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

Floating
Rate
(e)

Expiration Date

Payment Frequency

Notional
Amount Long/(Short)

Value/
Unrealized Appreciation/
(Depreciation)
(f)

AltShares Merger Arbitrage ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

$121,937

$ —

AltShares Merger Arbitrage ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 121,937

 —

Energy Select Sector SPDR Fund

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 6,986

 —

Energy Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 6,986

 —

Financial Select Sector SPDR Fund

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 403,691

 —

Financial Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 403,691

 —

Invesco Global Listed Private Equity ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 30,183

 —

Invesco Global Listed Private Equity ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 30,183

 —

Invesco Senior Loan ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 1,298,773

 —

Invesco Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 1,298,773

 —

iPath Series B S&P 500 VIX Short-Term Futures ETN

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 102,312

 —

iPath Series B S&P 500 VIX Short-Term Futures ETN

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 102,312

 —

IQ Merger Arbitrage ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 503,646

 —

IQ Merger Arbitrage ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 503,646

 —

iShares Convertible Bond ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 294,365

 —

iShares Convertible Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 294,365

 —

iShares Core S&P Mid-Cap ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (5,740,700

)

 —

iShares Core S&P Mid-Cap ETF

Morgan Stanley

1-Day FEDEF - 0.35%

7/02/2025

Monthly

 (5,740,700

)

 —

iShares Core S&P Small-Cap ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 26,400

 —

iShares Core S&P Small-Cap ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 26,400

 —

iShares Floating Rate Bond ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 1,903,184

 —

iShares Floating Rate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 1,903,184

 —

iShares GSCI Commodity Dynamic

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 72,115

 —

iShares GSCI Commodity Dynamic

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 72,115

 —

iShares MSCI India ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 56,472

 —

iShares MSCI India ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 56,472

 —

JPMorgan Equity Premium Income ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 496,785

 —

JPMorgan Equity Premium Income ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 496,785

 —

JPMorgan Nasdaq Equity Premium Income ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 439,259

 —

JPMorgan Nasdaq Equity Premium Income ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 439,259

 —

14

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: (continued)

Total Return Benchmark

Counterparty

Floating
Rate
(e)

Expiration Date

Payment Frequency

Notional
Amount Long/(Short)

Value/
Unrealized Appreciation/
(Depreciation)
(f)

Materials Select Sector SPDR Fund

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

$126,792

$

Materials Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 126,792

 —

Schwab International Small-Cap Equity ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 301,257

 —

Schwab International Small-Cap Equity ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 301,257

 —

Schwab US Small-Cap ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

5,349

Schwab US Small-Cap ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 5,349

 —

SPDR Blackstone Senior Loan ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 1,206,238

 —

SPDR Blackstone Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 1,206,238

 —

SPDR Bloomberg Convertible Securities ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 943,001

 —

SPDR Bloomberg Convertible Securities ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 943,001

 —

SPDR Bloomberg Investment Grade Floating Rate ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 624,081

 —

SPDR Bloomberg Investment Grade Floating Rate ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 624,081

 —

SPDR S&P Emerging Markets SmallCap ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 1,109,820

 —

SPDR S&P Emerging Markets SmallCap ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 1,109,820

 —

Vanguard Energy ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 1,559

 —

Vanguard Energy ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 1,559

 —

Vanguard Financials ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 109,030

 —

Vanguard Financials ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 109,030

 —

Vanguard Materials ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 72,821

 —

Vanguard Materials ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 72,821

 —

Vanguard Mid-Cap ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (4,251,728

)

 —

Vanguard Mid-Cap ETF

Morgan Stanley

1-Day FEDEF - 0.53%

7/02/2025

Monthly

 (4,251,728

)

 —

Vanguard Small-Cap ETF

Merrill Lynch

1-Day FEDEF + 0.50%

8/30/2024

Monthly

 17,271

 —

Vanguard Small-Cap ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2025

Monthly

 17,271

 —

$ —

Cash posted has been segregated as collateral for swaps in the amount of $500,000 at October 31, 2023.

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $1,424,920 and with Merrill Lynch amounted to $— at October 31, 2023. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

 

(e)Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(f)Reflects the value at reset date of October 31, 2023.

Abbreviation

FEDEF — Federal Funds Effective Rate

15

See notes to financial statements.

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

October 31, 2023 (unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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:(g)

Exchange Traded Vehicle

$4,154,314

$

$

$4,154,314

Investment Companies

 587,697,246

 —

 —

 587,697,246

Short-Term Investment:

Money Market Fund

 103,985,582

 —

 —

 103,985,582

Total Investments in Securities

695,837,142

695,837,142

Other Financial Instruments:(h)

Swap Contracts

 —

 —

 —

 —

Total Investments in Securities and Other Financial Instruments

$695,837,142

$

$

$695,837,142

Liability Valuation Inputs

Other Financial Instruments:(h)

Swap Contracts

$

$

$

$

 

(g)For a complete listing of investments and their industries, see the Schedule of Investments.

(h)Reflects the unrealized appreciation (depreciation) of the instruments.

For the period ended October 31, 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 period ended October 31, 2023 is as follows:

Affiliated Holdings

Value
($) at
04/30/2023

Purchases  
Cost
($)

Sales Proceeds
($)

Net
Realized
Gain/(Loss)
($)

Net
Change in
Unrealized
Appreciation/
(Depreciation)
($)

Income Distributions
($)

Capital
Gain Distributions
($)

Shares at 10/31/2023

Value
($) at
10/31/2023

IQ Merger Arbitrage ETF

32,412,814

 (3,744,590)

 34,359

312,505

921,992

29,015,088

IQ Ultra Short Duration ETF

18,603,843

33,162

(18,566,076)

(221,397)

150,468

115,733

18,603,843

 

32,445,976

(22,310,666)

(187,038)

462,973

115,733

921,992

29,015,088

For more information on the determination, please refer to Note 6.

16

See notes to financial statements.

Schedule of Investments — IQ Merger Arbitrage ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 86.6%

Communication Services — 0.5%

EchoStar Corp., Class A*

107,437

$1,489,077

Kahoot! ASA*

305,712

 955,033

Total Communication Services

 2,444,110

Consumer Discretionary — 8.1%

Capri Holdings Ltd.*

600,285

 30,722,586

Chico’s FAS, Inc.*

510,948

 3,821,891

InvoCare Ltd.

97,223

 779,311

NEOGAMES SA*

39,442

 1,017,603

Total Consumer Discretionary

 36,341,391

Consumer Staples — 5.4%

Costa Group Holdings Ltd.

921,114

 1,807,936

Hostess Brands, Inc.*

410,673

 13,716,478

Sovos Brands, Inc.*

411,368

 8,930,799

Total Consumer Staples

 24,455,213

Energy — 6.2%

Denbury, Inc.*

281,315

 25,006,091

Holly Energy Partners LP

126,985

 2,698,431

Total Energy

 27,704,522

Financials — 4.9%

American Equity Investment Life Holding Co.

142,337

 7,538,168

American National Bankshares, Inc.

25,764

 983,154

Avantax, Inc.*

134,691

 3,476,375

Cambridge Bancorp

15,692

 842,817

Greenhill & Co., Inc.

113,188

 1,676,314

Gresham House PLC

72,277

 947,205

PacWest Bancorp

654,911

 4,636,770

Sculptor Capital Management, Inc.

135,223

 1,710,571

Total Financials

 21,811,374

Health Care — 23.8%

Abcam PLC*

1,392,932

 31,926,002

Amedisys, Inc.*

80,218

 7,339,145

Dechra Pharmaceuticals PLC

167,565

 7,742,841

EQRx, Inc.*

584,306

 1,273,787

Ergomed PLC*

175,206

 2,853,130

Intercept Pharmaceuticals, Inc.*

1,199,066

 22,698,319

NextGen Healthcare, Inc.*

199,233

 4,765,653

Seagen, Inc.*

127,638

 27,162,643

Tabula Rasa HealthCare, Inc.*

119,226

 1,243,527

Total Health Care

 107,005,047

Industrials — 3.1%

NWS Holdings Ltd.

3,140,081

 3,716,120

Takisawa Machine Tool Co., Ltd.(b)

42,804

 734,009

Tatsuta Electric Wire and Cable Co., Ltd.*(b)

413,870

 1,888,370

Uponor OYJ

65,247

 1,969,679

Veritiv Corp.

32,422

 5,492,611

Total Industrials

 13,800,789

Information Technology — 10.6%

Avid Technology, Inc.*

102,020

 2,756,580

New Relic, Inc.*

194,210

 16,832,181

Splunk, Inc.*

191,247

 28,143,909

Total Information Technology

 47,732,670

Shares

Value

Common Stocks (continued)

Materials — 15.4%

Chase Corp.

24,801

$3,151,215

JSR Corp.(b)

1,015,674

 26,953,639

Livent Corp.*(b)

1,142,107

 16,663,341

Westrock Co.

631,763

 22,699,244

Total Materials

 69,467,439

Real Estate — 3.7%

Hersha Hospitality Trust, Class A

654,269

 6,490,349

RPT Realty

937,761

10,118,441

Total Real Estate

 16,608,790

Utilities — 4.9%

Origin Energy Ltd.

3,778,044

 21,839,649

Total Common Stocks
(Cost $394,978,892)

 389,434,197

Exchange Traded Vehicle — 0.1%

Fixed Income Fund — 0.1%

iShares Short Treasury Bond ETF
(Cost $306,144)

2,772

 306,306

Rights — 0.0%(c)

Health Care — 0.0%(c)

Chinook Therapeutics, Inc.*(a)

435,560

 169,868

Epizyme, Inc.*(a)

1,957,185

 39,144

Radius Health, Inc.*(a)

177,390

 14,191

Supernus Pharmaceuticals, Inc., expires 12/31/24*(a)

333,265

 19,996

Supernus Pharmaceuticals, Inc., expires 12/31/25*(a)

333,265

 19,996

Total Rights
(Cost $0)

263,195

Short-Term Investments — 11.6%

Money Market Funds — 11.6%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(d)(e)

11,492,534

 11,492,534

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(d)

40,646,243

 40,646,243

Total Short-Term Investments
(Cost $52,138,777
)

 52,138,777

Total Investments — 98.3%
(Cost $447,423,813)

441,919,272

Other Assets and Liabilities,
Net — 1.7%

7,701,592

Net Assets — 100%

$449,620,864

 

*Non-income producing securities.

(a)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.

(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 $19,378,101; total market value of collateral held by the Fund was $20,349,766. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $8,857,232.

17

See notes to financial statements.

Schedule of Investments — IQ Merger Arbitrage ETF (continued)

October 31, 2023 (unaudited)

(c)Less than 0.05%.

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

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

Total Return Swap contracts outstanding at October 31, 2023:

Total Return Benchmark

Counterparty

Floating Rate(f)

Expiration Date

Payment Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized Appreciation/
(Depreciation)
(g)

Communication Services Select Sector SPDR Fund

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

$(909,899)

$ —

Communication Services Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF - 1.33%

2/05/2025

Monthly

 (909,899)

 —

Consumer Staples Select Sector SPDR Fund

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (857,547)

 —

Consumer Staples Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF - 0.35%

2/05/2025

Monthly

 (857,547)

 —

Energy Select Sector SPDR Fund

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (13,091,999)

 —

Energy Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF - 0.1%

2/05/2025

Monthly

 (13,091,999)

 —

Health Care Select Sector SPDR Fund

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (642,751)

 —

Health Care Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF - 0.1%

2/05/2025

Monthly

 (642,751)

 —

iShares MSCI Pacific ex Japan ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (10,239,274)

 —

iShares MSCI Pacific ex Japan ETF

Morgan Stanley

1-Day FEDEF - 6.82%

2/05/2025

Monthly

 (10,239,273)

 —

iShares U.S. Financial Services ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (1,116,681)

 —

iShares U.S. Financial Services ETF

Morgan Stanley

1-Day FEDEF - 0.83%

2/05/2025

Monthly

 (1,116,681)

 —

Schwab U.S. REIT ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (4,837,438)

 —

Schwab U.S. REIT ETF

Morgan Stanley

1-Day FEDEF - 1.5%

2/05/2025

Monthly

 (4,837,438)

 —

SPDR S&P Oil & Gas Exploration & Production ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (1,036,290)

 —

SPDR S&P Oil & Gas Exploration & Production ETF

Morgan Stanley

1-Day FEDEF - 1.15%

2/05/2025

Monthly

 (1,036,290)

 —

SPDR S&P Regional Banking ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (3,471,403)

 —

SPDR S&P Regional Banking ETF

Morgan Stanley

1-Day FEDEF - 0.75%

2/05/2025

Monthly

 (3,471,403)

 —

Vanguard FTSE Europe ETF

Merrill Lynch

1-Day FEDEF

8/30/2024

Monthly

 (9,771,728)

 —

Vanguard FTSE Europe ETF

Morgan Stanley

1-Day FEDEF

2/05/2025

Monthly

 (9,771,728)

 —

At October 31, 2023 there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

 

(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 October 31, 2023.

Abbreviation

FEDEF — Federal Funds Effective Rate

18

See notes to financial statements.

Schedule of Investments — IQ Merger Arbitrage ETF (continued)

October 31, 2023 (unaudited)

 

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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)

Common Stocks

$389,210,994

$

$

$389,434,197

Exchange Traded Vehicle

 306,306

 —

 —

 306,306

Rights

 —

 —

263,195

(i)

 39,992

Short-Term Investments:

Money Market Funds

 52,138,777

 —

 —

 52,138,777

Total Investments in Securities

441,656,077

263,195

441,919,272

Other Financial Instruments:(j)

Swap Contracts

 —

 —

 —

 —

Total Investments in Securities and Other Financial Instruments

$441,656,077

$

$263,195

$441,919,272

Liability Valuation Inputs

Other Financial Instruments:(j)

Swap Contracts

$

$

$

$

 

(h)For a complete listing of investments and their industries, see the Schedule of Investments.

(i)The Level 3 securities, valued in total at $263,195, have been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(j)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)

19

See notes to financial statements.

Schedule of Investments — IQ 500 International ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 97.5%

Australia — 4.8%

AGL Energy Ltd.

26,820

$182,547

Ampol Ltd.

11,469

 231,355

ANZ Group Holdings Ltd.

11,253

 176,055

Aristocrat Leisure Ltd.

5,710

 139,297

BHP Group Ltd.

38,216

 1,076,746

BlueScope Steel Ltd.

12,893

 153,469

Coles Group Ltd.

28,668

 277,169

Commonwealth Bank of Australia

3,018

 184,512

Downer EDI Ltd.

72,658

 173,433

EBOS Group Ltd.

5,048

 102,736

Flutter Entertainment PLC*(a)

1,384

 216,728

Fortescue Metals Group Ltd.

18,664

 263,522

Glencore PLC

342,846

 1,810,332

GrainCorp Ltd., Class A

31,617

 138,927

Metcash Ltd.

68,219

 158,950

National Australia Bank Ltd.

8,500

 150,959

Origin Energy Ltd.

27,136

 156,864

Qantas Airways Ltd.*

42,196

 131,178

Ramsay Health Care Ltd.

6,130

 188,938

Rio Tinto PLC

16,036

 1,022,560

Sonic Healthcare Ltd.

9,648

 175,624

South32 Ltd.

52,944

 111,292

Telstra Group Ltd.

84,461

 203,746

Viva Energy Group Ltd.

85,652

 153,473

Wesfarmers Ltd.

11,812

 377,829

Westpac Banking Corp.

11,125

 145,103

Woodside Energy Group Ltd.

8,003

 173,599

Woolworths Group Ltd.

20,676

 461,067

Worley Ltd.

17,026

 176,685

Total Australia

 8,914,695

Austria — 0.6%

Mondi PLC

10,034

 161,815

OMV AG

12,951

 566,188

Verbund AG

1,808

 156,707

voestalpine AG

7,700

 191,753

Total Austria

 1,076,463

Belgium — 0.9%

Anheuser-Busch InBev SA

15,054

 853,368

Colruyt Group NV

5,222

 215,654

KBC Group NV

2,210

 121,237

Solvay SA

2,148

 226,454

Umicore SA(a)

10,683

 253,505

Total Belgium

 1,670,218

Canada — 7.1%

Air Canada*

15,139

 182,442

Alimentation Couche-Tard, Inc.

18,581

 1,010,394

AltaGas Ltd.

8,921

 165,536

Bank of Montreal

3,070

 231,734

Bank of Nova Scotia (The)

5,742

 232,244

Barrick Gold Corp.

10,122

 161,500

BCE, Inc.

7,124

 264,177

Brookfield Corp.

18,723

 544,865

Canadian Imperial Bank of Commerce

5,131

 180,772

Canadian National Railway Co.

2,154

 227,665

Canadian Natural Resources Ltd.

5,419

 343,740

Canadian Pacific Kansas City Ltd.

1,950

 138,302

Canadian Tire Corp., Ltd., Class A

1,469

 141,540

Shares

Value

Common Stocks (continued)

Canada (continued)

CCL Industries, Inc., Class B

2,868

$112,014

Cenovus Energy, Inc.

25,871

 492,355

CGI, Inc.*

2,565

 247,363

Empire Co., Ltd., Class A

10,460

 286,317

Enbridge, Inc.

26,335

 843,024

George Weston Ltd.

4,564

 494,520

Gibson Energy, Inc.

9,106

 138,205

Great-West Lifeco, Inc.

12,294

 340,238

Imperial Oil Ltd.

7,578

 431,399

Intact Financial Corp.

1,002

 140,630

Keyera Corp.

6,588

 153,044

Loblaw Cos. Ltd.

6,277

 512,831

Magna International, Inc.

7,720

370,582

Metro, Inc.

3,589

 182,106

Nutrien Ltd.

8,691

 466,275

Parkland Corp.

16,034

 484,745

Pembina Pipeline Corp.

6,369

 195,807

Power Corp. of Canada

13,621

 327,807

Restaurant Brands International, Inc.

3,019

 202,572

Rogers Communications, Inc., Class B

4,536

 167,880

Royal Bank of Canada

4,413

 352,086

Saputo, Inc.

7,211

 145,441

Sun Life Financial, Inc.

4,731

 215,856

Suncor Energy, Inc.

12,849

 415,666

TC Energy Corp.

6,427

 221,108

Teck Resources Ltd., Class B

4,305

 151,950

TELUS Corp.

11,732

 188,963

TFI International, Inc.

1,474

 162,886

Thomson Reuters Corp.

1,334

 159,619

Toronto-Dominion Bank (The)

6,770

 377,745

West Fraser Timber Co., Ltd.

2,337

 157,551

WSP Global, Inc.

1,549

 202,505

Total Canada

 13,166,001

Denmark — 0.8%

Carlsberg A/S, Class B

1,016

 120,861

DSV A/S

3,150

 469,287

ISS A/S

11,248

 162,475

Novo Nordisk A/S, Class B

5,837

 559,617

Orsted A/S

2,449

 117,849

Vestas Wind Systems A/S*

6,209

 133,881

Total Denmark

 1,563,970

Finland — 1.1%

Fortum OYJ

64,969

 769,132

Kesko OYJ, Class B

8,066

 136,114

Kone OYJ, Class B

2,984

 128,971

Neste OYJ

4,974

 166,716

Nokia OYJ

89,192

 296,028

Outokumpu OYJ(a)

30,621

 125,356

Stora Enso OYJ, Class R

15,061

 180,289

UPM-Kymmene OYJ(a)

5,866

 196,986

Total Finland

 1,999,592

France — 11.4%

Accor SA

4,303

 136,767

Air France-KLM*

21,956

 247,254

Air Liquide SA

3,178

 543,109

Airbus SE

6,754

 901,514

Alstom SA

7,445

 100,335

Arkema SA

1,940

 181,231

20

See notes to financial statements.

Schedule of Investments — IQ 500 International ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

France (continued)

Atos SE*(a)

20,879

$145,392

AXA SA

23,167

 684,551

BNP Paribas SA

10,506

 602,884

Bollore SE

76,451

 416,167

Bouygues SA

24,118

 846,617

Bureau Veritas SA

5,550

 126,068

Capgemini SE

2,555

 449,658

Carrefour SA

44,694

 783,268

Cie de Saint-Gobain SA

12,180

 661,740

Cie Generale des Etablissements Michelin SCA

9,157

 271,205

Credit Agricole SA

29,598

 355,963

Danone SA

6,786

 402,754

Dassault Systemes SE

3,988

 163,618

Eiffage SA

4,188

 379,371

Engie SA

69,497

 1,102,173

EssilorLuxottica SA

2,182

 393,561

Forvia SE*

13,355

 223,602

Kering SA

481

 194,826

Legrand SA

1,845

 158,900

L’Oreal SA

1,374

 575,338

LVMH Moet Hennessy Louis Vuitton SE

1,937

 1,380,983

Orange SA

57,373

 673,749

Pernod Ricard SA

850

150,491

Publicis Groupe SA

4,265

 323,323

Renault SA

9,972

 348,362

Rexel SA

12,427

 252,659

Safran SA

2,199

 341,726

SCOR SE

6,316

 187,930

Societe Generale SA

14,351

 320,750

Sodexo SA

5,500

 580,655

SPIE SA

6,197

 162,708

Technip Energies NV

7,581

 165,472

Teleperformance SE

860

 98,311

Thales SA

1,993

 293,135

TotalEnergies SE

33,738

 2,253,788

Valeo SE

11,202

 147,297

Veolia Environnement SA

17,068

 465,998

Vinci SA

14,588

 1,611,037

Vivendi SE

25,437

 227,357

Total France

 21,033,597

Germany — 10.3%

adidas AG

1,715

 303,094

Allianz SE

3,730

 870,926

Aurubis AG

2,959

 242,895

BASF SE

25,514

 1,174,070

Bayer AG

11,976

 514,702

Bayerische Motoren Werke AG

12,005

 1,111,967

Bechtle AG

3,469

 154,297

Beiersdorf AG

1,123

 147,249

Brenntag SE

4,128

 305,956

Continental AG

4,406

 286,136

Covestro AG*

6,333

 319,304

Daimler Truck Holding AG

13,341

 417,686

Deutsche Bank AG

26,346

 288,392

Deutsche Lufthansa AG*

45,771

 319,502

Deutsche Post AG

54,305

 2,110,047

Deutsche Telekom AG

67,473

 1,460,262

Shares

Value

Common Stocks (continued)

Germany (continued)

E.ON SE

92,927

$1,102,076

Evonik Industries AG

12,917

 237,022

Fresenius Medical Care AG & Co. KGaA

11,306

 374,289

Fresenius SE & Co. KGaA

22,383

 573,492

Hannover Rueck SE

1,200

 264,209

Heidelberg Materials AG

4,521

 327,246

Infineon Technologies AG

6,801

 197,509

KION Group AG

3,913

 119,284

LANXESS AG

3,661

 83,585

Mercedes-Benz Group AG

15,340

 898,767

Merck KGaA

2,205

 331,774

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

1,352

 540,903

ProSiebenSat.1 Media SE(a)

14,996

 83,661

RWE AG

9,984

 381,285

Salzgitter AG

5,004

 124,403

SAP SE

5,937

 795,349

Siemens AG

5,866

 774,800

Siemens Energy AG*(a)

15,514

 137,254

Siemens Healthineers AG

10,449

 511,588

Telefonica Deutschland Holding AG

50,581

 85,730

thyssenkrupp AG

74,326

 515,215

TUI AG*

48,940

 246,096

United Internet AG

9,682

 201,096

Zalando SE*

3,535

 82,166

Total Germany

 19,015,284

Hong Kong — 0.7%

AIA Group Ltd.

27,125

 235,211

CLP Holdings Ltd.

23,818

 174,268

Nine Dragons Paper Holdings Ltd.*

202,224

 115,009

Orient Overseas International Ltd.

21,295

 268,480

Skyworth Group Ltd.

292,095

 105,645

Techtronic Industries Co., Ltd.

14,043

 127,964

WH Group Ltd.

591,623

353,102

Total Hong Kong

 1,379,679

Ireland — 0.2%

Kerry Group PLC, Class A

1,462

 112,624

Smurfit Kappa Group PLC

5,727

 186,522

Total Ireland

 299,146

Israel — 0.2%

ICL Group Ltd.

25,327

 122,705

Teva Pharmaceutical Industries Ltd.*

28,299

 239,302

Total Israel

 362,007

Italy — 3.5%

A2A SpA

171,431

 320,911

Assicurazioni Generali SpA

30,768

 609,623

Coca-Cola HBC AG*

5,499

 142,263

Enel SpA

277,237

 1,754,728

Eni SpA

75,655

 1,233,741

Hera SpA

81,644

 229,035

Intesa Sanpaolo SpA

102,067

 265,020

Iveco Group NV*

15,811

 132,929

Leonardo SpA

21,378

 321,663

Nexi SpA*

17,485

101,206

Poste Italiane SpA(a)

22,606

 223,176

Prysmian SpA

4,733

 176,549

21

See notes to financial statements.

Schedule of Investments — IQ 500 International ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Italy (continued)

Saipem SpA*

114,308

$173,564

Saras SpA(a)

99,933

 144,977

Telecom Italia SpA*(a)

773,666

 199,617

UniCredit SpA

10,533

 263,027

Unipol Gruppo SpA

28,041

 151,517

Total Italy

 6,443,546

Japan — 30.0%

Aeon Co., Ltd.

35,835

 749,377

AGC, Inc.

4,323

 145,894

Aisin Corp.

12,916

 443,653

Ajinomoto Co., Inc.

4,437

 160,552

Alfresa Holdings Corp.

22,122

 348,822

ANA Holdings, Inc.*

9,203

 179,387

Asahi Group Holdings Ltd.

6,735

 241,748

Asahi Kasei Corp.

40,859

 249,128

Astellas Pharma, Inc.

13,643

 171,162

Bridgestone Corp.

7,078

 264,855

Canon, Inc.

21,171

 496,406

Central Japan Railway Co.

7,505

 168,292

Chubu Electric Power Co., Inc.

30,434

 366,245

Chugai Pharmaceutical Co., Ltd.

6,947

 204,587

Chugoku Electric Power Co., Inc. (The)

30,255

 188,049

Cosmo Energy Holdings Co., Ltd.

6,170

 224,075

CyberAgent, Inc.

17,550

 91,513

Dai Nippon Printing Co., Ltd.

8,119

 209,562

Dai-ichi Life Holdings, Inc.

18,837

 395,037

Daiichi Sankyo Co., Ltd.

4,375

 111,451

Daikin Industries Ltd.

1,931

 275,793

Denso Corp.

35,922

 521,710

Dentsu Group, Inc.

6,492

 186,472

East Japan Railway Co.

5,117

 265,978

Electric Power Development Co., Ltd.

11,093

 169,166

ENEOS Holdings, Inc.

230,063

 847,213

Fast Retailing Co., Ltd.

1,107

 241,362

FUJIFILM Holdings Corp.

3,937

 213,247

Fujitsu Ltd.

4,037

 517,537

Hakuhodo DY Holdings, Inc.

15,991

 128,133

Hankyu Hanshin Holdings, Inc.

5,065

 158,092

Hitachi Ltd.

16,171

 1,011,935

Honda Motor Co., Ltd.

100,842

 1,003,126

Idemitsu Kosan Co., Ltd.

26,486

 597,944

Inpex Corp.

17,808

 256,634

Isuzu Motors Ltd.

17,846

 195,670

ITOCHU Corp.(a)

44,211

 1,568,528

Japan Airlines Co., Ltd.

8,462

 154,439

Japan Post Bank Co., Ltd.

18,235

168,509

Japan Post Holdings Co., Ltd.

63,837

 562,307

Japan Post Insurance Co., Ltd.

11,482

 219,602

Japan Tobacco, Inc.

13,394

 311,402

JFE Holdings, Inc.

41,075

 565,359

JTEKT Corp.

20,524

 166,217

Kajima Corp.

29,112

 476,534

Kansai Electric Power Co., Inc. (The)

32,695

 415,906

Kao Corp.

4,433

 160,817

Kawasaki Heavy Industries Ltd.

9,370

 203,678

Kawasaki Kisen Kaisha Ltd.

6,451

 219,073

KDDI Corp.

22,153

 656,347

Shares

Value

Common Stocks (continued)

Japan (continued)

Keyence Corp.

296

$113,654

Kintetsu Group Holdings Co., Ltd.

5,595

 156,606

Kirin Holdings Co., Ltd.

13,049

 182,623

Kobe Steel Ltd.

31,849

 370,550

Komatsu Ltd.

11,954

 273,345

Konica Minolta, Inc.*

34,667

 96,050

Kubota Corp.

15,991

 212,657

Kyocera Corp.

4,742

 230,892

Kyushu Electric Power Co., Inc.*

34,258

 218,019

Lixil Corp.

8,879

 96,796

LY Corp.

102,113

 257,769

Marubeni Corp.

59,608

 857,250

Mazda Motor Corp.

25,629

 240,983

Medipal Holdings Corp.

25,189

 420,801

Mitsubishi Chemical Group Corp.

79,134

 443,155

Mitsubishi Corp.

41,641

 1,912,332

Mitsubishi Electric Corp.

35,149

 389,332

Mitsubishi Heavy Industries Ltd.

12,752

 647,683

Mitsubishi Materials Corp.

10,147

 161,272

Mitsubishi Motors Corp.

42,855

 136,563

Mitsubishi UFJ Financial Group, Inc.

62,940

 522,405

Mitsui & Co., Ltd.

34,987

 1,251,442

Mitsui Chemicals, Inc.

7,989

 198,505

Mitsui OSK Lines Ltd.(a)

8,704

 223,168

Mizuho Financial Group, Inc.

16,559

 278,325

MS&AD Insurance Group Holdings, Inc.

8,141

 295,279

Murata Manufacturing Co., Ltd.

11,949

 195,475

NEC Corp.

11,852

 563,859

NIDEC CORP

3,980

 142,465

Nintendo Co., Ltd.

3,877

 159,258

NIPPON EXPRESS HOLDINGS INC

5,992

 305,406

Nippon Paint Holdings Co., Ltd.

17,352

 115,378

Nippon Sanso Holdings Corp.

8,107

 201,865

Nippon Steel Corp.

32,191

 686,991

Nippon Telegraph & Telephone Corp.

1,274,059

 1,487,363

Nippon Yusen K.K.(a)

15,465

 375,482

Nissan Motor Co., Ltd.

148,612

 556,786

Nitto Denko Corp.

2,292

 146,544

Nomura Holdings, Inc.

36,453

 139,583

Nomura Research Institute Ltd.

6,320

 164,588

NTT Data Group Corp.

35,448

 431,499

Obayashi Corp.

19,913

 169,355

Oji Holdings Corp.

48,151

 204,565

ORIX Corp.

9,961

 178,574

Osaka Gas Co., Ltd.

12,218

 229,282

Otsuka Corp.

4,807

 191,175

Otsuka Holdings Co., Ltd.

6,792

 226,482

Outsourcing, Inc.

14,548

 106,340

Pan Pacific International Holdings Corp.

9,772

 187,542

Panasonic Holdings Corp.

58,758

 507,869

Persol Holdings Co., Ltd.

102,214

 151,386

Rakuten Group, Inc.

39,364

 144,725

Recruit Holdings Co., Ltd.

18,631

 533,052

Renesas Electronics Corp.*

14,372

 185,575

Resonac Holdings Corp.

9,725

 155,560

Ricoh Co., Ltd.

32,095

 256,959

Secom Co., Ltd.

3,352

 231,295

22

See notes to financial statements.

Schedule of Investments — IQ 500 International ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Japan (continued)

Seiko Epson Corp.

12,230

$167,689

Sekisui Chemical Co., Ltd.

10,712

 145,283

Sekisui House Ltd.

8,536

 165,653

Seven & I Holdings Co., Ltd.

25,023

907,599

SG Holdings Co., Ltd.

14,416

 202,944

Sharp Corp.*(a)

25,068

 155,544

Shimizu Corp.

48,038

 339,719

Shin-Etsu Chemical Co., Ltd.

10,334

 304,878

SoftBank Corp.

60,139

 677,058

SoftBank Group Corp.

29,528

 1,194,027

Sojitz Corp.

12,641

 259,255

Sompo Holdings, Inc.

5,731

 246,239

Sony Group Corp.

15,865

 1,301,612

Subaru Corp.

14,917

 252,105

Sumitomo Chemical Co., Ltd.

91,042

 229,641

Sumitomo Corp.

37,686

 731,225

Sumitomo Electric Industries Ltd.

25,072

 259,751

Sumitomo Forestry Co., Ltd.

7,217

 168,410

Sumitomo Metal Mining Co., Ltd.

4,613

 128,419

Sumitomo Mitsui Financial Group, Inc.

7,420

 353,742

Suntory Beverage & Food Ltd.

4,424

 130,811

Suzuken Co., Ltd.

10,538

 321,056

Suzuki Motor Corp.

7,933

 302,978

T&D Holdings, Inc.

12,306

 217,160

Taisei Corp.

8,546

 287,735

Takeda Pharmaceutical Co., Ltd.

14,908

 399,955

TDK Corp.

7,755

 284,607

Tohoku Electric Power Co., Inc.

48,483

 300,960

Tokio Marine Holdings, Inc.

16,054

 354,376

Tokyo Electric Power Co. Holdings, Inc.*

164,315

 691,133

Tokyo Electron Ltd.

1,831

 238,842

Tokyo Gas Co., Ltd.

14,329

 319,705

Tokyu Corp.

10,802

 121,255

TOPPAN Holdings, Inc.

13,497

 307,647

Toray Industries, Inc.

44,208

 211,575

Toshiba Corp.*

8,184

 248,527

Toyota Boshoku Corp.

9,443

 161,930

Toyota Industries Corp.

4,827

 352,356

Toyota Motor Corp.

140,782

 2,407,642

Toyota Tsusho Corp.

20,621

 1,076,494

West Japan Railway Co.

4,270

 162,009

Yamada Holdings Co., Ltd.

48,009

 151,466

Yamaha Motor Co., Ltd.

6,510

 156,340

Yamato Holdings Co., Ltd.

14,685

 242,803

Zensho Holdings Co., Ltd.

5,733

 300,003

Total Japan

 55,308,417

Luxembourg — 0.6%

APERAM SA

3,990

 110,286

ArcelorMittal SA

42,346

 934,587

Eurofins Scientific SE(a)

2,762

 139,637

Total Luxembourg

 1,184,510

Netherlands — 3.3%

Aegon Ltd.(a)

36,514

 176,921

Akzo Nobel NV

2,270

 151,786

ASML Holding NV

614

 366,880

Heineken Holding NV

4,736

 359,429

Heineken NV

3,714

 332,665

Shares

Value

Common Stocks (continued)

Netherlands (continued)

ING Groep NV

13,878

$176,440

Koninklijke Ahold Delhaize NV

27,628

 817,681

Koninklijke Philips NV*

15,548

 294,141

NN Group NV

4,470

 142,973

OCI NV

4,877

 113,462

Randstad NV

8,942

 461,623

Shell PLC

70,889

 2,276,517

Universal Music Group NV

10,428

 254,618

Wolters Kluwer NV

1,251

 160,132

Total Netherlands

 6,085,268

Norway — 1.5%

Aker BP ASA

5,718

 164,348

Equinor ASA

62,176

 2,083,998

Norsk Hydro ASA

42,855

 244,279

Telenor ASA

17,794

181,815

Total Norway

 2,674,440

Portugal — 0.5%

EDP - Energias de Portugal SA

48,003

 201,435

Galp Energia SGPS SA

21,964

 329,900

Jeronimo Martins SGPS SA

13,290

 305,957

Total Portugal

 837,292

Singapore — 0.6%

DBS Group Holdings Ltd.

6,017

 144,271

Jardine Cycle & Carriage Ltd.

8,905

 183,294

Oversea-Chinese Banking Corp., Ltd.

20,347

 188,314

Singapore Airlines Ltd.

41,267

 184,038

Singapore Telecommunications Ltd.

98,752

 171,548

STMicroelectronics NV

5,486

 208,638

Total Singapore

 1,080,103

Spain — 3.1%

Acciona SA

1,232

 154,965

Acerinox SA

15,374

 149,471

ACS Actividades de Construccion y Servicios SA

19,512

 704,731

Banco Bilbao Vizcaya Argentaria SA

48,372

 379,482

Banco Santander SA(a)

176,065

 645,028

Cia de Distribucion Integral Logista Holdings SA

8,859

 217,058

Endesa SA

19,556

 367,216

Iberdrola SA

59,683

 662,394

Industria de Diseno Textil SA(a)

14,353

 493,822

Mapfre SA(a)

82,768

 171,648

Naturgy Energy Group SA(a)

13,935

 393,274

Repsol SA

41,780

 610,535

Sacyr SA

48,841

 140,730

Telefonica SA

164,234

 632,931

Total Spain

 5,723,285

Sweden — 1.6%

Assa Abloy AB, B Shares

6,878

 146,208

Atlas Copco AB, A Shares

14,872

 191,946

Boliden AB

3,800

 97,188

Electrolux AB, B Shares*

11,643

 97,540

Essity AB, B Shares

7,509

 170,912

H & M Hennes & Mauritz AB, B Shares(a)

17,786

 237,674

Sandvik AB

7,327

 124,339

Securitas AB, B Shares(a)

31,477

 251,475

Skanska AB, B Shares

10,216

 153,021

23

See notes to financial statements.

Schedule of Investments — IQ 500 International ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Sweden (continued)

SKF AB, B Shares

7,104

$114,515

SSAB AB, B Shares(a)

22,726

 131,645

Telefonaktiebolaget LM Ericsson, B Shares

80,744

 361,419

Telia Co. AB(a)

62,002

 131,022

Volvo AB, B Shares

29,746

 588,123

Volvo Car AB, B Shares*(a)

64,031

 219,556

Total Sweden

 3,016,583

Switzerland — 2.4%

ABB Ltd.

10,690

 357,567

Adecco Group AG(a)

12,474

 469,326

Alcon, Inc.

2,198

 156,557

Cie Financiere Richemont SA, Class A

1,335

 156,817

DSM-Firmenich AG

1,259

 113,901

Kuehne + Nagel International AG

2,455

 659,576

Novartis AG

10,316

 958,315

Sandoz Group AG*

2,063

 53,612

Schindler Holding AG, Participating Certificate

720

 144,942

Sika AG

644

 153,490

Swiss Life Holding AG

269

 171,973

Swisscom AG

319

 190,688

UBS Group AG

20,741

 483,626

Zurich Insurance Group AG

602

 284,843

Total Switzerland

 4,355,233

United Kingdom — 8.0%

Associated British Foods PLC

11,563

284,269

AstraZeneca PLC

4,727

 587,935

BAE Systems PLC

35,760

 479,056

Balfour Beatty PLC

42,367

 158,960

Barclays PLC

127,852

 204,166

BP PLC

236,239

 1,440,768

British American Tobacco PLC

15,752

 469,062

BT Group PLC

236,807

 323,990

Bunzl PLC

5,916

 210,481

Centrica PLC

283,752

 541,611

CK Hutchison Holdings Ltd.

77,201

 390,218

Compass Group PLC

29,980

 754,138

Computacenter PLC

7,549

 235,053

DCC PLC

5,228

 289,599

Diageo PLC

6,768

 255,165

Drax Group PLC

18,960

 97,227

DS Smith PLC

41,578

 143,891

easyJet PLC*

22,680

 100,727

Entain PLC

10,809

 122,033

Hays PLC

147,353

 171,831

HSBC Holdings PLC

74,941

 538,619

Imperial Brands PLC

13,456

 285,905

Inchcape PLC

14,914

 120,528

International Distributions Services PLC*

99,689

 305,563

ITV PLC

148,767

 115,280

J Sainsbury PLC

129,895

 405,557

JD Sports Fashion PLC

77,114

 119,306

JET2 PLC

9,842

 119,666

John Wood Group PLC*

59,680

 102,762

Johnson Matthey PLC

10,042

 182,050

Kingfisher PLC

66,669

 169,726

Shares

Value

Common Stocks (continued)

United Kingdom (continued)

Lloyds Banking Group PLC

309,604

$150,050

Marks & Spencer Group PLC*

88,273

 232,224

National Grid PLC

24,687

 293,153

NatWest Group PLC

51,467

 111,290

Pearson PLC

14,602

 168,611

Reckitt Benckiser Group PLC

3,316

 221,389

RELX PLC

8,066

 280,710

Rolls-Royce Holdings PLC*

140,396

 366,962

Serco Group PLC

80,465

 139,625

SSE PLC

8,133

 161,160

Standard Chartered PLC

24,734

 189,084

Tesco PLC

272,499

 891,797

Unilever PLC

19,008

 897,004

Vodafone Group PLC

662,271

 608,348

WPP PLC

30,910

 265,029

Total United Kingdom

 14,701,578

United States — 4.3%

CSL Ltd.

1,074

 157,999

Experian PLC

5,394

 163,044

Ferrovial SE

5,808

 174,595

GSK PLC

38,173

 675,080

Haleon PLC

56,303

 225,116

Holcim AG*

7,335

 452,005

Nestle SA

15,506

 1,670,807

Roche Holding AG

5,438

 1,397,370

Sanofi SA

7,606

 688,992

Schneider Electric SE

2,887

 442,417

Stellantis NV

64,362

 1,197,344

Swiss Re AG

2,807

 305,730

Tenaris SA

13,262

 209,499

Waste Connections, Inc.

1,112

 143,829

Total United States

 7,903,827

Total Common Stocks
(Cost $186,529,438)

 179,794,734

Preferred Stocks — 1.2%

Germany — 1.2%

Dr Ing hc F Porsche AG, 1.23%

2,950

 257,373

Henkel AG & Co. KGaA, 2.72%

4,355

313,390

Volkswagen AG, 27.97%

15,655

 1,651,927

Total Preferred Stocks
(Cost $3,479,560)

 2,222,690

Investment Companies — 0.7%

International Equity Core Funds — 0.7%

iShares Core MSCI EAFE ETF
(Cost $1,339,328)

20,163

 1,257,365

Short-Term Investments — 2.7%

Money Market Funds — 2.7%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)

4,889,242

 4,889,242

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)

112,070

 112,070

Total Short-Term Investments
(Cost $5,001,312)

 5,001,312

24

See notes to financial statements.

Schedule of Investments — IQ 500 International ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Total Investments — 102.1%
(Cost $196,349,638)

$188,276,101

Other Assets and Liabilities,
Net — (2.1)%

(3,827,349

)

Net Assets — 100%

$184,448,752

  

*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 $6,534,566; total market value of collateral held by the Fund was $6,943,265. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,054,023.

(b)Reflects the 1-day yield at October 31, 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 October 31, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2. 1

Description

Level 1

Level 2

Level 3

Total

Asset Valuation Inputs

Investments in Securities:(d)

Common Stocks

$179,794,734

$

$

$179,794,734

Investment Companies

 1,257,365

 —

 —

 1,257,365

Preferred Stocks

 2,222,690

 —

 —

 2,222,690

Short-Term Investments:

Money Market Funds

 5,001,312

 —

 —

 5,001,312

Total Investments in Securities

$188,276,101

$

$

$188,276,101

 

(d)For a complete listing of investments and their countries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

25

See notes to financial statements.

Schedule of Investments — IQ Candriam International Equity ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.1%

Australia — 7.4%

Alumina Ltd.*

40,714

$20,107

Ampol Ltd.

3,977

 80,225

ANZ Group Holdings Ltd.

50,489

 789,910

APA Group

19,705

 102,804

ASX Ltd.

3,203

 113,831

BlueScope Steel Ltd.

7,583

 90,262

Brambles Ltd.

23,180

 192,408

Charter Hall Group

8,084

 44,377

Cochlear Ltd.

1,092

 166,517

Coles Group Ltd.

21,634

 209,162

Commonwealth Bank of Australia

28,150

 1,721,011

Computershare Ltd.

8,788

 137,935

Dexus

17,758

 72,858

EBOS Group Ltd.

2,609

 53,098

Evolution Mining Ltd.

29,799

 67,356

Goodman Group

30,688

 402,982

GPT Group (The)

31,820

 72,932

IDP Education Ltd.

3,552

 48,690

IGO Ltd.

11,163

 67,216

Insurance Australia Group Ltd.

40,712

 146,155

Lendlease Corp., Ltd.

11,491

 45,181

Lynas Rare Earths Ltd.*

15,456

 68,991

Macquarie Group Ltd.

6,093

 621,028

Medibank Pvt Ltd.

45,970

 99,834

Mineral Resources Ltd.

2,791

 102,069

Mirvac Group

65,568

 75,556

National Australia Bank Ltd.

52,608

 934,313

Orica Ltd.

7,575

 70,311

Pilbara Minerals Ltd.(a)

45,742

 106,289

QBE Insurance Group Ltd.

24,889

 245,833

Ramsay Health Care Ltd.

3,024

 93,205

REA Group Ltd.

838

 76,250

Rio Tinto Ltd.

6,186

 460,523

Rio Tinto PLC

17,993

 1,147,351

Santos Ltd.

54,182

 263,123

Scentre Group

86,472

 133,042

SEEK Ltd.

5,718

 74,616

Sonic Healthcare Ltd.

7,514

 136,778

Stockland

39,691

 88,962

Suncorp Group Ltd.

21,092

 178,682

Telstra Group Ltd.

192,628

 464,678

Transurban Group

51,375

 384,483

Vicinity Ltd.

64,102

 68,997

Wesfarmers Ltd.

18,909

 604,839

Westpac Banking Corp.

58,725

 765,946

WiseTech Global Ltd.

2,858

 105,243

Woodside Energy Group Ltd.

31,889

 691,729

Woolworths Group Ltd.

20,176

 449,917

Total Australia

 13,157,605

Austria — 0.3%

ams-OSRAM AG*(a)

4,533

 16,084

ANDRITZ AG

1,189

 54,544

BAWAG Group AG*

1,303

 57,763

CA Immobilien Anlagen AG

765

 25,795

Erste Group Bank AG

5,460

 194,779

EVN AG

614

 16,647

OMV AG

2,361

 103,217

Verbund AG

563

 48,798

Shares

Value

Common Stocks (continued)

Austria (continued)

Wienerberger AG

1,866

$45,246

Total Austria

 562,873

Belgium — 0.6%

Ageas SA

2,532

 97,044

Azelis Group NV

1,735

 29,526

Colruyt Group NV

876

 36,176

D’ieteren Group

348

 51,534

Elia Group SA

468

 44,348

KBC Group NV

4,173

 228,925

Proximus SADP

2,467

 20,397

Sofina SA

250

 47,301

Solvay SA

1,167

 123,032

UCB SA

2,006

146,431

Umicore SA

3,371

 79,993

Warehouses De Pauw CVA

2,774

 68,377

Total Belgium

 973,084

Chile — 0.1%

Antofagasta PLC

5,776

 94,269

China — 0.8%

Alibaba Health Information Technology Ltd.*

87,492

 51,547

BYD Electronic International Co., Ltd.

12,628

 52,613

China Gas Holdings Ltd.

46,897

 42,134

China Mengniu Dairy Co., Ltd.*

50,021

 163,336

Chow Tai Fook Jewellery Group Ltd.

30,379

 42,863

CSPC Pharmaceutical Group Ltd.

140,397

 122,551

ESR Group Ltd.

49,891

 64,017

Fosun International Ltd.

37,840

 22,633

NXP Semiconductors NV

4,363

 752,312

Wilmar International Ltd.

34,842

 90,535

Xinyi Glass Holdings Ltd.

27,434

 31,520

Total China

 1,436,061

Denmark — 4.2%

AP Moller - Maersk A/S, Class A

45

 73,286

AP Moller - Maersk A/S, Class B

72

 119,552

Chr Hansen Holding A/S

1,714

 116,632

Coloplast A/S, Class B

2,058

 214,213

Demant A/S*

1,412

 53,730

DSV A/S

2,978

 443,662

Genmab A/S*

1,082

 304,925

Novo Nordisk A/S, Class B

53,444

 5,123,891

Novozymes A/S, Class B

3,418

 153,248

Orsted A/S

3,151

 151,630

Pandora A/S

1,480

 167,296

Tryg A/S

5,322

 103,744

Vestas Wind Systems A/S*

16,802

 362,292

Total Denmark

 7,388,101

Faroe Islands — 0.0%(b)

Bakkafrost P/F

862

 38,850

Finland — 1.1%

Elisa OYJ

2,346

 99,388

Huhtamaki OYJ

1,809

 61,972

Kesko OYJ, Class B

4,499

 75,921

Kone OYJ, Class B

5,538

 239,357

Metso Outotec OYJ

11,624

 102,052

Nokia OYJ(a)

88,205

 292,752

26

See notes to financial statements.

Schedule of Investments — IQ Candriam International Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Finland (continued)

Nordea Bank Abp

53,567

$562,751

Orion OYJ, Class B

1,775

 70,432

Stora Enso OYJ, Class R

9,524

 114,008

UPM-Kymmene OYJ

8,815

 296,017

Wartsila OYJ Abp

8,101

 96,246

Total Finland

 2,010,896

France — 9.1%

Adevinta ASA*

3,420

 30,016

Air Liquide SA

8,584

 1,466,975

AXA SA

29,960

 885,275

BioMerieux

701

 67,057

BNP Paribas SA

18,061

 1,036,426

Bouygues SA

3,248

 114,015

Capgemini SE

2,642

 464,969

Carrefour SA

9,804

 171,816

Cie de Saint-Gobain SA

7,768

 422,036

Cie Generale des Etablissements Michelin SCA

11,211

 332,039

Credit Agricole SA

18,506

 222,564

Dassault Systemes SE

11,334

 465,007

EssilorLuxottica SA

4,822

 869,731

Hermes International SCA

545

 1,013,648

Kering SA

1,199

 485,648

Legrand SA

4,278

 368,441

L’Oreal SA

3,773

1,579,877

LVMH Moet Hennessy Louis Vuitton SE

4,376

 3,119,866

Sartorius Stedim Biotech

406

 75,765

Societe Generale SA

12,476

 278,843

Sodexo SA

1,355

 143,052

TotalEnergies SE

38,458

 2,569,097

Total France

 16,182,163

Germany — 6.8%

adidas AG

2,768

 489,192

Bayerische Motoren Werke AG

5,116

 473,871

Beiersdorf AG

1,634

 214,252

Carl Zeiss Meditec AG, Bearer

632

 54,604

Deutsche Boerse AG

3,067

 503,132

Deutsche Post AG

15,897

 617,685

Deutsche Telekom AG

54,373

 1,176,749

E.ON SE

36,956

 438,283

Evonik Industries AG

3,354

 61,545

Fresenius Medical Care AG & Co. KGaA

3,324

 110,042

Fresenius SE & Co. KGaA

6,871

 176,047

Hapag-Lloyd AG(a)

104

 14,961

Heidelberg Materials AG

2,301

 166,555

Infineon Technologies AG

21,903

 636,089

Knorr-Bremse AG

1,104

 61,311

Mercedes-Benz Group AG

13,241

 775,787

Merck KGaA

2,158

 324,703

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

2,292

 916,974

Puma SE

1,680

 94,648

SAP SE

17,238

 2,309,284

Siemens AG

12,465

 1,646,418

Symrise AG

2,217

 225,433

Talanx AG

747

 46,941

Telefonica Deutschland Holding AG

15,484

 26,244

Shares

Value

Common Stocks (continued)

Germany (continued)

Volkswagen AG

478

$54,971

Vonovia SE

11,619

 266,505

Zalando SE*

3,674

 85,397

Total Germany

 11,967,623

Guatemala — 0.0%(b)

Millicom International Cellular SA*(a)

2,162

 33,864

Hong Kong — 2.5%

AIA Group Ltd.

194,752

 1,688,767

CK Asset Holdings Ltd.

32,041

 160,111

Futu Holdings Ltd.*

1,188

 65,874

Hang Lung Properties Ltd.

30,699

 40,489

Hang Seng Bank Ltd.

12,122

 138,887

HKT Trust & HKT Ltd.

60,738

 62,876

Hong Kong & China Gas Co., Ltd.

154,157

 107,374

Hong Kong Exchanges & Clearing Ltd.

20,069

 705,336

Link REIT

42,895

 196,806

MTR Corp., Ltd.

26,336

 98,449

Prudential PLC

45,953

 478,322

Sino Biopharmaceutical Ltd.

170,511

 66,247

Sino Land Co., Ltd.

57,911

 57,803

Sun Hung Kai Properties Ltd.

24,492

 251,506

Swire Pacific Ltd., Class A

6,892

 44,129

Swire Pacific Ltd., Class B

13,995

 14,362

Swire Properties Ltd.

18,316

 35,440

Techtronic Industries Co., Ltd.

22,949

 209,118

Wharf Real Estate Investment Co., Ltd.

26,034

 90,999

Total Hong Kong

 4,512,895

Ireland — 0.5%

AerCap Holdings NV*

2,764

 171,700

Bank of Ireland Group PLC

17,844

 159,377

Kerry Group PLC, Class A

2,619

 201,753

Kingspan Group PLC

2,557

 171,571

Smurfit Kappa Group PLC(a)

4,321

 140,730

Total Ireland

 845,131

Israel — 0.5%

Bank Hapoalim BM

20,754

148,106

Bank Leumi Le-Israel BM

24,471

 157,210

Check Point Software Technologies Ltd.*

1,530

 205,403

Israel Discount Bank Ltd., Class A

20,659

 90,642

Mizrahi Tefahot Bank Ltd.

2,511

 77,585

Nice Ltd.*

1,057

 163,192

Tower Semiconductor Ltd.*

1,905

 44,070

Wix.com Ltd.*

916

 73,188

Total Israel

 959,396

Italy — 2.3%

A2A SpA

27,049

 50,634

Amplifon SpA

2,030

 57,162

Assicurazioni Generali SpA

17,144

 339,683

Banca Mediolanum SpA

3,522

 28,688

DiaSorin SpA

387

 34,566

Enel SpA

129,153

 817,453

Eni SpA

35,676

 581,785

FinecoBank Banca Fineco SpA

10,189

 119,706

Intesa Sanpaolo SpA

260,920

 677,487

Mediobanca Banca di Credito Finanziario SpA

10,099

 120,304

27

See notes to financial statements.

Schedule of Investments — IQ Candriam International Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Italy (continued)

Moncler SpA

3,240

$167,604

Nexi SpA*

8,116

 46,977

Pirelli & C SpA

4,378

 19,440

Poste Italiane SpA

7,613

 75,159

Prysmian SpA

4,269

 159,241

UniCredit SpA

30,361

 758,167

Total Italy

 4,054,056

Japan — 23.7%

Advantest Corp.

12,248

 308,535

Aeon Co., Ltd.

13,073

 273,381

Ajinomoto Co., Inc.

8,735

 316,074

Alfresa Holdings Corp.

3,132

 49,386

Asahi Intecc Co., Ltd.

3,563

 59,087

Asahi Kasei Corp.

22,669

 138,219

Astellas Pharma, Inc.

29,827

 374,204

Azbil Corp.

2,182

 63,596

Bandai Namco Holdings, Inc.

9,681

 198,357

Bridgestone Corp.

9,154

 342,538

Brother Industries Ltd.

4,197

 64,821

Canon, Inc.

16,710

 391,807

Capcom Co., Ltd.

2,793

 89,242

Central Japan Railway Co.

15,555

 348,805

Chiba Bank Ltd. (The)

12,207

 90,236

Chugai Pharmaceutical Co., Ltd.

10,677

 314,434

Coca-Cola Bottlers Japan Holdings, Inc.

2,447

 32,622

Concordia Financial Group Ltd.

18,723

 86,108

CyberAgent, Inc.

7,186

 37,471

Dai Nippon Printing Co., Ltd.

3,966

 102,368

Daifuku Co., Ltd.

5,710

 92,996

Daiichi Sankyo Co., Ltd.

32,226

 820,944

Daikin Industries Ltd.

4,574

 653,278

Daito Trust Construction Co., Ltd.

1,001

 106,746

Daiwa House Industry Co., Ltd.

10,195

 277,822

Daiwa House REIT Investment Corp.

35

 61,844

Daiwa Securities Group, Inc.

23,887

 136,276

Denso Corp.

29,740

 431,927

Dentsu Group, Inc.

3,321

 95,390

Disco Corp.

1,488

 256,982

East Japan Railway Co.

6,086

 316,346

Ebara Corp.

1,542

 67,201

Eisai Co., Ltd.

4,721

 248,168

ENEOS Holdings, Inc.

46,445

 171,035

FANUC Corp.

15,707

 378,868

Fast Retailing Co., Ltd.

2,808

 612,236

Fuji Electric Co., Ltd.

2,273

 85,220

FUJIFILM Holdings Corp.

5,105

 276,512

Fujitsu Ltd.

3,174

 406,902

GLP J-Reit

76

 67,998

GMO Payment Gateway, Inc.

769

 30,395

Hakuhodo DY Holdings, Inc.

3,798

30,433

Hankyu Hanshin Holdings, Inc.

3,942

 123,040

Haseko Corp.

4,252

 51,955

Hikari Tsushin, Inc.

331

 47,253

Hirose Electric Co., Ltd.

489

 54,730

Hitachi Construction Machinery Co., Ltd.

1,792

 45,579

Hitachi Ltd.

15,433

 965,753

Shares

Value

Common Stocks (continued)

Japan (continued)

Honda Motor Co., Ltd.

85,692

$852,422

Hoshizaki Corp.

1,806

 57,813

Hoya Corp.

5,826

 551,459

Hulic Co., Ltd.

8,016

 72,885

Ibiden Co., Ltd.

2,080

 87,090

Isetan Mitsukoshi Holdings Ltd.

5,658

 63,288

Isuzu Motors Ltd.

10,083

 110,554

Itochu Techno-Solutions Corp.

1,476

 42,132

J Front Retailing Co., Ltd.

4,332

 40,919

Japan Exchange Group, Inc.

8,828

 172,806

Japan Metropolitan Fund Invest

115

 74,037

Japan Post Bank Co., Ltd.

6,434

 59,456

JFE Holdings, Inc.(a)

8,848

 121,784

JSR Corp.

3,385

 89,830

JTEKT Corp.

3,900

 31,585

Kajima Corp.

7,387

 120,918

Kakaku.com, Inc.

2,066

 19,767

Kao Corp.

7,544

 273,675

Kawasaki Kisen Kaisha Ltd.

2,108

 71,587

KDDI Corp.

25,908

 767,600

Keikyu Corp.

4,523

 38,168

Keio Corp.

1,835

 54,161

Keisei Electric Railway Co., Ltd.

2,637

 98,501

Kikkoman Corp.

2,567

 144,431

Kintetsu Group Holdings Co., Ltd.

3,156

 88,338

Kobayashi Pharmaceutical Co., Ltd.

879

 36,101

Kobe Bussan Co., Ltd.

2,360

 58,328

Koei Tecmo Holdings Co., Ltd.

1,968

 25,522

Koito Manufacturing Co., Ltd.

4,000

 59,150

Komatsu Ltd.

14,967

 342,241

Kose Corp.

582

 38,072

Kubota Corp.

17,749

 236,036

Kuraray Co., Ltd.

5,416

 61,511

Kurita Water Industries Ltd.

1,877

 56,244

Kyocera Corp.

5,556

 270,527

Kyowa Kirin Co., Ltd.

4,153

 64,662

Kyushu Railway Co.

2,346

 47,727

Lion Corp.

4,439

 42,545

Lixil Corp.

4,647

 50,660

M3, Inc.

6,827

 104,313

Makita Corp.

4,073

 103,839

McDonald’s Holdings Co. Japan Ltd.

1,424

 55,382

MEIJI Holdings Co., Ltd.

4,427

 108,684

MINEBEA MITSUMI, Inc.

6,466

 99,459

Mitsubishi Chemical Group Corp.

23,789

 133,220

Mitsubishi Estate Co., Ltd.

21,266

 268,765

Mitsui Chemicals, Inc.

2,967

 73,722

Mitsui Fudosan Co., Ltd.

14,615

 313,347

Mitsui OSK Lines Ltd.

6,033

 154,684

Mizuho Financial Group, Inc.

42,434

 713,234

MonotaRO Co., Ltd.

4,292

 34,023

MS&AD Insurance Group Holdings, Inc.

7,103

 257,630

Nabtesco Corp.

1,887

 33,019

NEC Corp.

4,241

 201,766

NGK Insulators Ltd.

4,829

 58,415

Nichirei Corp.

2,118

 45,704

NIDEC CORP

8,009

 286,683

Nihon M&A Center Holdings, Inc.

5,238

 23,709

28

See notes to financial statements.

Schedule of Investments — IQ Candriam International Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Japan (continued)

Nikon Corp.

5,437

$50,836

Nintendo Co., Ltd.

19,356

 795,098

Nippon Building Fund, Inc.

28

 112,226

Nippon Paint Holdings Co., Ltd.

14,850

 98,742

Nippon Prologis REIT, Inc.

38

 67,446

Nippon Sanso Holdings Corp.

3,115

 77,564

Nippon Shinyaku Co., Ltd.

1,063

 42,774

Nippon Steel Corp.

14,252

304,153

Nippon Telegraph & Telephone Corp.

902,801

 1,053,948

Nippon Yusen K.K.

8,251

 200,330

Nissan Chemical Corp.

2,180

 87,735

Nissan Motor Co., Ltd.

36,715

 137,555

Nisshin Seifun Group, Inc.

4,267

 64,155

Nissin Foods Holdings Co., Ltd.

1,015

 88,133

Nitori Holdings Co., Ltd.

1,366

 148,014

Nitto Denko Corp.

2,471

 157,989

Nomura Holdings, Inc.

49,688

 190,261

Nomura Real Estate Holdings, Inc.

1,790

 41,427

Nomura Real Estate Master Fund, Inc.

71

 78,246

Nomura Research Institute Ltd.

6,483

 168,833

NSK Ltd.

8,451

 44,938

NTT Data Group Corp.

10,363

 126,146

Obayashi Corp.

11,543

 98,170

Odakyu Electric Railway Co., Ltd.

5,300

 74,927

Oji Holdings Corp.

15,505

 65,872

Olympus Corp.

20,937

 276,358

Omron Corp.

3,127

 110,404

Ono Pharmaceutical Co., Ltd.

7,343

 126,137

Open House Group Co., Ltd.

1,307

 42,530

Oriental Land Co., Ltd.

18,522

 594,020

ORIX Corp.

19,194

 344,097

Otsuka Holdings Co., Ltd.

7,393

 246,523

Pan Pacific International Holdings Corp.

6,379

 122,424

Panasonic Holdings Corp.

37,636

 325,303

Persol Holdings Co., Ltd.

30,740

 45,528

Pola Orbis Holdings, Inc.

1,379

 13,786

Rakuten Group, Inc.

23,707

 87,161

Recruit Holdings Co., Ltd.

24,209

 692,645

Renesas Electronics Corp.*

20,143

 260,092

Resona Holdings, Inc.

39,629

 210,254

Resonac Holdings Corp.

3,079

 49,251

Ricoh Co., Ltd.

9,447

 75,635

Rohm Co., Ltd.

5,864

 92,387

Ryohin Keikaku Co., Ltd.

4,298

 60,208

Santen Pharmaceutical Co., Ltd.

6,084

 52,526

SBI Holdings, Inc.

4,030

 85,871

Secom Co., Ltd.

3,468

 239,299

Seibu Holdings, Inc.

3,723

 36,125

Seiko Epson Corp.

4,592

 62,962

Sekisui Chemical Co., Ltd.

6,298

 85,418

Sekisui House Ltd.

9,971

 193,501

SG Holdings Co., Ltd.

7,562

 106,456

Sharp Corp.*

4,823

 29,926

Shimano, Inc.

1,310

 186,451

Shimizu Corp.

9,053

 64,022

Shin-Etsu Chemical Co., Ltd.

33,004

 973,699

Shinko Electric Industries Co., Ltd.

1,064

 33,519

Shionogi & Co., Ltd.

4,898

 225,972

Shares

Value

Common Stocks (continued)

Japan (continued)

Shiseido Co., Ltd.

6,537

$205,548

SMC Corp.

941

 426,742

Sompo Holdings, Inc.

5,435

 233,521

Sony Group Corp.

20,747

 1,702,146

Square Enix Holdings Co., Ltd.

1,526

 50,381

Stanley Electric Co., Ltd.

2,491

 39,303

SUMCO Corp.

5,684

 72,624

Sumitomo Chemical Co., Ltd.

23,902

 60,290

Sumitomo Electric Industries Ltd.

12,176

 126,146

Sumitomo Metal Mining Co., Ltd.

4,171

 116,114

Sumitomo Mitsui Financial Group, Inc.

20,961

 999,296

Sumitomo Mitsui Trust Holdings, Inc.

5,553

 205,701

Sumitomo Rubber Industries Ltd.

3,049

 30,491

Sundrug Co., Ltd.

1,178

 31,845

Suntory Beverage & Food Ltd.

2,091

 61,828

Suzuki Motor Corp.

6,628

 253,137

Sysmex Corp.

2,651

 125,211

T&D Holdings, Inc.

9,020

 159,173

Taisei Corp.

2,786

 93,802

Taisho Pharmaceutical Holdings Co., Ltd.

813

 32,000

Takeda Pharmaceutical Co., Ltd.

25,682

 689,002

TDK Corp.

6,250

229,374

Terumo Corp.

11,992

 324,020

TIS, Inc.

3,934

 83,254

Tobu Railway Co., Ltd.

3,486

 83,418

Tokyo Electron Ltd.

7,617

 993,587

Tokyu Corp.

9,196

 103,227

TOPPAN Holdings, Inc.

4,341

 98,948

Toshiba Corp.*

6,958

 211,297

Tosoh Corp.

5,004

 60,714

TOTO Ltd.

2,550

 61,003

Toyota Motor Corp.

191,740

 3,279,122

Unicharm Corp.

6,901

 233,352

United Urban Investment Corp.

51

 51,322

USS Co., Ltd.

3,311

 57,422

Welcia Holdings Co., Ltd.

1,604

 26,473

West Japan Railway Co.

3,970

 150,626

Yakult Honsha Co., Ltd.

4,432

 104,095

Yamaha Corp.

2,708

 71,149

Yamaha Motor Co., Ltd.

5,106

 122,622

Yamato Holdings Co., Ltd.

5,145

 85,068

Yaskawa Electric Corp.

4,372

 140,792

Yokohama Rubber Co., Ltd. (The)

2,285

 41,590

ZOZO, Inc.

2,032

 38,327

Total Japan

 42,050,361

Jordan — 0.0%(b)

Hikma Pharmaceuticals PLC

2,633

 60,753

Mexico — 0.0%(b)

Fresnillo PLC

3,202

 21,518

Netherlands — 6.4%

Adyen NV*

502

 336,358

Akzo Nobel NV

2,849

 190,502

Argenx SE*

930

 436,700

ASM International NV

768

 315,376

ASML Holding NV

6,646

 3,971,148

ING Groep NV

59,124

 751,682

JDE Peet’s NV

1,695

 47,012

29

See notes to financial statements.

Schedule of Investments — IQ Candriam International Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Netherlands (continued)

Koninklijke Ahold Delhaize NV

16,026

$474,307

Koninklijke KPN NV

53,576

 179,800

NN Group NV

4,176

 133,569

Shell PLC

113,268

 3,637,468

Universal Music Group NV

12,835

 313,390

Wolters Kluwer NV

4,136

 529,421

Total Netherlands

 11,316,733

New Zealand — 0.3%

a2 Milk Co., Ltd. (The)*

11,279

 27,423

Auckland International Airport Ltd.

20,150

 86,027

Chorus Ltd.

7,144

 29,814

Fisher & Paykel Healthcare Corp., Ltd.

9,160

 110,874

Mercury NZ Ltd.

11,346

 38,936

Meridian Energy Ltd.

21,123

 59,342

Spark New Zealand Ltd.

30,503

 88,178

Xero Ltd.*

2,122

 143,343

Total New Zealand

 583,937

Norway — 0.8%

Aker ASA, A Shares

379

 22,730

DNB Bank ASA

14,839

 267,380

Equinor ASA

16,612

 556,796

Gjensidige Forsikring ASA

3,149

 47,157

Leroy Seafood Group ASA

4,661

 18,441

NEL ASA*(a)

29,011

 19,009

Nordic Semiconductor ASA*

2,866

 23,130

Norsk Hydro ASA

21,820

 124,377

Orkla ASA

13,278

 91,446

Schibsted ASA, Class A

1,189

 23,755

Schibsted ASA, B Shares

1,662

 30,795

SpareBank 1 SR-Bank ASA

2,953

 32,037

Storebrand ASA

7,259

 60,519

Telenor ASA

10,752

 109,862

TOMRA Systems ASA

4,054

32,042

Wallenius Wilhelmsen ASA

1,778

 14,921

Total Norway

 1,474,397

Poland — 0.5%

Allegro.eu SA*

7,008

 50,140

Bank Polska Kasa Opieki SA

2,946

 89,275

CD Projekt SA(a)

1,209

 30,124

Dino Polska SA*

800

 75,653

InPost SA*

2,897

 28,564

KGHM Polska Miedz SA

2,278

 60,680

mBank SA*

231

 28,494

ORLEN SA

9,714

 153,294

Powszechna Kasa Oszczednosci Bank Polski SA*

14,323

 147,920

Powszechny Zaklad Ubezpieczen SA

9,491

 107,230

Santander Bank Polska SA*

579

 62,709

Total Poland

 834,083

Portugal — 0.2%

Banco Comercial Portugues SA, Class R*

127,409

 39,001

EDP - Energias de Portugal SA

46,839

 196,551

Jeronimo Martins SGPS SA

4,590

 105,669

Navigator Co. SA (The)

3,714

 14,760

Total Portugal

 355,981

Shares

Value

Common Stocks (continued)

Singapore — 1.7%

CapitaLand Ascendas REIT

58,475

$110,971

CapitaLand Integrated Commercial Trust

84,874

 109,031

Capitaland Investment Ltd.

40,086

 86,021

City Developments Ltd.

7,673

 35,395

DBS Group Holdings Ltd.

30,743

 737,132

Keppel Corp., Ltd.

23,159

 104,972

Keppel REIT

4,631

 2,687

Mapletree Logistics Trust

56,019

 60,106

Mapletree Pan Asia Commercial Trust

37,802

 36,697

Oversea-Chinese Banking Corp., Ltd.

53,625

 496,307

Singapore Exchange Ltd.

13,661

 94,427

Singapore Telecommunications Ltd.

119,274

 207,198

STMicroelectronics NV

10,863

 413,131

United Overseas Bank Ltd.

22,333

 440,449

UOL Group Ltd.

9,135

 39,339

Total Singapore

 2,973,863

South Africa — 0.3%

Anglo American PLC

19,283

 490,557

South Korea — 0.0%(b)

Delivery Hero SE*

3,337

 84,548

Spain — 2.1%

ACS Actividades de Construccion y Servicios SA

3,407

 123,054

Amadeus IT Group SA

7,503

 426,830

Banco Bilbao Vizcaya Argentaria SA

100,119

 785,442

Cellnex Telecom SA*

9,507

 278,557

Corp. ACCIONA Energias Renovables SA

1,000

 27,038

EDP Renovaveis SA

4,924

 79,059

Iberdrola SA

97,876

 1,086,281

Mapfre SA

15,896

 32,966

Naturgy Energy Group SA

2,086

 58,871

Red Electrica Corp. SA

6,745

 104,839

Repsol SA

21,304

 311,317

Telefonica SA

86,269

 332,467

Total Spain

 3,646,721

Sweden — 2.3%

AAK AB

2,931

 55,615

Alfa Laval AB

4,709

 151,984

Atlas Copco AB, A Shares

42,575

 549,495

Atlas Copco AB, B Shares

25,118

 281,133

Avanza Bank Holding AB(a)

2,057

 34,613

Axfood AB

1,823

 40,237

Beijer Ref AB(a)

6,239

59,025

Boliden AB

4,484

 114,682

Castellum AB

6,331

 60,377

Electrolux AB, B Shares*

3,638

 30,478

Elekta AB, B Shares

6,021

 40,903

Embracer Group AB*(a)

12,499

 20,255

EQT AB

7,463

 135,531

Essity AB, B Shares

10,062

 229,021

Fabege AB(a)

4,366

 32,458

H & M Hennes & Mauritz AB, B Shares(a)

10,231

 136,717

Holmen AB, B Shares

1,513

 56,971

Husqvarna AB, B Shares

6,666

 43,017

30

See notes to financial statements.

Schedule of Investments — IQ Candriam International Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Sweden (continued)

Indutrade AB

4,460

$78,700

Investment AB Latour, B Shares

2,341

 40,387

Kinnevik AB, B Shares*

4,129

 35,101

Nibe Industrier AB, B Shares

24,628

 141,473

Securitas AB, B Shares

8,384

 66,981

Skandinaviska Enskilda Banken AB, A Shares

26,479

 294,589

SKF AB, B Shares

6,226

 100,361

SSAB AB, B Shares

10,591

 61,351

SSAB AB, A Shares

3,823

 22,871

Svenska Cellulosa AB SCA, B Shares

9,976

 136,568

Svenska Handelsbanken AB, A Shares

24,454

 207,930

Svenska Handelsbanken AB, B Shares(a)

611

 6,289

Sweco AB, B Shares

3,144

 28,844

Swedbank AB, A Shares

16,639

 272,163

Swedish Orphan Biovitrum AB*

3,897

 80,014

Tele2 AB, B Shares

9,229

 65,372

Telia Co. AB(a)

37,642

 79,545

Thule Group AB

1,813

 41,103

Trelleborg AB, B Shares

3,442

 86,754

Vitrolife AB

1,295

 16,818

Volvo Car AB, B Shares*

8,258

 28,316

Wallenstam AB, B Shares

6,058

 20,409

Total Sweden

 3,984,451

Switzerland — 5.2%

ABB Ltd.

26,355

 881,541

Alcon, Inc.

8,268

 588,904

DSM-Firmenich AG

4,388

 396,978

Geberit AG

551

 255,384

Givaudan SA

154

 511,049

Kuehne + Nagel International AG

855

 229,710

Lonza Group AG

1,247

 434,097

Novartis AG

33,120

 3,076,715

Partners Group Holding AG

360

 378,493

Sandoz Group AG*

6,624

 172,142

SGS SA

2,477

 201,361

Sika AG

2,450

 583,929

Swisscom AG

424

 253,454

Zurich Insurance Group AG

2,494

 1,180,063

Total Switzerland

 9,143,820

United Kingdom — 10.4%

3i Group PLC

15,749

 369,693

abrdn PLC

32,663

 62,088

Admiral Group PLC

3,188

 94,507

Ashtead Group PLC

7,307

 417,087

Associated British Foods PLC

5,776

 141,999

AstraZeneca PLC

25,231

 3,138,184

Auto Trader Group PLC

15,218

 114,712

Aviva PLC

45,689

 220,434

Barratt Developments PLC

16,245

 81,590

Berkeley Group Holdings PLC

1,746

 85,510

BP PLC

262,908

 1,603,417

British Land Co. PLC (The)

14,994

 54,128

BT Group PLC

105,248

 143,996

Bunzl PLC

5,610

 199,594

Burberry Group PLC

6,319

 129,738

CK Hutchison Holdings Ltd.

44,673

 225,803

Shares

Value

Common Stocks (continued)

United Kingdom (continued)

Coca-Cola Europacific Partners PLC

3,388

$198,232

Compass Group PLC

29,146

733,159

ConvaTec Group PLC

27,549

 68,262

Croda International PLC

2,327

 123,621

DCC PLC

1,649

 91,344

DS Smith PLC

22,279

 77,102

Halma PLC

6,300

 141,045

Hargreaves Lansdown PLC

5,901

 50,596

Informa PLC

23,378

 201,866

InterContinental Hotels Group PLC

2,716

 191,481

Intermediate Capital Group PLC

4,829

 76,440

Intertek Group PLC

2,687

 124,650

J Sainsbury PLC

29,331

 91,577

JD Sports Fashion PLC

41,703

 64,520

Johnson Matthey PLC

3,044

 55,184

Kingfisher PLC

32,002

 81,471

Land Securities Group PLC

11,237

 77,586

Legal & General Group PLC

99,139

 254,314

Lloyds Banking Group PLC

1,081,378

 524,090

London Stock Exchange Group PLC

6,051

 607,964

M&G PLC

37,226

 89,530

Melrose Industries PLC

22,339

 126,590

National Grid PLC

61,908

 735,143

NatWest Group PLC

75,132

 162,462

Next PLC

1,999

 166,984

Pearson PLC

11,944

 137,919

Phoenix Group Holdings PLC

12,491

 68,783

Reckitt Benckiser Group PLC

12,028

 803,034

RELX PLC

31,797

 1,106,587

Rentokil Initial PLC

41,857

 211,698

Rightmove PLC

13,584

 77,967

Sage Group PLC (The)

17,035

 200,633

Schroders PLC

14,695

 65,852

Segro PLC

20,423

 176,647

Severn Trent PLC

4,206

 135,556

Smith & Nephew PLC

14,584

 162,953

Spirax-Sarco Engineering PLC

1,227

 121,970

St James’s Place PLC

9,139

 70,930

Taylor Wimpey PLC

58,934

 79,237

Unilever PLC

41,979

 1,981,026

United Utilities Group PLC

11,388

 146,893

Vodafone Group PLC

406,826

 373,701

Whitbread PLC

3,310

 133,669

Wise PLC, Class A*

9,787

 79,047

WPP PLC

17,922

 153,667

Total United Kingdom

 18,485,462

United States — 9.0%

CSL Ltd.

8,080

 1,188,672

CyberArk Software Ltd.*

673

 110,130

Experian PLC

15,347

 463,892

GSK PLC

68,934

 1,219,080

Haleon PLC

84,900

 339,456

James Hardie Industries PLC*

7,350

 181,912

Nestle SA

44,904

 4,838,510

Roche Holding AG, Bearer

479

 130,112

Roche Holding AG

11,830

 3,039,883

Sanofi SA

18,621

 1,686,788

Schneider Electric SE

9,067

 1,389,468

31

See notes to financial statements.

Schedule of Investments — IQ Candriam International Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

United States (continued)

Stellantis NV

36,729

$683,280

Swiss Re AG

4,822

 525,198

Tenaris SA

7,782

 122,932

Total United States

 15,919,313

Total Common Stocks
(Cost $183,448,292)

 175,643,365

Preferred Stocks — 0.3%

Germany — 0.3%

Bayerische Motoren Werke AG, 10.62%

971

 82,262

Sartorius AG, 0.61%

411

 102,612

Volkswagen AG, 27.97%

3,057

322,577

Total Preferred Stocks
(Cost $779,073)

 507,451

Short-Term Investments — 0.3%

Money Market Funds — 0.3%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(c)(d)

443,654

 443,654

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(c)

116,477

 116,477

Shares

Value

Total Short-Term Investments
(Cost $560,131)

$560,131

Total Investments — 99.7%
(Cost $184,787,496)

176,710,947

Other Assets and Liabilities,
Net — 0.3%

509,982

Net Assets — 100%

$177,220,929

 

*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 $867,845; total market value of collateral held by the Fund was $922,513. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $478,859.

(b)Less than 0.05%.

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

$175,643,365

$

$

$175,643,365

Preferred Stocks

 507,451

 —

 —

 507,451

Short-Term Investment:

Money Market Funds

 560,131

 —

 —

 560,131

Total Investments in Securities

$176,710,947

$

$

$176,710,947

 

(e)For a complete listing of investments and their countries, see the Schedule of Investments.

For the period ended October 31, 2023, Shimao Group Holding LTD. transferred out of Level 3 and was within the fair value hierarchy. The security is no longer held in the Fund. (See Note 2)

32

See notes to financial statements.

Schedule of Investments — IQ Candriam U.S. Mid Cap Equity ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.9%

Communication Services — 3.3%

AMC Entertainment Holdings, Inc., Class A*

6,225

$66,483

Interpublic Group of Cos., Inc. (The)

41,113

 1,167,609

New York Times Co. (The), Class A

17,130

 690,510

News Corp., Class B

11,176

 239,613

News Corp., Class A

40,504

 837,623

Nexstar Media Group, Inc.

3,647

 510,872

Paramount Global, Class B

52,104

 566,892

Roku, Inc.*

13,171

 784,597

ZoomInfo Technologies, Inc.*

30,365

 393,530

Total Communication Services

 5,257,729

Consumer Discretionary — 14.9%

Aramark

27,733

 746,850

Autoliv, Inc.

8,171

 748,872

Bath & Body Works, Inc.

24,347

 721,888

Burlington Stores, Inc.*

6,932

 838,980

CarMax, Inc.*

16,886

 1,031,566

Crocs, Inc.*

6,499

 580,491

Deckers Outdoor Corp.*

2,770

 1,653,856

Domino’s Pizza, Inc.

3,762

 1,275,280

Etsy, Inc.*

13,030

 811,769

Gentex Corp.

24,937

 715,193

H&R Block, Inc.

16,185

 664,394

Harley-Davidson, Inc.

15,200

 408,120

Hasbro, Inc.

13,698

 618,465

Hyatt Hotels Corp., Class A

4,886

 500,522

Lear Corp.

6,305

 818,137

Levi Strauss & Co., Class A

9,934

 135,798

Lithia Motors, Inc.

2,876

 696,596

LKQ Corp.

27,129

 1,191,506

Mohawk Industries, Inc.*

5,620

 451,736

Norwegian Cruise Line Holdings Ltd.*

44,886

 610,450

Planet Fitness, Inc., Class A*

8,831

 488,089

Polaris, Inc.

5,728

 495,014

PVH Corp.

6,687

 497,178

Ralph Lauren Corp.

4,224

 475,327

RH*

1,630

 355,275

Tapestry, Inc.

24,707

 680,925

Toll Brothers, Inc.

11,575

 818,468

TopBuild Corp.*

3,378

 772,751

Vail Resorts, Inc.

4,082

 866,404

Valvoline, Inc.

17,685

 524,714

VF Corp.

39,335

 579,404

Williams-Sonoma, Inc.

6,754

 1,014,721

Wyndham Hotels & Resorts, Inc.

8,993

 651,093

Total Consumer Discretionary

 23,439,832

Consumer Staples — 4.9%

BJ’s Wholesale Club Holdings, Inc.*

14,247

 970,506

Bunge Ltd.

15,977

 1,693,243

Coty, Inc., Class A*

38,335

 359,199

Darling Ingredients, Inc.*

16,846

 746,109

Flowers Foods, Inc.

20,842

 457,065

Ingredion, Inc.

7,049

 659,645

Lamb Weston Holdings, Inc.

15,247

 1,369,181

Post Holdings, Inc.*

5,659

 454,305

US Foods Holding Corp.*

24,809

 966,062

Total Consumer Staples

 7,675,315

Shares

Value

Common Stocks (continued)

Energy — 1.6%

ChampionX Corp.

20,990

$646,492

HF Sinclair Corp.

15,462

 856,286

New Fortress Energy, Inc.

7,911

 239,703

NOV, Inc.

41,811

 834,547

Total Energy

 2,577,028

Financials — 14.3%

Affiliated Managers Group, Inc.

3,810

 467,716

AGNC Investment Corp.

63,249

 466,778

Ally Financial, Inc.

28,908

 699,284

Annaly Capital Management, Inc.

52,463

818,947

Assurant, Inc.

5,661

 842,923

Axis Capital Holdings Ltd.

6,880

 392,848

Axis Capital Holdings Ltd.

1,311

 74,858

Carlyle Group, Inc. (The)

21,509

 592,358

Cboe Global Markets, Inc.

11,245

 1,842,943

CNA Financial Corp.

2,695

 108,878

Comerica, Inc.

14,018

 552,309

East West Bancorp, Inc.

14,867

 797,168

Equitable Holdings, Inc.

37,949

 1,008,305

First American Financial Corp.

10,554

 542,898

Globe Life, Inc.

10,018

 1,165,694

Jack Henry & Associates, Inc.

7,749

 1,092,531

Jefferies Financial Group, Inc.

19,727

 634,815

KeyCorp

99,780

 1,019,752

MarketAxess Holdings, Inc.

3,934

 840,892

Popular, Inc.

7,514

 488,711

Primerica, Inc.

3,854

 736,731

Reinsurance Group of America, Inc.

7,086

 1,059,144

RenaissanceRe Holdings Ltd.

5,281

 1,159,655

RLI Corp.

4,299

 572,799

SEI Investments Co.

11,710

 628,359

Selective Insurance Group, Inc.

6,296

 655,477

Unum Group

20,928

 1,023,379

Voya Financial, Inc.

10,426

 696,144

Webster Financial Corp.

18,235

 692,383

WEX, Inc.*

4,555

 758,316

Total Financials

 22,432,995

Health Care — 10.9%

Acadia Healthcare Co., Inc.*

9,577

 704,005

Bio-Techne Corp.

16,548

 904,017

Catalent, Inc.*

19,230

 661,320

Charles River Laboratories International, Inc.*

5,379

 905,609

DaVita, Inc.*

5,768

 445,463

DENTSPLY SIRONA, Inc.

22,522

 684,894

Encompass Health Corp.

10,524

 658,381

Exact Sciences Corp.*

19,120

 1,177,601

Exelixis, Inc.*

33,846

 696,889

Henry Schein, Inc.*

13,904

 903,482

Jazz Pharmaceuticals PLC*

6,699

 850,907

Karuna Therapeutics, Inc.*

3,798

 632,785

Medpace Holdings, Inc.*

2,483

 602,550

Neurocrine Biosciences, Inc.*

10,261

 1,138,355

Option Care Health, Inc.*

19,140

 530,752

Organon & Co.

27,298

 403,737

Penumbra, Inc.*

3,916

 748,543

QIAGEN NV*

24,274

 908,576

QuidelOrtho Corp.*

5,134

 313,585

33

See notes to financial statements.

Schedule of Investments — IQ Candriam U.S. Mid Cap Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Health Care (continued)

Repligen Corp.*

5,543

$745,866

Sarepta Therapeutics, Inc.*

9,363

 630,224

Shockwave Medical, Inc.*

3,862

 796,576

United Therapeutics Corp.*

4,933

 1,099,368

Total Health Care

 17,143,485

Industrials — 19.6%

A O Smith Corp.

13,110

 914,554

Acuity Brands, Inc.

3,332

 539,684

Advanced Drainage Systems, Inc.

7,334

 783,491

AECOM

14,816

 1,134,165

AGCO Corp.

6,659

 763,521

Alaska Air Group, Inc.*

13,647

 431,655

API Group Corp.*

22,534

 582,954

Atkore, Inc.*

3,996

 496,623

Avis Budget Group, Inc.*

2,169

 353,113

Ceridian HCM Holding, Inc.*

15,927

 1,019,487

CH Robinson Worldwide, Inc.

12,336

 1,009,455

Chart Industries, Inc.*

4,468

 519,316

Clarivate PLC*

43,394

 276,854

Donaldson Co., Inc.

12,894

743,468

EMCOR Group, Inc.

5,026

 1,038,623

Fortune Brands Innovations, Inc.

13,458

 750,956

FTI Consulting, Inc.*

3,555

 754,584

Graco, Inc.

17,848

 1,326,999

GXO Logistics, Inc.*

12,481

 630,415

Hertz Global Holdings, Inc.*

14,479

 122,058

ITT, Inc.

8,768

 818,493

Knight-Swift Transportation Holdings, Inc.

16,076

 785,956

Landstar System, Inc.

3,810

 627,812

Lincoln Electric Holdings, Inc.

6,023

 1,052,820

Masco Corp.

24,034

 1,251,931

MasTec, Inc.*

6,697

 398,070

MSA Safety, Inc.

3,940

 622,047

Owens Corning

9,565

 1,084,384

Paylocity Holding Corp.*

4,506

 808,376

Pentair PLC

17,580

 1,021,750

Plug Power, Inc.*

56,858

 334,894

Regal Rexnord Corp.

7,022

 831,475

Robert Half, Inc.

11,209

 838,097

Saia, Inc.*

2,822

 1,011,659

Tetra Tech, Inc.

5,645

 851,887

Timken Co. (The)

6,869

 474,785

Toro Co. (The)

11,072

 895,060

Trex Co., Inc.*

11,579

 650,855

Vestis Corp.*

13,777

 210,650

Watts Water Technologies, Inc., Class A

2,892

 500,345

WESCO International, Inc.

4,783

 613,181

XPO, Inc.*

12,131

 919,651

Total Industrials

 30,796,153

Information Technology — 13.8%

Altair Engineering, Inc., Class A*

5,584

 346,878

Arrow Electronics, Inc.*

6,027

 683,522

BILL Holdings, Inc.*

10,785

 984,563

Ciena Corp.*

15,774

 665,663

DocuSign, Inc.*

21,462

 834,442

Dolby Laboratories, Inc., Class A

6,324

 511,864

Shares

Value

Common Stocks (continued)

Information Technology (continued)

Dynatrace, Inc.*

24,978

$1,116,766

Elastic NV*

8,316

 624,033

Entegris, Inc.

15,921

 1,401,685

F5, Inc.*

6,438

 975,936

Flex Ltd.*

46,715

 1,201,510

Gen Digital, Inc.

66,304

 1,104,625

Globant SA*

4,421

 752,852

GoDaddy, Inc., Class A*

16,420

 1,202,437

Guidewire Software, Inc.*

8,606

 775,659

Juniper Networks, Inc.

33,967

 914,392

Lattice Semiconductor Corp.*

14,553

 809,292

Littelfuse, Inc.

2,613

 566,159

Manhattan Associates, Inc.*

6,552

 1,277,509

MKS Instruments, Inc.

6,407

 420,684

Nutanix, Inc., Class A*

25,082

 907,718

PTC, Inc.*

11,870

 1,666,785

Twilio, Inc., Class A*

18,531

 949,899

Universal Display Corp.

4,666

 649,414

Wolfspeed, Inc.*

13,134

 444,454

Total Information Technology

 21,788,741

Materials — 5.8%

Alcoa Corp.

18,914

 484,955

Axalta Coating Systems Ltd.*

23,627

 619,736

Commercial Metals Co.

12,368

 523,043

Crown Holdings, Inc.

12,744

 1,027,166

Graphic Packaging Holding Co.

32,504

 699,161

Huntsman Corp.

18,399

 429,249

Packaging Corp. of America

9,500

 1,453,975

Reliance Steel & Aluminum Co.

6,234

 1,585,805

Sonoco Products Co.

10,404

 539,031

United States Steel Corp.

23,919

 810,615

Westrock Co.

27,294

980,674

Total Materials

 9,153,410

Real Estate — 9.6%

American Homes 4 Rent, Class A

35,626

 1,166,395

Boston Properties, Inc.

16,756

 897,619

Brixmor Property Group, Inc.

31,973

 664,719

Equity LifeStyle Properties, Inc.

18,924

 1,245,199

Federal Realty Investment Trust

8,634

 787,334

First Industrial Realty Trust, Inc.

14,036

 593,723

Healthcare Realty Trust, Inc.

40,350

 579,022

Host Hotels & Resorts, Inc.

75,248

 1,164,839

Iron Mountain, Inc.

30,953

 1,828,394

Jones Lang LaSalle, Inc.*

5,065

 647,915

Kimco Realty Corp.

64,885

 1,164,037

NNN REIT, Inc.

19,305

 701,351

Omega Healthcare Investors, Inc.

25,017

 828,063

Regency Centers Corp.

18,143

 1,093,297

Rexford Industrial Realty, Inc.

22,904

 990,369

Zillow Group, Inc., Class A*

5,940

 211,048

Zillow Group, Inc., Class C*

16,709

 605,701

Total Real Estate

 15,169,025

Utilities — 1.2%

Brookfield Renewable Corp., Class A

19,173

 436,377

Clearway Energy, Inc., Class C

8,704

 188,964

Clearway Energy, Inc., Class A

3,469

 70,664

Essential Utilities, Inc.

28,237

 944,810

34

See notes to financial statements.

Schedule of Investments — IQ Candriam U.S. Mid Cap Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Utilities (continued)

NextEra Energy Partners LP

9,306

$251,913

Total Utilities

 1,892,728

Total Common Stocks
(Cost $176,925,107)

 157,326,441

Short-Term Investment — 0.1%

Money Market Funds — 0.1%

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(a)
(Cost $191,673)

191,673

 191,673

Shares

Value

Total Investments — 100.0%
(Cost $177,116,780)

$157,518,114

Other Assets and Liabilities,
Net — 0.0%

(28,588

)

Net Assets — 100%

$157,489,526

 

*Non-income producing securities.

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


The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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

$157,326,441

$

$

$157,326,441

Short-Term Investment:

Money Market Funds

 191,673

 —

 —

 191,673

Total Investments in Securities

$157,518,114

$

$

$157,518,114

 

(b) For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.

35

See notes to financial statements.

Schedule of Investments — IQ Candriam U.S. Large Cap Equity ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 100.0%

Communication Services — 7.4%

Alphabet, Inc., Class A*

72,306

$8,971,729

Alphabet, Inc., Class C*

62,159

 7,788,523

Charter Communications, Inc., Class A*

1,219

 491,013

Comcast Corp., Class A

50,149

 2,070,652

Electronic Arts, Inc.

3,281

 406,155

Omnicom Group, Inc.

2,424

 181,582

Paramount Global, Class B(a)

5,859

 63,746

Pinterest, Inc., Class A*

7,058

 210,893

ROBLOX Corp., Class A*

4,320

 137,419

Snap, Inc., Class A*

11,920

 119,319

Take-Two Interactive Software, Inc.*

2,026

 270,978

Walt Disney Co. (The)*

22,204

 1,811,624

Warner Bros Discovery, Inc.*

26,984

 268,221

Warner Music Group Corp., Class A

1,517

 47,482

Total Communication Services

 22,839,336

Consumer Discretionary — 12.9%

Amazon.com, Inc.*

109,526

 14,576,815

Aptiv PLC*

3,409

 297,265

AutoZone, Inc.*

220

 544,969

Best Buy Co., Inc.

2,332

 155,824

Burlington Stores, Inc.*

802

 97,066

CarMax, Inc.*

1,903

 116,254

Chipotle Mexican Grill, Inc.*

333

 646,753

Coupang, Inc.*

13,194

 224,298

Domino’s Pizza, Inc.

442

 149,834

eBay, Inc.

6,445

 252,837

Etsy, Inc.*

1,506

 93,824

Hasbro, Inc.

1,543

 69,666

Hilton Worldwide Holdings, Inc.

3,166

 479,744

Home Depot, Inc. (The)

12,216

 3,477,773

LKQ Corp.

3,042

 133,605

Lowe’s Cos., Inc.

7,116

 1,356,096

Lucid Group, Inc.*(a)

9,027

 37,191

Lululemon Athletica, Inc.*

1,350

 531,198

Marriott International, Inc., Class A

3,239

 610,746

McDonald’s Corp.

8,872

 2,325,972

MercadoLibre, Inc.*

542

 672,481

NIKE, Inc., Class B

14,814

 1,522,435

NVR, Inc.*

38

 205,680

Rivian Automotive, Inc., Class A*

7,994

 129,663

Ross Stores, Inc.

4,059

 470,722

Royal Caribbean Cruises Ltd.*

2,664

 225,721

Starbucks Corp.

13,660

 1,259,998

Tesla, Inc.*

33,374

 6,702,834

TJX Cos., Inc. (The)

13,955

 1,229,017

Tractor Supply Co.(a)

1,331

 256,297

Ulta Beauty, Inc.*

589

 224,592

Vail Resorts, Inc.

502

 106,550

Yum China Holdings, Inc.

4,881

 256,545

Yum! Brands, Inc.

3,383

 408,869

Total Consumer Discretionary

 39,849,134

Consumer Staples — 5.8%

Archer-Daniels-Midland Co.

6,550

 468,784

Campbell Soup Co.

2,291

 92,579

Church & Dwight Co., Inc.

2,945

 267,818

Clorox Co. (The)

1,505

 177,139

Colgate-Palmolive Co.

10,075

 756,834

Shares

Value

Common Stocks (continued)

Consumer Staples (continued)

Conagra Brands, Inc.

5,695

$155,815

Costco Wholesale Corp.

5,382

 2,973,232

Dollar Tree, Inc.*

2,513

 279,169

Estee Lauder Cos., Inc. (The), Class A

2,583

 332,871

General Mills, Inc.

7,098

 463,074

Hershey Co. (The)

1,777

 332,921

Hormel Foods Corp.

3,492

 113,665

J M Smucker Co. (The)

1,194

 135,925

Kellanova

3,075

 155,195

Keurig Dr Pepper, Inc.

10,902

 330,658

Kimberly-Clark Corp.

4,094

 489,806

Kraft Heinz Co. (The)

9,523

 299,594

Kroger Co. (The)

8,615

 390,863

McCormick & Co., Inc.

3,007

192,147

Mondelez International, Inc., Class A

16,502

 1,092,597

PepsiCo, Inc.

16,752

 2,735,267

Procter & Gamble Co. (The)

28,658

 4,299,560

Sysco Corp.

6,150

 408,913

Target Corp.

5,599

 620,313

Walgreens Boots Alliance, Inc.

8,565

 180,550

WK Kellogg Co.*

771

 7,725

Total Consumer Staples

 17,753,014

Energy — 3.2%

Baker Hughes Co.

12,224

 420,750

Cheniere Energy, Inc.

2,924

 486,612

Exxon Mobil Corp.

49,195

 5,207,291

Halliburton Co.

10,925

 429,789

Marathon Petroleum Corp.

5,151

 779,089

ONEOK, Inc.

5,392

 351,558

Schlumberger NV

17,288

 962,250

Valero Energy Corp.

4,453

 565,531

Williams Cos., Inc. (The)

14,779

 508,398

Total Energy

 9,711,268

Financials — 11.4%

Aflac, Inc.

6,642

 518,807

Allstate Corp. (The)

3,164

 405,403

Ally Financial, Inc.

3,214

 77,747

American Express Co.

7,182

 1,048,787

American International Group, Inc.

8,920

 546,885

Ameriprise Financial, Inc.

1,264

 397,616

Apollo Global Management, Inc.

4,884

 378,217

Arch Capital Group Ltd.*

4,309

 373,504

Arthur J Gallagher & Co.

2,574

 606,151

Bank of America Corp.

84,313

 2,220,804

Bank of New York Mellon Corp. (The)

9,334

 396,695

Blackstone, Inc.

8,531

 787,838

Capital One Financial Corp.

4,582

 464,111

Cboe Global Markets, Inc.

1,267

 207,649

Charles Schwab Corp. (The)

16,768

 872,607

Cincinnati Financial Corp.

1,863

 185,685

Citigroup, Inc.

22,977

 907,362

Citizens Financial Group, Inc.

5,811

 136,152

CME Group, Inc.

4,357

 930,045

Discover Financial Services

3,158

 259,209

Everest Re Group Ltd.

514

 203,349

Fidelity National Information Services, Inc.

7,144

 350,842

Fifth Third Bancorp

8,128

 192,715

36

See notes to financial statements.

Schedule of Investments — IQ Candriam U.S. Large Cap Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Financials (continued)

Fiserv, Inc.*

7,475

$850,281

FleetCor Technologies, Inc.*

862

 194,096

Franklin Resources, Inc.

3,418

 77,896

Global Payments, Inc.

3,164

 336,080

Globe Life, Inc.

1,163

 135,327

Hartford Financial Services Group, Inc. (The)

3,753

 275,658

Huntington Bancshares, Inc.

17,221

 166,183

Intercontinental Exchange, Inc.

6,727

 722,749

KeyCorp

11,160

 114,055

KKR & Co., Inc.

7,856

 435,222

Loews Corp.

2,293

 146,775

M&T Bank Corp.

2,004

 225,951

Markel Group Inc.*

164

 241,165

Marsh & McLennan Cos., Inc.

5,999

 1,137,710

Mastercard, Inc., Class A

10,202

 3,839,523

Moody’s Corp.

1,926

 593,208

Morgan Stanley

15,690

 1,111,166

MSCI, Inc.

944

 445,143

Nasdaq, Inc.

4,108

 203,757

Northern Trust Corp.

2,521

 166,159

PayPal Holdings, Inc.*

13,589

 703,910

PNC Financial Services Group, Inc. (The)

4,836

 553,577

Principal Financial Group, Inc.

2,926

 198,032

Progressive Corp. (The)

7,093

 1,121,332

Prudential Financial, Inc.

4,431

 405,171

Raymond James Financial, Inc.

2,338

223,139

Regions Financial Corp.

11,219

 163,012

S&P Global, Inc.

3,894

 1,360,213

Synchrony Financial

5,220

 146,421

Travelers Cos., Inc. (The)

2,794

 467,827

Truist Financial Corp.

16,169

 458,553

US Bancorp

17,998

 573,776

Visa, Inc., A Shares(a)

19,687

 4,628,414

Willis Towers Watson PLC

1,276

 300,996

Total Financials

 35,190,657

Health Care — 11.8%

Abbott Laboratories

21,027

 1,988,103

Alnylam Pharmaceuticals, Inc.*

1,515

 229,977

Avantor, Inc.*

7,829

 136,459

Biogen, Inc.*

1,748

 415,220

Bristol-Myers Squibb Co.

25,512

 1,314,633

Cardinal Health, Inc.

3,104

 282,464

Catalent, Inc.*

2,185

 75,142

Cigna Group (The)

3,573

 1,104,772

Cooper Cos., Inc. (The)

593

 184,868

CVS Health Corp.

15,560

 1,073,796

Danaher Corp.

8,171

 1,568,995

Dexcom, Inc.*

4,663

 414,214

Edwards Lifesciences Corp.*

7,318

 466,303

Elevance Health, Inc.

2,876

 1,294,459

Eli Lilly & Co.

10,289

 5,699,386

Gilead Sciences, Inc.

15,137

 1,188,860

Henry Schein, Inc.*

1,535

 99,744

Hologic, Inc.*

2,975

 196,856

Humana, Inc.

1,522

 797,056

IDEXX Laboratories, Inc.*

993

 396,674

Shares

Value

Common Stocks (continued)

Health Care (continued)

Incyte Corp.*

2,249

$121,288

Intuitive Surgical, Inc.*

4,232

 1,109,715

IQVIA Holdings, Inc.*

2,198

 397,464

Laboratory Corp. of America Holdings

1,071

 213,911

Merck & Co., Inc.

30,866

 3,169,938

Mettler-Toledo International, Inc.*

264

 260,093

Quest Diagnostics, Inc.

1,346

 175,115

ResMed, Inc.

1,754

 247,700

Seagen, Inc.*

1,668

 354,967

Teleflex, Inc.

564

 104,199

Thermo Fisher Scientific, Inc.

4,681

 2,081,968

UnitedHealth Group, Inc.

11,287

 6,044,866

Veeva Systems, Inc., Class A*

1,760

 339,170

Vertex Pharmaceuticals, Inc.*

3,126

 1,131,956

Waters Corp.*

711

 169,595

West Pharmaceutical Services, Inc.

889

 282,960

Zimmer Biomet Holdings, Inc.

2,535

 264,679

Zoetis, Inc.

5,613

 881,241

Total Health Care

 36,278,806

Industrials — 4.7%

3M Co.

6,693

 608,728

A O Smith Corp.

1,523

 106,245

Automatic Data Processing, Inc.

5,020

 1,095,464

Broadridge Financial Solutions, Inc.

1,414

 241,285

Carrier Global Corp.

10,151

 483,797

CH Robinson Worldwide, Inc.

1,380

 112,925

Cintas Corp.

1,052

 533,490

Dover Corp.

1,695

 220,265

Emerson Electric Co.

6,933

 616,829

Equifax, Inc.

1,494

 253,338

Expeditors International of Washington, Inc.

1,858

 202,987

FedEx Corp.

2,803

 673,000

Fortive Corp.

4,263

 278,289

Illinois Tool Works, Inc.

3,683

 825,434

Ingersoll Rand, Inc.

4,877

 295,936

JB Hunt Transport Services, Inc.

981

 168,604

Johnson Controls International PLC

8,292

 406,474

Masco Corp.

2,698

 140,539

Old Dominion Freight Line, Inc.

1,171

 441,069

Otis Worldwide Corp.

5,020

387,594

Parker-Hannifin Corp.

1,551

 572,179

Paychex, Inc.

3,910

 434,206

Paycom Software, Inc.

617

 151,147

Quanta Services, Inc.

1,735

 289,953

Rockwell Automation, Inc.

1,387

 364,518

Stanley Black & Decker, Inc.

1,848

 157,172

Trane Technologies PLC

2,756

 524,494

TransUnion

2,301

 100,968

United Parcel Service, Inc., Class B

8,821

 1,245,966

United Rentals, Inc.

851

 345,736

Veralto Corp.*

2,708

 186,852

Verisk Analytics, Inc.

1,740

 395,606

Waste Management, Inc.

4,935

 810,969

Westinghouse Air Brake Technologies Corp.

2,169

 229,957

WW Grainger, Inc.

493

 359,806

Xylem, Inc.

2,883

 269,676

Total Industrials

 14,531,497

37

See notes to financial statements.

Schedule of Investments — IQ Candriam U.S. Large Cap Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Information Technology — 36.2%

Accenture PLC, Class A

8,080

$2,400,487

Adobe, Inc.*

5,535

 2,944,952

Advanced Micro Devices, Inc.*

19,429

 1,913,757

Akamai Technologies, Inc.*

1,858

 191,987

Analog Devices, Inc.

6,126

 963,804

ANSYS, Inc.*

1,048

 291,617

Apple, Inc.

176,566

 30,152,176

Applied Materials, Inc.

10,180

 1,347,323

Autodesk, Inc.*

2,595

 512,850

Cadence Design Systems, Inc.*

3,281

 786,948

CDW Corp.

1,623

 325,249

Cisco Systems, Inc.

49,595

 2,585,387

Cognizant Technology Solutions Corp., Class A

6,120

 394,556

Crowdstrike Holdings, Inc., Class A*

2,651

 468,617

Dell Technologies, Inc., Class C

2,995

 200,395

DocuSign, Inc.*

2,399

 93,273

Enphase Energy, Inc.*

1,599

 127,248

EPAM Systems, Inc.*

670

 145,772

Fair Isaac Corp.*

294

 248,686

Fortinet, Inc.*

8,174

 467,308

Gartner, Inc.*

922

 306,141

Gen Digital, Inc.

7,420

 123,617

Hewlett Packard Enterprise Co.

15,503

 238,436

HP, Inc.

11,965

 315,038

HubSpot, Inc.*

568

 240,701

Intel Corp.

50,670

 1,849,455

International Business Machines Corp.

11,029

 1,595,235

Intuit, Inc.

3,309

 1,637,790

Keysight Technologies, Inc.*

2,156

 263,140

KLA Corp.

1,665

 782,051

Lam Research Corp.

1,627

 957,034

Marvell Technology, Inc.

10,424

 492,221

Micron Technology, Inc.

13,255

 886,362

Microsoft Corp.

89,225

 30,167,865

MongoDB, Inc.*

840

 289,456

Motorola Solutions, Inc.

2,034

 566,388

NetApp, Inc.

2,580

 187,772

NVIDIA Corp.

28,866

 11,771,555

Okta, Inc.*

1,820

 122,686

ON Semiconductor Corp.*

5,237

 328,046

Palo Alto Networks, Inc.*

3,657

 888,724

QUALCOMM, Inc.

13,521

 1,473,654

Roper Technologies, Inc.

1,291

 630,744

Salesforce, Inc.*

11,445

 2,298,499

Seagate Technology Holdings PLC

2,297

 156,770

ServiceNow, Inc.*

2,474

 1,439,497

Skyworks Solutions, Inc.

1,915

 166,107

Splunk, Inc.*

1,852

 272,540

Synopsys, Inc.*

1,848

 867,525

TE Connectivity Ltd.

3,813

 449,362

Teradyne, Inc.

1,863

 155,132

Texas Instruments, Inc.

10,981

1,559,412

Trimble, Inc.*

2,937

 138,421

Twilio, Inc., Class A*

2,140

 109,696

VeriSign, Inc.*

1,111

 221,822

Western Digital Corp.*

3,856

 154,818

Workday, Inc., Class A*

2,472

 523,347

Zebra Technologies Corp., Class A*

616

 129,009

Shares

Value

Common Stocks (continued)

Information Technology (continued)

Zoom Video Communications, Inc., Class A*

3,027

$181,559

Zscaler, Inc.*

1,049

 166,466

Total Information Technology

 111,666,485

Materials — 2.6%

Air Products and Chemicals, Inc.

2,660

 751,290

Albemarle Corp.

1,418

 179,774

Ball Corp.

3,724

 179,311

DuPont de Nemours, Inc.

5,071

 369,574

Ecolab, Inc.

3,070

 514,962

Freeport-McMoRan, Inc.

17,376

 586,961

International Flavors & Fragrances, Inc.

3,064

 209,424

Linde PLC

5,950

 2,273,852

LyondellBasell Industries NV, Class A

3,073

 277,308

Martin Marietta Materials, Inc.

758

 309,977

Mosaic Co. (The)

4,019

 130,537

Newmont Corp.

9,648

 361,511

Nucor Corp.

3,046

 450,168

Packaging Corp. of America

1,075

 164,529

PPG Industries, Inc.

2,847

 349,526

Sherwin-Williams Co. (The)

2,877

 685,330

Vulcan Materials Co.

1,600

 314,384

Total Materials

 8,108,418

Real Estate — 2.7%

Alexandria Real Estate Equities, Inc.

2,062

 192,034

American Tower Corp.

5,657

 1,008,021

AvalonBay Communities, Inc.

1,710

 283,415

CBRE Group, Inc., Class A*

3,740

 259,332

Crown Castle, Inc.

5,254

 488,517

Digital Realty Trust, Inc.

3,519

 437,623

Equinix, Inc.

1,133

 826,682

Equity Residential

4,489

 248,376

Essex Property Trust, Inc.

791

 169,211

Extra Space Storage, Inc.

1,606

 166,366

Healthpeak Properties, Inc.

6,570

 102,163

Host Hotels & Resorts, Inc.

8,477

 131,224

Invitation Homes, Inc.

6,882

 204,327

Iron Mountain, Inc.

3,485

 205,859

Mid-America Apartment Communities, Inc.

1,401

 165,528

Prologis, Inc.

11,183

 1,126,687

Public Storage

1,917

 457,607

SBA Communications Corp.

1,291

 269,341

Simon Property Group, Inc.

3,922

 430,989

UDR, Inc.

3,905

 124,218

Ventas, Inc.

4,805

 204,020

Welltower, Inc.

6,046

 505,506

Weyerhaeuser Co.

8,896

 255,226

WP Carey, Inc.

2,528

 135,627

Total Real Estate

 8,397,899

Utilities — 1.3%

American Water Works Co., Inc.

2,349

 276,360

Avangrid, Inc.

851

 25,419

Consolidated Edison, Inc.

4,233

 371,615

Edison International

4,623

 291,526

Eversource Energy

4,197

 225,757

Exelon Corp.

12,083

 470,512

38

See notes to financial statements.

Schedule of Investments — IQ Candriam U.S. Large Cap Equity ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Utilities (continued)

NextEra Energy, Inc.

24,572

$1,432,548

Public Service Enterprise Group, Inc.

6,024

 371,380

Sempra

7,645

535,379

Total Utilities

 4,000,496

Total Common Stocks
(Cost $294,118,693)

 308,327,010

Short-Term Investments — 0.0%(b)

Money Market Funds — 0.0%(b)

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(c)(d)

7,795

 7,795

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(c)

141,386

 141,386

Shares

Value

Total Short-Term Investments
(Cost $149,181)

$149,181

Total Investments — 100.0%
(Cost $294,267,874)

308,476,191

Other Assets and Liabilities,
Net — 0.0%

152,581

Net Assets — 100%

$308,628,772

 

*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 $4,885,790; total market value of collateral held by the Fund was $4,943,548. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $4,935,753.

(b)Less than 0.05%.

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

$308,327,010

$

$

$308,327,010

Short-Term Investments:

Money Market Funds

 149,181

 —

 —

 149,181

Total Investments in Securities

$308,476,191

$

$

$308,476,191

 

(e)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.

39

See notes to financial statements.

Schedule of Investments — IQ U.S. Large Cap ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.9%

Communication Services — 3.3%

Alphabet, Inc., Class A*

21,564

$2,675,661

Electronic Arts, Inc.

18,580

 2,300,018

T-Mobile U.S., Inc.*

15,405

 2,216,164

Total Communication Services

 7,191,843

Consumer Discretionary — 9.3%

AutoZone, Inc.*

913

 2,261,620

Home Depot, Inc. (The)

7,579

 2,157,665

Lowe’s Cos., Inc.

11,186

 2,131,716

McDonald’s Corp.

7,980

 2,092,117

O’Reilly Automotive, Inc.*

2,630

 2,447,057

Ross Stores, Inc.

21,077

 2,444,300

Starbucks Corp.

21,475

 1,980,854

TJX Cos., Inc. (The)

28,546

 2,514,046

Yum! Brands, Inc.

16,883

 2,040,479

Total Consumer Discretionary

 20,069,854

Consumer Staples — 8.7%

Altria Group, Inc.

49,984

 2,007,857

Archer-Daniels-Midland Co.

28,006

 2,004,390

Costco Wholesale Corp.

4,496

 2,483,770

Dollar General Corp.

10,615

 1,263,610

Dollar Tree, Inc.*

15,593

 1,732,226

Estee Lauder Cos., Inc. (The), Class A

9,084

 1,170,655

Keurig Dr Pepper, Inc.

63,367

 1,921,921

Kraft Heinz Co. (The)

57,847

 1,819,867

PepsiCo, Inc.

12,231

 1,997,078

Walmart, Inc.

15,132

 2,472,720

Total Consumer Staples

 18,874,094

Energy — 5.2%

Cheniere Energy, Inc.

14,193

 2,361,999

Chevron Corp.

13,712

 1,998,250

Exxon Mobil Corp.

20,346

 2,153,624

Kinder Morgan, Inc.

127,704

 2,068,805

Williams Cos., Inc. (The)

74,911

 2,576,938

Total Energy

 11,159,616

Financials — 16.6%

Aflac, Inc.

34,669

 2,707,996

Allstate Corp. (The)

20,186

 2,586,432

American International Group, Inc.

44,417

 2,723,206

Aon PLC, Class A

7,095

 2,195,193

Bank of New York Mellon Corp. (The)

49,207

 2,091,298

Charles Schwab Corp. (The)

42,577

 2,215,707

Chubb Ltd.

11,523

 2,473,066

Fiserv, Inc.*

19,736

 2,244,970

Global Payments, Inc.

21,202

 2,252,076

Goldman Sachs Group, Inc. (The)

6,836

 2,075,478

MetLife, Inc.

38,606

 2,316,746

Morgan Stanley

25,477

 1,804,281

Nasdaq, Inc.

40,906

 2,028,938

PNC Financial Services Group, Inc. (The)

17,552

 2,009,177

Travelers Cos., Inc. (The)

13,050

 2,185,092

US Bancorp

62,017

 1,977,102

Total Financials

 35,886,758

Health Care — 16.9%

Abbott Laboratories

22,097

 2,089,271

AbbVie, Inc.

14,051

 1,983,720

Shares

Value

Common Stocks (continued)

Health Care (continued)

Biogen, Inc.*

8,028

$1,906,971

Centene Corp.*

35,388

2,441,064

Cigna Group (The)

8,754

 2,706,737

CVS Health Corp.

30,094

 2,076,787

Danaher Corp.

8,856

 1,700,529

Elevance Health, Inc.

4,865

 2,189,688

Gilead Sciences, Inc.

26,953

 2,116,889

Humana, Inc.

4,605

 2,411,593

McKesson Corp.

6,282

 2,860,572

Pfizer, Inc.

54,825

 1,675,452

Regeneron Pharmaceuticals, Inc.*

2,722

 2,122,861

ResMed, Inc.

10,209

 1,441,715

Thermo Fisher Scientific, Inc.

3,872

1,722,149

UnitedHealth Group, Inc.

4,724

 2,529,985

Vertex Pharmaceuticals, Inc.*

7,100

 2,570,981

Total Health Care

 36,546,964

Industrials — 14.1%

AMETEK, Inc.

15,349

 2,160,679

Copart, Inc.*

59,483

 2,588,700

CSX Corp.

74,504

 2,223,944

Deere & Co.

5,418

 1,979,520

Eaton Corp. PLC

13,055

 2,714,265

General Dynamics Corp.

9,802

 2,365,321

L3Harris Technologies, Inc.

11,374

 2,040,609

Lockheed Martin Corp.

4,723

 2,147,265

Northrop Grumman Corp.

4,843

 2,283,136

PACCAR, Inc.

30,558

 2,521,952

Republic Services, Inc.

16,500

 2,450,085

Trane Technologies PLC

12,129

 2,308,270

Veralto Corp.*

2,946

 203,274

WW Grainger, Inc.

3,245

 2,368,298

Total Industrials

 30,355,318

Information Technology — 19.6%

Accenture PLC, Class A

7,816

 2,322,055

Amphenol Corp., Class A

27,290

 2,198,209

Analog Devices, Inc.

11,315

 1,780,189

Broadcom, Inc.

3,487

 2,933,857

Cadence Design Systems, Inc.*

10,647

 2,553,683

Cisco Systems, Inc.

42,668

 2,224,283

Cognizant Technology Solutions Corp., Class A

36,712

 2,366,823

Corning, Inc.

63,224

 1,691,874

HP, Inc.

76,193

 2,006,162

Intel Corp.

68,468

 2,499,082

International Business Machines Corp.

17,018

 2,461,484

Microsoft Corp.

7,741

 2,617,310

Motorola Solutions, Inc.

7,804

 2,173,102

Oracle Corp.

24,073

 2,489,148

Roper Technologies, Inc.

5,069

 2,476,561

Snowflake, Inc., Class A*

14,509

 2,105,691

TE Connectivity Ltd.

17,010

 2,004,628

Texas Instruments, Inc.

11,988

 1,702,416

Zoom Video Communications, Inc., Class A*

30,267

 1,815,415

Total Information Technology

 42,421,972

40

See notes to financial statements.

Schedule of Investments — IQ U.S. Large Cap ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Materials — 1.8%

Corteva, Inc.

37,081

$1,785,080

Dow, Inc.

40,683

 1,966,616

Total Materials

 3,751,696

Real Estate — 2.6%

AvalonBay Communities, Inc.

13,306

 2,205,336

Public Storage

7,382

 1,762,157

Realty Income Corp.

35,323

 1,673,604

Total Real Estate

 5,641,097

Utilities — 1.8%

American Water Works Co., Inc.

15,253

 1,794,515

Sempra Energy

29,598

 2,072,748

Total Utilities

 3,867,263

Total Common Stocks
(Cost $216,540,425)

 215,766,475

Shares

Value

Short-Term Investment — 0.0%(a)

Money Market Funds — 0.0%(a)

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, Institutional Shares, 5.32%(b)
(Cost $87,275)

87,275

$87,275

Total Investments — 99.9%
(Cost $216,627,700)

215,853,750

Other Assets and Liabilities,
Net — 0.1%

187,180

Net Assets — 100%

$216,040,930

 

*Non-income producing securities.

(a)Less than 0.05%.

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


The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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

$215,766,475

$

$

$215,766,475

Short-Term Investment:

Money Market Funds

 87,275

 —

 —

 87,275

Total Investments in Securities

$215,853,750

$

$

$215,853,750

 

(c)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

41

See notes to financial statements.

Schedule of Investments — IQ U.S. Small Cap ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.2%

Communication Services — 2.1%

AMC Networks, Inc., Class A*

19,798

$233,616

EchoStar Corp., Class A*

19,032

 263,783

IDT Corp., Class B*

10,213

 286,475

Liberty Latin America Ltd., Class C*

42,140

 288,659

Madison Square Garden Entertainment Corp.*

5,893

 179,619

QuinStreet, Inc.*

21,935

 248,085

Scholastic Corp.

10,158

 374,830

Sinclair, Inc.(a)

20,284

 220,487

Sphere Entertainment Co.*

5,893

 193,938

Stagwell, Inc.*

46,915

 193,290

Thryv Holdings, Inc.*

15,095

 263,106

United States Cellular Corp.*

16,763

 704,549

Total Communication Services

 3,450,437

Consumer Discretionary — 9.2%

Academy Sports & Outdoors, Inc.

5,336

 239,266

Accel Entertainment, Inc.*

38,151

 375,787

Adtalem Global Education, Inc.*

9,000

 466,200

Arko Corp.

41,002

 309,565

Asbury Automotive Group, Inc.*

1,653

 316,335

Bowlero Corp., Class A*(a)

20,536

 207,208

Buckle, Inc. (The)

9,751

 329,291

Carriage Services, Inc.

11,406

 246,370

Cavco Industries, Inc.*

1,096

 273,463

Cheesecake Factory, Inc. (The)(a)

9,933

 308,618

Chegg, Inc.*

21,353

 160,788

Clarus Corp.

36,836

 213,280

Denny’s Corp.*

31,189

 268,849

Dillard’s, Inc., Class A

1,130

 350,809

Dorman Products, Inc.*

4,037

 251,021

Duolingo, Inc.*

2,438

 356,070

Ethan Allen Interiors, Inc.

12,846

 337,336

GoPro, Inc., Class A*

69,204

 173,702

Graham Holdings Co., Class B

583

 337,394

Grand Canyon Education, Inc.*

3,056

 361,616

Group 1 Automotive, Inc.

1,537

 387,831

Hyatt Hotels Corp., Class A(a)

3,115

 319,101

Johnson Outdoors, Inc., Class A

5,525

 262,714

KB Home

8,647

 382,197

Kontoor Brands, Inc.

7,193

 334,115

La-Z-Boy, Inc.

11,949

 349,389

LCI Industries(a)

3,170

 343,913

Levi Strauss & Co., Class A(a)

19,095

 261,029

Malibu Boats, Inc., Class A*

6,167

 269,005

MarineMax, Inc.*

12,090

 331,024

MDC Holdings, Inc.

8,940

 339,273

Meritage Homes Corp.

2,975

 339,210

Monarch Casino & Resort, Inc.

4,696

 282,652

Movado Group, Inc.

12,541

 349,392

OneSpaWorld Holdings Ltd.*

29,030

 304,234

Papa John’s International, Inc.(a)

4,646

 302,083

Perdoceo Education Corp.

25,879

 468,151

Playa Hotels & Resorts NV*

36,258

 262,145

Ralph Lauren Corp.

2,982

 335,564

RCI Hospitality Holdings, Inc.

4,454

 242,788

Standard Motor Products, Inc.

9,431

 329,425

Steven Madden Ltd.

9,670

 317,079

Strategic Education, Inc.

3,874

 318,869

Shares

Value

Common Stocks (continued)

Consumer Discretionary (continued)

Stride, Inc.*(a)

8,857

$486,958

Travel + Leisure Co.

8,878

 302,118

Tri Pointe Homes, Inc.*

13,725

 343,949

Vacasa, Inc., Class A*(a)

18,086

 138,358

Vista Outdoor, Inc.*

12,544

 315,105

Total Consumer Discretionary

 14,900,639

Consumer Staples — 4.1%

Andersons, Inc. (The)

8,413

 421,744

Calavo Growers, Inc.

12,100

 306,614

Cal-Maine Foods, Inc.

5,717

 259,037

Central Garden & Pet Co., Class A*

8,908

 353,559

Coca-Cola Consolidated, Inc.

649

 413,030

Duckhorn Portfolio, Inc. (The)*

21,893

228,344

Fresh Del Monte Produce, Inc.

11,560

 289,000

Herbalife Ltd.*

21,620

 308,085

Hostess Brands, Inc.*

13,968

 466,531

Ingles Markets, Inc., Class A

3,924

 314,783

Inter Parfums, Inc.

2,448

 311,165

John B Sanfilippo & Son, Inc.

3,675

 375,805

Medifast, Inc.

3,359

 232,308

MGP Ingredients, Inc.

3,595

 340,303

PriceSmart, Inc.

4,863

 303,889

SpartanNash Co.

14,036

 315,670

TreeHouse Foods, Inc.*

6,901

 287,703

United Natural Foods, Inc.*

13,212

 192,631

Universal Corp.

6,582

 296,190

USANA Health Sciences, Inc.*

5,535

 252,119

Vector Group Ltd.

28,981

 297,925

Total Consumer Staples

 6,566,435

Energy — 3.0%

Archrock, Inc.

35,570

 450,672

Bristow Group, Inc.*

15,515

 405,562

California Resources Corp.

9,028

 474,783

CNX Resources Corp.*(a)

21,695

 471,215

Crescent Energy Co., Class A

30,729

 374,279

Dril-Quip, Inc.*

12,135

 262,844

Expro Group Holdings NV*

18,927

 298,100

Gulfport Energy Corp.*

4,344

 536,962

International Seaways, Inc.

8,352

 401,648

REX American Resources Corp.*

12,154

 461,974

Valaris Ltd.*

5,344

 352,918

World Kinect Corp.

13,625

 252,062

Total Energy

 4,743,019

Financials — 21.5%

Amalgamated Financial Corp.

19,677

 358,908

A-Mark Precious Metals, Inc.

10,045

 272,019

American Equity Investment Life Holding Co.

9,522

 504,285

Ameris Bancorp

9,503

 354,462

AssetMark Financial Holdings, Inc.*

11,066

 264,588

Associated Banc-Corp.

19,358

 313,793

Atlantic Union Bankshares Corp.

9,933

 286,170

Axis Capital Holdings Ltd.

6,385

 364,583

Axos Financial, Inc.*

9,429

 339,727

Bancorp, Inc. (The)*

12,479

 444,876

Bank of Marin Bancorp

15,900

 267,120

Bridge Investment Group Holdings, Inc., Class A

30,725

 223,678

42

See notes to financial statements.

Schedule of Investments — IQ U.S. Small Cap ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Financials (continued)

Bridgewater Bancshares, Inc.*

32,110

$309,219

Brighthouse Financial, Inc.*

7,879

 356,919

Business First Bancshares, Inc.

20,287

 396,408

Byline Bancorp, Inc.

16,099

 305,398

Capital City Bank Group, Inc.

11,877

 339,326

Capstar Financial Holdings, Inc.

22,976

 348,776

Cass Information Systems, Inc.

8,036

 303,841

Central Pacific Financial Corp.

19,446

 306,858

CNO Financial Group, Inc.

15,660

 362,999

Coastal Financial Corp.*

9,652

 358,765

Columbia Banking System, Inc.

16,252

 319,677

Community Trust Bancorp, Inc.

9,172

 344,500

ConnectOne Bancorp, Inc.

19,688

 320,718

CrossFirst Bankshares, Inc.*

33,214

 351,404

Diamond Hill Investment Group, Inc.

2,110

 331,481

Employers Holdings, Inc.

8,350

 317,300

Enova International, Inc.*

7,821

 311,901

Enstar Group Ltd.*

1,501

 355,692

Enterprise Financial Services Corp.

7,805

 271,380

Equity Bancshares, Inc., Class A

14,285

 345,697

Evercore, Inc., Class A

3,011

 391,972

EVERTEC, Inc.

10,298

 327,270

Farmers National Banc Corp.

27,538

 310,904

Federated Hermes, Inc.

8,670

 274,839

First Bancshares, Inc. (The)

13,474

326,340

First Busey Corp.

17,114

 339,884

First Commonwealth Financial Corp.

28,004

 341,089

First Financial Corp.

9,289

 319,634

First Foundation, Inc.

46,721

 212,113

FirstCash Holdings, Inc.

3,642

 396,687

Flushing Financial Corp.

23,377

 288,472

FNB Corp.

30,008

 320,786

Genworth Financial, Inc., Class A*

69,228

 414,676

Green Dot Corp., Class A*

20,260

 226,507

Hancock Whitney Corp.

9,562

 329,220

Hanmi Financial Corp.

18,743

 275,147

HarborOne Bancorp, Inc.

28,534

 280,775

Heartland Financial USA, Inc.

9,077

 248,710

Heritage Commerce Corp.

41,787

 341,818

Hilltop Holdings, Inc.

11,730

 323,983

Horace Mann Educators Corp.

10,395

 329,833

Horizon Bancorp, Inc.

31,472

 298,669

International Bancshares Corp.

8,130

 356,338

James River Group Holdings Ltd.

16,857

 231,784

Kearny Financial Corp.

42,868

 297,504

Kemper Corp.

6,369

 253,996

Lazard Ltd., Class A

10,513

 291,946

Live Oak Bancshares, Inc.

14,262

 411,459

MBIA, Inc.*

37,590

 258,619

Mercantile Bank Corp.

11,383

 374,956

Merchants Bancorp

13,346

 398,912

Mercury General Corp.

10,967

 338,661

Metropolitan Bank Holding Corp.*

10,271

 332,883

MGIC Investment Corp.

25,899

 436,139

Mid Penn Bancorp, Inc.

13,592

 259,064

Midland States Bancorp, Inc.

16,252

 354,619

MidWestOne Financial Group, Inc.

14,255

 283,960

Mr Cooper Group, Inc.*

8,482

 479,487

Shares

Value

Common Stocks (continued)

Financials (continued)

National Western Life Group, Inc., Class A

1,430

$684,827

Nicolet Bankshares, Inc.

5,513

 401,457

NMI Holdings, Inc., Class A*

15,565

 425,703

OceanFirst Financial Corp.

18,836

 238,464

OFG Bancorp

13,934

 412,725

Old Second Bancorp, Inc.

24,758

 335,718

Oscar Health, Inc., Class A*

53,225

 272,512

PacWest Bancorp

35,773

 253,273

Pathward Financial, Inc.

8,391

 380,028

Peapack-Gladstone Financial Corp.

11,751

 274,621

PennyMac Financial Services, Inc.

5,828

 391,642

Peoples Bancorp, Inc.

13,517

 372,799

Piper Sandler Cos.

2,513

 351,443

PJT Partners, Inc., Class A

4,814

 377,225

Premier Financial Corp.

16,790

 291,306

QCR Holdings, Inc.

7,928

 376,184

Radian Group, Inc.

15,725

 398,471

Renasant Corp.

11,383

 277,631

Repay Holdings Corp.*

52,897

 316,853

S&T Bancorp, Inc.

11,066

 285,060

Safety Insurance Group, Inc.

4,672

 351,194

SiriusPoint Ltd.*

42,750

 421,087

Southern Missouri Bancorp, Inc.

9,292

 375,861

Stewart Information Services Corp.

8,628

 376,785

StoneX Group, Inc.*

3,364

 320,656

Towne Bank

13,060

 312,656

UMB Financial Corp.

6,019

 377,512

United Community Banks, Inc.

12,377

 273,408

United Fire Group, Inc.

13,110

 264,035

Univest Financial Corp.

14,663

 244,286

Victory Capital Holdings, Inc., Class A

11,875

 349,837

Virtu Financial, Inc., Class A

18,418

 340,549

Virtus Investment Partners, Inc.

1,827

 336,588

WaFd, Inc.

11,556

 285,202

Total Financials

 34,679,721

Health Care — 12.1%

ACADIA Pharmaceuticals, Inc.*

18,469

 416,845

Addus HomeCare Corp.*

3,260

257,214

Alkermes PLC*

12,350

 298,746

Alphatec Holdings, Inc.*

22,313

 204,833

Amphastar Pharmaceuticals, Inc.*

9,270

 419,653

AngioDynamics, Inc.*

33,664

 208,717

Arcus Biosciences, Inc.*

19,085

 299,825

Artivion, Inc.*

26,531

 338,005

Atea Pharmaceuticals, Inc.*

103,906

 337,694

Avanos Medical, Inc.*

11,702

 214,849

Bridgebio Pharma, Inc.*

20,960

 545,798

CareDx, Inc.*

38,084

 206,034

Century Therapeutics, Inc.*

100,311

 153,476

Coherus Biosciences, Inc.*

50,888

 170,475

Collegium Pharmaceutical, Inc.*

14,511

 315,759

Computer Programs and Systems, Inc.*

11,525

 162,387

Cross Country Healthcare, Inc.*

15,572

 360,648

Cullinan Oncology, Inc.*

34,024

 317,444

Deciphera Pharmaceuticals, Inc.*

22,530

 270,135

Dyne Therapeutics, Inc.*

30,216

 213,023

43

See notes to financial statements.

Schedule of Investments — IQ U.S. Small Cap ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Health Care (continued)

Emergent BioSolutions, Inc.*

33,597

$70,218

EQRx, Inc.*

179,144

 390,534

Evolent Health, Inc., Class A*

10,727

 262,061

GoodRx Holdings, Inc., Class A*

55,692

 274,562

Haemonetics Corp.*

4,207

 358,563

Harmony Biosciences Holdings, Inc.*

10,660

 250,936

HealthStream, Inc.

12,843

 326,212

ICU Medical, Inc.*(a)

2,109

 206,809

ImmunityBio, Inc.*(a)

191,259

 600,553

Immunovant, Inc.*

22,410

 740,650

Innoviva, Inc.*

30,894

 383,395

Inogen, Inc.*

27,890

 124,668

Integer Holdings Corp.*

4,484

 363,966

Iovance Biotherapeutics, Inc.*

56,973

 217,637

iRadimed Corp.

8,834

 359,897

Krystal Biotech, Inc.*

4,340

 507,216

Ligand Pharmaceuticals, Inc.*

4,731

 247,384

Lyell Immunopharma, Inc.*

147,496

 244,106

Maravai LifeSciences Holdings, Inc., Class A*

24,844

 170,430

Merit Medical Systems, Inc.*

4,705

 323,422

ModivCare, Inc.*

4,140

 174,874

Multiplan Corp.*

327,867

 554,095

National HealthCare Corp.

5,996

 403,891

Nkarta, Inc.*

98,054

 199,050

Nuvation Bio, Inc.*

209,689

 202,056

Orthofix Medical, Inc.*

20,781

 229,422

OrthoPediatrics Corp.*

7,859

 192,231

Pacira BioSciences, Inc.*

8,529

 241,030

Patterson Cos., Inc.

12,984

 395,493

PMV Pharmaceuticals, Inc.*

72,860

 110,019

Prestige Consumer Healthcare, Inc.*

5,559

 329,982

PTC Therapeutics, Inc.*

7,185

 134,719

Pulmonx Corp.*

31,136

 273,685

REGENXBIO, Inc.*

18,408

 237,279

Sana Biotechnology, Inc.*

106,281

 314,592

Scilex Holding Co.*

34,109

 63,784

Sharecare, Inc.*

245,130

 257,386

SI-BONE, Inc.*

17,667

 300,516

SIGA Technologies, Inc.

65,524

 334,172

Supernus Pharmaceuticals, Inc.*

9,607

 229,127

Travere Therapeutics, Inc.*

15,476

 100,284

UFP Technologies, Inc.*

2,678

 417,554

Vanda Pharmaceuticals, Inc.*

51,266

 224,545

Varex Imaging Corp.*

19,137

 345,423

Veradigm, Inc.*

26,673

 351,817

Vir Biotechnology, Inc.*

14,960

 118,633

Xencor, Inc.*(a)

12,481

 216,545

Y-mAbs Therapeutics, Inc.*

69,370

 370,436

Total Health Care

 19,457,419

Industrials — 21.7%

AAR Corp.*

6,372

 378,242

ABM Industries, Inc.

7,747

304,767

ACCO Brands Corp.

65,325

 330,545

Air Lease Corp.

8,843

 306,233

Alamo Group, Inc.

1,885

 302,165

Allison Transmission Holdings, Inc.

7,683

 387,377

Ameresco, Inc., Class A*

7,073

 184,959

Shares

Value

Common Stocks (continued)

Industrials (continued)

API Group Corp.*

15,458

$399,898

Applied Industrial Technologies, Inc.

2,446

 375,485

Arcosa, Inc.

5,516

 380,990

Argan, Inc.

8,589

 392,861

Astec Industries, Inc.

8,423

 337,257

AZZ, Inc.

8,425

 398,250

Barrett Business Services, Inc.

3,920

 358,523

Beacon Roofing Supply, Inc.*

5,905

 420,259

Boise Cascade Co.

5,718

 536,063

Brady Corp., Class A

6,466

 332,740

BrightView Holdings, Inc.*

61,838

 416,788

Brink’s Co. (The)

5,210

 348,341

CBIZ, Inc.*

7,034

 365,487

Columbus McKinnon Corp.

9,367

 286,349

Comfort Systems USA, Inc.

2,380

 432,803

Conduent, Inc.*

101,483

 323,731

CoreCivic, Inc.*

37,775

 479,743

CSW Industrials, Inc.

2,507

 444,391

Custom Truck One Source, Inc.*

51,266

 295,805

Douglas Dynamics, Inc.

10,915

 265,016

Ducommun, Inc.*

6,363

 304,406

Eagle Bulk Shipping, Inc.(a)

7,650

 312,120

Encore Wire Corp.

1,873

 334,949

Energy Vault Holdings, Inc.*(a)

162,402

 326,428

EnerSys

4,008

 343,005

Ennis, Inc.

16,507

 352,590

ESCO Technologies, Inc.

3,639

 353,784

First Advantage Corp.

27,645

 359,661

Flowserve Corp.

10,220

 375,278

Forrester Research, Inc.*

10,761

 249,655

Forward Air Corp.

3,229

 207,980

Franklin Electric Co., Inc.

3,699

 320,777

Genco Shipping & Trading Ltd.

22,226

 292,716

GEO Group, Inc. (The)*

44,116

 385,574

Gibraltar Industries, Inc.*

7,165

 436,062

Global Industrial Co.

12,950

 413,753

Gorman-Rupp Co. (The)

13,899

 410,715

Granite Construction, Inc.(a)

8,472

 342,947

Great Lakes Dredge & Dock Corp.*

64,002

 486,415

Healthcare Services Group, Inc.

25,095

 238,403

Heartland Express, Inc.

21,865

 254,946

Heidrick & Struggles International, Inc.

11,467

 279,107

Helios Technologies, Inc.

5,324

 275,357

HireRight Holdings Corp.*

32,807

 302,152

HNI Corp.

12,484

 433,070

Hub Group, Inc., Class A*

4,147

 285,106

Hyster-Yale Materials Handling, Inc.

6,977

 279,150

IES Holdings, Inc.*

8,065

 501,885

Insperity, Inc.

2,864

 303,126

Insteel Industries, Inc.

12,493

 348,680

Kadant, Inc.

1,665

 366,300

Kaman Corp.

15,225

 283,337

Kforce, Inc.

5,505

 336,025

Korn Ferry

6,727

 306,213

Kratos Defense & Security Solutions, Inc.*

25,781

 439,566

Lindsay Corp.

2,301

 287,441

ManpowerGroup, Inc.

4,219

 295,203

44

See notes to financial statements.

Schedule of Investments — IQ U.S. Small Cap ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Industrials (continued)

Marten Transport Ltd.

16,615

$292,092

Matson, Inc.

5,822

 506,805

McGrath RentCorp

3,725

 374,735

MillerKnoll, Inc.

16,993

 399,335

Moog, Inc., Class A

3,448

 400,140

MSC Industrial Direct Co., Inc., Class A

4,137

 391,981

Mueller Industries, Inc.

9,458

 356,661

Mueller Water Products, Inc., Class A

24,971

 308,891

MYR Group, Inc.*

2,756

 319,227

National Presto Industries, Inc.

4,829

360,968

NOW, Inc.*

31,167

 343,460

NV5 Global, Inc.*

3,349

 315,978

PGT Innovations, Inc.*

13,842

 414,429

Planet Labs PBC*(a)

88,571

 191,313

Primoris Services Corp.

14,095

 423,696

Proto Labs, Inc.*

10,500

 247,905

Quanex Building Products Corp.

16,141

 433,386

Resources Connection, Inc.

20,405

 274,855

Rush Enterprises, Inc., Class A

9,546

 339,647

Ryder System, Inc.

3,893

 379,723

Schneider National, Inc., Class B

12,994

 329,138

SP Plus Corp.*

10,153

 513,031

Standex International Corp.

2,838

 407,452

Sterling Check Corp.*

31,167

 348,447

Sterling Infrastructure, Inc.*

9,174

 668,326

Tennant Co.

5,080

 377,038

Terex Corp.

7,183

 328,981

Thermon Group Holdings, Inc.*

13,945

 372,192

TrueBlue, Inc.*

19,557

 216,496

TTEC Holdings, Inc.

9,349

 192,402

Universal Logistics Holdings, Inc.

11,940

 267,217

V2X, Inc.*

8,750

 446,863

VSE Corp.

7,742

 416,520

Wabash National Corp.

14,154

 292,846

Watts Water Technologies, Inc., Class A

2,070

 358,131

Werner Enterprises, Inc.

7,652

 277,921

Total Industrials

 35,097,178

Information Technology — 13.4%

A10 Networks, Inc.

22,471

 244,260

ACI Worldwide, Inc.*

12,902

 262,814

Adeia, Inc.

39,227

 330,684

ADTRAN Holdings, Inc.(a)

21,949

 144,205

Advanced Energy Industries, Inc.

3,547

 309,511

Alkami Technology, Inc.*

27,449

 492,710

Alteryx, Inc., Class A*

5,916

 189,371

American Software, Inc., Class A

27,605

 302,827

Belden, Inc.

4,013

 284,522

Benchmark Electronics, Inc.

14,694

 355,742

Blackbaud, Inc.*

5,023

 328,504

Box, Inc., Class A*

12,995

 323,056

Cohu, Inc.*

9,069

 273,340

Couchbase, Inc.*

24,718

 384,612

CTS Corp.

7,038

 263,292

Diodes, Inc.*

3,753

 244,245

Edgio, Inc.*

440,002

 344,170

Enfusion, Inc., Class A*

33,149

 275,137

Shares

Value

Common Stocks (continued)

Information Technology (continued)

ePlus, Inc.*

7,089

$443,062

Everbridge, Inc.*

10,040

 206,924

FARO Technologies, Inc.*

14,143

 182,020

FormFactor, Inc.*

10,911

 369,665

Grid Dynamics Holdings, Inc.*

30,373

 307,982

Hackett Group, Inc. (The)

18,806

 419,186

Insight Enterprises, Inc.*

2,435

 348,936

InterDigital, Inc.

4,766

 358,642

Jamf Holding Corp.*(a)

17,924

 287,859

Kimball Electronics, Inc.*

14,420

 377,804

Knowles Corp.*

20,474

 265,957

LiveRamp Holdings, Inc.*

15,850

 438,411

MeridianLink, Inc.*

20,121

 330,387

Mitek Systems, Inc.*

36,238

 387,022

N-able, Inc.*

26,368

 341,729

NETGEAR, Inc.*

18,805

 237,695

NetScout Systems, Inc.*

12,148

 265,191

New Relic, Inc.*

4,617

 400,155

Onto Innovation, Inc.*

3,955

 444,423

OSI Systems, Inc.*

3,393

 353,788

PDF Solutions, Inc.*

8,208

 217,758

Pegasystems, Inc.

7,179

 306,830

Perficient, Inc.*

4,822

 280,592

Photronics, Inc.*

20,960

 384,826

Plexus Corp.*

3,569

350,904

PowerSchool Holdings, Inc., Class A*(a)

17,536

 349,317

Progress Software Corp.

6,058

 311,260

PROS Holdings, Inc.*

12,684

 395,107

Rambus, Inc.*

6,780

 368,357

Rapid7, Inc.*

7,568

 351,836

Ribbon Communications, Inc.*

101,782

 191,350

Rimini Street, Inc.*

84,488

 183,339

RingCentral, Inc., Class A*

11,349

 301,656

Sanmina Corp.*

5,708

 290,366

ScanSource, Inc.*

11,436

 347,654

SMART Global Holdings, Inc.*

20,160

 276,192

Smartsheet, Inc., Class A*

7,283

 287,970

SolarWinds Corp.*

40,410

 372,176

Sprinklr, Inc., Class A*

26,814

 364,402

SPS Commerce, Inc.*

2,287

 366,698

Squarespace, Inc., Class A*

10,957

 311,288

Telos Corp.*

137,583

 319,193

Teradata Corp.*

8,630

 368,674

TTM Technologies, Inc.*

25,803

 296,476

Unisys Corp.*

89,713

 249,402

Veeco Instruments, Inc.*

16,449

 393,789

Verint Systems, Inc.*

9,346

 175,798

Viavi Solutions, Inc.*

32,141

 250,057

Vishay Intertechnology, Inc.

15,365

 341,718

Workiva, Inc.*

3,391

 295,322

Yext, Inc.*

36,220

 218,407

Total Information Technology

 21,638,554

Materials — 4.8%

American Vanguard Corp.

15,908

 148,899

Arch Resources, Inc.

2,644

 398,795

Avient Corp.

8,456

 267,379

Cabot Corp.

4,541

 301,886

Clearwater Paper Corp.*

10,397

 351,523

45

See notes to financial statements.

Schedule of Investments — IQ U.S. Small Cap ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Materials (continued)

Ecovyst, Inc.*

31,501

$289,809

Greif, Inc., Class A

5,493

 348,805

Hawkins, Inc.

7,940

 455,994

Haynes International, Inc.

6,948

 298,938

HB Fuller Co.

5,086

 336,439

Ingevity Corp.*

4,868

 196,083

Innospec, Inc.

3,387

 331,926

Koppers Holdings, Inc.

9,940

 363,506

Materion Corp.

3,000

 290,940

NewMarket Corp.

955

 460,453

O-I Glass, Inc.*

15,328

 236,818

Orion SA

13,342

 270,843

Pactiv Evergreen, Inc.

43,510

 375,056

Sensient Technologies Corp.

4,546

 256,485

Stepan Co.

3,380

 252,824

Summit Materials, Inc., Class A*

12,197

 401,281

SunCoke Energy, Inc.

38,701

 368,046

Warrior Met Coal, Inc.

9,469

 461,424

Worthington Industries, Inc.

5,374

 331,146

Total Materials

 7,795,298

Real Estate — 5.1%

Alexander & Baldwin, Inc.

18,408

 290,846

American Assets Trust, Inc.

18,723

 332,333

Apartment Investment and Management Co., Class A*

45,265

 265,253

Apple Hospitality REIT, Inc.

22,426

 351,640

Armada Hoffler Properties, Inc.

29,473

 293,551

Brandywine Realty Trust

73,594

 275,242

Chatham Lodging Trust

33,181

 306,924

COPT Defense Properties

14,681

 334,727

DiamondRock Hospitality Co.

42,814

 330,952

Douglas Emmett, Inc.

28,231

 316,470

Elme Communities

19,490

 248,692

EPR Properties

9,120

 389,424

Equity Commonwealth

16,807

 318,325

Forestar Group, Inc.*

22,336

 530,480

Highwoods Properties, Inc.

15,009

268,511

Industrial Logistics Properties Trust

113,385

 283,463

JBG SMITH Properties

23,112

 297,451

Office Properties Income Trust

28,301

 127,071

Outfront Media, Inc.

21,447

 209,323

Pebblebrook Hotel Trust

24,794

 295,792

Piedmont Office Realty Trust, Inc., Class A

47,683

 248,428

Plymouth Industrial REIT, Inc.

16,567

 330,346

PotlatchDeltic Corp.

7,033

 301,364

RLJ Lodging Trust

32,839

 308,687

Sunstone Hotel Investors, Inc.

35,232

 327,658

Whitestone REIT

37,835

 376,458

Xenia Hotels & Resorts, Inc.

26,590

 309,242

Total Real Estate

 8,268,653

Utilities — 2.2%

ALLETE, Inc.

5,406

 289,437

Avista Corp.

8,201

 259,890

California Water Service Group

5,982

 291,204

Chesapeake Utilities Corp.

2,721

 241,108

Clearway Energy, Inc., Class C

11,109

 241,176

Montauk Renewables, Inc.*(a)

44,159

 444,240

Shares

Value

Common Stocks (continued)

Utilities (continued)

New Jersey Resources Corp.

6,543

$265,515

Northwest Natural Holding Co.

7,321

 268,754

Northwestern Energy Group, Inc.

6,014

 288,732

Otter Tail Corp.

4,809

 370,004

SJW Group

4,572

 285,659

Unitil Corp.

6,102

 278,678

Total Utilities

 3,524,397

Total Common Stocks
(Cost $180,953,378)

 160,121,750

Investment Company — 0.7%

iShares Core S&P Small-Cap ETF
(Cost $1,230,796)

13,400

 1,191,126

Short-Term Investments — 1.0%

Money Market Funds — 1.0%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)

1,507,181

 1,507,181

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)

150,672

 150,672

Total Short-Term Investments
(Cost $1,657,853)

 1,657,853

Total Investments — 100.9%
(Cost $183,842,027)

162,970,729

Other Assets and Liabilities,
Net — (0.9)%

(1,498,073

)

Net Assets — 100%

$161,472,656

 

*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 $4,990,138; total market value of collateral held by the Fund was $5,051,406. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,544,225.

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

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

46

See notes to financial statements.

Schedule of Investments — IQ U.S. Small Cap ETF (continued)

October 31, 2023 (unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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

$160,121,750

$

$

$160,121,750

Investment Companies

 1,191,126

 —

 —

 1,191,126

Short-Term Investments:

Money Market Funds

 1,657,853

 —

 —

 1,657,853

Total Investments in Securities

$162,970,729

$

$

$162,970,729

(d) For a complete listing of investments and their industries, see the Schedule of Investments.

For the year ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).

47

See notes to financial statements.

Schedule of Investments — IQ CBRE NextGen Real Estate ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.9%

Data Center — 14.1%

Digital Realty Trust, Inc.

6,384

$793,914

Equinix, Inc.

1,251

 912,780

Keppel DC REIT

519,844

 641,244

Total Data Center

 2,347,938

Health Care — 12.7%

Aedifica SA

877

 47,694

Alexandria Real Estate Equities, Inc.

3,190

 297,085

Assura PLC

54,314

 26,982

CareTrust REIT, Inc.

1,834

 39,467

Chartwell Retirement Residences

4,414

 32,304

Cofinimmo SA(a)

627

 38,903

Community Healthcare Trust, Inc.

485

 13,905

Diversified Healthcare Trust

4,384

 9,075

Global Medical REIT, Inc.

1,198

 10,375

Healthcare Realty Trust, Inc.

7,014

 100,651

Healthpeak Properties, Inc.

10,086

 156,837

LTC Properties, Inc.

758

 23,960

Medical Properties Trust, Inc.(a)

11,033

 52,738

National Health Investors, Inc.

795

 39,782

NorthWest Healthcare Properties Real Estate Investment Trust(a)

4,432

 12,802

Primary Health Properties PLC

24,479

 26,659

Sabra Health Care REIT, Inc.

4,258

 58,079

Universal Health Realty Income Trust

252

 9,687

Ventas, Inc.

7,419

 315,011

Welltower, Inc.

9,564

 799,646

Total Health Care

 2,111,642

Industrial — 32.2%

Americold Realty Trust, Inc.

11,545

 302,710

Catena AB

2,136

 70,546

CRE Logistics REIT, Inc.

27

 28,347

Dream Industrial Real Estate Investment Trust(a)

11,414

 96,278

EastGroup Properties, Inc.

1,939

 316,542

ESR-LOGOS REIT

328,549

 65,947

First Industrial Realty Trust, Inc.

5,650

 238,995

Frasers Logistics & Commercial Trust

159,164

 120,821

GLP J-Reit

211

 188,785

Granite Real Estate Investment Trust(a)

2,718

 123,639

Industrial & Infrastructure Fund Investment Corp.

90

 80,643

Innovative Industrial Properties, Inc.

1,197

 85,980

Japan Logistics Fund, Inc.

40

 73,928

LaSalle Logiport REIT

80

 78,286

LondonMetric Property PLC

46,617

 93,562

LXP Industrial Trust

12,486

 98,764

Mapletree Logistics Trust

211,890

 227,348

Mitsubishi Estate Logistics REIT Investment Corp.

22

 55,274

Mitsui Fudosan Logistics Park, Inc.

26

 78,372

Nippon Prologis REIT, Inc.

121

 214,763

Plymouth Industrial REIT, Inc.

1,891

 37,707

Prologis, Inc.

8,500

 856,375

Rexford Industrial Realty, Inc.

8,819

 381,334

Sagax AB, Class B

14,767

 266,325

Segro PLC

52,417

 453,377

SOSiLA Logistics REIT, Inc.

31

 24,522

Shares

Value

Common Stocks (continued)

Industrial (continued)

STAG Industrial, Inc.

7,675

$254,963

Terreno Realty Corp.

3,585

191,009

Tritax Big Box REIT PLC

81,354

 135,047

Urban Logistics REIT PLC

20,031

 25,327

VGP NV(a)

1,167

 94,673

Total Industrial

 5,360,189

Infrastructure (Tower) — 20.4%

American Tower Corp.

5,756

 1,025,662

Crown Castle, Inc.

8,361

 777,406

SBA Communications Corp.

3,825

 798,010

Uniti Group, Inc.

172,144

791,862

Total Infrastructure (Tower)

 3,392,940

Manufactured Homes — 3.0%

Equity LifeStyle Properties, Inc.

3,434

 225,957

Sun Communities, Inc.

2,294

 255,185

UMH Properties, Inc.

1,193

 16,475

Total Manufactured Homes

 497,617

Multi-Family Residential — 13.7%

Advance Residence Investment Corp.

26

 56,397

Apartment Income REIT Corp.

2,748

 80,269

Apartment Investment and Management Co., Class A*

2,702

 15,834

AvalonBay Communities, Inc.

2,618

 433,907

Boardwalk Real Estate Investment Trust

843

 39,325

Camden Property Trust

1,968

 167,044

Canadian Apartment Properties REIT

3,082

 90,623

CapitaLand Ascott Trust

69,355

 45,560

Centerspace

273

 13,262

Comforia Residential REIT, Inc.

15

 31,794

Daiwa Securities Living Investments Corp.

42

 31,005

Elme Communities

1,606

 20,492

Equity Residential

6,988

 386,646

Essex Property Trust, Inc.

1,182

 252,853

Independence Realty Trust, Inc.

4,143

 51,332

InterRent Real Estate Investment Trust

2,632

 22,296

Killam Apartment Real Estate Investment Trust(a)

2,152

 24,291

Mid-America Apartment Communities, Inc.

2,151

 254,141

NexPoint Residential Trust, Inc.

470

 12,685

Sekisui House Reit, Inc.

81

 42,574

UDR, Inc.

6,075

 193,246

Veris Residential, Inc.

1,684

 22,549

Total Multi-Family Residential

 2,288,125

Single-Family Residential — 3.3%

American Homes 4 Rent, Class A

6,662

 218,114

Invitation Homes, Inc.

11,282

 334,962

Total Single-Family Residential

 553,076

Student Housing — 0.5%

UNITE Group PLC (The)

8,049

 84,827

Total Common Stocks
(Cost $20,750,296)

 16,636,354

48

See notes to financial statements.

Schedule of Investments — IQ CBRE NextGen Real Estate ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Short-Term Investments — 1.6%

Money Market Funds — 1.6%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)

252,832

$252,832

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)

5,438

 5,438

Total Short-Term Investments
(Cost $258,270)

 258,270

Total Investments — 101.5%
(Cost $21,008,566)

16,894,624

Shares

Value

Other Assets and Liabilities,
Net — (1.5)%

$(242,182

)

Net Assets — 100%

$16,652,442

 

*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 $381,355; total market value of collateral held by the Fund was $400,049. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $147,217.

(b)Reflects the 1-day yield at October 31, 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 October 31, 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

$16,636,354

$

$

$16,636,354

Short-Term Investments:

Money Market Funds

 258,270

 —

 —

 258,270

Total Investments in Securities

$16,894,624

$

$

$16,894,624

 

(d)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

49

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 98.8%

Australia — 7.6%

Allkem Ltd.*(a)

17,868

$107,928

ALS Ltd.

17,769

 120,718

ANZ Group Holdings Ltd.

77,429

 1,211,391

APA Group

36,837

 192,185

Aristocrat Leisure Ltd.

19,392

 473,074

ASX Ltd.

6,236

 221,620

Atlas Arteria Ltd.

50,148

 168,599

Aurizon Holdings Ltd.

74,700

 161,754

BHP Group Ltd.

125,589

 3,538,502

BlueScope Steel Ltd.

16,182

 192,618

Brambles Ltd.

41,464

 344,177

carsales.com Ltd.

12,334

 215,771

Challenger Ltd.

23,756

 87,991

Charter Hall Group

21,690

 119,066

Cochlear Ltd.

1,879

 286,526

Coles Group Ltd.

35,380

 342,062

Commonwealth Bank of Australia

42,126

 2,575,463

Computershare Ltd.

17,562

 275,650

Dexus

44,640

 183,150

Endeavour Group Ltd.

42,424

 132,693

Flutter Entertainment PLC*(a)

4,509

 706,087

Fortescue Metals Group Ltd.

42,595

 601,411

Glencore PLC

317,273

 1,675,298

Goodman Group

50,737

 666,256

GPT Group (The)

88,326

 202,444

IDP Education Ltd.(a)

8,717

 119,490

Insurance Australia Group Ltd.

74,343

 266,889

Lendlease Corp., Ltd.

24,735

 97,255

Lottery Corp., Ltd. (The)

71,412

 204,822

Lynas Rare Earths Ltd.*

29,848

 133,233

Macquarie Group Ltd.

9,356

 953,608

Medibank Pvt Ltd.

83,728

 181,833

Mineral Resources Ltd.

5,000

 182,854

Mirvac Group

147,417

 169,874

National Australia Bank Ltd.

80,309

 1,426,281

Origin Energy Ltd.

52,209

 301,803

Pilbara Minerals Ltd.

81,251

 188,800

Qantas Airways Ltd.*

29,189

 90,742

QBE Insurance Group Ltd.

42,813

 422,871

Ramsay Health Care Ltd.

5,432

 167,424

Region RE Ltd.

105,940

 131,805

Rio Tinto Ltd.

9,441

 702,845

Rio Tinto PLC

28,019

 1,786,675

Santos Ltd.

85,208

 413,793

Scentre Group

186,372

 286,744

SEEK Ltd.

12,645

 165,008

Sonic Healthcare Ltd.

13,965

 254,207

South32 Ltd.

138,261

 290,634

Steadfast Group Ltd.

52,605

 179,858

Stockland

98,157

 220,005

Suncorp Group Ltd.

37,575

 318,319

Telstra Group Ltd.

117,293

 282,947

Transurban Group

78,790

 589,653

Treasury Wine Estates Ltd.

24,491

 187,629

Vicinity Ltd.

164,637

 177,208

Wesfarmers Ltd.

29,780

 952,568

Westpac Banking Corp.

87,482

 1,141,021

Whitehaven Coal Ltd.

23,303

 109,182

WiseTech Global Ltd.

4,597

 169,280

Shares

Value

Common Stocks (continued)

Australia (continued)

Woodside Energy Group Ltd.

49,349

$1,070,468

Woolworths Group Ltd.

31,948

 712,428

Total Australia

 29,852,490

Austria — 0.3%

ANDRITZ AG

1,301

 59,682

Erste Group Bank AG

9,250

329,984

Mondi PLC

13,131

 211,759

OMV AG

4,001

 174,915

Verbund AG

1,683

 145,873

voestalpine AG

2,442

 60,813

Total Austria

 983,026

Belgium — 0.7%

Ageas SA

5,234

 200,603

Anheuser-Busch InBev SA

21,487

 1,218,037

Groupe Bruxelles Lambert NV

3,201

 233,459

KBC Group NV

6,736

 369,527

Sofina SA(a)

550

 104,062

Solvay SA

2,386

 251,546

UCB SA

3,457

 252,350

Umicore SA(a)

5,975

 141,785

Warehouses De Pauw CVA

5,373

 132,441

Total Belgium

 2,903,810

Brazil — 0.0%(b)

Yara International ASA

3,994

 130,491

Burkina Faso — 0.0%(b)

Endeavour Mining PLC

4,516

 93,159

Chile — 0.0%(b)

Antofagasta PLC

8,510

 138,890

China — 0.5%

BOC Hong Kong Holdings Ltd.

96,793

 256,066

Budweiser Brewing Co. APAC Ltd.

45,800

 87,098

ESR Group Ltd.

86,311

 110,748

Lenovo Group Ltd.

223,966

 260,472

Prosus NV*

38,384

 1,072,319

Wilmar International Ltd.

54,646

 141,995

Xinyi Glass Holdings Ltd.

68,448

 78,643

Total China

 2,007,341

Denmark — 3.0%

AP Moller - Maersk A/S, Class B

198

 328,768

Carlsberg A/S, Class B

2,664

 316,902

Chr Hansen Holding A/S

2,930

 199,376

Coloplast A/S, Class B

3,256

 338,910

Danske Bank A/S

18,368

 429,849

DSV A/S

4,760

 709,145

Genmab A/S*

1,706

 480,778

Novo Nordisk A/S, Class B

78,493

 7,525,439

Novozymes A/S, Class B (a)

5,275

 236,508

Orsted A/S

4,746

 228,383

Pandora A/S

2,642

 298,646

Royal Unibrew A/S

1,141

 82,375

Vestas Wind Systems A/S*

26,071

 562,155

Total Denmark

 11,737,234

Finland — 1.0%

Elisa OYJ

4,322

 183,100

Fortum OYJ

11,741

 138,995

Kesko OYJ, Class B

7,792

 131,491



50

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Finland (continued)

Kone OYJ, Class B

7,827

$338,290

Mandatum OYJ*

11,579

 44,697

Metso Outotec OYJ

17,907

 157,214

Neste OYJ

10,591

 354,985

Nokia OYJ(a)

129,505

 429,826

Nordea Bank Abp

85,719

 900,527

Orion OYJ, Class B

2,712

 107,612

Sampo OYJ, A Shares

11,579

 454,191

Stora Enso OYJ, Class R

16,099

 192,714

UPM-Kymmene OYJ

13,780

462,747

Wartsila OYJ Abp

14,403

 171,118

Total Finland

 4,067,507

France — 9.3%

Accor SA

7,022

 223,188

Adevinta ASA*

6,663

 58,479

Aeroports de Paris SA

755

 84,432

Air Liquide SA

12,860

 2,197,728

Airbus SE

15,098

 2,015,258

Alstom SA(a)

8,363

 112,707

Arkema SA

1,851

 172,917

AXA SA

44,243

 1,307,317

BioMerieux

1,190

 113,834

BNP Paribas SA

27,630

 1,585,541

Bouygues SA

6,106

 214,340

Capgemini SE

4,123

 725,612

Carrefour SA

15,589

 273,199

Cie de Saint-Gobain SA

12,739

 692,110

Cie Generale des Etablissements Michelin SCA

18,273

 541,196

Credit Agricole SA

26,978

 324,453

Danone SA

14,688

 871,744

Dassault Systemes SE

17,469

 716,712

Edenred SE

7,211

 382,932

Eiffage SA

2,032

 184,069

Engie SA

42,869

 679,872

EssilorLuxottica SA

7,705

 1,389,729

Gecina SA

1,809

 177,062

Getlink SE

12,450

 200,488

Hermes International SCA

883

 1,642,296

Kering SA

1,857

 752,167

Klepierre SA

7,146

 172,972

Legrand SA

7,080

 609,763

L’Oreal SA

5,620

 2,353,275

LVMH Moet Hennessy Louis Vuitton SE

6,263

 4,465,202

Orange SA

48,928

 574,577

Pernod Ricard SA

5,327

 943,136

Publicis Groupe SA

6,399

 485,098

Renault SA

4,623

 161,500

Rexel SA

8,828

 179,486

Safran SA

8,925

 1,386,952

Sartorius Stedim Biotech

643

 119,993

Societe Generale SA

18,936

 423,226

Sodexo SA

2,613

 275,864

Teleperformance SE

1,593

 182,104

Thales SA

2,851

 419,331

TotalEnergies SE

56,596

 3,780,764

Ubisoft Entertainment SA*

2,469

 70,150

Unibail-Rodamco-Westfield*

2,961

 146,036

Shares

Value

Common Stocks (continued)

France (continued)

Valeo SE

5,999

$78,882

Veolia Environnement SA

16,185

 441,890

Vinci SA

12,637

 1,395,577

Vivendi SE

19,340

 172,861

Worldline SA*

6,478

 82,030

Total France

 36,560,051

Germany — 7.1%

adidas AG

4,500

 795,290

Allianz SE

9,834

 2,296,163

BASF SE

22,826

 1,050,377

Bayer AG

24,528

 1,054,159

Bayerische Motoren Werke AG

8,930

 827,144

Bechtle AG

2,569

 114,266

Beiersdorf AG

2,832

 371,336

Brenntag SE

4,467

 331,081

Carl Zeiss Meditec AG, Bearer

1,097

94,780

Commerzbank AG

28,960

 310,700

Continental AG

3,102

 201,451

Covestro AG*

5,447

 274,633

CTS Eventim AG & Co. KGaA

1,891

 114,031

Daimler Truck Holding AG

13,710

 429,239

Deutsche Bank AG

51,668

 565,575

Deutsche Boerse AG

4,612

 756,585

Deutsche Lufthansa AG*

15,241

 106,389

Deutsche Post AG

23,983

 931,871

Deutsche Telekom AG

85,833

 1,857,612

E.ON SE

55,811

 661,895

Fresenius Medical Care AG & Co. KGaA

5,818

 192,607

Fresenius SE & Co. KGaA

11,428

 292,806

GEA Group AG

5,305

 180,727

Hannover Rueck SE

1,539

 338,848

Heidelberg Materials AG

4,008

 290,114

HelloFresh SE*

5,032

 109,355

Henkel AG & Co. KGaA

2,377

 149,896

Infineon Technologies AG

34,002

 987,459

Knorr-Bremse AG

2,069

 114,902

LEG Immobilien SE*

2,174

 135,210

Mercedes-Benz Group AG

21,628

 1,267,179

Merck KGaA

3,341

 502,702

MTU Aero Engines AG

1,578

 295,228

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

3,366

 1,346,656

Puma SE

3,140

 176,902

Rheinmetall AG

1,322

 377,846

RWE AG

17,980

 686,648

SAP SE

27,184

 3,641,697

Siemens AG

18,541

 2,448,956

Siemens Energy AG*(a)

12,020

 106,342

Siemens Healthineers AG

6,833

 334,547

Symrise AG

3,645

 370,637

thyssenkrupp AG

15,955

 110,597

Vonovia SE

18,475

 423,761

Zalando SE*

6,507

 151,246

Total Germany

 28,177,445

Hong Kong — 2.1%

AIA Group Ltd.

295,990

 2,566,639

ASMPT Ltd.

10,892

 91,873

51

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Hong Kong (continued)

CK Asset Holdings Ltd.

55,608

$277,877

CLP Holdings Ltd.

45,158

 330,406

Hang Lung Properties Ltd.

63,577

 83,853

Hang Seng Bank Ltd.

20,160

 230,982

Henderson Land Development Co., Ltd.

52,911

 137,948

Hong Kong & China Gas Co., Ltd.

301,071

 209,702

Hong Kong Exchanges & Clearing Ltd.

31,853

 1,119,492

Hongkong Land Holdings Ltd.

36,914

 117,017

Jardine Matheson Holdings Ltd.

5,335

 215,801

Link REIT

72,100

 330,802

MTR Corp., Ltd.

44,091

 164,821

New World Development Co., Ltd.

47,198

 86,499

Power Assets Holdings Ltd.

39,971

 191,053

Prudential PLC

69,469

 723,098

Sino Land Co., Ltd.

121,304

 121,078

Sun Hung Kai Properties Ltd.

40,549

 416,393

Swire Pacific Ltd., Class A

20,649

 132,213

Techtronic Industries Co., Ltd.

34,327

 312,798

United Energy Group Ltd.

272,538

 43,539

WH Group Ltd.

253,593

 151,353

Wharf Real Estate Investment Co., Ltd.

46,649

 163,056

Total Hong Kong

 8,218,293

Indonesia — 0.0%(b)

First Pacific Co., Ltd.

55,881

21,139

Ireland — 0.3%

Bank of Ireland Group PLC

30,232

 270,023

Kerry Group PLC, Class A

4,167

 321,002

Kingspan Group PLC

4,208

 282,351

Smurfit Kappa Group PLC(a)

7,863

 256,089

Total Ireland

 1,129,465

Israel — 0.5%

Bank Hapoalim BM

43,900

 313,281

Bank Leumi Le-Israel BM

48,159

 309,390

Big Shopping Centers Ltd.*

1,356

 94,857

Elbit Systems Ltd.

875

 162,280

ICL Group Ltd.

25,799

 124,992

Israel Discount Bank Ltd., Class A

49,384

 216,674

Mizrahi Tefahot Bank Ltd.

4,213

 130,174

Nice Ltd.*

1,815

 280,221

Nova Ltd.*

714

 67,931

Teva Pharmaceutical Industries Ltd.*

30,875

 261,085

Tower Semiconductor Ltd.*

4,185

 96,816

Total Israel

 2,057,701

Italy — 2.3%

Assicurazioni Generali SpA

33,165

 657,116

Coca-Cola HBC AG*

6,329

 163,735

Davide Campari-Milano NV

18,288

 201,617

Enel SpA

196,581

 1,244,228

Eni SpA

61,175

 997,609

Ferrari NV

3,181

 959,945

FinecoBank Banca Fineco SpA

16,962

 199,280

Intesa Sanpaolo SpA

423,874

 1,100,602

Leonardo SpA

11,768

 177,067

Shares

Value

Common Stocks (continued)

Italy (continued)

Mediobanca Banca di Credito Finanziario SpA

25,642

$305,459

Moncler SpA

6,592

 341,003

Nexi SpA*

25,536

 147,806

Prysmian SpA

8,640

 322,287

Recordati Industria Chimica e Farmaceutica SpA

3,549

 163,557

Snam SpA

67,008

 306,684

Telecom Italia SpA*(a)

513,936

 132,603

Terna - Rete Elettrica Nazionale

47,084

 359,624

UniCredit SpA

47,167

 1,177,841

Total Italy

 8,958,063

Japan — 23.3%

Advantest Corp.

19,628

 494,442

Aeon Co., Ltd.

19,891

 415,958

AGC, Inc.

6,717

 226,687

Aisin Corp.

5,785

 198,710

Ajinomoto Co., Inc.

13,741

 497,215

Aozora Bank Ltd.(a)

7,547

 152,789

Asahi Group Holdings Ltd.

14,107

 506,360

Asahi Intecc Co., Ltd.

6,376

 105,737

Asahi Kasei Corp.

36,646

 223,440

Asics Corp.

4,980

 155,505

Astellas Pharma, Inc.

48,198

 604,683

Bandai Namco Holdings, Inc.

17,042

 349,178

BayCurrent Consulting, Inc.

4,293

 106,556

Bridgestone Corp.

15,806

 591,453

Brother Industries Ltd.

8,843

 136,576

Canon, Inc.

26,863

 629,869

Capcom Co., Ltd.

5,844

 186,729

Central Japan Railway Co.

24,526

 549,971

Chubu Electric Power Co., Inc.

19,971

 240,332

Chugai Pharmaceutical Co., Ltd.

18,195

535,836

Concordia Financial Group Ltd.

45,366

 208,640

CyberAgent, Inc.

15,348

 80,031

Dai Nippon Printing Co., Ltd.

9,661

 249,363

Daifuku Co., Ltd.

9,299

 151,448

Dai-ichi Life Holdings, Inc.

26,960

 565,387

Daiichi Sankyo Co., Ltd.

47,971

 1,222,042

Daikin Industries Ltd.

6,758

 965,205

Daito Trust Construction Co., Ltd.

2,175

 231,941

Daiwa House Industry Co., Ltd.

18,324

 499,344

Daiwa Securities Group, Inc.

47,606

 271,594

Daiwa Securities Living Investments Corp.

166

 122,545

Denso Corp.

48,233

 700,508

Dentsu Group, Inc.

6,860

 197,042

Disco Corp.

2,499

 431,585

East Japan Railway Co.

9,985

 519,013

Eisai Co., Ltd.

7,319

 384,737

ENEOS Holdings, Inc.

86,462

 318,398

FANUC Corp.

24,955

 601,939

Fast Retailing Co., Ltd.

3,987

 869,297

Food & Life Cos. Ltd.

4,961

 82,877

Fuji Electric Co., Ltd.

4,340

 162,716

FUJIFILM Holdings Corp.

9,270

 502,108

Fujitsu Ltd.

4,897

 627,787

GLP J-Reit

188

 168,206

52

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Japan (continued)

Goldwin, Inc.

1,300

$81,153

Hamamatsu Photonics K.K.

4,620

 169,523

Hankyu Hanshin Holdings, Inc.

8,167

 254,914

Hirose Electric Co., Ltd.

1,370

 153,333

Hitachi Ltd.

23,854

 1,492,716

Honda Motor Co., Ltd.

130,270

 1,295,862

Hoya Corp.

8,960

 848,107

Ibiden Co., Ltd.

3,957

 165,680

Idemitsu Kosan Co., Ltd.

8,288

 187,109

Inpex Corp.

30,149

 434,482

Isetan Mitsukoshi Holdings Ltd.

11,240

 125,726

Isuzu Motors Ltd.

17,483

 191,690

Ito En Ltd.

2,447

 79,124

ITOCHU Corp.(a)

34,719

 1,231,769

J Front Retailing Co., Ltd.

11,391

 107,596

Japan Airport Terminal Co., Ltd.

2,351

 102,923

Japan Exchange Group, Inc.

14,577

 285,341

Japan Logistics Fund, Inc.

67

 123,829

Japan Post Holdings Co., Ltd.

46,197

 406,925

Japan Tobacco, Inc.

33,376

 775,971

JFE Holdings, Inc.

16,809

 231,360

JGC Holdings Corp.

9,270

 112,749

JSR Corp.

6,037

 160,208

Kajima Corp.

17,239

 282,185

Kansai Electric Power Co., Inc. (The)

21,181

 269,439

Kao Corp.

12,639

 458,507

Kawasaki Kisen Kaisha Ltd.

6,399

 217,307

KDDI Corp.

41,790

 1,238,151

Keio Corp.

4,355

 128,541

Keisei Electric Railway Co., Ltd.

5,786

 216,127

Keyence Corp.

4,889

 1,877,218

Kikkoman Corp.

5,267

 296,346

Kintetsu Group Holdings Co., Ltd.

6,468

 181,042

Kirin Holdings Co., Ltd.

22,332

 312,540

Kobayashi Pharmaceutical Co., Ltd.

2,213

 90,890

Kobe Bussan Co., Ltd.(a)

4,625

 114,308

Kobe Steel Ltd.

10,197

 118,638

Koito Manufacturing Co., Ltd.

7,561

 111,809

Komatsu Ltd.

25,213

 576,530

Konami Group Corp.

3,169

 162,253

Kubota Corp.

29,415

 391,177

Kuraray Co., Ltd.

16,948

192,483

Kurita Water Industries Ltd.

5,064

 151,741

Kyocera Corp.

8,517

 414,701

Kyoto Financial Group, Inc.

2,926

 164,418

Kyowa Kirin Co., Ltd.

8,206

 127,767

Lasertec Corp.

2,105

 350,335

Lixil Corp.

9,293

 101,309

LY Corp.

72,783

 183,730

M3, Inc.

11,245

 171,818

Makita Corp.

8,154

 207,881

Marubeni Corp.

43,189

 621,121

Marui Group Co., Ltd.

8,968

 140,313

MatsukiyoCocokara & Co.

13,030

 226,968

Mazda Motor Corp.

15,600

 146,683

MEIJI Holdings Co., Ltd.

8,442

 207,253

MINEBEA MITSUMI, Inc.

12,255

 188,504

MISUMI Group, Inc.

8,863

 132,232

Mitsubishi Chemical Group Corp.

41,957

 234,961

Shares

Value

Common Stocks (continued)

Japan (continued)

Mitsubishi Corp.

29,286

$1,344,938

Mitsubishi Electric Corp.

55,031

 609,558

Mitsubishi Estate Co., Ltd.

32,180

 406,699

Mitsubishi Heavy Industries Ltd.

8,454

 429,385

Mitsubishi UFJ Financial Group, Inc.

294,055

 2,440,669

Mitsui & Co., Ltd.

38,224

 1,367,225

Mitsui Fudosan Co., Ltd.

24,367

 522,432

Mitsui OSK Lines Ltd.(a)

9,206

 236,039

Mizuho Financial Group, Inc.

65,494

 1,100,829

MonotaRO Co., Ltd.

8,204

 65,033

MS&AD Insurance Group Holdings, Inc.

13,289

 482,000

Murata Manufacturing Co., Ltd.

44,613

 729,827

NEC Corp.

7,596

 361,380

Nexon Co., Ltd.

11,648

 211,163

NGK Insulators Ltd.

10,222

 123,654

NH Foods Ltd.

4,273

 127,813

NIDEC CORP

13,411

 480,049

Nintendo Co., Ltd.

26,395

 1,084,244

Nippon Building Fund, Inc.

57

 228,459

NIPPON EXPRESS HOLDINGS INC

2,707

 137,973

Nippon Paint Holdings Co., Ltd.

26,001

 172,888

Nippon Prologis REIT, Inc.

87

 154,416

Nippon Steel Corp.

22,559

 481,433

Nippon Telegraph & Telephone Corp.

760,201

 887,474

Nippon Yusen K.K.(a)

13,484

 327,384

Nissan Chemical Corp.

4,549

 183,077

Nissan Motor Co., Ltd.

55,998

 209,801

Nisshin Seifun Group, Inc.

12,167

 182,933

Nissin Foods Holdings Co., Ltd.

2,730

 237,046

Nitori Holdings Co., Ltd.

2,377

 257,563

Nitto Denko Corp.

4,668

 298,460

Nomura Holdings, Inc.

86,712

 332,030

Nomura Real Estate Master Fund, Inc.

206

 227,022

Nomura Research Institute Ltd.

13,912

 362,303

NSK Ltd.

21,256

 113,028

NTT Data Group Corp.

20,633

 251,160

Obayashi Corp.

27,217

 231,473

Obic Co., Ltd.

2,037

 299,205

Odakyu Electric Railway Co., Ltd.

11,654

 164,754

Oji Holdings Corp.

36,502

 155,075

Olympus Corp.

33,239

 438,739

Omron Corp.

5,544

 195,740

Ono Pharmaceutical Co., Ltd.

13,645

 234,392

Oriental Land Co., Ltd.

25,164

 807,036

ORIX Corp.

33,704

 604,222

Orix JREIT, Inc.

133

 152,632

Osaka Gas Co., Ltd.

12,227

 229,451

Otsuka Corp.

3,498

 139,116

Otsuka Holdings Co., Ltd.

13,742

458,233

Pan Pacific International Holdings Corp.

12,667

 243,102

Panasonic Holdings Corp.

57,134

 493,832

Rakuten Group, Inc.

35,912

 132,033

Recruit Holdings Co., Ltd.

33,512

 958,813

Renesas Electronics Corp.*

31,302

 404,180

Resona Holdings, Inc.

67,549

 358,385

Resonac Holdings Corp.

7,155

 114,451

Ricoh Co., Ltd.

18,699

 149,708

53

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Japan (continued)

Rohm Co., Ltd.

10,236

$161,267

Ryohin Keikaku Co., Ltd.

12,123

 169,824

Santen Pharmaceutical Co., Ltd.

15,475

 133,603

SBI Holdings, Inc.

7,824

 166,714

Secom Co., Ltd.

5,765

 397,796

Sekisui Chemical Co., Ltd.

14,845

 201,338

Sekisui House Ltd.

20,872

 405,050

Seven & I Holdings Co., Ltd.

20,048

 727,153

SG Holdings Co., Ltd.

12,158

 171,157

Shimadzu Corp.

8,065

 188,784

Shimano, Inc.

2,098

 298,606

Shimizu Corp.

25,326

 179,102

Shin-Etsu Chemical Co., Ltd.

50,387

 1,486,540

Shionogi & Co., Ltd.

7,455

 343,941

Shiseido Co., Ltd.

10,425

 327,801

Shizuoka Financial Group, Inc.

24,060

 202,797

SMC Corp.

1,496

 678,433

Socionext, Inc.

961

 91,503

SoftBank Corp.

69,793

 785,744

SoftBank Group Corp.

24,845

 1,004,660

Sompo Holdings, Inc.

9,314

 400,186

Sony Group Corp.

30,360

 2,490,825

Stanley Electric Co., Ltd.

6,097

 96,199

Subaru Corp.

16,623

 280,937

SUMCO Corp.

11,853

 151,445

Sumitomo Chemical Co., Ltd.

54,925

 138,541

Sumitomo Corp.

34,154

 662,693

Sumitomo Electric Industries Ltd.

24,439

 253,193

Sumitomo Metal Mining Co., Ltd.

7,014

 195,259

Sumitomo Mitsui Financial Group, Inc.

33,550

 1,599,465

Sumitomo Mitsui Trust Holdings, Inc.

10,624

 393,546

Sumitomo Realty & Development Co., Ltd.

11,811

 292,770

Suntory Beverage & Food Ltd.

4,597

 135,926

Suzuki Motor Corp.

11,580

 442,264

Sysmex Corp.

5,051

 238,567

Taisei Corp.

6,697

 225,481

Takeda Pharmaceutical Co., Ltd.

39,535

 1,060,654

TDK Corp.

10,373

 380,687

Teijin Ltd.

15,388

 137,983

Terumo Corp.

17,842

 482,086

TIS, Inc.

8,014

 169,599

Tobu Railway Co., Ltd.

8,129

 194,523

Toho Co., Ltd.

4,930

 167,030

Tokio Marine Holdings, Inc.

47,820

 1,055,580

Tokyo Electric Power Co. Holdings, Inc.*

41,436

 174,286

Tokyo Electron Ltd.

11,186

 1,459,140

Tokyo Gas Co., Ltd.

13,650

 304,555

Tokyu Corp.

17,640

 198,012

Tokyu Fudosan Holdings Corp.

23,899

 137,576

TOPPAN Holdings, Inc.

10,560

 240,702

Toray Industries, Inc.

46,650

 223,262

Toshiba Corp.*

2,219

 67,385

Tosoh Corp.

11,032

 133,853

TOTO Ltd.

5,362

 128,274

Toyo Suisan Kaisha Ltd.

4,289

 197,111

Toyota Industries Corp.

5,012

 365,860

Toyota Motor Corp.

295,912

 5,060,663

Shares

Value

Common Stocks (continued)

Japan (continued)

Toyota Tsusho Corp.

6,447

$336,558

Trend Micro, Inc.

4,163

 155,090

Unicharm Corp.

10,940

 369,928

USS Co., Ltd.

9,951

 172,580

West Japan Railway Co.

7,418

 281,448

Yakult Honsha Co., Ltd.

9,082

 213,310

Yamaha Corp.

5,279

 138,698

Yamaha Motor Co., Ltd.

10,729

 257,660

Yamato Holdings Co., Ltd.

10,245

 169,391

Yaskawa Electric Corp.

8,053

 259,332

Yokogawa Electric Corp.

8,792

 157,472

Zenkoku Hosho Co., Ltd.

3,441

 109,402

Total Japan

 92,277,854

Jordan — 0.0%(b)

Hikma Pharmaceuticals PLC

3,939

 90,887

Luxembourg — 0.1%

ArcelorMittal SA

13,755

 303,576

Eurofins Scientific SE(a)

3,176

 160,568

Total Luxembourg

 464,144

Macau — 0.1%

Galaxy Entertainment Group Ltd.

60,751

 340,456

MGM China Holdings Ltd.*

28,811

 35,753

Sands China Ltd.*

67,155

 180,234

Total Macau

 556,443

Mexico — 0.0%(b)

Fresnillo PLC

4,502

 30,254

Netherlands — 5.0%

Adyen NV*

738

 494,486

Aegon Ltd.(a)

53,183

 257,688

Akzo Nobel NV

4,601

 307,651

Argenx SE*(a)

1,512

 709,756

ASM International NV

1,248

 512,486

ASML Holding NV(a)

9,803

 5,857,533

ASR Nederland NV

5,171

 192,395

BE Semiconductor Industries NV

2,202

 226,468

Euronext NV

2,206

 153,429

EXOR NV

1,920

 164,264

Heineken Holding NV

3,636

 275,947

Heineken NV

6,833

 612,036

IMCD NV

1,482

 177,796

ING Groep NV

93,477

 1,188,434

Koninklijke Ahold Delhaize NV

25,314

 749,196

Koninklijke KPN NV

85,560

 287,138

Koninklijke Philips NV*

23,093

 436,879

NN Group NV

8,340

 266,754

Randstad NV

3,410

 176,038

Shell PLC

166,717

 5,353,920

Universal Music Group NV

20,368

 497,321

Wolters Kluwer NV

6,441

 824,469

Total Netherlands

 19,722,084

New Zealand — 0.3%

Auckland International Airport Ltd.

51,332

 219,152

Contact Energy Ltd.

35,190

 159,447

Fisher & Paykel Healthcare Corp., Ltd.

19,755

 239,117

Mainfreight Ltd.

3,665

 122,021

Meridian Energy Ltd.

43,220

 121,421

54

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

New Zealand (continued)

Spark New Zealand Ltd.

82,210

$237,652

Xero Ltd.*

2,017

 136,250

Total New Zealand

 1,235,060

Nigeria — 0.0%(b)

Airtel Africa PLC

38,871

53,441

Norway — 0.7%

Aker BP ASA

8,428

 242,240

DNB Bank ASA

28,129

 506,849

Equinor ASA

22,987

 770,472

Mowi ASA

13,734

 222,882

Norsk Hydro ASA

39,105

 222,903

Orkla ASA

28,684

 197,548

Schibsted ASA, Class A

5,737

 114,620

Telenor ASA

19,858

 202,905

TOMRA Systems ASA

7,319

 57,849

Total Norway

 2,538,268

Poland — 0.3%

Dino Polska SA*

1,705

 161,235

InPost SA*

3,062

 30,190

KGHM Polska Miedz SA

6,074

 161,795

ORLEN SA

19,010

 299,992

Powszechna Kasa Oszczednosci Bank Polski SA*

31,482

 325,130

Powszechny Zaklad Ubezpieczen SA

21,809

 246,399

Total Poland

 1,224,741

Portugal — 0.2%

EDP - Energias de Portugal SA

79,393

 333,157

Galp Energia SGPS SA

15,065

 226,277

Jeronimo Martins SGPS SA

3,798

 87,436

Total Portugal

 646,870

Singapore — 1.4%

CapitaLand Ascendas REIT

158,913

 301,576

CapitaLand Ascott Trust

43,622

 28,656

CapitaLand Integrated Commercial Trust

217,814

 279,809

Capitaland Investment Ltd.

89,712

 192,514

DBS Group Holdings Ltd.

46,377

 1,111,992

Genting Singapore Ltd.

247,565

 155,400

Keppel Corp., Ltd.

52,857

 239,584

Keppel REIT

10,571

 6,134

Mapletree Industrial Trust

121,804

 191,145

Oversea-Chinese Banking Corp., Ltd.

92,778

 858,673

Seatrium Ltd.*

1,372,198

 112,176

Singapore Exchange Ltd.

32,046

 221,507

Singapore Technologies Engineering Ltd.

75,441

 207,042

Singapore Telecommunications Ltd.

224,772

 390,465

STMicroelectronics NV

16,623

 632,189

United Overseas Bank Ltd.

32,239

 635,815

Total Singapore

 5,564,677

South Africa — 0.2%

Anglo American PLC

30,942

 787,161

South Korea — 4.6%

Amorepacific Corp.

1,308

 122,418

Celltrion Healthcare Co., Ltd.

3,454

 170,072

Celltrion, Inc.

3,219

 356,329

Shares

Value

Common Stocks (continued)

South Korea (continued)

CJ CheilJedang Corp.

529

$110,653

Coway Co., Ltd.

5,009

 160,223

DB Insurance Co., Ltd.

1,997

 129,974

Delivery Hero SE*

4,995

 126,555

Doosan Enerbility Co., Ltd.*

13,806

 137,186

Ecopro BM Co., Ltd.

1,239

 179,995

Ecopro Co., Ltd.

497

 228,159

Hana Financial Group, Inc.

9,456

 274,462

Hankook Tire & Technology Co., Ltd.

5,213

 147,449

Hanwha Aerospace Co., Ltd.

1,303

 97,444

Hanwha Galleria Corp.*

3,167

2,364

Hanwha Ocean Co., Ltd.*

2,105

 36,784

Hanwha Solutions Corp.*

4,380

 92,916

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.*

1,553

 103,836

HLB, Inc.*

4,495

 96,354

HMM Co., Ltd.

13,000

 140,247

Hyundai Mobis Co., Ltd.

10

 1,544

Hyundai Motor Co.

4,719

 592,954

Industrial Bank of Korea

23,902

 197,686

Kakao Corp.

9,178

 256,879

KakaoBank Corp.

7,642

 102,757

KB Financial Group, Inc.

11,230

 428,229

Kia Corp.

7,505

 427,333

Korea Electric Power Corp.*

10,364

 129,843

Korea Zinc Co., Ltd.

400

 138,906

Korean Air Lines Co., Ltd.

10,297

 156,298

Krafton, Inc.*

1,103

 133,776

KT&G Corp.

4,539

 286,681

L&F Co., Ltd.

4

 386

LG Chem Ltd.

1,365

 444,708

LG Corp.

4,143

 236,822

LG Display Co., Ltd.*

62

 560

LG Electronics, Inc.

20

 1,476

LG Energy Solution Ltd.*

1,094

 312,271

LG H&H Co., Ltd.

379

 88,538

LG Innotek Co., Ltd.

665

 109,803

Meritz Financial Group, Inc.*

3,235

 120,245

NAVER Corp.

3,973

 551,287

NCSoft Corp.

674

 116,031

POSCO Future M Co., Ltd.

798

 139,741

POSCO Holdings, Inc.

2,050

 624,616

Samsung Biologics Co., Ltd.*

613

 321,807

Samsung C&T Corp.

3,596

 284,101

Samsung Electro-Mechanics Co., Ltd.

2,063

 189,871

Samsung Electronics Co., Ltd.

119,108

 5,900,059

Samsung Fire & Marine Insurance Co., Ltd.

1,269

 242,891

Samsung SDI Co., Ltd.

1,427

 449,586

Samsung SDS Co., Ltd.

1,948

 199,336

Shinhan Financial Group Co., Ltd.

15,277

 393,081

SK Hynix, Inc.

14,066

 1,211,266

SK Innovation Co., Ltd.*

1,707

 154,452

SK Square Co., Ltd.*

5,034

 158,600

SK, Inc.

1,450

 152,456

Woori Financial Group, Inc.

28,256

 248,970

Total South Korea

 18,219,266

55

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Spain — 2.4%

ACS Actividades de Construccion y Servicios SA

8,324

$300,645

Aena SME SA

2,001

 289,235

Amadeus IT Group SA

11,037

 627,873

Banco Bilbao Vizcaya Argentaria SA

159,902

 1,254,445

Banco Santander SA(a)

423,846

 1,552,792

Bankinter SA

23,689

 149,285

CaixaBank SA

103,641

 420,121

Cellnex Telecom SA*

14,407

 422,128

EDP Renovaveis SA(a)

5,065

 81,323

Endesa SA

8,294

 155,742

Grifols SA*

11,991

 134,160

Iberdrola SA

150,208

 1,667,090

Industria de Diseno Textil SA(a)

27,385

 942,194

Naturgy Energy Group SA

4,158

 117,347

Red Electrica Corp. SA

12,039

 187,125

Repsol SA

34,358

 502,076

Telefonica SA

135,793

523,324

Total Spain

 9,326,905

Sweden — 2.7%

Alfa Laval AB

9,379

 302,710

Assa Abloy AB, B Shares

26,268

 558,386

Atlas Copco AB, A Shares

64,702

 835,078

Atlas Copco AB, B Shares

39,438

 441,410

Boliden AB

8,555

 218,801

Castellum AB(a)

15,802

 150,699

Epiroc AB, B Shares(a)

10,969

 151,880

Epiroc AB, A Shares

16,982

 278,913

EQT AB(a)

11,614

 210,915

Essity AB, B Shares

16,250

 369,865

Evolution AB

5,000

 443,897

Getinge AB, B Shares

6,882

 123,440

Hexagon AB, B Shares

55,560

 451,038

Husqvarna AB, B Shares

16,679

 107,634

Industrivarden AB, A Shares

12,854

 331,571

Indutrade AB

9,688

 170,952

Investor AB, B Shares

53,098

 971,411

Kinnevik AB, B Shares*

11,030

 93,767

Nibe Industrier AB, B Shares(a)

40,803

 234,388

Saab AB, B Shares

3,219

 164,801

Sandvik AB

29,706

 504,111

Skandinaviska Enskilda Banken AB, A Shares

43,965

 489,127

Skanska AB, B Shares

12,750

 190,976

SKF AB, B Shares

12,213

 196,870

Svenska Cellulosa AB SCA, B Shares(a)

18,126

 248,139

Svenska Handelsbanken AB, A Shares

42,114

 358,091

Swedbank AB, A Shares

27,045

 442,373

Tele2 AB, B Shares

21,125

 149,636

Telefonaktiebolaget LM Ericsson, B Shares

74,640

 334,097

Telia Co. AB(a)

83,419

 176,281

Trelleborg AB, B Shares

8,906

 224,471

Volvo AB, B Shares

44,262

 875,126

Total Sweden

 10,800,854

Switzerland — 5.5%

ABB Ltd.

39,166

 1,310,052

Adecco Group AG

4,639

 174,539

Shares

Value

Common Stocks (continued)

Switzerland (continued)

Alcon, Inc.

12,435

$885,706

Baloise Holding AG

1,479

 211,599

Barry Callebaut AG(a)

69

 104,252

Belimo Holding AG

212

 88,756

Chocoladefabriken Lindt & Spruengli AG

51

 563,211

Cie Financiere Richemont SA, Class A

13,107

 1,539,628

Clariant AG*

8,955

 126,642

DSM-Firmenich AG

4,224

 382,141

EMS-Chemie Holding AG(a)

208

 141,706

Geberit AG

929

 430,583

Givaudan SA

225

 746,662

Julius Baer Group Ltd.

5,982

 352,327

Kuehne + Nagel International AG

1,210

 325,087

Logitech International SA

4,404

 344,364

Lonza Group AG

1,891

 658,281

Novartis AG

51,171

 4,753,581

Partners Group Holding AG

569

 598,230

PSP Swiss Property AG

1,573

 193,071

Sandoz Group AG*

10,177

 264,476

Schindler Holding AG, Participating Certificate

1,426

 287,065

SGS SA

4,219

 342,972

SIG Group AG*

9,184

 201,734

Sika AG

3,538

 843,242

Sonova Holding AG

1,454

342,710

Straumann Holding AG

2,855

 335,522

Swatch Group AG (The), Bearer

956

 243,924

Swiss Life Holding AG

858

 548,524

Swiss Prime Site AG(a)

2,452

 227,404

Swisscom AG

673

 402,299

Tecan Group AG

410

 117,317

Temenos AG

1,671

 119,608

UBS Group AG

71,964

 1,678,013

VAT Group AG(a)

669

 235,754

Zurich Insurance Group AG

3,610

 1,708,111

Total Switzerland

 21,829,093

United Kingdom — 10.5%

3i Group PLC

24,645

 578,519

abrdn PLC

64,173

 121,984

Ashtead Group PLC

11,306

 645,352

Associated British Foods PLC

9,311

 228,905

AstraZeneca PLC

36,416

 4,529,353

Auto Trader Group PLC

26,192

 197,433

Aviva PLC

68,916

 332,496

B&M European Value Retail SA

24,783

 159,025

BAE Systems PLC

79,838

 1,069,544

Barclays PLC

401,924

 641,830

Barratt Developments PLC

30,988

 155,636

Berkeley Group Holdings PLC

3,093

 151,479

BP PLC

429,421

 2,618,942

British American Tobacco PLC

54,648

 1,627,305

British Land Co. PLC (The)

29,271

 105,668

BT Group PLC

176,884

 242,005

Bunzl PLC

9,807

 348,915

Burberry Group PLC

11,187

 229,686

Centrica PLC

145,542

 277,803

CK Hutchison Holdings Ltd.

72,674

 367,336

56

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

United Kingdom (continued)

CNH Industrial NV

26,961

$298,230

Compass Group PLC

44,360

 1,115,863

Croda International PLC

3,545

 188,327

DCC PLC

2,741

 151,834

Dechra Pharmaceuticals PLC

3,192

 147,496

Diageo PLC

55,364

 2,087,319

Dowlais Group PLC

38,808

 47,091

Entain PLC

16,099

 181,756

Halma PLC

9,544

 213,672

Howden Joinery Group PLC

17,965

 138,994

HSBC Holdings PLC

493,503

 3,546,922

IMI PLC

8,042

 142,962

Imperial Brands PLC

24,487

 520,286

Informa PLC

41,838

 361,266

InterContinental Hotels Group PLC

5,420

 382,116

Intermediate Capital Group PLC

8,509

 134,692

Intertek Group PLC

4,529

 210,100

JD Sports Fashion PLC

74,428

 115,151

Johnson Matthey PLC

4,948

 89,702

Kingfisher PLC

57,864

 147,311

Land Securities Group PLC

23,466

 162,021

Legal & General Group PLC

145,761

 373,909

Lloyds Banking Group PLC

1,651,829

 800,559

London Stock Exchange Group PLC

10,104

 1,015,182

M&G PLC

71,606

 172,216

Melrose Industries PLC

38,799

 219,866

National Grid PLC

88,244

 1,047,877

NatWest Group PLC

125,040

 270,381

Next PLC

3,442

 287,523

Pearson PLC

21,588

 249,280

Persimmon PLC

8,845

 109,046

Reckitt Benckiser Group PLC

17,212

 1,149,138

RELX PLC

46,162

1,606,512

Rentokil Initial PLC

66,973

 338,725

Rightmove PLC

25,171

 144,471

Rolls-Royce Holdings PLC*

223,720

 584,751

Sage Group PLC (The)

28,851

 339,798

Schroders PLC

14,937

 66,936

Segro PLC

31,406

 271,644

Severn Trent PLC

6,861

 221,124

Smith & Nephew PLC

23,291

 260,240

Smiths Group PLC

11,568

 226,489

Spirax-Sarco Engineering PLC

1,978

 196,624

SSE PLC

26,199

 519,148

St James’s Place PLC

13,730

 106,561

Standard Chartered PLC

60,294

 460,930

Tate & Lyle PLC

15,242

 116,613

Taylor Wimpey PLC

108,672

 146,109

Tesco PLC

186,764

 611,215

Unilever PLC

61,730

 2,913,093

United Utilities Group PLC

18,500

 238,630

Vodafone Group PLC

562,366

 516,577

Weir Group PLC (The)

7,847

 162,539

Whitbread PLC

6,677

 269,640

Wise PLC, Class A*

18,131

 146,438

WPP PLC

30,094

 258,032

Total United Kingdom

 41,430,143

Shares

Value

Common Stocks (continued)

United States — 6.8%

Amcor PLC

42,295

$370,624

CRH PLC

19,599

 1,051,416

CSL Ltd.

12,096

 1,779,477

Experian PLC

22,321

 674,695

Ferguson PLC

5,489

 821,252

Ferrovial SE

13,733

 412,830

GSK PLC

96,518

 1,706,896

Haleon PLC

124,503

 497,800

Holcim AG*

13,350

 822,667

James Hardie Industries PLC*

11,845

 293,163

Nestle SA(c)

65,511

 7,058,962

QIAGEN NV*

6,140

 227,929

Roche Holding AG

17,714

 4,551,859

Samsonite International SA*

42,025

 129,975

Sanofi SA

26,785

 2,426,326

Schneider Electric SE

13,401

 2,053,629

Stellantis NV

51,129

 951,167

Swiss Re AG

7,333

 798,689

Tenaris SA

13,183

 208,251

Total United States

 26,837,607

Total Common Stocks
(Cost $409,266,806)

 390,671,857

Preferred Stocks — 0.4%

Germany — 0.2%

Henkel AG & Co. KGaA, 2.72%

4,881

 351,241

Sartorius AG, 0.61%(a)

696

 173,766

Volkswagen AG, 27.97%

5,690

 600,413

Total Germany

 1,125,420

South Korea — 0.2%

Samsung Electronics Co., Ltd., 2.60%

20,092

 797,402

Total Preferred Stocks
(Cost $2,313,287)

 1,922,822

Short-Term Investment — 1.2%

Money Market Fund — 1.2%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(d)(e)
(Cost $4,571,666)

4,571,666

4,571,666

Total Investments — 100.4%
(Cost $416,151,759)

397,166,345

Other Assets and Liabilities,
Net — (0.4)%

(1,777,925

)

Net Assets — 100%

$395,388,420

 

*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 $8,097,196; total market value of collateral held by the Fund was $8,585,746. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $4,014,080.

(b)Less than 0.05%.

(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 $1,831,789.

57

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

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

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

Forward Foreign Currency Contracts Outstanding as of October 31, 2023:

Purchased Contracts

Settlement
Date

Counterparty

Currency
Amount
Purchased

Value at
Settlement
Date

Value at
October 31,
2023

Unrealized
Appreciation

Swiss Franc

11/06/23

Morgan Stanley

16,672,225

$18,329,505

$18,332,477

$2,972

Danish Krone

11/06/23

Morgan Stanley

41,563,187

 5,887,840

 5,887,876

 36

Euro

11/06/23

Morgan Stanley

57,376,662

 60,661,419

 60,662,780

 1,361

Israeli Shekel

11/06/23

Morgan Stanley

4,646,088

 1,148,706

 1,148,740

 34

Japanese Yen

11/06/23

Morgan Stanley

7,212,541,611

 47,657,606

 47,672,945

 15,339

South Korean Won#

11/06/23

Morgan Stanley

13,604,300,985

 10,052,464

 10,076,447

 23,983

Polish Zloty

11/06/23

Morgan Stanley

2,202,630

 522,623

 522,654

 31

Singapore Dollar

11/06/23

Morgan Stanley

3,596,474

 2,625,783

 2,625,805

 22

Unrealized Appreciation

$146,885,946

$146,929,724

$43,778

Sold Contracts

Settlement
Date

Counterparty

Currency
Amount
Sold

Value at
Settlement
Date

Value at
October 31,
2023

Unrealized
Appreciation

Australian Dollar

11/06/23

Morgan Stanley

(23,440,564)

$(15,141,659)

$(14,844,502)

$297,157

Swiss Franc

11/06/23

Morgan Stanley

(189,247)

 (210,383)

 (208,092)

 2,291

Danish Krone

11/06/23

Morgan Stanley

(41,324,038)

 (5,876,657)

 (5,853,998)

 22,659

Euro

11/06/23

Morgan Stanley

(57,042,754)

 (60,475,657)

 (60,309,748)

 165,909

British Pound

11/06/23

Morgan Stanley

(24,797,700)

 (30,268,150)

 (30,091,740)

 176,410

Hong Kong Dollar

11/06/23

Morgan Stanley

(202,766)

 (25,924)

 (25,918)

 6

Hong Kong Dollar

12/06/23

Morgan Stanley

(35,329,230)

 (4,518,595)

 (4,518,517)

 78

Israeli Shekel

11/06/23

Morgan Stanley

(4,646,112)

 (1,218,184)

 (1,148,746)

 69,438

Japanese Yen

11/06/23

Morgan Stanley

(7,253,021,928)

 (48,866,176)

 (47,940,509)

 925,667

Norwegian Krone

11/06/23

Morgan Stanley

(15,672,758)

 (1,473,257)

 (1,403,168)

 70,089

New Zealand Dollar

11/06/23

Morgan Stanley

(991,417)

 (595,543)

 (576,668)

 18,875

New Zealand Dollar

12/06/23

Morgan Stanley

(944,564)

 (549,474)

 (549,472)

 2

Polish Zloty

12/06/23

Morgan Stanley

(2,525,484)

 (599,006)

 (598,843)

 163

Swedish Krona

11/06/23

Morgan Stanley

(63,117,046)

 (5,815,209)

 (5,650,669)

 164,540

Singapore Dollar

11/06/23

Morgan Stanley

(3,600,785)

 (2,641,484)

 (2,628,952)

 12,532

Unrealized Appreciation

$(178,275,358)

$(176,349,542)

$1,925,816

Total Unrealized Appreciation

$1,969,594

Purchased Contracts

Settlement
Date

Counterparty

Currency
Amount
Purchased

Value at
Settlement
Date

Value at
October 31,
2023

Unrealized
(Depreciation)

Australian Dollar

11/06/23

Morgan Stanley

23,572,612

$14,929,170

$14,928,126

$(1,044)

Swiss Franc

11/06/23

Morgan Stanley

94,932

 105,325

 104,386

 (939)

Danish Krone

11/06/23

Morgan Stanley

241,367

 34,354

 34,192

 (162)

Euro

11/06/23

Morgan Stanley

329,545

 350,048

 348,419

 (1,629)

Great British Pound

11/06/23

Morgan Stanley

24,939,563

 30,266,151

 30,263,889

 (2,262)

Hong Kong Dollar

11/06/23

Morgan Stanley

36,171,172

 4,623,437

 4,623,409

 (28)

Israeli Shekel

11/06/23

Morgan Stanley

25,833

 6,395

 6,387

 (8)

Japanese Yen

11/06/23

Morgan Stanley

40,480,317

 271,882

 267,564

 (4,318)

South Korean Won#

11/06/23

Morgan Stanley

77,223,508

 57,336

 57,198

 (138)

Norwegian Krone

11/06/23

Morgan Stanley

15,672,758

 1,403,236

 1,403,168

 (68)

New Zealand Dollar

11/06/23

Morgan Stanley

991,417

 576,706

 576,668

 (38)

Polish Zloty

11/06/23

Morgan Stanley

12,732

 3,035

 3,021

 (14)

Swedish Krona

11/06/23

Morgan Stanley

63,117,046

 5,650,859

 5,650,669

 (190)

Singapore Dollar

11/06/23

Morgan Stanley

24,628

 18,065

 17,981

 (84)

Unrealized Depreciation

$58,295,999

$58,285,077

$(10,922)

58

See notes to financial statements.

Schedule of Investments — IQ FTSE International Equity Currency Neutral ETF (continued)

October 31, 2023 (unaudited)

Sold Contracts

Settlement
Date

Counterparty

Currency
Amount
Sold

Value at
Settlement
Date

Value at
October 31,
2023

Unrealized
(Depreciation)

Australian Dollar

11/06/23

Morgan Stanley

(132,048)

$(83,406)

$(83,624)

$(218)

Australian Dollar

12/06/23

Morgan Stanley

(22,320,036)

 (14,145,791)

 (14,149,479)

 (3,688)

Swiss Franc

11/06/23

Morgan Stanley

(16,577,910)

 (18,185,454)

 (18,228,770)

 (43,316)

Swiss Franc

12/06/23

Morgan Stanley

(15,777,965)

 (17,398,304)

 (17,409,125)

 (10,821)

Danish Krone

11/06/23

Morgan Stanley

(480,516)

 (67,869)

 (68,070)

 (201)

Danish Krone

12/06/23

Morgan Stanley

(41,454,939)

 (5,880,854)

 (5,882,307)

 (1,453)

Euro

11/06/23

Morgan Stanley

(663,453)

 (698,677)

 (701,451)

 (2,774)

Euro

12/06/23

Morgan Stanley

(55,201,784)

 (58,424,851)

 (58,442,691)

 (17,840)

British Pound

11/06/23

Morgan Stanley

(141,863)

 (171,894)

 (172,149)

 (255)

British Pound

12/06/23

Morgan Stanley

(23,757,060)

 (28,832,589)

 (28,835,163)

 (2,574)

Hong Kong Dollar

11/06/23

Morgan Stanley

(35,968,406)

 (4,595,481)

 (4,597,491)

 (2,010)

Israeli Shekel

11/06/23

Morgan Stanley

(25,809)

 (6,351)

 (6,381)

 (30)

Israeli Shekel

12/06/23

Morgan Stanley

(4,162,266)

 (1,030,373)

 (1,030,696)

 (323)

Japanese Yen

12/06/23

Morgan Stanley

(6,987,509,833)

(46,384,555)

(46,423,716)

(39,161)

South Korean Won#

11/06/23

Morgan Stanley

(13,681,524,493)

 (10,122,953)

 (10,133,645)

 (10,692)

South Korean Won#

12/06/23

Morgan Stanley

(12,756,020,738)

 (9,437,789)

 (9,464,126)

 (26,337)

Norwegian Krone

12/06/23

Morgan Stanley

(15,233,941)

 (1,365,097)

 (1,365,151)

 (54)

Polish Zloty

11/06/23

Morgan Stanley

(2,215,362)

 (507,087)

 (525,675)

 (18,588)

Swedish Krona

12/06/23

Morgan Stanley

(60,320,243)

 (5,406,612)

 (5,407,854)

 (1,242)

Singapore Dollar

11/06/23

Morgan Stanley

(20,317)

 (14,810)

 (14,834)

 (24)

Singapore Dollar

12/06/23

Morgan Stanley

(3,471,945)

 (2,538,155)

 (2,538,382)

 (227)

Unrealized Depreciation

$(225,298,952)

$(225,480,780)

$(181,828)

Total Unrealized Depreciation

$(192,750)

Net Unrealized Appreciation (Depreciation)

$1,776,844

The total value of securities segregated as collateral for forward foreign currency contracts with counterparty Morgan Stanley amounted to $1,831,789 at October 31, 2023.

 

#Non-deliverable forward.

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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

$390,484,228

$187,629

$

$390,671,857

Preferred Stocks

 1,922,822

 —

 —

 1,922,822

Short-Term Investment:

Money Market Fund

 4,571,666

 —

 —

 4,571,666

Total Investments in Securities

396,978,716

187,629

397,166,345

Other Financial Instruments:(g)

Forward Foreign Currency Contracts

 —

 1,969,594

 —

 1,969,594

Total Investments in Securities and Other Financial Instruments

$397,166,345

$1,969,594

$

$399,135,939

Liability Valuation Inputs

Other Financial Instruments:(g)

Forward Foreign Currency Contracts

$

$(192,750

)

$

$(192,750

)

 

(f) For a complete listing of investments and their countries, see the Schedule of Investments.

(g) Reflects the unrealized appreciation (depreciation) of the instruments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

59

See notes to financial statements.

Schedule of Investments — IQ U.S. Mid Cap R&D Leaders ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.9%

Communication Services — 11.9%

Electronic Arts, Inc.

1,143

$141,492

Pinterest, Inc., Class A*

1,813

 54,172

Playtika Holding Corp.*

2,457

 20,639

ROBLOX Corp., Class A*

2,262

 71,954

Roku, Inc.*

632

 37,648

Spotify Technology SA*

622

 102,481

Take-Two Interactive Software, Inc.*

385

 51,494

Total Communication Services

 479,880

Consumer Discretionary — 12.3%

Aptiv PLC*

642

 55,982

BorgWarner, Inc.

1,129

 41,660

DoorDash, Inc., Class A*

532

 39,873

eBay, Inc.

1,884

 73,909

Etsy, Inc.*

415

 25,855

Expedia Group, Inc.*

708

 67,465

Garmin Ltd.

482

 49,420

Lucid Group, Inc.*(a)

8,913

 36,722

Polaris, Inc.

214

 18,494

Rivian Automotive, Inc., Class A*(a)

4,044

 65,594

Whirlpool Corp.

198

 20,703

Total Consumer Discretionary

 495,677

Energy — 0.8%

Baker Hughes Co.

903

 31,081

Financials — 3.4%

Affirm Holdings, Inc.*

1,484

 26,133

Block, Inc.*

2,717

 109,360

Total Financials

 135,493

Health Care — 24.9%

Agilent Technologies, Inc.

246

 25,429

Alnylam Pharmaceuticals, Inc.*

313

 47,513

Apellis Pharmaceuticals, Inc.*

529

 25,741

Baxter International, Inc.

942

 30,549

Biogen, Inc.*

473

 112,356

BioMarin Pharmaceutical, Inc.*

453

 36,897

Dexcom, Inc.*

283

 25,139

Exact Sciences Corp.*

295

 18,169

Exelixis, Inc.*

2,700

 55,593

Illumina, Inc.*

548

 59,962

Incyte Corp.*

1,589

 85,695

Ionis Pharmaceuticals, Inc.*

1,258

 55,692

Jazz Pharmaceuticals PLC*

319

 40,519

Mirati Therapeutics, Inc.*

923

 51,254

Neurocrine Biosciences, Inc.*

258

 28,623

Organon & Co.

1,572

 23,250

Roivant Sciences Ltd.*

2,677

 23,129

Sarepta Therapeutics, Inc.*

439

 29,549

Seagen, Inc.*

422

 89,806

Ultragenyx Pharmaceutical, Inc.*

1,132

 40,073

Veeva Systems, Inc., Class A*

162

 31,219

Viatris, Inc.

4,491

 39,970

Zimmer Biomet Holdings, Inc.

212

 22,135

Total Health Care

 998,262

Industrials — 8.4%

AGCO Corp.

237

 27,174

Carrier Global Corp.

628

 29,931

CNH Industrial NV

4,226

 46,402

Cummins, Inc.

353

 76,354

Shares

Value

Common Stocks (continued)

Industrials (continued)

Fortive Corp.

311

$20,302

Lyft, Inc., Class A*

4,090

 37,505

PACCAR, Inc.

263

 21,705

Rockwell Automation, Inc.

91

 23,916

SS&C Technologies Holdings, Inc.

365

 18,341

Textron, Inc.

463

 35,188

Total Industrials

 336,818

Information Technology — 33.0%

Akamai Technologies, Inc.*

164

 16,946

ANSYS, Inc.*

66

18,365

AppLovin Corp., Class A*(a)

539

 19,641

Ciena Corp.*

759

 32,030

Cirrus Logic, Inc.*

274

 18,339

Coherent Corp.*

677

 20,039

Corning, Inc.

1,521

 40,702

Crowdstrike Holdings, Inc., Class A*

188

 33,233

Datadog, Inc., Class A*

417

 33,973

DocuSign, Inc.*

495

 19,246

Dropbox, Inc., Class A*

1,579

 41,528

F5, Inc.*

153

 23,193

GLOBALFOUNDRIES, Inc.*

341

 16,920

GoDaddy, Inc., Class A*

486

 35,590

Hewlett Packard Enterprise Co.

5,912

 90,927

HP, Inc.

2,598

 68,405

HubSpot, Inc.*

46

 19,493

Juniper Networks, Inc.

2,293

 61,728

Keysight Technologies, Inc.*

389

 47,477

Marvell Technology, Inc.

1,496

 70,641

Microchip Technology, Inc.

653

 46,552

MongoDB, Inc.*

56

 19,297

NetApp, Inc.

547

 39,811

Nutanix, Inc., Class A*

724

 26,202

Okta, Inc.*

334

 22,515

ON Semiconductor Corp.*

268

 16,788

Palantir Technologies, Inc., Class A*

1,073

 15,880

PTC, Inc.*

119

 16,710

Pure Storage, Inc., Class A*

893

 30,192

Qorvo, Inc.*

297

 25,964

Skyworks Solutions, Inc.

274

 23,767

Splunk, Inc.*

352

 51,800

Teradyne, Inc.

200

 16,654

Trimble, Inc.*

682

 32,143

Twilio, Inc., Class A*

720

 36,907

Unity Software, Inc.*

1,302

 33,032

Western Digital Corp.*

2,034

 81,665

Zebra Technologies Corp., Class A*

131

 27,435

Zoom Video Communications, Inc., Class A*

533

 31,969

Total Information Technology

 1,323,699

Materials — 4.6%

Corteva, Inc.

1,450

 69,803

DuPont de Nemours, Inc.

397

 28,933

Ginkgo Bioworks Holdings, Inc.*

21,349

 29,248

International Flavors & Fragrances, Inc.

519

 35,474

PPG Industries, Inc.

190

 23,326

Total Materials

 186,784

60

See notes to financial statements.

Schedule of Investments — IQ U.S. Mid Cap R&D Leaders ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Real Estate — 0.6%

Zillow Group, Inc., Class C*

679

$24,614

Total Common Stocks
(Cost $4,558,934)

 4,012,308

Short-Term Investments — 0.9%

Money Market Funds — 0.9%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)

33,319

 33,319

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)

1,449

1,449

Total Short-Term Investments
(Cost $34,768)

 34,768

Shares

Value

Total Investments — 100.8%
(Cost $4,593,702)

$4,047,076

Other Assets and Liabilities,
Net — (0.8)%

(33,547

)

Net Assets — 100%

$4,013,529

 

*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 $115,503; total market value of collateral held by the Fund was $115,947. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $82,628.

(b)Reflects the 1-day yield at October 31, 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 October 31, 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

$4,012,308

$

$

$4,012,308

Short-Term Investments:

Money Market Funds

 34,768

 —

 —

 34,768

Total Investments in Securities

$4,047,076

$

$

$4,047,076

 

(d)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

61

See notes to financial statements.

Schedule of Investments — IQ U.S. Large Cap R&D Leaders ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.9%

Communication Services — 16.3%

Alphabet, Inc., Class A*

3,358

$416,661

AT&T, Inc.

892

 13,737

Electronic Arts, Inc.

214

 26,491

Meta Platforms, Inc., Class A*

885

 266,624

Netflix, Inc.*

75

 30,877

Pinterest, Inc., Class A*

452

 13,506

ROBLOX Corp., Class A*

423

 13,455

Spotify Technology SA*

116

 19,112

Total Communication Services

 800,463

Consumer Discretionary — 13.2%

Airbnb, Inc., Class A*

126

 14,905

Amazon.com, Inc.*

2,909

 387,159

Aptiv PLC*

120

 10,464

DoorDash, Inc., Class A*

133

 9,968

eBay, Inc.

353

 13,848

Expedia Group, Inc.*

132

 12,578

Ford Motor Co.

6,834

 66,631

General Motors Co.

3,189

 89,930

Rivian Automotive, Inc., Class A*(a)

757

 12,279

Tesla, Inc.*

131

 26,310

Total Consumer Discretionary

 644,072

Consumer Staples — 0.4%

Procter & Gamble Co. (The)

143

 21,454

Financials — 1.0%

Block, Inc.*

509

 20,488

PayPal Holdings, Inc.*

529

 27,402

Total Financials

 47,890

Health Care — 24.8%

Abbott Laboratories

306

 28,932

AbbVie, Inc.

539

 76,096

Alnylam Pharmaceuticals, Inc.*

59

 8,956

Amgen, Inc.

194

 49,606

Becton Dickinson & Co.

52

 13,145

Biogen, Inc.*

88

 20,904

Boston Scientific Corp.*

284

 14,538

Bristol-Myers Squibb Co.

1,765

 90,950

Danaher Corp.

74

 14,209

Edwards Lifesciences Corp.*

150

 9,558

Eli Lilly & Co.

156

 86,413

Exelixis, Inc.*

505

 10,398

GE HealthCare Technologies, Inc.

170

 11,317

Gilead Sciences, Inc.

814

 63,932

Illumina, Inc.*

103

 11,270

Incyte Corp.*

298

 16,071

Johnson & Johnson

1,021

 151,455

Medtronic PLC

359

 25,331

Merck & Co., Inc.

2,383

 244,734

Moderna, Inc.*

379

 28,789

Pfizer, Inc.

3,708

 113,316

Regeneron Pharmaceuticals, Inc.*

50

 38,995

Seagen, Inc.*

79

 16,812

Stryker Corp.

52

 14,051

Thermo Fisher Scientific, Inc.

31

 13,788

Vertex Pharmaceuticals, Inc.*

106

 38,384

Total Health Care

 1,211,950

Shares

Value

Common Stocks (continued)

Industrials — 5.1%

3M Co.

199

$18,099

Boeing Co. (The)*

162

 30,265

Caterpillar, Inc.

74

 16,728

CNH Industrial NV

791

 8,685

Cummins, Inc.

66

 14,276

Deere & Co.

58

 21,191

General Electric Co.

225

 24,442

Honeywell International, Inc.

84

 15,394

Lockheed Martin Corp.

44

 20,004

Northrop Grumman Corp.

31

 14,614

RTX Corp.

394

32,067

Uber Technologies, Inc.*

715

 30,945

Veralto Corp.*

24

 1,656

Total Industrials

 248,366

Information Technology — 38.8%

Adobe, Inc.*

70

 37,244

Advanced Micro Devices, Inc.*

599

 59,002

Analog Devices, Inc.

104

 16,362

Apple, Inc.

1,854

 316,608

Applied Materials, Inc.

241

 31,896

Atlassian Corp., Class A*

98

 17,703

Autodesk, Inc.*

67

 13,241

Broadcom, Inc.

66

 55,530

Cadence Design Systems, Inc.*

65

 15,590

Cisco Systems, Inc.

1,489

 77,622

Corning, Inc.

379

 10,142

Dropbox, Inc., Class A*

393

 10,336

Hewlett Packard Enterprise Co.

1,473

 22,655

HP, Inc.

647

 17,036

Intel Corp.

4,945

 180,493

International Business Machines Corp.

494

 71,452

Intuit, Inc.

52

 25,737

Juniper Networks, Inc.

429

 11,549

KLA Corp.

31

 14,561

Lam Research Corp.

31

 18,235

Marvell Technology, Inc.

373

 17,613

Microchip Technology, Inc.

163

 11,620

Micron Technology, Inc.

503

 33,636

Microsoft Corp.

910

 307,680

NVIDIA Corp.

197

 80,337

Oracle Corp.

848

 87,683

Palo Alto Networks, Inc.*

73

 17,740

QUALCOMM, Inc.

865

 94,276

Salesforce, Inc.*

248

 49,806

ServiceNow, Inc.*

37

 21,528

Snowflake, Inc., Class A*

70

 10,159

Splunk, Inc.*

88

 12,950

Synopsys, Inc.*

47

 22,064

Texas Instruments, Inc.

122

 17,325

Twilio, Inc., Class A*

179

 9,176

Unity Software, Inc.*

324

 8,220

VMware, Inc., Class A*(a)

225

 32,771

Western Digital Corp.*

507

 20,356

Workday, Inc., Class A*

109

 23,076

Total Information Technology

 1,901,010

62

See notes to financial statements.

Schedule of Investments — IQ U.S. Large Cap R&D Leaders ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Materials — 0.3%

Corteva, Inc.

271

$13,046

Total Common Stocks
(Cost $4,897,063)

 4,888,251

Short-Term Investments — 0.7%

Money Market Funds — 0.7%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)

31,416

 31,416

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)

3,624

3,624

Total Short-Term Investments
(Cost $35,040)

 35,040

Shares

Value

Total Investments — 100.6%
(Cost $4,932,103)

$4,923,291

Other Assets and Liabilities,
Net — (0.6)
%

(28,228

)

Net Assets — 100%

$4,895,063

 

*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 $42,606; total market value of collateral held by the Fund was $43,298. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $11,882.

(b)Reflects the 1-day yield at October 31, 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 October 31, 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

$4,888,251

$

$

$4,888,251

Short-Term Investment:

Money Market Funds

 35,040

 —

 —

 35,040

Total Investments in Securities

$4,923,291

$

$

$4,923,291

 

(d)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.(See Note 2)

63

See notes to financial statements.

Schedule of Investments — IQ Global Equity R&D Leaders ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 97.6%

Belgium — 0.2%

UCB SA

168

$12,263

Brazil — 0.1%

MercadoLibre, Inc.*

7

 8,685

Canada — 0.2%

Constellation Software, Inc.

5

 10,013

China — 8.3%

Alibaba Group Holding Ltd.*

6,198

 63,409

Baidu, Inc., Class A*

1,737

 22,799

BeiGene Ltd.*

930

 13,466

BYD Co., Ltd., Class H

1,075

 32,616

China Energy Engineering Corp., Ltd., Class H

125,677

 13,653

China Petroleum & Chemical Corp., Class H

31,095

 15,896

China Railway Group Ltd., Class H

69,929

 32,978

Haier Smart Home Co., Ltd., Class H

4,135

 11,838

JD.com, Inc., Class A

1,320

 16,836

Kuaishou Technology*

2,010

 12,934

Lenovo Group Ltd.

19,114

 22,230

Li Auto, Inc., Class A*

508

 8,680

Meituan, Class B*

1,704

 24,086

Metallurgical Corp. of China Ltd., Class H

119,692

 23,710

NetEase, Inc.

979

 21,057

NIO, Inc., Class A*

1,592

 11,780

NXP Semiconductors NV

87

 15,001

PetroChina Co., Ltd., Class H

35,729

 23,288

Tencent Holdings Ltd.

1,975

 72,997

Trip.com Group Ltd.*

361

 12,401

Weichai Power Co., Ltd., Class H

6,891

 10,304

Xiaomi Corp., Class B*

14,311

 25,642

ZTE Corp., Class H

9,025

 20,046

Total China

 527,647

Denmark — 0.5%

Novo Nordisk A/S, Class B

365

 34,994

Finland — 0.6%

Nokia OYJ

10,655

 35,364

France — 1.3%

Airbus SE

216

 28,831

Dassault Systemes SE

292

 11,980

L’Oreal SA

27

 11,306

Renault SA

274

 9,572

Thales SA

69

 10,149

Valeo SE

740

 9,730

Total France

 81,568

Germany — 6.4%

BASF SE

419

 19,281

Bayer AG

1,062

 45,642

Bayerische Motoren Werke AG

644

 59,651

Continental AG

549

 35,653

Daimler Truck Holding AG

449

 14,057

Infineon Technologies AG

529

 15,363

Mercedes-Benz Group AG

801

 46,930

Merck KGaA

135

 20,313

SAP SE

436

 58,409

Siemens AG

387

 51,116

Shares

Value

Common Stocks (continued)

Germany (continued)

Siemens Energy AG*(a)

775

$6,857

Siemens Healthineers AG

355

 17,381

Traton SE

833

 16,368

Total Germany

 407,021

Italy — 0.1%

Telecom Italia SpA*

26,686

 6,885

Japan — 8.6%

Aisin Corp.

371

 12,744

Astellas Pharma, Inc.

1,152

 14,453

Canon, Inc.

850

 19,930

Chugai Pharmaceutical Co., Ltd.

347

10,219

Daiichi Sankyo Co., Ltd.

803

 20,456

Denso Corp.

1,978

 28,727

Eisai Co., Ltd.

189

 9,935

FUJIFILM Holdings Corp.

163

 8,829

Hitachi Ltd.

300

 18,773

Honda Motor Co., Ltd.

4,954

 49,280

Mazda Motor Corp.

893

 8,397

Mitsubishi Chemical Group Corp.

1,398

 7,829

Mitsubishi Electric Corp.

1,085

 12,018

Nippon Telegraph & Telephone Corp.

13,537

 15,803

Nissan Motor Co., Ltd.

5,798

 21,723

Otsuka Holdings Co., Ltd.

505

 16,839

Panasonic Holdings Corp.

2,559

 22,118

Recruit Holdings Co., Ltd.

255

 7,296

Renesas Electronics Corp.*

892

 11,518

SoftBank Group Corp.

497

 20,097

Sony Group Corp.

563

 46,190

Sumitomo Chemical Co., Ltd.

4,211

 10,622

Suzuki Motor Corp.

310

 11,840

Takeda Pharmaceutical Co., Ltd.

1,293

 34,689

TDK Corp.

300

 11,010

Tokyo Electron Ltd.

84

 10,957

Toshiba Corp.*

322

 9,778

Toyota Motor Corp.

4,224

 72,239

Total Japan

 544,309

Netherlands — 1.0%

ASML Holding NV

58

 34,657

Koninklijke Philips NV*

916

 17,329

Shell PLC

327

 10,501

Total Netherlands

 62,487

Singapore — 0.3%

STMicroelectronics NV

428

 16,277

South Korea — 4.3%

Hyundai Mobis Co., Ltd.

55

 8,491

Hyundai Motor Co.

113

 14,199

Kia Corp.

194

 11,046

LG Chem Ltd.

30

 9,774

LG Display Co., Ltd.*

928

 8,376

LG Electronics, Inc.

270

 19,932

NAVER Corp.

76

 10,545

Samsung Electronics Co., Ltd.

3,315

 164,210

SK Hynix, Inc.

298

 25,662

Total South Korea

 272,235

64

See notes to financial statements.

Schedule of Investments — IQ Global Equity R&D Leaders ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Sweden — 0.9%

Telefonaktiebolaget LM Ericsson, B Shares

8,235

$36,861

Volvo AB, B Shares

1,066

 21,076

Total Sweden

 57,937

Switzerland — 1.3%

ABB Ltd.

301

 10,068

Novartis AG

772

 71,716

Sandoz Group AG*

153

 3,976

Total Switzerland

 85,760

Taiwan — 1.9%

Delta Electronics, Inc.

867

 7,765

Hon Hai Precision Industry Co., Ltd.

10,006

 29,770

MediaTek, Inc.

1,351

 35,072

Taiwan Semiconductor Manufacturing Co., Ltd.

2,805

 45,748

Total Taiwan

 118,355

United Kingdom — 1.3%

AstraZeneca PLC

644

 80,100

United States — 60.3%

3M Co.

136

 12,369

Abbott Laboratories

212

 20,045

AbbVie, Inc.

371

52,378

Adobe, Inc.*

49

 26,071

Advanced Micro Devices, Inc.*

412

 40,582

Airbnb, Inc., Class A*

87

 10,291

Alphabet, Inc., Class A*

2,314

 287,121

Amazon.com, Inc.*

2,724

 362,537

Amgen, Inc.

135

 34,520

Analog Devices, Inc.

71

 11,170

Apple, Inc.

1,277

 218,073

Applied Materials, Inc.

167

 22,102

Aptiv PLC*

82

 7,150

AT&T, Inc.

616

 9,486

Atlassian Corp., Class A*

68

 12,284

Autodesk, Inc.*

47

 9,289

Becton Dickinson & Co.

37

 9,353

Biogen, Inc.*

60

 14,252

Block, Inc.*

351

 14,128

Boeing Co. (The)*

112

 20,924

Boston Scientific Corp.*

195

 9,982

Bristol-Myers Squibb Co.

1,216

 62,661

Broadcom, Inc.

46

 38,703

Cadence Design Systems, Inc.*

45

 10,793

Caterpillar, Inc.

51

 11,529

Cisco Systems, Inc.

1,025

 53,433

Corning, Inc.

261

 6,984

Corteva, Inc.

187

 9,002

CSL Ltd.

64

 9,415

Cummins, Inc.

46

 9,950

Danaher Corp.

51

 9,793

Deere & Co.

39

 14,249

eBay, Inc.

244

 9,572

Edwards Lifesciences Corp.*

102

 6,499

Electronic Arts, Inc.

147

 18,197

Eli Lilly & Co.

107

 59,271

Expedia Group, Inc.*

92

 8,767

Ford Motor Co.

4,708

 45,903

Shares

Value

Common Stocks (continued)

United States (continued)

GE HealthCare Technologies, Inc.

117

$7,789

General Electric Co.

155

 16,838

General Motors Co.

2,197

 61,955

Gilead Sciences, Inc.

561

 44,061

GSK PLC

3,259

 57,635

Hewlett Packard Enterprise Co.

1,015

 15,611

Honeywell International, Inc.

59

 10,812

HP, Inc.

446

 11,743

Illumina, Inc.*

70

 7,659

Incyte Corp.*

205

 11,056

Intel Corp.

3,407

 124,356

International Business Machines Corp.

342

 49,467

Intuit, Inc.

36

 17,818

Johnson & Johnson

704

 104,431

Juniper Networks, Inc.

296

 7,968

KLA Corp.

22

 10,333

Lam Research Corp.

21

 12,353

Lockheed Martin Corp.

30

 13,639

Marvell Technology, Inc.

256

 12,088

Medtronic PLC

247

 17,428

Merck & Co., Inc.

1,642

 168,633

Meta Platforms, Inc., Class A*

890

 268,130

Microchip Technology, Inc.

113

 8,056

Micron Technology, Inc.

346

 23,137

Microsoft Corp.

627

 211,995

Moderna, Inc.*

261

 19,826

Nestle SA

136

 14,654

Netflix, Inc.*

51

 20,996

Northrop Grumman Corp.

21

 9,900

NVIDIA Corp.

136

 55,461

Oracle Corp.

585

 60,489

Palo Alto Networks, Inc.*

50

 12,151

PayPal Holdings, Inc.*

365

 18,907

Pfizer, Inc.

2,555

 78,081

Pinterest, Inc., Class A*

310

 9,263

Procter & Gamble Co. (The)

99

 14,853

QUALCOMM, Inc.

597

65,067

Regeneron Pharmaceuticals, Inc.*

35

 27,296

Rivian Automotive, Inc., Class A*(a)

522

 8,467

ROBLOX Corp., Class A*

291

 9,257

Roche Holding AG

448

 115,120

RTX Corp.

271

 22,057

Salesforce, Inc.*

171

 34,342

Sanofi SA

575

 52,087

Schneider Electric SE

90

 13,792

Seagen, Inc.*

55

 11,705

ServiceNow, Inc.*

26

 15,128

Snowflake, Inc., Class A*

47

 6,821

Spotify Technology SA*

81

 13,346

Stellantis NV

2,644

 49,187

Stryker Corp.

36

 9,728

Synopsys, Inc.*

32

 15,022

Tesla, Inc.*

91

 18,276

Texas Instruments, Inc.

83

 11,787

Thermo Fisher Scientific, Inc.

21

 9,340

Twilio, Inc., Class A*

124

 6,356

Uber Technologies, Inc.*

493

 21,337

Unity Software, Inc.*

223

 5,658

65

See notes to financial statements.

Schedule of Investments — IQ Global Equity R&D Leaders ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

United States (continued)

Veralto Corp.*

16

$1,104

Vertex Pharmaceuticals, Inc.*

72

 26,072

VMware, Inc., Class A*(a)

156

 22,721

Western Digital Corp.*

349

 14,012

Workday, Inc., Class A*

75

 15,878

Total United States

 3,819,363

Total Common Stocks
(Cost $7,050,146)

 6,181,263

Preferred Stock — 2.0%

Germany — 2.0%

Volkswagen AG, 27.97%
(Cost $195,949)

1,194

 125,992

Warrants — 0.0%

Canada — 0.0%

Constellation Software, Inc., expires 8/22/28*(b)
(Cost $0)

11

 0

Short-Term Investments — 0.6%

Money Market Funds — 0.6%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(c)(d)

30,935

 30,935

Shares

Value

Short-Term Investments (continued)

Money Market Funds (continued)

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(c)

4,591

$4,591

Total Short-Term Investments
(Cost $35,526)

 35,526

Total Investments — 100.2%
(Cost $7,281,621)

6,342,781

Other Assets and Liabilities,
Net — (0.2)
%

(14,094

)

Net Assets — 100%

$6,328,687

 

*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 $38,133; total market value of collateral held by the Fund was $39,129. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $8,194.

(b)Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.

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

$6,181,263

$

$

$6,181,263

Preferred Stocks

 125,992

 —

 —

 125,992

Warrants

 —

 —

 0

(f)

 —

Short-Term Investments:

Money Market Funds

 35,526

 —

 —

 35,526

Total Investments in Securities

$6,342,781

$

$0

$6,342,781

 

(e)For a complete listing of investments and their countries, see the Schedule of Investments.

(f)The Level 3 securities, valued in total at $0, have 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 period.

66

See notes to financial statements.

Schedule of Investments — IQ Global Resources ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.5%

Australia — 12.8%

Australian Agricultural Co., Ltd.*

12,627

$9,954

BHP Group Ltd.

57,645

 1,624,163

Champion Iron Ltd.

5,888

 26,543

Evolution Mining Ltd.

20,886

 47,210

Fortescue Metals Group Ltd.

35,010

 494,316

Glencore PLC

145,496

 768,263

Gold Road Resources Ltd.

12,247

 14,694

IGO Ltd.

8,607

 51,825

Iluka Resources Ltd.

4,832

 22,150

Inghams Group Ltd.

7,785

 18,139

Mineral Resources Ltd.

2,142

 78,335

Northern Star Resources Ltd.

13,068

 96,723

OceanaGold Corp.

8,039

 13,434

Perseus Mining Ltd.

15,563

 16,801

Ramelius Resources Ltd.

9,927

 10,402

Regis Resources Ltd.*

8,590

 9,409

Rio Tinto PLC

18,462

 1,177,258

Santos Ltd.

13,409

 65,118

Silver Lake Resources Ltd.*

10,581

 7,034

South32 Ltd.

51,909

 109,116

Woodside Energy Group Ltd.

7,700

 167,027

Total Australia

 4,827,914

Austria — 0.3%

OMV AG

1,328

 58,057

voestalpine AG

2,019

 50,279

Total Austria

 108,336

Brazil — 1.0%

Wheaton Precious Metals Corp.

5,163

 217,826

Yara International ASA

5,346

 174,664

Total Brazil

 392,490

Burkina Faso — 0.2%

Endeavour Mining PLC

2,853

 58,303

IAMGOLD Corp.*

5,470

 13,988

Total Burkina Faso

 72,291

Canada — 8.2%

Agnico Eagle Mines Ltd.

5,211

 244,137

Alamos Gold, Inc., Class A

4,496

 55,607

B2Gold Corp.

12,249

 39,176

Barrick Gold Corp.

20,038

 319,713

Canadian Natural Resources Ltd.

4,488

 284,685

Capstone Copper Corp.*

7,896

 26,846

Cenovus Energy, Inc.

7,770

 147,872

Centerra Gold, Inc.

2,494

 12,665

Dundee Precious Metals, Inc.

2,171

 14,215

Enbridge, Inc.

8,243

 263,871

Equinox Gold Corp.*

3,511

 15,352

First Majestic Silver Corp.

3,112

 16,006

Fortuna Silver Mines, Inc.*

3,314

 9,286

Imperial Oil Ltd.

2,377

 135,317

K92 Mining, Inc.*

2,663

 9,591

Kinross Gold Corp.

13,947

 72,736

Lundin Gold, Inc.

2,691

 32,410

Maple Leaf Foods, Inc.

2,556

 50,835

New Gold, Inc.*

7,788

 9,481

Nutrien Ltd.

10,656

 571,697

Osisko Gold Royalties Ltd.

2,101

 25,652

Pan American Silver Corp.

2,406

 35,113

Shares

Value

Common Stocks (continued)

Canada (continued)

Pembina Pipeline Corp.

2,238

$68,805

Premium Brands Holdings Corp.

935

 60,131

Sandstorm Gold Ltd.

3,413

 15,611

SSR Mining, Inc.

2,361

 32,636

Suncor Energy, Inc.

5,444

 176,114

TC Energy Corp.

4,143

 142,532

Torex Gold Resources, Inc.*

979

 9,429

Tourmaline Oil Corp.

1,378

 72,789

Wesdome Gold Mines Ltd.*

1,647

 8,803

West Fraser Timber Co., Ltd.

1,525

102,809

Total Canada

 3,081,922

Chile — 0.6%

Antofagasta PLC

11,238

 183,414

Lundin Mining Corp.

8,798

 54,882

Total Chile

 238,296

China — 3.2%

China Hongqiao Group Ltd.(a)

107,944

 100,983

China Modern Dairy Holdings Ltd.

165,948

 16,967

CMOC Group Ltd., Class H(a)

243,309

 144,905

COFCO Joycome Foods Ltd.*(a)

81,809

 19,029

Guangdong Investment Ltd.

59,888

 40,871

MMG Ltd.*

98,425

 29,057

Wilmar International Ltd.

130,890

 340,110

Zhaojin Mining Industry Co., Ltd., Class H

37,256

 46,566

Zijin Mining Group Co., Ltd., Class H

298,830

 464,404

Total China

 1,202,892

Denmark — 0.5%

Chr Hansen Holding A/S

2,759

 187,740

Egypt — 0.0%(b)

Centamin PLC

13,167

 13,173

Finland — 2.0%

Metso Outotec OYJ

9,408

 82,597

Neste OYJ

3,123

 104,676

Stora Enso OYJ, Class R

14,375

 172,077

UPM-Kymmene OYJ

9,721

 326,441

Valmet OYJ

3,359

 75,128

Total Finland

 760,919

France — 2.3%

TotalEnergies SE

10,086

 673,772

Veolia Environnement SA

6,430

 175,554

Total France

 849,326

Germany — 0.3%

Aurubis AG

500

 41,043

Suedzucker AG

4,280

 64,693

Total Germany

 105,736

Hong Kong — 0.1%

Vitasoy International Holdings Ltd.(a)

22,449

 27,657

Indonesia — 0.2%

Golden Agri-Resources Ltd.

265,907

 52,403

Nickel Industries Ltd.

31,086

 14,663

Total Indonesia

 67,066

Ireland — 0.8%

Kerry Group PLC, Class A

3,710

 285,798

67

See notes to financial statements.

Schedule of Investments — IQ Global Resources ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Italy — 0.7%

Eni SpA

14,316

$233,458

Interpump Group SpA

997

 41,521

Total Italy

 274,979

Japan — 4.5%

Ajinomoto Co., Inc.

11,146

 403,315

ARE Holdings, Inc.

904

 11,401

Fuji Oil Holdings, Inc.

1,795

 28,333

Itoham Yonekyu Holdings, Inc.

1,198

 32,947

JFE Holdings, Inc.

6,599

 90,829

Kagome Co., Ltd.

1,797

 37,199

Kewpie Corp.

2,905

 50,343

Kikkoman Corp.

4,002

 225,171

NH Foods Ltd.

2,141

 64,041

Nichirei Corp.

2,693

 58,112

Nippon Steel Corp.

10,459

 223,206

Nisshin Seifun Group, Inc.

6,217

 93,474

Oji Holdings Corp.

18,009

76,510

Prima Meat Packers Ltd.

1,050

 15,898

S Foods, Inc.

660

 13,837

Sumitomo Metal Mining Co., Ltd.

3,123

 86,940

Toyo Suisan Kaisha Ltd.

2,133

 98,027

Yamazaki Baking Co., Ltd.

4,363

 92,333

Total Japan

 1,701,916

Luxembourg — 0.5%

ArcelorMittal SA

9,177

 202,539

Mexico — 1.8%

Fresnillo PLC(a)

8,398

 56,435

Southern Copper Corp.

8,811

 624,700

Total Mexico

 681,135

Netherlands — 2.7%

OCI NV

4,414

 102,690

Shell PLC

28,371

 911,102

Total Netherlands

 1,013,792

New Zealand — 0.1%

Fletcher Building Ltd.

14,149

 35,553

Norway — 1.5%

Equinor ASA

12,739

 426,982

Norsk Hydro ASA

23,291

 132,762

Total Norway

 559,744

Portugal — 0.1%

Navigator Co. SA (The)

12,966

 51,531

South Africa — 0.9%

Anglo American PLC

13,827

 351,757

Spain — 0.2%

Befesa SA

453

 13,187

Repsol SA

5,393

 78,808

Total Spain

 91,995

Sweden — 0.8%

AAK AB

5,452

 103,451

Boliden AB

3,123

 79,874

Holmen AB, B Shares

2,957

 111,344

Total Sweden

 294,669

Switzerland — 0.1%

Bell Food Group AG

130

 38,569

Shares

Value

Common Stocks (continued)

Turkey — 0.1%

Eldorado Gold Corp.*

2,098

$22,669

United Kingdom — 3.3%

Associated British Foods PLC

16,544

 406,724

BP PLC

73,056

 445,552

Cranswick PLC

1,122

 47,570

Greggs PLC

2,131

 61,285

Severn Trent PLC

2,306

 74,320

Spirax-Sarco Engineering PLC

677

 67,298

Tate & Lyle PLC

9,743

 74,542

United Utilities Group PLC

6,249

 80,605

Total United Kingdom

 1,257,896

United States — 49.5%

Alcoa Corp.

2,017

 51,716

American Water Works Co., Inc.

1,666

 196,005

Archer-Daniels-Midland Co.

11,471

 820,979

Armstrong World Industries, Inc.

833

 63,216

ATI, Inc.*

1,460

 55,144

Baker Hughes Co.

4,086

 140,640

Boise Cascade Co.

720

 67,500

Builders FirstSource, Inc.*

2,531

 274,664

Bunge Ltd.

3,143

 333,095

Campbell Soup Co.

6,271

 253,411

Cheniere Energy, Inc.

997

165,921

Chevron Corp.

7,782

 1,134,071

Cleveland-Cliffs, Inc.*

5,851

 98,180

Coeur Mining, Inc.*

3,369

 8,456

Commercial Metals Co.

1,335

 56,457

Conagra Brands, Inc.

9,996

 273,491

ConocoPhillips

4,974

 590,911

Coterra Energy, Inc.

3,123

 85,882

Devon Energy Corp.

2,651

 123,457

Diamondback Energy, Inc.

732

 117,354

Dover Corp.

1,279

 166,206

Ecolab, Inc.

2,604

 436,795

EOG Resources, Inc.

2,388

 301,485

Essential Utilities, Inc.

2,414

 80,772

Exxon Mobil Corp.

16,588

 1,755,840

Flowers Foods, Inc.

4,426

 97,062

FMC Corp.

2,623

 139,544

Freeport-McMoRan, Inc.

16,294

 550,411

Fresh Del Monte Produce, Inc.

1,003

 25,075

General Mills, Inc.

12,340

 805,062

Graco, Inc.

1,537

 114,276

Hain Celestial Group, Inc. (The)*

1,876

 20,730

Halliburton Co.

3,664

 144,142

Hecla Mining Co.

6,831

 27,802

Hess Corp.

1,244

 179,634

Hormel Foods Corp.

11,459

 372,990

IDEX Corp.

692

 132,456

Ingredion, Inc.

1,377

 128,860

International Paper Co.

6,383

 215,299

J & J Snack Foods Corp.

405

 63,427

Kellanova

7,168

 361,769

Kinder Morgan, Inc.

9,134

 147,971

Kraft Heinz Co. (The)

25,689

 808,176

Louisiana-Pacific Corp.

1,310

 67,177

Marathon Oil Corp.

2,571

 70,214

Marathon Petroleum Corp.

1,843

 278,754

68

See notes to financial statements.

Schedule of Investments — IQ Global Resources ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

United States (continued)

Mondelez International, Inc., Class A

28,643

$1,896,453

Mosaic Co. (The)

7,110

 230,933

Mueller Industries, Inc.

1,294

 48,797

Newmont Corp.

9,036

 338,579

Newmont Corp.*

4,058

 155,213

Nucor Corp.

2,891

 427,261

Occidental Petroleum Corp.

3,656

 225,977

ONEOK, Inc.

1,817

 118,468

Pentair PLC

1,505

 87,471

Phillips 66

1,891

 215,706

Pilgrim’s Pride Corp.*

4,958

 126,429

Pioneer Natural Resources Co.

959

 229,201

Post Holdings, Inc.*

1,235

 99,146

Reliance Steel & Aluminum Co.

670

 170,435

Schlumberger NV

5,770

 321,158

Seaboard Corp.

25

 87,674

Simpson Manufacturing Co., Inc.

777

 103,481

Steel Dynamics, Inc.

1,972

 210,038

Targa Resources Corp.

920

 76,921

Tyson Foods, Inc., Class A

7,311

 338,865

UFP Industries, Inc.

1,124

 106,971

United States Steel Corp.

2,605

 88,283

Valero Energy Corp.

1,510

 191,770

Watts Water Technologies, Inc., Class A

307

 53,114

Williams Cos., Inc. (The)

4,947

 170,177

Xylem, Inc.

1,649

 154,247

Total United States

 18,675,247

Shares

Value

Common Stocks (continued)

Zambia — 0.2%

First Quantum Minerals Ltd.

7,833

$90,673

Total Common Stocks
(Cost $38,476,249)

 37,566,220

Short-Term Investment — 0.1%

Money Market Fund — 0.1%

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(c)
(Cost $30,276)

30,276

30,276

Total Investments — 99.6%
(Cost $38,506,525)

37,596,496

Other Assets and Liabilities,
Net — 0.4
%

160,868

Net Assets — 100%

$37,757,364

 

*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 $182,825; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $192,602.

(b)Less than 0.05%.

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

 


The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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

$37,566,220

$

$

$37,566,220

Short-Term Investment:

Money Market Fund

 30,276

 —

 —

 30,276

Total Investments in Securities

$37,596,496

$

$

$37,596,496

 

(d)For a complete listing of investments and their countries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

69

See notes to financial statements.

Schedule of Investments — IQ Real Return ETF

October 31, 2023 (unaudited)

Principal
Amount

Value

Long-Term Bonds — 59.5%

U.S. Treasury Inflation Indexed Bond — 59.5%

U.S. Treasury Inflation Indexed Bonds

0.125%, due 7/15/24(a)

$77,400

$97,766

0.125%, due 10/15/24

74,600

 86,615

0.125%, due 4/15/25

102,300

 116,096

0.125%, due 10/15/25

125,100

 140,442

0.125%, due 4/15/26

97,700

 106,963

0.125%, due 7/15/26

109,400

 131,034

0.125%, due 10/15/26

140,800

 147,087

0.125%, due 4/15/27

148,700

 148,100

0.125%, due 1/15/30

48,800

 50,275

0.125%, due 7/15/30

53,900

 55,292

0.125%, due 1/15/31

56,600

 56,308

0.125%, due 7/15/31

59,600

 57,139

0.125%, due 1/15/32

67,300

 61,444

0.125%, due 2/15/51

21,100

 13,021

0.125%, due 2/15/52

25,900

 14,767

0.250%, due 1/15/25

117,500

 146,642

0.250%, due 7/15/29

43,000

 45,676

0.250%, due 2/15/50

20,700

 13,708

0.375%, due 7/15/25

129,100

 160,098

0.375%, due 1/15/27

102,800

 121,404

0.375%, due 7/15/27

114,800

 133,252

0.500%, due 4/15/24

50,800

 60,799

0.500%, due 1/15/28

118,200

 135,010

0.625%, due 1/15/24(a)

83,900

 109,407

0.625%, due 1/15/26

109,000

 133,977

0.625%, due 7/15/32(a)

73,200

 66,218

0.625%, due 2/15/43

18,600

 17,174

0.750%, due 7/15/28

104,800

 118,579

0.750%, due 2/15/42

23,300

 22,865

0.750%, due 2/15/45

28,900

 25,964

0.875%, due 1/15/29

36,000

 40,303

0.875%, due 2/15/47

18,900

 16,618

1.000%, due 2/15/46

15,100

 14,103

1.000%, due 2/15/48

14,000

 12,278

1.000%, due 2/15/49

13,400

 11,434

1.125%, due 1/15/33

73,400

 67,020

1.250%, due 4/15/28

156,500

 151,433

1.375%, due 7/15/33

49,600

 45,357

1.375%, due 2/15/44

26,000

 27,287

1.500%, due 2/15/53

26,500

 21,429

1.625%, due 10/15/27

156,500

 156,776

1.750%, due 1/15/28

41,800

 59,209

2.000%, due 1/15/26

43,500

 65,938

2.125%, due 2/15/40

9,600

 12,740

2.125%, due 2/15/41

14,000

 18,291

2.375%, due 1/15/25

64,100

 103,084

2.375%, due 1/15/27

42,800

 64,492

2.375%, due 10/15/28

86,300

 86,227

2.500%, due 1/15/29

15,700

 22,422

3.375%, due 4/15/32

6,100

 11,178

3.625%, due 4/15/28

32,900

 65,174

3.875%, due 4/15/29

15,500

 30,872

 3,696,787

Total U.S. Treasury Inflation Indexed Bond
(Cost $4,186,400)

 3,696,787

Shares

Value

Common Stocks — 29.7%

Communication Services — 2.1%

Alphabet, Inc., Class C*

206

$25,812

Alphabet, Inc., Class A*

245

 30,400

AT&T, Inc.

290

 4,466

Charter Communications, Inc., Class A*

4

 1,611

Comcast Corp., Class A

168

 6,937

Electronic Arts, Inc.

11

 1,362

Fox Corp., Class B

8

 223

Fox Corp., Class A

13

 395

Liberty Broadband Corp., Class C*

5

 417

Liberty Broadband Corp., Class A*

2

167

Liberty Media Corp.-Liberty Formula One, Class C*

7

 453

Liberty Media Corp.-Liberty Formula One, Class A*

1

 58

Liberty Media Corp.-Liberty Live, Class C*

2

 64

Liberty Media Corp.-Liberty SiriusXM, Class A*

2

 49

Live Nation Entertainment, Inc.*

6

 480

Match Group, Inc.*

12

 415

Meta Platforms, Inc., Class A*

92

 27,717

Netflix, Inc.*

18

 7,410

Omnicom Group, Inc.

7

 524

Paramount Global, Class A

1

 14

Pinterest, Inc., Class A*

22

 657

ROBLOX Corp., Class A*

13

 413

Sirius XM Holdings, Inc.(a)

35

 150

Snap, Inc., Class A*

39

 390

Spotify Technology SA*

5

 824

Take-Two Interactive Software, Inc.*

7

 936

T-Mobile U.S., Inc.*

22

 3,165

Trade Desk, Inc. (The), Class A*

18

 1,277

Verizon Communications, Inc.

157

 5,515

Walt Disney Co. (The)*

74

 6,038

Warner Bros Discovery, Inc.*

91

 904

Warner Music Group Corp., Class A(a)

3

 94

Total Communication Services

 129,337

Consumer Discretionary — 2.4%

Airbnb, Inc., Class A*

15

 1,774

Amazon.com, Inc.*

373

 49,643

Aptiv PLC*

11

 959

AutoZone, Inc.*

1

 2,477

Best Buy Co., Inc.

8

 535

Booking Holdings, Inc.*

2

 5,579

Carnival Corp.*

34

 390

Chewy, Inc., Class A*(a)

2

 39

Chipotle Mexican Grill, Inc.*

1

 1,942

Darden Restaurants, Inc.

5

 728

Domino’s Pizza, Inc.

1

 339

DoorDash, Inc., Class A*

11

 824

DR Horton, Inc.

12

 1,253

eBay, Inc.

22

 863

Etsy, Inc.*(a)

5

 311

Expedia Group, Inc.*

6

 572

Ford Motor Co.

155

 1,511

Garmin Ltd.

7

 718

General Motors Co.

53

 1,495

Genuine Parts Co.

5

 644

70

See notes to financial statements.

Schedule of Investments — IQ Real Return ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Consumer Discretionary (continued)

Hilton Worldwide Holdings, Inc.

10

$1,515

Home Depot, Inc. (The)

41

 11,672

Las Vegas Sands Corp.

16

 759

Lennar Corp., Class A

10

 1,067

Lowe’s Cos., Inc.

24

 4,574

Lucid Group, Inc.*(a)

25

 103

Lululemon Athletica, Inc.*

5

 1,967

Marriott International, Inc., Class A

11

 2,074

McDonald’s Corp.

30

 7,865

MGM Resorts International

12

 419

NIKE, Inc., Class B

49

 5,036

O’Reilly Automotive, Inc.*

2

 1,861

PulteGroup, Inc.

8

 589

Rivian Automotive, Inc., Class A*(a)

27

 438

Ross Stores, Inc.

13

 1,508

Royal Caribbean Cruises Ltd.*

9

 763

Starbucks Corp.

46

 4,243

Stellantis NV

84

 1,569

Tesla, Inc.*

114

 22,896

TJX Cos., Inc. (The)

47

 4,139

Tractor Supply Co.(a)

4

 770

Ulta Beauty, Inc.*

2

 763

Yum! Brands, Inc.

11

1,329

Total Consumer Discretionary

 150,515

Consumer Staples — 1.5%

Altria Group, Inc.

71

 2,852

Archer-Daniels-Midland Co.

21

 1,503

Brown-Forman Corp., Class A

3

 172

Brown-Forman Corp., Class B

13

 730

Campbell Soup Co.

8

 323

Church & Dwight Co., Inc.

9

 818

Clorox Co. (The)

5

 589

Coca-Cola Co. (The)

158

 8,925

Colgate-Palmolive Co.

33

 2,479

Conagra Brands, Inc.

22

 602

Constellation Brands, Inc., Class A

7

 1,639

Costco Wholesale Corp.

18

 9,944

Dollar General Corp.

9

 1,071

Dollar Tree, Inc.*

8

 889

Estee Lauder Cos., Inc. (The), Class A

8

 1,031

General Mills, Inc.

23

 1,501

Hershey Co. (The)

6

 1,124

Hormel Foods Corp.

12

 391

J M Smucker Co. (The)

3

 342

Kellanova

10

 505

Kenvue, Inc.

66

 1,228

Keurig Dr Pepper, Inc.

38

 1,153

Kimberly-Clark Corp.

13

 1,555

Kraft Heinz Co. (The)

31

 975

Kroger Co. (The)

27

 1,225

McCormick & Co., Inc.

11

 703

Mondelez International, Inc., Class A

54

 3,575

Monster Beverage Corp.*

31

 1,584

PepsiCo, Inc.

56

 9,144

Philip Morris International, Inc.

63

 5,617

Procter & Gamble Co. (The)

96

 14,403

Sysco Corp.

20

 1,330

Target Corp.

18

 1,994

Shares

Value

Common Stocks (continued)

Consumer Staples (continued)

Tyson Foods, Inc., Class A

12

$556

Walgreens Boots Alliance, Inc.

30

 632

Walmart, Inc.

58

 9,478

WK Kellogg Co.*

2

 20

Total Consumer Staples

 92,602

Energy — 2.1%

Baker Hughes Co.

80

 2,754

Cheniere Energy, Inc.

18

 2,996

Chevron Corp.

146

 21,277

ConocoPhillips

98

 11,642

Coterra Energy, Inc.

60

 1,650

Devon Energy Corp.

52

 2,422

Diamondback Energy, Inc.

14

 2,244

EOG Resources, Inc.

46

 5,807

EQT Corp.

29

 1,229

Exxon Mobil Corp.

334

 35,354

Halliburton Co.

62

 2,439

Hess Corp.

22

 3,177

Kinder Morgan, Inc.

158

 2,560

Marathon Oil Corp.

53

 1,447

Marathon Petroleum Corp.

34

 5,142

Occidental Petroleum Corp.

54

 3,338

ONEOK, Inc.

36

 2,347

Phillips 66

37

 4,221

Pioneer Natural Resources Co.

19

 4,541

Schlumberger NV

115

 6,401

Targa Resources Corp.

18

 1,505

Valero Energy Corp.

29

 3,683

Williams Cos., Inc. (The)

96

 3,302

Total Energy

 131,478

Financials — 5.0%

Aflac, Inc.

42

 3,281

Allstate Corp. (The)

20

 2,563

American Express Co.

43

6,279

American International Group, Inc.

59

 3,617

Ameriprise Financial, Inc.

8

 2,517

Aon PLC, Class A

16

 4,950

Apollo Global Management, Inc.

31

 2,401

Arch Capital Group Ltd.*

28

 2,427

Ares Management Corp., Class A

13

 1,282

Arthur J Gallagher & Co.

17

 4,003

Bank of America Corp.

560

 14,750

Bank of New York Mellon Corp. (The)

61

 2,593

Berkshire Hathaway, Inc., Class B*

105

 35,840

BlackRock, Inc.

11

 6,735

Blackstone, Inc.

57

 5,264

Block, Inc.*

21

 845

Blue Owl Capital, Inc.(a)

37

 456

Brown & Brown, Inc.

19

 1,319

Capital One Financial Corp.

30

 3,039

Charles Schwab Corp. (The)

120

 6,245

Chubb Ltd.

33

 7,082

Cincinnati Financial Corp.

12

 1,196

Citigroup, Inc.

152

 6,002

Citizens Financial Group, Inc.

39

 914

CME Group, Inc.

29

 6,190

Coinbase Global, Inc., Class A*(a)

11

 848

Corebridge Financial, Inc.

7

 140

71

See notes to financial statements.

Schedule of Investments — IQ Real Return ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Financials (continued)

Discover Financial Services

20

$1,642

FactSet Research Systems, Inc.

2

 864

Fidelity National Information Services, Inc.

23

 1,130

Fifth Third Bancorp

54

 1,280

First Citizens BancShares, Inc., Class A

1

 1,381

Fiserv, Inc.*

25

 2,844

FleetCor Technologies, Inc.*

3

 676

Franklin Resources, Inc.

27

 615

Global Payments, Inc.

11

 1,168

Goldman Sachs Group, Inc. (The)

27

 8,197

Hartford Financial Services Group, Inc. (The)

25

 1,836

Huntington Bancshares, Inc.

119

 1,148

Interactive Brokers Group, Inc., Class A

7

 560

Intercontinental Exchange, Inc.

45

 4,835

JPMorgan Chase & Co.

239

 33,235

KKR & Co., Inc.

53

 2,936

Loews Corp.

15

 960

LPL Financial Holdings, Inc.

6

 1,347

M&T Bank Corp.

13

 1,466

Markel Group Inc.*

1

 1,471

Marsh & McLennan Cos., Inc.

40

 7,586

Mastercard, Inc., Class A

35

 13,172

MetLife, Inc.

48

 2,880

Moody’s Corp.

6

 1,848

Morgan Stanley

103

 7,294

MSCI, Inc.

3

 1,415

Nasdaq, Inc.

31

 1,538

Northern Trust Corp.

17

 1,120

PayPal Holdings, Inc.*

42

 2,176

PNC Financial Services Group, Inc. (The)

31

 3,549

Principal Financial Group, Inc.

20

 1,354

Progressive Corp. (The)

46

 7,272

Prudential Financial, Inc.

29

 2,652

Raymond James Financial, Inc.

15

 1,432

Regions Financial Corp.

79

 1,148

Rocket Cos., Inc., Class A*

13

 96

S&P Global, Inc.

13

 4,541

State Street Corp.

25

 1,616

Synchrony Financial

36

 1,010

T Rowe Price Group, Inc.

17

 1,539

Tradeweb Markets, Inc., Class A

7

 630

Travelers Cos., Inc. (The)

19

 3,181

Truist Financial Corp.

106

 3,006

US Bancorp

118

 3,762

Visa, Inc., Class A(a)

65

 15,281

W R Berkley Corp.

16

 1,079

Wells Fargo & Co.

298

11,851

Willis Towers Watson PLC

9

 2,123

Total Financials

 308,520

Health Care — 3.1%

Abbott Laboratories

70

 6,619

AbbVie, Inc.

72

 10,165

Agilent Technologies, Inc.

12

 1,240

Align Technology, Inc.*

3

 554

Alnylam Pharmaceuticals, Inc.*

5

 759

Shares

Value

Common Stocks (continued)

Health Care (continued)

Amgen, Inc.

22

$5,625

Avantor, Inc.*

22

 384

Baxter International, Inc.

22

 714

Becton Dickinson & Co.

12

 3,033

Biogen, Inc.*

6

 1,425

BioMarin Pharmaceutical, Inc.*

7

 570

Bio-Rad Laboratories, Inc., Class A*

1

 275

Boston Scientific Corp.*

55

 2,815

Bristol-Myers Squibb Co.

85

 4,380

Cardinal Health, Inc.

10

 910

Cencora, Inc.

7

 1,296

Centene Corp.*

22

 1,518

Cigna Group (The)

12

 3,710

Cooper Cos., Inc. (The)

2

 624

CVS Health Corp.

51

 3,520

Danaher Corp.

27

 5,185

Dexcom, Inc.*

15

 1,332

Edwards Lifesciences Corp.*

24

 1,529

Elevance Health, Inc.

10

 4,501

Eli Lilly & Co.

35

 19,388

Fortrea Holdings, Inc.*(a)

3

 85

GE HealthCare Technologies, Inc.

15

 999

Gilead Sciences, Inc.

49

 3,849

HCA Healthcare, Inc.

8

 1,809

Hologic, Inc.*

10

 662

Humana, Inc.

5

 2,618

ICON PLC*

3

 732

IDEXX Laboratories, Inc.*

3

 1,198

Illumina, Inc.*

6

 657

Incyte Corp.*

7

 378

Insulet Corp.*

2

 265

Intuitive Surgical, Inc.*

14

 3,671

IQVIA Holdings, Inc.*

7

 1,266

Johnson & Johnson

98

 14,537

Laboratory Corp. of America Holdings

4

 799

McKesson Corp.

6

 2,732

Medtronic PLC

54

 3,810

Merck & Co., Inc.

103

 10,578

Mettler-Toledo International, Inc.*

1

 985

Moderna, Inc.*

13

 988

Molina Healthcare, Inc.*

2

 666

Pfizer, Inc.

229

 6,998

Quest Diagnostics, Inc.

4

 520

Regeneron Pharmaceuticals, Inc.*

4

 3,120

ResMed, Inc.

6

 847

Revvity, Inc.

5

 414

Royalty Pharma PLC, Class A

13

 349

Seagen, Inc.*

6

 1,277

STERIS PLC

4

 840

Stryker Corp.

14

 3,783

Teleflex, Inc.

2

 370

Thermo Fisher Scientific, Inc.

16

 7,116

UnitedHealth Group, Inc.

38

 20,351

Veeva Systems, Inc., Class A*

6

 1,156

Vertex Pharmaceuticals, Inc.*

11

 3,983

Waters Corp.*

2

 477

West Pharmaceutical Services, Inc.

3

 955

Zimmer Biomet Holdings, Inc.

8

 835

72

See notes to financial statements.

Schedule of Investments — IQ Real Return ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Health Care (continued)

Zoetis, Inc.

17

$2,669

Total Health Care

 191,415

Industrials — 3.6%

3M Co.

45

4,093

AMETEK, Inc.

18

 2,534

Automatic Data Processing, Inc.

17

 3,710

Boeing Co. (The)*

49

 9,154

Broadridge Financial Solutions, Inc.

5

 853

Builders FirstSource, Inc.*

5

 543

Carrier Global Corp.

66

 3,146

Caterpillar, Inc.

42

 9,494

Cintas Corp.

7

 3,550

Copart, Inc.*

36

 1,567

CSX Corp.

162

 4,836

Cummins, Inc.

11

 2,379

Deere & Co.

22

 8,038

Delta Air Lines, Inc.

13

 406

Dover Corp.

11

 1,429

Eaton Corp. PLC

32

 6,653

Emerson Electric Co.

46

 4,093

Equifax, Inc.

5

 848

Expeditors International of Washington, Inc.

12

 1,311

Fastenal Co.

46

 2,684

FedEx Corp.

19

 4,562

Ferguson PLC

16

 2,403

Fortive Corp.

28

 1,828

General Dynamics Corp.

19

 4,585

General Electric Co.

88

 9,559

Grab Holdings Ltd., Class A*

111

 341

HEICO Corp.

3

 475

HEICO Corp., Class A

6

 763

Honeywell International, Inc.

54

 9,896

Howmet Aerospace, Inc.

32

 1,411

Hubbell, Inc.

4

 1,080

IDEX Corp.

6

 1,148

Illinois Tool Works, Inc.

24

 5,379

Ingersoll Rand, Inc.

32

 1,942

Jacobs Solutions, Inc.

10

 1,333

JB Hunt Transport Services, Inc.

7

 1,203

Johnson Controls International PLC

56

 2,745

L3Harris Technologies, Inc.

15

 2,691

Leidos Holdings, Inc.

6

 595

Lockheed Martin Corp.

21

 9,547

Masco Corp.

9

 469

Norfolk Southern Corp.

18

 3,434

Northrop Grumman Corp.

11

 5,186

Old Dominion Freight Line, Inc.

8

 3,013

Otis Worldwide Corp.

33

 2,548

PACCAR, Inc.

42

 3,466

Parker-Hannifin Corp.

11

 4,058

Paychex, Inc.

13

 1,444

Paycom Software, Inc.

2

 490

Quanta Services, Inc.

12

 2,005

Republic Services, Inc.

16

 2,376

Rockwell Automation, Inc.

9

 2,365

Rollins, Inc.

20

 752

RTX Corp.(a)

118

 9,604

Shares

Value

Common Stocks (continued)

Industrials (continued)

Southwest Airlines Co.

11

$245

SS&C Technologies Holdings, Inc.

9

 452

Stanley Black & Decker, Inc.

12

 1,021

Trane Technologies PLC

18

 3,426

TransDigm Group, Inc.*

4

 3,312

TransUnion

8

 351

Uber Technologies, Inc.*

79

 3,419

Union Pacific Corp.

49

 10,173

United Airlines Holdings, Inc.*

6

 210

United Parcel Service, Inc., Class B

59

 8,334

United Rentals, Inc.

6

 2,438

Veralto Corp.*

9

 621

Verisk Analytics, Inc.

6

 1,364

Waste Management, Inc.

34

 5,587

Westinghouse Air Brake Technologies Corp.

14

 1,484

WW Grainger, Inc.

4

 2,919

Xylem, Inc.

19

1,777

Total Industrials

 223,150

Information Technology — 6.8%

Accenture PLC, Class A

26

 7,724

Adobe, Inc.*

19

 10,109

Advanced Micro Devices, Inc.*

65

 6,403

Akamai Technologies, Inc.*

7

 723

Amphenol Corp., Class A

48

 3,866

Analog Devices, Inc.

21

 3,304

ANSYS, Inc.*

3

 835

Apple, Inc.

614

 104,853

Applied Materials, Inc.

33

 4,368

Arista Networks, Inc.*

10

 2,004

Atlassian Corp., Class A*

6

 1,084

Autodesk, Inc.*

9

 1,779

Bentley Systems, Inc., Class B(a)

8

 389

Broadcom, Inc.

17

 14,303

Cadence Design Systems, Inc.*

11

 2,638

CDW Corp.

5

 1,002

Cisco Systems, Inc.

151

 7,872

Cloudflare, Inc., Class A*(a)

11

 624

Cognizant Technology Solutions Corp., Class A

21

 1,354

Corning, Inc.

30

 803

Crowdstrike Holdings, Inc., Class A*

8

 1,414

Datadog, Inc., Class A*

11

 896

Dell Technologies, Inc., Class C

9

 602

Enphase Energy, Inc.*

11

 875

EPAM Systems, Inc.*

2

 435

Fair Isaac Corp.*

1

 846

First Solar, Inc.*

8

 1,140

Fortinet, Inc.*

26

 1,486

Gartner, Inc.*

3

 996

GLOBALFOUNDRIES, Inc.*(a)

2

 99

Hewlett Packard Enterprise Co.

57

 877

HP, Inc.

35

 922

HubSpot, Inc.*

2

 848

Intel Corp.

169

 6,169

International Business Machines Corp.

36

 5,207

Intuit, Inc.

11

 5,444

73

See notes to financial statements.

Schedule of Investments — IQ Real Return ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Information Technology (continued)

Keysight Technologies, Inc.*

14

$1,709

KLA Corp.

6

 2,818

Lam Research Corp.

6

 3,529

Marvell Technology, Inc.

34

 1,605

Microchip Technology, Inc.

22

 1,568

Micron Technology, Inc.

44

 2,942

Microsoft Corp.

308

 104,138

MongoDB, Inc.*

3

 1,034

Monolithic Power Systems, Inc.

2

 883

Motorola Solutions, Inc.

7

 1,949

NetApp, Inc.

9

 655

NVIDIA Corp.

98

 39,964

NXP Semiconductors NV

10

 1,724

Okta, Inc.*

6

 404

ON Semiconductor Corp.*

17

 1,065

Oracle Corp.

63

 6,514

Palantir Technologies, Inc., Class A*

72

 1,066

Palo Alto Networks, Inc.*

12

 2,916

QUALCOMM, Inc.

44

 4,796

Roper Technologies, Inc.

4

 1,954

Salesforce, Inc.*

38

 7,632

Seagate Technology Holdings PLC

8

 546

ServiceNow, Inc.*

8

 4,655

Skyworks Solutions, Inc.

7

 607

Snowflake, Inc., Class A*

10

 1,451

SolarEdge Technologies, Inc.*

4

 304

Splunk, Inc.*

7

 1,030

Synopsys, Inc.*

6

 2,817

TE Connectivity Ltd.

25

 2,946

Teledyne Technologies, Inc.*

2

 749

Teradyne, Inc.

7

 583

Texas Instruments, Inc.

37

5,254

Trimble, Inc.*

22

 1,037

Tyler Technologies, Inc.*

2

 746

Unity Software, Inc.*

8

 203

VeriSign, Inc.*

4

 799

VMware, Inc., Class A*

9

 1,311

Western Digital Corp.*

13

 522

Workday, Inc., Class A*

8

 1,694

Zebra Technologies Corp., Class A*

2

 419

Zoom Video Communications, Inc., Class A*

8

 480

Zscaler, Inc.*

3

 476

Total Information Technology

 423,787

Materials — 1.0%

Air Products and Chemicals, Inc.

18

 5,084

Albemarle Corp.(a)

9

 1,141

Amcor PLC

127

 1,129

Ball Corp.

25

 1,204

Celanese Corp.(a)

8

 916

CF Industries Holdings, Inc.

15

 1,197

Corteva, Inc.

55

 2,648

Dow, Inc.

57

 2,755

DuPont de Nemours, Inc.

34

 2,478

Ecolab, Inc.

21

 3,522

FMC Corp.

10

 532

Freeport-McMoRan, Inc.

116

 3,918

Shares

Value

Common Stocks (continued)

Materials (continued)

International Flavors & Fragrances, Inc.

20

$1,367

Linde PLC

40

 15,286

LyondellBasell Industries NV, Class A

20

 1,805

Martin Marietta Materials, Inc.

5

 2,045

Mosaic Co. (The)

27

 877

Newmont Corp.

63

 2,361

Nucor Corp.

19

 2,808

PPG Industries, Inc.

19

 2,333

Sherwin-Williams Co. (The)

19

 4,526

Steel Dynamics, Inc.

12

 1,278

Vulcan Materials Co.

11

 2,161

Total Materials

 63,371

Real Estate — 1.0%

Alexandria Real Estate Equities, Inc.

14

 1,304

American Tower Corp.

38

 6,771

AvalonBay Communities, Inc.

11

 1,823

CBRE Group, Inc., Class A*

24

 1,664

CoStar Group, Inc.*

16

 1,175

Crown Castle, Inc.

35

 3,254

Digital Realty Trust, Inc.

23

 2,860

Equinix, Inc.

8

 5,837

Equity Residential

30

 1,660

Essex Property Trust, Inc.

5

 1,070

Extra Space Storage, Inc.

16

 1,658

Healthpeak Properties, Inc.

46

 715

Invitation Homes, Inc.

49

 1,455

Iron Mountain, Inc.

22

 1,300

Mid-America Apartment Communities, Inc.

9

 1,063

Prologis, Inc.

75

 7,556

Public Storage

13

 3,103

Realty Income Corp.

52

 2,464

SBA Communications Corp.

9

 1,878

Simon Property Group, Inc.

25

 2,747

Sun Communities, Inc.

10

 1,112

UDR, Inc.

28

 891

Ventas, Inc.

33

 1,401

VICI Properties, Inc.

79

 2,204

Welltower, Inc.

38

 3,177

Weyerhaeuser Co.

59

 1,693

WP Carey, Inc.

18

 966

Total Real Estate

 62,801

Utilities — 1.1%

AES Corp. (The)

52

 775

Alliant Energy Corp.

20

 976

Ameren Corp.

21

1,590

American Electric Power Co., Inc.

41

 3,097

American Water Works Co., Inc.

15

 1,765

Atmos Energy Corp.

11

 1,184

Avangrid, Inc.(a)

8

 239

CenterPoint Energy, Inc.

50

 1,344

CMS Energy Corp.

22

 1,195

Consolidated Edison, Inc.

26

 2,283

Constellation Energy Corp.

26

 2,936

Dominion Energy, Inc.

66

 2,661

DTE Energy Co.

14

 1,349

Duke Energy Corp.

63

 5,600

74

See notes to financial statements.

Schedule of Investments — IQ Real Return ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

Utilities (continued)

Edison International

30

$1,892

Entergy Corp.

16

 1,529

Evergy, Inc.

18

 885

Eversource Energy

27

 1,452

Exelon Corp.

78

 3,037

FirstEnergy Corp.

43

 1,531

NextEra Energy, Inc.

164

 9,561

PG&E Corp.*

156

 2,543

PPL Corp.

57

 1,401

Public Service Enterprise Group, Inc.

39

 2,404

Sempra

50

 3,502

Southern Co. (The)

88

 5,922

WEC Energy Group, Inc.

24

 1,953

Xcel Energy, Inc.

44

 2,608

Total Utilities

 67,214

Total Common Stocks
(Cost $1,949,284)

 1,844,190

Investment Companies — 9.9%

Commodity Funds — 9.9%

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

16,721

 245,464

iShares GSCI Commodity Dynamic Roll Strategy ETF (a)

13,049

 367,590

Total Commodity Funds

 613,054

Total Investment Companies
(Cost $730,541)

 613,054

Shares

Value

Short-Term Investments — 5.4%

Money Market Funds — 5.4%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)

317,669

$317,669

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)

17,429

 17,429

Total Short-Term Investments
(Cost $335,098)

 335,098

Total Investments — 104.5%
(Cost $7,201,323)

6,489,129

Other Assets and Liabilities,
Net — (4.5)
%

(279,876

)

Net Assets — 100%

$6,209,253

 

*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 $623,682; total market value of collateral held by the Fund was $637,171. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $319,502.

(b)Reflects the 1-day yield at October 31, 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 October 31, 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

$

$3,696,787

$

$3,696,787

Common Stocks

 1,844,190

 —

 —

 1,844,190

Investment Companies

 613,054

 —

 —

 613,054

Short-Term Investments:

Money Market Funds

 335,098

 —

 —

 335,098

Total Investments in Securities

$2,792,342

$3,696,787

$

$6,489,129

 

(d)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

75

See notes to financial statements.

Schedule of Investments — IQ Clean Oceans ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.7%

Austria — 1.0%

Verbund AG

496

$42,991

Canada — 0.4%

Innergex Renewable Energy, Inc.

1,179

 7,253

Northland Power, Inc.

598

 8,395

Total Canada

 15,648

China — 2.9%

NXP Semiconductors NV

691

 119,149

Denmark — 5.6%

AP Moller - Maersk A/S, Class B

40

 66,418

Chr Hansen Holding A/S

453

 30,825

Orsted A/S

831

 39,988

Vestas Wind Systems A/S*

4,329

 93,344

Total Denmark

 230,575

Faroe Islands — 0.2%

Bakkafrost P/F

230

 10,366

Finland — 1.3%

Stora Enso OYJ, Class R

2,502

 29,950

Wartsila OYJ Abp

2,017

 23,964

Total Finland

 53,914

France — 5.8%

Dassault Systemes SE

2,922

 119,883

Legrand SA

1,152

 99,216

Neoen SA

377

 9,914

Verallia SA

253

 8,220

Total France

 237,233

Germany — 12.1%

adidas AG

705

 124,595

Encavis AG*

758

 9,859

Infineon Technologies AG

3,937

 114,335

Nordex SE*

930

 9,757

Puma SE

445

 25,071

Siemens AG

923

 121,913

SMA Solar Technology AG*

142

 8,668

Symrise AG

586

 59,587

Zalando SE*

1,025

 23,825

Total Germany

 497,610

Ireland — 2.0%

Kingspan Group PLC

675

 45,291

Smurfit Kappa Group PLC(a)

1,142

 37,194

Total Ireland

 82,485

Italy — 0.2%

ERG SpA

417

 10,226

Japan — 8.6%

Azbil Corp.

355

 10,347

FANUC Corp.

4,197

 101,236

Kurita Water Industries Ltd.

299

 8,959

Nippon Yusen K.K.

2,078

 50,453

Nitto Denko Corp.

605

 38,682

Panasonic Holdings Corp.

9,342

 80,747

Rohm Co., Ltd.

1,460

 23,002

TOTO Ltd.

421

 10,071

Yaskawa Electric Corp.

946

 30,464

Total Japan

 353,961

Shares

Value

Common Stocks (continued)

Norway — 0.3%

Leroy Seafood Group ASA

2,748

$10,872

Portugal — 1.4%

EDP - Energias de Portugal SA

13,426

 56,340

Singapore — 2.7%

STMicroelectronics NV

2,884

 109,682

South Africa — 0.2%

Woolworths Holdings Ltd.

2,721

10,072

Spain — 3.9%

EDP Renovaveis SA

1,298

 20,841

Iberdrola SA

11,481

 127,422

Solaria Energia y Medio Ambiente SA*(a)

778

 11,636

Total Spain

 159,899

Sweden — 0.2%

Thule Group AB

401

 9,091

Switzerland — 4.7%

ABB Ltd.

3,655

 122,255

DSM-Firmenich AG

791

 71,561

Total Switzerland

 193,816

United Kingdom — 4.6%

Burberry Group PLC

1,619

 33,240

DS Smith PLC

6,018

 20,827

Kingfisher PLC

8,156

 20,764

Pennon Group PLC

1,435

 12,650

Severn Trent PLC

1,025

 33,035

Spirax-Sarco Engineering PLC

320

 31,810

United Utilities Group PLC

2,954

 38,103

Total United Kingdom

 190,429

United States — 41.6%

Acuity Brands, Inc.

71

 11,500

Advanced Micro Devices, Inc.*

1,326

 130,611

American Water Works Co., Inc.

862

 101,414

Avangrid, Inc.

321

 9,588

Badger Meter, Inc.

69

 9,560

Ball Corp.

1,379

 66,399

Brookfield Renewable Corp., Class A

790

 17,980

Cadence Design Systems, Inc.*

583

 139,833

Ecolab, Inc.

751

 125,973

Enphase Energy, Inc.*

580

 46,156

Exelon Corp.

3,364

 130,994

First Solar, Inc.*

446

 63,533

Graphic Packaging Holding Co.

1,339

 28,802

Greif, Inc., Class A

156

 9,906

Intel Corp.

4,078

 148,847

Microsoft Corp.

420

 142,006

NIKE, Inc., Class B

1,372

 141,000

O-I Glass, Inc.*

577

 8,915

Ormat Technologies, Inc.

149

 9,169

Schneider Electric SE

804

 123,209

Signify NV

412

 10,652

SolarEdge Technologies, Inc.*

247

 18,760

Sun Communities, Inc.

539

 59,958

Sunrun, Inc.*

807

 7,788

Williams-Sonoma, Inc.(a)

278

 41,767

Xylem, Inc.

1,060

 99,152

76

See notes to financial statements.

Schedule of Investments — IQ Clean Oceans ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Common Stocks (continued)

United States (continued)

YETI Holdings, Inc.*

241

$10,247

Total United States

 1,713,719

Total Common Stocks
(Cost $4,772,726)

 4,108,078

Short-Term Investment — 0.0%(b)

Money Market Fund — 0.0%(b)

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(c)
(Cost $601)

601

601

Shares

Value

Total Investments — 99.7%
(Cost $4,773,327)

$4,108,679

Other Assets and Liabilities,
Net — 0.3
%

13,624

Net Assets — 100%

$4,122,303

 

*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 $82,181total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $83,922.

(b)Less than 0.05%.

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


The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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

$4,108,078

$

$

$4,108,078

Short-Term Investment:

Money Market Funds

 601

 —

 —

 601

Total Investments in Securities

$4,108,679

$

$

$4,108,679

 

(d)For a complete listing of investments and their countries, see the Schedule of Investments.

For the period ended October 31, 2023 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.(See Note 2)

77

See notes to financial statements.

Schedule of Investments — IQ Cleaner Transport ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 96.9%

Belgium — 0.3%

Umicore SA

657

$15,590

China — 9.7%

BYD Co., Ltd., Class H

6,227

 188,929

Flat Glass Group Co., Ltd., Class H*

10,244

 18,355

Li Auto, Inc., Class A*

3,645

 62,283

NIO, Inc.*

5,167

 37,719

NXP Semiconductors NV

851

 146,738

Xinyi Solar Holdings Ltd.

21,678

 12,744

XPeng, Inc., A Shares*

3,569

 26,364

Zhuzhou CRRC Times Electric Co., Ltd., Class H

5,874

 18,955

Total China

 512,087

Denmark — 2.2%

AP Moller - Maersk A/S, Class B

29

 48,153

Vestas Wind Systems A/S*

3,222

 69,474

Total Denmark

 117,627

Finland — 0.3%

Wartsila OYJ Abp

1,504

 17,869

France — 2.1%

Alstom SA

1,237

 16,671

Forvia SE*

714

 11,954

Legrand SA

858

 73,895

Valeo SE

783

 10,296

Total France

 112,816

Germany — 11.9%

Bayerische Motoren Werke AG

1,014

 93,922

E.ON SE

7,318

 86,788

Infineon Technologies AG

4,296

 124,761

Mercedes-Benz Group AG

2,459

 144,072

Nordex SE*

1,220

 12,800

Siemens AG

1,208

 159,557

SMA Solar Technology AG*

186

 11,354

Total Germany

 633,254

Hong Kong — 0.4%

MTR Corp., Ltd.

5,185

 19,383

Italy — 0.3%

ERG SpA

547

 13,414

Japan — 13.9%

Central Japan Railway Co.

2,100

 47,090

Denso Corp.

5,108

 74,186

East Japan Railway Co.

945

 49,120

Honda Motor Co., Ltd.

13,641

 135,694

Koito Manufacturing Co., Ltd.

901

 13,324

NIDEC CORP

1,327

 47,500

Panasonic Holdings Corp.

6,953

 60,098

Shimano, Inc.

230

 32,736

Sumitomo Electric Industries Ltd.

2,236

 23,165

TDK Corp.

1,221

 44,811

Toyota Motor Corp.

10,863

 185,778

Yamaha Motor Co., Ltd.

935

 22,454

Total Japan

 735,956

Portugal — 0.8%

EDP - Energias de Portugal SA

10,013

 42,018

Singapore — 1.5%

STMicroelectronics NV

2,147

 81,653

Shares

Value

Common Stocks (continued)

South Korea — 1.7%

LG Energy Solution Ltd.*

131

$37,392

Samsung SDI Co., Ltd.

171

 53,875

Total South Korea

 91,267

Spain — 3.7%

EDP Renovaveis SA

968

 15,542

Iberdrola SA

15,029

166,800

Solaria Energia y Medio Ambiente SA*(a)

1,021

 15,271

Total Spain

 197,613

Sweden — 0.2%

Thule Group AB

526

 11,925

Switzerland — 3.5%

ABB Ltd.

4,784

 160,018

Landis+Gyr Group AG*

203

 14,990

Meyer Burger Technology AG*

32,072

 8,578

Total Switzerland

 183,586

Taiwan — 2.3%

Compal Electronics, Inc.

14,152

 12,239

Delta Electronics, Inc.

7,082

 63,429

Evergreen Marine Corp. Taiwan Ltd.

5,976

 19,806

Taiwan High Speed Rail Corp.

15,717

 14,246

Wan Hai Lines Ltd.

10,221

 14,559

Total Taiwan

 124,279

United Kingdom — 2.7%

National Grid PLC

11,975

 142,200

United States — 39.4%

Advanced Micro Devices, Inc.*

1,736

 170,996

Alphabet, Inc., Class A*

1,367

 169,617

Apple, Inc.

994

 169,745

Aptiv PLC*

930

 81,096

Array Technologies, Inc.*

647

 11,212

Bloom Energy Corp., Class A*

1,018

 10,587

Brookfield Renewable Corp., Class A

589

 13,406

Edison International

1,266

 79,834

Enphase Energy, Inc.*

433

 34,458

Exelon Corp.

3,279

 127,684

First Solar, Inc.*

335

 47,721

Intel Corp.

5,338

 194,837

Itron, Inc.*

218

 12,487

Jabil, Inc.

412

 50,594

Lucid Group, Inc.*

2,446

 10,077

NextEra Energy, Inc.

2,612

 152,280

NVIDIA Corp.

386

 157,411

Plug Power, Inc.*(a)

1,811

 10,667

Rivian Automotive, Inc., Class A*

2,147

 34,824

Schneider Electric SE

1,053

 161,366

Shoals Technologies Group, Inc., Class A*

764

 11,735

SolarEdge Technologies, Inc.*

184

 13,975

Tesla, Inc.*

744

 149,425

Texas Instruments, Inc.

1,058

 150,247

Westinghouse Air Brake Technologies Corp.

586

 62,128

Total United States

 2,088,409

Total Common Stocks
(Cost $6,001,967)

 5,140,946

78

See notes to financial statements.

Schedule of Investments — IQ Cleaner Transport ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Preferred Stock — 2.9%

Germany — 2.9%

Volkswagen AG, 27.97%
(Cost $263,037)

1,470

$155,116

Short-Term Investment — 0.2%

Money Market Fund — 0.2%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)
(Cost $10,378)

10,378

10,378

Shares

Value

Total Investments — 100.0%
(Cost $6,275,382)

$5,306,440

Other Assets and Liabilities,
Net — 0.0%
(d)

(1,703

)

Net Assets — 100%

$5,304,737

 

*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 $24,942; total market value of collateral held by the Fund was $25,358. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $14,980.

(b)Reflects the 1-day yield at October 31, 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 October 31, 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

$5,140,946

$

$

$5,140,946

Preferred Stock

 155,116

 —

 —

 155,116

Short-Term Investment:

Money Market Fund

 10,378

 —

 —

 10,378

Total Investments in Securities

$5,306,440

$

$

$5,306,440

 

(e)For a complete listing of investments and their countries, see the Schedule of Investments.

For the period ended October 31, 2023 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.

79

See notes to financial statements.

Schedule of Investments — IQ Engender Equality ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.9%

Communication Services — 7.5%

Interpublic Group of Cos., Inc. (The)

2,416

$68,614

Meta Platforms, Inc., Class A*

248

 74,715

Omnicom Group, Inc.

961

 71,989

Pinterest, Inc., Class A*

2,888

 86,293

Verizon Communications, Inc.

2,198

 77,216

Total Communication Services

 378,827

Consumer Discretionary — 15.5%

Best Buy Co., Inc.

1,028

 68,691

Choice Hotels International, Inc.

592

 65,416

DoorDash, Inc., Class A*

918

 68,804

eBay, Inc.

1,667

 65,396

Etsy, Inc.*

1,144

 71,271

Expedia Group, Inc.*

695

 66,227

General Motors Co.

2,187

 61,673

Hasbro, Inc.

1,119

 50,523

McDonald’s Corp.

267

 69,999

PVH Corp.

936

 69,592

Service Corp. International

1,223

 66,556

VF Corp.

4,089

 60,231

Total Consumer Discretionary

 784,379

Consumer Staples — 14.9%

Clorox Co. (The)

508

 59,792

Coca-Cola Co. (The)

1,282

 72,420

General Mills, Inc.

1,128

 73,591

J M Smucker Co. (The)

586

 66,710

Kellanova

1,239

 62,532

Kimberly-Clark Corp.

594

 71,066

Mondelez International, Inc., Class A

1,034

 68,461

PepsiCo, Inc.

414

 67,598

Procter & Gamble Co. (The)

485

 72,765

Target Corp.

604

 66,917

Walgreens Boots Alliance, Inc.

3,312

 69,817

WK Kellogg Co.*

309

 3,096

Total Consumer Staples

 754,765

Financials — 18.8%

American Express Co.

454

 66,298

Bank of America Corp.

2,575

 67,825

BlackRock, Inc.

107

 65,514

Citigroup, Inc.

1,739

 68,673

Mastercard, Inc., Class A

180

 67,743

MetLife, Inc.

1,131

 67,871

Moody’s Corp.

218

 67,144

PayPal Holdings, Inc.*

1,157

 59,933

Prudential Financial, Inc.

754

 68,946

Raymond James Financial, Inc.

690

 65,854

S&P Global, Inc.

192

 67,068

Synchrony Financial

2,284

 64,066

Wells Fargo & Co.

1,729

 68,762

Willis Towers Watson PLC

363

 85,628

Total Financials

 951,325

Health Care — 17.7%

AbbVie, Inc.

489

 69,037

Amgen, Inc.

285

 72,874

Biogen, Inc.*

292

 69,362

BioMarin Pharmaceutical, Inc.*

844

 68,744

Boston Scientific Corp.*

1,404

 71,871

Cencora, Inc.

417

 77,207

Shares

Value

Common Stocks (continued)

Health Care (continued)

Centene Corp.*

1,097

$75,671

Illumina, Inc.*

508

 55,585

Johnson & Johnson

461

 68,385

Merck & Co., Inc.

691

 70,966

Organon & Co.

3,800

 56,202

Shockwave Medical, Inc.*

349

 71,985

Zoetis, Inc.

413

 64,841

Total Health Care

 892,730

Industrials — 8.9%

Automatic Data Processing, Inc.

303

 66,121

Cummins, Inc.

316

68,351

Lyft, Inc., Class A*

6,583

 60,366

Sunrun, Inc.*

4,931

 47,584

Uber Technologies, Inc.*

1,563

 67,647

Verisk Analytics, Inc.

303

 68,890

Xylem, Inc.

777

 72,680

Total Industrials

 451,639

Information Technology — 8.5%

Accenture PLC, Class A

238

 70,707

Autodesk, Inc.*

349

 68,973

Keysight Technologies, Inc.*

559

 68,226

Microsoft Corp.

225

 76,075

Salesforce, Inc.*

347

 69,688

Tyler Technologies, Inc.*

198

 73,834

Total Information Technology

 427,503

Materials — 4.2%

Dow, Inc.

1,382

 66,806

Ecolab, Inc.

418

 70,115

International Flavors & Fragrances, Inc.

1,077

 73,613

Total Materials

 210,534

Real Estate — 1.4%

Essex Property Trust, Inc.

330

 70,594

Utilities — 2.5%

American Water Works Co., Inc.

535

 62,943

Edison International

1,038

 65,456

Total Utilities

 128,399

Total Common Stocks
(Cost $5,629,272)

 5,050,695

Short-Term Investment — 0.0%(a)

Money Market Funds — 0.0%(a)

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)
(Cost $356)

356

 356

Total Investments — 99.9%
(Cost $5,629,628)

5,051,051

Other Assets and Liabilities,
Net — 0.1
%

4,154

Net Assets — 100%

$5,055,205

 

*Non-income producing securities.

(a)Less than 0.05%.

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

80

See notes to financial statements.

Schedule of Investments — IQ Engender Equality ETF (continued)

October 31, 2023 (unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 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

$5,050,695

$

$

$5,050,695

Short-Term Investment:

Money Market Funds

 356

 —

 —

 356

Total Investments in Securities

$5,051,051

$

$

$5,051,051

 

(c)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2023 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

81

See notes to financial statements.

Schedule of Investments — IQ Healthy Hearts ETF

October 31, 2023 (unaudited)

Shares

Value

Common Stocks — 99.8%

Australia — 0.5%

Ramsay Health Care Ltd.

1,358

$41,856

Canada — 1.1%

George Weston Ltd.

383

 41,499

Loblaw Cos. Ltd.

491

 40,115

Total Canada

 81,614

China — 0.7%

China Traditional Chinese Medicine Holdings Co., Ltd.

108,747

 53,508

Denmark — 5.5%

Novo Nordisk A/S, Class B

4,549

 436,131

Germany — 2.2%

adidas AG

329

 58,145

Fresenius SE & Co. KGaA

1,329

 34,051

Puma SE

648

 36,507

Siemens Healthineers AG

858

 42,008

Total Germany

 170,711

Ireland — 0.5%

Glanbia PLC

2,536

 39,887

Italy — 0.4%

Moncler SpA

625

 32,331

Japan — 2.0%

Asahi Intecc Co., Ltd.

2,164

 35,887

Nihon Kohden Corp.

1,633

 38,365

Sawai Group Holdings Co., Ltd.

1,394

 44,238

Shimano, Inc.

289

 41,133

Total Japan

 159,623

Malaysia — 0.5%

IHH Healthcare Bhd

32,645

 41,110

Netherlands — 0.5%

Basic-Fit NV * (a)

1,478

 37,681

South Africa — 0.5%

Netcare Ltd.

58,559

 40,326

Spain — 0.4%

Fluidra SA

1,932

 33,940

Sweden — 0.9%

Axfood AB

1,791

 39,531

Thule Group AB

1,502

 34,052

Total Sweden

 73,583

Switzerland — 5.4%

Novartis AG

4,153

 385,797

On Holding AG, Class A*

1,461

 37,504

Total Switzerland

 423,301

Taiwan — 1.5%

Feng TAY Enterprise Co., Ltd.

7,967

 43,845

Giant Manufacturing Co., Ltd.

7,007

 35,213

Merida Industry Co., Ltd.

7,234

 36,912

Total Taiwan

 115,970

Thailand — 1.0%

Bangkok Dusit Medical Services PCL

53,127

 39,170

Bumrungrad Hospital PCL

5,714

 41,334

Total Thailand

 80,504

Shares

Value

Common Stocks (continued)

United Kingdom — 5.5%

AstraZeneca PLC

3,139

$390,423

Frasers Group PLC*

4,274

 41,646

Total United Kingdom

 432,069

United States — 70.7%

Abbott Laboratories

4,031

 381,131

Acadia Healthcare Co., Inc.*

554

40,725

Alphabet, Inc., Class A*

3,234

 401,275

Apple, Inc.

2,352

 401,651

Boston Scientific Corp.*

3,016

 154,389

Bristol-Myers Squibb Co.

6,766

 348,652

Campbell Soup Co.

998

 40,329

Centene Corp.*

1,130

 77,947

Cytokinetics, Inc.*

1,205

 42,006

Deckers Outdoor Corp.*

81

 48,362

Dick’s Sporting Goods, Inc.

376

 40,213

Edwards Lifesciences Corp.*

1,244

 79,268

Elevance Health, Inc.

487

 219,194

Eli Lilly & Co.

759

 420,433

Encompass Health Corp.

607

 37,974

Garmin Ltd.

406

 41,627

General Mills, Inc.

1,210

 78,940

Hanesbrands, Inc.(a)

8,468

 35,481

HCA Healthcare, Inc.

420

 94,979

Inari Medical, Inc.*

637

 38,672

Johnson & Johnson

2,526

 374,707

Kellanova

686

 34,622

LivaNova PLC*

754

 36,984

Medtronic PLC

2,757

 194,534

Merit Medical Systems, Inc.*

625

 42,963

Molina Healthcare, Inc.*

132

 43,949

NIKE, Inc., Class B

2,439

 250,656

Peloton Interactive, Inc., Class A*

7,204

 34,291

Pentair PLC

626

 36,383

Penumbra, Inc.*

167

 31,922

Pfizer, Inc.

11,545

 352,815

Planet Fitness, Inc., Class A*

700

 38,689

Pool Corp.

119

 37,577

Rhythm Pharmaceuticals, Inc.*

1,626

 37,577

Sanofi SA

2,299

 208,256

Select Medical Holdings Corp.

1,486

 33,777

Shockwave Medical, Inc.*

196

 40,427

Tenet Healthcare Corp.*

566

 30,394

Topgolf Callaway Brands Corp.*

2,556

 31,234

Under Armour, Inc., Class A*

5,834

 39,963

United Therapeutics Corp.*

183

 40,783

UnitedHealth Group, Inc.

859

 460,046

Vail Resorts, Inc.

190

 40,327

VF Corp.

2,226

 32,789

YETI Holdings, Inc.* (a)

900

 38,268

Total United States

 5,567,181

Total Common Stocks
(Cost $7,840,530)

 7,861,326

82

See notes to financial statements.

Schedule of Investments — IQ Healthy Hearts ETF (continued)

October 31, 2023 (unaudited)

Shares

Value

Short-Term Investments — 0.5%

Money Market Funds — 0.5%

Dreyfus Government Cash Management Fund, Institutional Shares, 5.24%(b)(c)

37,968

$37,968

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%(b)

1,834

 1,834

Total Short-Term Investments
(Cost $39,802)

 39,802

Shares

Value

Total Investments — 100.3%
(Cost $7,880,332)

$7,901,128

Other Assets and Liabilities,
Net — (0.3)
%

(20,762

)

Net Assets — 100%

$7,880,366

 

*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 $107,872; total market value of collateral held by the Fund was $110,486. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $72,518.

(b)Reflects the 1-day yield at October 31, 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 October 31, 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

$7,861,326

$

$

$7,861,326

Short-Term Investments:

Money Market Funds

 39,802

 —

 —

 39,802

Total Investments in Securities

$7,901,128

$

$

$7,901,128

 

(d)For a complete listing of investments and their countries, see the Schedule of Investments.

For the period ended October 31, 2023 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.(See Notes 2)

83

See notes to financial statements.

Statements of Assets and Liabilities

October 31, 2023 (unaudited)

IQ Hedge
Multi-Strategy
Tracker ETF

IQ Merger
Arbitrage
ETF

IQ 500
International
ETF

IQ Candriam
International
Equity ETF

Assets

Investments, at value (including securities on loan)(a)

$666,822,054

$441,919,272

$188,276,101

$176,710,947

Investments in affiliates, at value

29,015,088

Cash

664,679

632,371

Foreign currency(b)

7,435

Deposits at broker for swap contracts

500,000

Receivable for investments sold

1,480,027

18,861,059

61

16

Due from broker

694,877

3,117,364

Securities lending income receivable

268,524

3,932

1,589

567

Prepaid expenses

110

238

34

77

Reclaims receivable

83,461

435,459

560,890

Dividend receivable

1,716,912

654,819

426,226

Total Assets

699,445,359

466,334,609

189,375,498

177,698,723

Liabilities

Collateral for investments on loan

103,985,582

11,492,534

4,889,242

443,654

Payable for capital shares repurchased

1,484,266

4,716,441

Advisory fees payable

267,139

292,740

36,625

20,372

Trustee fees payable

2,025

1,422

700

607

Compliance fees payable

116

99

23

26

Payable for investments purchased

1,752

Cash due to custodian

124

Foreign currency due to custodian(b)

208,501

13,123

Accrued expenses and other liabilities

217

256

32

12

Total Liabilities

105,739,345

16,713,745

4,926,746

477,794

Net Assets

$593,706,014

$449,620,864

$184,448,752

$177,220,929

Composition of Net Assets

Paid-in capital

$685,511,279

$519,867,969

$202,313,558

$191,100,111

Total distributable earnings/(accumulated loss)

(91,805,265

)

(70,247,105

)

(17,864,806

)

(13,879,182

)

Net Assets

$593,706,014

$449,620,864

$184,448,752

$177,220,929

NET ASSET VALUE PER SHARE

Shares Outstanding (no par value, unlimited shares authorized)

20,000,000

14,300,000

6,300,000

7,175,000

Net Asset Value Per Share

$29.69

$31.44

$29.28

$24.70

Investments, at cost

$678,352,884

$447,423,813

$196,349,638

$184,787,496

Investments in affiliates, at cost

$28,702,583

$

$

$

(a)Market value of securities on loan

$145,512,590

$19,378,101

$6,534,566

$867,845

(b)Cost of foreign currency

$

$(207,682

)

$7,352

$(13,150

)

84

See notes to financial statements.

Statements of Assets and Liabilities (continued)

October 31, 2023 (unaudited)

IQ Candriam
U.S. Mid Cap
Equity ETF

IQ Candriam
U.S. Large Cap
Equity ETF

IQ U.S.
Large Cap
ETF

IQ U.S.
Small Cap
ETF

Assets

Investments, at value (including securities on loan)(a)

$157,518,114

$308,476,191

$215,853,750

$162,970,729

Dividend receivable

101,993

180,348

230,488

55,813

Prepaid expenses

75

130

Receivable for investments sold

352,539

Receivable for capital shares transactions

1,658

Securities lending income receivable

726

5,393

Total Assets

157,620,182

308,657,395

216,085,896

163,384,474

Liabilities

Payable for investments purchased

113,119

356,535

Advisory fees payable

16,545

19,480

44,033

47,070

Trustee fees payable

515

1,271

841

932

Cash due to custodian

429

Compliance fees payable

4

66

7

35

Collateral for investments on loan

7,795

1,507,181

Accrued expenses and other liabilities

44

11

85

65

Total Liabilities

130,656

28,623

44,966

1,911,818

Net Assets

$157,489,526

$308,628,772

$216,040,930

$161,472,656

Composition of Net Assets

Paid-in capital

$177,026,354

$279,834,888

$259,465,347

$262,191,285

Total distributable earnings/(accumulated loss)

(19,536,828

)

28,793,884

(43,424,417

)

(100,718,629

)

Net Assets

$157,489,526

$308,628,772

$216,040,930

$161,472,656

NET ASSET VALUE PER SHARE

Shares Outstanding (no par value, unlimited shares authorized)

6,300,000

8,425,000

6,850,000

5,475,000

Net Asset Value Per Share

$25.00

$36.63

$31.54

$29.49

Investments, at cost

$177,116,780

$294,267,874

$216,627,700

$183,842,027

(a)Market value of securities on loan

$

$4,885,790

$

$4,990,138

85

See notes to financial statements.

Statements of Assets and Liabilities (continued)

October 31, 2023 (unaudited)

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)

$16,894,624

$397,166,345

$4,047,076

$4,923,291

Restricted Cash for forward foreign currency contracts

20,492

Foreign currency(b)

156,531

Dividend receivable

17,663

1,048,747

122

3,729

Reclaims receivable

1,945

756,017

Securities lending income receivable

22

1,765

192

4

Receivable for investments sold

2,217,325

Unrealized appreciation on forward foreign currency contracts

1,969,594

Total Assets

16,914,254

403,336,816

4,047,390

4,927,024

Liabilities

Collateral for investments on loan

252,832

4,571,666

33,319

31,416

Advisory fees payable

8,688

64,763

483

480

Foreign currency due to custodian(b)

142

Trustee fees payable

96

1,305

17

27

Compliance fees payable

7

Payable for investments purchased

166

Deposits from brokers for forward foreign currency contracts

20,492

Payable for capital shares repurchased

2,225,341

Cash due to custodian

871,518

Unrealized depreciation on forward foreign currency contracts

192,750

Accrued expenses and other liabilities

54

388

42

38

Total Liabilities

261,812

7,948,396

33,861

31,961

Net Assets

$16,652,442

$395,388,420

$4,013,529

$4,895,063

Composition of Net Assets

Paid-in capital

$36,635,963

$419,729,825

$5,139,287

$5,053,583

Total distributable earnings/(accumulated loss)

(19,983,521

)

(24,341,405

)

(1,125,758

)

(158,520

)

Net Assets

$16,652,442

$395,388,420

$4,013,529

$4,895,063

NET ASSET VALUE PER SHARE

Shares Outstanding (no par value, unlimited shares authorized)

975,000

17,750,000

200,000

200,000

Net Asset Value Per Share

$17.08

$22.28

$20.07

$24.48

Investments, at cost

$21,008,566

$416,151,759

$4,593,702

$4,932,103

(a)Market value of securities on loan

$381,355

$8,097,196

$115,503

$42,606

(b)Cost of foreign currency

$(141

)

$154,975

$

$

86

See notes to financial statements.

Statements of Assets and Liabilities (continued)

October 31, 2023 (unaudited)

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)

$6,342,781

$37,596,496

$6,489,129

$4,108,679

Foreign currency(b)

1,058

84,012

Receivable for investments sold

1,151,808

21

143,741

Dividend receivable

11,002

46,876

1,422

4,709

Reclaims receivable

5,371

39,680

10,496

Securities lending income receivable

6

114

125

8

Interest receivable

5,823

Total Assets

7,512,026

37,767,199

6,640,240

4,123,892

Liabilities

Payable for capital shares repurchased

1,151,587

Collateral for investments on loan

30,935

317,669

Advisory fees payable

675

9,685

1,216

1,564

Trustee fees payable

69

117

44

18

Compliance fees payable

2

2

4

1

Payable for investments purchased

112,030

Foreign currency due to custodian(b)

2

Accrued expenses and other liabilities

71

31

24

4

Total Liabilities

1,183,339

9,835

430,987

1,589

Net Assets

$6,328,687

$37,757,364

$6,209,253

$4,122,303

Composition of Net Assets

Paid-in capital

$7,083,877

$99,949,797

$9,177,621

$5,664,989

Total distributable earnings/(accumulated loss)

(755,190

)

(62,192,433

)

(2,968,368

)

(1,542,686

)

Net Assets

$6,328,687

$37,757,364

$6,209,253

$4,122,303

NET ASSET VALUE PER SHARE

Shares Outstanding (no par value, unlimited shares authorized)

275,000

1,200,000

250,000

225,000

Net Asset Value Per Share

$23.01

$31.46

$24.84

$18.32

Investments, at cost

$7,281,621

$38,506,525

$7,201,323

$4,773,327

(a)Market value of securities on loan

$38,133

$182,825

$623,682

$82,181

(b)Cost of foreign currency

$1,059

$84,358

$

$(2

)

87

See notes to financial statements.

Statements of Assets and Liabilities (continued)

October 31, 2023 (unaudited)

IQ Cleaner
Transport ETF

IQ Engender
Equality ETF

IQ Healthy
Hearts ETF

Assets

Investments, at value (including securities on loan)(a)

$5,306,440

$5,051,051

$7,901,128

Reclaims receivable

16,340

12,804

Dividend receivable

8,139

6,092

7,574

Securities lending income receivable

43

28

Prepaid expenses

3

Total Assets

5,330,962

5,057,146

7,921,534

Liabilities

Cash due to custodian

13,820

Collateral for investments on loan

10,378

37,968

Advisory fees payable

1,969

1,919

2,872

Trustee fees payable

31

17

42

Foreign currency due to custodian(b)

240

Accrued expenses and other liabilities

27

5

46

Total Liabilities

26,225

1,941

41,168

Net Assets

$5,304,737

$5,055,205

$7,880,366

Composition of Net Assets

Paid-in capital

$6,968,206

$6,393,419

$8,274,195

Total distributable earnings/(accumulated loss)

(1,663,469

)

(1,338,214

)

(393,829

)

Net Assets

$5,304,737

$5,055,205

$7,880,366

NET ASSET VALUE PER SHARE

Shares Outstanding (no par value, unlimited shares authorized)

275,000

250,000

300,000

Net Asset Value Per Share

$19.29

$20.22

$26.27

Investments, at cost

$6,275,382

$5,629,628

$7,880,332

(a)Market value of securities on loan

$24,942

$

$107,872

(b)Cost of foreign currency

$

$

$(243

)

88

See notes to financial statements.

Statements of Operations

For the Six Months Ended October 31, 2023 (unaudited)

IQ Hedge
Multi-Strategy
Tracker ETF

IQ Merger
Arbitrage
ETF

IQ 500
International
ETF

IQ Candriam
International
Equity ETF

Investment Income

Dividend income*

$13,995,434

$2,361,174

$3,786,264

$2,715,388

Dividend income from affiliates

115,733

Interest income

11,406

Securities lending income, net of borrower rebates

548,807

37,880

21,962

13,106

Total investment income

14,659,974

2,410,460

3,808,226

2,728,494

Expenses

Advisory fees (See Note 3)

 2,321,902

 1,755,014

 242,485

 141,550

Trustee fees

 24,777

 18,328

 8,233

 7,917

Legal fees

11,280

8,369

3,706

3,590

Compliance fees

 787

 599

 253

 251

Miscellaneous

717

1,372

107

36

Total expenses

2,359,463

1,783,682

254,784

153,344

Waivers/Reimbursement (See Note 3)

(684,388

)

(12,299

)

(11,795

)

Net expenses

1,675,075

1,783,682

242,485

141,549

Net investment income

12,984,899

626,778

3,565,741

2,586,945

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investment securities

(3,021,163

)

4,030,265

(2,828,904

)

141,053

Investment in affiliates

(221,818

)

In-Kind redemptions

2,018,954

155,282

877,600

1,363,297

Affiliates in-kind redemptions

34,780

Swap transactions

1,108,497

(2,914,086

)

Foreign currency transactions

(85,013

)

(119,513

)

(88,509

)

Net realized gain (loss)

(80,750

)

1,186,448

(2,070,817

)

1,415,841

Net change in net unrealized appreciation (depreciation) on:

Investment securities

(6,183,084

)

(5,662,731

)

(11,414,134

)

(19,060,620

)

Investment in affiliates

462,973

Foreign currency translations

(119,377

)

(7,797

)

(16,098

)

Net change in net unrealized depreciation

(5,720,111

)

(5,782,108

)

(11,421,931

)

(19,076,718

)

Net realized and unrealized gain (loss)

(5,800,861

)

(4,595,660

)

(13,492,748

)

(17,660,877

)

Net Increase (Decrease) in Net Assets Resulting from Operations

$7,184,038

$(3,968,882

)

$(9,927,007

)

$(15,073,932

)

*Net of foreign taxes withheld of:

$

$22,244

$458,477

$304,519

89

See notes to financial statements.

Statements of Operations (continued)

For the Six Months Ended October 31, 2023 (unaudited)

IQ Candriam
U.S. Mid Cap
Equity ETF

IQ Candriam
U.S. Large Cap
Equity ETF

IQ U.S.
Large Cap
ETF

IQ U.S.
Small Cap
ETF

Investment Income

Dividend income*

$898,184

$2,493,428

$2,667,358

$1,740,871

Securities lending income, net of borrower rebates

3,154

30,617

Total investment income

898,184

2,496,582

2,667,358

1,771,488

Expenses

Advisory fees (See Note 3)

 83,881

 164,851

 322,991

 358,209

Trustee fees

 4,524

 15,354

 10,771

 9,014

Legal fees

1,457

7,043

5,153

4,367

Compliance fees

 101

 497

 312

 302

Miscellaneous

29

37

36

36

Total expenses

89,992

187,782

339,263

371,928

Waivers/Reimbursement (See Note 3)

(6,110

)

(22,930

)

(16,272

)

(13,719

)

Net expenses

83,882

164,852

322,991

358,209

Net investment income

814,302

2,331,730

2,344,367

1,413,279

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investment securities

(1,058,323

)

(1,415,351

)

(159,669

)

390,739

In-Kind redemptions

923,325

23,071,493

4,853,829

7,496,521

Net realized gain (loss)

(134,998

)

21,656,142

4,694,160

7,887,260

Net change in net unrealized appreciation (depreciation) on:

Investment securities

(19,826,589

)

(7,811,343

)

(12,122,693

)

(10,406,659

)

Net change in net unrealized depreciation

(19,826,589

)

(7,811,343

)

(12,122,693

)

(10,406,659

)

Net realized and unrealized gain (loss)

(19,961,587

)

13,844,799

(7,428,533

)

(2,519,399

)

Net Increase (Decrease) in Net Assets Resulting from Operations

$(19,147,285

)

$16,176,529

$(5,084,166

)

$(1,106,120

)

*Net of foreign taxes withheld of:

$1,995

$

$

$780

90

See notes to financial statements.

Statements of Operations (continued)

For the Six Months Ended October 31, 2023 (unaudited)

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*

$387,247

$5,437,465

$17,442

$31,630

Securities lending income, net of borrower rebates

528

22,188

2,631

378

Total investment income

387,775

5,459,653

20,073

32,008

Expenses

Advisory fees (See Note 3)

 61,202

 361,968

 3,520

 3,550

Trustee fees

 776

 16,622

 187

 226

Legal fees

395

7,021

98

105

Compliance fees

 30

 477

 5

 6

Miscellaneous

36

95

19

18

Total expenses

62,439

386,183

3,829

3,905

Waivers/Reimbursement (See Note 3)

(1,237

)

(310

)

(357

)

Net expenses

61,202

386,183

3,519

3,548

Net investment income

326,573

5,073,470

16,554

28,460

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investment securities

(411,046

)

(2,782,870

)

(179,985

)

(10,467

)

In-Kind redemptions

(299,058

)

1,040,208

Forward foreign currency contracts

10,818,697

Foreign currency transactions

(2,440

)

(136,361

)

Net realized gain (loss)

(712,544

)

8,939,674

(179,985

)

(10,467

)

Net change in net unrealized appreciation (depreciation) on:

Investment securities

(1,827,653

)

(34,782,968

)

92,147

303,450

Forward foreign currency contracts

1,985,994

Foreign currency translations

(1,013

)

(18,458

)

Net change in net unrealized appreciation (depreciation)

(1,828,666

)

(32,815,432

)

92,147

303,450

Net realized and unrealized gain (loss)

(2,541,210

)

(23,875,758

)

(87,838

)

292,983

Net Increase (Decrease) in Net Assets Resulting from Operations

$(2,214,637

)

$(18,802,288

)

$(71,284

)

$321,443

*Net of foreign taxes withheld of:

$14,377

$536,190

$

$

91

See notes to financial statements.

Statements of Operations (continued)

For the Six Months Ended October 31, 2023 (unaudited)

IQ Global Equity
R&D Leaders ETF

IQ Global
Resources ETF

IQ Real Return
ETF

IQ Clean
Oceans ETF

Investment Income

Dividend income*

$100,368

$744,108

$17,376

$39,116

Non-cash dividend income

4,089

Interest income

65,661

Securities lending income, net of borrower rebates

32

1,249

402

295

Total investment income

100,400

745,357

83,439

43,500

Expenses

Advisory fees (See Note 3)

 10,775

 56,199

 9,213

 10,758

Trustee fees

 600

 1,535

 203

 209

Legal fees

292

694

110

94

Compliance fees

 18

 44

 7

 7

Miscellaneous

19

36

36

Total expenses

11,704

58,508

9,569

11,068

Waivers/Reimbursement (See Note 3)

(930

)

(2,309

)

(1,906

)

(310

)

Net expenses

10,774

56,199

7,663

10,758

Net investment income

89,626

689,158

75,776

32,742

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investment securities

(158,926

)

(305,016

)

(66,893

)

(107,811

)

In-Kind redemptions

571,176

898,098

101,659

Foreign currency transactions

(5,403

)

(4,318

)

(2,235

)

Net realized gain (loss)

406,847

588,764

(66,893

)

(8,387

)

Net change in net unrealized appreciation (depreciation) on:

Investment securities

(759,799

)

(4,215,876

)

(51,222

)

(593,326

)

Foreign currency translations

(129

)

(1,849

)

(355

)

Net change in net unrealized depreciation

(759,928

)

(4,217,725

)

(51,222

)

(593,681

)

Net realized and unrealized gain (loss)

(353,081

)

(3,628,961

)

(118,115

)

(602,068

)

Net Decrease in Net Assets Resulting from Operations

$(263,455

)

$(2,939,803

)

$(42,339

)

$(569,326

)

*Net of foreign taxes withheld of:

$10,338

$36,289

$3

$4,581

92

See notes to financial statements.

Statements of Operations (continued)

For the Six Months Ended October 31, 2023 (unaudited)

IQ Cleaner Transport ETF

IQ Engender Equality ETF

IQ Healthy Hearts ETF

Investment Income

Dividend income*

$92,156

$48,879

$73,352

Non-cash dividend income

5,595

Securities lending income, net of borrower rebates

267

49

241

Total investment income

98,018

48,928

73,593

Expenses

Advisory fees (See Note 3)

 14,065

 11,660

 18,977

Trustee fees

 284

 217

 379

Legal fees

135

99

199

Compliance fees

 8

 7

 11

Miscellaneous

31

36

Total expenses

14,523

11,983

19,602

Waivers/Reimbursement (See Note 3)

(457

)

(323

)

(626

)

Net expenses

14,066

11,660

18,976

Net investment income

83,952

37,268

54,617

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investment securities

(75,779

)

(43,343

)

178,767

In-Kind redemptions

194,647

68,536

Foreign currency transactions

(2,622

)

(1,266

)

Net realized gain

116,246

25,193

177,501

Net change in net unrealized appreciation (depreciation) on:

Investment securities

(453,299

)

(631,005

)

(818,464

)

Foreign currency translations

(611

)

(316

)

Net change in net unrealized depreciation

(453,910

)

(631,005

)

(818,780

)

Net realized and unrealized gain (loss)

(337,664

)

(605,812

)

(641,279

)

Net Decrease in Net Assets Resulting from Operations

$(253,712

)

$(568,544

)

$(586,662

)

*Net of foreign taxes withheld of:

$14,711

$

$3,968

93

See notes to financial statements.

Statements of Changes in Net Assets

 

IQ Hedge Multi-Strategy
Tracker ETF

IQ Merger Arbitrage ETF

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$12,984,899

$16,456,895

$626,778

$7,152,094

Net realized gain (loss)

(80,750

)

(50,109,084

)

1,186,448

(23,801,834

)

Net change in net unrealized appreciation (depreciation)

(5,720,111

)

33,476,274

(5,782,108

)

13,632,662

Net increase (decrease) in net assets resulting from operations

7,184,038

(175,915

)

(3,968,882

)

(3,017,078

)

Distributions to Shareholders

(12,443,799

)

Capital Share Transactions

Proceeds from shares created

64,124,398

266,615,756

34,199,119

40,919,459

Cost of shares redeemed

(84,101,649

)

(404,767,304

)

(40,803,044

)

(169,342,336

)

Net decrease from capital share transactions

(19,977,251

)

(138,151,548

)

(6,603,925

)

(128,422,877

)

Total decrease in net assets

(12,793,213

)

(150,771,262

)

(10,572,807

)

(131,439,955

)

Net Assets

Beginning of period

606,499,227

757,270,489

460,193,671

591,633,626

End of period

$593,706,014

$606,499,227

$449,620,864

$460,193,671

Changes in Shares Outstanding

Shares outstanding, beginning of period

20,650,000

25,450,000

14,500,000

18,600,000

Shares created

2,150,000

9,200,000

1,100,000

1,300,000

Shares redeemed

(2,800,000

)

(14,000,000

)

(1,300,000

)

(5,400,000

)

Shares outstanding, end of period

20,000,000

20,650,000

14,300,000

14,500,000



94

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ 500 International ETF

IQ Candriam International
Equity ETF

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$3,565,741

$6,699,897

$2,586,945

$6,037,689

Net realized gain (loss)

(2,070,817

)

2,903,801

1,415,841

1,937,130

Net change in net unrealized appreciation (depreciation)

(11,421,931

)

7,598,245

(19,076,718

)

6,909,499

Net increase (decrease) in net assets resulting from operations

(9,927,007

)

17,201,943

(15,073,932

)

14,884,318

Distributions to Shareholders

(4,870,233

)

(6,462,947

)

(3,698,003

)

(5,958,535

)

Capital Share Transactions

Proceeds from shares created

9,468,789

17,564,763

10,107,769

20,709,401

Cost of shares redeemed

(6,254,402

)

(42,849,876

)

(6,786,262

)

(35,761,982

)

Net increase (decrease) from capital share transactions

3,214,387

(25,285,113

)

3,321,507

(15,052,581

)

Total decrease in net assets

(11,582,853

)

(14,546,117

)

(15,450,428

)

(6,126,798

)

Net Assets

Beginning of period

196,031,605

210,577,722

192,671,357

198,798,155

End of period

$184,448,752

$196,031,605

$177,220,929

$192,671,357

Changes in Shares Outstanding

Shares outstanding, beginning of period

6,200,000

7,000,000

7,050,000

7,600,000

Shares created

300,000

650,000

375,000

850,000

Shares redeemed

(200,000

)

(1,450,000

)

(250,000

)

(1,400,000

)

Shares outstanding, end of period

6,300,000

6,200,000

7,175,000

7,050,000

95

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ Candriam U.S. Mid Cap
Equity ETF

IQ Candriam U.S. Large Cap
Equity ETF

For the
Six Months Ended
October 31,
2023 (unaudited)

For the Period
October 25, 2022* to
April 30,
2023

For the
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$814,302

$46,363

$2,331,730

$5,594,261

Net realized gain (loss)

(134,998

)

54,829

21,656,142

11,895,018

Net change in net unrealized appreciation (depreciation)

(19,826,589

)

227,923

(7,811,343

)

(10,880,947

)

Net increase (decrease) in net assets resulting from operations

(19,147,285

)

329,115

16,176,529

6,608,332

Distributions to Shareholders

(577,850

)

(39,786

)

(2,317,809

)

(5,433,110

)

Capital Share Transactions

Proceeds from shares created

183,255,027

6,371,845

16,420,148

35,271,704

Cost of shares redeemed

(11,389,059

)

(1,312,481

)

(98,094,480

)

(88,537,392

)

Net increase (decrease) from capital share transactions

171,865,968

5,059,364

(81,674,332

)

(53,265,688

)

Total increase (decrease) in net assets

152,140,833

5,348,693

(67,815,612

)

(52,090,466

)

Net Assets

Beginning of period

5,348,693

376,444,384

428,534,850

End of period

$157,489,526

$5,348,693

$308,628,772

$376,444,384

Changes in Shares Outstanding

Shares outstanding, beginning of period

200,000

10,550,000

12,050,000

Shares created

6,525,000

250,000

425,000

1,050,000

Shares redeemed

(425,000

)

(50,000

)

(2,550,000

)

(2,550,000

)

Shares outstanding, end of period

6,300,000

200,000

8,425,000

10,550,000

 

* Commencement of operations.

96

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ U.S. Large Cap ETF

IQ U.S. Small Cap ETF

For the
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended
April 30,
2023

For the
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended
April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$2,344,367

$4,144,111

$1,413,279

$3,445,395

Net realized gain (loss)

4,694,160

(7,369,032

)

7,887,260

(9,030,087

)

Net change in net unrealized appreciation (depreciation)

(12,122,693

)

10,322,520

(10,406,659

)

(196,040

)

Net increase (decrease) in net assets resulting from operations

(5,084,166

)

7,097,599

(1,106,120

)

(5,780,732

)

Distributions to Shareholders

(2,169,535

)

(4,210,806

)

(1,320,998

)

(3,441,045

)

Capital Share Transactions

Proceeds from shares created

4,755,604

2,431,924

105,875,729

Cost of shares redeemed

(54,331,642

)

(36,334,695

)

(82,735,516

)

(38,759,024

)

Net increase (decrease) from capital share transactions

(54,331,642

)

(31,579,091

)

(80,303,592

)

67,116,705

Total increase (decrease) in net assets

(61,585,343

)

(28,692,298

)

(82,730,710

)

57,894,928

Net Assets

Beginning of period

277,626,273

306,318,571

244,203,366

186,308,438

End of period

$216,040,930

$277,626,273

$161,472,656

$244,203,366

Changes in Shares Outstanding

Shares outstanding, beginning of period

8,500,000

9,500,000

7,950,000

5,850,000

Shares created

150,000

75,000

3,300,000

Shares redeemed

(1,650,000

)

(1,150,000

)

(2,550,000

)

(1,200,000

)

Shares outstanding, end of period

6,850,000

8,500,000

5,475,000

7,950,000

97

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ CBRE NextGen
Real Estate ETF

IQ FTSE International Equity
Currency Neutral ETF

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$326,573

$744,902

$5,073,470

$8,780,394

Net realized gain (loss)

(712,544

)

(8,820,884

)

8,939,674

4,951,798

Net change in net unrealized appreciation (depreciation)

(1,828,666

)

1,584,994

(32,815,432

)

13,824,216

Net increase (decrease) in net assets resulting from operations

(2,214,637

)

(6,490,988

)

(18,802,288

)

27,556,408

Distributions to Shareholders

(339,893

)

(1,257,827

)

(4,538,091

)

(13,451,645

)

Capital Share Transactions

Proceeds from shares created

2,239,801

98,073,946

82,169,189

Cost of shares redeemed

(4,294,160

)

(11,207,822

)

(4,587,867

)

(36,452,098

)

Net increase (decrease) from capital share transactions

(4,294,160

)

8,968,021

93,486,079

45,717,091

Total increase (decrease) in net assets

(6,848,690

)

(16,716,836

)

70,145,700

59,821,854

Net Assets

Beginning of period

23,501,132

40,217,968

325,242,720

265,420,866

End of period

$16,652,442

$23,501,132

$395,388,420

$325,242,720

Changes in Shares Outstanding

Shares outstanding, beginning of period

1,200,000

1,650,000

13,800,000

11,600,000

Shares created

100,000

4,150,000

3,850,000

Shares redeemed

(225,000

)

(550,000

)

(200,000

)

(1,650,000

)

Shares outstanding, end of period

975,000

1,200,000

17,750,000

13,800,000

98

See notes to financial statements.

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
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended April 30,
2023

For the
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$16,554

$33,428

$28,460

$62,100

Net realized loss

(179,985

)

(360,556

)

(10,467

)

(120,856

)

Net change in net unrealized appreciation (depreciation)

92,147

(36,414

)

303,450

229,960

Net increase (decrease) in net assets resulting from operations

(71,284

)

(363,542

)

321,443

171,204

Distributions to Shareholders

(19,840

)

(30,506

)

(28,814

)

(62,738

)

Capital Share Transactions

Proceeds from shares created

Cost of shares redeemed

Net increase from capital share transactions

Total increase (decrease) in net assets

(91,124

)

(394,048

)

292,629

108,466

Net Assets

Beginning of period

4,104,653

4,498,701

4,602,434

4,493,968

End of period

$4,013,529

$4,104,653

$4,895,063

$4,602,434

Changes in Shares Outstanding

Shares outstanding, beginning of period

200,000

200,000

200,000

200,000

Shares created

Shares redeemed

Shares outstanding, end of period

200,000

200,000

200,000

200,000

99

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ Global Equity
R&D Leaders ETF

IQ Global
Resources ETF

For the
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended April 30,
2023

For the
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$89,626

$98,381

$689,158

$1,532,871

Net realized gain (loss)

406,847

(175,652

)

588,764

1,031,832

Net change in net unrealized appreciation (depreciation)

(759,928

)

374,304

(4,217,725

)

(1,358,965

)

Net increase (decrease) in net assets resulting from operations

(263,455

)

297,033

(2,939,803

)

1,205,738

Distributions to Shareholders

(97,271

)

(97,529

)

(670,486

)

(1,420,439

)

Capital Share Transactions

Proceeds from shares created

11,248,704

1,094,164

11,892,753

8,695,439

Cost of shares redeemed

(10,310,289

)

(4,816,464

)

(8,259,764

)

Net increase from capital share transactions

938,415

1,094,164

7,076,289

435,675

Total increase in net assets

577,689

1,293,668

3,466,000

220,974

Net Assets

Beginning of period

5,750,998

4,457,330

34,291,364

34,070,390

End of period

$6,328,687

$5,750,998

$37,757,364

$34,291,364

Changes in Shares Outstanding

Shares outstanding, beginning of period

250,000

200,000

1,000,000

1,000,000

Shares created

450,000

50,000

350,000

250,000

Shares redeemed

(425,000

)

(150,000

)

(250,000

)

Shares outstanding, end of period

275,000

250,000

1,200,000

1,000,000

100

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ Real Return ETF

IQ Clean Oceans ETF

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$75,776

$579,189

$32,742

$106,094

Net realized loss

(66,893

)

(1,498,070

)

(8,387

)

(819,891

)

Net change in net unrealized appreciation (depreciation)

(51,222

)

57,082

(593,681

)

841,239

Net increase (decrease) in net assets resulting from operations

(42,339

)

(861,799

)

(569,326

)

127,442

Distributions to Shareholders

(106,607

)

(421,464

)

(67,902

)

(73,790

)

Capital Share Transactions

Cost of shares redeemed

(19,214,614

)

(550,923

)

Net decrease from capital share transactions

(19,214,614

)

(550,923

)

Total increase (decrease) in net assets

(148,946

)

(20,497,877

)

(1,188,151

)

53,652

Net Assets

Beginning of period

6,358,199

26,856,076

5,310,454

5,256,802

End of period

$6,209,253

$6,358,199

$4,122,303

$5,310,454

Changes in Shares Outstanding

Shares outstanding, beginning of period

250,000

1,000,000

250,000

250,000

Shares redeemed

(750,000

)

(25,000

)

Shares outstanding, end of period

250,000

250,000

225,000

250,000

101

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ Cleaner Transport ETF

IQ Engender Equality ETF

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the Year
Ended
April 30,
2023

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$83,952

$150,296

$37,268

$75,247

Net realized gain (loss)

116,246

(795,701

)

25,193

(684,646

)

Net change in net unrealized appreciation (depreciation)

(453,910

)

686,107

(631,005

)

899,945

Net increase (decrease) in net assets resulting from operations

(253,712

)

40,702

(568,544

)

290,546

Distributions to Shareholders

(106,547

)

(119,864

)

(37,923

)

(79,325

)

Capital Share Transactions

Proceeds from shares created

1,122,128

1,052,907

546,558

Cost of shares redeemed

(1,645,722

)

(962,562

)

(551,973

)

Net increase (decrease) from capital share transactions

(523,594

)

90,345

(5,415

)

Total increase (decrease) in net assets

(883,853

)

11,183

(611,882

)

211,221

Net Assets

Beginning of period

6,188,590

6,177,407

5,667,087

5,455,866

End of period

$5,304,737

$6,188,590

$5,055,205

$5,667,087

Changes in Shares Outstanding

Shares outstanding, beginning of period

300,000

300,000

250,000

250,000

Shares created

50,000

50,000

25,000

Shares redeemed

(75,000

)

(50,000

)

(25,000

)

Shares outstanding, end of period

275,000

300,000

250,000

250,000

102

See notes to financial statements.

Statements of Changes in Net Assets (continued)

 

IQ Healthy Hearts ETF

For the
Six Months Ended
October 31,
2023 (unaudited)

For the
Year Ended April 30,
2023

Increase (Decrease) in Net Assets from Operations

Net investment income

$54,617

$93,216

Net realized gain (loss)

177,501

(457,826

)

Net change in net unrealized appreciation (depreciation)

(818,780

)

804,256

Net increase (decrease) in net assets resulting from operations

(586,662

)

439,646

Distributions to Shareholders

(52,893

)

(95,171

)

Capital Share Transactions

Proceeds from shares created

1,282,189

Cost of shares redeemed

Net increase from capital share transactions

1,282,189

Total increase (decrease) in net assets

(639,555

)

1,626,664

Net Assets

Beginning of period

8,519,921

6,893,257

End of period

$7,880,366

$8,519,921

Changes in Shares Outstanding

Shares outstanding, beginning of period

300,000

250,000

Shares created

50,000

Shares redeemed

Shares outstanding, end of period

300,000

300,000

103

See notes to financial statements.

Financial Highlights

Selected Data for a Share of Capital Stock Outstanding

IQ Hedge Multi-Strategy Tracker ETF

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$29.37

$29.76

$32.02

$29.41

$30.29

$30.39

Income from Investment Operations

Net investment income(a)(b)

0.63

0.72

0.41

0.42

0.75

0.72

Net realized and unrealized gain (loss)

(0.31

)

(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

0.32

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 period

$29.69

$29.37

$29.76

$32.02

$29.41

$30.29

Market price, end of period

$29.68

$29.38

$29.75

$32.01

$29.34

$30.28

Total Return

Total investment return based on net asset value(d)

1.07

%

0.68

%

(6.80

)%

11.01

%

(1.04

)%

1.56

%

Total investment return based on market price(e)

1.02

%

0.73

%

(6.80

)%

11.26

%

(1.26

)%

1.56

%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$593,706

$606,499

$757,270

$795,577

$739,660

$993,422

Ratio to average net assets of:

Expenses net of waivers/reimbursements(f)

0.54

%(g)

0.55

%(h)

0.54

%

0.54

%

0.54

%

0.54

%

Expenses excluding waivers/reimbursements(f)

0.76

%(g)

0.77

%

0.76

%

0.76

%

0.76

%

0.76

%

Net investment income(b)

4.19

%(g)

2.50

%

1.29

%

1.35

%

2.49

%

2.40

%

Portfolio turnover rate(i)

85

%

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. 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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(g)Annualized.

(h)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.

104

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Merger Arbitrage ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$31.74

$31.81

$33.62

$31.53

$31.50

$30.72

Income from Investment Operations

Net investment income(a)(b)

0.04

0.43

0.09

0.31

0.14

0.07

Net realized and unrealized gain (loss)

(0.34

)

(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

(0.30

)

(0.07

)

(1.81

)

2.86

0.03

0.78

Distributions from:

Net investment income

(0.77

)

Net asset value, end of period

$31.44

$31.74

$31.81

$33.62

$31.53

$31.50

Market price, end of period

$31.47

$31.72

$31.78

$33.67

$31.45

$31.48

Total Return

Total investment return based on net asset value(d)

(0.93

)%

(0.21

)%

(5.38

)%

9.07

%

0.10

%

2.52

%

Total investment return based on market price (e)

(0.79

)%

(0.19

)%

(5.61

)%

9.53

%

(0.10

)%

2.37

%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$449,621

$460,194

$591,634

$746,279

$723,582

$985,800

Ratio to average net assets of:

Expenses(f)

0.76

%(g)

0.77

%

0.76

%

0.76

%

0.76

%

0.76

%

Net investment income(b)

0.27

%(g)

1.36

%

0.28

%

0.94

%

0.42

%

0.21

%

Portfolio turnover rate(h)

185

%

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. 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) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(g) Annualized.

(h) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.

105

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ 500 International ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

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

$31.62

$30.08

$32.58

$22.29

$27.64

$25.50

Income from Investment Operations

Net investment income(b)(c)

0.57

1.01

1.03

0.77

0.72

0.39

Net realized and unrealized gain (loss)

(2.11

)

1.53

(2.35

)

10.19

(5.40

)

1.77

Net increase (decrease) in net assets resulting from investment operations

(1.54

)

2.54

(1.32

)

10.96

(4.68

)

2.16

Distributions from:

Net investment income

(0.80

)

(1.00

)

(1.18

)

(0.67

)

(0.67

)

(0.02

)

Net asset value, end of period

$29.28

$31.62

$30.08

$32.58

$22.29

$27.64

Market price, end of period

$29.62

$31.70

$29.74

$32.52

$22.10

$27.65

Total Return

Total investment return based on net asset value(d)

(5.04

)%

8.93

%

(4.29

)%

49.88

%

(17.33

)%

8.47

%

Total investment return based on market price(e)

(4.19

)%

10.47

%

(5.21

)%

50.94

%

(18.07

)%

8.52

%(f)

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$184,449

$196,032

$210,578

$244,336

$218,451

$85,675

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.25

%(h)

0.25

%

0.25

%

0.25

%

0.25

%

0.25

%(h)

Expenses excluding waivers/reimbursements(g)

0.26

%(h)

0.26

%

0.26

%

0.26

%

0.26

%

0.26

%(h)

Net investment income(c)

3.68

%(h)

3.56

%

3.15

%

2.86

%

2.81

%

3.90

%(h)

Portfolio turnover rate(i)

16

%

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.

106

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Candriam International Equity ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

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

$27.33

$26.16

$29.21

$21.00

$25.19

Income from Investment Operations

Net investment income(b)(c)

0.37

0.79

0.85

0.62

0.26

Net realized and unrealized gain (loss)

(2.46

)

1.16

(3.05

)

8.01

(4.34

)

Net increase (decrease) in net assets resulting from investment operations

(2.09

)

1.95

(2.20

)

8.63

(4.08

)

Distributions from:

Net investment income

(0.54

)

(0.78

)

(0.85

)

(0.42

)

(0.11

)

Net asset value, end of period

$24.70

$27.33

$26.16

$29.21

$21.00

Market price, end of period

$24.92

$27.40

$25.79

$29.25

$20.87

Total Return

Total investment return based on net asset value(d)

(7.84

)%

7.98

%

(7.82

)%

41.45

%

(16.18

)%

Total investment return based on
market price
(e)

(7.26

)%

9.81

%

(9.25

)%

42.51

%

(16.68

)%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$177,221

$192,671

$198,798

$186,951

$46,196

Ratio to average net assets of:

Expenses net of waivers/
reimbursements
(g)

0.15

%(h)

0.15

%

0.15

%

0.15

%

0.15

%(h)

Expenses excluding waivers/
reimbursements
(g)

0.16

%(h)

0.16

%

0.16

%

0.16

%

0.16

%(h)

Net investment income(c)

2.74

%(h)

3.19

%

2.90

%

2.41

%

3.20

%(h)

Portfolio turnover rate(i)

17

%

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.

107

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Candriam U.S.
Mid Cap Equity ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the
Period
October 25,
2022
(a) to
April 30,
2023

Net asset value, beginning of period

$26.74

$25.00

Income from Investment Operations

Net investment income(b)(c)

0.20

0.23

Net realized and unrealized gain (loss)

(1.80

)

1.69

Net increase (decrease) in net assets resulting from investment operations

(1.60

)

1.92

Distributions from:

Net investment income

(0.14

)

(0.18

)

Net asset value, end of period

$25.00

$26.74

Market price, end of period

$24.99

 

$26.75

Total Return

Total investment return based on net asset value(d)

(6.05

)%

6.85

%

Total investment return based on market price(e)

(6.11

)%

6.88

%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$157,490

$5,349

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.15

%(h)

0.15

%(h)

Expenses excluding waivers/reimbursements(g)

0.16

%(h)

0.19

%(h)

Net investment income(c)

1.46

%(h)

1.65

%(h)

Portfolio turnover rate(i)

21%

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.

108

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Candriam U.S. Large Cap Equity ETF

For the
Six
Months
Ended
October 31,
2023
(unaudited)

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

$35.68

$35.56

$35.56

$24.13

$25.18

Income from Investment Operations

Net investment income(b)(c)

0.24

0.49

0.46

0.42

0.15

Net realized and unrealized gain (loss)

0.95

0.11

(0.01

)

11.32

(1.08

)

Net increase (decrease) in net assets resulting from investment operations

1.19

0.60

0.45

11.74

(0.93

)

Distributions from:

Net investment income

(0.24

)

(0.48

)

(0.45

)

(0.31

)

(0.12

)

Net asset value, end of period

$36.63

$35.68

$35.56

$35.56

$24.13

Market price, end of period

$36.65

 

$35.68

$35.58

$35.57

$24.12

Total Return

Total investment return based on net asset value(d)

3.31

%

1.81

%

1.21

%

48.85

%

(3.59

)%

Total investment return based on market price(e)

3.36

%

1.75

%

1.23

%

49.00

%

(3.64

)%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$308,629

$376,444

$428,535

$410,702

$6,034

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.09

%(h)

0.09

%

0.09

%

0.09

%

0.09

%(h)

Expenses excluding waivers/reimbursements(g)

0.10

%(h)

0.10

%

0.10

%

0.10

%

0.11

%(h)

Net investment income(c)

1.27

%(h)

1.45

%

1.21

%

1.35

%

1.67

%(h)

Portfolio turnover rate(i)

10

%

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.

109

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ U.S. Large Cap ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$32.66

$32.24

$32.51

$21.95

$24.75

$25.30

Income from Investment Operations

Net investment income(a)(b)

0.30

0.46

0.40

0.38

0.58

0.48

Net realized and unrealized gain (loss)

(1.14

)

0.43

(0.30

)

10.60

(2.80

)

(0.53

)

Net increase (decrease) in net assets resulting from investment operations

(0.84

)

0.89

0.10

10.98

(2.22

)

(0.05

)

Distributions from:

Net investment income

(0.28

)

(0.47

)

(0.37

)

(0.42

)

(0.58

)

(0.50

)

Net asset value, end of period

$31.54

$32.66

$32.24

$32.51

$21.95

$24.75

Market price, end of period

$31.54

 

$32.66

$32.25

$32.54

$21.92

$24.75

Total Return

Total investment return based on net asset value(c)

(2.60

)%

2.85

%

0.24

%

50.46

%

(9.04

)%

(0.13

)%

Total investment return based on market price(d)

(2.59

)%

2.83

%

0.17

%

50.82

%

(9.18

)%

(0.13

)%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$216,041

$277,626

$306,319

$305,608

$220,630

$278,412

Ratio to average net assets of:

Expenses net of waivers/reimbursements(e)

0.25

%(f)

0.25

%

0.25

%

0.25

%

0.25

%

0.25

%

Expenses excluding waivers/reimbursements(e)

0.26

%(f)

0.26

%

0.26

%

0.26

%

0.26

%

0.26

%

Net investment income(b)

1.81

%(f)

1.46

%

1.17

%

1.43

%

2.35

%

1.97

%

Portfolio turnover rate(g)

2

%

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. Total return calculated for a period less than one year is not annualized.

(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)Annualized.

(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.

110

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ U.S. Small Cap ETF

For the
Six
Months
Ended
October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$30.72

$31.85

$35.03

$20.02

$25.72

$27.13

Income from Investment Operations

Net investment income(a)(b)

0.22

0.47

0.44

0.35

0.28

0.27

Net realized and unrealized gain (loss)

(1.23

)

(1.13

)

(3.16

)

15.01

(5.72

)

(1.39

)

Net increase (decrease) in net assets resulting from investment operations

(1.01

)

(0.66

)

(2.72

)

15.36

(5.44

)

(1.12

)

Distributions from:

Net investment income

(0.22

)

(0.47

)

(0.46

)

(0.35

)

(0.26

)

(0.29

)

Net asset value, end of period

$29.49

$30.72

$31.85

$35.03

$20.02

$25.72

Market price, end of period

$29.50

 

$30.71

$31.83

$35.03

$20.02

$25.72

Total Return

Total investment return based on net asset value(c)

(3.33

)%

(2.10

)%

(7.89

)%

77.31

%

(21.35

)%

(4.10

)%

Total investment return based on market price(d)

(3.28

)%

(2.07

)%

(7.95

)%

77.34

%

(21.34

)%

(4.14

)%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$161,473

$244,203

$186,308

$206,659

$103,108

$348,555

Ratio to average net assets of:

Expenses net of waivers/reimbursements(e)

0.35

%(f)

0.35

%

0.35

%

0.35

%

0.35

%

0.35

%

Expenses excluding waivers/reimbursements(e)

0.36

%(f)

0.36

%

0.36

%

0.36

%

0.36

%

0.36

%

Net investment income(b)

1.38

%(f)

1.47

%

1.24

%

1.29

%

1.14

%

1.01

%

Portfolio turnover rate(g)

2

%

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. Total return calculated for a period less than one year is not annualized.

(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)Annualized.

(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.

111

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ CBRE NextGen Real Estate ETF

For the
Six Months
Ended

October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$19.58

$24.37

$25.52

$17.32

$25.13

$24.14

Income from Investment Operations

Net investment income(a)(b)

0.30

0.51

0.41

0.33

0.66

0.79

Net realized and unrealized gain (loss)

(2.47

)

(4.46

)

(0.58

)

8.67

(7.16

)

1.81

Net increase (decrease) in net assets resulting from investment operations

(2.17

)

(3.95

)

(0.17

)

9.00

(6.50

)

2.60

Distributions from:

Net investment income

(0.33

)

(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

(0.33

)

(0.84

)

(0.98

)

(0.80

)

(1.31

)

(1.61

)

Net asset value, end of period

$17.08

$19.58

$24.37

$25.52

$17.32

$25.13

Market price, end of period

$17.09

$19.58

$24.35

$25.51

$17.30

$25.12

Total Return

Total investment return based on net asset value(c)

(11.30

)%

(16.22

)%

(0.76

)%

53.54

%

(27.15

)%

11.16

%

Total investment return based on market price(d)

(11.22

)%

(16.15

)%

(0.84

)%

53.68

%

(27.21

)%

11.24

%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$16,652

$23,501

$40,218

$52,309

$40,702

$71,615

Ratio to average net assets of:

Expenses net of waivers/reimbursements(e)

0.60

%(f)

0.66

%(g)

0.70

%

0.70

%

0.70

%

0.70

%

Expenses excluding waivers/reimbursements(e)

0.61

%(f)

0.66

%

0.70

%

0.70

%

0.70

%

0.70

%

Net investment income(b)

3.20

%(f)

2.45

%

1.58

%

1.66

%

2.72

%

3.11

%

Portfolio turnover rate(h)

19

%

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. Total return calculated for a period less than one year is not annualized.

(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)Annualized.

(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.

112

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ FTSE International Equity Currency Neutral ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$23.57

$22.88

$24.34

$18.02

$20.59

$21.63

Income from Investment Operations

Net investment income(a)(b)

0.31

0.71

0.67

0.51

0.56

0.62

Net realized and unrealized gain (loss)

(1.31

)

1.05

(1.40

)

6.28

(2.51

)

(0.77

)

Net increase (decrease) in net assets resulting from investment operations

(1.00

)

1.76

(0.73

)

6.79

(1.95

)

(0.15

)

Distributions from:

Net investment income

(0.29

)

(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

(0.29

)

(1.07

)

(0.73

)

(0.47

)

(0.62

)

(0.89

)

Net asset value, end of period

$22.28

$23.57

$22.88

$24.34

$18.02

$20.59

Market price, end of period

$22.51

$23.68

$22.60

$24.36

$17.83

$20.65

Total Return

Total investment return based on net asset value(c)

(4.35

)%

8.31

%

(3.16

)%

38.14

%

(9.74

)%

(0.42

)%

Total investment return based on market price(d)

(3.80

)%

10.19

%

(4.45

)%

39.70

%

(10.94

)%

(0.03

)%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$395,388

$325,243

$265,421

$310,388

$249,575

$281,079

Ratio to average net assets of:

Expenses net of waivers/reimbursements(e)

0.20

%(f)

0.21

%

0.20

%

0.20

%

0.20

%

0.20

%

Expenses excluding waivers/reimbursements(e)

0.20

%(f)

0.26

%

0.36

%

0.36

%

0.36

%

0.36

%

Net investment income(b)

2.66

%(f)

3.25

%

2.72

%

2.41

%

2.78

%

3.03

%

Portfolio turnover rate(g)

5

%

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. Total return calculated for a period less than one year is not annualized.

(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)Annualized.

(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.

113

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

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

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Period
February 8,
2022
(a) to
April 30,
2022

Net asset value, beginning of period

$20.52

$22.49

$25.05

Income from Investment Operations

Net investment income(b)(c)

0.08

0.17

0.03

Net realized and unrealized gain (loss)

(0.43

)

(1.99

)

(2.56

)

Net increase (decrease) in net assets resulting from investment operations

(0.35

)

(1.82

)

(2.53

)

Distributions from:

Net investment income

(0.10

)

(0.15

)

(0.03

)

Net asset value, end of period

$20.07

$20.52

$22.49

Market price, end of period

$20.07

$20.53

$22.49

Total Return

Total investment return based on net asset value(d)

(1.78

)%

(8.07

)%

(10.10

)%

Total investment return based on market price(e)

(1.80

)%

(8.03

)%

(10.11

)%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$4,014

$4,105

$4,499

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.16

%(h)

0.16

%

0.16

%(h)

Expenses excluding waivers/reimbursements(g)

0.17

%(h)

0.18

%

0.17

%(h)

Net investment income(c)

0.75

%(h)

0.80

%

0.61

%(h)

Portfolio turnover rate(i)

25

%

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.

114

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

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

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Period
February 8,
2022
(a) to
April 30,
2022

Net asset value, beginning of period

$23.01

$22.47

$24.83

Income from Investment Operations

Net investment income(b)(c)

0.14

0.31

0.07

Net realized and unrealized gain (loss)

1.47

0.54

(2.39

)

Net increase (decrease) in net assets resulting from investment operations

1.61

0.85

(2.32

)

Distributions from:

Net investment income

(0.14

)

(0.31

)

(0.04

)

Net asset value, end of period

$24.48

$23.01

$22.47

Market price, end of period

$24.48

$23.02

$22.45

Total Return

Total investment return based on net asset value(d)

6.96

%

3.95

%

(9.37

)%

Total investment return based on market price(e)

6.95

%

4.08

%

(9.43

)%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$4,895

$4,602

$4,494

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.14

%(h)

0.14

%

0.14

%(h)

Expenses excluding waivers/reimbursements(g)

0.15

%(h)

0.16

%

0.15

%(h)

Net investment income(c)

1.12

%(h)

1.45

%

1.21

%(h)

Portfolio turnover rate(i)

11

%

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.

115

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Global Equity R&D Leaders ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Period
February 8,
2022
(a) to
April 30,
2022

Net asset value, beginning of period

$23.00

$22.29

$24.92

Income from Investment Operations

Net investment income(b)(c)

0.18

0.46

0.12

Net realized and unrealized gain (loss)

0.06

(d)

0.71

(2.69

)

Net increase (decrease) in net assets resulting from investment operations

0.24

1.17

(2.57

)

Distributions from:

Net investment income

(0.23

)

(0.46

)

(0.06

)

Net asset value, end of period

$23.01

$23.00

$22.29

Market price, end of period

$23.06

$23.05

$22.12

Total Return

Total investment return based on net asset value(e)

0.97

%

5.54

%

(10.35

)%

Total investment return based on market price(f)

0.99

%

6.54

%

(11.03

)%(g)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$6,329

$5,751

$4,457

Ratio to average net assets of:

Expenses net of waivers/reimbursements(h)

0.18

%(i)

0.18

%

0.18

%(i)

Expenses excluding waivers/reimbursements(h)

0.20

%(i)

0.20

%

0.19

%(i)

Net investment income(c)

1.50

%(i)

2.19

%

2.15

%(i)

Portfolio turnover rate(j)

19

%

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)Calculation of the net realized and unrealized gain (loss) per share may not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.

(e)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(f)The market price 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.

(g)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(h)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(i)Annualized.

(j)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.

116

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Global Resources ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$34.29

$34.07

$28.60

$24.16

$26.97

$27.76

Income from Investment Operations

Net investment income(a)(b)

0.61

1.35

1.05

0.71

0.66

0.65

Net realized and unrealized gain (loss)

(2.85

)

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

(2.24

)

1.51

5.47

6.99

(2.34

)

(0.59

)

Distributions from:

Net investment income

(0.59

)

(1.29

)

(2.55

)

(0.47

)

(0.20

)

Net asset value, end of period

$31.46

$34.29

$34.07

$28.60

$24.16

$26.97

Market price, end of period

$31.50

$34.31

$33.92

$28.55

$23.99

$27.06

Total Return

Total investment return based on net asset value(e)

(6.63

)%

4.79

%

19.11

%

30.07

%

(8.89

)%

(2.08

)%

Total investment return based on market price(f)

(6.57

)%

5.32

%

18.81

%

30.76

%

(9.81

)%

(1.38

)%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$37,757

$34,291

$34,070

$20,021

$22,948

$175,312

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.30

%(h)

0.31

%(i)

0.43

%

0.76

%

0.76

%

0.76

%

Expenses excluding waivers/reimbursements(g)

0.31

%(h)

0.32

%

0.43

%

0.76

%

0.76

%

0.76

%

Net investment income(b)

3.68

%(h)

4.10

%

3.40

%

2.70

%

2.48

%

2.37

%

Portfolio turnover rate(j)

6

%

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 may 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. Total return calculated for a period less than one year is not annualized.

(f)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.

(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)The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.

(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.

117

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Real Return ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the Year Ended April 30,

2023

2022

2021

2020

2019

Net asset value, beginning of period

$25.43

$26.86

$27.30

$26.94

$27.83

$27.47

Income from Investment Operations

Net investment income(a)(b)

0.30

1.30

0.22

0.15

0.54

0.49

Net realized and unrealized gain (loss)

(0.46

)

(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

(0.16

)

(0.62

)

(0.24

)

0.63

(0.30

)

0.71

Distributions from:

Net investment income

(0.43

)

(0.81

)

(0.20

)

(0.27

)

(0.59

)

(0.35

)

Net asset value, end of period

$24.84

$25.43

$26.86

$27.30

$26.94

$27.83

Market price, end of period

$24.83

$25.43

$26.89

$27.29

$26.86

$27.80

Total Return

Total investment return based on net asset value(d)

(0.68

)%

(2.30

)%

(0.90

)%

2.33

%

(1.13

)%

2.64

%

Total investment return based on market price(e)

(0.70

)%

(2.40

)%

(0.77

)%

2.60

%

(1.33

)%

2.53

%

Ratios/Supplemental Data

Net assets, end of period
(000’s omitted)

$6,209

$6,358

$26,856

$53,235

$51,188

$57,046

Ratio to average net assets of:

Expenses net of waivers/reimbursements(f)

0.24

%(g)

0.26

%(h)

0.21

%

0.21

%

0.21

%

0.37

%

Expenses excluding waivers/reimbursements(f)

0.30

%(g)

0.32

%

0.47

%

0.49

%

0.49

%

0.49

%

Net investment income(b)

2.39

%(g)

5.04

%

0.78

%

0.56

%

1.95

%

1.77

%

Portfolio turnover rate(i)

12

%

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. 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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(g)Annualized.

(h)The Ratio includes non-recurring costs associated with a proxy statement of 0.02%.

(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.

118

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Clean Oceans ETF

For the
Six
Months
Ended
October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Period
October 21,
2021
(a) to
April 30,
2022

Net asset value, beginning of period

$21.24

$21.03

$25.00

Income from Investment Operations

Net investment income(b)(c)

0.14

0.42

0.24

Net realized and unrealized gain (loss)

(2.76

)

0.09

(4.07

)

Net increase (decrease) in net assets resulting from investment operations

(2.62

)

0.51

(3.83

)

Distributions from:

Net investment income

(0.30

)

(0.30

)

(0.14

)

Net asset value, end of period

$18.32

$21.24

$21.03

Market price, end of period

$18.36

$21.25

$20.84

Total Return

Total investment return based on net asset value(d)

(12.54

)%

2.59

%

(15.36

)%

Total investment return based on market price(e)

(12.38

)%

3.55

%

(16.13

)%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$4,122

$5,310

$5,257

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.45

%(h)

0.46

%(i)

0.45

%(h)

Expenses excluding waivers/reimbursements(g)

0.46

%(h)

0.47

%

0.46

%(h)

Net investment income(c)

1.37

%(h)

2.15

%

1.93

%(h)

Portfolio turnover rate(j)

42

%

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)Annualized.

(i)The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.

(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.

119

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Cleaner Transport ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Period
October 21,
2021
(a) to
April 30,
2022

Net asset value, beginning of period

$20.63

$20.59

$25.00

Income from Investment Operations

Net investment income(b)(c)

0.29

0.58

0.13

Net realized and unrealized gain (loss)

(1.22

)

(0.09

)

(4.45

)

Net increase (decrease) in net assets resulting from investment operations

(0.93

)

0.49

(4.32

)

Distributions from:

Net investment income

(0.41

)

(0.45

)

(0.09

)

Net asset value, end of period

$19.29

$20.63

$20.59

Market price, end of period

$19.37

$20.63

$20.24

Total Return

Total investment return based on net asset value(d)

(4.80

)%

2.59

%

(17.30

)%

Total investment return based on market price(e)

(4.41

)%

4.39

%

(18.72

)%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$5,305

$6,189

$6,177

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.45

%(h)

0.46

%(i)

0.45

%(h)

Expenses excluding waivers/reimbursements(g)

0.46

%(h)

0.47

%

0.46

%(h)

Net investment income(c)

2.69

%(h)

2.94

%

1.00

%(h)

Portfolio turnover rate(j)

43

%

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)Annualized.

(i)The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.

(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.

120

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Engender Equality ETF

For the
Six Months
Ended
October 31,
2023
(unaudited)

For the
Year Ended
April 30,
2023

For the
Period
October 21,
2021
(a) to
April 30,
2022

Net asset value, beginning of period

$22.67

$21.82

$25.00

Income from Investment Operations

Net investment income(b)(c)

0.16

0.30

0.20

Net realized and unrealized gain (loss)

(2.45

)

0.87

(3.22

)

Net increase (decrease) in net assets resulting from investment operations

(2.29

)

1.17

(3.02

)

Distributions from:

Net investment income

(0.16

)

(0.32

)

(0.16

)

Net asset value, end of period

$20.22

$22.67

$21.82

Market price, end of period

$20.22

$22.67

$21.79

Total Return

Total investment return based on net asset value(d)

(10.14

)%

5.46

%

(12.10

)%

Total investment return based on market price(e)

(10.16

)%

5.63

%

(12.24

)%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$5,055

$5,667

$5,456

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.45

%(h)

0.45

%

0.45

%(h)

Expenses excluding waivers/reimbursements(g)

0.46

%(h)

0.47

%

0.46

%(h)

Net investment income(c)

1.44

%(h)

1.40

%

1.61

%(h)

Portfolio turnover rate(i)

37

%

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.

121

See notes to financial statements.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

IQ Healthy Hearts ETF

For the
Six
Months
Ended
October 31,
2023
(unaudited)

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

$28.40

$27.57

$26.24

$24.93

Income from Investment Operations

Net investment income(b)(c)

0.18

0.33

0.32

0.14

Net realized and unrealized gain (loss)

(2.13

)

0.83

1.33

1.26

Net increase (decrease) in net assets resulting from investment operations

(1.95

)

1.16

1.65

1.40

Distributions from:

Net investment income

(0.18

)

(0.33

)

(0.32

)

(0.09

)

Net asset value, end of period

$26.27

$28.40

$27.57

$26.24

Market price, end of period

$26.33

$28.43

$27.51

$26.28

Total Return

Total investment return based on net asset value(d)

(6.92

)%

4.35

%

6.32

%

5.62

%

Total investment return based on market price(e)

(6.81

)%

4.70

%

5.89

%

5.77

%(f)

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)

$7,880

$8,520

$6,893

$6,559

Ratio to average net assets of:

Expenses net of waivers/reimbursements(g)

0.45

%(h)

0.46

%(i)

0.45

%

0.45

%(h)

Expenses excluding waivers/reimbursements(g)

0.46

%(h)

0.47

%

0.47

%

0.46

%(h)

Net investment income(c)

1.29

%(h)

1.26

%

1.15

%

1.92

%(h)

Portfolio turnover rate(j)

24

%

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)Annualized.

(i)The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.

(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.

122

Notes to Financial Statements

October 31, 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 International Equity ETF

Diversified

December 17, 2019

IQ Candriam U.S. Mid Cap Equity ETF

Diversified

October 25, 2022

IQ Candriam U.S. Large Cap Equity ETF

Diversified

December 17, 2019

IQ U.S. Large Cap ETF

Diversified

December 13, 2017

IQ 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”).

123

Notes to Financial Statements (continued)

October 31, 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 International Equity ETF

IQ Candriam International Equity Index

IQ Candriam U.S. Mid Cap Equity ETF

IQ Candriam U.S. Mid Cap Equity Index

IQ Candriam U.S. Large Cap Equity ETF

IQ Candriam U.S. Large Cap Equity Index

IQ U.S. Large Cap ETF

Nasdaq Chaikin Power US Large Cap Index

IQ U.S. Small Cap ETF

Nasdaq Chaikin Power US 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 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.

124

Notes to Financial Statements (continued)

October 31, 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.

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 NYSE Arca or Nasdaq, 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, a swap will be valued using market-based prices provided by independent pricing sources or broker dealer bid quotations (i.e. counterparty).

Forward foreign currency contracts and currency-related derivatives, are generally valued by taking forward points of the contract and calculating an interpolated rate based on the forward currency rate as of the 4pm GMT London rate.

If a Fund invests in open-end management investment companies (other than ETFs) registered under the 1940 Act, are valued using their respective NAVs per share or public offering prices. Those companies may also use fair value pricing under some circumstances.

When market quotations or prices are not readily available or not representative of an investment’s fair value, investments are valued using fair value pricing as determined in good faith by the Valuation Designee pursuant to the Valuation Procedures. The Valuation 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

125

Notes to Financial Statements (continued)

October 31, 2023

measurements for the Funds’ assets and liabilities) rests with the Valuation Designee. The Valuation Designee 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, to the extent a Fund invests in securities lending, the Fund may invest its cash collateral in the Dreyfus Government Cash Management Fund, Institutional Shares (“Dreyfus Government Fund”). The Dreyfus Government Fund’s investment objective is to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Government Fund has no redemption restrictions and is valued at the daily NAV.

Fair Value Measurement

Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the following hierarchy:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The availability of observable inputs can vary from security to security and are affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. With respect to the valuation of Level 3 securities, the Advisor may employ a market-based valuation approach which may use related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Advisor may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Advisor representatives meet regularly to review and discuss the appropriateness of such fair values using more current information, such as recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events.

126

Notes to Financial Statements (continued)

October 31, 2023

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 October 31, 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 is no tax liability resulting from uncertain income tax positions taken or expected to be taken.

Dividends and Distributions to Shareholders

Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary

127

Notes to Financial Statements (continued)

October 31, 2023

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 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 at least annually in the form of dividends. Net investment income and capital gains are typically distributed to shareholders annually; except the IQ Candriam International Equity ETF, IQ Candriam U.S. Mid Cap Equity ETF, IQ Candriam U.S. Large Cap Equity ETF, IQ U.S. Large Cap ETF, IQ U.S. Small Cap ETF, 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, IQ Global Equity R&D Leaders ETF, IQ Global Resources ETF, IQ Clean Oceans ETF, IQ Cleaner Transport ETF, IQ Engender Equality ETF, and IQ Healthy Hearts ETF typically distribute income quarterly, and IQ

128

Notes to Financial Statements (continued)

October 31, 2023

Real Return ETF typically distributes income monthly. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. Distributions received from the IQ U.S. 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 a Fund invests 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 October 31, 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 each Fund’s obligation to return the full amount owed to such Borrower.

In accordance with the securities lending agreement between the Funds and BNY Mellon, the Funds will be indemnified by BNY Mellon in the event of default of a third party Borrower.

129

Notes to Financial Statements (continued)

October 31, 2023

The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of October 31, 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

$103,985,582

$

$1,464,160

$43,581,985

$149,031,727

IQ Merger Arbitrage ETF

11,492,534

1,246,088

7,611,144

20,349,766

IQ 500 International ETF

4,889,242

998,157

1,055,866

6,943,265

IQ Candriam International Equity ETF

443,654

23,712

455,147

922,513

IQ Candriam U.S. Mid Cap Equity ETF

IQ Candriam U.S. Large Cap Equity ETF

7,795

32,287

114,365

4,789,101

4,943,548

IQ U.S. Large Cap ETF

IQ U.S. Small Cap ETF

1,507,181

86

87,955

3,456,184

5,051,406

IQ CBRE NextGen Real Estate ETF

252,832

17,808

129,409

400,049

IQ FTSE International Equity Currency Neutral ETF

4,571,666

1,586,404

2,427,676

8,585,746

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

33,319

438

1,441

80,749

115,947

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

31,416

83

272

11,527

43,298

IQ Global Equity R&D Leaders ETF

30,935

57

187

7,950

39,129

IQ Global Resources ETF

192,602

192,602

IQ Real Return ETF

317,669

243

2,637

316,622

637,171

IQ Clean Oceans ETF

83,922

83,922

IQ Cleaner Transport ETF

10,378

14,980

25,358

IQ Engender Equality ETF

IQ Healthy Hearts ETF

37,968

2,177

70,341

110,486

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.

130

Notes to Financial Statements (continued)

October 31, 2023

At October 31, 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 October 31, 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

$145,512,590

$(145,512,590)

$—

$—

$—

$—

IQ Merger Arbitrage ETF

19,378,101

(19,378,101)

IQ 500 International ETF

6,534,566

(6,534,566)

IQ Candriam International Equity ETF

867,845

(867,845)

IQ Candriam U.S. Mid Cap Equity ETF

IQ Candriam U.S. Large Cap Equity ETF

4,885,790

(4,885,790)

IQ U.S. Large Cap ETF

IQ U.S. Small Cap ETF

4,990,138

(4,990,138)

IQ CBRE NextGen Real Estate ETF

381,355

(381,355)

IQ FTSE International Equity Currency Neutral ETF

8,097,196

(8,097,196)

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

115,503

(115,503)

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

42,606

(42,606)

IQ Global Equity R&D Leaders ETF

38,133

(38,133)

IQ Global Resources ETF

182,825

(182,825)

IQ Real Return ETF

623,682

(623,682)

IQ Clean Oceans ETF

82,181

(82,181)

IQ Cleaner Transport ETF

24,942

(24,942)

IQ Engender Equality ETF

IQ Healthy Hearts ETF

107,872

(107,872)

 

1 The amount of collateral presented is limited such that the net amount cannot be less than $0.

As of October 31, 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

$1,969,594

$(192,750)

$1,776,844

$192,750

$(192,750)

$—

This does not reflect securities segregated as collateral, as detailed on the Schedule of Investments.

131

Notes to Financial Statements (continued)

October 31, 2023

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 Insurance Company. 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 International Equity ETF

0.15%

IQ Candriam U.S. Mid Cap Equity ETF

0.15%

IQ Candriam U.S. Large Cap Equity ETF

0.09%

IQ U.S. Large Cap ETF

0.25%

IQ 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%

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; 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.

132

Notes to Financial Statements (continued)

October 31, 2023

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 or reduce its management fee and/or reimburse expenses of certain Funds in an amount that limits “Total Annual Fund Operating Expenses” (excluding interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) to not more than the average daily net assets of a Fund as follows:

Fund

Rate

IQ 500 International ETF

0.25%

IQ Candriam International Equity ETF

0.15%

IQ Candriam U.S. Mid Cap Equity ETF

0.15%

IQ Candriam U.S. Large Cap Equity ETF

0.09%

IQ U.S. Large Cap ETF

0.25%

IQ U.S. Small Cap ETF

0.35%

IQ CBRE NextGen Real Estate ETF

0.60%

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%

The Fee Waiver and Expense Limitation Agreements will remain in effect permanently unless terminated by the Board of Trustees of the Funds.

133

Notes to Financial Statements (continued)

October 31, 2023

As of October 31, 2023, the Adviser reimbursed the following Fund expenses:

Funds

Reimbursed
Expenses

IQ Hedge Multi-Strategy Tracker ETF

$684,388

IQ Merger Arbitrage ETF

IQ 500 International ETF

12,299

IQ Candriam International Equity ETF

11,795

IQ Candriam U.S. Mid Cap Equity ETF

6,110

IQ Candriam U.S. Large Cap Equity ETF

22,930

IQ U.S. Large Cap ETF

16,272

IQ U.S. Small Cap ETF

13,719

IQ CBRE NextGen Real Estate ETF

1,237

IQ FTSE International Equity Currency Neutral ETF

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

310

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

357

IQ Global Equity R&D Leaders ETF

930

IQ Global Resources ETF

2,309

IQ Real Return ETF

1,906

IQ Clean Oceans ETF

310

IQ Cleaner Transport ETF

457

IQ Engender Equality ETF

323

IQ Healthy Hearts ETF

626

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. Also 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, Custody Agreement and Transfer Agency Agreement. 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. Under the terms of the agreement, the Advisor pays the Funds’ Administrative, Custody and Transfer Agency fees. BNY Mellon is also 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.

134

Notes to Financial Statements (continued)

October 31, 2023

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 October 31, 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

$716,041,785

$1,527,227

$(21,731,870

)

$(20,204,643

)

IQ Merger Arbitrage ETF

447,607,595

3,792,272

(9,480,595

)

(5,688,323

)

IQ 500 International ETF

197,675,881

17,360,354

(26,760,134

)

(9,399,780

)

IQ Candriam International Equity ETF

185,384,207

15,815,577

(24,488,837

)

(8,673,260

)

IQ Candriam U.S. Mid Cap Equity ETF

177,118,767

2,772,014

(22,372,667

)

(19,600,653

)

IQ Candriam U.S. Large Cap Equity ETF

294,387,677

42,555,571

(28,467,057

)

14,088,514

IQ U.S. Large Cap ETF

216,752,593

21,402,466

(22,301,309

)

(898,843

)

IQ U.S. Small Cap ETF

184,444,167

12,791,223

(34,264,661

)

(21,473,438

)

IQ CBRE NextGen Real Estate ETF

21,176,193

121,845

(4,403,414

)

(4,281,569

)

IQ FTSE International Equity Currency Neutral ETF

420,197,308

29,464,454

(52,495,417

)

(23,030,963

)

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

4,623,848

213,544

(790,316

)

(576,772

)

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

4,939,323

485,321

(501,353

)

(16,032

)

IQ Global Equity R&D Leaders ETF

7,302,031

77,518

(1,036,768

)

(959,250

)

IQ Global Resources ETF

38,757,033

2,886,121

(4,046,658

)

(1,160,537

)

IQ Real Return ETF

7,204,788

132,408

(848,067

)

(715,659

)

IQ Clean Oceans ETF

4,794,988

120,821

(807,130

)

(686,309

)

IQ Cleaner Transport ETF

6,297,297

137,921

(1,128,778

)

(990,857

)

IQ Engender Equality ETF

5,655,690

196,301

(800,940

)

(604,639

)

IQ Healthy Hearts ETF

7,898,472

890,763

(888,107

)

2,656

The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sale loss deferrals, pass through investments, distributions from underlying Funds and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at October 31, 2023.

135

Notes to Financial Statements (continued)

October 31, 2023

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 International Equity ETF

1,568,037

(7,061,312

)

10,386,028

4,892,753

IQ Candriam U.S. Mid Cap Equity ETF

3,237

(40,866

)

225,936

188,307

IQ Candriam U.S. Large Cap Equity ETF

307,832

(7,272,525

)

21,899,857

14,935,164

IQ U.S. Large Cap ETF

57,288

(47,451,854

)

11,223,850

(36,170,716

)

IQ 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

 

1Includes late year ordinary loss, if any.

2Amount includes the deferral of post October losses, if any.

The differences between book and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences including foreign currency contracts, swap contracts, post-October and late year losses.

136

Notes to Financial Statements (continued)

October 31, 2023

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 International Equity ETF

(6,764,612

)

6,764,612

IQ Candriam U.S. Mid Cap Equity ETF

(101,022

)

101,022

IQ Candriam U.S. Large Cap Equity ETF

(17,447,286

)

17,447,286

IQ U.S. Large Cap ETF

(1,596,994

)

1,596,994

IQ 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.

137

Notes to Financial Statements (continued)

October 31, 2023

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 International Equity ETF

5,958,535

5,802,531

IQ Candriam U.S. Mid Cap Equity ETF

39,786

N/A

N/A

N/A

IQ Candriam U.S. Large Cap Equity ETF

5,433,110

5,632,747

IQ U.S. Large Cap ETF

4,210,806

3,470,326

IQ 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

138

Notes to Financial Statements (continued)

October 31, 2023

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 International Equity ETF

IQ Candriam U.S. Mid Cap Equity ETF

IQ Candriam U.S. Large Cap Equity ETF

IQ U.S. Large Cap ETF

IQ 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.

139

Notes to Financial Statements (continued)

October 31, 2023

Accordingly, no capital gain distributions are expected to be paid to shareholders of these Funds until future net capital gains have been realized in excess of the available capital loss carryforwards. There is no assurance that any Fund will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards 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 International Equity ETF

4,110,590

2,950,722

IQ Candriam U.S. Mid Cap Equity ETF

40,866

IQ Candriam U.S. Large Cap Equity ETF

6,392,175

880,350

IQ U.S. Large Cap ETF

25,780,152

21,671,702

IQ 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 October 31, 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 (“NYLIC”). The following tables reflect shares of a Fund beneficially owned by NYLIM or NYLIC or funds or accounts managed by NYLIM or NYLIC where such holdings exceed 5% of the shares of the fund. As of October 31, 2023, NYLIM and NYLIC or fund or accounts managed by NYLIM or NYLIC 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

84.4%

IQ Cleaner Transport ETF

69.1%

IQ Engender Equality ETF

80.0%

IQ Healthy Hearts ETF

66.4%

140

Notes to Financial Statements (continued)

October 31, 2023

New York Life Investment Management LLC

Fund

% Ownership

IQ 500 International ETF

84.5%

IQ Candriam International Equity ETF

87.1%

IQ Candriam U.S. Mid Cap Equity ETF

99.6%

IQ Candriam U.S. Large Cap Equity ETF

78.6%

IQ U.S. Large Cap ETF

98.0%

IQ U.S. Small Cap ETF

74.2%

IQ FTSE International Equity Currency Neutral ETF

26.5%

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

69.1%

7. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short-term investments) for the period ended October 31, 2023 are as follows:

Fund

Purchases

Sales

Purchases In-Kind

Sales In-Kind

IQ Hedge Multi-Strategy Tracker ETF

$535,412,723

$521,936,240

$63,998,995

$83,929,987

IQ Merger Arbitrage ETF

742,162,325

769,201,952

34,084,494

36,030,999

IQ 500 International ETF

31,425,551

31,945,106

9,287,474

6,244,351

IQ Candriam International Equity ETF

31,044,229

31,481,922

9,800,515

6,783,935

IQ Candriam U.S. Mid Cap Equity ETF

22,675,214

22,721,149

183,376,459

11,384,242

IQ Candriam U.S. Large Cap Equity ETF

34,983,489

34,959,459

16,418,598

98,084,256

IQ U.S. Large Cap ETF

4,121,624

3,894,265

54,331,308

IQ U.S. Small Cap ETF

3,848,342

3,659,722

2,431,500

82,741,763

IQ CBRE NextGen Real Estate ETF

3,906,569

3,861,424

4,324,015

IQ FTSE International Equity Currency Neutral ETF

35,706,793

16,830,391

90,438,899

4,303,819

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

1,109,251

1,108,976

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

573,226

572,409

IQ Global Equity R&D Leaders ETF

2,691,665

2,002,277

9,937,729

9,698,723

IQ Global Resources ETF

2,145,620

2,210,032

11,866,197

4,777,219

IQ Real Return ETF

753,457

845,677

IQ Clean Oceans ETF

1,997,014

2,031,043

544,501

IQ Cleaner Transport ETF

2,659,769

2,612,706

980,214

1,556,700

IQ Engender Equality ETF

1,916,964

1,911,002

546,509

551,929

IQ Healthy Hearts ETF

2,018,029

2,016,270

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

141

Notes to Financial Statements (continued)

October 31, 2023

central clearing or guaranty function for total return swaps. Swaps could result in losses if interest rates or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Funds or if the reference index, security or investments do not perform as expected.

The value of a total return swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Segregated securities are designated on the Schedules of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of Total Return Swaps, if any, are recorded as unrealized appreciation or depreciation on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as a change in net unrealized appreciation depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement on the Statements of Operations.

When a Fund has an unrealized loss on a swap agreement, the Fund instructs the Custodian to pledge cash or liquid securities as collateral with a value at least equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted with the fluctuations of the swap value.

The IQ Hedge Multi-Strategy Tracker ETF and IQ Merger Arbitrage ETF used Total Return Swaps to replicate the performance of the Underlying 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 October 31, 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 October 31, 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

142

Notes to Financial Statements (continued)

October 31, 2023

losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have matured or were sold. At October 31, 2023, open forward foreign currency contracts, if any, are listed at the end of the Funds’ respective Schedule of Investments.

Quantitative Disclosure of Derivative Holding

The following tables show additional disclosures related to each Fund’s derivative and holding activities, including how such activities are accounted for and their effect in each Fund’s financial positions, performance and cash flows.

The fair value of derivative instruments reflected on the Statements of Assets and Liabilities were as follows:

Asset Derivatives

Forward Currency
Contract Risk

IQ FTSE International Equity Currency Neutral ETF

Unrealized appreciation on forward foreign currency contracts

$1,969,594

Liability Derivatives

Forward Currency
Contract Risk

IQ FTSE International Equity Currency Neutral ETF

Unrealized depreciation on forward foreign currency contracts

$192,750

Total return swaps reflect a reset date as of October 31, 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 period ended October 31, 2023 were as follows:

Fund

Forward Currency
Contract Risk

Equity Risk

IQ Hedge Multi-Strategy Tracker ETF

Realized gain (loss)

Swap transactions

$1,108,497

IQ Merger Arbitrage ETF

Realized gain (loss)

Swap transactions

$(2,914,086)

IQ FTSE International Equity Currency Neutral ETF

Realized gain (loss)

Forward foreign currency contracts

$10,818,697

Change in unrealized appreciation (depreciation)

Forward foreign currency contracts

$1,985,994

143

Notes to Financial Statements (continued)

October 31, 2023

For the period ended October 31, 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

$18,527,579

$

$

Forward foreign currency contracts

188,764,733

Liability Derivatives

Swap contracts

$(18,488,858)

$(46,753,076)

$

Forward foreign currency contracts

(187,829,350)

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


1Applies to IQ FTSE International Equity Currency Neutral ETF.

144

Notes to Financial Statements (continued)

October 31, 2023

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.

Debt Securities 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 securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses 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

Each Fund will normally invest at least 80% of its total assets in the securities of its Underlying Index and in depositary receipts based on the securities in its Underlying Index. 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. Futures and other

145

Notes to Financial Statements (continued)

October 31, 2023

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. Futures and other 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 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

If a Fund is a “fund of funds”, the Funds’ investment performance depends on the investment performance of the underlying ETFs in which it invests. 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


2Applies to IQ Candriam International Equity ETF, IQ Candriam U.S. Mid Cap Equity ETF, IQ Candriam U.S. Large Cap Equity ETF, IQ Clean Oceans ETF, IQ Cleaner Transport ETF, IQ Engender Equality ETF, and IQ Healthy Hearts ETF.

3Applies to IQ Hedge Multi-Strategy Tracker ETF.

146

Notes to Financial Statements (continued)

October 31, 2023

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.

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.

Large Capitalization Companies Risk4

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 ceased 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.


4Applies to IQ U.S. Large Cap R&D Leaders ETF

147

Notes to Financial Statements (continued)

October 31, 2023

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.

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 and Recent Market Events

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to 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. Market disruptions could cause a Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets.

Recent market disruption events include the pandemic spread of the novel coronavirus known as COVID-19, and the significant restrictions, market volatility, decreased economic and other activity and increased government activity that it has caused. While vaccines have been developed, there is no guarantee that vaccines will be effective against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.

Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and resulting sanctions have and could continue to have a significant impact on a Fund’s investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. Further, large corporations and U.S. and foreign governmental entities may divest interests or otherwise curtail business dealings in these countries. These events may result in a loss of liquidity and value of these countries’ securities and, in some cases, a complete inability to trade or settle trades in such securities.

Changing interest rate environments (whether downward or upward) impact the various sectors of the economy in different ways. For example, low interest rate environments tend to be a positive factor for the equity markets, whereas high interest rate environments tend to apply downward pressure on earnings and stock prices. Likewise, during periods when interest rates are increasing (rather than stagnant in a high or low interest rate environment), the price of fixed income investments tend to fall as investors begin to seek higher-yielding investments. Accordingly, a Fund is subject to heightened interest rate risk during periods of low interest rates. During rising interest rate environments, the Funds may be adversely affected, especially those Funds that are more susceptible to interest rate risk (e.g., those funds that hold fixed income investments or that invest in equity securities of issuers who are adversely affected by rising interest rates). As a means to fight

148

Notes to Financial Statements (continued)

October 31, 2023

inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact a Fund, and any regulatory changes could adversely impact a Fund’s ability to achieve its investment strategies or make certain investments.

Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Events in the financial sector may result in reduced liquidity in the credit, fixed-income and other financial markets and an unusually high degree of volatility in the financial markets, both domestically and internationally. Certain isolated events in a financial market may also result in systemic adverse consequences across broader segments of the financial markets (domestically, regionally, or globally) in unanticipated or unforeseen ways. Such events may result from unregulated markets, systemic risk, natural market forces, bad actors, or other unforeseen scenarios.

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, and public health crises. 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. An outbreak of COVID-19 has developed into a global pandemic and has resulted in travel restrictions, closure of international borders, certain businesses and securities markets, restriction on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well s general concern and uncertainty. The full effects, duration and costs of the COVID-19 pandemic are uncertain, and the circumstances surrounding the COVID-19 pandemic will continue to evolve and may adversely affect a Fund and its investments.

Mid-Capitalization Companies Risk5

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.

Passive Management Risk

Unlike many investment companies, each Fund seeks to track its Underlying Index and is not “actively” managed. Therefore, a fund would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from (or was no longer useful in tracking a component of) its Underlying Index.

Small Capitalization Companies Risk6

Certain Funds invest primarily in the stocks of small capitalization companies, which may be more volatile than those of larger companies. Stock prices of small capitalization companies are also more vulnerable than those of large capitalization companies to adverse business and economic developments. Additionally, the stocks of small capitalization companies may be thinly traded, making it difficult to buy and sell them.


5Applies to IQ Candriam U.S. Mid Cap Equity ETF and IQ U.S. Mid Cap R&D Leaders ETF

6Applies to IQ Candriam International Equity ETF, IQ Candriam U.S. Large Cap Equity ETF, IQ U.S. Small Cap ETF, IQ CBRE NextGen Real Estate ETF, IQ Clean Oceans ETF, IQ Cleaner Transport ETF, and IQ Engender Equality ETF

149

Notes to Financial Statements (continued)

October 31, 2023

Total Return Swap Risk7

Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. Total return swaps can also be used to replicate an exposure to a short position in an asset class where a Fund has the right to receive the depreciation in value of a specified security, index or other instrument (“inverse swaps”). If the underlying asset in a total return swap declines in value (or increases in value, if an inverse swap) over the term of the swap, a Fund may also be required to pay the dollar value of that decline (or, if an inverse swap, increase, if an inverse swap) to the counterparty. Therefore, swaps are subject to credit risk or the risk of default or non-performance by the counterparty.

Tracking Error Risk

Each Fund’s performance may not match its Underlying Index during any period of time. Although each Fund attempts to track the performance of its Underlying Index, a Fund may not be able to duplicate its exact composition or return for a number of reasons, including that the strategies used by the Advisor to match the performance of the Underlying Indexes were unsuccessful and because a Fund incurs expenses, which an Underlying Index does not incur.

Trading Price Risk

Although it is expected that generally the market price of a Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price in the Secondary Market and the NAV vary significantly. During periods of market stress shares of a Fund may also experience significantly wider “bid/ask” spreads and premiums and discounts between a Fund’s net asset value 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

On October 18, 2023, the Board, upon the recommendation from the Fund’s Advisor, approved a proposal to liquidate the IQ U.S. Large Cap ETF, IQ U.S. Mid Cap R&D Leaders ETF, IQ Global Resources ETF and IQ Real Return ETF pursuant to the terms of a plan of liquidation. After considering all of the information presented to it, the Board concluded that it would be in the best interest of each Fund and its shareholders to liquidate the Funds. The Funds will be liquidated on or about December 19, 2023.

Other than these Funds liquidations, management has determined that there were no other material events that would require disclosure in the preparation of these financial statements.


7Applies to IQ Hedge Multi-Strategy Tracker ETF and IQ Merger Arbitrage ETF

  

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)

 

 

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

5013915ME10-12/23