IndexIQ Active ETF Trust

Semi-Annual Report

October 31, 2023

IQ Ultra Short Duration ETF (ULTR)

IQ MacKay ESG Core Plus Bond ETF (ESGB)

IQ MacKay Multi-Sector Income ETF (MMSB)

IQ MacKay ESG High Income ETF (IQHI)

IQ MacKay Municipal Insured ETF (MMIN)

IQ MacKay Municipal Intermediate ETF (MMIT)

IQ MacKay California Municipal Intermediate ETF (MMCA)

IQ CBRE Real Assets ETF (IQRA)

IQ Winslow Large Cap Growth ETF (IWLG)

IQ Winslow Focused Large Cap Growth ETF (IWFG)

Not FDIC Insured | May Lose Value | No Bank Guarantee

   

   

   

Special Notice:

Beginning in July 2024, new regulations issued by the Securities and Exchange Commission (SEC) will take effect requiring open-end mutual fund companies and ETFs to (1) overhaul the content of their shareholder reports and (2) mail paper copies of the new tailored shareholder reports to shareholders who have not opted to receive these documents electronically.

If you have not yet elected to receive your shareholder reports electronically, please contact your financial intermediary or visit www.fundreports.com.

  

The investment return and value of each of the Funds’ shares will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus and the statement of additional information include this and other relevant information about the Funds and are available by visiting newyorklifeinvestments.com/etf or by calling 1-888-474-7725. Read the prospectus carefully before investing.

Each of the Funds’ performance that is current to the most recent month-end is available by visiting newyorklifeinvestments.com/etf or by calling 1-888-474-7725.

Availability of Proxy Voting Policies and Proxy Voting Records

You may obtain a description of the IndexIQ 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, visiting neworklifeinvestments.com/etf, or by accessing the SEC’s website at www.sec.gov.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT is available on the SEC’s web site at www.sec.gov. Additionally, the Funds’ make their portfolio holdings for the first and third quarters of each fiscal year available on the Funds’ website at newyorklifeinvestments.com/documents.

Availablity of Premium/Discount Information

Each Funds’ premium/discount information is available, free of charge, on the Funds’ website newyorklifeinvestments.com/etf or by calling 1-888-474-7725.

Electronic Delivery

Receive email notifications when your most recent shareholder communications are available for review. Access prospectuses, annual reports and semi-annual reports online.

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IndexIQ® and IQ® are registered service marks of New York Life Insurance Company.

“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. IndexIQ® is the indirect wholly owned subsidiary of New York Life Investment Management Holdings LLC and serves as the advisor to the IndexIQ ETFs. ALPS Distributors, Inc. (ALPS) is the principal underwriter of the ETFs, and NYLIFE Distributors LLC is a distributor of the ETFs. NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. ALPS Distributors, Inc. is not affiliated with NYLIFE Distributors LLC. NYLIFE Distributors LLC is a Member FINRA/SIPC.

3

Table of Contents

Shareholder Letter

4

Fund Expenses

5

Portfolio Summaries

7

Schedules of Investments

IQ Ultra Short Duration ETF

10

IQ MacKay ESG Core Plus Bond ETF

13

IQ MacKay Multi-Sector Income ETF

26

IQ MacKay ESG High Income ETF

39

IQ MacKay Municipal Insured ETF

46

IQ MacKay Municipal Intermediate ETF

55

IQ MacKay California Municipal Intermediate ETF

68

IQ CBRE Real Assets ETF

70

IQ Winslow Large Cap Growth ETF

72

IQ Winslow Focused Large Cap Growth ETF

74

Statements of Assets and Liabilities

75

Statements of Operations

78

Statements of Changes in Net Assets

81

Financial Highlights

86

Notes to Financial Statements

96

Board Review of Investment Advisory Agreement

115

4

Shareholder Letter (unaudited)

Message from the President

Interest rates and inflation were the primary forces driving market behavior during the six-month reporting period ended October 31, 2023, with equity indices delivering mixed performance while bond indices generally declined.

U.S. inflation levels, as measured by the Consumer Price Index, ranged between 3.0% and 4.0% throughout the reporting period, down from the peak of 9.1% in June 2022, although well above the 2% target set by the U.S. Federal Reserve (the “Fed”). At the same time, the benchmark federal funds rate climbed to over 5%, its highest level since the financial crisis of 2007, as the Fed attempted to drive inflation still lower. Comments from Fed members reinforced the central bank’s hawkish stance in response to surprisingly robust U.S. economic growth and rising wage pressures, thus increasing the likelihood that interest rates would stay higher for longer. International developed markets exhibited similar dynamics of persistently elevated inflation and rising interest rates.

Against a backdrop of high interest rates, political dysfunction in Washington D.C. and intensifying global geopolitical instability—including the ongoing war in Ukraine and the outbreak of hostilities in the Middle East—equity markets struggled to advance. The S&P 500® Index, a widely regarded benchmark of large-cap U.S. market performance, eked out a slight gain, bolstered by the strong performance of mega-cap, growth-oriented, technology-related shares as investors flocked to companies creating the infrastructure for developments in artificial intelligence. However, smaller-cap stocks and value-oriented shares trended lower. Among industry sectors, information technology posted the strongest gains, followed by consumer discretionary, which rose in response to healthy consumer spending trends, while energy shares benefited from rising petroleum prices. All other sectors lost ground. Utilities declined most sharply as rising interest rates undermined the appeal of high-yielding stocks, while real estate came under pressure from rising mortgage rates and weak levels of office occupancy, and consumer staples declined as market sentiment turned away from defensive, value-oriented businesses. International equities broadly trailed their U.S. counterparts as economic growth in the rest of world generally lagged that of the United States, and as the U.S. dollar rose in value compared to most other global currencies.

Bond prices were driven lower by rising yields and increasing expectations of high interest rates for an extended period of time. The U.S. yield curve steepened, with the 30-year Treasury yield exceeding 5% for the first time in more than a decade. The yield curve remained inverted, with the 10-year Treasury yield ending the period at 4.88%, compared with 5.07% for the 2-year Treasury yield. Corporate bonds outperformed long-term Treasury bonds, but still trended lower under pressure from rising yields and an uptick in default rates. Among corporates, lower-credit-quality instruments performed relatively well compared to their higher-credit-quality counterparts, while floating rate securities performed better still.

In the face of today’s uncertain market environment, New York Life Investments remains dedicated to providing the guidance, resources and investment solutions you need to pursue your financial goals.

Thank you for trusting us to help meet your investment needs.

Sincerely,

Kirk C. Lehneis
President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

5

Fund Expenses (unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transaction costs on purchases and sales and (2) ongoing costs, including Advisory fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds. Shareholders may pay brokerage commissions on their purchase and sale of a Fund, which are not reflected in the example.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, in a particular fund, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period 05/01/23 to 10/31/23” to estimate the expenses you paid on your account during this period. Each Fund will indirectly bear its pro rata share of the expenses incurred by any 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 any 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
05/01/2023

Ending
Account
Value
10/31/2023

Annualized
Expense
Ratios for the
Period
05/01/2023
to 10/31/2023

Expenses
Paid During
the period
05/01/2023
to 10/31/2023
1

IQ Ultra Short Duration ETF

Actual

$1,000.00

$1,024.00

0.24%

$1.22

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.93

0.24%

$1.22

IQ MacKay ESG Core Plus Bond ETF

Actual

$1,000.00

 $941.10

0.39%

$1.90

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.18

0.39%

$1.98

IQ MacKay Multi-Sector Income ETF

Actual

$1,000.00

 $942.60

0.40%

$1.95

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.13

0.40%

$2.03

IQ MacKay ESG High Income ETF

Actual

$1,000.00

 $995.20

0.40%

$2.01

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.13

0.40%

$2.03

6

Fund Expenses (unaudited) (continued)

Beginning
Account
Value
05/01/2023

Ending
Account
Value
10/31/2023

Annualized
Expense
Ratios for the
Period
05/01/2023
to 10/31/2023

Expenses
Paid During
the period
05/01/2023
to 10/31/2023
1

IQ MacKay Municipal Insured ETF

Actual

$1,000.00

 $940.30

0.30%

$1.46

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.63

0.30%

$1.53

IQ MacKay Municipal Intermediate ETF

Actual

$1,000.00

 $968.00

0.30%

$1.48

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.63

0.30%

$1.53

IQ MacKay California Municipal Intermediate ETF

Actual

$1,000.00

 $967.40

0.35%

$1.73

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,023.38

0.35%

$1.78

IQ CBRE Real Assets ETF

Actual

$1,000.00

 $875.90

0.65%

$2.92*

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,020.80

0.65%

$3.14

IQ Winslow Large Cap Growth ETF

Actual

$1,000.00

$1,067.10

0.60%

$3.12

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,022.12

0.60%

$3.05

IQ Winslow Focused Large Cap Growth ETF

Actual

$1,000.00

$1,052.70

0.65%

$3.35

Hypothetical (assuming a 5% return before expenses)

$1,000.00

$1,021.87

0.65%

$3.30

 

*Commenced operations on May 10, 2023. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 175/366 (to reflect commencement of operation).

1Unless otherwise indicated, expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/366.

7

Portfolio Summaries* (unaudited)

October 31, 2023

See notes to financial statements.

IQ Ultra Short Duration ETF

Net Assets ($ mil): $16.7

Country

% of
Net Assets

United States

91.2

%

Ireland

3.1

Canada

1.6

Switzerland

1.5

Italy

1.2

Japan

1.2

Total Investments

99.8

Other Assets and Liabilities, Net

0.2

Total Net Assets

100.0

%

IQ MacKay ESG Core Plus Bond ETF

Net Assets ($ mil): $228.7

Country

% of
Net Assets

United States

87.6

%

United Kingdom

2.4

France

2.0

Germany

1.4

Japan

1.0

Canada

1.0

Netherlands

0.9

Australia

0.9

Switzerland

0.5

Brazil

0.5

Israel

0.4

Spain

0.4

Italy

0.4

Ireland

0.3

Sweden

0.2

Supranational

0.2

Colombia

0.1

Total Investments

100.2

Other Assets and Liabilities, Net

(0.2

)

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ MacKay Multi-Sector Income ETF

Net Assets ($ mil): $22.4

Country

% of
Net Assets

United States

88.7

%

France

1.9

United Kingdom

1.3

South Africa

0.9

Chile

0.8

Angola

0.8

Indonesia

0.7

China

0.7

Switzerland

0.6

Colombia

0.6

Qatar

0.6

Germany

0.5

Israel

0.5

Australia

0.4

Mexico

0.4

Ireland

0.3

Canada

0.2

Netherlands

0.0

(a)

Finland

0.0

(a)

Total Investments

99.9

Other Assets and Liabilities, Net

0.1

Total Net Assets

100.0

%

IQ MacKay ESG High Income ETF

Net Assets ($ mil): $82.5

Country

% of
Net Assets

United States

82.5

%

Canada

6.7

United Kingdom

1.9

France

1.8

Italy

1.7

Netherlands

1.1

Israel

0.6

Luxembourg

0.6

Australia

0.4

Finland

0.4

Germany

0.3

Mexico

0.1

Total Investments

98.1

Other Assets and Liabilities, Net

1.9

Total Net Assets

100.0

%

8

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

October 31, 2023

IQ MacKay Municipal Insured ETF

Net Assets ($ mil): $391.0

Industry

% of
Net Assets

School District

22.2

%

General Obligation

19.3

General

14.8

Transportation

7.4

Water

6.0

Education

5.7

Airport

5.5

Medical

4.1

Development

3.7

Higher Education

3.6

Power

3.1

Utilities

1.5

Mello-Roos

1.4

Housing

1.3

Money Market Fund

0.9

Bond Bank

0.6

Student Loan

0.0

(a)

Total Investments

101.1

Other Assets and Liabilities, Net

(1.1

)

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ MacKay Municipal Intermediate ETF

Net Assets ($ mil): $552.3

Industry

% of
Net Assets

General

17.9

%

General Obligation

17.1

School District

11.8

Water

9.1

Multifamily Hsg

9.0

Medical

6.5

Money Market Fund

6.0

Transportation

5.0

Power

4.5

Higher Education

3.9

Airport

2.5

Education

2.2

Development

1.8

Utilities

1.7

Nursing Homes

0.6

Bond Bank

0.5

Build America Bonds

0.5

Single Family Hsg

0.4

Tobacco Settlement

0.3

Housing

0.2

Mello-Roos

0.2

Pollution

0.2

Facilities

0.0

(a)

Student Loan

0.0

(a)

Total Investments

101.9

Other Assets and Liabilities, Net

(1.9

)

Total Net Assets

100.0

%

9

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

October 31, 2023

IQ MacKay California Municipal Intermediate ETF

Net Assets ($ mil): $33.9

Industry

% of
Net Assets

General

19.3

%

School District

15.0

Airport

13.2

Water

10.2

General Obligation

8.5

Money Market Fund

7.0

Power

5.9

Transportation

4.8

Development

4.3

Mello-Roos

3.6

Utilities

3.0

Housing

2.6

Higher Education

1.6

Medical

1.4

Pollution

1.4

Multifamily Hsg

0.6

Total Investments

102.4

Other Assets and Liabilities, Net

(2.4

)

Total Net Assets

100.0

%

IQ CBRE Real Assets ETF

Net Assets ($ mil): $4.3

Industry

% of
Net Assets

Utilities

24.6

%

Transportation

12.8

Midstream/Pipelines

7.1

Residential

7.1

Storage

6.5

Shopping Centers

5.7

Healthcare

5.6

Malls

5.5

Industrial

5.2

Communications

4.7

Diversified

4.0

Datacenters

3.4

Hotels

3.2

Office Buildings

3.1

Net Lease

1.4

Money Market

0.5

Total Investments

100.4

Other Assets and Liabilities, Net

(0.4

)

Total Net Assets

100.0

%

 

*Each Fund’s portfolio is subject to change.

(a)Less than 0.05%.

IQ Winslow Large Cap Growth ETF

Net Assets ($ mil): $19.9

Industry

% of
Net Assets

Information Technology

45.6

%

Consumer Discretionary

17.3

Communication Services

13.1

Health Care

10.8

Financials

6.5

Industrials

3.6

Materials

1.7

Consumer Staples

1.1

Money Market Fund

0.4

Total Investments

100.1

Other Assets and Liabilities, Net

(0.1

)

Total Net Assets

100.0

%

IQ Winslow Focused Large Cap Growth ETF

Net Assets ($ mil): $6.5

Industry

% of
Net Assets

Information Technology

40.5

%

Consumer Discretionary

14.6

Health Care

12.8

Communication Services

12.4

Financials

7.8

Materials

4.6

Industrials

4.4

Consumer Staples

2.9

Money Market Fund

0.5

Total Investments

100.5

Other Assets and Liabilities, Net

(0.5

)

Total Net Assets

100.0

%

10

See notes to financial statements.

Schedule of Investments — IQ Ultra Short Duration ETF

October 31, 2023 (unaudited)

Principal
Amount

Value

Long-Term Bonds — 99.5%

Corporate Bonds — 48.8%

Communications — 3.6%

T-Mobile USA, Inc.

1.500%, due 2/15/26

$290,000

$263,020

2.625%, due 4/15/26

150,000

 138,634

Verizon Communications, Inc.

6.134%, (SOFR + 0.79%), due 3/20/26(a)

204,000

 205,020

 606,674

Consumer, Cyclical — 1.4%

General Motors Financial Co., Inc.

6.050%, due 10/10/25

140,000

 139,424

Hyundai Capital America

5.650%, due 6/26/26

70,000

 69,087

Nissan Motor Acceptance Co. LLC

6.950%, due 9/15/26

5,000

 5,014

7.050%, due 9/15/28

15,000

 14,814

 228,339

Consumer, Non-cyclical — 1.5%

Laboratory Corp. of America Holdings

3.250%, due 9/1/24

250,000

 244,394

Energy — 1.3%

ONEOK, Inc.

5.550%, due 11/1/26

30,000

 29,638

5.850%, due 1/15/26

55,000

 54,945

Plains All American Pipeline LP / PAA Finance Corp.

4.500%, due 12/15/26

145,000

 138,187

 222,770

Financial — 27.8%

Air Lease Corp.

0.800%, due 8/18/24

440,000

 420,741

Bank of America Corp.

4.200%, due 8/26/24

475,000

 467,327

5.080%, (SOFR + 1.29%), due 1/20/27(a)

230,000

 223,897

Bank of New York Mellon Corp. (The)

4.543%, (SOFR + 1.17%), due 2/1/29(a)

110,000

 103,207

4.947%, (SOFR + 1.03%), due 4/26/27(a)

65,000

 63,173

Blackstone Holdings Finance Co. LLC

5.900%, due 11/3/27

115,000

 113,901

Blackstone Private Credit Fund

7.050%, due 9/29/25

115,000

 114,561

Capital One Financial Corp.

4.166%, (SOFR + 1.37%), due 5/9/25(a)

325,000

 318,420

Citigroup, Inc.

5.610%, (SOFR + 1.55%), due 9/29/26(a)

150,000

 148,074

Corebridge Financial, Inc.

3.500%, due 4/4/25

385,000

 370,160

Fifth Third Bancorp

6.361%, (SOFR + 2.19%), due 10/27/28(a)

130,000

126,528

Principal
Amount

Value

Corporate Bonds (continued)

Financial (continued)

HSBC USA, Inc.

5.625%, due 3/17/25

$300,000

$298,049

Huntington National Bank (The)

4.008%, (SOFR + 1.21%), due 5/16/25(a)

380,000

 369,059

JPMorgan Chase & Co.

3.845%, (SOFR + 0.98%), due 6/14/25(a)

365,000

 359,394

5.546%, (SOFR + 1.07%), due 12/15/25(a)

110,000

 109,173

Manufacturers & Traders Trust Co.

5.400%, due 11/21/25

250,000

 241,917

Morgan Stanley

4.679%, (SOFR + 1.67%), due 7/17/26(a)

200,000

 194,332

5.164%, (SOFR + 1.59%), due 4/20/29(a)

205,000

 195,043

Morgan Stanley Bank NA

4.754%, due 4/21/26

250,000

 243,511

US Bancorp

4.653%, (SOFR + 1.23%), due 2/1/29(a)

100,000

 92,307

Wells Fargo & Co.

6.303%, (SOFR + 1.79%), due 10/23/29(a)

75,000

74,380

 4,647,154

Technology — 0.7%

Oracle Corp.

1.650%, due 3/25/26

125,000

113,374

Utilities — 12.5%

CenterPoint Energy, Inc.

5.991%, (SOFR + 0.65%), due 5/13/24(a)

705,000

 704,756

Florida Power & Light Co.

5.050%, due 4/1/28

115,000

 112,517

National Rural Utilities Cooperative Finance Corp.

5.050%, due 9/15/28

50,000

 48,563

NextEra Energy Capital Holdings, Inc.

6.051%, due 3/1/25

50,000

 49,971

Pacific Gas and Electric Co.

3.250%, due 2/16/24

280,000

 277,550

4.200%, due 3/1/29

193,000

 168,147

Sempra

3.300%, due 4/1/25

150,000

 144,248

Southern California Edison Co.

1.100%, due 4/1/24

100,000

 98,006

5.300%, due 3/1/28

65,000

 63,548

5.850%, due 11/1/27

105,000

 104,848

Southern Co. (The)

5.150%, due 10/6/25

120,000

 118,575

Virginia Electric and Power Co.

Series B, 3.750%, due 5/15/27

215,000

 201,570

 2,092,299

Total Corporate Bonds
(Cost $8,370,393)

8,155,004

11

See notes to financial statements.

Schedule of Investments — IQ Ultra Short Duration ETF (continued)

October 31, 2023 (unaudited)

Principal
Amount

Value

Foreign Bonds — 8.6%

Financial — 7.4%

AerCap Ireland Capital DAC /
AerCap Global Aviation Trust, (Ireland)

1.650%, due 10/29/24

$540,000

$514,915

Credit Suisse AG, (Switzerland)

7.950%, due 1/9/25

250,000

 253,566

Mitsubishi UFJ Financial Group, Inc., (Japan)

5.541%, (1 Year US CMT T-Note + 1.50%), due 4/17/26(a)

200,000

 197,890

Royal Bank of Canada, (Canada)

5.660%, due 10/25/24

140,000

 139,541

Toronto-Dominion Bank (The), (Canada)

4.285%, due 9/13/24

125,000

 123,229

  1,229,141

Utilities — 1.2%

Enel Finance America LLC, (Italy)

7.100%, due 10/14/27

200,000

 204,505

Total Foreign Bonds
(Cost $1,451,982)

 1,433,646

U.S. Government & Federal Agencies — 31.6%

U.S. Treasury Note — 31.6%

U.S. Treasury Notes

2.250%, due 12/31/23

3,300,000

 3,282,563

4.625%, due 10/15/26

525,000

 521,104

4.875%, due 10/31/28

1,470,000

1,478,111

 5,281,778

Total U.S. Government & Federal Agencies
(Cost $5,281,635)

$5,281,778

Principal
Amount

Value

U.S. Treasury Bills — 10.5%

Government — 10.5%

U.S. Treasury Bill
0.000%, due 11/9/23
(b)

 

(Cost $1,747,924)

$1,750,000

$1,747,940

Shares

Short-Term Investment — 0.3%

Money Market Fund — 0.3%

BlackRock Liquidity T-Fund, 5.24%(c)

(Cost $57,771)

57,771

 57,771

Total Investments — 99.8%
(Cost $16,909,705)

16,676,139

Other Assets and Liabilities,
Net — 0.2%

25,771

Net Assets — 100%

$16,701,910

 

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2023.

(b)The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(c)Reflects the 7-day yield at October 31, 2023.

Abbreviations

CMT

- 1 year Constant Maturity Treasury Index

SOFR

- Secured Financing Overnight Rate

 


Open futures contracts outstanding at October 31, 2023:

Type

Broker

Expiration Date

Number of
Contracts
Purchased
(Sold)

Notional
Value at
Trade Date

Notional Value at
October 31, 2023

Unrealized
Appreciation
(Depreciation)

U.S. 2 year Note (CBT)

RBC Capital Markets

December 2023

(12)

$(2,443,386)

$(2,429,063)

$14,323

U.S. 5 year Note (CBT)

RBC Capital Markets

December 2023

(22)

 (2,343,307)