TABLE OF CONTENTS
​
​
IndexIQ Active ETF Trust
​
Semi-Annual Report
October 31, 2021
 
​
​ IQ MacKay Municipal Insured ETF (MMIN) ​ ​ ​ ​
​
IQ MacKay Municipal Intermediate ETF (MMIT)
​ ​ ​ ​
​ IQ MacKay ESG Core Plus Bond ETF (ESGB) ​ ​ ​ ​
​ IQ Ultra Short Duration ETF (ULTR) ​ ​ ​ ​
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Not FDIC Insured | May Lose Value | No Bank Guarantee
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TABLE OF CONTENTS
The investment return and value of each of the Funds’ shares will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus and the statement of additional information include this and other relevant information about the Funds and are available by visiting newyorklifeinvestments.com 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 or by calling 1-888-474-7725.
Availability of Proxy Voting Policies and Proxy Voting Records
You may obtain a description of the IndexIQ Active 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 or by accessing the SEC’s website at sec.gov.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT is available on the Commission’s web site at sec.gov. Additionally, the Funds' make their portfolio holdings for the first and third quarters of each fiscal year available at newyorklifeinvestments.com\documents. Each Funds’ premium/discount information is available, free of charge, on the Funds’ website at newyorklifeinvestments.com or by calling 1-888-474-7725.
Electronic Delivery
Receive email notifications when your most recent shareholder communications are available for review. Access prospectuses, annual reports and semi-annual reports online.
To enroll:
Visit https://www.fundreports.com
If you have questions about IndexIQ e-Delivery services, contact a representative at 1-888-474-7725.
IndexIQ® and IQ® are registered service marks of New York Life Insurance Company.
“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. IndexIQ® is the indirect wholly owned subsidiary of New York Life Investment Management Holdings LLC and serves as the advisor to the IndexIQ ETFs. ALPS Distributors, Inc. (ALPS) is the principal underwriter of the ETFs, and NYLIFE Distributors LLC is a distributor of the ETFs. NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. ALPS Distributors, Inc. is not affiliated with NYLIFE Distributors LLC. NYLIFE Distributors LLC is a Member FINRA/SIPC.
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TABLE OF CONTENTS​
Table of Contents  
​
​ ​ ​ ​ ​ 4 ​ ​
​ ​ ​ ​ ​ 5 ​ ​
​ ​ ​ ​ ​ 6 ​ ​
​ Schedules of Investments ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ 7 ​ ​
​ ​ ​ ​ ​ 22 ​ ​
​ ​ ​ ​ ​ 33 ​ ​
​ ​ ​ ​ ​ 40 ​ ​
​ ​ ​ ​ ​ 46 ​ ​
​ ​ ​ ​ ​ 47 ​ ​
​ ​ ​ ​ ​ 48 ​ ​
​ ​ ​ ​ ​ 50 ​ ​
​ ​ ​ ​ ​ 54 ​ ​
​ ​ ​ ​ ​ 68 ​ ​
​
3​
TABLE OF CONTENTS​
Shareholder Letter (unaudited)  
​
Message from the President
The equity and fixed-income markets continued to benefit from the re-opening of the economy during the six-month reporting period ended October 31, 2021, but inflation and other concerns agitated the markets at times, including uncertainty about the Federal Reserve’s (“Fed”) policy, the re-emergence of COVID-19 and political standoffs in Washington. While stock markets posted solid returns, gains in the bond market were marginal.
Mindful of the Fed’s more tolerant stance on inflation and of the large fiscal spending response to the pandemic, investors grew increasingly concerned about inflation. The Delta variant of COVID-19, supply chain bottlenecks and labor shortages brought the pace of the economic recovery into question at times, but pricing pressures predominated during the reporting period.
Energy prices continued to rebound from a low point at the height of the pandemic in 2020, and shortages in various sectors, including semiconductors and construction supplies, resulted in rising prices in some industries. An anticipated $1+ trillion infrastructure spending bill added to inflation concerns.
Already over a 4% annualized rate at the start of the reporting period, the Consumer Price Index (“CPI”) rose above 5% and remained there through September. In October, the CPI hit a 6.2% annualized rate, a 30-year high.
In September, the Fed increased its forecast for inflation in 2021 from 3.4% to 4.2% and its forecast for 2022 from 2.1% to 2.2%. After the reporting period, Fed officials announced that a reduction in the Fed’s bond purchasing program would begin in November 2021.
In fixed-income markets, issues of longer-term Treasury bonds recovered from the sell-off that occurred earlier in the year. Investment grade corporate bonds rebounded early as the economic outlook remained positive, but persistent pricing pressures and uncertainty about when the Fed would reduce its bond-purchasing program took a toll. High-yield bonds remained steadier through the reporting period, supported by more attractive yields and the outlook for economic growth.
In the municipal market, healthy fundamentals, $350 billion in financial support from the federal government, and the prospect of an increase in federal income tax rates on corporations and higher-earning households provided some support. But intermittent fears about the effect of the Delta variant of COVID-19, inflation concerns and an anticipated rise in Treasury yields weighed on the market.
In equity markets, the shift from growth stocks to value stocks that occurred earlier in 2021 reversed as concerns about the pace of the economic recovery arose with the emergence of the Delta variant. Growth stocks easily outperformed value stocks during the reporting period.
The performance of individual sectors within the S&P 500® Index, a widely regarded benchmark of market performance, varied widely, with the energy, information technology and consumer discretionary sectors leading and the utilities, industrials and communication services sectors lagging. Foreign developed markets posted strong returns but underperformed the U.S. market somewhat. Emerging markets declined as a lagging economic and pandemic recovery continued to hinder performance.
In light of higher inflation and rising interest rates, we at New York Life Investments are focused on providing investors with the products and insights they may need to meet the challenge of a changing market environment.
The following semiannual report contains more detailed information about the specific markets, securities and decisions that affected your IndexIQ ETF during the six months ended October 31, 2021.
Sincerely,
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Kirk C. Lehneis
President
The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.
4
TABLE OF CONTENTS​
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 the 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 05/01/21 to 10/31/21” to estimate the expenses you paid on your account during this period. Each Fund will indirectly bear its pro rata share of the expenses incurred by the underlying Fund investments in which each 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. The Funds will indirectly bear their pro rata share of the expenses incurred by the underlying fund investments in which the Funds invest. 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
05/01/21
 ​ ​
Ending
Account
Value
10/31/21
 ​ ​
Annualized
Expense
Ratios for the
Period
05/01/21
to 10/31/21
​ ​
Expenses
Paid for
Period
05/01/21
to 10/31/211
 ​
IQ MacKay Municipal Insured ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,002.00 ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ $ 1.51 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.69 ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ $ 1.53 ​ ​
IQ MacKay Municipal Intermediate ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 998.80 ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ $ 1.51 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.69 ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ $ 1.53 ​ ​
IQ MacKay ESG Core Plus Bond ETF* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,002.00 ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ $ 1.34 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.24 ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ $ 1.99 ​ ​
IQ Ultra Short Duration ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,000.70 ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ $ 1.21 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,024.00 ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ $ 1.22 ​ ​
​
*
Fund commenced operations on June 29, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 125/365 (to reflect commencement of operation).
​
1
Unless otherwise indicated, expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365. (to reflect the one-half year period).
​
5​
TABLE OF CONTENTS​
Portfolio Summaries* (Unaudited) 
​
October 31, 2021
IQ MacKay Municipal Insured ETF
Net Assets ($ mil): $479.8
Industry
​ ​
% of
Net Assets
​
School District
​ ​ ​ ​ 18.9% ​ ​
General Obligation
​ ​ ​ ​ 18.9 ​ ​
General
​ ​ ​ ​ 15.8 ​ ​
Water
​ ​ ​ ​ 9.0 ​ ​
Medical
​ ​ ​ ​ 6.4 ​ ​
Education
​ ​ ​ ​ 5.4 ​ ​
Development
​ ​ ​ ​ 4.4 ​ ​
Transportation
​ ​ ​ ​ 4.1 ​ ​
Airport
​ ​ ​ ​ 3.8 ​ ​
Higher Education
​ ​ ​ ​ 3.5 ​ ​
Housing
​ ​ ​ ​ 3.2 ​ ​
Money Market Fund
​ ​ ​ ​ 1.5 ​ ​
Mello-Roos
​ ​ ​ ​ 0.7 ​ ​
Utilities
​ ​ ​ ​ 0.6 ​ ​
Power
​ ​ ​ ​ 0.6 ​ ​
Facilities
​ ​ ​ ​ 0.5 ​ ​
Pollution
​ ​ ​ ​ 0.5 ​ ​
Bond Bank
​ ​ ​ ​ 0.3 ​ ​
Tobacco Settlement
​ ​ ​ ​ 0.2 ​ ​
Student Loan
​ ​ ​ ​ 0.0(a) ​ ​
Total Investments
​ ​ ​ ​ 98.3 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ 1.7 ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
IQ MacKay Municipal Intermediate ETF
Net Assets ($ mil): $236.8
Industry
​ ​
% of
Net Assets
​
General
​ ​ ​ ​ 20.4% ​ ​
General Obligation
​ ​ ​ ​ 17.2 ​ ​
School District
​ ​ ​ ​ 10.8 ​ ​
Medical
​ ​ ​ ​ 10.3 ​ ​
Education
​ ​ ​ ​ 7.9 ​ ​
Water
​ ​ ​ ​ 7.9 ​ ​
Transportation
​ ​ ​ ​ 5.5 ​ ​
Higher Education
​ ​ ​ ​ 4.8 ​ ​
Housing
​ ​ ​ ​ 3.2 ​ ​
Money Market Fund
​ ​ ​ ​ 2.9 ​ ​
Airport
​ ​ ​ ​ 2.7 ​ ​
Development
​ ​ ​ ​ 1.4 ​ ​
Power
​ ​ ​ ​ 1.5 ​ ​
Nursing Homes
​ ​ ​ ​ 0.8 ​ ​
Multifamily Hsg
​ ​ ​ ​ 0.6 ​ ​
Facilities
​ ​ ​ ​ 0.6 ​ ​
Mello-Roos
​ ​ ​ ​ 0.5 ​ ​
Utilities
​ ​ ​ ​ 0.5 ​ ​
Tobacco Settlement
​ ​ ​ ​ 0.3 ​ ​
Student Loan
​ ​ ​ ​ 0.1 ​ ​
Total Investments
​ ​ ​ ​ 99.9 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ 0.1 ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
IQ MacKay ESG Core Plus Bond ETF
Net Assets ($ mil): $26.2
Country
​ ​
% of
Net Assets
​
United States
​ ​ ​ ​ 92.3% ​ ​
United Kingdom
​ ​ ​ ​ 2.0 ​ ​
Supranational
​ ​ ​ ​ 1.5 ​ ​
Germany
​ ​ ​ ​ 1.1 ​ ​
Mexico
​ ​ ​ ​ 0.7 ​ ​
Switzerland
​ ​ ​ ​ 0.6 ​ ​
France
​ ​ ​ ​ 0.5 ​ ​
Israel
​ ​ ​ ​ 0.4 ​ ​
Ireland
​ ​ ​ ​ 0.3 ​ ​
China
​ ​ ​ ​ 0.1 ​ ​
Total Investments
​ ​ ​ ​ 99.5 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ 0.5 ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
IQ Ultra Short Duration ETF
Net Assets ($ mil): $232.2
Country
​ ​
% of
Net Assets
​
United States
​ ​ ​ ​ 53.0% ​ ​
Cayman Islands
​ ​ ​ ​ 21.6 ​ ​
United Kingdom
​ ​ ​ ​ 8.3 ​ ​
Canada
​ ​ ​ ​ 4.4 ​ ​
Australia
​ ​ ​ ​ 4.3 ​ ​
Germany
​ ​ ​ ​ 3.7 ​ ​
France
​ ​ ​ ​ 2.0 ​ ​
Ireland
​ ​ ​ ​ 1.1 ​ ​
Japan
​ ​ ​ ​ 0.7 ​ ​
Supranational
​ ​ ​ ​ 0.6 ​ ​
Singapore
​ ​ ​ ​ 0.5 ​ ​
Total Investments
​ ​ ​ ​ 100.2 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ (0.2) ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
​
*
Each Funds portfolio is subject to change.
​
(a)
Less than 0.05%.
​
​
See notes to financial statements.
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TABLE OF CONTENTS​
Schedule of Investments — IQ MacKay Municipal Insured ETF 
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds — 96.8% ​
Alabama — 1.5% ​
Alabama Community College System, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 6/1/25
​ ​ ​ $   260,000 ​ ​ ​ ​ $ 280,483 ​ ​
4.000%, due 6/1/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 171,176 ​ ​
4.000%, due 11/1/34
​ ​ ​ ​ 685,000 ​ ​ ​ ​ ​ 813,209 ​ ​
Alabaster Board of Education, Special Tax Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/25
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 112,073 ​ ​
Bibb County Board of Education, Special Tax Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/35
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 500,225 ​ ​
4.000%, due 4/1/37
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 538,293 ​ ​
City of Russellville AL, General Obligation
Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/28
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 467,413 ​ ​
City of Troy AL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 557,086 ​ ​
County of Dallas AL, General Obligation
Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.520%, due 5/1/26(a)
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 284,925 ​ ​
Phenix City Board of Education, Special
Tax Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/37
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,761,307 ​ ​
University of West Alabama, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/41
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 394,037 ​ ​
Warrior River Water Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/43
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,134,937 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,015,164 ​ ​
Arizona — 0.3% ​
Arizona Industrial Development Authority, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/34
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 286,019 ​ ​
4.000%, due 6/1/39
​ ​ ​ ​ 455,000 ​ ​ ​ ​ ​ 514,936 ​ ​
5.000%, due 6/1/33
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 431,196 ​ ​
Student & Academic Services LLC, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/26
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 216,722 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,448,873 ​ ​
Arkansas — 0.4% ​
Arkansas Development Finance Authority, Revenue Bonds Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.810%, due 7/1/30(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 855,039 ​ ​
City of West Memphis AR Public Utility System Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/22
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 605,345 ​ ​
4.000%, due 12/1/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 107,294 ​ ​
4.000%, due 12/1/24
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 137,896 ​ ​
4.000%, due 12/1/27
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 203,363 ​ ​
County of Sharp AR, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/1/34
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 202,254 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,111,191 ​ ​
California — 12.5% ​
Abag Finance Authority for Nonprofit Corps, Special Tax Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/2/30
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 917,073 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
5.000%, due 9/2/34
​ ​ ​ $   175,000 ​ ​ ​ ​ $ 213,497 ​ ​
Anaheim Public Financing Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/29
​ ​ ​ ​ 975,000 ​ ​ ​ ​ ​ 1,217,950 ​ ​
Antioch Unified School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 155,244 ​ ​
Baldwin Park Unified School District, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.720%, due 8/1/23(a)
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 296,224 ​ ​
Bassett Unified School District, General Obligation Bonds Series C Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.190%, due 8/1/35(a)
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 122,367 ​ ​
Beaumont Public Improvement Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/25
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 670,526 ​ ​
Calexico Unified School District, General
Obligation Bonds Series B Insured:
NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.520%, due 8/1/28(a)
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 352,081 ​ ​
California Municipal Finance Authority, Certificates of Participation Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/26
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 413,545 ​ ​
California Municipal Finance Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/37
​ ​ ​ ​ 1,175,000 ​ ​ ​ ​ ​ 1,374,771 ​ ​
5.000%, due 5/15/43
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 304,065 ​ ​
Series A-P3 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 12/31/35
​ ​ ​ ​ 1,225,000 ​ ​ ​ ​ ​ 1,335,328 ​ ​
Center Unified School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.300%, due 8/1/29(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 861,885 ​ ​
Ceres Unified School District, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.960%, due 8/1/25(a)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 192,934 ​ ​
City of El Cerrito CA, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/26
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 301,648 ​ ​
5.000%, due 5/1/28
​ ​ ​ ​ 355,000 ​ ​ ​ ​ ​ 424,610 ​ ​
5.000%, due 5/1/36
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 383,978 ​ ​
City of Lincoln CA, Special Tax Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/34
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 639,057 ​ ​
City of Susanville CA Natural Gas Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/45
​ ​ ​ ​ 875,000 ​ ​ ​ ​ ​ 1,011,023 ​ ​
Clovis Unified School District, General Obligation Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.160%, due 8/1/27(a)
​ ​ ​ ​ 335,000 ​ ​ ​ ​ ​ 313,517 ​ ​
Coachella Valley Unified School District,
General Obligation Bonds Series D
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/37
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 466,356 ​ ​
Compton Unified School District, Certificates of Participation Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/33
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 283,735 ​ ​
​
See notes to financial statements.
7​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Davis Joint Unified School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/1/43
​ ​ ​ $ 1,250,000 ​ ​ ​ ​ $    1,316,132 ​ ​
Dixon Unified School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/37
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 712,083 ​ ​
El Centro Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/26
​ ​ ​ ​ 485,000 ​ ​ ​ ​ ​ 582,036 ​ ​
Garden Grove Agency Community
Development Successor Agency, Tax
Allocation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/27
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 280,310 ​ ​
Goleta Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/43
​ ​ ​ ​ 2,610,000 ​ ​ ​ ​ ​ 3,009,654 ​ ​
Guadalupe Union School District, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/44
​ ​ ​ ​ 1,005,000 ​ ​ ​ ​ ​ 1,123,279 ​ ​
Hayward Unified School District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/45
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,311,089 ​ ​
4.000%, due 8/1/50
​ ​ ​ ​ 1,900,000 ​ ​ ​ ​ ​ 2,182,992 ​ ​
Hemet Unified School District, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/40
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 661,910 ​ ​
Independent Cities Finance Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/31
​ ​ ​ ​ 430,000 ​ ​ ​ ​ ​ 509,623 ​ ​
4.000%, due 6/1/41
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 1,036,684 ​ ​
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.690%, due 8/1/31(a)
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 120,348 ​ ​
La Mirada Redevelopment Agency Successor Agency, Tax Allocation Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.950%, due 8/15/25(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 964,801 ​ ​
Lancaster Financing Authority, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/44
​ ​ ​ ​ 995,000 ​ ​ ​ ​ ​ 1,150,012 ​ ​
Local Public Schools Funding Authority School Improvement District No 2016-1, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/1/36
​ ​ ​ ​ 645,000 ​ ​ ​ ​ ​ 688,284 ​ ​
Los Angeles County Schools, Certificates
of Participation Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 555,906 ​ ​
Los Angeles Unified School District, Certificates of Participation Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 612,116 ​ ​
Los Nietos School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.850%, due 8/1/43(a)
​ ​ ​ ​ 1,045,000 ​ ​ ​ ​ ​ 580,322 ​ ​
3.020%, due 8/1/45(a)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 770,236 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Lynwood Unified School District, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/23
​ ​ ​ $   285,000 ​ ​ ​ ​ $ 309,634 ​ ​
Madera County Public Financing Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/37
​ ​ ​ ​ 945,000 ​ ​ ​ ​ ​ 1,120,636 ​ ​
Manteca Unified School District, General
Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.020%, due 8/1/25(a)
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 553,447 ​ ​
Merced Irrigation District, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/24
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 283,889 ​ ​
Napa Valley Unified School District, General Obligation Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/44
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,127,204 ​ ​
Natomas Unified School District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/1/39
​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 1,087,326 ​ ​
Ontario Montclair School District, General Obligation Bonds Series B Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.660%, due 8/1/29(a)
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 343,089 ​ ​
Oxnard School District, General Obligation Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 8/1/30
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 313,079 ​ ​
Palmdale Elementary School District, Special Tax Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.340%, due 8/1/36(a)
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 886,453 ​ ​
Paramount Unified School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.300%, due 8/1/48(a)
​ ​ ​ ​ 1,480,000 ​ ​ ​ ​ ​ 257,315 ​ ​
Ripon Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/36
​ ​ ​ ​ 835,000 ​ ​ ​ ​ ​ 986,653 ​ ​
River Islands Public Financing Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/40
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,740,816 ​ ​
4.000%, due 9/1/45
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,293,233 ​ ​
Riverbank Unified School District, General Obligation Bonds Series B Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.960%, due 8/1/48(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 22,755 ​ ​
Riverside County Community Facilities Districts, Special Tax Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/29
​ ​ ​ ​ 770,000 ​ ​ ​ ​ ​ 917,275 ​ ​
4.000%, due 9/1/45
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,156,184 ​ ​
Riverside County Redevelopment Successor Agency, Tax Allocation Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/26
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 670,396 ​ ​
Roseville Joint Union High School District,
Certificates of Participation Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.125%, due 6/1/35
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 159,843 ​ ​
​
See notes to financial statements.
8
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Sacramento City Schools Joint Powers Financing Authority, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/24
​ ​ ​ $   250,000 ​ ​ ​ ​ $ 275,808 ​ ​
Sacramento City Unified School District,
General Obligation Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.760%, due 7/1/24(a)
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 303,812 ​ ​
Series C-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 231,733 ​ ​
Salinas Union High School District, General Obligation Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.490%, due 10/1/23(a)
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 222,909 ​ ​
Salinas Valley Solid Waste Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 8/1/26
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 589,679 ​ ​
San Juan Unified School District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.330%, due 8/1/23(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 994,320 ​ ​
San Ysidro School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/25
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 605,136 ​ ​
Series F Insured: AGM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.460%, due 8/1/41(a)
​ ​ ​ ​ 2,070,000 ​ ​ ​ ​ ​ 1,277,169 ​ ​
Sonoma County Community
Redevelopment Agency Successor
Agency, Tax Allocation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/31
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 172,405 ​ ​
South Tahoe Joint Powers Financing Authority, Tax Allocation Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,081,231 ​ ​
South Whittier School District, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/40
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 246,956 ​ ​
Southwestern Community College District, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.530%, due 8/1/24(a)
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 551,972 ​ ​
Tulare Local Health Care District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/35
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 415,908 ​ ​
4.000%, due 8/1/39
​ ​ ​ ​ 835,000 ​ ​ ​ ​ ​ 982,284 ​ ​
West Contra Costa Unified School District, General Obligation Bonds Series F Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/49
​ ​ ​ ​ 3,740,000 ​ ​ ​ ​ ​ 4,363,370 ​ ​
West Kern Community College District, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/44
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 676,079 ​ ​
Winters Joint Unified School District, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/47
​ ​ ​ ​ 380,000 ​ ​ ​ ​ ​ 438,478 ​ ​
Woodland Joint Unified School District, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/33
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 355,947 ​ ​
Yuba City Unified School District, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.780%, due 9/1/23(a)
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 345,033 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 59,778,687 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Colorado — 4.2% ​
BNC Metropolitan District No 1, General
Obligation Bonds Series A Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/37
​ ​ ​ $   395,000 ​ ​ ​ ​ $ 470,499 ​ ​
Castle Oaks Metropolitan District No 3, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 1,840,000 ​ ​ ​ ​ ​ 2,158,050 ​ ​
Cherokee Metropolitan District, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/35
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 818,612 ​ ​
Colorado Educational & Cultural Facilities Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/31
​ ​ ​ ​ 1,015,000 ​ ​ ​ ​ ​ 1,206,523 ​ ​
Crystal Valley Metropolitan District No 2,
General Obligation Bonds Series A
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/39
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 583,095 ​ ​
4.000%, due 12/1/44
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 4,610,029 ​ ​
Grand Junction Regional Airport Authority, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 595,813 ​ ​
Grand River Hospital District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/37
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 513,893 ​ ​
Lewis Pointe Metropolitan District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/47
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,156,277 ​ ​
Leyden Rock Metropolitan District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/32
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 388,606 ​ ​
4.000%, due 12/1/33
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 484,625 ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 313,998 ​ ​
4.000%, due 12/1/35
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 542,561 ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 360,775 ​ ​
North Pine Vistas Metropolitan District No 3, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/41
​ ​ ​ ​ 1,480,000 ​ ​ ​ ​ ​ 1,710,902 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/41
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 688,944 ​ ​
Poudre Tech Metropolitan District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/32
​ ​ ​ ​ 1,310,000 ​ ​ ​ ​ ​ 1,552,942 ​ ​
Rio Blanco County School District No Re-1 Meeker, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/1/35
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 571,739 ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/33
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 188,148 ​ ​
5.250%, due 12/1/35
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 143,745 ​ ​
Saddle Rock Metropolitan District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/26
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 247,704 ​ ​
South Sloan’s Lake Metropolitan District No 2, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/33
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 289,019 ​ ​
​
See notes to financial statements.
9​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Colorado (continued) ​
Vauxmont Metropolitan District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/15/31
​ ​ ​ $   135,000 ​ ​ ​ ​ $ 154,579 ​ ​
5.000%, due 12/15/32
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 177,246 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,928,324 ​ ​
Connecticut — 2.5% ​
City of Hartford CT, General Obligation Bonds Series A Insured: AGM
4.000%, due 7/1/34
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 27,426 ​ ​
5.000%, due 4/1/23
​ ​ ​ ​ 220,000 ​ ​ ​ ​ ​ 224,318 ​ ​
5.000%, due 7/1/24
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 22,448 ​ ​
5.000%, due 7/1/27
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 68,955 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 15,000 ​ ​ ​ ​ ​ 16,348 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/32
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 22,888 ​ ​
City of New Britain CT, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 9/1/44
​ ​ ​ ​ 2,625,000 ​ ​ ​ ​ ​ 2,727,798 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/1/29
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 313,945 ​ ​
5.250%, due 9/1/30
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 374,496 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/26
​ ​ ​ ​ 435,000 ​ ​ ​ ​ ​ 511,443 ​ ​
City of New Haven CT, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/39
​ ​ ​ ​ 1,150,000 ​ ​ ​ ​ ​ 1,417,753 ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/15/27
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,152,722 ​ ​
City of West Haven CT, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/28
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 240,111 ​ ​
4.000%, due 3/15/35
​ ​ ​ ​ 925,000 ​ ​ ​ ​ ​ 1,070,801 ​ ​
State of Connecticut Special Tax Revenue, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/38
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,788,480 ​ ​
Town of Stratford CT, General Obligation
Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/33
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 172,240 ​ ​
Town of Windham CT, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/32
​ ​ ​ ​ 445,000 ​ ​ ​ ​ ​ 543,646 ​ ​
4.000%, due 8/15/35
​ ​ ​ ​ 1,025,000 ​ ​ ​ ​ ​ 1,243,920 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,939,738 ​ ​
Delaware — 0.1% ​
Delaware State Economic Development
Authority, Revenue Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000% , due 10/1/26
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 328,348 ​ ​
District of Columbia — 0.8% ​
Metropolitan Washington Airports
Authority Aviation Revenue, Revenue
Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/34
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,523,075 ​ ​
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.370%, due 10/1/36(a)
​ ​ ​ ​ 1,585,000 ​ ​ ​ ​ ​ 1,114,725 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,637,800 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Florida — 3.0% ​
Central Florida Expressway Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/34
​ ​ ​ $ 3,250,000 ​ ​ ​ ​ $   3,952,375 ​ ​
City of Boynton beach FL Utility System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 11/1/22
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 215,000 ​ ​
City of Miami FL Parking System Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,148,933 ​ ​
City of Palm Bay FL, General Obligation
Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 1,035,000 ​ ​ ​ ​ ​ 1,201,063 ​ ​
County of Lee FL Transportation Facilities
Revenue, Revenue Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 565,593 ​ ​
County of Miami-Dade FL Transit System,
Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/42
​ ​ ​ ​ 630,000 ​ ​ ​ ​ ​ 650,257 ​ ​
Florida Governmental Utility Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/22
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 224,200 ​ ​
Herons Glen Recreation District, Special
Assessment Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 5/1/25
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 182,943 ​ ​
2.500%, due 5/1/26
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 210,275 ​ ​
Hillsborough County School Board, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/22
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 255,438 ​ ​
North Springs Improvement District, Special Assessment Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/41
​ ​ ​ ​ 1,820,000 ​ ​ ​ ​ ​ 2,121,371 ​ ​
North Sumter County Utility Dependent
District, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/49
​ ​ ​ ​ 1,350,000 ​ ​ ​ ​ ​ 1,652,734 ​ ​
Orange County Convention Center/Orlando, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/31
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,478,835 ​ ​
St Lucie County School Board, Revenue
Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ 667,048 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,526,065 ​ ​
Georgia — 0.2% ​
Carrollton Payroll Development Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/28
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 474,697 ​ ​
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 7/1/24
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 231,503 ​ ​
Municipal Electric Authority of Georgia,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/46
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 197,110 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 903,310 ​ ​
Illinois — 12.7% ​
Chicago Board of Education, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.600%, due 12/1/22(a)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 198,715 ​ ​
0.750%, due 12/1/23(a)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 492,245 ​ ​
1.170%, due 12/1/25(a)
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 548,186 ​ ​
​
See notes to financial statements.
10
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
Series A Insured: AGC-ICC FGIC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/1/26
​ ​ ​ $   250,000 ​ ​ ​ ​ $ 293,708 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 612,218 ​ ​
5.000%, due 12/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 613,594 ​ ​
Series A Insured: NATL
 ​ ​ ​
1.170%, due 12/1/25(a)
​ ​ ​ ​ 1,295,000 ​ ​ ​ ​ ​ 1,234,611 ​ ​
Chicago O’Hare International Airport,
Revenue Bonds Series E Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/39
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,495,944 ​ ​
Series F Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 1/1/47
​ ​ ​ ​ 365,000 ​ ​ ​ ​ ​ 412,600 ​ ​
Chicago Park District, General Obligation Bonds Series D Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/39
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 572,121 ​ ​
Series E Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/32
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,166,516 ​ ​
Series F-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/40
​ ​ ​ ​ 1,065,000 ​ ​ ​ ​ ​ 1,291,413 ​ ​
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.370%, due 1/1/22(a)
​ ​ ​ ​ 345,000 ​ ​ ​ ​ ​ 344,783 ​ ​
City of Chicago IL Waterworks Revenue,
Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/21
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,000 ​ ​
City of Kankakee IL, General Obligation
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/34
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 520,779 ​ ​
4.000%, due 1/1/35
​ ​ ​ ​ 715,000 ​ ​ ​ ​ ​ 825,362 ​ ​
City of Sterling IL, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/36
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 712,259 ​ ​
4.000%, due 11/1/37
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 674,777 ​ ​
4.000%, due 11/1/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 590,582 ​ ​
4.000%, due 11/1/40
​ ​ ​ ​ 635,000 ​ ​ ​ ​ ​ 746,714 ​ ​
City of Waukegan IL, General Obligation
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/30/36
​ ​ ​ ​ 1,065,000 ​ ​ ​ ​ ​ 1,264,613 ​ ​
4.000%, due 12/30/37
​ ​ ​ ​ 1,080,000 ​ ​ ​ ​ ​ 1,278,829 ​ ​
City of Waukegan IL Water & Sewer System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/30/22
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 130,009 ​ ​
4.000%, due 12/30/40
​ ​ ​ ​ 485,000 ​ ​ ​ ​ ​ 561,780 ​ ​
Community Unit School District Number 427 DeKalb and Kane Counties Illinois, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/34
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 289,417 ​ ​
4.000%, due 2/1/36
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 459,093 ​ ​
4.000%, due 2/1/37
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 612,469 ​ ​
4.000%, due 2/1/38
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 599,775 ​ ​
Cook & Will Counties School District No 194, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/31
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 368,965 ​ ​
Cook County Community Unit School District No 401 Elmwood Park, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/42
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 597,813 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
Cook County School District No 88 Bellwood, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/21
​ ​ ​ $   365,000 ​ ​ ​ ​ $ 366,074 ​ ​
Cook County School District No 94, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 515,073 ​ ​
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/40
​ ​ ​ ​ 1,005,000 ​ ​ ​ ​ ​ 1,130,943 ​ ​
County of Union IL, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/26
​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 409,263 ​ ​
Crawford Hospital District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/31
​ ​ ​ ​ 345,000 ​ ​ ​ ​ ​ 389,685 ​ ​
4.000%, due 1/1/34
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 791,748 ​ ​
Darien-Woodridge Fire Protection District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/30/26
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 110,178 ​ ​
Governors State University, Certificates of Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/23
​ ​ ​ ​ 385,000 ​ ​ ​ ​ ​ 410,872 ​ ​
Illinois Finance Authority, Revenue Bonds
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 8/15/49(b)(c)
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,200,000 ​ ​
La Salle & Bureau Counties Township High School District No 120 LaSalle-Peru, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,151,761 ​ ​
Macon County School District No 61 Decatur, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/25
​ ​ ​ ​ 695,000 ​ ​ ​ ​ ​ 786,090 ​ ​
4.000%, due 12/1/32
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 230,143 ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 171,906 ​ ​
4.000%, due 12/1/37
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 233,685 ​ ​
5.000%, due 12/1/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,215,775 ​ ​
Madison Bond Etc Counties Community
Unit School District No 5 Highland,
General Obligation Bonds Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 2/1/22
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,006,622 ​ ​
3.000%, due 2/1/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,031,553 ​ ​
Madison County Community Unit School
District No 7 Edwardsville, General
Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/30
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 321,594 ​ ​
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/32
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 190,630 ​ ​
Metropolitan Pier & Exposition Authority,
Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.800%, due 6/15/45(a)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 259,474 ​ ​
2.840%, due 6/15/47(a)
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 109,311 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/50
​ ​ ​ ​ 1,850,000 ​ ​ ​ ​ ​ 2,058,488 ​ ​
​
See notes to financial statements.
11​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
Montgomery & Macoupin Counties
Community Unit School District No 12
Litchfield, General Obligation Bonds
Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/24
​ ​ ​ $   335,000 ​ ​ ​ ​ $ 365,385 ​ ​
4.000%, due 10/1/33
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,180,332 ​ ​
Northern Illinois University, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,169,045 ​ ​
4.000%, due 10/1/43
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,501,196 ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/35
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,396,067 ​ ​
Regional Transportation Authority,
Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 7/1/23
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 168,421 ​ ​
Sales Tax Securitization Corp., Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/37
​ ​ ​ ​ 2,030,000 ​ ​ ​ ​ ​ 2,547,395 ​ ​
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,250,380 ​ ​
Stark Knox Marshall Henry & Peoria
Counties Community Unit School Dist
No 100, General Obligation Bonds
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,168,106 ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 2,010,000 ​ ​ ​ ​ ​ 2,328,390 ​ ​
State of Illinois, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/30
​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ 782,845 ​ ​
Insured: NATL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 11/1/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 594,659 ​ ​
Series D
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/24
​ ​ ​ ​ 2,800,000 ​ ​ ​ ​ ​ 3,151,980 ​ ​
State of Illinois, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 6/15/23
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 196,099 ​ ​
6.000%, due 6/15/24
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 399,213 ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/35
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 854,828 ​ ​
Summerfield Lebanon Mascoutah Water
Commission St Clair County, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/26
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 240,140 ​ ​
Town of Cicero IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/26
​ ​ ​ ​ 590,000 ​ ​ ​ ​ ​ 662,649 ​ ​
4.000%, due 1/1/27
​ ​ ​ ​ 1,215,000 ​ ​ ​ ​ ​ 1,391,162 ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 582,643 ​ ​
University of Illinois, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.350%, due 4/1/22(a)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,706 ​ ​
Village of Park Forest IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 1/1/22
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 105,456 ​ ​
4.000%, due 1/1/24
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 343,565 ​ ​
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/22
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 126,133 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
Washington County Community Unit School Dist No 10 West Washington, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/15/25
​ ​ ​ $   750,000 ​ ​ ​ ​ $ 828,646 ​ ​
West Chicago Park District, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/26
​ ​ ​ ​ 565,000 ​ ​ ​ ​ ​ 619,360 ​ ​
Will County Community Unit School District No 201-U Crete-Monee, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 569,175 ​ ​
4.000%, due 1/1/35
​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 542,964 ​ ​
Woodford Lasalle Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 577,727 ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 575,714 ​ ​
4.000%, due 12/1/37
​ ​ ​ ​ 515,000 ​ ​ ​ ​ ​ 591,497 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 61,111,636 ​ ​
Indiana — 1.2% ​
City of Washington IN Electric Utility Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 1/1/22
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 205,874 ​ ​
Indiana Bond Bank, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/22
​ ​ ​ ​ 545,000 ​ ​ ​ ​ ​ 553,242 ​ ​
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds Series E Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.490%, due 2/1/24(a)
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 445,092 ​ ​
0.690%, due 2/1/25(a)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 488,924 ​ ​
Muncie Sanitary District, Revenue Bonds
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 1/1/23
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 535,968 ​ ​
4.000%, due 1/1/24
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 751,863 ​ ​
Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 1/1/22
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 140,361 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 7/1/22
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 763,378 ​ ​
Terre Haute Sanitary District, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/29
​ ​ ​ ​ 890,000 ​ ​ ​ ​ ​ 1,044,101 ​ ​
4.000%, due 1/1/30
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 241,011 ​ ​
Town of Speedway IN Sewage Works Revenue, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 9/1/25
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 566,918 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,736,732 ​ ​
Iowa — 0.9% ​
Camanche Community School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/28
​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 770,738 ​ ​
​
See notes to financial statements.
12
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Iowa (continued) ​
City of Altoona IA, General Obligation Bonds Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 6/1/22
​ ​ ​ $   320,000 ​ ​ ​ ​ $ 325,111 ​ ​
3.000%, due 6/1/24
​ ​ ​ ​ 345,000 ​ ​ ​ ​ ​ 367,358 ​ ​
Collins-Maxwell Community School District Sales Services & Use Tax Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/24
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 190,966 ​ ​
4.000%, due 6/1/25
​ ​ ​ ​ 185,000 ​ ​ ​ ​ ​ 207,072 ​ ​
Lewis Central Community School District,
Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/22
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 538,128 ​ ​
4.000%, due 7/1/29
​ ​ ​ ​ 995,000 ​ ​ ​ ​ ​ 1,186,268 ​ ​
Red Oak Community School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/25
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 167,426 ​ ​
Sioux Center Community School District,
General Obligation Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/24
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 322,558 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,075,625 ​ ​
Kentucky — 0.6% ​
City of Somerset KY, General Obligation
Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/23
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 327,696 ​ ​
4.000%, due 6/1/24
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 708,074 ​ ​
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/37
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 551,995 ​ ​
Kentucky Municipal Power Agency, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/39
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 452,985 ​ ​
Kentucky State University, Certificates of
Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/51
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 584,192 ​ ​
Louisville & Jefferson County Visitors and
Convention Commission, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 110,726 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,735,668 ​ ​
Louisiana — 3.7% ​
Calcasieu Parish School District No 23, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/27
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 726,137 ​ ​
5.000%, due 9/1/28
​ ​ ​ ​ 910,000 ​ ​ ​ ​ ​ 1,125,268 ​ ​
City of New Orleans LA Sewerage Service Revenue, Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/35
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 467,135 ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 465,731 ​ ​
4.000%, due 6/1/37
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 377,405 ​ ​
4.000%, due 6/1/38
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 405,563 ​ ​
4.000%, due 6/1/39
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 982,674 ​ ​
City of Plaquemine LA, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/24
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 803,332 ​ ​
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 623,067 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Louisiana (continued) ​
5.000%, due 12/1/32
​ ​ ​ $   125,000 ​ ​ ​ ​ $ 156,676 ​ ​
Greater Ouachita Water Co., Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/36
​ ​ ​ ​ 775,000 ​ ​ ​ ​ ​ 908,627 ​ ​
Louisiana Energy & Power Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/23
​ ​ ​ ​ 445,000 ​ ​ ​ ​ ​ 477,409 ​ ​
Louisiana Local Government
Environmental Facilities & Community
Development Auth, Revenue Bonds
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,179,605 ​ ​
4.000%, due 10/1/39
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 706,078 ​ ​
4.000%, due 10/1/40
​ ​ ​ ​ 1,170,000 ​ ​ ​ ​ ​ 1,364,500 ​ ​
4.000%, due 10/1/41
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 756,225 ​ ​
4.000%, due 10/1/42
​ ​ ​ ​ 845,000 ​ ​ ​ ​ ​ 964,830 ​ ​
4.000%, due 10/1/43
​ ​ ​ ​ 1,060,000 ​ ​ ​ ​ ​ 1,206,938 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/40
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 992,934 ​ ​
New Orleans Aviation Board, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,231,994 ​ ​
Parish of St Mary LA, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/27
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 396,637 ​ ​
Port New Orleans Board of Commissioners, Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/36
​ ​ ​ ​ 610,000 ​ ​ ​ ​ ​ 724,317 ​ ​
Ward Two Water District of Livingston Parish, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 569,412 ​ ​
4.000%, due 4/1/28
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 346,218 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,958,712 ​ ​
Maine — 0.0%(d) ​
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 175,106 ​ ​
Maryland — 0.3% ​
City of Cumberland MD, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/24
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 446,856 ​ ​
5.000%, due 6/1/25
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 519,424 ​ ​
Maryland State Transportation Authority,
Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/23
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 262,843 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,229,123 ​ ​
Massachusetts — 1.2% ​
Bridgewater-Raynham Regional School
District, General Obligation Bonds
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/29
​ ​ ​ ​ 1,405,000 ​ ​ ​ ​ ​ 1,693,430 ​ ​
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.658% (3-Month LIBOR + 0.57%),
due 5/1/37(b)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 83,933 ​ ​
Commonwealth of Massachusetts, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 1/1/22
​ ​ ​ ​ 2,415,000 ​ ​ ​ ​ ​ 2,435,045 ​ ​
5.500%, due 1/1/25
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 690,823 ​ ​
​
See notes to financial statements.
13​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Massachusetts (continued) ​
Massachusetts Department of Transportation, Revenue Bonds Series C Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.370%, due 1/1/22(a)
​ ​ ​ $   325,000 ​ ​ ​ ​ $ 324,796 ​ ​
Massachusetts School Building Authority,
Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/34
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 412,506 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,640,533 ​ ​
Michigan — 4.7% ​
Benzie County Central Schools, General
Obligation Bonds Series I Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/35
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 414,247 ​ ​
4.000%, due 5/1/36
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 364,263 ​ ​
4.000%, due 5/1/37
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 399,527 ​ ​
4.000%, due 5/1/38
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 362,351 ​ ​
4.000%, due 5/1/39
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 361,438 ​ ​
4.000%, due 5/1/40
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 360,665 ​ ​
4.000%, due 5/1/45
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,483,503 ​ ​
City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds Series B Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 7/1/22
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,033,377 ​ ​
City of Greenville MI, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/46
​ ​ ​ ​ 2,575,000 ​ ​ ​ ​ ​ 2,958,076 ​ ​
City of Saginaw MI Water Supply System
Revenue, Revenue Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/29
​ ​ ​ ​ 710,000 ​ ​ ​ ​ ​ 847,623 ​ ​
4.000%, due 7/1/30
​ ​ ​ ​ 1,035,000 ​ ​ ​ ​ ​ 1,249,531 ​ ​
City of Taylor MI, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/24
​ ​ ​ ​ 770,000 ​ ​ ​ ​ ​ 832,801 ​ ​
4.000%, due 3/1/27
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 567,218 ​ ​
4.000%, due 3/1/29
​ ​ ​ ​ 710,000 ​ ​ ​ ​ ​ 845,221 ​ ​
4.000%, due 3/1/35
​ ​ ​ ​ 1,185,000 ​ ​ ​ ​ ​ 1,414,850 ​ ​
Eastern Michigan University, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/27
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 905,337 ​ ​
Fitzgerald Public School District, General
Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,763 ​ ​
Grandville Public Schools, General Obligation Bonds Series I Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/37
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 286,035 ​ ​
4.000%, due 5/1/40
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 232,698 ​ ​
Jackson College, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 5/1/22
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 527,049 ​ ​
Lake Superior State University, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/28
​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 729,230 ​ ​
4.000%, due 11/15/30
​ ​ ​ ​ 810,000 ​ ​ ​ ​ ​ 972,187 ​ ​
Leland Public School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/37
​ ​ ​ ​ 590,000 ​ ​ ​ ​ ​ 674,871 ​ ​
Michigan Finance Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,176,833 ​ ​
Saginaw City School District, General Obligation Bonds
4.000%, due 5/1/44
​ ​ ​ ​ 2,505,000 ​ ​ ​ ​ ​ 2,942,859 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​ ​
Municipal Bonds (continued) ​ ​
Michigan (continued) ​ ​
Warren Consolidated Schools, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/22
​ ​ ​ $   280,000 ​ ​ ​ ​ $ 286,605 ​ ​ ​
Wayne County Airport Authority,
Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/42
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 115,343 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,496,501 ​ ​ ​
Minnesota — 0.1% ​ ​
Centennial Independent School District
No 12, General Obligation Bonds
Series A Insured: SD CRED PROG
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.170% , due 2/1/22(a)
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 649,716 ​ ​ ​
Mississippi — 0.5% ​ ​
Biloxi Public School District, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/24
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 298,809 ​ ​ ​
City of Jackson MS, General Obligation
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 167,726 ​ ​ ​
Mississippi Development Bank, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/45
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 580,187 ​ ​ ​
5.000%, due 7/1/33
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 629,094 ​ ​ ​
5.250%, due 10/1/38
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 572,571 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,248,387 ​ ​ ​ ​ ​
Missouri — 1.3% ​ ​
City of St Louis MO Airport Revenue, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 7/1/28
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,278,839 ​ ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,078,117 ​ ​ ​
Kansas City Industrial Development Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/50
​ ​ ​ ​ 1,480,000 ​ ​ ​ ​ ​ 1,652,903 ​ ​ ​
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/46
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,385,539 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,395,398 ​ ​ ​
Montana — 0.1% ​ ​
City of Bozeman MT, Tax Allocation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 7/1/22
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,444 ​ ​ ​
3.000%, due 7/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 105,601 ​ ​ ​
4.000%, due 7/1/26
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 84,671 ​ ​ ​
4.000%, due 7/1/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 114,676 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 355,392 ​ ​ ​
Nevada — 0.4% ​ ​
City of Reno NV, Revenue Bonds Series A-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/28
​ ​ ​ ​ 730,000 ​ ​ ​ ​ ​ 882,686 ​ ​ ​
5.000%, due 6/1/32
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 315,066 ​ ​ ​
Clark County School District, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​
4.000%, due 6/15/40
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 467,640 ​ ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/28
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 313,394 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,978,786 ​ ​ ​
​
​
See notes to financial statements.
14
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New Hampshire — 1.2% ​
New Hampshire Business Finance Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000% , due 7/1/51
​ ​ ​ $ 5,000,000 ​ ​ ​ ​ $   5,792,831 ​ ​
New Jersey — 7.1% ​
Atlantic City Board of Education, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/26
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 448,217 ​ ​
4.000%, due 4/1/28
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 489,072 ​ ​
4.000%, due 4/1/30
​ ​ ​ ​ 335,000 ​ ​ ​ ​ ​ 383,891 ​ ​
4.000%, due 4/1/33
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 367,714 ​ ​
4.000%, due 4/1/35
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 371,380 ​ ​
Borough of Paulsboro NJ, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.000%, due 8/15/24
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 161,854 ​ ​
1.000%, due 8/15/25
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 166,483 ​ ​
Casino Reinvestment Development Authority, Inc., Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 552,557 ​ ​
City of Atlantic City NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/21
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 165,000 ​ ​
City of Bayonne NJ, General Obligation
Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 109,463 ​ ​
City of East Orange NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/15/23
​ ​ ​ ​ 665,000 ​ ​ ​ ​ ​ 710,245 ​ ​
4.000%, due 9/15/24
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 137,493 ​ ​
City of Newark NJ, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 605,508 ​ ​
5.000%, due 10/1/28
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 925,061 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/28
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 178,845 ​ ​
5.000%, due 10/1/29
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 237,977 ​ ​
City of Orange Township NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/27
​ ​ ​ ​ 1,295,000 ​ ​ ​ ​ ​ 1,492,578 ​ ​
City of Perth Amboy NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 765,000 ​ ​ ​ ​ ​ 883,519 ​ ​
City of Trenton NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/15/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 258,802 ​ ​
City of Union City NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.050%, due 8/1/24
​ ​ ​ ​ 1,425,000 ​ ​ ​ ​ ​ 1,392,726 ​ ​
2.250%, due 8/1/25
​ ​ ​ ​ 1,450,000 ​ ​ ​ ​ ​ 1,512,554 ​ ​
Clifton Board Of Education, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.125%, due 8/15/44
​ ​ ​ ​ 2,955,000 ​ ​ ​ ​ ​ 2,723,097 ​ ​
Essex County Improvement Authority, Revenue Bonds Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/15/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 528,333 ​ ​
Garden State Preservation Trust,
Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.190%, due 11/1/25(a)
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 104,894 ​ ​
Gloucester County Improvement Authority (The), Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/28
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 305,082 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New Jersey (continued) ​
Long Branch Board of Education, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/29
​ ​ ​ $   265,000 ​ ​ ​ ​ $ 328,586 ​ ​
New Jersey Economic Development Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/22
​ ​ ​ ​ 2,725,000 ​ ​ ​ ​ ​ 2,791,663 ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/34
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 168,485 ​ ​
5.000%, due 7/1/23
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,613,256 ​ ​
Series K Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/15/21
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 110,657 ​ ​
New Jersey Educational Facilities Authority, Revenue Bonds Series F Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 348,277 ​ ​
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.660%, due 12/15/24(a)
​ ​ ​ ​ 705,000 ​ ​ ​ ​ ​ 690,645 ​ ​
Insured: BHAC-CR MBIA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.290%, due 12/15/27(a)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 462,157 ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/37
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 315,687 ​ ​
Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/15/21
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 502,987 ​ ​
Series AA Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/44
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 549,764 ​ ​
Series B Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/15/23
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 374,907 ​ ​
Series B Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/15/21
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 503,136 ​ ​
Series C Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.900%, due 12/15/24(a)
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 729,269 ​ ​
1.140%, due 12/15/25(a)
​ ​ ​ ​ 875,000 ​ ​ ​ ​ ​ 834,999 ​ ​
1.330%, due 12/15/26(a)
​ ​ ​ ​ 1,330,000 ​ ​ ​ ​ ​ 1,242,948 ​ ​
Newark Board of Education, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 7/15/40
​ ​ ​ ​ 1,475,000 ​ ​ ​ ​ ​ 1,567,374 ​ ​
4.000%, due 7/15/34
​ ​ ​ ​ 825,000 ​ ​ ​ ​ ​ 992,314 ​ ​
Oceanport School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 7/15/24
​ ​ ​ ​ 495,000 ​ ​ ​ ​ ​ 520,008 ​ ​
Passaic Valley Sewerage Commission,
Revenue Bonds Series H Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/24
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 510,431 ​ ​
Series I Insured: AGM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/25
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 117,031 ​ ​
Salem County Improvement Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/48
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 637,328 ​ ​
South Jersey Transportation Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/40
​ ​ ​ ​ 880,000 ​ ​ ​ ​ ​ 1,026,096 ​ ​
5.000%, due 11/1/30
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 888,343 ​ ​
State of New Jersey, General Obligation
Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/29
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 881,157 ​ ​
Washington Borough Board of Education/Warren County, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/25
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 140,710 ​ ​
4.000%, due 7/15/27
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 158,543 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 34,219,103 ​ ​
​
​
See notes to financial statements.
15​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New York — 10.9% ​
Broome County Local Development Corp., Revenue Bonds Insured: AGM
 ​ ​ ​
3.000%, due 4/1/45
​ ​ ​ $ 1,200,000 ​ ​ ​ ​ $   1,248,357 ​ ​
City of New York NY, General Obligation
Bonds Series B-1 Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/42
​ ​ ​ ​ 1,425,000 ​ ​ ​ ​ ​ 1,769,872 ​ ​
5.000%, due 10/1/43
​ ​ ​ ​ 1,030,000 ​ ​ ​ ​ ​ 1,276,970 ​ ​
City of Schenectady NY, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 5/1/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 259,777 ​ ​
City of Syracuse NY, General Obligation
Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/34
​ ​ ​ ​ 930,000 ​ ​ ​ ​ ​ 1,065,835 ​ ​
City of Yonkers NY, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/23
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 277,144 ​ ​
4.000%, due 2/15/24
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 269,372 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/26
​ ​ ​ ​ 825,000 ​ ​ ​ ​ ​ 971,002 ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/28
​ ​ ​ ​ 1,215,000 ​ ​ ​ ​ ​ 1,507,623 ​ ​
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/23
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 292,869 ​ ​
4.000%, due 2/15/24
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 312,540 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/26
​ ​ ​ ​ 640,000 ​ ​ ​ ​ ​ 753,558 ​ ​
5.000%, due 2/15/30
​ ​ ​ ​ 770,000 ​ ​ ​ ​ ​ 990,325 ​ ​
County of Chautauqua NY, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 12/15/22
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 132,467 ​ ​
County of Monroe NY, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/22
​ ​ ​ ​ 1,070,000 ​ ​ ​ ​ ​ 1,099,816 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/25
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 324,602 ​ ​
County of Suffolk NY, General Obligation
Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/15/28
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 618,711 ​ ​
Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/28
​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 563,030 ​ ​
5.000%, due 2/1/23
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 433,758 ​ ​
5.000%, due 5/1/27
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 160,628 ​ ​
Hudson Yards Infrastructure Corp,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/47
​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ 5,590,283 ​ ​
Metropolitan Transportation Authority, Revenue Bonds Series A-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/52
​ ​ ​ ​ 595,000 ​ ​ ​ ​ ​ 654,446 ​ ​
5.000%, due 11/15/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 579,724 ​ ​
Series A-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/44
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,152,793 ​ ​
Series B Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 11/15/24
​ ​ ​ ​ 1,145,000 ​ ​ ​ ​ ​ 1,309,053 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/46
​ ​ ​ ​ 745,000 ​ ​ ​ ​ ​ 856,887 ​ ​
Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/44
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 797,913 ​ ​
Series E
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/45
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 500,809 ​ ​
Mount Vernon City School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/15/24
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 291,170 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New York (continued) ​
New York City Industrial Development Agency, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.110%, due 3/1/24(b)(c)
​ ​ ​ $ 1,500,000 ​ ​ ​ ​ $   1,596,409 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 1,750,000 ​ ​ ​ ​ ​ 2,247,243 ​ ​
5.000%, due 1/1/31
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,634,891 ​ ​
New York City Water & Sewer System, Revenue Bonds Series AA4
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 6/15/49(b)(c)
​ ​ ​ ​ 3,700,000 ​ ​ ​ ​ ​ 3,700,000 ​ ​
New York Convention Center
Development Corp., Revenue Bonds
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.180%, due 11/15/33(a)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,154,784 ​ ​
2.470%, due 11/15/38(a)
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 246,872 ​ ​
New York State Dormitory Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 579,872 ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/33
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 129,932 ​ ​
4.000%, due 8/15/34
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 135,038 ​ ​
4.000%, due 8/15/35
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 179,592 ​ ​
4.000%, due 8/15/36
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 223,590 ​ ​
4.000%, due 8/15/37
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 501,093 ​ ​
Series D Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/30
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,264,271 ​ ​
New York State Thruway Authority,
Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/45
​ ​ ​ ​ 1,115,000 ​ ​ ​ ​ ​ 1,279,775 ​ ​
Niagara Falls City School District, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/26
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 216,575 ​ ​
5.000%, due 6/15/25
​ ​ ​ ​ 670,000 ​ ​ ​ ​ ​ 744,933 ​ ​
Niagara Falls City School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/28
​ ​ ​ ​ 590,000 ​ ​ ​ ​ ​ 736,187 ​ ​
North Syracuse Central School District, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/22
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 92,663 ​ ​
Oneida County Local Development Corp, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/38
​ ​ ​ ​ 1,320,000 ​ ​ ​ ​ ​ 1,539,063 ​ ​
4.000%, due 12/1/39
​ ​ ​ ​ 1,370,000 ​ ​ ​ ​ ​ 1,593,155 ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 1,425,000 ​ ​ ​ ​ ​ 1,652,013 ​ ​
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/44
​ ​ ​ ​ 405,000 ​ ​ ​ ​ ​ 421,154 ​ ​
4.000%, due 12/1/38
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 285,748 ​ ​
Pulaski Central School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 268,429 ​ ​
Town of Oyster Bay NY, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/28
​ ​ ​ ​ 835,000 ​ ​ ​ ​ ​ 981,326 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/26
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 73,858 ​ ​
4.000%, due 11/1/26
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 922,744 ​ ​
4.000%, due 2/15/27
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 63,585 ​ ​
​
See notes to financial statements.
16
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​ ​
Municipal Bonds (continued) ​ ​
New York (continued) ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 2/1/24
​ ​ ​ $ 1,790,000 ​ ​ ​ ​ $   1,894,065 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 52,420,194 ​ ​ ​
North Carolina — 0.6% ​ ​
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​
5.000%, due 1/1/32
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 654,732 ​ ​ ​
Western Carolina University, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/26
​ ​ ​ ​ 945,000 ​ ​ ​ ​ ​ 1,121,241 ​ ​ ​
5.000%, due 6/1/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 589,569 ​ ​ ​
5.000%, due 6/1/28
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 644,947 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,010,489 ​ ​ ​
North Dakota — 0.6% ​ ​
City of Grand Forks ND, Revenue Bonds
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/39
​ ​ ​ ​ 2,125,000 ​ ​ ​ ​ ​ 2,209,455 ​ ​ ​
State Board of Higher Education of the State of North Dakota, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/44
​ ​ ​ ​ 670,000 ​ ​ ​ ​ ​ 766,729 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,976,184 ​ ​ ​ ​ ​
Ohio — 0.8% ​ ​
Bethel Local School District, Certificates
of Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/25
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 296,440 ​ ​ ​
City of Lorain OH, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 12/1/27
​ ​ ​ ​ 605,000 ​ ​ ​ ​ ​ 606,484 ​ ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/24
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 275,872 ​ ​ ​
4.000%, due 12/1/25
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 293,517 ​ ​ ​
Cleveland Department of Public Utilities
Division of Public Power, Revenue
Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/37
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 437,080 ​ ​ ​
Conotton Valley Union Local School District, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/33
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 348,113 ​ ​ ​
County of Cuyahoga OH, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/28
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 592,809 ​ ​ ​
Euclid City School District, Certificates of
Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/39
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 452,416 ​ ​ ​
Triway Local School District, Certificates
of Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/21
​ ​ ​ ​ 625,000 ​ ​ ​ ​ ​ 626,372 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,929,103 ​ ​ ​
Oklahoma — 0.1% ​ ​
Tulsa Airports Improvement Trust,
Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​
5.000% , due 6/1/23
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 535,754 ​ ​ ​
Oregon — 0.9% ​ ​
City of Seaside OR Transient Lodging Tax
Revenue, Revenue Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/15/37
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 484,255 ​ ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​ ​
Municipal Bonds (continued) ​ ​
Oregon (continued) ​ ​
Jackson County School District No 6 Central Point, General Obligation Bonds Series B Insured: SCH BD GTY
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.330%, due 6/15/49(a)
​ ​ ​ $   500,000 ​ ​ ​ ​ $ 206,918 ​ ​ ​
Medford Hospital Facilities Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/45
​ ​ ​ ​ 3,170,000 ​ ​ ​ ​ ​ 3,676,634 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,367,807 ​ ​ ​ ​ ​
Pennsylvania — 5.2% ​ ​
Allentown City School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 202,085 ​ ​ ​
Ambridge Area School District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/22
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 684,086 ​ ​ ​
Bellwood-Antis School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 6/1/25
​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 520,833 ​ ​ ​
Series AA Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 6/1/25
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 325,521 ​ ​ ​
3.000%, due 6/1/26
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 335,975 ​ ​ ​
Bristol Borough School District, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/25
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 274,082 ​ ​ ​
Butler Area Sewer Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/26
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 463,810 ​ ​ ​
Catasauqua Area School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/26
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 275,188 ​ ​ ​
4.000%, due 2/15/27
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 80,032 ​ ​ ​
4.000%, due 2/15/28
​ ​ ​ ​ 430,000 ​ ​ ​ ​ ​ 498,739 ​ ​ ​
4.000%, due 2/15/29
​ ​ ​ ​ 695,000 ​ ​ ​ ​ ​ 818,675 ​ ​ ​
City of Oil City PA, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/39
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 367,781 ​ ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 315,476 ​ ​ ​
4.000%, due 12/1/41
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 303,288 ​ ​ ​
City of Philadelphia PA Airport Revenue,
Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/39
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,745,178 ​ ​ ​
4.000%, due 7/1/40
​ ​ ​ ​ 1,155,000 ​ ​ ​ ​ ​ 1,338,700 ​ ​ ​
4.000%, due 7/1/41
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,442,483 ​ ​ ​
Coatesville Area School District Building
Authority, Revenue Bonds Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/22
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 419,785 ​ ​ ​
Coatesville School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 161,846 ​ ​ ​
County of Cambria PA, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 283,580 ​ ​ ​
Delaware County Regional Water Quality Control Authority, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/1/22
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 210,132 ​ ​ ​
​
See notes to financial statements.
17​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Pennsylvania (continued) ​
Ephrata Borough Authority, Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 11/1/43
​ ​ ​ $ 1,150,000 ​ ​ ​ ​ $   1,213,798 ​ ​
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/35
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 572,177 ​ ​
Greater Johnstown School District, General Obligation Bonds Series C Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.650%, due 8/1/28(a)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 178,990 ​ ​
Hazle Township Municipal Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/23
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 262,658 ​ ​
Lancaster Higher Education Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 578,006 ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 326,594 ​ ​
Lancaster School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 40,872 ​ ​
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.688% (3-Month LIBOR + 0.60%), due
7/1/27(b)
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 159,171 ​ ​
Pennsylvania Turnpike Commission,
Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 6/1/33
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 923,497 ​ ​
Pittsburgh Water & Sewer Authority,
Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/35
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 827,250 ​ ​
4.000%, due 9/1/50
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,164,541 ​ ​
Reading School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/44
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 580,685 ​ ​
Ridley School District, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,179,189 ​ ​
School District of Philadelphia (The), General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/27
​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ 860,191 ​ ​
Insured: BHAC-CR FGIC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/34
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 288,868 ​ ​
Series F Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/27
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 6,024 ​ ​
Somerset Area School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/23
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 445,152 ​ ​
State Public School Building Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/40
​ ​ ​ ​ 835,000 ​ ​ ​ ​ ​ 951,228 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/1/39
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 790,249 ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/22
​ ​ ​ ​ 285,000 ​ ​ ​ ​ ​ 293,343 ​ ​
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/31
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 458,525 ​ ​
4.000%, due 9/1/32
​ ​ ​ ​ 435,000 ​ ​ ​ ​ ​ 480,792 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Pennsylvania (continued) ​
Westmoreland County Municipal Authority, Revenue Bonds Series A Insured: FGIC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.590%, due 8/15/23(a)
​ ​ ​ $   815,000 ​ ​ ​ ​ $ 806,436 ​ ​
Williamsport Sanitary Authority, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 632,895 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 25,088,406 ​ ​
Puerto Rico — 0.2% ​
Commonwealth of Puerto Rico, General
Obligation Bonds Series A Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/35
​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 484,130 ​ ​
Series A-4 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 7/1/30
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,928 ​ ​
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/24
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,346 ​ ​
Series UU Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.608% (3-Month LIBOR + 0.52%), due
7/1/29(b)
​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 508,744 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,119,148 ​ ​
Rhode Island — 0.6% ​
Providence Public Building Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/15/35
​ ​ ​ ​ 1,085,000 ​ ​ ​ ​ ​ 1,241,534 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/26
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 325,265 ​ ​
5.000%, due 6/15/36
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 807,417 ​ ​
Rhode Island Health and Educational Building Corp., Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/36
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 457,893 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,832,109 ​ ​
South Carolina — 0.1% ​
City of Camden SC Combined Public Utility System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​
2.000%, due 3/1/23
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 614,053 ​ ​
Texas — 6.9% ​
Brazoria County Municipal Utility District No 28, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 9/1/25
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 416,903 ​ ​
2.000%, due 9/1/26
​ ​ ​ ​ 405,000 ​ ​ ​ ​ ​ 423,378 ​ ​
Central Texas Turnpike System, Revenue
Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.250%, due 8/15/22(a)
​ ​ ​ ​ 665,000 ​ ​ ​ ​ ​ 663,679 ​ ​
Series A Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.630%, due 8/15/29(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 880,856 ​ ​
Series A Insured: BHAC-CR AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.030%, due 8/15/27(a)
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 193,136 ​ ​
City of Arlington TX Special Tax Revenue,
Special Tax Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/32
​ ​ ​ ​ 725,000 ​ ​ ​ ​ ​ 824,358 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/44
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,247,367 ​ ​
5.000%, due 2/15/38
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 845,077 ​ ​
​
See notes to financial statements.
18
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
City of Houston TX Combined Utility System Revenue, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.640%, due 12/1/25(a)
​ ​ ​ $   460,000 ​ ​ ​ ​ $ 448,148 ​ ​
City of Mission TX, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/22
​ ​ ​ ​ 1,395,000 ​ ​ ​ ​ ​ 1,413,570 ​ ​
City of Mount Pleasant TX, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/34
​ ​ ​ ​ 2,110,000 ​ ​ ​ ​ ​ 2,561,481 ​ ​
City of Rio Grande City TX, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/26
​ ​ ​ ​ 630,000 ​ ​ ​ ​ ​ 713,856 ​ ​
Clear Lake City Water Authority, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/1/25
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 183,699 ​ ​
County of Galveston TX, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.380%, due 2/1/24(a)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,487,304 ​ ​
County of La Salle TX, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 605,004 ​ ​
Fort Bend County Municipal Utility District
No 169, General Obligation Bonds
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/25
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 456,073 ​ ​
Fort Bend County Municipal Utility District
No 58, General Obligation Bonds
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 4/1/33
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 433,233 ​ ​
3.000%, due 4/1/34
​ ​ ​ ​ 445,000 ​ ​ ​ ​ ​ 480,947 ​ ​
Galveston County Municipal Utility District No 56, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/24
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 437,409 ​ ​
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/34
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 369,209 ​ ​
Harris County-Houston Sports Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/25
​ ​ ​ ​ 220,000 ​ ​ ​ ​ ​ 246,475 ​ ​
La Joya Independent School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 549,676 ​ ​
Lazy Nine Municipal Utility District No 1B,
General Obligation Bonds Series 1B
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 9/1/22
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 183,929 ​ ​
Love Field Airport Modernization Corp, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/40
​ ​ ​ ​ 3,385,000 ​ ​ ​ ​ ​ 3,923,609 ​ ​
Matagorda County Navigation District
No 1, Revenue Bonds Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 11/1/28
​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ 759,331 ​ ​
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series A-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/28
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 606,716 ​ ​
Series B-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/30
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 176,634 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
Northlake Municipal Management District No 1, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 3/1/24
​ ​ ​ $   185,000 ​ ​ ​ ​ $ 200,832 ​ ​
Southwest Houston Redevelopment Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/32
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 515,027 ​ ​
5.000%, due 9/1/28
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 253,286 ​ ​
5.000%, due 9/1/29
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 275,133 ​ ​
5.000%, due 9/1/30
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 433,259 ​ ​
Timber Lane Utility District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 8/1/23
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 526,722 ​ ​
3.500%, due 8/1/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 540,069 ​ ​
3.500%, due 8/1/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 550,862 ​ ​
3.500%, due 8/1/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 559,949 ​ ​
Travis County Water Control & Improvement District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/26
​ ​ ​ ​ 505,000 ​ ​ ​ ​ ​ 573,630 ​ ​
Upper Trinity Regional Water District, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/1/46
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,583,491 ​ ​
Viridian Municipal Management District,
General Obligation Bonds Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/26
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 445,729 ​ ​
West Harris County Regional Water Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 12/15/46
​ ​ ​ ​ 3,500,000 ​ ​ ​ ​ ​ 3,879,260 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32,868,306 ​ ​
Utah — 1.1% ​
Utah Transit Authority, Revenue Bonds Series A Insured: BHAC-CR MBIA
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/35
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 290,967 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 6/15/32
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,339,778 ​ ​
Vineyard Redevelopment Agency, Tax Allocation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/34
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 136,410 ​ ​
4.000%, due 5/1/39
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 410,597 ​ ​
4.000%, due 5/1/41
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 408,613 ​ ​
5.000%, due 5/1/25
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 804,291 ​ ​
5.000%, due 5/1/27
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 381,169 ​ ​
5.000%, due 5/1/31
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 906,464 ​ ​
Weber Basin Water Conservancy District,
Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/46
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 691,502 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,369,791 ​ ​
Washington — 0.6% ​
Bellevue Convention Center Authority, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.310%, due 2/1/22(a)
​ ​ ​ ​ 530,000 ​ ​ ​ ​ ​ 529,583 ​ ​
Chelan County Public Utility District No 1,
Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.550%, due 6/1/24(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,592 ​ ​
Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.380%, due 6/1/23(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,395 ​ ​
​
See notes to financial statements.
19​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Washington (continued) ​
Klickitat County Public Utility District
No 1, Revenue Bonds Series A Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/37
​ ​ ​ $   750,000 ​ ​ ​ ​ $ 868,678 ​ ​
State of Washington, General Obligation
Bonds Series 03-C Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.900%, due 6/1/26(a)
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 239,916 ​ ​
Series C Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.370%, due 6/1/23(a)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 198,822 ​ ​
0.540%, due 6/1/24(a)
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 261,335 ​ ​
0.900%, due 6/1/26(a)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 191,933 ​ ​
Series C Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.450%, due 6/1/29(a)
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 112,025 ​ ​
Series E Insured: XLCA
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.450%, due 12/1/23(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,064 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,699,343 ​ ​
West Virginia — 1.5% ​
City of Fairmont WV Water Revenue,
Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/29
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 178,834 ​ ​
City of Wheeling WV Waterworks &
Sewerage System Revenue, Revenue
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/46
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,184,695 ​ ​
Morgantown Utility Board, Inc., Revenue
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/23
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 305,218 ​ ​
4.000%, due 12/1/24
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 330,950 ​ ​
4.000%, due 12/1/25
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 367,036 ​ ​
West Virginia Hospital Finance Authority,
Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/51
​ ​ ​ ​ 4,200,000 ​ ​ ​ ​ ​ 4,665,680 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,032,413 ​ ​
Wisconsin — 4.0% ​
City of Milwaukee WI, General Obligation Bonds Series B4 Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 4/1/35
​ ​ ​ ​ 5,050,000 ​ ​ ​ ​ ​ 5,632,676 ​ ​
City of Racine WI Waterworks System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 611,665 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/26
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 345,637 ​ ​
5.000%, due 9/1/28
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 313,962 ​ ​
Fond Du Lac School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/35
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 464,906 ​ ​
Omro School District, General Obligation
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/1/28
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 256,737 ​ ​
Public Finance Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/40
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 337,118 ​ ​
4.000%, due 7/1/45
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 890,542 ​ ​
Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 10/1/49(b)(c)
​ ​ ​ ​ 8,600,000 ​ ​ ​ ​ ​ 8,600,000 ​ ​
Village of Mount Pleasant WI, Tax Allocation Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/48
​ ​ ​ ​ 1,135,000 ​ ​ ​ ​ ​ 1,343,683 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​ ​
Municipal Bonds (continued) ​ ​
Wisconsin (continued) ​ ​
Wisconsin Center District, Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.560%, due 12/15/36(a)
​ ​ ​ $ 320,000 ​ ​ ​ ​ $ 209,045 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,005,971 ​ ​ ​ ​ ​
Wyoming — 1.2% ​ ​ ​ ​
University of Wyoming, Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/43
​ ​ ​ ​ 1,700,000 ​ ​ ​ ​ ​ 1,992,966 ​ ​ ​
4.000%, due 6/1/45
​ ​ ​ ​ 2,410,000 ​ ​ ​ ​ ​ 2,810,814 ​ ​ ​
4.000%, due 6/1/46
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,164,681 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,968,461 ​ ​ ​
Total Municipal Bonds
(Cost $461,186,279)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 464,254,281 ​ ​ ​
​
​ ​ ​
Shares
​ ​ ​ ​ ​ ​ ​
Short-Term Investment — 1.5% ​
Money Market Fund — 1.5% ​
Fidelity Investments Money Market Treasury Only Class I, 0.01%(e)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $7,154,719)
 ​ ​ ​
​
7,154,719
 ​ ​ ​ ​ $ 7,154,719 ​ ​
Total Investments — 98.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $468,340,998)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 471,409,000 ​ ​
Other Assets and Liabilities,
Net — 1.7%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,393,625 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 479,802,625 ​ ​
​
(a)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(b)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2021.
​
(c)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(d)
Less than 0.05%.
​
(e)
Reflects the 7-day yield at October 31, 2021.
​
Abbreviations
​ AGC ​ ​ — ​ ​ Assured Guaranty Corp. ​
​ AGM ​ ​ — ​ ​ Assured Guaranty Municipal Corp. ​
​ AMBAC ​ ​ — ​ ​ Ambac Assurance Corp. ​
​ BAM ​ ​ — ​ ​ Build America Mutual Assurance Co. ​
​ BHAC-CR ​ ​ — ​ ​ Berkshire Hathaway Assurance Corp. Custodial Receipts ​
​ FGIC ​ ​ — ​ ​ Financial Guaranty Insurance Co. ​
​ LIBOR ​ ​ — ​ ​ London InterBank Offered Rate ​
​ NATL ​ ​ — ​ ​ National Public Finance Guarantee Corp. ​
​
SCH BD GTY
​ ​ — ​ ​ School Bond Guaranty Program ​
​ XLCA ​ ​ — ​ ​ XL Capital Assurance ​
​
See notes to financial statements.
20
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2021 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2021. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Municipal Bonds
​ ​ ​ $ — ​ ​ ​ ​ $ 464,254,281 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 464,254,281 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 7,154,719 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,154,719 ​ ​
Total Investments in Securities
​ ​ ​ $ 7,154,719 ​ ​ ​ ​ $ 464,254,281 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 471,409,000 ​ ​
​
(f)
For a complete listing of investments and their states, see the Schedule of Investments.
​
For the period ended October 31, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
21​
TABLE OF CONTENTS​
Schedule of Investments — IQ MacKay Municipal Intermediate ETF 
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds — 97.0% ​
Alabama — 2.8% ​
Alabama Community College System, Revenue Bonds Insured: BAM
 ​ ​ ​
4.000%, due 11/1/32
​ ​ ​ $   410,000 ​ ​ ​ ​ $ 489,331 ​ ​
4.000%, due 11/1/33
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 786,030 ​ ​
Alabama Community College System ACCS Enhancements Fee Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/34
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 1,019,792 ​ ​
4.000%, due 9/1/36
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 321,311 ​ ​
4.000%, due 9/1/37
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 492,398 ​ ​
Birmingham Airport Authority, Revenue
Bonds Insured: BAM
 ​ ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 765,810 ​ ​
Black Belt Energy Gas District, Revenue
Bonds
 ​ ​ ​
4.000%, due 6/1/28
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,765,735 ​ ​
Homewood Educational Building Authority, Revenue Bonds
Series A Insured: AGM
 ​ ​ ​
5.000%, due 12/1/41
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,050,960 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,691,367 ​ ​
Alaska — 0.6% ​
Alaska Industrial Development & Export
Authority, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 6/1/28
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 113,504 ​ ​
State of Alaska International Airports System, Revenue Bonds
 ​ ​ ​
4.000%, due 10/1/31
​ ​ ​ ​ 1,055,000 ​ ​ ​ ​ ​ 1,281,234 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,394,738 ​ ​
Arizona — 1.1% ​
Arizona Industrial Development Authority, Revenue Bonds
Series A
5.000%, due 11/1/31
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 676,145 ​ ​
Series A Insured: BAM
 ​ ​ ​
5.000%, due 6/1/31
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 371,360 ​ ​
5.000%, due 6/1/32
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 401,183 ​ ​
Arizona State University, Revenue Bonds 
 ​ ​ ​
5.000%, due 7/1/22
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 134,157 ​ ​
City of Phoenix Civic Improvement Corp., Revenue Bonds Series A
 ​ ​ ​
5.000%, due 7/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 601,310 ​ ​
Maricopa County Industrial Development Authority, Revenue Bonds Series C Insured: SD CRED PROG
5.000%, due 7/1/37
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 349,184 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,533,339 ​ ​
Arkansas — 0.3% ​
Bentonville School District No 6, General
Obligation Bonds
 ​ ​ ​
5.000%, due 6/1/22
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 149,006 ​ ​
University of Central Arkansas, Revenue
Bonds Series A Insured: AGM
 ​ ​ ​
5.000%, due 11/1/34
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 460,425 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 609,431 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California — 7.8% ​
Apple Valley Public Financing Authority,
Tax Allocation Series A Insured: BAM
 ​ ​ ​
4.000%, due 6/1/31
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $   1,200,669 ​ ​
Bay Area Toll Authority, Revenue Bonds 
 ​ ​ ​
5.000%, due 4/1/22
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 127,515 ​ ​
Benicia Unified School District, General
Obligation Bonds Series C Insured:
AGM
 ​ ​ ​
0.390%, due 8/1/23(a)
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 297,984 ​ ​
California Health Facilities Financing Authority, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 10/1/32
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,124,048 ​ ​
California Municipal Finance Authority,
Revenue Bonds
 ​ ​ ​
5.000%, due 5/15/31
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 493,453 ​ ​
California State Public Works Board, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 9/1/22
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 124,793 ​ ​
Series B
 ​ ​ ​
4.000%, due 5/1/36
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 239,719 ​ ​
Series C
 ​ ​ ​
5.000%, due 3/1/22
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 304,795 ​ ​
Series F
 ​ ​ ​
5.000%, due 4/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,999 ​ ​
California State University, Revenue Bonds
 ​ ​ ​
5.000%, due 11/1/21
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 110,000 ​ ​
Series A
 ​ ​ ​
5.000%, due 11/1/21
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 400,000 ​ ​
California Statewide Communities Development Authority, Revenue Bonds Insured: BAM
 ​ ​ ​
4.000%, due 5/15/35
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,368,568 ​ ​
Chaffey Joint Union High School District,
General Obligation Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.300%, due 8/1/34(a)
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 201,403 ​ ​
Duarte Unified School District, General Obligation Bonds Series E Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.000%, due 11/1/21(a)
​ ​ ​ ​ 595,000 ​ ​ ​ ​ ​ 595,000 ​ ​
Eastern Municipal Water District, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 7/1/22
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 180,608 ​ ​
El Camino Community College District Foundation (The), General Obligation Bonds
 ​ ​ ​
5.000%, due 8/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,612 ​ ​
Hayward Redevelopment Agency Successor Agency, Tax Allocation
 ​ ​ ​
5.000%, due 9/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,968 ​ ​
Hayward Unified School District, General Obligation Bonds Insured: AGM
 ​ ​ ​
4.000%, due 8/1/45
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 311,997 ​ ​
Huntington Beach Public Financing Authority, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 9/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,814 ​ ​
Independent Cities Finance Authority, Revenue Bonds Insured: AGM
 ​ ​ ​
4.000%, due 6/1/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 581,428 ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 816,584 ​ ​
​
See notes to financial statements.
22
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM
 ​ ​ ​
1.690%, due 8/1/31(a)
​ ​ ​ $   150,000 ​ ​ ​ ​ $ 116,466 ​ ​
1.890%, due 8/1/33(a)
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 24,659 ​ ​
Lake Elsinore School Financing Authority, Special Tax Insured: BAM
 ​ ​ ​
5.000%, due 10/1/33
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 316,105 ​ ​
Long Beach Unified School District, General Obligation Bonds Series B
 ​ ​ ​
5.000%, due 8/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,604 ​ ​
Los Angeles Department of Water & Power Water System Revenue, Revenue Bonds Series C
 ​ ​ ​
5.000%, due 7/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,211 ​ ​
Metropolitan Water District of Southern
California, Revenue Bonds Series E
0.190% (Municipal Swap Index +
0.14%), due 7/1/37(b)
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,200,159 ​ ​
Series G
 ​ ​ ​
4.000%, due 7/1/22
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 148,714 ​ ​
Mojave Water Agency Public Facilities Corp., Revenue Bonds Series A
 ​ ​ ​
5.000%, due 6/1/22
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 118,239 ​ ​
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds Series O-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 5/15/45(b)(c)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,000 ​ ​
Rio Hondo Community College District,
General Obligation Bonds Series B
 ​ ​ ​
5.000%, due 8/1/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 155,429 ​ ​
Ripon Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM
 ​ ​ ​
4.000%, due 11/1/28
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 710,649 ​ ​
Riverside County Community Facilities Districts, Special Tax Insured: AGM
 ​ ​ ​
4.000%, due 9/1/35
​ ​ ​ ​ 1,060,000 ​ ​ ​ ​ ​ 1,257,405 ​ ​
Riverside County Redevelopment Successor Agency, Tax Allocation
Series B Insured: BAM
 ​ ​ ​
5.000%, due 10/1/41
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 546,142 ​ ​
Roseville Natural Gas Financing Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 2/15/24
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 617,170 ​ ​
Sacramento City Unified School District,
General Obligation Bonds
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.760%, due 7/1/24(a)
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 298,912 ​ ​
Santa Clara County Financing Authority, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 4/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,004 ​ ​
Santa Clara Valley Transportation Authority, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 6/1/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 205,573 ​ ​
Sonoma County Junior College District,
General Obligation Bonds
 ​ ​ ​
5.000%, due 8/1/22
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 176,153 ​ ​
State of California, General Obligation Bonds
 ​ ​ ​
4.000%, due 9/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 573,079 ​ ​
5.000%, due 8/1/22
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 248,649 ​ ​
5.000%, due 9/1/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 156,004 ​ ​
University of California, Revenue
Bonds Series AO
 ​ ​ ​
5.000%, due 5/15/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,597 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Series AZ
 ​ ​ ​
5.000%, due 5/15/22
​ ​ ​ $   100,000 ​ ​ ​ ​ $ 102,597 ​ ​
Series G
 ​ ​ ​
4.000%, due 5/15/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,122 ​ ​
West Sacramento Financing Authority, Revenue Bonds Insured: BAM
 ​ ​ ​
4.000%, due 10/1/31
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 285,749 ​ ​
Westminster School District, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.530%, due 8/1/48(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 17,739 ​ ​
Westside Union School District, General
Obligation Bonds Series A
 ​ ​ ​
4.000%, due 8/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,857 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,485,944 ​ ​
Colorado — 3.8% ​
Adams State University, Revenue Bonds
Series A
 ​ ​ ​
5.000%, due 5/15/35
​ ​ ​ ​ 1,125,000 ​ ​ ​ ​ ​ 1,398,917 ​ ​
Cherokee Metropolitan District, Revenue Bonds Insured: BAM
 ​ ​ ​
4.000%, due 8/1/34
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 242,980 ​ ​
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
Insured: Moral Obligation Bond
 ​ ​ ​
4.000%, due 12/15/22
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 254,783 ​ ​
4.000%, due 12/15/36
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 547,631 ​ ​
4.000%, due 12/15/41
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 455,800 ​ ​
Series A Insured: Moral Obligation Bond 
 ​ ​ ​
4.000%, due 7/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,170,713 ​ ​
Colorado Health Facilities Authority, Revenue Bonds Series A-1
 ​ ​ ​
5.000%, due 8/1/34
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 93,120 ​ ​
5.000%, due 8/1/35
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 129,995 ​ ​
Series A-2
 ​ ​ ​
5.000%, due 8/1/32
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 137,528 ​ ​
5.000%, due 8/1/33
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 112,161 ​ ​
Crystal Valley Metropolitan District No 2,
General Obligation Bonds
Series A Insured: AGM
 ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 587,461 ​ ​
Dawson Ridge Metropolitan District No 1, General Obligation Bonds
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.320%, due 10/1/22(a)
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 174,494 ​ ​
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.320%, due 10/1/22(a)
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 114,668 ​ ​
El Paso County School District No 3 Widefield, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 1,074,087 ​ ​
4.000%, due 12/1/41
​ ​ ​ ​ 1,315,000 ​ ​ ​ ​ ​ 1,546,076 ​ ​
Grand River Hospital District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/37
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 513,893 ​ ​
Lewis Pointe Metropolitan District, General Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 12/1/21
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 310,912 ​ ​
4.000%, due 12/1/24
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 248,067 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,113,286 ​ ​
​
​
See notes to financial statements.
23​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Connecticut — 4.0% ​
City of Bridgeport CT, General Obligation Bonds Series A
 ​ ​ ​
5.000%, due 11/1/33
​ ​ ​ $   600,000 ​ ​ ​ ​ $ 719,889 ​ ​
City of Hartford CT, General Obligation
Bonds Series A Insured: BAM
 ​ ​ ​
5.000%, due 4/1/30
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 105,193 ​ ​
City of New Britain CT, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/1/30
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 748,993 ​ ​
City of New Haven CT, General Obligation Bonds Series A
 ​ ​ ​
4.000%, due 8/1/37
​ ​ ​ ​ 905,000 ​ ​ ​ ​ ​ 1,029,044 ​ ​
City of West Haven CT, General Obligation Bonds
 ​ ​ ​
4.000%, due 9/15/27
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 276,994 ​ ​
4.000%, due 9/15/28
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 338,265 ​ ​
4.000%, due 9/15/31
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 382,654 ​ ​
Insured: BAM
 ​ ​ ​
4.000%, due 3/15/29
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 236,818 ​ ​
4.000%, due 3/15/30
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 149,194 ​ ​
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series I-1
 ​ ​ ​
5.000%, due 7/1/33
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 415,970 ​ ​
Mattabassett District, Revenue Bonds Insured: BAM
 ​ ​ ​
5.000%, due 8/1/23
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 431,517 ​ ​
State of Connecticut, General Obligation Bonds
 ​ ​ ​
Series A Insured: BAM
 ​ ​ ​
5.000%, due 4/15/34
​ ​ ​ ​ 1,875,000 ​ ​ ​ ​ ​ 2,359,968 ​ ​
State of Connecticut Special Tax Revenue, Revenue Bonds
 ​ ​ ​
4.000%, due 5/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 590,889 ​ ​
Series A Insured: AGM
 ​ ​ ​
4.000%, due 5/1/38
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,788,480 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,573,868 ​ ​
Delaware — 0.2% ​
State of Delaware, General Obligation
Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000% , due 3/1/22
​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 375,901 ​ ​
District of Columbia — 0.1% ​
District of Columbia, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000% , due 12/1/21
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 301,174 ​ ​
Florida — 3.9% ​
Central Florida Expressway Authority, Revenue Bonds Insured: AGM
 ​ ​ ​
4.000%, due 7/1/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,216,115 ​ ​
County of Miami-Dade FL Aviation Revenue, Revenue Bonds Series A
 ​ ​ ​
4.000%, due 10/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 588,880 ​ ​
4.000%, due 10/1/39
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 463,589 ​ ​
County of Miami-Dade FL Water & Sewer System Revenue, Revenue Bonds
 ​ ​ ​
4.000%, due 10/1/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,205,123 ​ ​
County of Palm Beach FL, Revenue Bonds
 ​ ​ ​
5.000%, due 6/1/23
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 118,233 ​ ​
Florida Development Finance Corp., Revenue Bonds Series A
 ​ ​ ​
4.000%, due 7/1/24
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 214,154 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Florida (continued) ​
Florida Municipal Power Agency, Revenue Bonds Series A
3.000%, due 10/1/33
​ ​ ​ $   500,000 ​ ​ ​ ​ $ 544,921 ​ ​
Miami Beach Health Facilities Authority,
Revenue Bonds
 ​ ​ ​
4.000%, due 11/15/36
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 235,928 ​ ​
4.000%, due 11/15/37
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 353,120 ​ ​
4.000%, due 11/15/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 587,089 ​ ​
North Springs Improvement District, Special Assessment Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 5/1/23
​ ​ ​ ​ 185,000 ​ ​ ​ ​ ​ 188,275 ​ ​
4.000%, due 5/1/28
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 475,067 ​ ​
4.000%, due 5/1/29
​ ​ ​ ​ 430,000 ​ ​ ​ ​ ​ 504,268 ​ ​
4.000%, due 5/1/30
​ ​ ​ ​ 445,000 ​ ​ ​ ​ ​ 527,221 ​ ​
4.000%, due 5/1/31
​ ​ ​ ​ 365,000 ​ ​ ​ ​ ​ 437,121 ​ ​
Orange County Convention Center/Orlando, Revenue Bonds Series B
 ​ ​ ​
5.000%, due 10/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 591,534 ​ ​
School Board of Miami-Dade County (The), Certificates of Participation Series A
 ​ ​ ​
5.000%, due 5/1/31
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 278,128 ​ ​
State of Florida, General Obligation Bonds Series A
 ​ ​ ​
5.000%, due 6/1/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,207 ​ ​
Series C
 ​ ​ ​
4.000%, due 6/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 510,167 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,193,140 ​ ​
Georgia — 0.3% ​
Municipal Electric Authority of Georgia,
Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000% , due 1/1/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 607,487 ​ ​
Guam — 0.2% ​
Guam Government Waterworks Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250% , due 7/1/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 539,909 ​ ​
Hawaii — 0.1% ​
City & County of Honolulu HI, General Obligation Bonds Series B
 ​ ​ ​
5.000%, due 11/1/21
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,000 ​ ​
Series D
 ​ ​ ​
5.000%, due 8/1/22
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 243,505 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 343,505 ​ ​
Idaho — 1.1% ​
Boise State University, Revenue Bonds ​ ​ ​
5.000%, due 4/1/47
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,185,464 ​ ​
Idaho Housing & Finance Association, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 7/15/33
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,441,143 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,626,607 ​ ​
Illinois — 11.8% ​
Chicago Board of Education, General Obligation Bonds
 ​ ​ ​
Series A Insured: AGM
 ​ ​ ​
5.000%, due 12/1/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 612,218 ​ ​
Series A Insured: NATL
 ​ ​ ​
0.450%, due 12/1/21(a)
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 109,958 ​ ​
Chicago O’Hare International Airport, Revenue Bonds Series C
 ​ ​ ​
5.000%, due 1/1/28
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 117,187 ​ ​
​
See notes to financial statements.
24
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
Chicago Park District, General Obligation Bonds
 ​ ​ ​
4.000%, due 1/1/34
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $   1,145,891 ​ ​
4.000%, due 1/1/35
​ ​ ​ ​ 645,000 ​ ​ ​ ​ ​ 735,670 ​ ​
Series C Insured: BAM
 ​ ​ ​
5.000%, due 1/1/27
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 268,426 ​ ​
Series E Insured: BAM
 ​ ​ ​
4.000%, due 11/15/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 584,708 ​ ​
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM
 ​ ​ ​
5.000%, due 12/1/25
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 698,241 ​ ​
Illinois Development Finance Authority,
Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.050%, due 9/1/28(b)(c)
​ ​ ​ ​ 1,550,000 ​ ​ ​ ​ ​ 1,550,000 ​ ​
Illinois Finance Authority, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 8/15/32
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,976,245 ​ ​
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 8/15/49(b)(c)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,000 ​ ​
Kane & DeKalb Counties Community
Unit School District No 301 Burlington,
General Obligation Bonds
Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.500%, due 12/1/22(a)
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 397,858 ​ ​
Kendall Kane & Will Counties Community Unit School District No 308, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.940%, due 2/1/26(a)
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 432,317 ​ ​
Madison County Community Unit
School District No 8 Bethalto, General
Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 12/1/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 208,005 ​ ​
4.000%, due 12/1/31
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 812,848 ​ ​
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds
 ​ ​ ​
Series A Insured: AGM
 ​ ​ ​
5.000%, due 11/1/32
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 381,260 ​ ​
Northern Illinois University, Revenue Bonds Insured: BAM
 ​ ​ ​
4.000%, due 10/1/43
​ ​ ​ ​ 625,000 ​ ​ ​ ​ ​ 721,729 ​ ​
5.000%, due 10/1/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 296,570 ​ ​
5.000%, due 10/1/28
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 803,647 ​ ​
5.000%, due 10/1/30
​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ 882,842 ​ ​
Sales Tax Securitization Corp., Revenue
Bonds Series A
 ​ ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 638,513 ​ ​
Sangamon County School District No 186 Springfield, General Obligation Bonds
 ​ ​ ​
Series C Insured: AGM
 ​ ​ ​
5.000%, due 6/1/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 637,238 ​ ​
Sangamon Logan & Menard
Counties Community Unit School Dist
No 15 Williamsville, General
Obligation Bonds
 ​ ​ ​
Series B Insured: BAM
 ​ ​ ​
5.000%, due 12/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 630,139 ​ ​
Southwestern Illinois Development Authority, Revenue Bonds
 ​ ​ ​
4.000%, due 10/15/24
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 180,143 ​ ​
4.000%, due 4/15/31
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 533,806 ​ ​
4.000%, due 4/15/33
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 294,469 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
State of Illinois, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 4/1/33
​ ​ ​ $   550,000 ​ ​ ​ ​ $ 575,577 ​ ​
Series C
 ​ ​ ​
5.000%, due 11/1/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 592,276 ​ ​
Series D
 ​ ​ ​
5.000%, due 11/1/24
​ ​ ​ ​ 2,250,000 ​ ​ ​ ​ ​ 2,532,841 ​ ​
5.000%, due 11/1/28
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 298,047 ​ ​
Town of Cicero IL, General Obligation Bonds Insured: BAM
 ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 241,850 ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 551,978 ​ ​
Upper Illinois River Valley Development Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/38
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 489,413 ​ ​
Veterans Park District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,402 ​ ​
Village of Antioch IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,287 ​ ​
Village of Bolingbrook IL, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.330%, due 1/1/35(a)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 2,192,063 ​ ​
Village of Franklin Park IL, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​
4.000%, due 10/1/30
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 409,085 ​ ​
4.000%, due 10/1/32
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 434,876 ​ ​
Village of Matteson IL, Revenue
Bonds Insured: BAM
 ​ ​ ​
5.000%, due 12/1/29
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 565,012 ​ ​
Village of Mundelein IL, General Obligation Bonds Insured: AGM
 ​ ​ ​
4.000%, due 12/15/39
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 114,564 ​ ​
Village of Park Forest IL, General Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 1/1/23
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 244,718 ​ ​
4.000%, due 1/1/25
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 524,314 ​ ​
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​
4.000%, due 2/1/23
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 138,780 ​ ​
Will County School District No 114 Manhattan, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 1/1/26
​ ​ ​ ​ 840,000 ​ ​ ​ ​ ​ 887,902 ​ ​
Woodford Lasalle Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​
4.000%, due 12/1/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 576,940 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 27,928,853 ​ ​
Indiana — 1.1% ​
Indiana Finance Authority, Revenue Bonds Insured: BAM
 ​ ​ ​
5.000%, due 10/1/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 661,223 ​ ​
Series 1
 ​ ​ ​
4.000%, due 10/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 602,279 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.400%, due 8/1/29
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 983,957 ​ ​
​
See notes to financial statements.
25​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Indiana (continued) ​
MSD of Wash Township School Building Corp., Revenue Bonds Insured: ST INTERCEPT
 ​ ​ ​
5.000%, due 7/15/35
​ ​ ​ $   225,000 ​ ​ ​ ​ $ 281,049 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,528,508 ​ ​
Iowa — 0.7% ​
Benton Etc Counties College
Community School District, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 6/1/23
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 271,741 ​ ​
Iowa Finance Authority, Revenue Bonds Series E
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 2/15/41(b)(c)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,000 ​ ​
Iowa State University of Science & Technology, Revenue Bonds
 ​ ​ ​
Series I.S.U. 2020 Insured: BAM
 ​ ​ ​
5.000%, due 7/1/22
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 412,627 ​ ​
Western Dubuque County Community School District, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 6/1/23
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 512,879 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,697,247 ​ ​
Kentucky — 0.5% ​
City of Berea KY, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.040%, due 6/1/32(b)(c)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,000 ​ ​
Louisville & Jefferson County Visitors and
Convention Commission, Revenue
Bonds Insured: BAM
 ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 83,045 ​ ​
Louisville/Jefferson County Metropolitan
Government, Revenue Bonds
 ​ ​ ​
5.000%, due 10/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 592,613 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,275,658 ​ ​
Louisiana — 3.4% ​
Cameron Parish School District No 15, General Obligation Bonds
 ​ ​ ​
4.000%, due 10/1/22
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 128,464 ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 220,511 ​ ​
5.000%, due 10/1/29
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 354,301 ​ ​
City of Bunkie LA, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/1/27
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 241,428 ​ ​
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds
 ​ ​ ​
Series C Insured: BAM
 ​ ​ ​
5.000%, due 12/1/31
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 124,613 ​ ​
City of Youngsville LA, Revenue Bonds Insured: BAM
 ​ ​ ​
4.000%, due 5/1/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 298,082 ​ ​
4.000%, due 5/1/34
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 354,993 ​ ​
Louisiana Local Government
Environmental Facilities & Community
Development Auth,
 ​ ​ ​
4.000%, due 10/1/27
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 144,589 ​ ​
4.000%, due 10/1/28
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 187,083 ​ ​
Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds Insured: AGM
 ​ ​ ​
4.000%, due 10/1/27
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 150,373 ​ ​
4.000%, due 10/1/28
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 198,776 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Louisiana (continued) ​
Louisiana Public Facilities Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 10/1/35
​ ​ ​ $   150,000 ​ ​ ​ ​ $ 187,084 ​ ​
Louisiana Stadium & Exposition District, Revenue Bonds
 ​ ​ ​
4.000%, due 7/3/23
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,570,367 ​ ​
New Orleans Aviation Board, Revenue Bonds
 ​ ​ ​
Series A Insured: AGM
 ​ ​ ​
5.000%, due 10/1/37
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 739,196 ​ ​
Port New Orleans Board of Commissioners, Revenue Bonds
 ​ ​ ​
Series B Insured: AGM
 ​ ​ ​
5.000%, due 4/1/36
​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 736,191 ​ ​
State of Louisiana, General Obligation Bonds Series D
 ​ ​ ​
5.000%, due 9/1/24
​ ​ ​ ​ 1,495,000 ​ ​ ​ ​ ​ 1,688,619 ​ ​
Ward Two Water District of Livingston Parish, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 4/1/22
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 303,089 ​ ​
3.000%, due 4/1/23
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 309,940 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,937,699 ​ ​
Maine — 0.7% ​
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC
 ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 180,943 ​ ​
Maine Health & Higher Educational Facilities Authority, Revenue Bonds
 ​ ​ ​
Series A Insured: AGM
 ​ ​ ​
5.000%, due 7/1/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 516,023 ​ ​
5.000%, due 7/1/31
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 295,043 ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 657,666 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,649,675 ​ ​
Maryland — 1.2% ​
County of Baltimore MD, General Obligation Bonds
 ​ ​ ​
4.000%, due 3/1/33
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,175,810 ​ ​
State of Maryland Department of Transportation, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/1/31
​ ​ ​ ​ 1,440,000 ​ ​ ​ ​ ​ 1,602,127 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,777,937 ​ ​
Massachusetts — 0.3% ​
City of Worcester MA, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 2/15/31
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 167,631 ​ ​
Commonwealth of Massachusetts, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 1/1/25
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 287,843 ​ ​
Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds
 ​ ​ ​
4.000%, due 12/1/21
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,779 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 706,253 ​ ​
Michigan — 5.5% ​
City of Greenville MI, Revenue Bonds Insured: AGM
 ​ ​ ​
4.000%, due 6/1/39
​ ​ ​ ​ 830,000 ​ ​ ​ ​ ​ 972,466 ​ ​
4.000%, due 6/1/41
​ ​ ​ ​ 895,000 ​ ​ ​ ​ ​ 1,041,830 ​ ​
City of Marquette MI, General Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 5/1/24
​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 391,583 ​ ​
​
See notes to financial statements.
26
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Michigan (continued) ​
4.000%, due 5/1/26
​ ​ ​ $   785,000 ​ ​ ​ ​ $ 894,638 ​ ​
5.000%, due 5/1/27
​ ​ ​ ​ 590,000 ​ ​ ​ ​ ​ 715,692 ​ ​
5.000%, due 5/1/28
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 402,355 ​ ​
City of Owosso MI, General Obligation Bonds Insured: AGM
 ​ ​ ​
4.000%, due 5/1/23
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 168,595 ​ ​
4.000%, due 5/1/24
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 125,029 ​ ​
City of Saginaw MI Water Supply System
Revenue, Revenue Bonds
Insured: AGM
 ​ ​ ​
4.000%, due 7/1/22
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 717,314 ​ ​
4.000%, due 7/1/23
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 741,985 ​ ​
City of Taylor MI, General Obligation Bonds Series 2021 Insured: BAM
 ​ ​ ​
4.000%, due 3/1/31
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 304,576 ​ ​
Jackson County Intermediate School District, General Obligation Bonds Insured: AGM
 ​ ​ ​
5.000%, due 5/1/24
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 127,972 ​ ​
Michigan Finance Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 11/15/21
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,001,717 ​ ​
5.000%, due 12/1/41
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,243,851 ​ ​
Series A
 ​ ​ ​
5.000%, due 2/15/34
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 296,704 ​ ​
Series A Class 1
 ​ ​ ​
4.000%, due 6/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 590,846 ​ ​
Van Buren Public Schools, General Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 11/1/35
​ ​ ​ ​ 1,700,000 ​ ​ ​ ​ ​ 1,993,608 ​ ​
4.000%, due 11/1/36
​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 1,216,960 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,947,721 ​ ​
Missouri — 1.1% ​
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds
 ​ ​ ​
4.000%, due 8/1/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 166,625 ​ ​
4.000%, due 2/15/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 595,415 ​ ​
4.500%, due 1/1/39
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,076,053 ​ ​
5.000%, due 2/15/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 652,808 ​ ​
St Louis Municipal Finance Corp, Revenue Bonds Insured: AGM
 ​ ​ ​
4.000%, due 6/15/43
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 111,848 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,602,749 ​ ​
Montana — 0.3% ​
City of Bozeman MT, Tax Allocation Insured: AGM
 ​ ​ ​
4.000%, due 7/1/28
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 197,647 ​ ​
Montana Facility Finance Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 6/1/24
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 416,978 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 614,625 ​ ​
Nebraska — 1.7% ​
Central Plains Energy Project, Revenue Bonds
 ​ ​ ​
5.000%, due 3/1/50(b)(c)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 652,713 ​ ​
5.250%, due 9/1/37
​ ​ ​ ​ 3,340,000 ​ ​ ​ ​ ​ 3,475,453 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,128,166 ​ ​
Nevada — 0.8% ​
City of North Las Vegas NV, General Obligation Bonds Insured: BAM
 ​ ​ ​
5.000%, due 6/1/25
​ ​ ​ ​ 1,220,000 ​ ​ ​ ​ ​ 1,410,096 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Nevada (continued) ​
Clark County School District, General Obligation Bonds
Series F
 ​ ​ ​
5.000%, due 6/15/22
​ ​ ​ $   250,000 ​ ​ ​ ​ $ 251,393 ​ ​
Las Vegas Convention & Visitors Authority, Revenue Bonds Series B
 ​ ​ ​
5.000%, due 7/1/43
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 298,927 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,960,416 ​ ​
New Hampshire — 0.3% ​
New Hampshire Business Finance Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000% , due 4/1/30
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 745,493 ​ ​
New Jersey — 5.6% ​
Atlantic City Board of Education, General Obligation Bonds Insured: AGM
 ​ ​ ​
4.000%, due 4/1/22
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 304,454 ​ ​
Atlantic County Improvement Authority
(The), Revenue Bonds Insured: AGM
 ​ ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 425,776 ​ ​
City of Newark NJ, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​
5.000%, due 10/1/25
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 692,159 ​ ​
Essex County Improvement Authority, Revenue Bonds
 ​ ​ ​
4.000%, due 7/15/28
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 469,685 ​ ​
Series A Insured: BAM
 ​ ​ ​
5.000%, due 8/1/33
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 221,138 ​ ​
5.000%, due 8/1/34
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 227,161 ​ ​
5.000%, due 8/1/35
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 323,907 ​ ​
New Jersey Economic Development Authority, Revenue Bonds
 ​ ​ ​
4.000%, due 11/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,135,808 ​ ​
Series A
 ​ ​ ​
4.000%, due 7/1/22
​ ​ ​ ​ 1,220,000 ​ ​ ​ ​ ​ 1,249,845 ​ ​
New Jersey Educational Facilities Authority, Revenue Bonds
 ​ ​ ​
Series C Insured: AGM
 ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 470,000 ​ ​ ​ ​ ​ 544,853 ​ ​
Series F Insured: BAM
 ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 348,277 ​ ​
New Jersey Health Care Facilities Financing Authority, Revenue Bonds Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 7/1/43(b)(c)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,000 ​ ​
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.660%, due 12/15/24(a)
​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ 675,950 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.430%, due 12/15/26(a)
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 604,375 ​ ​
New Jersey Turnpike Authority, Revenue
Bonds Series D-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.758% (1-Month LIBOR + 0.70%),
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
due 1/1/24(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,009,039 ​ ​
Newark Board of Education, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 7/15/39
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 746,134 ​ ​
5.000%, due 7/15/30
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 970,506 ​ ​
Insured: School Bond Reserve Fund
 ​ ​ ​
5.000%, due 7/15/23
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 323,591 ​ ​
Salem County Improvement Authority, Revenue Bonds Insured: AGM
 ​ ​ ​
4.000%, due 8/15/30
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 228,715 ​ ​
4.000%, due 8/15/31
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 213,256 ​ ​
​
See notes to financial statements.
27​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New Jersey (continued) ​
South Jersey Port Corp., Revenue Bonds Series B
 ​ ​ ​
5.000%, due 1/1/31
​ ​ ​ $   500,000 ​ ​ ​ ​ $ 594,091 ​ ​
State of New Jersey, General Obligation Bonds Series A
 ​ ​ ​
4.000%, due 6/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 607,236 ​ ​
5.000%, due 6/1/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 629,398 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,145,354 ​ ​
New York — 8.5% ​
Albany County Airport Authority, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 12/15/22
​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 389,632 ​ ​
Avon Central School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 6/15/23
​ ​ ​ ​ 335,000 ​ ​ ​ ​ ​ 343,659 ​ ​
2.000%, due 6/15/24
​ ​ ​ ​ 645,000 ​ ​ ​ ​ ​ 669,556 ​ ​
City of Syracuse NY, General Obligation
Bonds Series A Insured: AGM
 ​ ​ ​
4.000%, due 5/15/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 288,093 ​ ​
County of Suffolk NY, General Obligation Bonds
 ​ ​ ​
Series C Insured: BAM
 ​ ​ ​
5.000%, due 2/1/23
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 433,758 ​ ​
Highland Central School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 6/15/22
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 303,085 ​ ​
Hudson Yards Infrastructure Corp, Revenue Bonds Insured: AGM
 ​ ​ ​
4.000%, due 2/15/47
​ ​ ​ ​ 1,835,000 ​ ​ ​ ​ ​ 2,051,634 ​ ​
Metropolitan Transportation Authority, Revenue Bonds Series A-1
 ​ ​ ​
5.000%, due 11/15/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 579,724 ​ ​
Series A-2S
 ​ ​ ​
4.000%, due 2/1/22
​ ​ ​ ​ 625,000 ​ ​ ​ ​ ​ 630,692 ​ ​
Series B Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 11/15/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 571,639 ​ ​
Series B-1
 ​ ​ ​
5.000%, due 5/15/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 205,014 ​ ​
Series C
 ​ ​ ​
5.000%, due 11/15/38
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 264,168 ​ ​
5.000%, due 11/15/42
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 527,411 ​ ​
Minisink Valley Central School District, General Obligation Bonds
 ​ ​ ​
4.000%, due 4/15/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,747 ​ ​
Monroe County Industrial Development
Corp., Revenue Bonds
 ​ ​ ​
5.000%, due 5/1/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 556,663 ​ ​
Series A
 ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 439,571 ​ ​
New York City Housing Development Corp., Revenue Bonds
Series F-2 Insured: Federal Housing Administration
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.600%, due 5/1/61(b)(c)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,489,799 ​ ​
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds Series S-3
 ​ ​ ​
5.000%, due 7/15/33
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 185,888 ​ ​
New York Convention Center
Development Corp., Revenue Bonds 
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.180%, due 11/15/33(a)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 384,928 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New York (continued) ​
New York Liberty Development Corp, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.750%, due 11/15/41
​ ​ ​ $ 1,070,000 ​ ​ ​ ​ $   1,063,387 ​ ​
New York Liberty Development Corp., Revenue Bonds Class 1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.450%, due 9/15/69
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 517,342 ​ ​
New York State Dormitory Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/15/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 534,602 ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 919,046 ​ ​
Series A Insured: AGM
 ​ ​ ​
5.000%, due 10/1/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 623,404 ​ ​
New York State Thruway Authority, Revenue Bonds Series J
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 1/1/31
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 214,923 ​ ​
New York State Urban Development Corp, Revenue Bonds
 ​ ​ ​
5.000%, due 3/15/28
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,498,866 ​ ​
New York State Urban Development Corp., Revenue Bonds Series A
 ​ ​ ​
5.000%, due 3/15/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 638,424 ​ ​
Series C
 ​ ​ ​
4.000%, due 3/15/37
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 472,197 ​ ​
New York Transportation Development Corp., Revenue Bonds Series C
 ​ ​ ​
5.000%, due 12/1/27
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 180,732 ​ ​
Port Authority of New York & New Jersey, Revenue Bonds
 ​ ​ ​
4.000%, due 9/1/43
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 461,511 ​ ​
Town of Oyster Bay NY, General Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 11/1/23
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 536,137 ​ ​
Triborough Bridge & Tunnel Authority, Revenue Bonds Series A-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 5/15/45(b)(c)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,057,709 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20,134,941 ​ ​
North Carolina — 0.8% ​
North Carolina Medical Care
Commission, Revenue Bonds Series A
 ​ ​ ​
4.000%, due 9/1/41
​ ​ ​ ​ 1,095,000 ​ ​ ​ ​ ​ 1,224,503 ​ ​
North Carolina Turnpike Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 2/1/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 547,747 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,772,250 ​ ​
North Dakota — 0.7% ​
City of Grand Forks ND, Revenue Bonds
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000% , due 12/1/36
​ ​ ​ ​ 1,375,000 ​ ​ ​ ​ ​ 1,593,066 ​ ​
Ohio — 2.2% ​
Akron Bath Copley Joint Township Hospital District, Revenue Bonds
 ​ ​ ​
4.000%, due 11/15/33
​ ​ ​ ​ 1,260,000 ​ ​ ​ ​ ​ 1,464,550 ​ ​
City of Dublin OH, General Obligation Bonds
 ​ ​ ​
4.000%, due 12/1/21
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 125,390 ​ ​
City of Hamilton OH Wastewater System
Revenue, Revenue Bonds
Insured: BAM
 ​ ​ ​
4.000%, due 10/1/41
​ ​ ​ ​ 1,235,000 ​ ​ ​ ​ ​ 1,404,811 ​ ​
Columbus City School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.490%, due 12/1/28(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,020 ​ ​
State of Ohio, Revenue Bonds ​ ​ ​
5.000%, due 1/15/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 606,316 ​ ​
​
See notes to financial statements.
28
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Ohio (continued) ​
Triway Local School District, Certificates
of Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/22
​ ​ ​ $   800,000 ​ ​ ​ ​ $ 823,130 ​ ​
3.000%, due 12/1/23
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 710,997 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,225,214 ​ ​
Oregon — 0.0%(d) ​
State of Oregon, General Obligation Bonds Series E
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000% , due 6/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,804 ​ ​
Pennsylvania — 4.8% ​
Borough of Carnegie PA, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/15/22
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 76,467 ​ ​
City of Erie PA, General Obligation Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.300%, due 11/15/37(a)
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 463,992 ​ ​
City of Oil City PA, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​
4.000%, due 12/1/37
​ ​ ​ ​ 885,000 ​ ​ ​ ​ ​ 1,021,453 ​ ​
City of Philadelphia PA Airport Revenue,
Revenue Bonds Series A
 ​ ​ ​
4.000%, due 7/1/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 585,036 ​ ​
Coatesville Area School District Building
Authority, Revenue Bonds Insured:
BAM
 ​ ​ ​
5.000%, due 12/1/21
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 311,156 ​ ​
County of Cambria PA, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​
4.000%, due 8/1/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 283,580 ​ ​
Forest Hills School District, General Obligation Bonds Insured: BAM
 ​ ​ ​
5.000%, due 8/15/23
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 286,874 ​ ​
Hazle Township Municipal Authority, Revenue Bonds Insured: BAM
 ​ ​ ​
4.000%, due 12/1/24
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 264,760 ​ ​
Hazleton Area School District, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.125%, due 3/1/26
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 116,099 ​ ​
Lancaster County Hospital Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 11/1/38
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,364,184 ​ ​
Lancaster Industrial Development Authority, Revenue Bonds
 ​ ​ ​
4.000%, due 7/1/31
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 109,163 ​ ​
North East School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 9/1/22
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 253,554 ​ ​
4.000%, due 9/1/23
​ ​ ​ ​ 285,000 ​ ​ ​ ​ ​ 303,842 ​ ​
North Pocono School District, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​
4.000%, due 9/15/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 293,456 ​ ​
Pennsylvania Economic Development
Financing Authority, Revenue Bonds
 ​ ​ ​
4.000%, due 1/1/29
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 516,238 ​ ​
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 8/15/37
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 605,893 ​ ​
Series A Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.688% (3-Month LIBOR + 0.60%) ,
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
due 7/1/27(b)
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 164,145 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Pennsylvania (continued) ​
Pittsburgh Water & Sewer Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​
5.000%, due 9/1/32
​ ​ ​ $   550,000 ​ ​ ​ ​ $ 698,176 ​ ​
Ridley School District, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​
4.000%, due 11/15/33
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 1,006,429 ​ ​
South Wayne County Water and Sewer
Authority, Revenue Bonds
Insured: BAM
4.000%, due 2/15/27
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 691,607 ​ ​
Spring Cove School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​
4.000%, due 11/15/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 518,941 ​ ​
Upper Darby School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​
4.000%, due 4/1/37
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 383,027 ​ ​
4.000%, due 4/1/38
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 294,044 ​ ​
4.000%, due 4/1/39
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 293,411 ​ ​
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds
Insured: AGM
 ​ ​ ​
4.000%, due 9/1/36
​ ​ ​ ​ 255,000 ​ ​ ​ ​ ​ 281,639 ​ ​
Wilkinsburg-Penn Joint Water Authority (The), Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/15/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 266,864 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,454,030 ​ ​
Puerto Rico — 0.2% ​
Commonwealth of Puerto Rico, General Obligation Bonds
 ​ ​ ​
Series A Insured: AGM
 ​ ​ ​
5.000%, due 7/1/35
​ ​ ​ ​ 470,000 ​ ​ ​ ​ ​ 474,044 ​ ​
Puerto Rico Convention Center District Authority, Revenue Bonds Series A Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 7/1/36
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 60,138 ​ ​
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL
 ​ ​ ​
5.000%, due 7/1/24
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,346 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 559,528 ​ ​
Rhode Island — 0.9% ​
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM
 ​ ​ ​
5.000%, due 6/15/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 308,451 ​ ​
Rhode Island Health and Educational Building Corp., Revenue Bonds
 ​ ​ ​
5.000%, due 5/15/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 573,673 ​ ​
State of Rhode Island, General Obligation Bonds Series A
 ​ ​ ​
4.000%, due 4/1/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,169,670 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,051,794 ​ ​
South Carolina — 0.1% ​
South Carolina Public Service Authority,
Revenue Bonds Series B
 ​ ​ ​
5.000%, due 12/1/36
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 118,815 ​ ​
​
See notes to financial statements.
29​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
South Carolina (continued) ​
Series C
 ​ ​ ​
5.000%, due 12/1/36
​ ​ ​ $   185,000 ​ ​ ​ ​ $ 185,715 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 304,530 ​ ​
Texas — 11.6% ​
Arlington Higher Education Finance Corp., Revenue Bonds Insured: PSF-GTD
 ​ ​ ​
4.000%, due 8/15/24
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 181,198 ​ ​
4.000%, due 8/15/25
​ ​ ​ ​ 255,000 ​ ​ ​ ​ ​ 287,010 ​ ​
4.000%, due 8/1/29
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 566,476 ​ ​
4.000%, due 8/15/35
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,222,966 ​ ​
Brazoria County Municipal Utility District
No 28, General Obligation Bonds
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 9/1/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 205,487 ​ ​
2.000%, due 9/1/24
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 202,235 ​ ​
Central Texas Turnpike System, Revenue
Bonds Series A Insured: BHAC-CR
AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.830%, due 8/15/26(a)
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 720,897 ​ ​
City of Bryan TX Electric System Revenue, Revenue Bonds Series A Insured: AGM
 ​ ​ ​
5.000%, due 7/1/22
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 242,418 ​ ​
5.000%, due 7/1/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 215,379 ​ ​
City of Houston TX Combined Utility System Revenue, Revenue Bonds
 ​ ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.640%, due 12/1/25(a)
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 453,019 ​ ​
Series B
 ​ ​ ​
5.000%, due 11/15/29
​ ​ ​ ​ 395,000 ​ ​ ​ ​ ​ 477,084 ​ ​
City of Houston TX Hotel Occupancy Tax & Special Revenue, Revenue Bonds
 ​ ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.650%, due 9/1/22(a)
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 139,242 ​ ​
City of Mission TX, General Obligation Bonds Insured: BAM
 ​ ​ ​
5.000%, due 2/15/23
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 322,640 ​ ​
City of Mission TX-REF, General Obligation Bonds Insured: BAM
 ​ ​ ​
5.000%, due 2/15/23
​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ 650,570 ​ ​
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds
 ​ ​ ​
4.000%, due 2/1/34
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 282,288 ​ ​
Series A
 ​ ​ ​
5.000%, due 2/1/37
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 374,436 ​ ​
City of Temple TX, Tax Allocation Series A Insured: BAM
 ​ ​ ​
5.000%, due 8/1/23
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 156,372 ​ ​
5.000%, due 8/1/24
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 151,017 ​ ​
5.000%, due 8/1/25
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 311,321 ​ ​
5.000%, due 8/1/27
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 150,710 ​ ​
5.000%, due 8/1/28
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 246,753 ​ ​
5.000%, due 8/1/29
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 249,174 ​ ​
5.000%, due 8/1/30
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 283,775 ​ ​
Clifton Higher Education Finance Corp.,
Revenue Bonds Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/15/34
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 274,811 ​ ​
3.000%, due 8/15/35
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 273,582 ​ ​
3.000%, due 8/15/37
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 271,422 ​ ​
3.000%, due 8/15/39
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 269,799 ​ ​
4.000%, due 8/15/23
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 180,883 ​ ​
4.000%, due 8/15/24
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 257,726 ​ ​
4.000%, due 8/15/25
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 347,923 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
4.000%, due 8/15/33
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $   1,172,145 ​ ​
5.000%, due 8/15/26
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 327,575 ​ ​
5.000%, due 8/15/27
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 693,814 ​ ​
Conroe Local Government Corp, Revenue Bonds
 ​ ​ ​
5.000%, due 10/1/31
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 161,475 ​ ​
Cotulla Independent School District, General Obligation Bonds Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 2/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,218 ​ ​
County of Bexar TX, General Obligation
Bonds
 ​ ​ ​
5.000%, due 6/15/26
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,680,267 ​ ​
Dallas Fort Worth International Airport, Revenue Bonds Series B
 ​ ​ ​
5.000%, due 11/1/22
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,093,837 ​ ​
Dallas Independent School District, General Obligation Bonds Insured: PSF-GTD
 ​ ​ ​
5.000%, due 8/15/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 207,615 ​ ​
Fort Bend County Municipal Utility District No 2, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​
4.000%, due 10/1/23
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 112,140 ​ ​
4.000%, due 10/1/24
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 120,981 ​ ​
Fort Bend County Municipal Utility District No 215, General Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 9/1/24
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 136,414 ​ ​
Fort Bend County Municipal Utility District No 23, General Obligation Bonds Insured: BAM
 ​ ​ ​
4.000%, due 9/1/23
​ ​ ​ ​ 395,000 ​ ​ ​ ​ ​ 420,665 ​ ​
4.000%, due 9/1/24
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 224,628 ​ ​
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM
 ​ ​ ​
4.000%, due 9/1/32
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 399,653 ​ ​
4.000%, due 9/1/33
​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 421,690 ​ ​
Greater Texoma Utility Authority, Revenue Bonds Insured: AGM
 ​ ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 244,810 ​ ​
5.000%, due 10/1/24
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 270,589 ​ ​
Harris County Cultural Education Facilities Finance Corp, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.708% (1-Month LIBOR + 0.65%) ,
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
due 11/15/46(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,003,831 ​ ​
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/1/40
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 266,879 ​ ​
Houston Higher Education Finance Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.500%, due 10/1/23
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 229,703 ​ ​
Lazy Nine Municipal Utility District No 1B,
General Obligation Bonds Series A
Insured: AGM
 ​ ​ ​
4.000%, due 3/1/23
​ ​ ​ ​ 285,000 ​ ​ ​ ​ ​ 298,500 ​ ​
Martin County Hospital District, General
Obligation Bonds
 ​ ​ ​
4.000%, due 4/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,443 ​ ​
North Texas Tollway Authority, Revenue
Bonds Series B
 ​ ​ ​
5.000%, due 1/1/25
​ ​ ​ ​ 1,400,000 ​ ​ ​ ​ ​ 1,597,618 ​ ​
​
See notes to financial statements.
30
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
Pecos Barstow Toyah Independent School District, General Obligation Bonds Insured: PSF-GTD
 ​ ​ ​
4.000%, due 2/15/41
​ ​ ​ $   600,000 ​ ​ ​ ​ $ 659,097 ​ ​
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds
 ​ ​ ​
5.000%, due 12/15/22
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 262,656 ​ ​
5.000%, due 12/15/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 273,205 ​ ​
Texas Municipal Gas Acquisition and Supply Corp II, Revenue Bonds Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.767% (3-Month LIBOR + 0.69%) ,
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
due 9/15/27(b)
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,512,664 ​ ​
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds Series A
 ​ ​ ​
4.000%, due 6/30/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 592,769 ​ ​
Uptown Development Authority, Tax Allocation Series A
 ​ ​ ​
5.000%, due 9/1/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 567,301 ​ ​
Viridian Municipal Management District,
General Obligation Bonds Insured:
BAM
 ​ ​ ​
4.000%, due 12/1/24
​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 396,210 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 27,570,005 ​ ​
Utah — 2.1% ​
Utah Associated Municipal Power Systems, Revenue Bonds Series A
 ​ ​ ​
5.000%, due 9/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 602,546 ​ ​
Utah Charter School Finance Authority,
Revenue Bonds Insured: UT CSCE
 ​ ​ ​
4.000%, due 4/15/40
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 286,262 ​ ​
Utah Infrastructure Agency, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/15/24
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 554,635 ​ ​
4.000%, due 10/15/31
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 300,120 ​ ​
4.000%, due 10/15/32
​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 642,965 ​ ​
Vineyard Redevelopment Agency, Tax
Allocation Insured: AGM
 ​ ​ ​
4.000%, due 5/1/33
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 178,545 ​ ​
4.000%, due 5/1/35
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 254,233 ​ ​
4.000%, due 5/1/37
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 353,655 ​ ​
5.000%, due 5/1/22
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 818,749 ​ ​
5.000%, due 5/1/24
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 389,108 ​ ​
5.000%, due 5/1/29
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 503,419 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,884,237 ​ ​
Virginia — 0.2% ​
Norfolk Airport Authority, Revenue Bonds
 ​ ​ ​
5.000%, due 7/1/28
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 187,027 ​ ​
Virginia Small Business Financing Authority, Revenue Bonds
 ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 236,433 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 423,460 ​ ​
Washington — 2.5% ​
Auburn School District No 408 of King &
Pierce Counties, General Obligation
Bonds Insured: SCH BD GTY
 ​ ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 582,359 ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 581,090 ​ ​
City of Bellevue WA, General Obligation
Bonds
 ​ ​ ​
5.000%, due 12/1/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,588 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Washington (continued) ​
City of Bellingham WA Water & Sewer Revenue, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/22
​ ​ ​ $   245,000 ​ ​ ​ ​ $ 253,792 ​ ​
City of Seattle WA Drainage & Wastewater Revenue, Revenue Bonds
 ​ ​ ​
5.000%, due 5/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,405 ​ ​
King County School District No 210 Federal Way, General Obligation Bonds Insured: SCH BD GTY
 ​ ​ ​
4.000%, due 12/1/35
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,164,114 ​ ​
King County School District No 412 Shoreline, General Obligation
Bonds Insured: SCH BD GTY
 ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,176,588 ​ ​
Kitsap County School District No 401 Central Kitsap, General Obligation Bonds Insured: SCH BD GTY
 ​ ​ ​
5.000%, due 12/1/21
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,392 ​ ​
Spokane Public Facilities District, Revenue Bonds
 ​ ​ ​
5.000%, due 12/1/35
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 609,826 ​ ​
State of Washington, General Obligation Bonds Series B
 ​ ​ ​
5.000%, due 6/1/22
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 128,520 ​ ​
Series D
 ​ ​ ​
5.000%, due 6/1/22
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 185,069 ​ ​
State of Washington, Revenue Bonds ​ ​ ​
Series F
 ​ ​ ​
5.000%, due 9/1/22
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 338,008 ​ ​
Washington State Convention Center Public Facilities District, Revenue Bonds Series B
 ​ ​ ​
4.000%, due 7/1/37
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 611,904 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,984,655 ​ ​
West Virginia — 0.6% ​
City of Wheeling WV Waterworks &
Sewerage System Revenue, Revenue
Bonds Series A Insured: BAM
 ​ ​ ​
4.000%, due 6/1/24
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 125,212 ​ ​
4.000%, due 6/1/26
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 142,465 ​ ​
4.000%, due 6/1/27
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 324,821 ​ ​
4.000%, due 6/1/29
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 549,713 ​ ​
Morgantown Utility Board, Inc.,
Revenue Bonds Series A Insured: BAM
 ​ ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 238,660 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,380,871 ​ ​
Wisconsin — 0.5% ​
University of Wisconsin Hospitals & Clinics, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.010%, due 4/1/48(b)(c)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,000 ​ ​
Wisconsin Health & Educational Facilities Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​
5.000%, due 2/15/33
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 538,419 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,138,419 ​ ​
Total Municipal Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $228,344,970)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 229,615,854 ​ ​
​
​
See notes to financial statements.
31​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Shares
​ ​
Value
 ​
Short-Term Investment — 2.9% ​
Money Market Fund — 2.9% ​
Fidelity Investments Money Market Treasury Only Class I, 0.01%(e)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $6,973,479)
 ​ ​ ​ ​ 6,973,479 ​ ​ ​ ​
$
6,973,479
 ​ ​
Total Investments — 99.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $235,318,449)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 236,589,333 ​ ​
Other Assets and Liabilities,
Net — 0.1%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 248,063 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 236,837,396 ​ ​
​
(a)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(b)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2021.
​
(c)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(d)
Less than 0.05%.
​
(e)
Reflects the 7-day yield at October 31, 2021.
​
Abbreviations
​ AGC ​ ​ — ​ ​ Assured Guaranty Corp. ​
​ AGM ​ ​ — ​ ​ Assured Guaranty Municipal Corp. ​
​ AMBAC ​ ​ — ​ ​ Ambac Assurance Corp. ​
​ BAM ​ ​ — ​ ​ Build America Mutual Assurance Co. ​
​ BHAC-CR ​ ​ — ​ ​ Berkshire Hathaway Assurance Corp. Custodial Receipts ​
​ LIBOR ​ ​ — ​ ​ London InterBank Offered Rate ​
​ NATL ​ ​ — ​ ​ National Public Finance Guarantee Corp. ​
​ PSF-GTD ​ ​ — ​ ​ Permanent School Fund Guaranteed. ​
​
SCH BD GTY
​ ​ — ​ ​ School Bond Guaranty Program ​
​
ST INTERCEPT
​ ​ — ​ ​ State Tax Intercept ​
​ UT CSCE ​ ​ — ​ ​ Utah Charter School Credit Enhancement ​
​
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2021. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Municipal Bonds
​ ​ ​ $ — ​ ​ ​ ​ $ 229,615,854 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 229,615,854 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 6,973,479 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,973,479 ​ ​
Total Investments in Securities
​ ​ ​ $ 6,973,479 ​ ​ ​ ​ $ 229,615,854 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 236,589,333 ​ ​
​
(f)
For a complete listing of investments and their states, see the Schedule of Investments.
​
For the period ended October 31, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
32
TABLE OF CONTENTS​
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF 
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Long-Term Bonds — 95.3% ​
Collateralized Mortgage Obligations — 8.0% ​
Mortgage Securities — 8.0% ​
CHL Mortgage Pass-Through Trust 2005-9 Series 2005-9 1A1, 0.689%, (1-Month LIBOR + 0.60%) due 5/25/35(a)
​ ​ ​ $    57,603 ​ ​ ​ ​ $     48,264 ​ ​
Connecticut Avenue Securities Trust 2021-R01 Series 2021-R01 1M2, 1.600%, (SOFR30A + 1.55%) due 10/25/41(a)
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,358 ​ ​
Fannie Mae Connecticut Avenue
Securities Series 2015-C04 2M2, 5.639%,
(1-Month LIBOR + 5.55%)
due 4/25/28(a)
​ ​ ​ ​ 31,517 ​ ​ ​ ​ ​ 33,052 ​ ​
Series 2016-C01 1M2, 6.839%, (1-Month
LIBOR + 6.75%) due 8/25/28(a)
​ ​ ​ ​ 95,906 ​ ​ ​ ​ ​ 101,241 ​ ​
Series 2016-C07 2M2, 4.439%, (1-Month
LIBOR + 4.35%) due 5/25/29(a)
​ ​ ​ ​ 72,682 ​ ​ ​ ​ ​ 75,787 ​ ​
Series 2017-C01 1M2, 3.639%, (1-Month
LIBOR + 3.55%) due 7/25/29(a)
​ ​ ​ ​ 101,231 ​ ​ ​ ​ ​ 104,466 ​ ​
Series 2017-C05 1M2, 2.289%, (1-Month
LIBOR + 2.20%) due 1/25/30(a)
​ ​ ​ ​ 70,507 ​ ​ ​ ​ ​ 71,763 ​ ​
Series 2018-C02 2M2, 2.289%, (1-Month
LIBOR + 2.20%) due 8/25/30(a)
​ ​ ​ ​ 101,823 ​ ​ ​ ​ ​ 102,795 ​ ​
Series 2018-C04 2M2, 2.639%, (1-Month
LIBOR + 2.55%) due 12/25/30(a)
​ ​ ​ ​ 71,544 ​ ​ ​ ​ ​ 72,710 ​ ​
Flagstar Mortgage Trust 2021-2 Series 2021-2 A2, 2.500%, due 4/25/51(a)(b)
​ ​ ​ ​ 94,753 ​ ​ ​ ​ ​ 95,518 ​ ​
Freddie Mac STACR Remic Trust 2020-DNA2 Series 2020-DNA2 M2, 1.939%, (1-Month LIBOR + 1.85%) due 2/25/50(a)
​ ​ ​ ​ 81,364 ​ ​ ​ ​ ​ 81,981 ​ ​
Freddie Mac STACR REMIC Trust 2021-DNA5 Series 2021-DNA5 B1, 3.099%, (SOFR30A + 3.05%) due 1/25/34(a)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 91,012 ​ ​
Freddie Mac STACR REMIC Trust 2021-HQA2 Series 2021-HQA2 B1, 3.199%, (SOFR30A + 3.15%) due 12/25/33(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,532 ​ ​
Freddie Mac STACR Trust 2018-DNA2
Series 2018-DNA2 M2, 2.239%, (1-Month
LIBOR + 2.15%) due 12/25/30(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 70,688 ​ ​
Series 2018-DNA2 B1, 3.789%, (1-Month
LIBOR + 3.70%) due 12/25/30(a)
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 119,724 ​ ​
Freddie Mac Stacr Trust 2018-HQA2
Series 2018-HQA2 M2, 2.389%, (1-Month
LIBOR + 2.30%) due 10/25/48(a)
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 65,849 ​ ​
Freddie Mac STACR Trust 2019-DNA2
Series 2019-DNA2 B1, 4.439%, (1-Month
LIBOR + 4.35%) due 3/25/49(a)
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 77,855 ​ ​
GS Mortgage-Backed Securities Trust 2021-PJ7 Series 2021-PJ7 A2, 2.500%, due 1/25/52(a)(b)
​ ​ ​ ​ 97,896 ​ ​ ​ ​ ​ 98,657 ​ ​
HarborView Mortgage Loan Trust 2005-2 Series 2005-2 2A1A, 0.520%, (1-Month LIBOR + 0.44%) due 5/19/35(a)
​ ​ ​ ​ 89,120 ​ ​ ​ ​ ​ 86,022 ​ ​
Mello Mortgage Capital
Acceptance Series 2021-MTG2 A1, 2.500%, due 6/25/51(a)(b)
​ ​ ​ ​ 92,533 ​ ​ ​ ​ ​ 93,060 ​ ​
Mello Warehouse Securitization Trust 2021-1 Series 2021-1 A, 0.789%, (1-Month LIBOR + 0.70%)
due 2/25/55(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,532 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Collateralized Mortgage Obligations (continued) ​
Mortgage Securities (continued) ​
STACR Trust 2018-DNA3 Series 2018-DNA3 M2, 2.189%, (1-Month LIBOR + 2.10%) due 9/25/48(a)
​ ​ ​ $   125,000 ​ ​ ​ ​ $    126,645 ​ ​
STACR Trust 2018-HRP2 Series 2018-HRP2 M3, 2.489%, (1-Month LIBOR + 2.40%) due 2/25/47(a)
​ ​ ​ ​ 108,000 ​ ​ ​ ​ ​ 110,244 ​ ​
WaMu Mortgage Pass-Through
Certificates Series 2004-AR13 Trust
Series 2004-AR13 A2B, 0.969%, (1-Month
LIBOR + 0.88%) due 11/25/34(a)
​ ​ ​ ​ 73,507 ​ ​ ​ ​ ​ 70,466 ​ ​
WaMu Mortgage Pass-Through Certificates Series 2006-AR9 Trust Series 2006-AR9 2A, 1.738%, (COF 11 + 1.50%) due 8/25/46(a)
​ ​ ​ ​ 73,862 ​ ​ ​ ​ ​ 72,927 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,096,148 ​ ​
Total Collateralized Mortgage Obligations
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $2,099,409)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,096,148 ​ ​
Commercial Asset-Backed Securities — 7.4% ​
Asset Backed Securities — 7.4% ​
American Credit Acceptance Receivables Trust 2021-3 Series 2021-3 D, 1.340%,
due 11/15/27
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,339 ​ ​
Avis Budget Rental Car Funding AESOP LLC Series 2021-1A A, 1.380%, due 8/20/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,845 ​ ​
CF Hippolyta LLC Series 2020-1 A2, 1.990%,
due 7/15/60
​ ​ ​ ​ 92,028 ​ ​ ​ ​ ​ 91,430 ​ ​
Series 2021-1A A1, 1.530%, due 3/15/61
​ ​ ​ ​ 97,646 ​ ​ ​ ​ ​ 96,677 ​ ​
Series 2021-1A B1, 1.980%, due 3/15/61
​ ​ ​ ​ 97,646 ​ ​ ​ ​ ​ 97,060 ​ ​
Drive Auto Receivables Trust 2021-1 Series 2021-1 D, 1.450%, due 1/16/29
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,894 ​ ​
Drive Auto Receivables Trust 2021-2 Series 2021-2 D, 1.390%, due 3/15/29
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 84,049 ​ ​
FirstKey Homes 2021-SFR1 Trust
Series 2021-SFR1 B, 1.788%, due 8/17/38
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,312 ​ ​
FirstKey Homes 2021-SFR2 Trust
Series 2021-SFR2 B, 1.607%, due 9/17/38
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,785 ​ ​
Flagship Credit Auto Trust 2020-4 Series 2020-4 C, 1.280%, due 2/16/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,052 ​ ​
Flagship Credit Auto Trust 2021-2 Series 2021-2 C, 1.270%, due 6/15/27
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 94,189 ​ ​
Ford Credit Auto Owner Trust 2020-REV2 Series 2020-2 A, 1.060%, due 4/15/33
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,767 ​ ​
Ford Credit Floorplan Master Owner Trust A Series 2018-4 A, 4.060%, due 11/15/30
 ​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 90,024 ​ ​
Hertz Vehicle Financing III LP Series 2021-2A B, 2.120%, due 12/27/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,603 ​ ​
Home Partners of America 2021-2 Trust Series 2021-2 B, 2.302%, due 12/17/26
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,008 ​ ​
Navient Private Education Refi Loan Trust
2021-A Series 2021-A B, 2.240%, due
5/15/69
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,477 ​ ​
Navient Private Education Refi Loan Trust
2021-E Series 2021-EA B, 2.030%, due
12/16/69
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,689 ​ ​
PFS Financing Corp. Series 2020-E A, 1.000%, due 10/15/25
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,050 ​ ​
​
See notes to financial statements.
33​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
Santander Drive Auto Receivables
Trust 2020-4 Series 2020-4 D, 1.480%, due
1/15/27 
 ​ ​ ​ $    85,000 ​ ​ ​ ​ $     85,677 ​ ​
Sierra Timeshare 2021-1 Receivables Funding LLC Series 2021-1A C, 1.790%, due 11/20/37
​ ​ ​ ​ 70,293 ​ ​ ​ ​ ​ 69,797 ​ ​
Taco Bell Funding LLC Series 2021-1A A23,
2.542%, due 8/25/51
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,334 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,058 ​ ​
Total Commercial Asset-Backed Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $1,973,562)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,058 ​ ​
Commercial Mortgage-Backed Securities — 6.7% ​
Mortgage Securities — 6.7% ​
Arbor Multifamily Mortgage Securities Trust
2021-MF2 Series 2021-MF2 A5, 2.513%,
due 6/15/54
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,406 ​ ​
Arbor Multifamily Mortgage Securities Trust
2021-MF3 Series 2021-MF3 A5, 2.575%,
due 10/15/54
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,739 ​ ​
BANK 2021-BNK35 Series 2021-BN35 A5, 2.285%, due 6/15/64
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 65,486 ​ ​
Bayview Commercial Asset Trust 2006-4 Series 2006-4A A1, 0.434%, (1-Month LIBOR + 0.35%) due 12/25/36(a)
​ ​ ​ ​ 77,783 ​ ​ ​ ​ ​ 75,642 ​ ​
BX 2021-MFM1 Series 2021-MFM1 A, 0.790%, (1-Month LIBOR + 0.70%) due 1/15/34(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,813 ​ ​
BX Commercial Mortgage Trust 2021-VOLT
Series 2021-VOLT C, 1.190%, (1-Month
LIBOR + 1.10%) due 9/15/36(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,058 ​ ​
BXHPP Trust 2021-FILM Series 2021-FILM C, 1.190%, (1-Month LIBOR + 1.10%) due 8/15/36(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,749 ​ ​
Citigroup Commercial Mortgage Trust 2020-GC46 Series 2020-GC46 A5, 2.717%, due 2/15/53
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 78,163 ​ ​
CSAIL 2015-C3 Commercial Mortgage Trust Series 2015-C3 A4, 3.718%, due 8/15/48
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 107,287 ​ ​
CSMC 2020-WEST Trust Series 2020-WEST A,
3.040%, due 2/15/35
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,681 ​ ​
DROP Mortgage Trust 2021-FILE Series 2021-FILE A, 1.240%, (1-Month LIBOR + 1.15%) due 4/15/26(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,173 ​ ​
Hudson Yards Mortgage Trust Series 2019-30HY A, 3.228%, due 7/10/39
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 107,468 ​ ​
One Bryant Park Trust 2019-OBP
Series 2019-OBP A, 2.516%, due 9/15/54
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,527 ​ ​
SLG Office Trust 2021-OVA
Series 2021-OVA A, 2.585%, due 7/15/41
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,098 ​ ​
Wells Fargo Commercial Mortgage Trust
2015-NXS4 Series 2015-NXS4 A4, 3.718%,
due 12/15/48
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 107,980 ​ ​
Wells Fargo Commercial Mortgage Trust 2018-1745 Series 2018-1745 A, 3.749%, due 6/15/36(a)(b)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 109,541 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Mortgage-Backed Securities (continued) ​
Mortgage Securities (continued) ​
Wells Fargo Commercial Mortgage Trust 2018-AUS Series 2018-AUS A, 4.058%, due 8/17/36(a)(b)
​ ​ ​ $   100,000 ​ ​ ​ ​ $    110,816 ​ ​
WFRBS Commercial Mortgage Trust 2012-C7 Series 2012-C7 AS, 4.090%, due 6/15/45(a)(b)
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 65,266 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,740,893 ​ ​
Total Commercial Mortgage-Backed Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $1,762,588)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,740,893 ​ ​
Corporate Bonds — 38.1% ​
Airlines — 1.2% ​
American Airlines 2013-2 Class A Pass
Through Trust Series 2013-2, 4.950%, due
1/15/23
​ ​ ​ ​ 71,991 ​ ​ ​ ​ ​ 73,401 ​ ​
Delta Air Lines Inc / SkyMiles IP Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 10/20/25
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 106,707 ​ ​
4.750%, due 10/20/28
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 61,074 ​ ​
JetBlue 2019-1 Class AA Pass Through Trust
Series 2019, 2.750%, due 5/15/32
​ ​ ​ ​ 84,513 ​ ​ ​ ​ ​ 86,837 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 328,019 ​ ​
Apparel — 0.2% ​
William Carter Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 5/15/25
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,313 ​ ​
Auto Manufacturers — 2.0% ​
Ford Motor Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 1/15/43
​ ​ ​ ​ 45,000 ​ ​ ​ ​ ​ 49,152 ​ ​
9.000%, due 4/22/25
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 150,312 ​ ​
General Motors Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.200%, due 4/1/45
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 112,432 ​ ​
General Motors Financial Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.350%, due 1/8/31
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 77,738 ​ ​
Nissan Motor Acceptance Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.125%, due 9/16/24
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 54,565 ​ ​
1.850%, due 9/16/26
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 87,836 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 532,035 ​ ​
Banks — 4.9% ​
Bank of America Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.496%, (3-Month LIBOR + 0.99%) due 2/13/31(a)
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 80,333 ​ ​
2.572%, (SOFR + 1.21%) due 10/20/32(a)
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 35,071 ​ ​
4.250%, due 10/22/26
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 143,901 ​ ​
Bank of New York Mellon Corp. (The)
Series G, 4.700%, (US 5 Year CMT T-Note
+ 4.36%) due 9/20/70(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 54,410 ​ ​
Citigroup, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.700%, due 1/12/26
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 119,313 ​ ​
5.300%, due 5/6/44
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 79,298 ​ ​
Series W, 4.000%, (US 5 Year CMT T-Note
+ 3.60%) due 3/10/70(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 71,487 ​ ​
Series Y, 4.150%, (US 5 Year CMT T-Note
+ 3.00%) due 2/15/70(a)
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 60,210 ​ ​
First Horizon Bank ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 5/1/30
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 108,896 ​ ​
​
See notes to financial statements.
34
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Banks (continued) ​
Freedom Mortgage Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.625%, due 5/1/26
​ ​ ​ $    40,000 ​ ​ ​ ​ $     39,000 ​ ​
JPMorgan Chase & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.182%, (SOFR + 1.89%) due 6/1/28(a)
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 115,700 ​ ​
Morgan Stanley ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.484%, (SOFR + 1.36%) due 9/16/36(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 48,580 ​ ​
2.511%, (SOFR + 1.20%) due 10/20/32(a)
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 24,939 ​ ​
Series I, 0.864%, (SOFR + 0.75%) due 10/21/25(a)
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 192,974 ​ ​
PNC Financial Services Group, Inc. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.550%, due 1/22/30
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 82,616 ​ ​
SVB Financial Group Series C, 4.000%,
(US 5 Year CMT T-Note + 3.20%) due 8/15/70(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,125 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,306,853 ​ ​
Beverages — 0.8% ​
PepsiCo, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.400%, due 10/7/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,333 ​ ​
Biotechnology — 0.5% ​
Biogen, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.150%, due 5/1/50
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 58,931 ​ ​
Gilead Sciences, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.700%, due 4/1/24
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 74,182 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 133,113 ​ ​
Building Materials — 0.7% ​
Builders FirstSource, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/30
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 5,281 ​ ​
Carrier Global Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.242%, due 2/15/25
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 87,262 ​ ​
Owens Corning ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.400%, due 1/30/48
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 101,058 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 193,601 ​ ​
Chemicals — 0.7% ​
Huntsman International LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 5/1/29
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 117,955 ​ ​
LYB International Finance III LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.800%, due 10/1/60
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 53,463 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 171,418 ​ ​
Commercial Services — 1.2% ​
Allied Universal Holdco LLC / Allied Universal Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.625%, due 7/15/26
​ ​ ​ ​ 45,000 ​ ​ ​ ​ ​ 47,278 ​ ​
IHS Markit Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 8/1/23
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 89,565 ​ ​
4.250%, due 5/1/29
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 85,403 ​ ​
Service Corp. International ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/15/30
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,250 ​ ​
United Rentals North America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 2/15/31
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,370 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 321,866 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Computers — 1.6% ​
Apple, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.700%, due 8/5/51
​ ​ ​ $    80,000 ​ ​ ​ ​ $     79,709 ​ ​
Dell International LLC / EMC Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.900%, due 10/1/26
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 148,129 ​ ​
5.450%, due 6/15/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 106,489 ​ ​
NCR Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.125%, due 9/1/29
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 69,835 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 404,162 ​ ​
Cosmetics/Personal Care — 1.0% ​
Edgewell Personal Care Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 6/1/28
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 83,692 ​ ​
Procter & Gamble Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.150%, due 8/11/22
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 192,749 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 276,441 ​ ​
Diversified Financial Services — 2.5% ​
Aircastle Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, (US 5 Year CMT T-Note + 4.41%)
due 9/15/70(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 71,750 ​ ​
Ally Financial, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.000%, due 11/1/31
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 200,455 ​ ​
American Express Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/30/24
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 79,306 ​ ​
Aviation Capital Group LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.950%, due 1/30/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,059 ​ ​
OneMain Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 1/15/27
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 83,088 ​ ​
4.000%, due 9/15/30
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 48,563 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 631,221 ​ ​
Electric — 0.7% ​
Connecticut Light and Power Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/48
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 61,178 ​ ​
Pattern Energy Operations LP / Pattern Energy Operations, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 8/15/28
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,750 ​ ​
PPL Electric Utilities Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.950%, due 6/1/47
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 66,222 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 179,150 ​ ​
Engineering & Construction — 0.2% ​
TopBuild Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 3/15/29
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,266 ​ ​
Environmental Control — 0.2% ​
Clean Harbors, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 7/15/27
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,062 ​ ​
Food — 0.6% ​
Kraft Heinz Foods Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 5/15/27
​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 32,509 ​ ​
5.000%, due 7/15/35
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 30,739 ​ ​
Sysco Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.300%, due 2/15/50
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 109,532 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 172,780 ​ ​
​
​
See notes to financial statements.
35​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Healthcare-Products — 0.8% ​
Abbott Laboratories ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 11/30/36
​ ​ ​ $    70,000 ​ ​ ​ ​ $     89,480 ​ ​
Hologic, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/15/29
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 89,269 ​ ​
Teleflex, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 11/15/27
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,813 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 230,562 ​ ​
Healthcare-Services — 0.2% ​
Health Care Service Corp A Mutual Legal
Reserve Co.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.200%, due 6/1/50
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 36,893 ​ ​
NYU Langone Hospitals Series 2020, 3.380%, due 7/1/55
​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 31,855 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 68,748 ​ ​
Home Builders — 0.3% ​
Lennar Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 11/29/27
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 90,932 ​ ​
Housewares — 0.3% ​
Newell Brands, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 6/1/25
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 82,150 ​ ​
Insurance — 2.0% ​
American International Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.200%, due 4/1/28
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 84,811 ​ ​
Equitable Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.350%, due 4/20/28
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 135,829 ​ ​
Hartford Financial Services Group, Inc.
(The) Series ICON, 2.250%, (3-Month LIBOR + 2.13%) due 2/12/47(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 48,500 ​ ​
Lincoln National Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.482%, (3-Month LIBOR + 2.36%) due 5/17/66(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 45,000 ​ ​
Protective Life Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.450%, due 10/15/39
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 44,451 ​ ​
Reliance Standard Life Global Funding II ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 10/30/24
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 72,451 ​ ​
Willis North America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.950%, due 9/15/29
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 82,610 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 513,652 ​ ​
Internet — 0.2% ​
VeriSign, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 7/15/27
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,345 ​ ​
Lodging — 0.4% ​
Hilton Domestic Operating Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 1/15/30
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 101,411 ​ ​
Media — 1.6% ​
Charter Communications Operating LLC /
Charter Communications Operating
Capital
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.700%, due 4/1/51
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,100 ​ ​
Comcast Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 4/1/40
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 123,241 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Media (continued) ​
Fox Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.576%, due 1/25/49
​ ​ ​ $    50,000 ​ ​ ​ ​ $     68,596 ​ ​
Sirius XM Radio, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 7/1/30
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 64,710 ​ ​
Time Warner Cable LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.750%, due 6/15/39
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 116,398 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 422,045 ​ ​
Mining — 0.2% ​
Freeport-McMoRan, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.450%, due 3/15/43
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 62,900 ​ ​
Office/Business Equipment — 0.2% ​
CDW LLC / CDW Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/15/29
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,700 ​ ​
Packaging & Containers — 0.5% ​
Berry Global, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 7/15/26
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 68,087 ​ ​
Sealed Air Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 12/1/24
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 53,875 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 121,962 ​ ​
Pharmaceuticals — 1.5% ​
AbbVie, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.050%, due 11/21/39
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 97,659 ​ ​
Becton Dickinson and Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.669%, due 6/6/47
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 95,338 ​ ​
CVS Health Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.780%, due 3/25/38
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 79,528 ​ ​
Viatris, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.850%, due 6/22/40
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 53,549 ​ ​
4.000%, due 6/22/50
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 53,673 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 379,747 ​ ​
REITS — 1.8% ​
Alexandria Real Estate Equities, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/15/31
​ ​ ​ ​ 45,000 ​ ​ ​ ​ ​ 48,639 ​ ​
American Assets Trust LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 2/1/31
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,599 ​ ​
CyrusOne LP / CyrusOne Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.900%, due 11/15/24
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 73,100 ​ ​
Digital Realty Trust LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.600%, due 7/1/29
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 146,965 ​ ​
Iron Mountain, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 9/15/29
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 77,482 ​ ​
Office Properties Income Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 2/1/25
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 53,176 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 450,961 ​ ​
Retail — 2.2% ​
AutoNation, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 6/1/30
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 127,781 ​ ​
Bath & Body Works, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
9.375%, due 7/1/25
​ ​ ​ ​ 26,000 ​ ​ ​ ​ ​ 32,240 ​ ​
Group 1 Automotive, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/28
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,010 ​ ​
​
See notes to financial statements.
36
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Retail (continued) ​
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 6/1/27
​ ​ ​ $    75,000 ​ ​ ​ ​ $     77,625 ​ ​
Lowe’s Cos., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.700%, due 9/15/28
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 63,768 ​ ​
Nordstrom, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 8/1/31
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,974 ​ ​
QVC, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 9/1/28
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 76,688 ​ ​
Target Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 7/1/24
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 74,986 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 578,072 ​ ​
Semiconductors — 1.4% ​
Broadcom, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 2/15/41
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 69,440 ​ ​
5.000%, due 4/15/30
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 98,631 ​ ​
NVIDIA Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.850%, due 4/1/30
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 100,926 ​ ​
Texas Instruments, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.375%, due 3/12/25
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,639 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 344,636 ​ ​
Software — 1.2% ​
Adobe, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.900%, due 2/1/25
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 76,777 ​ ​
Fair Isaac Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/28
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,500 ​ ​
Microsoft Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 12/15/23
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 190,169 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 317,446 ​ ​
Telecommunications — 4.0% ​
AT&T, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.550%, due 12/1/33
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,117 ​ ​
3.500%, due 9/15/53
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 96,509 ​ ​
Cisco Systems, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 3/4/24
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 74,650 ​ ​
CommScope Technologies LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/15/27
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 78,866 ​ ​
Crown Castle Towers LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.720%, due 7/15/23
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 71,541 ​ ​
Level 3 Financing, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.400%, due 3/1/27
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 83,399 ​ ​
3.750%, due 7/15/29
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 47,250 ​ ​
Lumen Technologies, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/27
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,250 ​ ​
Sprint Spectrum Co., LLC / Sprint Spectrum Co., II LLC / Sprint Spectrum Co., III LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.738%, due 3/20/25
​ ​ ​ ​ 183,750 ​ ​ ​ ​ ​ 193,856 ​ ​
T-Mobile USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.625%, due 2/15/29
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 128,863 ​ ​
Verizon Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/22/50
​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 34,400 ​ ​
4.016%, due 12/3/29
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 89,655 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,046,356 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Transportation — 0.3% ​
FedEx Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/15/50(c)
​ ​ ​ $    50,000 ​ ​ ​ ​ $     67,653 ​ ​
Total Corporate Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $10,061,104)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,986,911 ​ ​
Foreign Bonds — 6.9% ​
Banks — 3.6% ​
BNP Paribas SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, (US 5 Year CMT T-Note + 3.34%)
due 8/25/70(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 70,350 ​ ​
Credit Suisse Group AG, (Switzerland) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.091%, (SOFR + 1.73%) due 5/14/32(a)
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 76,362 ​ ​
Deutsche Bank AG, (Germany) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.729%, (SOFR + 2.76%) due 1/14/32(a)
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 82,003 ​ ​
Kreditanstalt fuer Wiederaufbau, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 11/20/24
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 199,453 ​ ​
Lloyds Banking Group PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.450%, due 5/8/25
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 104,532 ​ ​
Natwest Group PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 5/28/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 163,839 ​ ​
Societe Generale SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, (US 5 Year CMT T-Note + 4.51%)
due 5/18/70(a)
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 69,062 ​ ​
Standard Chartered PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, (US 5 Year CMT T-Note + 3.81%)
due 7/14/70(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 68,775 ​ ​
UBS Group AG, (Switzerland) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, (US 5 Year CMT T-Note + 3.31%)
due 8/10/70(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 69,528 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 903,904 ​ ​
Building Materials — 0.2% ​
Cemex SAB de CV, (Mexico) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.375%, due 6/5/27
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 66,338 ​ ​
Diversified Financial Services — 0.3% ​
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.300%, due 1/23/23
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 87,459 ​ ​
Media — 0.2% ​
Grupo Televisa S.A.B.,, (Mexico) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/24/49
​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 51,995 ​ ​
Multi-National — 1.5% ​
Inter-American Development Bank, (Supranational)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.875%, due 4/3/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,611 ​ ​
International Bank for Reconstruction & Development, (Supranational)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.625%, due 4/22/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 197,748 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 397,359 ​ ​
Pharmaceuticals — 0.6% ​
AstraZeneca PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.700%, due 4/8/26
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 77,704 ​ ​
​
See notes to financial statements.
37​
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Pharmaceuticals (continued) ​
Teva Pharmaceutical Finance Netherlands III BV, (Israel)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.150%, due 10/1/26
​ ​ ​ $   100,000 ​ ​ ​ ​ $     94,250 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 171,954 ​ ​
Semiconductors — 0.1% ​
NXP BV / NXP Funding LLC / NXP USA, Inc.,
(China)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.400%, due 5/1/30
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 37,614 ​ ​
Telecommunications — 0.4% ​
Vodafone Group PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 9/17/50
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 99,636 ​ ​
Total Foreign Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $1,824,700)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,816,259 ​ ​
Foreign Government Obligation — 0.2% ​
Mexico Government International Bond, (Mexico)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.659%, due 5/24/31
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $58,730)
 ​ ​ ​ ​ 60,000 ​ ​ ​ ​
​
57,906
 ​ ​
U.S. Treasury Bonds — 8.4% ​
U.S. Treasury Bond, 1.750%, due 8/15/41
​ ​ ​ ​ 1,060,000 ​ ​ ​ ​ ​ 1,020,416 ​ ​
U.S. Treasury Bond, 2.000%, due 8/15/51
​ ​ ​ ​ 1,140,000 ​ ​ ​ ​ ​ 1,156,209 ​ ​
U.S. Treasury Bond, 4.500%, due 5/15/38
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 27,902 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,204,527 ​ ​
Total U.S. Treasury Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $2,227,143)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,204,527 ​ ​
U.S. Treasury Inflation Indexed Note — 1.2% ​
U.S. Treasury Inflation Indexed Bonds, 0.125%, due 7/15/30
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $298,310)
 ​ ​ ​ ​ 255,000 ​ ​ ​ ​
​
302,727
 ​ ​
U.S. Treasury Notes — 10.7% ​
U.S. Treasury Note, 0.375%,
due 10/31/23
​ ​ ​ ​ 2,360,000 ​ ​ ​ ​ ​ 2,354,377 ​ ​
U.S. Treasury Note, 1.125%,
due 10/31/26
​ ​ ​ ​ 285,000 ​ ​ ​ ​ ​ 284,065 ​ ​
U.S. Treasury Note, 1.250%, due 8/15/31
​ ​ ​ ​ 45,000 ​ ​ ​ ​ ​ 43,727 ​ ​
U.S. Treasury Note, 1.375%,
due 10/31/28
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 119,306 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,801,475 ​ ​
Total U.S. Treasury Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $2,800,340)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,801,475 ​ ​
United States Government Agency
Mortgage-Backed Securities — 7.7%		 ​
Mortgage Securities — 7.7% ​
Fannie Mae Pool ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 7/1/36
​ ​ ​ ​ 370,864 ​ ​ ​ ​ ​ 380,863 ​ ​
2.000%, due 7/1/51
​ ​ ​ ​ 98,151 ​ ​ ​ ​ ​ 98,207 ​ ​
2.500%, due 8/1/51
​ ​ ​ ​ 79,265 ​ ​ ​ ​ ​ 81,710 ​ ​
3.000%, due 6/1/51
​ ​ ​ ​ 133,461 ​ ​ ​ ​ ​ 140,016 ​ ​
Federal National Mortgage Association ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 7/1/51
​ ​ ​ ​ 161,940 ​ ​ ​ ​ ​ 162,032 ​ ​
Freddie Mac Pool ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 5/1/51
​ ​ ​ ​ 374,186 ​ ​ ​ ​ ​ 384,704 ​ ​
2.500%, due 10/1/51
​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 41,111 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency
Mortgage-Backed Securities (continued) 		​
Mortgage Securities (continued) ​
3.000%, due 12/1/49
​ ​ ​ $   310,026 ​ ​ ​ ​ $    324,016 ​ ​
FREMF 2018-K86 Mortgage Trust Series 2018-K86, 4.293%,
due 11/25/51(a)(b)
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 82,068 ​ ​
FREMF 2019-K102 Mortgage Trust Series 2019-K102, 3.530%,
due 12/25/51(a)(b)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 87,914 ​ ​
FREMF 2019-K87 Mortgage Trust Series 2019-K87, 4.322%, due 1/25/51(a)(b)
 ​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 38,340 ​ ​
FREMF 2019-K95 Mortgage Trust Series 2019-K95, 3.919%, due 8/25/52(a)(b)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 53,584 ​ ​
FREMF 2019-K98 Mortgage Trust Series 2019-K98, 3.737%,
due 10/25/52(a)(b)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 90,041 ​ ​
FREMF 2020-K104 Mortgage Trust Series 2020-K104, 3.539%,
due 2/25/52(a)(b)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,577 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,016,183 ​ ​
Total United States Government Agency Mortgage-Backed Securities
(Cost $2,034,727)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,016,183 ​ ​
​
​ ​ ​
Shares
 ​ ​ ​ ​ ​ ​ ​
Short-Term Investment — 4.1% ​
Money Market Fund — 4.1% ​
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(d)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $1,083,129)
 ​ ​ ​
​
1,083,129
 ​ ​ ​ ​ $ 1,083,129 ​ ​
Total Investments — 99.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $26,223,742)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26,056,216 ​ ​
Other Assets and Liabilities,
Net — 0.6%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 140,002 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 26,196,218 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2021.
​
(b)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(c)
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 $67,653; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $70,335.
​
(d)
Reflects the 7-day yield at October 31, 2021.
​
Abbreviations
​ CMT ​ ​ — ​ ​ 1 year Constant Maturity Treasury Index ​
​ FREMF ​ ​ — ​ ​ Freddie Mac Multifamily Securities ​
​ LIBOR ​ ​ — ​ ​ London InterBank Offered Rate ​
​ SOFR ​ ​ — ​ ​ Secured Financing Overnight Rate ​
​
See notes to financial statements.
38
TABLE OF CONTENTS
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2021 (unaudited)
Open futures contracts outstanding at October 31, 2021:
Type
​ ​
Broker
​ ​
Expiration
Date
​ ​
Number of
Contracts
Purchased
(Sold)
​ ​
Notional
Value at
Trade
Date
​ ​
Notional
Value at
October 31,
2021
​ ​
Unrealized
Appreciation
(Depreciation)
​
U.S. 2 Year Note (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2021
​ ​ ​ ​ 3 ​ ​ ​ ​ $ 660,122 ​ ​ ​ ​ $ 657,750 ​ ​ ​ ​ $ (2,372) ​ ​
U.S. 5 Year Note (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2021
​ ​ ​ ​ 6 ​ ​ ​ ​ ​ 739,076 ​ ​ ​ ​ ​ 730,500 ​ ​ ​ ​ ​ (8,576) ​ ​
U.S. Long Bond (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2021
​ ​ ​ ​ 3 ​ ​ ​ ​ ​ 484,265 ​ ​ ​ ​ ​ 482,531 ​ ​ ​ ​ ​ (1,734) ​ ​
U.S. Ultra Bond (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2021
​ ​ ​ ​ 1 ​ ​ ​ ​ ​ 191,596 ​ ​ ​ ​ ​ 196,407 ​ ​ ​ ​ ​ 4,811 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (7,871) ​ ​
​
CBT — Chicago Board of Trade
Cash posted as collateral to broker for futures contracts was $15,370 at October 31, 2021.
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2021. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Collateralized Mortgage Obligations
​ ​ ​ $ — ​ ​ ​ ​ $ 2,096,148 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 2,096,148 ​ ​
Commercial Asset-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,950,058 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,950,058 ​ ​
Commercial Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,740,893 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,740,893 ​ ​
Corporate Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,986,911 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,986,911 ​ ​
Foreign Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,816,259 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,816,259 ​ ​
Foreign Government Obligation
​ ​ ​ ​ — ​ ​ ​ ​ ​ 57,906 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 57,906 ​ ​
U.S. Treasury Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,204,527 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,204,527 ​ ​
U.S. Treasury Inflation Indexed Note
​ ​ ​ ​ — ​ ​ ​ ​ ​ 302,727 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 302,727 ​ ​
U.S. Treasury Notes
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,801,475 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,801,475 ​ ​
United States Government Agency Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,016,183 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,016,183 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 1,083,129 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,083,129 ​ ​
Total Investments in Securities
​ ​ ​ ​ 1,083,129 ​ ​ ​ ​ ​ 24,973,087 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 26,056,216 ​ ​
Other Financial Instruments:(f) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts
​ ​ ​ ​ 4,811 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,811 ​ ​
Total Investments in Securities and Other Financial Instruments
​ ​ ​ $ 1,087,940 ​ ​ ​ ​ $ 24,973,087 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 26,061,027 ​ ​
Liability Valuation Inputs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Other Financial Instruments:(f) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts
​ ​ ​ $ (12,682) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (12,682) ​ ​
​
(e)
For a complete listing of investments and their states, see the Schedule of Investments.
​
(f)
Reflects the unrealized appreciation (depreciation) of the instruments.
​
For the period ended October 31, 2021 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2).
See notes to financial statements.
39​
TABLE OF CONTENTS​
Schedule of Investments — IQ Ultra Short Duration ETF 
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Long-Term Bonds — 83.3% ​
Collateralized Mortgage Obligation — 0.4% ​
Mortgage Securities — 0.4% ​
Fannie Mae Interest Strip(a)
0.000%, due 6/25/39
(Cost $828,149)
​ ​ ​ $    882,830 ​ ​ ​ ​
$
   807,628
 ​ ​
Commercial Asset-Backed Securities — 24.3% ​
Asset Backed Securities — 24.3% ​
522 Funding CLO 2019-4 Ltd., (Cayman
Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-4A BR,
1.732%, (3-Month LIBOR + 1.60%)
due 4/20/30(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,046 ​ ​
522 Funding CLO 2020-6 Ltd., (Cayman
Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-6A B, 1.924%,
(3-Month LIBOR + 1.80%)
due 10/23/33(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,432 ​ ​
Apidos CLO, (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-20A A1RA, 1.222%,
(3-Month LIBOR + 1.10%)
due 7/16/31(b)
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 300,006 ​ ​
Series XXXA A2, 1.722%,
(3-Month LIBOR + 1.60%)
due 10/18/31(b)
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,251,362 ​ ​
Aqua Finance Trust 2020-A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-AA A, 1.900%,
due 7/17/46
​ ​ ​ ​ 626,483 ​ ​ ​ ​ ​ 629,131 ​ ​
Aqua Finance Trust 2021-A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-A A, 1.540%,
due 7/17/46
​ ​ ​ ​ 1,350,000 ​ ​ ​ ​ ​ 1,339,832 ​ ​
Ares XXXVIII CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-38A BR,
1.532%, (3-Month LIBOR + 1.40%)
due 4/20/30(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 991,407 ​ ​
Battalion Clo 17 Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-17A A1,
1.392%, (3-Month LIBOR + 1.26%)
due 3/9/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,002,803 ​ ​
Bean Creek CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-1A AR,
1.152%, (3-Month LIBOR + 1.02%)
due 4/20/31(b)
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 650,104 ​ ​
Canyon CLO 2020-1 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1A BR,
1.824%, (3-Month LIBOR + 1.70%)
due 7/15/34(b)
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 410,348 ​ ​
Carlyle Global Market Strategies CLO 2013-3 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-3A A1AR,
1.224%, (3-Month LIBOR + 1.10%)
due 10/15/30(b)
​ ​ ​ ​ 993,863 ​ ​ ​ ​ ​ 993,906 ​ ​
Series 2013-3A A2R,
1.524%, (3-Month LIBOR + 1.40%)
due 10/15/30(b)
​ ​ ​ ​ 1,575,000 ​ ​ ​ ​ ​ 1,574,254 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
CARLYLE US CLO 2021-1 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A A1,
1.264%, (3-Month LIBOR + 1.14%)
due 4/15/34(b)
​ ​ ​ $  1,000,000 ​ ​ ​ ​ $    999,998 ​ ​
Cedar Funding VII Clo Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-7A B,
1.532%, (3-Month LIBOR + 1.40%)
due 1/20/31(b)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,500,135 ​ ​
Cedar Funding XI Clo Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-11A A1R,
1.171%, (3-Month LIBOR + 1.05%)
due 5/29/32(b)
​ ​ ​ ​ 590,000 ​ ​ ​ ​ ​ 590,034 ​ ​
Cedar Funding XII CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-12A A1R,
%, (3-Month LIBOR + 1.13%)
due 10/25/34(b)
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 900,000 ​ ​
Series 2020-12A A,
1.394%, (3-Month LIBOR + 1.27%)
due 10/25/32(b)
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 700,221 ​ ​
Cook Park CLO Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-1A B,
1.522%, (3-Month LIBOR + 1.40%)
due 4/17/30(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,092 ​ ​
Dewolf Park CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-1A BR,
1.570%, (3-Month LIBOR + 1.45%)
due 10/15/30(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,044 ​ ​
EDvestinU Private Education Loan Issue
No 3 LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-A A, 1.800%,
due 11/25/45
​ ​ ​ ​ 1,054,167 ​ ​ ​ ​ ​ 1,043,701 ​ ​
Elmwood CLO VI Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-3A AR,
1.284%, (3-Month LIBOR + 1.16%)
due 10/20/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,391 ​ ​
FirstKey Homes 2020-SFR2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR2 A, 1.266%,
due 10/19/37
​ ​ ​ ​ 997,155 ​ ​ ​ ​ ​ 983,527 ​ ​
Galaxy XIX CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-19A A2RR,
1.524%, (3-Month LIBOR + 1.40%)
due 7/24/30(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,143 ​ ​
Galaxy XXI CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-21A BR,
1.482%, (3-Month LIBOR + 1.35%)
due 4/20/31(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 998,996 ​ ​
Greenwood Park CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-1A A2,
1.134%, (3-Month LIBOR + 1.01%)
due 4/15/31(b)
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,100,743 ​ ​
​
See notes to financial statements.
40
TABLE OF CONTENTS
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
HPS Loan Management 15-2019 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 15A-19 A1,
1.448%, (3-Month LIBOR + 1.32%)
due 7/22/32(b)
​ ​ ​ $    500,000 ​ ​ ​ ​ $    501,243 ​ ​
Kayne CLO 10 Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-10A A,
1.340%, (3-Month LIBOR + 1.17%)
due 4/23/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,002,082 ​ ​
Magnetite XVIII Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2016-18A AR,
1.205%, (3-Month LIBOR + 1.08%)
due 11/15/28(b)
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,005 ​ ​
Magnetite XXVIII Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-28A A,
1.394%, (3-Month LIBOR + 1.27%)
due 10/25/31(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,730 ​ ​
Magnetite XXXI Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-31A A1,
1.209%, (3-Month LIBOR + 1.10%)
due 7/15/34(b)
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,200,402 ​ ​
Neuberger Berman Loan Advisers CLO
32 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-32A BR,
1.524%, (3-Month LIBOR + 1.40%)
due 1/20/32(b)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,495,176 ​ ​
Neuberger Berman Loan Advisers CLO
37 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-37A BR,
1.582%, (3-Month LIBOR + 1.45%)
due 7/20/31(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,182 ​ ​
Oak Hill Credit Partners, (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-8A A,
1.312%, (3-Month LIBOR + 1.19%)
due 1/18/34(b)
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,251,838 ​ ​
Oaktree CLO 2015-1 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-1A A2BR,
1.482%, (3-Month LIBOR + 1.35%)
due 10/20/27(b)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,137 ​ ​
Oaktree CLO 2020-1 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1A BR,
1.774%, (3-Month LIBOR + 1.65%)
due 7/15/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,508 ​ ​
Octagon Investment Partners 30 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-1A A1R,
1.132%, (3-Month LIBOR + 1.00%)
due 3/17/30(b)
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,251,409 ​ ​
Octagon Investment Partners 31 LLC, (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-1A B1R,
1.632%, (3-Month LIBOR + 1.50%)
due 7/20/30(b)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,500,141 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
Octagon Investment Partners 51 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A A,
1.282%, (3-Month LIBOR + 1.15%)
due 7/20/34(b)
​ ​ ​ $  1,000,000 ​ ​ ​ ​ $  1,001,721 ​ ​
Palmer Square CLO 2014-1 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2014-1A A2R2,
1.572%, (3-Month LIBOR + 1.45%)
due 1/17/31(b)
​ ​ ​ ​ 1,150,000 ​ ​ ​ ​ ​ 1,148,439 ​ ​
Palmer Square CLO 2021-2 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2A A,
1.274%, (3-Month LIBOR + 1.15%)
due 7/15/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,001,198 ​ ​
Palmer Square Loan Funding 2019-2 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-2A A1,
1.102%, (3-Month LIBOR + 0.97%)
due 4/20/27(b)
​ ​ ​ ​ 115,859 ​ ​ ​ ​ ​ 115,898 ​ ​
Palmer Square Loan Funding 2019-4 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-4A A2,
1.724%, (3-Month LIBOR + 1.60%)
due 10/24/27(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,673 ​ ​
Palmer Square Loan Funding 2021-3 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-3A A2,
1.571%, (3-Month LIBOR + 1.40%)
due 7/20/29(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,476 ​ ​
Palmer Square Loan Funding Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-3A A2,
1.731%, (3-Month LIBOR + 1.60%)
due 8/20/27(b)
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 300,093 ​ ​
Park Avenue Institutional Advisers CLO Ltd. 2018-1, (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-1A A2R,
1.732%, (3-Month LIBOR + 1.60%)
due 10/20/31(b)
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 700,079 ​ ​
Park Avenue Institutional Advisers CLO Ltd. 2021-1, (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A A1A,
1.522%, (3-Month LIBOR + 1.39%)
due 1/20/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,002,460 ​ ​
Regatta XIV Funding Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-3A A,
1.314%, (3-Month LIBOR + 1.19%)
due 10/25/31(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,170 ​ ​
Romark CLO IV Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-4A A1,
1.320%, (3-Month LIBOR + 1.17%)
due 7/10/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,632 ​ ​
Shackleton 2019-XIV Clo Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-14A A1R, 1.332%, (3-Month LIBOR + 1.20%) due 7/20/34(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,515 ​ ​
​
See notes to financial statements.
41​
TABLE OF CONTENTS
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
Silver Creek CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2014-1A AR,
1.372%, (3-Month LIBOR + 1.24%)
due 7/20/30(b)
​ ​ ​ $  1,231,736 ​ ​ ​ ​ $  1,232,909 ​ ​
Sixth Street CLO XVII Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-17A A,
1.372%, (3-Month LIBOR + 1.24%)
due 1/20/34(b)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,503,320 ​ ​
TICP CLO Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-10A A,
1.132%, (3-Month LIBOR + 1.00%)
due 4/20/31(b)
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 299,912 ​ ​
TICP CLO XV Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-15A A,
1.412%, (3-Month LIBOR + 1.28%)
due 4/20/33(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,001,339 ​ ​
Treman Park CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-1A ARR,
1.202%, (3-Month LIBOR + 1.07%)
due 10/20/28(b)
​ ​ ​ ​ 330,436 ​ ​ ​ ​ ​ 330,489 ​ ​
TRESTLES CLO II Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-2A A2,
1.794%, (3-Month LIBOR + 1.67%)
due 7/25/31(b)
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 275,093 ​ ​
Trestles Clo IV Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-4A A,
1.290%, (3-Month LIBOR + 1.17%)
due 7/21/34(b)
​ ​ ​ ​ 1,400,000 ​ ​ ​ ​ ​ 1,399,182 ​ ​
Vantage Data Centers LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1A A2, 1.645%,
due 9/15/45
​ ​ ​ ​ 1,260,000 ​ ​ ​ ​ ​ 1,245,537 ​ ​
Voya CLO 2021-2 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2A A,
1.270%, (3-Month LIBOR + 1.15%)
due 10/20/34(b)
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,100,273 ​ ​
Wellfleet CLO 2017-3 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-3A A2,
1.622%, (3-Month LIBOR + 1.50%)
due 1/17/31(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 997,374 ​ ​
Wellfleet CLO 2021-2 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2A A1,
1.324%, (3-Month LIBOR + 1.20%)
due 7/15/34(b)
​ ​ ​ ​ 933,333 ​ ​ ​ ​ ​ 933,804 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 56,507,095 ​ ​
Total Commercial Asset-Backed Securities
(Cost $56,483,478)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 56,507,095 ​ ​
Commercial Mortgage-Backed Securities — 3.7% ​
Mortgage Securities — 3.7% ​
BFLD Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-FPM A, 1.691%, (1-Month LIBOR + 1.60%)
due 6/15/38(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 999,698 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Mortgage-Backed Securities (continued) ​
Mortgage Securities (continued) ​
BWAY 2013-1515 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-1515 A2, 3.454%,
due 3/10/33
​ ​ ​ $  1,400,000 ​ ​ ​ ​ $  1,479,880 ​ ​
CAMB Commercial Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-LIFE A,
1.160%, (1-Month LIBOR + 1.07%)
due 12/15/37(b)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,001 ​ ​
COMM 2013-SFS Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-SFS A2, 2.987%,
due 4/12/35(b)(c)
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,272,322 ​ ​
GS Mortgage Securities Corp. II ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2012-BWTR A, 2.954%,
due 11/5/34
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,264,733 ​ ​
GS Mortgage Securities Corp. Trust 2012-ALOHA
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2012-ALOH A, 3.551%,
due 4/10/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,005,757 ​ ​
Houston Galleria Mall Trust 2015-HGLR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-HGLR A1A1, 3.087%,
due 3/5/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,035,249 ​ ​
Queens Center Mortgage Trust 2013-QC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-QCA A, 3.275%,
due 1/11/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,035,660 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,593,300 ​ ​
Total Commercial Mortgage-Backed Securities
(Cost $8,663,845)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,593,300 ​ ​
Corporate Bonds — 29.7% ​
Basic Materials — 0.9% ​
International Flavors & Fragrances, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.230%, due 10/1/25
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 419,715 ​ ​
Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.400%, due 6/15/25
​ ​ ​ ​ 1,575,000 ​ ​ ​ ​ ​ 1,622,835 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,042,550 ​ ​
Communications — 3.3% ​
Discovery Communications LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.800%, due 3/13/24
​ ​ ​ ​ 1,525,000 ​ ​ ​ ​ ​ 1,617,355 ​ ​
T-Mobile USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.500%, due 2/15/26
​ ​ ​ ​ 1,950,000 ​ ​ ​ ​ ​ 1,937,052 ​ ​
Verizon Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.839%, (SOFR + 0.79%)
due 3/20/26(b)
​ ​ ​ ​ 3,925,000 ​ ​ ​ ​ ​ 3,994,119 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,548,526 ​ ​
Consumer, Cyclical — 2.9% ​
Ford Motor Credit Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.087%, due 1/9/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,440 ​ ​
3.664%, due 9/8/24
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 336,375 ​ ​
General Motors Financial Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.050%, due 3/8/24
​ ​ ​ ​ 1,922,000 ​ ​ ​ ​ ​ 1,917,873 ​ ​
Hyundai Capital America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.300%, due 1/8/26
​ ​ ​ ​ 2,425,000 ​ ​ ​ ​ ​ 2,364,807 ​ ​
Nissan Motor Acceptance Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.125%, due 9/16/24
​ ​ ​ ​ 1,750,000 ​ ​ ​ ​ ​ 1,736,161 ​ ​
​
See notes to financial statements.
42
TABLE OF CONTENTS
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​ ​ ​
Corporate Bonds (continued) ​ ​ ​
Consumer, Cyclical (continued) ​ ​ ​
Ralph Lauren Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.700%, due 6/15/22
​ ​ ​ $    225,000 ​ ​ ​ ​ $    226,858 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,785,514 ​ ​ ​ ​
Consumer, Non-cyclical — 1.0% ​ ​ ​ ​ ​ ​ ​
Avery Dennison Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.850%, due 8/15/24
​ ​ ​ ​ 2,250,000 ​ ​ ​ ​ ​ 2,234,826 ​ ​ ​ ​
Energy — 1.6% ​ ​ ​ ​ ​ ​ ​
Pioneer Natural Resources Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.550%, due 5/15/23
​ ​ ​ ​ 2,400,000 ​ ​ ​ ​ ​ 2,392,394 ​ ​ ​ ​
Valero Energy Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.850%, due 4/15/25
​ ​ ​ ​ 1,325,000 ​ ​ ​ ​ ​ 1,384,965 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,777,359 ​ ​ ​ ​
Financial  — 9.9% ​ ​ ​ ​ ​ ​ ​
Air Lease Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.800%, due 8/18/24
​ ​ ​ ​ 2,200,000 ​ ​ ​ ​ ​ 2,164,004 ​ ​ ​ ​
Aircastle Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.850%, due 1/26/28
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,107,588 ​ ​ ​ ​
Ares Finance Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/8/24
​ ​ ​ ​ 1,640,000 ​ ​ ​ ​ ​ 1,728,811 ​ ​ ​ ​
Bank of America Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.200%, due 8/26/24
​ ​ ​ ​ 2,400,000 ​ ​ ​ ​ ​ 2,596,581 ​ ​ ​ ​
Citigroup, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.550%, (3-Month LIBOR + 1.43%)
due 9/1/23(b)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 4,040,733 ​ ​ ​ ​
Goldman Sachs Group, Inc. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.124%, (3-Month LIBOR + 1.00%)
due 7/24/23(b)
​ ​ ​ ​ 4,250,000 ​ ​ ​ ​ ​ 4,270,855 ​ ​ ​ ​
J.P. Morgan Chase & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 9/10/24
​ ​ ​ ​ 2,250,000 ​ ​ ​ ​ ​ 2,418,932 ​ ​ ​ ​
Morgan Stanley ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.100%, due 5/22/23
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,627,194 ​ ​ ​ ​
National Retail Properties, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.900%, due 6/15/24
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 958,708 ​ ​ ​ ​
Principal Life Global Funding II ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.429%, (SOFR + 0.38%)
due 8/23/24(b)
​ ​ ​ ​ 1,025,000 ​ ​ ​ ​ ​ 1,026,745 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,940,151 ​ ​ ​ ​
Industrial — 2.4% ​ ​ ​ ​ ​ ​ ​
Boeing Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.167%, due 2/4/23
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 750,842 ​ ​ ​ ​
1.950%, due 2/1/24
​ ​ ​ ​ 1,375,000 ​ ​ ​ ​ ​ 1,400,220 ​ ​ ​ ​
2.700%, due 5/1/22
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 454,511 ​ ​ ​ ​
Flex Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 2/1/26
​ ​ ​ ​ 875,000 ​ ​ ​ ​ ​ 940,408 ​ ​ ​ ​
Ryder System, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 9/1/24
​ ​ ​ ​ 2,075,000 ​ ​ ​ ​ ​ 2,154,680 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,700,661 ​ ​ ​ ​
Technology — 2.0% ​ ​ ​ ​ ​ ​ ​
Skyworks Solutions, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.900%, due 6/1/23
​ ​ ​ ​ 2,225,000 ​ ​ ​ ​ ​ 2,225,314 ​ ​ ​ ​
VMware, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.000%, due 8/15/24
​ ​ ​ ​ 2,300,000 ​ ​ ​ ​ ​ 2,302,910 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,528,224 ​ ​ ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​ ​ ​
Corporate Bonds (continued) ​ ​ ​
Utilities — 5.7% ​ ​ ​ ​ ​ ​ ​
CenterPoint Energy Resources Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.700%, due 3/2/23
​ ​ ​ $  1,000,000 ​ ​ ​ ​ $    997,209 ​ ​ ​ ​
CenterPoint Energy, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.699%, (SOFR + 0.65%)
due 5/13/24(b)
​ ​ ​ ​ 1,725,000 ​ ​ ​ ​ ​ 1,726,631 ​ ​ ​ ​
Entergy Louisiana LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.620%, due 11/17/23
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 848,488 ​ ​ ​ ​
Eversource Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series T, 0.299%, (SOFR + 0.25%)
due 8/15/23(b)
​ ​ ​ ​ 2,250,000 ​ ​ ​ ​ ​ 2,246,355 ​ ​ ​ ​
NextEra Energy Capital Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.450%, (SOFR + 0.40%)
due 11/3/23(b)
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,001,140 ​ ​ ​ ​
OGE Energy Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.703%, due 5/26/23
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 1,996,265 ​ ​ ​ ​
Pacific Gas and Electric Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.750%, due 6/16/22
​ ​ ​ ​ 1,700,000 ​ ​ ​ ​ ​ 1,695,923 ​ ​ ​ ​
Southern California Edison Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.100%, due 4/1/24
​ ​ ​ ​ 1,875,000 ​ ​ ​ ​ ​ 1,879,163 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,391,174 ​ ​ ​ ​
Total Corporate Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $69,148,187)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 68,948,985 ​ ​ ​ ​
Foreign Bonds — 16.6% ​ ​ ​
Basic Materials — 1.1% ​ ​ ​
Nutrien Ltd., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.900%, due 5/13/23
​ ​ ​ ​ 1,375,000 ​ ​ ​ ​ ​ 1,397,646 ​ ​ ​ ​
3.625%, due 3/15/24
​ ​ ​ ​ 1,125,000 ​ ​ ​ ​ ​ 1,188,243 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,585,889 ​ ​ ​ ​
Communications — 0.2% ​ ​ ​ ​ ​ ​ ​
Thomson Reuters Corp., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.850%, due 9/29/24
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 508,049 ​ ​ ​ ​
Consumer, Cyclical — 1.1% ​ ​ ​
Volkswagen Group of America Finance
LLC, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.250%, due 11/24/25
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,460,877 ​ ​ ​ ​
Consumer, Non-cyclical — 0.9% ​ ​ ​
Bayer US Finance II LLC, (Germany) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 12/15/23
​ ​ ​ ​ 2,025,000 ​ ​ ​ ​ ​ 2,137,850 ​ ​ ​ ​
Financial — 12.7% ​ ​ ​ ​ ​ ​ ​
AerCap Ireland Capital DAC / AerCap
Global Aviation Trust, (Ireland)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.650%, due 10/29/24
​ ​ ​ ​ 2,450,000 ​ ​ ​ ​ ​ 2,455,522 ​ ​ ​ ​
Antares Holdings LP, (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.950%, due 7/15/26
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 573,291 ​ ​ ​ ​
BNP Paribas SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 10/15/24
​ ​ ​ ​ 2,125,000 ​ ​ ​ ​ ​ 2,317,376 ​ ​ ​ ​
BOC Aviation USA Corp., (Singapore) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.625%, due 4/29/24
​ ​ ​ ​ 1,125,000 ​ ​ ​ ​ ​ 1,126,973 ​ ​ ​ ​
Credit Agricole SA/London, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.907%, (SOFR + 1.68%)
due 6/16/26(b)
​ ​ ​ ​ 2,300,000 ​ ​ ​ ​ ​ 2,322,575 ​ ​ ​ ​
HSBC Holdings PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 8/18/25
​ ​ ​ ​ 2,150,000 ​ ​ ​ ​ ​ 2,331,199 ​ ​ ​ ​
​
See notes to financial statements.
43​
TABLE OF CONTENTS
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2021 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​ ​ ​
Corporate Bonds (continued) ​ ​ ​
Financial (continued) ​ ​ ​
Lloyds Banking Group PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.695%, (CMT + 0.55%)
due 5/11/24(b)
​ ​ ​ $  2,375,000 ​ ​ ​ ​ $  2,371,782 ​ ​ ​ ​
NatWest Markets PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.579%, (SOFR + 0.53%)
due 8/12/24(b)
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,010,903 ​ ​ ​ ​
Royal Bank of Canada, (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.410%, (SOFR + 0.36%)
due 7/29/24(b)
​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ 5,011,100 ​ ​ ​ ​
Standard Chartered PLC,
(United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.991%, (CMT + 0.78%)
due 1/12/25(b)
​ ​ ​ ​ 2,600,000 ​ ​ ​ ​ ​ 2,577,677 ​ ​ ​ ​
1.319%, (CMT + 1.17%)
due 10/14/23(b)
​ ​ ​ ​ 2,100,000 ​ ​ ​ ​ ​ 2,109,026 ​ ​ ​ ​
Sumitomo Mitsui Trust Bank Ltd., (Japan)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.800%, due 9/16/24
​ ​ ​ ​ 1,750,000 ​ ​ ​ ​ ​ 1,735,392 ​ ​ ​ ​
Toronto-Dominion Bank (The), (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.700%, due 9/10/24
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,488,515 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29,431,331 ​ ​ ​ ​
Government — 0.6% ​ ​ ​ ​ ​ ​ ​
International Bank for Reconstruction &
Development, (Supranational)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series GDIF, 0.850%,
due 2/10/27
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,446,686 ​ ​ ​ ​
Total Foreign Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $38,647,128)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38,570,682 ​ ​ ​ ​
United States Government Agency & Obligations — 3.8% ​ ​ ​
Government — 3.8% ​ ​ ​
Federal Farm Credit Banks Funding Corporation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.240%, due 12/23/30
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,145,294 ​ ​ ​ ​
1.730%, due 9/22/31
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,471,378 ​ ​ ​ ​
1.840%, due 10/27/31
​ ​ ​ ​ 2,700,000 ​ ​ ​ ​ ​ 2,676,967 ​ ​ ​ ​
Federal Home Loan Banks ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.070%, due 1/25/30
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,391,978 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,685,617 ​ ​ ​ ​
Total United States Government Agency & Obligations
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $8,893,750)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,685,617 ​ ​ ​ ​
United States Government Agency
Mortgage-Backed Securities — 4.8%		 ​ ​ ​
Mortgage Securities — 4.8% ​ ​ ​
Freddie Mac Multifamily Structured Pass
Through Certificates
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-K107, 1.591%,
due 1/25/30(b)(c)
​ ​ ​ ​ 14,980,804 ​ ​ ​ ​ ​ 1,717,431 ​ ​ ​ ​
Series 2020-K108, 1.690%,
due 3/25/30(b)(c)
​ ​ ​ ​ 15,656,459 ​ ​ ​ ​ ​ 1,939,389 ​ ​ ​ ​
Series 2020-K119, 0.932%,
due 9/25/30(b)(c)
​ ​ ​ ​ 14,968,277 ​ ​ ​ ​ ​ 1,062,056 ​ ​ ​ ​
Series 2020-K120, 1.039%,
due 10/25/30(b)(c)
​ ​ ​ ​ 14,724,213 ​ ​ ​ ​ ​ 1,163,020 ​ ​ ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency
Mortgage-Backed Securities (continued) 		​
Mortgage Securities (continued) ​
Series 2020-K122, 0.883%,
due 11/25/30(b)(c)
​ ​ ​ $ 17,668,276 ​ ​ ​ ​ $  1,212,029 ​ ​
Series 2021-K123, 0.775%,
due 12/25/30(b)(c)
​ ​ ​ ​ 28,723,283 ​ ​ ​ ​ ​ 1,747,131 ​ ​
Series 2021-K124, 0.721%,
due 12/25/30(b)(c)
​ ​ ​ ​ 19,483,334 ​ ​ ​ ​ ​ 1,132,393 ​ ​
Series K130, 1.037%,
due 6/25/31(b)(c)
​ ​ ​ ​ 14,333,699 ​ ​ ​ ​ ​ 1,248,931 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,222,380 ​ ​
Total United States Government Agency
Mortgage-Backed Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $11,188,862)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,222,380 ​ ​
​
​ Short-Term Investment — 17.0% ​
​ Commercial Papers — 15.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Communications — 4.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ AT&T, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
0.000%, due 2/14/22(a)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 3,997,800 ​ ​
​ Walt Disney Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
0.000%, due 9/15/22(a)
​ ​ ​ ​ 7,000,000 ​ ​ ​ ​ ​ 6,985,020 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,982,820 ​ ​
​ Consumer, Cyclical — 1.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ VW Credit, Inc., (Germany) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
0.000%, due 1/25/22(a)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 3,998,040 ​ ​
​ Consumer, Non-cyclical — 1.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Equifax, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
0.000%, due 2/23/22(a)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 3,997,280 ​ ​
​ Financial — 7.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Australia & New Zealand Banking Group Ltd., (Australia)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
0.000%, due 10/11/22(a)
​ ​ ​ ​ 7,000,000 ​ ​ ​ ​ ​ 6,981,310 ​ ​
​ NatWest Markets PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
0.000%, due 7/18/22(a)
​ ​ ​ ​ 7,000,000 ​ ​ ​ ​ ​ 6,989,430 ​ ​
​ Westpac Banking Corp., (Australia) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
0.000%, due 9/29/22(a)
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 2,991,750 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16,962,490 ​ ​
​ Total Commercial Papers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
(Cost $35,890,864)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 35,940,630 ​ ​
​ ​ ​
Shares
 ​ ​ ​ ​ ​ ​ ​
Money Market Fund — 1.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
BlackRock Liquidity T-Fund, 0.01%(d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $3,512,951)
 ​ ​ ​ ​ 3,512,951 ​ ​ ​ ​
​
3,512,951
 ​ ​
Total Investments — 100.3%
(Cost $233,257,214)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 232,789,268 ​ ​
Other Assets and Liabilities,
Net — (0.3)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (570,261) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 232,219,007 ​ ​
​
(a)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
​
See notes to financial statements.
44
TABLE OF CONTENTS
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2021 (unaudited)
(b)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2021.
​
(c)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(d)
Reflects the 7-day yield at October 31, 2021.
​
Abbreviations
​ CMT ​ ​ — ​ ​ 1 year Constant Maturity Treasury Index ​
​ LIBOR ​ ​ — ​ ​ London InterBank Offered Rate ​
​ SOFR ​ ​ — ​ ​ Secured Financing Overnight Rate ​
​
Open futures contracts outstanding at October 31, 2021:​
Type
​ ​
Broker
​ ​
Expiration
Date
​ ​
Number of
Contracts
Purchased
(Sold)
​ ​
Notional
Value at
Trade
Date
​ ​
Notional
Value at
October 31,
2021
​ ​
Unrealized
Appreciation
(Depreciation)
​
U.S. 10 Year Note (CBT)
​ ​
RBC Capital Markets
​ ​
December 2021
​ ​ ​ ​ (49) ​ ​ ​ ​ $ (6,500,923) ​ ​ ​ ​ $ (6,404,453) ​ ​ ​ ​ $ 96,470 ​ ​
U.S. 10 Year Ultra Note
​ ​
RBC Capital Markets
​ ​
December 2021
​ ​ ​ ​ (32) ​ ​ ​ ​ ​ (4,693,771) ​ ​ ​ ​ ​ (4,641,000) ​ ​ ​ ​ ​ 52,771 ​ ​
U.S. 2 Year Note (CBT)
​ ​
RBC Capital Markets
​ ​
December 2021
​ ​ ​ ​ (58) ​ ​ ​ ​ ​ (12,731,234) ​ ​ ​ ​ ​ (12,716,500) ​ ​ ​ ​ ​ 14,734 ​ ​
U.S. 5 Year Note (CBT)
​ ​
RBC Capital Markets
​ ​
December 2021
​ ​ ​ ​ (189) ​ ​ ​ ​ ​ (23,295,278) ​ ​ ​ ​ ​ (23,010,750) ​ ​ ​ ​ ​ 284,528 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 448,503 ​ ​
​
CBT — Chicago Board of Trade
Cash posted as collateral to broker for futures contracts was $295,745 at October 31, 2021.
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2021. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Collateralized Mortgage Obligation
​ ​ ​ $ — ​ ​ ​ ​ $ 807,628 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 807,628 ​ ​
Commercial Asset-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 56,507,095 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 56,507,095 ​ ​
Commercial Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,593,300 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,593,300 ​ ​
Corporate Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 68,948,985 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 68,948,985 ​ ​
Foreign Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 38,570,682 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 38,570,682 ​ ​
United States Government Agency & Obligations
​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,685,617 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,685,617 ​ ​
United States Government Agency Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,222,380 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,222,380 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Commercial Papers
​ ​ ​ ​ — ​ ​ ​ ​ ​ 35,940,630 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 35,940,630 ​ ​
Money Market Fund
​ ​ ​ ​ 3,512,951 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,512,951 ​ ​
Total Investments in Securities
​ ​ ​ ​ 3,512,951 ​ ​ ​ ​ ​ 229,276,317 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 232,789,268 ​ ​
Other Financial Instruments:(f) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts
​ ​ ​ ​ 448,503 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 448,503 ​ ​
Total Investments in Securities and Other Financial Instruments
​ ​ ​ $ 3,961,454 ​ ​ ​ ​ $ 229,276,317 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 233,237,771 ​ ​
​
(e)
For a complete listing of investments and their industries, see the Schedule of Investments.
​
(f)
Reflects the unrealized appreciation (depreciation) of the instruments.
​
For the period ended October 31, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
See notes to financial statements.
45​
TABLE OF CONTENTS​
Statements of Assets and Liabilities 
​
October 31, 2021 (unaudited)
​ ​ ​
IQ MacKay
Municipal
Insured ETF
​ ​
IQ MacKay
Municipal
Intermediate ETF
​ ​
IQ MacKay
ESG Core Plus
Bond ETF
​ ​
IQ Ultra
Short
Duration ETF
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in securities, at value(a)
​ ​ ​ $ 471,409,000 ​ ​ ​ ​ $ 236,589,333 ​ ​ ​ ​ $ 26,056,216 ​ ​ ​ ​ $ 232,789,268 ​ ​
Deposits at broker for futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 15,370 ​ ​ ​ ​ ​ 295,745 ​ ​
Receivable for investments sold
​ ​ ​ ​ 12,629,712 ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 2,949,280 ​ ​ ​ ​ ​ 5,219,307 ​ ​
Interest receivable
​ ​ ​ ​ 4,543,733 ​ ​ ​ ​ ​ 2,112,628 ​ ​ ​ ​ ​ 132,127 ​ ​ ​ ​ ​ 616,763 ​ ​
Prepaid expenses
​ ​ ​ ​ 237 ​ ​ ​ ​ ​ 77 ​ ​ ​ ​ ​ 239 ​ ​ ​ ​ ​ 139 ​ ​
Dividend receivable
​ ​ ​ ​ 53 ​ ​ ​ ​ ​ 61 ​ ​ ​ ​ ​ 4 ​ ​ ​ ​ ​ 41 ​ ​
Receivable for capital shares transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,992,817 ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 247 ​ ​
Due from broker
​ ​ ​ ​ — ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 335 ​ ​ ​ ​ ​ – ​ ​
Securities lending income receivable
​ ​ ​ ​ — ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 188 ​ ​ ​ ​ ​ – ​ ​
Due from advisor
​ ​ ​ ​ 78,638 ​ ​ ​ ​ ​ 32,962 ​ ​ ​ ​ ​ 9,887 ​ ​ ​ ​ ​ 19,718 ​ ​
Variation margin receivable
​ ​ ​ ​ — ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 1,503 ​ ​ ​ ​ ​ 2,297 ​ ​
Total assets
​ ​ ​ ​ 488,661,373 ​ ​ ​ ​ ​ 242,727,878 ​ ​ ​ ​ ​ 29,165,149 ​ ​ ​ ​ ​ 238,943,525 ​ ​
Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Payable for investments purchased
​ ​ ​ ​ 8,619,198 ​ ​ ​ ​ ​ 5,774,948 ​ ​ ​ ​ ​ 2,926,842 ​ ​ ​ ​ ​ 4,133,154 ​ ​
Advisory fees payable
​ ​ ​ ​ 166,303 ​ ​ ​ ​ ​ 76,868 ​ ​ ​ ​ ​ 8,661 ​ ​ ​ ​ ​ 48,968 ​ ​
Trustee fees payable
​ ​ ​ ​ 1,701 ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 152 ​ ​ ​ ​ ​ 2,154 ​ ​
Compliance fees payable
​ ​ ​ ​ 448 ​ ​ ​ ​ ​ 149 ​ ​ ​ ​ ​ 23 ​ ​ ​ ​ ​ 211 ​ ​
Variation margin payable
​ ​ ​ ​ — ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 9,883 ​ ​
Payable for capital shares repurchased
​ ​ ​ ​ — ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ – ​ ​ ​ ​ ​ 2,470,544 ​ ​
Accrued expenses and other liabilities
​ ​ ​ ​ 71,098 ​ ​ ​ ​ ​ 38,517 ​ ​ ​ ​ ​ 33,253 ​ ​ ​ ​ ​ 59,604 ​ ​
Total liabilities
​ ​ ​ ​ 8,858,748 ​ ​ ​ ​ ​ 5,890,482 ​ ​ ​ ​ ​ 2,968,931 ​ ​ ​ ​ ​ 6,724,518 ​ ​
Net Assets
​ ​ ​
$
479,802,625
 ​ ​ ​ ​
$
236,837,396
 ​ ​ ​ ​
$
26,196,218
 ​ ​ ​ ​
$
232,219,007
 ​ ​
Composition of Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-in capital
​ ​ ​ $ 478,138,644 ​ ​ ​ ​ $ 235,185,494 ​ ​ ​ ​ $ 26,306,386 ​ ​ ​ ​ $ 231,831,264 ​ ​
Total distributable earnings/(accumulated loss)
​ ​ ​ ​ 1,663,981 ​ ​ ​ ​ ​ 1,651,902 ​ ​ ​ ​ ​ (110,168) ​ ​ ​ ​ ​ 387,743 ​ ​
Net Assets
​ ​ ​
$
479,802,625
 ​ ​ ​ ​
$
236,837,396
 ​ ​ ​ ​
$
26,196,218
 ​ ​ ​ ​
$
232,219,007
 ​ ​
NET ASSET VALUE PER SHARE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares Outstanding (no par value, unlimited shares authorized)
​ ​ ​ ​ 17,550,000 ​ ​ ​ ​ ​ 8,900,000 ​ ​ ​ ​ ​ 1,050,000 ​ ​ ​ ​ ​ 4,700,000 ​ ​
Net Asset Value Per Share
​ ​ ​ $ 27.34 ​ ​ ​ ​ $ 26.61 ​ ​ ​ ​ $ 24.95 ​ ​ ​ ​ $ 49.41 ​ ​
Investments, at cost
​ ​ ​ $ 468,340,998 ​ ​ ​ ​ $ 235,318,449 ​ ​ ​ ​ $ 26,223,742 ​ ​ ​ ​ $ 233,257,214 ​ ​
(a) Market value of securities on loan
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 67,653 ​ ​ ​ ​ $ — ​ ​
See notes to financial statements.
46
TABLE OF CONTENTS​
Statements of Operations  
​
For the Six Months Ended October 31, 2021 (unaudited)
​ ​ ​
IQ MacKay
Municipal
Insured ETF
​ ​
IQ MacKay
Municipal
Intermediate ETF
​ ​
IQ MacKay
ESG Core Plus
Bond ETF*
​ ​
IQ Ultra
Short
Duration ETF
​
Investment Income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Interest income
​ ​ ​ $ 3,624,726 ​ ​ ​ ​ $ 1,187,726 ​ ​ ​ ​ $ 157,517 ​ ​ ​ ​ $ 1,486,310 ​ ​
Dividend income
​ ​ ​ ​ 490 ​ ​ ​ ​ ​ 431 ​ ​ ​ ​ ​ 19 ​ ​ ​ ​ ​ 417 ​ ​
Securities lending income, net of borrower rebates
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 188 ​ ​ ​ ​ ​ — ​ ​
Total investment income
​ ​ ​ ​ 3,625,216 ​ ​ ​ ​ ​ 1,188,157 ​ ​ ​ ​ ​ 157,724 ​ ​ ​ ​ ​ 1,486,727 ​ ​
Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Advisory fees (see Note 3)
​ ​ ​ ​ 944,304 ​ ​ ​ ​ ​ 377,495 ​ ​ ​ ​ ​ 33,122 ​ ​ ​ ​ ​ 304,488 ​ ​
Administrative and accounting fees
​ ​ ​ ​ 70,383 ​ ​ ​ ​ ​ 22,757 ​ ​ ​ ​ ​ 13,480 ​ ​ ​ ​ ​ 50,503 ​ ​
Custodian fees
​ ​ ​ ​ 43,437 ​ ​ ​ ​ ​ 14,889 ​ ​ ​ ​ ​ 8,987 ​ ​ ​ ​ ​ 15,544 ​ ​
Legal fees
​ ​ ​ ​ 19,337 ​ ​ ​ ​ ​ 6,145 ​ ​ ​ ​ ​ 388 ​ ​ ​ ​ ​ 10,792 ​ ​
Audit and tax fees
​ ​ ​ ​ 13,158 ​ ​ ​ ​ ​ 13,158 ​ ​ ​ ​ ​ 7,149 ​ ​ ​ ​ ​ 13,792 ​ ​
Trustee fees
​ ​ ​ ​ 10,796 ​ ​ ​ ​ ​ 1,962 ​ ​ ​ ​ ​ 519 ​ ​ ​ ​ ​ 6,186 ​ ​
Shareholder reporting fees
​ ​ ​ ​ 5,376 ​ ​ ​ ​ ​ 2,688 ​ ​ ​ ​ ​ 3,472 ​ ​ ​ ​ ​ 2,242 ​ ​
Listing fees
​ ​ ​ ​ 4,772 ​ ​ ​ ​ ​ 4,781 ​ ​ ​ ​ ​ 3,676 ​ ​ ​ ​ ​ 4,610 ​ ​
Registration fees
​ ​ ​ ​ 1,621 ​ ​ ​ ​ ​ 4,117 ​ ​ ​ ​ ​ 1,114 ​ ​ ​ ​ ​ 1,894 ​ ​
Intraday pricing fees
​ ​ ​ ​ 1,260 ​ ​ ​ ​ ​ 1,260 ​ ​ ​ ​ ​ 1,021 ​ ​ ​ ​ ​ 1,260 ​ ​
Compliance fees
​ ​ ​ ​ 532 ​ ​ ​ ​ ​ 171 ​ ​ ​ ​ ​ 24 ​ ​ ​ ​ ​ 328 ​ ​
Miscellaneous
​ ​ ​ ​ 279 ​ ​ ​ ​ ​ 199 ​ ​ ​ ​ ​ 35 ​ ​ ​ ​ ​ 171 ​ ​
Total expenses
​ ​ ​ ​ 1,115,255 ​ ​ ​ ​ ​ 449,622 ​ ​ ​ ​ ​ 72,987 ​ ​ ​ ​ ​ 411,810 ​ ​
Waivers (see Note 3)
​ ​ ​ ​ (407,027) ​ ​ ​ ​ ​ (166,501) ​ ​ ​ ​ ​ (39,865) ​ ​ ​ ​ ​ (107,320) ​ ​
Net expenses
​ ​ ​ ​ 708,228 ​ ​ ​ ​ ​ 283,121 ​ ​ ​ ​ ​ 33,122 ​ ​ ​ ​ ​ 304,490 ​ ​
Net investment income
​ ​ ​ ​ 2,916,988 ​ ​ ​ ​ ​ 905,036 ​ ​ ​ ​ ​ 124,602 ​ ​ ​ ​ ​ 1,182,237 ​ ​
Realized and Unrealized Gain (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ (131,815) ​ ​ ​ ​ ​ 284,969 ​ ​ ​ ​ ​ 50,085 ​ ​ ​ ​ ​ (420,159) ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,710) ​ ​ ​ ​ ​ (477,422) ​ ​
Net realized gain (loss)
​ ​ ​ ​ (131,815) ​ ​ ​ ​ ​ 284,969 ​ ​ ​ ​ ​ 45,375 ​ ​ ​ ​ ​ (897,581) ​ ​
Net change in net unrealized appreciation (depreciation) on:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ (2,427,588) ​ ​ ​ ​ ​ (1,908,166) ​ ​ ​ ​ ​ (167,526) ​ ​ ​ ​ ​ 79,705 ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (7,871) ​ ​ ​ ​ ​ (154,439) ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ (2,427,588) ​ ​ ​ ​ ​ (1,908,166) ​ ​ ​ ​ ​ (175,397) ​ ​ ​ ​ ​ (74,734) ​ ​
Net realized and unrealized loss
​ ​ ​ ​ (2,559,403) ​ ​ ​ ​ ​ (1,623,197) ​ ​ ​ ​ ​ (130,022) ​ ​ ​ ​ ​ (972,315) ​ ​
Net Increase (Decrease) in Net Assets Resulting From Operations
 ​ ​ ​ $ 357,585 ​ ​ ​ ​ $ (718,161) ​ ​ ​ ​ $ (5,420) ​ ​ ​ ​ $ 209,922 ​ ​
​
*
Commencement of operations was June 29, 2021.
​
See notes to financial statements.
47​
TABLE OF CONTENTS​
Statements of Changes in Net Assets 
​
​ ​ ​
IQ MacKay
Municipal
Insured ETF
​ ​
IQ MacKay
Municipal
Intermediate ETF
​
​ ​ ​
For the Six
Months Ended
October 31,
2021
(unaudited)
​ ​
For the
Year Ended
April 30,
2021
​ ​
For the Six
Months Ended
October 31,
2021
(unaudited)
​ ​
For the
Year Ended
April 30,
2021
​
Increase (Decrease) in Net Assets from Operations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 2,916,988 ​ ​ ​ ​ $ 3,231,383 ​ ​ ​ ​ $ 905,036 ​ ​ ​ ​ $ 1,272,092 ​ ​
Net realized gain (loss)
​ ​ ​ ​ (131,815) ​ ​ ​ ​ ​ 1,326,301 ​ ​ ​ ​ ​ 284,969 ​ ​ ​ ​ ​ 771,203 ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ (2,427,588) ​ ​ ​ ​ ​ 6,386,307 ​ ​ ​ ​ ​ (1,908,166) ​ ​ ​ ​ ​ 3,232,459 ​ ​
Net increase (decrease) in net assets resulting from
operations
​ ​ ​ ​ 357,585 ​ ​ ​ ​ ​ 10,943,991 ​ ​ ​ ​ ​ (718,161) ​ ​ ​ ​ ​ 5,275,754 ​ ​
Distributions to Shareholders
​ ​ ​ ​ (3,941,323) ​ ​ ​ ​ ​ (3,808,446) ​ ​ ​ ​ ​ (1,185,702) ​ ​ ​ ​ ​ (1,545,079) ​ ​
Capital Share Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares created
​ ​ ​ ​ 67,863,060 ​ ​ ​ ​ ​ 349,155,789 ​ ​ ​ ​ ​ 116,721,000 ​ ​ ​ ​ ​ 69,260,748 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (28,803,385) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,679,392) ​ ​ ​ ​ ​ — ​ ​
Increase from capital share transactions
​ ​ ​ ​ 39,059,675 ​ ​ ​ ​ ​ 349,155,789 ​ ​ ​ ​ ​ 114,041,608 ​ ​ ​ ​ ​ 69,260,748 ​ ​
Total increase in net assets
​ ​ ​ ​ 35,475,937 ​ ​ ​ ​ ​ 356,291,334 ​ ​ ​ ​ ​ 112,137,745 ​ ​ ​ ​ ​ 72,991,423 ​ ​
Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 444,326,688 ​ ​ ​ ​ ​ 88,035,354 ​ ​ ​ ​ ​ 124,699,651 ​ ​ ​ ​ ​ 51,708,228 ​ ​
End of period
​ ​ ​
$
479,802,625
 ​ ​ ​ ​
$
444,326,688
 ​ ​ ​ ​
$
236,837,396
 ​ ​ ​ ​
$
124,699,651
 ​ ​
Changes in Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 16,150,000 ​ ​ ​ ​ ​ 3,400,000 ​ ​ ​ ​ ​ 4,650,000 ​ ​ ​ ​ ​ 2,050,000 ​ ​
Shares created
​ ​ ​ ​ 2,450,000 ​ ​ ​ ​ ​ 12,750,000 ​ ​ ​ ​ ​ 4,350,000 ​ ​ ​ ​ ​ 2,600,000 ​ ​
Shares redeemed
​ ​ ​ ​ (1,050,000) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (100,000) ​ ​ ​ ​ ​ — ​ ​
Shares outstanding, end of period
​ ​ ​
​
17,550,000
 ​ ​ ​ ​
​
16,150,000
 ​ ​ ​ ​
​
8,900,000
 ​ ​ ​ ​
​
4,650,000
 ​ ​
See notes to financial statements.
48
TABLE OF CONTENTS
Statements of Changes in Net Assets (continued)
​
​ ​ ​
IQ MacKay
ESG Core Plus
Bond ETF
​ ​
IQ Ultra
Short
Duration ETF
​
​ ​ ​
For the Period
June 29, 2021*
to
October 31,
2021
​ ​
For the Six
Months Ended
October 31,
2021
(unaudited)
​ ​
For the Year
Ended
April 30,
2021
​
Increase (Decrease) in Net Assets from Operations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 124,602 ​ ​ ​ ​ $ 1,182,237 ​ ​ ​ ​ $ 2,228,528 ​ ​
Net realized gain (loss)
​ ​ ​ ​ 45,375 ​ ​ ​ ​ ​ (897,581) ​ ​ ​ ​ ​ 2,944,104 ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ (175,397) ​ ​ ​ ​ ​ (74,734) ​ ​ ​ ​ ​ 365,211 ​ ​
Net increase (decrease) in net assets resulting from operations
​ ​ ​ ​ (5,420) ​ ​ ​ ​ ​ 209,922 ​ ​ ​ ​ ​ 5,537,843 ​ ​
Distributions to Shareholders
​ ​ ​ ​ (104,748) ​ ​ ​ ​ ​ (1,201,843) ​ ​ ​ ​ ​ (3,352,469) ​ ​
Capital Share Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares created
​ ​ ​ ​ 26,306,386 ​ ​ ​ ​ ​ 42,122,348 ​ ​ ​ ​ ​ 213,233,109 ​ ​
Cost of shares redeemed
​ ​ ​ ​ — ​ ​ ​ ​ ​ (61,889,457) ​ ​ ​ ​ ​ (111,622,801) ​ ​
Increase (Decrease) from capital share transactions
​ ​ ​ ​ 26,306,386 ​ ​ ​ ​ ​ (19,767,109) ​ ​ ​ ​ ​ 101,610,308 ​ ​
Total increase (decrease) in net assets
​ ​ ​ ​ 26,196,218 ​ ​ ​ ​ ​ (20,759,030) ​ ​ ​ ​ ​ 103,795,682 ​ ​
Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ — ​ ​ ​ ​ ​ 252,978,037 ​ ​ ​ ​ ​ 149,182,355 ​ ​
End of period
​ ​ ​
$
26,196,218
 ​ ​ ​ ​
$
232,219,007
 ​ ​ ​ ​
$
252,978,037
 ​ ​
Changes in Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,100,000 ​ ​ ​ ​ ​ 3,050,000 ​ ​
Shares created
​ ​ ​ ​ 1,050,000 ​ ​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 4,300,000 ​ ​
Shares redeemed
​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,250,000) ​ ​ ​ ​ ​ (2,250,000) ​ ​
Shares outstanding, end of period
​ ​ ​
​
1,050,000
 ​ ​ ​ ​
​
4,700,000
 ​ ​ ​ ​
​
5,100,000
 ​ ​
​
*
Commencement of operations.
​
See notes to financial statements.
49​
TABLE OF CONTENTS​
Financial Highlights 
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay Municipal Insured ETF
​
​ ​ ​
For the Six
Months Ended
October 31,
2021
(unaudited)
​ ​
For the Year Ended
April 30,
​ ​
For the Period
October 18,
2017(a) to
April 30, 2018
​
​ ​ ​
2021
​ ​
2020
​ ​
2019
​
Net asset value, beginning of period
​ ​ ​ $ 27.51 ​ ​ ​ ​ $ 25.89 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.17 ​ ​ ​ ​ ​ 0.38 ​ ​ ​ ​ ​ 0.53 ​ ​ ​ ​ ​ 0.72 ​ ​ ​ ​ ​ 0.36 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ 1.76 ​ ​ ​ ​ ​ 0.50(c) ​ ​ ​ ​ ​ 0.90 ​ ​ ​ ​ ​ (0.39) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ 0.06 ​ ​ ​ ​ ​ 2.14 ​ ​ ​ ​ ​ 1.03 ​ ​ ​ ​ ​ 1.62 ​ ​ ​ ​ ​ (0.03) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.64) ​ ​ ​ ​ ​ (0.68) ​ ​ ​ ​ ​ (0.30) ​ ​
Net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total distributions from net investment income and
realized gains
​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.75) ​ ​ ​ ​ ​ (0.68) ​ ​ ​ ​ ​ (0.30) ​ ​
Net asset value, end of period
​ ​ ​ $ 27.34 ​ ​ ​ ​ $ 27.51 ​ ​ ​ ​ $ 25.89 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​
Market price, end of period
​ ​ ​ $ 27.35 ​ ​ ​ ​ $ 27.54 ​ ​ ​ ​ $ 26.00 ​ ​ ​ ​ $ 25.64 ​ ​ ​ ​ $ 24.86 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(d)
​ ​ ​ ​ 0.20% ​ ​ ​ ​ ​ 8.32% ​ ​ ​ ​ ​ 4.05% ​ ​ ​ ​ ​ 6.72% ​ ​ ​ ​ ​ (0.13)% ​ ​
Total investment return based on market price(e)
 ​ ​ ​ ​ 0.16% ​ ​ ​ ​ ​ 7.97% ​ ​ ​ ​ ​ 4.36% ​ ​ ​ ​ ​ 6.02% ​ ​ ​ ​ ​ 0.64%(f) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 479,803 ​ ​ ​ ​ $ 444,327 ​ ​ ​ ​ $ 88,035 ​ ​ ​ ​ $ 43,539 ​ ​ ​ ​ $ 14,801 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.30%(g) ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30%(g) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.47%(g) ​ ​ ​ ​ ​ 0.51% ​ ​ ​ ​ ​ 0.57% ​ ​ ​ ​ ​ 0.77% ​ ​ ​ ​ ​ 0.99%(g) ​ ​
Net investment income
​ ​ ​ ​ 1.24%(g) ​ ​ ​ ​ ​ 1.40% ​ ​ ​ ​ ​ 2.01% ​ ​ ​ ​ ​ 2.89% ​ ​ ​ ​ ​ 2.74%(g) ​ ​
Portfolio turnover rate(h)
​ ​ ​ ​ 32% ​ ​ ​ ​ ​ 36% ​ ​ ​ ​ ​ 71% ​ ​ ​ ​ ​ 56% ​ ​ ​ ​ ​ 77% ​ ​
​
(a)
Commencement of operations
​
(b)
Based on average shares outstanding.
​
(c)
Calculation of the net realized and unrealized gain (loss) per share does not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.
​
(d)
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 returns are calculated using the mean between the last bid and ask prices.
​
(f)
Since the Shares of the Funds 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)
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.
​
See notes to financial statements.
50
TABLE OF CONTENTS
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay Municipal Intermediate ETF
​
​ ​ ​
For the Six
Months Ended
October 31,
2021
(unaudited)
​ ​
For the Year Ended
April 30,
​ ​
For the Period
October 18,
2017 (a)to
April 30, 2018
​
​ ​ ​
2021
​ ​
2020
​ ​
2019
​
Net asset value, beginning of period
​ ​ ​ $ 26.82 ​ ​ ​ ​ $ 25.22 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.13 ​ ​ ​ ​ ​ 0.47 ​ ​ ​ ​ ​ 0.53 ​ ​ ​ ​ ​ 0.69 ​ ​ ​ ​ ​ 0.30 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (0.16) ​ ​ ​ ​ ​ 1.73 ​ ​ ​ ​ ​ 0.16(c) ​ ​ ​ ​ ​ 0.91 ​ ​ ​ ​ ​ (0.39) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ 2.20 ​ ​ ​ ​ ​ 0.69 ​ ​ ​ ​ ​ 1.60 ​ ​ ​ ​ ​ (0.09) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.58) ​ ​ ​ ​ ​ (0.67) ​ ​ ​ ​ ​ (0.66) ​ ​ ​ ​ ​ (0.24) ​ ​
Net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.02) ​ ​ ​ ​ ​ (0.41) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total distributions from net investment income and
realized gains
​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.60) ​ ​ ​ ​ ​ (1.08) ​ ​ ​ ​ ​ (0.66) ​ ​ ​ ​ ​ (0.24) ​ ​
Net asset value, end of period
​ ​ ​ $ 26.61 ​ ​ ​ ​ $ 26.82 ​ ​ ​ ​ $ 25.22 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​
Market price, end of period
​ ​ ​ $ 26.63 ​ ​ ​ ​ $ 26.84 ​ ​ ​ ​ $ 25.22 ​ ​ ​ ​ $ 25.66 ​ ​ ​ ​ $ 24.71 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(d)
​ ​ ​ ​ (0.12)% ​ ​ ​ ​ ​ 8.80% ​ ​ ​ ​ ​ 2.65% ​ ​ ​ ​ ​ 6.59% ​ ​ ​ ​ ​ (0.34)% ​ ​
Total investment return based on market price(e)
 ​ ​ ​ ​ (0.12)% ​ ​ ​ ​ ​ 8.90% ​ ​ ​ ​ ​ 2.44% ​ ​ ​ ​ ​ 6.62% ​ ​ ​ ​ ​ (0.18)%(f) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 236,837 ​ ​ ​ ​ $ 124,700 ​ ​ ​ ​ $ 51,708 ​ ​ ​ ​ $ 43,541 ​ ​ ​ ​ $ 29,606 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.30%(g) ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30%(g) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.48%(g) ​ ​ ​ ​ ​ 0.57% ​ ​ ​ ​ ​ 0.62% ​ ​ ​ ​ ​ 0.71% ​ ​ ​ ​ ​ 0.77%(g) ​ ​
Net investment income
​ ​ ​ ​ 0.96%(g) ​ ​ ​ ​ ​ 1.78% ​ ​ ​ ​ ​ 2.02% ​ ​ ​ ​ ​ 2.76% ​ ​ ​ ​ ​ 2.28%(g) ​ ​
Portfolio turnover rate(h)
​ ​ ​ ​ 35% ​ ​ ​ ​ ​ 43% ​ ​ ​ ​ ​ 77% ​ ​ ​ ​ ​ 72% ​ ​ ​ ​ ​ 80% ​ ​
​
(a)
Commencement of operations
​
(b)
Based on average shares outstanding.
​
(c)
Calculation of the net realized and unrealized gain (loss) per share does not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.
​
(d)
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 returns are calculated using the mean between the last bid and ask prices.
​
(f)
Since the Shares of the Funds 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)
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.
​
See notes to financial statements.
51​
TABLE OF CONTENTS
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay ESG Core
Plus Bond ETF
​
​ ​ ​
For the Period
June 29,
2021(a) to
October 31, 2021
​
Net asset value, beginning of period
​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.13 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (0.08) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ 0.05 ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.10) ​ ​
Net asset value, end of period
​ ​ ​ $ 24.95 ​ ​
Market price, end of period
​ ​ ​ $ 24.98 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(c)
​ ​ ​ ​ 0.20% ​ ​
Total investment return based on market price(d)
​ ​ ​ ​ 0.33%(e) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 26,196 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.39%(f) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.86%(f) ​ ​
Net investment income
​ ​ ​ ​ 1.47%(f) ​ ​
Portfolio turnover rate(g)
​ ​ ​ ​ 85% ​ ​
​
(a)
Commencement of operations
​
(b)
Based on average shares outstanding.
​
(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 returns are calculated using the mean between the last bid and ask prices.
​
(e)
Since the Shares of the Funds 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.
​
(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.
​
See notes to financial statements.
52
TABLE OF CONTENTS
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ Ultra Short Duration ETF
​
​ ​ ​
For the Six
Months Ended
October 31,
2021
(unaudited)
​ ​
For the Year
Ended April 30,
2021
​ ​
For the Period
July 31,
2019(a) to
April 30, 2020
​
Net asset value, beginning of period
​ ​ ​ $ 49.60 ​ ​ ​ ​ $ 48.91 ​ ​ ​ ​ $ 50.01 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.23 ​ ​ ​ ​ ​ 0.51 ​ ​ ​ ​ ​ 0.74 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ 0.97 ​ ​ ​ ​ ​ (1.07) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ 0.04 ​ ​ ​ ​ ​ 1.48 ​ ​ ​ ​ ​ (0.33) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (0.56) ​ ​ ​ ​ ​ (0.75) ​ ​
Net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (0.02) ​ ​
Total distributions from net investment income and realized gains
​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (0.79) ​ ​ ​ ​ ​ (0.77) ​ ​
Net asset value, end of period
​ ​ ​ $ 49.41 ​ ​ ​ ​ $ 49.60 ​ ​ ​ ​ $ 48.91 ​ ​
Market price, end of period
​ ​ ​ $ 49.40 ​ ​ ​ ​ $ 49.60 ​ ​ ​ ​ $ 48.99 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(c)
​ ​ ​ ​ 0.07% ​ ​ ​ ​ ​ 3.08% ​ ​ ​ ​ ​ (0.68)% ​ ​
Total investment return based on market price(d)
​ ​ ​ ​ 0.06% ​ ​ ​ ​ ​ 2.88% ​ ​ ​ ​ ​ (0.52)%(e) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 232,219 ​ ​ ​ ​ $ 252,978 ​ ​ ​ ​ $ 149,182 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.24%(f) ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ ​ 0.24%(f) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.32%(f) ​ ​ ​ ​ ​ 0.33% ​ ​ ​ ​ ​ 0.49%(f) ​ ​
Net investment income
​ ​ ​ ​ 0.93%(f) ​ ​ ​ ​ ​ 1.03% ​ ​ ​ ​ ​ 2.00%(f) ​ ​
Portfolio turnover rate(g)
​ ​ ​ ​ 75% ​ ​ ​ ​ ​ 185% ​ ​ ​ ​ ​ 292% ​ ​
​
(a)
Commencement of operations
​
(b)
Based on average shares outstanding.
​
(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 returns are calculated using the mean between the last bid and ask prices.
​
(e)
Since the Shares of the Funds 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.
​
(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.
​
See notes to financial statements.
53​
TABLE OF CONTENTS​
Notes to Financial Statements 
​
October 31, 2021 (unaudited)
1. ORGANIZATION
IndexIQ Active ETF Trust (the “Trust”) was organized as a Delaware statutory trust on January 30, 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 currently consists of four operational funds, IQ MacKay Municipal Insured ETF, IQ MacKay Municipal Intermediate ETF, the IQ MacKay ESG Core Plus Bond ETF and IQ Ultra Short Duration ETF (collectively, the “Funds” and each, 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. Each Fund is classified as diversified. IQ MacKay Municipal Insured ETF and IQ MacKay Municipal Intermediate ETF commenced operations on October 18, 2017, IQ Ultra Short Duration ETF commenced operations on July 31, 2019 and IQ MacKay ESG Core Plus Bond ETF commenced operations on June 29, 2021.
The IQ Mackay Municipal Insured ETF and IQ MacKay Municipal Intermediate ETF seek to provide current income exempt from federal income tax. The IQ MacKay ESG Core Plus Bond ETF seeks total return, while incorporating the Subadvisor’s ESG investment strategy. The IQ Ultra Short Duration ETF seeks to provide current income while maintaining limited price volatility. There can be no assurance that a Fund’s objective will be achieved.
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.
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.” A Creation Unit consists of 50,000 shares. The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) 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.
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
54
TABLE OF CONTENTS
Notes to Financial Statements (continued)
​
October 31, 2021 (unaudited)
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 a 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.
Generally, trading in U.S. government securities, money market instruments and certain fixed-income securities is substantially completed each day at various times prior to the close of business on the NYSE. The values of such securities used in computing the NAV of the Fund are determined as of such times.
Futures contracts generally are valued at the settlement or closing price determined by the applicable exchange.
When market quotations or prices are not readily available or are deemed unreliable or not representative of an investment’s fair value, investments are valued using fair value pricing as determined in good faith by the Advisor, under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Funds’ assets and liabilities) rests with the Advisor. The Advisor may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of liquidity or other reason, if a market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, or if the trading market on which a security is listed is suspended or closed and no appropriate alternative trading market is available. The frequency with which a Fund’s investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the Fund invests pursuant to its investment objective, strategies and limitations. If a fund invests in open-end management investment companies (other than ETFs) registered under the 1940 Act, it may rely on the NAV of those companies to value the shares they hold of them. Those companies may also use fair value pricing under some circumstances.
The IQ MacKay Municipal Insured ETF and IQ MacKay Municipal Intermediate ETF sweep uninvested cash balances into the Fidelity Investments Money Market Treasury Only Class I (“Fidelity Investments”). Fidelity Investments seeks to obtain as high a level of current income as is consistent with the security of principal and liquidity. Fidelity Investments has no redemption restriction and is valued at the daily NAV. The IQ MacKay ESG Core Plus Bond ETF sweeps uninvested cash balances into the BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class (“BlackRock Liquidity Fund”). BlackRock Liquidity Fund seeks as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The IQ Ultra Short Duration ETF sweeps uninvested cash balances into BlackRock Liquidity Funds T-Fund. The BlackRock Liquidity Funds T-Fund seeks to obtain as high a level of current income as is consistent with liquidity and stability of principal.
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.
​
55​
TABLE OF CONTENTS
Notes to Financial Statements (continued)
​
October 31, 2021 (unaudited)
•
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.
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 on October 31, 2021 is disclosed at the end of each Fund’s Schedule of Investments.
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 the taxable income to the shareholders of the Fund 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
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​
October 31, 2021 (unaudited)
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 IQ MacKay Municipal Insured ETF, IQ MacKay Municipal Intermediate ETF, IQ MacKay ESG Core Plus Bond ETF and IQ Ultra Short Duration ETF 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 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.
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.
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 in the form of dividends. Net investment income is distributed monthly and capital gains are typically distributed at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. 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.
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
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October 31, 2021 (unaudited)
for lending its securities from fees paid by the borrowers of securities, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Each Fund will continue to receive dividend and interest income on securities loaned, any gain or loss in the market price of securities on loan will be accounted for by each Fund. Lending portfolio securities could result in a delay in recovering the Funds’ securities if the borrower defaults.
A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between each Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, each Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. The lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market Fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower.
In accordance with the securities lending agreement between the Funds and the BNY Mellon, the Funds will be indemnified by the BNY Mellon in the event of default of a third party Borrower.
The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of October 31, 2021, 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 MacKay ESG Core Plus Bond ETF
​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 2,969 ​ ​ ​ ​ $ 67,366 ​ ​ ​ ​ $ 70,335 ​ ​
The collateral amount presented is in excess of the securities on loan.
3. INVESTMENT MANAGEMENT AND OTHER AGREEMENTS
Investment Advisory Agreement
The Advisor serves as the investment advisor to each series of the Trust, and is an indirect wholly-owned subsidiary of New York Life Investment Management Holdings LLC. Under an Investment Advisory Agreement (“Advisory Agreement”) between the Advisor and the Trust, on behalf of each Fund, the Advisor provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds (including arranging for sub-advisory services), subject to the supervision of the Board. The Advisor is responsible for the supervision of MacKay Shields LLC (“MacKay Shields”), the sub-advisor to IQ MacKay ESG Core Plus Bond ETF, IQ MacKay Municipal Insured ETF and IQ MacKay Municipal Intermediate ETF and NYL Investors LLC, the sub-advisor to the IQ Ultra Short Duration ETF (collectively, the “Sub-Advisors” and each, a “Sub-Advisor”) and their management of the investment portfolios of each of the Funds.
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. The Funds reimburse the Advisor in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to each Fund; (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 and (d) the preparation
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​
October 31, 2021 (unaudited)
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 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 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 MacKay Municipal Insured ETF
​ ​ ​ ​ 0.40% ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 0.40% ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 0.39% ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 0.24% ​ ​
The Advisor has entered into an Expense Limitation Agreement with the Funds under which it has contractually agreed, until August 31, 2022, to waive a portion of its management fee and/or reimburse expenses of each Fund, if necessary, in an amount that limits total annual fund operating expenses (exclusive of interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles dividend, interest and brokerage expenses paid on short sales, acquired fund fees and expenses, extraordinary expenses, if any, and payments, if any, under the Rule 12b-1 Plan) to not more than 0.40% of the average daily net assets of IQ MacKay Municipal Insured ETF, IQ MacKay Municipal Intermediate ETF, 0.39% of the average daily net assets of the IQ MacKay ESG Core Plus Bond ETF and 0.24% of the average daily net assets of the IQ Ultra Short Duration ETF.
As of October 31, 2021, the Advisor reimbursed expenses for IQ MacKay Municipal Insured ETF, IQ MacKay Municipal Intermediate ETF, IQ MacKay ESG Core Plus Bond ETF, and IQ Ultra Short Duration ETF in the amounts of  $407,027, $166,501, $39,865 and $107,320, respectively.
For the period ended October 31, 2021, there is no recoupment available.
Investment Sub-Advisory Agreements
The Sub-Advisors are registered investment advisors and indirect wholly-owned subsidiaries of New York Life. The Sub-Advisors are responsible for the day-to-day portfolio management of the Funds subject to the supervision of the Advisor and the Board. Pursuant to the terms of the respective Sub-Advisory Agreements between the Advisor and the Sub-Advisors, the Subadvisor is compensated by the Advisor. To the extent that the Advisor has agreed to waive its management fee or reimburse expenses, the Subadvisor has agreed to waive or reimburse its fee proportionately.
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 0.25% 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
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October 31, 2021 (unaudited)
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
The Bank of New York Mellon (“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. BNY Mellon is responsible for maintaining the books and records and calculating the daily NAV of the Funds. BNY Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
4. CAPITAL SHARE TRANSACTIONS
Shares are created and redeemed on a continuous basis at NAV only in groups of 50,000 shares called Creation Units. Except when aggregated in Creation Units, shares are not redeemable. Transactions in shares of the Funds are disclosed in detail in 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, 2021, the cost and unrealized appreciation/depreciation of investments 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 MacKay Municipal Insured ETF
​ ​ ​ $ 469,381,085 ​ ​ ​ ​ $ 6,544,520 ​ ​ ​ ​ $ (4,516,605) ​ ​ ​ ​ $ 2,027,915 ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 235,706,179 ​ ​ ​ ​ ​ 2,997,528 ​ ​ ​ ​ ​ (2,114,374) ​ ​ ​ ​ ​ 883,154 ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 26,223,742 ​ ​ ​ ​ ​ 44,846 ​ ​ ​ ​ ​ (212,372) ​ ​ ​ ​ ​ (167,526) ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 233,251,040 ​ ​ ​ ​ ​ 425,626 ​ ​ ​ ​ ​ (887,398) ​ ​ ​ ​ ​ (461,772) ​ ​
At April 30, 2021, the components of undistributed or accumulated earnings/loss on a tax-basis were as follows:
Fund
​ ​
Ordinary
Income
(Loss)1
​ ​
Tax-Exempt
Income (Loss)
​ ​
Net
Capital
Gain (Losses)2
​ ​
Net
Unrealized
Appreciation/​
Depreciation
​ ​
Total
Earnings/​
(Losses)
​
IQ MacKay Municipal Insured ETF​
​ ​ ​ $ 2,608 ​ ​ ​ ​ $ 617,603 ​ ​ ​ ​ $ 172,005 ​ ​ ​ ​ $ 4,455,503 ​ ​ ​ ​ $ 5,247,719 ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 226,341 ​ ​ ​ ​ ​ 151,137 ​ ​ ​ ​ ​ 386,967 ​ ​ ​ ​ ​ 2,791,320 ​ ​ ​ ​ ​ 3,555,765 ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 643,175 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,277,966 ​ ​ ​ ​ ​ (541,477) ​ ​ ​ ​ ​ 1,379,664 ​ ​
​
1
Includes late year ordinary loss, if any.
​
2
Amount includes the deferral of post October losses, if any.
​
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​
October 31, 2021 (unaudited)
At April 30, 2021, 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 MacKay Municipal Insured ETF
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ (649,817) ​ ​ ​ ​ ​ 649,817 ​ ​
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/ tax differences. Reclassifications are primarily due to distribution reclasses and nondeductible taxes paid.
The tax character of distributions paid during the years ended April 30, 2021 and 2020 were as follows:
​ ​ ​
2021
​ ​
2020
​
Fund
​ ​
Ordinary
Income
​ ​
Tax-Exempt
Income
​ ​
Long-Term
Capital Gains
​ ​
Tax Return
of Capital
​ ​
Ordinary
Income
​ ​
Tax-Exempt
Income
​ ​
Long-Term
Capital Gains
​ ​
Tax Return
of Capital
​
IQ MacKay Municipal
Insured ETF
​ ​ ​ $ 20,321 ​ ​ ​ ​ $ 3,788,125 ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 173,339 ​ ​ ​ ​ $ 1,565,133 ​ ​ ​ ​ $ 222,207 ​ ​ ​ ​ $    — ​ ​
IQ MacKay Municipal
Intermediate ETF
​ ​ ​ ​ 2,692 ​ ​ ​ ​ ​ 1,486,578 ​ ​ ​ ​ ​ 55,809 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 468,962 ​ ​ ​ ​ ​ 1,187,490 ​ ​ ​ ​ ​ 282,484 ​ ​ ​ ​ ​ — ​ ​
IQ Ultra Short Duration
ETF
​ ​ ​ ​ 3,256,994 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 95,475 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 693,511 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
At April 30, 2021, the Funds did not have any capital losses incurred after October 31 (“Post-October Losses”) and any late year ordinary income losses within the taxable year that can arise on the first business day of the Funds’ next taxable year.
At April 30, 2021, the Funds did not have net capital loss carryforwards.
6. OTHER AFFILIATED PARTIES AND TRANSACTIONS
The Advisor is an affiliate and subsidiary of New York Life Insurance and Annuity Corporation (“NYLIC”). For the purposes of the financial statements, the Funds assume the following to be affiliated issuers. As of October 31, 2021, NYLIC was known to own beneficially greater than 5% of the shares outstanding of the following funds:
Fund
​ ​
% Ownership
​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 95.0% ​ ​
7. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) for the period ended October 31, 2021 are as follows:
Fund
​ ​
Purchases
​ ​
Sales
​
IQ MacKay Municipal Insured ETF
​ ​ ​ $ 197,337,980 ​ ​ ​ ​ $ 147,418,394 ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 182,490,928 ​ ​ ​ ​ ​ 59,769,906 ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 41,848,400 ​ ​ ​ ​ ​ 16,705,777 ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 173,546,675 ​ ​ ​ ​ ​ 215,051,481 ​ ​
8. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts
A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). A Fund is subject to risks such as
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October 31, 2021 (unaudited)
market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, a Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. A Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.
The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of a Fund’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when a Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. A Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to a Fund, potentially resulting in a loss. A Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. As of October 31, 2021, the open futures contracts for IQ MacKay ESG Core Plus Bond ETF and IQ Ultra Short Duration ETF are shown in the 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:
Assets Derivatives
​ ​ ​
Interest Risk
​
IQ MacKay ESG Core Plus Bond ETF ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on futures contracts1
​ ​ ​ $ 4,811 ​ ​
IQ Ultra Short Duration ETF ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on futures contracts1
​ ​ ​ $ 448,503 ​ ​
Liability Derivatives
​ ​ ​
Interest Risk
​
IQ MacKay ESG Core Plus Bond ETF ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on futures contracts1
​ ​ ​ $ 12,682 ​ ​
IQ Ultra Short Duration ETF ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on futures contracts1
​ ​ ​ $ — ​ ​
​
1
Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only unsettled variation margin is reported within the Statements of Assets and Liabilities.
​
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Notes to Financial Statements (continued)
​
October 31, 2021 (unaudited)
Transactions in derivative instruments reflected on the Statements of Operations during the period ended October 31, 2021 were as follows:
​ ​ ​
Interest Risk
​ ​
IQ MacKay ESG Core Plus Bond ETF Realized gain (loss) ​ ​ ​ ​ ​ ​ ​ ​
Realized gain (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (4,710) ​ ​ ​
Change in Unrealized appreciation (depreciation) ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (7,871) ​ ​ ​
IQ Ultra Short Duration ETF Realized gain (loss) ​ ​ ​ ​ ​ ​ ​ ​
Realized gain (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (477,422) ​ ​ ​
Change in Unrealized appreciation (depreciation) ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (154,439) ​ ​ ​
For the period ended October 31, 2021, the monthly average notional value of the futures contracts held by the Fund were as follows:
​ ​ ​
Average Notional Value
​
​ ​ ​
IQ MacKay ESG
Core Plus Bond ETF
​ ​
IQ Ultra Short
Duration ETF
​
Asset Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ 907,419 ​ ​ ​ ​ $ — ​ ​
Liability Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ — ​ ​ ​ ​ $ (48,749,379) ​ ​
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.
Bond Insurance Risk
Insured municipal bonds are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance does not guarantee the market value of an insured security, or a Fund’s share price or distributions. Shares of a Fund are not insured. Market conditions or changes to ratings criteria could adversely impact municipal bond insurers, which could adversely impact the value of the insured municipal bond or the ability of the insurer to pay any claims due. Consolidation among municipal bond insurers could increase a Fund’s exposure to one or more individual municipal bond insurers and reduce the supply of municipal bonds.
Credit Risk
Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. The financial condition of an issuer of a debt security or other instrument may cause such issuer to default, become unable to pay interest or principal due or otherwise fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in such situations.
Derivatives Risk
Derivative strategies may expose a Fund to greater risk than if it had invested directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing a Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which
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Notes to Financial Statements (continued)
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October 31, 2021 (unaudited)
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. Futures 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.
ESG Investing Style Risk1
A Fund seeks exposure to the securities of companies meeting environmental, social and corporate governance investing criteria. A Fund excludes or limits exposure to securities of certain issuers for non-financial reasons, and a Fund may forgo some market opportunities available to funds that do not use these criteria. The application of ESG 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. ESG investing is subjective by nature, and therefore offers no guarantee that the ESG criteria utilized by the Subadvisor will accurately provide exposure to issuers meeting environmental, social and corporate governance criteria or any judgment exercised by the Subadvisor will reflect the beliefs or values of any particular investor. In addition, ESG investing is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.
Income Risk
A Fund’s income 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 otherwise needs to purchase additional bonds.
Interest Rate Risk
An increase in interest rates may cause the value of debt securities held by a Fund to decline. Interest rates in the United States are near historic lows, which may increase a Fund’s exposure to risks associated with rising interest rates. Interest rates may rise significantly and/or rapidly. Rising interest rates or lack of market participants may lead to decreased liquidity and increased volatility in the bond markets, making it more difficult for a Fund to sell its bond holdings at a time when the Fund might wish to sell.
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 LIBOR, as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. The Advisor is currently working to assess exposure and will modify contracts as necessary.
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1
Applies to IQ MacKay ESG Core Plus Bond ETF
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Notes to Financial Statements (continued)
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October 31, 2021 (unaudited)
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 NAV.
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 away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance.
Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.
Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021 with respect to certain LIBOR tenors or mid-2023 for the remaining LIBOR tenors.
Liquidity Risk
Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce a Fund’s returns because the Funds may be unable to transact at advantageous times or prices. Decreased liquidity in the bond markets also may make it more difficult to value some or all of a Fund’s bond holdings. The market for municipal bonds may be less liquid than for taxable bonds.
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, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as 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.
Mortgage-Related and Other Asset-Backed Securities Risk
Investments in mortgage-related securities (such as mortgage-backed securities) and other asset-backed securities (such as collateralized debt and loan obligations) generally involve a stream of payments based on the underlying obligations. These payments, which are often part interest and part return of principal, vary based on the rate at which the underlying borrowers repay their loans or other obligations.
Asset-backed securities are subject to the risk that borrowers may default on the underlying obligations and that, during periods of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security’s value. Enforcing rights against such collateral in events of default may be difficult or insufficient. The value of these securities may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.
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Notes to Financial Statements (continued)
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October 31, 2021 (unaudited)
Municipal Bond Risk
A Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects. If a Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on a fund’s investment performance. In addition, a Fund may invest more heavily in bonds from certain cities, states, territories, or regions than others, which may increase the Funds’ exposure to losses resulting from economic, political, or regulatory occurrences impacting these particular cities, states, territories or regions. Certain of the issuers in which the Funds may invest have recently experienced, or may experience, significant financial difficulties and repeated credit rating downgrades. A Fund’s vulnerability to potential losses associated with such developments may be reduced through investing in municipal securities that feature credit enhancements (such as bond insurance).
Municipal bond proceeds could provide positive social or environmental benefits which could cause it to perform differently compared to funds that do not have such a policy. Investing in securities whose use of proceeds provide positive social or environmental benefits may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so. The positive social or environmental impact of a municipal bond’s proceeds is made at the time of purchase and the actual use of proceeds by the issuer could vary over time, which could cause the Fund to be invested in bonds that do not comply with the Fund’s approach towards considering social or environmental characteristics. The factors considered in evaluating whether a security has positive social or environmental benefits may change over time. There are significant differences in interpretations of what it means to promote positive social or environmental benefits. While its definitions are reasonable, the portfolio decisions it makes may differ with other’s views.
Municipal bonds most frequently trade in institutional round lot size transactions. Until a Fund grows significantly in size, a Fund expects to purchase a significant number of bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots. Odd lot size positions may have more price volatility than institutional round lot size positions. The Funds use a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size.
New Fund Risk1
Certain Funds are new funds. There can be no assurance that they will grow to or maintain an economically viable size, in which case they may experience greater tracking error to their Underlying Indexes or ultimately liquidate.
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. Tax Treatment Risk
Income from municipal bonds held by a Fund could be declared taxable because of unfavorable changes in tax law, adverse interpretations by the U.S. Internal Revenue Service or noncompliant conduct of a bond issuer. In addition, a portion of a Fund’s otherwise tax-exempt dividends may be taxable to shareholders subject to the U.S. federal alternative minimum tax.
10. NEW ACCOUNTING PRONOUNCEMENTS
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting” in response to concerns about structural risks of interbank offered rates, such
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1
Applies to IQ MacKay ESG Core Plus Bond ETF
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Notes to Financial Statements (continued)
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October 31, 2021 (unaudited)
as LIBOR. ASU 2020-04 provides optional guidance to ease the potential accounting burden associated with transitioning away from LIBOR and other reference rates that are expected to be discontinued. ASU 2020-04 is effective immediately upon release of the update on March 12, 2020, through December 31, 2022. At this time, the Advisor is evaluating the implications of certain other provisions of ASU 2020-04 related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.
11. SUBSEQUENT EVENTS
In the preparation of the financial statements, the Advisor has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material subsequent events that would require disclosure.
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Board Review of Investment Advisory Agreements (unaudited) 
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October 31, 2021
Approvals Relating to the IQ MacKay ESG Core Plus Bond ETF
The Board (the members of which are referred to as “Trustees”) met by videoconference on June 16, 2021, pursuant to an order issued by the U.S. Securities and Exchange Commission’s Division of Investment Management temporarily exempting fund boards from the in-person approval requirements of certain provisions of the Investment Company Act of 1940, as amended (“1940 Act”), in light of the impact of COVID-19. The Board met to consider the approval of an amendment to the Investment Advisory Agreement (the “Advisory Agreement Amendment”) and an amendment to the Subadvisory Agreement (the “Subadvisory Agreement Amendment”), each with respect to the IQ MacKay ESG Core Plus Bond ETF, a new series of the Trust (the “New Fund”). The Board noted that the Advisory Agreement Amendment was between the Trust and IndexIQ Advisors LLC (“IndexIQ” or the “Advisor”), while the Subadvisory Agreement Amendment was between the Advisor and MacKay Shields LLC (“MacKay Shields” or the “Sub-Advisor”).
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Advisor and MacKay Shields relevant to the Board’s consideration of whether to approve the Advisory Agreement Amendment and the Subadvisory Agreement Amendment. In connection with considering approval of the Advisory Agreement Amendment and the Subadvisory Agreement Amendment, the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), met in executive session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. The consideration of the Advisory Agreement Amendment and Subadvisory Agreement Amendment was conducted by both the full Board and the Independent Trustees, who also voted separately.
During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, quality, and extent of the services that the Advisor and MacKay Shields will provide to the New Fund, and the fees that the Advisor will charge to the New Fund; (2) information concerning the business and operations, compliance program and portfolio management team of the Advisor and MacKay Shields; (3) information describing the New Fund’s anticipated operating expense; (4) data comparing the proposed fee rate for advisory services to be charged to the New Fund and the expected expense ratios to fees paid by and expense ratios of exchange-traded funds (“ETFs”) with similar investment objects and policies as those of the New Fund; (5) the extent to which economies of scale would be realized as the New Fund grows; (6) any “fall-out” benefits to be derived by the Advisor or MacKay Shields from its relationship with the Trust; and (7) potential conflicts of interest. The Board considered that the New Fund is an actively managed ETF.
In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement Amendment; (2) a copy of the Subadvisory Agreement Amendment; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor and MacKay Shields and the services provided thereby; (5) information regarding the respective compliance program of the Advisor and Mackay Shields; (6) information regarding the portfolio management team of Mackay Shields (7) copies of the Form ADV for each of the Advisor and Mackay Shields; (8) memoranda and guidance from legal counsel to the Independent Trustees on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act; (9) materials provided by each of the Advisor and Mackay Shields in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (10) a presentation, via videoconference, by personnel of the Advisor and MacKay Shields. In addition, the Board was provided data comparing the advisory fees and operating expenses (including acquired fund fees and expenses, as applicable) of the New Fund with expenses and performance of other registered investment companies with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the ETF and mutual fund industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and IndexIQ ETF Trust.
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Board Review of Investment Advisory Agreements (unaudited) (continued)
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October 31, 2021
In particular, the Trustees including the Independent Trustees, considered and discussed the following with respect to the New Fund:
1.
The nature, extent, and quality of the facilities and services to be provided to the New Fund by IndexIQ and MacKay Shields. The Independent Trustees reviewed the services that IndexIQ and MacKay Shields would provide to the New Fund. In connection with the investment advisory services to be provided to the New Fund, the Independent Trustees noted the responsibilities that IndexIQ and MacKay Shields would have as the New Fund’s investment adviser and sub-adviser, respectively, including overall supervisory responsibility for the general management and investment of the New Fund’s securities portfolio, ultimate responsibility, subject to oversight by the Board, for daily monitoring and quarterly reporting to the Board, and the implementation of Board directives as they relate to the New Fund.
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The Independent Trustees considered IndexIQ’s experience, resources, and strengths in managing other ETFs. The Independent Trustees reviewed MacKay Shields’ experience, resources, and strengths in managing other ETFs. Based on their consideration and review of the foregoing information, the Independent Trustees determined that the New Fund would likely benefit from the nature, quality, and extent of these services, as well as IndexIQ’s and MacKay Shields’ ability to render such services based on their experience, operations, and resources.
2.
Comparison of services to be provided and fees to be charged by IndexIQ and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by IndexIQ and MacKay Shields from their relationship with the New Fund. The Independent Trustees then compared both the services to be rendered and the proposed fees to be paid pursuant to the Advisory Agreement Amendment with IndexIQ to contracts of other investment advisers with respect to similar mutual funds and ETFs. In particular, the Independent Trustees compared the New Fund’s proposed advisory fee and projected expense ratio for its first year of operations to other ETFs in the New Fund’s peer group. The Independent Trustees also considered that the New Fund will have in place an Expense Limitation Agreement to limit the total operating expenses for a period of at least one year.
​
The Independent Trustees also considered that IndexIQ would pay the Subadvisory fee to MacKay Shields pursuant to the Subadvisory Agreement Amendment. They considered the level of such Subadvisory fee in the context of the services to be provided by MacKay Shields to the New Fund.
After comparing the New Fund’s proposed fee with those of other funds in the New Fund’s peer group, and in light of the nature, quality, and extent of services proposed to be provided by IndexIQ and MacKay Shields and the costs expected to be incurred by IndexIQ and MacKay Shields in rendering those services, the Independent Trustees concluded that the fee proposed to be paid to IndexIQ and MacKay Shields with respect to the New Fund was fair and reasonable.
3.
IndexIQ’s and MacKay Shields’ profitability and the extent to which economies of scale would be realized as the New Fund grows and whether fee levels would reflect such economies of scale. The Independent Trustees next considered potential economies of scale and the anticipated costs and projected profitability of IndexIQ and MacKay Shields in connection with its serving as investment adviser or sub-adviser, as applicable, to the New Fund, including operational costs. Due to the fact that the New Fund had no assets at the time, the Independent Trustees made no determination with respect to economies of scale or the impact of the New Fund on IndexIQ’s or MacKay Shields’ profitability.
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4.
Investment performance of IndexIQ and MacKay Shields. Because the New Fund has not commenced operations, the Independent Trustees could not consider the investment performance of the New Fund, but did take into account the experience of MacKay Shields and the investment strategy developed for the New Fund by MacKay Shields.
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Conclusion. No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the terms of the Advisory Agreement Amendment with IndexIQ and the Subadvisory Agreement Amendment with
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Board Review of Investment Advisory Agreements (unaudited) (continued)
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October 31, 2021
MacKay Shields were reasonable and fair to the New Fund and to recommend to the Board the approval of the Advisory Agreement Amendment and Subadvisory Agreement Amendment.
As a result, all of the Board members, including the Independent Trustees, determined that the Amendment to the Advisory Agreement Amendment and the Subadvisory Agreement Amendment are each in the best interests of the New Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the Advisory Agreement Amendment and the Subadvisory Agreement Amendment.
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IndexIQ Active ETF Trust
Semi-Annual Report | October 31, 2021
IQ MacKay Municipal Insured ETF (MMIN)
IQ MacKay Municipal Intermediate ETF (MMIT)
IQ MacKay ESG Core Plus Bond ETF (ESGB)
IQ Ultra Short Duration ETF (ULTR)
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
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1758022ME10a-12/21
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