IndexIQ ETF Trust

Semi-Annual Report

October 31, 2023

IQ Hedge Multi-Strategy Tracker ETF (QAI)

IQ Merger Arbitrage ETF (MNA)

IQ 500 International ETF (IQIN)

IQ Candriam International Equity ETF (IQSI)

(formerly, IQ Candriam ESG International Equity ETF)

IQ Candriam U.S. Mid Cap Equity ETF (IQSM)

(formerly, IQ Candriam ESG U.S. Mid Cap Equity ETF)

IQ Candriam U.S. Large Cap Equity ETF (IQSU)

(formerly, IQ Candriam ESG U.S. Large Cap Equity ETF)

IQ U.S. Large Cap ETF (CLRG)

(formerly, IQ Chaikin U.S. Large Cap ETF)

IQ U.S. Small Cap ETF (CSML)

(formerly, IQ Chaikin U.S. Small Cap ETF)

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

   

   

   

Special Notice:

Beginning in July 2024, new regulations issued by the Securities and Exchange Commission (SEC) will take effect requiring open-end mutual fund companies and ETFs to (1) overhaul the content of their shareholder reports and (2) mail paper copies of the new tailored shareholder reports to shareholders who have not opted to receive these documents electronically.

If you have not yet elected to receive your shareholder reports electronically, please contact your financial intermediary or visit www.fundreports.com.

  

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 SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’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.

3

Table of Contents

Shareholder Letter

4

Fund Expenses

5

Portfolio Summaries

7

Schedules of Investments

IQ Hedge Multi-Strategy Tracker ETF

12

IQ Merger Arbitrage ETF

16

IQ 500 International ETF

19

IQ Candriam International Equity ETF

25

IQ Candriam U.S. Mid Cap Equity ETF

32

IQ Candriam U.S. Large Cap Equity ETF

35

IQ U.S. Large Cap ETF

39

IQ U.S. Small Cap ETF

41

IQ CBRE NextGen Real Estate ETF

47

IQ FTSE International Equity Currency Neutral ETF

49

IQ U.S. Mid Cap R&D Leaders ETF

59

IQ U.S. Large Cap R&D Leaders ETF

61

IQ Global Equity R&D Leaders ETF

63

IQ Global Resources ETF

66

IQ Real Return ETF

69

IQ Clean Oceans ETF

75

IQ Cleaner Transport ETF

77

IQ Engender Equality ETF

79

IQ Healthy Hearts ETF

81

Statements of Assets and Liabilities

83

Statements of Operations

88

Statements of Changes in Net Assets

93

Financial Highlights

103

Notes to Financial Statements

122

4

Shareholder Letter (unaudited)

Message from the President

Interest rates and inflation were the primary forces driving market behavior during the six-month reporting period ended October 31, 2023, with equity indices delivering mixed performance while bond indices generally declined.

U.S. inflation levels, as measured by the Consumer Price Index, ranged between 3.0% and 4.0% throughout the reporting period, down from the peak of 9.1% in June 2022, although well above the 2% target set by the U.S. Federal Reserve (the “Fed”). At the same time, the benchmark federal funds rate climbed to over 5%, its highest level since the financial crisis of 2007, as the Fed attempted to drive inflation still lower. Comments from Fed members reinforced the central bank’s hawkish stance in response to surprisingly robust U.S. economic growth and rising wage pressures, thus increasing the likelihood that interest rates would stay higher for longer. International developed markets exhibited similar dynamics of persistently elevated inflation and rising interest rates.

Against a backdrop of high interest rates, political dysfunction in Washington D.C. and intensifying global geopolitical instability—including the ongoing war in Ukraine and the outbreak of hostilities in the Middle East—equity markets struggled to advance. The S&P 500® Index, a widely regarded benchmark of large-cap U.S. market performance, eked out a slight gain, bolstered by the strong performance of mega-cap, growth-oriented, technology-related shares as investors flocked to companies creating the infrastructure for developments in artificial intelligence. However, smaller-cap stocks and value-oriented shares trended lower. Among industry sectors, information technology posted the strongest gains, followed by consumer discretionary, which rose in response to healthy consumer spending trends, while energy shares benefited from rising petroleum prices. All other sectors lost ground. Utilities declined most sharply as rising interest rates undermined the appeal of high-yielding stocks, while real estate came under pressure from rising mortgage rates and weak levels of office occupancy, and consumer staples declined as market sentiment turned away from defensive, value-oriented businesses. International equities broadly trailed their U.S. counterparts as economic growth in the rest of world generally lagged that of the United States, and as the U.S. dollar rose in value compared to most other global currencies.

Bond prices were driven lower by rising yields and increasing expectations of high interest rates for an extended period of time. The U.S. yield curve steepened, with the 30-year Treasury yield exceeding 5% for the first time in more than a decade. The yield curve remained inverted, with the 10-year Treasury yield ending the period at 4.88%, compared with 5.07% for the 2-year Treasury yield. Corporate bonds outperformed long-term Treasury bonds, but still trended lower under pressure from rising yields and an uptick in default rates. Among corporates, lower-credit-quality instruments performed relatively well compared to their higher-credit-quality counterparts, while floating rate securities performed better still.

In the face of today’s uncertain market environment, New York Life Investments remains dedicated to providing the guidance, resources and investment solutions you need to pursue your financial goals.

Thank you for trusting us to help meet your investment needs.

Sincerely,

Kirk C. Lehneis
President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

5

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 05/01/23 to 10/31/23” 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
05/01/2023

Ending
Account
Value
10/31/2023

Annualized
Expense
Ratios for the
Period
05/01/2023
to 10/31/2023

Expenses
Paid During
the Period
05/01/2023
to 10/31/2023
1

IQ Hedge Multi-Strategy Tracker ETF

Actual

$1,000.00

$1,010.70

0.54%

$2.73

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,022.42

0.54%

$2.75

IQ Merger Arbitrage ETF

Actual

$1,000.00

$990.70

0.76%

$3.80

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,021.32

0.76%

$3.86

IQ 500 International ETF

Actual

$1,000.00

$949.60

0.25%

$1.23

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.88

0.25%

$1.27

IQ Candriam International Equity ETF

Actual

$1,000.00

$921.60

0.15%

$0.72

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,024.38

0.15%

$0.76

IQ Candriam U.S. Mid Cap Equity ETF

Actual

$1,000.00

$939.50

0.15%

$0.73

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,024.38

0.15%

$0.76

6

Fund Expenses (unaudited) (continued)

Beginning
Account
Value
05/01/2023

Ending
Account
Value
10/31/2023

Annualized
Expense
Ratios for the
Period
05/01/2023
to 10/31/2023

Expenses
Paid During
the Period
05/01/2023
to 10/31/2023
1

IQ Candriam U.S. Large Cap Equity ETF

Actual

$1,000.00

$1,033.10

0.09%

$0.46

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,024.68

0.09%

$0.46

IQ U.S. Large Cap ETF

Actual

$1,000.00

$974.00

0.25%

$1.24

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.88

0.25%

$1.27

IQ U.S. Small Cap ETF

Actual

$1,000.00

$966.70

0.35%

$1.73

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.38

0.35%

$1.78

IQ CBRE NextGen Real Estate ETF

Actual

$1,000.00

$887.00

0.60%

$2.85

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,022.12

0.60%

$3.05

IQ FTSE International Equity Currency Neutral ETF

Actual

$1,000.00

$956.50

0.20%

$0.98

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,024.13

0.20%

$1.02

IQ U.S. Mid Cap R&D Leaders ETF

Actual

$1,000.00

$982.20

0.16%

$0.80

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,024.33

0.16%

$0.81

IQ U.S. Large Cap R&D Leaders ETF

Actual

$1,000.00

$1,069.60

0.14%

$0.73

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,024.43

0.14%

$0.71

IQ Global Equity R&D Leaders ETF

Actual

$1,000.00

$1,009.70

0.18%

$0.91

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,024.23

0.18%

$0.92

IQ Global Resources ETF

Actual

$1,000.00

$933.70

0.30%

$1.46

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.63

0.30%

$1.53

IQ Real Return ETF

Actual

$1,000.00

$993.20

0.24%

$1.20

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.93

0.24%

$1.22

IQ Clean Oceans ETF

Actual

$1,000.00

$874.60

0.45%

$2.12

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,022.87

0.45%

$2.29

IQ Cleaner Transport ETF

Actual

$1,000.00

$952.00

0.45%

$2.21

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,022.87

0.45%

$2.29

IQ Engender Equality ETF

Actual

$1,000.00

$898.60

0.45%

$2.15

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,022.87

0.45%

$2.29

IQ Healthy Hearts ETF

Actual

$1,000.00

$930.80

0.45%

$2.18

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,022.87

0.45%

$2.29

 

1Unless otherwise indicated, expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/366

7

Portfolio Summaries* (unaudited)

October 31, 2023

See notes to financial statements.

IQ Hedge Multi-Strategy Tracker ETF
Net Assets ($ mil): $593.7

Asset Class

% of
Net Assets

Floating Rate — Investment Grade Funds

24.5

%

Bank Loan Funds

24.3

Money Market Fund

17.5

Convertible Bond Funds

12.0

Emerging Small Cap Equity Fund

10.8

Derivative Income Funds

9.1

US Large Cap Core Funds

7.0

Merger Arbitrage Funds

6.1

International Small Cap Equity Fund

2.9

Volatility Fund

1.0

Broad Fund

0.7

BRIC Equity Fund

0.5

US Small Cap Core Funds

0.5

Private Equity Replication Fund

0.3

Total Investments

117.2

Other Assets and Liabilities, Net

(17.2

)

Total Net Assets

100.0

%

IQ Merger Arbitrage ETF
Net Assets ($ mil): $449.6

Industry

% of
Net Assets

Health Care

23.8

%

Materials

15.4

Money Market Funds

11.6

Information Technology

10.6

Consumer Discretionary

8.1

Energy

6.2

Consumer Staples

5.4

Utilities

4.9

Financials

4.9

Real Estate

3.7

Industrials

3.1

Communication Services

0.5

Fixed Income Fund

0.1

Total Investments

98.3

Other Assets and Liabilities, Net

1.7

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ 500 International ETF
Net Assets ($ mil): $184.4

Industry

% of
Net Assets

Industrials

21.9

%

Consumer Discretionary

13.1

Consumer Staples

10.1

Materials

10.0

Energy

9.8

Financials

9.8

Utilities

7.0

Communication Services

6.6

Health Care

6.1

Information Technology

4.3

Money Market Funds

2.7

Investment Companies

0.7

Total Investments

102.1

Other Assets and Liabilities, Net

(2.1

)

Total Net Assets

100.0

%

IQ Candriam International Equity ETF
Net Assets ($ mil): $177.2

Industry

% of
Net Assets

Financials

17.6

%

Health Care

16.3

Industrials

13.2

Consumer Discretionary

12.8

Information Technology

8.8

Consumer Staples

8.5

Materials

6.3

Energy

6.1

Communication Services

4.6

Real Estate

2.7

Utilities

2.5

Money Market Funds

0.3

Total Investments

99.7

Other Assets and Liabilities, Net

0.3

Total Net Assets

100.0

%

8

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

October 31, 2023

IQ Candriam U.S. Mid Cap Equity ETF
Net Assets ($ mil): $157.5

Industry

% of
Net Assets

Industrials

19.6

%

Consumer Discretionary

14.9

Financials

14.3

Information Technology

13.8

Health Care

10.9

Real Estate

9.6

Materials

5.8

Consumer Staples

4.9

Communication Services

3.3

Energy

1.6

Utilities

1.2

Money Market Funds

0.1

Total Investments

100.0

Other Assets and Liabilities, Net

0.0

Total Net Assets

100.0

%

IQ Candriam U.S. Large Cap Equity ETF
Net Assets ($ mil): $308.6

Industry

% of
Net Assets

Information Technology

36.2

%

Consumer Discretionary

12.9

Health Care

11.8

Financials

11.4

Communication Services

7.4

Consumer Staples

5.8

Industrials

4.7

Energy

3.2

Real Estate

2.7

Materials

2.6

Utilities

1.3

Money Market Funds

0.0

(a)

Total Investments

100.0

Other Assets and Liabilities, Net

0.0

(a)

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ U.S. Large Cap ETF
Net Assets ($ mil): $216.0

Industry

% of
Net Assets

Information Technology

19.6

%

Health Care

16.9

Financials

16.6

Industrials

14.1

Consumer Discretionary

9.3

Consumer Staples

8.7

Energy

5.2

Communication Services

3.3

Real Estate

2.6

Utilities

1.8

Materials

1.8

Money Market Funds

0.0

(a)

Total Investments

99.9

Other Assets and Liabilities, Net

0.1

Total Net Assets

100.0

%

IQ U.S. Small Cap ETF
Net Assets ($ mil): $161.5

Industry

% of
Net Assets

Industrials

21.7

%

Financials

21.5

Information Technology

13.4

Health Care

12.1

Consumer Discretionary

9.2

Real Estate

5.1

Materials

4.8

Consumer Staples

4.1

Energy

3.0

Utilities

2.2

Communication Services

2.1

Money Market Funds

1.0

Investment Companies

0.7

Total Investments

100.9

Other Assets and Liabilities, Net

(0.9

)

Total Net Assets

100.0

%

9

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

October 31, 2023

IQ CBRE NextGen Real Estate ETF
Net Assets ($ mil): $16.7

Industry

% of
Net Assets

Industrial

32.2

%

Infrastructure (Tower)

