IndexIQ ETF Trust (Form: N-CSR, Received: 07/01/2020 12:47:12)

IndexIQ ETF Trust

Annual Report

April 30, 2020

	IQ Hedge Multi-Strategy Tracker ETF (QAI)			IQ Global Resources ETF (GRES)
	IQ Hedge Macro Tracker ETF (MCRO)			IQ Global Agribusiness Small Cap ETF (CROP)
	IQ Hedge Market Neutral Tracker ETF (QMN)			IQ U.S. Real Estate Small Cap ETF (ROOF)
	IQ Hedge Long/Short Tracker ETF (QLS)			IQ 500 International ETF (IQIN)
	IQ Hedge Event-Driven Tracker ETF (QED)			IQ 50 Percent Hedged FTSE International ETF (HFXI)
	IQ Real Return ETF (CPI)			IQ 50 Percent Hedged FTSE Europe ETF (HFXE)
	IQ Leaders GTAA Tracker ETF (QGTA)			IQ 50 Percent Hedged FTSE Japan ETF (HFXJ)
	IQ Enhanced Core Plus Bond U.S. ETF (AGGP)			IQ Candriam ESG International Equity ETF (IQSI)
	IQ Short Duration Enhanced Core Bond U.S. ETF (SDAG)			IQ Candriam ESG U.S. Equity ETF (IQSU)
	IQ S&P High Yield Low Volatility Bond ETF (HYLV)			IQ Chaikin U.S. Small Cap ETF (CSML)
	IQ Merger Arbitrage ETF (MNA)			IQ Chaikin U.S. Large Cap ETF (CLRG)

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.

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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 nylinvestments.com/etfs 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 nylinvestments.com/etfs or by calling 1-888-474-7725.

You may obtain a description of the IndexIQ 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.

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 are available on the Commission’s website at sec.gov. Each Funds’ premium/discount information is available, free of charge, on the Funds’ website nylinvestments.com/etfs or by calling 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.

New York Life Investments is a service mark and name under which New York Life Investment Management LLC does business. New York Life Investments, an indirect subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, provides investment advisory products and services. IndexIQ® is an indirect wholly owned subsidiary of New York Life Investment Management Holdings LLC. 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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Shareholder Letter (unaudited)

Dear Shareholder:

We are pleased to present you with this annual report for IndexIQ ETF Trust for the 12 months ended April 30, 2020.

The recent period was one that few will forget, marked as it was by the emergence of the novel coronavirus that causes the disease known as COVID-19. In barely three months, the virus spread into a global pandemic that sharply curtailed global economic activity in March and April 2020.

Before the virus appeared, financial markets faced challenges as well, but despite international trade tensions and the ongoing drama of the U.K.’s slow movement toward an exit from the European Union, the longest bull market in U.S. history charged ahead to the end of 2019 with most other market sectors enjoying gains as well. The new year appeared to start on a similarly positive note with the signing of both an initial United States-China trade agreement and the United States-Mexico-Canada Agreement on regional trade. However, in late December and early January, ominous indications of the new viral outbreak in Wuhan, China had already begun to emerge.

On March 11, 2020, the World Health Organization acknowledged that the disease had reached pandemic proportions, with over 80,000 identified cases in China, thousands in Italy, South Korea and the United States, and more in dozens of additional countries. Governments and central banks pledged trillions of dollars to address the mounting economic and public health crisis; however, “stay-at-home” orders and other restrictions on non-essential activity caused global economic activity to slow. Most stocks and bonds lost significant ground in this challenging environment.

In the United States, with the number of reported U.S. COVID-19 cases continuing to rise, the Federal Reserve (Fed) cut interest rates to near zero and announced unlimited quantitative easing. In late March, the Federal government declared a national emergency as unemployment claims increased by 22 million in a four-week period, and Congress passed and the President signed the CARES Act to provide a $2 trillion stimulus package, with the promise of further aid for consumers and businesses to come. Investors generally responded positively to the government’s fiscal and monetary measures, as well as prospects for a gradual lessening of restrictions on non-essential businesses. Accordingly, despite mounting signs of recession and rapidly rising unemployment levels, markets regained some of the ground in April they had lost the previous month. For the entire annual period, traditional asset classes — along with many alternative strategies — delivered mixed results, with market behavior during the first three weeks of March generally at sharp odds with its performance before and after.

Throughout this period of volatility and stress, each of the ETFs in the IndexIQ ETF Trust have continued to follow its disciplined mandate, together providing a wide range of liquid alternatives through which investors can readily construct portfolios to meet specific criteria and objectives. On the following pages, you will find detailed discussion of the key factors influencing the performance of each ETF for the period ended April 30, 2020.

Today, as we continue to track the curve of the ongoing health crises and its financial ramifications, we are particularly mindful of the people at the heart of our enterprise — our colleagues and valued clients. By taking appropriate steps to minimize community spread of COVID-19 within our organization, we strive to safeguard the health of our investment professionals so they can continue to provide you with a flexible array of investment solutions. If you have any questions or would like more information about IndexIQ ETFs, we invite you to visit us at nylinvestments.com/etfs or call us at 1-888-474-7725.

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.

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Management’s Discussion of Fund Performance (unaudited)

How did IQ Hedge Multi-Strategy Tracker ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Multi-Strategy Tracker ETF returned −1.04% at NAV (net asset value) and −1.26% at market price.1 To compare, the Fund’s Benchmark Index, the IQ Hedge Multi-Strategy Index2 returned −0.38% for the reporting period. The HFRI Fund of Funds Composite Index2 and S&P 500® Index2 returned −3.43% and 0.26%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.

What factors affected the ETF’s performance during the reporting period?

The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF employs a 110/10 long/short strategy in line with its Benchmark Index. This approach calls for the simultaneous holding of both long and short positions on different securities. The “110” portion stands for 110% exposure to its long portfolio and the “10” portion stands for 10% exposure to its short portfolio, for a net exposure of 100%.

The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well. Among the ETF’s long positions, volatility and bonds provided positive returns, while commodities, equity and currency proved negative. The total return for short positions was negative for real estate.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

The ETF used derivative positions where necessary to help it track the IQ Hedge Multi-Strategy Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the ETFs at the weights in which they were included in the Benchmark Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the Fund to track its Benchmark Index.

How were the ETF’s assets allocated during the reporting period and why?

The positions in the ETF’s Benchmark Index were driven by quantitative models that determined the weights across the various hedge fund strategies represented in the ETF, as well as the weights of the assets within these strategies. Given the rules-based nature of this approach, there was no subjectivity involved in the allocation decision process.

The price used to calculate the market price returns is the mean between the day's last bid and ask prices and does not represent returns an investor would receive if shares were traded at other times.

See page 8 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did the ETF’s allocations change over the course of the reporting period?

On average, the ETF’s allocations to bonds accounted for approximately 73% of assets, while equities accounted for approximately 24%. Allocations to bonds fluctuated between 67% and 82% during the reporting period, while equity allocations fluctuated between 15% and 33%. Allocations to the alternative asset classes of real estate, volatility, currencies and commodities moved within −2% and +6% in aggregate.

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were iShares 20+ Year Treasury Bond ETF, Vanguard Long-Term Treasury ETF and SPDR Portfolio Long Term Treasury ETF. During the same period, Energy Select Sector SPDR Fund, Schwab U.S. Small-Cap ETF and iShares Russell 2000 ETF recorded the lowest returns.

Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares iBoxx $ Investment Grade Corporate Bond ETF, Energy Select Sector SPDR Fund and Vanguard Growth ETF. The weakest contributors were Invesco Senior Loan ETF, Xtrackers MSCI EAFE Hedged Equity ETF and SPDR Blackstone / GSO Senior Load ETF.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_IQMULTIBW.JPG]

Fund Performance History

IQ Hedge Multi-Strategy Tracker ETF
(as of April 30, 2020)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Hedge Multi-Strategy Tracker ETF Market Price1		-1.26%		0.41%		1.87%
IQ Hedge Multi-Strategy Tracker ETF NAV		-1.04%		0.45%		1.88%
IQ Hedge Multi-Strategy Index		-0.38%		1.32%		2.71%
HFRI Fund of Funds Composite Index		-3.43%		0.57%		1.96%
S&P 500 Index		0.26%		8.45%		11.00%

Beginning on May 31, 2016, the price used to calculate the Market Price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s NYSE Arca closing price. The market price returns do not represent returns an investor would receive if shares were traded at other times.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Hedge Macro Tracker ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Macro Tracker ETF returned −1.51% at NAV (net asset value) and −2.04% at market price.1 To compare, the Fund’s Benchmark Index, the IQ Hedge Macro Index2 returned −1.01% for the reporting period. The HFRI Macro (Total) Index2 and the MSCI World Index2 returned 2.94% and −4.00%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The COVID-19 virus outbreak damaged the global economy in unprecedented ways, which negatively affected the ETF’s performance as well.

The ETF maintained a 110/10 extension strategy, with allocations to bonds, equities, currencies, real estate, and commodities. Allocations to bonds remained at consistent levels while allocations to equities decreased below it’s average level with an offset to commodities. The ETF held short exposure to real estate.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF uses derivative positions where necessary to help it track the Benchmark Index, which contains both long and short exposures. The derivatives positions are primarily total return swaps on the ETFs at the weights in which they are included in the Benchmark Index. Derivatives are not used to gain additional leverage; rather they are used exclusively to enable the Fund to track its Benchmark Index.

How were the ETF’s assets allocated during the reporting period and why?

The ETF’s allocations are driven by quantitative models that determine the weights across the various hedge fund strategies represented in the Fund, as well as the weights of the assets within these strategies. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.

How did the ETF’s allocations change over the course of the reporting period?

The ETF’s asset class allocations were adjusted as determined by the Benchmark Index’s proprietary quantitative models. During the reporting period, total bond exposure remained constant at approximately 65%. Exposure to equities stood below its annual average as of April 30, 2020 due to a reduction in the ETF’s overall long allocation, which was offset by increased exposure to currencies. Real estate exposure remained short during the reporting period.

See page 11 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were SPDR Bloomberg Barclays Convertible Securities ETF, iShares Short Treasury Bond ETF and SPDR Dow Jones International Real Estate ETF. The weakest contributors were iShares Russell 2000 ETF, Vanguard FTSE Emerging Markets ETF and iShares Core MSCI Emerging Markets ETF.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)

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Fund Performance History

IQ Hedge Macro Tracker ETF
(as of April 30, 2020)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Hedge Macro Tracker ETF Market Price1		-2.04%		0.41%		0.40%
IQ Hedge Macro Tracker ETF NAV		-1.51%		0.58%		0.49%
IQ Hedge Macro (Total) Index		-1.01%		1.32%		1.18%
HFRI Macro (Total) Index		2.94%		0.39%		1.19%
MSCI World Index		-4.00%		4.92%		7.68%

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Hedge Market Neutral Tracker ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Market Neutral Tracker ETF returned −0.62% at NAV (net asset value) and −0.69% at market price.1 To compare, the ETF’s Benchmark Index, IQ Hedge Market Neutral Index2 returned −0.06% for the reporting period. The HFRI Equity Market Neutral Index2 and the Bloomberg Barclays U.S. Short Treasury Bond Index2 returned −1.72% and 2.46%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well.

The ETF employs a 110/10 long/short strategy in line with its Benchmark Index. This approach calls for the simultaneous holding of both long and short positions on different securities. The “110” portion stands for 110% exposure to its long portfolio and the “10” portion stands for 10% exposure to its short portfolio, for a net exposure of 100%. During the reporting period, the strategy was mostly allocated to bonds, followed by equity and currencies, with bonds as the most positive contributor to performance.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF used derivative positions where necessary to help it track the Benchmark Index, which contained both long and short positions. The ETF’s derivatives positions were primarily total return swaps on the ETFs at the weights in which they were included in the Benchmark Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the ETF to track its Benchmark Index.

How were the ETF’s assets allocated during the reporting period and why?

See page 14 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did the ETF’s allocations change over the course of the reporting period?

As mentioned above, the ETF maintained its largest core allocation to bonds, followed by equities and currency. Bond exposure generally increased and bond exposure decreased over the course of the reporting period.

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Vanguard Russell 1000 Growth ETF, Vanguard Russell 1000 Value ETF and Schwab Intermediate-Term US Treasury ETF. During the same period, SPDR S&P Bank ETF, iShares MSCI Eurozone ETF and Invesco KBW Bank ETF recorded the lowest returns.

Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares Short Treasury Bond ETF and Vanguard Intermediate-Term Corporate Bond ETF. The weakest contributors were Vanguard FTSE All-World ex-US Small-Cap ETF, iShares Core MSCI Pacific ETF and iShares MSCI All Country Asia ex Japan ETF.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_MARKETBW.JPG]

Fund Performance History

IQ Hedge Market Neutral Tracker ETF
(as of April 30, 2020)

	1 Year		3 Year		5 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Hedge Market Neutral Tracker ETF Market Price2		-0.69%		1.04%		0.70%		1.06%		8.33%
IQ Hedge Market Neutral Tracker ETF NAV		-0.62%		1.07%		0.70%		1.07%		8.43%
IQ Hedge Market Neutral Index		-0.06%		1.66%		1.56%		1.99%		16.13%
HFRI Equity Market Neutral Index3		-1.72%		0.54%		1.59%		2.63%		21.77%
Bloomberg Barclays U.S. Short Treasury Bond Index		2.46%		1.94%		1.32%		0.91%		7.12%

Fund Inception Date: 10/04/2012.

Data shown above for the HFRI Equity Market Neutral Index is from 9/30/2012 to 4/30/2020.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Hedge Long/Short Tracker ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Hedge Long/Short Tracker ETF returned 0.93% at NAV (net asset value) and 1.46% at market price.1 To compare, the Fund’s Benchmark Index, IQ Hedge Long/Short Index2 returned 1.49% for the reporting period. The HFRI Equity Hedge Index2 and the MSCI World Index2 returned −4.44% and −4.00%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well.

The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF employs 110/10 extension strategy with allocations to equities, bonds, volatility and real estate. During the reporting period, bonds provided the strongest positive contributions to the ETF’s performance, while equities detracted most significantly.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

How were the ETF’s assets allocated during the reporting period and why?

How did the ETF’s allocations change over the course of the reporting period?

The ETF maintained its largest core allocation to equities, followed by bonds. Equity exposure increased and bond exposure decreased over the course of the reporting period, with equities accounting for approximately 65% of the Fund’s assets on average. Volatility was constrained to long-only exposure while the ETF’s real estate position remained short during the reporting period.

See page 17 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were iPath Series B S&P 500 VIX Short-Term Futures ETN, iShares 20+ Year Treasury Bond ETF and Vanguard Long-Term Treasury ETF. During the same period, iShares S&P Small-Cap 600 Value ETF, iShares Russell 2000 Value ETF and Vanguard Small Cap Value ETF recorded the lowest returns.

Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard FTSE Developed Markets ETF, iShares Core MSCI EAFE ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF. The weakest contributors were Xtrackers MSCI EAFE Hedged Equity ETF, Vanguard FTSE All-World ex-US Small-Cap ETF and iShares MSCI EAFE Growth ETF.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

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Fund Performance History

IQ Hedge Long/Short Tracker ETF
(as of April 30, 2020)

	1 Year		3 Year		5 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Hedge Long/Short Tracker ETF Market Price2		1.46%		4.16%		2.48%		3.21%		17.48%
IQ Hedge Long/Short Tracker ETF NAV		0.93%		3.97%		3.25%		3.12%		16.96%
IQ Hedge Long/Short Index		1.49%		4.64%		4.24%		4.11%		22.86%
HFRI Equity Hedge Index3		-4.44%		1.66%		2.04%		2.36%		12.62%
MSCI World Index		-4.00%		4.99%		4.92%		4.87%		27.53%

Fund Inception Date: 3/24/2015.

Data shown above for the HFRI Equity Hedge Index is from 3/31/2015 to 4/30/2020.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Hedge Event-Driven Tracker ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Hedge Event-Driven Tracker ETF returned 0.25% at NAV (net asset value) and 0.11% at market price.1 To compare, the Fund’s Benchmark Index, IQ Hedge Event-Driven Index2 returned 0.57% for the reporting period. The HFRI Event-Driven (Total) Index2 and the Bloomberg Barclays U.S. Aggregate Bond Index2 returned −7.52% and 10.84%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The COVID-19 pandemic undermining the global economy in unprecedented ways during the reporting period, which negatively affected the Fund’s performance as well.

The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF employs a long/short net 100% strategy, which calls for the simultaneous holding of both long and short positions on different securities. On average during the reporting period, the ETF’s overall long allocation was 102%, with the long position exceeding 100% funded with the proceeds from an average 2% short position. During the same period, the ETF maintained long-only bond exposures, and both long and short equity exposures.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

How were the ETF’s assets allocated during the reporting period and why?

See page 20 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did the ETF’s allocations change over the course of the reporting period?

On average, the ETF’s allocations to bonds accounted for approximately 92% of assets, while equities accounted for approximately 8%. Within the ETF’s bond allocation, investment-grade corporate bonds and high-yield corporation bonds represented the largest positions. Both contributed positively to ETF’s performance. Bank loans detracted most from the ETF’s fixed-income performance.

Over the course of the reporting period, the ETF’s bond exposure generally decreased while equity exposure increased. Within the ETF’s bond allocation, investment-grade corporate exposure decreased from 25.4% to 18.7%. On the equity side, exposure to U.S. preferred securities was the only short position on average, and made the largest positive contribution to ETF performance.

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Vanguard Short-Term Corporation Bond ETF, SPDR Portfolio Short Term Corporate Bond ETF and Invesco Preferred ETF. During the same period, iShares S&P Small-Cap 600 Growth ETF, iShares Russell 2000 Growth ETF and SPDR Blackstone / GSO Senior Loan ETF recorded the lowest returns.

Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares Preferred & Income Securities ETF, Vanguard Short-Term Corporate Bond ETF and SPDR Bloomberg Barclays Convertible Securities ETF. The weakest contributors were Invesco Senior Loan ETF, SPDR Blackstone / GSO Senior Loan ETF and iShares S&P Small-Cap 600 Growth ETF.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_HEDGEEVENBW.JPG]

Fund Performance History

IQ Hedge Event-Driven Tracker ETF
(as of April 30, 2020)

	1 Year		3 Year		5 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Hedge Event-Driven Tracker ETF Market Price2		0.11%		3.36%		3.45%		3.43%		18.80%
IQ Hedge Event-Driven Tracker ETF NAV		0.25%		3.41%		3.46%		3.45%		18.90%
IQ Hedge Event-Driven Index		0.57%		3.83%		4.00%		3.99%		22.13%
HFRI Event-Driven (Total) Index3		-7.52%		-0.23%		1.20%		1.43%		7.51%
Bloomberg Barclays U.S. Aggregate Bond Index		10.84%		5.17%		3.80%		3.65%		20.11%

Fund Inception Date: 3/24/2015.

Data shown above for the HFRI Event-Driven (Total) Index is from 3/31/2015 to 4/30/2020.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Real Return ETF perform during the 12 months ended

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Real Return ETF returned −1.13% at NAV (net asset value) and −1.33% at market price.1 To compare, the Fund’s Benchmark Index, IQ Real Return Index2 returned −0.96% for the reporting period. The Bloomberg Barclays U.S. Short Treasury Bond Index2 returned 2.46% for the same period.

What factors affected the ETF’s performance during the reporting period?

The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The strategy is long-only and allocates a core position to cash-like instruments and satellite positions to equities, commodities, currencies and duration.3

Exposure to short-term U.S. Treasury bonds accounted over three-quarters of the ETF’s overall allocation during the reporting period and produced slightly over half of the ETF’s total gains. The ETF’s exposure to equities, considered inflation-sensitive assets, provided another significant source of positive performance at a time of rising interest rates. Intermediate-term Treasury bonds produced additional positive performance for the ETF. On the other hand, commodities, which tend to move inversely to the performance of the U.S. dollar, detracted from the ETF’s returns. The COVID-19 pandemic damaged the global economy in an unprecedent way, which impacted performance negatively as well.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

How were the ETF’s assets allocated during the reporting period and why?

The positions in the ETF’s Benchmark Index are driven by quantitative models that determine the weights across the various hedge fund strategies represented in the ETF as well as weights of the assets within those strategies. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.

How did the ETF’s allocations change over the course of the reporting period?

The ETF maintained its core allocation to short-term Treasury bonds during the reporting period, as well as a dominant satellite allocation to equities. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations. Annual portfolio turnover was 97% for the reporting period as a whole.

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Invesco Currencyshares Japanese Yen Trust, iShares 20+ Year Treasury Bond ETF and Invesco Treasury Collateral ETF. During the same period, Invesco DB Oil Fund, SPDR Dow Jones REIT ETF and iShares U.S. Real Estate ETF recorded the lowest total returns.

Which underlying ETFs were the strongest positive contributors to the ETF’s performance and which underlying ETFs were particularly weak?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares Short Treasury Bond ETF, PIMCO Enhanced Short Maturity Active ETF and SPDR Bloomberg Barclays 1-3 Month T-Bill ETF. The weakest contributors were Invesco DB Oil Fund, Vanguard Real Estate ETF and iShares Russell 2000 ETF.

See page 23 for more information on this index.

Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)

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Fund Performance History

IQ Real Return ETF
(as of April 30, 2020)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Real Return ETF Market Price1		-1.33%		0.94%		1.25%
IQ Real Return ETF NAV		-1.13%		1.08%		1.25%
IQ Real Return Index		-0.96%		1.35%		1.64%
Bloomberg Barclays U.S. Short Treasury Bond Index		2.46%		1.32%		0.74%

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Leaders GTAA Tracker ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Leaders GTAA Tracker ETF returned −7.32% at NAV (net asset value) and −7.31% at market price.1 To compare, the Fund’s Benchmark Index, IQ Leaders GTAA Tracker Index2 returned −7.09% for the same period.

What factors affected the ETF’s performance during the reporting period?

The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF’s assets were allocated primarily to international and U.S. large-cap equities and high yield corporate bonds during the reporting period. Due largely to the impact of the COVID-19 pandemic, most equity and bond allocations produced negative returns. However, the ETF’s aggregate bond allocation enhanced returns, as did short positions in real estate and small-cap U.S. equities.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF uses derivative positions where necessary to help it track its Benchmark Index, which contains both long and short positions. The derivatives positions are primarily total return swaps on the ETFs at the weights in which they are included in the Benchmark Index. Derivatives are not used to gain leverage beyond the positions in the Benchmark Index; rather, they are used exclusively to enable the ETF to track its Benchmark Index.

How were the ETF’s assets allocated during the reporting period and why?

The positions in the ETF’s Benchmark Index are driven by quantitative models. Given the rules-based nature of this approach, there is no subjectivity involved in the allocation decision process.

How did the ETF’s allocations change over the course of the reporting period?

The ETF’s allocations to intermediate Treasury bonds moved between long and short positions, averaging as a short position for the reporting period as a whole.

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were Technology Select Sector SPDR Fund, iShares 7-10 Year Treasury Bond ETF and Health Care Select Sector SPDR Fund. During the same period, Vanguard Energy ETF, Energy Select Sector SPDR Fund and Vanguard Industrials ETF recorded the lowest total returns.

Which underlying ETFs were the strongest positive contributors to the ETF’s performance and which underlying ETFs were particularly weak?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were Vanguard Information Technology ETF, Technology Select Sector SPDR Fund and Health Care Select Sector SPDR Fund. The weakest contributors included Energy Select Sector SPDR Fund, Financial Select Sector SPDF Fund and SPDR Bloomberg Barclays Convertible Securities ETF.

See page 25 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

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Fund Performance History

IQ Leaders GTAA Tracker ETF
(as of April 30, 2020)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Leaders GTAA Tracker ETF Market Price2		-7.31%		1.35%		4.42%		21.96%
IQ Leaders GTAA Tracker ETF NAV		-7.32%		1.40%		4.45%		22.08%
IQ Leaders GTAA Tracker Index		-7.09%		1.67%		4.88%		24.43%
MSCI All Country World Index		-4.96%		4.46%		8.12%		43.07%

Fund Inception Date: 9/30/2015.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Enhanced Core Plus Bond U.S. ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Enhanced Core Plus Bond U.S. ETF returned 7.11% at NAV (net asset value) and 7.24% at market price.1 To compare, the Fund’s Benchmark Index, IQ Enhanced Core Plus Bond U.S. Index,2 returned 7.46% for the reporting period. The Bloomberg Barclays U.S. Aggregate Bond Index2 returned 10.84% for the same period.

What factors affected the ETF’s performance during the reporting period?

The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). The ETF’s long-only strategy rotates among seven bond sectors: high yield corporate bonds; U.S. dollar-denominated emerging markets debt; investment grade corporate bonds; mortgage-backed securities (“MBS”); long-term U.S. Treasury bonds; intermediate-term U.S. Treasury bonds; and short-term U.S. Treasury bonds.

During the reporting period, the ETF’s core allocation to short-term Treasury securities was responsible for most of the ETF’s total returns. However, all sector allocations generated positive returns during the reporting period. While market volatility related to the COVID-19 pandemic caused the ETF’s performance to decline in mid-March 2020, performance rebounded in April.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

How were the ETF’s assets allocated during the reporting period and why?

The positions in the ETF’s Benchmark Index are driven by quantitative models that determine the weights across the various aggregate bond sectors based on short-term and long-term momentum signals. The Benchmark Index’s maximum and minimum allocations to individual sectors varies based on the sector’s weight within the broad U.S. bond market. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.

How did the ETF’s allocations change over the course of the reporting period?

The ETF may allocate up to 25% of its assets to high yield corporate bonds, up to 5% to emerging markets debt and up to 50% to all other asset classes. During the reporting period, the ETF’s average allocations to high yield corporate bonds and emerging markets debt were below these levels, although maximum allocations were reached on certain rebalance days. MBS were the ETF’s dominant allocation, ranging between 0% and 50% during the same period. Allocations between long-term Treasury bonds and intermediate-term Treasury bonds rotated their exposures.

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

In terms of total return, the best-performing underlying ETFs in the ETF during the reporting period were iShares 20+ Year Treasury Bond ETF, Vanguard Long-Term Treasury ETF and iShares JP Morgan USD Emerging Markets Bond ETF. During the same period, Vanguard Intermediate-Term Corporate Bond ETF, SPDR Portfolio Intermediate Term Corporate Bond and Vanguard Short-Term Corporate Bond ETF recorded the lowest total returns.

Which underlying ETFs were the strongest positive contributors to the ETF’s performance and which underlying ETFs were particularly weak?

On the basis of impact, which takes weightings and total returns into consideration, the underlying ETFs that made the greatest positive contributions to the ETF’s performance during the reporting period were iShares MBS ETF, Vanguard Long-Term Corporate Bond ETF and Schwab Short-Term U.S. Treasury ETF. The weakest

See page 28 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

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Fund Performance History

IQ Enhanced Core Plus Bond U.S. ETF
(as of April 30, 2020)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Enhanced Core Plus Bond U.S. ETF Market Price2		7.24%		3.03%		2.94%		12.23%
IQ Enhanced Core Plus Bond U.S. ETF NAV		7.11%		3.04%		2.94%		12.22%
IQ Enhanced Core Plus Bond U.S. Index		7.46%		3.32%		3.20%		13.37%
Bloomberg Barclays U.S. Aggregate Bond Index		10.84%		5.17%		4.03%		17.00%

Fund Inception Date: 5/10/2016.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Short Duration Enhanced Core Bond U.S. ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Short Duration Enhanced Core Bond U.S. ETF returned −1.43% at NAV (net asset value) and −1.42% at market price.1 To compare, the ETF’s Benchmark Index, IQ Short Duration Enhanced Core Bond U.S. Index2 returned −1.17% for the reporting period. The Bloomberg Barclays U.S. Government/Credit 1-5 Year Index2 and the Bloomberg Barclays U.S. Aggregate Bond Index2 returned 6.28% and 10.84%, respectively, for the same period.

What factors affected the ETF’s performance during the reporting period?

The ETF is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in underlying exchange-traded funds (“ETFs”). During the reporting period, the COVID-19 pandemic damaged the global economy in an unprecedent way, which affected IQ Short Duration Enhanced Core Bond U.S. ETF performance negatively as well. The ETF’s allocation to short maturity high-yield corporate bonds generated the most significantly negative returns due to pandemic-related market anxiety. Conversely, allocations to short maturity investment-grade bonds enhanced the ETF’s performance, outperforming other sectors due to their shorter duration,3 which minimized duration risk. Short-term Treasury bonds also bolstered ETF performance.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

How were the ETF’s assets allocated during the reporting period and why?

How did the ETF’s allocations change over the course of the reporting period?

The ETF’s allocations to short-term Treasury bonds and investment-grade credit rotated during the reporting period, resulting in an increased allocation to Treasury securities and a decreased allocation to investment-grade credit. The ETF also reduced its allocation to high-yield credit during the same period. By April 30, 2020, allocations to short-term Treasury instruments and investment-grade credit represented the ETF’s primary exposures, while high-yield and floating rate credits had zero weights.

During the reporting period, which underlying ETFs had the highest total returns and which underlying ETFs had the lowest total returns?

Four underlying ETFs posted positive total returns during the reporting period, with iShares 0-5 Year Investment Grade Corporate Bond ETF reported the strongest performance, followed by Vanguard Short-Term Corporate Bond ETF, Schwab Short-Term US Treasury ETF and Vanguard Short-Term Treasury ETF. Conversely, four underlying ETFs posted negative total returns during the same period, with SPDR Bloomberg Barclays Short Term High Yield Bond ETF reporting the weakest performance, followed by iShares 0-5 Year High Yield Corporate Bond ETF, iShares Floating Rate Bond ETF and SPDR Bloomberg Barclays Investment Grade Floating Rate ETF.

Which underlying ETFs made the strongest contributions to the ETF’s performance during the reporting period and which underlying ETFs made the weakest contributions?

See page 31 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_SHORTDURABW.JPG]

Fund Performance History

IQ Short Duration Enhanced Core Bond U.S. ETF
(as of April 30, 2020)

	1 Year		Since Inception1
	Avg Annual		Avg Annual		Cumulative
IQ Short Duration Enhanced Core Bond U.S. ETF Market Price2		-1.42%		0.55%		0.75%
IQ Short Duration Enhanced Core Bond U.S. ETF NAV		-1.43%		0.56%		0.77%
IQ Short Duration Enhanced Core Bond U.S. Index		-1.17%		0.82%		1.12%
Bloomberg Barclays U.S. Government/Credit 1-5 Year Index		6.28%		6.39%		8.85%
Bloomberg Barclays U.S. Aggregate Bond Index		10.84%		10.72%		14.98%

Fund Inception Date: 12/18/2018.

The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ S&P High Yield Low Volatility Bond ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ S&P High Yield Low Volatility Bond ETF returned 0.71% at NAV (net asset value) and 1.34% at market price.1 To compare, the Fund’s Benchmark Index, S&P U.S. High Yield Low Volatility Corporate Bond Index2 returned 1.21% for the same period. The ICE BofAML U.S. High Yield Index returned −5.26% for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

The ETF seeks investment results that track the price and yield performance of its Benchmark Index, the S&P High Yield Low Volatility Corporate Bond Index. The Benchmark Index is made up of U.S. dollar-denominated high yield corporate bonds that have been selected in accordance with a rules-based methodology. This methodology is based on the concept that duration3 times spread4 (DTS) is an effective volatility measure of credit risk for corporate bonds. Overlaying the marginal contribution to risk (MCR) approach on the DTS of a corporate bond portfolio and measuring the credit risk of individual bonds in a portfolio context allows for a meaningful way to screen out riskier bonds. As such, the total return volatility for bonds in the S&P High Yield Low Volatility Corporate Bond Index is, in aggregate, expected to be lower relative to the aggregate group of bonds in the broad U.S. dollar-denominated high yield corporate bond market.

During the reporting period, the U.S. Federal Reserve Board (“Fed”) cut the targeted federal funds rate five times, including an emergency rate cut of 50 basis points on March 3, 2020 in response to the widening COVID-19 outbreak and a second emergency cut of 100 basis points on March 15th. (A basis point is one one-hundredth of a percentage point.) As a result, the federal funds rate declined from a range of 2.25-2.5% on April 30, 2019 to a range of 0-0.25% on April 30, 2020, matching its lowest rate in history. During the same period, the yield on the 2-year Treasury decreased from 2.33 to 0.25%. Rates on longer dated bonds also declined, with the 10-year Treasury moving from 2.5% to 0.67%.

To relieve the significant economic contraction caused by coronavirus, fiscal policy measures were also enacted, with the United States passing the CARES Act at the end of March. This fiscal support package, totaling over $2 trillion, was designed to cushion the economic blow of the virus and social distancing policies by providing direct cash support to the most affected households and helping business meet their immediate obligations.

U.S. equity markets were volatile throughout the reporting period. After setting a new all-time high in mid-February 2020, the S&P 500 Index declined more than 33% by mid-March, then recovered much the ground it lost in April.

According to the Bureau of Labor Statistics’ monthly job reports, the U.S. labor markets lost 701,000 nonfarm payroll jobs in March, wiping out the jobs added during January and February 2020 and ending a long period of robust job growth. More telling, however, was the record 6.6 million people who filed for unemployment benefits in the week ending March 28, according to the Department of Labor.

U.S. crude oil, as measured by West Texas Intermediate (WTI) pricing, was generally stable throughout the first three quarters of the reporting period before declining nearly 60% during the first three months of 2020.

U.K. Prime Minister Boris Johnson finalized a negotiated Brexit plan with the European Union in the latter half of 2019. After winning a substantial parliamentary majority in the December election, considered an endorsement of Johnson’s Brexit, Britain Parliament approved the deal and Britain exited the European Union on January 31, 2020.

See page 34 for more information on this index.

The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

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Management’s Discussion of Fund Performance (unaudited) (continued)

What factors affected the ETF’s performance during the reporting period?

The ETF underperformed the S&P U.S. High Yield Low Volatility Corporate Bond Index by 50 basis points during the reporting period, reflecting the ETF’s optimization process and bond market structure.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period included tobacco, health care providers and services, and electric utilities. The sectors recording the lowest total returns over the same period included mortgage real estate investment trusts (REITs), oil & gas, and chemicals.

During the reporting period, which sectors made the strongest contributions to the ETF’s absolute performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance included media, health care providers and services, and wireless telecommunications services. The sectors making the weakest contributions to the ETF’s absolute performance over the reporting period were hotels restaurants & leisure, oil & gas, and consumer finance.

During the reporting period, which individual securities had the highest total returns and which securities had the lowest total returns?

In the Benchmark Index, the securities providing the highest total returns during the reporting period included securities issued by hospital operator HCA Healthcare, financial services company Ally Financial, streaming content provider Netflix and automotive manufacturer Ford Motor. The Benchmark Index components with the lowest total returns for the same period included securities issued by independent oil & gas exploration company WPX Energy and midstream oil & gas company DCP Midstream.

Which individual securities made the strongest contributions to the ETF’s absolute performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the securities that made the strongest contributions to the ETF’s absolute performance during the reporting period were issued by midstream energy provider Targa Resources Partners, streaming media content provider Netflix and hotel and motel operator Hilton Domestic Operating Co. The weakest contributors were issued by debt issuer CRC Escrow Issuer, independent oil & gas exploration company WPX Energy, rail and air transport manufacturer Bombardier, and health care services provider Tenet Healthcare.

Were there any changes in the Benchmark Index during the reporting period?

The security selection process of the Benchmark Index is designed to measure the performance of U.S. high yield bonds that exhibit low volatility characteristics as measured by marginal contribution to risk (MCR), and that meet both liquidity and maturity criteria. Bonds that meet the criteria of the S&P U.S. High Yield Low Volatility Corporate Bond Index are market value weighted, subject to an issuer weight cap whereby any issuer that exceeds 3% of the market value weight of the index is capped at 3%. The excess market value over the 3% cap is redistributed on a pro-rata basis to all the index bonds of the other issuers that are below the 3% cap. This process is then repeated until no issuer exceeds the 3% limit.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_HIGHYIELDBW.JPG]

Fund Performance History

IQ S&P High Yield Low Volatility Bond ETF
(as of April 30, 2020)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ S&P U.S. High Yield Low Volatility Bond ETF Market Price2		1.34%		2.47%		2.93%		9.68%
IQ S&P U.S. High Yield Low Volatility Bond ETF NAV		0.71%		2.43%		2.72%		9.00%
S&P U.S. High Yield Low Volatility Corporate Bond Index		1.21%		2.80%		3.07%		10.18%
ICE BofAML US High Yield Index		-5.26%		1.43%		1.89%		6.19%

Fund Inception Date: 2/15/2017.

The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Merger Arbitrage ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Merger Arbitrage ETF returned 0.10% at NAV (net asset value) and −0.10% at market price.1 To compare, the Fund’s Benchmark Index, IQ Merger Arbitrage Index2 returned 0.50% for the reporting period. The HFRI Event Driven Merger Arbitrage Index,2 MSCI World Index2 and the S&P 500® Index2 returned −1.73%, −4.00% and 0.26%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The COVID-19 pandemic was the biggest factor undermining the global economy during the reporting period, which negatively affected the ETF’s performance as well.

The Benchmark Index seeks to capture the takeover premium of merger and acquisition (“M&A”) targets. Through a proprietary merger selection process, the Benchmark Index selects target companies satisfying all required selection criteria and holds securities until the premium has been realized through a successful merger or until any of the selection criteria are violated prior to the monthly reconstitution, in which case the security is dropped from the index. Key risks of the strategy include potential withdrawal or cancellation of a pending merger, the failure to meet selection criteria pertaining to liquidity, deal age or size requirements, and the risks associated with deal payment through the use of the acquiring company’s stock. Any or all of these conditions can result in under-realization of the deal premium.

During the reporting period, the number of global M&A deals remained fairly consistent, although at a decreasing size per deal. The embedded premium, however, remained steady. Approximately 9.3% of deals in which the Benchmark Index participated failed to complete due to deal termination or failure to maintain the strategy’s holding criteria. Approximately 60% of deals completed successfully, while 13% of deals were removed for failing to meet criteria necessary to remain in the Benchmark Index.

The strategy also employs a hedging methodology primarily using U.S. large-cap equities. While U.S. large-cap equities produced negative overall returns during the reporting period, the ETF’s hedges produced positive returns.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF used hedges to dampen potential downward price performance of the acquiring company’s stock used in stock-based transactions. In cases when the acquiring company’s economic sector performed positively, the hedge detracted from performance. Conversely, when the acquiring company’s economic sector performed negatively, the hedge contributed positively to performance. As mentioned above, during

See page 37 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

the reporting period the ETF’s hedges produced positive returns. The ETF only hedged its exposure to stock-based transactions.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period were energy, communication services and real estate. During the same period, the materials, industrials and financials sectors recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that provided the strongest positive contributions to the ETF’s absolute performance were North America hedge, health care and non-North America hedge. The sectors providing the weakest contributions to the ETF’s absolute performance were consumer discretionary, industrials and financials.

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Cincinnati Bell, UNIZO Holdings and Mobile Mini. Cincinnati Bell is a local exchange and wireless provider serving residential and business customers. UNIZO Holdings owns, leases and manages office buildings, golf courses and hotels. Mobile Mini provides portable storage solutions through its lease fleet of portable storage units.

The Benchmark Index components with the lowest total returns for the same period were Hexcel, Cineplex and AK Steel Holding. Hexcel develops, manufactures, and markets reinforcement products, composite materials and engineered products. Cineplex owns and operates movie theaters in Canada, and exhibits regular format films as well as digital, 3D and IMAX movies. AK Steel Holding, through subsidiaries, produces carbon, stainless and electrical flat-rolled steel for automotive, infrastructure, manufacturing and other markets, as well as carbon and stainless tubing for truck, automotive, and other markets.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were sector hedges, Industrial Select Sector SPDR Fund, Vanguard FTSE Europe ETF and iShares U.S. Financial Services ETF. The weakest contributors during the same period were vehicle manufacturer Fiat Chrysler, defense contractor Raytheon and automobile parts and equipment maker Delphi Technologies.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index is reconstituted and rebalanced monthly. Intra-month removal of deals occurs only for completed transactions. All other deals are removed at the monthly rebalance. The timing of the rebalance can have both positive and potentially adverse effects, depending on the circumstance of the deal, the number of competing offers and if new acquirers attempt to acquire existing targets. The ETF’s hedges are also reset at this time.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_MERGERBW.JPG]

Fund Performance History

IQ Merger Arbitrage ETF
(as of April 30, 2020)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Merger Arbitrage ETF Market Price1		-0.10%		1.88%		2.13%
IQ Merger Arbitrage ETF NAV		0.10%		1.96%		2.18%
IQ Merger Arbitrage Index		0.50%		2.59%		3.06%
HFRI ED: Merger Arbitrage Index		-1.73%		2.69%		2.96%
MSCI World Index		-4.00%		4.92%		7.68%
S&P 500 Index		0.26%		8.45%		11.00%

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Global Resources ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Global Resources ETF returned −8.89% at NAV (net asset value) and −9.81% at market price.1 To compare, the Fund’s Benchmark Index, the IQ Global Resources Index2 returned −8.00% for the reporting period. The S&P Global Natural Resources Index-Net,2 Bloomberg Commodity Spot Index2 and MSCI® World Index2 returned −20.35%, −18.23% and −4.00%, respectively, during the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

Commodity prices had been weakening prior to the global shutdown brought on by the COVID-19 pandemic. Concerns about the possible end of the historic global bull market for equities weighed on commodity prices in general and on economically sensitive commodities like oil and industrial metals more specifically. The pandemic-induced global shutdown hit these commodities especially hard, with oil futures actually trading in negative territory for a brief time. The precious metals sector was the lone bright spot as global volatility drove investors to seek the relative safety of gold.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF uses derivative positions where necessary to help it track its Benchmark Index, which contains both long and short weights. The ETF’s derivatives positions consisted of short positions in futures contracts on the S&P 500 and MSCI EAFE Index. Over the full period, the short positions added value as international markets sold off. The U.S. markets were generally flat for this time period, although there was significant volatility.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, the best-performing sectors during the reporting period in the Benchmark Index included precious metals, water and the short domestic hedge. The energy, coal and industrials metals sectors recorded the lowest total returns during the same period.

See page 40 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were precious metals, the short international hedge and water. The sectors that made the weakest contributions to the ETF’s absolute performance were energy, coal and industrial metals.

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks producing the highest total returns during the reporting period included Yamana Gold, Kinross Gold and Barrick Gold Corporation. Yamana Gold is an intermediate gold producer with production, development stage and exploration properties throughout Brazil. Kinross Gold is involved in the exploration, development and production of gold globally. Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia and Africa.

The Benchmark Index constituents with the lowest total returns for the same period were Southern Energy, Peabody Energy and CONSOL Energy. Southern Energy is as an oil and natural gas exploration and production company. Peabody Energy mines and markets low sulfur coal, primarily for use by electric utilities. CONSOL Energy produces and exports high-bituminous thermal and crossover metallurgical coal.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

The weakest contributors to the ETF’s absolute performance during the same period were Teck Resources, China Shenhua Energy and Royal Dutch Shell. Teck Resources is an integrated natural resource group active in mining, smelting, and refining. China Shenhua Energy mines and distributes coal products. Royal Dutch Shell, is an integrated oil and gas company with diversified global operations.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index is reconstituted annually with monthly reweights. In turn, the ETF rebalances its sector weights each month according to a proprietary rotation methodology that overweights sectors with high price momentum and low valuation and underweights sectors with the opposite characteristics. The adjusted minimum and maximum weights for individual sectors are based on their model output scores.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(From 4/30/2010 Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_GLOBALRESOBW.JPG]

Fund Performance History

IQ Global Resources ETF
(as of April 30, 2020)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Global Resources ETF Market Price1		-9.81%		-1.39%		-0.16%
IQ Global Resources ETF NAV		-8.89%		-1.27%		-0.10%
IQ Global Resources Index		-8.00%		0.25%		0.99%
S&P Global Natural Resources Index-Net		-20.35%		-1.52%		-0.92%
Bloomberg Commodity Spot Index		-18.23%		-3.69%		-2.48%
MSCI World Index		-4.00%		4.92%		7.68%

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Global Agribusiness Small Cap ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ Global Agribusiness Small Cap ETF returned −12.34% at NAV (net asset value) and −13.12% at market price.1 To compare, the Fund’s Benchmark Index, IQ Global Agribusiness Small Cap Index2 returned −11.79% for the reporting period. The MSCI World Small Cap Index2 and the MSCI ACWI Select Agriculture Producers IMI Index2 returned −14.62% and −16.99%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

Global trade tensions had a negative impact on ETF performance. As the ETF focuses its investments in small capitalization companies primarily engaged in agribusiness, tariffs on agricultural products dampened global demand. For the majority of the reporting period, investors had to deal with volatility from an ongoing trade war between the United States and China; negotiations over the United States-Mexico-Canada Agreement (USMCA), a trade agreement to replace NAFTA; and uncertainty around the British separation from the European Union (Brexit). Despite these apparent headwinds, capital markets remained generally positive during the last eight months of 2019. At the end of the year, we saw meaningful progress on U.S. trade with China, an agreement on the USMCA and British elections that were decidedly pro-Brexit. Additionally, the impeachment trial of President Trump concluded with his acquittal in the U.S. Senate. These developments set the stage for a potentially strong 2020 until the COVID-19 virus spread throughout the world and brought the global economy to a standstill for the last two months of the reporting period. March 2020 was characterized by extreme volatility and sharp market sell-offs amid uncertainty regarding the duration and impact of the global economic shutdown. April saw a sudden reversal as capital markets stabilized and started a sharp recovery despite the rising trend of new COVID-19 cases and economic data characteristic of a recession or even a depression.

What factors affected the ETF’s performance during the reporting period?

During the reporting period, the Benchmark Index’s livestock operations sector outperformed other sectors, posting the smallest negative contribution to return. (Contributions take weightings and total returns into account.) The crop production & farming sector posted the most significant negative contributions to return for the same period.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

The Benchmark Index is organized into five sectors. During the reporting period, they all generated negative returns. In terms of total return, livestock operations and agricultural chemicals were the best performing sectors in the Benchmark Index. The agricultural machinery, agricultural supplies & logistics, and crop production and farming sectors posted the weakest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sector that made the smallest negative contribution to the ETF’s absolute performance was livestock operations. The sectors that made the weakest contributions to the ETF’s absolute performance were crop production & farming, and agricultural machinery.

See page 43 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Elders Limited, Prima Meat Packers and Morinaga Milk Industry. Australia-based Elders Limited provides livestock, real estate, and wool agency services to rural and regional customers. Prima Meat Packers processes meat and processed food products in Japan. Morinaga Milk Industry produces and sells milk and related dairy products in Japan.

The Benchmark Index constituents with the lowest total returns for the same period were Titan International, Village Farms International and China BlueChemical. U.S.-based Titan International manufactures mounted tire and wheel systems for off-highway equipment used in agriculture, construction, mining, military, recreation and grounds care. Village Farms International is a Canadian producer of greenhouse-raised produce, primarily tomatoes, bell peppers and cucumbers. China BlueChemical manufactures and sells mineral fertilizers and chemicals.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting included Ausnutria Dairy, Nichirei and Morinaga Milk Industry (the latter described above). Ausnutria Dairy is a Hong Kong-based pediatric milk formula company. Japan-based Nichirei produces and distributes frozen food, ice and meat products.

The weakest contributors to the ETF’s absolute performance were AGCO, Golden Agri-Resources and Costa Group Holdings. U.S.-based AGCO manufactures and distributes agricultural equipment. Golden Agri-Resources, based in Singapore, cultivates, harvests, processes, distributes and sells crude palm oil and palm kernel. Costa Group Holdings is an Australian grower and marketer of fruits and vegetables.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index.

During the reporting period, no significant corporate actions occurred.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_GLOBALAGRIBW.JPG]

Fund Performance History

IQ Global Agribusiness Small Cap ETF
(as of April 30, 2020)

	1 Year		3 Year		5 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Global Agribusiness Small Cap ETF Market Price2		-13.12%		-4.20%		1.78%		2.38%		23.91%
IQ Global Agribusiness Small Cap ETF NAV		-12.34%		-3.82%		2.00%		2.50%		25.19%
IQ Global Agribusiness Small Cap Index		-11.79%		-3.20%		2.70%		3.11%		32.20%
MSCI World Small Cap Index		-14.62%		-0.49%		2.43%		5.73%		66.22%
MSCI ACWI Select Agriculture Producers IMI Index		-16.99%		-2.26%		-0.44%		0.20%		1.83%

Fund Inception Date: 3/22/2011.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ U.S. Real Estate Small Cap ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ U.S. Real Estate Small Cap ETF returned −27.15% at NAV (net asset value) and −27.21% at market price.1 To compare, the Fund’s Benchmark Index, the IQ U.S. Real Estate Small Cap Index,2 returned −26.68% for the reporting period. The Dow Jones U.S. Real Estate Index2 returned −9.15% for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

Economically sensitive real estate investment trusts (“REITs”) were hit particularly hard by the pandemic-related economic shutdown. As travel came to a virtual standstill, hotel REITs sold off. Similarly, retail REITs posted sharply negative returns as most non-essential retail stores were closed. Mortgage REITs were also undermined by concerns that historically high unemployment would lead to delayed or missed mortgage payments.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, the best-performing sectors in the Benchmark Index were office REITs, specialized REITs and residential REITs. During the reporting period, mortgage REITs, hotel REITs and diversified REITs recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were specialized REITs, office REITs and residential REITs. The sectors that made the weakest contributions to the ETF’s absolute performance were mortgage REITs, retail REITs and diversified REITs.

See page 46 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks providing the highest total returns during the reporting period included Easterly Government Properties, Taubman Centers and QTS Realty Trust. Easterly Government Properties focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies serving essential government functions. Taubman Centers focuses on regional shopping centers. QTS Realty Trust Inc is an owner, developer and operator of carrier-neutral and multi-tenant data centers.

