of
Net Assets
Government 58.7%
Commodity Funds
9.9
Information Technology
6.4
Financials 5.3
Industrials 3.8
Health Care
3.4
Consumer Discretionary
2.3
Energy 2.2
Communication Services
2.0
Consumer Staples
1.7
Money Market Funds
1.7
Utilities 1.3
Real Estate
1.2
Materials 0.9
Total Investments
100.8
Other Assets and Liabilites, Net
(0.8)
Total Net Assets
100.0%
IQ Clean Oceans ETF
Net Assets ($ mil): $5.3
Industry
% of
Net Assets
Industrials 29.2%
Information Technology
26.3
Materials 15.9
Consumer Discretionary
12.6
Utilities 11.4
Consumer Staples
4.1
Money Market Fund
0.1
Total Investments
99.6
Other Assets and Liabilites, Net
0.4
Total Net Assets
100.0%
*
Each Fund’s portfolio is subject to change.
IQ Cleaner Transport ETF
Net Assets ($ mil): $6.2
Industry
% of
Net Assets
Information Technology
35.9%
Consumer Discretionary
28.9
Industrials 23.9
Utilities 6.8
Communication Services
3.6
Money Market Funds
1.2
Materials 0.4
Total Investments
100.7
Other Assets and Liabilites, Net
(0.7)
Total Net Assets
100.0%
IQ Engender Equality ETF
Net Assets ($ mil): $5.7
Industry
% of
Net Assets
Financials 19.9%
Consumer Staples
16.1
Health Care
15.0
Consumer Discretionary
14.7
Industrials 7.9
Information Technology
7.8
Materials 7.8
Communication Services
6.7
Utilities 2.6
Real Estate
1.3
Money Market Fund
0.1
Total Investments
99.9
Other Assets and Liabilites, Net
0.1
Total Net Assets
100.0%
See notes to financial statements.
68

TABLE OF CONTENTS
Portfolio Summaries* (unaudited)(continued)
April 30, 2023
IQ Healthy Hearts ETF
Net Assets ($ mil): $8.5
Industry
% of
Net Assets
Health Care
69.8%
Consumer Discretionary
14.6
Communication Services
5.6
Information Technology
5.4
Consumer Staples
3.0
Money Market Funds
2.2
Industrials 1.0
Real Estate
0.4
Total Investments
102.0
Other Assets and Liabilites, Net
(2.0)
Total Net Assets
100.0%
*
Each Fund’s portfolio is subject to change.
See notes to financial statements.
69​

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF 
April 30, 2023
Shares
Value
Exchange Traded Vehicles — 6.3%
Gold Funds — 2.7%
abrdn Gold ETF Trust*(a)
59,820 $ 1,139,571
Graniteshares Gold Trust*(a)
21,003 413,549
iShares Gold Trust*
320,287 12,078,023
SPDR Gold MiniShares Trust*
65,874 2,601,364
Total Gold Funds
16,232,507
Silver Funds — 1.1%
abrdn Silver ETF Trust*
26,014 624,856
iShares Silver Trust*(a)
271,818 6,251,814
Total Silver Funds
6,876,670
U.S. Dollar Fund — 2.5%
Invesco DB U.S. Dollar Index Bullish Fund(a)
551,670 15,308,843
Total Exchange Traded Vehicles
(Cost $36,074,842)
38,418,020
Investment Companies — 93.5%
Bank Loan Funds — 10.9%
Invesco Senior Loan ETF(a)
1,345,043 28,084,498
SPDR Blackstone Senior Loan ETF(a)
909,929 37,780,252
Total Bank Loan Funds
65,864,750
BRIC Equity Funds — 1.3%
iShares MSCI China ETF
145,329 6,935,100
SPDR S&P China ETF(a)
12,975 1,026,452
Total BRIC Equity Funds
7,961,552
Convertible Bond Funds — 8.5%
iShares Convertible Bond ETF
185,932 13,269,967
SPDR Bloomberg Convertible Securities
ETF
576,280 38,051,768
Total Convertible Bond Funds
51,321,735
Emerging Bonds — Local Currency Funds — 1.3%
SPDR Bloomberg Emerging Markets Local Bond ETF
120,329 2,542,552
VanEck J. P. Morgan EM Local Currency
Bond ETF
198,384 4,987,374
Total Emerging Bonds — Local Currency Funds
7,529,926
Emerging Equity Funds — 6.4%
iShares Core MSCI Emerging Markets ETF
205,668 9,991,352
iShares MSCI Emerging Markets Min Vol
Factor ETF
310,986 17,328,140
Schwab Emerging Markets Equity
ETF(a)
50,512 1,229,462
Vanguard FTSE Emerging Markets ETF
255,375 10,276,290
Total Emerging Equity Funds
38,825,244
Emerging Markets Small Cap Equity Fund — 1.8%
SPDR S&P Emerging Markets SmallCap ETF
218,591 11,119,724
Equity Fund — 0.0%(b)
Vanguard Global Ex-U.S. Real Estate
ETF
5,335 225,297
Europe Equity Funds — 0.1%
iShares Core MSCI Europe ETF(a)
2,104 114,794
JPMorgan BetaBuilders Europe ETF
4,489 249,903
Vanguard FTSE Europe ETF
7,625 483,959
Total Europe Equity Funds
848,656
Shares
Value
Investment Companies (continued)
Floating Rate — Investment Grade Funds — 4.9%
iShares Floating Rate Bond ETF
434,576 $ 21,998,237
SPDR Bloomberg Investment Grade Floating Rate ETF
260,232 7,955,292
Total Floating Rate — Investment Grade Funds
29,953,529
High Yield Corporate Bond Funds — 2.9%
iShares iBoxx High Yield Corporate Bond
ETF(a)
127,972 9,643,970
SPDR Bloomberg High Yield Bond ETF
57,427 5,311,423
Xtrackers USD High Yield Corporate Bond ETF(a)
80,765 2,795,277
Total High Yield Corporate Bond Funds
17,750,670
International Equity Core Funds — 2.9%
iShares Core MSCI EAFE ETF
117,530 8,082,538
Vanguard FTSE Developed Markets ETF(a)
197,306 9,147,106
Total International Equity Core
Funds
17,229,644
International REITs Fund — 0.0%(b)
SPDR Dow Jones International Real Estate ETF
1,018 27,873
Investment Grade Corporate Bond Funds — 18.8%
iShares Broad USD Investment Grade Corporate Bond ETF(a)
5,261 267,732
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)
9,805 1,077,864
iShares Trust iShares 1-5 Year Investment
Grade Corporate Bond ETF
852,524 43,231,492
Vanguard Intermediate-Term Corporate Bond ETF
14,964 1,205,350
Vanguard Short-Term Corporate Bond ETF(a)
895,025 68,415,711
Total Investment Grade Corporate Bond Funds
114,198,149
Mortgage Backed Securities Funds — 0.4%
iShares MBS ETF(a)
14,670 1,391,890
SPDR Portfolio Mortgage Backed Bond
ETF
10,131 225,313
Vanguard Mortgage-Backed Securities
ETF
17,905 835,626
Total Mortgage Backed Securities Funds
2,452,829
U.S. Large Cap Core Funds — 4.1%
Energy Select Sector SPDR Fund
55,821 4,752,042
Financial Select Sector SPDR Fund
167,323 5,550,104
Health Care Select Sector SPDR
Fund(a)
35,734 4,771,561
iShares MSCI USA Quality Factor ETF
28,767 3,630,108
Vanguard Energy ETF
8,131 950,839
Vanguard Financials ETF(a)
17,899 1,424,402
Vanguard Health Care ETF(a)
16,107 3,958,134
Total U.S. Large Cap Core Funds
25,037,190
U.S. Large Cap Growth Funds — 2.6%
Schwab U.S. Large-Cap Growth
ETF(a)
31,357 2,071,757
Vanguard Growth ETF(a)
41,134 10,367,002
See notes to financial statements.
70

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
Shares
Value
Investment Companies (continued)
U.S. Large Cap Growth Funds (continued)
Vanguard Mega Cap Growth ETF
7,407 $ 1,541,619
Vanguard Russell 1000 Growth ETF
22,430 1,424,529
Total U.S. Large Cap Growth Funds
15,404,907
U.S. Medium Term Treasury Bond Funds — 8.4%
iShares 3-7 Year Treasury Bond ETF(a)
159,760 18,880,437
Schwab Intermediate-Term U.S. Treasury ETF(a)
222,715 11,278,287
Vanguard Intermediate-Term Treasury ETF
348,344 20,994,693
Total U.S. Medium Term Treasury Bond Funds
51,153,417
U.S. Momentum Fund — 0.7%
iShares MSCI USA Momentum Factor ETF(a)
30,449 4,335,024
U.S. REITS Funds — 0.4%
Fidelity MSCI Real Estate Index ETF(a)
2,763 69,075
iShares Core U.S. REIT ETF(a)
2,209 112,239
Vanguard Real Estate ETF
23,319 1,942,473
Total U.S. REITS Funds
2,123,787
U.S. Small Cap Growth Funds — 3.0%
iShares Russell 2000 Growth ETF
31,002 6,950,649
SPDR S&P 600 Small Cap Growth ETF
23,917 1,707,674
Vanguard Small-Cap Growth ETF(a)
45,351 9,691,055
Total U.S. Small Cap Growth Funds
18,349,378
U.S. Ultra Short Term Bond Funds — 14.1%
Goldman Sachs Access Treasury
0-1 Year ETF(a)
162,357 16,253,559
Invesco Treasury Collateral ETF
172,439 18,187,141
IQ Ultra Short Duration ETF†(c)
390,345 18,603,843
iShares Short Treasury Bond ETF(a)
141,759 15,657,282
SPDR Bloomberg 1-3 Month T-Bill ETF
178,495 16,382,271
Total U.S. Ultra Short Term Bond
Funds
85,084,096
Total Investment Companies
(Cost $574,638,769)
566,797,377
Shares
Value
Short-Term Investment — 13.1%
Money Market Fund — 13.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(d)(e)
(Cost $79,158,884)
79,158,884
$ 79,158,884
Total Investments — 112.9%
(Cost $689,872,495)
684,374,281
Other Assets and Liabilities,
Net — (12.9)%
(77,875,054)
Net Assets — 100.0%
$ 606,499,227
*
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 $123,265,696; total market value of collateral held by the Fund was $125,984,036. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of  $46,825,152.
(b)
Less than 0.05%.
(c)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $2,144,700.
(d)
Reflects the 1-day yield at April 30, 2023.
(e)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
71​

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
Total Return Swap contracts outstanding at April 30, 2023:
Total Return Benchmark
Counterparty
Floating
Rate(f)
Expiration
Date
Payment
Frequency
Notional
Amount
Long/​
(Short)
Value/​
Unrealized
Appreciation/​
(Depreciation)(g)
abrdn Gold ETF Trust
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
$ 56,864 $
abrdn Gold ETF Trust
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
56,864
abrdn Silver ETF Trust
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
31,178
abrdn Silver ETF Trust
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
31,178
Consumer Discretionary Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF – 
0.06%
7/05/2023
Monthly
(536,288)
Consumer Discretionary Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(536,288)
Energy Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
237,172
Energy Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
237,172
Fidelity MSCI Real Estate Index ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
3,450
Fidelity MSCI Real Estate Index ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
3,450
Financial Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
276,970
Financial Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
276,970
FlexShares Morningstar Global Upstream Natural Resources Index Fund
Morgan Stanley
1-Day FEDEF – 
1.23%
7/05/2023
Monthly
(739,656)
FlexShares Morningstar Global Upstream Natural Resources Index Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(739,656)
Goldman Sachs Access Treasury 0-1 Year ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
811,091
Goldman Sachs Access Treasury 0-1 Year ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
811,091
Graniteshares Gold Trust
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
20,635
Graniteshares Gold Trust
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
20,635
Health Care Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
238,084
Health Care Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
238,084
Industrial Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF – 
0.15%
7/05/2023
Monthly
(507,000)
Industrial Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(507,000)
Invesco DB U.S. Dollar Index Bullish Fund
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
763,930
Invesco DB U.S. Dollar Index Bullish Fund
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
763,930
Invesco Senior Loan ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
1,401,445
Invesco Senior Loan ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
1,401,445
Invesco Treasury Collateral ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
907,569
Invesco Treasury Collateral ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
907,569
Invesco Variable Rate Preferred ETF
Morgan Stanley
1-Day FEDEF – 
21.58%
7/05/2023
Monthly
(3,915,177)
Invesco Variable Rate Preferred ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(3,915,177)
IQ Ultra Short Duration ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
928,321
IQ Ultra Short Duration ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
928,321
iShares 0-5 Year High Yield Corporate Bond ETF
Morgan Stanley
1-Day FEDEF – 
1.08%
7/05/2023
Monthly
(2,362,491)
iShares 0-5 Year High Yield Corporate Bond ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(2,362,491)
See notes to financial statements.
72

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
Total Return Swap contracts outstanding at April 30, 2023: (continued)
Total Return Benchmark
Counterparty
Floating
Rate(f)
Expiration
Date
Payment
Frequency
Notional
Amount
Long/​
(Short)
Value/​
Unrealized
Appreciation/​
(Depreciation)(g)
iShares 20+ Year Treasury Bond ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
$ (378,891) $
iShares 20+ Year Treasury Bond ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(378,891)
iShares 3-7 Year Treasury Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
942,131
iShares 3-7 Year Treasury Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
942,131
iShares Broad USD Investment Grade Corporate Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
13,384
iShares Broad USD Investment Grade Corporate Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
13,384
iShares Convertible Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
662,171
iShares Convertible Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
662,171
iShares Core MSCI EAFE ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
403,336
iShares Core MSCI EAFE ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
403,336
iShares Core MSCI Emerging Markets
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
498,577
iShares Core MSCI Emerging Markets
ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
498,577
iShares Core MSCI Europe ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
5,729
iShares Core MSCI Europe ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
5,729
iShares Core U.S. REIT ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
5,589
iShares Core U.S. REIT ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
5,589
iShares Floating Rate Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
1,097,745
iShares Floating Rate Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
1,097,745
iShares Gold Trust
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
602,719
iShares Gold Trust
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
602,719
iShares iBoxx $ Investment Grade Corporate Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
53,756
iShares iBoxx $ Investment Grade Corporate Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
53,756
iShares iBoxx High Yield Corporate Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
481,249
iShares iBoxx High Yield Corporate Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
481,249
iShares JP Morgan USD Emerging Markets
Bond ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
(3,655,086)
iShares JP Morgan USD Emerging Markets
Bond ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(3,655,086)
iShares MBS ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
69,452
iShares MBS ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
69,452
iShares MSCI China ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
346,065
iShares MSCI China ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
346,065
iShares MSCI EAFE Growth ETF
Morgan Stanley
1-Day FEDEF – 
3.98%
7/05/2023
Monthly
(715,956)
iShares MSCI EAFE Growth ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(715,956)
See notes to financial statements.
73​

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
Total Return Swap contracts outstanding at April 30, 2023: (continued)
Total Return Benchmark
Counterparty
Floating
Rate(f)
Expiration
Date
Payment
Frequency
Notional
Amount
Long/​
(Short)
Value/​
Unrealized
Appreciation/​
(Depreciation)(g)
iShares MSCI Emerging Markets Min Vol Factor ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
$ 864,663 $
iShares MSCI Emerging Markets Min Vol Factor ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
864,663
iShares MSCI Global Min Vol Factor ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
(4,010,008)
iShares MSCI Global Min Vol Factor ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(4,010,008)
iShares MSCI Japan ETF
Morgan Stanley
1-Day FEDEF – 
0.88%
7/05/2023
Monthly
(1,049,823)
iShares MSCI Japan ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(1,049,823)
iShares MSCI USA Momentum Factor ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
216,260
iShares MSCI USA Momentum Factor ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
216,260
iShares MSCI USA Quality Factor ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
181,083
iShares MSCI USA Quality Factor ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
181,083
iShares Preferred & Income Securities
ETF
Morgan Stanley
1-Day FEDEF – 
2.28%
7/05/2023
Monthly
(2,840,083)
iShares Preferred & Income Securities
ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(2,840,083)
iShares Russell 2000 Growth ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
346,837
iShares Russell 2000 Growth ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
346,837
iShares Russell 2000 Value ETF
Morgan Stanley
1-Day FEDEF – 
1.03%
7/05/2023
Monthly
(66,914)
iShares Russell 2000 Value ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(66,914)
iShares S&P Small-Cap 600 Value ETF
Morgan Stanley
1-Day FEDEF – 
2.13%
7/05/2023
Monthly
(41,108)
iShares S&P Small-Cap 600 Value ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(41,108)
iShares Short Treasury Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
781,323
iShares Short Treasury Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
781,323
iShares Silver Trust
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
311,972
iShares Silver Trust
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
311,972
iShares TIPS Bond ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
(2,510,341)
iShares TIPS Bond ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(2,510,341)
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
2,157,254
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
2,157,254
iShares U.S. Industrials ETF
Morgan Stanley
1-Day FEDEF – 
11.58%
7/05/2023
Monthly
(43,972)
iShares U.S. Industrials ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(43,972)
JPMorgan BetaBuilders Europe ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
12,470
JPMorgan BetaBuilders Europe ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
12,470
JPMorgan BetaBuilders Japan ETF
Morgan Stanley
1-Day FEDEF – 
2.13%
7/05/2023
Monthly
(811,183)
JPMorgan BetaBuilders Japan ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(811,183)
Schwab Emerging Markets Equity ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
61,361
Schwab Emerging Markets Equity ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
61,361
See notes to financial statements.
74

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
Total Return Swap contracts outstanding at April 30, 2023: (continued)
Total Return Benchmark
Counterparty
Floating
Rate(f)
Expiration
Date
Payment
Frequency
Notional
Amount
Long/​
(Short)
Value/​
Unrealized
Appreciation/​
(Depreciation)(g)
Schwab Intermediate-Term U.S. Treasury ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
$ 562,813 $
Schwab Intermediate-Term U.S. Treasury ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
562,813
Schwab International Small-Cap Equity
ETF
Morgan Stanley
1-Day FEDEF – 
10.83%
7/05/2023
Monthly
(218,508)
Schwab International Small-Cap Equity
ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(218,508)
Schwab U.S. Large-Cap Growth ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
103,400
Schwab U.S. Large-Cap Growth ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
103,400
Schwab U.S. TIPS ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
(1,380,368)
Schwab U.S. TIPS ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(1,380,368)
SPDR Blackstone Senior Loan ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
1,885,257
SPDR Blackstone Senior Loan ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
1,885,257
SPDR Bloomberg 1-3 Month T-Bill ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
817,484
SPDR Bloomberg 1-3 Month T-Bill ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
817,484
SPDR Bloomberg High Yield Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
265,076
SPDR Bloomberg High Yield Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
265,076
SPDR Bloomberg Convertible Securities
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
1,898,825
SPDR Bloomberg Convertible Securities
ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
1,898,825
SPDR Bloomberg Emerging Markets Local
Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
126,886
SPDR Bloomberg Emerging Markets Local
Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
126,886
SPDR Bloomberg Investment Grade Floating Rate ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
396,982
SPDR Bloomberg Investment Grade Floating Rate ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
396,982
SPDR Bloomberg Short Term High Yield Bond ETF
Morgan Stanley
1-Day FEDEF – 
0.93%
7/05/2023
Monthly
(1,518,046)
SPDR Bloomberg Short Term High Yield Bond ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(1,518,046)
SPDR Dow Jones International Real Estate
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
1,396
SPDR Dow Jones International Real Estate
ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
1,396
SPDR Gold MiniShares Trust
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
255,263
SPDR Gold MiniShares Trust
Morgan Stanley
1-Day FEDEF – 
1.18%
7/05/2023
Monthly
(125,459)
SPDR Gold MiniShares Trust
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
129,804
SPDR Portfolio Long Term Treasury ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
(71,317)
SPDR Portfolio Long Term Treasury ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(71,317)
SPDR Portfolio Mortgage Backed Bond
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
11,231
SPDR Portfolio Mortgage Backed Bond
ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
11,231
SPDR S&P 600 Small Cap Growth ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
85,180
See notes to financial statements.
75​

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
Total Return Swap contracts outstanding at April 30, 2023: (continued)
Total Return Benchmark
Counterparty
Floating
Rate(f)
Expiration
Date
Payment
Frequency
Notional
Amount
Long/​
(Short)
Value/​
Unrealized
Appreciation/​
(Depreciation)(g)
SPDR S&P 600 Small Cap Growth ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
$ 85,180 $
SPDR S&P China ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
51,184
SPDR S&P China ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
51,184
SPDR S&P Emerging Markets SmallCap
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
554,890
SPDR S&P Emerging Markets SmallCap
ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
554,890
SPDR S&P Global Natural Resources ETF
Morgan Stanley
1-Day FEDEF – 
0.93%
7/05/2023
Monthly
(370,647)
SPDR S&P Global Natural Resources ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(370,647)
Technology Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF – 
0.12%
7/05/2023
Monthly
(526,095)
Technology Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(526,095)
VanEck J.P. Morgan EM Local Currency Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
248,861
VanEck J.P. Morgan EM Local Currency Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
248,861
Vanguard Consumer Discretionary ETF
Morgan Stanley
1-Day FEDEF – 
1.83%
7/05/2023
Monthly
(156,656)
Vanguard Consumer Discretionary ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(156,656)
Vanguard Emerging Markets Government
Bond ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
(829,161)
Vanguard Emerging Markets Government
Bond ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(829,161)
Vanguard Energy ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
47,478
Vanguard Energy ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
47,478
Vanguard Financials ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
71,065
Vanguard Financials ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
71,065
Vanguard FTSE All World ex-U.S. Small-Cap
ETF
Morgan Stanley
1-Day FEDEF – 
0.63%
7/05/2023
Monthly
(492,440)
Vanguard FTSE All World ex-U.S. Small-Cap
ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(492,440)
Vanguard FTSE Developed Markets ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
456,461
Vanguard FTSE Developed Markets ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
456,461
Vanguard FTSE Emerging Markets ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
512,778
Vanguard FTSE Emerging Markets ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
512,778
Vanguard FTSE Europe ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
24,182
Vanguard FTSE Europe ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
24,182
Vanguard Global ex-U.S. Real Estate ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
11,233
Vanguard Global ex-U.S. Real Estate ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
11,233
Vanguard Growth ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
517,418
Vanguard Growth ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
517,418
Vanguard Health Care ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
197,575
Vanguard Health Care ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
197,575
See notes to financial statements.
76

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
Total Return Swap contracts outstanding at April 30, 2023: (continued)
Total Return Benchmark
Counterparty
Floating
Rate(f)
Expiration
Date
Payment
Frequency
Notional
Amount
Long/​
(Short)
Value/​
Unrealized
Appreciation/​
(Depreciation)(g)
Vanguard Industrials ETF
Morgan Stanley
1-Day FEDEF – 
0.83%
7/05/2023
Monthly
$ (283,202) $
Vanguard Information Technology ETF
Morgan Stanley
1-Day FEDEF – 
0.68%
7/05/2023
Monthly
(172,962)
Vanguard Information Technology ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(172,962)
Vanguard Intermediate-Term Corporate Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
60,171
Vanguard Intermediate-Term Corporate Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
60,171
Vanguard Intermediate-Term Treasury
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
1,047,673
Vanguard Intermediate-Term Treasury
ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
1,047,673
Vanguard Long-Term Treasury ETF
Morgan Stanley
1-Day FEDEF – 
0.98%
7/05/2023
Monthly
(55,303)
Vanguard Long-Term Treasury ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(55,303)
Vanguard Mega Cap Growth ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
77,008
Vanguard Mega Cap Growth ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
77,008
Vanguard Mortgage-Backed Securities
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
41,676
Vanguard Mortgage-Backed Securities
ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
41,676
Vanguard Real Estate ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
96,961
Vanguard Real Estate ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
96,961
Vanguard Russell 1000 Growth ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
71,068
Vanguard Russell 1000 Growth ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
71,068
Vanguard Short-Term Corporate Bond
ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
3,413,963
Vanguard Short-Term Corporate Bond
ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
3,413,963
Vanguard Small-Cap Growth ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
483,580
Vanguard Small-Cap Growth ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
483,580
Vanguard Small-Cap Value ETF
Morgan Stanley
1-Day FEDEF – 
0.35%
7/05/2023
Monthly
(142,931)
Vanguard Small-Cap Value ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(142,931)
Xtrackers USD High Yield Corporate Bond ETF
Morgan Stanley
1-Day FEDEF +
0.50%
7/05/2023
Monthly
139,478
Xtrackers USD High Yield Corporate Bond ETF
Merrill Lynch
1-Day FEDEF +
0.50%
8/30/2024
Monthly
139,478
$    —
Cash posted has been segregated as collateral for swaps in the amount of  $500,000 at April 30, 2023.
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $2,144,700 and with Merrill Lynch amounted to $ — at April 30, 2023. 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, 2023.
Abbreviation
FEDEF  — Federal Funds Effective Rate
See notes to financial statements.
77​

TABLE OF CONTENTS
Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2023
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. 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 Vehicles
$ 38,418,020 $       — $       — $ 38,418,020
Investment Companies
566,797,377 566,797,377
Short-Term Investment:
Money Market Fund
79,158,884 79,158,884
Total Investments in Securities
684,374,281 684,374,281
Other Financial Instruments:(i)
Swap Contracts
Total Investments in Securities and Other Financial Instruments
$ 684,374,281 $ $ $ 684,374,281
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, 2023, 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 any affiliated fund during the year ended April 30, 2023 is as follows:
Affiliated Holdings
Shares at
04/30/2022
Value
($) at
04/30/2022
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Realized
Gain/(Loss)
($)
Net
Change in
Unrealized
Appreciation/​
(Depreciation)
($)
Income
Distributions
($)
Capital
Gain
Distributions
($)
Shares at
04/30/2023
Value
($) at
04/30/2023
IQ Ultra
Short
Duration
ETF
1,296,301 62,196,522 30,158,759 (72,901,557) (2,165,372) 1,315,491 1,130,728 390,345 18,603,843
For more information on the determination, please refer to Note 6.
See notes to financial statements.
78

TABLE OF CONTENTS
Schedule of Investments — IQ Merger Arbitrage ETF  
April 30, 2023
Shares
Value
Common Stocks — 91.4%
Communication Services — 1.1%
Radius Global Infrastructure, Inc., Class A*
359,139 $ 5,275,752
Consumer Discretionary — 6.3%
TravelCenters of America, Inc.*
319,148 27,488,217
Uni-Select, Inc.*
42,158 1,446,607
Total Consumer Discretionary
28,934,824
Consumer Staples — 5.7%
Albertsons Cos., Inc., Class A(a)
1,248,472 26,093,065
Energy — 1.1%
Ranger Oil Corp., Class A
128,343 5,287,732
Financials — 7.1%
Broadmark Realty Capital, Inc.
412,118 2,023,499
Focus Financial Partners, Inc.,
Class A*
359,240 18,658,926
Home Capital Group, Inc.(b)
206,323 6,624,911
Perpetual Ltd.(b)
328,800 5,330,071
Total Financials
32,637,407
Health Care — 23.8%
EMIS Group PLC
174,737 3,584,304
Epizyme, Inc.*(c)
1,957,185 39,144
Horizon Therapeutics PLC*
245,868 27,330,687
Jounce Therapeutics, Inc.*
1,017,387 1,963,557
NuVasive, Inc.*
485,934 20,914,599
Oak Street Health, Inc.*
760,454 29,634,892
Radius Health, Inc.*(c)
177,390 14,191
Seagen, Inc.*
130,583 26,116,600
Total Health Care
109,597,974
Industrials — 28.8%
Aerojet Rocketdyne Holdings, Inc.*
392,921 22,164,674
Caverion OYJ
169,104 1,605,536
Evoqua Water Technologies Corp.*
554,366 27,413,399
Kimball International, Inc., Class B
115,624 1,423,331
Kloeckner & Co SE
150,780 1,672,929
Maxar Technologies, Inc.
429,847 22,661,534
Meltwater NV*(b)
895,934 1,449,772
Tatsuta Electric Wire and Cable Co., Ltd.(b)
393,613 2,066,855
Toshiba Corp.
704,616 22,768,776
Univar Solutions, Inc.*
754,751 26,793,660
US Xpress Enterprises, Inc., Class A*
441,372 2,665,886
Total Industrials
132,686,352
Information Technology — 10.2%
Cvent Holding Corp.*(b)
438,956 3,691,620
ForgeRock, Inc., Class A*
584,232 11,702,167
Momentive Global, Inc.*
766,358 7,196,102
Ordina NV
159,354 985,187
Qualtrics International, Inc., Class A*
814,542 14,604,738
Sumo Logic, Inc.*
727,526 8,730,312
Total Information Technology
46,910,126
Shares
Value
Common Stocks (continued)
Materials — 1.9%
Chr Hansen Holding A/S
87,239 $ 6,794,287
Diversey Holdings Ltd.*
211,802 1,721,950
Total Materials
8,516,237
Real Estate — 1.1%
Indus Realty Trust, Inc.
75,980 5,057,988
Utilities — 4.3%
Origin Energy Ltd.
3,570,579 19,679,242
Total Common Stocks
(Cost $420,558,501)
420,676,699
Rights — 0.0%(d)
Health Care — 0.0%(d)
Supernus Pharmaceuticals, Inc., expires
12/31/24*(c)
333,265 19,996
Supernus Pharmaceuticals, Inc., expires
12/31/25*(c)
333,265 19,996
Total Rights
(Cost $0)
39,992
Short-Term Investments — 2.3%
Money Market Funds — 2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(e)(f)
5,702,321 5,702,321
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(e)
4,909,686 4,909,686
Total Short-Term Investments
(Cost $10,612,007)
10,612,007
Total Investments — 93.7%
(Cost $431,170,508)
431,328,698
Other Assets and Liabilities,
Net — 6.3%
28,864,973
Net Assets — 100.0%
$ 460,193,671
*
Non-income producing securities.
(a)
All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $1,442,100.
(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 $5,424,691; total market value of collateral held by the Fund was $5,702,321.
(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)
Less than 0.05%.
(e)
Reflects the 1-day yield at April 30, 2023.
(f)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
79​

TABLE OF CONTENTS
Schedule of Investments — IQ Merger Arbitrage ETF  (continued)
April 30, 2023
Total Return Swap contracts outstanding at April 30, 2023:
Total Return Benchmark
Counterparty
Floating
Rate(g)
Expiration
Date
Payment
Frequency
Notional
Amount
Long/​
(Short)
Value/​
Unrealized
Appreciation/​
(Depreciation)(h)
Energy Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
$ (1,924,534) $   —
Energy Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF – 0.10%
2/05/2025
Monthly
(1,924,534)
Health Care Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(10,455,265)
Health Care Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF – 0.10%
2/05/2025
Monthly
(10,455,265)
Industrial Select Sector SPDR Fund
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(13,971,500)
Industrial Select Sector SPDR Fund
Morgan Stanley
1-Day FEDEF – 0.15%
2/05/2025
Monthly
(13,971,500)
Vanguard FTSE Europe ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(3,487,613)
Vanguard FTSE Europe ETF
Morgan Stanley
1-Day FEDEF
2/05/2025
Monthly
(3,487,613)
Vanguard Real Estate ETF
Merrill Lynch
1-Day FEDEF
8/30/2024
Monthly
(978,192)
Vanguard Real Estate ETF
Morgan Stanley
1-Day FEDEF – 0.15%
2/05/2025
Monthly
(978,192)
$
Cash posted has been segregated as collateral for swaps in the amount of  $500,000 at April 30, 2023.
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $1,442,100 and with Merrill Lynch amounted to $ — at April 30, 2023. 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, 2023.
Abbreviation
FEDEF — Federal Funds Effective Rate
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. 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
$ 420,623,364 $ $ 53,335(j) $ 420,676,699
Rights
39,992(j) 39,992
Short-Term Investments:
Money Market Funds
10,612,007 10,612,007
Total Investments in Securities
431,235,371 93,327 431,328,698
Other Financial Instruments:(k)
Swap Contracts
Total Investments in Securities and Other Financial Instruments
$ 431,235,371 $ $ 93,327 $ 431,328,698
Liability Valuation Inputs
Other Financial Instruments:(k)
Swap Contracts
$ $ $ $
(i)
For a complete listing of investments and their industries, see the Schedule of Investments.
(j)
The Level 3 securities, valued in total at $93,327, 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 period. (See Note 2)
See notes to financial statements.
80

TABLE OF CONTENTS
Schedule of Investments — IQ Merger Arbitrage ETF  (continued)
April 30, 2023
A summary of the Fund’s transactions with any affiliated fund during the year ended April 30, 2023 is as follows:
Affiliated Holdings
Shares at
04/30/2022
Value
($) at
04/30/2022
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Realized
Gain/(Loss)
($)
Net
Change in
Unrealized
Appreciation/​
(Depreciation)
($)
Income
Distributions
($)
Capital
Gain
Distributions
($)
Shares at
04/30/2023
Value
($) at
04/30/2023
IQ Ultra
Short
Duration
ETF
1 48 5,492,322 (5,470,707) (21,663) 18,270
For more information on the determination, please refer to Note 6.
See notes to financial statements.
81​

TABLE OF CONTENTS
Schedule of Investments — IQ 500 International ETF 
April 30, 2023
Shares
Value
Common Stocks — 97.5%
Australia — 3.8%
Ampol Ltd.
8,687 $ 171,823
ANZ Group Holdings Ltd.
7,887 126,915
BHP Group Ltd.
33,626 986,647
BlueScope Steel Ltd.
11,889 156,116
Coles Group Ltd.
26,851 322,950
Commonwealth Bank of Australia
2,207 144,916
Downer EDI Ltd.
45,480 106,697
Flutter Entertainment PLC*
2,101 420,274
Fortescue Metals Group Ltd.
22,453 310,710
Glencore PLC
242,503 1,429,518
Metcash Ltd.
52,516 135,351
Ramsay Health Care Ltd.
5,858 250,355
Rio Tinto PLC
15,451 980,532
Sonic Healthcare Ltd.
9,895 231,746
Telstra Group Ltd.
78,764 227,464
Viva Energy Group Ltd.
111,991 229,429
Wesfarmers Ltd.
9,035 310,302
Westpac Banking Corp.
9,159 136,005
Woodside Energy Group Ltd.
6,020 133,990
Woolworths Group Ltd.
17,673 453,504
Worley Ltd.
16,914 168,112
Total Australia
7,433,356
Austria — 0.5%
Mondi PLC
8,888 141,317
OMV AG
11,272 533,111
voestalpine AG
7,567 262,147
Total Austria
936,575
Belgium — 0.9%
Anheuser-Busch InBev SA
16,136 1,052,812
Etablissements Franz Colruyt NV
4,002 111,118
Solvay SA
2,351 282,520
UCB SA
1,238 115,381
Umicore SA
8,657 284,425
Total Belgium
1,846,256
Canada — 5.7%
Alimentation Couche-Tard, Inc.
18,321 913,416
Bank of Montreal(a)
1,628 146,596
Bank of Nova Scotia (The)
2,949 147,048
Barrick Gold Corp.
8,028 152,475
BCE, Inc.
5,804 278,667
Brookfield Asset Management Ltd., Class A
2,007 67,211
Brookfield Corp.
7,955 257,835
Canadian Imperial Bank of
Commerce
2,456 102,854
Canadian National Railway Co.
1,756 209,094
Canadian Natural Resources Ltd.
4,816 293,157
Canadian Pacific Kansas City Ltd.
1,832 144,258
Canadian Tire Corp., Ltd., Class A
1,235 161,726
Cenovus Energy, Inc.
25,404 425,929
CGI, Inc.*
2,877 291,688
Empire Co., Ltd., Class A
8,220 220,485
Enbridge, Inc.
18,896 750,518
George Weston Ltd.
4,825 647,175
Great-West Lifeco, Inc.
12,003 340,895
Shares
Value
Common Stocks (continued)
Canada (continued)
Imperial Oil Ltd.
6,891 $ 350,876
Loblaw Cos. Ltd.
6,357 597,266
Magna International, Inc.
6,737 350,882
Manulife Financial Corp.
14,049 277,085
Metro, Inc.
3,567 203,085
Nutrien Ltd.
4,520 313,231
Parkland Corp.
9,189 216,463
Pembina Pipeline Corp.
4,566 150,146
Power Corp. of Canada
11,448 306,310
Restaurant Brands International, Inc.
3,333 233,406
Rogers Communications, Inc., Class B
3,814 188,239
Royal Bank of Canada
2,728 270,547
Saputo, Inc.
7,517 194,423
Sun Life Financial, Inc.
3,678 180,226
Suncor Energy, Inc.
10,875 340,129
TC Energy Corp.
4,095 170,014
Teck Resources Ltd., Class B
4,345 202,177
TELUS Corp.
8,755 185,389
TFI International, Inc.
1,566 168,596
Thomson Reuters Corp.
1,609 211,354
Toronto-Dominion Bank (The)
3,259 197,203
West Fraser Timber Co., Ltd.
1,963 141,837
WSP Global, Inc.
1,437 189,449
Total Canada
11,189,360
Denmark — 1.2%
Carlsberg A/S, Class B
1,496 247,623
Danske Bank A/S*
10,538 222,504
DSV A/S
2,900 545,739
ISS A/S
14,037 293,161
Novo Nordisk A/S, Class B
3,956 658,972
Orsted A/S
1,302 116,984
Vestas Wind Systems A/S*
7,834 216,363
Total Denmark
2,301,346
Finland — 1.3%
Fortum OYJ
73,845 1,103,028
Kesko OYJ, Class B
6,688 139,586
Kone OYJ, Class B
3,370 192,348
Neste OYJ
5,832 282,908
Nokia OYJ
81,491 345,649
Outokumpu OYJ(a)
27,668 150,986
Stora Enso OYJ, Class R
10,554 133,993
UPM-Kymmene OYJ
6,144 196,027
Total Finland
2,544,525
France — 12.7%
Air France-KLM*(a)
262,001 453,686
Air Liquide SA
3,293 593,234
Airbus SE
7,851 1,101,983
Alstom SA
8,143 204,429
Arkema SA
1,618 160,085
Atos SE*
9,425 130,429
AXA SA(a)
26,791 874,597
BNP Paribas SA
13,314 861,192
Bollore SE
156,788 1,059,332
Bouygues SA(a)
21,561 790,268
Bureau Veritas SA
5,332 153,873
See notes to financial statements.
82

TABLE OF CONTENTS
Schedule of Investments — IQ 500 International ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
France (continued)
Capgemini SE
2,019 $ 367,557
Carrefour SA
42,373 882,264
Casino Guichard Perrachon SA*(a)
25,578 217,715
Cie de Saint-Gobain
11,069 640,580
Cie Generale des Etablissements Michelin SCA
8,165 259,877
Credit Agricole SA
38,150 466,830
Danone SA
7,631 505,392
Dassault Systemes SE
3,205 129,750
Eiffage SA
4,312 513,651
Engie SA(a)
53,351 854,982
EssilorLuxottica SA
2,044 404,828
Faurecia SE*
11,613 240,388
Kering SA
456 291,834
Korian SA(a)
8,354 72,445
Legrand SA
1,850 175,033
L’Oreal SA
1,671 798,328
LVMH Moet Hennessy Louis Vuitton SE
2,212 2,127,017
Orange SA
56,984 743,346
Orpea SA*(a)
4,786 14,139
Pernod Ricard SA
932 215,457
Publicis Groupe SA
4,693 384,020
Renault SA*
18,700 694,282
Rexel SA*
13,171 305,355
Safran SA
2,706 421,046
Societe Generale SA
8,640 210,086
Sodexo SA
4,810 516,154
SPIE SA
7,839 244,742
Technip Energies NV
14,680 326,240
Teleperformance
536 106,987
Thales SA
2,641 403,527
TotalEnergies SE(a)
39,314 2,514,742
Valeo
14,203 276,988
Veolia Environnement SA
12,808 405,676
Vinci SA
13,127 1,626,021
Vivendi SE
22,301 245,070
Total France
24,985,457
Germany — 12.0%
adidas AG
1,465 257,871
Allianz SE
3,527 885,644
Aurubis AG
2,183 204,370
BASF SE
26,204 1,355,329
Bayer AG
11,307 745,977
Bayerische Motoren Werke AG
14,224 1,592,937
Bechtle AG
2,834 131,563
Beiersdorf AG
1,508 210,767
Brenntag SE
3,264 265,862
Continental AG
6,357 445,088
Covestro AG*
6,012 264,095
Deutsche Bank AG
18,077 198,432
Deutsche Lufthansa AG*
42,422 455,692
Deutsche Post AG
54,907 2,638,058
Deutsche Telekom AG
91,923 2,220,441
E.ON SE
84,814 1,124,080
Evonik Industries AG
10,239 223,364
Fresenius Medical Care AG & Co.
KGaA
7,969 387,453
Shares
Value
Common Stocks (continued)
Germany (continued)
Fresenius SE & Co. KGaA
17,589 $ 509,145
Hannover Rueck SE
1,286 274,862
HeidelbergCement AG
5,534 418,868
HOCHTIEF AG
6,197 518,241
Infineon Technologies AG
7,502 272,525
KION Group AG
2,526 104,353
Kloeckner & Co SE
9,827 109,032
LANXESS AG
3,608 146,822
Mercedes-Benz Group AG(a)
19,387 1,510,636
Merck KGaA*
2,030 364,293
Muenchener Rueckversicherungs- Gesellschaft AG*
1,795 674,760
ProSiebenSat.1 Media SE
13,659 122,445
Rheinmetall AG
658 192,867
RWE AG*
8,108 380,874
Salzgitter AG
3,270 129,385
SAP SE
7,041 955,020
Siemens AG
6,784 1,115,188
Siemens Energy AG*
15,967 390,978
Siemens Healthineers AG
11,227 699,302
Telefonica Deutschland Holding AG
59,460 201,198
thyssenkrupp AG
60,222 432,418
TUI AG*(a)
22,173 141,408
United Internet AG
5,106 87,712
Zalando SE*
3,223 132,258
Total Germany
23,491,613
Hong Kong — 0.8%
AIA Group Ltd.
29,188 315,867
CLP Holdings Ltd.
16,230 120,744
Nine Dragons Paper Holdings Ltd.
211,325 146,180
Orient Overseas International Ltd.
8,579 173,549
Prudential PLC
13,104 199,539
Skyworth Group Ltd.
273,247 135,755
Techtronic Industries Co., Ltd.
9,468 101,797
WH Group Ltd.
607,739 337,551
Total Hong Kong
1,530,982
Ireland — 0.4%
CRH PLC
10,723 519,970
Kerry Group PLC, Class A
1,358 143,086
Smurfit Kappa Group PLC
4,820 178,234
Total Ireland
841,290
Israel — 0.2%
ICL Group Ltd.
12,006 73,460
Teva Pharmaceutical Industries Ltd.*
31,019 258,033
Total Israel
331,493
Italy — 3.0%
A2A SpA
87,717 154,943
Assicurazioni Generali SpA
27,531 573,841
Enel SpA
172,294 1,179,124
Eni SpA
56,823 862,319
Hera SpA
41,081 128,078
Intesa Sanpaolo SpA
140,731 370,472
Leonardo SpA
26,428 315,251
Poste Italiane SpA
68,565 713,506
See notes to financial statements.
83​

TABLE OF CONTENTS
Schedule of Investments — IQ 500 International ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Italy (continued)
Prysmian SpA
5,637 $ 230,695
Saipem SpA*
306,795 469,439
Telecom Italia SpA*
799,816 235,671
UniCredit SpA
18,630 368,980
UnipolSai Assicurazioni SpA
48,813 131,382
Webuild SpA(a)
80,600 173,515
Total Italy
5,907,216
Japan — 29.5%
Aeon Co., Ltd.
37,554 763,270
AGC, Inc.
6,239 231,388
Air Water, Inc.
10,184 128,043
Aisin Corp.
11,483 335,218
Ajinomoto Co., Inc.
5,626 201,836
Alfresa Holdings Corp.
22,470 324,265
ANA Holdings, Inc.*
8,519 185,032
Asahi Group Holdings Ltd.
7,775 299,375
Asahi Kasei Corp.
37,868 266,340
Astellas Pharma, Inc.
13,445 202,221
Benesse Holdings, Inc.
7,791 111,517
Bridgestone Corp.
7,848 313,424
Brother Industries Ltd.
7,590 118,394
Canon, Inc.
20,337 483,613
Central Japan Railway Co.
1,295 160,205
Chubu Electric Power Co., Inc.
27,961 311,921
Chugai Pharmaceutical Co., Ltd.
5,357 137,854
Chugoku Electric Power Co., Inc.
(The)*
20,031 105,330
Cosmo Energy Holdings Co., Ltd.
11,919 378,145
CyberAgent, Inc.
13,005 112,796
Dai Nippon Printing Co., Ltd.
10,207 292,346
Dai-ichi Life Holdings, Inc.
18,128 334,762
Daiichi Sankyo Co., Ltd.
7,815 266,708
Daikin Industries Ltd.
1,785 322,746
Denso Corp.
8,518 509,898
Dentsu Group, Inc.
5,517 197,520
DIC Corp.
6,861 126,069
East Japan Railway Co.
5,087 291,550
ENEOS Holdings, Inc.
253,565 897,575
Fast Retailing Co., Ltd.
1,578 370,960
FUJIFILM Holdings Corp.
3,575 185,360
Fujitsu Ltd.
4,257 564,620
Hakuhodo DY Holdings, Inc.
15,295 179,162
Hankyu Hanshin Holdings, Inc.
4,752 147,797
Hino Motors Ltd.*
28,921 113,207
Hitachi Ltd.
21,824 1,199,667
Honda Motor Co., Ltd.
35,608 938,284
Idemitsu Kosan Co., Ltd.
21,578 456,709
IHI Corp.
6,215 155,415
Inpex Corp.
13,798 149,263
Isuzu Motors Ltd.
16,200 189,287
ITOCHU Corp.(a)
43,580 1,437,678
Japan Post Bank Co., Ltd.
17,276 137,660
Japan Post Holdings Co., Ltd.
216,454 1,777,223
Japan Post Insurance Co., Ltd.
12,087 195,199
Japan Tobacco, Inc.
18,790 403,426
JFE Holdings, Inc.
31,758 373,637
JTEKT Corp.
20,299 166,220
Shares
Value
Common Stocks (continued)
Japan (continued)
Kajima Corp.
27,713 $ 365,328
Kansai Electric Power Co., Inc. (The)
32,158 347,169
Kao Corp.
4,825 195,069
Kawasaki Heavy Industries Ltd.
12,542 270,616
Kawasaki Kisen Kaisha Ltd.(a)
6,818 161,481
KDDI Corp.
24,186 754,541
Keyence Corp.
314 140,898
Kintetsu Group Holdings Co., Ltd.
4,906 165,377
Kirin Holdings Co., Ltd.
15,560 252,429
Kobe Steel Ltd.
47,670 352,541
Komatsu Ltd.
12,578 308,896
Konica Minolta, Inc.
36,682 151,938
Kubota Corp.
13,352 200,822
Kyocera Corp.
4,680 244,406
Kyushu Electric Power Co., Inc.*
28,639 166,788
Lixil Corp.
8,509 133,229
Marubeni Corp.
76,253 1,075,208
Mazda Motor Corp.
34,251 305,370
Medipal Holdings Corp.
23,909 364,346
MEIJI Holdings Co., Ltd.
5,708 137,706
MINEBEA MITSUMI, Inc.
6,481 118,992
Mitsubishi Chemical Group Corp.
73,942 431,439
Mitsubishi Corp.
38,879 1,432,782
Mitsubishi Electric Corp.
50,966 628,443
Mitsubishi Heavy Industries Ltd.
11,384 428,640
Mitsubishi Materials Corp.
9,873 160,967
Mitsubishi Motors Corp.*
65,339 247,124
Mitsubishi UFJ Financial Group, Inc.
48,584 304,317
Mitsui & Co., Ltd.
50,043 1,554,231
Mitsui Chemicals, Inc.
8,701 218,220
Mitsui OSK Lines Ltd.(a)
7,394 182,454
Mizuho Financial Group, Inc.
14,585 210,476
MS&AD Insurance Group Holdings,
Inc.
7,662 250,120
Murata Manufacturing Co., Ltd.
4,401 254,690
NEC Corp.
12,303 470,742
NH Foods Ltd.
4,785 139,511
NIDEC CORP.
2,617 128,846
Nintendo Co., Ltd.
3,180 133,608
Nippon Paint Holdings Co., Ltd.
19,435 174,560
Nippon Paper Industries Co., Ltd.*
18,776 150,026
Nippon Sanso Holdings Corp.
8,173 146,456
Nippon Steel Corp.
37,332 793,166
Nippon Telegraph & Telephone Corp.
59,350 1,808,417
Nippon Yusen K.K.
12,193 286,815
Nissan Motor Co., Ltd.
144,751 523,236
Nitto Denko Corp.
2,163 139,154
Nomura Research Institute Ltd.
4,289 107,725
NTT Data Corp.
22,811 308,078
Obayashi Corp.
42,293 351,600
Oji Holdings Corp.
44,211 173,058
Olympus Corp.
8,037 139,739
Omron Corp.
2,108 122,952
ORIX Corp.
8,629 145,755
Osaka Gas Co., Ltd.
10,042 166,230
Otsuka Corp.
5,180 187,738
Otsuka Holdings Co., Ltd.
6,589 222,642
Outsourcing, Inc.
13,449 135,907
See notes to financial statements.
84

TABLE OF CONTENTS
Schedule of Investments — IQ 500 International ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Japan (continued)
Pan Pacific International Holdings
Corp.
13,183 $ 245,333
Panasonic Holdings Corp.
58,443 546,595
Persol Holdings Co., Ltd.
9,606 196,684
Rakuten Group, Inc.
45,097 223,556
Recruit Holdings Co., Ltd.
11,410 320,434
Renesas Electronics Corp.*
16,118 209,754
Resonac Holdings Corp.
10,468 164,441
Ricoh Co., Ltd.
29,482 242,715
Secom Co., Ltd.
3,075 196,426
Seiko Epson Corp.
12,402 188,628
Sekisui Chemical Co., Ltd.
11,957 169,478
Sekisui House Ltd.
8,468 173,508
Seven & i Holdings Co., Ltd.
20,781 937,827
SG Holdings Co., Ltd.
13,616 195,393
Sharp Corp.
22,301 158,211
Shimizu Corp.
41,289 251,376
Shin-Etsu Chemical Co., Ltd.
9,560 271,217
Ship Healthcare Holdings, Inc.
10,026 176,200
Shiseido Co., Ltd.
2,988 149,241
SoftBank Corp.
64,772 728,516
SoftBank Group Corp.
57,333 2,144,856
Sojitz Corp.
16,015 335,437
Sompo Holdings, Inc.
5,087 211,191
Sony Group Corp.
8,978 845,942
Subaru Corp.
14,936 240,771
Sumitomo Chemical Co., Ltd.
77,824 261,766
Sumitomo Corp.
35,860 639,167
Sumitomo Electric Industries Ltd.
27,920 353,498
Sumitomo Forestry Co., Ltd.
11,726 251,890
Sumitomo Metal Mining Co., Ltd.
3,147 115,766
Sumitomo Mitsui Financial Group, Inc.
7,207 293,700
Suntory Beverage & Food Ltd.
4,632 173,830
Suzuken Co., Ltd.
9,693 274,777
Suzuki Motor Corp.
9,011 310,966
T&D Holdings, Inc.
11,114 135,002
Taisei Corp.
9,138 309,712
Takeda Pharmaceutical Co., Ltd.
16,489 546,384
TDK Corp.
7,468 254,756
Teijin Ltd.
13,282 147,583
Tohoku Electric Power Co., Inc.*
39,085 200,929
Tokio Marine Holdings, Inc.
15,757 314,758
Tokyo Electric Power Co., Holdings,
Inc.*
168,773 603,624
Tokyo Electron Ltd.
1,902 216,440
Tokyo Gas Co., Ltd.
11,474 235,185
Tokyu Corp.
12,563 176,961
TOPPAN, Inc.
14,981 317,080
Toray Industries, Inc.
56,071 316,129
Toshiba Corp.
7,122 230,138
Tosoh Corp.
10,132 134,756
Toyota Boshoku Corp.
9,822 154,293
Toyota Industries Corp.
3,250 187,365
Toyota Motor Corp.
119,568 1,630,652
Toyota Tsusho Corp.
22,684 934,581
Welcia Holdings Co., Ltd.
5,541 115,813
West Japan Railway Co.
4,192 181,361
Yamada Holdings Co., Ltd.
59,622 207,548
Shares
Value
Common Stocks (continued)
Japan (continued)
Yamaha Motor Co., Ltd.
7,751 $ 199,233
Yamato Holdings Co., Ltd.
14,932 255,949
Yamazaki Baking Co., Ltd.
12,314 165,043
Z Holdings Corp.
66,994 182,337
Zensho Holdings Co., Ltd.
8,004 253,643
Total Japan
57,829,494
Luxembourg — 0.6%
ArcelorMittal SA
32,619 925,850
Eurofins Scientific SE(a)
2,791 194,920
Total Luxembourg
1,120,770
Netherlands — 3.2%
Aegon NV
35,435 161,292
Akzo Nobel NV
2,375 197,016
ASML Holding NV
631 399,513
Heineken NV
3,979 457,071
ING Groep NV(a)
16,602 205,280
JDE Peet’s NV
5,057 154,088
Koninklijke Ahold Delhaize NV
34,128 1,176,282
Koninklijke Philips NV
10,430 219,769
NN Group NV
3,492 130,189
Randstad NV
8,000 434,710
Shell PLC
73,856 2,276,177
Universal Music Group NV
9,106 199,150
Wolters Kluwer NV
1,467 194,590
Total Netherlands
6,205,127
Norway — 0.7%
Equinor ASA
36,352 1,037,064
Norsk Hydro ASA
22,458 164,311
Telenor ASA
15,363 191,048
Total Norway
1,392,423
Portugal — 0.4%
EDP — Energias de Portugal SA
49,156 271,340
Galp Energia SGPS SA
18,435 223,671
Jeronimo Martins SGPS SA
13,233 334,550
Total Portugal
829,561
Singapore — 0.5%
Jardine Cycle & Carriage Ltd.
13,592 345,161
Oversea-Chinese Banking Corp., Ltd.
20,729 195,458
Singapore Telecommunications Ltd.
99,610 190,388
STMicroelectronics NV
5,494 233,911
Total Singapore
964,918
Spain — 3.2%
ACS Actividades de Construccion y Servicios SA
22,145 762,778
Banco Bilbao Vizcaya Argentaria SA
53,083 389,713
Banco Santander SA(a)
151,498 532,952
Cia de Distribucion Integral Logista Holdings SA
13,118 357,132
Endesa SA
14,088 316,817
Ferrovial SA
6,169 193,624
Iberdrola SA
61,272 796,847
Industria de Diseno Textil SA(a)
21,616 743,602
Mapfre SA(a)
82,166 164,822
See notes to financial statements.
85​

TABLE OF CONTENTS
Schedule of Investments — IQ 500 International ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Spain (continued)
Naturgy Energy Group SA
11,623 $ 363,138
Repsol SA
47,042 693,062
Sacyr SA(a)
60,561 200,711
Telefonica SA
162,502 740,032
Total Spain
6,255,230
Sweden — 1.7%
Alleima AB*
1,540 7,894
Assa Abloy AB, B Shares
5,963 141,790
Atlas Copco AB, A Shares
14,108 203,699
Electrolux AB, B Shares(a)
10,146 152,874
Essity AB, B Shares
9,443 286,036
H & M Hennes & Mauritz AB, B Shares
19,931 291,234
Investor AB, B Shares(a)
10,838 232,245
Sandvik AB(a)
7,713 156,783
Securitas AB, B Shares(a)
35,571 318,352
Skanska AB, B Shares(a)
13,772 224,761
SKF AB, B Shares
9,079 164,014
SSAB AB, A Shares(a)
21,655 153,399
Telefonaktiebolaget LM Ericsson, B Shares
54,673 300,462
Telia Co. AB(a)
44,749 124,598
Volvo AB, B Shares
29,719 610,765
Total Sweden
3,368,906
Switzerland — 2.4%
ABB Ltd.
10,593 382,279
Accelleron Industries AG*
527 12,967
Adecco Group AG
9,429 323,428
Alcon, Inc.
2,073 150,971
Cie Financiere Richemont SA, Class A
1,698 280,345
Credit Suisse Group AG
32,808 29,504
DSM-Firmenich AG*
1,132 148,417
Kuehne + Nagel International AG
2,349 696,479
Novartis AG
12,111 1,240,015
Schindler Holding AG — Participating Certificate
796 177,704
Sika AG
582 160,466
Swiss Life Holding AG*
273 179,986
Swisscom AG
356 245,186
UBS Group AG
12,529 254,296
Zurich Insurance Group AG
858 416,251
Total Switzerland
4,698,294
United Kingdom — 8.5%
Associated British Foods PLC
11,680 287,152
AstraZeneca PLC
4,523 667,754
Aviva PLC
36,415 193,607
Babcock International Group PLC*
30,892 123,240
BAE Systems PLC
46,579 593,646
Barclays PLC
99,968 200,888
BP PLC
258,308 1,735,018
British American Tobacco PLC
13,815 508,245
BT Group PLC
184,215 367,800
Bunzl PLC
6,138 244,097
Centrica PLC
235,666 339,158
CK Hutchison Holdings Ltd.
73,841 493,847
Shares
Value
Common Stocks (continued)
United Kingdom (continued)
Compass Group PLC
27,457 $ 723,688
Computacenter PLC
5,064 146,139
Currys PLC
155,510 111,412
DCC PLC
3,201 198,913
Diageo PLC
5,854 266,502
DS Smith PLC
38,165 148,753
Entain PLC
7,938 144,072
Hays PLC
110,319 157,795
HSBC Holdings PLC
57,227 412,726
Imperial Brands PLC
15,520 383,801
Inchcape PLC
16,466 167,328
International Distributions Services PLC
69,363 220,745
ITV PLC
156,394 158,790
J Sainsbury PLC
137,452 477,517
JD Sports Fashion PLC
77,906 157,700
John Wood Group PLC*
68,441 193,897
Johnson Matthey PLC
14,601 360,341
Kingfisher PLC
71,002 229,799
Legal & General Group PLC
103,156 303,526
Lloyds Banking Group PLC
577,083 349,611
M&G PLC
60,685 156,440
Marks & Spencer Group PLC*
89,278 184,423
National Grid PLC
18,451 265,421
NatWest Group PLC
47,061 154,975
Pearson PLC
15,848 176,684
Phoenix Group Holdings PLC
26,259 195,323
Reckitt Benckiser Group PLC
3,975 321,254
RELX PLC
7,757 257,978
Rolls-Royce Holdings PLC*
174,157 333,052
SSE PLC
6,966 160,883
St James’s Place PLC
10,852 164,565
Standard Chartered PLC
23,116 182,578
Tesco PLC
256,623 906,685
Unilever PLC
21,974 1,225,320
Vodafone Group PLC
448,974 541,177
WPP PLC
26,546 309,366
Total United Kingdom
16,603,631
United States — 4.3%
CSL Ltd.
1,032 204,995
Experian PLC
4,086 144,313
Ferguson PLC
2,726 383,575
GSK PLC
33,631 609,121
Haleon PLC
41,660 183,792
Holcim AG*
9,320 615,923
Nestle SA
15,441 1,986,746
Roche Holding AG
4,112 1,295,207
Sanofi(a) 7,665 846,213
Schneider Electric SE
2,869 499,874
Stellantis NV
76,161 1,261,222
Swiss Re AG
3,023 304,728
Waste Connections, Inc.
1,157 160,767
Total United States
8,496,476
Total Common Stocks
(Cost $187,037,295)
191,104,299
See notes to financial statements.
86

TABLE OF CONTENTS
Schedule of Investments — IQ 500 International ETF (continued)
April 30, 2023
Shares
Value
Preferred Stocks — 1.1%
Germany — 1.1%
Henkel AG & Co. KGaA, 2.53%
5,350 $ 432,820
Schaeffler AG, 6.85%
33,830 245,378
Volkswagen AG, 21.51%
11,744 1,603,552
Total Germany
2,281,750
Total Preferred Stocks
(Cost $3,035,391)
2,281,750
Investment Companies — 0.4%
International Equity Core Funds — 0.4%
iShares Core MSCI EAFE ETF
(Cost $706,267)
10,666 733,501
Short-Term Investments — 4.2%
Money Market Funds — 4.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(b)(c)
7,950,815 7,950,815
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
259,779 259,779
Total Short-Term Investments
(Cost $8,210,594)
8,210,594
Shares
Value
Total Investments — 103.2%
(Cost $198,989,547)
$ 202,330,144
Other Assets and Liabilities,
Net — (3.2)%
(6,298,539)
Net Assets — 100.0%
$ 196,031,605
*
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 $12,597,602; total market value of collateral held by the Fund was $13,249,809. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of  $5,298,994.
(b)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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
$ 191,104,299 $ $ $ 191,104,299
Investment Companies
733,501 733,501
Preferred Stocks
2,281,750 2,281,750
Short-Term Investments:
Money Market Funds
8,210,594 8,210,594
Total Investments in Securities
$ 202,330,144 $ $ $ 202,330,144
(d)
For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2023,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.
87​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF 
April 30, 2023
Shares
Value
Common Stocks —  98.7%
Australia — 6.7%
Alumina Ltd.
40,633 $ 40,816
AMP Ltd.
48,836 36,630
Ampol Ltd.
3,749 74,152
APA Group
18,775 127,549
ASX Ltd.
3,043 137,691
Atlas Arteria Ltd.
22,542 97,426
Aurizon Holdings Ltd.
28,976 65,489
BlueScope Steel Ltd.
7,374 96,829
Brambles Ltd.
22,092 208,043
Charter Hall Group
6,847 50,362
Cochlear Ltd.
1,045 170,327
Coles Group Ltd.
20,649 248,356
Commonwealth Bank of Australia
26,815 1,760,731
Computershare Ltd.
8,319 123,147
Dexus
16,862 86,695
Domino’s Pizza Enterprises Ltd.
998 33,253
Evolution Mining Ltd.
28,571 67,217
Fortescue Metals Group Ltd.
28,502 394,417
Goodman Group
26,282 335,386
GPT Group (The)
30,405 88,611
IDP Education Ltd.
3,281 61,058
IGO Ltd.
11,754 106,805
Insurance Australia Group Ltd.
38,874 127,936
Lendlease Corp., Ltd.
10,859 53,463
Lynas Rare Earths Ltd.*
14,170 60,212
Macquarie Group Ltd.
5,839 704,600
Medibank Pvt Ltd.
43,788 103,017
Mineral Resources Ltd.
2,586 125,916
Mirvac Group
62,509 99,555
National Australia Bank Ltd.
50,151 955,825
Orica Ltd.
7,204 77,124
QBE Insurance Group Ltd.
23,525 238,328
Ramsay Health Care Ltd.
2,953 126,203
REA Group Ltd.
797 74,206
Rio Tinto Ltd.
5,908 438,259
Rio Tinto PLC
16,983 1,077,754
Santos Ltd.
52,662 246,048
Scentre Group
82,491 157,001
SEEK Ltd.
5,383 86,871
Sonic Healthcare Ltd.
7,303 171,040
Stockland
34,340 100,987
Suncorp Group Ltd.
20,066 165,493
Transurban Group
48,848 483,896
Vicinity Ltd.
60,539 84,015
Wesfarmers Ltd.
18,021 618,921
Westpac Banking Corp.
55,732 827,583
WiseTech Global Ltd.
2,779 125,911
Woodside Energy Group Ltd.
30,216 672,532
Woolworths Group Ltd.
19,340 496,281
Total Australia
12,909,967
Austria — 0.4%
ams-OSRAM AG*
4,122 28,436
ANDRITZ AG
1,138 73,936
BAWAG Group AG*
1,314 64,061
CA Immobilien Anlagen AG*
638 18,524
Erste Group Bank AG
5,534 201,064
Shares
Value
Common Stocks (continued)
Austria (continued)
EVN AG
557 $ 13,436
Mondi PLC
7,722 122,778
OMV AG
2,267 107,218
Verbund AG
507 45,282
voestalpine AG
1,751 60,661
Wienerberger AG
1,724 51,960
Total Austria
787,356
Belgium — 0.6%
Ageas SA
2,735 121,955
Azelis Group NV
1,098 26,062
D’ieteren Group
345 64,940
Elia Group SA
454 62,351
Etablissements Franz Colruyt NV
825 22,907
KBC Group NV
4,460 318,965
Proximus SADP
2,238 19,099
Sofina SA
239 54,829
Solvay SA
1,128 135,552
UCB SA
1,922 179,129
Umicore SA
3,212 105,530
Warehouses De Pauw CVA
2,541 76,078
Total Belgium
1,187,397
Chile — 0.1%
Antofagasta PLC
5,506 101,074
China — 0.7%
Alibaba Health Information Technology Ltd.*
64,282 45,940
BYD Electronic International Co., Ltd.
10,087 30,390
China Gas Holdings Ltd.
33,755 43,259
China Mengniu Dairy Co., Ltd.*
47,905 192,538
Chow Tai Fook Jewellery Group Ltd.
27,551 55,103
CSPC Pharmaceutical Group Ltd.
133,299 135,508
ESR Group Ltd.
37,505 58,384
Fosun International Ltd.
35,465 24,803
NXP Semiconductors NV
4,119 674,445
Shimao Group Holdings Ltd.*(a)(b)
20,336 4,456
Wharf Holdings Ltd. (The)
15,247 34,845
Wilmar International Ltd.
28,664 84,435
Xinyi Glass Holdings Ltd.
25,590 46,617
Total China
1,430,723
Denmark — 3.4%
AP Moller — Maersk A/S, Class A
45 80,318
AP Moller — Maersk A/S, Class B
71 128,249
Chr Hansen Holding A/S
1,635 127,336
Coloplast A/S, Class B
1,945 280,314
Demant A/S*
1,423 60,998
Genmab A/S*
1,031 424,537
Novo Nordisk A/S, Class B
25,857 4,307,138
Novozymes A/S, Class B
3,225 167,859
Orsted A/S
2,844 255,532
Pandora A/S
1,441 133,229
Tryg A/S
5,449 128,733
Vestas Wind Systems A/S*
15,594 430,681
Total Denmark
6,524,924
See notes to financial statements.
88

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Faroe Islands — 0.0%(c)
Bakkafrost P/F
779 $ 56,543
Finland — 1.4%
Elisa OYJ
2,339 145,432
Fortum OYJ
6,883 102,812
Huhtamaki OYJ
1,496 53,908
Kesko OYJ, Class B
3,805 79,414
Kone OYJ, Class B
5,625 321,056
Metso Outotec OYJ
11,015 121,605
Neste OYJ
7,534 365,471
Nokia OYJ
83,003 352,062
Nordea Bank Abp
51,894 575,773
Orion OYJ, Class B
1,626 76,507
Stora Enso OYJ, Class R
9,199 116,790
UPM-Kymmene OYJ
8,399 267,974
Wartsila OYJ Abp
8,679 100,607
Total Finland
2,679,411
France — 10.0%
Adevinta ASA*
7,349 56,366
Air Liquide SA
8,295 1,494,346
AXA SA(b)
36,333 1,186,097
BioMerieux
756 79,206
BNP Paribas SA
17,889 1,157,117
Bouygues SA(b)
4,490 164,571
Capgemini SE
2,598 472,963
Carrefour SA
9,280 193,222
Cie de Saint-Gobain
6,707 388,144
Cie Generale des Etablissements Michelin
SCA
11,366 361,760
Credit Agricole SA
22,758 278,483
Danone SA
10,278 680,699
Dassault Systemes SE
10,783 436,534
EssilorLuxottica SA
4,839 958,398
Hermes International
541 1,174,695
Kering SA
1,131 723,825
Legrand SA
4,160 393,588
L’Oreal SA
3,842 1,835,533
LVMH Moet Hennessy Louis Vuitton SE
4,132 3,973,252
Sartorius Stedim Biotech
383 102,536
Societe Generale SA
13,155 319,871
Sodexo SA
1,324 142,076
TotalEnergies SE(b)
39,531 2,528,622
Worldline SA*
3,515 152,816
Total France
19,254,720
Germany — 7.8%
adidas AG
2,398 422,099
Allianz SE
6,224 1,562,871
Bayerische Motoren Werke AG
5,105 571,706
Beiersdorf AG
1,558 217,755
Carl Zeiss Meditec AG
580 77,991
Continental AG
1,720 120,426
Covestro AG*
2,984 131,081
Deutsche Boerse AG
2,917 556,800
Deutsche Post AG
15,671 752,928
Deutsche Telekom AG
51,608 1,246,614
E.ON SE
33,924 449,611
Shares
Value
Common Stocks (continued)
Germany (continued)
Evonik Industries AG
3,034 $ 66,187
Hannover Rueck SE
955 204,116
Hapag-Lloyd AG
385 119,521
HeidelbergCement AG
2,304 174,390
Henkel AG & Co. KGaA
1,606 118,792
Infineon Technologies AG
19,511 708,776
Knorr-Bremse AG
1,046 73,259
Mercedes-Benz Group AG
13,152 1,024,805
Merck KGaA*
2,056 368,959
Muenchener Rueckversicherungs- Gesellschaft AG*
2,229 837,905
Puma SE
1,589 92,905
SAP SE
16,646 2,257,814
Siemens AG
12,828 2,108,732
Symrise AG
2,046 247,223
Talanx AG
841 42,301
Telefonica Deutschland Holding AG
12,382 41,897
Volkswagen AG
453 75,992
Vonovia SE
12,029 260,619
Zalando SE*
3,715 152,447
Total Germany
15,086,522
Guatemala — 0.0%(c)
Millicom International Cellular SA*
2,528 45,262
Hong Kong — 2.8%
AIA Group Ltd.
187,274 2,026,641
Futu Holdings Ltd.*
1,260 55,780
Hang Lung Properties Ltd.
27,971 51,025
Hang Seng Bank Ltd.
11,515 170,307
HKT Trust & HKT Ltd.
53,771 70,554
Hong Kong & China Gas Co., Ltd.
172,666 153,092
Hong Kong Exchanges & Clearing Ltd.
20,161 832,133
Link REIT
40,608 264,861
MTR Corp., Ltd.
24,888 124,124
Power Assets Holdings Ltd.
21,696 123,821
Prudential PLC
43,716 665,677
Sino Biopharmaceutical Ltd.
156,003 86,250
Sun Hung Kai Properties Ltd.
23,125 321,103
Swire Pacific Ltd., Class A
6,723 53,185
Swire Pacific Ltd., Class B
12,951 16,416
Swire Properties Ltd.
16,596 44,503
Techtronic Industries Co., Ltd.
21,913 235,603
Wharf Real Estate Investment Co., Ltd.
23,442 134,681
Total Hong Kong
5,429,756
Ireland — 0.7%
AerCap Holdings NV*
2,027 114,242
CRH PLC
11,852 574,717
Kerry Group PLC, Class A
2,485 261,833
Kingspan Group PLC
2,435 168,552
Smurfit Kappa Group PLC
4,057 150,019
Total Ireland
1,269,363
Israel — 0.5%
Bank Hapoalim BM
18,826 160,332
Bank Leumi Le-Israel BM
23,827 186,609
Israel Discount Bank Ltd., Class A
18,792 92,243
See notes to financial statements.
89​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Israel (continued)
Mizrahi Tefahot Bank Ltd.
2,391 $ 77,586
Nice Ltd.*
1,012 207,384
Plus500 Ltd.
1,419 29,696
Tower Semiconductor Ltd.*
1,741 76,411
Wix.com Ltd.*
881 76,850
Total Israel
907,111
Italy — 2.3%
Amplifon SpA
1,957 71,902
Assicurazioni Generali SpA
17,756 370,096
Banca Mediolanum SpA
3,035 27,455
DiaSorin SpA
357 38,814
Enel SpA
123,639 846,145
Eni SpA
38,671 586,853
FinecoBank Banca Fineco SpA
9,712 147,213
Intesa Sanpaolo SpA
267,996 705,494
Mediobanca Banca di Credito Finanziario
SpA
9,867 105,990
Moncler SpA
3,129 231,998
Nexi SpA*
9,820 81,374
Pirelli & C SpA
6,190 32,433
Poste Italiane SpA
7,281 75,768
Prysmian SpA
4,070 166,565
Recordati Industria Chimica e Farmaceutica SpA
1,537 70,809
Telecom Italia SpA*
158,839 46,803
Telecom Italia SpA-RSP*
95,091 27,505
Terna — Rete Elettrica Nazionale
22,392 194,305
UniCredit SpA(b)
29,050 575,356
Total Italy
4,402,878
Japan — 21.9%
Advantest Corp.
2,933 227,032
Aeon Co., Ltd.
11,695 237,696
Aeon Mall Co., Ltd.
1,455 19,555
Air Water, Inc.
3,139 39,467
Aisin Corp.
2,444 71,347
Ajinomoto Co., Inc.
8,395 301,176
Asahi Intecc Co., Ltd.
3,446 61,852
Asahi Kasei Corp.
21,089 148,327
Astellas Pharma, Inc.
28,841 433,785
Azbil Corp.
2,027 56,345
Bridgestone Corp.
8,930 356,636
Brother Industries Ltd.
3,846 59,993
Canon, Inc.
15,763 374,844
Capcom Co., Ltd.
2,594 97,348
Central Japan Railway Co.
2,710 335,255
Chiba Bank Ltd. (The)
10,566 68,518
Chugai Pharmaceutical Co., Ltd.
10,142 260,989
Coca-Cola Bottlers Japan Holdings, Inc.
1,905 20,454
Concordia Financial Group Ltd.
16,918 63,738
CyberAgent, Inc.
6,504 56,411
Dai Nippon Printing Co., Ltd.
3,679 105,373
Daifuku Co., Ltd.
5,496 100,503
Daiichi Sankyo Co., Ltd.
30,092 1,026,971
Daikin Industries Ltd.
4,225 763,922
Daito Trust Construction Co., Ltd.
948 89,603
Daiwa House Industry Co., Ltd.
9,715 246,647
Shares
Value
Common Stocks (continued)
Japan (continued)
Daiwa House REIT Investment Corp.
36 $ 76,539
Daiwa Securities Group, Inc.
21,908 101,202
Denso Corp.
6,827 408,672
Dentsu Group, Inc.
2,815 100,783
Disco Corp.
1,361 154,026
East Japan Railway Co.
5,426 310,979
Eisai Co., Ltd.
4,415 253,976
ENEOS Holdings, Inc.
46,547 164,768
FANUC Corp.
15,063 507,650
Fast Retailing Co., Ltd.
2,657 624,614
FUJIFILM Holdings Corp.
5,945 308,241
Fujitsu Ltd.
2,977 394,849
Hakuhodo DY Holdings, Inc.
3,449 40,401
Hankyu Hanshin Holdings, Inc.
3,653 113,616
Harmonic Drive Systems, Inc.
832 25,266
Hirose Electric Co., Ltd.
479 64,305
Hitachi Construction Machinery Co.,
Ltd.
1,614 39,471
Hitachi Ltd.
14,304 786,292
Honda Motor Co., Ltd.
25,067 660,525
Hoshizaki Corp.
1,739 61,047
Hoya Corp.
5,530 577,104
Hulic Co., Ltd.
7,493 64,219
Ibiden Co., Ltd.
1,857 72,553
Idemitsu Kosan Co., Ltd.
3,328 70,439
Isuzu Motors Ltd.
9,403 109,868
Ito En Ltd.
867 26,774
ITOCHU Corp.
23,059 760,702
Itochu Techno-Solutions Corp.
1,373 35,443
J Front Retailing Co., Ltd.
3,853 40,351
Japan Exchange Group, Inc.
8,326 134,492
Japan Metropolitan Fund Invest
110 80,380
JFE Holdings, Inc.
7,894 92,874
JSR Corp.
3,138 72,363
JTEKT Corp.
3,576 29,282
Kajima Corp.
6,686 88,138
Kakaku.com, Inc.
2,004 27,419
Kansai Paint Co., Ltd.
3,113 43,712
Kao Corp.
7,313 295,656
KDDI Corp.
23,439 731,237
Keio Corp.
1,695 62,739
Keisei Electric Railway Co., Ltd.
2,319 81,663
Kikkoman Corp.
2,231 131,568
Kintetsu Group Holdings Co., Ltd.
2,897 97,655
Kobayashi Pharmaceutical Co., Ltd.
765 47,642
Koei Tecmo Holdings Co., Ltd.
1,775 32,563
Koito Manufacturing Co., Ltd.
3,875 74,418
Komatsu Ltd.
14,775 362,851
Kose Corp.
512 59,448
Kubota Corp.
18,534 278,762
Kuraray Co., Ltd.
5,079 47,260
Kurita Water Industries Ltd.
1,741 72,496
Kyocera Corp.
5,252 274,277
Kyowa Kirin Co., Ltd.
3,927 87,097
Kyushu Railway Co.
2,150 48,711
Lion Corp.
3,974 43,252
Lixil Corp.
4,397 68,846
Makita Corp.
3,875 108,710
See notes to financial statements.
90

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Japan (continued)
Marubeni Corp.
26,410 $ 372,395
Marui Group Co., Ltd.
2,816 44,671
Mazda Motor Corp.
9,279 82,728
McDonald’s Holdings Co. Japan Ltd.
1,338 55,715
MEIJI Holdings Co., Ltd.
4,182 100,891
MINEBEA MITSUMI, Inc.
6,129 112,529
MISUMI Group, Inc.
4,520 113,195
Mitsubishi Chemical Group Corp.
21,375 124,720
Mitsubishi Corp.
21,385 788,087
Mitsubishi Estate Co., Ltd.
18,527 227,497
Mitsubishi Gas Chemical Co., Inc.
2,983 43,113
Mitsubishi HC Capital, Inc.
11,895 61,500
Mitsui Chemicals, Inc.
2,745 68,844
Mitsui Fudosan Co., Ltd.
13,909 274,881
Mitsui OSK Lines Ltd.
5,587 137,865
Miura Co., Ltd.
1,488 39,450
Mizuho Financial Group, Inc.
37,782 545,233
MonotaRO Co., Ltd.
3,839 57,741
MS&AD Insurance Group Holdings, Inc.
6,223 203,145
Nabtesco Corp.
1,686 40,365
NEC Corp.
3,962 151,596
Nexon Co., Ltd.
7,062 159,221
NGK Insulators Ltd.
4,756 59,378
NH Foods Ltd.
1,597 46,562
Nihon M&A Center Holdings, Inc.
4,636 35,170
Nikon Corp.
5,367 55,024
Nintendo Co., Ltd.
18,196 764,509
Nippon Building Fund, Inc.
27 113,025
Nippon Prologis REIT, Inc.
38 86,373
Nippon Sanso Holdings Corp.
2,808 50,318
Nippon Shinyaku Co., Ltd.
993 45,214
Nippon Steel Corp.
13,660 290,224
Nippon Telegraph & Telephone Corp.
33,972 1,035,140
Nippon Yusen K.K.
7,719 181,574
Nissan Chemical Corp.
2,045 90,412
Nisshin Seifun Group, Inc.
3,717 45,014
Nissin Foods Holdings Co., Ltd.
1,040 100,208
Nitori Holdings Co., Ltd.
1,297 165,405
Nitto Denko Corp.
2,321 149,319
Nomura Holdings, Inc.
46,575 166,201
Nomura Real Estate Holdings, Inc.
1,734 42,979
Nomura Real Estate Master Fund, Inc.
70 81,790
Nomura Research Institute Ltd.
5,120 128,597
NSK Ltd.
7,472 41,924
NTT Data Corp.
9,529 128,696
Obayashi Corp.
10,448 86,859
Odakyu Electric Railway Co., Ltd.
5,371 74,866
Oji Holdings Corp.
13,868 54,284
Olympus Corp.
19,314 335,812
Omron Corp.
3,022 176,262
Ono Pharmaceutical Co., Ltd.
6,327 127,502
Oriental Land Co., Ltd.
15,818 557,490
ORIX Corp.
17,832 301,205
Orix JREIT, Inc.
46 59,390
Osaka Gas Co., Ltd.
6,293 104,171
Otsuka Holdings Co., Ltd.
6,431 217,303
Pan Pacific International Holdings Corp.
6,074 113,036
Panasonic Holdings Corp.
34,247 320,299
Shares
Value
Common Stocks (continued)
Japan (continued)
Persol Holdings Co., Ltd.
2,908 $ 59,542
Pola Orbis Holdings, Inc.
1,301 18,039
Rakuten Group, Inc.
14,318 70,978
Recruit Holdings Co., Ltd.
22,048 619,187
Renesas Electronics Corp.*
18,229 237,225
Resona Holdings, Inc.
36,986 183,266
Resonac Holdings Corp.
2,811 44,158
Ricoh Co., Ltd.
8,851 72,867
Rohm Co., Ltd.
1,357 101,452
Ryohin Keikaku Co., Ltd.
3,829 40,100
Santen Pharmaceutical Co., Ltd.
5,769 48,342
SCSK Corp.
2,259 33,977
Secom Co., Ltd.
3,298 210,671
Seiko Epson Corp.
4,670 71,028
Sekisui Chemical Co., Ltd.
6,207 87,978
Sekisui House Ltd.
9,393 192,461
SG Holdings Co., Ltd.
6,404 91,899
Sharp Corp.
4,237 30,059
Shimano, Inc.
1,264 195,126
Shimizu Corp.
8,690 52,906
Shin-Etsu Chemical Co., Ltd.
30,729 871,781
Shionogi & Co., Ltd.
4,654 207,570
Shiseido Co., Ltd.
6,313 315,314
SMC Corp.
976 485,617
Sohgo Security Services Co., Ltd.
1,153 32,135
Sompo Holdings, Inc.
4,884 202,763
Sony Group Corp.
19,631 1,849,710
Square Enix Holdings Co., Ltd.
1,385 67,946
Stanley Electric Co., Ltd.
2,306 51,568
Subaru Corp.
9,665 155,801
SUMCO Corp.
5,367 73,510
Sumitomo Chemical Co., Ltd.
25,140 84,560
Sumitomo Corp.
18,756 334,306
Sumitomo Electric Industries Ltd.
11,792 149,300
Sumitomo Metal Mining Co., Ltd.
3,938 144,864
Sumitomo Mitsui Financial Group, Inc.
19,160 780,809
Sumitomo Mitsui Trust Holdings, Inc.
4,861 174,534
Sumitomo Pharma Co., Ltd.
2,667 16,668
Sumitomo Rubber Industries Ltd.
2,794 25,464
Sundrug Co., Ltd.
1,061 29,181
Suntory Beverage & Food Ltd.
1,964 73,705
Sysmex Corp.
2,425 155,048
T&D Holdings, Inc.
8,074 98,075
Takeda Pharmaceutical Co., Ltd.
24,411 808,889
TDK Corp.
6,018 205,292
Teijin Ltd.
2,855 31,723
Terumo Corp.
11,222 334,274
TIS, Inc.
3,493 95,428
Tobu Railway Co., Ltd.
3,111 79,166
Toho Gas Co., Ltd.
1,407 26,267
Tokio Marine Holdings, Inc.
29,303 585,350
Tokyo Century Corp.
599 20,456
Tokyo Electron Ltd.
7,128 811,136
Tokyu Corp.
8,736 123,054
TOPPAN, Inc.
4,183 88,535
TOTO Ltd.
2,409 82,178
Toyota Motor Corp.
173,482 2,365,924
Tsuruha Holdings, Inc.
592 38,651
See notes to financial statements.
91​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Japan (continued)
Unicharm Corp.
6,303 $ 253,481
United Urban Investment Corp.
52 57,665
USS Co., Ltd.
3,177 53,150
Welcia Holdings Co., Ltd.
1,453 30,369
West Japan Railway Co.
3,526 152,548
Yakult Honsha Co., Ltd.
2,017 151,536
Yamaha Corp.
2,596 101,617
Yamaha Motor Co., Ltd.
4,825 124,022
Yamato Holdings Co., Ltd.
4,857 83,254
Yaskawa Electric Corp.
3,967 160,527
Yokohama Rubber Co., Ltd. (The)
2,083 44,960
ZOZO, Inc.
1,841 38,614
Total Japan
42,180,446
Mexico — 0.0%(c)
Fresnillo PLC
2,905 25,975
Netherlands — 6.0%
Adyen NV*
420 673,261
Akzo Nobel NV
2,773 230,032
Argenx SE*
877 340,171
ASM International NV
717 259,673
ASML Holding NV
6,472 4,097,695
ING Groep NV(b)
59,294 733,156
JDE Peet’s NV
1,503 45,797
Koninklijke Ahold Delhaize NV
14,813 510,556
Koninklijke KPN NV
49,804 181,940
NN Group NV
4,163 155,205
Shell PLC
112,278 3,460,309
Universal Music Group NV
14,996 327,965
Wolters Kluwer NV
3,975 527,265
Total Netherlands
11,543,025
New Zealand — 0.4%
Auckland International Airport Ltd.*
19,195 104,805
Chorus Ltd.
7,029 37,510
Fisher & Paykel Healthcare Corp., Ltd.
9,174 156,844
Fletcher Building Ltd.
11,522 32,025
Mercury NZ Ltd.
10,363 40,580
Meridian Energy Ltd.
18,832 63,508
Ryman Healthcare Ltd.
8,039 26,316
Spark New Zealand Ltd.
29,485 95,246
Xero Ltd.*
2,151 132,682
Total New Zealand
689,516
Norway — 0.8%
Aker ASA, Class A
340 20,671
DNB Bank ASA
14,043 245,891
Entra ASA
1,110 11,234
Equinor ASA
14,942 426,271
Gjensidige Forsikring ASA
2,941 50,974
Leroy Seafood Group ASA
4,427 23,209
Mowi ASA
6,760 128,421
NEL ASA*
24,552 33,540
Nordic Semiconductor ASA*
2,584 27,831
Norsk Hydro ASA
21,178 154,946
Orkla ASA
11,575 82,933
Schibsted ASA, Class A
1,165 20,573
Schibsted ASA, Class B
1,468 23,700
Shares
Value
Common Stocks (continued)
Norway (continued)
SpareBank 1 SR-Bank ASA
2,721 $ 31,738
Storebrand ASA
7,121 54,644
Telenor ASA
9,281 115,415
TOMRA Systems ASA
3,672 55,985
Total Norway
1,507,976
Poland — 0.4%
Allegro.eu SA*
6,622 52,208
Bank Polska Kasa Opieki SA
2,781 64,326
CD Projekt SA(b)
1,081 29,516
Dino Polska SA*
758 77,344
InPost SA*
3,303 35,408
KGHM Polska Miedz SA
2,155 62,009
mBank SA*
206 17,251
Polski Koncern Naftowy ORLEN SA
11,888 181,693
Powszechna Kasa Oszczednosci Bank Polski SA
14,040 108,510
Santander Bank Polska SA
523 42,627
Total Poland
670,892
Portugal — 0.2%
Banco Comercial Portugues SA, Class R
121,447 31,240
EDP — Energias de Portugal SA
44,120 243,542
Jeronimo Martins SGPS SA
4,395 111,112
Navigator Co. SA (The)
3,369 12,385
Total Portugal
398,279
Singapore — 1.6%
CapitaLand Ascendas REIT
48,843 104,704
CapitaLand Ascott Trust
2,230 1,805
CapitaLand Integrated Commercial
Trust
83,466 126,999
Capitaland Investment Ltd/Singapore
39,130 109,106
City Developments Ltd.
8,104 42,216
DBS Group Holdings Ltd.
28,959 712,389
Keppel Corp., Ltd.
22,635 104,679
Mapletree Pan Asia Commercial Trust
49,226 64,939
Oversea-Chinese Banking Corp., Ltd.
61,204 577,106
Singapore Exchange Ltd.
12,840 92,103
Singapore Telecommunications Ltd.
126,073 240,967
STMicroelectronics NV
10,388 442,276
Suntec Real Estate Investment Trust
26,220 26,532
United Overseas Bank Ltd.
22,871 483,768
UOL Group Ltd.
8,223 42,713
Total Singapore
3,172,302
South Africa — 0.3%
Anglo American PLC
19,706 605,588
South Korea — 0.1%
Delivery Hero SE*
2,679 106,858
Spain — 2.4%
ACS Actividades de Construccion y Servicios SA
3,571 123,002
Amadeus IT Group SA*
7,163 504,051
Banco Bilbao Vizcaya Argentaria SA
95,203 698,940
Cellnex Telecom SA*
9,244 389,538
EDP Renovaveis SA*
3,827 85,176
See notes to financial statements.
92

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Spain (continued)
Ferrovial SA
6,587 $ 206,744
Iberdrola SA
98,564 1,281,833
Industria de Diseno Textil SA(b)
17,581 604,796
Red Electrica Corp. SA
6,427 117,109
Repsol SA
20,344 299,725
Telefonica SA
81,887 372,912
Total Spain
4,683,826
Sweden — 2.4%
AAK AB
2,847 57,288
Alfa Laval AB
4,639 169,826
Avanza Bank Holding AB(b)
1,697 36,017
Axfood AB
1,756 43,518
Boliden AB(b)
4,219 150,625
Castellum AB(b)
3,885 47,079
Electrolux AB, B Shares(b)
3,636 54,785
Elekta AB, B Shares
5,681 47,665
Embracer Group AB*(b)
13,744 71,566
Epiroc AB, A Shares
9,927 198,400
Epiroc AB, B Shares
6,000 103,010
EQT AB
8,595 184,180
Essity AB, B Shares(b)
9,596 290,670
Fabege AB(b)
4,124 33,009
H & M Hennes & Mauritz AB, B Shares
11,433 167,060
Hexagon AB, B Shares
31,894 363,335
Holmen AB, B Shares(b)
1,427 53,882
Husqvarna AB, B Shares
6,169 53,106
Investment AB Latour, B Shares
2,128 45,953
Kinnevik AB, B Shares*
3,814 62,412
Neobo Fastigheter AB*
1,616 1,594
Nibe Industrier AB, B Shares
25,514 284,809
Samhallsbyggnadsbolaget i Norden
AB(b)
17,172 20,130
Samhallsbyggnadsbolaget i Norden AB, D Shares
2,341 3,542
Securitas AB, B Shares(b)
8,067 72,198
Skandinaviska Enskilda Banken AB, A Shares
23,302 264,660
Skanska AB, B Shares(b)
5,326 86,921
SSAB AB, A Shares(b)
3,992 28,278
SSAB AB, B Shares(b)
9,630 64,893
Svenska Cellulosa AB SCA, B Shares(b)
9,536 130,574
Svenska Handelsbanken AB, A Shares
22,754 201,025
Svenska Handelsbanken AB, B Shares(b)
547 6,005
Sweco AB, B Shares
3,249 43,458
Swedbank AB, A Shares
17,375 301,519
Tele2 AB, B Shares(b)
7,804 82,892
Telia Co. AB(b)
34,788 96,863
Thule Group AB(b)
1,634 47,106
Trelleborg AB, B Shares
3,777 94,782
Vitrolife AB(b)
1,208 27,134
Volvo AB, A Shares
2,999 63,446
Volvo AB, B Shares
23,303 478,907
Wallenstam AB, B Shares
5,642 22,343
Total Sweden
4,656,465
Switzerland — 4.8%
Alcon, Inc.
7,950 578,977
Shares
Value
Common Stocks (continued)
Switzerland (continued)
DSM-Firmenich AG*
2,731 $ 358,063
Geberit AG
539 306,910
Givaudan SA
126 441,966
Kuehne + Nagel International AG
810 240,165
Lonza Group AG
1,182 735,455
Novartis AG
36,242 3,710,728
Partners Group Holding AG
353 342,351
Schindler Holding AG — Participating Certificate
646 144,217
Schindler Holding AG — Registered
312 66,568
SGS SA
2,407 217,862
Sika AG
2,442 673,296
Swisscom AG
404 278,245
Zurich Insurance Group AG
2,391 1,159,973
Total Switzerland
9,254,776
United Kingdom — 10.6%
3i Group PLC
15,221 338,049
abrdn PLC
31,852 85,154
Admiral Group PLC
3,894 113,109
Ashtead Group PLC
6,973 401,144
Associated British Foods PLC
5,673 139,470
AstraZeneca PLC
24,043 3,549,592
Auto Trader Group PLC
14,669 117,188
Aviva PLC
44,687 237,586
Barratt Developments PLC
15,998 100,539
Berkeley Group Holdings PLC
1,676 93,679
BP PLC
262,476 1,763,014
British Land Co. PLC (The)
14,152 71,186
BT Group PLC
110,482 220,586
Bunzl PLC
5,373 213,675
Burberry Group PLC
6,119 199,273
CK Hutchison Holdings Ltd.
42,132 281,778
Coca-Cola Europacific Partners PLC
2,421 156,082
Compass Group PLC
27,901 735,390
ConvaTec Group PLC
25,754 71,150
Croda International PLC
2,218 194,588
DCC PLC
1,569 97,499
Dowlais Group PLC*
21,312 35,520
DS Smith PLC
21,516 83,862
Farfetch Ltd., Class A*
5,172 20,843
Halma PLC
6,022 174,693
Hargreaves Lansdown PLC
5,570 56,217
Informa PLC
22,633 205,561
InterContinental Hotels Group PLC
2,680 183,919
Intermediate Capital Group PLC
4,556 74,529
Intertek Group PLC
2,562 133,830
J Sainsbury PLC
31,983 111,111
Johnson Matthey PLC
2,889 71,298
Kingfisher PLC
30,817 99,740
Land Securities Group PLC
11,833 100,273
Legal & General Group PLC
95,054 279,687
Lloyds Banking Group PLC
1,070,294 648,410
London Stock Exchange Group PLC
5,763 604,542
M&G PLC
35,239 90,842
Melrose Industries PLC
21,312 109,559
National Grid PLC
58,235 837,721
NatWest Group PLC
83,158 273,845
See notes to financial statements.
93​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
United Kingdom (continued)
Next PLC
1,972 $ 167,058
Pearson PLC
11,463 127,797
Phoenix Group Holdings PLC
13,573 100,960
Reckitt Benckiser Group PLC
11,391 920,603
RELX PLC
30,449 1,012,658
Rentokil Initial PLC
40,077 318,557
Rightmove PLC
13,074 94,356
Sage Group PLC (The)
16,275 167,453
Schroders PLC
14,674 89,581
Segro PLC
19,210 201,562
Severn Trent PLC
3,993 147,151
Spirax-Sarco Engineering PLC
1,175 163,783
St James’s Place PLC
8,640 131,021
Taylor Wimpey PLC
54,171 87,288
Unilever PLC
39,900 2,224,914
United Utilities Group PLC
10,847 147,515
Vodafone Group PLC
436,077 525,632
Weir Group PLC (The)
4,126 95,422
Whitbread PLC
3,211 131,046
Wise PLC, Class A*
8,148 56,327
WPP PLC
17,091 199,178
Total United Kingdom
20,485,595
United States — 9.4%
CSL Ltd.
7,619 1,513,428
CyberArk Software Ltd.*
647 80,616
Experian PLC
14,643 517,173
Ferguson PLC
3,304 464,905
GSK PLC
65,157 1,180,116
ICON PLC*
1,289 248,377
James Hardie Industries PLC
7,094 157,004
Nestle SA
43,781 5,633,167
Roche Holding AG
419 142,358
Roche Holding AG
11,276 3,551,740
Sanofi(b) 18,446 2,036,432
Schneider Electric SE
8,794 1,532,203
Stellantis NV
34,406 569,762
Swiss Re AG
4,588 462,486
Tenaris SA
7,416 106,843
Total United States
18,196,610
Total Common Stocks
(Cost $179,115,452)
190,251,136
Shares
Value
Preferred Stocks — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG, 6.05%
944 $ 100,309
Henkel AG & Co. KGaA, 2.53%
2,740 221,668
Sartorius AG, 0.41%
429 166,523
Volkswagen AG, 21.51%
2,913 397,748
Total Germany
886,248
Total Preferred Stocks
(Cost $1,037,861)
886,248
Short-Term Investments — 2.8%
Money Market Funds — 2.8%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(d)(e)
5,033,377 5,033,377
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(d)
269,472 269,472
Total Short-Term Investments
(Cost $5,302,849)
5,302,849
Total Investments — 102.0%
(Cost $185,456,162)
196,440,233
Other Assets and Liabilities,
Net — (2.0)%
(3,768,876)
Net Assets — 100.0%
$ 192,671,357
*
Non-income producing securities.
(a)
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.
(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 $8,530,514; total market value of collateral held by the Fund was $8,985,542. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of  $3,952,165.
(c)
Less than 0.05%.
(d)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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
$ 190,246,680 $ $ 4,456(g) $ 190,251,136
Preferred Stocks
886,248 886,248
Short-Term Investments:
Money Market Funds
5,302,849 5,302,849
Total Investments in Securities
$ 196,435,777 $ $ 4,456 $ 196,440,233
(f)
For a complete listing of investments and their countries, see the Schedule of Investments.
See notes to financial statements.
94

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)
April 30, 2023
(g)
The Level 3 security, valued at $4,456, 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 Note 2)
See notes to financial statements.
95​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG U.S. Mid Cap Equity ETF  
April 30, 2023
Shares
Value
Common Stocks — 99.9%
Communication Services — 2.4%
Frontier Communications Parent, Inc.*
829 $ 18,686
Interpublic Group of Cos., Inc. (The)
1,273 45,484
New York Times Co. (The), Class A
534 21,226
Nexstar Media Group, Inc.
122 21,161
Roku, Inc.*
413 23,215
Total Communication Services
129,772
Consumer Discretionary — 16.8%
ADT, Inc.
1,065 7,136
Advance Auto Parts, Inc.
201 25,232
Aramark
867 30,085
Autoliv, Inc.
277 23,769
Bath & Body Works, Inc.
757 26,571
BorgWarner, Inc.
770 37,060
Brunswick Corp.
238 20,180
Burlington Stores, Inc.*
221 42,611
Crocs, Inc.*
202 24,981
Deckers Outdoor Corp.*
89 42,661
GameStop Corp., Class A*
884 17,052
Gentex Corp.
775 21,382
H&R Block, Inc.
524 17,769
Harley-Davidson, Inc.
452 16,769
Hasbro, Inc.
442 26,175
Hyatt Hotels Corp., Class A*
158 18,060
Lear Corp.
195 24,894
Levi Strauss & Co., Class A
297 4,295
Lithia Motors, Inc.
91 20,101
LKQ Corp.
884 51,033
Macy’s, Inc.
912 14,902
Marriott Vacations Worldwide Corp.
120 16,147
Mattel, Inc.*
1,201 21,618
Newell Brands, Inc.
1,252 15,212
Planet Fitness, Inc., Class A*
283 23,529
Polaris, Inc.
185 20,100
Ralph Lauren Corp.
127 14,578
RH* 61 15,563
Royal Caribbean Cruises Ltd.*
745 48,745
Tapestry, Inc.
817 33,342
Texas Roadhouse, Inc.
227 25,111
TopBuild Corp.*
105 23,675
Vail Resorts, Inc.
136 32,711
Valvoline, Inc.
575 19,866
Whirlpool Corp.
184 25,685
Williams-Sonoma, Inc.
224 27,113
Wyndham Hotels & Resorts, Inc.
296 20,193
Total Consumer Discretionary
895,906
Consumer Staples — 4.2%
Bunge Ltd.
488 45,677
Coty, Inc., Class A*
1,219 14,469
Darling Ingredients, Inc.*
540 32,168
Flowers Foods, Inc.
667 18,349
Lamb Weston Holdings, Inc.
486 54,340
Lancaster Colony Corp.
66 13,802
Post Holdings, Inc.*
179 16,198
US Foods Holding Corp.*
695 26,688
Total Consumer Staples
221,691
Shares
Value
Common Stocks (continued)
Energy — 0.7%
ChampionX Corp.
654 $ 17,710
NOV, Inc.
1,290 21,608
Total Energy
39,318
Financials — 13.5%
Affiliated Managers Group, Inc.
127 18,336
AGNC Investment Corp.
1,931 19,136
Ally Financial, Inc.
908 23,953
Annaly Capital Management, Inc.
1,589 31,748
Assurant, Inc.
178 21,917
Cboe Global Markets, Inc.
360 50,292
Comerica, Inc.
443 19,213
Commerce Bancshares, Inc.
389 21,726
Corebridge Financial, Inc.
266 4,485
Equitable Holdings, Inc.
1,256 32,644
Everest Re Group Ltd.
131 49,518
First American Financial Corp.
337 19,415
Jack Henry & Associates, Inc.
247 40,345
Jefferies Financial Group, Inc.
548 17,553
Lincoln National Corp.
520 11,300
MarketAxess Holdings, Inc.
125 39,796
Pinnacle Financial Partners, Inc.
252 13,666
Popular, Inc.
243 14,582
Reinsurance Group of America, Inc.
223 31,737
RenaissanceRe Holdings Ltd.
146 31,450
SEI Investments Co.
411 24,212
Selective Insurance Group, Inc.
201 19,362
Synovus Financial Corp.
471 14,507
Unum Group
592 24,982
Valley National Bancorp
1,454 13,639
Voya Financial, Inc.
328 25,085
Webster Financial Corp.
586 21,858
Western Alliance Bancorp
362 13,437
Western Union Co. (The)
1,302 14,231
WEX, Inc.*
141 25,006
Zions Bancorp NA
502 13,986
Total Financials
723,117
Health Care — 11.6%
Acadia Healthcare Co., Inc.*
304 21,976
Bio-Techne Corp.
531 42,416
Catalent, Inc.*
580 29,070
Chemed Corp.
50 27,563
DaVita, Inc.*
174 15,723
DENTSPLY SIRONA, Inc.
725 30,399
Encompass Health Corp.
332 21,298
Exact Sciences Corp.*
600 38,442
Halozyme Therapeutics, Inc.*
456 14,651
Inspire Medical Systems, Inc.*
97 25,960
Jazz Pharmaceuticals PLC*
208 29,218
Karuna Therapeutics, Inc.*
94 18,653
Medpace Holdings, Inc.*
79 15,811
Neurocrine Biosciences, Inc.*
324 32,737
Oak Street Health, Inc.*
435 16,952
Option Care Health, Inc.*
528 16,975
Organon & Co.
866 21,330
Penumbra, Inc.*
122 34,663
QIAGEN NV*
771 34,394
See notes to financial statements.
96

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG U.S. Mid Cap Equity ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Health Care (continued)
Repligen Corp.*
188 $ 28,506
Sarepta Therapeutics, Inc.*
285 34,989
Shockwave Medical, Inc.*
121 35,109
United Therapeutics Corp.*
153 35,210
Total Health Care
622,045
Industrials — 21.6%
A O Smith Corp.
417 28,477
Acuity Brands, Inc.
106 16,682
Advanced Drainage Systems, Inc.
249 21,344
AECOM
457 37,954
AGCO Corp.
204 25,284
Alaska Air Group, Inc.*
418 18,166
Avis Budget Group, Inc.*
74 13,074
Axon Enterprise, Inc.*
229 48,253
Ceridian HCM Holding, Inc.*
493 31,296
CH Robinson Worldwide, Inc.
381 38,431
Clarivate PLC*
1,448 12,829
Clean Harbors, Inc.*
166 24,097
Donaldson Co., Inc.
398 25,293
EMCOR Group, Inc.
155 26,505
Fortune Brands Innovations, Inc.
422 27,299
FTI Consulting, Inc.*
111 20,035
Graco, Inc.
545 43,213
Hertz Global Holdings, Inc.*
506 8,440
Hubbell, Inc.
177 47,670
ITT, Inc.
272 22,968
Knight-Swift Transportation Holdings, Inc.
497 27,991
Landstar System, Inc.
118 20,771
Lennox International, Inc.
106 29,882
Lincoln Electric Holdings, Inc.
188 31,546
Masco Corp.
743 39,758
MasTec, Inc.*
202 17,940
MDU Resources Group, Inc.
686 20,045
MSA Safety, Inc.
126 16,348
Nordson Corp.
168 36,340
Owens Corning
307 32,791
Pentair PLC
541 31,421
Plug Power, Inc.*
1,954 17,645
Regal Rexnord Corp.
218 28,375
Robert Half International, Inc.
349 25,477
Saia, Inc.*
87 25,906
Snap-on, Inc.
178 46,175
Sunrun, Inc.*
704 14,812
Tetra Tech, Inc.
174 24,076
Toro Co. (The)
341 35,553
Trex Co., Inc.*
372 20,333
Valmont Industries, Inc.
69 20,049
WESCO International, Inc.
171 24,624
WillScot Mobile Mini Holdings Corp.*
694 31,508
Total Industrials
1,156,676
Information Technology — 12.2%
Amkor Technology, Inc.
318 7,114
Arrow Electronics, Inc.*
208 23,801
Black Knight, Inc.*
514 28,085
Cognex Corp.
568 27,088
Dropbox, Inc., Class A*
913 18,570
Shares
Value
Common Stocks (continued)
Information Technology (continued)
Dynatrace, Inc.*
684 $ 28,919
Entegris, Inc.
504 37,760
F5, Inc.*
204 27,409
Fair Isaac Corp.*
83 60,420
Five9, Inc.*
236 15,302
Flex Ltd.*
1,529 31,452
Gen Digital, Inc.
1,942 34,315
Globant SA*
140 21,962
GoDaddy, Inc., Class A*
530 40,110
Guidewire Software, Inc.*
277 21,105
Juniper Networks, Inc.
1,092 32,924
Littelfuse, Inc.
83 20,106
MKS Instruments, Inc.
219 18,368
Nutanix, Inc., Class A*
778 18,656
PTC, Inc.*
369 46,416
Qorvo, Inc.*
343 31,583
Qualtrics International, Inc., Class A*
358 6,419
TD SYNNEX Corp.
143 12,733
Universal Display Corp.
149 19,886
Wolfspeed, Inc.*
420 19,551
Total Information Technology
650,054
Materials — 6.1%
Alcoa Corp.
597 22,173
Ashland, Inc.
169 17,172
Avery Dennison Corp.
266 46,412
Axalta Coating Systems Ltd.*
728 22,983
Cleveland-Cliffs, Inc.*
1,725 26,531
Commercial Metals Co.
394 18,396
Crown Holdings, Inc.
390 33,454
Graphic Packaging Holding Co.
1,005 24,783
Huntsman Corp.
580 15,538
Packaging Corp. of America
301 40,713
Sonoco Products Co.
321 19,459
United States Steel Corp.
707 16,176
Westrock Co.
831 24,872
Total Materials
328,662
Real Estate — 9.3%
Agree Realty Corp.
297 20,193
American Homes 4 Rent, Class A
976 32,462
Brixmor Property Group, Inc.
1,015 21,650
CubeSmart
760 34,572
Federal Realty Investment Trust
273 26,997
First Industrial Realty Trust, Inc.
448 23,507
Highwoods Properties, Inc.
353 8,091
Host Hotels & Resorts, Inc.
2,408 38,937
Iron Mountain, Inc.
982 54,246
Jones Lang LaSalle, Inc.*
159 22,107
Kilroy Realty Corp.
393 11,491
Kimco Realty Corp.
2,060 39,531
Life Storage, Inc.
287 38,567
Medical Properties Trust, Inc.
2,010 17,628
Omega Healthcare Investors, Inc.
795 21,274
Rayonier, Inc.
494 15,492
Regency Centers Corp.
578 35,507
Rexford Industrial Realty, Inc.
624 34,800
Total Real Estate
497,052
See notes to financial statements.
97​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG U.S. Mid Cap Equity ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Utilities — 1.5%
Brookfield Renewable Corp., Class A
434 $ 14,500
Clearway Energy, Inc., Class A
118 3,420
Clearway Energy, Inc., Class C
277 8,413
Essential Utilities, Inc.
806 34,416
NextEra Energy Partners LP
293 16,850
Total Utilities
77,599
Total Common Stocks
(Cost $5,113,969)
5,341,892
Short-Term Investment — 0.4%
Money Market Fund — 0.4%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(a)
(Cost $18,891)
18,891
18,891
Shares
Value
Total Investments — 100.3%
(Cost $5,132,860)
$ 5,360,783
Other Assets and Liabilities,
Net — (0.3)%
(12,090)
Net Assets — 100.0%
$ 5,348,693
*
Non-income producing securities.
(a)
Reflects the 1-day yield at April 30, 2023.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
Level 1
Level 2
Level 3
Total
Asset Valuation Inputs
Investments in Securities:(b)
Common Stocks
$ 5,341,892 $ $ $ 5,341,892
Short-Term Investment:
Money Market Fund
18,891 18,891
Total Investments in Securities
$ 5,360,783 $ $ $ 5,360,783
(b)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the period ended April 30, 2023,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.
98

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG U.S. Large Cap Equity ETF  
April 30, 2023
Shares
Value
Common Stocks — 99.9%
Communication Services — 7.7%
Activision Blizzard, Inc.*
10,504 $ 816,266
Alphabet, Inc., Class A*
87,587 9,401,589
Alphabet, Inc., Class C*
77,327 8,368,328
Charter Communications, Inc., Class A*
1,433 528,347
Comcast Corp., Class A
62,876 2,601,180
Electronic Arts, Inc.
4,029 512,811
Live Nation Entertainment, Inc.*
2,267 153,657
Omnicom Group, Inc.
2,959 267,997
Pinterest, Inc., Class A*
8,487 195,201
ROBLOX Corp., Class A*
5,031 179,104
Roku, Inc.*
1,785 100,335
Snap, Inc., Class A*
14,657 127,662
Take-Two Interactive Software, Inc.*
2,426 301,528
Verizon Communications, Inc.
61,594 2,391,695
Walt Disney Co. (The)*
26,736 2,740,440
Warner Music Group Corp., Class A
1,730 52,713
ZoomInfo Technologies, Inc.*
4,296 94,125
Total Communication Services
28,832,978
Consumer Discretionary — 12.7%
Advance Auto Parts, Inc.
866 108,709
Amazon.com, Inc.*
130,865 13,799,714
Aptiv PLC*
3,949 406,194
AutoZone, Inc.*
281 748,390
Best Buy Co., Inc.
2,883 214,841
Booking Holdings, Inc.*
564 1,515,079
Burlington Stores, Inc.*
947 182,591
CarMax, Inc.*
2,308 161,629
Chipotle Mexican Grill, Inc.*
403 833,251
Coupang, Inc.*
13,236 221,835
Domino’s Pizza, Inc.
521 165,402
DoorDash, Inc., Class A*
3,853 235,765
eBay, Inc.
7,941 368,701
Etsy, Inc.*
1,827 184,582
Ford Motor Co.
57,830 687,020
Genuine Parts Co.
2,031 341,838
Hasbro, Inc.
1,903 112,696
Hilton Worldwide Holdings, Inc.
3,898 561,390
Home Depot, Inc. (The)
14,940 4,490,068
LKQ Corp.
3,806 219,720
Lowe’s Cos., Inc.
8,825 1,834,100
Lululemon Athletica, Inc.*
1,787 678,935
Marriott International, Inc., Class A
4,084 691,585
McDonald’s Corp.
10,739 3,176,059
MercadoLibre, Inc.*
709 905,740
NIKE, Inc., Class B
18,220 2,308,838
NVR, Inc.*
46 268,640
Ross Stores, Inc.
4,954 528,740
Royal Caribbean Cruises Ltd.*
3,212 210,161
Starbucks Corp.
16,488 1,884,413
Tesla, Inc.*
39,512 6,492,217
TJX Cos., Inc. (The)
15,797 1,245,120
Tractor Supply Co.
1,612 384,301
Ulta Beauty, Inc.*
740 408,058
Vail Resorts, Inc.
583 140,223
VF Corp.
5,112 120,183
Whirlpool Corp.
791 110,416
Yum China Holdings, Inc.
5,920 362,186
Shares
Value
Common Stocks (continued)
Consumer Discretionary (continued)
Yum! Brands, Inc.
4,124 $ 579,752
Total Consumer Discretionary
47,889,082
Consumer Staples — 8.5%
Archer-Daniels-Midland Co.
8,007 625,186
Campbell Soup Co.
2,907 157,850
Church & Dwight Co., Inc.
3,570 346,718
Clorox Co. (The)
1,800 298,116
Coca-Cola Co. (The)
56,884 3,649,109
Colgate-Palmolive Co.
12,227 975,715
Conagra Brands, Inc.
6,999 265,682
Costco Wholesale Corp.
6,493 3,267,407
Dollar General Corp.
3,267 723,510
Dollar Tree, Inc.*
3,038 466,971
Estee Lauder Cos., Inc. (The), Class A
3,114 768,286
General Mills, Inc.
8,624 764,345
Hershey Co. (The)
2,153 587,898
Hormel Foods Corp.
4,181 169,080
J M Smucker Co. (The)
1,486 229,453
Kellogg Co.
3,828 267,080
Keurig Dr Pepper, Inc.
12,890 421,503
Kimberly-Clark Corp.
4,948 716,916
Kraft Heinz Co. (The)
11,426 448,699
Kroger Co. (The)
9,681 470,787
McCormick & Co., Inc.
3,649 320,565
Mondelez International, Inc., Class A
19,969 1,532,022
PepsiCo, Inc.
20,172 3,850,633
Procter & Gamble Co. (The)
34,817 5,444,682
Sysco Corp.
7,363 565,037
Target Corp.
6,733 1,062,131
Walgreens Boots Alliance, Inc.
10,434 367,798
Walmart, Inc.
20,578 3,106,661
Total Consumer Staples
31,869,840
Energy — 3.5%
Baker Hughes Co.
14,614 427,313
Cheniere Energy, Inc.
3,620 553,860
Exxon Mobil Corp.
60,332 7,139,689
Halliburton Co.
12,291 402,530
Kinder Morgan, Inc.
28,814 494,160
Marathon Petroleum Corp.
6,846 835,212
ONEOK, Inc.
6,512 425,950
Phillips 66
6,910 684,090
Schlumberger NV.
20,758 1,024,407
Valero Energy Corp.
5,630 645,592
Williams Cos., Inc. (The)
17,813 539,022
Total Energy
13,171,825
Financials — 11.5%
Aflac, Inc.
8,282 578,498
Allstate Corp. (The)
3,815 441,624
Ally Financial, Inc.
3,905 103,014
American Express Co.
8,025 1,294,753
American International Group, Inc.
10,872 576,651
Ameriprise Financial, Inc.
1,559 475,682
Annaly Capital Management, Inc.
6,838 136,623
Arch Capital Group Ltd.*
5,240 393,367
Arthur J Gallagher & Co.
3,053 635,207
See notes to financial statements.
99​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG U.S. Large Cap Equity ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Financials (continued)
Bank of America Corp.
102,513 $ 3,001,581
Bank of New York Mellon Corp. (The)
10,846 461,931
Blackstone, Inc.
10,191 910,362
Block, Inc.*
7,835 476,290
Capital One Financial Corp.
5,523 537,388
Cboe Global Markets, Inc.
1,553 216,954
Chubb Ltd.
5,652 1,139,217
Cincinnati Financial Corp.
2,247 239,171
Citigroup, Inc.
28,350 1,334,434
Citizens Financial Group, Inc.
7,169 221,809
CME Group, Inc.
5,245 974,364
Discover Financial Services
3,950 408,706
Everest Re Group Ltd.
563 212,814
Fidelity National Information Services,
Inc.
8,620 506,166
Fifth Third Bancorp
10,005 262,131
First Republic Bank(a)
2,620 9,196
Fiserv, Inc.*
8,591 1,049,133
FleetCor Technologies, Inc.*
1,048 224,188
Franklin Resources, Inc.
4,231 113,729
Global Payments, Inc.
3,925 442,387
Hartford Financial Services Group, Inc. (The)
4,646 329,820
Huntington Bancshares, Inc.
20,805 233,016
Intercontinental Exchange, Inc.
8,108 883,204
KeyCorp
13,626 153,429
Markel Corp.*
184 251,810
Marsh & McLennan Cos., Inc.
7,257 1,307,639
Mastercard, Inc., Class A
12,401 4,712,752
MetLife, Inc.
8,565 525,291
Moody’s Corp.
2,308 722,681
Morgan Stanley
18,976 1,707,271
MSCI, Inc.
1,141 550,475
Nasdaq, Inc.
4,991 276,352
Northern Trust Corp.
2,919 228,149
PayPal Holdings, Inc.*
16,678 1,267,528
PNC Financial Services Group, Inc.
(The)
5,876 765,349
Principal Financial Group, Inc.
3,565 266,270
Progressive Corp. (The)
8,553 1,166,629
Prudential Financial, Inc.
5,383 468,321
Raymond James Financial, Inc.
2,841 257,196
Regions Financial Corp.
13,632 248,920
S&P Global, Inc.
4,767 1,728,419
Synchrony Financial
6,573 193,969
Travelers Cos., Inc. (The)
3,425 620,405
Truist Financial Corp.
19,334 629,902
US Bancorp
19,650 673,602
Visa, Inc., Class A(a)
23,808 5,540,836
Willis Towers Watson PLC
1,579 365,696
Total Financials
43,452,301
Health Care — 9.1%
Agilent Technologies, Inc.
4,323 585,464
Alnylam Pharmaceuticals, Inc.*
1,791 356,767
Amgen, Inc.
7,813 1,873,089
Avantor, Inc.*
9,460 184,281
Baxter International, Inc.
7,378 351,783
Shares
Value
Common Stocks (continued)
Health Care (continued)
Biogen, Inc.*
2,098 $ 638,275
Bristol-Myers Squibb Co.
31,166 2,080,954
Cardinal Health, Inc.
3,825 314,032
Catalent, Inc.*
2,497 125,150
Cigna Corp.
4,470 1,132,206
Cooper Cos., Inc. (The)
725 276,551
Danaher Corp.
9,715 2,301,581
DaVita, Inc.*
744 67,228
Dexcom, Inc.*
5,625 682,537
Edwards Lifesciences Corp.*
8,988 790,764
Elevance Health, Inc.
3,489 1,635,120
Eli Lilly & Co.
12,891 5,103,031
Gilead Sciences, Inc.
18,391 1,511,924
Hologic, Inc.*
3,559 306,110
Horizon Therapeutics PLC*
3,295 366,272
Humana, Inc.
1,831 971,327
IDEXX Laboratories, Inc.*
1,199 590,100
Illumina, Inc.*
2,301 472,994
Incyte Corp.*
2,696 200,609
Intuitive Surgical, Inc.*
5,158 1,553,693
IQVIA Holdings, Inc.*
2,654 499,562
Jazz Pharmaceuticals PLC*
899 126,283
Laboratory Corp. of America Holdings
1,299 294,496
Merck & Co., Inc.
37,032 4,276,085
Mettler-Toledo International, Inc.*
317 472,805
Quest Diagnostics, Inc.
1,656 229,869
ResMed, Inc.
2,129 513,004
STERIS PLC
1,459 275,094
Vertex Pharmaceuticals, Inc.*
3,756 1,279,782
Waters Corp.*
869 261,013
West Pharmaceutical Services, Inc.
1,082 390,862
Zoetis, Inc.
6,837 1,201,808
Total Health Care
34,292,505
Industrials — 5.9%
3M Co.
8,106 861,019
A O Smith Corp.
1,844 125,927
Automatic Data Processing, Inc.
6,073 1,336,060
Broadridge Financial Solutions, Inc.
1,713 249,087
Carrier Global Corp.
12,246 512,128
CH Robinson Worldwide, Inc.
1,691 170,571
Cintas Corp.
1,260 574,270
CSX Corp.
30,753 942,272
Deere & Co.
4,021 1,520,019
Dover Corp.
2,046 299,043
Eaton Corp. PLC
5,805 970,132
Equifax, Inc.
1,793 373,625
Expeditors International of Washington, Inc.
2,322 264,337
FedEx Corp.
3,410 776,730
Fortive Corp.
5,109 322,327
Illinois Tool Works, Inc.
3,951 955,905
Ingersoll Rand, Inc.
5,931 338,186
JB Hunt Transport Services, Inc.
1,200 210,348
Johnson Controls International PLC
10,032 600,315
Masco Corp.
3,289 175,994
Norfolk Southern Corp.
3,394 689,084
Otis Worldwide Corp.
6,108 521,012
See notes to financial statements.
100

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG U.S. Large Cap Equity ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Industrials (continued)
Parker-Hannifin Corp.
1,873 $ 608,500
Paychex, Inc.
4,727 519,308
Paycom Software, Inc.*
742 215,455
Rockwell Automation, Inc.
1,679 475,845
Snap-on, Inc.
762 197,670
Stanley Black & Decker, Inc.
2,224 192,020
Trane Technologies PLC
3,360 624,322
TransUnion
2,819 193,975
Union Pacific Corp.
8,994 1,760,126
United Parcel Service, Inc., Class B
10,698 1,923,607
United Rentals, Inc.
1,009 364,360
Verisk Analytics, Inc.
2,270 440,630
Waste Management, Inc.
6,005 997,130
Westinghouse Air Brake Technologies Corp.
2,555 249,547
WW Grainger, Inc.
661 459,772
Xylem, Inc.
2,629 272,995
Total Industrials
22,283,653
Information Technology — 34.8%
Accenture PLC, Class A
9,647 2,703,958
Adobe, Inc.*
6,806 2,569,673
Advanced Micro Devices, Inc.*
23,523 2,102,250
Akamai Technologies, Inc.*
2,264 185,580
Analog Devices, Inc.
7,448 1,339,746
ANSYS, Inc.*
1,271 398,992
Apple, Inc.
233,759 39,664,227
Applied Materials, Inc.
12,323 1,392,869
Arista Networks, Inc.*
3,458 553,833
Autodesk, Inc.*
3,159 615,342
Bill Holdings, Inc.*
1,472 113,064
Broadcom, Inc.
5,996 3,756,494
Cadence Design Systems, Inc.*
3,980 833,611
CDW Corp.
1,986 336,806
Cisco Systems, Inc.
55,067 2,601,916
Cognizant Technology Solutions Corp., Class A
7,527 449,437
Crowdstrike Holdings, Inc., Class A*
3,138 376,717
Datadog, Inc., Class A*
3,910 263,456
Dell Technologies, Inc., Class C
3,419 148,692
DocuSign, Inc.*
2,898 143,277
Enphase Energy, Inc.*
1,954 320,847
EPAM Systems, Inc.*
816 230,471
F5, Inc.*
882 118,506
Fortinet, Inc.*
9,683 610,513
Gartner, Inc.*
1,130 341,780
Gen Digital, Inc.
8,358 147,686
Hewlett Packard Enterprise Co.
18,726 268,156
HP, Inc.
14,382 427,289
HubSpot, Inc.*
680 286,246
Intel Corp.
60,511 1,879,472
International Business Machines Corp.
13,248 1,674,680
Intuit, Inc.
4,007 1,778,908
Keysight Technologies, Inc.*
2,607 377,077
KLA Corp.
2,069 799,751
Lam Research Corp.
1,999 1,047,636
Marvell Technology, Inc.
12,460 491,921
Micron Technology, Inc.
15,956 1,026,928
Shares
Value
Common Stocks (continued)
Information Technology (continued)
Microsoft Corp.
107,987 $ 33,180,086
MongoDB, Inc.*
975 233,961
Motorola Solutions, Inc.
2,439 710,725
NetApp, Inc.
3,152 198,229
NVIDIA Corp.
34,678 9,622,798
Okta, Inc.*
2,187 149,875
ON Semiconductor Corp.*
6,309 453,996
Palo Alto Networks, Inc.*
4,347 793,154
Qorvo, Inc.*
1,477 136,002
QUALCOMM, Inc.
16,416 1,917,389
Roper Technologies, Inc.
1,552 705,819
Salesforce, Inc.*
14,214 2,819,631
Seagate Technology Holdings PLC
2,817 165,555
ServiceNow, Inc.*
2,963 1,361,261
Skyworks Solutions, Inc.
2,341 247,912
Splunk, Inc.*
2,388 205,941
Synopsys, Inc.*
2,217 823,216
TE Connectivity Ltd.
4,644 568,286
Teradyne, Inc.
2,274 207,798
Texas Instruments, Inc.
13,297 2,223,258
Trimble, Inc.*
3,600 169,560
Twilio, Inc., Class A*
2,533 133,261
VeriSign, Inc.*
1,352 299,874
VMware, Inc., Class A*
3,325 415,725
Western Digital Corp.*
4,623 159,216
Workday, Inc., Class A*
2,927 544,832
Zebra Technologies Corp., Class A*
748 215,446
Zscaler, Inc.*(a)
1,259 113,436
Total Information Technology
131,154,049
Materials — 1.7%
Air Products and Chemicals, Inc.
3,248 956,081
Albemarle Corp.
1,717 318,435
Ball Corp.
4,565 242,767
DuPont de Nemours, Inc.
6,672 465,172
Ecolab, Inc.
3,695 620,169
International Flavors & Fragrances, Inc.
3,733 361,952
LyondellBasell Industries NV, Class A
3,776 357,247
Martin Marietta Materials, Inc.
908 329,785
Mosaic Co. (The)
4,975 213,179
Newmont Corp.
11,628 551,167
Packaging Corp. of America
1,338 180,978
PPG Industries, Inc.
3,445 483,196
Sherwin-Williams Co. (The)
3,479 826,402
Vulcan Materials Co.
1,900 332,728
Westrock Co.
3,680 110,142
Total Materials
6,349,400
Real Estate — 3.1%
Alexandria Real Estate Equities, Inc.
2,389 296,666
American Tower Corp.
6,815 1,392,918
AvalonBay Communities, Inc.
2,003 361,281
Boston Properties, Inc.
2,093 111,682
CBRE Group, Inc., Class A*
4,448 340,984
Crown Castle, Inc.
6,323 778,298
Digital Realty Trust, Inc.
4,213 417,719
Equinix, Inc.
1,358 983,301
Equity Residential
5,368 339,526
See notes to financial statements.
101​

TABLE OF CONTENTS
Schedule of Investments — IQ Candriam ESG U.S. Large Cap Equity ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Real Estate (continued)
Essex Property Trust, Inc.
948 $ 208,304
Extra Space Storage, Inc.
1,936 294,349
Healthpeak Properties, Inc.
7,862 172,728
Host Hotels & Resorts, Inc.
10,370 167,683
Invitation Homes, Inc.
8,950 298,662
Iron Mountain, Inc.
4,228 233,555
Mid-America Apartment Communities, Inc.
1,683 258,845
Prologis, Inc.
13,505 1,691,501
Public Storage
2,228 656,881
Realty Income Corp.
9,167 576,054
Simon Property Group, Inc.
4,754 538,723
UDR, Inc.
4,742 195,987
Ventas, Inc.
5,830 280,132
Welltower, Inc.
6,925 548,599
Weyerhaeuser Co.
10,765 321,981
WP Carey, Inc.
3,010 223,342
Total Real Estate
11,689,701
Utilities — 1.4%
American Water Works Co., Inc.
2,657 393,900
Avangrid, Inc.
1,037 41,750
Consolidated Edison, Inc.
5,194 511,453
Dominion Energy, Inc.
12,201 697,165
Edison International
5,593 411,645
Eversource Energy
5,058 392,552
NextEra Energy, Inc.
29,083 2,228,630
Public Service Enterprise Group, Inc.
7,301 461,423
Total Utilities
5,138,518
Total Common Stocks
(Cost $354,104,192)
376,123,852
Shares
Value
Short-Term Investments — 0.0%(b)
Money Market Funds — 0.0%(b)
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(c)(d)
16,686 $ 16,686
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(c)
98,228 98,228
Total Short-Term Investments
(Cost $114,914)
114,914
Total Investments — 99.9%
(Cost $354,219,106)
376,238,766
Other Assets and Liabilities,
Net — 0.1%
205,618
Net Assets — 100.0%
$ 376,444,384
*
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 $5,549,927; total market value of collateral held by the Fund was $5,584,424. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of  $5,567,738.
(b)
Less than 0.05%.
(c)
Reflects the 1-day yield at April 30, 2023.
(d)
Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. 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
$ 376,123,852 $ $ $ 376,123,852
Short-Term Investments:
Money Market Funds
114,914 114,914
Total Investments in Securities
$ 376,238,766 $ $ $ 376,238,766
(e)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023,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.
102

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Large Cap ETF  
April 30, 2023
Shares
Value
Common Stocks — 99.9%
Communication Services — 3.0%
Alphabet, Inc., Class A*
26,678 $ 2,863,617
Electronic Arts, Inc.
22,693 2,888,365
T-Mobile US, Inc.*
18,920 2,722,588
Total Communication Services
8,474,570
Consumer Discretionary — 9.4%
AutoZone, Inc.*
1,123 2,990,897
Home Depot, Inc. (The)
9,285 2,790,514
Lowe’s Cos., Inc.
13,704 2,848,102
McDonald’s Corp.
9,750 2,883,562
O’Reilly Automotive, Inc.*
3,245 2,976,671
Ross Stores, Inc.
25,989 2,773,806
Starbucks Corp.
26,318 3,007,884
TJX Cos., Inc. (The)
34,867 2,748,217
Yum! Brands, Inc.
20,953 2,945,573
Total Consumer Discretionary
25,965,226
Consumer Staples — 10.0%
Altria Group, Inc.
61,418 2,917,969
Archer-Daniels-Midland Co.
34,157 2,666,979
Costco Wholesale Corp.
5,528 2,781,800
Dollar General Corp.
12,948 2,867,464
Dollar Tree, Inc.*
19,134 2,941,087
Estee Lauder Cos., Inc. (The), Class A
11,057 2,727,983
Keurig Dr Pepper, Inc.
77,678 2,540,071
Kraft Heinz Co. (The)
70,868 2,782,986
PepsiCo, Inc.
14,972 2,858,005
Walmart, Inc.
18,573 2,803,966
Total Consumer Staples
27,888,310
Energy — 5.0%
Cheniere Energy, Inc.
17,258 2,640,474
Chevron Corp.
16,680 2,811,914
Exxon Mobil Corp.
25,047 2,964,062
Kinder Morgan, Inc.
155,632 2,669,089
Williams Cos., Inc. (The)
91,566 2,770,787
Total Energy
13,856,326
Financials — 16.3%
Aflac, Inc.
42,476 2,966,949
Allstate Corp. (The)
24,559 2,842,950
American International Group, Inc.
54,955 2,914,813
Aon PLC, Class A
8,711 2,832,643
Bank of New York Mellon Corp. (The)
60,028 2,556,593
Charles Schwab Corp. (The)
52,320 2,733,197
Chubb Ltd.
14,145 2,851,066
Fiserv, Inc.*
24,245 2,960,799
Global Payments, Inc.
26,041 2,935,081
Goldman Sachs Group, Inc. (The)
8,433 2,896,230
MetLife, Inc.
47,883 2,936,664
Morgan Stanley
31,283 2,814,532
Nasdaq, Inc.
50,240 2,781,789
PNC Financial Services Group, Inc.
(The)
21,562 2,808,450
Travelers Cos., Inc. (The)
15,915 2,882,843
Shares
Value
Common Stocks (continued)
Financials (continued)
US Bancorp
76,019 $ 2,605,931
Total Financials
45,320,530
Health Care — 18.2%
Abbott Laboratories
27,427 3,029,861
AbbVie, Inc.
17,119 2,587,023
Biogen, Inc.*
9,872 3,003,359
Centene Corp.*
43,354 2,988,391
Cigna Corp.
10,725 2,716,535
CVS Health Corp.
36,880 2,703,673
Danaher Corp.
10,931 2,589,663
Elevance Health, Inc.
5,918 2,773,471
Gilead Sciences, Inc.
33,275 2,735,538
Humana, Inc.
5,658 3,001,512
McKesson Corp.
7,698 2,803,920
Pfizer, Inc.
67,202 2,613,486
Regeneron Pharmaceuticals, Inc.*
3,343 2,680,384
ResMed, Inc.
12,526 3,018,265
Seagen, Inc.*
13,535 2,707,000
Thermo Fisher Scientific, Inc.
4,755 2,638,549
UnitedHealth Group, Inc.
5,792 2,850,185
Vertex Pharmaceuticals, Inc.*
8,718 2,970,484
Total Health Care
50,411,299
Industrials — 12.8%
AMETEK, Inc.
18,875 2,603,429
Copart, Inc.*
36,366 2,874,732
CSX Corp.
91,533 2,804,571
Deere & Co.
6,638 2,509,297
Eaton Corp. PLC
15,959 2,667,068
General Dynamics Corp.
12,036 2,627,940
L3Harris Technologies, Inc.
13,996 2,731,319
Lockheed Martin Corp.
5,797 2,692,417
Northrop Grumman Corp.
5,935 2,737,638
PACCAR, Inc.
37,522 2,802,518
Republic Services, Inc.
20,219 2,924,072
Trane Technologies PLC
14,895 2,767,640
WW Grainger, Inc.
3,988 2,773,933
Total Industrials
35,516,574
Information Technology — 18.2%
Accenture PLC, Class A
9,662 2,708,162
Amphenol Corp., Class A
33,726 2,545,301
Analog Devices, Inc.
13,895 2,499,433
Broadcom, Inc.
4,325 2,709,612
Cadence Design Systems, Inc.*
13,131 2,750,288
Cisco Systems, Inc.
52,860 2,497,635
Cognizant Technology Solutions Corp., Class A
45,085 2,692,025
Corning, Inc.
78,722 2,615,145
HP, Inc.
93,373 2,774,112
Intel Corp.
83,884 2,605,437
International Business Machines Corp.
20,853 2,636,028
Microsoft Corp.
9,642 2,962,601
See notes to financial statements.
103​

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Large Cap ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Information Technology (continued)
Motorola Solutions, Inc.
9,579 $ 2,791,321
Oracle Corp.
29,848 2,827,202
Roper Technologies, Inc.
6,203 2,821,000
Snowflake, Inc., Class A*
17,761 2,630,049
TE Connectivity Ltd.
21,032 2,573,686
Texas Instruments, Inc.
14,941 2,498,135
Zoom Video Communications, Inc., Class A*
37,113 2,279,852
Total Information Technology
50,417,024
Materials — 2.0%
Corteva, Inc.
45,126 2,758,101
Dow, Inc.
50,465 2,745,296
Total Materials
5,503,397
Real Estate — 3.0%
AvalonBay Communities, Inc.
16,307 2,941,293
Public Storage
9,071 2,674,403
Realty Income Corp.
43,201 2,714,751
Total Real Estate
8,330,447
Shares
Value
Common Stocks (continued)
Utilities — 2.0%
American Water Works Co., Inc.
18,765 $ 2,781,911
Sempra Energy
18,222 2,833,339
Total Utilities
5,615,250
Total Common Stocks
(Cost $265,950,210)
277,298,953
Short-Term Investment — 0.0%(a)
Money Market Fund — 0.0%(a)
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
(Cost $129,106)
129,106
129,106
Total Investments — 99.9%
(Cost $266,079,316)
277,428,059
Other Assets and Liabilities,
Net — 0.1%
198,214
Net Assets — 100.0%
$ 277,626,273
*
Non-income producing securities.
(a)
Less than 0.05%.
(b)
Reflects the 1-day yield at April 30, 2023.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
Level 1
Level 2
Level 3
Total
Asset Valuation Inputs
Investments in Securities:(c)
Common Stocks
$ 277,298,953 $ $ $ 277,298,953
Short-Term Investment:
Money Market Fund
129,106 129,106
Total Investments in Securities
$ 277,428,059 $ $ $ 277,428,059
(c)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023, 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.
104

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF 
April 30, 2023
Shares
Value
Common Stocks — 99.9%
Communication Services — 2.2%
AMC Networks, Inc., Class A*
28,579 $ 505,562
EchoStar Corp., Class A*
27,845 475,314
IDT Corp., Class B*
14,729 489,150
Liberty Latin America Ltd., Class C*
60,895 540,748
Madison Square Garden Entertainment Corp.*(a)
8,509 274,585
QuinStreet, Inc.*
31,852 353,876
Scholastic Corp.
14,754 567,586
Sinclair Broadcast Group, Inc., Class A
29,284 582,459
Sphere Entertainment Co.*
8,509 239,443
Stagwell, Inc.*
67,716 421,194
Thryv Holdings, Inc.*
22,219 499,039
United States Cellular Corp.*
24,239 514,836
Total Communication Services
5,463,792
Consumer Discretionary — 9.7%
Academy Sports & Outdoors, Inc.
7,704 489,358
Accel Entertainment, Inc.*
56,093 496,423
Adtalem Global Education, Inc.*
13,010 527,816
Arko Corp.
59,016 493,374
Asbury Automotive Group, Inc.*
2,392 462,756
Bowlero Corp.*
29,650 433,779
Buckle, Inc. (The)
14,203 476,227
Carriage Services, Inc.
16,739 480,577
Cavco Industries, Inc.*
1,582 474,948
Cheesecake Factory, Inc. (The)(a)
14,203 478,499
Chegg, Inc.*
30,768 553,209
Clarus Corp.
53,167 517,315
Denny’s Corp.*
45,063 505,156
Dillard’s, Inc., Class A
1,653 493,239
Dorman Products, Inc.*
5,907 508,947
Duolingo, Inc.*
3,522 479,555
Ethan Allen Interiors, Inc.
18,590 519,219
GoPro, Inc., Class A*
101,952 436,355
Graham Holdings Co., Class B
846 486,932
Grand Canyon Education, Inc.*
4,465 529,995
Group 1 Automotive, Inc.
2,219 498,121
Hyatt Hotels Corp., Class A*
4,492 513,436
Johnson Outdoors, Inc., Class A
8,092 469,336
KB Home
12,364 541,790
Kontoor Brands, Inc.
10,552 476,634
La-Z-Boy, Inc.
17,587 505,274
LCI Industries
4,574 516,679
Levi Strauss & Co., Class A(a)
27,889 403,275
Malibu Boats, Inc., Class A*
8,900 505,075
MarineMax, Inc.*
17,593 512,308
MDC Holdings, Inc.
12,971 531,422
Meritage Homes Corp.
4,304 551,127
Monarch Casino & Resort, Inc.
6,858 475,671
Movado Group, Inc.
17,327 443,918
OneSpaWorld Holdings Ltd.*
41,904 502,848
Papa John’s International, Inc.
6,629 495,783
Perdoceo Education Corp.*
37,413 485,621
Playa Hotels & Resorts NV*
52,762 491,214
Ralph Lauren Corp.
4,267 489,809
RCI Hospitality Holdings, Inc.
6,443 482,581
Standard Motor Products, Inc.
13,677 492,509
Steven Madden Ltd.
13,855 485,479
Shares
Value
Common Stocks (continued)
Consumer Discretionary (continued)
Strategic Education, Inc.
5,591 $ 492,008
Stride, Inc.*
12,833 551,306
Travel + Leisure Co.
12,819 490,583
Tri Pointe Homes, Inc.*
19,906 570,904
Vacasa, Inc., Class A*
522,196 415,981
Vista Outdoor, Inc.*(a)
18,130 436,933
Total Consumer Discretionary
23,671,304
Consumer Staples — 4.3%
Andersons, Inc. (The)
11,962 534,701
Calavo Growers, Inc.
17,463 558,118
Cal-Maine Foods, Inc.
8,252 391,970
Central Garden & Pet Co., Class A*
12,968 458,159
Coca-Cola Consolidated, Inc.
929 547,608
Duckhorn Portfolio, Inc. (The)*
31,709 478,806
Fresh Del Monte Produce, Inc.
16,558 475,380
Herbalife Ltd.*
30,976 460,303
Hostess Brands, Inc.*
20,204 520,455
Ingles Markets, Inc., Class A
5,666 521,499
Inter Parfums, Inc.
3,489 529,595
John B Sanfilippo & Son, Inc.
5,110 531,185
Medifast, Inc.
4,850 444,503
MGP Ingredients, Inc.
5,262 519,254
PriceSmart, Inc.
7,027 517,749
SpartanNash Co.
20,119 493,318
TreeHouse Foods, Inc.*
9,990 531,968
United Natural Foods, Inc.*
19,351 527,702
Universal Corp.
9,556 524,529
USANA Health Sciences, Inc.*
7,962 528,438
Vector Group Ltd.
41,911 533,946
Total Consumer Staples
10,629,186
Energy — 2.9%
Arch Resources, Inc.
3,821 467,117
Archrock, Inc.
51,287 527,743
Bristow Group, Inc.*
22,446 502,117
California Resources Corp.
12,909 522,815
CNX Resources Corp.*(a)
31,389 487,471
Crescent Energy Co., Class A
45,266 525,991
Denbury, Inc.*
5,840 545,339
Dril-Quip, Inc.*
17,664 481,874
Expro Group Holdings NV*
26,938 535,797
Gulfport Energy Corp.*
6,269 567,094
International Seaways, Inc.
11,959 476,207
REX American Resources Corp.*
17,387 491,878
Valaris Ltd.*
7,725 463,500
World Fuel Services Corp.
19,950 471,618
Total Energy
7,066,561
Financials — 20.6%
Amalgamated Financial Corp.
28,402 462,385
A-Mark Precious Metals, Inc.
14,497 518,993
American Equity Investment Life Holding
Co.
13,674 526,996
Ameris Bancorp
13,500 452,250
AssetMark Financial Holdings, Inc.*
15,932 488,794
Associated Banc-Corp.
27,943 498,224
Atlantic Union Bankshares Corp.(a)
14,187 406,032
See notes to financial statements.
105​

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Financials (continued)
Axis Capital Holdings Ltd.
9,145 $ 517,058
Axos Financial, Inc.*
13,611 553,559
Bancorp, Inc. (The)*
17,611 561,967
Bank of Marin Bancorp
22,956 404,714
Bridge Investment Group Holdings, Inc., Class A
44,351 443,066
Bridgewater Bancshares, Inc.*
46,349 461,173
Brighthouse Financial, Inc.*
11,545 510,289
Business First Bancshares, Inc.
28,963 446,609
Byline Bancorp, Inc.
23,021 445,456
Capital City Bank Group, Inc.
16,840 512,946
Capstar Financial Holdings, Inc.
33,522 448,524
Cass Information Systems, Inc.
11,456 419,060
Central Pacific Financial Corp.
28,070 445,752
CNO Financial Group, Inc.
22,745 510,398
Coastal Financial Corp./Wa*
13,953 505,796
Columbia Banking System, Inc.
23,688 505,976
Community Trust Bancorp, Inc.
12,975 467,230
ConnectOne Bancorp, Inc.
27,763 438,100
CrossFirst Bankshares, Inc.*
47,427 475,693
Diamond Hill Investment Group, Inc.
3,100 502,572
Employers Holdings, Inc.
11,913 471,636
Enova International, Inc.*
11,353 498,624
Enstar Group Ltd.*
2,174 523,064
Enterprise Financial Services Corp.
11,174 477,800
Equity Bancshares, Inc., Class A
20,229 476,393
Evercore, Inc., Class A
4,444 506,927
EVERTEC, Inc.
14,977 519,552
Farmers National Banc Corp.
39,545 462,281
Federated Hermes, Inc.
12,387 512,698
First Bancshares, Inc. (The)
19,432 487,743
First Busey Corp.
24,412 443,810
First Commonwealth Financial Corp.
39,771 496,342
First Financial Corp.
13,411 463,350
First Foundation, Inc.
67,441 424,204
FirstCash Holdings, Inc.
5,258 541,732
Flushing Financial Corp.
33,343 401,116
FNB Corp.
42,633 489,427
Genworth Financial, Inc., Class A*
99,303 576,950
Green Dot Corp., Class A*
29,243 502,687
Hancock Whitney Corp.
13,822 504,779
Hanmi Financial Corp.
27,061 437,306
HarborOne Bancorp, Inc.
40,946 440,170
Heartland Financial USA, Inc.
13,102 426,601
Heritage Commerce Corp.
60,316 512,686
Hilltop Holdings, Inc.
16,797 521,043
Horace Mann Educators Corp.
14,951 467,667
Horizon Bancorp, Inc./In
45,227 476,240
International Bancshares Corp.
11,604 495,143
James River Group Holdings Ltd.
24,019 467,650
Kearny Financial Corp.
61,877 482,022
Kemper Corp.
9,143 444,807
Lazard Ltd., Class A
15,250 477,325
Live Oak Bancshares, Inc.
20,417 481,025
MBIA, Inc.*
54,259 545,846
Mercantile Bank Corp.
16,293 457,182
Merchants Bancorp
19,298 447,714
Mercury General Corp.
15,784 479,991
Shares
Value
Common Stocks (continued)
Financials (continued)
Metropolitan Bank Holding Corp.*
14,822 $ 475,638
MGIC Investment Corp.
37,604 559,171
Mid Penn Bancorp, Inc.
19,288 436,295
Midland States Bancorp, Inc.
23,458 469,160
MidWestOne Financial Group, Inc.
20,618 426,793
Mr Cooper Group, Inc.*
12,261 567,684
National Western Life Group, Inc., Class A
2,072 528,319
Nicolet Bankshares, Inc.*
7,801 447,075
NMI Holdings, Inc., Class A*
22,735 531,999
OceanFirst Financial Corp.
27,185 434,960
OFG Bancorp
19,702 503,780
Old Second Bancorp, Inc.
34,991 430,039
Oscar Health, Inc., Class A*
77,735 523,157
PacWest Bancorp
50,456 512,128
Pathward Financial, Inc.
12,142 540,683
Peapack-Gladstone Financial Corp.
16,964 450,564
PennyMac Financial Services, Inc.
8,549 534,227
Peoples Bancorp, Inc.
19,379 505,017
Piper Sandler Cos.
3,686 499,232
PJT Partners, Inc., Class A
6,865 472,106
Premier Financial Corp.
23,814 395,551
QCR Holdings, Inc.
11,157 461,900
Radian Group, Inc.
22,872 555,103
Renasant Corp.
16,434 462,124
Repay Holdings Corp.*
76,475 479,498
S&T Bancorp, Inc.
15,978 439,874
Safety Insurance Group, Inc.
6,705 490,068
SiriusPoint Ltd.*
61,806 537,094
Southern Missouri Bancorp, Inc.
13,433 487,349
Stewart Information Services Corp.
12,707 529,247
StoneX Group, Inc.*
4,924 482,897
Towne Bank
18,855 446,675
UMB Financial Corp.
8,706 553,789
United Community Banks, Inc.
17,569 437,468
United Fire Group, Inc.
18,874 507,711
Univest Financial Corp.
20,839 419,281
Victory Capital Holdings, Inc., Class A
17,304 528,464
Virtu Financial, Inc., Class A
26,688 535,094
Virtus Investment Partners, Inc.
2,642 481,399
Washington Federal, Inc.
16,424 460,529
Total Financials
50,310,287
Health Care — 14.3%
ACADIA Pharmaceuticals, Inc.*
26,210 559,059
Addus HomeCare Corp.*
4,776 390,390
Alkermes PLC*
17,816 508,647
Alphatec Holdings, Inc.*
32,221 465,271
Amphastar Pharmaceuticals, Inc.*
13,254 474,096
AngioDynamics, Inc.*
48,590 404,269
Arcus Biosciences, Inc.*
27,565 492,035
Artivion, Inc.*
38,356 531,998
Atea Pharmaceuticals, Inc.*
153,080 500,572
Avanos Medical, Inc.*
16,900 499,226
Bridgebio Pharma, Inc.*
30,304 440,014
CareDx, Inc.*
54,675 442,321
Century Therapeutics, Inc.*(a)
144,799 453,221
Coherus Biosciences, Inc.*
73,456 531,087
See notes to financial statements.
106

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Health Care (continued)
Collegium Pharmaceutical, Inc.*
20,732 $ 482,434
Computer Programs and Systems,
Inc.*
16,624 430,229
Cross Country Healthcare, Inc.*
22,512 494,814
Cullinan Oncology, Inc.*
49,119 477,928
Deciphera Pharmaceuticals, Inc.*
32,201 457,576
Dyne Therapeutics, Inc.*
43,615 451,851
Emergent BioSolutions, Inc.*
48,501 428,264
EQRx, Inc.*
263,238 442,240
Evolent Health, Inc., Class A*
15,487 563,882
GoodRx Holdings, Inc., Class A*
80,394 375,440
Haemonetics Corp.*
6,070 508,120
Harmony Biosciences Holdings, Inc.*
15,389 496,141
HealthStream, Inc.
18,541 456,850
Heska Corp.*
5,143 602,554
ICU Medical, Inc.*
3,030 573,094
ImmunityBio, Inc.*(a)
276,400 773,920
Immunovant, Inc.*(a)
31,671 511,170
Innoviva, Inc.*
44,617 523,357
Inogen, Inc.*
40,262 535,887
Integer Holdings Corp.*
6,475 533,216
Iovance Biotherapeutics, Inc.*
82,239 463,828
iRadimed Corp.
12,619 525,329
Krystal Biotech, Inc.*
6,217 522,228
Ligand Pharmaceuticals, Inc.*
6,904 527,120
Lyell Immunopharma, Inc.*
212,617 431,613
Maravai LifeSciences Holdings, Inc., Class A*
36,475 502,990
Merit Medical Systems, Inc.*
6,867 558,218
ModivCare, Inc.*
6,064 385,670
Multiplan Corp.*
474,015 463,729
National HealthCare Corp.
8,657 501,327
Nkarta, Inc.*
141,745 701,638
Nuvation Bio, Inc.*
299,710 482,533
Orthofix Medical, Inc.*
29,996 564,825
OrthoPediatrics Corp.*
11,349 572,444
Pacira BioSciences, Inc.*
12,203 552,918
Patterson Cos., Inc.
18,908 512,596
PMV Pharmaceuticals, Inc.*
105,334 485,590
Prestige Consumer Healthcare, Inc.*
8,091 497,839
PTC Therapeutics, Inc.*
10,323 569,210
Pulmonx Corp.*
45,518 534,836
REGENXBIO, Inc.*
26,259 508,374
Sana Biotechnology, Inc.*(a)
152,143 804,836
Scilex Holding Co.*
34,109 246,951
Sharecare, Inc.*
353,840 544,914
SI-BONE, Inc.*
25,636 566,556
SIGA Technologies, Inc.(a)
86,974 507,058
Supernus Pharmaceuticals, Inc.*
13,775 507,747
Travere Therapeutics, Inc.*
22,342 481,917
UFP Technologies, Inc.*
3,841 529,443
Vanda Pharmaceuticals, Inc.*
72,313 444,002
Varex Imaging Corp.*(a)
28,017 497,022
Veradigm, Inc.*
38,360 479,116
Vir Biotechnology, Inc.*
21,897 550,710
Xencor, Inc.*
17,750 469,310
Y-mAbs Therapeutics, Inc.*
100,287 600,719
Total Health Care
34,906,329
Shares
Value
Common Stocks (continued)
Industrials — 20.4%
AAR Corp.*
9,085 $ 479,506
ABM Industries, Inc.
11,196 476,726
ACCO Brands Corp.
95,129 435,691
Air Lease Corp.
12,759 513,167
Alamo Group, Inc.
2,726 481,766
Allison Transmission Holdings, Inc.
11,155 544,252
Ameresco, Inc., Class A*
10,205 424,528
API Group Corp.*
22,580 513,921
Applied Industrial Technologies, Inc.
3,575 484,984
Arcosa, Inc.
8,121 548,492
Argan, Inc.
12,461 501,306
Astec Industries, Inc.
12,349 509,767
AZZ, Inc.
12,332 465,286
Barrett Business Services, Inc.
5,634 471,059
Beacon Roofing Supply, Inc.*
8,564 515,381
Boise Cascade Co.
7,970 544,431
Brady Corp., Class A
9,470 483,254
BrightView Holdings, Inc.*
89,407 494,421
Brink’s Co. (The)
7,636 479,923
CBIZ, Inc.*
10,098 532,064
Columbus McKinnon Corp.
13,575 471,188
Comfort Systems USA, Inc.
3,458 516,936
Conduent, Inc.*
146,491 514,183
CoreCivic, Inc.*
54,797 481,666
CSW Industrials, Inc.
3,655 492,219
Custom Truck One Source, Inc.*
74,037 464,952
Douglas Dynamics, Inc.
15,845 464,417
Ducommun, Inc.*
9,221 461,050
Eagle Bulk Shipping, Inc.(a)
10,830 484,318
Encore Wire Corp.
2,761 431,627
Energy Vault Holdings, Inc.*
236,913 400,383
EnerSys
5,856 485,872
Ennis, Inc.
23,645 459,422
ESCO Technologies, Inc.
5,262 492,365
First Advantage Corp.*
35,140 451,900
Flowserve Corp.
14,777 493,404
Forrester Research, Inc.*
15,366 475,424
Forward Air Corp.
4,743 500,434
Franklin Electric Co., Inc.
5,382 481,527
Genco Shipping & Trading Ltd.
32,055 493,968
GEO Group, Inc. (The)*
63,381 477,259
Gibraltar Industries, Inc.*
10,344 517,614
Global Industrial Co.
19,081 508,509
Gorman-Rupp Co. (The)
20,441 501,827
Granite Construction, Inc.
12,312 469,457
Great Lakes Dredge & Dock Corp.*
93,521 535,875
Healthcare Services Group, Inc.
36,687 572,684
Heartland Express, Inc.
31,891 461,782
Heidrick & Struggles International, Inc.
16,851 423,129
Helios Technologies, Inc.
7,683 462,056
Heritage-Crystal Clean, Inc.*
14,334 501,117
HireRight Holdings Corp.*
47,607 504,634
HNI Corp.
18,116 470,654
Hub Group, Inc., Class A*
6,039 455,341
Hyster-Yale Materials Handling, Inc.
10,197 536,974
IES Holdings, Inc.*
11,532 498,067
Insperity, Inc.
4,220 516,781
See notes to financial statements.
107​

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Industrials (continued)
Insteel Industries, Inc.
17,885 $ 492,374
Kadant, Inc.
2,432 451,939
Kaman Corp.
21,934 484,083
Kforce, Inc.
7,954 470,400
Korn Ferry
9,760 468,675
Kratos Defense & Security Solutions,
Inc.*
37,435 482,911
Lindsay Corp.
3,371 407,014
ManpowerGroup, Inc.
6,129 464,027
Marten Transport Ltd.
24,314 490,900
Matson, Inc.
8,284 563,560
McGrath RentCorp
5,409 480,752
MillerKnoll, Inc.
24,900 423,549
Moog, Inc., Class A
4,990 449,649
MSC Industrial Direct Co., Inc., Class A
6,003 544,652
Mueller Industries, Inc.
6,849 492,101
Mueller Water Products, Inc., Class A
36,042 482,963
MYR Group, Inc.*
3,986 510,168
National Presto Industries, Inc.
7,074 481,173
NOW, Inc.*
45,480 485,272
NV5 Global, Inc.*
4,848 459,251
PGT Innovations, Inc.*
20,009 513,431
Planet Labs PBC*(a)
127,850 521,628
Primoris Services Corp.
20,409 516,348
Proto Labs, Inc.*
15,161 436,182
Quanex Building Products Corp.
23,336 445,718
Resources Connection, Inc.
29,541 431,003
Rush Enterprises, Inc., Class A
9,288 493,286
Ryder System, Inc.
5,737 454,141
Schneider National, Inc., Class B
19,138 500,841
SP Plus Corp.*
14,926 510,021
Standex International Corp.
4,167 511,749
Sterling Check Corp.*
44,987 505,654
Sterling Infrastructure, Inc.*
13,097 483,541
Tennant Co.
7,446 569,023
Terex Corp.
10,585 471,985
Thermon Group Holdings, Inc.*
20,104 417,761
Triton International Ltd.
7,919 654,664
TrueBlue, Inc.*
28,544 432,442
TTEC Holdings, Inc.
13,549 461,614
Universal Logistics Holdings, Inc.
17,239 441,318
V2X, Inc.*
12,725 549,720
VSE Corp.
11,037 466,755
Wabash National Corp.
20,362 522,692
Watts Water Technologies, Inc.,
Class A
3,035 490,851
Werner Enterprises, Inc.
11,048 499,038
Total Industrials
49,717,759
Information Technology — 12.9%
A10 Networks, Inc.
32,646 461,614
ACI Worldwide, Inc.*
18,965 480,384
Adeia, Inc.
56,714 433,295
ADTRAN Holdings, Inc.
31,786 289,888
Advanced Energy Industries, Inc.
5,186 448,589
Alkami Technology, Inc.*
39,686 475,835
Alteryx, Inc., Class A*
8,682 357,091
American Software, Inc., Class A
39,843 475,725
Shares
Value
Common Stocks (continued)
Information Technology (continued)
Belden, Inc.
5,886 $ 464,347
Benchmark Electronics, Inc.
21,434 457,616
Blackbaud, Inc.*
7,398 513,088
Box, Inc., Class A*
19,067 504,513
Cohu, Inc.*
13,093 443,067
Couchbase, Inc.*
36,132 554,988
CTS Corp.
10,158 398,295
Diodes, Inc.*
5,442 433,727
Edgio, Inc.*
634,592 419,465
Enfusion, Inc., Class A*
48,537 406,740
ePlus, Inc.*
10,396 452,642
Everbridge, Inc.*
14,489 380,771
FARO Technologies, Inc.*
20,781 485,236
FormFactor, Inc.*
15,772 430,733
Grid Dynamics Holdings, Inc.*
43,840 476,541
Hackett Group, Inc. (The)
27,385 508,266
Insight Enterprises, Inc.*
3,550 429,373
InterDigital, Inc.
6,858 464,561
Jamf Holding Corp.*
25,872 489,498
Kimball Electronics, Inc.*
20,845 419,610
Knowles Corp.*
29,860 504,037
LiveRamp Holdings, Inc.*
23,293 561,128
MeridianLink, Inc.*
29,584 441,985
Mitek Systems, Inc.*
52,762 475,913
N-able, Inc.*
37,267 475,154
NETGEAR, Inc.*
27,144 383,545
NetScout Systems, Inc.*
17,670 480,801
New Relic, Inc.*
6,673 476,919
Onto Innovation, Inc.*
5,772 467,417
OSI Systems, Inc.*
4,922 555,989
PDF Solutions, Inc.*
11,929 430,040
Pegasystems, Inc.
10,361 472,669
Perficient, Inc.*
6,961 451,908
Photronics, Inc.*
30,186 436,490
Plexus Corp.*
5,250 459,218
PowerSchool Holdings, Inc., Class A*
25,577 534,048
Progress Software Corp.(a)
8,919 489,475
PROS Holdings, Inc.*
18,341 520,334
Rambus, Inc.*
9,804 434,709
Rapid7, Inc.*
10,944 531,988
Ribbon Communications, Inc.*
145,471 372,406
Rimini Street, Inc.*
123,458 461,733
RingCentral, Inc., Class A*
16,380 451,433
Sanmina Corp.*
8,239 430,570
ScanSource, Inc.*
16,803 459,562
SMART Global Holdings, Inc.*(a)
29,146 449,431
Smartsheet, Inc., Class A*
10,609 433,590
SolarWinds Corp.*
59,653 514,209
Sprinklr, Inc., Class A*
38,766 463,641
SPS Commerce, Inc.*
3,348 493,160
Squarespace, Inc., Class A*
16,144 502,078
Telos Corp.*
195,102 331,673
Teradata Corp.*
12,676 490,688
TTM Technologies, Inc.*
37,247 439,887
Unisys Corp.*
129,502 415,701
Veeco Instruments, Inc.*(a)
23,909 440,404
Verint Systems, Inc.*
13,287 484,843
Viavi Solutions, Inc.*
46,399 415,735
See notes to financial statements.
108

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Information Technology (continued)
Vishay Intertechnology, Inc.
22,580 $ 480,728
Workiva, Inc.*
4,907 458,412
Yext, Inc.*
52,288 459,089
Total Information Technology
31,588,238
Materials — 4.8%
American Vanguard Corp.
22,696 436,898
Avient Corp.
12,390 477,139
Cabot Corp.
6,565 471,104
Chase Corp.
4,886 534,186
Clearwater Paper Corp.*
14,846 535,941
Ecovyst, Inc.*
45,893 520,886
Greif, Inc., Class A
7,976 500,813
Hawkins, Inc.
11,441 461,530
Haynes International, Inc.
10,029 471,463
HB Fuller Co.
7,276 481,453
Ingevity Corp.*
7,119 510,717
Innospec, Inc.
4,891 497,072
Koppers Holdings, Inc.
14,557 477,615
Materion Corp.
4,329 468,874
NewMarket Corp.
1,378 550,649
O-I Glass, Inc.*
22,130 497,261
Orion Engineered Carbons SA
19,344 468,318
Pactiv Evergreen, Inc.
63,221 499,446
Sensient Technologies Corp.
6,666 496,350
Stepan Co.
4,899 451,688
Summit Materials, Inc., Class A*
17,535 480,634
SunCoke Energy, Inc.
55,964 435,400
Warrior Met Coal, Inc.
13,685 473,091
Worthington Industries, Inc.
7,813 464,014
Total Materials
11,662,542
Real Estate — 5.4%
Alexander & Baldwin, Inc.
26,575 511,037
American Assets Trust, Inc.
27,025 491,855
Apartment Investment and Management Co., Class A
65,338 511,597
Apple Hospitality REIT, Inc.
32,373 482,034
Armada Hoffler Properties, Inc.
43,149 505,706
Brandywine Realty Trust
106,229 417,480
Chatham Lodging Trust
48,395 495,565
Corporate Office Properties Trust
21,195 485,154
DiamondRock Hospitality Co.
61,806 501,247
Douglas Emmett, Inc.
40,581 522,683
Elme Communities
28,606 492,881
EPR Properties
13,378 561,341
Equity Commonwealth
24,682 511,411
Forestar Group, Inc.*
32,295 624,585
Highwoods Properties, Inc.
22,062 505,661
Industrial Logistics Properties Trust
165,841 341,633
JBG SMITH Properties
33,360 476,047
Office Properties Income Trust
40,854 266,368
Outfront Media, Inc.
30,957 515,744
Pebblebrook Hotel Trust
35,791 509,306
Shares
Value
Common Stocks (continued)
Real Estate (continued)
Piedmont Office Realty Trust, Inc., Class A
68,829 $ 448,077
Plymouth Industrial REIT, Inc.
23,917 484,080
PotlatchDeltic Corp.
10,150 469,235
RLJ Lodging Trust
47,402 478,760
Sunstone Hotel Investors, Inc.
50,859 484,686
Whitestone REIT
54,978 492,053
Xenia Hotels & Resorts, Inc.
38,384 485,941
Total Real Estate
13,072,167
Utilities — 2.4%
ALLETE, Inc.
7,785 485,628
Avista Corp.
11,805 520,247
California Water Service Group
8,672 486,326
Chesapeake Utilities Corp.
3,906 482,391
Clearway Energy, Inc., Class C
15,951 484,432
Montauk Renewables, Inc.*
63,706 423,645
New Jersey Resources Corp.
9,453 488,153
Northwest Natural Holding Co.
10,501 493,127
NorthWestern Corp.
8,721 511,225
Otter Tail Corp.(a)
6,953 500,268
SJW Group
6,549 497,200
Unitil Corp.
8,870 493,083
Total Utilities
5,865,725
Total Common Stocks
(Cost $254,418,529)
243,953,890
Short-Term Investments — 0.7%
Money Market Funds — 0.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(b)(c)
1,568,667 1,568,667
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
220,970 220,970
Total Short-Term Investments
(Cost $1,789,637)
1,789,637
Total Investments — 100.6%
(Cost $256,208,166)
245,743,527
Other Assets and Liabilities, Net — (0.6)% 
(1,540,161)
Net Assets — 100.0%
$ 244,203,366
*
Non-income producing securities.
(a)
All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $6,591,226; total market value of collateral held by the Fund was $6,671,395. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of  $5,102,728.
(b)
Reflects the 1-day yield at April 30, 2023.
(c)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
109​

TABLE OF CONTENTS
Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)
April 30, 2023
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. 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
$ 243,953,890 $ $ $ 243,953,890
Short-Term Investments:
Money Market Funds
1,789,637 1,789,637
Total Investments in Securities
$ 245,743,527 $ $ $ 245,743,527
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023,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.
110

TABLE OF CONTENTS
Schedule of Investments — IQ CBRE NextGen Real Estate ETF 
April 30, 2023
Shares
Value
Common Stocks — 99.8%
Data Center — 9.4%
Digital Realty Trust, Inc.
10,355 $ 1,026,698
Keppel DC REIT
738,276 1,189,742
Total Data Center
2,216,440
Health Care — 12.6%
Aedifica SA
905 75,683
Alexandria Real Estate Equities, Inc.
3,957 491,380
Assura PLC
67,371 43,101
CareTrust REIT, Inc.
2,257 43,989
Chartwell Retirement Residences
5,390 35,210
Cofinimmo SA
747 71,459
Community Healthcare Trust, Inc.
590 21,116
Global Medical REIT, Inc.
1,486 13,790
Healthcare Realty Trust, Inc.(a)
8,635 170,800
Healthpeak Properties, Inc.
12,499 274,603
LTC Properties, Inc.
939 31,410
Medical Properties Trust, Inc.(a)
13,568 118,991
National Health Investors, Inc.
984 48,974
NorthWest Healthcare Properties Real Estate Investment Trust(a)
5,459 32,803
Parkway Life Real Estate Investment Trust
13,677 39,776
Primary Health Properties PLC
30,413 40,711
Sabra Health Care REIT, Inc.
5,243 59,770
Universal Health Realty Income Trust
313 13,616
Ventas, Inc.
9,101 437,303
Welltower, Inc.
11,216 888,532
Total Health Care
2,953,017
Industrial — 33.6%
Advance Logistics Investment Corp.
36 36,459
Americold Realty Trust, Inc.
13,937 412,396
Catena AB
2,576 98,597
CRE Logistics REIT, Inc.
30 41,266
Dream Industrial Real Estate Investment Trust
13,197 144,395
EastGroup Properties, Inc.
2,249 374,593
ESR-LOGOS REIT
418,591 101,969
First Industrial Realty Trust, Inc.
6,826 358,160
Frasers Logistics & Commercial Trust
191,462 193,737
GLP J-Reit
244 278,647
Granite Real Estate Investment Trust
3,284 204,018
Indus Realty Trust, Inc.
525 34,949
Industrial & Infrastructure Fund Investment
Corp.
108 123,574
Innovative Industrial Properties, Inc.
1,442 98,849
Japan Logistics Fund, Inc.
49 116,234
LaSalle Logiport REIT
92 109,185
LondonMetric Property PLC
50,745 122,843
LXP Industrial Trust
15,057 141,536
Mapletree Logistics Trust
248,796 324,480
Mitsubishi Estate Logistics REIT Investment Corp.
26 79,719
Mitsui Fudosan Logistics Park, Inc.
30 112,584
Montea NV
929 81,434
Nippon Prologis REIT, Inc.
143 325,036
Plymouth Industrial REIT, Inc.
2,215 44,832
Prologis, Inc.
11,319 1,417,705
Rexford Industrial Realty, Inc.
10,206 569,189
Shares
Value
Common Stocks (continued)
Industrial (continued)
Sagax AB, Class B
17,294 $ 423,193
Segro PLC
62,951 660,518
SOSiLA Logistics REIT, Inc.
37 36,738
STAG Industrial, Inc.
9,259 313,602
Terreno Realty Corp.
4,252 261,881
Tritax EuroBox PLC
41,664 34,248
Urban Logistics REIT PLC
24,373 43,317
VGP NV(a)
1,407 147,566
Warehouse REIT PLC
21,940 30,168
Total Industrial
7,897,617
Infrastructure (Tower) — 23.1%
American Tower Corp.
6,923 1,414,992
Crown Castle, Inc.
10,436 1,284,567
DigitalBridge Group, Inc.
90,519 1,125,151
SBA Communications Corp.
4,421 1,153,395
Uniti Group, Inc.
134,451 459,822
Total Infrastructure (Tower)
5,437,927
Manufactured Homes — 3.0%
Equity LifeStyle Properties, Inc.
4,256 293,238
Sun Communities, Inc.
2,823 392,199
UMH Properties, Inc.
1,353 20,566
Total Manufactured Homes
706,003
Multi-Family Residential — 14.4%
Advance Residence Investment Corp.
32 82,958
Apartment Income REIT Corp.
3,381 125,029
Apartment Investment and Management
Co., Class A
3,400 26,622
AvalonBay Communities, Inc.
3,198 576,823
Boardwalk Real Estate Investment Trust
1,039 44,431
Camden Property Trust
2,435 267,972
Canadian Apartment Properties
4,003 146,479
CapitaLand Ascott Trust
78,385 63,453
Centerspace
342 19,282
Comforia Residential REIT, Inc.
17 42,511
Daiwa Securities Living Investments Corp.
52 44,185
Elme Communities
1,985 34,202
Equity Residential
8,639 546,417
Essex Property Trust, Inc.
1,474 323,882
Independence Realty Trust, Inc.
5,088 84,715
InterRent Real Estate Investment Trust
3,215 30,721
Kenedix Residential Next Investment Corp.
24 37,613
Killam Apartment Real Estate Investment Trust
2,659 32,995
Mid-America Apartment Communities, Inc.
2,653 408,031
NexPoint Residential Trust, Inc.
580 24,899
Sekisui House REIT, Inc.
100 56,623
Starts Proceed Investment Corp.
7 11,850
UDR, Inc.
7,489 309,520
Veris Residential, Inc.*
2,067 33,795
Total Multi-Family Residential
3,375,008
Single-Family Residential — 3.1%
American Homes 4 Rent, Class A
8,065 268,242
See notes to financial statements.
111​

TABLE OF CONTENTS
Schedule of Investments — IQ CBRE NextGen Real Estate ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Single-Family Residential (continued)
Invitation Homes, Inc.
13,911 $ 464,210
Total Single-Family Residential
732,452
Student Housing — 0.6%
UNITE Group PLC (The)
9,110 109,809
Xior Student Housing NV
790 25,118
Total Student Housing
134,927
Total Common Stocks
(Cost $25,739,680)
23,453,391
Short-Term Investments — 0.2%
Money Market Funds — 0.2%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(b)(c)
34,303 $ 34,303
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
12,112 12,112
Total Short-Term Investments
(Cost $46,415)
46,415
Shares
Value
Total Investments — 100.0%
(Cost $25,786,095)
$ 23,499,806
Other Assets and Liabilities, Net — 0.0%(d)
1,326
Net Assets — 100.0%
$ 23,501,132
*
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 $368,885; total market value of collateral held by the Fund was $371,777. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $337,474.
(b)
Reflects the 1-day yield at April 30, 2023.
(c)
Represents security purchased with cash collateral received for securities on loan.
(d)
Less than 0.05%.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. 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
$ 23,453,391 $ $ $ 23,453,391
Short-Term Investments:
Money Market Funds
46,415 $ $ $ 46,415
Total Investments in Securities
$ 23,499,806 $ $ $ 23,499,806
(e)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023, 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.
112

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF 
April 30, 2023
Shares
Value
Common Stocks — 99.2%
Australia — 7.6%
Allkem Ltd.*
12,203 $ 98,789
ALS Ltd.
10,277 89,037
ANZ Group Holdings Ltd.
57,381 923,359
APA Group
26,854 182,434
Aristocrat Leisure Ltd.
14,712 368,578
ASX Ltd.
4,296 194,387
Atlas Arteria Ltd.
27,826 120,263
Aurizon Holdings Ltd.
52,163 117,894
BHP Group Ltd.
93,919 2,755,752
BlueScope Steel Ltd.
10,505 137,942
Brambles Ltd.
30,868 290,688
carsales.com Ltd.
7,063 110,902
Challenger Ltd.
14,772 58,865
Charter Hall Group
14,716 108,240
Cochlear Ltd.
1,430 233,079
Coles Group Ltd.
26,069 313,545
Commonwealth Bank of Australia
31,466 2,066,126
Computershare Ltd.
12,053 178,421
Dexus
32,062 164,844
Endeavour Group Ltd.
24,846 111,488
Evolution Mining Ltd.
40,408 95,065
Flutter Entertainment PLC*
3,383 676,719
Fortescue Metals Group Ltd.
30,704 424,889
Glencore PLC
240,903 1,420,087
Goodman Group
37,441 477,786
GPT Group (The)
57,385 167,240
IDP Education Ltd.
4,668 86,869
IGO Ltd.
13,274 120,617
Incitec Pivot Ltd.
48,805 102,887
Insurance Australia Group Ltd.
52,697 173,428
Lendlease Corp., Ltd.
15,621 76,908
Lottery Corp Ltd. (The)
55,535 184,970
Lynas Rare Earths Ltd.*
18,588 78,986
Macquarie Group Ltd.
6,744 813,808
Medibank Pvt Ltd.
60,665 142,722
Mineral Resources Ltd.
3,422 166,622
Mirvac Group
108,047 172,081
National Australia Bank Ltd.
60,581 1,154,610
Newcrest Mining Ltd.
18,124 346,383
Northern Star Resources Ltd.
24,230 215,527
Origin Energy Ltd.
40,594 223,734
Pilbara Minerals Ltd.
55,201 154,674
Qantas Airways Ltd.*
15,818 68,992
QBE Insurance Group Ltd.
30,985 313,904
Ramsay Health Care Ltd.
4,247 181,505
Region RE Ltd.
66,904 108,765
Rio Tinto Ltd.
6,907 512,365
Rio Tinto PLC
20,504 1,301,199
Santos Ltd.
61,097 285,459
Scentre Group
130,846 249,033
SEEK Ltd.
9,809 158,298
Sonic Healthcare Ltd.
10,874 254,675
Shares
Value
Common Stocks (continued)
Australia (continued)
South32 Ltd.
91,784 $ 257,180
Steadfast Group Ltd.
18,210 71,362
Stockland
63,621 187,096
Suncorp Group Ltd.
27,512 226,903
Telstra Group Ltd.
91,194 263,361
Transurban Group
56,846 563,126
Treasury Wine Estates Ltd.
16,838 155,005
Vicinity Ltd.
117,501 163,066
Wesfarmers Ltd.
22,362 768,010
Westpac Banking Corp.
65,949 979,298
WiseTech Global Ltd.
3,422 155,044
Woodside Energy Group Ltd.
35,930 799,711
Woolworths Group Ltd.
23,731 608,958
Total Australia
24,733,560
Austria — 0.3%
ANDRITZ AG
985 63,996
Erste Group Bank AG
7,196 261,449
Mondi PLC
10,208 162,305
OMV AG
3,469 164,067
Verbund AG
1,288 115,035
voestalpine AG
1,889 65,441
Total Austria
832,293
Belgium — 0.8%
Ageas SA
4,534 202,173
Anheuser-Busch InBev SA
16,192 1,056,466
Elia Group SA
584 80,205
Groupe Bruxelles Lambert NV
2,490 223,490
KBC Group NV
5,613 401,424
Solvay SA
1,706 205,010
UCB SA
2,667 248,563
Umicore SA
4,632 152,184
Warehouses De Pauw CVA
4,188 125,390
Total Belgium
2,694,905
Brazil — 0.0%(a)
Yara International ASA
3,125 125,338
Burkina Faso — 0.0%(a)
Endeavour Mining PLC
3,489 90,250
Chile — 0.0%(a)
Antofagasta PLC
7,112 130,555
China — 0.6%
BOC Hong Kong Holdings Ltd.
75,254 236,789
Budweiser Brewing Co APAC Ltd.
35,621 102,553
ESR Group Ltd.
41,348 64,367
Lenovo Group Ltd.
158,177 161,605
Prosus NV*
14,140 1,059,485
Want Want China Holdings Ltd.
111,616 71,094
Wilmar International Ltd.
34,927 102,884
Xinyi Glass Holdings Ltd.
46,957 85,541
See notes to financial statements.
113​

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
China (continued)
Total China
$ 1,884,318
Denmark — 2.7%
AP Moller — Maersk A/S, Class B
160 289,011
Carlsberg A/S, Class B
2,042 337,999
Chr Hansen Holding A/S
2,298 178,971
Coloplast A/S, Class B
2,653 382,352
Danske Bank A/S*
13,147 277,592
DSV A/S
3,663 689,325
Genmab A/S*
1,265 520,892
Novo Nordisk A/S, Class B
29,288 4,878,658
Novozymes A/S, Class B
4,090 212,882
Orsted A/S
3,683 330,915
Pandora A/S
2,255 208,489
Vestas Wind Systems A/S*
19,247 531,571
Total Denmark
8,838,657
Finland — 1.2%
Elisa OYJ
3,374 209,786
Fortum OYJ
9,134 136,435
Kesko OYJ, Class B
6,054 126,353
Kone OYJ, Class B
6,515 371,854
Metso Outotec OYJ(b)
14,223 157,021
Neste OYJ
7,961 386,185
Nokia OYJ
106,492 451,692
Nordea Bank Abp
66,115 733,557
Orion OYJ, Class B
1,942 91,376
Sampo OYJ, Class A
9,018 457,570
Stora Enso OYJ, Class R
12,534 159,131
UPM-Kymmene OYJ
10,602 338,262
Wartsila OYJ Abp
10,495 121,658
Total Finland
3,740,880
France — 9.6%
Accor SA*
5,442 192,975
Aeroports de Paris*
597 94,974
Air Liquide SA
9,492 1,709,985
Airbus SE
10,532 1,478,294
Alstom SA(b)
6,184 155,249
Arkema SA
1,456 144,057
AXA SA(b)
34,786 1,135,595
BioMerieux
856 89,683
BNP Paribas SA
21,370 1,382,279
Bouygues SA(b)
4,763 174,577
Bureau Veritas SA
7,495 216,294
Capgemini SE
3,104 565,080
Carrefour SA
10,980 228,619
Cie de Saint-Gobain
9,153 529,698
Cie Generale des Etablissements Michelin SCA
13,670 435,092
Credit Agricole SA
21,696 265,487
Danone SA
10,628 703,879
Dassault Systemes SE
12,777 517,258
Shares
Value
Common Stocks (continued)
France (continued)
Edenred
5,438 $ 353,728
Eiffage SA
1,492 177,729
Engie SA(b)
32,287 517,419
EssilorLuxottica SA
5,687 1,126,350
Gecina SA
1,414 157,510
Getlink SE
10,786 201,955
Hermes International
594 1,289,776
Kering SA
1,400 895,982
Klepierre SA
5,022 127,296
Legrand SA
5,230 494,823
L’Oreal SA
4,487 2,143,684
LVMH Moet Hennessy Louis Vuitton SE
4,631 4,453,081
Orange SA
36,759 479,515
Pernod Ricard SA
4,016 928,406
Publicis Groupe SA
4,619 377,965
Renault SA*
3,596 133,510
Rexel SA*
6,853 158,879
Safran SA
6,658 1,035,967
Sartorius Stedim Biotech
485 129,844
Societe Generale SA
15,261 371,079
Sodexo SA
1,968 211,183
Teleperformance
1,145 228,545
Thales SA
2,144 327,588
TotalEnergies SE(b)
42,908 2,744,634
Unibail-Rodamco-Westfield* 2,329 124,806
Valeo
4,926 96,067
Veolia Environnement SA
12,136 384,392
Vinci SA
9,613 1,190,747
Vivendi SE
14,361 157,816
Worldline SA*
4,801 208,725
Total France
31,248,076
Germany — 7.5%
adidas AG
3,520 619,595
Allianz SE
7,413 1,861,434
BASF SE
17,180 888,588
Bayer AG
18,569 1,225,087
Bayerische Motoren Werke AG
6,791 760,520
Bechtle AG
2,016 93,589
Beiersdorf AG
2,108 294,627
Brenntag SE
3,234 263,419
Carl Zeiss Meditec AG
772 103,808
Commerzbank AG*
21,672 240,813
Continental AG
2,017 141,221
Covestro AG*
3,843 168,815
CTS Eventim AG & Co. KGaA*
1,339 88,104
Daimler Truck Holding AG*
7,944 262,578
Deutsche Bank AG
39,684 435,613
Deutsche Boerse AG
3,255 621,318
Deutsche Lufthansa AG*
11,848 127,270
Deutsche Post AG
18,477 887,745
Deutsche Telekom AG
63,657 1,537,663
E.ON SE
42,414 562,133
See notes to financial statements.
114

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Germany (continued)
Fresenius Medical Care AG & Co.
KGaA
4,141 $ 201,335
Fresenius SE & Co. KGaA
8,300 240,258
GEA Group AG
4,120 193,492
Hannover Rueck SE
1,141 243,870
HeidelbergCement AG
3,139 237,591
HelloFresh SE*
3,537 94,614
Henkel AG & Co. KGaA
1,735 128,334
Infineon Technologies AG
24,665 896,006
Knorr-Bremse AG
1,492 104,496
LANXESS AG
2,415 98,274
LEG Immobilien SE
1,478 91,996
Mercedes-Benz Group AG(b)
16,126 1,256,539
Merck KGaA*
2,520 452,226
MTU Aero Engines AG
1,155 303,095
Muenchener Rueckversicherungs- Gesellschaft AG*
2,544 956,317
Puma SE
2,229 130,324
Rheinmetall AG
928 272,007
RWE AG*
12,055 566,284
SAP SE
20,908 2,835,898
Scout24 SE
2,042 127,371
Siemens AG
14,146 2,325,391
Siemens Energy AG*
9,338 228,656
Siemens Healthineers AG
5,171 322,089
Symrise AG
2,591 313,077
thyssenkrupp AG
9,083 65,219
Vonovia SE
14,524 314,676
Zalando SE*
4,610 189,174
Total Germany
24,372,549
Hong Kong — 2.4%
AIA Group Ltd.
227,831 2,465,540
ASMPT Ltd.
8,449 66,140
CK Asset Holdings Ltd.
43,221 254,925
CLP Holdings Ltd.
34,171 254,218
Hang Lung Properties Ltd.
49,448 90,204
Hang Seng Bank Ltd.
15,223 225,148
Henderson Land Development Co.,
Ltd.
39,068 138,855
Hong Kong & China Gas Co., Ltd.
234,142 207,599
Hong Kong Exchanges & Clearing Ltd.
23,968 989,265
Hongkong Land Holdings Ltd.
28,702 127,150
Jardine Matheson Holdings Ltd.
3,879 186,968
Link REIT
54,432 355,026
MTR Corp., Ltd.
34,301 171,070
New World Development Co., Ltd.
37,580 99,816
Power Assets Holdings Ltd.
31,060 177,262
Prudential PLC
52,203 794,911
Sino Land Co., Ltd.
94,320 126,883
Sun Hung Kai Properties Ltd.
29,672 412,011
Swire Pacific Ltd., Class A
16,073 127,152
Techtronic Industries Co., Ltd.
26,040 279,975
Shares
Value
Common Stocks (continued)
Hong Kong (continued)
WH Group Ltd.
182,727 $ 101,490
Wharf Real Estate Investment Co., Ltd.
34,984 200,994
Total Hong Kong
7,852,602
Ireland — 0.5%
Bank of Ireland Group PLC
20,867 215,858
CRH PLC
14,478 702,054
Kerry Group PLC, Class A
3,056 321,997
Kingspan Group PLC
2,876 199,078
Smurfit Kappa Group PLC
5,840 215,951
Total Ireland
1,654,938
Israel — 0.6%
Bank Hapoalim BM
31,410 267,505
Bank Leumi Le-Israel BM
35,975 281,749
Big Shopping Centers Ltd.*(b)
1,040 87,800
Elbit Systems Ltd.
802 147,346
ICL Group Ltd.
18,580 113,684
Israel Discount Bank Ltd., Class A
37,267 182,930
Mizrahi Tefahot Bank Ltd.
3,265 105,947
Nice Ltd.*
1,420 290,994
Nova Ltd.*
459 41,931
Teva Pharmaceutical Industries Ltd.*
21,571 179,439
Tower Semiconductor Ltd.*
3,237 142,068
Total Israel
1,841,393
Italy — 2.2%
Assicurazioni Generali SpA
25,269 526,693
Coca-Cola HBC AG*
4,907 149,503
Davide Campari-Milano NV(b)
13,355 172,208
Enel SpA
148,945 1,019,331
Eni SpA
48,508 736,135
Ferrari NV
2,358 656,793
FinecoBank Banca Fineco SpA
12,452 188,746
Intesa Sanpaolo SpA
329,460 867,297
Leonardo SpA
8,759 104,483
Mediobanca Banca di Credito Finanziario SpA
19,222 206,481
Moncler SpA
4,719 349,888
Nexi SpA*
19,852 164,506
Prysmian SpA
6,284 257,174
Recordati Industria Chimica e Farmaceutica SpA
2,599 119,735
Snam SpA
49,940 277,873
Telecom Italia SpA*
399,558 117,732
Terna — Rete Elettrica Nazionale
35,038 304,039
UniCredit SpA(b)
37,993 752,478
Total Italy
6,971,095
Japan — 21.9%
Advantest Corp.
3,981 308,154
Aeon Co., Ltd.
14,427 293,223
AGC, Inc.
5,216 193,448
See notes to financial statements.
115​

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Japan (continued)
Aisin Corp.
4,503 $ 131,454
Ajinomoto Co., Inc.
11,242 403,313
Aozora Bank Ltd.(b)
5,888 105,164
Asahi Group Holdings Ltd.
10,951 421,666
Asahi Intecc Co., Ltd.
4,954 88,918
Asahi Kasei Corp.
28,503 200,472
Astellas Pharma, Inc.
36,975 556,125
Bandai Namco Holdings, Inc.
13,254 299,606
Bank of Kyoto Ltd. (The)
2,294 112,034
BayCurrent Consulting, Inc.
3,057 105,631
Bridgestone Corp.
11,960 477,645
Brother Industries Ltd.
6,868 107,132
Canon, Inc.
20,333 483,518
Capcom Co., Ltd.
4,442 166,699
Central Japan Railway Co.
3,726 460,944
Chubu Electric Power Co., Inc.
15,050 167,892
Chugai Pharmaceutical Co., Ltd.
12,951 333,274
Concordia Financial Group Ltd.
35,266 132,864
CyberAgent, Inc.
11,951 103,655
Dai Nippon Printing Co., Ltd.
7,528 215,615
Daifuku Co., Ltd.
7,245 132,487
Dai-ichi Life Holdings, Inc.
19,857 366,691
Daiichi Sankyo Co., Ltd.
35,676 1,217,540
Daikin Industries Ltd.
5,167 934,246
Daito Trust Construction Co., Ltd.
1,701 160,775
Daiwa House Industry Co., Ltd.
13,678 347,261
Daiwa Securities Group, Inc.
34,769 160,612
Daiwa Securities Living Investments
Corp.
145 123,207
Denso Corp.
8,993 538,332
Dentsu Group, Inc.
5,359 191,864
Disco Corp.
1,866 211,178
East Japan Railway Co.
7,521 431,050
Eisai Co., Ltd.
5,341 307,245
ENEOS Holdings, Inc.
66,076 233,897
FANUC Corp.
19,227 647,984
Fast Retailing Co., Ltd.
3,061 719,587
Food & Life Cos. Ltd.
3,855 92,436
Fuji Electric Co., Ltd.
3,392 135,765
FUJIFILM Holdings Corp.
7,216 374,141
Fujitsu Ltd.
3,584 475,357
GLP J-Reit
125 142,750
Hamamatsu Photonics K.K.
3,593 189,459
Hankyu Hanshin Holdings, Inc.
6,350 197,498
Hirose Electric Co., Ltd.
1,054 141,498
Hitachi Ltd.
17,887 983,250
Honda Motor Co., Ltd.
32,409 853,990
Hoya Corp.
6,800 709,639
Ibiden Co., Ltd.
3,088 120,649
Idemitsu Kosan Co., Ltd.
6,461 136,750
Inpex Corp.
21,920 237,125
Invincible Investment Corp.
201 86,650
Shares
Value
Common Stocks (continued)
Japan (continued)
Isuzu Motors Ltd.
12,786 $ 149,396
Ito En Ltd.
1,894 58,490
ITOCHU Corp.(b)
26,103 861,122
J Front Retailing Co., Ltd.
8,863 92,819
Japan Airport Terminal Co., Ltd.
1,798 87,678
Japan Exchange Group, Inc.
11,338 183,145
Japan Logistics Fund, Inc.
47 111,490
Japan Metropolitan Fund Invest
210 153,454
Japan Post Holdings Co., Ltd.
28,715 235,768
Japan Tobacco, Inc.
24,831 533,128
JFE Holdings, Inc.
12,430 146,241
JGC Holdings Corp.
7,216 89,508
JSR Corp.
4,249 97,983
Kajima Corp.
12,884 169,844
Kansai Electric Power Co., Inc. (The)
16,449 177,579
Kao Corp.
9,218 372,674
Kawasaki Kisen Kaisha Ltd.
5,505 130,383
KDDI Corp.
31,809 992,360
Keio Corp.
3,407 126,106
Keisei Electric Railway Co., Ltd.
4,325 152,303
Keyence Corp.
3,699 1,659,816
Kikkoman Corp.
4,082 240,726
Kintetsu Group Holdings Co., Ltd.
5,046 170,096
Kirin Holdings Co., Ltd.
16,302 264,467
Kobayashi Pharmaceutical Co., Ltd.
1,739 108,300
Kobe Bussan Co., Ltd.
3,598 100,543
Koito Manufacturing Co., Ltd.
5,902 113,346
Komatsu Ltd.
18,939 465,112
Konami Group Corp.
2,458 120,765
Kubota Corp.
22,862 343,858
Kuraray Co., Ltd.
12,765 118,777
Kurita Water Industries Ltd.
3,958 164,814
Kyocera Corp.
6,349 331,566
Kyowa Kirin Co., Ltd.
6,389 141,701
Lasertec Corp.
1,573 212,560
Lixil Corp.
7,239 113,344
M3, Inc.
8,721 212,637
Makita Corp.
6,151 172,561
Marubeni Corp.
32,466 457,788
Marui Group Co., Ltd.
6,993 110,931
MatsukiyoCocokara & Co.
3,202 170,958
Mazda Motor Corp.
12,128 108,129
MEIJI Holdings Co., Ltd.
6,550 158,020
MINEBEA MITSUMI, Inc.
9,028 165,755
MISUMI Group, Inc.
6,888 172,497
Mitsubishi Chemical Group Corp.
32,629 190,385
Mitsubishi Corp.
22,853 842,187
Mitsubishi Electric Corp.
40,775 502,781
Mitsubishi Estate Co., Ltd.
24,594 301,995
Mitsubishi Heavy Industries Ltd.
6,554 246,777
Mitsubishi UFJ Financial Group, Inc.
229,627 1,438,320
Mitsui & Co., Ltd.
29,657 921,084
See notes to financial statements.
116

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Japan (continued)
Mitsui Fudosan Co., Ltd.
18,747 $ 370,493
Mitsui OSK Lines Ltd.
7,152 176,482
Mizuho Financial Group, Inc.
49,655 716,572
MonotaRO Co., Ltd.
6,387 96,064
MS&AD Insurance Group Holdings, Inc.
9,789 319,554
Murata Manufacturing Co., Ltd.
11,117 643,352
NEC Corp.
5,685 217,522
Nexon Co., Ltd.
9,045 203,930
NGK Insulators Ltd.
7,935 99,067
NH Foods Ltd.
3,325 96,943
Nidec Corp.
8,979 442,076
Nintendo Co., Ltd.
20,174 847,615
Nippon Building Fund, Inc.
38 159,072
Nippon Express Holdings, Inc.
2,075 121,301
Nippon Paint Holdings Co., Ltd.
20,228 181,683
Nippon Prologis REIT, Inc.
58 131,833
Nippon Steel Corp.
17,194 365,309
Nippon Telegraph & Telephone Corp.
22,895 697,619
Nippon Yusen K.K.(b)
9,945 233,936
Nissan Chemical Corp.
3,363 148,682
Nissan Motor Co., Ltd.(b)
39,949 144,405
Nisshin Seifun Group, Inc.
9,481 114,818
Nissin Foods Holdings Co., Ltd.
2,098 202,150
Nitori Holdings Co., Ltd.
1,824 232,613
Nitto Denko Corp.
3,641 234,239
Nomura Holdings, Inc.
65,202 232,671
Nomura Real Estate Master Fund, Inc.
157 183,444
Nomura Research Institute Ltd.
10,394 261,062
NSK Ltd.
16,520 92,691
NTT Data Corp.
15,391 207,866
Obayashi Corp.
21,142 175,763
Obic Co., Ltd.
1,580 242,631
Odakyu Electric Railway Co., Ltd.
9,051 126,162
Oji Holdings Corp.
28,373 111,062
Olympus Corp.
25,322 440,273
Omron Corp.
4,194 244,620
Ono Pharmaceutical Co., Ltd.
10,218 205,913
Oriental Land Co., Ltd.
19,559 689,337
ORIX Corp.
24,712 417,417
Orix JREIT, Inc.
93 120,070
Osaka Gas Co., Ltd.
9,001 148,998
Otsuka Corp.
2,708 98,145
Otsuka Holdings Co., Ltd.
9,348 315,868
Pan Pacific International Holdings
Corp.
9,827 182,878
Panasonic Holdings Corp.
41,284 386,114
Rakuten Group, Inc.
21,474 106,451
Recruit Holdings Co., Ltd.
25,159 706,555
Renesas Electronics Corp.*
24,248 315,554
Resona Holdings, Inc.
53,214 263,676
Resonac Holdings Corp.
5,575 87,577
Ricoh Co., Ltd.
13,993 115,200
Shares
Value
Common Stocks (continued)
Japan (continued)
Rohm Co., Ltd.
2,005 $ 149,898
Ryohin Keikaku Co., Ltd.
9,437 98,830
Santen Pharmaceutical Co., Ltd.
12,007 100,613
SBI Holdings, Inc.
6,086 118,310
Secom Co., Ltd.
4,501 287,517
Sekisui Chemical Co., Ltd.
11,531 163,440
Sekisui House Ltd.
15,957 326,956
Seven & i Holdings Co., Ltd.
14,822 668,903
SG Holdings Co., Ltd.
9,472 135,925
Shimadzu Corp.
6,252 194,220
Shimano, Inc.
1,646 254,096
Shimizu Corp.
19,711 120,005
Shin-Etsu Chemical Co., Ltd.
37,953 1,076,726
Shionogi & Co., Ltd.
5,597 249,628
Shiseido Co., Ltd.
7,737 386,438
Shizuoka Financial Group, Inc.
18,043 135,291
SMC Corp.
1,122 558,260
SoftBank Corp.
50,367 566,497
SoftBank Group Corp.
18,438 689,775
Sompo Holdings, Inc.
6,846 284,217
Sony Group Corp.
23,828 2,245,168
Stanley Electric Co., Ltd.
4,754 106,312
Subaru Corp.
12,483 201,228
SUMCO Corp.
8,829 120,927
Sumitomo Chemical Co., Ltd.
42,692 143,597
Sumitomo Corp.
25,790 459,680
Sumitomo Electric Industries Ltd.
18,208 230,533
Sumitomo Metal Mining Co., Ltd.
5,438 200,044
Sumitomo Mitsui Financial Group, Inc.
26,435 1,077,280
Sumitomo Mitsui Trust Holdings, Inc.
8,031 288,353
Sumitomo Realty & Development Co., Ltd.
9,204 213,598
Suntory Beverage & Food Ltd.
3,423 128,458
Suzuki Motor Corp.
8,617 297,369
Sysmex Corp.
3,945 252,232
T&D Holdings, Inc.
13,410 162,892
Taisei Corp.
5,196 176,106
Takeda Pharmaceutical Co., Ltd.
29,176 966,784
TDK Corp.
7,817 266,662
Teijin Ltd.
11,981 133,127
Terumo Corp.
13,882 413,509
TIS, Inc.
6,334 173,044
Tobu Railway Co., Ltd.
6,312 160,622
Toho Co., Ltd.
3,824 151,370
Tokio Marine Holdings, Inc.
35,722 713,574
Tokyo Electric Power Co., Holdings,
Inc.*
32,205 115,183
Tokyo Electron Ltd.
8,391 954,860
Tokyo Gas Co., Ltd.
10,152 208,087
Tokyu Corp.
13,694 192,892
Tokyu Fudosan Holdings Corp.
18,600 93,844
TOPPAN, Inc.
7,798 165,049
Toray Industries, Inc.
34,730 195,808
See notes to financial statements.
117​

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Japan (continued)
Toshiba Corp.
9,007 $ 291,050
Tosoh Corp.
7,625 101,413
TOTO Ltd.
4,177 142,490
Toyo Suisan Kaisha Ltd.
3,341 148,936
Toyota Industries Corp.
3,769 217,285
Toyota Motor Corp.
227,620 3,104,251
Toyota Tsusho Corp.
4,779 196,895
Trend Micro, Inc.
3,215 156,305
Unicharm Corp.
8,195 329,569
USS Co., Ltd.
7,739 129,471
West Japan Railway Co.
5,567 240,849
Yakult Honsha Co., Ltd.
3,534 265,507
Yamaha Corp.
4,115 161,076
Yamaha Motor Co., Ltd.
8,359 214,861
Yamato Holdings Co., Ltd.
7,958 136,408
Yaskawa Electric Corp.
6,091 246,476
Yokogawa Electric Corp.
6,821 110,156
Z Holdings Corp.(b)
56,590 154,021
Zenkoku Hosho Co., Ltd.
2,423 88,795
Total Japan
71,118,305
Jordan — 0.0%(a)
Hikma Pharmaceuticals PLC
4,353 100,726
Luxembourg — 0.1%
ArcelorMittal SA
10,467 297,093
Eurofins Scientific SE(b)
2,319 161,956
Total Luxembourg
459,049
Macau — 0.2%
Galaxy Entertainment Group Ltd.*
44,964 317,902
Sands China Ltd.*
52,234 185,317
Total Macau
503,219
Netherlands — 4.9%
Adyen NV*
553 886,461
Aegon NV
38,262 174,160
Akzo Nobel NV
3,632 301,290
Argenx SE*
1,069 411,526
ASM International NV
967 350,215
ASML Holding NV
7,546 4,777,689
ASR Nederland NV
3,871 170,259
BE Semiconductor Industries NV
1,652 148,348
Euronext NV
1,732 137,864
EXOR NV*
1,387 114,047
Heineken Holding NV
2,437 233,934
Heineken NV
4,630 531,852
IMCD NV
1,017 152,921
ING Groep NV(b)
71,677 886,269
Koninklijke Ahold Delhaize NV
18,691 644,218
Koninklijke KPN NV
63,861 233,292
Koninklijke Philips NV
16,582 349,397
NN Group NV
5,878 219,143
Shares
Value
Common Stocks (continued)
Netherlands (continued)
Randstad NV
2,341 $ 127,207
Shell PLC
129,617 3,994,682
Universal Music Group NV
14,731 322,169
Wolters Kluwer NV
4,944 655,798
Total Netherlands
15,822,741
New Zealand — 0.4%
Auckland International Airport Ltd.*
37,700 205,843
Contact Energy Ltd.
25,749 124,527
Fisher & Paykel Healthcare Corp., Ltd.
15,339 262,244
Mainfreight Ltd.
2,875 127,321
Meridian Energy Ltd.
33,594 113,291
Spark New Zealand Ltd.
63,896 206,404
Xero Ltd.*
2,357 145,389
Total New Zealand
1,185,019
Norway — 0.6%
Aker BP ASA
6,536 155,589
DNB Bank ASA
21,373 374,239
Equinor ASA
18,730 534,337
Mowi ASA
9,959 189,192
Norsk Hydro ASA
29,574 216,374
Orkla ASA(b)
22,289 159,697
Schibsted ASA, Class A
4,473 78,991
Telenor ASA
16,870 209,788
TOMRA Systems ASA
5,664 86,355
Total Norway
2,004,562
Poland — 0.2%
Dino Polska SA*
1,310 133,668
KGHM Polska Miedz SA
3,519 101,258
Polski Koncern Naftowy ORLEN SA
14,089 215,333
Powszechna Kasa Oszczednosci Bank Polski SA
20,223 156,296
Powszechny Zaklad Ubezpieczen SA
15,365 141,819
Total Poland
748,374
Portugal — 0.2%
EDP — Energias de Portugal SA
66,876 369,154
Galp Energia SGPS SA
13,011 157,862
Total Portugal
527,016
Singapore — 1.4%
CapitaLand Ascendas REIT
123,533 264,816
CapitaLand Ascott Trust
3,842 3,110
CapitaLand Integrated Commercial
Trust
169,338 257,659
Capitaland Investment Ltd/Singapore
67,393 187,911
DBS Group Holdings Ltd.
34,072 838,169
Genting Singapore Ltd.
233,244 197,553
Keppel Corp., Ltd.
39,080 180,732
Mapletree Industrial Trust
88,603 158,060
Oversea-Chinese Banking Corp., Ltd.
68,730 648,071
Sembcorp Marine Ltd.*
1,066,813 99,153
See notes to financial statements.
118

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Singapore (continued)
Singapore Exchange Ltd.
23,737 $ 170,268
Singapore Technologies Engineering
Ltd.
58,642 159,116
Singapore Telecommunications Ltd.
162,547 310,681
STMicroelectronics NV
12,235 520,913
United Overseas Bank Ltd.
25,618 541,873
Total Singapore
4,538,085
South Africa — 0.2%
Anglo American PLC
22,116 679,650
South Korea — 4.4%
Amorepacific Corp.
992 91,388
Celltrion Healthcare Co., Ltd.
2,664 138,136
Celltrion, Inc.
2,235 268,187
CJ CheilJedang Corp.
354 81,861
Coway Co., Ltd.
2,403 88,066
DB Insurance Co., Ltd.
936 58,745
Delivery Hero SE*
3,889 155,122
Doosan Enerbility*
9,288 115,822
Ecopro BM Co. Ltd.
799 159,394
Hana Financial Group, Inc.
6,979 218,746
Hankook Tire & Technology Co., Ltd.
3,108 80,115
Hanwha Aerospace Co. Ltd.
842 64,609
Hanwha Galleria Co. Ltd.*
2,456 3,164
Hanwha Solutions Corp.*
2,205 78,997
HLB, Inc.*
2,487 65,687
HMM Co., Ltd.
7,058 107,579
Hyundai Mobis Co., Ltd.
1,402 227,835
Hyundai Motor Co.
3,308 488,143
Industrial Bank of Korea
16,850 126,652
Kakao Corp.
6,352 275,741
KakaoBank Corp.
3,953 64,978
KB Financial Group, Inc.
8,515 314,923
Kia Corp.
5,655 357,029
Korea Electric Power Corp.*
7,329 102,291
Korea Zinc Co., Ltd.
262 100,423
Korean Air Lines Co., Ltd.
6,227 106,311
Krafton, Inc.*
758 108,795
KT&G Corp.
3,416 218,987
L&F Co., Ltd.
519 102,761
LG Chem Ltd.
961 531,336
LG Corp.
2,916 190,420
LG Display Co., Ltd.*
8,526 94,535
LG Electronics, Inc.
2,690 219,678
LG Energy Solution Ltd.*
665 288,677
LG H&H Co., Ltd.
266 123,818
LG Innotek Co., Ltd.
340 67,192
NAVER Corp.
2,793 401,295
NCSoft Corp.
422 118,869
POSCO Future M Co. Ltd.
557 139,416
POSCO Holdings, Inc.
1,623 457,166
Samsung Biologics Co., Ltd.*
424 247,418
Shares
Value
Common Stocks (continued)
South Korea (continued)
Samsung C&T Corp.
2,256 $ 184,741
Samsung Electro-Mechanics Co., Ltd.
1,436 154,394
Samsung Electronics Co., Ltd.
89,637 4,386,748
Samsung Fire & Marine Insurance Co., Ltd.
906 152,309
Samsung SDI Co., Ltd.
1,028 530,744
Samsung SDS Co., Ltd.
1,422 124,627
Shinhan Financial Group Co., Ltd.
11,057 288,734
SK Hynix, Inc.
10,455 699,135
SK Innovation Co., Ltd.*
1,200 155,200
SK Square Co. Ltd.*
2,643 83,828
SK Telecom Co., Ltd.
2,120 75,556
SK, Inc.
966 117,286
Woori Financial Group, Inc.
20,202 177,054
Total South Korea
14,380,663
Spain — 2.4%
ACS Actividades de Construccion y Servicios SA
6,169 212,489
Aena SME SA*
1,494 252,189
Amadeus IT Group SA*
8,433 593,420
Banco Bilbao Vizcaya Argentaria SA
116,873 858,032
Banco Santander SA(b)
310,649 1,092,827
Bankinter SA(b)
18,400 108,921
CaixaBank SA
77,348 286,234
Cellnex Telecom SA*
11,237 473,522
EDP Renovaveis SA*
3,959 88,114
Endesa SA
6,026 135,515
Ferrovial SA
10,394 326,233
Grifols SA*(b)
9,309 95,783
Iberdrola SA
112,839 1,467,480
Industria de Diseno Textil SA(b)
20,197 694,788
Naturgy Energy Group SA
3,210 100,290
Red Electrica Corp. SA
9,357 170,498
Repsol SA
24,669 363,444
Telefonica SA
100,597 458,117
Total Spain
7,777,896
Sweden — 3.0%
Alfa Laval AB(b)
6,856 250,986
Assa Abloy AB, B Shares
17,610 418,736
Atlas Copco AB, A Shares(b)
54,270 783,581
Atlas Copco AB, B Shares(b)
32,494 415,946
Boliden AB(b)
5,906 210,854
Castellum AB(b)
7,456 90,354
Epiroc AB, A Shares
12,088 241,589
Epiroc AB, B Shares
8,216 141,055
EQT AB
7,180 153,858
Essity AB, B Shares(b)
12,291 372,304
Evolution AB
3,185 423,973
Getinge AB, B Shares
4,971 125,956
H & M Hennes & Mauritz AB, B Shares
18,538 270,879
Hexagon AB, B Shares(b)
35,598 405,530
See notes to financial statements.
119​

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Sweden (continued)
Husqvarna AB, B Shares
12,970 $ 111,653
Industrivarden AB, A Shares
9,756 278,492
Indutrade AB
6,853 164,155
Investor AB, B Shares(b)
43,695 936,329
Kinnevik AB, B Shares*
7,039 115,187
Nibe Industrier AB, B Shares
27,767 309,959
Saab AB, B Shares
2,508 140,740
Sandvik AB(b)
21,231 431,564
Skandinaviska Enskilda Banken AB, A Shares
30,872 350,639
Skanska AB, B Shares(b)
9,910 161,733
SKF AB, B Shares
8,586 155,108
Svenska Cellulosa AB SCA, B Shares
12,990 177,869
Svenska Handelsbanken AB, A Shares
30,242 267,180
Swedbank AB, A Shares
19,555 339,349
Swedish Orphan Biovitrum AB*
3,648 88,699
Tele2 AB, B Shares(b)
12,967 137,732
Telefonaktiebolaget LM Ericsson, B
Shares
56,723 311,728
Telia Co. AB(b)
54,172 150,835
Trelleborg AB, B Shares
6,931 173,930
Volvo AB, B Shares
32,735 672,747
Total Sweden
9,781,229
Switzerland — 5.5%
ABB Ltd.
29,833 1,076,609
Adecco Group AG(b)
3,612 123,897
Alcon, Inc.
8,462 616,265
Baloise Holding AG
1,116 186,951
Barry Callebaut AG
47 100,543
Chocoladefabriken Lindt & Spruengli
AG
35 433,347
Cie Financiere Richemont SA, Class A
9,826 1,622,303
Clariant AG*
6,980 116,536
Credit Suisse Group AG
63,120 56,762
DSM-Firmenich AG*
3,286 430,830
EMS-Chemie Holding AG
157 129,033
Geberit AG
717 408,264
Givaudan SA
168 589,288
Julius Baer Group Ltd.
4,521 323,665
Kuehne + Nagel International AG
906 268,629
Logitech International SA
3,030 178,794
Lonza Group AG
1,410 877,319
Novartis AG
37,015 3,789,874
Partners Group Holding AG
435 421,878
PSP Swiss Property AG
1,158 136,740
Schindler Holding AG — Participating Certificate
1,070 238,873
SGS SA
3,097 280,315
SIG Group AG*
7,130 190,977
Sika AG
2,742 756,010
Sonova Holding AG
1,059 335,292
Straumann Holding AG
2,046 307,228
Shares
Value
Common Stocks (continued)
Switzerland (continued)
Swatch Group AG (The) — Bearer
719 $ 246,062
Swiss Life Holding AG*(b)
628 414,033
Swiss Prime Site AG
1,817 165,052
Swisscom AG
487 335,409
Tecan Group AG(b)
298 129,840
Temenos AG
1,276 107,063
UBS Group AG
54,316 1,102,431
VAT Group AG
482 169,665
Zurich Insurance Group AG
2,698 1,308,911
Total Switzerland
17,974,688
United Kingdom — 11.0%
3i Group PLC
17,836 396,126
abrdn PLC
49,880 133,350
Admiral Group PLC
5,384 156,388
Ashtead Group PLC
8,434 485,193
Associated British Foods PLC
7,257 178,413
AstraZeneca PLC
27,338 4,036,050
Auto Trader Group PLC
20,350 162,573
Aviva PLC
52,139 277,206
B&M European Value Retail SA
19,257 116,107
BAE Systems PLC
58,189 741,615
Barclays PLC
320,371 643,794
Barratt Developments PLC
21,881 137,511
Berkeley Group Holdings PLC
2,382 133,140
BP PLC
329,871 2,215,697
British American Tobacco PLC
40,908 1,504,980
British Land Co. PLC (The)
20,471 102,971
BT Group PLC
132,656 264,859
Bunzl PLC
7,247 288,200
Burberry Group PLC
8,224 267,825
Centrica PLC
113,156 162,848
CK Hutchison Holdings Ltd.
54,785 366,401
CNH Industrial NV
20,256 285,011
Compass Group PLC
33,240 876,111
Croda International PLC
2,755 241,700
DCC PLC
2,109 131,055
Dechra Pharmaceuticals PLC
2,191 102,719
Diageo PLC
41,454 1,887,186
Direct Line Insurance Group PLC
29,568 63,792
Dowlais Group PLC*
30,182 50,303
Entain PLC
12,534 227,487
Halma PLC
7,411 214,987
Howden Joinery Group PLC
13,944 119,984
HSBC Holdings PLC
368,329 2,656,417
IMI PLC
5,832 116,917
Imperial Brands PLC
18,064 446,713
Informa PLC
31,907 289,790
InterContinental Hotels Group PLC
4,088 280,545
Intermediate Capital Group PLC
6,613 108,179
Intertek Group PLC
3,426 178,963
ITV PLC
93,059 94,485
JD Sports Fashion PLC
53,539 108,375
See notes to financial statements.
120

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
United Kingdom (continued)
Johnson Matthey PLC
3,842 $ 94,817
Just Eat Takeaway.com NV*
4,197 73,580
Kingfisher PLC
42,305 136,921
Land Securities Group PLC
18,256 154,701
Legal & General Group PLC
108,026 317,855
Lloyds Banking Group PLC
1,271,664 770,405
London Stock Exchange Group PLC
6,423 673,777
M&G PLC
55,654 143,470
Melrose Industries PLC
30,182 155,157
National Grid PLC
66,606 958,140
NatWest Group PLC
95,067 313,062
Next PLC
2,652 224,664
Pearson PLC
16,773 186,997
Persimmon PLC
6,870 113,462
Reckitt Benckiser Group PLC
12,749 1,030,355
RELX PLC
34,399 1,144,025
Rentokil Initial PLC
47,910 380,818
Rightmove PLC
18,693 134,909
Rolls-Royce Holdings PLC*
167,661 320,630
Sage Group PLC (The)
21,753 223,816
Schroders PLC
11,619 70,931
Segro PLC
22,281 233,785
Severn Trent PLC
5,360 197,528
Smith & Nephew PLC
16,755 276,825
Smiths Group PLC
8,358 176,592
Spirax-Sarco Engineering PLC
1,462 203,788
SSE PLC
19,879 459,115
St James’s Place PLC
9,917 150,386
Standard Chartered PLC
45,851 362,147
Tate & Lyle PLC
10,997 112,650
Taylor Wimpey PLC
74,884 120,664
Tesco PLC
140,555 496,600
Unilever PLC
46,785 2,608,837
United Utilities Group PLC
14,396 195,780
Vodafone Group PLC
465,946 561,635
Weir Group PLC (The)
6,109 141,282
Whitbread PLC
4,936 201,445
Wise PLC, Class A*
13,317 92,060
WPP PLC
22,393 260,967
Total United Kingdom
35,726,544
United States — 6.8%
Amcor PLC
32,052 347,378
CSL Ltd.
8,998 1,787,351
Experian PLC
17,355 612,958
Ferguson PLC
3,983 560,447
GSK PLC
72,469 1,312,550
Haleon PLC
89,937 396,776
Holcim AG*
10,373 685,512
James Hardie Industries PLC
8,842 195,690
Nestle SA(c)
49,069 6,313,558
QIAGEN NV*
5,147 $ 230,189
Shares
Value
Common Stocks (continued)
United States (continued)
Roche Holding AG
13,385 4,216,038
Samsonite International SA*
27,817 87,704
Sanofi(b) 20,075 2,216,273
Schneider Electric SE
10,275 1,790,241
Stellantis NV
39,325 651,220
Swiss Re AG
5,445 548,874
Tenaris SA
9,766 140,700
Total United States
22,093,459
Total Common Stocks
(Cost $306,583,576)
322,432,634
Preferred Stocks — 0.5%
Germany — 0.3%
Henkel AG & Co. KGaA, 2.53%
3,798 307,261
Sartorius AG, 0.41%
507 196,800
Volkswagen AG, 21.51%
4,316 589,317
Total Germany
1,093,378
South Korea — 0.2%
Samsung Electronics Co., Ltd., 2.60%
14,508 603,777
Total Preferred Stocks
(Cost $1,748,659)
1,697,155
Short-Term Investments — 3.4%
Money Market Funds — 3.4%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(d)(e)
9,578,003 9,578,003
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(d)
1,342,946 1,342,946
Total Short-Term Investments
(Cost $10,920,949)
10,920,949
Total Investments — 103.1%
(Cost $319,253,184)
335,050,738
Other Assets and Liabilities,
Net — (3.1)%
(9,808,018)
Net Assets — 100.0%
$ 325,242,720
*
Non-income producing securities.
(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 $16,361,707; total market value of collateral held by the Fund was $17,264,157. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of  $7,686,154.
(c)
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 $3,088,006.
(d)
Reflects the 1-day yield at April 30, 2023.
(e)
Represents security purchased with cash collateral received for securities on loan.
See notes to financial statements.
121​

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Forward Foreign Currency Contracts Outstanding as of April 30, 2023:
Purchased Contracts
Settlement
Date
Counterparty
Currency
Amount
Purchased
Value at
Settlement
Date
Value at
April 30,
2023
Unrealized
Appreciation
Australian Dollar
05/09/23
Morgan Stanley
17,773,163 $ 11,748,701 $ 11,750,079 $ 1,378
Swiss Franc
05/09/23
Morgan Stanley
12,699,451 14,277,107 14,284,421 7,314
Danish Krone
05/09/23
Morgan Stanley
29,034,217 4,302,311 4,303,233 922
Euro
05/09/23
Morgan Stanley
44,442,837 49,078,725 49,092,575 13,850
British Pound
05/09/23
Morgan Stanley
18,573,392 23,347,831 23,349,866 2,035
Hong Kong Dollar
05/09/23
Morgan Stanley
32,716,833 4,168,658 4,169,636 978
Israeli Shekel
05/09/23
Morgan Stanley
3,335,357 917,228 917,456 228
Japanese Yen
05/09/23
Morgan Stanley
4,661,660,599 34,270,741 34,283,344 12,603
South Korean Won#
05/09/23
Morgan Stanley
9,684,770,150 7,238,298 7,240,228 1,930
Norwegian Krone
05/09/23
Morgan Stanley
11,216,118 1,049,333 1,049,627 294
New Zealand Dollar
05/09/23
Morgan Stanley
818,514 505,513 505,543 30
Swedish Krona
05/09/23
Morgan Stanley
48,649,706 4,744,009 4,745,362 1,353
Singapore Dollar
05/09/23
Morgan Stanley
2,738,206 2,052,476 2,053,113 637
Unrealized Appreciation
$ 157,700,931 $ 157,744,483 $ 43,552
Sold Contracts
Settlement
Date
Counterparty
Currency
Amount
Sold
Value at
Settlement
Date
Value at
April 30,
2023
Unrealized
Appreciation
Australian Dollar
05/09/23
Morgan Stanley
(17,817,177) $ (11,946,037) $ (11,779,177) $ 166,860
Hong Kong Dollar
05/09/23
Morgan Stanley
(32,479,589) (4,144,372) (4,139,400) 4,972
Israeli Shekel
05/09/23
Morgan Stanley
(3,311,003) (920,589) (910,756) 9,833
Japanese Yen
05/09/23
Morgan Stanley
(4,685,637,206) (35,387,688) (34,459,676) 928,012
South Korean Won#
05/09/23
Morgan Stanley
(9,714,286,843) (7,460,183) (7,262,294) 197,889
Norwegian Krone
05/09/23
Morgan Stanley
(11,216,118) (1,072,900) (1,049,627) 23,273
New Zealand Dollar
05/09/23
Morgan Stanley
(812,596) (508,509) (501,888) 6,621
Polish Zloty
06/07/23
Morgan Stanley
(1,557,399) (374,555) (374,473) 82
Swedish Krona
05/09/23
Morgan Stanley
(687,225) (67,063) (67,033) 30
Singapore Dollar
05/09/23
Morgan Stanley
(2,718,367) (2,046,443) (2,038,238) 8,205
Unrealized Appreciation
$ (63,928,339) $ (62,582,562) $ 1,345,777
Total Unrealized Appreciation
$
1,389,329
Purchased Contracts
Settlement
Date
Counterparty
Currency
Amount
Purchased
Value at
Settlement
Date
Value at
April 30,
2023
Unrealized
(Depreciation)
Australian Dollar
05/09/23
Morgan Stanley
44,014 $ 29,197 $ 29,098 $ (99)
Japanese Yen
05/09/23
Morgan Stanley
23,976,606 179,861 176,332 (3,529)
South Korean Won#
05/09/23
Morgan Stanley
99,648,914 75,388 74,496 (892)
Polish Zloty
05/09/23
Morgan Stanley
1,438,450 346,523 346,467 (56)
Unrealized Depreciation
$ 630,969 $ 626,393 $ (4,576)
Sold Contracts
Settlement
Date
Counterparty
Currency
Amount
Sold
Value at
Settlement
Date
Value at
April 30,
2023
Unrealized
(Depreciation)
Australian Dollar
06/07/23
Morgan Stanley
(18,015,677) $ (11,921,370) $ (11,925,693) $ (4,323)
Swiss Franc
05/09/23
Morgan Stanley
(12,699,451) (13,955,571) (14,284,421) (328,850)
Swiss Franc
06/07/23
Morgan Stanley
(13,032,527) (14,698,499) (14,710,597) (12,098)
Danish Krone
05/09/23
Morgan Stanley
(29,034,217) (4,244,670) (4,303,233) (58,563)
Danish Krone
06/07/23
Morgan Stanley
(29,872,138) (4,434,589) (4,436,315) (1,726)
Euro
05/09/23
Morgan Stanley
(44,442,837) (48,386,237) (49,092,575) (706,338)
Euro
06/07/23
Morgan Stanley
(44,884,095) (49,644,143) (49,666,578) (22,435)
British Pound
05/09/23
Morgan Stanley
(18,573,392) (22,987,455) (23,349,866) (362,411)
British Pound
06/07/23
Morgan Stanley
(19,172,156) (24,112,514) (24,118,348) (5,834)
Hong Kong Dollar
05/09/23
Morgan Stanley
(237,244) (30,231) (30,236) (5)
Hong Kong Dollar
06/07/23
Morgan Stanley
(33,059,251) (4,217,061) (4,218,775) (1,714)
Israeli Shekel
05/09/23
Morgan Stanley
(24,354) (6,696) (6,699) (3)
See notes to financial statements.
122

TABLE OF CONTENTS
Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)
April 30, 2023
Sold Contracts
Settlement
Date
Counterparty
Currency
Amount
Sold
Value at
Settlement
Date
Value at
April 30,
2023
Unrealized
(Depreciation)
Israeli Shekel
06/07/23
Morgan Stanley
(3,348,067) $ (921,550) $ (921,856) $ (306)
Japanese Yen
06/07/23
Morgan Stanley
(4,837,928,665) (35,717,685) (35,741,141) (23,456)
South Korean Won#
05/09/23
Morgan Stanley
(70,132,221) (52,138) (52,430) (292)
South Korean Won#
06/07/23
Morgan Stanley
(9,923,779,417) (7,428,034) (7,432,077) (4,043)
Norwegian Krone
06/07/23
Morgan Stanley
(11,385,488) (1,066,613) (1,067,072) (459)
New Zealand Dollar
05/09/23
Morgan Stanley
(5,918) (3,626) (3,655) (29)
New Zealand Dollar
06/07/23
Morgan Stanley
(841,601) (519,718) (519,747) (29)
Polish Zloty
05/09/23
Morgan Stanley
(1,438,450) (333,343) (346,467) (13,124)
Swedish Krona
05/09/23
Morgan Stanley
(47,962,481) (4,633,641) (4,678,329) (44,688)
Swedish Krona
06/07/23
Morgan Stanley
(50,165,237) (4,898,750) (4,900,937) (2,187)
Singapore Dollar
05/09/23
Morgan Stanley
(19,839) (14,837) (14,875) (38)
Singapore Dollar
06/07/23
Morgan Stanley
(2,748,386) (2,062,074) (2,063,026) (952)
Unrealized Depreciation
$ (256,291,045) $ (257,884,948) $ (1,593,903)
Total Unrealized Depreciation
$
(1,598,479)
Net Unrealized Appreciation (Depreciation)
$ (209,150)
The total value of securities segregated as collateral for forward foreign currency contracts with counterparty Morgan Stanley amounted to $3,088,006 at April 30, 2023.
#
Non-deliverable forward.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. 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
$ 322,307,828 $ 124,806 $ $ 322,432,634
Preferred Stocks
1,697,155 1,697,155
Short-Term Investments:
Money Market Funds
10,920,949 10,920,949
Total Investments in Securities
334,925,932 124,806 335,050,738
Other Financial Instruments:(g)
Forward Foreign Currency Contracts
1,389,329 1,389,329
Total Investments in Securities and Other Financial Instruments
$ 334,925,932 $ 1,514,135 $ $ 336,440,067
Liability Valuation Inputs
Other Financial Instruments:(g)
Forward Foreign Currency Contracts
$ $ 1,598,479 $ $ 1,598,479
(f)
For a complete listing of investments and their countries, see the Schedule of Investments.
(g)
Reflects the unrealized appreciation (depreciation) of the instruments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.
See notes to financial statements.
123​

TABLE OF CONTENTS
Schedule of Investments — IQ U.S. Mid Cap R&D Leaders ETF  
April 30, 2023
Shares
Value
Common Stocks — 99.9%
Communication Services — 10.5%
Electronic Arts, Inc.
1,221 $ 155,409
Pinterest, Inc., Class A*
1,254 28,842
Playtika Holding Corp.*
2,694 26,940
ROBLOX Corp., Class A*
1,205 42,898
Roku, Inc.*
733 41,202
Spotify Technology SA*
672 89,779
Take-Two Interactive Software, Inc.*
380 47,230
Total Communication Services
432,300
Consumer Discretionary — 12.9%
BorgWarner, Inc.
1,036 49,863
DoorDash, Inc., Class A*
484 29,616
eBay, Inc.
1,907 88,542
Etsy, Inc.*
236 23,843
Expedia Group, Inc.*
762 71,597
Garmin Ltd.
524 51,441
Lucid Group, Inc.*(a)
6,441 51,142
Polaris, Inc.
210 22,816
Rivian Automotive, Inc., Class A*
8,662 111,047
Whirlpool Corp.
218 30,431
Total Consumer Discretionary
530,338
Energy — 0.9%
Baker Hughes Co.
1,245 36,404
Financials — 0.8%
Affirm Holdings, Inc.*
3,478 34,293
Health Care — 26.2%
Agilent Technologies, Inc.
214 28,982
Alnylam Pharmaceuticals, Inc.*
287 57,170
Biogen, Inc.*
449 136,599
BioMarin Pharmaceutical, Inc.*
427 41,009
Dexcom, Inc.*
256 31,063
Exact Sciences Corp.*
374 23,962
Exelixis, Inc.*
3,064 56,071
Guardant Health, Inc.*
795 17,935
Horizon Therapeutics PLC*
273 30,347
Incyte Corp.*
1,299 96,659
Ionis Pharmaceuticals, Inc.*(a)
1,427 50,473
Jazz Pharmaceuticals PLC*
263 36,944
Mirati Therapeutics, Inc.*(a)
770 34,119
Neurocrine Biosciences, Inc.*
287 28,998
Novavax, Inc.*(a)
12,518 96,013
Organon & Co.
1,302 32,068
Sarepta Therapeutics, Inc.*
415 50,950
Seagen, Inc.*
405 81,000
Ultragenyx Pharmaceutical, Inc.*
1,081 47,207
Veeva Systems, Inc., Class A*
182 32,593
Viatris, Inc.
4,225 39,419
Zimmer Biomet Holdings, Inc.
197 27,273
Total Health Care
1,076,854
Industrials — 7.3%
AGCO Corp.
225 27,886
Carrier Global Corp.
743 31,072
Cummins, Inc.
342 80,384
Fortive Corp.
379 23,911
Lyft, Inc., Class A*
5,135 52,634
Shares
Value
Common Stocks (continued)
Industrials (continued)
Rockwell Automation, Inc.
97 $ 27,491
SS&C Technologies Holdings, Inc.
292 17,094
Textron, Inc.
547 36,616
Total Industrials
297,088
Information Technology — 34.5%
Akamai Technologies, Inc.*
185 15,164
Amdocs Ltd.
140 12,775
ANSYS, Inc.*
49 15,382
AppLovin Corp., Class A*
1,308 22,236
Arista Networks, Inc.*
269 43,083
Cadence Design Systems, Inc.*
211 44,194
Ciena Corp.*
687 31,629
Cirrus Logic, Inc.*
154 13,212
Coherent Corp.*
447 15,261
Corning, Inc.
1,111 36,907
Crowdstrike Holdings, Inc., Class A*
159 19,088
Datadog, Inc., Class A*
382 25,739
Dell Technologies, Inc., Class C
2,601 113,118
DocuSign, Inc.*
286 14,140
Dropbox, Inc., Class A*
1,553 31,588
F5, Inc.*
138 18,542
Fortinet, Inc.*
292 18,411
GLOBALFOUNDRIES, Inc.*
253 14,876
GoDaddy, Inc., Class A*
376 28,456
Hewlett Packard Enterprise Co.
5,347 76,569
HP, Inc.
1,961 58,261
HubSpot, Inc.*
39 16,417
Juniper Networks, Inc.
1,994 60,119
Keysight Technologies, Inc.*
333 48,165
Microchip Technology, Inc.
466 34,013
MongoDB, Inc.*
67 16,077
Motorola Solutions, Inc.
177 51,578
NetApp, Inc.
537 33,772
Nutanix, Inc., Class A*
780 18,704
Okta, Inc.*
258 17,681
ON Semiconductor Corp.*
267 19,213
Pure Storage, Inc., Class A*
1,003 22,898
Qorvo, Inc.*
232 21,363
RingCentral, Inc., Class A*
420 11,575
Skyworks Solutions, Inc.
193 20,439
Splunk, Inc.*
390 33,634
Synopsys, Inc.*
165 61,268
Teradyne, Inc.
146 13,341
Trimble, Inc.*
670 31,557
Twilio, Inc., Class A*
597 31,408
Unity Software, Inc.*(a)
1,180 31,825
Western Digital Corp.*
2,230 76,801
Wix.com Ltd.*
188 16,399
Zebra Technologies Corp., Class A*
119 34,276
Zoom Video Communications, Inc., Class A*
390 23,958
Total Information Technology
1,415,112
Materials — 6.0%
Corteva, Inc.
1,295 79,150
DuPont de Nemours, Inc.
478 33,326
Ginkgo Bioworks Holdings, Inc.*(a)
48,239 58,852
See notes to financial statements.
124

TABLE OF CONTENTS
Schedule of Investments — IQ U.S. Mid Cap R&D Leaders ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Materials (continued)
International Flavors & Fragrances, Inc.
439 $ 42,565
PPG Industries, Inc.
221 30,998
Total Materials
244,891
Real Estate — 0.8%
Zillow Group, Inc., Class C*
749 32,612
Total Common Stocks
(Cost $4,738,665)
4,099,892
Short-Term Investments — 3.9%
Money Market Funds — 3.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(b)(c)
158,042 158,042
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
1,750 1,750
Total Short-Term Investments
(Cost $159,792)
159,792
Shares
Value
Total Investments — 103.8%
(Cost $4,898,457)
$ 4,259,684
Other Assets and Liabilities, Net — (3.8)%
(155,031)
Net Assets — 100.0%
$ 4,104,653
*
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 $252,936; total market value of collateral held by the Fund was $259,040. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $100,998.
(b)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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
$ 4,099,892 $ $ $ 4,099,892
Short-Term Investments:
Money Market Funds
159,792 159,792
Total Investments in Securities
$ 4,259,684 $ $ $ 4,259,684
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023,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.
125​

TABLE OF CONTENTS
Schedule of Investments — IQ U.S. Large Cap R&D Leaders ETF 
April 30, 2023
Shares
Value
Common Stocks — 99.8%
Communication Services — 15.5%
Activision Blizzard, Inc.*
182 $ 14,143
Alphabet, Inc., Class A*
3,171 340,375
AT&T, Inc.
689 12,175
Electronic Arts, Inc.
205 26,092
Meta Platforms, Inc., Class A*
1,106 265,794
Netflix, Inc.*
90 29,694
Pinterest, Inc., Class A*
359 8,257
Spotify Technology SA*
113 15,097
Total Communication Services
711,627
Consumer Discretionary — 12.6%
Airbnb, Inc., Class A*
128 15,318
Amazon.com, Inc.*
2,950 311,077
eBay, Inc.
320 14,857
Expedia Group, Inc.*
128 12,027
Ford Motor Co.
6,975 82,863
General Motors Co.
2,967 98,030
Rivian Automotive, Inc., Class A*
1,452 18,615
Tesla, Inc.*
173 28,426
Total Consumer Discretionary
581,213
Consumer Staples — 0.5%
Procter & Gamble Co. (The)
141 22,049
Financials — 1.1%
Block, Inc.*
285 17,325
PayPal Holdings, Inc.*
450 34,200
Total Financials
51,525
Health Care — 24.5%
Abbott Laboratories
297 32,810
AbbVie, Inc.
425 64,226
Alnylam Pharmaceuticals, Inc.*
48 9,562
Amgen, Inc.
195 46,749
Becton Dickinson and Co.
55 14,537
Biogen, Inc.*
75 22,817
Boston Scientific Corp.*
279 14,541
Bristol-Myers Squibb Co.
1,429 95,414
Danaher Corp.
73 17,294
Edwards Lifesciences Corp.*
118 10,382
Eli Lilly & Co.
221 87,485
Exelixis, Inc.*
514 9,406
GE HealthCare Technologies, Inc.*
137 11,144
Gilead Sciences, Inc.
654 53,765
Illumina, Inc.*
59 12,128
Incyte Corp.*
218 16,221
Johnson & Johnson
978 160,099
Medtronic PLC
350 31,833
Merck & Co., Inc.
1,312 151,497
Moderna, Inc.*
199 26,445
Novavax, Inc.*(a)
2,098 16,092
Pfizer, Inc.
2,880 112,003
Regeneron Pharmaceuticals, Inc.*
44 35,279
Seagen, Inc.*
68 13,600
Stryker Corp.
54 16,181
Thermo Fisher Scientific, Inc.
27 14,982
Vertex Pharmaceuticals, Inc.*
90 30,666
Total Health Care
1,127,158
Shares
Value
Common Stocks (continued)
Industrials — 5.1%
3M Co.
182 $ 19,332
Boeing Co. (The)*
143 29,570
Caterpillar, Inc.
85 18,598
Cummins, Inc.
57 13,397
Deere & Co.
53 20,035
General Electric Co.
315 31,176
Honeywell International, Inc.
81 16,187
Lockheed Martin Corp.
37 17,185
Northrop Grumman Corp.
27 12,454
Raytheon Technologies Corp.
286 28,571
Uber Technologies, Inc.*
890 27,634
Total Industrials
234,139
Information Technology — 40.0%
Accenture PLC, Class A
45 12,613
Adobe, Inc.*
87 32,848
Advanced Micro Devices, Inc.*
510 45,579
Analog Devices, Inc.
91 16,369
Apple, Inc.
1,780 302,030
Applied Materials, Inc.
235 26,562
Atlassian Corp., Class A*
101 14,914
Autodesk, Inc.*
61 11,882
Broadcom, Inc.
78 48,867
Cadence Design Systems, Inc.*
60 12,567
Cisco Systems, Inc.
1,415 66,859
Corning, Inc.
318 10,564
Dell Technologies, Inc., Class C
745 32,400
Dropbox, Inc., Class A*
445 9,051
Hewlett Packard Enterprise Co.
1,531 21,924
HP, Inc.
562 16,697
Intel Corp.
5,867 182,229
International Business Machines Corp.
530 66,997
Intuit, Inc.
60 26,637
Juniper Networks, Inc.
334 10,070
KLA Corp.
32 12,369
Lam Research Corp.
34 17,819
Marvell Technology, Inc.
445 17,569
Microchip Technology, Inc.
133 9,708
Micron Technology, Inc.
549 35,334
Microsoft Corp.
951 292,204
NetApp, Inc.
154 9,685
NVIDIA Corp.
285 79,085
Oracle Corp.
979 92,731
Palo Alto Networks, Inc.*
79 14,414
QUALCOMM, Inc.
704 82,227
Salesforce, Inc.*
273 54,155
ServiceNow, Inc.*
40 18,377
Splunk, Inc.*
112 9,659
Synopsys, Inc.*
47 17,452
Texas Instruments, Inc.
95 15,884
Twilio, Inc., Class A*
171 8,996
Unity Software, Inc.*(a)
338 9,116
VMware, Inc., Class A*
279 34,883
Western Digital Corp.*
639 22,007
Workday, Inc., Class A*
120 22,337
Total Information Technology
1,843,670
See notes to financial statements.
126

TABLE OF CONTENTS
Schedule of Investments — IQ U.S. Large Cap R&D Leaders ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Materials — 0.5%
Corteva, Inc.
217 $ 13,263
Ginkgo Bioworks Holdings, Inc.*(a)
8,085 9,864
Total Materials
23,127
Total Common Stocks
(Cost $4,906,770)
4,594,508
Short-Term Investments — 0.7%
Money Market Funds — 0.7%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(b)(c)
25,838 25,838
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
4,608 4,608
Total Short-Term Investments
(Cost $30,446)
30,446
Shares
Value
Total Investments — 100.5%
(Cost $4,937,216)
$ 4,624,954
Other Assets and Liabilities,
Net — (0.5)%
(22,520)
Net Assets — 100.0%
$ 4,602,434
*
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 $34,363; total market value of collateral held by the Fund was $35,011. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $9,173.
(b)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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
$ 4,594,508 $ $ $ 4,594,508
Short-Term Investments:
Money Market Funds
30,446 30,446
Total Investments in Securities
$ 4,624,954 $ $ $ 4,624,954
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023, 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.
127​

TABLE OF CONTENTS
Schedule of Investments — IQ Global Equity R&D Leaders ETF 
April 30, 2023
Shares
Value
Common Stocks — 97.5%
Belgium — 0.3%
UCB SA
154 $ 14,353
Brazil — 0.1%
MercadoLibre, Inc.*
6 7,665
China — 7.1%
Alibaba Group Holding Ltd.*
5,632 58,868
Baidu, Inc., Class A*
1,401 20,649
BeiGene Ltd.*
692 13,311
BYD Co., Ltd., Class H
667 20,053
China Energy Engineering Corp. Ltd., Class H
56,220 8,451
China Railway Group Ltd., Class H
29,518 22,637
Great Wall Motor Co., Ltd., Class H
6,329 7,611
Haier Smart Home Co., Ltd., Class H
3,464 11,231
JD.com, Inc., Class A
920 15,927
Kuaishou Technology*
2,238 14,626
Lenovo Group Ltd.
17,024 17,393
Li Auto, Inc., Class A*
646 7,526
Meituan, Class B*
1,380 23,381
Metallurgical Corp of China Ltd.,
Class H
61,598 18,754
NetEase, Inc.
948 16,738
NXP Semiconductors NV
78 12,772
Tencent Holdings Ltd.
1,542 67,652
Trip.com Group Ltd.*
238 8,332
Weichai Power Co., Ltd., Class H
5,082 7,484
Xiaomi Corp., Class B*
11,702 16,487
ZTE Corp., Class H
6,262 20,102
Total China
409,985
Denmark — 0.5%
Novo Nordisk A/S, Class B
177 29,484
Finland — 0.6%
Nokia OYJ
7,588 32,185
France — 1.3%
Airbus SE
189 26,528
Dassault Systemes SE
208 8,420
L’Oreal SA
21 10,033
Renault SA*
319 11,844
Thales SA
60 9,168
Valeo
567 11,058
Total France
77,051
Germany — 7.0%
BASF SE
370 19,137
Bayer AG
851 56,145
Bayerische Motoren Werke AG
504 56,443
Continental AG
462 32,347
Daimler Truck Holding AG*
386 12,759
Infineon Technologies AG
394 14,313
Mercedes-Benz Group AG
585 45,583
Merck KGaA*
111 19,919
SAP SE
397 53,848
Siemens AG
303 49,809
Siemens Energy AG*
428 10,480
Siemens Healthineers AG
257 16,008
Shares
Value
Common Stocks (continued)
Germany (continued)
Traton SE
723 $ 16,698
Total Germany
403,489
Japan — 9.3%
Aisin Corp.
453 13,224
Astellas Pharma, Inc.
1,099 16,530
Canon, Inc.
782 18,596
Chugai Pharmaceutical Co., Ltd.
323 8,312
Daiichi Sankyo Co., Ltd.
537 18,327
Denso Corp.
537 32,145
Eisai Co., Ltd.
168 9,664
FUJIFILM Holdings Corp.
176 9,125
Hitachi Ltd.
349 19,185
Honda Motor Co., Ltd.
1,822 48,010
Mitsubishi Chemical Group Corp.
1,552 9,056
Mitsubishi Electric Corp.
1,020 12,577
NEC Corp.
188 7,193
Nippon Telegraph & Telephone Corp.
471 14,352
Nissan Motor Co., Ltd.
8,031 29,030
Otsuka Holdings Co., Ltd.
507 17,131
Panasonic Holdings Corp.
2,896 27,085
Renesas Electronics Corp.*
817 10,632
SoftBank Group Corp.
368 13,767
Sony Group Corp.
460 43,343
Sumitomo Chemical Co., Ltd.
3,224 10,844
Sumitomo Electric Industries Ltd.
595 7,533
Suzuki Motor Corp.
312 10,767
Takeda Pharmaceutical Co., Ltd.
1,036 34,329
TDK Corp.
289 9,859
Tokyo Electron Ltd.
83 9,445
Toshiba Corp.
276 8,919
Toyota Motor Corp.
4,922 67,126
Total Japan
536,106
Netherlands — 1.0%
ASML Holding NV
39 24,692
Koninklijke Philips NV
983 20,713
Shell PLC
292 8,999
Total Netherlands
54,404
Singapore — 0.2%
STMicroelectronics NV
256 10,899
South Korea — 4.3%
Hyundai Mobis Co., Ltd.
47 7,638
Hyundai Motor Co.
89 13,133
Kia Corp.
141 8,902
LG Chem Ltd.
15 8,293
LG Display Co., Ltd.*
702 7,784
LG Electronics, Inc.
207 16,905
NAVER Corp.
67 9,626
Samsung Electronics Co., Ltd.
3,009 147,258
SK Hynix, Inc.
397 26,548
Total South Korea
246,087
Sweden — 0.9%
Telefonaktiebolaget LM Ericsson,
B Shares
6,432 35,348
See notes to financial statements.
128

TABLE OF CONTENTS
Schedule of Investments — IQ Global Equity R&D Leaders ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Sweden (continued)
Volvo AB, B Shares
868 $ 17,838
Total Sweden
53,186
Switzerland — 1.6%
ABB Ltd.
267 9,636
Novartis AG
795 81,398
Total Switzerland
91,034
Taiwan — 1.8%
Delta Electronics, Inc.
780 7,612
Hon Hai Precision Industry Co., Ltd.
8,244 28,023
MediaTek, Inc.
1,135 24,552
Realtek Semiconductor Corp.
570 6,656
Taiwan Semiconductor Manufacturing Co., Ltd.
2,358 38,504
Total Taiwan
105,347
United Kingdom — 1.6%
AstraZeneca PLC
530 78,247
Rolls-Royce Holdings PLC*
4,165 7,965
Unilever PLC
142 7,918
Total United Kingdom
94,130
United States — 59.9%
3M Co.
116 12,322
Abbott Laboratories
190 20,989
AbbVie, Inc.
271 40,954
Accenture PLC, Class A
29 8,128
Activision Blizzard, Inc.*
116 9,014
Adobe, Inc.*
56 21,143
Advanced Micro Devices, Inc.*
329 29,403
Airbnb, Inc., Class A*
82 9,813
Alphabet, Inc., Class A*
2,504 268,779
Amazon.com, Inc.*
2,590 273,115
Amgen, Inc.
125 29,968
Analog Devices, Inc.
59 10,613
Apple, Inc.
1,149 194,962
Applied Materials, Inc.
152 17,181
AT&T, Inc.
440 7,775
Atlassian Corp., Class A*
65 9,598
Autodesk, Inc.*
39 7,597
Becton Dickinson and Co.
35 9,251
Biogen, Inc.*
48 14,603
Block, Inc.*
182 11,064
Boeing Co. (The)*
92 19,024
Boston Scientific Corp.*
178 9,277
Bristol-Myers Squibb Co.
913 60,961
Broadcom, Inc.
50 31,325
Cadence Design Systems, Inc.*
39 8,169
Caterpillar, Inc.
54 11,815
Cisco Systems, Inc.
904 42,714
Corning, Inc.
205 6,810
Corteva, Inc.
139 8,496
CSL Ltd.
47 9,336
Cummins, Inc.
37 8,696
Danaher Corp.
46 10,898
Deere & Co.
34 12,853
Dell Technologies, Inc., Class C
481 20,919
Shares
Value
Common Stocks (continued)
United States (continued)
eBay, Inc.
204 $ 9,472
Edwards Lifesciences Corp.*
76 6,686
Electronic Arts, Inc.
131 16,674
Eli Lilly & Co.
141 55,816
Expedia Group, Inc.*
82 7,705
Ford Motor Co.
4,455 52,925
GE HealthCare Technologies, Inc.*
87 7,077
General Electric Co.
201 19,893
General Motors Co.
1,895 62,611
Gilead Sciences, Inc.
418 34,364
GSK PLC
2,905 52,615
Hewlett Packard Enterprise Co.
989 14,162
Honeywell International, Inc.
52 10,392
HP, Inc.
362 10,755
Illumina, Inc.*
38 7,811
Incyte Corp.*
139 10,343
Intel Corp.
3,787 117,624
International Business Machines Corp.
342 43,232
Intuit, Inc.
39 17,314
Johnson & Johnson
625 102,313
Juniper Networks, Inc.
213 6,422
KLA Corp.
20 7,731
Lam Research Corp.
22 11,530
Lockheed Martin Corp.
24 11,147
Marvell Technology, Inc.
288 11,370
Medtronic PLC
223 20,282
Merck & Co., Inc.
838 96,764
Meta Platforms, Inc., Class A*
1,115 267,957
Microchip Technology, Inc.
86 6,277
Micron Technology, Inc.
354 22,783
Microsoft Corp.
614 188,658
Moderna, Inc.*
127 16,877
Nestle SA
110 14,153
NetApp, Inc.
99 6,226
Netflix, Inc.*
58 19,136
Northrop Grumman Corp.
17 7,842
NVIDIA Corp.
184 51,058
Oracle Corp.
632 59,863
Palo Alto Networks, Inc.*
51 9,305
PayPal Holdings, Inc.*
288 21,888
Pfizer, Inc.
1,839 71,519
Pinterest, Inc., Class A*
232 5,336
Procter & Gamble Co. (The)
90 14,074
QUALCOMM, Inc.
454 53,027
Raytheon Technologies Corp.
183 18,282
Regeneron Pharmaceuticals, Inc.*
28 22,450
Rivian Automotive, Inc., Class A*
927 11,884
Roche Holding AG
382 120,323
Salesforce, Inc.*
176 34,913
Sanofi
538 59,395
Schneider Electric SE
76 13,242
Seagen, Inc.*
43 8,600
ServiceNow, Inc.*
26 11,945
Splunk, Inc.*
72 6,209
Spotify Technology SA*
72 9,619
Stellantis NV
2,387 39,529
Stryker Corp.
34 10,188
Synopsys, Inc.*
30 11,140
See notes to financial statements.
129​

TABLE OF CONTENTS
Schedule of Investments — IQ Global Equity R&D Leaders ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
United States (continued)
Tesla, Inc.*
110 $ 18,074
Texas Instruments, Inc.
61 10,199
Thermo Fisher Scientific, Inc.
17 9,433
Twilio, Inc., Class A*
110 5,787
Uber Technologies, Inc.*
568 17,636
Unity Software, Inc.*(a)
218 5,879
Vertex Pharmaceuticals, Inc.*
57 19,422
VMware, Inc., Class A*
180 22,505
Western Digital Corp.*
412 14,189
Workday, Inc., Class A*
77 14,333
Total United States
3,443,750
Total Common Stocks
(Cost $5,758,583)
5,609,155
Preferred Stock — 2.1%
Germany — 2.1%
Volkswagen AG, 21.51%
(Cost $146,903)
859
117,290
Shares
Value
Short-Term Investment — 0.1%
Money Market Fund — 0.1%
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional
Shares, 4.81%(b)
(Cost $6,711)
6,711
$
6,711
Total Investments — 99.7%
(Cost $5,912,197)
$ 5,733,156
Other Assets and Liabilities,
Net — 0.3%
17,842
Net Assets — 100.0%
$ 5,750,998
*
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 $5,745; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $5,903.
(b)
Reflects the 1-day yield at April 30, 2023.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
Level 1
Level 2
Level 3
Total
Asset Valuation Inputs
Investments in Securities:(c)
Common Stocks
$ 5,609,155 $ $ $ 5,609,155
Preferred Stock
117,290 117,290
Short-Term Investment:
Money Market Fund
6,711 6,711
Total Investments in Securities
$ 5,733,156 $ $ $ 5,733,156
(c)
For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2023, 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.
130

TABLE OF CONTENTS
Schedule of Investments — IQ Global Resources ETF  
April 30, 2023
Shares
Value
Common Stocks — 99.6%
Australia — 12.4%
Australian Agricultural Co., Ltd.*
9,824 $ 9,965
BHP Group Ltd.
45,659 1,339,717
Champion Iron Ltd.
4,662 19,933
Evolution Mining Ltd.
16,543 38,920
Fortescue Metals Group Ltd.
27,730 383,734
Glencore PLC
115,888 683,142
Gold Road Resources Ltd.
9,700 12,019
IGO Ltd.
6,817 61,944
Iluka Resources Ltd.
3,827 27,744
Inghams Group Ltd.
6,057 11,248
Mineral Resources Ltd.
1,697 82,629
Newcrest Mining Ltd.
8,034 153,544
Northern Star Resources Ltd.
10,351 92,073
OceanaGold Corp.
6,358 14,532
Perseus Mining Ltd.
12,328 18,168
Ramelius Resources Ltd.(a)
7,864 6,834
Regis Resources Ltd.
6,805 9,579
Rio Tinto PLC
14,704 933,127
Santos Ltd.
12,222 57,104
Silver Lake Resources Ltd.*
8,381 7,034
South32 Ltd.
41,114 115,202
Woodside Energy Group Ltd.
7,016 156,158
Total Australia
4,234,350
Austria — 0.3%
OMV AG
1,211 57,275
voestalpine AG
1,598 55,360
Total Austria
112,635
Brazil — 1.1%
Wheaton Precious Metals Corp.
4,084 201,294
Yara International ASA
4,151 166,489
Total Brazil
367,783
Burkina Faso — 0.2%
Endeavour Mining PLC
2,258 58,069
IAMGOLD Corp.*
4,324 12,370
Total Burkina Faso
70,439
Canada — 8.5%
Agnico Eagle Mines Ltd.
4,121 233,532
Alamos Gold, Inc., Class A
3,555 45,896
B2Gold Corp.
9,687 38,068
Barrick Gold Corp.
15,847 300,980
Canadian Natural Resources Ltd.
4,084 248,599
Capstone Copper Corp.*
6,244 29,326
Cenovus Energy, Inc.
7,072 118,571
Centerra Gold, Inc.
1,972 13,318
Dundee Precious Metals, Inc.
1,715 12,569
Enbridge, Inc.
7,501 297,927
Equinox Gold Corp.*
2,775 13,770
First Majestic Silver Corp.
2,461 17,365
Fortuna Silver Mines, Inc.*
2,620 9,813
Imperial Oil Ltd.
2,164 110,186
K92 Mining, Inc.*
2,107 10,004
Kinross Gold Corp.
11,031 55,549
Lundin Gold, Inc.
2,127 26,942
Maple Leaf Foods, Inc.
1,986 40,648
New Gold, Inc.*
6,159 7,901
Nutrien Ltd.
8,322 576,705
Osisko Gold Royalties Ltd.
1,661 26,967
Pan American Silver Corp.
1,902 33,825
Shares
Value
Common Stocks (continued)
Canada (continued)
Pembina Pipeline Corp.
2,037 $ 66,984
Premium Brands Holdings Corp.
728 54,593
Sandstorm Gold Ltd.
2,698 15,496
SSR Mining, Inc.
1,866 26,691
Suncor Energy, Inc.
4,954 154,943
TC Energy Corp.
3,771 156,562
Torex Gold Resources, Inc.*
775 12,702
Tourmaline Oil Corp.
1,255 56,324
Wesdome Gold Mines Ltd.*
1,301 8,125
West Fraser Timber Co., Ltd.
1,363 98,484
Total Canada
2,919,365
Chile — 0.6%
Antofagasta PLC
8,903 163,432
Lundin Mining Corp.
6,958 53,097
Total Chile
216,529
China — 3.3%
China Hongqiao Group Ltd.
85,527 83,785
China Modern Dairy Holdings Ltd.
129,161 15,960
CMOC Group Ltd., Class H
192,782 117,635
COFCO Joycome Foods Ltd.*
63,670 16,384
Dali Foods Group Co., Ltd.
216,293 89,825
Guangdong Investment Ltd.
48,698 46,527
MMG Ltd.*
77,984 28,413
Southern Energy Holdings Group Ltd.*(b)
53,183 0
Wilmar International Ltd.
101,892 300,143
Zhaojin Mining Industry Co., Ltd.,
Class H*
29,519 46,930
Zijin Mining Group Co., Ltd., Class H
236,770 398,744
Total China
1,144,346
Denmark — 0.5%
Chr Hansen Holding A/S
2,148 167,289
Egypt — 0.0%(c)
Centamin PLC
10,433 13,546
Finland — 2.2%
Metso Outotec OYJ
7,452 82,270
Neste OYJ
2,844 137,961
Stora Enso OYJ, Class R
12,861 163,283
UPM-Kymmene OYJ
8,698 277,514
Valmet OYJ(a)
3,004 101,548
Total Finland
762,576
France — 2.2%
TotalEnergies SE(a)
9,240 591,042
Veolia Environnement SA
5,228 165,590
Total France
756,632
Germany — 0.3%
Aurubis AG
394 36,886
Suedzucker AG
3,331 67,370
Total Germany
104,256
Hong Kong — 0.1%
Vitasoy International Holdings Ltd.(a)
17,473 30,851
Indonesia — 0.2%
Golden Agri-Resources Ltd.
206,994 42,666
Nickel Industries Ltd.
24,622 15,458
Total Indonesia
58,124
See notes to financial statements.
131​

TABLE OF CONTENTS
Schedule of Investments — IQ Global Resources ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Ireland — 0.9%
Kerry Group PLC, Class A
2,888 $ 304,295
Italy — 0.7%
Eni SpA
13,048 198,010
Interpump Group SpA
811 45,197
Total Italy
243,207
Japan — 3.8%
Ajinomoto Co., Inc.
8,674 311,185
Asahi Holdings, Inc.
717 10,531
Fuji Oil Holdings, Inc.
1,399 21,525
Itoham Yonekyu Holdings, Inc.
4,662 25,507
JFE Holdings, Inc.
5,228 61,508
Kagome Co., Ltd.
1,400 33,929
Kewpie Corp.
2,262 37,975
Kikkoman Corp.
3,115 183,700
NH Foods Ltd.
1,667 48,603
Nichirei Corp.
2,095 42,988
Nippon Steel Corp.
8,287 176,068
Nisshin Seifun Group, Inc.
4,838 58,590
Oji Holdings Corp.
16,118 63,092
Prima Meat Packers Ltd.
818 13,817
S Foods, Inc.
514 11,400
Sumitomo Metal Mining Co., Ltd.
2,473 90,972
Toyo Suisan Kaisha Ltd.
1,662 74,089
Yamazaki Baking Co., Ltd.
3,394 45,489
Total Japan
1,310,968
Luxembourg — 0.6%
ArcelorMittal SA
7,269 206,321
Mexico — 1.7%
Fresnillo PLC
6,655 59,506
Southern Copper Corp.
7,015 538,963
Total Mexico
598,469
Netherlands — 2.6%
OCI NV
3,433 90,544
Shell PLC
26,000 801,297
Total Netherlands
891,841
New Zealand — 0.1%
Fletcher Building Ltd.
12,677 35,235
Norway — 1.4%
Equinor ASA
11,588 330,587
Norsk Hydro ASA
18,411 134,702
Total Norway
465,289
Portugal — 0.1%
Navigator Co. SA (The)
11,598 42,638
South Africa — 1.0%
Anglo American PLC
10,954 336,629
Spain — 0.3%
Befesa SA
361 16,244
Repsol SA
4,915 72,412
Total Spain
88,656
Sweden — 0.8%
AAK AB
4,234 85,198
Boliden AB(a)
2,468 88,111
Shares
Value
Common Stocks (continued)
Sweden (continued)
Holmen AB, B Shares(a)
2,641 $ 99,721
Total Sweden
273,030
Switzerland — 0.1%
Bell Food Group AG
102 32,432
Turkey — 0.1%
Eldorado Gold Corp.*
1,660 18,322
United Kingdom — 3.4%
Associated British Foods PLC
12,876 316,555
BP PLC
66,950 449,694
Cranswick PLC
874 35,263
Greggs PLC
1,660 58,796
Severn Trent PLC
1,874 69,061
Spirax-Sarco Engineering PLC
550 76,665
Tate & Lyle PLC
7,583 77,678
United Utilities Group PLC
5,082 69,113
Total United Kingdom
1,152,825
United States — 49.7%
Alcoa Corp.
1,597 59,313
American Water Works Co., Inc.
1,355 200,879
Archer-Daniels-Midland Co.
8,973 700,612
Armstrong World Industries, Inc.
743 51,014
ATI, Inc.*
1,158 44,722
Baker Hughes Co.
3,726 108,948
Boise Cascade Co.
644 43,992
Builders FirstSource, Inc.*
2,265 214,654
Bunge Ltd.
2,446 228,946
Campbell Soup Co.
4,879 264,930
Cheniere Energy, Inc.
909 139,077
Chevron Corp.
7,131 1,202,144
Cleveland-Cliffs, Inc.*
4,634 71,271
Coeur Mining, Inc.*
2,669 9,075
Commercial Metals Co.
1,058 49,398
Conagra Brands, Inc.
7,778 295,253
ConocoPhillips
4,557 468,870
Coterra Energy, Inc.
2,845 72,832
Devon Energy Corp.
2,418 129,194
Diamondback Energy, Inc.
666 94,705
Dover Corp.
1,041 152,152
Ecolab, Inc.
2,119 355,653
EOG Resources, Inc.
2,177 260,086
Essential Utilities, Inc.
1,965 83,905
Exxon Mobil Corp.
15,198 1,798,531
Flowers Foods, Inc.
3,445 94,772
FMC Corp.
2,042 252,350
Freeport-McMoRan, Inc.
12,976 491,920
Fresh Del Monte Produce, Inc.
781 22,422
General Mills, Inc.
9,652 855,457
Graco, Inc.
1,249 99,033
Hain Celestial Group, Inc. (The)*
1,459 26,160
Halliburton Co.
3,341 109,418
Hecla Mining Co.
5,411 32,736
Hess Corp.
1,134 164,498
Hormel Foods Corp.
8,917 360,603
IDEX Corp.
563 116,158
Ingredion, Inc.
1,072 113,814
International Paper Co.
5,713 189,157
J&J Snack Foods Corp.
314 48,105
Kellogg Co.
5,578 389,177
See notes to financial statements.
132

TABLE OF CONTENTS
Schedule of Investments — IQ Global Resources ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
United States (continued)
Kinder Morgan, Inc.
8,325 $ 142,774
Kraft Heinz Co. (The)
20,095 789,131
Louisiana-Pacific Corp.
1,170 69,896
Marathon Oil Corp.
2,344 56,631
Marathon Petroleum Corp.
1,681 205,082
Mondelez International, Inc., Class A
22,406 1,718,988
Mosaic Co. (The)
5,533 237,089
Mueller Industries, Inc.
515 37,003
Newmont Corp.
7,158 339,289
Nucor Corp.
2,288 339,036
Occidental Petroleum Corp.
3,333 205,079
ONEOK, Inc.
1,656 108,319
Pentair PLC
1,225 71,148
Phillips 66
1,725 170,775
Pilgrim’s Pride Corp.*
3,859 88,024
Pioneer Natural Resources Co.
874 190,139
Post Holdings, Inc.*
961 86,961
Reliance Steel & Aluminum Co.
531 131,582
Schlumberger NV
5,260 259,581
Seaboard Corp.
19 74,880
Simpson Manufacturing Co., Inc.
694 87,291
Steel Dynamics, Inc.
1,561 162,266
Targa Resources Corp.
837 63,219
Tyson Foods, Inc., Class A
5,689 355,506
UFP Industries, Inc.
1,005 78,913
United States Steel Corp.
2,062 47,179
Valero Energy Corp.
1,378 158,015
Watts Water Technologies, Inc., Class A
248 40,109
Williams Cos., Inc. (The)
4,511 136,503
Xylem, Inc.
1,343 139,457
Total United States
17,055,801
Zambia — 0.4%
First Quantum Minerals Ltd.
6,195 150,365
Total Common Stocks
(Cost $30,859,197)
34,165,044
Shares
Value
Short-Term Investments — 0.5%
Money Market Funds — 0.5%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(d)(e)
140,158 $ 140,158
Dreyfus Institutional Preferred Government
Money Market Fund, Institutional
Shares, 4.81%(d)
17,998 17,998
Total Short-Term Investments
(Cost $158,156)
158,156
Total Investments — 100.1%
(Cost $31,017,353)
34,323,200
Other Assets and Liabilities,
Net — (0.1)%
(31,836)
Net Assets — 100.0%
$ 34,291,364
*
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 $747,195; total market value of collateral held by the Fund was $779,823. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $639,665.
(b)
Security is fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The security is fair valued using significant unobservable inputs.
(c)
Less than 0.05%.
(d)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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
$ 34,165,044 $ $ 0(g) $ 34,165,044
Short-Term Investments:
Money Market Funds
158,156 158,156
Total Investments in Securities
$ 34,323,200 $ $ $ 34,323,200
(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 period. For the year ended April 30, 2023, 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.
133​

TABLE OF CONTENTS
Schedule of Investments — IQ Real Return ETF  
April 30, 2023
Principal
Amount
Value
U.S. Treasury Inflation Indexed Bonds — 58.7%
U.S. Treasury Inflation Indexed Bond
0.125%, due 7/15/24*(a)
$ 131,700 $ 162,691
0.125%, due 10/15/24*
120,300 137,148
0.125%, due 4/15/25*
99,200 111,506
0.125%, due 10/15/25*
120,700 135,205
0.125%, due 4/15/26*
94,300 103,628
0.125%, due 7/15/26*
111,100 134,048
0.125%, due 10/15/26*
141,300 148,979
0.125%, due 4/15/27*
150,500 152,407
0.125%, due 1/15/30*
47,700 51,763
0.125%, due 7/15/30*
52,400 56,930
0.125%, due 1/15/31*
57,500 61,080
0.125%, due 7/15/31*
60,300 61,963
0.125%, due 1/15/32*
73,400 72,411
0.125%, due 2/15/51*
20,400 16,102
0.125%, due 2/15/52*(a)
25,200 18,564
0.250%, due 1/15/25*
119,300 147,080
0.250%, due 7/15/29*
42,000 46,629
0.250%, due 2/15/50*
20,200 16,918
0.375%, due 7/15/23*
88,800 114,731
0.375%, due 7/15/25*
125,100 154,461
0.375%, due 1/15/27*
105,500 126,428
0.375%, due 7/15/27*
121,000 143,482
0.500%, due 4/15/24*
53,000 61,876
0.500%, due 1/15/28*
119,600 140,533
0.625%, due 1/15/24*
87,400 111,116
0.625%, due 1/15/26*
110,000 135,758
0.625%, due 7/15/32*
71,700 70,477
0.625%, due 2/15/43*
18,200 19,947
0.750%, due 7/15/28*
38,700 45,348
0.750%, due 2/15/42*
22,800 26,251
0.750%, due 2/15/45*
28,200 30,431
0.875%, due 1/15/29*
35,200 41,031
0.875%, due 2/15/47*
18,300 19,565
1.000%, due 2/15/46*
14,600 16,438
1.000%, due 2/15/48*
13,600 14,590
1.000%, due 2/15/49*
13,000 13,646
1.125%, due 1/15/33*
48,800 48,806
1.250%, due 4/15/28*
83,600 83,770
1.375%, due 2/15/44*
25,400 31,546
1.500%, due 2/15/53*
13,700 13,861
1.625%, due 10/15/27*
158,300 163,349
1.750%, due 1/15/28*
42,200 61,820
2.000%, due 1/15/26*
44,000 67,373
2.125%, due 2/15/40*
9,400 14,357
2.125%, due 2/15/41*
13,900 20,961
2.375%, due 1/15/25*
64,800 104,036
2.375%, due 1/15/27*
43,200 66,604
Principal
Amount
Value
U.S. Treasury Inflation Indexed Bonds (continued)
2.500%, due 1/15/29*
$ 15,400 $ 22,987
3.375%, due 4/15/32*
6,000 11,958
3.625%, due 4/15/28*
33,300 68,814
3.875%, due 4/15/29*
15,100 31,664
3,733,067
Total U.S. Treasury Inflation Indexed Bonds
(Cost $4,101,900)
3,733,067
 Shares 
Common Stocks — 30.5%
Communication Services — 2.0%
Activision Blizzard, Inc.*
30 2,331
Alphabet, Inc., Class A*
255 27,372
Alphabet, Inc., Class C*
225 24,350
AT&T, Inc.
305 5,389
Charter Communications, Inc., Class A*(a)
4 1,475
Comcast Corp., Class A
183 7,571
Electronic Arts, Inc.
13 1,655
Fox Corp., Class A
13 432
Fox Corp., Class B
8 244
Liberty Broadband Corp., Class A*
2 169
Liberty Broadband Corp., Class C*
7 593
Liberty Media Corp.-Liberty Formula One, Class A*
1 65
Liberty Media Corp.-Liberty Formula One, Class C*
7 505
Liberty Media Corp.-Liberty SiriusXM*
8 224
Liberty Media Corp.-Liberty SiriusXM, Class A*
2 56
Live Nation Entertainment, Inc.*
8 542
Match Group, Inc.*
12 443
Meta Platforms, Inc., Class A*
96 23,071
Netflix, Inc.*
19 6,269
Omnicom Group, Inc.
7 634
Paramount Global, Class A
1 26
Paramount Global, Class B
25 583
Pinterest, Inc., Class A*
22 506
ROBLOX Corp., Class A*
13 463
Sirius XM Holdings, Inc.(a)
35 133
Snap, Inc., Class A*
53 462
Spotify Technology SA*
5 668
Take-Two Interactive Software, Inc.*
7 870
T-Mobile US, Inc.*
28 4,029
Trade Desk, Inc. (The), Class A*
18 1,158
Verizon Communications, Inc.
168 6,523
Walt Disney Co. (The)*
77 7,893
Warner Bros Discovery, Inc.*
91 1,239
See notes to financial statements.
134

TABLE OF CONTENTS
Schedule of Investments — IQ Real Return ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Communication Services (continued)
Warner Music Group Corp., Class A
3 $ 91
Total Communication Services
128,034
Consumer Discretionary — 2.3%
Airbnb, Inc., Class A*
16 1,915
Amazon.com, Inc.*
381 40,176
Aptiv PLC*
13 1,337
AutoZone, Inc.*
1 2,663
Best Buy Co., Inc.
8 596
Booking Holdings, Inc.*
2 5,373
Carnival Corp.*(a)
34 313
Chewy, Inc., Class A*
2 62
Chipotle Mexican Grill, Inc.*
1 2,068
Darden Restaurants, Inc.
6 912
Domino’s Pizza, Inc.
2 635
DoorDash, Inc., Class A*
13 795
DR Horton, Inc.
13 1,428
eBay, Inc.
26 1,207
Etsy, Inc.*
7 707
Expedia Group, Inc.*
8 752
Ford Motor Co.
164 1,948
Garmin Ltd.
7 687
General Motors Co.
57 1,883
Genuine Parts Co.
7 1,178
Hilton Worldwide Holdings, Inc.
11 1,584
Home Depot, Inc. (The)
43 12,923
Las Vegas Sands Corp.*
16 1,022
Lennar Corp., Class A
11 1,241
Lennar Corp., Class B
2 196
Lowe’s Cos., Inc.
27 5,611
Lucid Group, Inc.*(a)
25 198
Lululemon Athletica, Inc.*
5 1,900
Marriott International, Inc., Class A
12 2,032
McDonald’s Corp.
31 9,168
MGM Resorts International
16 719
NIKE, Inc., Class B
53 6,716
O’Reilly Automotive, Inc.*
3 2,752
Rivian Automotive, Inc., Class A*
27 346
Ross Stores, Inc.
13 1,387
Royal Caribbean Cruises Ltd.*
9 589
Starbucks Corp.
47 5,372
Tesla, Inc.*
115 18,896
TJX Cos., Inc. (The)
47 3,705
Tractor Supply Co.
4 954
Ulta Beauty, Inc.*
2 1,103
VF Corp.
17 400
Yum! Brands, Inc.
12 1,687
Total Consumer Discretionary
147,136
Shares
Value
Common Stocks (continued)
Consumer Staples — 1.7%
Altria Group, Inc.
80 $ 3,801
Archer-Daniels-Midland Co.
24 1,874
Brown-Forman Corp., Class A
3 198
Brown-Forman Corp., Class B
13 846
Campbell Soup Co.
8 435
Church & Dwight Co., Inc.
11 1,068
Clorox Co. (The)
6 994
Coca-Cola Co. (The)
168 10,777
Colgate-Palmolive Co.
36 2,873
Conagra Brands, Inc.
22 835
Constellation Brands, Inc., Class A
7 1,606
Costco Wholesale Corp.
19 9,561
Dollar General Corp.
10 2,215
Dollar Tree, Inc.*
9 1,383
Estee Lauder Cos., Inc. (The), Class A
9 2,221
General Mills, Inc.
26 2,304
Hershey Co. (The)
6 1,638
Hormel Foods Corp.
12 485
J M Smucker Co. (The)
3 463
Kellogg Co.
13 907
Keurig Dr Pepper, Inc.
38 1,243
Kimberly-Clark Corp.
14 2,029
Kraft Heinz Co. (The)
36 1,414
Kroger Co. (The)
27 1,313
McCormick & Co., Inc.
11 966
Mondelez International, Inc., Class A
60 4,603
Monster Beverage Corp.*
36 2,016
PepsiCo, Inc.
60 11,453
Philip Morris International, Inc.
66 6,598
Procter & Gamble Co. (The)
101 15,794
Sysco Corp.
23 1,765
Target Corp.
21 3,313
Tyson Foods, Inc., Class A
12 750
Walgreens Boots Alliance, Inc.
30 1,058
Walmart, Inc.
61 9,209
Total Consumer Staples
110,008
Energy — 2.2%
Baker Hughes Co.
85 2,485
Cheniere Energy, Inc.
22 3,366
Chevron Corp.
151 25,456
ConocoPhillips
107 11,009
Coterra Energy, Inc.
68 1,741
Devon Energy Corp.
57 3,046
Diamondback Energy, Inc.
16 2,275
EOG Resources, Inc.
50 5,974
EQT Corp.
29 1,010
Exxon Mobil Corp.
351 41,537
See notes to financial statements.
135​

TABLE OF CONTENTS
Schedule of Investments — IQ Real Return ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Energy (continued)
Halliburton Co.
73 $ 2,391
Hess Corp.
23 3,336
Kinder Morgan, Inc.
168 2,881
Marathon Oil Corp.
62 1,498
Marathon Petroleum Corp.
39 4,758
Occidental Petroleum Corp.
60 3,692
ONEOK, Inc.
39 2,551
Phillips 66
42 4,158
Pioneer Natural Resources Co.
19 4,133
Schlumberger NV
122 6,021
Targa Resources Corp.
18 1,360
Valero Energy Corp.
32 3,669
Williams Cos., Inc. (The)
108 3,268
Total Energy
141,615
Financials — 5.3%
Aflac, Inc.
49 3,423
Allstate Corp. (The)
22 2,547
American Express Co.
48 7,744
American International Group, Inc.
65 3,448
Ameriprise Financial, Inc.
9 2,746
Aon PLC, Class A
17 5,528
Apollo Global Management, Inc.
29 1,838
Arch Capital Group Ltd.*
33 2,477
Ares Management Corp., Class A
13 1,139
Arthur J Gallagher & Co.
18 3,745
Bank of America Corp.
596 17,451
Bank of New York Mellon Corp. (The)
65 2,768
Berkshire Hathaway, Inc., Class B*
108 35,483
BlackRock, Inc.
12 8,054
Blackstone, Inc.(a)
60 5,360
Block, Inc.*
23 1,398
Blue Owl Capital, Inc.
37 417
Brown & Brown, Inc.
22 1,417
Capital One Financial Corp.
32 3,114
Charles Schwab Corp. (The)
129 6,739
Chubb Ltd.
36 7,256
Cincinnati Financial Corp.
14 1,490
Citigroup, Inc.
159 7,484
Citizens Financial Group, Inc.
46 1,423
CME Group, Inc.
32 5,945
Coinbase Global, Inc., Class A*(a)
11 592
Corebridge Financial, Inc.
7 118
Discover Financial Services
23 2,380
FactSet Research Systems, Inc.
2 823
Fidelity National Information Services, Inc.
27 1,585
Fifth Third Bancorp
59 1,546
Shares
Value
Common Stocks (continued)
Financials (continued)
First Republic Bank(a)
15 $ 53
Fiserv, Inc.*
26 3,175
FleetCor Technologies, Inc.*
2 428
Franklin Resources, Inc.(a)
27 726
Global Payments, Inc.
11 1,240
Goldman Sachs Group, Inc. (The)
29 9,960
Hartford Financial Services Group, Inc. (The)
27 1,917
Huntington Bancshares, Inc.
119 1,333
Interactive Brokers Group, Inc., Class A
7 545
Intercontinental Exchange, Inc.
48 5,229
JPMorgan Chase & Co.
248 34,283
KeyCorp
75 844
KKR & Co., Inc.
55 2,919
Loews Corp.
17 979
LPL Financial Holdings, Inc.
7 1,462
M&T Bank Corp.
14 1,761
Markel Corp.*
1 1,368
Marsh & McLennan Cos., Inc.
43 7,748
Mastercard, Inc., Class A
36 13,681
MetLife, Inc.
52 3,189
Moody’s Corp.
7 2,192
Morgan Stanley
113 10,167
MSCI, Inc.
3 1,447
Nasdaq, Inc.
34 1,883
Northern Trust Corp.
17 1,329
PayPal Holdings, Inc.*
49 3,724
PNC Financial Services Group, Inc. (The)
34 4,428
Principal Financial Group, Inc.
23 1,718
Progressive Corp. (The)
50 6,820
Prudential Financial, Inc.
32 2,784
Raymond James Financial, Inc.
17 1,539
Regions Financial Corp.
79 1,442
Rocket Cos., Inc., Class A*(a)
13 116
S&P Global, Inc.
14 5,076
State Street Corp.
27 1,951
Synchrony Financial
43 1,269
T Rowe Price Group, Inc.(a)
19 2,134
Tradeweb Markets, Inc., Class A
7 493
Travelers Cos., Inc. (The)
21 3,804
Truist Financial Corp.
112 3,649
US Bancorp
118 4,045
Visa, Inc., Class A(a)
69 16,058
W R Berkley Corp.
18 1,060
Wells Fargo & Co.
333 13,237
Willis Towers Watson PLC
9 2,085
Total Financials
334,768
See notes to financial statements.
136

TABLE OF CONTENTS
Schedule of Investments — IQ Real Return ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Health Care — 3.4%
Abbott Laboratories
73 $ 8,064
AbbVie, Inc.
77 11,636
Agilent Technologies, Inc.
13 1,761
Align Technology, Inc.*
2 651
Alnylam Pharmaceuticals, Inc.*
5 996
AmerisourceBergen Corp.
8 1,335
Amgen, Inc.
22 5,274
Avantor, Inc.*
22 429
Baxter International, Inc.
22 1,049
Becton Dickinson and Co.
12 3,172
Biogen, Inc.*
6 1,825
BioMarin Pharmaceutical, Inc.*
7 672
Bio-Rad Laboratories, Inc., Class A*
1 451
Boston Scientific Corp.*
62 3,231
Bristol-Myers Squibb Co.
91 6,076
Cardinal Health, Inc.
13 1,067
Centene Corp.*
25 1,723
Cigna Corp.
13 3,293
Cooper Cos., Inc. (The)
2 763
CVS Health Corp.
56 4,105
Danaher Corp.
28 6,634
Dexcom, Inc.*
16 1,941
Edwards Lifesciences Corp.*
28 2,463
Elevance Health, Inc.
10 4,687
Eli Lilly & Co.
36 14,251
GE HealthCare Technologies, Inc.*
15 1,220
Gilead Sciences, Inc.
55 4,522
HCA Healthcare, Inc.
9 2,586
Hologic, Inc.*
10 860
Horizon Therapeutics PLC*
11 1,223
Humana, Inc.
5 2,653
ICON PLC*
3 578
IDEXX Laboratories, Inc.*
4 1,969
Illumina, Inc.*
7 1,439
Incyte Corp.*
7 521
Insulet Corp.*
2 636
Intuitive Surgical, Inc.*
15 4,518
IQVIA Holdings, Inc.*
7 1,318
Johnson & Johnson
112 18,334
Laboratory Corp. of America Holdings
3 680
McKesson Corp.
6 2,185
Medtronic PLC
58 5,275
Merck & Co., Inc.
109 12,586
Mettler-Toledo International, Inc.*
1 1,492
Moderna, Inc.*
15 1,993
Molina Healthcare, Inc.*
2 596
PerkinElmer, Inc.
5 652
Pfizer, Inc.
243 9,450
Shares
Value
Common Stocks (continued)
Health Care (continued)
Quest Diagnostics, Inc.
5 $ 694
Regeneron Pharmaceuticals, Inc.*
4 3,207
ResMed, Inc.
6 1,446
Royalty Pharma PLC, Class A
13 457
Seagen, Inc.*
6 1,200
STERIS PLC
4 754
Stryker Corp.
14 4,195
Teleflex, Inc.
2 545
Thermo Fisher Scientific, Inc.
17 9,433
UnitedHealth Group, Inc.
40 19,684
Veeva Systems, Inc., Class A*
7 1,254
Vertex Pharmaceuticals, Inc.*
11 3,748
Waters Corp.*
2 601
West Pharmaceutical Services, Inc.
3 1,084
Zimmer Biomet Holdings, Inc.
9 1,246
Zoetis, Inc.
17 2,988
Total Health Care
217,371
Industrials — 3.8%
3M Co.
48 5,099
AMETEK, Inc.
20 2,759
Automatic Data Processing, Inc.
17 3,740
Boeing Co. (The)*
51 10,546
Broadridge Financial Solutions, Inc.
5 727
Carrier Global Corp.
75 3,136
Caterpillar, Inc.
45 9,846
Cintas Corp.
7 3,190
Copart, Inc.*
20 1,581
CoStar Group, Inc.*
18 1,385
CSX Corp.
179 5,485
Cummins, Inc.
12 2,820
Deere & Co.
23 8,694
Delta Air Lines, Inc.*
13 446
Dover Corp.
12 1,754
Eaton Corp. PLC
35 5,849
Emerson Electric Co.
50 4,163
Equifax, Inc.
5 1,042
Expeditors International of Washington, Inc.
14 1,594
Fastenal Co.
50 2,692
FedEx Corp.
20 4,556
Ferguson PLC
18 2,535
Fortive Corp.
30 1,893
General Dynamics Corp.
21 4,585
General Electric Co.
92 9,105
Grab Holdings Ltd., Class A*
111 323
HEICO Corp.
3 506
HEICO Corp., Class A
6 805
See notes to financial statements.
137​

TABLE OF CONTENTS
Schedule of Investments — IQ Real Return ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Industrials (continued)
Honeywell International, Inc.
58 $ 11,591
Howmet Aerospace, Inc.
32 1,417
IDEX Corp.
7 1,444
Illinois Tool Works, Inc.
23 5,565
Ingersoll Rand, Inc.
32 1,825
Jacobs Solutions, Inc.
12 1,385
JB Hunt Transport Services, Inc.
8 1,402
Johnson Controls International PLC
58 3,471
L3Harris Technologies, Inc.
17 3,318
Leidos Holdings, Inc.
6 560
Lockheed Martin Corp.
22 10,218
Masco Corp.
12 642
Norfolk Southern Corp.
20 4,061
Northrop Grumman Corp.
12 5,535
Old Dominion Freight Line, Inc.
9 2,883
Otis Worldwide Corp.
38 3,241
PACCAR, Inc.
42 3,137
Parker-Hannifin Corp.
11 3,574
Paychex, Inc.
13 1,428
Paycom Software, Inc.*
2 581
Quanta Services, Inc.
13 2,205
Raytheon Technologies Corp.
128 12,787
Republic Services, Inc.
17 2,459
Rockwell Automation, Inc.
10 2,834
Rollins, Inc.
20 845
Southwest Airlines Co.
11 333
SS&C Technologies Holdings, Inc.
9 527
Stanley Black & Decker, Inc.
12 1,036
Trane Technologies PLC
21 3,902
TransDigm Group, Inc.
4 3,060
TransUnion
8 550
Uber Technologies, Inc.*
83 2,577
Union Pacific Corp.
53 10,372
United Airlines Holdings, Inc.*
9 394
United Parcel Service, Inc., Class B
63 11,328
United Rentals, Inc.
6 2,167
Verisk Analytics, Inc.
8 1,553
Waste Management, Inc.
35 5,812
Westinghouse Air Brake Technologies Corp.
14 1,367
WW Grainger, Inc.
4 2,782
Xylem, Inc.
15 1,558
Total Industrials
238,582
Information Technology — 6.4%
Accenture PLC, Class A
28 7,848
Adobe, Inc.*
20 7,551
Advanced Micro Devices, Inc.*
68 6,077
Shares
Value
Common Stocks (continued)
Information Technology (continued)
Akamai Technologies, Inc.*
7 $ 574
Amphenol Corp., Class A
53 4,000
Analog Devices, Inc.
22 3,957
ANSYS, Inc.*
4 1,256
Apple, Inc.
638 108,256
Applied Materials, Inc.
37 4,182
Arista Networks, Inc.*
10 1,602
Atlassian Corp., Class A*
7 1,034
Autodesk, Inc.*
9 1,753
Broadcom, Inc.
17 10,650
Cadence Design Systems, Inc.*
13 2,723
CDW Corp.
6 1,018
Cisco Systems, Inc.
162 7,654
Cloudflare, Inc., Class A*(a)
11 518
Cognizant Technology Solutions Corp., Class A
24 1,433
Corning, Inc.
30 997
Crowdstrike Holdings, Inc., Class A*
9 1,080
Datadog, Inc., Class A*
13 876
Dell Technologies, Inc., Class C
12 522
DocuSign, Inc.*
8 396
Enphase Energy, Inc.*
12 1,970
EPAM Systems, Inc.*
2 565
Fair Isaac Corp.*
1 728
First Solar, Inc.*
8 1,461
Fortinet, Inc.*
28 1,765
Gartner, Inc.*
3 907
GLOBALFOUNDRIES, Inc.*(a)
2 118
Hewlett Packard Enterprise Co.
57 816
HP, Inc.
40 1,188
HubSpot, Inc.*
2 842
Intel Corp.
174 5,404
International Business Machines Corp.
38 4,804
Intuit, Inc.
12 5,327
Keysight Technologies, Inc.*
16 2,314
KLA Corp.
6 2,319
Lam Research Corp.
6 3,144
Marvell Technology, Inc.
37 1,461
Microchip Technology, Inc.
24 1,752
Micron Technology, Inc.
47 3,025
Microsoft Corp.
318 97,709
MongoDB, Inc.*
3 720
Monolithic Power Systems, Inc.
2 924
Motorola Solutions, Inc.
7 2,040
NetApp, Inc.
9 566
NVIDIA Corp.
101 28,026
NXP Semiconductors NV
11 1,801
Okta, Inc.*
8 548
See notes to financial statements.
138

TABLE OF CONTENTS
Schedule of Investments — IQ Real Return ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Information Technology (continued)
ON Semiconductor Corp.*
17 $ 1,223
Oracle Corp.
67 6,346
Palantir Technologies, Inc., Class A*
72 558
Palo Alto Networks, Inc.*
12 2,190
QUALCOMM, Inc.
47 5,490
Roper Technologies, Inc.
5 2,274
Salesforce, Inc.*
42 8,332
Seagate Technology Holdings PLC
8 470
ServiceNow, Inc.*
9 4,135
Skyworks Solutions, Inc.
7 741
Snowflake, Inc., Class A*
13 1,925
SolarEdge Technologies, Inc.*
5 1,428
Splunk, Inc.*
7 604
Synopsys, Inc.*
6 2,228
TE Connectivity Ltd.
27 3,304
Teledyne Technologies, Inc.*
2 829
Teradyne, Inc.
7 640
Texas Instruments, Inc.
40 6,688
Trimble, Inc.*
22 1,036
Tyler Technologies, Inc.*
2 758
Unity Software, Inc.*
8 216
VeriSign, Inc.*
4 887
VMware, Inc., Class A*
10 1,250
Western Digital Corp.*
13 448
Workday, Inc., Class A*
8 1,489
Zebra Technologies Corp., Class A*
2 576
Zoom Video Communications, Inc., Class A*
8 492
Zscaler, Inc.*(a)
3 270
Total Information Technology
405,028
Materials — 0.9%
Air Products and Chemicals, Inc.
19 5,593
Albemarle Corp.
10 1,855
Amcor PLC
127 1,393
Ball Corp.
29 1,542
Celanese Corp.
8 850
CF Industries Holdings, Inc.
17 1,217
Corteva, Inc.
61 3,728
Dow, Inc.
62 3,373
DuPont de Nemours, Inc.
39 2,719
Ecolab, Inc.
23 3,860
FMC Corp.
12 1,483
Freeport-McMoRan, Inc.
123 4,663
International Flavors & Fragrances, Inc.
23 2,230
International Paper Co.
31 1,026
LyondellBasell Industries NV, Class A
22 2,081
Martin Marietta Materials, Inc.
5 1,816
Shares
Value
Common Stocks (continued)
Materials (continued)
Mosaic Co. (The)
33 $ 1,414
Newmont Corp.
67 3,176
Nucor Corp.
23 3,408
PPG Industries, Inc.
21 2,946
Sherwin-Williams Co. (The)
20 4,751
Steel Dynamics, Inc.
14 1,455
Vulcan Materials Co.
12 2,102
Total Materials
58,681
Real Estate — 1.2%
Alexandria Real Estate Equities, Inc.
14 1,738
American Tower Corp.
39 7,971
AvalonBay Communities, Inc.
13 2,345
CBRE Group, Inc., Class A*
27 2,070
Crown Castle, Inc.
37 4,554
Digital Realty Trust, Inc.
25 2,479
Equinix, Inc.
8 5,793
Equity Residential
33 2,087
Essex Property Trust, Inc.
6 1,318
Extra Space Storage, Inc.
12 1,824
Healthpeak Properties, Inc.
46 1,011
Invitation Homes, Inc.
56 1,869
Mid-America Apartment Communities, Inc.
10 1,538
Prologis, Inc.
80 10,020
Public Storage
13 3,833
Realty Income Corp.
54 3,393
SBA Communications Corp.
9 2,348
Simon Property Group, Inc.
27 3,060
Sun Communities, Inc.
10 1,389
UDR, Inc.
28 1,157
Ventas, Inc.
37 1,778
VICI Properties, Inc., Class A
85 2,885
Welltower, Inc.
40 3,169
Weyerhaeuser Co.
67 2,004
WP Carey, Inc.
18 1,336
Total Real Estate
72,969
Utilities — 1.3%
AES Corp. (The)
58 1,372
Alliant Energy Corp.
23 1,268
Ameren Corp.
23 2,046
American Electric Power Co., Inc.
45 4,159
American Water Works Co., Inc.
16 2,372
Atmos Energy Corp.
12 1,370
Avangrid, Inc.
8 322
CenterPoint Energy, Inc.
56 1,706
CMS Energy Corp.
22 1,370
See notes to financial statements.
139​

TABLE OF CONTENTS
Schedule of Investments — IQ Real Return ETF  (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
Utilities (continued)
Consolidated Edison, Inc.
32 $ 3,151
Constellation Energy Corp.
29 2,245
Dominion Energy, Inc.
73 4,171
DTE Energy Co.
14 1,574
Duke Energy Corp.
66 6,526
Edison International
33 2,429
Entergy Corp.
18 1,936
Evergy, Inc.
18 1,118
Eversource Energy
30 2,328
Exelon Corp.
88 3,735
FirstEnergy Corp.
48 1,910
NextEra Energy, Inc.
170 13,027
PG&E Corp.*(a)
143 2,447
PPL Corp.
64 1,838
Public Service Enterprise Group, Inc.
42 2,654
Sempra Energy
28 4,354
Southern Co. (The)
93 6,840
WEC Energy Group, Inc.
28 2,693
Xcel Energy, Inc.
48 3,356
Total Utilities
84,317
Total Common Stocks
(Cost $2,060,464)
1,938,509
Investment Companies — 9.9%
Commodity Funds — 9.9%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
17,726 250,823
iShares GSCI Commodity Dynamic Roll Strategy ETF
14,099 375,456
Total Commodity Funds
626,279
Total Investment Companies
(Cost $796,463)
626,279
Shares
Value
Short-Term Investments — 1.7%
Money Market Funds — 1.7%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(b)(c)
1,144 $ 1,144
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
105,221 105,221
Total Short-Term Investments
(Cost $106,365)
106,365
Total Investments — 100.8%
(Cost $7,065,192)
6,404,220
Other Assets and Liabilities,
Net — (0.8)%
(46,021)
Net Assets — 100.0%
$ 6,358,199
*
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 $208,465; total market value of collateral held by the Fund was $212,405. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $211,261.
(b)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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)
U.S. Treasury Inflation Indexed Bonds
$ $ 3,733,067 $ $ 3,733,067
Common Stocks
1,938,509 1,938,509
Investment Companies
626,279 626,279
Short-Term Investments:
Money Market Funds
106,365 106,365
Total Investments in Securities
$ 2,671,153 $ 3,733,067 $ $ 6,404,220
(d)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023, 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.
140

TABLE OF CONTENTS
Schedule of Investments — IQ Clean Oceans ETF 
April 30, 2023
Shares
Value
Common Stocks — 99.5%
Austria — 1.3%
ANDRITZ AG
211 $ 13,709
Verbund AG
587 52,427
Total Austria
66,136
Canada — 0.2%
Ballard Power Systems, Inc.*
2,294 10,131
China — 2.9%
NXP Semiconductors NV
869 142,290
SITC International Holdings Co., Ltd.
5,691 10,483
Total China
152,773
Denmark — 7.1%
AP Moller — Maersk A/S, Class B
52 93,929
Chr Hansen Holding A/S
536 41,744
Dfds A/S
320 12,873
Orsted A/S
984 88,412
Vestas Wind Systems A/S*
5,091 140,605
Total Denmark
377,563
Faroe Islands — 0.3%
Bakkafrost P/F
205 14,880
Finland — 0.3%
Wartsila OYJ Abp
1,330 15,417
France — 9.1%
Dassault Systemes SE
3,525 142,705
Legrand SA
1,352 127,916
L’Oreal SA
391 186,802
Neoen SA
462 13,873
Societe BIC SA
196 12,107
Total France
483,403
Germany — 7.9%
adidas AG
829 145,922
Encavis AG
650 11,248
Hapag-Lloyd AG
46 14,280
Nordex SE*
854 10,258
Siemens AG
1,031 169,481
SMA Solar Technology AG*
167 18,031
Zalando SE*
1,222 50,146
Total Germany
419,366
Ireland — 2.0%
Kingspan Group PLC
798 55,238
Smurfit Kappa Group PLC
1,339 49,513
Total Ireland
104,751
Japan — 8.8%
FANUC Corp.
4,665 157,219
Kurita Water Industries Ltd.
291 12,117
Nippon Yusen K.K.
2,418 56,878
Nitto Denko Corp.
745 47,929
Panasonic Holdings Corp.
10,981 102,701
Rohm Co., Ltd.
432 32,297
TOTO Ltd.
388 13,236
Yaskawa Electric Corp.
1,120 45,322
Total Japan
467,699
Shares
Value
Common Stocks (continued)
Norway — 0.3%
Leroy Seafood Group ASA
2,747 $ 14,402
Portugal — 1.5%
EDP — Energias de Portugal SA
14,475 79,902
Singapore — 2.6%
STMicroelectronics NV
3,270 139,222
South Korea — 0.9%
LG Electronics, Inc.
588 48,019
Spain — 3.7%
EDP Renovaveis SA*
610 13,576
Iberdrola SA
13,395 174,203
Solaria Energia y Medio Ambiente SA*
700 11,059
Total Spain
198,838
Sweden — 0.3%
Thule Group AB
610 17,585
Switzerland — 5.4%
DSM-Firmenich AG*
904 118,524
Givaudan SA
48 168,368
Total Switzerland
286,892
Taiwan — 0.2%
Yang Ming Marine Transport Corp.
5,971 12,256
United Kingdom — 5.3%
Burberry Group PLC
1,970 64,156
DS Smith PLC
6,923 26,983
Kingfisher PLC
9,844 31,860
Pennon Group PLC
1,278 13,814
Severn Trent PLC
1,225 45,144
Spirax-Sarco Engineering PLC
380 52,968
United Utilities Group PLC
3,497 47,558
Total United Kingdom
282,483
United States — 39.4%
Acuity Brands, Inc.
167 26,282
Analog Devices, Inc.
841 151,279
Avangrid, Inc.
313 12,601
Badger Meter, Inc.
108 14,292
Ball Corp.
1,626 86,471
Brookfield Renewable Corp., Class A
455 15,202
California Water Service Group
219 12,281
Crown Holdings, Inc.
614 52,669
Ecolab, Inc.
970 162,805
Enphase Energy, Inc.*
690 113,298
First Solar, Inc.*
521 95,124
Graphic Packaging Holding Co.
1,586 39,111
Intel Corp.
6,117 189,994
Microsoft Corp.
617 189,579
NIKE, Inc., Class B
1,303 165,116
O-I Glass, Inc.*
578 12,988
Ormat Technologies, Inc.
152 13,043
Rockwell Automation, Inc.
530 150,207
Schneider Electric SE
979 170,574
Signify NV
366 12,207
Skyworks Solutions, Inc.
827 87,579
See notes to financial statements.
141​

TABLE OF CONTENTS
Schedule of Investments — IQ Clean Oceans ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
United States (continued)
SolarEdge Technologies, Inc.*
289 $ 82,547
Sunrun, Inc.*
577 12,140
Westrock Co.
1,320 39,508
Williams-Sonoma, Inc.
343 41,517
WillScot Mobile Mini Holdings Corp.*
1,065 48,351
Xylem, Inc.
938 97,402
Total United States
2,094,167
Total Common Stocks
(Cost $5,357,207)
5,285,885
Short-Term Investment — 0.1%
Money Market Fund — 0.1%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(a)
(Cost $3,019)
3,019
3,019
Shares
Value
Total Investments — 99.6%
(Cost $5,360,226)
$ 5,288,904
Other Assets and Liabilities,
Net — 0.4%
21,550
Net Assets — 100.0%
$ 5,310,454
*
Non-income producing securities.
(a)
Reflects the 1-day yield at April 30, 2023.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
Level 1
Level 2
Level 3
Total
Asset Valuation Inputs
Investments in Securities:(b)
Common Stocks
$ 5,285,885 $ $ $ 5,285,885
Short-Term Investment:
Money Market Fund
3,019 3,019
Total Investments in Securities
$ 5,288,904 $ $ $ 5,288,904
(b)
For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2023 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.
142

TABLE OF CONTENTS
Schedule of Investments — IQ Cleaner Transport ETF 
April 30, 2023
Shares
Value
Common Stocks — 96.5%
Belgium — 0.4%
Umicore SA
675 $ 22,177
Canada — 0.2%
Ballard Power Systems, Inc.*
2,793 12,335
China — 10.0%
BYD Co., Ltd., Class H
6,511 195,747
COSCO SHIPPING Holdings Co., Ltd., Class H
69,079 79,904
Flat Glass Group Co., Ltd., Class H
11,346 31,726
Li Auto, Inc.*
2,878 67,633
NIO, Inc.*(a)
5,183 40,790
NXP Semiconductors NV
874 143,109
Xinyi Solar Holdings Ltd.
15,264 16,314
XPeng, Inc.*(a)
2,249 21,366
Zhuzhou CRRC Times Electric Co., Ltd.
5,801 23,352
Total China
619,941
Denmark — 2.4%
AP Moller — Maersk A/S, Class B
33 59,608
Vestas Wind Systems A/S*
3,294 90,975
Total Denmark
150,583
Finland — 0.3%
Wartsila OYJ Abp
1,600 18,547
France — 2.7%
Alstom SA
1,251 31,406
Getlink SE
1,169 21,888
Legrand SA
875 82,786
Neoen SA
562 16,876
Valeo
764 14,900
Total France
167,856
Germany — 12.2%
Bayerische Motoren Werke AG
1,114 124,756
Continental AG
365 25,556
Infineon Technologies AG
4,392 159,548
Knorr-Bremse AG
219 15,338
Mercedes-Benz Group AG
2,439 190,047
Nordex SE*
1,040 12,492
Siemens AG
1,241 204,002
SMA Solar Technology AG*
200 21,594
Total Germany
753,333
Hong Kong — 0.4%
MTR Corp., Ltd.
5,283 26,348
Japan — 11.8%
Aisin Corp.
559 16,319
Central Japan Railway Co.
432 53,443
Denso Corp.
1,306 78,179
East Japan Railway Co.
949 54,390
Honda Motor Co., Ltd.
4,756 125,322
Koito Manufacturing Co., Ltd.
926 17,783
Panasonic Holdings Corp.
7,105 66,450
Shimano, Inc.
236 36,432
Sumitomo Electric Industries Ltd.
2,296 29,070
TDK Corp.
1,254 42,778
Toyota Motor Corp.
13,580 185,202
Shares
Value
Common Stocks (continued)
Japan (continued)
Yamaha Motor Co., Ltd.
951 $ 24,444
Total Japan
729,812
Portugal — 0.8%
EDP — Energias de Portugal SA
9,365 51,695
Singapore — 1.5%
STMicroelectronics NV
2,202 93,752
South Korea — 1.5%
Samsung SDI Co., Ltd.
174 89,834
Spain — 3.9%
EDP Renovaveis SA*
743 16,536
Iberdrola SA
16,115 209,577
Solaria Energia y Medio Ambiente SA*
853 13,476
Total Spain
239,589
Sweden — 2.5%
Thule Group AB
734 21,160
Volvo AB, B Shares
6,520 133,995
Total Sweden
155,155
Switzerland — 0.5%
Landis+Gyr Group AG*
207 17,117
Stadler Rail AG
390 16,248
Total Switzerland
33,365
Taiwan — 4.4%
Compal Electronics, Inc.
19,451 15,154
Evergreen Marine Corp Taiwan Ltd.
6,138 32,245
Giant Manufacturing Co., Ltd.
2,308 13,776
Taiwan High Speed Rail Corp.
15,977 16,137
Taiwan Semiconductor
Manufacturing Co., Ltd.
11,031 180,127
Yang Ming Marine Transport Corp.
7,271 14,924
Total Taiwan
272,363
United States — 41.0%
Alphabet, Inc., Class A*
2,076 222,838
Apple, Inc.
1,261 213,967
Aptiv PLC*
910 93,603
Bloom Energy Corp., Class A*(a)
723 12,038
BorgWarner, Inc.
786 37,830
Broadcom, Inc.
320 200,480
Brookfield Renewable Corp., Class A
548 18,309
Eaton Corp. PLC
1,068 178,484
Edison International
1,289 94,870
Enphase Energy, Inc.*
446 73,233
First Solar, Inc.*
337 61,530
FuelCell Energy, Inc.*
4,803 9,030
Intel Corp.
7,359 228,571
Lear Corp.
199 25,404
NVIDIA Corp.
794 220,327
Plug Power, Inc.*
1,747 15,775
QUALCOMM, Inc.
1,488 173,798
Schneider Electric SE
1,178 205,246
SolarEdge Technologies, Inc.*
187 53,413
Tesla, Inc.*
940 154,451
Texas Instruments, Inc.
1,094 182,917
See notes to financial statements.
143​

TABLE OF CONTENTS
Schedule of Investments — IQ Cleaner Transport ETF (continued)
April 30, 2023
Shares
Value
Common Stocks (continued)
United States (continued)
Westinghouse Air Brake Technologies Corp.
608 $ 59,383
Total United States
2,535,497
Total Common Stocks
(Cost $6,425,248)
5,972,182
Preferred Stock — 3.0%
Germany — 3.0%
Volkswagen AG, 21.51%
(Cost $250,050)
1,373
187,473
Short-Term Investments — 1.2%
Money Market Funds — 1.2%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(b)(c)
63,324 63,324
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
8,453 8,453
Shares
Value
Short-Term Investments (continued)
Total Short-Term Investments
(Cost $71,777)
$ 71,777
Total Investments — 100.7%
(Cost $6,747,075)
6,231,432
Other Assets and Liabilities,
Net — (0.7)%
(42,842)
Net Assets — 100.0%
$ 6,188,590
*
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 $72,382; total market value of collateral held by the Fund was $75,050. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $11,726.
(b)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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
$ 5,972,182 $ $ $ 5,972,182
Preferred Stock
187,473 187,473
Short-Term Investments:
Money Market Funds
71,777 71,777
Total Investments in Securities
$ 6,231,432 $ $ $ 6,231,432
(d)
For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2023 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.
144

TABLE OF CONTENTS
Schedule of Investments — IQ Engender Equality ETF 
April 30, 2023
Shares
Value
Common Stocks — 99.8%
Communication Services — 6.7%
Match Group, Inc.*
1,913 $ 70,590
Meta Platforms, Inc., Class A*
359 86,275
Omnicom Group, Inc.
815 73,814
Spotify Technology SA*
553 73,881
Verizon Communications, Inc.
1,909 74,126
Total Communication Services
378,686
Consumer Discretionary — 14.7%
Best Buy Co., Inc.
916 68,260
DoorDash, Inc., Class A*
1,178 72,082
eBay, Inc.
1,670 77,538
Etsy, Inc.*
667 67,387
General Motors Co.
2,105 69,549
Hasbro, Inc.
1,464 86,698
McDonald’s Corp.
263 77,782
PVH Corp.
966 82,892
Starbucks Corp.
712 81,375
Under Armour, Inc., Class A*
8,140 72,202
VF Corp.
3,280 77,113
Total Consumer Discretionary
832,878
Consumer Staples — 16.1%
Campbell Soup Co.
1,316 71,459
Clorox Co. (The)
456 75,523
Coca-Cola Co. (The)
1,170 75,055
Estee Lauder Cos., Inc. (The), Class A
299 73,769
General Mills, Inc.
880 77,994
Hershey Co. (The)
289 78,914
J M Smucker Co. (The)
463 71,492
Kimberly-Clark Corp.
560 81,138
Mondelez International, Inc., Class A
1,058 81,170
PepsiCo, Inc.
401 76,547
Procter & Gamble Co. (The)
491 76,783
Target Corp.
441 69,568
Total Consumer Staples
909,412
Financials — 19.9%
American Express Co.
449 72,442
Bank of America Corp.
2,525 73,932
BlackRock, Inc.
110 73,832
Citigroup, Inc.
1,588 74,747
Goldman Sachs Group, Inc. (The)
231 79,335
Hartford Financial Services Group, Inc. (The)
1,069 75,888
JPMorgan Chase & Co.
558 77,138
Mastercard, Inc., Class A
201 76,386
MetLife, Inc.
1,280 78,502
Moody’s Corp.
239 74,836
PayPal Holdings, Inc.*
962 73,112
Raymond James Financial, Inc.
798 72,243
S&P Global, Inc.
210 76,142
Visa, Inc., Class A(a)
323 75,172
Wells Fargo & Co.
1,860 73,935
Total Financials
1,127,642
Health Care — 15.0%
Amgen, Inc.
306 73,360
Biogen, Inc.*
267 81,229
BioMarin Pharmaceutical, Inc.*
766 73,567
Shares
Value
Common Stocks (continued)
Health Care (continued)
Boston Scientific Corp.*
1,465 $ 76,356
Halozyme Therapeutics, Inc.*
2,124 68,244
Illumina, Inc.*
313 64,340
Johnson & Johnson
461 75,466
Merck & Co., Inc.
675 77,942
Shockwave Medical, Inc.*
349 101,266
Vertex Pharmaceuticals, Inc.*
238 81,094
Zoetis, Inc.
427 75,058
Total Health Care
847,922
Industrials — 7.9%
Automatic Data Processing, Inc.
329 72,380
Cummins, Inc.
312 73,332
Lyft, Inc., Class A*
6,983 71,576
Sunrun, Inc.*
4,056 85,338
Uber Technologies, Inc.*
2,210 68,621
Xylem, Inc.
742 77,049
Total Industrials
448,296
Information Technology — 7.8%
Accenture PLC, Class A
281 78,761
Adobe, Inc.*
196 74,002
Autodesk, Inc.*
353 68,761
International Business Machines Corp.
568 71,801
Intuit, Inc.
170 75,471
Salesforce, Inc.*
380 75,381
Total Information Technology
444,177
Materials — 7.8%
Alcoa Corp.
1,794 66,629
Dow, Inc.
1,404 76,378
DuPont de Nemours, Inc.
1,040 72,509
Ecolab, Inc.
454 76,199
International Flavors & Fragrances, Inc.
849 82,319
Newmont Corp.
1,458 69,109
Total Materials
443,143
Real Estate — 1.3%
Zillow Group, Inc., Class C*
1,730 75,324
Utilities — 2.6%
American Water Works Co., Inc.
495 73,384
Sempra Energy
483 75,102
Total Utilities
148,486
Total Common Stocks
(Cost $5,603,538)
5,655,966
Short-Term Investment — 0.1%
Money Market Fund — 0.1%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
(Cost $6,714)
6,714
6,714
Total Investments — 99.9%
(Cost $5,610,252)
5,662,680
Other Assets and Liabilities,
Net — 0.1%
4,407
Net Assets — 100.0%
$ 5,667,087
See notes to financial statements.
145​

TABLE OF CONTENTS
Schedule of Investments — IQ Engender Equality ETF (continued)
April 30, 2023
*
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 $73,543; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $73,818.
(b)
Reflects the 1-day yield at April 30, 2023.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
Level 1
Level 2
Level 3
Total
Asset Valuation Inputs
Investments in Securities(c)
Common Stocks
$ 5,655,966 $ $ $ 5,655,966
Short-Term Investment:
Money Market Fund
6,714 6,714
Total Investments in Securities
$ 5,662,680 $ $ $ 5,662,680
(c)
For a complete listing of investments and their industries, see the Schedule of Investments.
For the year ended April 30, 2023 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.
146

TABLE OF CONTENTS
Schedule of Investments — IQ Healthy Hearts ETF 
April 30, 2023
Shares
Value
Common Stocks — 99.8%
Australia — 0.4%
Ramsay Health Care Ltd.
870 $ 37,181
Canada — 1.0%
George Weston Ltd.
312 41,849
Loblaw Cos. Ltd.
453 42,561
Total Canada
84,410
China — 0.5%
China Traditional Chinese Medicine Holdings Co., Ltd.
75,093 40,943
Denmark — 5.5%
Novo Nordisk A/S, Class B
2,812 468,410
Germany — 2.1%
adidas AG
276 48,582
Fresenius SE & Co. KGaA
1,431 41,423
Puma SE
626 36,600
Siemens Healthineers AG
775 48,273
Total Germany
174,878
Italy — 1.1%
Moncler SpA
653 48,416
Technogym SpA
4,560 41,608
Total Italy
90,024
Japan — 2.0%
Asahi Intecc Co., Ltd.
2,323 41,695
Asics Corp.
1,664 46,132
Nihon Kohden Corp.
1,593 43,989
Shimano, Inc.
253 39,056
Total Japan
170,872
Malaysia — 0.4%
IHH Healthcare Bhd
29,749 38,216
Netherlands — 0.6%
Basic-Fit NV*(a)
1,154 48,948
South Africa — 0.5%
Netcare Ltd.
47,149 41,131
South Korea — 0.4%
Fila Holdings Corp.
1,328 36,365
Spain — 0.5%
Fluidra SA
2,344 40,188
Sweden — 0.6%
Thule Group AB
1,890 54,486
Switzerland — 6.0%
Mediclinic International PLC
6,678 41,867
Novartis AG
4,625 473,542
Total Switzerland
515,409
Taiwan — 1.3%
Feng TAY Enterprise Co., Ltd.
6,540 40,526
Giant Manufacturing Co., Ltd.
5,945 35,485
Merida Industry Co., Ltd.
6,721 37,494
Total Taiwan
113,505
Shares
Value
Common Stocks (continued)
Thailand — 1.0%
Bangkok Dusit Medical Services PCL
47,254 $ 40,477
Bumrungrad Hospital PCL
6,369 44,390
Total Thailand
84,867
United Kingdom — 5.7%
AstraZeneca PLC
2,996 442,315
Frasers Group PLC*
4,183 40,405
Total United Kingdom
482,720
United States — 70.2%
Abbott Laboratories
3,952 436,577
Acadia Healthcare Co., Inc.*
495 35,784
Alphabet, Inc., Class A*
4,455 478,200
Apple, Inc.
2,706 459,154
Boston Scientific Corp.*
1,554 80,994
Bristol-Myers Squibb Co.
5,658 377,785
Campbell Soup Co.
747 40,562
Centene Corp.*
613 42,254
Cytokinetics, Inc.*(a)
927 34,670
Edwards Lifesciences Corp.*
667 58,683
Elevance Health, Inc.
260 121,849
Eli Lilly & Co.
1,234 488,491
Encompass Health Corp.
659 42,275
Garmin Ltd.
404 39,661
General Mills, Inc.
642 56,900
HCA Healthcare, Inc.
229 65,799
Inari Medical, Inc.*
705 46,826
Johnson & Johnson
2,546 416,780
Kellogg Co.
587 40,955
Lantheus Holdings, Inc.*
548 46,827
Medical Properties Trust, Inc.
3,764 33,010
Medifast, Inc.
361 33,086
Medtronic PLC
1,451 131,968
Merck & Co., Inc.
3,613 417,193
Merit Medical Systems, Inc.*
562 45,685
Molina Healthcare, Inc.*
138 41,109
NIKE, Inc., Class B
3,364 426,286
Peloton Interactive, Inc., Class A*
3,126 27,759
Pentair PLC
716 41,585
Penumbra, Inc.*
149 42,334
Pfizer, Inc.
9,510 369,844
Planet Fitness, Inc., Class A*
493 40,988
Pool Corp.
111 38,996
Rhythm Pharmaceuticals, Inc.*(a)
1,638 33,038
Sanofi(a) 1,206 133,142
Select Medical Holdings Corp.
1,440 43,920
Shockwave Medical, Inc.*
212 61,514
Tenet Healthcare Corp.*
670 49,124
Under Armour, Inc., Class A*
4,085 36,234
United Therapeutics Corp.*
159 36,591
UnitedHealth Group, Inc.
820 403,514
Vail Resorts, Inc.(a)
167 40,167
VF Corp.
1,642 38,603
Total United States
5,976,716
Total Common Stocks
(Cost $7,660,009)
8,499,269
See notes to financial statements.
147​

TABLE OF CONTENTS
Schedule of Investments — IQ Healthy Hearts ETF (continued)
April 30, 2023
Shares
Value
Short-Term Investments — 2.2%
Money Market Funds — 2.2%
Dreyfus Government Cash Management
Fund, Institutional Shares, 4.76%(b)(c)
183,068 $ 183,068
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.81%(b)
2,222 2,222
Total Short-Term Investments
(Cost $185,290)
185,290
Total Investments — 102.0%
(Cost $7,845,299)
8,684,559
Other Assets and Liabilities,
Net — (2.0)%
(164,638)
Net Assets — 100.0%
$ 8,519,921
*
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 $277,614; total market value of collateral held by the Fund was $289,572. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $106,504.
(b)
Reflects the 1-day yield at April 30, 2023.
(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, 2023. 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
$ 8,499,269 $ $ $ 8,499,269
Short-Term Investments:
Money Market Funds
185,290 185,290
Total Investments in Securities
$ 8,684,559 $ $ $ 8,684,559
(d)
For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2023 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.
148

TABLE OF CONTENTS
Statements of Assets and Liabilities 
April 30, 2023
IQ Hedge
Multi-Strategy
Tracker ETF
IQ Merger
Arbitrage
ETF
IQ 500
International
ETF
IQ Candriam
ESG
International
Equity ETF
Assets
Investments, at value (including securities on
loan)(a)
$ 665,770,438 $ 431,328,698 $ 202,330,144 $ 196,440,233
Investments in affiliates, at value
18,603,843
Cash
1,293,234 1,036,691 72 73
Restricted Cash for swap contracts
10,625
Foreign currency(b)
17,844,281 12,820 22,850
Deposits at broker for swap contracts
500,000 500,000
Receivable for capital shares transactions
2,937,058
Due from broker
552,905 13,188,496 1,385
Securities lending income receivable
107,449 3,150 13,454 3,596
Receivable for investments sold
1,671,189 15,455 22,406
Due from advisor
3,138
Reclaims receivable
72,494 376,940 482,575
Dividend receivable
1,841,738 1,273,197 777,486
Total Assets
689,764,927 467,497,362 204,022,082 197,753,742
Liabilities
Collateral for investments on loan
79,158,884 5,702,321 7,950,815 5,033,377
Payable for investments purchased
2,929,847 27,123 147 185
Deposits from brokers for swap contracts
10,625
Due to broker
904,773 1,270,675 211
Advisory fees payable
262,475 285,638 36,883 24,044
Trustee fees payable
6,723 5,409 1,749 1,768
Compliance fees payable
198 158 44 44
Payable for capital shares repurchased
22,406
Accrued expenses and other liabilities
2,800 1,742 628 561
Total Liabilities
83,265,700 7,303,691 7,990,477 5,082,385
Net Assets
$
606,499,227
$
460,193,671
$
196,031,605
$
192,671,357
Composition of Net Assets
Paid-in capital
$ 705,488,530 $ 526,471,894 $ 199,099,171 $ 187,778,604
Total distributable earnings/(accumulated loss)
(98,989,303) (66,278,223) (3,067,566) 4,892,753
Net Assets
$
606,499,227
$
460,193,671
$
196,031,605
$
192,671,357
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)
20,650,000 14,500,000 6,200,000 7,050,000
Net Asset Value Per Share
$ 29.37 $ 31.74 $ 31.62 $ 27.33
Investments, at cost
$ 671,118,184 $ 431,170,508 $ 198,989,547 $ 185,456,162
Investments in affiliates, at cost
$ 18,754,311 $ $ $
(a)Market value of securities on loan
$ 123,265,696 $ 5,424,691 $ 12,597,602 $ 8,530,514
(b)Cost of foreign currency
$ $ 17,683,221 $ 11,393 $ 22,822
See notes to financial statements.
149​

TABLE OF CONTENTS
Statements of Assets and Liabilities (continued)
April 30, 2023
IQ Candriam
ESG
U.S. Mid Cap
Equity ETF
IQ Candriam
ESG
U.S. Large Cap
Equity ETF
IQ Chaikin U.S.
Large Cap ETF
IQ Chaikin U.S.
Small Cap ETF
Assets
Investments, at value (including securities on
loan)(a)
$ 5,360,783 $ 376,238,766 $ 277,428,059 $ 245,743,527
Cash
138 102 92
Dividend receivable
2,493 248,779 252,529 92,312
Due from broker
163
Receivable for capital shares transactions
1,659
Due from advisor
5,701
Securities lending income receivable
492 3,163
Total Assets
5,363,439 376,493,876 277,682,349 245,839,094
Liabilities
Cash due to custodian
9,326
Due to broker
4,228
Advisory fees payable
422 27,878 52,449 64,364
Trustee fees payable
381 3,701 2,707 2,095
Compliance fees payable
20 97 71 39
Collateral for investments on loan
16,686 1,568,667
Accrued expenses and other liabilities
369 1,130 849 563
Total Liabilities
14,746 49,492 56,076 1,635,728
Net Assets
$ 5,348,693 $ 376,444,384 $ 277,626,273 $ 244,203,366
Composition of Net Assets
Paid-in capital
$ 5,160,386 $ 361,509,220 $ 313,796,989 $ 342,494,877
Total distributable earnings/(accumulated loss)
188,307 14,935,164 (36,170,716) (98,291,511)
Net Assets
$ 5,348,693 $ 376,444,384 $ 277,626,273 $ 244,203,366
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)
200,000 10,550,000 8,500,000 7,950,000
Net Asset Value Per Share
$ 26.74 $ 35.68 $ 32.66 $ 30.72
Investments, at cost
$ 5,132,860 $ 354,219,106 $ 266,079,316 $ 256,208,166
(a)Market value of securities on loan
$ $ 5,549,927 $ $ 6,591,226
See notes to financial statements.
150

TABLE OF CONTENTS
Statements of Assets and Liabilities (continued)
April 30, 2023
IQ CBRE
NextGen Real
Estate ETF
IQ FTSE
International
Equity
Currency
Neutral ETF
IQ U.S. Mid
Cap
R&D Leaders
ETF
IQ U.S. Large
Cap
R&D Leaders
ETF
Assets
Investments, at value (including securities on
loan)(a)
$ 23,499,806 $ 335,050,738 $ 4,259,684 $ 4,624,954
Cash
9 119 2 2
Restricted Cash for forward foreign currency contracts
13,381
Foreign currency(b)
45 208,652
Dividend receivable
46,970 1,386,537 969 3,467
Reclaims receivable
449 731,777
Due from advisor
131
Securities lending income receivable
58 8,034 2,608 398
Receivable for capital shares transactions
2,146,474
Receivable for investments sold
16,921 115
Due from broker
15,203
Unrealized appreciation on forward foreign currency
contracts
1,389,329
Total Assets
23,564,389 340,950,359 4,263,263 4,628,821
Liabilities
Collateral for investments on loan
34,303 9,578,003 158,042 25,838
Payable for capital shares repurchased
16,921
Advisory fees payable
11,563 49,507 460 440
Trustee fees payable
336 2,270 39 39
Payable for investments purchased
2 4,464,645
Compliance fees payable
45 1 1
Deposits from brokers for forward foreign currency contracts
13,381
Unrealized depreciation on forward foreign
currency contracts
1,598,479
Accrued expenses and other liabilities
132 1,309 68 69
Total Liabilities
63,257 15,707,639 158,610 26,387
Net Assets
$ 23,501,132 $ 325,242,720 $ 4,104,653 $ 4,602,434
Composition of Net Assets
Paid-in capital
$ 40,930,123 $ 326,243,746 $ 5,139,287 $ 5,053,583
Total distributable earnings/(accumulated loss)
(17,428,991) (1,001,026) (1,034,634) (451,149)
Net Assets
$ 23,501,132 $ 325,242,720 $ 4,104,653 $ 4,602,434
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)
1,200,000 13,800,000 200,000 200,000
Net Asset Value Per Share
$ 19.58 $ 23.57 $ 20.52 $ 23.01
Investments, at cost
$ 25,786,095 $ 319,253,184 $ 4,898,457 $ 4,937,216
(a)Market value of securities on loan
$ 368,885 $ 16,361,707 $ 252,936 $ 34,363
(b)Cost of foreign currency
$ 46 $ 206,674 $ $
See notes to financial statements.
151​

