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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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  
4
5
6
Schedules of Investments
7
22
33
40
46
47
48
50
54
68
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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.
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Fund Expenses (unaudited)
As a shareholder of a fund, you incur two types of costs: (1) transaction costs on purchases and sales and (2) ongoing costs, including Advisory fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds. Shareholders may pay brokerage commissions on their purchase and sale of 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).
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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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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.
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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.
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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