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

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.

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,

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.

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).

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).

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.

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.

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.

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.

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.

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

	Shareholder Letter					4
	Fund Expenses					5
	Portfolio Summaries					6
	Schedules of Investments
	IQ MacKay Municipal Insured ETF					7
	IQ MacKay Municipal Intermediate ETF					22
	IQ MacKay ESG Core Plus Bond ETF					33
	IQ Ultra Short Duration ETF					40
	Statements of Assets and Liabilities					46
	Statements of Operations					47
	Statements of Changes in Net Assets					48
	Financial Highlights					50
	Notes to Financial Statements					54
	Board Review of Investment Advisory Agreement					68