TABLE OF CONTENTS
Statements of Assets and Liabilities (continued)
April 30, 2023
IQ Global
Equity
R&D Leaders
ETF
IQ Global
Resources ETF
IQ Real Return
ETF
IQ Clean
Oceans ETF
Assets
Investments, at value (including securities on
loan)(a)
$ 5,733,156 $ 34,323,200 $ 6,404,220 $ 5,288,904
Cash
2 13 2 2
Foreign currency(b)
43 17,550
Dividend receivable
13,623 59,089 1,889 14,187
Reclaims receivable
4,980 39,850 9,355
Securities lending income receivable
37 284 15 7
Receivable for investments sold
95,060
Interest receivable
5,161
Total Assets
5,751,841 34,439,986 6,506,347 5,312,455
Liabilities
Advisory fees payable
742 7,826 515 1,884
Trustee fees payable
33 366 146 44
Payable for investments purchased
1 118 146,257
Compliance fees payable
1 10 6 1
Collateral for investments on loan
140,158 1,144
Foreign currency due to custodian(b)
2
Accrued expenses and other liabilities
66 144 80 70
Total Liabilities
843 148,622 148,148 2,001
Net Assets
$ 5,750,998 $ 34,291,364 $ 6,358,199 $ 5,310,454
Composition of Net Assets
Paid-in capital
$ 6,145,462 $ 92,873,508 $ 9,177,621 $ 6,215,912
Total distributable earnings/(accumulated loss)
(394,464) (58,582,144) (2,819,422) (905,458)
Net Assets
$ 5,750,998 $ 34,291,364 $ 6,358,199 $ 5,310,454
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)
250,000 1,000,000 250,000 250,000
Net Asset Value Per Share
$ 23.00 $ 34.29 $ 25.43 $ 21.24
Investments, at cost
$ 5,912,197 $ 31,017,353 $ 7,065,192 $ 5,360,226
(a)Market value of securities on loan
$ 5,745 $ 747,195 $ 173,429 $
(b)Cost of foreign currency
$ 30 $ 17,456 $ $ (2)
See notes to financial statements.
152

TABLE OF CONTENTS
Statements of Assets and Liabilities (continued)
April 30, 2023
IQ Cleaner
Transport ETF
IQ Engender
Equality ETF
IQ Healthy
Hearts ETF
Assets
Investments, at value (including securities on loan)(a)
$ 6,231,432 $ 5,662,680 $ 8,684,559
Cash
2 2 3
Foreign currency(b)
314
Reclaims receivable
12,449 12,842
Dividend receivable
9,952 6,487 8,109
Securities lending income receivable
388 8 224
Total Assets
6,254,223 5,669,177 8,706,051
Liabilities
Collateral for investments on loan
63,324 183,068
Advisory fees payable
2,214 1,969 2,944
Trustee fees payable
46 49 65
Compliance fees payable
1 1 1
Accrued expenses and other liabilities
48 71 52
Total Liabilities
65,633 2,090 186,130
Net Assets
$ 6,188,590 $ 5,667,087 $ 8,519,921
Composition of Net Assets
Paid-in capital
$ 7,491,800 $ 6,398,834 $ 8,274,195
Total distributable earnings/(accumulated loss)
(1,303,210) (731,747) 245,726
Net Assets
$ 6,188,590 $ 5,667,087 $ 8,519,921
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)
300,000 250,000 300,000
Net Asset Value Per Share
$ 20.63 $ 22.67 $ 28.40
Investments, at cost
$ 6,747,075 $ 5,610,252 $ 7,845,299
(a)Market value of securities on loan
$ 72,382 $ 73,543 $ 277,614
(b)Cost of foreign currency
$ $ $ 314
See notes to financial statements.
153​

TABLE OF CONTENTS
Statements of Operations 
For the year ended April 30, 2023
IQ Hedge
Multi-Strategy
Tracker ETF
IQ Merger
Arbitrage ETF
IQ 500
International
ETF
IQ Candriam
ESG
International
Equity ETF
Investment Income
Dividend income*
$ 17,356,533 $ 10,226,293 $ 7,059,508 $ 5,862,323
Dividend income from affiliates
1,130,728 18,270
Non-cash dividend income
829,875 431,295
Interest income
13,566
Securities lending income, net of borrower rebates
1,595,230 113,089 114,952 31,660
Total investment income.
20,082,491 11,201,093 7,174,460 6,325,278
Expenses
Advisory fees (See Note 3)
4,938,578 3,938,187 471,065 284,160
Trustee fees
54,144 40,848 15,068 15,290
Proxy fees
52,969 49,816 3,510 3,430
Compliance fees
1,592 1,070 442 447
Miscellaneous
26,966 19,078 6,990 7,012
Total expenses
5,074,249 4,048,999 497,075 310,339
Waivers/Reimbursement (See Note 3)
(1,448,653) (22,512) (22,750)
Net expenses
3,625,596 4,048,999 474,563 287,589
Net investment income
16,456,895 7,152,094 6,699,897 6,037,689
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities
(52,616,783) (31,897,112) (2,441,227) (4,917,362)
Investment in affiliates
(2,109,628) (21,778)
In-Kind redemptions
6,303,788 (613,021) 5,486,793 6,897,755
Affiliates in-kind redemptions
(55,744) 115
Swap transactions
(1,630,717) 9,045,469
Foreign currency transactions
(315,507) (141,765) (43,263)
Net realized gain (loss)
(50,109,084) (23,801,834) 2,903,801 1,937,130
Net change in net unrealized appreciation (depreciation) on:
Investment securities
32,160,783 13,585,573 7,531,985 6,863,196
Investment in affiliates
1,315,491
Foreign currency translations
47,089 66,260 46,303
Net change in net unrealized appreciation (depreciation)
33,476,274 13,632,662 7,598,245 6,909,499
Net realized and unrealized gain (loss)
(16,632,810) (10,169,172) 10,502,046 8,846,629
Net Increase (Decrease) in Net Assets Resulting from Operations
$ (175,915) $ (3,017,078) $ 17,201,943 $ 14,884,318
*Net of foreign taxes withheld of:
$ $ 384,044 $ 835,520 $ 636,111
See notes to financial statements.
154

TABLE OF CONTENTS
Statements of Operations (continued)
For the year ended April 30, 2023
IQ
Candriam ESG
U.S. Mid Cap
Equity ETF**
IQ Candriam
ESG U.S. Large
Cap Equity ETF
IQ Chaikin U.S.
Large Cap ETF
IQ Chaikin U.S.
Small Cap ETF
Investment Income
Dividend income*
$ 50,570 $ 5,942,199 $ 4,848,229 $ 4,016,659
Non-cash dividend income
225,376
Securities lending income, net of borrower rebates
6,516 7,979 27,700
Total investment income
50,570 5,948,715 4,856,208 4,269,735
Expenses
Advisory fees (See Note 3)
4,203 347,450 707,412 818,765
Trustee fees
598 30,967 23,003 18,803
Legal fees
363
Compliance fees
28 915 673 556
Proxy fees
7,011 4,691 5,553
Miscellaneous
59 14,624 10,721 8,031
Total expenses
5,251 400,967 746,500 851,708
Waivers/Reimbursement (See Note 3)
(1,044) (46,513) (34,403) (27,368)
Net expenses
4,207 354,454 712,097 824,340
Net investment income
46,363 5,594,261 4,144,111 3,445,395
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities
(46,102) (5,589,459) (9,094,869) (16,528,792)
In-Kind redemptions
100,931 17,484,477 1,725,837 7,498,705
Net realized gain (loss)
54,829 11,895,018 (7,369,032) (9,030,087)
Net change in net unrealized appreciation (depreciation) on:
Investment securities
227,923 (10,880,947) 10,322,520 (196,040)
Net change in net unrealized appreciation (depreciation)
227,923 (10,880,947) 10,322,520 (196,040)
Net realized and unrealized gain (loss)
282,752 1,014,071 2,953,488 (9,226,127)
Net Increase (Decrease) in Net Assets Resulting from Operations
$ 329,115 $ 6,608,332 $ 7,097,599 $ (5,780,732)
*Net of foreign taxes withheld of:
$ 96 $ $ 9,090 $ 2,026
** Commencement of operations October 25, 2022.
See notes to financial statements.
155​

TABLE OF CONTENTS
Statements of Operations (continued)
For the year ended April 30, 2023
IQ CBRE
NextGen Real
Estate ETF
IQ FTSE
International
Equity
Currency
Neutral ETF
IQ U.S. Mid
Cap R&D
Leaders ETF
IQ U.S. Large
Cap R&D
Leaders ETF
Investment Income
Dividend income*
$ 943,173 $ 8,708,359 $ 34,368 $ 67,549
Non-cash dividend income
592,939
Securities lending income, net of borrower rebates
1,622 36,332 5,918 661
Total investment income
944,795 9,337,630 40,286 68,210
Expenses
Advisory fees (See Note 3)
193,468 644,706 6,685 5,983
Proxy fees
4,629 10,147 174 128
Trustee fees
2,516 21,118 335 339
Compliance fees
64 620 10 10
Miscellaneous
1,189 13,298 220 223
Total expenses
201,866 689,889 7,424 6,683
Waivers/Reimbursement (See Note 3)
(1,973) (132,653) (566) (573)
Net expenses
199,893 557,236 6,858 6,110
Net investment income
744,902 8,780,394 33,428 62,100
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities
(8,417,014) (9,742,798) (360,556) (120,856)
In-Kind redemptions
(407,444) 6,875,302
Forward foreign currency contracts
7,913,790
Foreign currency transactions
3,574 (94,496)
Net realized gain (loss)
(8,820,884) 4,951,798 (360,556) (120,856)
Net change in net unrealized appreciation
(depreciation) on:
Investment securities
1,584,349 21,110,561 (36,414) 229,960
Forward foreign currency contracts
(7,375,002)
Foreign currency translations
645 88,657
Net change in net unrealized appreciation (depreciation)
1,584,994 13,824,216 (36,414) 229,960
Net realized and unrealized gain (loss)
(7,235,890) 18,776,014 (396,970) 109,104
Net Increase (Decrease) in Net Assets Resulting from Operations
$ (6,490,988) $ 27,556,408 $ (363,542) $ 171,204
*Net of foreign taxes withheld of:
$ 17,527 $ 811,669 $ $ 15
See notes to financial statements.
156

TABLE OF CONTENTS
Statements of Operations (continued)
For the year ended April 30, 2023
IQ Global
Equity R&D
Leaders ETF
IQ Global
Resources ETF
IQ Real Return
ETF
IQ Clean
Oceans ETF
Investment Income
Dividend income*
$ 105,334 $ 1,485,301 $ 224,812 $ 128,038
Non-cash dividend income
160,562
Interest income
382,725
Securities lending income, net of borrower rebates
1,262 3,350 1,677 586
Total investment income
106,596 1,649,213 609,214 128,624
Expenses
Advisory fees (See Note 3)
8,085 112,234 33,310 22,251
Trustee fees
344 3,106 773 302
Proxy fees
128 4,103 2,465 280
Compliance fees
10 90 26 11
Miscellaneous
221 1,467 328 251
Total expenses
8,788 121,000 36,902 23,095
Waivers/Reimbursement (See Note 3)
(573) (4,658) (6,877) (565)
Net expenses
8,215 116,342 30,025 22,530
Net investment income
98,381 1,532,871 579,189 106,094
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities
(174,578) (901,642) (157,386) (814,365)
In-Kind redemptions
1,946,102 (1,340,684)
Foreign currency transactions
(1,074) (12,628) (5,526)
Net realized gain (loss)
(175,652) 1,031,832 (1,498,070) (819,891)
Net change in net unrealized appreciation (depreciation) on:
Investment securities
373,906 (1,362,840) 57,082 840,705
Foreign currency translations
398 3,875 534
Net change in net unrealized appreciation (depreciation)
374,304 (1,358,965) 57,082 841,239
Net realized and unrealized gain (loss)
198,652 (327,133) (1,440,988) 21,348
Net Increase (Decrease) in Net Assets Resulting from Operations
$ 297,033 $ 1,205,738 $ (861,799) $ 127,442
*Net of foreign taxes withheld of:
$ 12,011 $ 60,651 $ 2 $ 14,186
See notes to financial statements.
157​

TABLE OF CONTENTS
Statements of Operations (continued)
For the year ended April 30, 2023
IQ Cleaner
Transport ETF
IQ Engender
Equality ETF
IQ Healthy
Hearts ETF
Investment Income
Dividend income*
$ 172,431 $ 99,563 $ 126,559
Securities lending income, net of borrower rebates
1,217 95 545
Total investment income
173,648 99,658 127,104
Expenses
Advisory fees (See Note 3)
23,010 24,158 33,409
Proxy fees
344 254 477
Trustee fees
298 324 594
Compliance fees
11 13 17
Miscellaneous
233 256 315
Total expenses
23,896 25,005 34,812
Waivers/Reimbursement (See Note 3)
(544) (594) (924)
Net expenses
23,352 24,411 33,888
Net investment income
150,296 75,247 93,216
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities
(742,874) (684,646) (456,443)
In-Kind redemptions
(51,933)
Foreign currency transactions
(894) (1,383)
Net realized gain (loss)
(795,701) (684,646) (457,826)
Net change in net unrealized appreciation (depreciation) on:
Investment securities
685,587 899,945 803,356
Foreign currency translations
520 900
Net change in net unrealized appreciation (depreciation)
686,107 899,945 804,256
Net realized and unrealized gain (loss)
(109,594) 215,299 346,430
Net Increase (Decrease) in Net Assets Resulting from Operations
$ 40,702 $ 290,546 $ 439,646
*Net of foreign taxes withheld of:
$ 23,244 $ $ 7,317
See notes to financial statements.
158

TABLE OF CONTENTS
Statements of Changes in Net Assets 
IQ Hedge Multi-Strategy
Tracker ETF
IQ Merger Arbitrage ETF
For the Year Ended April 30,
For the Year Ended April 30,
2023
2022
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 16,456,895 $ 10,548,049 $ 7,152,094 $ 1,951,662
Net realized gain (loss)
(50,109,084) (372,625) (23,801,834) 11,394,354
Net change in net unrealized appreciation (depreciation)
33,476,274 (66,883,511) 13,632,662 (53,357,233)
Net increase (decrease) in net assets resulting from operations
(175,915) (56,708,087) (3,017,078) (40,011,217)
Distributions to Shareholders
(12,443,799) (2,417,467)
Capital Share Transactions
Proceeds from shares created
266,615,756 188,917,002 40,919,459 212,439,115
Cost of shares redeemed
(404,767,304) (168,098,260) (169,342,336) (327,072,852)
Net increase (decrease) from capital share transactions
(138,151,548) 20,818,742 (128,422,877) (114,633,737)
Total increase (decrease) in net assets
(150,771,262) (38,306,812) (131,439,955) (154,644,954)
Net Assets
Beginning of year
757,270,489 795,577,301 591,633,626 746,278,580
End of year
$ 606,499,227 $ 757,270,489 $ 460,193,671 $ 591,633,626
Changes in Shares Outstanding
Shares outstanding, beginning of year
25,450,000 24,850,000 18,600,000 22,200,000
Shares created
9,200,000 6,000,000 1,300,000 6,350,000
Shares redeemed
(14,000,000) (5,400,000) (5,400,000) (9,950,000)
Shares outstanding, end of year
20,650,000
25,450,000
14,500,000
18,600,000
See notes to financial statements.
159​

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ 500 International ETF
IQ Candriam ESG International
Equity ETF
For the Year Ended April 30,
For the Year Ended April 30,
2023
2022
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 6,699,897 $ 7,508,383 $ 6,037,689 $ 5,887,425
Net realized gain (loss)
2,903,801 14,746,590 1,937,130 2,216,181
Net change in net unrealized appreciation (depreciation)
7,598,245 (30,395,524) 6,909,499 (25,216,237)
Net increase (decrease) in net assets resulting from
operations
17,201,943 (8,140,551) 14,884,318 (17,112,631)
Distributions to Shareholders
(6,462,947) (8,747,984) (5,958,535) (5,802,531)
Capital Share Transactions
Proceeds from shares created
17,564,763 39,551,613 20,709,401 48,137,169
Cost of shares redeemed
(42,849,876) (56,421,480) (35,761,982) (13,374,956)
Net increase (decrease) from capital share transactions
(25,285,113) (16,869,867) (15,052,581) 34,762,213
Total increase (decrease) in net assets
(14,546,117) (33,758,402) (6,126,798) 11,847,051
Net Assets
Beginning of year
210,577,722 244,336,124 198,798,155 186,951,104
End of year
$
196,031,605
$
210,577,722
$
192,671,357
$
198,798,155
Changes in Shares Outstanding
Shares outstanding, beginning of year
7,000,000 7,500,000 7,600,000 6,400,000
Shares created
650,000 1,200,000 850,000 1,650,000
Shares redeemed
(1,450,000) (1,700,000) (1,400,000) (450,000)
Shares outstanding, end of year
6,200,000
7,000,000
7,050,000
7,600,000
See notes to financial statements.
160

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ
Candriam ESG
U.S. Mid Cap
Equity ETF
IQ Candriam ESG U.S. Large
Cap Equity ETF
For the Period
October 25,
2022* to
April 30, 2023
For the Year Ended
April 30,
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 46,363 $ 5,594,261 $ 5,661,377
Net realized gain (loss)
54,829 11,895,018 32,244,112
Net change in net unrealized appreciation (depreciation)
227,923 (10,880,947) (33,254,201)
Net increase (decrease) in net assets resulting from operations
329,115 6,608,332 4,651,288
Distributions to Shareholders
(39,786) (5,433,110) (5,632,747)
Capital Share Transactions
Proceeds from shares created
6,371,845 35,271,704 125,093,567
Cost of shares redeemed
(1,312,481) (88,537,392) (106,279,575)
Net increase (decrease) from capital share transactions
5,059,364 (53,265,688) 18,813,992
Total increase (decrease) in net assets
5,348,693 (52,090,466) 17,832,533
Net Assets
Beginning of period
428,534,850 410,702,317
End of period
$ 5,348,693 $ 376,444,384 $ 428,534,850
Changes in Shares Outstanding
Shares outstanding, beginning of period
12,050,000 11,550,000
Shares created
250,000 1,050,000 3,250,000
Shares redeemed
(50,000) (2,550,000) (2,750,000)
Shares outstanding, end of period
200,000
10,550,000
12,050,000
*
Commencement of operations.
See notes to financial statements.
161​

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ Chaikin U.S. Large Cap ETF
IQ Chaikin U.S. Small Cap ETF
For the Year Ended April 30,
For the Year Ended April 30,
2023
2022
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 4,144,111 $ 3,750,247 $ 3,445,395 $ 2,616,246
Net realized gain (loss)
(7,369,032) 31,187,167 (9,030,087) 13,283,068
Net change in net unrealized appreciation (depreciation)
10,322,520 (34,780,530) (196,040) (31,440,047)
Net increase (decrease) in net assets resulting from
operations
7,097,599 156,884 (5,780,732) (15,540,733)
Distributions to Shareholders
(4,210,806) (3,470,326) (3,441,045) (2,747,303)
Capital Share Transactions
Proceeds from shares created
4,755,604 15,815,556 105,875,729 31,395,599
Cost of shares redeemed
(36,334,695) (11,791,217) (38,759,024) (33,458,171)
Net increase (decrease) from capital share transactions
(31,579,091) 4,024,339 67,116,705 (2,062,572)
Total increase (decrease) in net assets
(28,692,298) 710,897 57,894,928 (20,350,608)
Net Assets
Beginning of year
306,318,571 305,607,674 186,308,438 206,659,046
End of year
$
277,626,273
$
306,318,571
$
244,203,366
$
186,308,438
Changes in Shares Outstanding
Shares outstanding, beginning of year
9,500,000 9,400,000 5,850,000 5,900,000
Shares created
150,000 450,000 3,300,000 900,000
Shares redeemed
(1,150,000) (350,000) (1,200,000) (950,000)
Shares outstanding, end of year
8,500,000
9,500,000
7,950,000
5,850,000
See notes to financial statements.
162

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ CBRE NextGen Real
Estate ETF
IQ FTSE International Equity
Currency Neutral ETF
For the Year Ended April 30,
For the Year Ended April 30,
2023
2022
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 744,902 $ 774,102 $ 8,780,394 $ 8,517,908
Net realized gain (loss)
(8,820,884) 5,868,280 4,951,798 10,657,101
Net change in net unrealized appreciation (depreciation)
1,584,994 (6,397,027) 13,824,216 (27,937,419)
Net increase (decrease) in net assets resulting from operations
(6,490,988) 245,355 27,556,408 (8,762,410)
Distributions to Shareholders
(1,257,827) (1,830,575) (13,451,645) (9,308,477)
Capital Share Transactions
Proceeds from shares created
2,239,801 8,980,685 82,169,189 3,703,984
Cost of shares redeemed
(11,207,822) (19,486,633) (36,452,098) (30,599,986)
Net increase (decrease) from capital share transactions
(8,968,021) (10,505,948) 45,717,091 (26,896,002)
Total increase (decrease) in net assets
(16,716,836) (12,091,168) 59,821,854 (44,966,889)
Net Assets
Beginning of year
40,217,968 52,309,136 265,420,866 310,387,755
End of year
$ 23,501,132 $ 40,217,968 $ 325,242,720 $ 265,420,866
Changes in Shares Outstanding
Shares outstanding, beginning of year
1,650,000 2,050,000 11,600,000 12,750,000
Shares created
100,000 350,000 3,850,000 150,000
Shares redeemed
(550,000) (750,000) (1,650,000) (1,300,000)
Shares outstanding, end of year
1,200,000
1,650,000
13,800,000
11,600,000
See notes to financial statements.
163​

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ U.S. Mid Cap R&D
Leaders ETF
IQ U.S. Large Cap R&D
Leaders ETF
For the Year
Ended
April 30, 2023
For the Period
February 8,
2022* to
April 30, 2022
For the Year
Ended
April 30, 2023
For the Period
February 8,
2022* to
April 30, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 33,428 $ 6,772 $ 62,100 $ 13,366
Net realized gain (loss)
(360,556) 76,601 (120,856) 44,314
Net change in net unrealized appreciation (depreciation) 
(36,414) (602,359) 229,960 (542,222)
Net increase (decrease) in net assets resulting from operations
(363,542) (518,986) 171,204 (484,542)
Distributions to Shareholders
(30,506) (6,272) (62,738) (8,288)
Capital Share Transactions
Proceeds from shares created
6,290,485 6,245,569
Cost of shares redeemed
(1,266,526) (1,258,771)
Net increase (decrease) from capital share transactions
5,023,959 4,986,798
Total increase (decrease) in net assets
(394,048) 4,498,701 108,466 4,493,968
Net Assets
Beginning of period
4,498,701 4,493,968
End of period
$ 4,104,653 $ 4,498,701 $ 4,602,434 $ 4,493,968
Changes in Shares Outstanding
Shares outstanding, beginning of period
200,000 200,000
Shares created
250,000 250,000
Shares redeemed
(50,000) (50,000)
Shares outstanding, end of period
200,000
200,000
200,000
200,000
*
Commencement of operations.
See notes to financial statements.
164

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ Global Equity R&D
Leaders ETF
IQ Global Resources ETF
For the Year
Ended
April 30, 2023
For the Period
February 8,
2022* to
April 30, 2022
For the Year Ended
April 30,
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 98,381 $ 23,275 $ 1,532,871 $ 919,655
Net realized gain (loss)
(175,652) (4,103) 1,031,832 2,389,043
Net change in net unrealized appreciation (depreciation)
374,304 (553,303) (1,358,965) 1,624,630
Net increase (decrease) in net assets resulting from operations
297,033 (534,131) 1,205,738 4,933,328
Distributions to Shareholders
(97,529) (11,114) (1,420,439)
Capital Share Transactions
Proceeds from shares created
1,094,164 6,223,519 8,695,439 14,010,013
Cost of shares redeemed
(1,220,944) (8,259,764) (4,893,460)
Net increase (decrease) from capital share
transactions
1,094,164 5,002,575 435,675 9,116,553
Total increase (decrease) in net assets
1,293,668 4,457,330 220,974 14,049,881
Net Assets
Beginning of period
4,457,330 34,070,390 20,020,509
End of period
$ 5,750,998 $ 4,457,330 $ 34,291,364 $ 34,070,390
Changes in Shares Outstanding
Shares outstanding, beginning of period
200,000 1,000,000 700,000
Shares created
50,000 250,000 250,000 450,000
Shares redeemed
(50,000) (250,000) (150,000)
Shares outstanding, end of period
250,000
200,000
1,000,000
1,000,000
*
Commencement of operations.
See notes to financial statements.
165​

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ Real Return ETF
IQ Clean Oceans ETF
For the Year Ended
April 30,
For the Year
Ended
April 30, 2023
For the Period
October 21,
2021* to
April 30, 2022
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 579,189 $ 369,143 $ 106,094 $ 51,936
Net realized gain (loss)
(1,498,070) 478,553 (819,891) 11,942
Net change in net unrealized appreciation (depreciation)
57,082 (855,230) 841,239 (921,579)
Net increase (decrease) in net assets resulting from operations
(861,799) (7,534) 127,442 (848,701)
Distributions to Shareholders
(421,464) (307,104) (73,790) (34,323)
Capital Share Transactions
Proceeds from shares created
12,449,377 7,404,302
Cost of shares redeemed
(19,214,614) (38,513,996) (1,264,476)
Net increase (decrease) from capital share transactions
(19,214,614) (26,064,619) 6,139,826
Total increase (decrease) in net assets
(20,497,877) (26,379,257) 53,652 5,256,802
Net Assets
Beginning of period
26,856,076 53,235,333 5,256,802
End of period
$ 6,358,199 $ 26,856,076 $ 5,310,454 $ 5,256,802
Changes in Shares Outstanding
Shares outstanding, beginning of period
1,000,000 1,950,000 250,000
Shares created
450,000 300,000
Shares redeemed
(750,000) (1,400,000) (50,000)
Shares outstanding, end of period
250,000
1,000,000
250,000
250,000
*
Commencement of operations.
See notes to financial statements.
166

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ Cleaner Transport ETF
IQ Engender Equality ETF
For the Year
Ended
April 30, 2023
For the Period
October 21,
2021* to
April 30, 2022
For the Year
Ended
April 30, 2023
For the Period
October 21,
2021* to
April 30, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 150,296 $ 32,833 $ 75,247 $ 50,111
Net realized gain (loss)
(795,701) (97,242) (684,646) 12,314
Net change in net unrealized appreciation
(depreciation)
686,107 (1,201,606) 899,945 (847,517)
Net increase (decrease) in net assets resulting from operations
40,702 (1,266,015) 290,546 (785,092)
Distributions to Shareholders
(119,864) (27,324) (79,325) (40,598)
Capital Share Transactions
Proceeds from shares created
1,052,907 8,587,414 7,534,928
Cost of shares redeemed
(962,562) (1,116,668) (1,253,372)
Net increase (decrease) from capital share transactions
90,345 7,470,746 6,281,556
Total increase (decrease) in net assets
11,183 6,177,407 211,221 5,455,866
Net Assets
Beginning of period
6,177,407 5,455,866
End of period
$ 6,188,590 $ 6,177,407 $ 5,667,087 $ 5,455,866
Changes in Shares Outstanding
Shares outstanding, beginning of period
300,000 250,000
Shares created
50,000 350,000 300,000
Shares redeemed
(50,000) (50,000) (50,000)
Shares outstanding, end of period
300,000
300,000
250,000
250,000
*
Commencement of operations.
See notes to financial statements.
167​

TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
IQ Healthy Hearts ETF
For the Year Ended April 30,
2023
2022
Increase (Decrease) in Net Assets from Operations
Net investment income
$ 93,216 $ 80,647
Net realized gain (loss)
(457,826) 549,101
Net change in net unrealized appreciation (depreciation)
804,256 (247,569)
Net increase (decrease) in net assets resulting from operations
439,646 382,179
Distributions to Shareholders
(95,171) (80,268)
Capital Share Transactions
Proceeds from shares created
1,282,189 4,190,216
Cost of shares redeemed
(4,158,314)
Net increase (decrease) from capital share transactions
1,282,189 31,902
Total increase (decrease) in net assets
1,626,664 333,813
Net Assets
Beginning of period
6,893,257 6,559,444
End of period
$
8,519,921
$
6,893,257
Changes in Shares Outstanding
Shares outstanding, beginning of period
250,000 250,000
Shares created
50,000 150,000
Shares redeemed
(150,000)
Shares outstanding, end of period
300,000
250,000
See notes to financial statements.
168

TABLE OF CONTENTS
Financial Highlights 
Selected Data for a Share of Capital Stock Outstanding
IQ Hedge Multi-Strategy Tracker ETF
For the Year Ended April 30,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 29.76 $ 32.02 $ 29.41 $ 30.29 $ 30.39
Income from Investment Operations
Net investment income(a)(b)
0.72 0.41 0.42 0.75 0.72
Net realized and unrealized gain (loss)
(0.54) (2.65) 2.79 (1.04) (0.27)
Distributions of net realized gains from investments
in other investment companies
0.07 0.03 0.00(c)
Net increase (decrease) in net assets resulting from investment operations
0.18 (2.17) 3.24 (0.29) 0.45
Distributions from:
Net investment income
(0.57) (0.09) (0.63) (0.59) (0.55)
Net asset value, end of year
$ 29.37 $ 29.76 $ 32.02 $ 29.41 $ 30.29
Market price, end of year
$ 29.38 $ 29.75 $ 32.01 $ 29.34 $ 30.28
Total Return
Total investment return based on net asset value(d)
0.68% (6.80)% 11.01% (1.04)% 1.56%
Total investment return based on market
price(e)
0.73% (6.80)% 11.26% (1.26)% 1.56%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 606,499 $ 757,270 $ 795,577 $ 739,660 $ 993,422
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)
0.55%(g) 0.54% 0.54% 0.54% 0.54%
Expenses excluding waivers/reimbursements(f)
0.77% 0.76% 0.76% 0.76% 0.76%
Net investment income (loss)(b)
2.50% 1.29% 1.35% 2.49% 2.40%
Portfolio turnover rate(h)
94% 138% 163% 166% 137%
(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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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)
The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.
(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.
169​

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Merger Arbitrage ETF
For the Year Ended April 30,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 31.81 $ 33.62 $ 31.53 $ 31.50 $ 30.72
Income from Investment Operations
Net investment income(a)(b)
0.43 0.09 0.31 0.14 0.07
Net realized and unrealized gain (loss)
(0.50) (1.90) 2.55 (0.11) 0.71
Distributions of net realized gains from investments in other investment
companies
0.00(c) 0.00(c) 0.00(c)
Net increase (decrease) in net assets resulting from investment operations
(0.07) (1.81) 2.86 0.03 0.78
Distributions from:
Net investment income
(0.77)
Net asset value, end of year
$ 31.74 $ 31.81 $ 33.62 $ 31.53 $ 31.50
Market price, end of year
$ 31.72 $ 31.78 $ 33.67 $ 31.45 $ 31.48
Total Return
Total investment return based on net asset value(d)
(0.21)% (5.38)% 9.07% 0.10% 2.52%
Total investment return based on market price(e)
(0.19)% (5.61)% 9.53% (0.10)% 2.37%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 460,194 $ 591,634 $ 746,279 $ 723,582 $ 985,800
Ratio to average net assets of:
Expenses(f)
0.77% 0.76% 0.76% 0.76% 0.76%
Net investment income (loss)(b)
1.36% 0.28% 0.94% 0.42% 0.21%
Portfolio turnover rate(g)
367% 314% 313% 308% 337%
(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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
170

TABLE OF CONTENTS
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
2023
2022
2021
2020
Net asset value, beginning of period
$ 30.08 $ 32.58 $ 22.29 $ 27.64 $ 25.50
Income from Investment Operations
Net investment income(b)(c)
1.01 1.03 0.77 0.72 0.39
Net realized and unrealized gain (loss)
1.53 (2.35) 10.19 (5.40) 1.77
Net increase (decrease) in net assets resulting from investment operations
2.54 (1.32) 10.96 (4.68) 2.16
Distributions from:
Net investment income
(1.00) (1.18) (0.67) (0.67) (0.02)
Net asset value, end of period
$ 31.62 $ 30.08 $ 32.58 $ 22.29 $ 27.64
Market price, end of period
$ 31.70 $ 29.74 $ 32.52 $ 22.10 $ 27.65
Total Return
Total investment return based on net asset value(d)
8.93% (4.29)% 49.88% (17.33)% 8.47%
Total investment return based on market price(e)
10.47% (5.21)% 50.94% (18.07)% 8.52%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 196,032 $ 210,578 $ 244,336 $ 218,451 $ 85,675
Ratio to average net assets of:
Expenses net of waivers/​
reimbursements(g)
0.25% 0.25% 0.25% 0.25% 0.25%(h)
Expenses excluding waivers/ reimbursements(g)
0.26% 0.26% 0.26% 0.26% 0.26%(h)
Net investment income (loss)(c)
3.56% 3.15% 2.86% 2.81% 3.90%(h)
Portfolio turnover rate(i)
20% 19% 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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
171​

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Candriam ESG International Equity ETF
For the Year Ended April 30,
For the Period
December 17,
2019(a) to
April 30, 2020
2023
2022
2021
Net asset value, beginning of period
$ 26.16 $ 29.21 $ 21.00 $ 25.19
Income from Investment Operations
Net investment income(b)(c)
0.79 0.85 0.62 0.26
Net realized and unrealized gain (loss)
1.16 (3.05) 8.01 (4.34)
Net increase (decrease) in net assets resulting from investment operations
1.95 (2.20) 8.63 (4.08)
Distributions from:
Net investment income
(0.78) (0.85) (0.42) (0.11)
Net asset value, end of period
$ 27.33 $ 26.16 $ 29.21 $ 21.00
Market price, end of period
$ 27.40 $ 25.79 $ 29.25 $ 20.87
Total Return
Total investment return based on net asset value(d)
7.98% (7.82)% 41.45% (16.18)%
Total investment return based on market price(e)
9.81% (9.25)% 42.51% (16.68)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 192,671 $ 198,798 $ 186,951 $ 46,196
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.15% 0.15% 0.15% 0.15%(h)
Expenses excluding waivers/reimbursements(g)
0.16% 0.16% 0.16% 0.16%(h)
Net investment income (loss)(c)
3.19% 2.90% 2.41% 3.20%(h)
Portfolio turnover rate(i)
17% 10% 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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
172

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Candriam ESG
U.S. Mid Cap
Equity ETF
For the Period
October 25,
2022(a) to
April 30, 2023
Net asset value, beginning of period
$ 25.00
Income from Investment Operations
Net investment income(b)(c)
0.23
Net realized and unrealized gain (loss)
1.69
Net increase (decrease) in net assets resulting from investment operations
1.92
Distributions from:
Net investment income
(0.18)
Net asset value, end of period
$ 26.74
Market price, end of period
$ 26.75
Total Return
Total investment return based on net asset value(d)
6.85%
Total investment return based on market price(e)
6.88%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 5,349
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.15%(h)
Expenses excluding waivers/reimbursements(g)
0.19%(h)
Net investment income (loss)(c)
1.65%(h)
Portfolio turnover rate(i)
13%
(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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
173​

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Candriam ESG U.S. Large Cap Equity ETF
For the Year Ended April 30,
For the Period
December 17,
2019(a) to
April 30, 2020
2023
2022
2021
Net asset value, beginning of period
$ 35.56 $ 35.56 $ 24.13 $ 25.18
Income from Investment Operations
Net investment income(b)(c)
0.49 0.46 0.42 0.15
Net realized and unrealized gain (loss)
0.11 (0.01) 11.32 (1.08)
Net increase (decrease) in net assets resulting from investment operations
0.60 0.45 11.74 (0.93)
Distributions from:
Net investment income
(0.48) (0.45) (0.31) (0.12)
Net asset value, end of period
$ 35.68 $ 35.56 $ 35.56 $ 24.13
Market price, end of period
$ 35.68 $ 35.58 $ 35.57 $ 24.12
Total Return
Total investment return based on net asset value(d)
1.81% 1.21% 48.85% (3.59)%
Total investment return based on market price(e)
1.75% 1.23% 49.00% (3.64)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 376,444 $ 428,535 $ 410,702 $ 6,034
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.09% 0.09% 0.09% 0.09%(h)
Expenses excluding waivers/reimbursements(g)
0.10% 0.10% 0.10% 0.11%(h)
Net investment income (loss)(c)
1.45% 1.21% 1.35% 1.67%(h)
Portfolio turnover rate(i)
19% 5% 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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
174

TABLE OF CONTENTS
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,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 32.24 $ 32.51 $ 21.95 $ 24.75 $ 25.30
Income from Investment Operations
Net investment income(a)(b)
0.46 0.40 0.38 0.58 0.48
Net realized and unrealized gain (loss)
0.43 (0.30) 10.60 (2.80) (0.53)
Net increase (decrease) in net assets resulting from investment operations
0.89 0.10 10.98 (2.22) (0.05)
Distributions from:
Net investment income
(0.47) (0.37) (0.42) (0.58) (0.50)
Net asset value, end of year
$ 32.66 $ 32.24 $ 32.51 $ 21.95 $ 24.75
Market price, end of year
$ 32.66 $ 32.25 $ 32.54 $ 21.92 $ 24.75
Total Return
Total investment return based on net asset value(c)
2.85% 0.24% 50.46% (9.04)% (0.13)%
Total investment return based on market price(d)
2.83% 0.17% 50.82% (9.18)% (0.13)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 277,626 $ 306,319 $ 305,608 $ 220,630 $ 278,412
Ratio to average net assets of:
Expenses net of waivers/​
reimbursements(e)
0.25% 0.25% 0.25% 0.25% 0.25%
Expenses excluding waivers/​
reimbursements(e)
0.26% 0.26% 0.26% 0.26% 0.26%
Net investment income (loss)(b)
1.46% 1.17% 1.43% 2.35% 1.97%
Portfolio turnover rate(f)
51% 65% 68% 58% 52%
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)
The market price total investment returns are calculated using the mean between the last bid and ask prices.
(e)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
175​

TABLE OF CONTENTS
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,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 31.85 $ 35.03 $ 20.02 $ 25.72 $ 27.13
Income from Investment Operations
Net investment income(a)(b)
0.47 0.44 0.35 0.28 0.27
Net realized and unrealized gain (loss)
(1.13) (3.16) 15.01 (5.72) (1.39)
Net increase (decrease) in net assets resulting from investment operations
(0.66) (2.72) 15.36 (5.44) (1.12)
Distributions from:
Net investment income
(0.47) (0.46) (0.35) (0.26) (0.29)
Net asset value, end of year
$ 30.72 $ 31.85 $ 35.03 $ 20.02 $ 25.72
Market price, end of year
$ 30.71 $ 31.83 $ 35.03 $ 20.02 $ 25.72
Total Return
Total investment return based on net asset value(c)
(2.10)% (7.89)% 77.31% (21.35)% (4.10)%
Total investment return based on market price(d)
(2.07)% (7.95)% 77.34% (21.34)% (4.14)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 244,203 $ 186,308 $ 206,659 $ 103,108 $ 348,555
Ratio to average net assets of:
Expenses net of waivers/​
reimbursements(e)
0.35% 0.35% 0.35% 0.35% 0.35%
Expenses excluding waivers/​
reimbursements(e)
0.36% 0.36% 0.36% 0.36% 0.36%
Net investment income (loss)(b)
1.47% 1.24% 1.29% 1.14% 1.01%
Portfolio turnover rate(f)
62% 64% 76% 43% 57%
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)
The market price total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(e)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
176

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ CBRE NextGen Real Estate ETF
For the Year Ended April 30,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 24.37 $ 25.52 $ 17.32 $ 25.13 $ 24.14
Income from Investment Operations
Net investment income(a)(b)
0.51 0.41 0.33 0.66 0.79
Net realized and unrealized gain (loss)
(4.46) (0.58) 8.67 (7.16) 1.81
Net increase (decrease) in net assets resulting from investment operations
(3.95) (0.17) 9.00 (6.50) 2.60
Distributions from:
Net investment income
(0.84) (0.98) (0.32) (0.62) (0.78)
Return of capital
(0.48) (0.69) (0.83)
Total distributions from net investment income and return of capital
(0.84) (0.98) (0.80) (1.31) (1.61)
Net asset value, end of year
$ 19.58 $ 24.37 $ 25.52 $ 17.32 $ 25.13
Market price, end of year
$ 19.58 $ 24.35 $ 25.51 $ 17.30 $ 25.12
Total Return
Total investment return based on net asset value(c)
(16.22)% (0.76)% 53.54% (27.15)% 11.16%
Total investment return based on market price(d)
(16.15)% (0.84)% 53.68% (27.21)% 11.24%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 23,501 $ 40,218 $ 52,309 $ 40,702 $ 71,615
Ratio to average net assets of:
Expenses net of waivers/​
reimbursements(e)
0.66%(f) 0.70% 0.70% 0.70% 0.70%
Expenses excluding waivers/​
reimbursements(e)
0.66% 0.70% 0.70% 0.70% 0.70%
Net investment income (loss)(b)
2.45% 1.58% 1.66% 2.72% 3.11%
Portfolio turnover rate(g)
137% 31% 38% 26% 26%
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)
The market price total investment returns are calculated using the mean between the last bid and ask prices.
(e)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)
The Ratio includes non-recurring costs associated with a proxy statement of 0.02%.
(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.
177​

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ FTSE International Equity Currency Neutral ETF
For the Year Ended April 30,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 22.88 $ 24.34 $ 18.02 $ 20.59 $ 21.63
Income from Investment Operations
Net investment income(a)(b)
0.71 0.67 0.51 0.56 0.62
Net realized and unrealized gain (loss)
1.05 (1.40) 6.28 (2.51) (0.77)
Net increase (decrease) in net assets resulting from investment operations
1.76 (0.73) 6.79 (1.95) (0.15)
Distributions from:
Net investment income
(0.82) (0.73) (0.47) (0.62) (0.70)
Net realized gain
(0.25) (0.19)
Total distributions from net investment income and realized gains
(1.07) (0.73) (0.47) (0.62) (0.89)
Net asset value, end of year
$ 23.57 $ 22.88 $ 24.34 $ 18.02 $ 20.59
Market price, end of year
$ 23.68 $ 22.60 $ 24.36 $ 17.83 $ 20.65
Total Return
Total investment return based on net asset value(c)
8.31% (3.16)% 38.14% (9.74)% (0.42)%
Total investment return based on market price(d)
10.19% (4.45)% 39.70% (10.94)% (0.03)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 325,243 $ 265,421 $ 310,388 $ 249,575 $ 281,079
Ratio to average net assets of:
Expenses net of waivers/​
reimbursements(e)
0.21% 0.20% 0.20% 0.20% 0.20%
Expenses excluding waivers/​
reimbursements(e)
0.26% 0.36% 0.36% 0.36% 0.36%
Net investment income (loss)(b)
3.25% 2.72% 2.41% 2.78% 3.03%
Portfolio turnover rate(f)
14% 8% 10% 8% 13%
(a)
Based on average shares outstanding.
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)
The market price total investment returns are calculated using the mean between the last bid and ask prices.
(e)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
See notes to financial statements.
178

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ U.S. Mid Cap R&D
Leaders ETF
For the
Year Ended
April 30, 2023
For the Period
February 8,
2022(a) to
April 30, 2022
Net asset value, beginning of period
$ 22.49 $ 25.05
Income from Investment Operations
Net investment income(b)(c)
0.17 0.03
Net realized and unrealized gain (loss)
(1.99) (2.56)
Net increase (decrease) in net assets resulting from investment operations
(1.82) (2.53)
Distributions from:
Net investment income
(0.15) (0.03)
Net asset value, end of period
$ 20.52 $ 22.49
Market price, end of period
$ 20.53 $ 22.49
Total Return
Total investment return based on net asset value(d)
(8.07)% (10.10)%
Total investment return based on market price(e)
(8.03)% (10.11)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 4,105 $ 4,499
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.16% 0.16%(h)
Expenses excluding waivers/reimbursements(g)
0.18% 0.17%(h)
Net investment income (loss)(c)
0.80% 0.61%(h)
Portfolio turnover rate(i)
54% 8%
(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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
179​

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ U.S. Large Cap R&D
Leaders ETF
For the
Year Ended
April 30, 2023
For the Period
February 8,
2022(a) to
April 30, 2022
Net asset value, beginning of period
$ 22.47 $ 24.83
Income from Investment Operations
Net investment income(b)(c)
0.31 0.07
Net realized and unrealized gain (loss)
0.54 (2.39)
Net increase (decrease) in net assets resulting from investment operations
0.85 (2.32)
Distributions from:
Net investment income
(0.31) (0.04)
Net asset value, end of period
$ 23.01 $ 22.47
Market price, end of period
$ 23.02 $ 22.45
Total Return
Total investment return based on net asset value(d)
3.95% (9.37)%
Total investment return based on market price(e)
4.08% (9.43)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 4,602 $ 4,494
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.14% 0.14%(h)
Expenses excluding waivers/reimbursements(g)
0.16% 0.15%(h)
Net investment income (loss)(c)
1.45% 1.21%(h)
Portfolio turnover rate(i)
23% 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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
180

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Global Equity R&D
Leaders ETF
For the
Year Ended
April 30, 2023
For the Period
February 8,
2022(a) to
April 30, 2022
Net asset value, beginning of period
$ 22.29 $ 24.92
Income from Investment Operations
Net investment income(b)(c)
0.46 0.12
Net realized and unrealized gain (loss)
0.71 (2.69)
Net increase (decrease) in net assets resulting from investment operations
1.17 (2.57)
Distributions from:
Net investment income
(0.46) (0.06)
Net asset value, end of period
$ 23.00 $ 22.29
Market price, end of period
$ 23.05 $ 22.12
Total Return
Total investment return based on net asset value(d)
5.54% (10.35)%
Total investment return based on market price(e)
6.54% (11.03)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 5,751 $ 4,457
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.18% 0.18%(h)
Expenses excluding waivers/reimbursements(g)
0.20% 0.19%(h)
Net investment income (loss)(c)
2.19% 2.15%(h)
Portfolio turnover rate(i)
27% 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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
181​

TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Global Resources ETF
For the Year Ended April 30,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 34.07 $ 28.60 $ 24.16 $ 26.97 $ 27.76
Income from Investment Operations
Net investment income(a)(b)
1.35 1.05 0.71 0.66 0.65
Net realized and unrealized gain (loss)
0.16(c) 4.42 6.27 (3.00) (1.24)
Distributions of net realized gains from investments in other investment
companies
0.01 0.00(d)
Net increase (decrease) in net assets resulting from investment operations
1.51 5.47 6.99 (2.34) (0.59)
Distributions from:
Net investment income
(1.29) (2.55) (0.47) (0.20)
Net asset value, end of year
$ 34.29 $ 34.07 $ 28.60 $ 24.16 $ 26.97
Market price, end of year
$ 34.31 $ 33.92 $ 28.55 $ 23.99 $ 27.06
Total Return
Total investment return based on net asset value(e)
4.79% 19.11% 30.07% (8.89)% (2.08)%
Total investment return based on market price(f)
5.32% 18.81% 30.76% (9.81)% (1.38)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 34,291 $ 34,070 $ 20,021 $ 22,948 $ 175,312
Ratio to average net assets of:
Expenses net of waivers/​
reimbursements(g)
0.31%(h) 0.43% 0.76% 0.76% 0.76%
Expenses excluding waivers/ reimbursements(g)
0.32% 0.43% 0.76% 0.76% 0.76%
Net investment income (loss)(b)
4.10% 3.40% 2.70% 2.48% 2.37%
Portfolio turnover rate(i)
17% 77% 98% 100% 132%
(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)
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.
(d)
Less than $0.005 per share.
(e)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(f)
The market price total investment 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)
The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.
(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.
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Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Real Return ETF
For the Year Ended April 30,
2023
2022
2021
2020
2019
Net asset value, beginning of year
$ 26.86 $ 27.30 $ 26.94 $ 27.83 $ 27.47
Income from Investment Operations
Net investment income(a)(b)
1.30 0.22 0.15 0.54 0.49
Net realized and unrealized gain (loss)
(1.92) (0.57) 0.44 (0.84) 0.22
Distributions of net realized gains from investments in other investment
companies
0.11 0.04 0.00(c)
Net increase (decrease) in net assets resulting from investment operations
(0.62) (0.24) 0.63 (0.30) 0.71
Distributions from:
Net investment income
(0.81) (0.20) (0.27) (0.59) (0.35)
Net asset value, end of year
$ 25.43 $ 26.86 $ 27.30 $ 26.94 $ 27.83
Market price, end of year
$ 25.43 $ 26.89 $ 27.29 $ 26.86 $ 27.80
Total Return
Total investment return based on net asset value(d)
(2.30)% (0.90)% 2.33% (1.13)% 2.64%
Total investment return based on market price(e)
(2.40)% (0.77)% 2.60% (1.33)% 2.53%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)
$ 6,358 $ 26,856 $ 53,235 $ 51,188 $ 57,046
Ratio to average net assets of:
Expenses net of waivers/​
reimbursements(f)
0.26%(g) 0.21% 0.21% 0.21% 0.37%
Expenses excluding waivers/ reimbursements(f)
0.32% 0.47% 0.49% 0.49% 0.49%
Net investment income (loss)(b)
5.04% 0.78% 0.56% 1.95% 1.77%
Portfolio turnover rate(h)
13% 114% 66% 68% 97%
(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 total investment 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)
The Ratio includes non-recurring costs associated with a proxy statement of 0.02%.
(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.
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Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Clean Oceans ETF
For the
Year Ended
April 30, 2023
For the Period
October 21,
2021(a) to
April 30, 2022
Net asset value, beginning of period
$ 21.03 $ 25.00
Income from Investment Operations
Net investment income(b)(c)
0.42 0.24
Net realized and unrealized gain (loss)
0.09 (4.07)
Net increase (decrease) in net assets resulting from investment operations
0.51 (3.83)
Distributions from:
Net investment income
(0.30) (0.14)
Net asset value, end of period
$ 21.24 $ 21.03
Market price, end of period
$ 21.25 $ 20.84
Total Return
Total investment return based on net asset value(d)
2.59% (15.36)%
Total investment return based on market price(e)
3.55% (16.13)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 5,310 $ 5,257
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.46%(h) 0.45%(i)
Expenses excluding waivers/reimbursements(g)
0.47% 0.46%(i)
Net investment income (loss)(c)
2.15% 1.93%(i)
Portfolio turnover rate(j)
69% 25%
(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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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)
The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.
(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.
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TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Cleaner Transport ETF
For the
Year Ended
April 30, 2023
For the Period
October 21,
2021(a) to
April 30, 2022
Net asset value, beginning of period
$ 20.59 $ 25.00
Income from Investment Operations
Net investment income(b)(c)
0.58 0.13
Net realized and unrealized gain (loss)
(0.09) (4.45)
Net increase (decrease) in net assets resulting from investment operations
0.49 (4.32)
Distributions from:
Net investment income
(0.45) (0.09)
Net asset value, end of period
$ 20.63 $ 20.59
Market price, end of period
$ 20.63 $ 20.24
Total Return
Total investment return based on net asset value(d)
2.59% (17.30)%
Total investment return based on market price(e)
4.39% (18.72)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 6,189 $ 6,177
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.46%(h) 0.45%(i)
Expenses excluding waivers/reimbursements(g)
0.47% 0.46%(i)
Net investment income (loss)(c)
2.94% 1.00%(i)
Portfolio turnover rate(j)
56% 19%
(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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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)
The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.
(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.
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TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Engender Equality ETF
For the
Year Ended
April 30, 2023
For the Period
October 21,
2021(a) to
April 30, 2022
Net asset value, beginning of period
$ 21.82 $ 25.00
Income from Investment Operations
Net investment income(b)(c)
0.30 0.20
Net realized and unrealized gain (loss)
0.87 (3.22)
Net increase (decrease) in net assets resulting from investment operations
1.17 (3.02)
Distributions from:
Net investment income
(0.32) (0.16)
Net asset value, end of period
$ 22.67 $ 21.82
Market price, end of period
$ 22.67 $ 21.79
Total Return
Total investment return based on net asset value(d)
5.46% (12.10)%
Total investment return based on market price(e)
5.63% (12.24)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 5,667 $ 5,456
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.45% 0.45%(h)
Expenses excluding waivers/reimbursements(g)
0.47% 0.46%(h)
Net investment income (loss)(c)
1.40% 1.61%(h)
Portfolio turnover rate(i)
77% 35%
(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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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.
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TABLE OF CONTENTS
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
IQ Healthy Hearts ETF
For the Year Ended April 30,
For the Period
January 14,
2021(a) to
April 30, 2021
2023
2022
Net asset value, beginning of period
$ 27.57 $ 26.24 $ 24.93
Income from Investment Operations
Net investment income(b)(c)
0.33 0.32 0.14
Net realized and unrealized gain (loss)
0.83 1.33 1.26
Net increase (decrease) in net assets resulting from investment operations
1.16 1.65 1.40
Distributions from:
Net investment income
(0.33) (0.32) (0.09)
Net asset value, end of period
$ 28.40 $ 27.57 $ 26.24
Market price, end of period
$ 28.43 $ 27.51 $ 26.28
Total Return
Total investment return based on net asset value(d)
4.35% 6.32% 5.62%
Total investment return based on market price(e)
4.70% 5.89% 5.77%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)
$ 8,520 $ 6,893 $ 6,559
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)
0.46%(h) 0.45% 0.45%(i)
Expenses excluding waivers/reimbursements(g)
0.47% 0.47% 0.46%(i)
Net investment income (loss)(c)
1.26% 1.15% 1.92%(i)
Portfolio turnover rate(j)
55% 31% 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 total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(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)
The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.
(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.
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TABLE OF CONTENTS
Notes to Financial Statements 
April 30, 2023
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 nineteen 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 Merger Arbitrage ETF
Non-diversified
November 17, 2009
IQ 500 International ETF
Diversified
December 13, 2018
IQ Candriam ESG International Equity ETF
Diversified
December 17, 2019
IQ Candriam ESG U.S. Mid Cap Equity ETF
Diversified
October 25, 2022
IQ Candriam ESG U.S. Large Cap Equity ETF
Diversified
December 17, 2019
IQ Chaikin U.S. Large Cap ETF
Diversified
December 13, 2017
IQ Chaikin U.S. Small Cap ETF
Diversified
May 16, 2017
IQ CBRE NextGen Real Estate ETF
Diversified
June 14, 2011
IQ FTSE International Equity Currency Neutral ETF
Diversified
July 22, 2015
IQ U.S. Mid Cap R&D Leaders ETF
Non-diversified
February 8, 2022
IQ U.S. Large Cap R&D Leaders ETF
Non-diversified
February 8, 2022
IQ Global Equity R&D Leaders ETF
Non-diversified
February 8, 2022
IQ Global Resources ETF
Non-diversified
October 27, 2009
IQ Real Return ETF
Diversified
October 27, 2009
IQ Clean Oceans ETF
Non-diversified
October 21, 2021
IQ Cleaner Transport ETF
Non-diversified
October 21, 2021
IQ Engender Equality ETF
Non-diversified
October 21, 2021
IQ Healthy Hearts ETF
Non-diversified
January 14, 2021
*
Fund is “fund of funds”, meaning that it seeks to achieve its 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”).
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Notes to Financial Statements (continued)
April 30, 2023
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 Merger Arbitrage ETF IQ Merger Arbitrage Index
IQ 500 International ETF IQ 500 International Index
IQ Candriam ESG International Equity ETF IQ Candriam ESG International Equity Index
IQ Candriam ESG U.S. Mid Cap Equity ETF IQ Candriam ESG U.S. Mid Cap Equity Index
IQ Candriam ESG U.S. Large Cap Equity ETF IQ Candriam ESG US Equity Index
IQ Chaikin U.S. Large Cap ETF NASDAQ Chaikin Power U.S. Large Cap Index
IQ Chaikin U.S. Small Cap ETF NASDAQ Chaikin Power U.S. Small Cap Index
IQ CBRE NextGen Real Estate ETF IQ CBRE NextGen Real Estate Index
IQ FTSE International Equity Currency Neutral ETF FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index
IQ U.S. Mid Cap R&D Leaders ETF IQ U.S. Mid Cap R&D Leaders Index
IQ U.S. Large Cap R&D Leaders ETF IQ U.S. Large Cap R&D Leaders Index
IQ Global Equity R&D Leaders ETF IQ Global Equity R&D Leaders Index
IQ Global Resources ETF IQ Global Resources Index
IQ Real Return ETF Bloomberg IQ Multi-Asset Inflation Index
IQ Clean Oceans ETF IQ Candriam Clean Oceans Index
IQ Cleaner Transport ETF IQ Candriam Cleaner Transport Index
IQ Engender Equality ETF Solactive Equileap US Select Gender Equality Index
IQ Healthy Hearts ETF IQ Candriam Healthy Hearts 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.
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TABLE OF CONTENTS
Notes to Financial Statements (continued)
April 30, 2023
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.” The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the Fund’s listed exchange is open for trading. The NAV of the shares of each Fund will be equal to each Fund’s total assets minus each Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places. The consideration for purchase of a Creation Unit of shares of each Fund generally consists of a basket of securities and/or cash that the Fund specifies each day.
Effective September 8, 2022, and pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the “Board”) designated the Advisor as its Valuation Designee (the “Valuation Designee”). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund’s for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Fund's and the Valuation Designee’s policies and procedures (“Valuation Procedures”) govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources.
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.
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Notes to Financial Statements (continued)
April 30, 2023
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 the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares (“Dreyfus Institutional Fund”). The Dreyfus Institutional Fund seeks as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The Dreyfus Institutional Fund  has no redemption restriction and is 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
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securities, the Advisor may employ a market-based valuation approach which may use related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Advisor may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Advisor representatives meet regularly to review and discuss the appropriateness of such fair values using more current information, such as recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events.
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund’s investments at April 30, 2023 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 are no tax liabilities resulting from uncertain income tax positions taken or expected to be taken.
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Dividends and Distributions to Shareholders
Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax return of capital. Therefore, no federal, state and local income tax provisions are required.
Foreign Taxes
The Funds may be subject to foreign withholding taxes on income and other transaction-based taxes imposed by certain countries in which they invest. A portion of the taxes on gains on investments or currency purchases/repatriation may be recoverable. The Funds will accrue such taxes expected and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. Whether or when a Fund will receive a withholding tax refund is subject to a determination by the tax authorities of each country in which the 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, 2023, 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.
Treasury Inflation Protected Securities
The funds may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.
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
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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 is distributed quarterly and capital gains are typically distributed at least annually; except the IQ Real Return ETF typically distributes net investment income monthly, the IQ 500 International ETF typically distributes semi-annually and the IQ Hedge Multi-Strategy Tracker ETF typically distributes annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. Distributions received from the IQ Chaikin U.S. Small Cap ETF and IQ CBRE NextGen Real Estate 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 a REIT held by the fund. The expenses of the investment companies in which the Funds invest are not included in the amounts shown as expenses on the Statements of Operations or in the expense ratios included in the Financial Highlights.
Discounts and premiums on securities purchased, other than Short-Term Investments, for the Funds are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Discounts and premiums on Short-Term Investments are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest method for Short-Term Investments. Income from payment-in-kind securities is accreted daily based on the effective interest method.
Restricted Cash
At April 30, 2023, certain Funds held restricted cash in connection with investments in certain derivative securities. Restricted cash is held in a segregated account with the Funds’ custodian/counterparty broker and is reflected in the Statements of Assets and Liabilities.
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
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Statements of Assets and Liabilities. As of April 30, 2023, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds, Separate Trading of Registered Interest (“STRIPs”) and Principal of Securities and U.S. Treasury Inflation Indexed Notes and Bonds with the following maturities:
Money Market
Mutual Fund
U.S. Government Securities
Fund
Overnight and
Continuous
<30 Days
Between
30 & 90 Days
>90 Days
Total
IQ Hedge Multi-Strategy Tracker ETF
$ 79,158,884 $ $ 1,155,398 $ 45,669,754 $ 125,984,036
IQ Merger Arbitrage ETF
5,702,321 5,702,321
IQ 500 International ETF
7,950,815 30,226 5,246 5,263,522 13,249,809
IQ Candriam ESG International Equity ETF
5,033,377 29,371 2,226 3,920,568 8,985,542
IQ Candriam ESG U.S. Mid Cap Equity ETF
IQ Candriam ESG U.S. Large Cap Equity ETF
16,686 300,646 5,267,092 5,584,424
IQ Chaikin U.S. Large Cap ETF
IQ Chaikin U.S. Small Cap ETF
1,568,667 223,070 4,879,658 6,671,395
IQ CBRE NextGen Real Estate ETF
34,303 11,865 325,609 371,777
IQ FTSE International Equity Currency Neutral ETF
9,578,003 30,597 10,043 7,645,514 17,264,157
IQ U.S. Mid Cap R&D Leaders ETF
158,042 2,815 98,183 259,040
IQ U.S. Large Cap R&D Leaders ETF
25,838 496 8,677 35,011
IQ Global Equity R&D Leaders ETF
319 5,584 5,903
IQ Global Resources ETF
140,158 6,518 633,147 779,823
IQ Real Return ETF
1,144 14,663 196,598 212,405
IQ Clean Oceans ETF
IQ Cleaner Transport ETF
63,324 184 11,542 75,050
IQ Engender Equality ETF
3,989 69,829 73,818
IQ Healthy Hearts ETF
183,068 4,343 102,161 289,572
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.
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At April 30, 2023, 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 Merger Arbitrage ETF
As of April 30, 2023, 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
$ 123,265,696 $ (123,265,696) $ $ $ $
IQ Merger Arbitrage ETF
5,424,691 (5,424,691)
IQ 500 International ETF
12,597,602 (12,597,602)
IQ Candriam ESG International Equity ETF
8,530,514 (8,530,514)
IQ Candriam ESG U.S. Mid Cap Equity ETF
IQ Candriam ESG U.S. Large Cap Equity ETF 
5,549,927 (5,549,927)
IQ Chaikin U.S. Large Cap ETF
IQ Chaikin U.S. Small Cap ETF
6,591,226 (6,591,226)
IQ CBRE NextGen Real Estate ETF
368,885 (368,885)
IQ FTSE International Equity Currency Neutral ETF
16,361,707 (16,361,707)
IQ U.S. Mid Cap R&D Leaders ETF
252,936 (252,936)
IQ U.S. Large Cap R&D Leaders ETF
34,363 (34,363)
IQ Global Equity R&D Leaders ETF
5,745 (5,745)
IQ Global Resources ETF
747,195 (747,195)
IQ Real Return ETF
173,429 (173,429)
IQ Clean Oceans ETF
IQ Cleaner Transport ETF
72,382 (72,382)
IQ Engender Equality ETF
73,543 (73,543)
IQ Healthy Hearts ETF
277,614 (277,614)
1
The amount of collateral presented is limited such that the net amount cannot be less than $0.
As of April 30, 2023, 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 FTSE International Equity Currency Neutral ETF
Morgan Stanley
$ 1,389,329 $ (1,389,329) $ $ 1,598,479 $ (1,389,329) $ 209,150
This does not reflect securities segregated as collateral, as detailed on the Schedule of Investments.
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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 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; (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 Merger Arbitrage ETF
0.75%
IQ 500 International ETF
0.25%
IQ Candriam ESG International Equity ETF
0.15%
IQ Candriam ESG U.S. Mid Cap Equity ETF
0.15%
IQ Candriam ESG U.S. Large Cap Equity ETF
0.09%
IQ Chaikin U.S. Large Cap ETF
0.25%
IQ Chaikin U.S. Small Cap ETF
0.35%
IQ CBRE NextGen Real Estate ETF
0.60%*
IQ FTSE International Equity Currency Neutral ETF
0.19%**
IQ U.S. Mid Cap R&D Leaders ETF
0.16%
IQ U.S. Large Cap R&D Leaders ETF
0.14%
IQ Global Equity R&D Leaders ETF
0.18%
IQ Global Resources ETF
0.30%
IQ Real Return ETF
0.29%
IQ Clean Oceans ETF
0.45%
IQ Cleaner Transport ETF
0.45%
IQ Engender Equality ETF
0.45%
IQ Healthy Hearts ETF
0.45%
*
Prior to August 31, 2022, the annual rate for the Fund was 0.69%.
**
Prior to August 31, 2022, the annual rate for the Fund was 0.35%.
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 Trustees, and the Chief Compliance Officer;
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extraordinary expenses; distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and the advisory fee payable to the Advisor.
The Advisor has entered into a Fee Waiver Agreement with certain Funds under which it has contractually agreed 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 Real Return ETF
0.06%
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
IQ 500 International ETF
0.25%
IQ Candriam ESG International Equity ETF
0.15%
IQ Candriam ESG U.S. Mid Cap Equity ETF
0.15%
IQ Candriam ESG U.S. Large Cap Equity ETF
0.09%
IQ Chaikin U.S. Large Cap ETF
0.25%
IQ Chaikin U.S. Small Cap ETF
0.35%
IQ CBRE NextGen Real Estate ETF
0.60%*
IQ FTSE International Equity Currency Neutral ETF
N/A**
IQ U.S. Mid Cap R&D Leaders ETF
0.16%
IQ U.S. Large Cap R&D Leaders ETF
0.14%
IQ Global Equity R&D Leaders ETF
0.18%
IQ Global Resources ETF
0.30%
IQ Clean Oceans ETF
0.45%
IQ Cleaner Transport ETF
0.45%
IQ Engender Equality ETF
0.45%
IQ Healthy Hearts ETF
0.45%
*
Prior to August 31, 2022, the Fund did not have an Expense Limitation Agreement.
**
The Expense Limitation Agreement for the IQ FTSE International Currency Neutral ETF of 0.20% was terminated August 31, 2022.
The Fee Waiver and Expense Limitation Agreements will remain in effect unless terminated by the Board of Trustees of the Funds.
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As of April 30, 2023, the Adviser reimbursed the following Fund expenses:
Funds
Reimbursed
Expenses
IQ Hedge Multi-Strategy Tracker ETF
$ 1,448,653
IQ Merger Arbitrage ETF
IQ 500 International ETF
22,512
IQ Candriam ESG International Equity ETF
22,750
IQ Candriam ESG U.S. Mid Cap Equity ETF
1,044
IQ Candriam ESG U.S. Large Cap Equity ETF
46,513
IQ Chaikin U.S. Large Cap ETF
34,403
IQ Chaikin U.S. Small Cap ETF
27,368
IQ CBRE NextGen Real Estate ETF
1,973
IQ FTSE International Equity Currency Neutral ETF
132,653
IQ U.S. Mid Cap R&D Leaders ETF
566
IQ U.S. Large Cap R&D Leaders ETF
573
IQ Global Equity R&D Leaders ETF
573
IQ Global Resources ETF
4,658
IQ Real Return ETF
6,877
IQ Clean Oceans ETF
565
IQ Cleaner Transport ETF
544
IQ Engender Equality ETF
594
IQ Healthy Hearts ETF
924
Distribution (12b-1 Fees)
ALPS Distributors, Inc. serves as the Funds’ distributor (the “Distributor”) pursuant to a Distribution Agreement. NYLIFE Distributors LLC has entered into a Service Agreement with the Distributor to market the Funds. The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to 0.10% of each Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each respective Fund’s assets. The Advisor and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.
As described in Note 4 below, the Distributor has entered into Participant Agreements with certain broker-dealers and others that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. As described in Note 4 below, such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds and/or serve as counterparty to derivative transactions with each Fund.
Administrator, Custodian and Transfer Agent
BNY Mellon (in each capacity, the “Administrator,” “Custodian” or “Transfer Agent”) serves as the Funds’ Administrator, Custodian and Transfer Agent pursuant to the Fund Administration and Accounting Agreement. Under the terms of this agreement, the Advisor pays the Funds’ Administrative, Custody and Transfer Agency fees. Pursuant to these agreements, BNY Mellon provides necessary administrative, custody, transfer agency, tax, accounting services and financial reporting for the maintenance and operations of the Trust and the Funds. BNY Mellon is responsible for maintaining the books and records and calculating the daily NAV of the Funds. BNY Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
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4. CAPITAL SHARE TRANSACTIONS
Shares are created and redeemed on a continuous basis at NAV only in groups of 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, 2023, 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
$ 698,858,813 $ 757,468 $ (15,242,000) (14,484,532)
IQ Merger Arbitrage ETF
431,354,290 5,174,972 (5,200,564) (25,592)
IQ 500 International ETF
200,315,790 23,573,860 (21,559,506) 2,014,354
IQ Candriam ESG International Equity ETF
186,052,873 25,094,867 (14,707,507) 10,387,360
IQ Candriam ESG U.S. Mid Cap Equity ETF
5,134,847 512,938 (287,002) 225,936
IQ Candriam ESG U.S. Large Cap Equity ETF
354,338,909 53,038,653 (31,138,796) 21,899,857
IQ Chaikin U.S. Large Cap ETF
266,204,209 23,572,435 (12,348,585) 11,223,850
IQ Chaikin U.S. Small Cap ETF
256,810,306 14,116,263 (25,183,042) (11,066,779)
IQ CBRE NextGen Real Estate ETF
25,953,722 395,620 (2,849,536) (2,453,916)
IQ FTSE International Equity Currency Neutral ETF
323,298,733 45,529,393 (33,777,388) 11,752,005
IQ U.S. Mid Cap R&D Leaders ETF
4,928,603 295,997 (964,916) (668,919)
IQ U.S. Large Cap R&D Leaders ETF
4,944,436 360,989 (680,471) (319,482)
IQ Global Equity R&D Leaders ETF
5,932,607 452,152 (651,603) (199,451)
IQ Global Resources ETF
31,267,861 4,951,154 (1,895,815) 3,055,339
IQ Real Return ETF
7,067,645 103,325 (766,750) (663,425)
IQ Clean Oceans ETF
5,381,887 474,548 (567,531) (92,983)
IQ Cleaner Transport ETF
6,768,990 285,466 (823,024) (537,558)
IQ Engender Equality ETF
5,636,314 552,375 (526,009) 26,366
IQ Healthy Hearts ETF
7,863,439 1,246,309 (425,189) 821,120
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, real estate investment trusts, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at April 30, 2023.
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At April 30, 2023, the components of undistributed or accumulated earnings/losses on a tax-basis were as follows:
Fund
Ordinary
Income
(Loss)1
Net
Capital Gain
(Losses)2
Net Unrealized
Appreciation/​
Depreciation
Total
Earnings/​
(Losses)
IQ Hedge Multi-Strategy Tracker ETF
$ 8,175,332 $ (92,680,103) $ (14,484,532) $ (98,989,303)
IQ Merger Arbitrage ETF
4,247,021 (70,588,070) 62,826 (66,278,223)
IQ 500 International ETF
2,786,160 (7,862,152) 2,008,426 (3,067,566)
IQ Candriam ESG International Equity ETF
1,568,037 (7,061,312) 10,386,028 4,892,753
IQ Candriam ESG U.S. Mid Cap Equity ETF
3,237 (40,866) 225,936 188,307
IQ Candriam ESG U.S. Large Cap Equity ETF
307,832 (7,272,525) 21,899,857 14,935,164
IQ Chaikin U.S. Large Cap ETF
57,288 (47,451,854) 11,223,850 (36,170,716)
IQ Chaikin U.S. Small Cap ETF
8,879 (87,233,611) (11,066,779) (98,291,511)
IQ CBRE NextGen Real Estate ETF
(14,975,720) (2,453,271) (17,428,991)
IQ FTSE International Equity Currency Neutral ETF
570,545 (13,321,686) 11,750,115 (1,001,026)
IQ U.S. Mid Cap R&D Leaders ETF
3,422 (369,137) (668,919) (1,034,634)
IQ U.S. Large Cap R&D Leaders ETF
4,440 (136,107) (319,482) (451,149)
IQ Global Equity R&D Leaders ETF
9,963 (205,018) (199,409) (394,464)
IQ Global Resources ETF
99,804 (61,735,874) 3,053,926 (58,582,144)
IQ Real Return ETF
47,604 (2,203,601) (663,425) (2,819,422)
IQ Clean Oceans ETF
39,466 (851,923) (93,001) (905,458)
IQ Cleaner Transport ETF
28,733 (794,529) (537,414) (1,303,210)
IQ Engender Equality ETF
5,107 (763,220) 26,366 (731,747)
IQ Healthy Hearts ETF
5,161 (581,002) 821,567 245,726
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, real estate investment trusts, swap contracts and post-October losses.
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At April 30, 2023, 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
3,831,928 (3,831,928)
IQ Merger Arbitrage ETF
809,328 (809,328)
IQ 500 International ETF
(5,076,205) 5,076,205
IQ Candriam ESG International Equity ETF
(6,764,612) 6,764,612
IQ Candriam ESG U.S. Mid Cap Equity ETF
(101,022) 101,022
IQ Candriam ESG U.S. Large Cap Equity ETF
(17,447,286) 17,447,286
IQ Chaikin U.S. Large Cap ETF
(1,596,994) 1,596,994
IQ Chaikin U.S. Small Cap ETF
(7,489,183) 7,489,183
IQ CBRE NextGen Real Estate ETF
716,311 (716,311)
IQ FTSE International Equity Currency Neutral ETF
(7,186,217) 7,186,217
IQ U.S. Mid Cap R&D Leaders ETF
IQ U.S. Large Cap R&D Leaders ETF
IQ Global Equity R&D Leaders ETF
IQ Global Resources ETF
(1,890,274) 1,890,274
IQ Real Return ETF
1,359,911 (1,359,911)
IQ Clean Oceans ETF
IQ Cleaner Transport ETF
51,933 (51,933)
IQ Engender Equality ETF
IQ Healthy Hearts ETF
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, underlying investments, distributions in excess of earnings and profits, net operating losses, taxable over-distributions and capital share redemptions utilized as distributions for tax purposes.
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The tax character of distributions paid during the years ended April 30, 2023 and 2022 were as follows:
2023
2022
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
$ 12,443,799 $ $ $ 2,417,467 $ $
IQ Merger Arbitrage ETF
IQ 500 International ETF
6,462,947 8,747,984
IQ Candriam ESG International Equity
ETF
5,958,535 5,802,531
IQ Candriam ESG U.S. Mid Cap Equity
ETF
39,786 N/A N/A N/A
IQ Candriam ESG U.S. Large Cap Equity ETF 
5,433,110 5,632,747
IQ Chaikin U.S. Large Cap ETF
4,210,806 3,470,326
IQ Chaikin U.S. Small Cap ETF
3,441,045 2,747,303
IQ CBRE NextGen Real Estate ETF
1,257,827 1,830,575
IQ FTSE International Equity Currency Neutral ETF
13,451,645 9,308,477
IQ U.S. Mid Cap R&D Leaders ETF
30,506 6,272
IQ U.S. Large Cap R&D Leaders ETF
62,738 8,288
IQ Global Equity R&D Leaders ETF
97,529 11,114
IQ Global Resources ETF
1,420,439
IQ Real Return ETF
421,464 307,104
IQ Clean Oceans ETF
73,790 34,323
IQ Cleaner Transport ETF
119,864 27,324
IQ Engender Equality ETF
79,325 40,598
IQ Healthy Hearts ETF
95,171 80,268
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Capital losses incurred after October 31 (“Post-October Losses”) and certain late year ordinary income losses within the taxable year can be deemed to arise on the first business day of the Funds’ next taxable year. For the year ended April 30, 2023, the Funds incurred and elected to defer to May 1, 2023 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
$ $ $
IQ Merger Arbitrage ETF
IQ 500 International ETF
IQ Candriam ESG International Equity ETF
IQ Candriam ESG U.S. Mid Cap Equity ETF
IQ Candriam ESG U.S. Large Cap Equity ETF
IQ Chaikin U.S. Large Cap ETF
IQ Chaikin U.S. Small Cap ETF
IQ CBRE NextGen Real Estate ETF
IQ FTSE International Equity Currency Neutral ETF
5,341,275 7,980,411
IQ U.S. Mid Cap R&D Leaders ETF
IQ U.S. Large Cap R&D Leaders ETF
IQ Global Equity R&D Leaders ETF
IQ Global Resources ETF
IQ Real Return ETF
IQ Clean Oceans ETF
IQ Cleaner Transport ETF
IQ Engender Equality ETF
IQ Healthy Hearts ETF
At April 30, 2023, 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
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assurance that any Fund will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards expire in amounts and fiscal years as follows:
Fund
Utilized in
Current Year
Short-Term
With No
Expiration
Long-Term
With No
Expiration
IQ Hedge Multi-Strategy Tracker ETF
$ $ 78,004,414 $ 14,675,689
IQ Merger Arbitrage ETF
70,588,070
IQ 500 International ETF
3,499,512 4,362,640
IQ Candriam ESG International Equity ETF
4,110,590 2,950,722
IQ Candriam ESG U.S. Mid Cap Equity ETF
40,866
IQ Candriam ESG U.S. Large Cap Equity ETF
6,392,175 880,350
IQ Chaikin U.S. Large Cap ETF
25,780,152 21,671,702
IQ Chaikin U.S. Small Cap ETF
46,879,810 40,353,801
IQ CBRE NextGen Real Estate ETF
789,419 14,186,301
IQ FTSE International Equity Currency Neutral ETF
2,170,970
IQ U.S. Mid Cap R&D Leaders ETF
323,547 45,590
IQ U.S. Large Cap R&D Leaders ETF
114,904 21,203
IQ Global Equity R&D Leaders ETF
168,411 36,607
IQ Global Resources ETF
33,053,219 28,682,655
IQ Real Return ETF
913,556 1,290,045
IQ Clean Oceans ETF
687,135 164,788
IQ Cleaner Transport ETF
612,884 181,645
IQ Engender Equality ETF
624,032 139,188
IQ Healthy Hearts ETF
276,922 304,080
6. OTHER AFFILIATED PARTIES AND TRANSACTIONS
For the purposes of the financial statements, the Funds assume the following to be holdings by affiliates. As of April 30, 2023, affiliated transactions, if any, are listed at the end of the Fund’s respective Schedule of Investments.
The Advisor is an affiliate of New York Life Investment Management LLC (“NYLIM”) and of New York Life Insurance & Annuity Corporation (“NYLIAC”). The following tables reflect shares of a Fund beneficially owned by NYLIM or NYLIAC or funds or accounts managed by NYLIM or NYLIAC where such holdings exceed 5% of the shares of the fund. As of April 30, 2023, NYLIM and NYLIAC, or fund or accounts managed by NYLIM or NYLIAC, were not known to own beneficially greater than 5% of the shares of any Fund except as set forth below.
New York Life Insurance & Annuity Corporation
Fund
% Ownership
IQ Clean Oceans ETF
76.0%
IQ Cleaner Transport ETF
63.3%
IQ Engender Equality ETF
80.0%
IQ Healthy Hearts ETF
66.3%
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New York Life Investment Management LLC
Fund
% Ownership
IQ 500 International ETF
88.7%
IQ Candriam ESG International Equity ETF
91.5%
IQ Candriam ESG U.S. Mid Cap Equity ETF
95.0%
IQ Candriam ESG U.S. Large Cap Equity ETF
84.1%
IQ Chaikin U.S. Large Cap ETF
98.2%
IQ Chaikin U.S. Small Cap ETF
80.7%
IQ FTSE International Equity Currency Neutral ETF
36.4%
IQ U.S. Mid Cap R&D Leaders ETF
95.0%
IQ U.S. Large Cap R&D Leaders ETF
95.0%
IQ Global Equity R&D Leaders ETF
76.0%
7. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) for the year ended April 30, 2023 are as follows:
Fund
Purchases
Sales
Purchases In-Kind
Sales In-Kind
IQ Hedge Multi-Strategy Tracker ETF
$ 624,034,202 $ 620,539,217 $ 266,034,986 $ 404,051,717
IQ Merger Arbitrage ETF
1,678,058,475 1,688,371,866 37,437,048 152,929,916
IQ 500 International ETF
36,723,652 36,822,907 17,405,814 42,756,406
IQ Candriam ESG International Equity ETF
32,969,992 33,319,659 20,406,633 35,461,468
IQ Candriam ESG U.S. Mid Cap Equity ETF
725,621 823,192 6,365,665 1,208,872
IQ Candriam ESG U.S. Large Cap Equity ETF
75,860,610 75,379,001 35,275,688 88,540,702
IQ Chaikin U.S. Large Cap ETF
145,153,350 144,688,710 4,761,120 36,355,774
IQ Chaikin U.S. Small Cap ETF
144,223,131 143,658,297 105,911,664 38,762,702
IQ CBRE NextGen Real Estate ETF
41,977,432 42,520,344 2,233,099 10,783,665
IQ FTSE International Equity Currency Neutral ETF
38,674,702 38,914,620 75,720,355 34,669,350
IQ U.S. Mid Cap R&D Leaders ETF
2,281,611 2,276,802
IQ U.S. Large Cap R&D Leaders ETF
988,253 985,537
IQ Global Equity R&D Leaders ETF
1,283,072 1,217,077 1,024,811
IQ Global Resources ETF
6,407,950 6,263,059 8,558,050 8,131,318
IQ Real Return ETF
2,319,208 1,455,446 19,182,003
IQ Clean Oceans ETF
3,462,306 3,443,626
IQ Cleaner Transport ETF
2,886,521 2,850,093 990,974 935,242
IQ Engender Equality ETF
4,148,800 4,153,166
IQ Healthy Hearts ETF
4,120,698 4,100,438 1,246,196
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.
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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.
The IQ Hedge Multi-Strategy Tracker ETF and IQ Merger Arbitrage ETF used Total Return Swaps to replicate the performance of the Index. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. Therefore, the Funds consider the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying instruments.
Pursuant to documentation governing the Funds’ swap transactions with 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, 2023, 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, 2023, open swap transactions, if any, are listed at the end of the Funds’ respective Schedule of Investments.
Forward Foreign Currency Contracts
The IQ FTSE International Equity Currency Neutral ETF 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, 2023, open forward foreign currency contracts, if any, are listed at the end of the Funds’ respective Schedule of Investments.
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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
Forward Currency
Contract Risk
IQ FTSE International Equity Currency Neutral ETF
Unrealized appreciation on forward foreign currency contracts
$ 1,389,329
Liability Derivatives
Forward Currency
Contract Risk
IQ FTSE International Equity Currency Neutral ETF
Unrealized depreciation on forward foreign currency contracts
$ 1,598,479
Total return swaps reflect a reset date as of April 30, 2023; 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, 2023 were as follows:
Fund
Forward Currency
Contract Risk
Equity Risk
IQ Hedge Multi-Strategy Tracker ETF
Realized gain (loss)
Swap transactions
$ (1,630,717)
IQ Merger Arbitrage ETF
Realized gain (loss)
Swap transactions
$ 9,045,469
IQ FTSE International Equity Currency Neutral ETF
Realized gain (loss)
Forward foreign currency contracts
$ 7,913,790
Change in unrealized appreciation (depreciation)
Forward foreign currency contracts
$ (7,375,002)
For the year ended April 30, 2023, the monthly average notional value of the derivatives held by the Funds were as follows:
Average Notional Value
Fund
IQ Hedge
Multi-Strategy
Tracker ETF
IQ Merger
Arbitrage ETF
IQ FTSE International
Equity Currency
Neutral ETF
Asset Derivatives
Swap contracts
$ 66,841,513 $ $
Forward foreign currency contracts
244,610,064
Liability Derivatives
Swap contracts
$ (67,060,007) $ (56,928,280) $
Forward foreign currency contracts
(244,061,014)
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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.
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.
Currency Hedging Risk1
Certain Funds use various strategies to attempt to reduce the impact of changes in the value of a foreign currency against the U.S. dollar. These strategies may not be successful. Currency exchange rates can be very volatile and can change quickly and unpredictably. Therefore, the value of an investment in a fund may also go up or down quickly and unpredictably and investors may lose money.
Currency Risk
Certain Funds will invest in securities denominated in currencies other than U.S. dollars (foreign currencies). Therefore, while much of the income received by a Fund may be denominated in foreign currency, the Underlying Index and the Fund’s NAV will be calculated in U.S. dollars. Furthermore, a Fund may convert cash in U.S. dollars to foreign currencies to purchase securities. Both a Fund’s ability to track the Underlying Index, and Fund returns in general, may be adversely impacted by changes in currency exchange rates, which can occur quickly and without warning.
Cyber Security and Disruptions in Operations
With the increasing use of the Internet and technology in connection with the Fund’s operations, the Fund may be more susceptible to greater operational and information security risks resulting from breaches in cyber security. Cyber incidents can result from unintentional events (such as an inadvertent release of confidential information) or deliberate attacks by insiders or third-parties, including cyber criminals, competitors, nation-states and “hacktivists,” and can be perpetrated by a variety of complex means, including the use of stolen access credentials, malware or other computer viruses, ransomware, phishing, structured query language injection attacks, and distributed denial of service attacks, among other means. Cyber incidents may result in actual or potential adverse consequences for critical information and communications technology, or systems and networks that are vital to the Fund’s or their service providers’ operations, or otherwise impair Fund or service provider operations. For example, a cyber incident may cause operational disruptions and failures impacting information systems or information that a system processes, stores, or transmits, such as by theft, damage or destruction, or corruption or modification of or denial of access to data maintained online or digitally, denial of service on websites rendering the websites unavailable to intended users or not accessible for such users in a timely manner, and the unauthorized release or other exploitation of confidential information (i.e., identity theft or other privacy breaches). In addition, a cyber security breach may cause disruptions and impact the Fund’s business operations, which could potentially result in financial losses, inability to determine the Fund’s NAV including over an extended period, impediments to trading, the inability of shareholders to transact business, violation of applicable law, regulatory penalties and/or fines, compliance and other costs. The Fund and their shareholders could be negatively impacted as a result. Further, substantial costs may be incurred in order to prevent future cyber incidents.
1
Applies to IQ FTSE International Equity Currency Neutral ETF.
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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.
Depositary Receipts Risk
A Fund may invest in depositary receipts. Types of depositary receipts in which a Fund may invest include ADRs, EDRs and GDRs. ADRs are receipts that are traded in the U.S. evidencing ownership of the underlying foreign securities and are denominated in U.S. dollars. EDRs and GDRs are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and usually are denominated in foreign currencies. EDRs and GDRs may not be denominated in the same currency as the securities they represent. Generally, EDRs and GDRs are designed for use in the foreign securities markets. To the extent a Fund invests in ADRs, such ADRs will be listed on a national securities exchange. To the extent a Fund invests in GDRs or EDRs, such GDRs and EDRs will be listed on a foreign exchange. A Fund will not invest in any unlisted depositary receipt or any depositary receipt for which pricing information is not readily available. Generally, all depositary receipts must be sponsored. The Fund, however, may invest in unsponsored depositary receipts under certain limited circumstances. A non-sponsored depository may not provide the same shareholder information that a sponsored depository is required to provide under its contractual arrangement with the issuer. Therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts.
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.
Emerging Market Securities Risk
A Fund may invest in securities of issuers located in emerging countries. The risks of foreign investment are heightened when the issuer is located in an emerging country. Emerging countries are generally located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central and South America and Africa. The securities markets of emerging countries are less liquid, are especially subject to greater price volatility, have
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April 30, 2023
smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries.
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 Risk2
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.
Exchange Traded Vehicle Risk3
Unlike an investment in a mutual fund, the value of the Funds’ investments in ETFs, ETVs and ETNs is based on stock market prices and the Funds could lose money due to stock market developments, the failure of an active trading market to develop, or exchange trading halts or de-listings. Federal law prohibits the Funds from acquiring investment company shares, including shares of ETFs, in excess of specific thresholds unless exempted by rule, regulation or exemptive order. These prohibitions may prevent the Funds from allocating their investments to ETFs in an optimal manner.
Fund of Funds Risk3
Certain Funds’ investment performance, because they are fund of funds, depend on the investment performance of the underlying ETFs in which they invest. An investment in any such Fund is subject to the risks associated with the underlying ETFs that comprise its Underlying Index. Such a Fund will indirectly pay a proportional share of the asset-based fees of the underlying ETFs in which it invests.
Foreign Securities Risk
Certain Funds invest directly or indirectly (through underlying ETFs) in the securities of non-U.S. issuers, which involves risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.
Income Risk
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.
2
Applies to IQ Candriam ESG International Equity ETF, IQ Candriam ESG U.S. Mid Cap Equity ETF, IQ Candriam ESG U.S. Large Cap Equity ETF, IQ Clean Oceans ETF, IQ Cleaner Transport ETF, IQ Engender Equality ETF, and IQ Healthy Hearts ETF.
3
Applies to IQ Hedge Multi-Strategy Tracker ETF.
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April 30, 2023
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.
Inflation-Protected Security Risk4
The value of inflation-protected securities, including TIPS, generally will fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.
Large Capitalization Companies Risk5
Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. Over certain periods, the performance of large-capitalization companies has trailed the performance of overall markets.
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 floating rates, such as the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease publication of a majority of U.S. dollar LIBOR settings on a representative basis on June 30, 2023.
Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”)). Various financial industry groups have been planning for the discontinuation of LIBOR and markets have been developing in response to these new rates, but questions around the liquidity of the new rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. There are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the discontinuation nor its ultimate outcome is fully known.
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 from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that were tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilized LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund’s performance.
4
Applies to IQ Real Return ETF.
5
Applies to IQ U.S. Large Cap R&D Leaders ETF.
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Notes to Financial Statements (continued)
April 30, 2023
The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value.
While the transition away from LIBOR is nearly complete with no material adverse effect to the Funds’ performance, it is difficult to predict the full impact of the discontinuation of LIBOR on a Fund.
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 Disruption Risk
In late February 2022, the Russian military invaded the Ukraine, which amplified existing geopolitical tensions among Russia, Ukraine, Europe, and many other countries including the U.S. and other members of the North Atlantic Treaty Organization (“NATO”). In response, various countries, including the U.S., the United Kingdom, and members of the European Union issued broad-ranging economic sanctions against Russia, Russian companies and financial institutions, Russian individuals and others. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia in light of Russia’s invasion of Ukraine will adversely impact the economies of Russia and Ukraine. Certain sectors of each country’s economy may be particularly affected, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors. Further, a number of large corporations and U.S. and foreign governmental entities have announced plans to divest interests or otherwise curtail business dealings in Russia or with certain Russian businesses. These events have resulted in (and may continue to result in) a loss of liquidity and value of Russian and Ukrainian securities and, in some cases, a complete inability to trade or settle trades in certain Russian securities. Further actions are likely to be taken by the international community, including governments and private corporations, that will adversely impact the Russian economy in particular. Such actions may include boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals, or other unforeseeable actions. The ramifications of the hostilities and sanctions also may negatively impact other regional and global economic markets (including Europe and the U.S.), companies in other countries (particularly those that have done business with Russia) and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas and precious metals. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and have severe negative consequences for regional and global markets, industries and companies in which the Fund invests. Moreover, the extent and duration of the Ukrainian invasion or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on a Fund’s performance and the value of an investment in the Fund.
Market Risk
The market price of investments owned by a Fund may go up or down, sometimes rapidly or unpredictably. Investments may decline in value due to factors affecting markets generally or particular segments of the market. Market risks include political, regulatory, market and economic developments, and geopolitical and other events, including war, terrorism, trade disputes, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health crises. Such events, and governments’ reactions to such events, may result in disruptions in the U.S. and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on a Fund and its investments.
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Notes to Financial Statements (continued)
April 30, 2023
Mid-Capitalization Companies Risk6
Stock prices of mid-capitalization companies may be more volatile than those of large-capitalization companies, therefore impacting the value of the Fund’s investment in mid-capitalization companies. Stock prices of mid-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business or economic developments, and the stocks of mid-capitalization companies may be less liquid, making it more difficult for the Fund to buy and sell them. In addition, mid-capitalization companies generally have less diverse product lines than large-capitalization companies and are more susceptible to adverse developments related to their products.
New Fund Risk7
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 Risk8
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 Risk9
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
6
Applies to IQ Candriam ESG U.S. Mid Cap Equity ETF and IQ U.S. Mid Cap R&D Leaders ETF.
7
Applies to IQ Candriam ESG U.S. Mid Cap Equity ETF.
8
Applies to IQ Candriam ESG International Equity ETF, IQ Candriam ESG U.S. Large Cap Equity ETF, IQ Chaikin U.S. Small Cap ETF, IQ CBRE NextGen Real Estate ETF, IQ Clean Oceans ETF, IQ Cleaner Transport ETF, and IQ Engender Equality ETF.
9
Applies to IQ Hedge Multi-Strategy Tracker ETF and IQ Merger Arbitrage ETF.
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Notes to Financial Statements (continued)
April 30, 2023
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.
U.S. Investing Risk
Certain Funds may have significant exposure to U.S. issuers. A decrease in imports or exports, changes in trade regulations, tariffs or the threat of tariffs, and/or an economic recession in the U.S. may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the U.S. are changing many aspects of financial and other regulation and may have a significant effect on the U.S. markets generally, as well as the value of certain securities. In addition, a continued rise in the U.S. public debt level or U.S. austerity measures may adversely affect U.S. economic growth and the securities to which the Fund has exposure.
10. SUBSEQUENT EVENTS
In the preparation of the financial statements, the Advisor has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material subsequent events that would require disclosure.
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Report of Independent Registered Public Accounting Firm 
April 30, 2023
To the Board of Trustees of IndexIQ ETF Trust and Shareholders of each of the nineteen 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 listed in the table below (nineteen of the funds constituting IndexIQ ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, 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 therein (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, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
IQ Hedge Multi-Strategy Tracker ETF(1) IQ U.S. Mid Cap R&D Leaders ETF(3)
IQ Merger Arbitrage ETF(1) IQ U.S. Large Cap R&D Leaders ETF(3)
IQ 500 International ETF(1) IQ Global Equity R&D Leaders ETF(3)
IQ Candriam ESG International Equity ETF(1) IQ Global Resources ETF(1)
IQ Candriam ESG U.S. Mid Cap Equity ETF(2) IQ Real Return ETF(1)
IQ Candriam ESG U.S. Large Cap Equity ETF(1) IQ Clean Oceans ETF(4)
IQ Chaikin U.S. Large Cap ETF(1) IQ Cleaner Transport ETF(4)
IQ Chaikin U.S. Small Cap ETF(1) IQ Engender Equality ETF(4)
IQ CBRE NextGen Real Estate ETF(1) IQ Healthy Hearts ETF(1)
IQ FTSE International Equity Currency Neutral ETF(1)
(1)
Statement of operations for the year ended April 30, 2023 and statement of changes in net assets for the years ended April 30, 2023 and 2022
(2)
Statement of operations and statement of changes in net assets for the period October 25, 2022 (commencement of operations) through April 30, 2023
(3)
Statement of operations for the year ended April 30, 2023, and statement of changes in net assets for the year ended April 30, 2023 and the period February 8, 2022 (commencement of operations) through April 30, 2022
(4)
Statement of operations for the year ended April 30, 2023, and statement of changes in net assets for the year ended April 30, 2023 and the period October 21, 2021 (commencement of operations) through April 30, 2022
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Report of Independent Registered Public Accounting Firm (continued)
April 30, 2023
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, 2023 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 22, 2023
We have served as the auditor of one or more investment companies in the IndexIQ Complex since 2015.
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Liquidity Risk Management Program (unaudited)
April 30, 2023
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 30, 2023, 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, 2022 through December 31, 2022 (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 FTSE International Equity Currency ETF, qualify as In-Kind ETFs.
IQ FTSE International Equity Currency ETF classifies its 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 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.
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Supplemental Information (unaudited)
April 30, 2023
Federal Tax Status of Dividends Declared During the Tax Year
IQ CBRE NextGen Real Estate ETF designates 62.80% 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, 2023 taxed at a maximum rate of 20% is as follows:
IQ Hedge Multi-Strategy Tracker ETF
12.85%
IQ Merger Arbitrage ETF
0.00%
IQ 500 International ETF
73.14%
IQ Candriam ESG International Equity ETF
81.49%
IQ Candriam ESG U.S. Mid Cap Equity ETF
88.44%
IQ Candriam ESG U.S. Large Cap Equity ETF
100.00%
IQ Chaikin U.S. Large Cap ETF
100.00%
IQ Chaikin U.S. Small Cap ETF
100.00%
IQ CBRE NextGen Real Estate ETF
2.56%
IQ FTSE International Equity Currency Neutral ETF
72.34%
IQ U.S. Mid Cap R&D Leaders ETF
100.00%
IQ U.S. Large Cap R&D Leaders ETF
100.00%
IQ Global Equity R&D Leaders ETF
100.00%
IQ Global Resources ETF
89.65%
IQ Real Return ETF
36.77%
IQ Clean Oceans ETF
100.00%
IQ Cleaner Transport ETF
100.00%
IQ Engender Equality ETF
100.00%
IQ Healthy Hearts ETF
100.00%
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TABLE OF CONTENTS
Supplemental Information (unaudited)(continued)
April 30, 2023
Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended April 30, 2023 that qualifies for the dividends received deduction is as follows:
IQ Hedge Multi-Strategy Tracker ETF
4.24%
IQ Merger Arbitrage ETF
0.00%
IQ 500 International ETF
0.00%
IQ Candriam ESG International Equity ETF
0.00%
IQ Candriam ESG U.S. Mid Cap Equity ETF
84.24%
IQ Candriam ESG U.S. Large Cap Equity ETF
100.00%
IQ Chaikin U.S. Large Cap ETF
100.00%
IQ Chaikin U.S. Small Cap ETF
100.00%
IQ CBRE NextGen Real Estate ETF
0.00%
IQ FTSE International Equity Currency Neutral ETF
0.00%
IQ U.S. Mid Cap R&D Leaders ETF
100.00%
IQ U.S. Large Cap R&D Leaders ETF
100.00%
IQ Global Equity R&D Leaders ETF
35.95%
IQ Global Resources ETF
32.92%
IQ Real Return ETF
35.86%
IQ Clean Oceans ETF
26.44%
IQ Cleaner Transport ETF
12.49%
IQ Engender Equality ETF
100.00%
IQ Healthy Hearts ETF
75.48%
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Supplemental Information (unaudited)(continued)
April 30, 2023
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, 2023, are as follows:
Fund
Foreign Taxes
Per Share
Foreign Income
Per Share
IQ Hedge Multi-Strategy Tracker ETF
IQ Merger Arbitrage ETF
IQ 500 International ETF
0.0900 1.2721
IQ Candriam ESG International Equity ETF
0.0674 0.9819
IQ Candriam ESG U.S. Mid Cap Equity ETF
IQ Candriam ESG U.S. Large Cap Equity ETF
IQ Chaikin U.S. Large Cap ETF
IQ Chaikin U.S. Small Cap ETF
IQ CBRE NextGen Real Estate ETF
IQ FTSE International Equity Currency Neutral ETF
0.0469 0.7320
IQ U.S. Mid Cap R&D Leaders ETF
IQ U.S. Large Cap R&D Leaders ETF
IQ Global Equity R&D Leaders ETF
IQ Global Resources ETF
IQ Real Return ETF
IQ Clean Oceans ETF
0.0539 0.4466
IQ Cleaner Transport ETF
0.0711 0.5630
IQ Engender Equality ETF
IQ Healthy Hearts ETF
In January 2024, you will be advised on IRS Form 1099 DIV as to the Federal tax status of the distributions received by you in calendar year 2023.
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Board Review of Investment Advisory Agreements (unaudited)
April 30, 2023
Approval Relating To Annual Continuation of the Advisory Agreement
The Board (the members of which are referred to as “Trustees”) met in person on March 30, 2023, 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 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. In connection with considering approval of the continuation of the Advisory Agreement, the Independent Trustees, met in executive session with counsel to the Independent Trustees, who provided assistance and advice. The consideration of the continuation of the 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 the fees charged by the Advisor; (2) information concerning the business and operations, compliance program and portfolio management teams of the Advisor; (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 from its relationship 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) information about applicable expense limitation and fee waiver agreements; (3) information describing the Advisor and the services provided thereby; (4) information regarding the compliance program and portfolio management team of the Advisor; (5) copies of the Form ADV for 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 a 15(c) request for information from legal counsel to the Independent Trustees; and (8) a presentation by personnel of the Advisor. In addition, the Board was provided data comparing the advisory fees and operating expenses (including acquired fund fees and expenses, as applicable) of the Funds with expenses and performance of other registered investment companies with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the investment management 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. The Board reviewed the services that the Advisor provides to the Funds, noting that they had continually reviewed and overseen such services throughout the past year. The Board noted the responsibilities that the Advisor has as the investment advisor to the 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.
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Board Review of Investment Advisory Agreements (unaudited)(continued)
April 30, 2023
The Board reviewed the Advisor’s experience, resources, and strengths in managing ETFs and other investment mandates, including the Advisor’s management of the Funds and the funds of the IndexIQ Active ETF Trust. The Board also noted and discussed with the Advisor the resources and additional support and personnel from its affiliates New York Life Investment Management LLC (“NYLIM”) and New York Life Insurance Company, 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 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 other investment advisers to similar clients, and the cost of the services provided and profits realized by the Advisor from its relationship with the Funds. The Board then compared both the services rendered and the fees paid with respect to the Funds pursuant to the Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs.
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 limitation and fee waiver agreements were reflected, where applicable, in the peer group analysis provided by the Advisor. The Board further noted that the Advisor had put in place permanent expense limitation and/or fee waiver agreements for certain Funds, which were subject to termination by the Board.
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, and 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 the costs incurred by the Advisor 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 is fair and reasonable.
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Board Review of Investment Advisory Agreements (unaudited)(continued)
April 30, 2023
3.
The Advisor’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 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 concluded that the fees paid to the Advisor 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 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 recently launched and had limited performance and 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.
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. 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 Funds and to recommend to the Board the approval of the 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 was in the best interests of each Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the continuation of the Advisory Agreement for an additional one-year period.
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Board of Trustees and Officers (unaudited)
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
Lofton Holder, 1964
Trustee
Since June 2022
Retired; formerly, Managing Partner and Co-Founder, Pine Street Alternative Asset Management, (2011 – 2019).
29
Board Member, Golub Capital BDC, Inc., Golub Capital BDC 3, Inc., and Golub Capital Direct Lending Corporation (each, a business development company) (2021 – present); Board Member, Manning & Napier (investment manager) (2021 − 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).
29
The New Ireland Fund, Inc. (closed-end fund) (2015 to 2023).
Paul D. Schaeffer, 1951
Trustee
Chair of the Board
Since April 2015
Since March 2023
President, ASP (dba Aspiring Solution Partners) (financial services consulting) (2013 to present); Consultant and Executive Advisor, Aquiline Capital Partners LLC (private equity investment) (2014 to present).
29
Management Board Member, RIA in a Box LLC (financial services consulting) (2018 to 2021); 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 (nonprofit) (2019 to present); Board Member, Center for Collaborative Investigative Journalism (non-profit) (2020 − present).
Michelle A. Shell, 1975
Trustee
Since June 2022
Visiting Scholar, Harvard Business School (2020 to present); Visiting Assistant Professor of Operations Management, Boston University Questrom School of Business (2020 to present); Business researcher and consultant, self-employed (2013 – 2020).
29
U.S. Charitable Gift Trust (public charity offering donor-advised funds and trust products) (2017 – present); Pathstone (investment advisory firm offering comprehensive family office services) (2022 − present).
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Board of Trustees and Officers (unaudited)(continued)
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
Interested Trustee
Kirk C. Lehneis, 1974(4)
President
Since January 2018
Chief Operating Officer and Senior Managing Director, New York Life Investment Management LLC (since 2016); Chief Executive Officer, IndexIQ Advisors LLC (since 2018); Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since September 2017); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021).
29
None.
Officers
Name and
Year of Birth(1)
Position(s)
Held with
Trust
Term of
Office and
Length of
Time Served(2)
Principal Occupation(s) During Past 5 Years
Jack R. Benintende,
1964
Vice President
Since March 2023
Chief Operating Officer, IndexIQ Advisors LLC (since February 2023), Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007) and MainStay Funds Trust (since 2009).
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
Chief Legal Officer, IndexIQ Advisors LLC (since 2015), Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since 2015).
Kevin M. Gleason,
1966
Chief Compliance Officer
Since June 2022
Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust, The MainStay Funds, MainStay Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay VP Funds Trust (since 2022); Senior Vice President, Voya Investment Management, LLC and Chief Compliance Officer, Voya Family of Funds (2012 to 2022).
(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 operational 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.
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IndexIQ ETF Trust
Annual Report | April 30, 2023
IQ Hedge Multi-Strategy Tracker ETF (QAI)
IQ Merger Arbitrage ETF (MNA)
IQ 500 International ETF (IQIN)
IQ Candriam ESG International Equity ETF (IQSI)
IQ Candriam ESG U.S. Mid Cap Equity ETF (IQSM)
IQ Candriam ESG U.S. Large Cap Equity ETF (IQSU)
IQ Chaikin U.S. Large Cap ETF (CLRG)
IQ Chaikin U.S. Small Cap ETF (CSML)
IQ CBRE NextGen Real Estate ETF (ROOF)
IQ FTSE International Equity Currency Neutral ETF (HFXI)
IQ U.S. Mid Cap R&D Leaders ETF (MRND)
IQ U.S. Large Cap R&D Leaders ETF (LRND)
IQ Global Equity R&D Leaders ETF (WRND)
IQ Global Resources ETF (GRES)
IQ Real Return ETF (CPI)
IQ Clean Oceans ETF (OCEN)
IQ Cleaner Transport ETF (CLNR)
IQ Engender Equality ETF (EQUL)
IQ Healthy Hearts ETF (HART)
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
5022336ME11-06/23
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