20.4

Data Center

14.1

Multi-Family Residential

13.7

Health Care

12.7

Single-Family Residential

3.3

Manufactured Homes

3.0

Money Market Funds

1.6

Student Housing

0.5

Total Investments

101.5

Other Assets and Liabilities, Net

(1.5

)

Total Net Assets

100.0

%

IQ FTSE International Equity Currency Neutral ETF
Net Assets ($ mil): $395.4

Industry

% of
Net Assets

Financials

18.4

%

Industrials

16.2

Health Care

12.0

Consumer Discretionary

11.5

Information Technology

9.4

Consumer Staples

9.3

Materials

7.7

Energy

4.6

Communication Services

4.2

Utilities

3.2

Real Estate

2.7

Money Market Fund

1.2

Total Investments

100.4

Other Assets and Liabilities, Net

(0.4

)

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ U.S. Mid Cap R&D Leaders ETF
Net Assets ($ mil): $4.0

Industry

% of
Net Assets

Information Technology

33.0

%

Health Care

24.9

Consumer Discretionary

12.3

Communication Services

11.9

Industrials

8.4

Materials

4.6

Financials

3.4

Money Market Funds

0.9

Energy

0.8

Real Estate

0.6

Total Investments

100.8

Other Assets and Liabilities, Net

(0.8

)

Total Net Assets

100.0

%

IQ U.S. Large Cap R&D Leaders ETF
Net Assets ($ mil): $4.9

Industry

% of
Net Assets

Information Technology

38.8

%

Health Care

24.8

Communication Services

16.3

Consumer Discretionary

13.2

Industrials

5.1

Financials

1.0

Money Market Funds

0.7

Consumer Staples

0.4

Materials

0.3

Total Investments

100.6

Other Assets and Liabilities, Net

(0.6

)

Total Net Assets

100.0

%

10

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

October 31, 2023

IQ Global Equity R&D Leaders ETF
Net Assets ($ mil): $6.3

Industry

% of
Net Assets

Information Technology

31.2

%

Health Care

23.4

Consumer Discretionary

21.9

Communication Services

12.9

Industrials

7.4

Materials

0.9

Energy

0.8

Consumer Staples

0.6

Money Market Funds

0.6

Financials

0.5

Total Investments

100.2

Other Assets and Liabilities, Net

(0.2

)

Total Net Assets

100.0

%

IQ Global Resources ETF
Net Assets ($ mil): $37.8

Industry

% of
Net Assets

Energy

29.8

%

Grains Food Fiber

26.4

Industrial Metals

23.0

Precious Metals

7.1

Water

5.0

Timber

4.9

Livestock

3.3

Money Market Fund

0.1

Total Investments

99.6

Other Assets and Liabilities, Net

0.4

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ Real Return ETF
Net Assets ($ mil): $6.2

Industry

% of
Net Assets

Government

59.5

%

Commodity Funds

9.9

Information Technology

6.8

Money Market Funds

5.4

Financials

5.0

Industrials

3.6

Health Care

3.1

Consumer Discretionary

2.4

Energy

2.1

Communication Services

2.1

Consumer Staples

1.5

Utilities

1.1

Materials

1.0

Real Estate

1.0

Total Investments

104.5

Other Assets and Liabilities, Net

(4.5

)

Total Net Assets

100.0

%

IQ Clean Oceans ETF
Net Assets ($ mil): $4.1

Industry

% of
Net Assets

Information Technology

29.2

%

Industrials

25.9

Utilities

17.0

Materials

13.0

Consumer Discretionary

12.6

Real Estate

1.5

Consumer Staples

0.5

Money Market Fund

0.0

(a)

Total Investments

99.7

Other Assets and Liabilities, Net

0.3

Total Net Assets

100.0

%

11

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

October 31, 2023

IQ Cleaner Transport ETF
Net Assets ($ mil): $5.3

Industry

% of
Net Assets

Information Technology

30.1

%

Consumer Discretionary

29.5

Industrials

20.6

Utilities

16.1

Communication Services

3.2

Materials

0.3

Money Market Fund

0.2

Total Investments

100.0

Other Assets and Liabilities, Net

0.0

Total Net Assets

100.0

%

IQ Engender Equality ETF
Net Assets ($ mil): $5.1

Industry

% of
Net Assets

Financials

18.8

%

Health Care

17.7

Consumer Discretionary

15.5

Consumer Staples

14.9

Industrials

8.9

Information Technology

8.5

Communication Services

7.5

Materials

4.2

Utilities

2.5

Real Estate

1.4

Money Market Funds

0.0

(a)

Total Investments

99.9

Other Assets and Liabilities, Net

0.1

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ Healthy Hearts ETF
Net Assets ($ mil): $7.9

Industry

% of
Net Assets

Health Care

70.2

%

Consumer Discretionary

14.5

Information Technology

5.1

Communication Services

5.1

Consumer Staples

4.0

Industrials

0.9

Money Market Funds

0.5

Total Investments

100.3

Other Assets and Liabilities, Net

(0.3

)

Total Net Assets

100.0

%

12

See notes to financial statements.

Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF

October 31, 2023 (unaudited)

Shares

Value

Exchange Traded Vehicle — 0.7%

Broad Fund — 0.7%

iShares GSCI Commodity Dynamic(a)
(Cost $3,837,349)

147,473

$4,154,314

Investment Companies — 99.0%

Bank Loan Funds — 24.3%

Invesco Senior Loan ETF(a)

3,597,154

 74,820,803

SPDR Blackstone Senior Loan ETF(a)

1,672,479

 69,491,503

Total Bank Loan Funds

 144,312,306

BRIC Equity Fund — 0.5%

iShares MSCI India ETF

75,228

 3,252,859

Convertible Bond Funds — 12.0%

iShares Convertible Bond ETF

239,254

 16,958,324

SPDR Bloomberg Convertible Securities ETF

838,114

 54,326,549

Total Convertible Bond Funds

 71,284,873

Derivative Income Funds — 9.1%

JPMorgan Equity Premium
Income ETF

543,884

 28,619,176

JPMorgan Nasdaq Equity Premium Income ETF

548,226

 25,306,112

Total Derivative Income Funds

 53,925,288

Emerging Small Cap Equity Fund — 10.8%

SPDR S&P Emerging Markets SmallCap ETF

1,240,293

 63,937,104

Floating Rate - Investment Grade Funds — 24.5%

iShares Floating Rate Bond ETF(b)

2,154,461

 109,640,520

SPDR Bloomberg Investment Grade Floating Rate ETF

1,171,510

 35,953,642

Total Floating Rate - Investment Grade Funds

 145,594,162

International Small Cap Equity Fund — 2.9%

Schwab International Small-Cap Equity ETF(a)

567,161

 17,355,126

Merger Arbitrage Funds — 6.1%

AltShares Merger Arbitrage ETF

267,726

 7,025,130

IQ Merger Arbitrage ETF*†(a)

921,992

 29,015,088

Total Merger Arbitrage Funds

 36,040,218

Private Equity Replication Fund — 0.3%

Invesco Global Listed Private Equity ETF

36,164

 1,738,089

U.S. Large Cap Core Funds — 7.0%

Energy Select Sector SPDR Fund

4,746

 404,312

Financial Select Sector SPDR Fund

718,706

 23,257,326

Materials Select Sector SPDR Fund

96,020

 7,303,281

Vanguard Energy ETF

749

 89,835

Vanguard Financials ETF(a)

80,559

 6,282,797

Vanguard Materials ETF

25,316

 4,199,418

Total U.S. Large Cap Core Funds

 41,536,969

U.S. Small Cap Core Funds — 0.5%

iShares Core S&P Small-Cap ETF

17,116

 1,521,441

Schwab U.S. Small-Cap ETF(a)

7,959

 308,491

Vanguard Small-Cap ETF

5,593

 995,834

Total U.S. Small Cap Core Funds

 2,825,766

Shares

Value

Investment Companies (continued)

Volatility Fund — 1.0%

iPath Series B S&P 500 VIX Short-Term Futures ETN*(a)

251,364

$5,894,486

Total Investment Companies
(Cost $599,232,536)

 587,697,246

Short-Term Investment — 17.5%

Money Market Fund — 17.5%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(c)(d)
(Cost $103,985,582)

103,985,582

 103,985,582

Total Investments — 117.2%
(Cost $707,055,467)

695,837,142

Other Assets and Liabilities,
Net — (17.2)%

(102,131,128

)

Net Assets — 100%

$593,706,014

 

1e

*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 $145,512,590; total market value of collateral held by the Fund was $149,031,727. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $45,046,145.

(b)All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $1,424,920.

(c)Reflects the 1-day yield at October 31, 2023.

(d)Represents security purchased with cash collateral received for securities on loan.

1

13

See notes to financial statements.

Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF (continued)

October 31, 2023 (unaudited)

 

Total Return Swap contracts outstanding at October 31, 2023:

Total Return Benchmark

Counterparty