The Benchmark Index constituents with the lowest total returns for the reporting period were Braemar Hotels & Resorts, Ashford Hospitality Trust and Invesco Mortgage Capital. Braemar Hotels & Resorts acquires and invests in luxury hotels and resorts in the United States. Ashford Hospitality Trust is a self-advised REIT focusing on the lodging industry. Invesco Mortgage Capital acquires, finances and manages residential and commercial mortgage-backed securities and mortgage loans.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were QTS Realty Trust, Terreno Realty and Easterly Government Properties. QTS Realty Trust is an owner, developer and operator of carrier-neutral and multi-tenant data centers. Terreno Realty focuses on acquiring industrial real estate located in six major coastal U.S. markets: Southern California, San Francisco Bay Area, Seattle, Northern New Jersey, New York City, Washington D.C./Baltimore and South Florida. Easterly Government Properties focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential government functions.

The weakest contributors to the ETF’s absolute performance during the same period were Invesco Mortgage Capital, Redwood Trust and Apollo Commercial Real Estate Finance. Invesco Mortgage Capital acquires, finances and manages residential and commercial mortgage-backed securities and mortgage loans. Redwood Trust focuses on making credit-sensitive investments in residential loans and other mortgage-related assets, as well as residential mortgage banking activities. Apollo Commercial Real Estate Finance acquires and manages commercial real estate mortgage loans, commercial mortgage-backed securities, commercial real estate corporate debt and loans, and other real estate-related debt investments in the United States.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_USREALBW.JPG]

Fund Performance History

IQ U.S. Real Estate Small Cap ETF
(as of April 30, 2020)

	1 Year		3 Year		5 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ U.S. Real Estate Small Cap ETF Market Price2		-27.21%		-8.85%		-2.93%		3.96%		41.18%
IQ U.S. Real Estate Small Cap ETF NAV		-27.15%		-8.81%		-2.87%		4.19%		43.95%
IQ U.S. Real Estate Small Cap Index		-26.68%		-8.23%		-2.16%		4.95%		53.64%
Dow Jones U.S. Real Estate Index		-9.15%		2.59%		4.41%		7.48%		89.80%

Fund Inception Date: 6/14/2011.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ 500 International ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ 500 International ETF returned −17.33% at NAV (net asset value) and −18.07% at market price.1 To compare, the Fund’s Benchmark Index, the IQ 500 International Index,2 returned −17.37% for the reporting period. The MSCI EAFE NR Index2 and the FTSE Developed ex U.S. Index2 returned −11.34% and −11.18%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The COVID-19 pandemic was the biggest factor negatively affecting the global economy during the reporting period, which negatively affected the ETF’s performance as well. During the reporting period, the health care sector contributed positively to the ETF’s performance. All other sectors’ returns detracted from performance. Global investing also exposed the ETF to currency fluctuations, and local market economies were another influence on performance.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, the ETF’s best performing sectors during the reporting period were real estate and health care. During the same period, energy, materials and financials provided the weakest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors providing the strongest positive contributions to the ETF’s absolute performance were health care, real estate and information technology. The sectors making the weakest contributions to the ETF’s absolute performance were industrials, consumer discretionary and financials.

During the reporting period, which individual stocks had the highest total returns and which stocks had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns during the reporting period included Sun Art Retail Group, Hitachi High-Tech and Nomura Research Institute. Hong-Kong-based Sun Art Retail Group

See page 49 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

operates hypermarkets, retails food and offers amenities such as restaurants, automated teller machines, pharmacies and dry cleaners. Hitachi High-Tech is a Japanese trading company handling a variety of products such as computers and peripherals, scientific instruments and systems, electronic devices, and industrial machinery and materials. Nomura Research Institute, also based in Japan, provides information technology, research, consulting and analysis for strategic business decision making.

The Benchmark Index constituents with the lowest total returns for the same period were Bombardier, Capita and Renault. Bombardier is a Canadian manufacturer of planes and trains. Capita provides an integrated range of business services across the United Kingdom’s public and private sectors. France-based Renault designs, manufactures, markets and repairs passenger cars and light commercial vehicles.

Which individual stocks made the strongest contributions to the ETF’s performance during the reporting period and which stocks made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that posted the strongest contributions to the ETF’s absolute performance during the reporting period were Roche Holding, NTT DoCoMo and Nestle. Switzerland-based Roche Holding develops and manufactures pharmaceutical and diagnostic products. Japan-based NTT DOCOMO provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN networking. Nestle, also based in Switzerland, is a multinational packaged food company that manufactures and markets a wide range of food products. The weakest contributors to the ETF’s absolute performance during the same period were Royal Dutch Shell, Airbus and Glencore. Netherlands-based Royal Dutch Shell, through subsidiaries, explores, produces and refines petroleum. Airbus is a European multinational manufacturer of airplanes and military equipment. Glencore is a U.K.-based diversified natural resources company.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index is reconstituted annually and reviewed quarterly in accordance with the rules of the Benchmark Index.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_IQINTERBW.JPG]

Fund Performance History

IQ 500 International ETF
(as of April 30, 2020)

	1 Year		Since Inception1
	Avg Annual		Avg Annual		Cumulative
IQ 500 International ETF Market Price2		-18.07%		-8.17%		-11.10%
IQ 500 International ETF NAV		-17.33%		-7.59%		-10.32%
IQ 500 International Index		-17.37%		-7.58%		-10.33%
MSCI EAFE NR index		-11.34%		-2.02%		-2.78%
FTSE Developed ex U.S Index		-11.18%		-1.97%		-2.71%

Fund Inception Date: 12/13/2018.

The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ 50 Percent Hedged FTSE International ETF perform during the 12 months ended April 30, 2020?

For the 12-month period ended April 30, 2020 (the “reporting period”), IQ 50 Percent Hedged FTSE International ETF returned −9.74% at NAV (net asset value) and −10.94% at market price.1 To compare, the Fund’s Benchmark Index, the FTSE Developed ex North America 50% Hedged to USD Index,2 returned −9.51% for the reporting period. The FTSE Developed ex North America Index Local Currency2 and FTSE Developed ex North America Index2 returned −8.06% and −10.98, respectively, for the same period.

The ETF invests in a representative sample of securities included in the Benchmark Index that collectively has an investment profile similar to the Benchmark Index. Due to the use of representative sampling, the ETF may or may not hold all of the securities that are included in the Benchmark Index.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

Developed international markets lagged the U.S. market through much of the reporting period as concerns surrounding economic growth weighed on returns. The COVID-19 virus outbreak proved to be particularly acute in several European countries, including Italy and France. As a result, developed international equities declined sharply, underperforming U.S. equities by even more during the closing months of the reporting period. At the same time, the U.S. dollar strengthened versus the Euro and most other international currencies, bolstering the ETF’s performance.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The Benchmark Index uses currency forwards to hedge 50% of the currency exposure of its underlying constituents. The hedge is reset monthly using 30-day forward contracts. As mentioned above, the U.S. dollar strengthened versus the Euro and most other international currencies during the reporting period, enhancing the ETF’s performance due to the effect of its currency forwards.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return on a U.S. dollar basis, the best-performing sectors in the Benchmark Index during the reporting period were health care, information technology and utilities. During the same period, the energy, financials and real estate sectors recorded the lowest total returns.

See page 52 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care, information technology and utilities. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, industrials and energy.

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns during the reporting period included Polymetal International, M3 and Galapagos. Polymetal International provides precious metal mining services. M3 supplies medical information services for doctors through the Internet. Galapagos is a clinical-stage biotechnology company specializing in the discovery and development of small molecule medicines with novel modes of action; its pipeline comprises Phase 3, 2, 1, pre-clinical and discovery studies in cystic fibrosis, inflammation, fibrosis, osteoarthritis and other indications.

The Benchmark Index constituents producing the lowest total returns for the reporting period included NMC Health, SillaJen, and Micro Focus International. NMC Health is a diversified health care company with business sectors ranging from health care to trading and information technology. SillaJen provides medical research and development services. Micro Focus International creates infrastructure-related software solutions for small and mid-sized businesses.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Roche Holding, AstraZeneca and Nestle. Roche Holding develops and manufactures pharmaceutical and diagnostic products. AstraZeneca is holding company that researches, manufactures and sells pharmaceutical and medical products. Nestle is a multinational packaged food company.

The weakest contributors to the ETF’s absolute performance during the reporting period were HSBC Holdings, BP and Airbus. HSBC Holdings provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. BP explores for and produces oil and natural gas; refines, markets, and supplies petroleum products; generates solar energy; and manufactures and markets chemicals. Airbus manufactures airplanes and military equipment.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index was reconstituted by FTSE (the London-based Financial Times Stock Exchange) in September 2019 and March 2020 in accordance with the rules of the Benchmark Index. Throughout the reporting period, FTSE made incremental adjustments to underlying constituent weights based on company shares in issue updates or float factors.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_HFXIBW.JPG]

Fund Performance History

IQ 50 Percent Hedged FTSE International ETF
(as of April 30, 2020)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ 50 Percent Hedged FTSE International ETF Market Price2		-10.94%		-0.01%		0.77%		3.72%
IQ 50 Percent Hedged FTSE International ETF NAV		-9.74%		0.47%		1.00%		4.85%
FTSE Developed ex North America 50% Hedged to USD Index		-9.51%		0.76%		1.46%		7.17%
FTSE Developed ex North America Index Local Currency		-8.06%		1.92%		2.45%		12.27%
FTSE Developed ex North America Index		-10.98%		-0.44%		0.41%		1.97%

Fund Inception Date: 7/22/2015.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ 50 Percent Hedged FTSE Europe ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), the IQ 50 Percent Hedged FTSE Europe ETF returned −11.46% at NAV (net asset value) and −11.64% at market price.1 To compare, the Fund’s Benchmark Index, the FTSE Developed Europe 50% Hedged to USD Index2 returned −11.22% for the reporting period. The FTSE Developed Europe Index Hedged and the FTSE Developed Europe Index returned −9.24% and −13.22%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

Despite lower interest rates and lower valuation multiples, European equity markets lagged the U.S. market through much of the reporting period as concerns surrounding economic growth weighed on returns. The COVID-19 virus outbreak proved to be particularly acute in several European countries, including Italy and France. As a result, developed international equities declined sharply, underperforming U.S. equities by even more during the closing months of the reporting period. At the same time, the U.S. dollar strengthened versus the Euro and most other international currencies, bolstering the ETF’s performance.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, on a U.S. dollar basis, the best-performing sectors in the Benchmark Index during the reporting period included health care, utilities and consumer staples. During the same period energy, financials and communication services recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

See page 55 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

information technology. The sectors that produced the weakest contributions to the ETF’s absolute performance were financials, energy and industrials.

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns on a U.S. dollar basis during the reporting period were Hapag-Lloyd, Polymetal International and Galapagos. Hapag-Lloyd is a container shipping line company. Polymetal International provides precious metal mining services. Galapagos is a clinical-stage biotechnology company specializing in the discovery and development of small molecule medicines with novel modes of action; its pipeline comprises Phase 3, 2, 1, pre-clinical and discovery studies in cystic fibrosis, inflammation, fibrosis, osteoarthritis and other indications.

The Benchmark Index constituents producing the lowest total returns for the reporting period included NMC Health, Cineworld Group and Micro Focus International. NMC Health is a diversified health care company. Cineworld Group operates cinemas throughout the United Kingdom and Ireland. Micro Focus International creates infrastructure-related software solutions for small and mid-sized businesses.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

The weakest contributors to the ETF’s absolute performance during the reporting period were HSBC Holdings, BP and Airbus. HSBC Holdings provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. BP explores for and produces oil and natural gas; refines, markets and supplies petroleum products; generates solar energy; and manufactures and markets chemicals. Airbus manufactures airplanes and military equipment.

Were there any changes in the Benchmark Index during the reporting period?

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_HFXEBW.JPG]

Fund Performance History

IQ 50 Percent Hedged FTSE Europe ETF
(as of April 30, 2020)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ 50 Percent Hedged FTSE Europe ETF Market Price2		-11.64%		-0.44%		0.55%		2.65%
IQ 50 Percent Hedged FTSE Europe ETF NAV		-11.46%		-0.22%		0.59%		2.86%
FTSE Developed Europe 50% Hedged to USD Index		-11.22%		0.12%		1.15%		5.60%
FTSE Developed Europe Index Hedged		-9.24%		1.45%		2.89%		14.60%
FTSE Developed Europe Index		-13.22%		-1.28%		-0.66%		-3.13%

Fund Inception Date: 7/22/2015.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ 50 Percent Hedged FTSE Japan ETF perform during the 12 months ended April 30, 2020?

For the 12-month period ended April 30, 2020 (the “reporting period”), IQ 50 Percent Hedged FTSE Japan ETF returned −4.20% at NAV (net asset value) and −5.25% at market price.1 To compare, the Fund’s Benchmark Index, the FTSE Japan 50% Hedged to USD Index,2 returned −4.07% for the reporting period. The FTSE Japan Index Hedged2 and FTSE Japan Index2 returned −5.00% and −3.19, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

With a lower incidence of COVID-19 related illnesses, Japan fared somewhat better than the rest of the world. However, despite outperforming developed international markets as a whole, Japan was not immune from the global equity selloff. A strong rally in April helped the Japanese market to recover much of its losses, though it still ended the reporting period with a moderate loss. Additionally, the Japanese yen strengthened relative to the U.S. dollar providing an additional headwind for the ETF.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The Benchmark Index uses currency forwards to hedge 50% of its respective currency exposure of its underlying constituents. The hedge is reset monthly using 30-day forward contracts. With the Japanese yen rising versus the U.S. dollar, the ETF’s currency forwards detracted from performance.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period included health care, communication services and information technology. During the same period energy, materials and financials recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns on a U.S. dollar basis into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care, information technology and communication services. The sectors producing the weakest contributions to the ETF’s absolute performance included industrials, financials and materials.

See page 58 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns during the reporting period were M3, Kobe Bussan and Chugai Pharmaceutical. M3 supplies medical information services for doctors through the Internet. Kobe Bussan is a supermarket franchise store operator. Chugai Pharmaceutical manufactures and sells pharmaceuticals products.

The Benchmark Index constituents producing the lowest total returns for the reporting period included JFE Holdings, Konica Minolta and H.I.S. JFE Holdings engages in steel production and integrated engineering services. Konica Minolta primarily manufactures office equipment and performance materials. H.I.S. is a travel agency dealing with overseas bookings, package tours, air courier services and discount airline tickets.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Sony, Daichi Sankyo and Chugai Pharmaceutical. Sony manufactures audio equipment, home video game consoles, communications products and information technology products for the consumer and professional markets. Daiichi Sankyo develops pharmaceuticals for human and veterinary use, as well as medical tools and equipment. Chugai Pharmaceutical produces and sells pharmaceuticals products.

The weakest contributors to the ETF’s absolute performance during the reporting period were Softbank Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group. SoftBank engages in a wide range of telecommunications, Internet and e-commerce businesses. Sumitomo Mitsui Financial provides commercial banking and a variety of financial services. Mitsubishi UFJ Financial provides a variety of financial and investment services, including commercial banking, trust banking, international finance and asset management.

Were there any changes in the Benchmark Index during the reporting period?

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_HFXJBW.JPG]

Fund Performance History

IQ 50 Percent Hedged FTSE Japan ETF
(as of April 30, 2020)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ 50 Percent Hedged FTSE Japan ETF Market Price2		-5.25%		1.86%		0.61%		2.97%
IQ 50 Percent Hedged FTSE Japan ETF NAV		-4.20%		2.38%		0.90%		4.38%
FTSE Japan 50% Hedged to USD Index		-4.07%		2.66%		1.35%		6.61%
FTSE Japan Index Hedged		-5.00%		2.92%		0.25%		1.19%
FTSE Japan Index		-3.19%		2.32%		2.26%		11.29%

Fund Inception Date: 7/22/2015.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Candriam ESG International Equity ETF perform during the period since its inception on December 17, 2019 through April 30, 2020 (the “reporting period”)?

For the reporting period, IQ Candriam ESG International Equity ETF returned −16.18% at NAV (net asset value) and −16.68% at market price.1 To compare, the Fund’s Benchmark Index, the Candriam ESG International Equity Index2 returned -16.65% for the reporting period. The MSCI EAFE NR USD Index2 returned −17.60% for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The Benchmark Index is designed to deliver exposure to equity securities of international companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. Accordingly, the ETF was exposed to international equity exposure. As described above, the COVID-19 pandemic drove international equity markets sharply lower in March 2020 before a partial recovery in late-March and April, developments that had significant impact on the ETF’s performance during the reporting period. Performance was further affected by high levels of equity and interest-rate volatility as U.S. Federal Reserve decreased interest rates aggressively from 2.5% to 0.25%.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

During reporting period, the best-performing sectors in the Benchmark Index in terms of total return included health care, consumer staples and utilities. During the same period, the energy, financials and real estate sectors recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were health care, utilities and consumer staples. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, industrials and consumer discretionary.

See page 61 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Nexi, Alibaba Health Information Technology and Sun Art Retail Group. Italy-based Nexi provides electronic payment services, including digital invoicing, credit card payment processing, online disbursement and other related services. Alibaba Health Information Technology is a Hong Kong-based integrated healthcare information and content service provider. Sun Art Retail Group, also based in Hong Kong, operates hypermarkets, retails food and offers amenities such as restaurants, automated teller machines, pharmacies and dry cleaners.

The Benchmark Index constituents with the lowest total returns for the reporting period were International Consolidated Airlines Group, Marks and Spenser Group and Renault. Spain-based International Consolidated Airlines Group provides transportation services, including international and domestic air passenger and cargo transportation services. Marks and Spencer Group is a U.K.-based holding company that, through its subsidiaries, retails clothing, food and home products. France-based Renault designs, manufactures, markets and repairs passenger cars and light commercial vehicles.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Roche Holding, AstraZeneca and Nestle. Switzerland-based Roche Holding develops and manufactures pharmaceutical and diagnostic products. U.K.-based AstraZeneca operates as a holding company that, through its subsidiaries, develops, manufactures and sells pharmaceutical and medical products. Switzerland-based Nestle is a multinational packaged food company that manufactures and markets a wide range of food products.

The weakest contributors to the ETF’s absolute performance during the same period were HSBC Holdings, TOTAL and Banco Santander. HSBC Holdings is the U.K.-based holding company for the HSBC Group, which provides a variety of international banking and financial services. France-based TOTAL explores for, produces, refines, transports, and markets oil and natural gas. Spain-based Banco Santander is a diversified financial company providing a wide range of commercial and retails banking products and services.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index. During the reporting period, no significant corporate actions occurred.

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Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_IQSIBW.JPG]

Fund Performance History

IQ Candriam ESG International Equity ETF
(as of April 30, 2020)

	Since Inception1
	Cumulative
IQ Candriam ESG International Equity ETF Market Price2		-16.68%
IQ Candriam ESG International Equity ETF NAV		-16.18%
IQ Candriam ESG International Equity Index		-16.65%
MSCI EAFE NR USD Index		-17.60%

Fund Inception Date: 12/17/2019.

The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Candriam ESG U.S. Equity ETF perform during the period since its inception on December 17, 2019 through April 30, 2020 (the “reporting period”)?

For the reporting period, IQ Candriam ESG U.S. Equity ETF returned −3.59% at NAV (net asset value) and −3.64% at market price.1 To compare, the Fund's Benchmark Index, the IQ Candriam ESG U.S. Equity Index2 returned -3.60% for the reporting period. The S&P 500® Index2 returned −8.12% for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The Benchmark Index is designed to deliver exposure to equity securities of U.S. companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. Accordingly, the ETF was exposed to U.S. large- and mid-cap equity exposure. As described above, the COVID-19 pandemic drove U.S. equity markets sharply lower in March 2020 before a partial recovery in late-March and April, developments that had significant impact on the ETF’s performance during the reporting period. Performance was further affected by high levels of equity and interest-rate volatility as U.S. Federal Reserve decreased interest rates aggressively from 2.5% to 0.25%.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

During reporting period, the best-performing sectors in the Benchmark Index in terms of total return included consumer discretionary, information technology and health care. During the same period, the energy, financials and industrials sectors recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were information technology, consumer discretionary and health care. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, communication services and industrials.

See page 64 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks with the highest total returns during the reporting period were Tesla, Newmont and NortonLifeLock. Tesla designs, manufactures and sells high-performance electric vehicles and electric vehicle powertrain components. Newmont acquires, explores and develops mineral properties, producing and marketing gold, copper, silver, zinc and lead. NortonLifeLock provides consumer cybersecurity solutions that enable consumers to protect their devices, online privacy, identity and home networks.

The Benchmark Index constituents with the lowest total returns for the reporting period were Targa Resources, Royal Caribbean Cruises and ONEOK. Targa Resources owns interests in a limited partnership that provides midstream natural gas and natural gas liquid services. Royal Caribbean Cruises operates a fleet of vessels in the cruise vacation industries. ONEOK is a diversified energy company involved in the natural gas and natural gas liquids business across the United States.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Amazon.com, Microsoft and Tesla. Amazon.com is an online retailer offering books, music, videotapes, computers, electronics, home and garden, and numerous other products. Microsoft develops, manufactures, licenses, sells, and supports software products, including operating system software, server application software, business and consumer applications software, software development tools and Internet and intranet software. Tesla is described above.

The weakest contributors to the ETF’s absolute performance during the same period were AT&T, The Walt Disney Company and Coca-Cola. AT&T is a communication company providing local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing. The Walt Disney Company is an entertainment company with operations in media networks, park experiences & consumer products, studio entertainment and Direct-to-Consumer networks and channels. Coca-Cola manufactures, markets, and distributes soft drink concentrates and syrups.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index is reconstituted and rebalanced quarterly in accordance with the rules of the Benchmark Index. During the reporting period, no significant corporate actions occurred.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_CANDRIAMBW.JPG]

Fund Performance History

IQ Candriam ESG U.S. Equity ETF
(as of April 30, 2020)

	Since Inception1
	Cumulative
IQ Candriam ESG U.S. Equity ETF Market Price2		-3.64%
IQ Candriam ESG U.S. Equity ETF NAV		-3.59%
IQ Candriam ESG US Equity Index		-3.60%
S&P 500 Index		-8.12%

Fund Inception Date: 12/17/2019.

The price used to calculate the Market Price returns is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Chaikin U.S. Small Cap ETF perform during the 12 months ended April 30, 2020?

For the 12 months ended April 30, 2020 (the “reporting period”), IQ Chaikin U.S. Small Cap ETF returned −21.35% at NAV (net asset value) and −21.34% at market price.1 In comparison, the ETF’s Benchmark Index, the NASDAQ Chaikin Power U.S. Small Cap Index2 returned −21.08% for the reporting period. The Russell 2000 Index2 and the NASDAQ US 1500 Index2 returned −16.39% and −17.98%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

The COVID-19 pandemic and the related closing of much of the global economy had a sharply negative impact on the ETF. Specifically, securities held in economically sensitive sectors such as industrials, consumer discretionary, energy and real estate were hit particularly hard. Bank stocks were also undermined as the difference between long-term rates at which banks lend fell very close to short-term rates at which banks finance their lending activity. This flattening of the yield curve3 put pressure on banks’ earnings as their profit margins were compressed.

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

The sectors with the highest total returns in the Benchmark Index during the reporting period were information technology, consumer staples and utilities. During the same period energy, real estate and communication services recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest contributions to the ETF’s absolute performance were health care, information technology and energy. The sectors that made the weakest contributions to the ETF’s absolute performance were industrials, financials and consumer discretionary.

See page 67 for more information on this index.

The yield curve is a line that plots the yields of various securities of similar quality — typically U.S. Treasury issues — across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks producing the highest total returns during the reporting period were GenMark Diagnostics, CNX Resources and Domo. GenMark Diagnostics is a molecular diagnostics company focused on developing and commercializing its biomarker detection technology. CNX Resources is an oil and gas exploration and production company. Domo designs and develops enterprise software; it offers a cloud-based executive management platform that gives users direct and real-time access to business information in one place for several industries, including media and marketing, telecommunication, retail, travel and leisure, technology, and financial services.

The Benchmark Index constituents with the lowest total returns for the reporting period were J.Jill, Liberty TripAdvisor and Braemar Hotels & Resorts. J.Jill retails women clothing, including sweaters, tops, pants, dresses, shorts, skirts, sleepwear and accessories. Liberty TripAdvisor operates the world’s largest travel platform, aggregating reviews and opinions from its community of travelers about, accommodations, restaurants experiences, airlines and cruises throughout the world. Braemar Hotels & Resorts is a real estate investment trust (“REIT”) that acquires and invests in luxury hotels and resorts in the United States.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period included Limelight Networks, GenMark Diagnostics and CNX Resources. Limelight Networks provides content delivery services for Internet distribution of video, music, games and downloads. GenMark Diagnostics is as a molecular diagnostics company focused on developing and commercializing its biomarker detection technology. CNX Resources is an oil and gas exploration and production company.

The weakest contributors to the ETF’s absolute performance were Braemar Hotels & Resorts (described above), Houghton Mifflin Harcourt and Ashford Hospitality Trust. Houghton Mifflin Harcourt Company is a global education and learning company. Ashford Hospitality Trust is a self-advised REIT focusing on the lodging industry.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index was reconstituted in April 2020 in accordance with the rules of the Benchmark Index. Additionally, the Benchmark Index methodology was modified to as follows: first, to replace the valuation-based secondary selection criteria with a low-volatility selection criteria; second, to increase the number of names included in the Benchmark Index up to 500; and third, to constrain sector weights to be within 20% of the sector weights of the base index from which the constituents are selected.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_USSMALLCAPBW.JPG]

Fund Performance History

IQ Chaikin U.S. Small Cap ETF
(as of April 30, 2020)

	1 Year		Since Inception1
	Avg Annual		Avg Annual		Cumulative
IQ Chaikin U.S. Small Cap ETF Market Price2		-21.34%		-6.60%		-18.29%
IQ Chaikin U.S. Small Cap ETF NAV		-21.35%		-6.60%		-18.29%
NASDAQ Chaikin Power US Small Cap Index		-21.08%		-6.15%		-17.14%
Russell 2000 Index		-16.39%		-0.70%		-2.05%
NASDAQ US 1500 Index		-17.98%		-1.17%		-3.43%

Fund Inception Date: 5/16/2017.

The price used to calculate the Market Price returns is determined by using the mid price between bid and ask price listed on the NYSE Arca and does not represent returns an investor would receive.

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Management’s Discussion of Fund Performance (unaudited) (continued)

How did IQ Chaikin U.S. Large Cap ETF perform during the 12 months ended April 30, 2020?

For the 12 months ending April 30, 2020 (the “reporting period”), IQ Chaikin U.S. Large Cap ETF returned −9.04% at NAV (net asset value) and −9.18% at market price.1 To compare, the Fund’s Benchmark Index, the NASDAQ Chaikin Power U.S. Large Cap Index,2 returned −8.82% for the reporting period. The S&P 500 Index2 and the NASDAQ US 300 Total Return Index2 returned 0.26% and 2.81%, respectively, for the same period.

What were the most significant factors and risks that influenced the markets in which the ETF invested during the reporting period?

What factors affected the ETF’s performance during the reporting period?

During the reporting period, how was the ETF’s performance materially affected by investments in derivatives?

The ETF did not use derivatives during the reporting period.

During the reporting period, which sectors had the highest total returns and which sectors had the lowest total returns?

In terms of total return, the best-performing sectors in the Benchmark Index during the reporting period were health care, communication services and real estate. During the same period materials, energy and consumer discretionary recorded the lowest total returns.

During the reporting period, which sectors made the strongest contributions to the ETF’s performance and which sectors made the weakest contributions?

On the basis of impact, which takes weightings and total returns into account, the sectors that made the strongest positive contributions to the ETF’s absolute performance were health care, information technology and communication services. The sectors that made the weakest contributions to the ETF’s absolute performance were financials, consumer discretionary and materials.

See page 70 for more information on this index.

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Management’s Discussion of Fund Performance (unaudited) (continued)

During the reporting period, which securities had the highest total returns and which securities had the lowest total returns?

Within the Benchmark Index, the stocks generating the highest total returns during the reporting period were Tesla, Snap and Valero Energy. Tesla designs, manufactures and sells high-performance electric vehicles and electric vehicle powertrain components. Snap provides technology and social media services, and develops mobile camera application products and services that allow users to send and receive photos, drawings, text and videos. Valero Energy is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada and Aruba.

The Benchmark Index constituents with the lowest total returns for the reporting period were DXC Technology, Carnival Corporation and Marathon Petroleum. DXC Technology provides a wide range of information technology services to global enterprises. Carnival owns and operates cruise ships offering cruises to all major vacation destinations. Marathon Petroleum refines, supplies, markets, and transports petroleum products.

Which securities made the strongest contributions to the ETF’s performance during the reporting period and which securities made the weakest contributions?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest contributions to the ETF’s absolute performance during the reporting period were Tesla and Snap, both described above, and Microsoft. Microsoft develops, manufactures, licenses, sells and supports software products for enterprises and individuals.

The weakest contributors were Carnival Corporation and DXC Technology, both described above, and Capital One Financial. Capital One Financial is a commercial bank and depository institution offering personal credit cards, investment products, loans and online banking services.

Were there any changes in the Benchmark Index during the reporting period?

The Benchmark Index was reconstituted in April 2020 in accordance with the rules of the Benchmark Index. Additionally, the Benchmark Index methodology was modified as follows: first, to replace the valuation-based secondary selection criteria with a low-volatility selection criteria; second, to increase the number of names included in the Benchmark Index up to 100; and third, to constrain sector weights to within 20% of the sector weights of the base index from which the constituents are selected.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance (unaudited) (continued)

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2020)

[MISSING IMAGE: TM2020883D1-LC_USLARGECAPBW.JPG]

Fund Performance History

IQ Chaikin U.S. Large Cap ETF
(as of April 30, 2020)

	1 Year		Since Inception1
	Avg Annual		Avg Annual		Cumulative
IQ Chaikin U.S. Large Cap ETF Market Price2		-9.18%		-3.49%		-8.10%
IQ Chaikin U.S. Large Cap ETF NAV		-9.04%		-3.43%		-7.97%
NASDAQ Chaikin Power U.S. Large Cap Index		-8.82%		-3.18%		-7.42%
S&P 500 Index		0.26%		5.24%		12.95%
NASDAQ US 300 Total Return Index		2.81%		6.81%		17.01%

Fund Inception Date: 12/13/2017.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Performance figures may reflect certain fee waivers and/or expenselimitations, without which total returns may have been lower.

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 11/01/2019 to 04/30/2020” 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.

	Beginning Account Value 11/01/2019			Ending Account Value 4/30/2020			Annualized Expense Ratios for the Period 11/01/2019 to 04/30/2020		Expenses1 Paid During the Period 11/01/2019 to 04/30/2020
IQ Hedge Multi-Strategy Tracker ETF
Actual		$	1,000.00		$	975.10		0.54%		$	2.65
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.18		0.54%		$	2.72
IQ Hedge Macro Tracker ETF
Actual		$	1,000.00		$	980.40		0.41%		$	2.02
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.82		0.41%		$	2.06
IQ Hedge Market Neutral Tracker ETF
Actual		$	1,000.00		$	974.80		0.41%		$	2.01
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.82		0.41%		$	2.06
IQ Hedge Long/Short Tracker ETF
Actual		$	1,000.00		$	973.30		0.41%		$	2.01
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.82		0.41%		$	2.06
IQ Hedge Event-Driven Tracker ETF
Actual		$	1,000.00		$	990.30		0.41%		$	2.03
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.82		0.41%		$	2.06

TABLE OF CONTENTS

Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/01/2019			Ending Account Value 4/30/2020			Annualized Expense Ratios for the Period 11/01/2019 to 04/30/2020		Expenses1 Paid During the Period 11/01/2019 to 04/30/2020
IQ Real Return ETF
Actual		$	1,000.00		$	978.10		0.21%		$	1.03
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.82		0.21%		$	1.06
IQ Leaders GTAA Tracker ETF
Actual		$	1,000.00		$	904.20		0.24%		$	1.14
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.67		0.24%		$	1.21
IQ Enhanced Core Plus Bond U.S. ETF
Actual		$	1,000.00		$	1,027.50		0.21%		$	1.06
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.82		0.21%		$	1.06
IQ Short Duration Enhanced Core Bond U.S. ETF
Actual		$	1,000.00		$	958.20		0.21%		$	1.02
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.82		0.21%		$	1.06
IQ Merger Arbitrage ETF
Actual		$	1,000.00		$	966.30		0.76%		$	3.72
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,021.08		0.76%		$	3.82
IQ Global Resources ETF
Actual		$	1,000.00		$	925.90		0.76%		$	3.64
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,021.08		0.76%		$	3.82
IQ Global Agribusiness Small Cap ETF
Actual		$	1,000.00		$	902.30		0.76%		$	3.59
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,021.08		0.76%		$	3.82
IQ U.S. Real Estate Small Cap ETF
Actual		$	1,000.00		$	673.60		0.70%		$	2.91
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,021.38		0.70%		$	3.52
IQ S&P High Yield Low Volatility Bond ETF
Actual		$	1,000.00		$	964.00		0.40%		$	1.95
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.87		0.40%		$	2.01
IQ 500 International ETF
Actual		$	1,000.00		$	810.70		0.25%		$	1.13
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.62		0.25%		$	1.26
IQ 50 Percent Hedged FTSE International ETF
Actual		$	1,000.00		$	870.90		0.20%		$	0.93
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.87		0.20%		$	1.01
IQ 50 Percent Hedged FTSE Europe ETF
Actual		$	1,000.00		$	858.70		0.30%		$	1.39
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.37		0.30%		$	1.51
IQ 50 Percent Hedged FTSE Japan ETF
Actual		$	1,000.00		$	902.70		0.30%		$	1.42
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.37		0.30%		$	1.51
IQ Candriam ESG International Equity ETF
Actual		$	1,000.00		$	838.20		0.15%		$	0.51*
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,024.12		0.15%		$	0.75
IQ Candriam ESG U.S. Equity ETF
Actual		$	1,000.00		$	964.10		0.09%		$	0.33*
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,024.42		0.09%		$	0.45

TABLE OF CONTENTS

Portfolio Summaries* (unaudited)

April 30, 2020

IQ Hedge Multi-Strategy Tracker ETF
Net Assets ($ mil): $739.7

Asset Class	% of Net Assets
U.S. Ultra Short Term Bond Funds		29.2%
Money Market Funds		11.9
Bank Loan Funds		7.5
Investment Grade Corporate Bond Funds		7.2
Floating Rate — Investment Grade Funds		5.9
Mortgage Backed Securities Funds		5.1
U.S. Large Cap Core Funds		4.9
International Small Cap Equity Funds		4.2
International Equity Core Funds		4.1
U.S. Large Cap Growth Funds		3.5
High Yield Corporate Bond Funds		3.1
Europe Equity Funds		2.6
U.S. Preferred Funds		2.3
U.S. Dollar Fund		2.3
Convertible Bond Fund		2.0
Euro Fund		2.0
International Large Cap Growth Fund		2.0
U.S. Medium Term Treasury Bond Funds		1.7
Asia Pacific Equity Funds		1.6
Emerging Equity Funds		1.6
Gold Funds		1.4
Japan Equity Fund		1.3
Emerging Markets Small Cap Equity Fund		0.8
U.S. Small Cap Growth Funds		0.7
Emerging Bonds — Local Currency Funds		0.7
Volatility Note		0.7
Broad Fund		0.5
BRIC Equity Funds		0.3
Treasury Inflation-Protected Securities Fund		0.3
U.S. Long Term Treasury Bond Funds		0.3
Silver Fund		0.2
Emerging Bonds — USD Funds		0.2
British Pound Fund		0.1
Total Investments		112.2
Other Assets and Liabilites, Net		(12.2)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

IQ Hedge Macro Tracker ETF
Net Assets ($ mil): $3.8

Asset Class	% of Net Assets
U.S. Ultra Short-Term Bond Funds		32.0%
Convertible Bond Fund		12.2
Investment Grade Corporate Bond Funds		10.3
Money Market Funds		6.3
Emerging Equity Funds		6.2
U.S. Medium Term Treasury Bond Funds		6.0
Floating Rate — Investment Grade Funds		4.5
Emerging Bonds — Local Currency Funds		4.5
Gold Funds		3.2
U.S. Large Cap Core Fund		3.1
Broad Fund		2.9
Japan Equity Fund		2.8
Emerging Small Cap Equity Fund		2.4
U.S. Large Cap Growth Funds		2.3
Emerging Bonds — USD Funds		2.3
U.S. Dollar Fund		2.2
BRIC Equity Funds		2.0
Europe Equity Fund		0.8
Silver Fund		0.5
Total Investments		106.5
Other Assets and Liabilites, Net		(6.5)
Total Net Assets		100.0%

See notes to financial statements.

TABLE OF CONTENTS

Portfolio Summaries* (unaudited) (continued)

April 30, 2020

IQ Hedge Market Neutral Tracker ETF
Net Assets ($ mil): $18.0

Asset Class	% of Net Assets
U.S. Ultra Short Term Bond Funds		38.3%
Money Market Funds		18.8
Bank Loan Funds		12.8
Floating Rate — Investment Grade Funds		8.9
Mortgage Backed Securities Funds		8.7
International Small Cap Equity Funds		6.5
High Yield Corporate Bond Funds		5.4
Investment Grade Corporate Bond Funds		5.3
Europe Equity Funds		4.0
U.S. Small Cap Growth Funds		3.4
Asia ex Japan Equity Funds		2.8
Euro Fund		2.3
Convertible Bond Fund		0.9
Treasury Inflation-Protected Securities Fund		0.5
Emerging Equity Funds		0.5
British Pound Fund		0.1
U.S. Dollar Fund		0.1
Total Investments		119.3
Other Assets and Liabilites, Net		(19.3)
Total Net Assets		100.0%

IQ Hedge Long/Short Tracker ETF
Net Assets ($ mil): $10.7

Asset Class	% of Net Assets
International Equity Core Funds		16.5%
U.S. Preferred Funds		16.1
U.S. Large Cap Growth Funds		16.0
U.S. Large Cap Core Funds		14.1
U.S. Ultra Short Term Bond Funds		10.1
Money Market Funds		9.1
International Large Cap Growth Fund		7.9
Bank Loan Funds		7.6
International Small Cap Equity Funds		3.9
Investment Grade Corporate Bond Funds		3.8
U.S. Long Term Treasury Bond Funds		3.8
Volatility Note		0.9
Total Investments		109.8
Other Assets and Liabilites, Net		(9.8)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

IQ Hedge Event-Driven Tracker ETF
Net Assets ($ mil): $8.4

Asset Class	% of Net Assets
High Yield Corporate Bond Funds		31.6%
Money Market Funds		26.9
Bank Loan Funds		24.4
Investment Grade Corporate Bond Funds		18.7
U.S. Small Cap Growth Funds		8.9
U.S. Preferred Funds		8.3
Convertible Bond Fund		7.8
Total Investments		126.6
Other Assets and Liabilites, Net		(26.6)
Total Net Assets		100.0%

IQ Real Return ETF
Net Assets ($ mil): $51.2

Asset Class	% of Net Assets
U.S. Ultra Short-Term Bond Funds		83.1%
Money Market Funds		17.2
U.S. Large Cap Core Funds		10.4
U.S. REITS Funds		5.7
Oil Fund		0.8
Total Investments		117.2
Other Assets and Liabilites, Net		(17.2)
Total Net Assets		100.0%

IQ Leaders GTAA Tracker ETF
Net Assets ($ mil): $11.9

Asset Class	% of Net Assets
International Equity Core Funds		32.6%
U.S. Large Cap Core Funds		28.9
High Yield Corporate Bond Funds		10.4
U.S. Medium Term Treasury Bond Fund		8.7
Investment Grade Corporate Bond Funds		7.6
Emerging Equity Funds		6.5
Aggregate Bond Funds		6.1
Money Market Funds		5.0
Total Investments		105.8
Other Assets and Liabilites, Net		(5.8)
Total Net Assets		100.0%

See notes to financial statements.

TABLE OF CONTENTS

Portfolio Summaries* (unaudited) (continued)

April 30, 2020

IQ Enhanced Core Plus Bond U.S. ETF
Net Assets ($ mil): $69.0

Asset Class	% of Net Assets
Mortgage Backed Securities Funds		49.7%
U.S. Short-Term Treasury Bond Funds		30.7
U.S. Intermediate Term Treasury Bond Funds		18.4
Money Market Funds		1.9
U.S. Long Term Treasury Bond Funds		1.1
Total Investments		101.8
Other Assets and Liabilites, Net		(1.8)
Total Net Assets		100.0%

IQ Short Duration Enhanced Core Bond U.S. ETF
Net Assets ($ mil): $4.9

Asset Class	% of Net Assets
U.S. Short-Term Treasury Bond Funds		83.7%
Investment Grade Corporate Bond Funds		16.3
Money Market Funds		0.3
Total Investments		100.3
Other Assets and Liabilites, Net		(0.3)
Total Net Assets		100.0%

IQ S&P High Yield Low Volatility Bond ETF
Net Assets ($ mil): $51.3

Industry	% of Net Assets
Media		15.1%
Health Care		14.9
Telecommunication Services		14.5
Consumer Discretionary		10.9
Industrials		9.3
Consumer Staples		8.6
Materials		7.4
Information Technology		5.4
Utilities		4.2
Financials		3.9
Energy		2.4
Money Market Fund		2.2
Real Estate		0.7
Transportation		0.4
Total Investments		99.9
Other Assets and Liabilites, Net		0.1
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

IQ Merger Arbitrage ETF
Net Assets ($ mil): $723.6

Industry	% of Net Assets
Financials		24.6%
Information Technology		19.1
Consumer Discretionary		17.8
Money Market Fund		12.7
Industrials		6.3
Health Care		5.7
U.S. Ultra Short Term Bond Funds		5.1
Real Estate		3.7
Utilities		2.2
Communication Services		2.0
Consumer Staples		0.2
Total Investments		99.4
Other Assets and Liabilites, Net		0.6
Total Net Assets		100.0%

IQ Global Resources ETF
Net Assets ($ mil): $22.9

Industry	% of Net Assets
Energy		16.4%
Precious Metals		16.3
Livestock		14.0
Grains Food Fiber		13.2
Timber		10.7
Industrial Metals		7.8
Water		8.0
Coal		6.1
Money Market Funds		5.2
U.S. Ultra Short Term Bond Funds		4.6
Total Investments		102.3
Other Assets and Liabilites, Net		(2.3)
Total Net Assets		100.0%

See notes to financial statements.

TABLE OF CONTENTS

Portfolio Summaries* (unaudited) (continued)

April 30, 2020

IQ Global Agribusiness Small Cap ETF
Net Assets ($ mil): $7.1

Industry	% of Net Assets
Crop Production and Farming		43.8%
Livestock Operations		24.2
Agricultural Chemicals		16.2
Agricultural Machinery		8.7
Money Market Funds		7.4
Agricultural Supplies and Logistics		7.0
Total Investments		107.3
Other Assets and Liabilites, Net		(7.3)
Total Net Assets		100.0%

IQ U.S. Real Estate Small Cap ETF
Net Assets ($ mil): $40.7

Asset Class	% of Net Assets
Specialized REITs		28.3%
Retail REITs		19.5
Office REITs		16.5
Diversified REITs		14.6
Mortgage REITs		9.7
Hotel REITs		8.2
Residential REITs		2.8
Money Market Funds		2.6
Total Investments		102.2
Other Assets and Liabilites, Net		(2.2)
Total Net Assets		100.0%

IQ 500 International ETF
Net Assets ($ mil): $218.5

Industry	% of Net Assets
Industrials		21.7%
Consumer Discretionary		14.9
Consumer Staples		11.5
Materials		9.4
Communication Services		8.9
Financials		8.9
Health Care		7.3
Energy		6.6
Utilities		6.1
Information Technology		5.6
Money Market Fund		4.3
Total Investments		105.2
Other Assets and Liabilites, Net		(5.2)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

IQ 50 Percent Hedged FTSE International ETF
Net Assets ($ mil): $249.6

Industry	% of Net Assets
Financials		16.1%
Industrials		14.4
Health Care		14.3
Consumer Staples		11.7
Consumer Discretionary		10.9
Information Technology		9.3
Materials		7.4
Communication Services		5.4
Utilities		3.8
Energy		3.7
Money Market Fund		3.6
Real Estate		3.0
Total Investments		103.6
Other Assets and Liabilites, Net		(3.6)
Total Net Assets		100.0%

IQ 50 Percent Hedged FTSE Europe ETF
Net Assets ($ mil): $7.7

Industry	% of Net Assets
Health Care		17.0%
Financials		15.7
Consumer Staples		14.6
Industrials		13.1
Consumer Discretionary		9.4
Materials		7.4
Information Technology		6.8
Energy		5.2
Utilities		4.9
Money Market Fund		4.8
Communication Services		4.4
Real Estate		1.7
Total Investments		105.0
Other Assets and Liabilites, Net		(5.0)
Total Net Assets		100.0%

See notes to financial statements.

TABLE OF CONTENTS

Portfolio Summaries* (unaudited) (continued)

April 30, 2020

IQ 50 Percent Hedged FTSE Japan ETF
Net Assets ($ mil): $7.7

Industry	% of Net Assets
Industrials		20.9%
Consumer Discretionary		17.8
Information Technology		12.1
Health Care		11.0
Financials		9.5
Consumer Staples		9.0
Communication Services		8.8
Materials		5.6
Real Estate		2.5
Utilities		1.8
Money Market Fund		1.1
Energy		0.7
Total Investments		100.8
Other Assets and Liabilites, Net		(0.8)
Total Net Assets		100.0%

IQ Candriam ESG International Equity ETF
Net Assets ($ mil): $46.2

Industry	% of Net Assets
Financials		17.3%
Health Care		14.7
Industrials		13.7
Consumer Discretionary		11.9
Consumer Staples		12.0
Information Technology		8.3
Materials		7.0
Communication Services		6.5
Real Estate		3.1
Utilities		3.0
Energy		2.3
Money Market Fund		1.2
Total Investments		101.0
Other Assets and Liabilites, Net		(1.0)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

(a)

Less than 0.05%.

IQ Candriam ESG U.S. Equity ETF
Net Assets ($ mil): $6.0

Industry	% of Net Assets
Information Technology		32.8%
Health Care		16.0
Consumer Discretionary		13.7
Communication Services		10.9
Consumer Staples		6.6
Financials		5.7
Industrials		5.2
Real Estate		3.7
Materials		2.8
Utilities		1.6
Energy		0.8
Money Market Fund		0.2
Total Investments		100.0
Other Assets and Liabilites, Net		0.0(a)
Total Net Assets		100.0%

IQ Chaikin U.S. Small Cap ETF
Net Assets ($ mil): $103.1

Industry	% of Net Assets
Financials		21.4%
Industrials		16.5
Health Care		15.2
Information Technology		13.1
Consumer Discretionary		10.9
Real Estate		7.1
Communication Services		4.0
Materials		3.9
Energy		3.3
Consumer Staples		3.3
Money Market Funds		3.1
Utilities		1.2
Total Investments		103.0
Other Assets and Liabilites, Net		(3.0)
Total Net Assets		100.0%

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Multi-Strategy Tracker ETF

April 30, 2020

	Shares		Value
Exchange Traded Note — 0.7%
Volatility Note — 0.7%
iPath Series B S&P 500 VIX Short-Term Futures ETN*(a)
(Cost $2,419,945)		126,012		$	4,772,074
Exchange Traded Vehicles — 6.0%
British Pound Fund — 0.1%
Invesco CurrencyShares British Pound Sterling Trust*(a)		4,690			572,321
Euro Fund — 2.0%
Invesco CurrencyShares Euro Currency Trust*(a)		142,565			14,761,180
Gold Funds — 1.4%
Aberdeen Standard Physical Gold Shares ETF*(a)		40,323			655,249
Graniteshares Gold Trust*(a)		20,516			344,258
iShares Gold Trust*		559,736			9,017,347
SPDR Gold MiniShares Trust*		40,491			681,868
Total Gold Funds					10,698,722
Silver Fund — 0.2%
iShares Silver Trust*		125,644			1,756,503
U.S. Dollar Fund — 2.3%
Invesco DB U.S. Dollar Index Bullish Fund		622,216			16,669,167
Total Exchange Traded Vehicles
(Cost $44,504,610)					44,457,893
Investment Companies — 86.0%
Asia Pacific Equity Funds — 1.6%
iShares Core MSCI Pacific ETF		52,812			2,597,822
Vanguard FTSE Pacific ETF(a)		151,338			8,874,461
Total Asia Pacific Equity Funds					11,472,283
Bank Loan Funds — 7.5%
Invesco Senior Loan ETF(a)		1,878,966			39,420,707
SPDR Blackstone / GSO Senior Loan ETF(a)		383,868			16,034,166
Total Bank Loan Funds					55,454,873
BRIC Equity Funds — 0.3%
iShares China Large-Cap ETF(a)		24,954			962,975
iShares MSCI China ETF		19,963			1,197,381
SPDR S&P China ETF		2,977			285,077
Total BRIC Equity Funds					2,445,433
Broad Fund — 0.5%
FlexShares Global Upstream Natural Resources Index Fund(a)		139,498			3,604,628
Convertible Bond Fund — 2.0%
SPDR Bloomberg Barclays Convertible Securities ETF(a)		278,059			14,801,081
Emerging Bonds — Local Currency Funds — 0.7%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF(a)		45,250			1,140,752
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		145,744			4,210,544
WisdomTree Emerging Markets Local Debt Fund		6,324			189,594
Total Emerging Bonds — Local Currency Funds					5,540,890

	Shares		Value
Investment Companies (continued)
Emerging Bonds — USD Funds — 0.2%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)		13,242		$	1,330,821
Vanguard Emerging Markets Government Bond ETF		2,261			162,882
Total Emerging Bonds — USD Funds					1,493,703
Emerging Equity Funds — 1.6%
iShares Core MSCI Emerging Markets ETF		104,755			4,573,603
iShares Edge MSCI Min Vol Emerging Markets ETF(a)		37,445			1,893,968
Vanguard FTSE Emerging Markets ETF		138,282			5,001,660
Total Emerging Equity Funds					11,469,231
Emerging Markets Small Cap Equity Fund — 0.8%
SPDR S&P Emerging Markets SmallCap ETF		164,442			5,997,200
Europe Equity Funds — 2.6%
iShares Core MSCI Europe ETF(a)		96,281			3,799,248
Vanguard FTSE Europe ETF(a)		271,347			12,500,956
Xtrackers MSCI Europe Hedged Equity ETF		100,695			2,587,862
Total Europe Equity Funds					18,888,066
Floating Rate — Investment Grade Funds — 5.9%
iShares Floating Rate Bond ETF(a)		649,066			32,453,300
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF(a)		373,645			11,261,660
Total Floating Rate — Investment Grade Funds					43,714,960
High Yield Corporate Bond Funds — 3.1%
iShares 0-5 Year High Yield Corporate Bond ETF		317,071			13,386,738
SPDR Bloomberg Barclays Short Term High Yield Bond ETF(a)		396,707			9,751,058
Total High Yield Corporate Bond Funds					23,137,796
International Equity Core Funds — 4.1%
iShares Core MSCI EAFE ETF		283,163			15,016,134
Vanguard FTSE Developed Markets ETF(a)		436,990			15,591,803
Total International Equity Core Funds					30,607,937
International Large Cap Growth Fund — 2.0%
iShares MSCI EAFE Growth ETF(a)		193,637			14,722,221
International Small Cap Equity Funds — 4.2%
Schwab International Small-Cap Equity ETF(a)		351,831			9,534,620
Vanguard FTSE All World ex-U.S. Small-Cap ETF(a)		248,954			21,743,642
Total International Small Cap Equity Funds					31,278,262
Investment Grade Corporate Bond Funds — 7.2%
iShares Broad USD Investment Grade Corporate Bond ETF(a)		38,987			2,269,043
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		189,668			24,499,416
SPDR Portfolio Short Term Corporate Bond ETF		67,529			2,088,672

See notes to financial statements.

TABLE OF CONTENTS

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

April 30, 2020

	Shares		Value
Investment Companies (continued)
Investment Grade Corporate Bond Funds (continued)
Vanguard Intermediate-Term Corporate Bond ETF		176,559		$	16,128,665
Vanguard Short-Term Corporate Bond ETF(a)		102,824			8,336,970
Total Investment Grade Corporate Bond Funds					53,322,766
Japan Equity Fund — 1.3%
Xtrackers MSCI Japan Hedged Equity ETF(a)		253,548			9,378,741
Mortgage Backed Securities Funds — 5.1%
iShares MBS ETF(a)		222,411			24,709,862
Vanguard Mortgage-Backed Securities ETF(a)		231,374			12,642,276
Total Mortgage Backed Securities Funds					37,352,138
Treasury Inflation-Protected Securities Fund — 0.3%
iShares TIPS Bond ETF(a)		16,532			2,005,497
U.S. Large Cap Core Funds — 4.9%
Energy Select Sector SPDR Fund(a)		336,488			12,786,544
Financial Select Sector SPDR Fund(a)		578,316			13,179,822
Health Care Select Sector SPDR Fund(a)		60,909			6,074,454
Technology Select Sector SPDR Fund		48,532			4,436,310
Total U.S. Large Cap Core Funds					36,477,130
U.S. Large Cap Growth Funds — 3.5%
iShares Core S&P U.S. Growth ETF(a)		41,715			2,724,407
Schwab U.S. Large-Cap Growth ETF(a)		34,426			3,144,815
SPDR Portfolio S&P 500 Growth ETF(a)		53,916			2,201,929
Vanguard Growth ETF(a)		91,607			16,518,574
Vanguard Russell 1000 Growth ETF(a)		7,043			1,252,457
Total U.S. Large Cap Growth Funds					25,842,182
U.S. Long Term Treasury Bond Funds — 0.3%
iShares 20+ Year Treasury Bond ETF(a)		9,324			1,554,684
SPDR Portfolio Long Term Treasury ETF		3,551			169,383
Vanguard Long-Term Treasury ETF(a)		1,738			176,963
Total U.S. Long Term Treasury Bond Funds					1,901,030
U.S. Medium Term Treasury Bond Funds — 1.7%
iShares 3-7 Year Treasury Bond ETF		48,695			6,492,991
Schwab Intermediate-Term U.S. Treasury ETF		48,586			2,853,456
Vanguard Intermediate-Term Treasury ETF		45,697			3,218,440
Total U.S. Medium Term Treasury Bond Funds					12,564,887
U.S. Preferred Funds — 2.3%
Invesco Preferred ETF(a)		322,901			4,588,423
iShares Preferred & Income Securities ETF(a)		368,075			12,753,799
Total U.S. Preferred Funds					17,342,222
U.S. Small Cap Growth Funds — 0.7%
iShares Russell 2000 Growth ETF(a)		11,817			2,154,711
iShares S&P Small-Cap 600 Growth ETF(a)		6,792			1,052,081
Vanguard Small-Cap Growth ETF(a)		13,343			2,335,292

	Shares		Value
Investment Companies (continued)
U.S. Small Cap Growth Funds (continued)
Total U.S. Small Cap Growth Funds				$	5,542,084
U.S. Ultra Short Term Bond Funds — 29.2%
Goldman Sachs Access Treasury 0-1 Year ETF(a)		401,940			40,451,242
Invesco Treasury Collateral ETF†		403,476			42,760,387
IQ Ultra Short Duration ETF†		1,137,443			56,246,556
iShares Short Treasury Bond ETF(a)(b)		367,095			40,714,506
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		392,413			35,929,334
Total U.S. Ultra Short Term Treasury Bond Funds					216,102,025
Total Investment Companies
(Cost $691,745,263)					692,459,266
Short-Term Investments — 11.9%
Money Market Funds — 11.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d)		87,019,645			87,019,645
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c)		737,564			737,564
Total Short-Term Investments
(Cost $87,757,209)					87,757,209
Total Investments — 112.2%
(Cost $826,427,027)					829,446,442
Other Assets and Liabilities, Net — (12.2)%					(89,786,055)
Net Assets — 100.0%				$	739,660,387

Non-income producing securities.

†

Affiliated Fund.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $163,756,749; total market value of collateral held by the Fund was $168,285,306. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $81,265,661.

(b)

All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $7,835,438.

(c)

Reflects the 1-day yield at April 30, 2020.

(d)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

TABLE OF CONTENTS

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

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020:
Total Return Benchmark	Counterparties	Annual Financing Rate Received (Paid)%		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long (Short)			Value/ Unrealized Appreciation/ (Depreciation)(e)
Aberdeen Standard Physical Gold Shares ETF	Morgan Stanley		0.54		7/02/2020	Monthly		$	33,589		$	—
Aberdeen Standard Physical Gold Shares ETF	Bank of America		1.49		9/30/2020	Monthly			33,589			—
Consumer Discretionary Select Sector SPDR Fund	Morgan Stanley		(0.01)		7/02/2020	Monthly			(2,730,772)			—
Consumer Discretionary Select Sector SPDR Fund	Bank of America		0.99		9/30/2020	Monthly			(2,730,772)			—
Energy Select Sector SPDR Fund	Morgan Stanley		0.54		7/02/2020	Monthly			655,538			—
Energy Select Sector SPDR Fund	Bank of America		1.49		9/30/2020	Monthly			655,538			—
Financial Select Sector SPDR Fund	Morgan Stanley		0.54		7/02/2020	Monthly			675,701			—
Financial Select Sector SPDR Fund	Bank of America		1.49		9/30/2020	Monthly			675,701			—
FlexShares Global Upstream Natural Resources Index Fund	Morgan Stanley		0.54		7/02/2020	Monthly			184,808			—
FlexShares Global Upstream Natural Resources Index Fund	Bank of America		1.49		9/30/2020	Monthly			184,808			—
Goldman Sachs Access Treasury 0-1 Year ETF	Morgan Stanley		0.54		7/02/2020	Monthly			2,073,888			—
Goldman Sachs Access Treasury 0-1 Year ETF	Bank of America		1.49		9/30/2020	Monthly			2,073,888			—
Graniteshares Gold Trust	Morgan Stanley		0.54		7/02/2020	Monthly			17,653			—
Graniteshares Gold Trust	Bank of America		1.49		9/30/2020	Monthly			17,653			—
Health Care Select Sector SPDR Fund	Morgan Stanley		0.54		7/02/2020	Monthly			311,457			—
Health Care Select Sector SPDR Fund	Bank of America		1.49		9/30/2020	Monthly			311,457			—
Invesco CurrencyShares Australian Dollar Trust	Morgan Stanley		(3.90)		7/02/2020	Monthly			(239,281)			—
Invesco CurrencyShares Australian Dollar Trust	Bank of America		0.99		9/30/2020	Monthly			(2,625,911)			—
Invesco CurrencyShares British Pound Sterling Trust	Morgan Stanley		0.54		7/02/2020	Monthly			29,287			—
Invesco CurrencyShares British Pound Sterling Trust	Bank of America		1.49		9/30/2020	Monthly			29,287			—
Invesco CurrencyShares Euro Currency Trust	Morgan Stanley		0.54		7/02/2020	Monthly			756,774			—
Invesco CurrencyShares Euro Currency Trust	Bank of America		1.49		9/30/2020	Monthly			756,774			—
Invesco DB U.S. Dollar Index Bullish Fund	Morgan Stanley		0.54		7/02/2020	Monthly			854,601			—
Invesco DB U.S. Dollar Index Bullish Fund	Bank of America		1.49		9/30/2020	Monthly			854,601			—
Invesco KBW Bank ETF	Morgan Stanley		(1.65)		7/02/2020	Monthly			(64,223)			—
Invesco KBW Bank ETF	Bank of America		0.99		9/30/2020	Monthly			(64,223)			—
Invesco Preferred ETF	Morgan Stanley		0.54		7/02/2020	Monthly			235,232			—
Invesco Preferred ETF	Bank of America		1.49		9/30/2020	Monthly			235,232			—
Invesco S&P 500 Low Volatility ETF	Morgan Stanley		(1.40)		7/02/2020	Monthly			(1,306,281)			—
Invesco S&P 500 Low Volatility ETF	Bank of America		0.99		9/30/2020	Monthly			(1,306,281)			—
Invesco Senior Loan ETF	Morgan Stanley		0.54		7/02/2020	Monthly			2,021,003			—
Invesco Senior Loan ETF	Bank of America		1.49		9/30/2020	Monthly			2,021,003			—
Invesco Treasury Collateral ETF	Morgan Stanley		0.54		7/02/2020	Monthly			2,192,196			—
Invesco Treasury Collateral ETF	Bank of America		1.49		9/30/2020	Monthly			2,192,196			—
iPath Series B S&P 500 VIX Short-Term Futures ETN	Morgan Stanley		0.54		7/02/2020	Monthly			244,678			—
iPath Series B S&P 500 VIX Short-Term Futures ETN	Bank of America		1.49		9/30/2020	Monthly			244,678			—
IQ Ultra Short Duration ETF	Morgan Stanley		0.54		7/02/2020	Monthly			2,883,627			—
IQ Ultra Short Duration ETF	Bank of America		1.49		9/30/2020	Monthly			2,883,627			—
iShares 0-5 Year High Yield Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			686,328			—
iShares 0-5 Year High Yield Corporate Bond ETF	Bank of America		1.49		9/30/2020	Monthly			686,328			—
iShares 20+ Year Treasury Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			79,868			—
iShares 20+ Year Treasury Bond ETF	Bank of America		1.49		9/30/2020	Monthly			79,868			—
iShares 3-7 Year Treasury Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			332,950			—
iShares 3-7 Year Treasury Bond ETF	Bank of America		1.49		9/30/2020	Monthly			332,950			—
iShares Broad USD Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			116,342			—

See notes to financial statements.

TABLE OF CONTENTS

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

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020: (continued)
Total Return Benchmark	Counterparties	Annual Financing Rate Received (Paid)%		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long (Short)			Value/ Unrealized Appreciation/ (Depreciation)(e)
iShares Broad USD Investment Grade Corporate Bond ETF	Bank of America		1.49		9/30/2020	Monthly		$	116,342		$	—
iShares China Large-Cap ETF	Morgan Stanley		0.54		7/02/2020	Monthly			98,752			—
iShares Core MSCI EAFE ETF	Morgan Stanley		0.54		7/02/2020	Monthly			769,837			—
iShares Core MSCI EAFE ETF	Bank of America		1.49		9/30/2020	Monthly			769,837			—
iShares Core MSCI Emerging Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly			234,454			—
iShares Core MSCI Emerging Markets ETF	Bank of America		1.49		9/30/2020	Monthly			234,454			—
iShares Core MSCI Europe ETF	Morgan Stanley		0.54		7/02/2020	Monthly			194,775			—
iShares Core MSCI Europe ETF	Bank of America		1.49		9/30/2020	Monthly			194,775			—
iShares Core MSCI Pacific ETF	Morgan Stanley		0.54		7/02/2020	Monthly			133,207			—
iShares Core MSCI Pacific ETF	Bank of America		1.49		9/30/2020	Monthly			133,207			—
iShares Core S&P U.S. Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			139,698			—
iShares Core S&P U.S. Growth ETF	Bank of America		1.49		9/30/2020	Monthly			139,698			—
iShares Core S&P U.S. Value ETF	Morgan Stanley		(3.05)		7/02/2020	Monthly			(534,956)			—
iShares Core S&P U.S. Value ETF	Bank of America		0.99		9/30/2020	Monthly			(534,956)			—
iShares Core U.S. REIT ETF	Morgan Stanley		(3.90)		7/02/2020	Monthly			(946,253)			—
iShares Core U.S. REIT ETF	Bank of America		0.99		9/30/2020	Monthly			(946,253)			—
iShares Edge MSCI Min Vol Emerging Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly			97,063			—
iShares Edge MSCI Min Vol Emerging Markets ETF	Bank of America		1.49		9/30/2020	Monthly			97,063			—
iShares Edge MSCI Min Vol USA ETF	Morgan Stanley		(0.31)		7/02/2020	Monthly			(4,570,659)			—
iShares Edge MSCI Min Vol USA ETF	Bank of America		0.99		9/30/2020	Monthly			(4,570,659)			—
iShares Edge MSCI USA Momentum Factor ETF	Morgan Stanley		(0.70)		7/02/2020	Monthly			(1,579,523)			—
iShares Edge MSCI USA Momentum Factor ETF	Bank of America		0.99		9/30/2020	Monthly			(1,579,523)			—
iShares Floating Rate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			1,663,800			—
iShares Floating Rate Bond ETF	Bank of America		1.49		9/30/2020	Monthly			1,663,800			—
iShares Gold Trust	Morgan Stanley		0.54		7/02/2020	Monthly			462,293			—
iShares Gold Trust	Bank of America		1.49		9/30/2020	Monthly			462,293			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			1,256,049			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	Bank of America		1.49		9/30/2020	Monthly			1,256,049			—
iShares iBoxx High Yield Corporate Bond ETF	Morgan Stanley		(0.60)		7/02/2020	Monthly			(3,268,997)			—
iShares iBoxx High Yield Corporate Bond ETF	Bank of America		0.99		9/30/2020	Monthly			(3,268,997)			—
iShares J.P. Morgan USD Emerging Markets Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			68,139			—
iShares J.P. Morgan USD Emerging Markets Bond ETF	Bank of America		1.49		9/30/2020	Monthly			68,139			—
iShares MBS ETF	Morgan Stanley		0.54		7/02/2020	Monthly			1,266,873			—
iShares MBS ETF	Bank of America		1.49		9/30/2020	Monthly			1,266,873			—
iShares MSCI China ETF	Morgan Stanley		0.54		7/02/2020	Monthly			122,839			—
iShares MSCI EAFE Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			754,750			—
iShares MSCI EAFE Growth ETF	Bank of America		1.49		9/30/2020	Monthly			754,750			—
iShares MSCI Japan ETF	Morgan Stanley		(0.31)		7/02/2020	Monthly			(1,749,074)			—
iShares MSCI Japan ETF	Bank of America		0.99		9/30/2020	Monthly			(1,749,074)			—
iShares Preferred & Income Securities ETF	Morgan Stanley		0.54		7/02/2020	Monthly			653,880			—
iShares Preferred & Income Securities ETF	Bank of America		1.49		9/30/2020	Monthly			653,880			—
iShares Russell 2000 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			110,498			—
iShares Russell 2000 Growth ETF	Bank of America		1.49		9/30/2020	Monthly			110,498			—
iShares Russell 2000 Value ETF	Morgan Stanley		(0.31)		7/02/2020	Monthly			(1,930,387)			—
iShares Russell 2000 Value ETF	Bank of America		0.99		9/30/2020	Monthly			(1,930,387)			—
iShares S&P Small-Cap 600 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			53,905			—
iShares S&P Small-Cap 600 Growth ETF	Bank of America		1.49		9/30/2020	Monthly			53,905			—
iShares S&P Small-Cap 600 Value ETF	Morgan Stanley		(3.60)		7/02/2020	Monthly			(1,218,329)			—
iShares S&P Small-Cap 600 Value ETF	Bank of America		0.99		9/30/2020	Monthly			(1,218,329)			—

See notes to financial statements.

TABLE OF CONTENTS

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

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020: (continued)
Total Return Benchmark	Counterparties	Annual Financing Rate Received (Paid)%		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long (Short)			Value/ Unrealized Appreciation/ (Depreciation)(e)
iShares Short Treasury Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly		$	2,200,676		$	—
iShares Short Treasury Bond ETF	Bank of America		1.49		9/30/2020	Monthly			2,200,676			—
iShares Silver Trust	Morgan Stanley		0.54		7/02/2020	Monthly			90,059			—
iShares Silver Trust	Bank of America		1.49		9/30/2020	Monthly			90,059			—
iShares TIPS Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			205,742			—
Schwab Intermediate-Term U.S. Treasury ETF	Morgan Stanley		0.54		7/02/2020	Monthly			146,296			—
Schwab Intermediate-Term U.S. Treasury ETF	Bank of America		1.49		9/30/2020	Monthly			146,296			—
Schwab International Small-Cap Equity ETF	Morgan Stanley		0.54		7/02/2020	Monthly			488,830			—
Schwab International Small-Cap Equity ETF	Bank of America		1.49		9/30/2020	Monthly			488,830			—
Schwab U.S. Large-Cap Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			161,141			—
Schwab U.S. Large-Cap Growth ETF	Bank of America		1.49		9/30/2020	Monthly			161,141			—
Schwab U.S. Large-Cap Value ETF	Morgan Stanley		(2.60)		7/02/2020	Monthly			(548,277)			—
Schwab U.S. Large-Cap Value ETF	Bank of America		0.99		9/30/2020	Monthly			(548,277)			—
Schwab U.S. REIT ETF	Morgan Stanley		(1.46)		7/02/2020	Monthly			(3,331,886)			—
Schwab U.S. REIT ETF	Bank of America		0.99		9/30/2020	Monthly			(3,331,886)			—
SPDR Blackstone / GSO Senior Loan ETF	Morgan Stanley		0.54		7/02/2020	Monthly			822,034			—
SPDR Blackstone / GSO Senior Loan ETF	Bank of America		1.49		9/30/2020	Monthly			822,034			—
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Morgan Stanley		0.54		7/02/2020	Monthly			1,842,004			—
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Bank of America		1.49		9/30/2020	Monthly			1,842,004			—
SPDR Bloomberg Barclays Convertible Securities ETF	Morgan Stanley		0.54		7/02/2020	Monthly			758,794			—
SPDR Bloomberg Barclays Convertible Securities ETF	Bank of America		1.49		9/30/2020	Monthly			758,794			—
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			58,487			—
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	Bank of America		1.49		9/30/2020	Monthly			58,487			—
SPDR Bloomberg Barclays High Yield Bond ETF	Morgan Stanley		(0.31)		7/02/2020	Monthly			(1,782,837)			—
SPDR Bloomberg Barclays High Yield Bond ETF	Bank of America		0.99		9/30/2020	Monthly			(1,782,837)			—
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF	Morgan Stanley		0.54		7/02/2020	Monthly			577,362			—
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF	Bank of America		1.49		9/30/2020	Monthly			577,362			—
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			499,933			—
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Bank of America		1.49		9/30/2020	Monthly			499,933			—
SPDR Dow Jones International Real Estate ETF	Morgan Stanley		(1.05)		7/02/2020	Monthly			(950,379)			—
SPDR Dow Jones International Real Estate ETF	Bank of America		0.99		9/30/2020	Monthly			(950,379)			—
SPDR Gold MiniShares Trust	Morgan Stanley		0.54		7/02/2020	Monthly			34,960			—
SPDR Gold MiniShares Trust	Bank of America		1.49		9/30/2020	Monthly			34,960			—
SPDR Portfolio Long Term Treasury ETF	Morgan Stanley		0.54		7/02/2020	Monthly			8,681			—
SPDR Portfolio Long Term Treasury ETF	Bank of America		1.49		9/30/2020	Monthly			8,681			—
SPDR Portfolio S&P 500 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			112,882			—
SPDR Portfolio S&P 500 Growth ETF	Bank of America		1.49		9/30/2020	Monthly			112,882			—
SPDR Portfolio S&P 500 Value ETF	Morgan Stanley		(3.05)		7/02/2020	Monthly			(330,016)			—
SPDR Portfolio S&P 500 Value ETF	Bank of America		0.99		9/30/2020	Monthly			(330,016)			—
SPDR Portfolio Short Term Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			107,080			—
SPDR Portfolio Short Term Corporate Bond ETF	Bank of America		1.49		9/30/2020	Monthly			107,080			—
SPDR S&P Bank ETF	Morgan Stanley		(1.55)		7/02/2020	Monthly			(191,523)			—
SPDR S&P Bank ETF	Bank of America		0.99		9/30/2020	Monthly			(191,523)			—
SPDR S&P China ETF	Morgan Stanley		0.54		7/02/2020	Monthly			29,207			—
SPDR S&P Emerging Markets SmallCap ETF	Morgan Stanley		0.54		7/02/2020	Monthly			307,479			—
SPDR S&P Emerging Markets SmallCap ETF	Bank of America		1.49		9/30/2020	Monthly			307,479			—
Technology Select Sector SPDR Fund	Morgan Stanley		0.54		7/02/2020	Monthly			227,428			—
Technology Select Sector SPDR Fund	Bank of America		1.49		9/30/2020	Monthly			227,428			—
VanEck Vectors High-Yield Municipal Index ETF	Morgan Stanley		(3.05)		7/02/2020	Monthly			(1,491,500)			—

See notes to financial statements.

TABLE OF CONTENTS

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

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020: (continued)
Total Return Benchmark	Counterparties	Annual Financing Rate Received (Paid)%		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long (Short)			Value/ Unrealized Appreciation/ (Depreciation)(e)
VanEck Vectors High-Yield Municipal Index ETF	Bank of America		0.99		9/30/2020	Monthly		$	(1,491,500)		$	—
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			215,866			—
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	Bank of America		1.49		9/30/2020	Monthly			215,866			—
Vanguard Emerging Markets Government Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			8,285			—
Vanguard Emerging Markets Government Bond ETF	Bank of America		1.49		9/30/2020	Monthly			8,285			—
Vanguard FTSE All World ex-U.S. Small-Cap ETF	Morgan Stanley		0.54		7/02/2020	Monthly			1,114,720			—
Vanguard FTSE All World ex-U.S. Small-Cap ETF	Bank of America		1.49		9/30/2020	Monthly			1,114,720			—
Vanguard FTSE Developed Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly			799,339			—
Vanguard FTSE Developed Markets ETF	Bank of America		1.49		9/30/2020	Monthly			799,339			—
Vanguard FTSE Emerging Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly			256,409			—
Vanguard FTSE Emerging Markets ETF	Bank of America		1.49		9/30/2020	Monthly			256,409			—
Vanguard FTSE Europe ETF	Morgan Stanley		0.54		7/02/2020	Monthly			640,926			—
Vanguard FTSE Europe ETF	Bank of America		1.49		9/30/2020	Monthly			640,926			—
Vanguard FTSE Pacific ETF	Morgan Stanley		0.54		7/02/2020	Monthly			454,988			—
Vanguard FTSE Pacific ETF	Bank of America		1.49		9/30/2020	Monthly			454,988			—
Vanguard Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			846,963			—
Vanguard Growth ETF	Bank of America		1.49		9/30/2020	Monthly			846,963			—
Vanguard Intermediate-Term Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			826,900			—
Vanguard Intermediate-Term Corporate Bond ETF	Bank of America		1.49		9/30/2020	Monthly			826,900			—
Vanguard Intermediate-Term Treasury ETF	Morgan Stanley		0.54		7/02/2020	Monthly			165,017			—
Vanguard Intermediate-Term Treasury ETF	Bank of America		1.49		9/30/2020	Monthly			165,017			—
Vanguard Long-Term Treasury ETF	Morgan Stanley		0.54		7/02/2020	Monthly			8,960			—
Vanguard Long-Term Treasury ETF	Bank of America		1.49		9/30/2020	Monthly			8,960			—
Vanguard Mortgage-Backed Securities ETF	Morgan Stanley		0.54		7/02/2020	Monthly			648,140			—
Vanguard Mortgage-Backed Securities ETF	Bank of America		1.49		9/30/2020	Monthly			648,140			—
Vanguard Russell 1000 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			64,197			—
Vanguard Russell 1000 Growth ETF	Bank of America		1.49		9/30/2020	Monthly			64,197			—
Vanguard Russell 1000 Value	Morgan Stanley		(5.00)		7/02/2020	Monthly			(201,234)			—
Vanguard Russell 1000 Value	Bank of America		0.99		9/30/2020	Monthly			(201,234)			—
Vanguard Short-Term Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			427,454			—
Vanguard Short-Term Corporate Bond ETF	Bank of America		1.49		9/30/2020	Monthly			427,454			—
Vanguard Small-Cap Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			119,714			—
Vanguard Small-Cap Growth ETF	Bank of America		1.49		9/30/2020	Monthly			119,714			—
Vanguard Small-Cap Value ETF	Morgan Stanley		(0.75)		7/02/2020	Monthly			(2,964,788)			—
Vanguard Small-Cap Value ETF	Bank of America		0.99		9/30/2020	Monthly			(2,964,788)			—
Vanguard Value ETF	Morgan Stanley		(0.31)		7/02/2020	Monthly			(4,373,304)			—
Vanguard Value ETF	Bank of America		0.99		9/30/2020	Monthly			(4,373,304)			—
WisdomTree Emerging Markets Local Debt Fund	Morgan Stanley		0.54		7/02/2020	Monthly			9,744			—
WisdomTree Emerging Markets Local Debt Fund	Bank of America		1.49		9/30/2020	Monthly			9,744			—
Xtrackers MSCI Europe Hedged Equity ETF	Morgan Stanley		0.54		7/02/2020	Monthly			132,689			—
Xtrackers MSCI Europe Hedged Equity ETF	Bank of America		1.49		9/30/2020	Monthly			132,689			—
Xtrackers MSCI Japan Hedged Equity ETF	Morgan Stanley		0.54		7/02/2020	Monthly			480,833			—
Xtrackers MSCI Japan Hedged Equity ETF	Bank of America		1.49		9/30/2020	Monthly			480,833			—
Xtrackers USD High Yield Corporate Bond ETF	Morgan Stanley		(1.90)		7/02/2020	Monthly			(713,509)			—
Xtrackers USD High Yield Corporate Bond ETF	Bank of America		0.99		9/30/2020	Monthly			(713,509)			—
											$	—

Cash posted has been segregated as collateral for swaps (counterparty Bank of America) in the amount of $2,481,530 at April 30, 2020.

See notes to financial statements.

TABLE OF CONTENTS

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

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020: (continued)

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $7,835,438 and with Bank of America amounted to $ — at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(e)

Reflects the value at reset date of April 30, 2020.

The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Investment Companies		$	692,459,266		$	—		$	—		$	692,459,266
Exchange Traded Vehicles			44,457,893			—			—			44,457,893
Exchange Traded Note			4,772,074			—			—			4,772,074
Short-Term Investments:
Money Market Funds			87,757,209			—			—			87,757,209
Total Investments in Securities			829,446,442			—			—			829,446,442
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	829,446,442		$	—		$	—		$	829,446,442
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

For a complete listing of investments and their industries, see the Schedules of Investments.

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:

Affiliated Holdings

	Shares at 04/30/2019		Value ($) at 04/30/2019		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation/ (Depreciation) ($)		Income Distributions ($)		Capital Gain Distributions ($)		Shares at 04/30/2020		Value ($) at 04/30/2020
Invesco Treasury Collateral ETF		46,369		4,892,161		43,949,500		(6,053,135)		8,463		(36,602)		121,045		—		403,476		42,760,387
IQ Ultra Short Duration ETF		—		—		59,621,146		(4,502,603)		24,277		1,103,736		—		—		1,137,443		56,246,556
		46,369		4,892,161		103,570,646		(10,555,738)		32,740		1,067,134		121,045		—		1,540,919		99,006,943

For more information on the determination, please refer to Note 6.

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Macro Tracker ETF

April 30, 2020

	Shares		Value
Exchange Traded Vehicles — 5.9%
Gold Funds — 3.2%
Aberdeen Standard Physical Gold Shares ETF*		463		$	7,524
Graniteshares Gold Trust*		235			3,943
iShares Gold Trust*		6,422			103,458
SPDR Gold MiniShares Trust*		465			7,831
Total Gold Funds					122,756
Silver Fund — 0.5%
iShares Silver Trust*		1,430			19,991
U.S. Dollar Fund — 2.2%
Invesco DB U.S. Dollar Index Bullish Fund		3,168			84,871
Total Exchange Traded Vehicles
(Cost $221,461)					227,618
Investment Companies — 94.3%
BRIC Equity Funds — 2.0%
iShares China Large-Cap ETF(a)		772			29,791
iShares MSCI China ETF		618			37,068
SPDR S&P China ETF		92			8,810
Total BRIC Equity Funds					75,669
Broad Fund — 2.9%
FlexShares Global Upstream Natural Resources Index Fund		4,317			111,551
Convertible Bond Fund — 12.2%
SPDR Bloomberg Barclays Convertible Securities ETF		8,800			468,424
Emerging Bonds — Local Currency Funds — 4.5%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF(a)		1,401			35,319
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		4,511			130,323
WisdomTree Emerging Markets Local Debt Fund		196			5,876
Total Emerging Bonds — Local Currency Funds					171,518
Emerging Bonds — USD Funds — 2.3%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)		782			78,591
Vanguard Emerging Markets Government Bond ETF		133			9,581
Total Emerging Bonds — USD Funds					88,172
Emerging Equity Funds — 6.2%
iShares Core MSCI Emerging Markets ETF		2,606			113,778
Vanguard FTSE Emerging Markets ETF		3,440			124,425
Total Emerging Equity Funds					238,203

	Shares		Value
Investment Companies (continued)
Emerging Small Cap Equity Fund — 2.4%
SPDR S&P Emerging Markets SmallCap ETF		2,567		$	93,618
Europe Equity Fund — 0.8%
Xtrackers MSCI Europe Hedged Equity ETF		1,155			29,684
Floating Rate — Investment Grade Funds — 4.5%
iShares Floating Rate Bond ETF		2,566			128,300
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		1,477			44,517
Total Floating Rate — Investment Grade Funds					172,817
Investment Grade Corporate Bond Funds — 10.3%
iShares Broad USD Investment Grade Corporate Bond ETF		144			8,381
iShares iBoxx $ Investment Grade Corporate Bond ETF		702			90,677
SPDR Portfolio Short Term Corporate Bond ETF		1,523			47,106
Vanguard Intermediate-Term Corporate Bond ETF		653			59,652
Vanguard Short-Term Corporate Bond ETF		2,320			188,106
Total Investment Grade Corporate Bond Funds					393,922
Japan Equity Fund — 2.8%
Xtrackers MSCI Japan Hedged Equity ETF		2,909			107,604
U.S. Large Cap Core Fund — 3.1%
Energy Select Sector SPDR Fund		3,081			117,078
U.S. Large Cap Growth Funds — 2.3%
iShares Core S&P U.S. Growth ETF		142			9,274
Schwab U.S. Large-Cap Growth ETF		118			10,779
SPDR Portfolio S&P 500 Growth ETF		184			7,515
Vanguard Growth ETF		313			56,440
Vanguard Russell 1000 Growth ETF		24			4,268
Total U.S. Large Cap Growth Funds					88,276
U.S. Medium Term Treasury Bond Funds — 6.0%
iShares 3-7 Year Treasury Bond ETF		889			118,539
Schwab Intermediate-Term U.S. Treasury ETF		887			52,093
Vanguard Intermediate-Term Treasury ETF		834			58,739
Total U.S. Medium Term Treasury Bond Funds					229,371
U.S. Ultra Short-Term Bond Funds — 32.0%
Goldman Sachs Access Treasury 0-1 Year ETF		2,251			226,541
Invesco Treasury Collateral ETF		2,259			239,409

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)

April 30, 2020

	Shares		Value
Investment Companies (continued)
U.S. Ultra Short-Term Bond Funds (continued)
IQ Ultra Short Duration ETF†		6,370		$	314,997
iShares Short Treasury Bond ETF(b)		2,167			240,342
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		2,197			201,157
Total U.S. Ultra Short-Term Treasury Bond Funds					1,222,446
Total Investment Companies
(Cost $3,605,191)					3,608,353
Short-Term Investments — 6.3%
Money Market Funds — 6.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d)		234,871			234,871
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c)		5,004			5,004
Total Short-Term Investments
(Cost $239,875)					239,875

	Shares	Value
Total Investments — 106.5%
(Cost $4,066,527)			$	4,075,846
Other Assets and Liabilities, Net — (6.5)%				(248,575)
Net Assets — 100.0%			$	3,827,271

Non-income producing securities.

†

Affilliated Fund.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $329,299; total market value of collateral held by the Fund was $337,342. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $102,471.

(b)

All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $240,331.

(c)

Reflects the 1-day yield at April 30, 2020.

(d)

Represents security purchased with cash collateral received for securities on loan.

Total Return Swap contracts outstanding at April 30, 2020:
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long/ (Short)			Value Unrealized Appreciation/ (Depreciation)(e)
Aberdeen Standard Physical Gold Shares ETF	Morgan Stanley		0.54		7/02/2020	Monthly		$	715		$	—
Energy Select Sector SPDR Fund	Morgan Stanley		0.54		7/02/2020	Monthly			11,210			—
FlexShares Global Upstream Natural Resources Index Fund	Morgan Stanley		0.54		7/02/2020	Monthly			10,698			—
Goldman Sachs Access Treasury 0-1 Year ETF	Morgan Stanley		0.54		7/02/2020	Monthly			21,738			—
Graniteshares Gold Trust	Morgan Stanley		0.54		7/02/2020	Monthly			386			—
Invesco DB US Dollar Index Bullish Fund	Morgan Stanley		0.54		7/02/2020	Monthly			8,117			—
Invesco Treasury Collateral ETF	Morgan Stanley		0.54		7/02/2020	Monthly			22,892			—
IQ Ultra Short Duration ETF	Morgan Stanley		0.54		7/02/2020	Monthly			30,857			—
iShares 20+ Year Treasury Bond ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(40,018)			—
iShares 3-7 Year Treasury Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			11,334			—
iShares Broad USD Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			815			—
iShares China Large-Cap ETF	Morgan Stanley		0.54		7/02/2020	Monthly			2,856			—
iShares Core MSCI Emerging Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly			10,915			—
iShares Core MSCI Europe ETF	Morgan Stanley		(1.45)		5/04/2021	Monthly			(552)			—
iShares Core S&P U.S. Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			914			—
iShares Core U.S. REIT ETF	Morgan Stanley		(3.90)		5/04/2021	Monthly			(11,504)			—
iShares Edge MSCI Min Vol Emerging Markets ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(29,792)			—
iShares Floating Rate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			12,300			—
iShares Gold Trust	Morgan Stanley		0.54		7/02/2020	Monthly			9,908			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			8,654			—
iShares iBoxx High Yield Corporate Bond ETF	Morgan Stanley		(0.60)		5/04/2021	Monthly			(28,553)			—
iShares J.P. Morgan USD Emerging Markets Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			7,538			—
iShares MSCI China ETF	Morgan Stanley		0.54		7/02/2020	Monthly			3,539			—
iShares MSCI Japan ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(50,621)			—
iShares Short Treasury Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			23,069			—
iShares Silver Trust	Morgan Stanley		0.54		7/02/2020	Monthly			1,915			—
Schwab Intermediate-Term U.S. Treasury ETF	Morgan Stanley		0.54		7/02/2020	Monthly			4,992			—

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020: (continued)
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long/ (Short)			Value Unrealized Appreciation/ (Depreciation)(e)
Schwab International Small-Cap Equity ETF	Morgan Stanley		(3.20)		5/04/2021	Monthly		$	(24,092)		$	—
Schwab U.S. Large-Cap Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			1,005			—
Schwab U.S. REIT ETF	Morgan Stanley		(1.46)		5/04/2021	Monthly			(40,561)			—
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Morgan Stanley		0.54		7/02/2020	Monthly			19,319			—
SPDR Bloomberg Barclays Convertible Securities ETF	Morgan Stanley		0.54		7/02/2020	Monthly			44,873			—
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			3,378			—
SPDR Bloomberg Barclays High Yield Bond ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(15,548)			—
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF	Morgan Stanley		0.54		7/02/2020	Monthly			4,280			—
SPDR Dow Jones International Real Estate ETF	Morgan Stanley		(1.05)		5/04/2021	Monthly			(74,170)			—
SPDR Gold MiniShares Trust	Morgan Stanley		0.54		7/02/2020	Monthly			758			—
SPDR Portfolio Long Term Treasury ETF	Morgan Stanley		(0.90)		5/04/2021	Monthly			(4,341)			—
SPDR Portfolio S&P 500 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			735			—
SPDR Portfolio Short Term Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			4,516			—
SPDR S&P China ETF	Morgan Stanley		0.54		7/02/2020	Monthly			862			—
SPDR S&P Emerging Markets SmallCap ETF	Morgan Stanley		0.54		7/02/2020	Monthly			8,972			—
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			12,480			—
Vanguard Emerging Markets Government Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			937			—
Vanguard FTSE All World ex-U.S. Small-Cap ETF	Morgan Stanley		(1.80)		5/04/2021	Monthly			(54,937)			—
Vanguard FTSE Emerging Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly			11,936			—
Vanguard FTSE Europe ETF	Morgan Stanley		0.04		5/04/2021	Monthly			(1,843)			—
Vanguard Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			5,410			—
Vanguard Intermediate-Term Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			5,755			—
Vanguard Intermediate-Term Treasury ETF	Morgan Stanley		0.54		7/02/2020	Monthly			5,634			—
Vanguard Long-Term Treasury ETF	Morgan Stanley		(7.00)		5/04/2021	Monthly			(4,480)			—
Vanguard Russell 1000 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			356			—
Vanguard Short-Term Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			18,000			—
WisdomTree Emerging Markets Local Debt Fund	Morgan Stanley		0.54		7/02/2020	Monthly			570			—
Xtrackers MSCI Europe Hedged Equity ETF	Morgan Stanley		0.54		7/02/2020	Monthly			2,853			—
Xtrackers MSCI Japan Hedged Equity ETF	Morgan Stanley		0.54		7/02/2020	Monthly			10,320			—
Xtrackers USD High Yield Corporate Bond ETF	Morgan Stanley		(1.90)		5/04/2021	Monthly			(6,232)			—
											$	—

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $240,331 at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(e)

Reflects the value at reset date of April 30, 2020.

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Macro Tracker ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Exchange Traded Vehicles		$	227,618		$	—		$	—		$	227,618
Investment Companies			3,608,353			—			—			3,608,353
Short-Term Investments:
Money Market Funds			239,875			—			—			239,875
Total Investments in Securities			4,075,846			—			—			4,075,846
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	4,075,846		$	—		$	—		$	4,075,846
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

For a complete listing of investments and their industries, see the Schedules of Investments.

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:

Affiliated Holdings

	Shares at 04/30/2019		Value ($) at 04/30/2019		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation/ (Depreciation) ($)		Income Distributions ($)		Capital Gain Distributions ($)		Shares at 04/30/2020		Value ($) at 04/30/2020
IQ Ultra Short Duration ETF		—		—		309,255		(484)		—		6,226		—		—		6,370		314,997
		—		—		309,255		(484)		—		6,226		—		—		6,370		314,997

For more information on the determination, please refer to Note 6.

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Market Neutral Tracker ETF

April 30, 2020

	Shares		Value
Exchange Traded Vehicles — 2.50%
British Pound Fund — 0.1%
Invesco CurrencyShares British Pound Sterling Trust*		196		$	23,918
Euro Fund — 2.3%
Invesco CurrencyShares Euro Currency Trust*		4,030			417,266
U.S. Dollar Fund — 0.1%
Invesco DB U.S. Dollar Index Bullish Fund		719			19,262
Total Exchange Traded Vehicles
(Cost $469,083)					460,446
Investment Companies — 98.0%
Asia ex Japan Equity Funds — 2.8%
iShares Core MSCI Pacific ETF		2,293			112,793
Vanguard FTSE Pacific ETF		6,571			385,323
Total Asia ex Japan Equity Funds					498,116
Bank Loan Funds — 12.8%
Invesco Senior Loan ETF(a)		77,994			1,636,314
SPDR Blackstone / GSO Senior Loan ETF(a)		15,933			665,522
Total Bank Loan Funds					2,301,836
Convertible Bond Fund — 0.9%
SPDR Bloomberg Barclays Convertible Securities ETF		3,037			161,659
Emerging Equity Funds — 0.5%
iShares Core MSCI Emerging Markets ETF		893			38,989
Vanguard FTSE Emerging Markets ETF		1,178			42,608
Total Emerging Equity Funds					81,597
Europe Equity Funds — 4.0%
iShares Core MSCI Europe ETF		4,243			167,429
Vanguard FTSE Europe ETF(a)		11,960			550,997
Total Europe Equity Funds					718,426
Floating Rate — Investment Grade Funds — 8.9%
iShares Floating Rate Bond ETF		23,673			1,183,650
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		13,627			410,718
Total Floating Rate — Investment Grade Funds					1,594,368
High Yield Corporate Bond Funds — 5.4%
iShares 0-5 Year High Yield Corporate Bond ETF		13,258			559,753
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		16,588			407,733
Total High Yield Corporate Bond Funds					967,486
International Small Cap Equity Funds — 6.5%
Schwab International Small-Cap Equity ETF		13,232		$	358,587
Vanguard FTSE All World ex-U.S. Small-Cap ETF		9,363			817,765

	Shares		Value
Investment Companies (continued)
International Small Cap Equity Funds (continued)
Total International Small Cap Equity Funds					1,176,352
Investment Grade Corporate Bond Funds — 5.3%
iShares Broad USD Investment Grade Corporate Bond ETF		869			50,576
iShares iBoxx $ Investment Grade Corporate Bond ETF		4,226			545,872
Vanguard Intermediate-Term Corporate Bond ETF		3,933			359,280
Total Investment Grade Corporate Bond Funds					955,728
Mortgage Backed Securities Funds — 8.7%
iShares MBS ETF		9,300			1,033,230
Vanguard Mortgage-Backed Securities ETF		9,674			528,587
Total Mortgage Backed Securities Funds					1,561,817
Treasury Inflation — Protected Securities Fund — 0.5%
iShares TIPS Bond ETF(a)		691			83,825
U.S. Small Cap Growth Funds — 3.4%
iShares Russell 2000 Growth ETF(a)		1,296			236,313
iShares S&P Small-Cap 600 Growth ETF(a)		744			115,245
Vanguard Small-Cap Growth ETF(a)		1,462			255,879
Total U.S. Small Cap Growth Funds					607,437
U.S. Ultra Short Term Bond Funds — 38.3%
Goldman Sachs Access Treasury 0-1 Year ETF		12,658			1,273,901
Invesco Treasury Collateral ETF		12,706			1,346,582
iShares Short Treasury Bond ETF		12,188			1,351,771
IQ Ultra Short Duration ETF†		35,819			1,771,249
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		12,357			1,131,407
Total U.S. Ultra Short Term Treasury Bond Funds					6,874,910
Total Investment Companies
(Cost $17,683,495)					17,583,557
Short-Term Investments — 18.8%
Money Market Funds — 18.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		3,346,998			3,346,998
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		23,076			23,076
Total Short-Term Investments
(Cost $3,370,074)					3,370,074
Total Investments — 119.3%
(Cost $21,522,652)					21,414,077
Other Assets and Liabilities, Net — (19.3)%				$	(3,457,631)
Net Assets — 100.0%				$	17,956,446

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)

April 30, 2020

Non-income producing securities.

†

Affiliated Fund.

(a)

Fund was $3,821,570. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $474,572.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

Total Return Swap contracts outstanding at April 30, 2020:
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long/ (Short)			Value Unrealized Appreciation/ (Depreciation)(d)
Goldman Sachs Access Treasury 0-1 Year ETF	Morgan Stanley		0.54		7/02/2020	Monthly		$	128,517		$	—
Invesco CurrencyShares Australian Dollar Trust	Bank of America		0.99		29/10/2021	Monthly			(157,633)			—
Invesco CurrencyShares Australian Dollar Trust	Morgan Stanley		(3.90)		5/04/2021	Monthly			(43,168)			—
Invesco CurrencyShares British Pound Sterling Trust	Morgan Stanley		0.54		7/02/2020	Monthly			2,441			—
Invesco CurrencyShares Euro Currency Trust	Morgan Stanley		0.54		7/02/2020	Monthly			42,037			—
Invesco KBW Bank ETF	Morgan Stanley		(1.65)		5/04/2021	Monthly			(4,884)			—
Invesco Preferred ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(54,396)			—
Invesco S&P 500 Low Volatility ETF	Morgan Stanley		(1.40)		5/04/2021	Monthly			(58,480)			—
Invesco Senior Loan ETF	Morgan Stanley		0.54		7/02/2020	Monthly			165,050			—
Invesco Treasury Collateral ETF	Morgan Stanley		0.54		7/02/2020	Monthly			135,866			—
IQ Ultra Short Duration ETF	Morgan Stanley		0.54		7/02/2020	Monthly			178,663			—
iShares 0-5 Year High Yield Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			56,448			—
iShares 3-7 Year Treasury Bond ETF	Morgan Stanley		(2.80)		5/04/2021	Monthly			(97,738)			—
iShares Broad USD Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			5,122			—
iShares Core MSCI Emerging Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly			3,929			—
iShares Core MSCI Europe ETF	Morgan Stanley		0.54		7/02/2020	Monthly			16,889			—
iShares Core MSCI Pacific ETF	Morgan Stanley		0.54		7/02/2020	Monthly			11,363			—
iShares Core S&P U.S. Growth ETF	Morgan Stanley		(3.80)		5/04/2021	Monthly			(29,324)			—
iShares Core S&P U.S. Value ETF	Morgan Stanley		(3.05)		5/04/2021	Monthly			(23,957)			—
iShares Edge MSCI Min Vol USA ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(204,678)			—
iShares Floating Rate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			119,400			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			55,026			—
iShares iBoxx High Yield Corporate Bond ETF	Morgan Stanley		(0.60)		5/04/2021	Monthly			(54,451)			—
iShares MBS ETF	Morgan Stanley		0.54		7/02/2020	Monthly			104,212			—
iShares Preferred & Income Securities ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(151,178)			—
iShares Russell 2000 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			23,887			—
iShares Russell 2000 Value ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(86,402)			—
iShares S&P Small-Cap 600 Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly			11,618			—
iShares S&P Small-Cap 600 Value ETF	Morgan Stanley		(3.60)		5/04/2021	Monthly			(54,520)			—
iShares Short Treasury Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			136,308			—
iShares TIPS Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly			8,492			—
PowerShares DB U.S. Dollar Index Bullish Fund	Morgan Stanley		0.54		7/02/2020	Monthly			1,956			—
Schwab Intermediate-Term U.S. Treasury ETF	Morgan Stanley		(2.85)		5/04/2021	Monthly			(42,932)			—
Schwab International Small-Cap Equity ETF	Morgan Stanley		0.54		7/02/2020	Monthly			36,179			—
Schwab U.S. Large-Cap Growth ETF	Morgan Stanley		(1.95)		5/04/2021	Monthly			(33,800)			—
Schwab U.S. Large-Cap Value ETF	Morgan Stanley		(2.60)		5/04/2021	Monthly			(24,560)			—
SPDR Blackstone / GSO Senior Loan ETF	Morgan Stanley		0.54		7/02/2020	Monthly			67,124			—
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Morgan Stanley		0.54		7/02/2020	Monthly			114,084			—
SPDR Bloomberg Barclays Convertible Securities ETF	Morgan Stanley		0.54		7/02/2020	Monthly		$	16,288		$	—
SPDR Bloomberg Barclays High Yield Bond ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly			(29,709)			—

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Market Neutral Tracker ETF (continued)

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020: (continued)
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long/ (Short)		Value Unrealized Appreciation/ (Depreciation)(d)
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF	Morgan Stanley		0.54		7/02/2020	Monthly		41,443			—
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly		41,122			—
SPDR Portfolio S&P 500 Growth ETF	Morgan Stanley		(1.95)		5/04/2021	Monthly		(23,687)			—
SPDR Portfolio S&P 500 Value ETF	Morgan Stanley		(3.05)		5/04/2021	Monthly		(14,791)			—
SPDR S&P Bank ETF	Morgan Stanley		(1.55)		5/04/2021	Monthly		(14,622)			—
VanEck Vectors High-Yield Municipal Index ETF	Morgan Stanley		(3.05)		5/04/2021	Monthly		(113,825)			—
Vanguard FTSE All World ex-U.S. Small-Cap ETF	Morgan Stanley		0.54		7/02/2020	Monthly		82,449			—
Vanguard FTSE Emerging Markets ETF	Morgan Stanley		0.54		7/02/2020	Monthly		4,304			—
Vanguard FTSE Europe ETF	Morgan Stanley		0.54		7/02/2020	Monthly		55,560			—
Vanguard FTSE Pacific ETF	Morgan Stanley		0.54		7/02/2020	Monthly		38,878			—
Vanguard Growth ETF	Morgan Stanley		(0.80)		5/04/2021	Monthly		(177,796)			—
Vanguard Intermediate-Term Corporate Bond ETF	Morgan Stanley		0.54		7/02/2020	Monthly		36,266			—
Vanguard Intermediate-Term Treasury ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly		(48,456)			—
Vanguard Mortgage-Backed Securities ETF	Morgan Stanley		0.54		7/02/2020	Monthly		53,329			—
Vanguard Russell 1000 Growth ETF	Morgan Stanley		(2.15)		5/04/2021	Monthly		(13,515)			—
Vanguard Russell 1000 Value	Morgan Stanley		(5.00)		5/04/2021	Monthly		(9,006)			—
Vanguard Small-Cap Growth ETF	Morgan Stanley		0.54		7/02/2020	Monthly		25,903			—
Vanguard Small-Cap Value ETF	Morgan Stanley		(0.75)		5/04/2021	Monthly		(132,782)			—
Vanguard Value ETF	Morgan Stanley		(0.31)		5/04/2021	Monthly		(195,839)			—
Xtrackers USD High Yield Corporate Bond ETF	Morgan Stanley		(1.90)		5/04/2021	Monthly		(11,913)			—
										$	—

At April 30, 2020 there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(d)

Reflects the value at reset date of April 30, 2020.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(e)
Exchange Traded Vehicles		$	460,446		$	—		$	—		$	460,446
Investment Companies			17,583,557			—			—			17,583,557
Short-Term Investments:
Money Market Funds			3,370,074			—			—			3,370,074
Total Investments in Securities			21,414,077			—			—			21,414,077
Other Financial Instruments:(f)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	21,414,077		$	—		$	—		$	21,414,077
Liability Valuation Inputs
Other Financial Instruments:(f)
Swap Contracts		$	—		$	—		$	—		$	—

(e)

For a complete listing of investments and their industries, see the Schedules of Investments.

(f)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Long/Short Tracker ETF

April 30, 2020

	Shares		Value
Exchange Traded Note — 0.9%
Volatility Note — 0.9%
iPath Series B S&P 500 VIX Short-Term Futures ETN*
(Cost $53,138)		2,605		$	98,652
Investment Companies — 99.8%
Bank Loan Funds — 7.6%
Invesco Senior Loan ETF(a)		27,678			580,685
SPDR Blackstone / GSO Senior Loan ETF(a)		5,654			236,168
Total Bank Loan Funds					816,853
International Equity Core Funds — 16.5%
iShares Core MSCI EAFE ETF		16,298			864,283
Vanguard FTSE Developed Markets ETF		25,151			897,388
Total International Equity Core Funds					1,761,671
International Large Cap Growth Fund — 7.9%
iShares MSCI EAFE Growth ETF		11,145			847,354
International Small Cap Equity Funds — 3.9%
Schwab International Small-Cap Equity ETF		4,677			126,747
Vanguard FTSE All World ex-U.S. Small-Cap ETF		3,309			289,008
Total International Small Cap Equity Funds					415,755
Investment Grade Corporate Bond Funds — 3.8%
iShares Broad USD Investment Grade Corporate Bond ETF		369			21,476
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,795			231,860
Vanguard Intermediate-Term Corporate Bond ETF		1,671			152,646
Total Investment Grade Corporate Bond Funds					405,982
U.S. Large Cap Core Funds — 14.1%
Energy Select Sector SPDR Fund		3,912			148,656
Financial Select Sector SPDR Fund(a)		33,286			758,588
Health Care Select Sector SPDR Fund(a)		3,506			349,653
Technology Select Sector SPDR Fund		2,793			255,308
Total U.S. Large Cap Core Funds					1,512,205
U.S. Large Cap Growth Funds — 16.0%
iShares Core S&P U.S. Growth ETF		2,761			180,321
Schwab U.S. Large-Cap Growth ETF		2,277			208,004
SPDR Portfolio S&P 500 Growth ETF		3,568			145,717
Vanguard Growth ETF		6,062			1,093,100

	Shares		Value
Investment Companies (continued)
U.S. Large Cap Growth Funds (continued)
Vanguard Russell 1000 Growth ETF		466		$	82,869
Total U.S. Large Cap Growth Funds					1,710,011
U.S. Long Term Treasury Bond Funds — 3.8%
iShares 20+ Year Treasury Bond ETF(a)		1,966			327,811
SPDR Portfolio Long Term Treasury ETF		747			35,632
Vanguard Long-Term Treasury ETF		363			36,960
Total U.S. Long Term Treasury Bond Funds					400,403
U.S. Preferred Funds — 16.1%
Invesco Preferred ETF		32,050			455,430
iShares Preferred & Income Securities ETF(a)		36,535			1,265,938
Total U.S. Preferred Funds					1,721,368
U.S. Ultra Short Term Bond Funds — 10.1%
Goldman Sachs Access Treasury 0-1 Year ETF		1,999			201,179
Invesco Treasury Collateral ETF		2,006			212,596
iShares Short Treasury Bond ETF(a)		1,925			213,502
IQ Ultra Short Duration ETF†		5,656			279,689
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		1,951			178,633
Total U.S. Ultra Short Term Treasury Bond Funds					1,085,599
Total Investment Companies
(Cost $10,455,537)					10,677,201
Short-Term Investments — 9.1%
Money Market Funds — 9.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		955,259			955,259
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		15,290			15,290
Total Short-Term Investments
(Cost $970,549)					970,549
Total Investments — 109.8%
(Cost $11,479,224)					11,746,402
Other Assets and Liabilities, Net — (9.8)%					(1,047,224)
Net Assets — 100.0%				$	10,699,178

Non-income producing securities.

†

Affiliated Fund.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $3,008,322; total market value of collateral held by the Fund was $3,098,414. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,143,155.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Long/Short Tracker ETF (continued)

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020:
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long/ (Short)			Value Unrealized Appreciation/ (Depreciation)(d)
Consumer Discretionary Select Sector SPDR Fund	Morgan Stanley		(0.01)		3/30/2021	Monthly		$	(314,587)		$	—
Energy Select Sector SPDR Fund	Morgan Stanley		0.54		3/30/2021	Monthly			14,288			—
Financial Select Sector SPDR Fund	Morgan Stanley		0.54		3/30/2021	Monthly			72,860			—
Goldman Sachs Access Treasury 0-1 Year ETF	Morgan Stanley		0.54		3/30/2021	Monthly			19,323			—
Health Care Select Sector SPDR Fund	Morgan Stanley		0.54		3/30/2021	Monthly			33,609			—
Invesco Preferred ETF	Morgan Stanley		0.54		3/30/2021	Monthly			43,738			—
Invesco Senior Loan ETF	Morgan Stanley		0.54		3/30/2021	Monthly			55,765			—
Invesco Treasury Collateral ETF	Morgan Stanley		0.54		3/30/2021	Monthly			20,772			—
iPath Series B S&P 500 VIX Short-Term Futures ETN	Morgan Stanley		0.54		3/30/2021	Monthly			9,468			—
IQ Ultra Short Duration ETF	Morgan Stanley		0.54		3/30/2021	Monthly			27,346			—
iShares 20+ Year Treasury Bond ETF	Morgan Stanley		0.54		3/30/2021	Monthly			32,014			—
iShares Broad USD Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		3/30/2021	Monthly			2,037			—
iShares Core MSCI EAFE ETF	Morgan Stanley		0.54		3/30/2021	Monthly			82,992			—
iShares Core S&P U.S. Growth ETF	Morgan Stanley		0.54		3/30/2021	Monthly			17,307			—
iShares Core U.S. REIT ETF	Morgan Stanley		(3.90)		3/30/2021	Monthly			(63,123)			—
iShares Edge MSCI USA Momentum Factor ETF	Morgan Stanley		(0.70)		3/30/2021	Monthly			(295,566)			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		3/30/2021	Monthly			22,217			—
iShares MSCI EAFE Growth ETF	Morgan Stanley		0.54		3/30/2021	Monthly			81,352			—
iShares Preferred & Income Securities ETF	Morgan Stanley		0.54		3/30/2021	Monthly			121,587			—
iShares Russell 2000 Growth ETF	Morgan Stanley		(1.20)		3/30/2021	Monthly			(91,170)			—
iShares S&P Small-Cap 600 Growth ETF	Morgan Stanley		(2.10)		3/30/2021	Monthly			(44,611)			—
iShares Short Treasury Bond ETF	Morgan Stanley		0.54		3/30/2021	Monthly			20,518			—
Schwab International Small-Cap Equity ETF	Morgan Stanley		0.54		3/30/2021	Monthly			12,168			—
Schwab U.S. Large-Cap Growth ETF	Morgan Stanley		0.54		3/30/2021	Monthly			20,006			—
Schwab U.S. REIT ETF	Morgan Stanley		(1.46)		3/30/2021	Monthly			(222,272)			—
SPDR Blackstone / GSO Senior Loan ETF	Morgan Stanley		0.54		3/30/2021	Monthly			22,681			—
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Morgan Stanley		0.54		3/30/2021	Monthly			17,122			—
SPDR Portfolio Long Term Treasury ETF	Morgan Stanley		0.54		3/30/2021	Monthly			3,434			—
SPDR Portfolio S&P 500 Growth ETF	Morgan Stanley		0.54		3/30/2021	Monthly			14,008			—
Technology Select Sector SPDR Fund	Morgan Stanley		0.54		3/30/2021	Monthly			24,498			—
Vanguard FTSE All World ex-U.S. Small-Cap ETF	Morgan Stanley		0.54		3/30/2021	Monthly			27,774			—
Vanguard FTSE Developed Markets ETF	Morgan Stanley		0.54		3/30/2021	Monthly			86,203			—
Vanguard Growth ETF	Morgan Stanley		0.54		3/30/2021	Monthly			104,946			—
Vanguard Intermediate-Term Corporate Bond ETF	Morgan Stanley		0.54		3/30/2021	Monthly			14,707			—
Vanguard Long-Term Treasury ETF	Morgan Stanley		0.54		3/30/2021	Monthly			3,564			—
Vanguard Russell 1000 Growth ETF	Morgan Stanley		0.54		3/30/2021	Monthly			8,002			—
Vanguard Small-Cap Growth ETF	Morgan Stanley		(1.00)		3/30/2021	Monthly			(98,886)			—
											$	—

At April 30, 2020 there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(d)

Reflects the value at reset date of April 30, 2020.

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Long/Short Tracker ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(e)
Exchange Traded Note		$	98,652		$	—		$	—		$	98,652
Investment Companies			10,677,201			—			—			10,677,201
Short-Term Investments:
Money Market Funds			970,549			—			—			970,549
Total Investments in Securities			11,746,402			—			—			11,746,402
Other Financial Instruments:(f)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	11,746,402		$	—		$	—		$	11,746,402
Liability Valuation Inputs
Other Financial Instruments:(f)
Swap Contracts		$	—		$	—		$	—		$	—

(e)

For a complete listing of investments and their industries, see the Schedules of Investments.

(f)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.(See Note 2)

A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:

Affiliated Holdings

	Shares at 04/30/2019		Value ($) at 04/30/2019		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation/ (Depreciation) ($)		Income Distributions ($)		Capital Gain Distributions ($)		Shares at 04/30/2020		Value ($) at 04/30/2020
IQ Ultra Short Duration ETF		—		—		274,548		(388)		—		5,529		—		—		5,656		279,689
		—		—		274,548		(388)		—		5,529		—		—		5,656		279,689

For more information on the determination, please refer to Note 6.

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Hedge Event-Driven Tracker ETF

April 30, 2020

	Shares		Value
Investment Companies — 99.7%
Bank Loan Funds — 24.4%
Invesco Senior Loan ETF(a)		68,986		$	1,447,326
SPDR Blackstone / GSO Senior Loan ETF(a)		14,093			588,665
Total Bank Loan Funds					2,035,991
Convertible Bond Fund — 7.8%
SPDR Bloomberg Barclays Convertible Securities ETF		12,223			650,630
High Yield Corporate Bond Funds — 31.6%
iShares iBoxx High Yield Corporate Bond ETF(a)		18,643			1,499,456
SPDR Bloomberg Barclays High Yield Bond ETF		8,258			817,790
Xtrackers USD High Yield Corporate Bond ETF(a)		7,143			327,292
Total High Yield Corporate Bond Funds					2,644,538
Investment Grade Corporate Bond Funds — 18.7%
SPDR Portfolio Short Term Corporate Bond ETF		10,104			312,517
Vanguard Short-Term Corporate Bond ETF		15,388			1,247,659
Total Investment Grade Corporate Bond Funds					1,560,176
U.S. Preferred Funds — 8.3%
Invesco Preferred ETF		12,947			183,977
iShares Preferred & Income Securities ETF		14,759			511,399
Total U.S. Preferred Funds					695,376
U.S. Small Cap Growth Funds — 8.9%
iShares Russell 2000 Growth ETF(a)		1,582			288,462

	Shares		Value
Investment Companies (continued)
U.S. Small Cap Growth Funds (continued)
iShares S&P Small-Cap 600 Growth ETF		909		$	140,804
Vanguard Small-Cap Growth ETF		1,786			312,586
Total U.S. Small Cap Growth Funds					741,852
Total Investment Companies (Cost $8,591,416)					8,328,563
Short-Term Investments — 26.9%
Money Market Funds — 26.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		2,226,451			2,226,451
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		24,366			24,366
Total Short-Term Investments (Cost $2,250,817)					2,250,817
Total Investments — 126.6% (Cost $10,842,233)					10,579,380
Other Assets and Liabilities, Net — (26.6)%					(2,225,682)
Net Assets — 100.0%				$	8,353,698

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $2,250,175; total market value of collateral held by the Fund was $2,312,634. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $86,183.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Investment Companies		$	8,328,563		$	—		$	—		$	8,328,563
Short-Term Investments:
Money Market Funds			2,250,817			—			—			2,250,817
Total Investments in Securities		$	10,579,380		$	—		$	—		$	10,579,380

(d)

For a complete listing of investments and their industries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Real Return ETF

April 30, 2020

	Shares		Value
Investment Companies — 100.0%
Oil Fund — 0.8%
Invesco DB Oil Fund(a)		73,054		$	404,719
U.S. Large Cap Core Funds — 10.4%
iShares Core S&P 500 ETF		7,405			2,156,040
SPDR S&P 500 ETF Trust(a)		10,852			3,152,289
Total U.S. Large Cap Core Funds					5,308,329
U.S. REITS Funds — 5.7%
iShares U.S. Real Estate ETF(a)		3,627			275,833
SPDR Dow Jones REIT ETF		1,770			137,830
Vanguard Real Estate ETF(a)		32,669			2,486,438
Total U.S. REITS Funds					2,900,101
U.S. Ultra Short-Term Bond Funds — 83.1%
Goldman Sachs Access Treasury 0-1 Year ETF		36,525			3,675,876
Invesco Treasury Collateral ETF		4,652			493,019
iShares Short Treasury Bond ETF(a)		114,647			12,715,498
IQ Ultra Short Duration ETF† (Cost $13,139,883)		262,340			12,972,713
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		138,909			12,718,508
Total U.S. Ultra Short-Term Treasury Bond Funds					29,602,901
Total Investment Companies (Cost 51,647,851)					51,188,763

	Shares		Value
Short-Term Investments — 17.2%
Money Market Funds — 17.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		8,787,643		$	8,787,643
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		4,513			4,513
Total Short-Term Investments (Cost $8,792,156)					8,792,156
Total Investments — 117.2% (Cost $60,440,007)					59,980,919
Other Assets and Liabilities, Net — (17.2)%					(8,793,112)
Net Assets — 100.0%				$	51,187,807

†

Affiliated Fund.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $14,995,441; total market value of collateral held by the Fund was $15,350,530. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $6,562,887.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Investment Companies		$	51,188,763		$	—		$	—		$	51,188,763
Short-Term Investments:
Money Market Funds			8,792,156			—			—			8,792,156
Total Investments in Securities		$	59,980,919		$	—		$	—		$	59,980,919

(d)

For a complete listing of investments and their industries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

TABLE OF CONTENTS

Schedules of Investments — IQ Leaders GTAA Tracker ETF

April 30, 2020

	Shares		Value
Investment Companies — 100.8%
Aggregate Bond Funds — 6.1%
iShares Core U.S. Aggregate Bond ETF(a)		3,423		$	400,834
SPDR Portfolio Aggregate Bond ETF(b)		972			29,743
Vanguard Total Bond Market ETF(b)		3,361			294,121
Total Aggregate Bond Funds					724,698
Emerging Equity Funds — 6.5%
iShares Core MSCI Emerging Markets ETF		8,427			367,923
Vanguard FTSE Emerging Markets ETF		11,124			402,355
Total Emerging Equity Funds					770,278
High Yield Corporate Bond Funds — 10.4%
iShares iBoxx High Yield Corporate Bond ETF(b)		9,960			801,083
SPDR Bloomberg Barclays High Yield Bond ETF		4,412			436,920
Total High Yield Corporate Bond Funds					1,238,003
International Equity Core Funds — 32.6%
iShares Core MSCI EAFE ETF		35,772			1,896,989
Vanguard FTSE Developed Markets ETF		55,206			1,969,750
Total International Equity Core Funds					3,866,739
Investment Grade Corporate Bond Funds — 7.6%
iShares Broad USD Investment Grade Corporate Bond ETF		1,307			76,067
iShares iBoxx $ Investment Grade Corporate Bond ETF		6,358			821,263
Total Investment Grade Corporate Bond Funds					897,330
U.S. Large Cap Core Funds — 28.9%
Consumer Staples Select Sector SPDR Fund		2,933			170,877
Energy Select Sector SPDR Fund		2,047			77,786
Financial Select Sector SPDR Fund(b)		25,946			591,309
Health Care Select Sector SPDR Fund(b)		7,351			733,115
Technology Select Sector SPDR Fund		6,811			622,593
Utilities Select Sector SPDR Fund		16			916
Vanguard Consumer Staples ETF(b)		425			62,887
Vanguard Energy ETF		507			25,619

	Shares		Value
Investment Companies (continued)
U.S. Large Cap Core Funds (continued)
Vanguard Financials ETF(b)		3,663		$	204,432
Vanguard Health Care ETF(b)		1,843			347,258
Vanguard Information Technology ETF(b)		2,475			598,950
Vanguard Utilities ETF		3			378
Total U.S. Large Cap Core Funds					3,436,120
U.S. Medium Term Treasury Bond Fund — 8.7%
iShares 7-10 Year Treasury Bond ETF(b)		8,449			1,027,990
Total Investment Companies
(Cost $12,297,306)					11,961,158
Short-Term Investments — 5.0%
Money Market Funds — 5.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d)		588,340			588,340
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c)		6,775			6,775
Total Short-Term Investments
(Cost $595,115)					595,115
Total Investments — 105.8%
(Cost $12,892,421)					12,556,273
Other Assets and Liabilities, Net — (5.8)%					(685,928)
Net Assets — 100.0%				$	11,870,345

(a)

All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $254,107.

(b)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $3,157,133; total market value of collateral held by the Fund was $3,245,898. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,657,558.

(c)

Reflects the 1-day yield at April 30, 2020.

(d)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

101

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Schedules of Investments — IQ Leaders GTAA Tracker ETF (continued)

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020:
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long/ (Short)			Value Unrealized Appreciation/ (Depreciation)(e)
Consumer Discretionary Select Sector SPDR Fund	Morgan Stanley		(0.01)		10/04/2021	Monthly		$	(545,338)		$	—
Consumer Staples Select Sector SPDR Fund	Morgan Stanley		0.54		10/04/2021	Monthly			14,856			—
Energy Select Sector SPDR Fund	Morgan Stanley		0.54		10/04/2021	Monthly			6,764			—
Financial Select Sector SPDR Fund	Morgan Stanley		0.54		10/04/2021	Monthly			51,414			—
Health Care Select Sector SPDR Fund	Morgan Stanley		0.54		10/04/2021	Monthly			63,727			—
Industrial Select Sector SPDR Fund	Morgan Stanley		(0.11)		10/04/2021	Monthly			(120,265)			—
iShares 7-10 Year Treasury Bond ETF	Morgan Stanley		0.54		10/04/2021	Monthly			89,427			—
iShares Broad USD Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		10/04/2021	Monthly			6,635			—
iShares Core MSCI EAFE ETF	Morgan Stanley		0.54		10/04/2021	Monthly			164,976			—
iShares Core MSCI Emerging Markets ETF	Morgan Stanley		0.54		10/04/2021	Monthly			32,003			—
iShares Core U.S. Aggregate Bond ETF	Morgan Stanley		0.54		10/04/2021	Monthly			34,896			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	Morgan Stanley		0.54		10/04/2021	Monthly			71,431			—
iShares iBoxx High Yield Corporate Bond ETF	Morgan Stanley		0.54		10/04/2021	Monthly			69,652			—
iShares Russell 2000 ETF	Morgan Stanley		(0.75)		10/04/2021	Monthly			(148,423)			—
Materials Select Sector SPDR Fund	Morgan Stanley		(0.21)		10/04/2021	Monthly			(47,159)			—
SPDR Bloomberg Barclays Convertible Securities ETF	Morgan Stanley		(0.31)		10/04/2021	Monthly			(121,736)			—
SPDR Bloomberg Barclays High Yield BondETF	Morgan Stanley		0.54		10/04/2021	Monthly			38,028			—
SPDR Portfolio Aggregate Bond ETF	Morgan Stanley		0.54		10/04/2021	Monthly			2,570			—
Technology Select Sector SPDR Fund	Morgan Stanley		0.54		10/04/2021	Monthly			54,115			—
Utilities Select Sector SPDR Fund	Morgan Stanley		0.54		10/04/2021	Monthly			57			—
Vanguard Consumer Staples ETF	Morgan Stanley		0.54		10/04/2021	Monthly			5,031			—
Vanguard Energy ETF	Morgan Stanley		0.54		10/04/2021	Monthly			2,223			—
Vanguard Financials ETF	Morgan Stanley		0.54		10/04/2021	Monthly			17,803			—
Vanguard FTSE Developed Markets ETF	Morgan Stanley		0.54		10/04/2021	Monthly			171,299			—
Vanguard FTSE Emerging Markets ETF	Morgan Stanley		0.54		10/04/2021	Monthly			34,976			—
Vanguard Health Care ETF	Morgan Stanley		0.54		10/04/2021	Monthly			30,147			—
Vanguard Information Technology ETF	Morgan Stanley		0.54		10/04/2021	Monthly			52,030			—
Vanguard Real Estate ETF	Morgan Stanley		(0.11)		10/04/2021	Monthly			(151,992)			—
Vanguard Total Bond Market ETF	Morgan Stanley		0.54		10/04/2021	Monthly			25,553			—
											$	—

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $254,107 at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(e)

Reflects the value at reset date of April 30, 2020.

See notes to financial statements.

102

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Schedules of Investments — IQ Leaders GTAA Tracker ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Investment Companies		$	11,961,158		$	—		$	—		$	11,961,158
Short-Term Investments:
Money Market Funds			595,115			—			—			595,115
Total Investments in Securities			12,556,273			—			—			12,556,273
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	12,556,273		$	—		$	—		$	12,556,273
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

For a complete listing of investments and their industries, see the Schedules of Investments.

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

103

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Schedules of Investments — IQ Enhanced Core Plus Bond U.S. ETF

April 30, 2020

	Shares		Value
Investment Companies — 99.9%
Mortgage Backed Securities Funds — 49.7%
iShares MBS ETF		192,052		$	21,336,977
SPDR Portfolio Mortgage Backed Bond ETF(a)		72,469			1,952,315
Vanguard Mortgage-Backed Securities ETF		200,402			10,949,965
Total Mortgage Backed Securities Funds					34,239,257
U.S. Short-Term Treasury Bond Funds — 30.7%
Schwab Short-Term U.S. Treasury ETF		199,399			10,310,922
Vanguard Short-Term Treasury ETF		174,799			10,886,482
Total Short-Term Treasury Bond Funds					21,197,404
U.S. Intermediate Term Treasury Bond Funds — 18.4%
Schwab Intermediate-Term U.S. Treasury ETF		101,795			5,978,420
Vanguard Intermediate-Term Treasury ETF		95,618			6,734,376
Total U.S. Intermediate Term Treasury Bond Funds					12,712,796
U.S. Long Term Treasury Bond Funds — 1.1%
iShares 10-20 Year Treasury Bond ETF		356			59,865
iShares 20+ Year Treasury Bond ETF(a)		3,321			553,744
SPDR Portfolio Long Term Treasury ETF		1,521			72,552
Vanguard Long-Term Treasury ETF		736			74,939
Total U.S. Long Term Treasury Bond Funds					761,100

	Shares		Value
Total Investment Companies
(Cost $67,954,578)				$	68,910,557
Short-Term Investments — 1.9%
Money Market Funds — 1.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		1,243,000			1,243,000
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		92,899			92,899
Total Short-Term Investments
(Cost $1,335,899)					1,335,899
Total Investments — 101.8%
(Cost $69,290,477)					70,246,456
Other Assets and Liabilities, Net — (1.8)%					(1,254,202)
Net Assets — 100.0%				$	68,992,254

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $1,386,262; total market value of collateral held by the Fund was $1,417,083. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $174,083.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Investment Companies		$	68,910,557		$	—		$	—		$	68,910,557
Short-Term Investments:
Money Market Funds			1,335,899			—			—			1,335,899
Total Investments in Securities		$	70,246,456		$	—		$	—		$	70,246,456

(d)

For a complete listing of investments and their industries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

104

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Schedules of Investments — IQ Short Duration Enhanced Core Bond U.S. ETF

April 30, 2020

	Shares		Value
Investment Companies — 100.0%
Investment Grade Corporate Bond Funds — 16.3%
iShares 0-5 Year Investment Grade Corporate Bond ETF		1,218		$	62,532
Vanguard Short-Term Corporate Bond ETF		9,019			731,260
Total Investment Grade Corporate Bond Funds					793,792
Short-Term Treasury Bond Funds — 83.7%
Schwab Short-Term U.S. Treasury ETF(a)		38,281			1,979,511
Vanguard Short-Term Treasury ETF(a)		33,558			2,089,992
Total Short-Term Treasury Bond Funds					4,069,503
Total Investment Companies
(Cost $4,851,101)					4,863,295
Short-Term Investments — 0.3%
Money Market Funds — 0.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		11,650			11,650

	Shares		Value
Short-Term Investments (continued)
Money Market Funds (continued)
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		2,166		$	2,166
Total Short-Term Investments
(Cost $13,816)					13,816
Total Investments — 100.3%
(Cost $4,864,917)					4,877,111
Other Assets and Liabilities, Net — (0.3)%					(12,431)
Net Assets — 100.0%				$	4,864,680

(a)

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Investment Companies		$	4,863,295		$	—		$	—		$	4,863,295
Short-Term Investments:
Money Market Funds			13,816			—			—			13,816
Total Investments in Securities		$	4,877,111		$	—		$	—		$	4,877,111

(d)

For a complete listing of investments and their industries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

105

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF

April 30, 2020

	Principal Amount			Value
Long-Term Bonds 97.7%
Corporate Bonds — 86.3%
Consumer Discretionary — 8.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
3.500%, due 2/15/23‡		$	78,000		$	77,220
4.625%, due 1/15/27‡			145,000			145,725
4.875%, due 2/15/30‡			167,000			168,670
5.750%, due 3/15/25			25,000			25,500
5.875%, due 2/15/28‡			102,000			105,570
6.625%, due 6/15/24			150,000			154,500
7.500%, due 3/15/26‡			67,000			73,197
Allison Transmission, Inc.
5.000%, due 10/1/24‡			100,000			96,500
5.875%, due 6/1/29‡			57,000			55,005
Boyd Gaming Corp.
4.750%, due 12/1/27‡			102,000			87,847
Cedar Fair LP
5.250%, due 7/15/29‡			52,000			44,200
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.375%, due 4/15/27			53,000			47,435
Churchill Downs, Inc.
4.750%, due 1/15/28‡			57,000			52,440
5.500%, due 4/1/27‡			40,000			38,200
Eldorado Resorts, Inc.
6.000%, due 9/15/26			70,000			70,262
Ford Motor Co.
4.750%, due 1/15/43			200,000			127,500
Ford Motor Credit Co. LLC
3.815%, due 11/2/27			70,000			54,790
Gap, Inc. (The)
5.950%, due 4/12/21			130,000			133,575
Goodyear Tire & Rubber Co. (The)
5.000%, due 5/31/26			91,000			77,805
Hanesbrands, Inc.
4.625%, due 5/15/24‡			99,000			99,000
4.875%, due 5/15/26‡			102,000			102,510
Hilton Domestic Operating Co., Inc.
4.250%, due 9/1/24			120,000			116,550
4.875%, due 1/15/30			101,000			96,455
5.125%, due 5/1/26			146,000			143,810
5.375%, due 5/1/25‡			50,000			50,062
5.750%, due 5/1/28‡			50,000			50,562
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.625%, due 4/1/25			83,000			80,510
4.875%, due 4/1/27			68,000			65,790
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.750%, due 6/1/27‡			94,000			96,115
5.000%, due 6/1/24‡			110,000			112,338
5.250%, due 6/1/26‡			108,000			110,970
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.
4.500%, due 9/1/26			55,000			52,250
5.625%, due 5/1/24			106,000			107,458

	Principal Amount			Value
Corporate Bonds (continued)
Consumer Discretionary (continued)
5.750%, due 2/1/27		$	79,000		$	79,099
MGM Resorts International
5.500%, due 4/15/27(a)			63,000			57,881
5.750%, due 6/15/25			69,000			66,154
6.750%, due 5/1/25			75,000			72,938
Panther BF Aggregator 2 LP / Panther Finance Co., Inc.
6.250%, due 5/15/26‡			106,000			106,265
Penske Automotive Group, Inc.
5.500%, due 5/15/26			57,000			52,440
PetSmart, Inc.
5.875%, due 6/1/25‡			100,000			100,500
QVC, Inc.
4.750%, due 2/15/27			50,000			45,375
Six Flags Theme Parks, Inc.
7.000%, due 7/1/25‡			75,000			78,188
Tesla, Inc.
5.300%, due 8/15/25‡			165,000			161,700
VICI Properties LP / VICI Note Co., Inc.
3.500%, due 2/15/25‡			73,000			68,711
3.750%, due 2/15/27‡			78,000			72,540
4.125%, due 8/15/30‡			102,000			92,820
4.250%, due 12/1/26‡			141,000			131,130
4.625%, due 12/1/29‡			82,000			75,645
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.250%, due 5/15/27‡			107,000			91,218
Yum! Brands, Inc.
4.750%, due 1/15/30‡			87,000			88,740
7.750%, due 4/1/25‡			50,000			54,750
						4,416,415
Consumer Staples — 8.6%
B&G Foods, Inc.
5.250%, due 4/1/25			25,000			25,312
5.250%, due 9/15/27			120,000			121,800
Energizer Holdings, Inc.
5.500%, due 6/15/25‡			50,000			50,750
6.375%, due 7/15/26‡			93,000			95,557
7.750%, due 1/15/27‡			57,000			60,420
JBS USA LUX SA / JBS USA Finance, Inc., (Brazil)
5.750%, due 6/15/25‡			90,000			91,350
6.750%, due 2/15/28‡			135,000			142,425
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
5.500%, due 1/15/30‡			136,000			137,360
6.500%, due 4/15/29‡			110,000			116,600
Kraft Heinz Foods Co.
3.000%, due 6/1/26			161,000			160,081
3.500%, due 6/6/22			78,000			80,524
3.500%, due 7/15/22			18,000			18,404
3.750%, due 4/1/30‡			78,000			79,173
3.950%, due 7/15/25			217,000			227,296
4.000%, due 6/15/23			68,000			70,538
4.375%, due 6/1/46			254,000			240,906
4.625%, due 1/30/29			88,000			92,040

See notes to financial statements.

106

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)

April 30, 2020

	Principal Amount			Value
Corporate Bonds (continued)
Consumer Staples (continued)
4.625%, due 10/1/39‡		$	39,000		$	38,494
4.875%, due 10/1/49‡			117,000			115,256
5.000%, due 7/15/35			83,000			88,816
5.000%, due 6/4/42			161,000			162,389
5.200%, due 7/15/45			141,000			144,589
Lamb Weston Holdings, Inc.
4.625%, due 11/1/24‡			81,000			82,620
4.875%, due 11/1/26‡			95,000			95,475
Mattel, Inc.
5.875%, due 12/15/27‡			50,000			48,875
6.750%, due 12/31/25‡			160,000			162,400
Newell Brands, Inc.
4.350%, due 4/1/23			141,000			143,820
4.700%, due 4/1/26			173,000			175,162
5.875%, due 4/1/36			49,000			51,328
6.000%, due 4/1/46			86,000			88,473
Performance Food Group, Inc.
5.500%, due 10/15/27‡			116,000			109,620
Pilgrim’s Pride Corp.
5.750%, due 3/15/25‡			75,000			75,750
5.875%, due 9/30/27‡			99,000			100,856
Post Holdings, Inc.
4.625%, due 4/15/30‡			90,000			88,200
5.000%, due 8/15/26‡			173,000			172,351
5.500%, due 12/15/29‡			77,000			77,385
5.625%, due 1/15/28‡			119,000			121,083
5.750%, due 3/1/27‡			154,000			157,658
Prestige Brands, Inc.
6.375%, due 3/1/24‡			50,000			51,375
Spectrum Brands, Inc.
5.750%, due 7/15/25			100,000			99,750
Tempur Sealy International, Inc.
5.500%, due 6/15/26			66,000			63,360
5.625%, due 10/15/23			25,000			24,625
Vector Group Ltd.
6.125%, due 2/1/25‡			80,000			77,600
						4,427,846
Energy — 2.4%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.500%, due 5/20/25			69,000			69,690
5.625%, due 5/20/24			68,000			69,360
5.750%, due 5/20/27			46,000			46,805
5.875%, due 8/20/26			68,000			69,530
Buckeye Partners LP
3.950%, due 12/1/26			73,000			64,879
4.500%, due 3/1/28‡			29,000			26,100
Cheniere Energy Partners LP
4.500%, due 10/1/29‡			125,000			115,000
5.250%, due 10/1/25			172,000			164,260
5.625%, due 10/1/26			125,000			120,000
EQT Corp.
3.000%, due 10/1/22			75,000			70,125
3.900%, due 10/1/27			125,000			105,000
Springleaf Finance Corp.
8.250%, due 12/15/20			87,000			87,544

	Principal Amount			Value
Corporate Bonds (continued)
Energy (continued)
Sunoco LP / Sunoco Finance Corp.
4.875%, due 1/15/23		$	110,000		$	106,425
5.500%, due 2/15/26			80,000			76,800
6.000%, due 4/15/27			65,000			61,912
						1,253,430
Financials — 3.9%
CIT Group, Inc.
4.125%, due 3/9/21			62,000			60,837
4.750%, due 2/16/24			56,000			53,760
5.000%, due 8/15/22			116,000			114,840
5.250%, due 3/7/25(a)			52,000			51,220
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.750%, due 9/15/24			110,000			103,400
5.250%, due 5/15/27			90,000			85,500
6.250%, due 2/1/22			125,000			125,000
6.250%, due 5/15/26			125,000			122,812
6.375%, due 12/15/25			93,000			91,605
6.750%, due 2/1/24			50,000			50,000
LPL Holdings, Inc.
5.750%, due 9/15/25‡			85,000			83,938
MSCI, Inc.
4.000%, due 11/15/29‡			101,000			105,545
4.750%, due 8/1/26‡			56,000			58,450
5.375%, due 5/15/27‡			51,000			54,698
5.750%, due 8/15/25‡			80,000			83,600
Navient Corp.
6.625%, due 7/26/21			80,000			79,600
Quicken Loans, Inc.
5.250%, due 1/15/28‡			106,000			103,660
5.750%, due 5/1/25‡			120,000			117,441
Refinitiv US Holdings, Inc.
6.250%, due 5/15/26‡			120,000			127,500
8.250%, due 11/15/26‡			170,000			184,662
Springleaf Finance Corp.
6.125%, due 5/15/22			142,000			140,225
						1,998,293
Health Care — 14.9%
Avantor, Inc.
6.000%, due 10/1/24‡			147,000			154,350
9.000%, due 10/1/25‡			210,000			227,850
Bausch Health Cos., Inc.
5.000%, due 1/30/28‡			127,000			121,920
5.250%, due 1/30/30‡			146,000			144,540
5.500%, due 11/1/25‡			199,000			203,975
5.750%, due 8/15/27‡			60,000			63,150
6.125%, due 4/15/25‡			375,000			379,219
6.500%, due 3/15/22‡			235,000			239,700
7.000%, due 3/15/24‡			40,000			41,300
7.000%, due 1/15/28‡			75,000			77,625
7.250%, due 5/30/29‡			75,000			79,500
Centene Corp.
3.375%, due 2/15/30‡			150,000			151,875
4.250%, due 12/15/27‡			273,000			285,967
4.625%, due 12/15/29‡			370,000			405,150

See notes to financial statements.

107

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)

April 30, 2020

	Principal Amount			Value
Corporate Bonds (continued)
Health Care (continued)
4.750%, due 5/15/22		$	50,000		$	50,500
4.750%, due 1/15/25			66,000			67,815
4.750%, due 1/15/25‡			90,000			92,475
5.250%, due 4/1/25‡			265,000			273,612
5.375%, due 6/1/26‡			201,000			212,306
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
5.750%, due 3/1/25‡			140,000			138,250
Charles River Laboratories International, Inc.
4.250%, due 5/1/28‡			57,000			57,499
5.500%, due 4/1/26‡			44,000			45,760
DaVita, Inc.
5.000%, due 5/1/25			170,000			172,125
5.125%, due 7/15/24			175,000			177,625
Elanco Animal Health, Inc.
4.662%, due 8/27/21			32,000			32,577
5.022%, due 8/28/23			57,000			60,758
5.650%, due 8/28/28			92,000			101,660
Encompass Health Corp.
4.500%, due 2/1/28			48,000			48,000
4.750%, due 2/1/30			53,000			53,000
HCA, Inc.
3.500%, due 9/1/30			285,000			273,244
5.375%, due 2/1/25			234,000			251,550
5.375%, due 9/1/26			109,000			117,993
5.625%, due 9/1/28			171,000			189,383
5.875%, due 5/1/23			132,000			141,570
5.875%, due 2/15/26			174,000			194,445
5.875%, due 2/1/29			102,000			117,300
Hologic, Inc.
4.375%, due 10/15/25‡			116,000			117,160
IQVIA, Inc.
5.000%, due 10/15/26‡			104,000			107,120
5.000%, due 5/15/27‡			126,000			129,465
Jaguar Holding Co. II / Pharmaceutical Product Development LLC
6.375%, due 8/1/23‡			115,000			117,300
LifePoint Health, Inc.
4.375%, due 2/15/27‡			58,000			54,230
6.750%, due 4/15/25‡			60,000			61,800
Molina Healthcare, Inc.
5.375%, due 11/15/22			68,000			70,295
Select Medical Corp.
6.250%, due 8/15/26‡			112,000			106,960
Service Corp. International
4.625%, due 12/15/27			65,000			66,138
5.125%, due 6/1/29			92,000			95,680
Tenet Healthcare Corp.
4.625%, due 7/15/24			200,000			197,250
4.625%, due 9/1/24‡			52,000			51,090
4.875%, due 1/1/26‡			219,000			216,810
5.125%, due 5/1/25			159,000			148,665
5.125%, due 11/1/27‡			150,000			147,375
6.250%, due 2/1/27‡			150,000			147,750
7.500%, due 4/1/25‡			70,000			75,250
8.125%, due 4/1/22			287,000			288,435
						7,644,341

	Principal Amount			Value
Corporate Bonds (continued)
Industrials — 8.9%
ADT Security Corp. (The)
3.500%, due 7/15/22		$	136,000		$	133,280
4.875%, due 7/15/32‡			50,000			44,000
AECOM
5.125%, due 3/15/27			105,000			106,706
5.875%, due 10/15/24			85,000			89,037
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.625%, due 7/15/26‡			140,000			144,725
American Builders & Contractors Supply Co., Inc.
4.000%, due 1/15/28‡			77,000			73,150
5.875%, due 5/15/26‡			47,000			47,117
Aramark Services, Inc.
4.750%, due 6/1/26			53,000			50,615
5.000%, due 4/1/25‡			68,000			65,960
5.000%, due 2/1/28‡			104,000			100,100
Beacon Roofing Supply, Inc.
4.875%, due 11/1/25‡			135,000			118,800
Builders FirstSource, Inc.
5.000%, due 3/1/30‡			50,000			43,250
6.750%, due 6/1/27‡			80,000			82,800
Colfax Corp.
6.000%, due 2/15/24‡			69,000			70,035
Dun & Bradstreet Corp. (The)
6.875%, due 8/15/26‡			72,000			75,780
Griffon Corp.
5.750%, due 3/1/28			95,000			90,250
Herc Holdings, Inc.
5.500%, due 7/15/27‡			136,000			127,840
Iron Mountain, Inc.
4.375%, due 6/1/21‡			50,000			50,000
4.875%, due 9/15/27‡			102,000			99,450
4.875%, due 9/15/29‡			91,000			87,132
5.250%, due 3/15/28‡			91,000			88,952
5.750%, due 8/15/24			125,000			123,125
Lennar Corp.
4.125%, due 1/15/22			78,000			78,293
4.500%, due 4/30/24			68,000			69,360
4.750%, due 4/1/21			33,000			33,165
4.750%, due 5/30/25			55,000			56,512
4.750%, due 11/29/27			102,000			105,315
5.875%, due 11/15/24			30,000			31,575
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.250%, due 4/15/24‡			53,000			51,874
5.750%, due 4/15/26‡			141,000			138,709
PulteGroup, Inc.
4.250%, due 3/1/21			53,000			53,596
5.000%, due 1/15/27			74,000			76,775
5.500%, due 3/1/26			66,000			70,208
Signature Aviation US Holdings, Inc.
4.000%, due 3/1/28‡			73,000			62,780
5.375%, due 5/1/26‡			58,000			53,505
Standard Industries, Inc.
4.750%, due 1/15/28‡			106,000			104,410
5.000%, due 2/15/27‡			64,000			64,160

See notes to financial statements.

108

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)

April 30, 2020

	Principal Amount			Value
Corporate Bonds (continued)
Industrials (continued)
5.375%, due 11/15/24‡		$	110,000		$	111,100
6.000%, due 10/15/25‡			114,000			117,420
Summit Materials LLC / Summit Materials Finance Corp.
6.125%, due 7/15/23			70,000			70,000
Taylor Morrison Communities, Inc.
5.875%, due 1/31/25‡			30,000			27,750
Toll Brothers Finance Corp.
4.875%, due 3/15/27			36,000			36,450
TransDigm, Inc.
6.250%, due 3/15/26‡			451,000			440,853
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc.
5.875%, due 6/15/24			58,000			57,275
United Rentals North America, Inc.
4.000%, due 7/15/30			65,000			61,425
4.625%, due 10/15/25			90,000			88,200
4.875%, due 1/15/28			196,000			196,000
5.250%, due 1/15/30			82,000			82,103
5.500%, due 5/15/27			122,000			123,220
5.875%, due 9/15/26			97,000			99,668
6.500%, due 12/15/26			82,000			84,870
						4,558,675
Information Technology — 4.5%
CDK Global, Inc.
4.875%, due 6/1/27			65,000			64,837
5.000%, due 10/15/24			66,000			68,475
5.250%, due 5/15/29‡			52,000			53,040
5.875%, due 6/15/26			36,000			37,170
CDW LLC / CDW Finance Corp.
4.125%, due 5/1/25			60,000			60,600
4.250%, due 4/1/28			57,000			56,857
5.000%, due 9/1/25			54,000			55,350
CommScope, Inc.
5.500%, due 3/1/24‡			118,000			118,000
6.000%, due 3/1/26‡			161,000			161,000
Dell International LLC / EMC Corp.
7.125%, due 6/15/24‡			185,000			192,631
EMC Corp.
3.375%, due 6/1/23			99,000			98,753
Match Group, Inc.
4.125%, due 8/1/30‡			54,000			52,380
NCR Corp.
5.750%, due 9/1/27‡			52,000			51,610
6.125%, due 9/1/29‡			54,000			53,865
NortonLifeLock, Inc.
5.000%, due 4/15/25‡			119,000			120,190
PTC, Inc.
3.625%, due 2/15/25‡			43,000			42,463
4.000%, due 2/15/28‡			64,000			62,720
Qorvo, Inc.
4.375%, due 10/15/29‡			58,000			57,710
5.500%, due 7/15/26			92,000			96,600
Sensata Technologies UK Financing Co. PLC
6.250%, due 2/15/26‡			83,000			85,386

	Principal Amount			Value
Corporate Bonds (continued)
Information Technology (continued)
Sensata Technologies, Inc.
4.375%, due 2/15/30‡		$	39,000		$	37,879
SS&C Technologies, Inc.
5.500%, due 9/30/27‡			210,000			216,300
Western Digital Corp.
4.750%, due 2/15/26			237,000			241,740
Xerox Corp.
4.125%, due 3/15/23			100,000			99,500
4.500%, due 5/15/21			95,000			95,000
						2,280,056
Materials — 5.5%
Alcoa Nederland Holding BV
6.125%, due 5/15/28‡			53,000			51,344
6.750%, due 9/30/24‡			75,000			75,000
7.000%, due 9/30/26‡			53,000			52,602
Ball Corp.
4.000%, due 11/15/23			86,000			88,580
4.875%, due 3/15/26			64,000			68,800
5.250%, due 7/1/25			122,000			134,352
Berry Global, Inc.
4.500%, due 2/15/26‡			49,000			48,387
4.875%, due 7/15/26‡			152,000			155,470
5.125%, due 7/15/23			50,000			50,250
5.625%, due 7/15/27‡			57,000			58,852
Crown Americas LLC / Crown Americas Capital Corp. IV
4.500%, due 1/15/23			101,000			103,399
Crown Americas LLC / Crown Americas Capital Corp. VI
4.750%, due 2/1/26			102,000			104,805
Freeport-McMoRan, Inc.
3.875%, due 3/15/23			194,000			193,273
4.125%, due 3/1/28			50,000			46,250
4.250%, due 3/1/30			40,000			36,700
5.000%, due 9/1/27			67,000			64,990
5.250%, due 9/1/29(a)			67,000			66,163
5.450%, due 3/15/43			215,000			197,800
Graphic Packaging International LLC
3.500%, due 3/15/28‡			40,000			38,200
Howmet Aerospace, Inc.
5.125%, due 10/1/24			140,000			134,750
6.875%, due 5/1/25			125,000			127,969
LABL Escrow Issuer LLC
6.750%, due 7/15/26‡			70,000			70,350
Novelis Corp.
4.750%, due 1/30/30‡			181,000			161,090
5.875%, due 9/30/26‡			144,000			140,040
Olin Corp.
5.000%, due 2/1/30			54,000			47,520
5.125%, due 9/15/27			56,000			51,520
5.625%, due 8/1/29			92,000			83,145
Owens-Brockway Glass Container, Inc.
5.875%, due 8/15/23‡(a)			82,000			84,870

See notes to financial statements.

109

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)

April 30, 2020

	Principal Amount			Value
Corporate Bonds (continued)
Materials (continued)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.125%, due 7/15/23‡		$	175,000		$	175,875
7.000%, due 7/15/24‡			70,000			70,175
Sealed Air Corp.
4.000%, due 12/1/27‡			39,000			38,415
						2,820,936
Media — 13.4%
AMC Networks, Inc.
4.750%, due 8/1/25(a)			86,000			78,905
5.000%, due 4/1/24			94,000			89,300
CCO Holdings LLC / CCO Holdings Capital Corp.
4.000%, due 3/1/23‡			46,000			46,000
4.500%, due 8/15/30‡			162,000			163,215
4.500%, due 5/1/32‡			150,000			148,875
4.750%, due 3/1/30‡			253,000			258,060
5.000%, due 2/1/28‡			161,000			165,427
5.125%, due 5/1/27‡			195,000			202,312
5.375%, due 6/1/29‡			91,000			96,005
5.500%, due 5/1/26‡			150,000			155,625
5.750%, due 2/15/26‡			154,000			160,545
5.875%, due 4/1/24‡			100,000			102,750
Clear Channel Worldwide Holdings, Inc.
5.125%, due 8/15/27‡			116,000			108,460
CSC Holdings LLC
5.250%, due 6/1/24			77,000			80,561
5.375%, due 7/15/23‡			125,000			126,250
5.375%, due 2/1/28‡			110,000			114,125
5.500%, due 5/15/26‡			170,000			175,100
5.500%, due 4/15/27‡			138,000			142,485
5.750%, due 1/15/30‡			243,000			252,720
6.500%, due 2/1/29‡			189,000			205,537
6.625%, due 10/15/25‡			85,000			88,187
6.750%, due 11/15/21			98,000			102,165
7.500%, due 4/1/28‡			116,000			127,020
DISH DBS Corp.
5.000%, due 3/15/23			144,000			136,440
5.875%, due 7/15/22			224,000			224,560
6.750%, due 6/1/21			219,000			219,000
Gray Television, Inc.
5.125%, due 10/15/24‡			55,000			54,037
5.875%, due 7/15/26‡			78,000			75,465
7.000%, due 5/15/27‡			77,000			77,577
iHeartCommunications, Inc.
4.750%, due 1/15/28‡			57,000			49,875
5.250%, due 8/15/27‡			92,000			83,720
Lamar Media Corp.
3.750%, due 2/15/28‡			58,000			53,360
5.750%, due 2/1/26			82,000			83,435
Live Nation Entertainment, Inc.
4.750%, due 10/15/27‡			96,000			81,360
Netflix, Inc.
4.375%, due 11/15/26			124,000			129,890
4.875%, due 4/15/28			100,000			106,500

	Principal Amount			Value
Corporate Bonds (continued)
Media (continued)
4.875%, due 6/15/30‡(a)			121,000			129,167
5.375%, due 11/15/29‡			106,000			116,600
5.500%, due 2/15/22			79,000			81,962
5.875%, due 2/15/25		$	72,000		$	79,020
5.875%, due 11/15/28			194,000			218,250
6.375%, due 5/15/29			101,000			117,413
Nexstar Broadcasting, Inc.
5.625%, due 8/1/24‡			50,000			48,500
5.625%, due 7/15/27‡			199,000			189,050
Nielsen Co. Luxembourg SARL (The)
5.000%, due 2/1/25‡(a)			49,000			46,918
Nielsen Finance LLC / Nielsen Finance Co.
5.000%, due 4/15/22‡			235,000			230,888
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.625%, due 3/15/30‡			53,000			48,628
5.000%, due 8/15/27‡			57,000			54,008
Sirius XM Radio, Inc.
3.875%, due 8/1/22‡			154,000			154,963
4.625%, due 7/15/24‡			185,000			187,775
5.000%, due 8/1/27‡			169,000			172,803
5.375%, due 7/15/26‡			109,000			111,725
5.500%, due 7/1/29‡			146,000			152,935
TEGNA, Inc.
4.625%, due 3/15/28‡			87,000			77,648
5.000%, due 9/15/29‡			111,000			98,790
						6,881,891
Real Estate — 0.7%
ESH Hospitality, Inc.
4.625%, due 10/1/27‡			70,000			63,350
5.250%, due 5/1/25‡			135,000			126,900
Howard Hughes Corp. (The)
5.375%, due 3/15/25‡			97,000			94,090
Ryman Hospitality Properties, Inc.
4.750%, due 10/15/27‡			75,000			65,250
						349,590
Telecommunication Services — 10.4%
CenturyLink, Inc.
4.000%, due 2/15/27‡			137,000			133,575
5.125%, due 12/15/26‡			131,000			125,269
5.625%, due 4/1/25			57,000			57,000
5.800%, due 3/15/22			94,000			96,115
6.450%, due 6/15/21			144,000			147,060
7.500%, due 4/1/24			121,000			131,285
Hughes Satellite Systems Corp.
6.625%, due 8/1/26			78,000			83,460
LCPR Senior Secured Financing DAC, (Puerto Rico)
6.750%, due 10/15/27‡			125,000			131,094
Level 3 Financing, Inc.
4.625%, due 9/15/27‡			96,000			95,760
5.125%, due 5/1/23			100,000			100,000
5.250%, due 3/15/26			101,000			103,525
5.375%, due 1/15/24			125,000			125,937
5.375%, due 5/1/25			75,000			76,125

See notes to financial statements.

110

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)

April 30, 2020

	Principal Amount			Value
Corporate Bonds (continued)
Telecommunication Services (continued)
SBA Communications Corp.
3.875%, due 2/15/27‡			92,000			93,840
4.000%, due 10/1/22			53,000			53,265
4.875%, due 9/1/24		$	132,000		$	135,960
Sprint Capital Corp.
6.875%, due 11/15/28			223,000			268,715
8.750%, due 3/15/32			224,000			315,280
Sprint Communications, Inc.
6.000%, due 11/15/22			204,000			215,730
Sprint Corp.
7.125%, due 6/15/24			338,000			379,405
7.250%, due 9/15/21			236,000			247,505
7.625%, due 2/15/25			161,000			185,552
7.625%, due 3/1/26			161,000			189,175
7.875%, due 9/15/23			399,000			448,376
T-Mobile USA, Inc.
4.000%, due 4/15/22			50,000			51,063
4.500%, due 2/1/26			89,000			91,225
4.750%, due 2/1/28			141,000			147,874
5.125%, due 4/15/25			50,000			51,000
5.375%, due 4/15/27			53,000			56,048
6.000%, due 4/15/24			115,000			117,012
6.375%, due 3/1/25			225,000			231,187
6.500%, due 1/15/24			100,000			102,000
6.500%, due 1/15/26			171,000			180,191
ViaSat, Inc.
5.625%, due 9/15/25‡			60,000			56,550
5.625%, due 4/15/27‡			68,000			67,320
Zayo Group Holdings, Inc.
4.000%, due 3/1/27‡			135,000			130,613
6.125%, due 3/1/28‡			105,000			98,700
						5,319,791
Transportation — 0.4%
Delta Air Lines, Inc.
2.600%, due 12/4/20			45,000			43,088
XPO Logistics, Inc.
6.125%, due 9/1/23‡			40,000			40,100
6.750%, due 8/15/24‡			101,000			103,020
						186,208
Utilities — 4.1%
AES Corp.
4.000%, due 3/15/21			41,000			40,897
4.500%, due 3/15/23			59,000			59,000
5.125%, due 9/1/27			55,000			57,131
6.000%, due 5/15/26			60,000			63,000
Calpine Corp.
4.500%, due 2/15/28‡			146,000			141,255
5.125%, due 3/15/28‡			135,000			131,625
5.250%, due 6/1/26‡			116,000			117,740
5.750%, due 1/15/25			125,000			125,312
Clearway Energy Operating LLC
4.750%, due 3/15/28‡			73,000			74,277
5.750%, due 10/15/25			40,000			41,500

	Principal Amount			Value
Corporate Bonds (continued)
Utilities (continued)
NextEra Energy Operating Partners LP
3.875%, due 10/15/26‡			57,000			56,091
4.250%, due 7/15/24‡			98,000			98,980
4.250%, due 9/15/24‡			40,000			40,600
4.500%, due 9/15/27‡			60,000			61,575
NRG Energy, Inc.
5.250%, due 6/15/29‡		$	92,000		$	98,555
5.750%, due 1/15/28			127,000			136,525
6.625%, due 1/15/27			67,000			71,522
7.250%, due 5/15/26			98,000			105,350
TerraForm Power Operating LLC
4.250%, due 1/31/23‡			62,000			63,550
4.750%, due 1/15/30‡			63,000			64,418
5.000%, due 1/31/28‡			65,000			68,169
Vistra Operations Co. LLC
5.000%, due 7/31/27‡			135,000			137,363
5.500%, due 9/1/26‡			121,000			124,328
5.625%, due 2/15/27‡			127,000			131,763
						2,110,526
Total Corporate Bonds (Cost $44,768,309)						44,247,998
Foreign Bonds — 11.4%
Consumer Discretionary — 2.3%
1011778 BC ULC / New Red Finance, Inc., (Canada)
3.875%, due 1/15/28‡			102,000			98,430
4.250%, due 5/15/24‡			157,000			156,607
4.375%, due 1/15/28‡			43,000			41,871
5.000%, due 10/15/25‡			299,000			299,748
5.750%, due 4/15/25‡			50,000			52,750
Fiat Chrysler Automobiles NV, (United Kingdom)
5.250%, due 4/15/23			166,000			165,170
Parkland Fuel Corp., (Canada)
5.875%, due 7/15/27‡			52,000			49,790
6.000%, due 4/1/26‡			54,000			52,448
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, (Canada)
7.000%, due 7/15/26‡			105,000			108,281
ZF North America Capital, Inc., (Germany)
4.500%, due 4/29/22‡			65,000			65,325
4.750%, due 4/29/25‡			115,000			106,663
						1,197,083
Industrials — 0.4%
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., (Canada)
4.875%, due 2/15/30‡			35,000			28,875
Garda World Security Corp., (Canada)
4.625%, due 2/15/27‡			54,000			52,650
GFL Environmental, Inc., (Canada)
5.125%, due 12/15/26‡			38,000			39,425
7.000%, due 6/1/26‡			45,000			47,250

See notes to financial statements.

111

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)

April 30, 2020

	Principal Amount			Value
Foreign Bonds (continued)
Industrials (continued)
Mattamy Group Corp., (Canada)
5.250%, due 12/15/27‡			53,000			49,687
						217,887
Information Technology — 0.9%
Nokia OYJ, (Finland)
3.375%, due 6/12/22		$	41,000		$	41,154
4.375%, due 6/12/27			48,000			48,480
Open Text Corp., (Canada)
3.875%, due 2/15/28‡			108,000			104,760
5.875%, due 6/1/26‡			75,000			77,813
Open Text Holdings, Inc., (Canada)
4.125%, due 2/15/30‡			92,000			89,470
Telefonaktiebolaget LM Ericsson, (Sweden)
4.125%, due 5/15/22			118,000			122,277
						483,954
Materials — 1.9%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., (Ireland)
4.125%, due 8/15/26‡			33,000			32,175
4.250%, due 9/15/22‡(a)			70,000			70,262
5.250%, due 4/30/25‡			70,000			71,663
5.250%, due 8/15/27‡			102,000			99,067
6.000%, due 2/15/25‡			165,000			164,175
FMG Resources August 2006 Pty Ltd., (Australia)
4.500%, due 9/15/27‡			72,000			70,200
4.750%, due 5/15/22‡			104,000			104,130
5.125%, due 3/15/23‡			25,000			25,219
5.125%, due 5/15/24‡			68,000			68,850
OCI NV, (Netherlands)
5.250%, due 11/1/24‡			72,000			71,640
6.625%, due 4/15/23‡			65,000			65,731
Trivium Packaging Finance BV, (Netherlands)
5.500%, due 8/15/26‡			110,000			112,750
						955,862
Media — 1.7%
Telenet Finance Luxembourg Notes SARL, (Belgium)
5.500%, due 3/1/28‡			200,000			204,000
Videotron Ltd., (Canada)
5.125%, due 4/15/27‡			66,000			68,970
Virgin Media Secured Finance PLC, (United Kingdom)
5.500%, due 8/15/26‡			47,000			48,762
5.500%, due 5/15/29‡			155,000			161,588
Ziggo Bond Co. BV, (Netherlands)
6.000%, due 1/15/27‡			78,000			78,195
Ziggo BV, (Netherlands)
4.875%, due 1/15/30‡			57,000			56,430
5.500%, due 1/15/27‡			226,000			229,108
						847,053

	Principal Amount			Value
Foreign Bonds (continued)
Telecommunication Services — 4.1%
Altice Financing SA, (France)
5.000%, due 1/15/28‡			115,000			111,406
7.500%, due 5/15/26‡			305,000			317,962
Altice France Holding SA, (France)
6.000%, due 2/15/28‡		$	120,000		$	108,900
Altice France SA, (France)
5.500%, due 1/15/28‡			122,000			122,915
7.375%, due 5/1/26‡			500,000			525,000
8.125%, due 2/1/27‡			200,000			216,000
C&W Senior Financing DAC, (United Kingdom)
6.875%, due 9/15/27‡			125,000			123,437
Intelsat Jackson Holdings SA, (Luxembourg)
9.500%, due 9/30/22‡			53,000			58,830
Telecom Italia Capital SA, (Italy)
6.000%, due 9/30/34			107,000			110,611
7.200%, due 7/18/36			92,000			102,005
7.721%, due 6/4/38			122,000			140,453
Telecom Italia SpA, (Italy)
5.303%, due 5/30/24‡			170,000			175,738
						2,113,257
Utilities — 0.1%
Mattamy Group Corp., (Canada)
4.625%, due 3/1/30‡			40,000			35,800
Total Foreign Bonds (Cost $5,892,985)						5,850,896

	Shares
Short-Term Investments — 2.2%
Money Market Funds — 2.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.20%(b)		745,070		745,070
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		400,640		400,640
Total Short-Term Investments (Cost $1,145,710)				1,145,710
Total Investments — 99.9% (Cost $51,807,004)				51,244,604
Other Assets and Liabilities, Net — 0.1%				50,114
Net Assets — 100.0%			$	51,294,718

‡

May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $531,180; total market value of collateral held by the Fund was $552,109. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $151,469.

(b)

Reflects the 1-day yield at April 30, 2020.

See notes to financial statements.

112

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Schedules of Investments — IQ S&P High Yield Low Volatility Bond ETF (continued)

April 30, 2020

(c)

Represents security purchased with cash collateral received for securities on loan.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Corporate Bonds		$	—		$	44,247,998		$	—		$	44,247,998
Foreign Bonds			—			5,850,896			—			5,850,896
Short-Term Investments:
Money Market Funds			1,145,710			—			—			1,145,710
Total Investments in Securities		$	1,145,710		$	50,098,894		$	—		$	51,244,604

(d)

For a complete listing of investments and their industries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

113

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Schedules of Investments — IQ Merger Arbitrage ETF

April 30, 2020

	Shares		Value
Common Stocks — 81.6%
Communication Services — 2.0%
Cincinnati Bell, Inc.*		650,634		$	9,531,788
Cineplex, Inc.*		228,550			2,738,092
Meet Group, Inc. (The)*		401,195			2,475,373
Total Communication Services					14,745,253
Consumer Discretionary — 17.8%
Delphi Technologies PLC*(a)		2,508,135			25,056,269
Fiat Chrysler Automobiles NV*		3,902,613			34,264,644
Keihin Corp.*		188,055			4,496,719
Li & Fung Ltd.*		35,240,786			5,318,609
Nissin Kogyo Co., Ltd.*		158,434			3,295,060
Stars Group, Inc. (The)*		98,929			2,765,696
Tiffany & Co.*(b)		422,879			53,494,193
Total Consumer Discretionary					128,691,190
Consumer Staples — 0.2%
Craft Brew Alliance, Inc.*(a)		81,503			1,230,695
Financials — 24.6%
Carolina Financial Corp.*		53,314			1,803,612
CenterState Bank Corp.		709,545			12,338,987
E*TRADE Financial Corp.(b)		921,380			37,417,242
Franklin Financial Network, Inc.		75,583			1,792,829
IBERIABANK Corp.*		125,893			5,219,524
Legg Mason, Inc.		719,752			35,865,242
TD Ameritrade Holding Corp.		899,055			35,305,890
Texas Capital Bancshares, Inc.*		208,878			5,802,631
Unione di Banche Italiane SpA*		2,168,716			6,197,404
Willis Towers Watson PLC*		200,996			35,835,577
Total Financials					177,578,938
Health Care — 5.7%
Metlifecare Ltd.*		865,552			2,237,470
Progenics Pharmaceuticals, Inc.*		496,746			1,957,179
QIAGEN NV*		323,099			13,469,997
Wright Medical Group NV*(a)		801,836			23,349,464
Total Health Care					41,014,110
Industrials — 6.3%
Advanced Disposal Services, Inc.*		699,224			22,549,974
Hexcel Corp.*		459,200			15,883,728
Mobile Mini, Inc.		92,582			2,645,068
Navistar International Corp.*		201,955			4,800,470
Total Industrials					45,879,240
Information Technology — 19.1%
Acacia Communications, Inc.*(a)		178,418			12,077,114
Adesto Technologies Corp.*(a)		247,522			2,933,136
Anixter International, Inc.*		120,460			11,185,916
Fitbit, Inc., Class A*		2,628,990			17,587,943
ForeScout Technologies, Inc.*(a)		364,368			11,572,328
Ingenico Group SA*		57,263			7,194,002
Isra Vision AG*		28,623			1,564,403
KEMET Corp.*		394,131			10,645,478
LogMeIn, Inc.*		272,877			23,320,068
Tech Data Corp.*		239,991			33,752,334

	Shares		Value
Common Stocks (continued)
Information Technology (continued)
TiVo Corp.*		946,618		$	6,654,725
Total Information Technology					138,487,447
Real Estate — 3.7%
CapitaLand Commercial Trust*		4,277,480			4,892,195
Northview Apartment Real Estate Investment Trust, Class Trust Unit*(a)		133,809			3,391,106
Taubman Centers, Inc.*		422,824			18,223,714
Total Real Estate					26,507,015
Utilities — 2.2%
El Paso Electric Co.*		237,880			16,175,840
Total Common Stocks
(Cost $667,977,027)					590,309,728
Investment Companies — 5.1%
U.S. Ultra Short Term Bond Funds — 5.1%
iShares Short Treasury Bond ETF		309,938			34,375,224
IQ Ultra Short Duration ETF†		59,392			2,936,934
Total Investment Companies (Cost $37,300,732)					37,312,158
Short-Term Investments — 12.7%
Money Market Funds — 12.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d)		14,289,956			14,289,956
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c)		77,768,188			77,768,188
Total Short-Term Investments (Cost $92,058,144)					92,058,144
Total Investments — 99.4% (Cost $797,335,903)					719,680,030
Other Assets and Liabilities, Net — 0.6%					3,901,744
Net Assets — 100.0%				$	723,581,774

Non-income producing securities.

†

Affiliated Fund.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $31,273,273; total market value of collateral held by the Fund was 32,844,059. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $18,554,103.

(b)

All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $51,104,400.

(c)

Reflects the 1-day yield at April 30, 2020.

(d)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

114

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Schedules of Investments — IQ Merger Arbitrage ETF (continued)

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020:
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)	Notional Amount Long/ (Short)			Value Unrealized Appreciation/ (Depreciation)(e)
Consumer Discretionary Select Sector SPDR Fund	Bank of America		0.99		8/31/2021	Monthly		$	(10,400,603)		$	—
Consumer Discretionary Select Sector SPDR Fund	Morgan Stanley		(0.01)		2/02/2022	Monthly			(10,400,603)			—
Financial Select Sector SPDR Fund	Bank of America		0.99		8/31/2021	Monthly			(18,656,760)			—
Financial Select Sector SPDR Fund	Morgan Stanley		(0.31)		2/02/2022	Monthly			(18,656,760)			—
Health Care Select Sector SPDR Fund	Bank of America		0.99		8/31/2021	Monthly			(1,016,847)			—
Health Care Select Sector SPDR Fund	Morgan Stanley		(0.06)		2/02/2022	Monthly			(1,016,847)			—
Industrial Select Sector SPDR Fund	Morgan Stanley		(0.11)		2/02/2022	Monthly			(15,453,035)			—
iShares MSCI Pacific ex Japan ETF	Morgan Stanley		(3.30)		2/02/2022	Monthly			(3,863,680)			—
iShares PHLX Semiconductor ETF	Morgan Stanley		(1.65)		2/02/2022	Monthly			(6,504,262)			—
iShares U.S. Financial Services ETF	Bank of America		0.99		8/31/2021	Monthly			(37,900,493)			—
iShares U.S. Financial Services ETF	Morgan Stanley		(0.79)		2/02/2022	Monthly			(37,900,493)			—
SPDR S&P Regional Banking ETF	Bank of America		0.99		8/31/2021	Monthly			(13,463,550)			—
SPDR S&P Regional Banking ETF	Morgan Stanley		(0.71)		2/02/2022	Monthly			(13,463,550)			—
Vanguard FTSE Europe ETF	Bank of America		0.99		8/31/2021	Monthly			(23,262,033)			—
Vanguard FTSE Europe ETF	Morgan Stanley		0.04		2/02/2022	Monthly			(23,262,033)			—
											$	—

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $29,940,950 and with Bank of America amounted to $21,163,450 at April 30, 2020. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(e)

Reflects the value at reset date of April 30, 2020.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Common Stocks		$	590,309,728		$	—		$	—		$	590,309,728
Investment Company			34,375,224			—			—			34,375,224
Exchange Traded Vehicle			2,936,934			—			—			2,936,934
Short-Term Investments:
Money Market Funds			92,058,144			—			—			92,058,144
Total Investments in Securities			719,680,030			—			—			719,680,030
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	719,680,030		$	—		$	—		$	719,680,030
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

For a complete listing of investments and their industries, see the Schedules of Investments.

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

115

TABLE OF CONTENTS

Schedules of Investments — IQ Merger Arbitrage ETF (continued)

April 30, 2020

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities Rights	Balance as of April 30, 2019			Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases			Sales			Transfers Into Level 3			Transfers out of Level 3			Balance as of April 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2020
A. Schulman, Inc., Contingent Value Right (CVR)(h)		$	66,061		$	—		$	58,891		$	13,731		$	—		$	(138,683)		$	—		$	—		$	—		$	—

(h)

Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:

Affiliated Holdings

	Shares at 04/30/2019		Value ($) at 04/30/2019		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation/ (Depreciation) ($)		Income Distributions ($)		Capital Gain Distributions ($)		Shares at 04/30/2020		Value ($) at 04/30/2020
IQ Ultra Short Duration ETF		—		—		48,089,628		(45,156,013)		(13,685)		17,004		63,624		676		59,392		2,936,934

For more information on the determination, please refer to Note 6.

See notes to financial statements.

116

TABLE OF CONTENTS

Schedules of Investments — IQ Global Resources ETF

April 30, 2020

	Shares		Value
Common Stocks — 92.5%
Australia — 7.4%
BHP Group Ltd.		22,177		$	469,699
Evolution Mining Ltd.		25,299			84,638
Fortescue Metals Group Ltd.		11,735			91,888
GrainCorp Ltd., Class A*		4,209			9,755
IGO Ltd.		10,331			32,060
Iluka Resources Ltd.		1,908			9,594
Inghams Group Ltd.		16,287			37,321
Mineral Resources Ltd.		840			9,228
New Hope Corp. Ltd.		23,475			23,745
Newcrest Mining Ltd.		12,285			221,504
Northern Star Resources Ltd.		13,168			110,264
OceanaGold Corp.*		12,765			19,484
OZ Minerals Ltd.		1,501			8,815
Perseus Mining Ltd.*		18,344			11,589
Regis Resources Ltd.		7,897			23,266
Rio Tinto PLC		5,811			270,063
Saracen Mineral Holdings Ltd.*		15,902			45,184
South32 Ltd.		23,254			30,220
St. Barbara Ltd.		10,827			18,359
Washington H Soul Pattinson & Co., Ltd.(a)		7,476			90,745
Whitehaven Coal Ltd.		28,792			34,307
Woodside Petroleum Ltd.		2,694			39,596
Total Australia					1,691,324
Austria — 0.2%
OMV AG		874			28,623
voestalpine AG		685			14,177
Total Austria					42,800
Belgium — 0.2%
Umicore SA		1,027			44,331
Brazil — 0.4%
Yamana Gold, Inc.		17,961			84,830
Canada — 13.6%
Agnico Eagle Mines Ltd.		3,838			224,734
Alamos Gold, Inc., Class A		6,104			49,264
B2Gold Corp.		18,287			92,689
Barrick Gold Corp.		24,865			641,429
Canadian Natural Resources Ltd.		4,008			67,264
Centerra Gold, Inc.		4,203			33,680
Eldorado Gold Corp.*		3,096			29,579
Enbridge, Inc.		4,644			142,602
First Majestic Silver Corp.*		3,415			27,636
Hudbay Minerals, Inc.(a)		1,222			2,991
IAMGOLD Corp.*		7,909			27,731
Imperial Oil Ltd.		2,585			41,857
Kinross Gold Corp.*		21,161			140,012
Kirkland Lake Gold Ltd.		3,093			128,134
Labrador Iron Ore Royalty Corp.		282			4,008
Maple Leaf Foods, Inc.		4,524			83,806
Norbord, Inc.		5,291			86,015
Nutrien Ltd.		7,375			263,949
Osisko Gold Royalties Ltd.		2,330			21,321
Pan American Silver Corp.		3,890			82,900
Pembina Pipeline Corp.		1,888			43,389
Pretium Resources, Inc.*		3,115			23,840
Sandstorm Gold Ltd.*		2,785			21,675

	Shares		Value
Common Stocks (continued)
Canada (continued)
SSR Mining, Inc.*		2,276		$	39,967
Suncor Energy, Inc.		4,746			84,809
TC Energy Corp.		1,973			90,997
Teck Resources Ltd., Class B		18,924			167,175
Torex Gold Resources, Inc.*		1,574			22,449
TransAlta Corp.		10,338			60,958
Wesdome Gold Mines Ltd.*		2,254			17,299
West Fraser Timber Co. Ltd.		3,887			108,415
Westshore Terminals Investment Corp.		1,956			21,011
Wheaton Precious Metals Corp.		6,235			237,423
Total Canada					3,131,008
Chile — 0.2%
Antofagasta PLC(a)		3,547			36,374
Lundin Mining Corp.		3,619			17,770
Total Chile					54,144
China — 8.5%
Ausnutria Dairy Corp., Ltd.*		64,805			120,710
China Coal Energy Co., Ltd., Class H		398,368			106,370
China Hongqiao Group Ltd.		38,771			19,305
China Molybdenum Co., Ltd., Class H		103,440			31,223
China Petroleum & Chemical Corp., Class H		224,811			113,676
China Shenhua Energy Co., Ltd., Class H		467,024			834,966
CNOOC Ltd.		103,489			117,341
COFCO Meat Holdings Ltd.*		140,640			50,071
Dali Foods Group Co. Ltd.‡		139,849			86,049
Guangdong Investment Ltd.		51,433			106,948
MMG Ltd.*		41,205			7,229
PetroChina Co., Ltd., Class H		343,405			123,588
Southern Energy Holdings Group Ltd.*(b)(c)		53,183			4,665
Zhaojin Mining Industry Co., Ltd., Class H		50,963			57,587
Zijin Mining Group Co., Ltd., Class H		403,097			166,390
Total China					1,946,118
Egypt — 0.1%
Centamin PLC		16,817			33,059
Finland — 4.4%
Kemira OYJ*		5,675			68,312
Neste OYJ		1,577			55,843
Stora Enso OYJ, Class R*		26,150			309,335
UPM-Kymmene OYJ		16,873			466,830
Valmet OYJ*		5,120			117,206
Total Finland					1,017,526
France — 1.7%
Suez		7,690			86,882
TOTAL SA		4,981			179,219
Veolia Environnement SA(a)		5,969			127,390
Total France					393,491
Germany — 0.3%
Aurubis AG		182			9,517
Suedzucker AG		2,370			31,332
Uniper SE(a)		773			20,743
Total Germany					61,592

See notes to financial statements.

117

TABLE OF CONTENTS

Schedules of Investments — IQ Global Resources ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Hong Kong — 0.0%(d)
Nissin Foods Co. Ltd.		11,773		$	9,704
Indonesia — 0.1%
First Pacific Co. Ltd.		70,618			14,666
Italy — 0.3%
Eni SpA		7,705			73,540
Ivory Coast — 0.1%
Endeavour Mining Corp.*		1,840			33,198
Japan — 2.9%
Fuji Oil Holdings, Inc.		890			20,924
Hoshizaki Corp.		659			50,780
Inpex Corp.		3,974			25,683
Itoham Yonekyu Holdings, Inc.		10,956			64,137
JFE Holdings, Inc.		2,950			19,973
Kewpie Corp.		1,416			28,297
NH Foods Ltd.		4,408			158,908
Nichirei Corp.		1,293			32,478
Nippon Flour Mills Co., Ltd.		785			12,443
Nippon Steel Corp.		4,348			37,078
Nisshin Oillio Group Ltd. (The)		330			10,909
Nisshin Seifun Group, Inc.(a)		3,245			51,041
Prima Meat Packers Ltd.		1,804			41,382
Sumitomo Metal Mining Co., Ltd.		1,196			30,405
Toyo Suisan Kaisha Ltd.		901			43,476
UACJ Corp.		212			3,485
Yamazaki Baking Co., Ltd.		1,904			33,812
Total Japan					665,211
Kazakhstan — 0.0%(d)
KAZ Minerals PLC(a)		2,040			10,668
Luxembourg — 0.3%
ArcelorMittal SA		5,391			59,059
Mexico — 0.4%
Fresnillo PLC(a)		9,158			82,223
Netherlands — 1.4%
OCI NV*		3,124			37,810
Royal Dutch Shell PLC, Class B		17,568			285,059
Total Netherlands					322,869
New Zealand — 0.4%
Fletcher Building Ltd.		36,505			83,331
Norway — 1.0%
Equinor ASA		7,000			98,258
Norsk Hydro ASA		9,607			24,601
Yara International ASA		3,351			114,536
Total Norway					237,395
Peru — 0.6%
Hochschild Mining PLC		10,518			18,481
Nexa Resources SA(a)		1,003			4,202
Southern Copper Corp.		3,316			107,571
Total Peru					130,254

	Shares		Value
Common Stocks (continued)
Portugal — 0.4%
Galp Energia SGPS SA		1,752		$	20,178
Navigator Co. SA (The)*		26,245			68,243
Total Portugal					88,421
Russia — 0.8%
Evraz PLC		7,566			25,309
Highland Gold Mining Ltd.		5,327			16,019
Polymetal International PLC		5,585			115,004
United Co. RUSAL PLC*		79,382			27,954
Total Russia					184,286
Singapore — 1.3%
First Resources Ltd.		22,779			20,389
Golden Agri-Resources Ltd.*		198,401			21,986
Olam International Ltd.		41,544			44,268
Wilmar International Ltd.		85,590			217,061
Total Singapore					303,704
South Africa — 0.4%
Anglo American PLC		5,812			103,748
Spain — 0.3%
Ebro Foods SA		1,523			32,362
Repsol SA		3,124			28,448
Total Spain					60,810
Sweden — 0.9%
AAK AB		2,853			46,867
Boliden AB(a)		1,099			22,538
Holmen AB, B Shares*		4,676			136,634
Total Sweden					206,039
Switzerland — 0.3%
Aryzta AG*		25,273			10,191
Bell Food Group AG*		246			62,829
Total Switzerland					73,020
United Kingdom — 2.6%
BP PLC		42,570			168,121
Cranswick PLC		1,913			89,714
Greggs PLC		1,444			33,368
Hilton Food Group PLC		3,183			44,966
Severn Trent PLC		2,138			64,453
Spirax-Sarco Engineering PLC		630			69,357
Tate & Lyle PLC		5,523			49,615
United Utilities Group PLC		5,930			67,483
Total United Kingdom					587,077
United States — 40.9%
Alacer Gold Corp.*		5,566			28,612
Alcoa Corp.*		1,501			12,233
American Water Works Co., Inc.		1,509			183,630
Andersons, Inc. (The)		351			5,956
Arch Coal, Inc., Class A(a)		679			19,820
Archer-Daniels-Midland Co.		6,418			238,365
Armstrong World Industries, Inc.		1,730			133,348
Baker Hughes Co.		1,766			24,636
Builders FirstSource, Inc.*		6,163			113,091
Bunge Ltd.		1,746			69,264

See notes to financial statements.

118

TABLE OF CONTENTS

Schedules of Investments — IQ Global Resources ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
United States (continued) — 40.9%
Campbell Soup Co.		3,179		$	158,886
Carpenter Technology Corp.		324			7,183
Cheniere Energy, Inc.*		690			32,216
Chevron Corp.		4,301			395,692
Cleveland-Cliffs, Inc.(a)		1,425			6,241
Coeur Mining, Inc.*		4,170			17,556
Commercial Metals Co.		495			7,890
Conagra Brands, Inc.		4,769			159,475
Concho Resources, Inc.		558			31,650
ConocoPhillips		3,026			127,395
Diamondback Energy, Inc.(a)		668			29,085
Dover Corp.		1,425			133,451
Ecolab, Inc.		2,695			521,482
EOG Resources, Inc.		1,819			86,421
Essential Utilities, Inc.		1,882			78,649
Exxon Mobil Corp.		10,176			472,879
Flowers Foods, Inc.		2,388			53,205
FMC Corp.		1,584			145,570
Freeport-McMoRan, Inc.		7,688			67,885
Fresh Del Monte Produce, Inc.		514			14,654
General Mills, Inc.		6,056			362,694
Graco, Inc.		1,367			61,050
Halliburton Co.		3,857			40,499
Hecla Mining Co.		10,106			26,579
Hess Corp.		913			44,408
Hormel Foods Corp.		18,974			888,932
IDEX Corp.		658			101,089
Ingredion, Inc.		794			64,473
International Paper Co.		13,313			455,970
J&J Snack Foods Corp.		271			34,425
John Bean Technologies Corp.(a)		444			34,073
Kellogg Co.		3,707			242,809
Kinder Morgan, Inc.		5,534			84,283
Louisiana-Pacific Corp.		5,300			106,000
Marathon Petroleum Corp.		2,312			74,169
Mosaic Co. (The)		6,418			73,871
Newmont Corp.		10,611			631,142
Nucor Corp.		1,244			51,240
Occidental Petroleum Corp.(a)		4,486			74,468
ONEOK, Inc.		2,242			67,103
Peabody Energy Corp.(a)		5,030			17,052
Pentair PLC		1,798			62,193
Phillips 66		1,091			79,828
Pilgrim’s Pride Corp.*		11,536			253,792
Pioneer Natural Resources Co.		514			45,905
Post Holdings, Inc.*		918			84,318
Reliance Steel & Aluminum Co.		280			25,082
Sanderson Farms, Inc.		881			119,939
Schlumberger Ltd.		4,933			82,973
Seaboard Corp.		56			168,622
Simpson Manufacturing Co., Inc.		1,620			116,802
Steel Dynamics, Inc.		910			22,086
Tyson Foods, Inc., Class A		16,611			1,033,038
United States Steel Corp.(a)		776			5,960
Universal Forest Products, Inc.		2,213			90,999
Valero Energy Corp.		1,061			67,214
Warrior Met Coal, Inc.		2,197			27,572
Williams Cos., Inc. (The)		2,895			56,076

	Shares		Value
Common Stocks (continued)
United States (continued) — 40.9%
Xylem, Inc.		1,728		$	124,243
Total United States					9,379,391
Zambia — 0.1%
First Quantum Minerals Ltd.		3,609			22,086
Total Common Stocks (Cost $24,958,389)					21,230,923
Investment Company — 4.6%
U.S. Ultra Short Term Bond Fund — 4.6%
IQ Ultra Short Duration ETF†		21,468			1,061,593
Total Investment Company (Cost $1,064,329)					1,061,593
Short-Term Investments — 5.2%
Money Market Funds — 5.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(e)(f)		242,458			242,458
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(e)		943,627			943,627
Total Short-Term Investments (Cost $1,186,085)					1,186,085
Total Investments — 102.3% (Cost $27,208,803)					23,478,601
Other Assets and Liabilities, Net — (2.3)%					(530,245)
Net Assets — 100.0%				$	22,948,356

†

Affiliated Fund.

‡

May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $380,569; total market value of collateral held by the Fund was $400,995. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $158,537.

(b)

Security has been deemed illiquid because it may not be able to be resold within seven days at approximately the price shown. At April 30, 2020, the value of this security was $4,665.

(c)

Security is fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The security is fair valued using significant unobservable inputs.

(d)

Less than 0.05%.

(e)

Reflects the 1-day yield at April 30, 2020.

(f)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

119

TABLE OF CONTENTS

Schedules of Investments — IQ Global Resources ETF (continued)

April 30, 2020

Total Return Swap contracts outstanding at April 30, 2020:
Total Return Benchmark	Counterparty	Annual Financing Rate Received/ (Paid) %		Expiration Date		Payment Frequency Received/ (Paid)		Notional Amount Long/ (Short)			Value Unrealized Appreciation/ (Depreciation)(g)
iShares MSCI EAFE ETF	Bank of America		0.99		5/31/2021		Monthly		$	(1,100,117)		$	—
iShares MSCI EAFE ETF	Morgan Stanley		0.04		5/04/2021		Monthly			(1,100,117)			—
SPDR S&P 500 ETF Trust	Bank of America		0.99		5/31/2021		Monthly			(1,171,796)			—
SPDR S&P 500 ETF Trust	Morgan Stanley		0.04		5/04/2021		Monthly			(1,171,796)			—
												$	—

Cash posted has been segregated as collateral for swaps in the amount of $28 at April 30, 2020.

The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(g)

Reflects the value at reset date of April 30, 2020.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(h)
Common Stocks
Australia		$	1,691,324		$	—		$	—		$	1,691,324
Austria			42,800			—			—			42,800
Belgium			44,331			—			—			44,331
Brazil			84,830			—			—			84,830
Canada			3,131,008			—			—			3,131,008
Chile			54,144			—			—			54,144
China			1,941,453			—			4,665(i)			1,946,118
Egypt			33,059			—			—			33,059
Finland			1,017,526			—			—			1,017,526
France			393,491			—			—			393,491
Germany			61,592			—			—			61,592
Hong Kong			9,704			—			—			9,704
Indonesia			14,666			—			—			14,666
Italy			73,540			—			—			73,540
Ivory Coast			33,198			—			—			33,198
Japan			665,211			—			—			665,211
Kazakhstan			10,668			—			—			10,668
Luxembourg			59,059			—			—			59,059
Mexico			82,223			—			—			82,223
Netherlands			322,869			—			—			322,869
New Zealand			83,331			—			—			83,331
Norway			237,395			—			—			237,395
Peru			130,254			—			—			130,254
Portugal			88,421			—			—			88,421
Russia			184,286			—			—			184,286
Singapore			303,704			—			—			303,704
South Africa			103,748			—			—			103,748
Spain			60,810			—			—			60,810
Sweden			206,039			—			—			206,039
Switzerland			73,020			—			—			73,020
United Kingdom			587,077			—			—			587,077
United States			9,379,391			—			—			9,379,391
Zambia			22,086			—			—			22,086
Total Common Stocks			21,226,258			—			4,665			21,230,923
Exchange Traded Vehicle
Cash			1,061,593			—			—			1,061,593
Short-Term Investments:
Money Market Funds			1,186,085			—			—			1,186,085
Total Investments in Securities			23,473,936			—			4,665			23,478,601

See notes to financial statements.

120

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Schedules of Investments — IQ Global Resources ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Other Financial Instruments:(j)
Swap Contracts		$	—		$	—		$	—		$	—
Total Investments in Securities and Other Financial Instruments		$	23,473,936		$	—		$	4,665		$	23,478,601
Liability Valuation Inputs
Other Financial Instruments:(j)
Swap Contracts		$	—		$	—		$	—		$	—

(h)

For a complete listing of investments and their countries, see the Schedules of Investments.

(i)

The Level 3 security, valued at $4,665, has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(j)

Reflects the unrealized appreciation (depreciation) of the instruments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments inSecurities	Balance as of April 30, 2019			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Purchases			Sales			Transfers into Level 3			Transfers out of Level 3			Balance as of April 30, 2020			Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at April 30, 2020(k)
Common Stock
Southern Energy Holdings Group Ltd.(l)		$	—		$	—		$	(146,591)		$	(162,508)		$	66,589		$	(74,132)		$	321,307		$	—		$	4,665		$	(162,508)

(k)

Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statements of Operations.

(l)

Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

Information about Level 3 fair value measurements as of April 30, 2020.

Security Type

Fair Value

Valuation Technique

Unobservable Inputs

Common Stock

4,665

Issuer Specific Data

Company News Information

A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2020 is as follows:

Affiliated Holdings

	Shares at 04/30/2019		Value ($) at 04/30/2019		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation/ (Depreciation) ($)		Income Distributions ($)		Capital Gain Distributions ($)		Shares at 04/30/2020		Value ($) at 04/30/2020
IQ Ultra Short Duration ETF		—		—		8,202,353		(7,139,604)		1,580		(2,736)		15,397		584		21,468		1,061,593

For more information on the determination, please refer to Note 6.

See notes to financial statements.

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Schedules of Investments — IQ Global Agribusiness Small Cap ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.9%
Australia — 13.8%
Bega Cheese Ltd.(a)		33,452		$	106,001
Costa Group Holdings Ltd.(a)		76,589			144,913
Elders Ltd.		30,654			174,000
GrainCorp Ltd., Class A*		43,253			100,245
Inghams Group Ltd.(a)		66,846			153,174
Nufarm Ltd.*		62,535			215,353
Select Harvests Ltd.		18,852			89,235
Total Australia					982,921
Brazil — 1.3%
Adecoagro SA*		23,780			94,882
Canada — 5.3%
Maple Leaf Foods, Inc.		15,055			278,891
Rogers Sugar, Inc.		21,049			70,924
Village Farms International, Inc.*		8,521			28,588
Total Canada					378,403
China — 5.9%
Ausnutria Dairy Corp., Ltd.*(a)		135,677			252,720
China BlueChemical Ltd., Class H		358,459			53,637
COFCO Meat Holdings Ltd.*		326,188			116,130
Total China					422,487
Indonesia — 2.5%
PT Astra Agro Lestari Tbk*		79,142			32,455
PT Japfa Comfeed Indonesia Tbk*		1,108,036			72,628
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		558,004			26,634
PT Sawit Sumbermas Sarana Tbk		729,791			43,910
Total Indonesia					175,627
Japan — 37.4%
Fuji Oil Holdings, Inc.(a)		10,566			248,403
Itoham Yonekyu Holdings, Inc.		29,559			173,039
Kumiai Chemical Industry Co., Ltd.(a)		23,019			188,569
Megmilk Snow Brand Co., Ltd.		9,848			226,089
Morinaga Milk Industry Co., Ltd.		8,285			323,854
NH Foods Ltd.		20,186			727,704
Nichirei Corp.		24,732			621,220
Nihon Nohyaku Co., Ltd.		7,529			30,557
Prima Meat Packers Ltd.		5,357			122,885
Total Japan					2,662,320
Netherlands — 2.9%
OCI NV*		16,779			203,077

	Shares		Value
Common Stocks (continued)
Singapore — 2.4%
Golden Agri-Resources Ltd.*		1,272,676		$	141,037
Japfa Ltd.*		78,848			31,927
Total Singapore					172,964
Thailand — 2.0%
GFPT PCL		183,106			64,516
Thai Vegetable Oil PCL		106,879			80,931
Total Thailand					145,447
United States — 26.4%
AGCO Corp.		11,514			608,400
Cal-Maine Foods, Inc.*(a)		5,949			246,943
Element Solutions, Inc.*		45,082			462,090
Sanderson Farms, Inc.		4,011			546,058
Titan International, Inc.		10,011			14,115
Total United States					1,877,606
Total Common Stocks
(Cost $7,740,546)					7,115,734
Short-Term Investment — 7.4%
Money Market Fund — 7.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)
(Cost $528,622)		528,622			528,622
Total Investments — 107.3%
(Cost $8,269,168)					7,644,356
Other Assets and Liabilities, Net — (7.3)%					(519,033)
Net Assets — 100.0%				$	7,125,323

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $1,004,606; total market value of collateral held by the Fund was $1,073,205. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $544,583.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

122

TABLE OF CONTENTS

Schedules of Investments — IQ Global Agribusiness Small Cap ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Common Stocks
Australia		$	982,921		$	—		$	—		$	982,921
Brazil			94,882			—			—			94,882
Canada			378,403			—			—			378,403
China			422,487			—			—			422,487
Indonesia			175,627			—			—			175,627
Japan			2,662,320			—			—			2,662,320
Netherlands			203,077			—			—			203,077
Singapore			172,964			—			—			172,964
Thailand			145,447			—			—			145,447
United States			1,877,606			—			—			1,877,606
Total Common Stocks			7,115,734			—			—			7,115,734
Short-Term Investments:
Money Market Funds			528,622			—			—			528,622
Total Investments in Securities		$	7,644,356		$	—		$	—		$	7,644,356

(d)

For a complete listing of investments and their countries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of April 30, 2019			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Purchases			Sales			Transfers into Level 3			Transfers out of Level 3			Balance as of April 30, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2020
Common Stocks
China Huishan Dairy Holdings Co., Ltd. (e)		$	—(f)		$	—		$	(300,260)		$	300,260		$	—		$	—(g)		$	—		$	—		$	—		$	—

(e)

Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(f)

Includes a Level 3 security valued at $ — .

(g)

Sales amount valued at $0.

See notes to financial statements.

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Schedules of Investments — IQ U.S. Real Estate Small Cap ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.6%
Diversified REITs — 14.6%
Alexander & Baldwin, Inc.		33,270		$	437,168
American Assets Trust, Inc.		24,304			688,289
Empire State Realty Trust, Inc., Class A		89,095			744,834
Exantas Capital Corp.		14,782			43,755
Granite Point Mortgage Trust, Inc.(a)		26,393			131,437
Industrial Logistics Properties Trust		31,468			588,137
Kennedy-Wilson Holdings, Inc.		59,861			847,033
Monmouth Real Estate Investment Corp.		44,951			610,884
New Senior Investment Group, Inc.		37,568			124,350
Preferred Apartment Communities, Inc., Class A		22,799			168,941
Redwood Trust, Inc.		55,147			226,103
Safehold, Inc.		7,358			424,998
Washington Real Estate Investment Trust		39,735			926,620
Total Diversified REITs					5,962,549
Hotel REITs — 8.2%
Ashford Hospitality Trust, Inc.		47,814			39,317
Chatham Lodging Trust		22,441			168,532
DiamondRock Hospitality Co.		96,280			599,824
Hersha Hospitality Trust		18,035			94,323
MGM Growth Properties LLC, Class A(a)		64,047			1,612,063
Summit Hotel Properties, Inc.(a)		50,066			303,400
Xenia Hotels & Resorts, Inc.		54,595			529,572
Total Hotel REITs					3,347,031
Mortgage REITs — 9.7%
AG Mortgage Investment Trust, Inc.(a)		15,742			50,217
Anworth Mortgage Asset Corp.		47,454			81,621
Apollo Commercial Real Estate Finance, Inc.		74,985			611,128
Arbor Realty Trust, Inc.(a)		49,140			338,575
ARMOUR Residential REIT, Inc.		28,143			248,784
Capstead Mortgage Corp.		46,109			239,306
Dynex Capital, Inc.(a)		10,894			155,893
Front Yard Residential Corp.		22,735			259,406
Invesco Mortgage Capital, Inc.		80,530			244,811
iStar, Inc.(a)		36,236			363,085
KKR Real Estate Finance Trust, Inc.(a)		15,125			238,672
New York Mortgage Trust, Inc.		183,676			400,414
Orchid Island Capital, Inc.		31,729			125,012
PennyMac Mortgage Investment Trust		48,173			500,999
Western Asset Mortgage Capital Corp.		25,394			77,452
Total Mortgage REITs					3,935,375
Office REITs — 16.5%
Brandywine Realty Trust		85,143			950,196
City Office REIT, Inc.		26,288			265,509
Easterly Government Properties, Inc.		36,563			983,910
Franklin Street Properties Corp.		50,356			273,937
Global Net Lease, Inc.		43,724			629,188
Lexington Realty Trust		121,791			1,272,716
Mack-Cali Realty Corp.		40,370			653,590
Office Properties Income Trust		23,181			635,159
Piedmont Office Realty Trust, Inc., Class A		60,713			1,053,371
Total Office REITs					6,717,576

	Shares		Value
Common Stocks (continued)
Residential REITs — 2.8%
Essential Properties Realty Trust, Inc.(a)		44,510		$	653,852
Independence Realty Trust, Inc.		49,744			500,922
Total Residential REITs					1,154,774
Retail REITs — 19.5%
Acadia Realty Trust		39,877			494,076
Agree Realty Corp.(a)		21,694			1,412,496
Brookfield Property REIT, Inc., Class A(a)		27,571			270,058
Cedar Realty Trust, Inc.		41,680			43,764
Four Corners Property Trust, Inc.		34,043			762,223
Kite Realty Group Trust		40,750			416,873
Pennsylvania Real Estate Investment Trust(a)		31,406			31,720
Retail Opportunity Investments Corp.		55,469			538,327
Retail Properties of America, Inc., Class A		103,899			644,174
RPT Realty		37,749			257,448
Seritage Growth Properties, Class A*(a)		16,471			174,263
SITE Centers Corp.		74,413			450,943
Tanger Factory Outlet Centers, Inc.(a)		44,281			332,993
Taubman Centers, Inc.		28,884			1,244,900
Urban Edge Properties		56,497			649,715
Washington Prime Group, Inc.(a)		90,420			77,743
Whitestone REIT		19,348			131,180
Total Retail REITs					7,932,896
Specialized REITs — 28.3%
American Finance Trust, Inc.		52,909			407,928
CareTrust REIT, Inc.		45,970			757,586
CatchMark Timber Trust, Inc., Class A		23,706			186,329
Diversified Healthcare Trust		114,924			357,414
Global Medical REIT, Inc.		19,821			206,535
Innovative Industrial Properties, Inc.(a)		8,093			634,977
LTC Properties, Inc.		19,097			679,853
National Storage Affiliates Trust		25,099			714,819
Physicians Realty Trust		95,779			1,476,912
QTS Realty Trust, Inc., Class A(a)		28,049			1,753,904
STAG Industrial, Inc.		72,644			1,906,905
Terreno Realty Corp.		32,192			1,764,765
Uniti Group, Inc.(a)		93,197			657,971
Total Specialized REITs					11,505,898
Total Common Stocks (Cost $59,186,954)					40,556,099
Short-Term Investments — 2.6%
Money Market Funds — 2.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		947,367			947,367
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		93,883			93,883

See notes to financial statements.

124

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Schedules of Investments — IQ U.S. Real Estate Small Cap ETF (continued)

April 30, 2020

	Shares	Value
Money Market Funds (continued)
Total Short-Term Investments (Cost $1,041,250)			$	1,041,250
Total Investments — 102.2% (Cost $60,228,204)				41,597,349
Other Assets and Liabilities, Net — (2.2)%				(895,030)
Net Assets — 100.0%			$	40,702,319

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $6,683,363; total market value of collateral held by the Fund was $7,021,233. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $6,073,866.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Common Stocks		$	40,556,099		$	—		$	—		$	40,556,099
Short-Term Investments:
Money Market Funds			1,041,250			—			—			1,041,250
Total Investments in Securities		$	41,597,349		$	—		$	—		$	41,597,349

(d)

For a complete listing of investments and their industries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of April 30, 2019			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Purchases			Sales			Transfers into Level 3			Transfers out of Level 3			Balance as of April 30, 2020			Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at April 30, 2020
Common Stocks
Winthrop Realty Trust		$	9,896		$	—		$	(8,358)		$	7,776		$	—		$	(9,314)		$	—		$	—		$	—		$	—

See notes to financial statements.

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Schedules of Investments — IQ 500 International ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.5%
Australia — 3.2%
AGL Energy Ltd.		13,931		$	154,686
Australia & New Zealand Banking Group Ltd.		14,616			161,718
BHP Group Ltd.		39,301			832,377
BlueScope Steel Ltd.		22,335			149,883
Brambles Ltd.		27,448			199,110
Caltex Australia Ltd.		13,639			222,522
CIMIC Group Ltd.		9,168			147,896
Commonwealth Bank of Australia		6,117			251,061
CSL Ltd.		1,793			363,245
Downer EDI Ltd.		49,349			134,728
Metcash Ltd.		125,504			204,597
National Australia Bank Ltd.		14,408			159,982
Origin Energy Ltd.		46,877			170,638
Qantas Airways Ltd.		80,087			202,391
Ramsay Health Care Ltd.		7,431			304,602
Rio Tinto PLC		17,336			805,681
Sonic Healthcare Ltd.		14,716			261,964
South32 Ltd.		73,478			95,490
Telstra Corp. Ltd.		169,822			339,107
Viva Energy Group Ltd.‡		155,892			147,991
Wesfarmers Ltd.		25,619			632,165
Westpac Banking Corp.		15,226			162,287
Woolworths Group Ltd.		33,982			795,367
Total Australia					6,899,488
Austria — 0.3%
OMV AG		12,641			413,986
voestalpine AG		13,231			273,825
Total Austria					687,811
Belgium — 1.0%
Anheuser-Busch InBev SA/NV		27,216			1,248,429
bpost SA		21,946			153,239
Colruyt SA		2,908			173,972
Solvay SA		3,595			280,515
Umicore SA		7,449			321,542
Total Belgium					2,177,697
Canada — 5.6%
Air Canada*		14,681			213,934
Alimentation Couche-Tard, Inc., Class B		36,848			1,030,402
Bank of Montreal(a)		3,491			177,874
Bank of Nova Scotia (The)		5,851			235,059
BCE, Inc.		10,110			409,728
Bombardier, Inc., Class B*		195,851			69,093
Brookfield Asset Management, Inc., Class A		15,512			525,350
Canadian Imperial Bank of Commerce		2,820			167,460
Canadian National Railway Co.		3,355			278,048
Canadian Natural Resources Ltd.		9,610			161,279
Canadian Tire Corp. Ltd., Class A(a)		2,048			144,014
Cenovus Energy, Inc.		28,807			104,738
CGI, Inc.*		4,734			302,557
Empire Co., Ltd., Class A		14,803			327,511
Enbridge, Inc.		31,255			959,736
George Weston Ltd.		9,266			658,717

	Shares		Value
Common Stocks (continued)
Canada (continued)
Great-West Lifeco, Inc.		13,714		$	226,304
Husky Energy, Inc.		26,511			85,319
Imperial Oil Ltd.		14,100			228,308
Loblaw Cos. Ltd.		13,053			643,746
Magna International, Inc.		13,024			508,601
Manulife Financial Corp.		20,889			263,641
Metro, Inc.		6,513			268,548
Nutrien Ltd.		8,440			302,064
Parkland Fuel Corp.		8,846			209,726
Pembina Pipeline Corp.(a)		5,532			127,133
Power Corp. of Canada		30,741			492,671
Restaurant Brands International, Inc.		3,560			174,034
Rogers Communications, Inc., Class B		5,453			228,885
Royal Bank of Canada		5,950			366,823
Saputo, Inc.		6,502			163,843
SNC-Lavalin Group, Inc.(a)		8,734			161,418
Sun Life Financial, Inc.		6,130			210,564
Suncor Energy, Inc.		14,832			265,042
TC Energy Corp.(a)		7,018			323,678
Teck Resources Ltd., Class B		10,202			90,125
TELUS Corp.		14,681			240,464
Thomson Reuters Corp.		3,714			262,236
Toronto-Dominion Bank (The)		7,461			312,417
WSP Global, Inc.		3,624			243,722
Total Canada					12,164,812
Denmark — 0.9%
Carlsberg A/S, Class B		1,784			224,904
DSV PANALPINA A/S		3,703			382,009
ISS A/S*(a)		12,306			183,578
Novo Nordisk A/S, Class B		9,638			614,594
Orsted A/S‡		2,971			300,300
Vestas Wind Systems A/S		2,614			224,990
Total Denmark					1,930,375
Finland — 0.9%
Kesko OYJ, Class B		12,770			207,707
Kone OYJ, Class B		2,921			176,989
Neste OYJ		6,905			244,513
Nokia OYJ		153,099			557,399
Outokumpu OYJ*		62,108			167,142
Stora Enso OYJ, Class R*		24,909			294,655
UPM-Kymmene OYJ		9,164			253,543
Wartsila OYJ Abp		22,647			166,294
Total Finland					2,068,242
France — 12.7%
Air France-KLM*(a)		94,040			478,650
Air Liquide SA(a)		4,044			514,252
Airbus SE*		15,805			1,001,973
Arkema SA		3,051			252,971
Atos SE		5,010			357,014
AXA SA		47,777			847,539
BNP Paribas SA		19,698			618,669
Bollore SA		217,087			575,892
Bouygues SA*		25,126			773,601
Bureau Veritas SA		9,421			195,438
Capgemini SE		4,222			396,492

See notes to financial statements.

126

TABLE OF CONTENTS

Schedules of Investments — IQ 500 International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
France (continued)
Carrefour SA		72,441		$	1,070,756
Casino Guichard Perrachon SA(a)		14,496			543,486
Cie de Saint-Gobain		26,353			698,808
Cie Generale des Etablissements Michelin		3,390			330,834
CNP Assurances*		30,340			313,206
Credit Agricole SA		45,370			361,870
Danone SA		7,701			533,592
Eiffage SA		5,704			466,695
Electricite de France SA		131,485			1,047,569
Elior Group SA‡		31,741			209,812
Engie SA		101,914			1,105,548
EssilorLuxottica SA		2,342			288,969
Faurecia SE		8,873			321,297
Kering SA		521			262,614
L’Oreal SA*		2,157			626,788
LVMH Moet Hennessy Louis Vuitton SE		2,938			1,134,181
Natixis SA		55,596			131,593
Orange SA		67,339			821,277
Orpea		1,986			220,789
Pernod Ricard SA		1,356			206,595
Peugeot SA		60,125			861,053
Publicis Groupe SA		12,186			362,113
Renault SA		31,931			633,240
Rexel SA		32,993			308,973
Safran SA		5,381			496,377
Sanofi		9,468			924,927
Schneider Electric SE*(a)		4,789			437,780
Societe Generale SA		19,383			302,743
Sodexo SA		8,087			642,182
SPIE SA		16,887			254,879
Suez		28,958			327,168
Teleperformance		810			181,431
Thales SA		4,562			345,476
TOTAL SA		59,009			2,123,179
Valeo SA		16,562			384,031
Veolia Environnement SA		20,814			444,211
Vinci SA		18,427			1,507,677
Vivendi SA		18,360			396,262
Total France					27,642,472
Germany — 11.5%
adidas AG		1,674			383,575
Allianz SE		4,548			841,263
Aurubis AG		4,968			259,775
BASF SE		41,960			2,145,586
Bayer AG		16,912			1,114,016
Bayerische Motoren Werke AG		23,329			1,381,099
Beiersdorf AG		1,604			167,921
Brenntag AG		7,999			360,878
CECONOMY AG*		149,395			381,263
Continental AG*		10,156			858,762
Covestro AG‡*		10,905			366,449
Daimler AG		50,823			1,755,441
Deutsche Bank AG		44,858			333,023
Deutsche Lufthansa AG(a)		70,109			626,456
Deutsche Post AG		44,419			1,320,905
Deutsche Telekom AG*		105,228			1,535,789

	Shares		Value
Common Stocks (continued)
Germany (continued)
E.ON SE		47,721		$	478,051
Evonik Industries AG		15,908			391,344
Fresenius Medical Care AG & Co. KGaA		9,521			747,296
Fresenius SE & Co. KGaA		18,348			796,427
Hannover Rueck SE		1,237			197,136
HeidelbergCement AG		8,250			391,991
Infineon Technologies AG		14,028			260,434
LANXESS AG		4,595			226,279
Merck KGaA*		3,402			395,351
METRO AG		62,621			543,772
Muenchener Rueckversicherungs- Gesellschaft AG		2,028			446,031
ProSiebenSat.1 Media SE(a)		20,263			202,987
RWE AG		14,243			409,353
Salzgitter AG(a)		15,111			201,675
SAP SE		7,123			849,930
Siemens AG		16,331			1,514,700
Siemens Healthineers AG‡		14,530			639,771
Telefonica Deutschland Holding AG		67,374			191,497
thyssenkrupp AG*(a)		117,508			782,536
TUI AG(a)		66,273			264,573
Uniper SE		43,735			1,173,622
United Internet AG		6,725			231,657
Total Germany					25,168,614
Hong Kong — 0.8%
AIA Group Ltd.		32,107			297,987
CLP Holdings Ltd.		21,895			233,853
Dairy Farm International Holdings Ltd.		38,266			183,294
Li & Fung Ltd.		1,856,894			280,246
Nine Dragons Paper Holdings Ltd.		199,668			193,169
WH Group Ltd.‡		369,947			356,950
Yue Yuen Industrial Holdings Ltd.		106,575			171,293
Total Hong Kong					1,716,792
Ireland — 0.4%
CRH PLC		21,673			656,094
Smurfit Kappa Group PLC		8,671			274,304
Total Ireland					930,398
Israel — 0.2%
Teva Pharmaceutical Industries Ltd.*		45,316			501,219
Italy — 2.9%
Assicurazioni Generali SpA		42,441			605,010
Atlantia SpA		13,370			217,539
Autogrill SpA		38,871			200,786
Enel SpA		245,435			1,676,392
Eni SpA		121,313			1,157,865
Intesa Sanpaolo SpA		163,239			254,426
Leonardo SpA		40,981			282,516
Poste Italiane SpA‡		64,574			548,283
Prysmian SpA		9,642			181,330
Saipem SpA*		90,553			232,187
Saras SpA		196,119			184,736
Telecom Italia SpA*		1,014,255			401,706
UniCredit SpA*		25,434			195,813
Unipol Gruppo SpA		45,364			156,216
Total Italy					6,294,805

See notes to financial statements.

127

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Schedules of Investments — IQ 500 International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Japan — 33.3%
Aeon Co., Ltd.		55,598		$	1,129,014
AGC, Inc.		9,006			227,308
Aisin Seiki Co., Ltd.		15,445			449,910
Ajinomoto Co., Inc.		13,937			249,715
Alfresa Holdings Corp.		17,549			354,147
Alps Alpine Co., Ltd.		10,166			106,760
ANA Holdings, Inc.*		11,701			251,779
Asahi Group Holdings Ltd.		8,552			299,102
Asahi Kasei Corp.		41,337			295,720
Astellas Pharma, Inc.		22,452			375,092
Bridgestone Corp.		11,583			365,899
Canon, Inc.		27,482			587,110
Central Japan Railway Co.		1,847			293,713
Chubu Electric Power Co., Inc.		32,134			438,280
Chugoku Electric Power Co., Inc. (The)(a)		20,134			272,257
Cosmo Energy Holdings Co., Ltd.		18,821			287,239
Dai Nippon Printing Co., Ltd.		15,842			339,255
Dai-ichi Life Holdings, Inc.		36,907			469,729
Daiichi Sankyo Co., Ltd.		5,065			349,650
Daikin Industries Ltd.		3,170			415,167
Denso Corp.		19,853			707,716
Dentsu Group, Inc.		7,441			158,513
East Japan Railway Co.		7,553			556,083
Fast Retailing Co., Ltd.		825			397,321
Fuji Media Holdings, Inc.		15,882			160,105
FUJIFILM Holdings Corp.		6,351			305,212
Fujitsu Ltd.		13,452			1,325,261
Hakuhodo DY Holdings, Inc.		24,017			269,962
Hankyu Hanshin Holdings, Inc.		5,461			188,953
Hanwa Co., Ltd.		13,791			223,241
Haseko Corp.		19,763			218,449
Hino Motors Ltd.		33,654			203,306
HIS Co., Ltd.		6,791			91,512
Hitachi Ltd.		38,937			1,180,108
Honda Motor Co., Ltd.		52,949			1,292,592
Idemitsu Kosan Co., Ltd.		17,694			408,699
IHI Corp.		9,421			119,023
Isetan Mitsukoshi Holdings Ltd.(a)		20,882			128,493
Isuzu Motors Ltd.		20,159			155,507
ITOCHU Corp.(a)		155,216			3,084,434
Japan Airlines Co., Ltd.		9,690			175,795
Japan Post Holdings Co., Ltd.		77,198			624,312
Japan Post Insurance Co., Ltd.		17,863			230,857
Japan Tobacco, Inc.		17,374			327,301
JFE Holdings, Inc.		41,574			281,475
JTEKT Corp.		18,736			139,467
JXTG Holdings, Inc.		302,794			1,083,642
Kajima Corp.		32,079			338,984
Kansai Electric Power Co., Inc. (The)		38,130			394,012
Kao Corp.		3,672			285,560
Kawasaki Heavy Industries Ltd.		9,589			147,420
Kawasaki Kisen Kaisha Ltd.*		19,815			199,568
KDDI Corp.		55,221			1,605,481
Kintetsu Group Holdings Co., Ltd.		5,797			279,726
Kirin Holdings Co., Ltd.		14,438			280,632
Kobe Steel Ltd.*		46,911			160,121
Komatsu Ltd.		18,291			352,786

	Shares		Value
Common Stocks (continued)
Japan (continued)
Konica Minolta, Inc.		25,054		$	98,637
Kubota Corp.		20,014			252,105
Kyocera Corp.		5,997			324,091
Kyushu Electric Power Co., Inc.		29,927			238,722
LIXIL Group Corp.		19,017			232,611
Marubeni Corp.		188,102			921,732
Mazda Motor Corp.		34,928			199,897
Medipal Holdings Corp.		24,513			480,013
MEIJI Holdings Co., Ltd.		2,935			205,026
Mitsubishi Chemical Holdings Corp.		108,368			625,674
Mitsubishi Corp.		116,668			2,509,341
Mitsubishi Electric Corp.		70,637			885,481
Mitsubishi Heavy Industries Ltd.		12,945			334,535
Mitsubishi Materials Corp.		9,493			196,722
Mitsubishi Motors Corp.		53,271			151,940
Mitsubishi UFJ Financial Group, Inc.		98,866			401,529
Mitsui & Co., Ltd.		94,201			1,333,710
Mitsui Chemicals, Inc.		12,610			250,702
Mitsui OSK Lines Ltd.		12,326			218,199
Mizuho Financial Group, Inc.		205,851			242,166
MS&AD Insurance Group Holdings, Inc.		12,742			372,007
Murata Manufacturing Co., Ltd.		7,567			425,920
NEC Corp.		17,310			674,205
NH Foods Ltd.		6,411			231,116
Nidec Corp.		3,798			223,259
Nippon Express Co., Ltd.		7,496			370,822
Nippon Paper Industries Co., Ltd.		11,066			160,296
Nippon Steel Corp.		56,717			483,660
Nippon Telegraph & Telephone Corp.		139,626			3,189,847
Nippon Yusen K.K.		24,611			329,113
Nissan Motor Co., Ltd.		147,273			509,296
Nitto Denko Corp.		3,830			193,765
Nomura Research Institute Ltd.		13,398			330,017
NTT Data Corp.		52,078			538,142
NTT DOCOMO, Inc.		54,650			1,608,811
Obayashi Corp.		48,698			433,539
Oji Holdings Corp.		50,039			257,366
Olympus Corp.*		19,538			315,265
Omron Corp.		4,700			279,534
Oriental Land Co., Ltd.		1,840			235,388
ORIX Corp.		15,812			190,599
Osaka Gas Co., Ltd.		13,156			245,933
Otsuka Corp.		7,000			317,155
Otsuka Holdings Co., Ltd.		7,870			313,151
PALTAC Corp.		4,135			218,090
Panasonic Corp.		99,311			767,853
Persol Holdings Co., Ltd.		17,066			201,246
Rakuten, Inc.		35,760			306,318
Recruit Holdings Co., Ltd.		22,691			675,202
Renesas Electronics Corp.*		43,707			237,060
Ricoh Co., Ltd.		39,753			275,094
Secom Co., Ltd.		3,669			308,967
Seibu Holdings, Inc.		11,920			144,353
Seiko Epson Corp.		16,583			190,278
Sekisui House Ltd.		12,603			219,037
Seven & i Holdings Co., Ltd.		33,031			1,097,481
SG Holdings Co., Ltd.		8,747			244,738
Sharp Corp.*		24,945			279,694

See notes to financial statements.

128

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Schedules of Investments — IQ 500 International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Japan (continued)
Shimizu Corp.		47,067		$	367,962
Shin-Etsu Chemical Co., Ltd.		4,280			480,892
Ship Healthcare Holdings, Inc.		5,709			260,531
Shiseido Co., Ltd.		3,001			178,991
Showa Denko K.K.		6,553			145,541
SoftBank Group Corp.		34,712			1,503,911
Sojitz Corp.		106,944			252,021
Sompo Holdings, Inc.		7,644			250,189
Sony Corp.		23,234			1,506,131
Subaru Corp.		17,149			348,801
Sumitomo Chemical Co., Ltd.		88,783			277,304
Sumitomo Corp.		78,084			897,051
Sumitomo Electric Industries Ltd.		32,677			340,261
Sumitomo Metal Mining Co., Ltd.		7,026			178,615
Sumitomo Mitsui Financial Group, Inc.		13,803			367,099
Suntory Beverage & Food Ltd.		5,222			198,019
Suzuken Co., Ltd.		6,686			260,100
Suzuki Motor Corp.		10,420			338,028
T&D Holdings, Inc.		13,100			115,032
Taiheiyo Cement Corp.		5,950			118,961
Taisei Corp.		8,913			282,139
Takeda Pharmaceutical Co., Ltd.		9,676			351,353
TDK Corp.		4,049			355,165
Teijin Ltd.		12,162			196,189
Toho Holdings Co., Ltd.		10,075			211,138
Tohoku Electric Power Co., Inc.		30,808			291,846
Tokio Marine Holdings, Inc.		8,428			400,849
Tokyo Electric Power Co., Holdings, Inc.*		159,340			540,893
Tokyo Electron Ltd.		2,255			483,749
Tokyo Gas Co., Ltd.		12,499			275,613
Tokyu Corp.		15,069			228,850
Toppan Printing Co., Ltd.		25,744			388,080
Toray Industries, Inc.		71,107			331,879
Toshiba Corp.		12,770			320,877
Tosoh Corp.		13,483			167,568
Toyota Boshoku Corp.		14,383			181,040
Toyota Industries Corp.		6,344			322,139
Toyota Motor Corp.		49,911			3,111,299
Toyota Tsusho Corp.		41,187			996,792
West Japan Railway Co.		4,667			290,970
Yamada Denki Co., Ltd.		53,683			257,032
Yamaha Motor Co., Ltd.		11,167			146,512
Yamato Holdings Co., Ltd.		13,172			232,559
Yamazaki Baking Co., Ltd.(a)		12,667			224,946
Z Holdings Corp.		131,112			513,732
Zensho Holdings Co., Ltd.		9,253			184,826
Total Japan					72,808,400
Luxembourg — 0.8%
ArcelorMittal SA		137,315			1,504,312
RTL Group SA		6,565			218,883
Total Luxembourg					1,723,195
Netherlands — 3.3%
Aegon NV		84,291			216,961
Akzo Nobel NV		3,204			242,846
Altice Europe NV*		102,671			408,776

	Shares		Value
Common Stocks (continued)
Netherlands (continued)
ASML Holding NV		768		$	227,668
EXOR NV		16,961			926,825
Heineken Holding NV		5,880			457,910
Heineken NV		5,388			458,072
ING Groep NV		30,220			165,765
Koninklijke Ahold Delhaize NV		39,125			949,636
Koninklijke DSM NV		1,940			237,455
Koninklijke Philips NV		9,859			428,865
NN Group NV		6,775			195,980
Randstad NV		16,204			650,118
Royal Dutch Shell PLC, Class B		92,457			1,500,209
Wolters Kluwer NV		2,495			183,424
Total Netherlands					7,250,510
Norway — 1.0%
Equinor ASA		95,061			1,334,354
Norsk Hydro ASA		145,835			373,451
Telenor ASA		18,915			291,048
Yara International ASA		7,670			262,158
Total Norway					2,261,011
Portugal — 0.4%
EDP — Energias de Portugal SA		73,852			311,427
Galp Energia SGPS SA		23,795			274,049
Jeronimo Martins SGPS SA		15,707			265,197
Total Portugal					850,673
Singapore — 0.8%
Jardine Cycle & Carriage Ltd.		19,698			281,400
Oversea-Chinese Banking Corp. Ltd.		26,904			172,773
Sembcorp Industries Ltd.		136,173			156,710
Singapore Airlines Ltd.(a)		55,497			240,880
Singapore Telecommunications Ltd.		138,685			278,808
Wilmar International Ltd.		286,815			727,377
Total Singapore					1,857,948
Spain — 3.1%
Acciona SA		2,045			202,486
ACS Actividades de Construccion y Servicios SA		46,566			1,161,355
Amadeus IT Group SA		3,923			188,718
Banco Bilbao Vizcaya Argentaria SA		67,333			220,291
Banco Santander SA		268,499			599,202
Cia de Distribucion Integral Logista Holdings SA		12,652			225,327
Endesa SA		16,477			365,457
Iberdrola SA		68,890			689,661
Industria de Diseno Textil SA		20,762			528,719
Mapfre SA		112,161			205,282
Naturgy Energy Group SA		18,657			329,208
Repsol SA		89,051			810,927
Siemens Gamesa Renewable Energy SA*		10,217			151,858
Telefonica SA		220,428			1,009,197
Total Spain					6,687,688
Sweden — 2.0%
Assa Abloy AB, B Shares(a)		9,006			162,330
Atlas Copco AB, A Shares(a)		5,362			186,269

See notes to financial statements.

129

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Schedules of Investments — IQ 500 International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Sweden (continued)
Electrolux AB, Series B		13,571		$	187,367
Essity AB, B Shares*		7,702			250,367
Hennes & Mauritz AB, B Shares(a)		29,933			417,405
ICA Gruppen AB(a)		4,806			209,714
NCC AB, B Shares		13,106			201,947
Sandvik AB*		12,511			193,803
Securitas AB, B Shares(a)		26,842			317,277
Skanska AB, B Shares*		25,466			487,956
SKF AB, B Shares		12,055			191,985
SSAB AB, A Shares*(a)		69,915			171,008
Telefonaktiebolaget LM Ericsson, B Shares		57,079			497,320
Telia Co. AB		53,132			183,594
Volvo AB, B Shares*		52,091			672,790
Total Sweden					4,331,132
Switzerland — 5.1%
ABB Ltd.		24,033			456,307
Adecco Group AG		15,127			663,134
Cie Financiere Richemont SA		3,064			174,034
Credit Suisse Group AG*		28,169			254,678
Glencore PLC*		535,103			992,855
Kuehne + Nagel International AG		2,729			390,342
LafargeHolcim Ltd.*		11,512			477,584
Nestle SA		23,041			2,432,656
Novartis AG		13,961			1,189,900
Roche Holding AG		6,292			2,186,864
Schindler Holding AG — Participating Certificate		757			168,240
Sika AG		965			159,675
STMicroelectronics NV		10,242			265,980
Swiss Life Holding AG		466			165,078
Swiss Re AG		3,647			263,223
Swisscom AG		428			222,525
UBS Group AG*		33,101			354,623
Zurich Insurance Group AG		966			307,571
Total Switzerland					11,125,269
United Kingdom — 8.9%
Associated British Foods PLC		12,772			304,881
AstraZeneca PLC		7,818			820,652
Aviva PLC		43,865			133,786
Babcock International Group PLC		35,892			190,823
BAE Systems PLC		84,823			543,945
Balfour Beatty PLC		72,601			237,729
Barclays PLC		135,130			180,503
BP PLC		307,871			1,215,871
British American Tobacco PLC		18,269			709,859
BT Group PLC		265,115			388,075
Bunzl PLC		8,815			192,077
Capita PLC*		123,935			60,936
Centrica PLC		477,360			240,245
CK Hutchison Holdings Ltd.		83,017			614,675
Compass Group PLC		37,012			623,713
Computacenter PLC		15,876			291,567
DCC PLC		3,652			260,633
Diageo PLC		8,912			309,132
Dixons Carphone PLC		134,917			132,143
DS Smith PLC		47,005			184,925

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
easyJet PLC(a)		14,512		$	110,414
Experian PLC		7,442			223,034
Fiat Chrysler Automobiles NV		143,166			1,256,987
G4S PLC		134,254			184,921
GlaxoSmithKline PLC		59,193			1,240,154
Hays PLC		135,656			185,654
HSBC Holdings PLC		73,131			378,200
Imperial Brands PLC		13,251			280,631
Inchcape PLC		32,186			203,598
InterContinental Hotels Group PLC		3,317			150,955
International Consolidated Airlines Group SA		18,060			50,549
ITV PLC		118,210			114,065
J Sainsbury PLC		203,149			507,616
John Wood Group PLC		42,630			108,941
Johnson Matthey PLC		9,895			248,685
Kingfisher PLC		96,117			190,706
Legal & General Group PLC		54,524			140,711
Lloyds Banking Group PLC		427,099			173,684
Marks & Spencer Group PLC		90,994			105,708
Mondi PLC		10,547			187,579
National Grid PLC		39,349			463,472
Pearson PLC(a)		19,894			115,379
Petrofac Ltd.		30,761			76,398
Prudential PLC		20,700			294,651
Reckitt Benckiser Group PLC		4,405			368,379
RELX PLC		16,466			373,122
Rolls-Royce Holdings PLC*		40,734			169,554
Royal Bank of Scotland Group PLC		67,419			94,011
Royal Mail PLC		103,539			217,447
SSE PLC		36,841			580,868
Standard Chartered PLC		30,766			158,137
Tesco PLC		402,530			1,193,677
Travis Perkins PLC		12,601			165,221
Vodafone Group PLC		555,839			786,222
Wm Morrison Supermarkets PLC(a)		136,110			314,179
WPP PLC		61,048			478,342
Total United Kingdom					19,528,021
United States — 0.4%
Amcor PLC		21,586			198,842
Ferguson PLC		8,072			584,018
Total United States					782,860
Total Common Stocks
(Cost $271,357,677)					217,389,432
Preferred Stocks — 1.4%
Germany — 1.4%
Henkel AG & Co. KGaA, 2.42%		4,831			428,815
Schaeffler AG, 7.40%		39,397			268,618
Volkswagen AG, 4.16%		15,977			2,243,799
Total Germany					2,941,232
Total Preferred Stocks
(Cost $3,803,655)					2,941,232

See notes to financial statements.

130

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Schedules of Investments — IQ 500 International ETF (continued)

April 30, 2020

Value

Common Stocks (continued)

Short-Term Investment — 4.3%

Money Market Fund — 4.3%

Dreyfus Government Cash Management
Fund, Institutional Shares, 0.15%(b)(c)

(Cost $9,440,603)

9,440,603

Total Investments — 105.2%

(Cost $284,601,935)

229,771,267

Other Assets and Liabilities,
Net — (5.2)%

(11,320,003)

Net Assets — 100.0%

218,451,264

‡

May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a) (2) of the Securities Act of 1933, as amended.

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $8,946,555; total market value of collateral held by the Fund was $9,558,690. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $118,087.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Common Stocks
Australia		$	6,899,488		$	—		$	—		$	6,899,488
Austria			687,811			—			—			687,811
Belgium			2,177,697			—			—			2,177,697
Canada			12,164,812			—			—			12,164,812
Denmark			1,930,375			—			—			1,930,375
Finland			2,068,242			—			—			2,068,242
France			27,642,472			—			—			27,642,472
Germany			25,168,614			—			—			25,168,614
Hong Kong			1,716,792			—			—			1,716,792
Ireland			930,398			—			—			930,398
Israel			501,219			—			—			501,219
Italy			6,294,805			—			—			6,294,805
Japan			72,808,400			—			—			72,808,400
Luxembourg			1,723,195			—			—			1,723,195
Netherlands			7,250,510			—			—			7,250,510
Norway			2,261,011			—			—			2,261,011
Portugal			850,673			—			—			850,673
Singapore			1,857,948			—			—			1,857,948
Spain			6,687,688			—			—			6,687,688
Sweden			4,331,132			—			—			4,331,132
Switzerland			11,125,269			—			—			11,125,269
United Kingdom			19,528,021			—			—			19,528,021
United States			782,860			—			—			782,860
Total Common Stocks			217,389,432			—			—			217,389,432
Preferred Stocks
Germany			2,941,232			—			—			2,941,232
Short-Term Investments:
Money Market Funds			9,440,603			—			—			9,440,603
Total Investments in Securities		$	229,771,267		$	—		$	—		$	229,771,267

(d)

For a complete listing of investments and their countries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

131

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.3%
Australia — 6.8%
Afterpay Ltd.*		3,649		$	74,537
AGL Energy Ltd.		14,183			157,484
Alumina Ltd.		66,441			75,471
AMP Ltd.*		79,591			74,515
APA Group		26,908			192,374
Aristocrat Leisure Ltd.		14,260			237,975
ASX Ltd.		5,141			274,482
Aurizon Holdings Ltd.		46,290			142,136
Australia & New Zealand Banking Group Ltd.		54,010			597,590
Bendigo & Adelaide Bank Ltd.		14,994			64,200
BHP Group Ltd.(a)		55,473			1,174,893
BHP Group PLC		39,213			660,902
BlueScope Steel Ltd.		10,924			73,307
Boral Ltd.		32,567			64,391
Brambles Ltd.		32,511			235,837
Caltex Australia Ltd.		6,058			98,837
Coca-Cola Amatil Ltd.		17,894			101,688
Cochlear Ltd.		959			115,840
Coles Group Ltd.		23,064			234,201
Commonwealth Bank of Australia		33,933			1,392,717
Computershare Ltd.		14,389			114,741
CSL Ltd.		8,713			1,765,170
Dexus		28,819			172,829
Fortescue Metals Group Ltd.		31,909			249,854
Goodman Group		38,831			334,308
GPT Group (The)		50,998			141,233
Incitec Pivot Ltd.		44,100			69,005
Insurance Australia Group Ltd.		52,118			197,223
Lendlease Group		11,961			96,790
Macquarie Group Ltd.		6,681			449,040
Medibank Pvt Ltd.		71,049			125,593
Mirvac Group		104,744			153,610
National Australia Bank Ltd.		52,523			583,200
Newcrest Mining Ltd.		14,940			269,375
Northern Star Resources Ltd.		15,079			126,266
Oil Search Ltd.		30,518			60,939
Orica Ltd.		10,518			123,400
Origin Energy Ltd.		38,694			140,851
QBE Insurance Group Ltd.		27,875			154,211
Ramsay Health Care Ltd.		3,718			152,404
Rio Tinto Ltd.		7,091			406,263
Rio Tinto PLC		20,880			970,387
Santos Ltd.		39,097			126,448
Scentre Group		106,578			162,580
SEEK Ltd.		10,751			122,543
Sonic Healthcare Ltd.		11,883			211,533
South32 Ltd.		101,222			131,546
Stockland		58,201			109,740
Suncorp Group Ltd.		28,029			168,642
Sydney Airport		29,415			121,325
Telstra Corp. Ltd.		79,191			158,131

	Shares		Value
Common Stocks (continued)
Australia (continued)
Transurban Group		55,061		$	497,469
Treasury Wine Estates Ltd.		16,139			107,247
Vicinity Centres		69,864			68,153
Wesfarmers Ltd.		21,881			539,928
Westpac Banking Corp.		66,524			709,047
Woodside Petroleum Ltd.		20,063			294,886
Woolworths Group Ltd.		25,903			606,273
Total Australia					17,035,560
Austria — 0.2%
ANDRITZ AG*		2,372			77,941
Erste Group Bank AG*		7,115			154,497
OMV AG		4,033			132,079
Total Austria					364,517
Belgium — 0.9%
Ageas		4,798			172,635
Anheuser-Busch InBev SA/NV		14,555			667,655
Galapagos NV*		1,172			258,664
Groupe Bruxelles Lambert SA*		2,069			165,159
KBC Group NV(a)		5,564			300,324
Solvay SA		1,704			132,961
UCB SA*		2,800			256,204
Umicore SA		4,791			206,807
Total Belgium					2,160,409
Cambodia — 0.0%(b)
NagaCorp Ltd.		44,722			52,958
China — 0.3%
AAC Technologies Holdings, Inc.(a)		16,786			82,172
BOC Hong Kong Holdings Ltd.		78,791			242,399
China Mengniu Dairy Co., Ltd.*		59,931			213,754
Lenovo Group Ltd.		155,566			84,682
Want Want China Holdings Ltd.		150,897			108,224
Total China					731,231
Denmark — 2.1%
AP Moller — Maersk A/S, Class B		194			192,842
Carlsberg A/S, Class B		2,188			275,835
Chr Hansen Holding A/S		2,351			202,560
Coloplast A/S, Class B(a)		2,856			451,633
Danske Bank A/S*		13,486			159,995
DSV PANALPINA A/S		4,283			441,843
Genmab A/S*		1,208			290,442
GN Store Nord A/S		2,634			120,395
ISS A/S*(a)		4,231			63,117
Novo Nordisk A/S, Class B		31,448			2,005,369
Novozymes A/S, Class B(a)		4,567			223,701
Orsted A/S‡		3,275			331,027
Pandora A/S(a)		1,924			68,337
Vestas Wind Systems A/S		4,155			357,625
Total Denmark					5,184,721

See notes to financial statements.

133

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Finland — 1.1%
Elisa OYJ		3,344		$	203,059
Fortum OYJ		8,933			148,232
Kone OYJ, Class B		7,609			461,044
Neste OYJ		8,122			287,609
Nokia OYJ		110,964			403,995
Nokian Renkaat OYJ		3,334			71,337
Nordea Bank Abp*		61,543			394,135
Sampo OYJ, Class A*		9,535			315,817
Stora Enso OYJ, Class R*		13,531			160,061
UPM-Kymmene OYJ		11,278			312,032
Wartsila OYJ Abp		11,628			85,383
Total Finland					2,842,704
France — 9.3%
Accor SA(a)		4,848			134,450
Aeroports de Paris		554			54,248
Air Liquide SA(a)		9,036			1,149,057
Airbus SE*		10,494			665,277
Alstom SA		3,939			161,185
Arkema SA		1,900			157,537
Atos SE		2,083			148,435
AXA SA		36,379			645,344
BNP Paribas SA		21,180			665,216
Bouygues SA*		4,535			139,628
Bureau Veritas SA		7,135			148,015
Capgemini SE		3,050			286,429
Carrefour SA		11,667			172,451
Cie de Saint-Gobain		10,140			268,884
Cie Generale des Etablissements Michelin		3,652			356,403
Credit Agricole SA		22,226			177,274
Danone SA		10,839			751,020
Dassault Systemes SE		2,773			405,627
Edenred		5,651			227,589
Electricite de France SA		7,929			63,172
Engie SA		32,238			349,713
EssilorLuxottica SA		5,759			710,577
Eutelsat Communications SA(a)		5,009			56,180
Faurecia SE		1,365			49,427
Getlink SE		11,163			142,198
Hermes International		656			479,825
Ingenico Group SA		1,450			182,165
Ipsen SA		884			65,599
Kering SA		1,462			736,931
Klepierre SA		4,426			89,466
Legrand SA		5,968			402,141
L’Oreal SA*		4,629			1,345,109
LVMH Moet Hennessy Louis Vuitton SE		4,782			1,846,036
Orange SA		36,298			442,696
Orpea		1,305			145,081
Pernod Ricard SA		3,995			608,663
Peugeot SA		10,673			152,849
Publicis Groupe SA		4,400			130,748

	Shares		Value
Common Stocks (continued)
France (continued)
Renault SA		3,707		$	73,515
Rexel SA		8,614			80,669
Rubis SCA		2,293			102,872
Safran SA		6,408			591,113
Sanofi		20,883			2,040,056
Schneider Electric SE*(a)		10,465			956,645
SCOR SE*		3,675			103,448
SEB SA		563			67,709
Societe Generale SA		14,274			222,945
Sodexo SA		1,583			125,705
Teleperformance		1,314			294,321
Thales SA		2,273			172,132
TOTAL SA		46,423			1,670,327
Ubisoft Entertainment SA*		1,832			136,288
Unibail-Rodamco-Westfield		2,736			160,985
Valeo SA		5,173			119,949
Veolia Environnement SA		10,156			216,748
Vinci SA		9,168			750,116
Vivendi SA		17,706			382,147
Worldline SA‡*		2,209			149,962
Total France					23,130,297
Germany — 7.4%
adidas AG		3,769			863,616
Allianz SE		7,927			1,466,291
Aroundtown SA		18,610			100,083
BASF SE		18,061			923,533
Bayer AG		18,095			1,191,942
Bayerische Motoren Werke AG		6,679			395,403
Beiersdorf AG		2,356			246,647
Brenntag AG		3,643			164,355
Carl Zeiss Meditec AG*		704			69,360
Commerzbank AG(a)		21,849			80,744
Continental AG*		2,102			177,739
Covestro AG‡*		3,481			116,975
Daimler AG		15,423			532,715
Delivery Hero SE‡*		2,559			215,821
Deutsche Bank AG		40,906			303,684
Deutsche Boerse AG		3,713			576,476
Deutsche Lufthansa AG(a)		4,939			44,132
Deutsche Post AG		18,536			551,212
Deutsche Telekom AG*		60,803			887,412
Deutsche Wohnen SE		7,993			323,925
E.ON SE		42,612			426,870
Fresenius Medical Care AG & Co. KGaA		4,278			335,777
Fresenius SE & Co. KGaA		8,441			366,396
GEA Group AG*		4,050			93,067
Hannover Rueck SE		1,365			217,535
HeidelbergCement AG		3,137			149,052
Henkel AG & Co. KGaA*		1,776			138,307
HUGO BOSS AG		1,689			46,952
Infineon Technologies AG		25,340			470,446
K+S AG(a)		4,618			31,107

See notes to financial statements.

134

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Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Germany (continued)
KION Group AG		1,586		$	78,710
LANXESS AG		2,408			118,581
LEG Immobilien AG		1,326			152,266
Merck KGaA*		2,606			302,847
MTU Aero Engines AG*		1,213			165,145
Muenchener Rueckversicherungs-Gesellschaft AG		2,569			565,016
Puma SE*		1,533			96,346
Rheinmetall AG		874			59,180
RWE AG		12,407			356,585
SAP SE		18,438			2,200,058
Scout24 AG‡		2,311			151,115
Siemens AG		14,566			1,350,996
Symrise AG		3,087			312,152
thyssenkrupp AG*(a)		10,062			67,007
TUI AG(a)		9,044			36,105
United Internet AG		2,750			94,730
Vonovia SE		9,547			471,080
Wirecard AG(a)		2,292			226,943
Zalando SE‡*		3,227			157,251
Total Germany					18,469,687
Hong Kong — 3.1%
AIA Group Ltd.		236,243			2,192,585
ASM Pacific Technology Ltd.		7,850			79,793
CK Asset Holdings Ltd.		55,654			351,770
CK Infrastructure Holdings Ltd.		16,984			101,216
CLP Holdings Ltd.		33,524			358,057
Hang Lung Properties Ltd.		52,899			113,408
Hang Seng Bank Ltd.		15,662			275,770
Henderson Land Development Co., Ltd.		32,438			132,642
Hong Kong & China Gas Co., Ltd.		210,596			376,513
Hong Kong Exchanges and Clearing Ltd.		25,283			821,856
Hongkong Land Holdings Ltd.		27,965			117,733
Hysan Development Co., Ltd.		25,168			83,760
Jardine Matheson Holdings Ltd.		4,401			193,468
Jardine Strategic Holdings Ltd.		4,130			89,001
Link REIT		43,895			394,086
MTR Corp. Ltd.		33,349			185,192
New World Development Co., Ltd.		140,710			166,078
Power Assets Holdings Ltd.		31,874			213,183
Sino Land Co., Ltd.		83,167			116,291
Sun Hung Kai Properties Ltd.		29,177			400,450
Swire Pacific Ltd., Class A		14,207			93,280
Techtronic Industries Co., Ltd.		30,367			231,307
Vitasoy International Holdings Ltd.		20,707			74,523
WH Group Ltd.‡		175,990			169,807
Wharf Real Estate Investment Co., Ltd.(a)		26,910			113,682
Wheelock & Co., Ltd.		21,220			155,338
Total Hong Kong					7,600,789

	Shares		Value
Common Stocks (continued)
Ireland — 0.5%
Bank of Ireland Group PLC		20,712		$	41,810
CRH PLC		15,385			465,741
Flutter Entertainment PLC(a)		1,600			196,771
Kerry Group PLC, Class A		2,950			338,300
Kingspan Group PLC		3,205			163,235
Smurfit Kappa Group PLC		4,835			152,953
Total Ireland					1,358,810
Israel — 0.5%
Bank Hapoalim BM		39,638			256,724
Bank Leumi Le-Israel BM		47,058			256,108
Israel Discount Bank Ltd., Class A		55,211			180,861
Nice Ltd.*		2,078			347,421
Teva Pharmaceutical Industries Ltd.*		21,334			235,965
Total Israel					1,277,079
Italy — 1.9%
Amplifon SpA		2,984			68,342
Assicurazioni Generali SpA		25,670			365,934
Atlantia SpA		11,298			183,826
Banco BPM SpA*(a)		37,681			45,956
Enel SpA		154,495			1,055,246
Eni SpA		51,255			489,201
Ferrari NV		2,323			364,864
FinecoBank Banca Fineco SpA*		14,466			160,664
Intesa Sanpaolo SpA		293,863			458,018
Leonardo SpA		10,591			73,013
Mediobanca Banca di Credito Finanziario SpA		21,470			124,353
Moncler SpA		4,235			159,104
Prysmian SpA		7,070			132,961
Recordati SpA		3,147			136,739
Snam SpA		51,609			231,084
Telecom Italia SpA*(a)		333,255			131,989
Terna Rete Elettrica Nazionale SpA		38,701			242,466
UniCredit SpA*		44,510			342,676
Total Italy					4,766,436
Japan — 25.7%
Advantest Corp.		4,299			211,864
Aeon Co., Ltd.		15,694			318,694
AGC, Inc.		5,135			129,605
Air Water, Inc.		6,598			89,837
Aisin Seiki Co., Ltd.		4,048			117,918
Ajinomoto Co., Inc.		11,926			213,683
Alfresa Holdings Corp.		5,573			112,466
Alps Alpine Co., Ltd.(a)		4,860			51,038
Amada Co., Ltd.		12,592			115,752
Aozora Bank Ltd.		4,999			90,364
Asahi Group Holdings Ltd.		8,719			304,943
Asahi Intecc Co., Ltd.		3,834			102,649

See notes to financial statements.

135

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Japan (continued)
Asahi Kasei Corp.		28,745		$	205,638
Astellas Pharma, Inc.		39,925			667,003
Bandai Namco Holdings, Inc.		4,291			217,931
Bank of Kyoto Ltd. (The)(a)		2,049			71,088
Bridgestone Corp.		12,475			394,076
Brother Industries Ltd.		7,170			123,104
Canon, Inc.(a)		21,414			457,477
Central Japan Railway Co.		3,711			590,130
Chiba Bank Ltd. (The)		17,136			80,444
Chubu Electric Power Co., Inc.		14,809			201,982
Chugai Pharmaceutical Co., Ltd.		4,960			594,170
Concordia Financial Group Ltd.		29,644			92,035
Dai Nippon Printing Co., Ltd.		8,200			175,602
Daifuku Co., Ltd.		2,293			161,465
Dai-ichi Life Holdings, Inc.		22,835			290,629
Daiichi Sankyo Co., Ltd.		12,462			860,284
Daikin Industries Ltd.		5,358			701,723
Daito Trust Construction Co., Ltd.		1,640			158,195
Daiwa House Industry Co., Ltd.		13,702			353,329
Daiwa Securities Group, Inc.		36,810			154,352
Denso Corp.		9,039			322,221
Dentsu Group, Inc.		4,840			103,105
East Japan Railway Co.		7,399			544,745
Eisai Co., Ltd.		5,524			388,981
Electric Power Development Co., Ltd.		4,175			84,332
FamilyMart Co., Ltd.(a)		4,817			82,569
FANUC Corp.		3,753			625,763
Fast Retailing Co., Ltd.		1,038			499,902
FUJIFILM Holdings Corp.		8,106			389,552
Fujitsu Ltd.		4,244			418,109
Fukuoka Financial Group, Inc.		5,216			75,605
Goldwin, Inc.		787			42,907
Hamamatsu Photonics K.K.		3,751			165,916
Hankyu Hanshin Holdings, Inc.		5,684			196,669
Hirose Electric Co., Ltd.		1,014			112,556
Hisamitsu Pharmaceutical Co., Inc.		1,877			89,168
Hitachi Ltd.		18,394			557,488
Honda Motor Co., Ltd.		34,511			842,483
Hoya Corp.		7,526			694,361
Idemitsu Kosan Co., Ltd.		4,957			114,497
IHI Corp.		3,705			46,808
Inpex Corp.		21,402			138,317
Isetan Mitsukoshi Holdings Ltd.		9,241			56,862
Isuzu Motors Ltd.		14,307			110,365
ITOCHU Corp.		29,388			583,995
Japan Exchange Group, Inc.		12,289			231,220
Japan Tobacco, Inc.		24,307			457,909
JFE Holdings, Inc.		11,714			79,309
JGC Holdings Corp.		6,821			67,231
JXTG Holdings, Inc.		65,479			234,337
Kajima Corp.		10,285			108,683
Kansai Electric Power Co., Inc. (The)		15,772			162,978

	Shares		Value
Common Stocks (continued)
Japan (continued)
Kansai Paint Co., Ltd.		5,890		$	113,520
Kao Corp.		9,592			745,940
KDDI Corp.		33,980			987,926
Keikyu Corp.		7,373			122,177
Keio Corp.		3,155			179,974
Keisei Electric Railway Co., Ltd.		4,230			128,955
Keyence Corp.		3,541			1,283,813
Kikkoman Corp.(a)		4,464			207,890
Kintetsu Group Holdings Co., Ltd.		4,312			208,070
Kirin Holdings Co., Ltd.		17,250			335,289
Kobayashi Pharmaceutical Co., Ltd.		1,376			127,904
Koito Manufacturing Co., Ltd.		2,964			113,366
Komatsu Ltd.		19,444			375,025
Konami Holdings Corp.(a)		2,167			69,001
Konica Minolta, Inc.		12,365			48,681
Kose Corp.		638			80,306
Kubota Corp.		23,898			301,030
Kuraray Co., Ltd.		10,982			111,427
Kurita Water Industries Ltd.		4,938			139,918
Kyocera Corp.		6,922			374,080
Kyowa Kirin Co., Ltd.		7,301			171,917
Kyushu Electric Power Co., Inc.		10,599			84,546
Lion Corp.		6,092			128,238
LIXIL Group Corp.		6,933			84,803
M3, Inc.		9,751			354,714
Makita Corp.		6,460			212,645
Marubeni Corp.		38,559			188,946
Marui Group Co., Ltd.		6,550			108,539
Matsumotokiyoshi Holdings Co., Ltd.		2,112			73,274
Mazda Motor Corp.		12,578			71,985
MEIJI Holdings Co., Ltd.		3,131			218,718
MINEBEA MITSUMI, Inc.		9,139			151,612
MISUMI Group, Inc.		7,529			182,073
Mitsubishi Chemical Holdings Corp.		30,089			173,722
Mitsubishi Corp.		26,313			565,950
Mitsubishi Electric Corp.		41,395			518,913
Mitsubishi Estate Co., Ltd.		24,979			411,703
Mitsubishi Heavy Industries Ltd.		6,751			174,465
Mitsubishi Materials Corp.		3,370			69,836
Mitsubishi Motors Corp.		16,140			46,035
Mitsubishi UFJ Financial Group, Inc.		252,972			1,027,407
Mitsui & Co., Ltd.		36,020			509,976
Mitsui Chemicals, Inc.		4,219			83,879
Mitsui Fudosan Co., Ltd.		19,349			361,521
Mizuho Financial Group, Inc.		480,440			565,197
MonotaRO Co., Ltd.		3,042			98,712
MS&AD Insurance Group Holdings, Inc.		10,850			316,769
Murata Manufacturing Co., Ltd.		11,444			644,143
Nabtesco Corp.		3,484			101,325
NEC Corp.		5,643			219,789
Nexon Co., Ltd.		8,437			137,599
NGK Spark Plug Co., Ltd.		5,750			87,217

See notes to financial statements.

136

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Japan (continued)
NH Foods Ltd.		3,207		$	115,612
Nidec Corp.		9,691			569,670
Nihon M&A Center, Inc.		3,352			111,436
Nikon Corp.		10,323			97,211
Nintendo Co., Ltd.		2,081			868,908
Nippon Express Co., Ltd.		2,072			102,500
Nippon Paint Holdings Co., Ltd.		3,736			216,959
Nippon Shinyaku Co., Ltd.		1,600			113,265
Nippon Steel Corp.		16,886			143,997
Nippon Telegraph & Telephone Corp.		25,390			580,051
Nissan Chemical Corp.		3,962			153,389
Nissan Motor Co., Ltd.		36,348			125,698
Nisshin Seifun Group, Inc.(a)		8,770			137,945
Nissin Foods Holdings Co., Ltd.		2,457			203,113
Nitori Holdings Co., Ltd.		1,716			265,099
Nitto Denko Corp.		3,731			188,757
Nomura Holdings, Inc.		68,064			286,297
Nomura Research Institute Ltd.		7,120			175,378
NSK Ltd.		11,659			81,554
NTT Data Corp.		15,807			163,340
NTT DOCOMO, Inc.		24,227			713,205
Obayashi Corp.		18,179			161,840
Obic Co., Ltd.		1,728			262,105
Odakyu Electric Railway Co., Ltd.(a)		8,031			178,216
Oji Holdings Corp.		26,267			135,099
Olympus Corp.*		22,162			357,605
Omron Corp.		4,547			270,435
Ono Pharmaceutical Co., Ltd.		10,137			245,616
Oriental Land Co., Ltd.		4,078			521,691
ORIX Corp.		27,424			330,570
Osaka Gas Co., Ltd.		8,766			163,868
Otsuka Corp.		2,321			105,160
Otsuka Holdings Co., Ltd.		9,189			365,635
Pan Pacific International Holdings Corp.		11,951			232,683
Panasonic Corp.		43,618			337,246
PeptiDream, Inc.*		2,276			86,200
Pigeon Corp.		2,552			91,522
Rakuten, Inc.		16,679			142,871
Recruit Holdings Co., Ltd.		24,006			714,332
Renesas Electronics Corp.*		14,161			76,807
Resona Holdings, Inc.		52,111			164,225
Ricoh Co., Ltd.		17,570			121,586
Rohm Co., Ltd.		2,245			144,019
Ryohin Keikaku Co., Ltd.		6,169			74,535
Santen Pharmaceutical Co., Ltd.		10,387			184,943
SBI Holdings, Inc.		6,123			116,293
Secom Co., Ltd.		4,404			370,861
Seiko Epson Corp.		7,480			85,827
Sekisui Chemical Co., Ltd.		11,103			142,246
Sekisui House Ltd.		13,704			238,172
Seven & i Holdings Co., Ltd.		15,630			519,319
SG Holdings Co., Ltd.		4,573			127,951

	Shares		Value
Common Stocks (continued)
Japan (continued)
Shimadzu Corp.		7,037		$	176,690
Shimano, Inc.		1,798			266,333
Shimizu Corp.		15,561			121,653
Shin-Etsu Chemical Co., Ltd.		7,943			892,459
Shionogi & Co., Ltd.		6,429			356,455
Shiseido Co., Ltd.		7,685			458,362
Shizuoka Bank Ltd. (The)		15,484			94,698
Showa Denko K.K.		3,270			72,626
SMC Corp.		1,184			542,535
Softbank Corp.		30,066			411,620
SoftBank Group Corp.		31,016			1,343,780
Sompo Holdings, Inc.		7,773			254,412
Sony Corp.		23,470			1,521,429
Sotetsu Holdings, Inc.		3,542			91,419
Stanley Electric Co., Ltd.		4,363			100,981
Subaru Corp.		12,611			256,501
SUMCO Corp.		5,947			86,200
Sumitomo Chemical Co., Ltd.		35,500			110,880
Sumitomo Corp.		25,987			298,546
Sumitomo Dainippon Pharma Co., Ltd.		3,801			53,246
Sumitomo Electric Industries Ltd.		17,261			179,737
Sumitomo Metal Mining Co., Ltd.		5,380			136,770
Sumitomo Mitsui Financial Group, Inc.		27,021			718,640
Sumitomo Mitsui Trust Holdings, Inc.		7,963			235,386
Sumitomo Realty & Development Co., Ltd.		9,337			254,391
Suntory Beverage & Food Ltd.		3,296			124,985
Suzuki Motor Corp.		8,752			283,917
Sysmex Corp.		4,116			286,371
T&D Holdings, Inc.		14,447			126,860
Taiheiyo Cement Corp.		3,869			77,355
Taisei Corp.		5,452			172,582
Taisho Pharmaceutical Holdings Co., Ltd.		1,411			88,802
Taiyo Yuden Co., Ltd.(a)		3,048			86,365
Takeda Pharmaceutical Co., Ltd.		29,798			1,082,018
TDK Corp.		2,799			245,519
Teijin Ltd.		6,541			105,515
Terumo Corp.		13,979			466,947
Tobu Railway Co., Ltd.		5,739			196,694
Toho Co., Ltd.		3,835			126,955
Tohoku Electric Power Co., Inc.		10,665			101,030
Tokio Marine Holdings, Inc.		13,501			642,129
Tokyo Electric Power Co., Holdings, Inc.*		32,793			111,319
Tokyo Electron Ltd.		3,023			648,503
Tokyo Gas Co., Ltd.		10,349			228,204
Tokyu Corp.		13,277			201,635
Toppan Printing Co., Ltd.		8,177			123,265
Toray Industries, Inc.		34,049			158,918
Toshiba Corp.		9,236			232,077
TOTO Ltd.		4,245			150,452
Toyo Suisan Kaisha Ltd.		3,195			154,170
Toyota Industries Corp.		3,866			196,310

See notes to financial statements.

137

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Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Japan (continued)
Toyota Motor Corp.		46,233		$	2,882,023
Toyota Tsusho Corp.		5,678			137,417
Tsuruha Holdings, Inc.(a)		1,162			156,259
Unicharm Corp.		8,927			329,748
USS Co., Ltd.		7,373			117,902
West Japan Railway Co.		4,013			250,196
Yakult Honsha Co., Ltd.		3,269			191,674
Yamada Denki Co., Ltd.		19,724			94,438
Yamaguchi Financial Group, Inc.		11,335			61,691
Yamaha Corp.		3,473			142,252
Yamaha Motor Co., Ltd.		6,894			90,450
Yamato Holdings Co., Ltd.		8,495			149,984
Yaskawa Electric Corp.		5,697			189,927
Z Holdings Corp.		59,955			234,920
ZOZO, Inc.		2,253			36,660
Total Japan					64,241,922
Luxembourg — 0.2%
ArcelorMittal SA		11,572			126,773
Eurofins Scientific SE(a)		268			148,238
SES SA		7,550			50,411
Tenaris SA		11,366			79,600
Total Luxembourg					405,022
Macau — 0.2%
Galaxy Entertainment Group Ltd.		46,543			302,888
Sands China Ltd.		53,983			222,134
Total Macau					525,022
Netherlands — 3.9%
ABN AMRO Bank NV‡		6,665			51,101
Adyen NV‡*		530			523,155
Aegon NV		35,995			92,650
Akzo Nobel NV		4,245			321,749
Argenx SE*		936			140,965
ASML Holding NV		7,363			2,182,709
ASR Nederland NV		2,397			64,454
EXOR NV		2,355			128,688
Heineken Holding NV(a)		2,180			169,769
Heineken NV		4,575			388,954
ING Groep NV		76,181			417,873
Just Eat Takeaway.com NV‡*		2,407			245,557
Koninklijke Ahold Delhaize NV		20,481			497,112
Koninklijke DSM NV		3,735			457,163
Koninklijke KPN NV		73,108			169,119
Koninklijke Philips NV		18,034			784,476
NN Group NV		7,533			217,906
Randstad NV		2,475			99,299
Royal Dutch Shell PLC, Class A		79,649			1,331,165
Royal Dutch Shell PLC, Class B		71,058			1,152,988
Wolters Kluwer NV		5,396			396,695
Total Netherlands					9,833,547

	Shares		Value
Common Stocks (continued)
New Zealand — 0.4%
a2 Milk Co., Ltd.*		17,562		$	212,689
Auckland International Airport Ltd.		41,336			155,309
Fisher & Paykel Healthcare Corp. Ltd.		17,042			287,980
Fletcher Building Ltd.		29,395			67,100
Spark New Zealand Ltd.		59,763			163,706
Xero Ltd.*		2,205			114,811
Total New Zealand					1,001,595
Norway — 0.6%
Aker BP ASA		2,519			41,928
DNB ASA		22,027			267,698
Equinor ASA		20,207			283,642
Mowi ASA		7,180			123,302
Norsk Hydro ASA		28,321			72,524
Orkla ASA		19,113			173,446
Schibsted ASA, Class A		3,781			80,433
Telenor ASA		12,778			196,617
Yara International ASA		3,837			131,147
Total Norway					1,370,737
Poland — 0.2%
Bank Polska Kasa Opieki SA		6,414			80,509
CD Projekt SA		1,601			138,251
mBank SA*		919			48,600
Polski Koncern Naftowy ORLEN SA		7,124			107,278
Powszechna Kasa Oszczednosci Bank Polski SA		22,029			117,083
Powszechny Zaklad Ubezpieczen SA		14,460			105,731
Total Poland					597,452
Portugal — 0.2%
EDP — Energias de Portugal SA		53,683			226,376
Galp Energia SGPS SA		8,791			101,247
Jeronimo Martins SGPS SA		6,114			103,229
Total Portugal					430,852
Russia — 0.1%
Polymetal International PLC		10,725			220,844
Singapore — 1.2%
Ascendas Real Estate Investment Trust		109,581			231,197
CapitaLand Commercial Trust		127,059			145,319
CapitaLand Ltd.*		62,272			133,152
CapitaLand Mall Trust		102,626			137,787
ComfortDelGro Corp. Ltd.		69,222			81,137
DBS Group Holdings Ltd.		35,859			508,450
Genting Singapore Ltd		186,464			103,981
Keppel Corp. Ltd.(a)		38,804			164,842
Oversea-Chinese Banking Corp. Ltd.		69,295			445,000
Singapore Exchange Ltd.		30,627			209,953
Singapore Technologies Engineering Ltd.		54,349			132,427
Singapore Telecommunications Ltd.		162,127			325,935
United Overseas Bank Ltd.		26,161			378,003
Total Singapore					2,997,183

See notes to financial statements.

138

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
South Africa — 0.2%
Anglo American PLC		23,121		$	412,725
Investec PLC		16,595			34,318
Total South Africa					447,043
South Korea — 4.4%
Amorepacific Corp.		836			121,443
Celltrion Healthcare Co., Ltd.*		1,705			118,382
Celltrion, Inc.*		2,073			358,132
Coway Co., Ltd.		1,731			87,228
DB Insurance Co., Ltd.		1,701			61,635
E-MART, Inc.		704			69,334
GS Holdings Corp.		2,239			70,839
Hana Financial Group, Inc.		7,070			160,148
Hankook Tire & Technology Co., Ltd.		2,394			41,752
Hanmi Pharm Co. Ltd.		256			54,417
Hotel Shilla Co., Ltd.		954			66,708
Hyundai Engineering & Construction Co., Ltd.		1,851			53,246
Hyundai Heavy Industries Holdings Co., Ltd.		266			53,049
Hyundai Mobis Co., Ltd.		1,382			195,087
Hyundai Motor Co.		3,569			274,167
Industrial Bank of Korea		10,306			66,821
Kakao Corp.		1,239			187,103
Kangwon Land, Inc.		4,217			86,697
KB Financial Group, Inc.		8,742			249,320
Kia Motors Corp.		6,021			146,516
Korea Electric Power Corp.*		5,786			113,255
Korea Shipbuilding & Offshore Engineering Co., Ltd.*		994			67,466
Korea Zinc Co., Ltd.		324			102,642
KT&G Corp.		2,680			178,381
LG Chem Ltd.		1,059			327,230
LG Corp.		2,684			136,574
LG Display Co., Ltd.*		5,630			51,058
LG Electronics, Inc.		2,449			110,345
LG Household & Health Care Ltd.		220			250,252
Lotte Chemical Corp.		388			68,623
NAVER Corp.		2,881			466,985
NCSoft Corp.		412			217,421
POSCO		1,478			223,802
Samsung Biologics Co., Ltd.‡*		349			166,416
Samsung C&T Corp.		1,803			156,853
Samsung Electro-Mechanics Co., Ltd.		1,259			117,277
Samsung Electronics Co., Ltd.		89,753			3,683,081
Samsung Fire & Marine Insurance Co., Ltd.		879			137,428
Samsung Life Insurance Co., Ltd.		1,930			77,773
Samsung SDI Co., Ltd.		1,150			269,933
Samsung SDS Co., Ltd.		762			101,625
Shinhan Financial Group Co., Ltd.		10,929			274,021
SK Holdings Co., Ltd.		761			113,671
SK Hynix, Inc.		10,091			693,190

	Shares		Value
Common Stocks (continued)
South Korea (continued)
SK Innovation Co., Ltd.		1,362		$	109,881
SK Telecom Co., Ltd.		762			132,269
S-Oil Corp.		1,331			76,466
Woori Financial Group, Inc.		12,623			87,437
Total South Korea					11,033,379
Spain — 2.3%
Abertis Infraestructuras SA*(c)(d)		5,353			35,120
ACS Actividades de Construccion y Servicios SA		5,344			133,279
Aena SME SA‡*		1,539			194,694
Amadeus IT Group SA		7,956			382,728
Banco Bilbao Vizcaya Argentaria SA		128,774			421,305
Banco de Sabadell SA		127,807			52,929
Banco Santander SA		316,553			706,443
Bankinter SA		19,688			81,168
CaixaBank SA		73,042			131,285
Cellnex Telecom SA‡*		5,627			294,603
Enagas SA		6,689			155,980
Endesa SA		6,565			145,611
Ferrovial SA		10,344			258,319
Grifols SA(a)		7,530			256,171
Iberdrola SA		114,709			1,148,356
Industria de Diseno Textil SA		20,191			514,178
Naturgy Energy Group SA		6,175			108,960
Red Electrica Corp. SA		9,592			168,676
Repsol SA		26,699			243,130
Telefonica SA		85,477			391,344
Total Spain					5,824,279
Sweden — 2.6%
Alfa Laval AB*		7,714			144,926
Assa Abloy AB, B Shares(a)		17,669			318,477
Atlas Copco AB, A Shares(a)		12,041			418,289
Atlas Copco AB, B Shares		7,326			228,994
Boliden AB(a)		5,844			119,845
Electrolux AB, Series B		5,618			77,564
Electrolux Professional AB, B Shares*		5,618			12,919
Epiroc AB, A Shares		12,170			122,258
Epiroc AB, B Shares		7,554			74,881
Essity AB, B Shares*		12,130			394,307
Hennes & Mauritz AB, B Shares(a)		17,137			238,969
Hexagon AB, B Shares*		5,135			256,088
Industrivarden AB, A Shares*		10,362			215,150
Investor AB, B Shares		10,964			551,388
Kinnevik AB, B Shares		6,715			138,876
Lundin Energy AB		4,939			128,289
Sandvik AB*		21,538			333,637
Securitas AB, B Shares(a)		7,452			88,084
Skandinaviska Enskilda Banken AB, A Shares*		28,628			235,479
Skanska AB, B Shares*		7,445			142,654
SKF AB, B Shares		8,572			136,515

See notes to financial statements.

139

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Sweden (continued)
Svenska Cellulosa AB SCA, B Shares*		13,953		$	150,356
Svenska Handelsbanken AB, A Shares*		28,959			267,733
Swedbank AB, A Shares*		19,374			228,825
Swedish Match AB		4,085			253,284
Tele2 AB, B Shares		11,251			145,833
Telefonaktiebolaget LM Ericsson, B Shares		57,584			501,720
Telia Co. AB		49,654			171,577
Trelleborg AB, B Shares*		7,017			90,378
Volvo AB, B Shares*		29,621			382,575
Total Sweden					6,569,870
Switzerland — 9.9%
ABB Ltd.		35,167			667,705
Adecco Group AG		3,227			141,465
Alcon, Inc.*		8,616			454,747
Baloise Holding AG		1,130			169,181
Chocoladefabriken Lindt & Spruengli AG(a)		35			272,885
Cie Financiere Richemont SA		10,093			573,277
Clariant AG*		6,147			113,782
Coca-Cola HBC AG*		4,367			110,993
Credit Suisse Group AG*		45,180			408,476
EMS-Chemie Holding AG		212			137,394
Geberit AG		825			370,209
Givaudan SA		185			619,702
Glencore PLC*		205,306			380,934
Julius Baer Group Ltd.*		4,623			181,251
Kuehne + Nagel International AG		855			122,295
LafargeHolcim Ltd.*		8,384			347,817
Lonza Group AG		1,481			646,628
Nestle SA(g)		54,056			5,707,202
Novartis AG		39,510			3,367,448
Partners Group Holding AG		414			325,915
PSP Swiss Property AG		1,276			148,337
Roche Holding AG		13,459			4,677,845
Schindler Holding AG — Participating Certificate		1,241			275,806
SGS SA		148			335,057
Sika AG(a)		2,862			473,565
Sonova Holding AG		1,205			217,615
STMicroelectronics NV		11,689			303,558
Straumann Holding AG		182			138,110
Swatch Group AG (The)		635			127,079
Swiss Life Holding AG		711			251,869
Swiss Prime Site AG		1,983			188,407
Swiss Re AG(a)		5,289			381,735
Swisscom AG		507			263,599
Temenos AG*		1,081			140,676
UBS Group AG*		65,991			706,985
Vifor Pharma AG		1,141			171,478
Zurich Insurance Group AG		2,687			855,530
Total Switzerland					24,776,557

	Shares		Value
Common Stocks (continued)
United Arab Emirates — 0.0%
NMC Health PLC(c)(d)		3,838		$	—
United Kingdom — 12.7%
3i Group PLC		21,313			210,764
Admiral Group PLC		5,536			162,700
Ashtead Group PLC		9,666			265,181
Associated British Foods PLC		7,125			170,081
AstraZeneca PLC		24,816			2,604,925
Auto Trader Group PLC‡		18,632			107,801
Aviva PLC		77,930			237,682
B&M European Value Retail SA		16,834			70,665
BAE Systems PLC		60,648			388,918
Barclays PLC		331,745			443,135
Barratt Developments PLC		21,272			139,255
Berkeley Group Holdings PLC		2,756			145,413
BP PLC		373,570			1,475,336
British American Tobacco PLC		43,471			1,689,105
British Land Co. PLC (The)		20,275			103,472
BT Group PLC		163,747			239,692
Bunzl PLC		7,424			161,768
Burberry Group PLC		8,877			155,638
Centrica PLC		106,656			53,678
CK Hutchison Holdings Ltd.		56,629			419,293
CNH Industrial NV*		17,346			108,523
Compass Group PLC		30,009			505,701
Croda International PLC		3,138			193,235
DCC PLC		2,118			151,156
Diageo PLC		43,759			1,517,875
Direct Line Insurance Group PLC		32,723			112,475
DS Smith PLC		31,179			122,663
Experian PLC		17,818			534,000
Fiat Chrysler Automobiles NV		18,605			163,350
G4S PLC		35,716			49,195
GlaxoSmithKline PLC		92,432			1,936,546
GVC Holdings PLC		11,953			113,680
Hargreaves Lansdown PLC		7,131			129,568
HSBC Holdings PLC		381,077			1,970,754
IMI PLC		7,542			78,721
Imperial Brands PLC		18,555			392,959
Informa PLC		28,560			158,218
InterContinental Hotels Group PLC		3,937			179,171
International Consolidated Airlines Group SA		11,904			33,319
Intertek Group PLC		3,674			220,125
ITV PLC		75,372			72,729
John Wood Group PLC		14,864			37,985
Johnson Matthey PLC		4,317			108,497
Kingfisher PLC		47,449			94,144
Land Securities Group PLC		15,129			126,329
Legal & General Group PLC		116,942			301,795
Lloyds Banking Group PLC		1,349,439			548,762
London Stock Exchange Group PLC		5,911			555,908
M&G PLC		49,215			82,097

See notes to financial statements.

140

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Marks & Spencer Group PLC		42,014		$	48,808
Meggitt PLC		19,450			68,521
Melrose Industries PLC		103,346			130,069
Micro Focus International PLC		6,772			41,146
Mondi PLC		10,697			190,247
National Grid PLC		64,257			756,851
Next PLC		2,894			172,515
Ninety One PLC*		8,297			17,760
Ocado Group PLC*		9,760			197,526
Pearson PLC(a)		16,965			98,392
Persimmon PLC		6,848			190,462
Prudential PLC		49,702			707,475
Quilter PLC‡		36,485			56,720
Reckitt Benckiser Group PLC		12,078			1,010,053
RELX PLC		35,318			800,312
Rentokil Initial PLC		35,226			210,743
Rolls-Royce Holdings PLC*		33,718			140,350
Royal Bank of Scotland Group PLC		89,464			124,751
RSA Insurance Group PLC		24,987			113,841
Sage Group PLC (The)		24,108			194,615
Schroders PLC		2,690			90,051
Severn Trent PLC		5,063			152,631
Smith & Nephew PLC		17,845			350,687
Smiths Group PLC		9,841			153,983
Spirax-Sarco Engineering PLC		1,353			148,953
SSE PLC		20,056			316,221
St James’s Place PLC		12,198			130,996
Standard Chartered PLC		53,904			277,067
Standard Life Aberdeen PLC(a)		46,457			129,561
Subsea 7 SA*		6,697			37,235
Tate & Lyle PLC		13,133			117,978
Taylor Wimpey PLC		68,287			126,660
TechnipFMC PLC		9,425			82,420
Tesco PLC		192,881			571,976
Unilever NV		27,332			1,364,516
Unilever PLC		20,297			1,050,179
United Utilities Group PLC		14,493			164,929
Vodafone Group PLC		517,788			732,400
Weir Group PLC (The)		5,717			68,837
Whitbread PLC(a)		2,073			77,920
Wm Morrison Supermarkets PLC(a)		53,051			122,456
WPP PLC		24,085			188,718
Total United Kingdom					31,571,513
United States — 0.4%
Amcor PLC		33,903			312,302
Carnival PLC		3,576			49,414
Ferguson PLC		4,534			328,040
James Hardie Industries PLC		8,898			130,608
OneMarket Ltd*(c)(d)		1,633			1,037
QIAGEN NV*		3,818			158,910
Samsonite International SA‡		32,778			27,694

	Shares		Value
Common Stocks (continued)
United States (continued)
Total United States				$	1,008,005
Total Common Stocks
(Cost $309,529,544)					247,830,020
Preferred Stocks — 0.7%
Germany — 0.5%
FUCHS PETROLUB SE, 2.78%		3,064			119,004
Henkel AG & Co. KGaA, 2.31%		3,719			330,110
Porsche Automobil Holding SE, 5.03%		3,520			177,467
Sartorius AG, 0.00%		688			193,516
Volkswagen AG, 3.93%		3,816			535,916
Total Germany					1,356,013
South Korea — 0.2%
Samsung Electronics Co., Ltd., 3.44%		14,671			508,720
Total Preferred Stocks
(Cost $2,194,808)					1,864,733
Short-Term Investment — 3.6%
Money Market Fund — 3.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(e)(f)
(Cost $8,900,910)		8,900,910			8,900,910
Total Investments — 103.6%
(Cost $320,625,262)					258,595,663
Other Assets and Liabilities, Net — (3.6)%					(9,020,866)
Net Assets — 100.0%				$	249,574,797

Non-income producing securities.

‡

May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $9,313,923; total market value of collateral held by the Fund was $10,004,457. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $1,103,547.

(b)

Less than 0.05%.

(c)

Securities have been deemed illiquid because they may not be able to be resold within seven days at approximately the price shown. At April 30, 2020, the value of these securities was $36,157.

(d)

Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.

(e)

Reflects the 1-day yield at April 30, 2020.

(f)

Represents security purchased with cash collateral received for securities on loan.

(g)

All or a portion of these securities have been segregated as collateral for forward foreign currency contracts. The total value of securities segregated amounted to $1,276,794.

See notes to financial statements.

141

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

Forward Foreign Currency Contracts Outstanding as of April 30, 2020:

Purchased Contracts	Settlement Date		Counterparty	Currency Amount Purchased		Value at Settlement Date			Value at April 30, 2020			Unrealized Appreciation
Australian Dollar		05/04/20	Morgan Stanley		12,094,407		$	7,896,990		$	7,918,322		$	21,332
Swiss Franc		05/04/20	Morgan Stanley		11,657,725			12,074,882			12,080,003			5,121
Danish Krone		05/04/20	Morgan Stanley		17,023,871			2,498,363			2,499,785			1,422
Euro		05/04/20	Morgan Stanley		31,282,015			34,247,731			34,265,940			18,209
British Pound		05/04/20	Morgan Stanley		14,767,634			18,609,346			18,627,458			18,112
Hong Kong Dollar		05/04/20	Morgan Stanley		936,594			120,797			120,808			11
Israeli Shekel		05/04/20	Morgan Stanley		2,216,471			637,193			638,658			1,465
Japanese Yen		05/01/20	Morgan Stanley		3,434,642,577			32,105,261			32,118,975			13,714
Japanese Yen		05/04/20	Morgan Stanley		95,302,728			889,188			891,270			2,082
South Korean Won#		05/04/20	Morgan Stanley		6,791,014,943			5,541,724			5,573,793			32,069
Norwegian Krone		05/04/20	Morgan Stanley		7,144,875			697,864			699,153			1,289
New Zealand Dollar		05/04/20	Morgan Stanley		719,471			443,004			443,866			862
Polish Zloty		05/04/20	Morgan Stanley		1,238,590			298,903			299,082			179
Swedish Krona		05/04/20	Morgan Stanley		32,382,433			3,309,200			3,315,552			6,352
Singapore Dollar		05/04/20	Morgan Stanley		142,453			100,133			101,197			1,064
Unrealized Appreciation							$	119,470,579		$	119,593,862		$	123,283

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2020			Unrealized Appreciation
Swiss Franc		05/04/20	Morgan Stanley		(16,076)		$	(16,677)		$	(16,658)		$	19
Danish Krone		05/04/20	Morgan Stanley		(17,503,913)			(2,576,038)			(2,570,274)			5,764
Euro		05/04/20	Morgan Stanley		(32,152,102)			(35,319,132)			(35,219,023)			100,109
Hong Kong Dollar		05/04/20	Morgan Stanley		(34,764,440)			(4,484,136)			(4,484,126)			10
South Korean Won#		06/04/20	Morgan Stanley		(7,031,735,385)			(5,818,083)			(5,774,131)			43,952
Unrealized Appreciation							$	(48,214,066)		$	(48,064,212)		$	149,854
Total Unrealized Appreciation													$	273,137

Purchased Contracts	Settlement Date		Counterparty	Currency Amount Purchased		Value at Settlement Date			Value at April 30, 2020			Unrealized (Depreciation)
Swiss Franc		05/04/20	Morgan Stanley		319,424		$	332,697		$	330,995		$	(1,702)
Danish Krone		05/04/20	Morgan Stanley		480,042			70,610			70,489			(121)
Euro		05/04/20	Morgan Stanley		870,087			954,875			953,083			(1,792)
Hong Kong Dollar		05/04/20	Morgan Stanley		33,827,846			4,364,097			4,363,319			(778)
South Korean Won#		05/04/20	Morgan Stanley		187,731,882			154,855			154,083			(772)
Polish Zloty		05/04/20	Morgan Stanley		34,718			8,399			8,383			(16)
Singapore Dollar		05/04/20	Morgan Stanley		1,970,560			1,400,186			1,399,865			(321)
Unrealized Depreciation							$	7,285,719		$	7,280,217		$	(5,502)

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2020			Unrealized (Depreciation)
Australian Dollar		05/04/20	Morgan Stanley		(12,094,407)		$	(7,403,361)		$	(7,918,322)		$	(514,961)
Australian Dollar		06/04/20	Morgan Stanley		(12,191,100)			(7,981,720)			(7,982,472)			(752)
Swiss Franc		05/04/20	Morgan Stanley		(11,961,073)			(12,380,099)			(12,394,339)			(14,240)
Swiss Franc		06/04/20	Morgan Stanley		(11,669,081)			(12,098,142)			(12,102,326)			(4,184)
Danish Krone		06/04/20	Morgan Stanley		(17,723,072)			(2,603,354)			(2,604,058)			(704)
Euro		06/04/20	Morgan Stanley		(31,851,291)			(34,901,342)			(34,911,725)			(10,383)
British Pound		05/04/20	Morgan Stanley		(14,767,634)			(18,322,083)			(18,627,458)			(305,375)
British Pound		06/04/20	Morgan Stanley		(14,415,770)			(18,183,900)			(18,185,955)			(2,055)
Hong Kong Dollar		06/04/20	Morgan Stanley		(34,718,064)			(4,475,587)			(4,476,201)			(614)
Israeli Shekel		05/04/20	Morgan Stanley		(2,216,471)			(627,126)			(638,658)			(11,532)
Israeli Shekel		06/04/20	Morgan Stanley		(2,216,306)			(638,839)			(639,186)			(347)
Japanese Yen		05/01/20	Morgan Stanley		(3,529,945,305)			(32,734,942)			(33,010,196)			(275,254)

See notes to financial statements.

142

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2020			Unrealized (Depreciation)
Japanese Yen		06/04/20	Morgan Stanley		(3,435,939,012)		$	(32,137,494)		$	(32,147,243)		$	(9,749)
South Korean Won#		05/04/20	Morgan Stanley		(6,978,746,825)			(5,724,526)			(5,727,876)			(3,350)
Norwegian Krone		05/04/20	Morgan Stanley		(7,144,875)			(680,549)			(699,153)			(18,604)
Norwegian Krone		06/04/20	Morgan Stanley		(7,194,418)			(704,002)			(704,122)			(120)
New Zealand Dollar		05/04/20	Morgan Stanley		(719,471)			(426,432)			(443,866)			(17,434)
New Zealand Dollar		06/04/20	Morgan Stanley		(718,684)			(443,287)			(443,294)			(7)
Polish Zloty		05/04/20	Morgan Stanley		(1,273,308)			(306,457)			(307,465)			(1,008)
Polish Zloty		06/04/20	Morgan Stanley		(1,232,643)			(297,522)			(297,572)			(50)
Swedish Krona		05/04/20	Morgan Stanley		(32,382,433)			(3,270,476)			(3,315,552)			(45,076)
Swedish Krona		06/04/20	Morgan Stanley		(32,084,616)			(3,285,380)			(3,286,031)			(651)
Singapore Dollar		05/04/20	Morgan Stanley		(2,113,013)			(1,484,662)			(1,501,062)			(16,400)
Singapore Dollar		06/04/20	Morgan Stanley		(2,109,567)			(1,498,457)			(1,498,799)			(342)
Unrealized Depreciation							$	(202,609,739)		$	(203,862,931)		$	(1,253,192)
Total Unrealized Depreciation													$	(1,258,694)
Net Unrealized Appreciation (Depreciation)													$	(985,557)

As of April 30, 2020, there was collateral segregated by the counterparty for forward foreign currency contracts in the amount of $1,276,794.

Non-deliverable forward.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(h)
Common Stocks
Australia		$	17,035,560		$	—		$	—		$	17,035,560
Austria			364,517			—			—			364,517
Belgium			2,160,409			—			—			2,160,409
Cambodia			52,958			—			—			52,958
China			731,231			—			—			731,231
Denmark			5,184,721			—			—			5,184,721
Finland			2,842,704			—			—			2,842,704
France			23,130,297			—			—			23,130,297
Germany			18,469,687			—			—			18,469,687
Hong Kong			7,600,789			—			—			7,600,789
Ireland			1,358,810			—			—			1,358,810
Israel			1,277,079			—			—			1,277,079
Italy			4,766,436			—			—			4,766,436
Japan			64,241,922			—			—			64,241,922
Luxembourg			405,022			—			—			405,022
Macau			525,022			—			—			525,022
Netherlands			9,833,547			—			—			9,833,547
New Zealand			1,001,595			—			—			1,001,595
Norway			1,370,737			—			—			1,370,737
Poland			597,452			—			—			597,452
Portugal			430,852			—			—			430,852
Russia			220,844			—			—			220,844
Singapore			2,997,183			—			—			2,997,183
South Africa			447,043			—			—			447,043
South Korea			11,033,379			—			—			11,033,379
Spain			5,789,159			—			35,120(i)			5,824,279
Sweden			6,569,870			—			—			6,569,870
Switzerland			24,776,557			—			—			24,776,557
United Arab Emirates			—			—			—(i)			—
United Kingdom			31,571,513			—			—			31,571,513
United States			1,006,968			—			1,037(i)			1,008,005
Total Common Stocks			247,793,863			—			36,157			247,830,020

See notes to financial statements.

143

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Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Preferred Stocks
Germany		$	1,356,013		$	—		$	—		$	1,356,013
South Korea			508,720			—			—			508,720
Total Preferred Stocks			1,864,733			—			—			1,864,733
Short-Term Investments:
Money Market Funds			8,900,910			—			—			8,900,910
Total Investments in Securities			258,559,506			—			36,157			258,595,663
Other Financial Instruments:(j)
Forward Foreign Currency Contracts			—			273,137			—			273,137
Total Investments in Securities and Other Financial Instruments		$	258,559,506		$	273,137		$	36,157		$	258,868,800
Liability Valuation Inputs
Other Financial Instruments:(j)
Forward Foreign Currency Contracts		$	—		$	1,258,694		$	—		$	1,258,694

(h)

For a complete listing of investments and their countries, see the Schedules of Investments.

(i)

The Level 3 securities, valued in total at $36,157, have been deemed illiquid and have been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(j)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund transferred common stock valued at $95,937 from Level 1 to Level 3 as a result of a security has been deemed illiquid.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of April 30, 2019			Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases			Sales			Transfers into Level 3			Transfers out of Level 3			Balance as of April 30, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2020(k)
Common Stocks
Abertis Infraestructuras SA(l)		$	44,573		$	—		$	—		$	(9,453)		$	—		$	—		$	—		$	—		$	35,120		$	(9,453)
NMC Health PLC(l)			—			—			(9,930)			(104,521)			50,184			(30,575)			94,842			—			—(m)			(104,521)
OneMarket Ltd(l)			—			—			(338)			404			206			(330)			1,095			—			1,037			404
Rolls-Royce Holdings PLC — Entitlement Shares(l)			2,895			—			(55)			(29)			1,539			(4,350)			—			—			—			(29)
Total		$	47,468		$	—		$	(10,323)		$	(113,599)		$	51,929		$	(35,255)		$	95,937		$	—		$	36,157		$	(113,599)

(k)

Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statements of Operations.

(l)

Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(m)

Includes a Level 3 security valued at $ — .

Information about Level 3 fair value measurements as of April 30, 2020.

Security Type

Fair Value

Valuation Technique

Unobservable Inputs

Common Stock

36,157

Issuer Specific Data

Company News Information

See notes to financial statements.

144

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Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.4%
Australia — 1.1%
BHP Group PLC		2,071		$	34,905
Rio Tinto PLC		1,098			51,029
Total Australia					85,934
Austria — 0.3%
ANDRITZ AG*		71			2,333
Erste Group Bank AG*		285			6,189
OMV AG		142			4,651
Raiffeisen Bank International AG		128			2,205
Telekom Austria AG*		133			935
Verbund AG		66			2,990
Vienna Insurance Group AG Wiener Versicherung Gruppe		38			765
voestalpine AG		114			2,359
Total Austria					22,427
Belgium — 1.5%
Ackermans & van Haaren NV		22			2,913
Ageas		184			6,621
Anheuser-Busch InBev SA/NV		771			35,367
Colruyt SA		53			3,171
Elia Group SA		35			4,025
Galapagos NV*		50			11,035
Groupe Bruxelles Lambert SA*		73			5,827
KBC Group NV		275			14,844
Proximus SADP		139			2,964
Sofina SA		15			3,532
Solvay SA		69			5,384
Telenet Group Holding NV		47			1,960
UCB SA*		121			11,072
Umicore SA		203			8,763
Total Belgium					117,478
Chile — 0.1%
Antofagasta PLC		343			3,517
China — 0.4%
Prosus NV*		433			32,810
Denmark — 3.6%
Ambu A/S, Class B		164			5,143
AP Moller — Maersk A/S, Class A		4			3,691
AP Moller — Maersk A/S, Class B		7			6,958
Carlsberg A/S, Class B		102			12,859
Chr Hansen Holding A/S		102			8,788
Coloplast A/S, Class B(a)		133			21,032
Danske Bank A/S*		663			7,866
Demant A/S*		106			2,533
DSV PANALPINA A/S		202			20,839
Genmab A/S*		59			14,185
GN Store Nord A/S		129			5,896
H Lundbeck A/S		60			2,186
ISS A/S*(a)		183			2,730
Novo Nordisk A/S, Class B		1,655			105,536
Novozymes A/S, Class B(a)		203			9,943
Orsted A/S‡		188			19,002
Pandora A/S(a)		88			3,126
Rockwool International A/S, Class B		6			1,260
Tryg A/S		120			3,177

	Shares		Value
Common Stocks (continued)
Denmark (continued)
Vestas Wind Systems A/S		195		$	16,784
Total Denmark					273,534
Finland — 2.0%
Elisa OYJ		143			8,683
Fortum OYJ		430			7,135
Huhtamaki OYJ*		93			3,476
Kesko OYJ, Class B		275			4,473
Kone OYJ, Class B		391			23,692
Metso OYJ		106			2,941
Neste OYJ		414			14,660
Nokia OYJ		5,579			20,312
Nokian Renkaat OYJ(a)		134			2,867
Nordea Bank Abp*		3,206			20,532
Orion OYJ, Class B*		101			5,131
Sampo OYJ, Class A*		488			16,164
Stora Enso OYJ, Class R*		572			6,766
UPM-Kymmene OYJ		531			14,691
Wartsila OYJ Abp		482			3,539
Total Finland					155,062
France — 16.0%
Accor SA(a)		188			5,214
Adevinta ASA*		219			1,816
Aeroports de Paris		28			2,742
Air France-KLM*(a)		187			952
Air Liquide SA(a)		464			59,004
Airbus SE*		551			34,931
ALD SA‡		78			760
Alstom SA		183			7,488
Amundi SA‡		57			3,783
Arkema SA		71			5,887
Atos SE		95			6,770
AXA SA		1,922			34,095
BioMerieux		41			5,088
BNP Paribas SA		1,083			34,015
Bollore SA		973			2,581
Bouygues SA*		210			6,466
Bureau Veritas SA		274			5,684
Capgemini SE		156			14,650
Carrefour SA		566			8,366
Casino Guichard Perrachon SA(a)		55			2,062
Cie de Saint-Gobain		485			12,861
Cie Generale des Etablissements Michelin		176			17,176
Cie Plastic Omnium SA		54			1,027
CNP Assurances*		157			1,621
Covivio(a)		46			2,879
Credit Agricole SA		1,148			9,156
Danone SA		599			41,504
Dassault Aviation SA		2			1,632
Dassault Systemes SE		132			19,309
Edenred		242			9,746
Eiffage SA		74			6,055
Electricite de France SA		506			4,031
Elis SA		216			2,673
Engie SA		1,648			17,877
EssilorLuxottica SA		294			36,275

See notes to financial statements.

145

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Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
France (continued)
Eurazeo SE		41		$	1,961
Eutelsat Communications SA		183			2,053
Faurecia SE		73			2,643
Gecina SA		52			6,783
Getlink SE		451			5,745
Hermes International		31			22,675
ICADE		32			2,459
Iliad SA		15			2,234
Imerys SA		35			1,097
Ingenico Group SA		62			7,789
Ipsen SA		34			2,523
JCDecaux SA		70			1,451
Kering SA		74			37,300
Klepierre SA		191			3,861
Legrand SA		266			17,924
L’Oreal SA*		241			70,031
LVMH Moet Hennessy Louis Vuitton SE		249			96,124
Natixis SA		831			1,967
Orange SA		1,915			23,356
Orpea		49			5,448
Pernod Ricard SA		212			32,300
Peugeot SA		541			7,748
Publicis Groupe SA		214			6,359
Remy Cointreau SA(a)		24			2,676
Renault SA		178			3,530
Rexel SA		299			2,800
Rubis SCA		90			4,038
Safran SA		325			29,980
Sanofi		1,085			105,993
Sartorius Stedim Biotech*		24			5,757
Schneider Electric SE*(a)		525			47,992
SCOR SE*		155			4,363
SEB SA		27			3,247
Societe Generale SA		765			11,949
Sodexo SA		86			6,829
Suez		364			4,113
Teleperformance		58			12,991
Thales SA		99			7,497
TOTAL SA		2,388			85,922
Ubisoft Entertainment SA*		90			6,695
Unibail-Rodamco-Westfield		135			7,943
Valeo SA		237			5,495
Veolia Environnement SA		502			10,714
Vinci SA		465			38,046
Vivendi SA		804			17,353
Wendel SA		28			2,392
Worldline SA‡*		130			8,825
Total France					1,225,147
Germany — 13.1%
1&1 Drillisch AG(a)		45			1,047
adidas AG		193			44,223
Allianz SE		416			76,949
Aroundtown SA		1,189			6,394
BASF SE		916			46,839
Bayer AG		984			64,817
Bayerische Motoren Werke AG		320			18,944
Bechtle AG		27			3,909

	Shares		Value
Common Stocks (continued)
Germany (continued)
Beiersdorf AG		99		$	10,364
Brenntag AG		154			6,948
Carl Zeiss Meditec AG*		37			3,645
Commerzbank AG(a)		1,032			3,814
Continental AG*		107			9,048
Covestro AG‡*		170			5,713
CTS Eventim AG & Co. KGaA		58			2,410
Daimler AG		807			27,874
Delivery Hero SE‡*		141			11,892
Deutsche Bank AG		2,035			15,108
Deutsche Boerse AG		184			28,568
Deutsche Lufthansa AG(a)		236			2,109
Deutsche Post AG		976			29,024
Deutsche Telekom AG*		3,232			47,171
Deutsche Wohnen SE		356			14,427
DWS Group GmbH & Co. KGaA‡		32			1,013
E.ON SE		2,160			21,638
Evonik Industries AG		187			4,600
Fielmann AG		24			1,571
Fraport AG Frankfurt Airport Services Worldwide(a)		34			1,491
Fresenius Medical Care AG & Co. KGaA		208			16,326
Fresenius SE & Co. KGaA		405			17,580
FUCHS PETROLUB SE		32			1,069
GEA Group AG*		164			3,769
GRENKE AG(a)		26			1,823
Hannover Rueck SE		60			9,562
Hapag-Lloyd AG‡		27			3,880
HeidelbergCement AG		147			6,984
Hella GmbH & Co. KGaA		43			1,592
Henkel AG & Co. KGaA*		100			7,788
HOCHTIEF AG		20			1,572
HUGO BOSS AG		60			1,668
Infineon Technologies AG		1,247			23,151
KION Group AG		70			3,474
Knorr-Bremse AG		48			4,461
LANXESS AG		83			4,087
LEG Immobilien AG		69			7,923
Merck KGaA*		129			14,991
METRO AG		164			1,424
MTU Aero Engines AG*		53			7,216
Muenchener Rueckversicherungs-Gesellschaft AG		144			31,671
Nemetschek SE		54			3,401
OSRAM Licht AG*		72			2,989
ProSiebenSat.1 Media SE(a)		186			1,863
Puma SE*		82			5,153
Rational AG		3			1,448
Rheinmetall AG		43			2,912
Rocket Internet SE‡*		64			1,348
RWE AG		570			16,382
SAP SE		970			115,742
Scout24 AG‡		108			7,062
Siemens AG		758			70,304
Siemens Healthineers AG‡		130			5,724
Suedzucker AG		76			1,005
Symrise AG		125			12,640
Talanx AG		37			1,320

See notes to financial statements.

146

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Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Germany (continued)
TeamViewer AG*		96		$	4,164
Telefonica Deutschland Holding AG		647			1,839
thyssenkrupp AG*(a)		462			3,077
Traton SE*		49			739
TUI AG(a)		431			1,721
Uniper SE(a)		193			5,179
United Internet AG		115			3,961
Varta AG*		14			1,161
Volkswagen AG(a)		32			4,777
Vonovia SE		541			26,695
Wacker Chemie AG		15			875
Wirecard AG(a)		114			11,288
Zalando SE‡*		148			7,212
Total Germany					1,005,542
Ireland — 0.9%
AIB Group PLC*(a)		756			1,035
Bank of Ireland Group PLC		909			1,835
CRH PLC		794			24,036
Flutter Entertainment PLC		78			9,593
Glanbia PLC		190			2,029
Glanbia PLC		7			74
Kerry Group PLC, Class A		146			16,743
Kingspan Group PLC		148			7,538
Smurfit Kappa Group PLC		237			7,497
Total Ireland					70,380
Italy — 3.4%
A2A SpA		1,541			2,097
Amplifon SpA		118			2,703
Assicurazioni Generali SpA		1,279			18,233
Atlantia SpA		493			8,021
Banca Mediolanum SpA		287			1,751
Banco BPM SpA*(a)		1,514			1,847
Buzzi Unicem SpA		69			1,352
Buzzi Unicem SpA-RSP		40			418
Davide Campari-Milano SpA		548			4,244
DiaSorin SpA		23			3,912
Enel SpA		7,784			53,167
Eni SpA		2,505			23,909
Ferrari NV		123			19,319
FinecoBank Banca Fineco SpA*		606			6,730
Hera SpA		807			2,986
Infrastrutture Wireless Italiane SpA‡		282			2,982
Intesa Sanpaolo SpA		14,975			23,340
Italgas SpA		484			2,706
Leonardo SpA		384			2,647
Mediaset SpA*(a)		291			591
Mediobanca Banca di Credito Finanziario SpA		803			4,651
Moncler SpA		194			7,288
Nexi SpA‡*		293			4,437
Pirelli & C SpA‡		431			1,678
Poste Italiane SpA‡		452			3,838
Prysmian SpA		245			4,608
Recordati SpA		96			4,171
Saipem SpA*		557			1,428
Salvatore Ferragamo SpA		65			804

	Shares		Value
Common Stocks (continued)
Italy (continued)
Snam SpA		2,283		$	10,222
Telecom Italia SpA*(a)		10,600			4,198
Telecom Italia SpA-RSP		6,022			2,397
Terna Rete Elettrica Nazionale SpA		1,413			8,853
UniCredit SpA*		2,226			17,138
Unione di Banche Italiane SpA		927			2,649
UnipolSai Assicurazioni SpA(a)		553			1,359
Total Italy					262,674
Jordan — 0.1%
Hikma Pharmaceuticals PLC		140			4,185
Kazakhstan — 0.0%(b)
KAZ Minerals PLC		227			1,187
Luxembourg — 0.3%
ArcelorMittal SA		598			6,551
Eurofins Scientific SE(a)		11			6,084
RTL Group SA		38			1,267
SES SA		348			2,324
Tenaris SA		464			3,250
Total Luxembourg					19,476
Mexico — 0.0%(b)
Fresnillo PLC(a)		179			1,607
Netherlands — 6.9%
Aalberts NV*		96			2,702
ABN AMRO Bank NV‡		401			3,075
Adyen NV‡*		27			26,651
Aegon NV		1,748			4,499
Akzo Nobel NV		196			14,856
Altice Europe NV*		541			2,154
Altice Europe NV, Class B*		28			112
Argenx SE*		43			6,476
ASM International NV		48			5,281
ASML Holding NV		401			118,874
ASR Nederland NV		138			3,711
Boskalis Westminster NV		81			1,406
Euronext NV‡		61			5,118
EXOR NV		104			5,683
GrandVision NV‡*		48			1,272
Heineken Holding NV(a)		105			8,177
Heineken NV		235			19,979
ING Groep NV		3,903			21,409
Just Eat Takeaway.com NV‡*		108			11,018
Koninklijke Ahold Delhaize NV		1,090			26,456
Koninklijke DSM NV		176			21,542
Koninklijke KPN NV		3,295			7,622
Koninklijke Philips NV		891			38,758
Koninklijke Vopak NV		66			3,804
NN Group NV		333			9,633
OCI NV*		94			1,138
Randstad NV		109			4,373
Royal Dutch Shell PLC, Class A		4,119			68,840
Royal Dutch Shell PLC, Class B		3,742			60,718
Signify NV‡		125			2,549
Wolters Kluwer NV		265			19,482
Total Netherlands					527,368

See notes to financial statements.

147

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Norway — 0.9%
Aker ASA, Class A*		24		$	637
Aker BP ASA		107			1,781
DNB ASA		1,040			12,639
Equinor ASA		972			13,644
Gjensidige Forsikring ASA*		166			2,940
Leroy Seafood Group ASA		246			1,310
Mowi ASA		420			7,213
Norsk Hydro ASA		1,323			3,388
Orkla ASA		754			6,842
Salmar ASA		52			2,035
Schibsted ASA, Class A		79			1,681
Schibsted ASA, Class B		97			1,890
Telenor ASA		639			9,833
Yara International ASA		173			5,913
Total Norway					71,746
Poland — 0.4%
Bank Polska Kasa Opieki SA		155			1,946
CD Projekt SA		62			5,354
Cyfrowy Polsat SA		267			1,648
Dino Polska SA‡*		48			2,024
Grupa Lotos SA		98			1,476
KGHM Polska Miedz SA*		135			2,509
LPP SA		1			1,570
mBank SA*		13			687
PGE Polska Grupa Energetyczna SA*		698			695
Polski Koncern Naftowy ORLEN SA		312			4,698
Polskie Gornictwo Naftowe I Gazownictwo SA		1,719			1,541
Powszechna Kasa Oszczednosci Bank Polski SA		848			4,507
Powszechny Zaklad Ubezpieczen SA		556			4,065
Santander Bank Polska SA		30			1,181
Total Poland					33,901
Portugal — 0.3%
EDP — Energias de Portugal SA		2,529			10,664
Galp Energia SGPS SA		512			5,897
Jeronimo Martins SGPS SA		241			4,069
Total Portugal					20,630
Russia — 0.1%
Evraz PLC		542			1,813
Polymetal International PLC		334			6,878
Total Russia					8,691
South Africa — 0.3%
Anglo American PLC		1,235			22,045
Investec PLC		644			1,332
Total South Africa					23,377
Spain — 4.0%
Acciona SA		21			2,079
ACS Actividades de Construccion y Servicios SA		242			6,035
Aena SME SA‡*		70			8,856
Amadeus IT Group SA		406			19,531
Banco Bilbao Vizcaya Argentaria SA		6,595			21,577

	Shares		Value
Common Stocks (continued)
Spain (continued)
Banco de Sabadell SA		5,438		$	2,252
Banco Santander SA		16,448			36,707
Bankia SA		1,169			1,189
Bankinter SA		680			2,803
CaixaBank SA		3,575			6,426
Cellnex Telecom SA‡*		269			14,084
EDP Renovaveis SA		147			1,803
Enagas SA		249			5,806
Endesa SA		316			7,009
Ferrovial SA		476			11,887
Grifols SA		331			11,261
Iberdrola SA		5,932			59,385
Industria de Diseno Textil SA		1,052			26,790
Inmobiliaria Colonial Socimi SA		322			3,104
Mapfre SA		987			1,806
Merlin Properties Socimi SA		330			3,058
Naturgy Energy Group SA		297			5,241
Red Electrica Corp. SA		427			7,509
Repsol SA		1,359			12,375
Siemens Gamesa Renewable Energy SA*		222			3,300
Telefonica SA		4,520			20,694
Zardoya Otis SA		173			1,203
Total Spain					303,770
Sweden — 4.6%
Alfa Laval AB*		312			5,862
Assa Abloy AB, B Shares(a)		913			16,456
Atlas Copco AB, A Shares(a)		626			21,746
Atlas Copco AB, B Shares		373			11,659
Boliden AB(a)		273			5,599
Castellum AB		267			4,687
Electrolux AB, Series B		237			3,272
Electrolux Professional AB, B Shares*		237			545
Elekta AB, B Shares(a)		355			3,285
Epiroc AB, A Shares		622			6,249
Epiroc AB, B Shares		374			3,707
EQT AB*		199			2,779
Essity AB, B Shares*		605			19,667
Fastighets AB Balder, B Shares*		96			3,794
Hennes & Mauritz AB, B Shares(a)		865			12,062
Hexagon AB, B Shares*(a)		251			12,518
Hufvudstaden AB, A Shares		108			1,387
Husqvarna AB, B Shares		402			2,435
ICA Gruppen AB(a)		76			3,316
Industrivarden AB, A Shares*		206			4,277
Industrivarden AB, C Shares*		166			3,436
Investment AB Latour, B Shares		117			1,756
Investor AB, A Shares		132			6,568
Investor AB, B Shares		452			22,731
Kinnevik AB, B Shares		237			4,901
L E Lundbergforetagen AB, B Shares*		74			3,123
Lundin Energy AB		172			4,468
Nibe Industrier AB, B Shares		297			5,560
Saab AB, B Shares*		93			2,157
Sandvik AB*		1,072			16,606
Securitas AB, B Shares(a)		307			3,629
Skandinaviska Enskilda Banken AB, A Shares*		1,415			11,639

See notes to financial statements.

148

TABLE OF CONTENTS

Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Sweden (continued)
Skandinaviska Enskilda Banken AB, C Shares*		20		$	179
Skanska AB, B Shares*		355			6,802
SKF AB, B Shares		381			6,068
Svenska Cellulosa AB SCA, A Shares*		21			228
Svenska Cellulosa AB SCA, B Shares*		588			6,336
Svenska Handelsbanken AB, A Shares*		1,463			13,526
Svenska Handelsbanken AB, B Shares*		34			339
Swedbank AB, A Shares*		988			11,669
Swedish Match AB		164			10,169
Swedish Orphan Biovitrum AB*		174			3,385
Tele2 AB, B Shares		527			6,831
Telefonaktiebolaget LM Ericsson, A Shares		35			331
Telefonaktiebolaget LM Ericsson, B Shares		2,970			25,877
Telia Co. AB		2,573			8,891
Trelleborg AB, B Shares*		241			3,104
Volvo AB, B Shares*		1,491			19,257
Total Sweden					354,868
Switzerland — 17.0%
ABB Ltd.		1,785			33,891
Adecco Group AG		151			6,619
Alcon, Inc.*		457			24,120
Baloise Holding AG		46			6,887
Banque Cantonale Vaudoise		3			2,651
Barry Callebaut AG		3			5,881
Chocoladefabriken Lindt & Spruengli AG		1			7,797
Cie Financiere Richemont SA		510			28,968
Clariant AG*		199			3,683
Coca-Cola HBC AG*		194			4,931
Credit Suisse Group AG*		2,441			22,069
DKSH Holding AG*		35			1,976
Dufry AG*		27			879
EMS-Chemie Holding AG		7			4,537
Flughafen Zurich AG*		19			2,345
Geberit AG		36			16,155
Georg Fischer AG		4			2,982
Givaudan SA		9			30,148
Glencore PLC*		10,788			20,016
Helvetia Holding AG		33			3,021
Julius Baer Group Ltd.*		214			8,390
Kuehne + Nagel International AG		50			7,152
LafargeHolcim Ltd.*		502			20,826
Logitech International SA		145			6,987
Lonza Group AG		74			32,310
Nestle SA		2,889			305,019
Novartis AG		2,127			181,285
OC Oerlikon Corp. AG		191			1,431
Pargesa Holding SA		38			2,703
Partners Group Holding AG		16			12,596
PSP Swiss Property AG		39			4,534
Roche Holding AG		695			241,556
Roche Holding AG		27			9,394
Schindler Holding AG — Participating Certificate		41			9,112
Schindler Holding AG — Registered		19			4,075
SGS SA		6			13,583
Sika AG(a)		139			23,000

	Shares		Value
Common Stocks (continued)
Switzerland (continued)
Sonova Holding AG		54		$	9,752
STMicroelectronics NV		629			16,335
Straumann Holding AG		10			7,588
Sulzer AG		17			1,203
Swatch Group AG (The) — Bearer		27			5,403
Swatch Group AG (The) — Registered		40			1,557
Swiss Life Holding AG		33			11,690
Swiss Prime Site AG		74			7,031
Swiss Re AG(a)		276			19,920
Swisscom AG		25			12,998
Temenos AG*		59			7,678
UBS Group AG*		3,378			36,190
Vifor Pharma AG		44			6,613
Zurich Insurance Group AG		148			47,123
Total Switzerland					1,304,590
United Arab Emirates — 0.0%(b)
NMC Health PLC(c) (d)		115			—
United Kingdom — 21.7%
3i Group PLC		940			9,296
Admiral Group PLC		203			5,966
Ashmore Group PLC		450			2,153
Ashtead Group PLC		448			12,291
Associated British Foods PLC		344			8,212
AstraZeneca PLC		1,310			137,510
Auto Trader Group PLC‡		897			5,190
Avast PLC‡		535			3,092
AVEVA Group PLC		63			2,837
Aviva PLC		3,889			11,861
B&M European Value Retail SA		844			3,543
Babcock International Group PLC		247			1,313
BAE Systems PLC		3,188			20,444
Barclays PLC		17,117			22,864
Barratt Developments PLC		1,004			6,573
Bellway PLC		123			4,132
Berkeley Group Holdings PLC		116			6,120
BP PLC		19,886			78,536
British American Tobacco PLC		2,279			88,553
British Land Co. PLC (The)		914			4,665
BT Group PLC		8,698			12,732
Bunzl PLC		335			7,300
Burberry Group PLC		396			6,943
Centrica PLC		5,652			2,845
Cineworld Group PLC		999			825
CNH Industrial NV*		983			6,150
Compass Group PLC		1,578			26,592
ConvaTec Group PLC‡		1,454			3,895
Croda International PLC		124			7,636
DCC PLC		98			6,994
Derwent London PLC		99			3,879
Diageo PLC		2,302			79,850
Direct Line Insurance Group PLC		1,366			4,695
DS Smith PLC		1,261			4,961
easyJet PLC(a)		191			1,453
Experian PLC		904			27,093
Fiat Chrysler Automobiles NV		1,102			9,675
G4S PLC		1,534			2,113
GlaxoSmithKline PLC		4,893			102,513

See notes to financial statements.

149

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Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
GVC Holdings PLC		578		$	5,497
Halma PLC		374			9,859
Hargreaves Lansdown PLC(a)		300			5,451
Hiscox Ltd.		276			2,446
HomeServe PLC		270			3,797
Howden Joinery Group PLC		567			3,756
HSBC Holdings PLC		20,214			104,537
IMI PLC		266			2,776
Imperial Brands PLC		949			20,098
Inchcape PLC		387			2,448
Informa PLC		1,369			7,584
InterContinental Hotels Group PLC		181			8,237
Intermediate Capital Group PLC		275			3,913
International Consolidated Airlines Group SA		642			1,797
Intertek Group PLC		161			9,646
ITV PLC		3,611			3,484
J Sainsbury PLC		1,609			4,020
JD Sports Fashion PLC		425			2,838
John Wood Group PLC		657			1,679
Johnson Matthey PLC		189			4,750
Kingfisher PLC		2,107			4,181
Land Securities Group PLC		710			5,929
Legal & General Group PLC		5,896			15,216
Lloyds Banking Group PLC		69,633			28,317
London Stock Exchange Group PLC		312			29,342
M&G PLC		2,595			4,329
Marks & Spencer Group PLC		1,935			2,248
Meggitt PLC		751			2,646
Melrose Industries PLC		4,747			5,974
Micro Focus International PLC		318			1,932
Mondi PLC		483			8,590
National Grid PLC		3,464			40,801
Next PLC		127			7,571
Ninety One PLC*		322			689
Ocado Group PLC*		447			9,047
Pearson PLC(a)		773			4,483
Pennon Group PLC		416			5,751
Persimmon PLC		313			8,705
Phoenix Group Holdings PLC		522			3,957
Prudential PLC		2,589			36,853
Quilter PLC‡		1,847			2,871
Reckitt Benckiser Group PLC		628			52,518
RELX PLC		1,872			42,420
Renishaw PLC		34			1,511
Rentokil Initial PLC		1,847			11,050
Rightmove PLC		870			5,461
Rolls-Royce Holdings PLC*		1,700			7,076
Royal Bank of Scotland Group PLC		4,523			6,307
RSA Insurance Group PLC		1,025			4,670
Sage Group PLC (The)		1,074			8,670
Schroders PLC		111			3,716
Segro PLC		1,088			11,385
Severn Trent PLC		235			7,084
Smith & Nephew PLC		872			17,136
Smiths Group PLC		394			6,165
Spirax-Sarco Engineering PLC		73			8,037
SSE PLC		1,031			16,256

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
St James’s Place PLC		521		$	5,595
Standard Chartered PLC		2,622			13,477
Standard Life Aberdeen PLC(a)		2,308			6,437
Subsea 7 SA*		227			1,262
Tate & Lyle PLC		463			4,159
Taylor Wimpey PLC		3,242			6,013
TechnipFMC PLC		459			4,014
Tesco PLC		9,634			28,569
Travis Perkins PLC		245			3,212
Unilever NV		1,369			68,346
Unilever PLC		1,085			56,139
United Utilities Group PLC		674			7,670
Virgin Money UK PLC*		1,224			1,175
Vodafone Group PLC		26,734			37,815
Weir Group PLC (The)		257			3,094
Whitbread PLC(a)		133			4,999
Wm Morrison Supermarkets PLC(a)		2,197			5,071
WPP PLC		1,206			9,450
Total United Kingdom					1,667,299
United States — 0.4%
Carnival PLC		152			2,100
Ferguson PLC		226			16,351
QIAGEN NV*		220			9,157
Total United States					27,608
Total Common Stocks
(Cost $9,971,821)					7,624,808
Preferred Stocks — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG, 8.45%		55			2,604
FUCHS PETROLUB SE, 2.79%		69			2,680
Henkel AG & Co. KGaA, 2.32%		174			15,445
Porsche Automobil Holding SE, 5.02%		153			7,714
Sartorius AG		34			9,563
Volkswagen AG, 3.94%		183			25,700
Total Germany					63,706
Total Preferred Stocks
(Cost $84,648)					63,706
Short-Term Investment — 4.8%
Money Market Fund — 4.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(e)(f)
(Cost $371,799)		371,799			371,799
Total Investments — 105.0%
(Cost $10,428,268)					8,060,313
Other Assets and Liabilities, Net — (5.0)%					(385,735)
Net Assets — 100.0%				$	7,674,578

‡ May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are

See notes to financial statements.

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April 30, 2020

also on loan. The aggregate market value of securities on loan was $344,343; total market value of collateral held by the Fund was $371,799.

(b)

Less than 0.05%.

(c)

Security has been deemed illiquid because it may not be able to be resold within seven days at approximately the price shown. At April 30, 2020, the value of this security was $ — .

(d)

Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.

(e)

Reflects the 1-day yield at April 30, 2020.

(f)

Represents security purchased with cash collateral received for securities on loan.

Forward Foreign Currency Contracts Outstanding as of April 30, 2020:

Purchased Contracts	Settlement Date		Counterparty	Currency Amount Purchased		Value at Settlement Date			Value at April 30, 2020			Unrealized Appreciation
Swiss Franc		05/04/20	Morgan Stanley		586,271		$	607,397		$	607,508		$	111
Danish Krone		05/04/20	Morgan Stanley		851,556			125,021			125,043			22
Euro		05/04/20	Morgan Stanely		1,606,215			1,759,172			1,759,428			256
British Pound		05/04/20	Morgan Stanley		734,587			926,525			926,586			61
Norwegian Krone		05/04/20	Morgan Stanley		356,026			34,835			34,839			4
Polish Zloty		05/04/20	Morgan Stanley		64,684			15,618			15,619			1
Swedish Krona		05/04/20	Morgan Stanley		1,629,892			166,858			166,880			22
Unrealized Appreciation							$	3,635,426		$	3,635,903		$	477

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2020			Unrealized Appreciation
Swiss Franc		05/04/20	Morgan Stanley		(638)		$	(662)		$	(661)		$	1
Danish Krone		05/04/20	Morgan Stanley		(851,049)			(125,248)			(124,968)			280
Euro		05/04/20	Morgan Stanely		(1,606,215)			(1,764,429)			(1,759,428)			5,001
Unrealized Appreciation							$	(1,890,339)		$	(1,885,057)		$	5,282
Total Unrealized Appreciation													$	5,759

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2020			Unrealized (Depreciation)
Swiss Franc		05/04/20	Morgan Stanley		(585,633)		$	(606,149)		$	(606,846)		$	(697)
Swiss Franc		06/04/20	Morgan Stanley		(614,723)			(637,326)			(637,546)			(220)
Danish Krone		06/04/20	Morgan Stanley		(934,911)			(137,330)			(137,367)			(37)
Euro		06/04/20	Morgan Stanely		(1,717,560)			(1,882,032)			(1,882,592)			(560)
British Pound		05/04/20	Morgan Stanley		(734,587)			(911,404)			(926,587)			(15,183)
British Pound		06/04/20	Morgan Stanley		(770,662)			(972,105)			(972,215)			(110)
Norwegian Krone		05/04/20	Morgan Stanley		(356,026)			(33,912)			(34,839)			(927)
Norwegian Krone		06/04/20	Morgan Stanley		(382,332)			(37,412)			(37,419)			(7)
Polish Zloty		05/04/20	Morgan Stanley		(64,684)			(15,568)			(15,619)			(51)
Polish Zloty		06/04/20	Morgan Stanley		(70,039)			(16,905)			(16,908)			(3)
Swedish Krona		05/04/20	Morgan Stanley		(1,629,892)			(164,611)			(166,880)			(2,269)
Swedish Krona		06/04/20	Morgan Stanley		(1,733,032)			(177,458)			(177,493)			(35)
Unrealized Depreciation							$	(5,592,212)		$	(5,612,311)		$	(20,099)
Total Unrealized Depreciation													$	(20,099)
Net Unrealized Appreciation (Depreciation)													$	(14,340)

As of April 30, 2020, there was no collateral segregated by the counterparty for forward foreign currency contracts.

See notes to financial statements.

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Schedules of Investments — IQ 50 Percent Hedged FTSE Europe ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(g)
Common Stocks
Australia		$	85,934		$	—		$	—		$	85,934
Austria			22,427			—			—			22,427
Belgium			117,478			—			—			117,478
Chile			3,517			—			—			3,517
China			32,810			—			—			32,810
Denmark			273,534			—			—			273,534
Finland			155,062			—			—			155,062
France			1,225,147			—			—			1,225,147
Germany			1,005,542			—			—			1,005,542
Ireland			70,380			—			—			70,380
Italy			262,674			—			—			262,674
Jordan			4,185			—			—			4,185
Kazakhstan			1,187			—			—			1,187
Luxembourg			19,476			—			—			19,476
Mexico			1,607			—			—			1,607
Netherlands			527,368			—			—			527,368
Norway			71,746			—			—			71,746
Poland			33,901			—			—			33,901
Portugal			20,630			—			—			20,630
Russia			8,691			—			—			8,691
South Africa			23,377			—			—			23,377
Spain			303,770			—			—			303,770
Sweden			354,868			—			—			354,868
Switzerland			1,304,590			—			—			1,304,590
United Arab Emirates			—			—			–(h)			—
United Kingdom			1,667,299			—			—			1,667,299
United States			27,608			—			—			27,608
Total Common Stocks			7,624,808			—			—			7,624,808
Preferred Stocks
Germany			63,706			—			—			63,706
Short-Term Investment:
Money Market Fund			371,799			—			—			371,799
Total Investments in Securities			8,060,313			—			—			8,060,313
Other Financial Instruments:(i)
Forward Foreign Currency Contracts			—			5,759			—			5,759
Total Investments in Securities and Other Financial Instruments		$	8,060,313		$	5,759		$	—		$	8,066,072
Liability Valuation Inputs
Other Financial Instruments:(i)
Forward Foreign Currency Contracts		$	—		$	20,099		$	—		$	20,099

(g)

For a complete listing of investments and their countries, see the Schedules of Investments.

(h)

The Level 3 security, valued at $ — , has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(i)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund transferred common stock valued at $3,053 from Level 1 to Level 3 as a result of being deemed illiquid security.

See notes to financial statements.

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April 30, 2020

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of April 30, 2019			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Purchases			Sales			Transfers into Level 3			Transfers out of Level 3			Balance as of April 30, 2020			Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at April 30, 2020(j)
Common Stocks
Rolls-Royce Holdings PLC — Entitlement Shares (k)		$	150		$	—		$	(3)		$	(1)		$	100		$	(246)		$	—		$	—		$	—		$	—
NMC Health PLC (k)			—			—			—			(3,642)			589			—			3,053			—			—(l)			(3,642)
Total		$	150		$	—		$	(3)		$	(3,643)		$	689		$	(246)		$	3,053		$	—		$	—		$	(3,642)

(j)

Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statements of Operations.

(k)

Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(l)

Includes a Level 3 security valued at $ — .

See notes to financial statements.

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April 30, 2020

	Shares		Value
Common Stocks — 99.7%
Communication Services — 8.8%
Capcom Co., Ltd.		202		$	6,224
CyberAgent, Inc.		217			9,213
Daiichikosho Co., Ltd.		90			2,744
DeNA Co., Ltd.		226			2,800
Dentsu Group, Inc.		483			10,289
Fuji Media Holdings, Inc.		97			978
GungHo Online Entertainment, Inc.		81			1,269
Hakuhodo DY Holdings, Inc.		533			5,991
Kakaku.com, Inc.		291			5,987
KDDI Corp.		3,813			110,858
Koei Tecmo Holdings Co., Ltd.		129			3,439
Konami Holdings Corp.		210			6,687
LINE Corp.*		116			5,717
Nexon Co., Ltd.		905			14,760
Nintendo Co., Ltd.		238			99,375
Nippon Telegraph & Telephone Corp.		2,705			61,798
Nippon Television Holdings, Inc.		56			632
NTT DOCOMO, Inc.		2,562			75,421
Shochiku Co., Ltd.		22			2,421
SKY Perfect JSAT Holdings, Inc.		265			1,009
Softbank Corp.		3,580			49,012
SoftBank Group Corp.		3,612			156,491
Square Enix Holdings Co., Ltd.(a)		176			7,250
Toho Co., Ltd.		257			8,508
Tokyo Broadcasting System Holdings, Inc.		74			1,165
TV Asahi Holdings Corp.		48			722
Z Holdings Corp.		5,781			22,652
Total Communication Services					673,412
Consumer Discretionary — 17.8%
ABC-Mart, Inc.		57			2,937
Aisin Seiki Co., Ltd.		388			11,302
Asics Corp.		380			3,671
ASKUL Corp.		41			1,173
Autobacs Seven Co., Ltd.		130			1,540
Bandai Namco Holdings, Inc.		433			21,991
Benesse Holdings, Inc.		160			4,593
Bic Camera, Inc.		323			3,033
Bridgestone Corp.		1,286			40,624
Casio Computer Co., Ltd.		477			7,628
Denso Corp.		1,014			36,147
Fast Retailing Co., Ltd.(a)		114			54,903
Fujitsu General Ltd.		121			2,031
Goldwin, Inc.		80			4,362
H2O Retailing Corp.		185			1,469
Haseko Corp.		622			6,875
Heiwa Corp.		120			2,043
Hikari Tsushin, Inc.		49			9,618
HIS Co., Ltd.		66			889
Honda Motor Co., Ltd.		3,843			93,815
Iida Group Holdings Co., Ltd.(a)		316			4,252
Isetan Mitsukoshi Holdings Ltd.		784			4,824
Isuzu Motors Ltd.		1,146			8,840
Izumi Co., Ltd.		88			2,617
J Front Retailing Co., Ltd.		556			4,622
JTEKT Corp.		500			3,722
Koito Manufacturing Co., Ltd.		258			9,868
K’s Holdings Corp.		404			4,466

	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Kyoritsu Maintenance Co., Ltd.		55		$	1,357
Marui Group Co., Ltd.		461			7,639
Mazda Motor Corp.		1,283			7,343
Mitsubishi Motors Corp.		1,380			3,936
NGK Spark Plug Co., Ltd.		436			6,613
NHK Spring Co., Ltd.		355			2,367
Nifco, Inc.		187			3,664
Nikon Corp.		757			7,129
Nissan Motor Co., Ltd.		4,341			15,012
Nissan Shatai Co., Ltd.		144			1,174
Nitori Holdings Co., Ltd.		165			25,490
NOK Corp.		249			2,927
Oriental Land Co., Ltd.		420			53,730
PALTAC Corp.		72			3,797
Pan Pacific International Holdings Corp.		1,131			22,020
Panasonic Corp.		4,752			36,742
Rakuten, Inc.		1,776			15,213
Resorttrust, Inc.		145			1,513
Rinnai Corp.		81			6,189
Ryohin Keikaku Co., Ltd.		531			6,416
Sankyo Co., Ltd.		98			2,722
Sanrio Co., Ltd.		130			1,957
Sega Sammy Holdings, Inc.		444			5,443
Sekisui Chemical Co., Ltd.		782			10,019
Sekisui House Ltd.		1,286			22,350
Sharp Corp.*(a)		339			3,801
Shimamura Co., Ltd.		49			3,116
Shimano, Inc.		174			25,774
Skylark Holdings Co., Ltd.		428			6,412
Sony Corp.		2,739			177,554
Stanley Electric Co., Ltd.		330			7,638
Subaru Corp.		1,363			27,723
Sumitomo Electric Industries Ltd.		1,673			17,421
Sumitomo Forestry Co., Ltd.		300			3,782
Sumitomo Rubber Industries Ltd.		404			3,978
Sushiro Global Holdings Ltd.		228			3,576
Suzuki Motor Corp.		1,005			32,602
Takashimaya Co., Ltd.(a)		315			2,878
Tokai Rika Co., Ltd.		106			1,373
Toyo Tire Corp.		219			2,636
Toyoda Gosei Co., Ltd.		162			3,051
Toyota Boshoku Corp.		137			1,724
Toyota Industries Corp.		356			18,077
Toyota Motor Corp.		5,485			341,918
TS Tech Co., Ltd.		114			3,107
USS Co., Ltd.		475			7,596
Wacoal Holdings Corp.		128			2,615
Yamada Denki Co., Ltd.		1,759			8,422
Yamaha Corp.		355			14,541
Yamaha Motor Co., Ltd.		629			8,253
Yokohama Rubber Co., Ltd. (The)		227			2,953
Zensho Holdings Co., Ltd.(a)		218			4,355
ZOZO, Inc.		218			3,547
Total Consumer Discretionary					1,367,040
Consumer Staples — 9.0%
Aeon Co., Ltd.		1,560			31,679
Ain Holdings, Inc.		64			3,609

See notes to financial statements.

154

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April 30, 2020

	Shares		Value
Common Stocks (continued)
Consumer Staples (continued)
Ajinomoto Co., Inc.		1,098		$	19,673
Ariake Japan Co., Ltd.		40			2,334
Asahi Group Holdings Ltd.		847			29,623
Calbee, Inc.		169			5,160
Coca-Cola Bottlers Japan Holdings, Inc.(a)		314			5,711
Cosmos Pharmaceutical Corp.		19			5,108
Ezaki Glico Co., Ltd.		114			5,021
FamilyMart Co., Ltd.(a)		517			8,862
Fancl Corp.		153			3,714
Fuji Oil Holdings, Inc.		97			2,280
House Foods Group, Inc.		161			5,089
Ito En Ltd.		129			7,214
Itoham Yonekyu Holdings, Inc.		289			1,692
Japan Tobacco, Inc.		2,640			49,734
Kagome Co., Ltd.		177			4,540
Kao Corp.		1,048			81,500
Kewpie Corp.		242			4,836
Kikkoman Corp.		406			18,908
Kirin Holdings Co., Ltd.		1,763			34,268
Kobayashi Pharmaceutical Co., Ltd.		137			12,735
Kobe Bussan Co., Ltd.(a)		48			2,325
Kose Corp.		65			8,182
Kotobuki Spirits Co., Ltd.		41			1,635
Kusuri no Aoki Holdings Co., Ltd.		35			2,753
Lawson, Inc.		106			5,521
Lion Corp.		566			11,914
Maruha Nichiro Corp.		80			1,694
Matsumotokiyoshi Holdings Co., Ltd.		169			5,863
Megmilk Snow Brand Co., Ltd.		89			2,043
MEIJI Holdings Co., Ltd.		300			20,957
Mitsubishi Shokuhin Co., Ltd.		31			782
Morinaga & Co., Ltd.		89			3,691
Morinaga Milk Industry Co., Ltd.		89			3,479
NH Foods Ltd.		225			8,111
Nichirei Corp.		241			6,053
Nisshin Seifun Group, Inc.		572			8,997
Nissin Foods Holdings Co., Ltd.		154			12,731
Noevir Holdings Co., Ltd.		33			1,562
Pigeon Corp.		242			8,679
Pola Orbis Holdings, Inc.		169			3,031
Rohto Pharmaceutical Co., Ltd.		218			6,411
Sapporo Holdings Ltd.		138			2,665
Seven & i Holdings Co., Ltd.		1,719			57,115
Shiseido Co., Ltd.		865			51,592
Sugi Holdings Co., Ltd.		80			4,833
Sundrug Co., Ltd.		145			5,010
Suntory Beverage & Food Ltd.		282			10,694
Takara Holdings, Inc.		394			2,940
Toyo Suisan Kaisha Ltd.		202			9,747
Tsuruha Holdings, Inc.		81			10,892
Unicharm Corp.		866			31,989
Welcia Holdings Co., Ltd.		113			8,200
Yakult Honsha Co., Ltd.		275			16,124
Yamazaki Baking Co., Ltd.		283			5,026
Yaoko Co., Ltd.		48			2,990
Total Consumer Staples					689,521

	Shares		Value
Common Stocks (continued)
Energy — 0.7%
Cosmo Energy Holdings Co., Ltd.		145		$	2,213
Idemitsu Kosan Co., Ltd.		524			12,103
Inpex Corp.		2,056			13,288
Japan Petroleum Exploration Co., Ltd.		65			1,137
JXTG Holdings, Inc.		6,669			23,867
Total Energy					52,608
Financials — 9.5%
77 Bank Ltd. (The)		154			2,081
Acom Co., Ltd.(a)		855			3,502
AEON Financial Service Co., Ltd.		257			2,716
Aozora Bank Ltd.		265			4,790
Bank of Kyoto Ltd. (The)(a)		162			5,620
Chiba Bank Ltd. (The)		1,372			6,441
Chugoku Bank Ltd. (The)		380			3,536
Concordia Financial Group Ltd.		2,502			7,768
Credit Saison Co., Ltd.		346			3,996
Dai-ichi Life Holdings, Inc.		2,410			30,673
Daishi Hokuetsu Financial Group, Inc.		96			2,106
Daiwa Securities Group, Inc.		3,389			14,211
Fukuoka Financial Group, Inc.		364			5,276
Fuyo General Lease Co., Ltd.		42			2,125
Gunma Bank Ltd. (The)		928			3,003
Hachijuni Bank Ltd. (The)		993			3,575
Hiroshima Bank Ltd. (The)		652			2,738
Hitachi Capital Corp.		90			1,770
Hokuhoku Financial Group, Inc.		281			2,307
Iyo Bank Ltd. (The)		598			3,232
Japan Exchange Group, Inc.		1,193			22,447
Japan Post Bank Co., Ltd.		919			8,585
Japan Post Holdings Co., Ltd.		2,949			23,849
Japan Post Insurance Co., Ltd.		412			5,325
Kansai Mirai Financial Group, Inc.		404			1,383
Kyushu Financial Group, Inc.		832			3,532
Matsui Securities Co., Ltd.		225			1,662
Mebuki Financial Group, Inc.		2,219			4,710
Mitsubishi UFJ Financial Group, Inc.		27,823			112,999
Mitsubishi UFJ Lease & Finance Co., Ltd.		984			4,776
Mizuho Financial Group, Inc.		56,613			66,600
MS&AD Insurance Group Holdings, Inc.		1,079			31,502
Nishi-Nippon Financial Holdings, Inc.		338			1,994
Nomura Holdings, Inc.		6,732			28,317
Orient Corp.		1,233			1,430
ORIX Corp.		2,862			34,499
Resona Holdings, Inc.		4,905			15,458
SBI Holdings, Inc.		508			9,648
Seven Bank Ltd.		1,428			3,899
Shiga Bank Ltd. (The)		106			2,514
Shinsei Bank Ltd.		427			5,211
Shizuoka Bank Ltd. (The)		1,128			6,899
Sompo Holdings, Inc.		758			24,809
Sony Financial Holdings, Inc.		338			6,530
Sumitomo Mitsui Financial Group, Inc.		2,894			76,968
Sumitomo Mitsui Trust Holdings, Inc.		813			24,032
T&D Holdings, Inc.		1,227			10,774
Tokio Marine Holdings, Inc.		1,468			69,820
Tokyo Century Corp.		104			3,584
Yamaguchi Financial Group, Inc.		515			2,803

See notes to financial statements.

155

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April 30, 2020

	Shares		Value
Common Stocks (continued)
Financials (continued)
Zenkoku Hosho Co., Ltd.		112		$	3,315
Total Financials					731,340
Health Care — 11.0%
Alfresa Holdings Corp.		394			7,951
Asahi Intecc Co., Ltd.		420			11,245
Astellas Pharma, Inc.		4,149			69,315
Chugai Pharmaceutical Co., Ltd.		483			57,860
Daiichi Sankyo Co., Ltd.		1,417			97,819
Eisai Co., Ltd.		589			41,475
Hisamitsu Pharmaceutical Co., Inc.		160			7,601
Hoya Corp.		820			75,655
JCR Pharmaceuticals Co., Ltd.		32			3,103
Kaken Pharmaceutical Co., Ltd.		74			4,090
Kissei Pharmaceutical Co., Ltd.		65			1,556
Kyowa Kirin Co., Ltd.		558			13,139
M3, Inc.		939			34,158
Mani, Inc.		136			3,054
Medipal Holdings Corp.		322			6,305
Miraca Holdings, Inc.		113			2,854
Mochida Pharmaceutical Co., Ltd.		57			2,239
Nihon Kohden Corp.		168			6,056
Nippon Shinyaku Co., Ltd.		114			8,070
Nipro Corp.		251			2,838
Olympus Corp.*		2,353			37,968
Ono Pharmaceutical Co., Ltd.		952			23,067
Otsuka Holdings Co., Ltd.		934			37,164
PeptiDream, Inc.*		193			7,310
Santen Pharmaceutical Co., Ltd.		799			14,226
Sawai Pharmaceutical Co., Ltd.		88			4,839
Shionogi & Co., Ltd.		613			33,988
Ship Healthcare Holdings, Inc.		89			4,061
Sumitomo Dainippon Pharma Co., Ltd.		372			5,211
Suzuken Co., Ltd.		169			6,574
Sysmex Corp.		422			29,361
Taisho Pharmaceutical Holdings Co., Ltd.		97			6,105
Takara Bio, Inc.		104			2,351
Takeda Pharmaceutical Co., Ltd.		3,394			123,242
Terumo Corp.		1,460			48,769
Tsumura & Co.		145			4,046
Total Health Care					844,665
Industrials — 20.9%
AGC, Inc.		412			10,399
Aica Kogyo Co., Ltd.		120			3,518
Amada Co., Ltd.		701			6,444
ANA Holdings, Inc.*		250			5,379
Benefit One, Inc.		130			2,317
Central Japan Railway Co.		403			64,086
COMSYS Holdings Corp.		250			7,009
Dai Nippon Printing Co., Ltd.		624			13,363
Daifuku Co., Ltd.		217			15,280
Daikin Industries Ltd.		591			77,402
DMG Mori Co., Ltd.		226			2,359
East Japan Railway Co.		805			59,267
Ebara Corp.		210			4,711
FANUC Corp.		428			71,363
Fuji Electric Co., Ltd.		281			6,816

	Shares		Value
Common Stocks (continued)
Industrials (continued)
Fujikura Ltd.		606		$	1,808
Fukuyama Transporting Co., Ltd.		73			2,557
Furukawa Electric Co., Ltd.		138			2,635
Glory Ltd.		114			2,600
GS Yuasa Corp.		169			2,442
Hankyu Hanshin Holdings, Inc.		486			16,816
Hino Motors Ltd.		588			3,552
Hitachi Construction Machinery Co., Ltd.		241			5,738
Hitachi Transport System Ltd.		96			2,371
Hoshizaki Corp.		116			8,939
IHI Corp.		282			3,563
ITOCHU Corp.		3,028			60,172
Japan Airlines Co., Ltd.		258			4,681
Japan Airport Terminal Co., Ltd.(a)		105			4,345
Japan Steel Works Ltd. (The)		137			1,708
JGC Holdings Corp.		475			4,682
Kajima Corp.		1,016			10,736
Kamigumi Co., Ltd.		226			4,022
Kandenko Co., Ltd.		225			1,904
Kawasaki Heavy Industries Ltd.		324			4,981
Kawasaki Kisen Kaisha Ltd.*		185			1,863
Keihan Holdings Co., Ltd.		219			9,922
Keikyu Corp.		557			9,230
Keio Corp.		258			14,717
Keisei Electric Railway Co., Ltd.		314			9,573
Kinden Corp.		289			4,721
Kintetsu Group Holdings Co., Ltd.		399			19,253
Kokuyo Co., Ltd.		185			2,280
Komatsu Ltd.		2,039			39,327
Kubota Corp.		2,467			31,075
Kurita Water Industries Ltd.		249			7,055
Kyowa Exeo Corp.		227			5,602
Kyudenko Corp.		88			2,485
Kyushu Railway Co.		355			9,637
LIXIL Group Corp.		589			7,204
Mabuchi Motor Co., Ltd.		113			3,540
Maeda Corp.(a)		297			2,419
Maeda Road Construction Co., Ltd.		74			1,387
Makita Corp.		542			17,841
Marubeni Corp.		3,479			17,048
MINEBEA MITSUMI, Inc.		936			15,528
MISUMI Group, Inc.		618			14,945
Mitsubishi Corp.		2,708			58,245
Mitsubishi Electric Corp.		4,403			55,194
Mitsubishi Heavy Industries Ltd.		636			16,436
Mitsubishi Logistics Corp.		146			3,266
Mitsui & Co., Ltd.		3,771			53,390
Mitsui OSK Lines Ltd.		243			4,302
Miura Co., Ltd.(a)		219			9,052
MonotaRO Co., Ltd.		265			8,599
Nabtesco Corp.		265			7,707
Nagase & Co., Ltd.		241			2,937
Nagoya Railroad Co., Ltd.(a)		436			12,619
Nankai Electric Railway Co., Ltd.		242			5,440
NGK Insulators Ltd.		588			7,830
Nidec Corp.		1,038			61,017
Nihon M&A Center, Inc.		289			9,608
Nippo Corp.		113			2,565

See notes to financial statements.

156

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Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Industrials (continued)
Nippon Express Co., Ltd.		161		$	7,965
Nippon Yusen K.K.		362			4,841
Nishi-Nippon Railroad Co., Ltd.		170			4,199
Nisshinbo Holdings, Inc.		306			2,172
NSK Ltd.		977			6,834
NTN Corp.		944			1,836
Obayashi Corp.		1,510			13,443
Odakyu Electric Railway Co., Ltd.		677			15,023
OKUMA Corp.		65			2,504
OSG Corp.		170			2,242
Park24 Co., Ltd.		242			3,911
Penta-Ocean Construction Co., Ltd.		628			3,230
Persol Holdings Co., Ltd.		370			4,363
Pilot Corp.		80			2,712
Recruit Holdings Co., Ltd.		2,816			83,794
Sankyu, Inc.		112			4,367
Sanwa Holdings Corp.		436			3,449
Secom Co., Ltd.		432			36,379
Seibu Holdings, Inc.		476			5,764
Seino Holdings Co., Ltd.		332			3,999
SG Holdings Co., Ltd.		476			13,318
Shimizu Corp.		1,242			9,710
SHO-BOND Holdings Co., Ltd.		104			4,255
SMC Corp.		128			58,652
SMS Co., Ltd.		112			2,477
Sohgo Security Services Co., Ltd.		152			7,349
Sojitz Corp.		2,775			6,539
Sotetsu Holdings, Inc.		176			4,543
Sumitomo Corp.		2,514			28,882
Sumitomo Heavy Industries Ltd.		250			5,363
Tadano Ltd.		257			1,988
Taisei Corp.		451			14,276
TechnoPro Holdings, Inc.		81			4,704
THK Co., Ltd.		257			6,265
Tobu Railway Co., Ltd.		451			15,457
Toda Corp.		507			2,987
Tokyu Corp.		1,097			16,660
Toppan Printing Co., Ltd.		637			9,603
Toshiba Corp.		983			24,700
TOTO Ltd.		323			11,448
Toyota Tsusho Corp.		500			12,101
Ushio, Inc.		250			2,675
West Japan Railway Co.		409			25,500
Yamato Holdings Co., Ltd.		799			14,107
Yaskawa Electric Corp.		582			19,403
Total Industrials					1,600,813
Information Technology — 12.1%
Advantest Corp.		444			21,881
Alps Alpine Co., Ltd.(a)		445			4,673
Amano Corp.		153			3,168
Anritsu Corp.		308			6,308
Azbil Corp.		291			7,739
Brother Industries Ltd.		532			9,134
Canon Marketing Japan, Inc.		104			2,037
Canon, Inc.		2,258			48,239
Citizen Watch Co., Ltd.		598			2,142
Disco Corp.		62			14,118

	Shares		Value
Common Stocks (continued)
Information Technology (continued)
FUJIFILM Holdings Corp.		806		$	38,734
Fujitsu Ltd.		427			42,067
GMO internet, Inc.		129			2,846
GMO Payment Gateway, Inc.		89			8,032
Hamamatsu Photonics K.K.		283			12,518
Hirose Electric Co., Ltd.		74			8,214
Hitachi Ltd.		2,061			62,465
Horiba Ltd.		88			4,740
Ibiden Co., Ltd.		242			6,294
Itochu Techno-Solutions Corp.		217			6,697
Japan Aviation Electronics Industry Ltd.		97			1,281
Justsystems Corp.		74			4,567
Keyence Corp.		402			145,748
Konica Minolta, Inc.		1,016			4,000
Kyocera Corp.		684			36,965
Lasertec Corp.		170			11,462
Murata Manufacturing Co., Ltd.		1,270			71,484
NEC Corp.		556			21,656
NET One Systems Co., Ltd.		185			5,380
Nihon Unisys Ltd.		145			4,264
Nippon Electric Glass Co., Ltd.		177			2,623
Nomura Research Institute Ltd.		581			14,311
NS Solutions Corp.		72			1,816
NTT Data Corp.		1,413			14,601
OBIC Business Consultants Co., Ltd.		33			1,487
Obic Co., Ltd.		149			22,600
Omron Corp.		421			25,039
Oracle Corp. Japan		73			7,591
Otsuka Corp.		228			10,330
Renesas Electronics Corp.*		1,580			8,570
Ricoh Co., Ltd.		1,526			10,560
Rohm Co., Ltd.		188			12,060
SCREEN Holdings Co., Ltd.		88			4,329
SCSK Corp.		96			4,363
Seiko Epson Corp.		606			6,953
Shimadzu Corp.		597			14,990
SUMCO Corp.		525			7,610
Taiyo Yuden Co., Ltd.(a)		281			7,962
TDK Corp.		267			23,420
TIS, Inc.		534			10,357
Tokyo Electron Ltd.		332			71,222
Topcon Corp.		234			1,954
Toshiba TEC Corp.		56			1,843
Trend Micro, Inc.		259			13,249
Ulvac, Inc.		106			2,974
Yokogawa Electric Corp.		540			7,474
Total Information Technology					929,141
Materials — 5.6%
Air Water, Inc.		403			5,487
Asahi Kasei Corp.		2,768			19,802
Daicel Corp.		606			4,964
Daido Steel Co., Ltd.		74			2,488
Denka Co., Ltd.		193			4,691
DIC Corp.		185			4,367
Dowa Holdings Co., Ltd.		104			2,927
FP Corp.		51			3,868
Fuji Seal International, Inc.		90			1,582

See notes to financial statements.

157

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Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Materials (continued)
Hitachi Chemical Co., Ltd.		58		$	2,498
Hitachi Metals Ltd.		436			4,306
JFE Holdings, Inc.		1,154			7,813
JSR Corp.		404			7,707
Kaneka Corp.		128			3,340
Kansai Paint Co., Ltd.		435			8,384
Kobe Steel Ltd.*		661			2,256
Kuraray Co., Ltd.		774			7,853
Lintec Corp.		112			2,426
Maruichi Steel Tube Ltd.		138			3,140
Mitsubishi Chemical Holdings Corp.		2,831			16,345
Mitsubishi Gas Chemical Co., Inc.		404			5,021
Mitsubishi Materials Corp.		282			5,844
Mitsui Chemicals, Inc.		388			7,714
Mitsui Mining & Smelting Co., Ltd.		121			2,320
Nippon Kayaku Co., Ltd.		378			3,701
Nippon Paint Holdings Co., Ltd.		343			19,919
Nippon Paper Industries Co., Ltd.		209			3,027
Nippon Shokubai Co., Ltd.		72			3,447
Nippon Steel Corp.		1,815			15,478
Nissan Chemical Corp.		300			11,614
Nitto Denko Corp.		348			17,606
NOF Corp.		152			5,089
Oji Holdings Corp.		1,978			10,173
Rengo Co., Ltd.		460			3,648
Shin-Etsu Chemical Co., Ltd.		888			99,774
Showa Denko K.K.		323			7,174
Sumitomo Bakelite Co., Ltd.		66			1,739
Sumitomo Chemical Co., Ltd.		3,395			10,604
Sumitomo Metal Mining Co., Ltd.		532			13,524
Sumitomo Osaka Cement Co., Ltd.		74			2,453
Taiheiyo Cement Corp.		267			5,338
Taiyo Nippon Sanso Corp.		322			5,065
Teijin Ltd.		418			6,743
Tokai Carbon Co., Ltd.(a)		437			3,666
Tokuyama Corp.		152			3,269
Toray Industries, Inc.		3,406			15,897
Tosoh Corp.		638			7,929
Toyo Seikan Group Holdings Ltd.		332			3,418
Toyobo Co., Ltd.		194			2,300
Ube Industries Ltd.		219			3,733
Yamato Kogyo Co., Ltd.		74			1,485
Zeon Corp.		315			2,810
Total Materials					427,766
Real Estate — 2.5%
Aeon Mall Co., Ltd.		259			3,308
Daito Trust Construction Co., Ltd.		145			13,987
Daiwa House Industry Co., Ltd.		1,447			37,313
Hulic Co., Ltd.		800			8,020
Ichigo, Inc.		444			1,167
Mitsubishi Estate Co., Ltd.		2,560			42,194
Mitsui Fudosan Co., Ltd.		2,095			39,144
Nomura Real Estate Holdings, Inc.		251			4,159
Open House Co., Ltd.		130			2,887
Relo Group, Inc.		233			5,127
Sumitomo Realty & Development Co., Ltd.		878			23,922
Tokyo Tatemono Co., Ltd.		436			5,011

	Shares		Value
Common Stocks (continued)
Real Estate (continued)
Tokyu Fudosan Holdings Corp.		1,363		$	6,819
Total Real Estate					193,058
Utilities — 1.8%
Chubu Electric Power Co., Inc.		1,554			21,195
Chugoku Electric Power Co., Inc. (The)		646			8,735
Electric Power Development Co., Ltd.		371			7,494
Hokuriku Electric Power Co.		371			2,519
Kansai Electric Power Co., Inc. (The)		1,616			16,699
Kyushu Electric Power Co., Inc.		1,041			8,304
Osaka Gas Co., Ltd.		887			16,581
Shikoku Electric Power Co., Inc.		332			2,583
Toho Gas Co., Ltd.		202			9,936
Tohoku Electric Power Co., Inc.		1,058			10,023
Tokyo Electric Power Co., Holdings, Inc.*		3,501			11,884
Tokyo Gas Co., Ltd.		942			20,772
Total Utilities					136,725
Total Common Stocks (Cost $8,135,982)					7,646,089
Short-Term Investment — 1.1%
Money Market Fund — 1.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c) (Cost $84,985)		84,985			84,985
Total Investments — 100.8% (Cost $8,220,967)					7,731,074
Other Assets and Liabilities, Net — (0.8)%					(63,939)
Net Assets — 100.0%				$	7,667,135

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $89,748; total market value of collateral held by the Fund was $97,455. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $12,470.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

158

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Schedules of Investments — IQ 50 Percent Hedged FTSE Japan ETF (continued)

April 30, 2020

Forward Foreign Currency Contracts Outstanding as of April 30, 2020:

Purchased Contracts	Settlement Date		Counterparty	Currency Amount Purchased		Value at Settlement Date			Value at April 30, 2020			Unrealized Appreciation
Japanese Yen		05/01/20	Bank of America		393,489,862		$	3,679,608		$	3,679,711		$	103
Unrealized Appreciation							$	3,679,608		$	3,679,711		$	103
Total Unrealized Appreciation													$	103

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2020			Unrealized (Depreciation)
Japanese Yen		05/01/20	Bank of America		(393,489,862)		$	(3,649,033)		$	(3,679,711)		$	(30,678)
Japanese Yen		06/04/20	Bank of America		(408,950,074)			(3,825,610)			(3,826,208)			(598)
Unrealized Depreciation							$	(7,474,643)		$	(7,505,919)		$	(31,276)
Total Unrealized Depreciation													$	(31,276)
Net Unrealized Appreciation (Depreciation)													$	(31,173)

As of April 30, 2020, there was no collateral segregated by the counterparty for forward foreign currency contracts.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Common Stocks		$	7,646,089		$	—		$	—		$	7,646,089
Short-Term Investment:
Money Market Fund			84,985			—			—			84,985
Total Investments in Securities			7,731,074			—			—			7,731,074
Other Financial Instruments:(e)
Forward Foreign Currency Contracts			—			103			—			103
Total Investments in Securities and Other Financial Instruments		$	7,731,074		$	103		$	—		$	7,731,177
Liability Valuation Inputs
Other Financial Instruments:(e)
Forward Foreign Currency Contracts		$	—		$	31,276		$	—		$	31,276

(d)

For a complete listing of investments and their industries, see the Schedules of Investments.

(e)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

159

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Schedules of Investments — IQ Candriam ESG International Equity ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.5%
Australia — 7.8%
Alumina Ltd.		13,326		$	15,137
AMP Ltd.*		17,946			16,801
APA Group		6,160			44,040
ASX Ltd.		1,009			53,871
Australia & New Zealand Banking Group Ltd.		13,850			153,242
BHP Group Ltd.		15,392			325,996
BHP Group PLC		10,735			180,929
BlueScope Steel Ltd.		2,637			17,696
Boral Ltd.		6,114			12,089
Brambles Ltd.		8,088			58,671
Caltex Australia Ltd.		1,234			20,133
Coca-Cola Amatil Ltd.		2,599			14,770
Cochlear Ltd.		306			36,962
Computershare Ltd.		2,464			19,649
CSL Ltd.		2,373			480,747
Dexus		5,717			34,285
Fortescue Metals Group Ltd.		7,828			61,295
Goodman Group		9,457			81,418
GPT Group (The)		10,163			28,145
Insurance Australia Group Ltd.		12,092			45,758
Lendlease Group		2,945			23,831
Macquarie Group Ltd.		1,844			123,938
Mirvac Group		20,537			30,118
National Australia Bank Ltd.		15,394			170,931
Newcrest Mining Ltd.		4,006			72,230
Orica Ltd.		1,850			21,705
QBE Insurance Group Ltd.		6,814			37,696
Ramsay Health Care Ltd.		833			34,145
REA Group Ltd.		306			17,836
Rio Tinto Ltd.		1,932			110,690
Rio Tinto PLC		5,585			259,560
Santos Ltd.		9,763			31,576
Sonic Healthcare Ltd.		2,423			43,133
Stockland		12,442			23,460
Suncorp Group Ltd.		6,595			39,680
Telstra Corp. