​	IQ Hedge Multi-Strategy Tracker ETF (QAI)	​	​	IQ 50 Percent Hedged FTSE International ETF (HFXI)	​
​	IQ Hedge Macro Tracker ETF (MCRO)	​	​	IQ Chaikin U.S. Large Cap ETF (CLRG)	​
​	IQ Hedge Market Neutral Tracker ETF (QMN)	​	​	IQ Chaikin U.S. Small Cap ETF (CSML)	​
​	IQ Hedge Long/Short Tracker ETF (QLS)	​	​	IQ 500 International ETF (IQIN)	​
​	IQ Hedge Event-Driven Tracker ETF (QED)	​	​	IQ Candriam ESG U.S. Equity ETF (IQSU)	​
​	IQ Real Return ETF (CPI)	​	​	IQ Candriam ESG International Equity ETF (IQSI)	​
​	IQ S&P High Yield Low Volatility Bond ETF (HYLV)	​	​	IQ Healthy Hearts ETF (HART)	​
​	IQ Merger Arbitrage ETF (MNA)	​	​	IQ Engender Equality ETF (EQUL)	​
​	IQ Global Resources ETF (GRES)	​	​	IQ Cleaner Transport ETF (CLNR)	​
​	IQ U.S. Real Estate Small Cap ETF (ROOF)	​	​	IQ Clean Oceans ETF (OCEN)	​

Table of Contents  

3​

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.

4

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 05/01/2021 to 10/31/2021” 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 funds 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.

5​

Fund Expenses (unaudited) (continued)

6

Fund Expenses (unaudited) (continued)

*

Fund commenced operation on October 21, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 11/365 (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.

​

7​

Portfolio Summaries* 

October 31, 2021 (unaudited)

Asset Class	​	​	% of Net Assets				​
Investment Grade Corporate Bond Funds	​	​	​	​	18.6%	​	​
U.S. Ultra Short Term Bond Funds	​	​	​	​	13.4	​	​
Money Market Funds	​	​	​	​	10.6	​	​
Bank Loan Funds	​	​	​	​	10.6	​	​
Convertible Bond Funds	​	​	​	​	10.4	​	​
U.S. Medium Term Treasury Bond Funds	​	​	​	​	6.0	​	​
Europe Equity Funds	​	​	​	​	5.5	​	​
Emerging Equity Funds	​	​	​	​	3.2	​	​
U.S. Dollar Fund	​	​	​	​	2.8	​	​
Gold Funds	​	​	​	​	2.6	​	​
BRIC Equity Funds	​	​	​	​	2.6	​	​
U.S. Small Cap Growth Funds	​	​	​	​	2.4	​	​
Floating Rate – Investment Grade Funds	​	​	​	​	2.2	​	​
International Small Cap Equity Funds	​	​	​	​	2.1	​	​
Emerging Markets Small Cap Equity Fund	​	​	​	​	2.0	​	​
Emerging Bonds – Local Currency Funds	​	​	​	​	2.0	​	​
Silver Funds	​	​	​	​	2.0	​	​
High Yield Corporate Bond Funds	​	​	​	​	1.8	​	​
International Bond Fund	​	​	​	​	1.7	​	​
Emerging Bonds – USD Funds	​	​	​	​	1.7	​	​
U.S. Large Cap Core Funds	​	​	​	​	1.5	​	​
U.S. Large Cap Growth Funds	​	​	​	​	1.5	​	​
U.S. Preferred Funds	​	​	​	​	1.4	​	​
Mortgage Backed Securities Funds	​	​	​	​	0.6	​	​
International Large Cap Growth Fund	​	​	​	​	0.6	​	​
International Equity Core Funds	​	​	​	​	0.5	​	​
Volatility Note	​	​	​	​	0.2	​	​
Municipal Bond Fund	​	​	​	​	0.1	​	​
Total Investments	​	​	​	​	110.6	​	​
Other Assets and Liabilites, Net	​	​	​	​	(10.6)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
U.S. Ultra Short Term Bond Funds	​	​	​	​	26.3%	​	​
Convertible Bond Funds	​	​	​	​	8.3	​	​
Emerging Equity Funds	​	​	​	​	8.0	​	​
BRIC Equity Funds	​	​	​	​	7.2	​	​
Europe Equity Funds	​	​	​	​	7.0	​	​
Investment Grade Corporate Bond Funds	​	​	​	​	6.6	​	​
U.S. Medium Term Treasury Bond Funds	​	​	​	​	6.6	​	​
Money Market Funds	​	​	​	​	6.3	​	​
Floating Rate – Investment Grade Funds	​	​	​	​	5.6	​	​
Emerging Bonds – Local Currency Funds	​	​	​	​	5.6	​	​
Gold Funds	​	​	​	​	3.4	​	​
High Yield Corporate Bond Funds	​	​	​	​	3.2	​	​
Emerging Small Cap Equity Fund	​	​	​	​	2.7	​	​
Emerging Bonds – USD Funds	​	​	​	​	2.7	​	​
U.S. Dollar Fund	​	​	​	​	2.7	​	​
Silver Funds	​	​	​	​	2.5	​	​
U.S. Large Cap Growth Funds	​	​	​	​	1.0	​	​
U.S. Large Cap Core Funds	​	​	​	​	0.5	​	​
Total Investments	​	​	​	​	106.2	​	​
Other Assets and Liabilites, Net	​	​	​	​	(6.2)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

See notes to financial statements.

8

Portfolio Summaries* (continued)

October 31, 2021 (unaudited)

Asset Class	​	​	% of Net Assets				​
U.S. Ultra Short Term Bond Funds	​	​	​	​	38.2%	​	​
Bank Loan Funds	​	​	​	​	19.6	​	​
International Bond Fund	​	​	​	​	10.5	​	​
U.S. Medium Term Treasury Bond Funds	​	​	​	​	8.3	​	​
Mortgage Backed Securities Funds	​	​	​	​	6.2	​	​
International Small Cap Equity Funds	​	​	​	​	5.8	​	​
Money Market Funds	​	​	​	​	4.5	​	​
Investment Grade Corporate Bond Funds	​	​	​	​	3.5	​	​
Floating Rate – Investment Grade Funds	​	​	​	​	2.1	​	​
High Yield Corporate Bond Funds	​	​	​	​	2.0	​	​
Municipal Bond Fund	​	​	​	​	1.5	​	​
Emerging Equity Funds	​	​	​	​	1.2	​	​
Convertible Bond Funds	​	​	​	​	0.7	​	​
Emerging Bonds – Local Currency Funds	​	​	​	​	0.3	​	​
U.S. Momentum Fund	​	​	​	​	0.1	​	​
Total Investments	​	​	​	​	104.5	​	​
Other Assets and Liabilites, Net	​	​	​	​	(4.5)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Investment Grade Corporate Bond Funds	​	​	​	​	21.5%	​	​
U.S. Large Cap Core Funds	​	​	​	​	18.4	​	​
International Small Cap Equity Funds	​	​	​	​	17.8	​	​
Money Market Funds	​	​	​	​	15.7	​	​
U.S. Large Cap Growth Funds	​	​	​	​	11.3	​	​
International Large Cap Growth Fund	​	​	​	​	9.0	​	​
Bank Loan Funds	​	​	​	​	8.6	​	​
International Equity Core Funds	​	​	​	​	8.4	​	​
U.S. REITS Funds	​	​	​	​	4.1	​	​
Volatility Note	​	​	​	​	1.0	​	​
U.S. Ultra Short Term Bond Funds	​	​	​	​	0.2	​	​
Total Investments	​	​	​	​	116.0	​	​
Other Assets and Liabilites, Net	​	​	​	​	(16.0)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Investment Grade Corporate Bond Funds	​	​	​	​	39.6%	​	​
Bank Loan Funds	​	​	​	​	24.2	​	​
Convertible Bond Funds	​	​	​	​	22.9	​	​
U.S. Small Cap Growth Funds	​	​	​	​	8.3	​	​
Money Market Funds	​	​	​	​	8.0	​	​
U.S. Preferred Funds	​	​	​	​	4.8	​	​
Total Investments	​	​	​	​	107.8	​	​
Other Assets and Liabilites, Net	​	​	​	​	(7.8)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
U.S. Ultra Short Term Bond Funds	​	​	​	​	67.4%	​	​
Money Market Funds	​	​	​	​	19.3	​	​
U.S. Medium Term Treasury Bond Funds	​	​	​	​	10.0	​	​
U.S. Large Cap Core Funds	​	​	​	​	7.8	​	​
Japanese Yen Fund	​	​	​	​	7.4	​	​
Euro Fund	​	​	​	​	2.7	​	​
U.S. Long Term Treasury Bond Funds	​	​	​	​	2.5	​	​
Oil Fund	​	​	​	​	2.2	​	​
Total Investments	​	​	​	​	119.3	​	​
Other Assets and Liabilites, Net	​	​	​	​	(19.3)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

See notes to financial statements.

9​

Portfolio Summaries* (continued)

October 31, 2021 (unaudited)

Industry	​	​	% of Net Assets				​
Consumer Discretionary	​	​	​	​	14.4%	​	​
Health Care	​	​	​	​	12.8	​	​
Energy	​	​	​	​	11.6	​	​
Media	​	​	​	​	9.7	​	​
Industrials	​	​	​	​	8.7	​	​
Consumer Staples	​	​	​	​	7.4	​	​
Materials	​	​	​	​	7.0	​	​
Financials	​	​	​	​	6.0	​	​
Real Estate	​	​	​	​	5.2	​	​
Information Technology	​	​	​	​	4.9	​	​
Telecommunication Services	​	​	​	​	4.6	​	​
Utilities	​	​	​	​	4.4	​	​
Money Market Fund	​	​	​	​	2.5	​	​
Transportation	​	​	​	​	1.3	​	​
Total Investments	​	​	​	​	100.5	​	​
Other Assets and Liabilites, Net	​	​	​	​	(0.5)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Industry	​	​	% of Net Assets				​
Health Care	​	​	​	​	23.9%	​	​
Information Technology	​	​	​	​	17.8	​	​
Industrials	​	​	​	​	13.2	​	​
Financials	​	​	​	​	10.1	​	​
Money Market Funds	​	​	​	​	9.5	​	​
Utilities	​	​	​	​	6.6	​	​
Materials	​	​	​	​	5.5	​	​
Consumer Discretionary	​	​	​	​	5.2	​	​
Real Estate	​	​	​	​	4.3	​	​
Communication Services	​	​	​	​	1.5	​	​
Energy	​	​	​	​	1.3	​	​
Consumer Staples	​	​	​	​	1.2	​	​
Total Investments	​	​	​	​	100.1	​	​
Other Assets and Liabilites, Net	​	​	​	​	(0.1)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Energy	​	​	​	​	30.8%	​	​
Grains Food Fiber	​	​	​	​	23.9	​	​
Industrial Metals	​	​	​	​	22.2	​	​
Precious Metals	​	​	​	​	7.8	​	​
Livestock	​	​	​	​	5.3	​	​
Water	​	​	​	​	5.0	​	​
Timber	​	​	​	​	4.8	​	​
Money Market Funds	​	​	​	​	1.4	​	​
Coal	​	​	​	​	0.0(a)	​	​
Total Investments	​	​	​	​	101.2	​	​
Other Assets and Liabilites, Net	​	​	​	​	(1.2)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Specialized REITs	​	​	​	​	18.8%	​	​
Retail REITs	​	​	​	​	17.1	​	​
Mortgage REITs	​	​	​	​	15.8	​	​
Diversified REITs	​	​	​	​	15.5	​	​
Office REITs	​	​	​	​	13.6	​	​
Hotel REITs	​	​	​	​	12.5	​	​
Residential REITs	​	​	​	​	6.4	​	​
Money Market Funds	​	​	​	​	0.9	​	​
Total Investments	​	​	​	​	100.6	​	​
Other Assets and Liabilites, Net	​	​	​	​	(0.6)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

See notes to financial statements.

10

Portfolio Summaries* (continued)

October 31, 2021 (unaudited)

Asset Class	​	​	% of Net Assets				​
Financials	​	​	​	​	16.9%	​	​
Industrials	​	​	​	​	15.8	​	​
Consumer Discretionary	​	​	​	​	12.7	​	​
Health Care	​	​	​	​	11.8	​	​
Information Technology	​	​	​	​	11.2	​	​
Consumer Staples	​	​	​	​	9.3	​	​
Materials	​	​	​	​	7.7	​	​
Communication Services	​	​	​	​	4.8	​	​
Energy	​	​	​	​	3.3	​	​
Real Estate	​	​	​	​	3.2	​	​
Utilities	​	​	​	​	3.1	​	​
Money Market Funds	​	​	​	​	2.3	​	​
Total Investments	​	​	​	​	102.1	​	​
Other Assets and Liabilites, Net	​	​	​	​	(2.1)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Information Technology	​	​	​	​	28.2%	​	​
Health Care	​	​	​	​	16.5	​	​
Financials	​	​	​	​	13.6	​	​
Industrials	​	​	​	​	10.0	​	​
Consumer Discretionary	​	​	​	​	9.4	​	​
Communication Services	​	​	​	​	8.4	​	​
Real Estate	​	​	​	​	5.5	​	​
Consumer Staples	​	​	​	​	3.9	​	​
Utilities	​	​	​	​	1.6	​	​
Materials	​	​	​	​	1.6	​	​
Energy	​	​	​	​	1.3	​	​
Money Market Funds	​	​	​	​	0.9	​	​
Total Investments	​	​	​	​	100.9	​	​
Other Assets and Liabilites, Net	​	​	​	​	(0.9)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Financials	​	​	​	​	27.5%	​	​
Industrials	​	​	​	​	18.1	​	​
Health Care	​	​	​	​	12.8	​	​
Information Technology	​	​	​	​	12.5	​	​
Consumer Discretionary	​	​	​	​	9.3	​	​
Materials	​	​	​	​	4.5	​	​
Energy	​	​	​	​	4.2	​	​
Communication Services	​	​	​	​	3.2	​	​
Consumer Staples	​	​	​	​	3.2	​	​
Real Estate	​	​	​	​	2.5	​	​
Utilities	​	​	​	​	2.1	​	​
Money Market Funds	​	​	​	​	1.4	​	​
Total Investments	​	​	​	​	101.3	​	​
Other Assets and Liabilites, Net	​	​	​	​	(1.3)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Industrials	​	​	​	​	21.4%	​	​
Consumer Discretionary	​	​	​	​	12.9	​	​
Consumer Staples	​	​	​	​	11.7	​	​
Financials	​	​	​	​	10.0	​	​
Materials	​	​	​	​	9.7	​	​
Communication Services	​	​	​	​	7.9	​	​
Energy	​	​	​	​	7.5	​	​
Health Care	​	​	​	​	7.2	​	​
Utilities	​	​	​	​	6.3	​	​
Information Technology	​	​	​	​	5.1	​	​
Money Market Fund	​	​	​	​	2.7	​	​
Total Investments	​	​	​	​	102.4	​	​
Other Assets and Liabilites, Net	​	​	​	​	(2.4)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

See notes to financial statements.

11​

Portfolio Summaries* (continued)

October 31, 2021 (unaudited)

Asset Class	​	​	% of Net Assets				​
Information Technology	​	​	​	​	36.9%	​	​
Health Care	​	​	​	​	14.2	​	​
Communication Services	​	​	​	​	10.2	​	​
Consumer Discretionary	​	​	​	​	10.1	​	​
Financials	​	​	​	​	8.7	​	​
Industrials	​	​	​	​	6.4	​	​
Consumer Staples	​	​	​	​	5.2	​	​
Real Estate	​	​	​	​	3.4	​	​
Materials	​	​	​	​	2.5	​	​
Utilities	​	​	​	​	1.3	​	​
Energy	​	​	​	​	1.0	​	​
Money Market Funds	​	​	​	​	0.1	​	​
Total Investments	​	​	​	​	100.0	​	​
Other Assets and Liabilites, Net	​	​	​	​	0.0(a)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Financials	​	​	​	​	17.8%	​	​
Industrials	​	​	​	​	16.9	​	​
Health Care	​	​	​	​	13.0	​	​
Consumer Discretionary	​	​	​	​	11.3	​	​
Information Technology	​	​	​	​	10.7	​	​
Consumer Staples	​	​	​	​	7.9	​	​
Materials	​	​	​	​	7.0	​	​
Communication Services	​	​	​	​	4.8	​	​
Energy	​	​	​	​	4.6	​	​
Real Estate	​	​	​	​	3.0	​	​
Utilities	​	​	​	​	2.7	​	​
Money Market Funds	​	​	​	​	1.5	​	​
Total Investments	​	​	​	​	101.2	​	​
Other Assets and Liabilites, Net	​	​	​	​	(1.2)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Health Care	​	​	​	​	62.4%	​	​
Consumer Discretionary	​	​	​	​	17.2	​	​
Consumer Staples	​	​	​	​	8.2	​	​
Communication Services	​	​	​	​	5.2	​	​
Information Technology	​	​	​	​	5.1	​	​
Industrials	​	​	​	​	1.3	​	​
Real Estate	​	​	​	​	0.5	​	​
Money Market Funds	​	​	​	​	0.0(a)	​	​
Total Investments	​	​	​	​	99.9	​	​
Other Assets and Liabilites, Net	​	​	​	​	0.1	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Financials	​	​	​	​	18.1%	​	​
Health Care	​	​	​	​	17.1	​	​
Consumer Discretionary	​	​	​	​	16.6	​	​
Information Technology	​	​	​	​	16.1	​	​
Consumer Staples	​	​	​	​	11.6	​	​
Communication Services	​	​	​	​	8.6	​	​
Industrials	​	​	​	​	6.9	​	​
Materials	​	​	​	​	3.8	​	​
Real Estate	​	​	​	​	1.3	​	​
Total Investments	​	​	​	​	100.1	​	​
Other Assets and Liabilites, Net	​	​	​	​	(0.1)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

See notes to financial statements.

12

Portfolio Summaries* (continued)

October 31, 2021 (unaudited)

Asset Class	​	​	% of Net Assets				​
Industrials	​	​	​	​	34.5%	​	​
Consumer Discretionary	​	​	​	​	28.7	​	​
Information Technology	​	​	​	​	23.4	​	​
Utilities	​	​	​	​	9.8	​	​
Communication Services	​	​	​	​	3.0	​	​
Materials	​	​	​	​	0.5	​	​
Money Market Funds	​	​	​	​	0.0(a)	​	​
Total Investments	​	​	​	​	99.9	​	​
Other Assets and Liabilites, Net	​	​	​	​	0.1	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

Asset Class	​	​	% of Net Assets				​
Information Technology	​	​	​	​	22.9%	​	​
Utilities	​	​	​	​	17.2	​	​
Industrials	​	​	​	​	16.7	​	​
Consumer Staples	​	​	​	​	16.5	​	​
Consumer Discretionary	​	​	​	​	14.4	​	​
Materials	​	​	​	​	12.6	​	​
Total Investments	​	​	​	​	100.3	​	​
Other Assets and Liabilites, Net	​	​	​	​	(0.3)	​	​
Total Net Assets	​	​	​	​	100.0%	​	​

See notes to financial statements.

13​

Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF 

October 31, 2021 (unaudited)

​

​

​

Shares

​

​

Value

​

Exchange Traded Note — 0.2%

​

Volatility Note — 0.2%

​

iPath Series B S&P 500 VIX Short-Term Futures ETN* (Cost $2,373,898)

​

​

​

​

75,845

​

​

​

​

$

1,626,117

​

​

Exchange Traded Vehicles — 7.4%

​

Gold Funds — 2.6%

​

Aberdeen Standard Physical Gold Shares ETF*

​

​

​

​

82,071

​

​

​

​

​

1,404,235

​

​

Graniteshares Gold Trust*(a)

​

​

​

​

35,828

​

​

​

​

​

633,797

​

​

iShares Gold Trust*

​

​

​

​

500,699

​

​

​

​

​

16,988,717

​

​

SPDR Gold MiniShares Trust*(a)

​

​

​

​

150,692

​

​

​

​

​

2,671,769

​

​

Total Gold Funds

​

​

​

​

​

​

​

​

​

​

21,698,518

​

​

Silver Funds — 2.0%

​

Aberdeen Standard Physical Silver Shares ETF*

​

​

​

​

49,830

​

​

​

​

​

1,146,588

​

​

iShares Silver Trust*

​

​

​

​

684,987

​

​

​

​

​

15,131,363

​

​

Total Silver Funds

​

​

​

​

​

​

​

​

​

​

16,277,951

​

​

U.S. Dollar Fund — 2.8%

​

Invesco DB U.S. Dollar Index Bullish Fund*(a)

​

​

​

​

899,718

​

​

​

​

​

22,717,880

​

​

Total Exchange Traded Vehicles

​

​

​

(Cost $61,063,415)

​

​

​

​

​

​

​

​

​

​

60,694,349

​

​

Investment Companies — 92.4%

​

Bank Loan Funds — 10.6%

​

Invesco Senior Loan ETF(a)

​

​

​

​

1,804,510

​

​

​

​

​

39,843,581

​

​

SPDR Blackstone Senior Loan ETF

​

​

​

​

1,017,585

​

​

​

​

​

46,707,152

​

​

Total Bank Loan Funds

​

​

​

​

​

​

​

​

​

​

86,550,733

​

​

BRIC Equity Funds — 2.6%

​

iShares MSCI China ETF

​

​

​

​

235,682

​

​

​

​

​

16,318,622

​

​

SPDR S&P China ETF

​

​

​

​

40,459

​

​

​

​

​

4,555,683

​

​

Total BRIC Equity Funds

​

​

​

​

​

​

​

​

​

​

20,874,305

​

​

Convertible Bond Funds — 10.4%

​

iShares Convertible Bond ETF(a)

​

​

​

​

168,385

​

​

​

​

​

17,246,833

​

​

SPDR Bloomberg Barclays Convertible Securities ETF(a)

​

​

​

​

776,161

​

​

​

​

​

68,286,645

​

​

Total Convertible Bond Funds

​

​

​

​

​

​

​

​

​

​

85,533,478

​

​

Emerging Bonds — Local Currency Funds — 2.0%

​

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

​

​

​

​

180,983

​

​

​

​

​

4,504,667

​

​

VanEck J. P. Morgan EM Local Currency Bond ETF

​

​

​

​

403,147

​

​

​

​

​

11,868,648

​

​

Total Emerging Bonds — Local Currency Funds

​

​

​

​

​

​

​

​

​

​

16,373,315

​

​

Emerging Bonds — USD Funds — 1.7%

​

iShares J.P. Morgan USD Emerging Markets Bond ETF(a)

​

​

​

​

110,253

​

​

​

​

​

12,115,702

​

​

Vanguard Emerging Markets Government Bond ETF(a)

​

​

​

​

23,326

​

​

​

​

​

1,819,428

​

​

Total Emerging Bonds — USD Funds

​

​

​

​

​

​

​

​

​

​

13,935,130

​

​

​

​

​

Shares

​

​

Value

​

Investment Companies (continued)

​

Emerging Equity Funds — 3.2%

​

iShares Core MSCI Emerging Markets ETF

​

​

​

​

206,958

​

​

​

​

$

12,920,388

​

​

Vanguard FTSE Emerging Markets ETF(a)

​

​

​

​

257,581

​

​

​

​

​

13,049,053

​

​

Total Emerging Equity Funds

​

​

​

​

​

​

​

​

​

​

25,969,441

​

​

Emerging Markets Small Cap Equity Fund — 2.0%

​

SPDR S&P Emerging Markets SmallCap ETF

​

​

​

​

278,763

​

​

​

​

​

16,530,646

​

​

Europe Equity Funds — 5.5%

​

iShares Core MSCI Europe ETF(a)

​

​

​

​

152,027

​

​

​

​

​

8,951,350

​

​

Vanguard FTSE Europe ETF

​

​

​

​

521,439

​

​

​

​

​

35,932,361

​

​

Total Europe Equity Funds

​

​

​

​

​

​

​

​

​

​

44,883,711

​

​

Floating Rate — Investment Grade Funds — 2.2%

​

iShares Floating Rate Bond ETF(a)

​

​

​

​

259,346

​

​

​

​

​

13,172,183

​

​

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF(a)

​

​

​

​

157,751

​

​

​

​

​

4,833,491

​

​

Total Floating Rate — Investment Grade Funds

​

​

​

​

​

​

​

​

​

​

18,005,674

​

​

High Yield Corporate Bond Funds — 1.9%

​

iShares 0-5 Year High Yield Corporate Bond ETF

​

​

​

​

18,331

​

​

​

​

​

834,977

​

​

iShares iBoxx High Yield Corporate Bond ETF(a)

​

​

​

​

85,919

​

​

​

​

​

7,468,939

​

​

SPDR Bloomberg Barclays High Yield Bond ETF(a)

​

​

​

​

32,040

​

​

​

​

​

3,480,185

​

​

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

​

​

​

​

27,059

​

​

​

​

​

738,981

​

​

Xtrackers USD High Yield Corporate Bond ETF(a)

​

​

​

​

65,917

​

​

​

​

​

2,624,815

​

​

Total High Yield Corporate Bond Funds

​

​

​

​

​

​

​

​

​

​

15,147,897

​

​

International Bond Fund — 1.7%

​

SPDR Bloomberg Barclays International Treasury Bond ETF

​

​

​

​

492,684

​

​

​

​

​

14,080,909

​

​

International Equity Core Funds — 0.5%

​

iShares Core MSCI EAFE ETF

​

​

​

​

28,045

​

​

​

​

​

2,145,723

​

​

Vanguard FTSE Developed Markets ETF

​

​

​

​

43,024

​

​

​

​

​

2,242,411

​

​

Total International Equity Core Funds

​

​

​

​

​

​

​

​

​

​

4,388,134

​

​

International Large Cap Growth Fund — 0.6%

​

iShares MSCI EAFE Growth ETF(a)

​

​

​

​

42,460

​

​

​

​

​

4,710,937

​

​

International Small Cap Equity Funds — 2.1%

​

Schwab International Small-Cap Equity ETF

​

​

​

​

110,798

​

​

​

​

​

4,758,774

​

​

Vanguard FTSE All World ex-U.S. Small-Cap ETF

​

​

​

​

89,612

​

​

​

​

​

12,364,664

​

​

Total International Small Cap Equity Funds

​

​

​

​

​

​

​

​

​

​

17,123,438

​

​

​

See notes to financial statements.

14

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

October 31, 2021 (unaudited)

​

​

​

Shares

​

​

Value

​

Investment Companies (continued)

​

Investment Grade Corporate Bond Funds — 18.6%

​

iShares Broad USD Investment Grade Corporate Bond ETF

​

​

​

​

6,202

​

​

​

​

$

373,546

​

​

iShares iBoxx $ Investment Grade Corporate Bond ETF(a)

​

​

​

​

17,293

​

​

​

​

​

2,308,270

​

​

SPDR Portfolio Short Term Corporate Bond ETF

​

​

​

​

735,553

​

​

​

​

​

22,883,054

​

​

Vanguard Intermediate-Term Corporate Bond ETF

​

​

​

​

27,653

​

​

​

​

​

2,596,340

​

​

Vanguard Short-Term Corporate Bond ETF(a)

​

​

​

​

1,521,897

​

​

​

​

​

124,612,926

​

​

Total Investment Grade Corporate Bond Funds

​

​

​

​

​

​

​

​

​

​

152,774,136

​

​

Mortgage Backed Securities Funds — 0.6%

​

iShares MBS ETF

​

​

​

​

24,921

​

​

​

​

​

2,687,231

​

​

SPDR Portfolio Mortgage Backed Bond ETF(a)

​

​

​

​

17,265

​

​

​

​

​

440,776

​

​

Vanguard Mortgage-Backed Securities ETF(a)

​

​

​

​

30,703

​

​

​

​

​

1,630,636

​

​

Total Mortgage Backed Securities Funds

​

​

​

​

​

​

​

​

​

​

4,758,643

​

​

Municipal Bond Fund — 0.1%

​

VanEck High Yield Muni ETF(a)

​

​

​

​

19,143

​

​

​

​

​

1,188,589

​

​

U.S. Large Cap Core Funds — 1.5%

​

Energy Select Sector SPDR Fund

​

​

​

​

40,846

​

​

​

​

​

2,347,420

​

​

Financial Select Sector SPDR Fund

​

​

​

​

152,323

​

​

​

​

​

6,132,524

​

​

Health Care Select Sector SPDR Fund(a)

​

​

​

​

2,673

​

​

​

​

​

357,701

​

​

Technology Select Sector SPDR Fund

​

​

​

​

5,575

​

​

​

​

​

900,530

​

​

Vanguard Energy ETF

​

​

​

​

5,948

​

​

​

​

​

483,096

​

​

Vanguard Financials ETF

​

​

​

​

16,368

​

​

​

​

​

1,631,071

​

​

Vanguard Health Care ETF(a)

​

​

​

​

1,482

​

​

​

​

​

383,023

​

​

Vanguard Information Technology ETF

​

​

​

​

520

​

​

​

​

​

225,763

​

​

Total U.S. Large Cap Core Funds

​

​

​

​

​

​

​

​

​

​

12,461,128

​

​

U.S. Large Cap Growth Funds — 1.5%

​

Schwab U.S. Large-Cap Growth ETF

​

​

​

​

10,282

​

​

​

​

​

1,658,075

​

​

Vanguard Growth ETF(a)

​

​

​

​

27,070

​

​

​

​

​

8,504,041

​

​

Vanguard Mega Cap Growth ETF(a)

​

​

​

​

4,957

​

​

​

​

​

1,259,772

​

​

Vanguard Russell 1000 Growth ETF

​

​

​

​

9,623

​

​

​

​

​

737,122

​

​

Total U.S. Large Cap Growth Funds

​

​

​

​

​

​

​

​

​

​

12,159,010

​

​

U.S. Medium Term Treasury Bond Funds — 6.0%

​

iShares 3-7 Year Treasury Bond ETF(a)

​

​

​

​

180,410

​

​

​

​

​

23,281,911

​

​

Schwab Intermediate-Term U.S. Treasury ETF(a)

​

​

​

​

145,570

​

​

​

​

​

8,183,945

​

​

Vanguard Intermediate-Term Treasury ETF(a)

​

​

​

​

259,100

​

​

​

​

​

17,359,700

​

​

Total U.S. Medium Term Treasury Bond Funds

​

​

​

​

​

​

​

​

​

​

48,825,556

​

​

U.S. Preferred Funds — 1.4%

​

Invesco Preferred ETF(a)

​

​

​

​

204,593

​

​

​

​

​

3,085,262

​

​

iShares Preferred & Income Securities ETF(a)

​

​

​

​

213,632

​

​

​

​

​

8,410,692

​

​

Total U.S. Preferred Funds

​

​

​

​

​

​

​

​

​

​

11,495,954

​

​

​

​

​

​

Shares

​

​

Value

​

Investment Companies (continued)

​

U.S. Small Cap Growth Funds — 2.4%

​

iShares Russell 2000 Growth ETF(a)

​

​

​

​

22,105

​

​

​

​

$

6,795,519

​

​

iShares S&P Small-Cap 600 Growth ETF(a)

​

​

​

​

26,268

​

​

​

​

​

3,559,577

​

​

Vanguard Small-Cap Growth ETF(a)

​

​

​

​

31,316

​

​

​

​

​

9,257,009

​

​

Total U.S. Small Cap Growth Funds

​

​

​

​

​

​

​

​

​

​

19,612,105

​

​

U.S. Ultra Short Term Bond Funds — 13.3%

​

Invesco Treasury Collateral ETF(a)

​

​

​

​

2,914

​

​

​

​

​

307,908

​

​

IQ Ultra Short Duration ETF†(b)

​

​

​

​

2,209,310

​

​

​

​

​

109,143,449

​

​

Total U.S. Ultra Short Term Bond Funds

​

​

​

​

​

​

​

​

​

​

109,451,357

​

​

Total Investment Companies (Cost $735,924,832)

​

​

​

​

​

​

​

​

​

​

756,834,226

​

​

Short-Term Investments — 10.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

Money Market Funds — 10.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)(d)

​

​

​

​

85,810,162

​

​

​

​

​

85,810,162

​

​

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(c)

​

​

​

​

781,922

​

​

​

​

​

781,922

​

​

Total Short-Term Investments (Cost $86,592,084)

​

​

​

​

​

​

​

​

​

​

86,592,084

​

​

Total Investments — 110.6% (Cost $885,954,229)

​

​

​

​

​

​

​

​

​

​

905,746,776

​

​

Other Assets and Liabilities, Net — (10.6)%

​

​

​

​

​

​

​

​

​

​

(86,351,537)

​

​

Net Assets — 100.0%

​

​

​

​

​

​

​

​

​

$

819,395,239

​

​

​

See notes to financial statements.

15​

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

October 31, 2021 (unaudited)

Total Return Swap contracts outstanding at October 31, 2021: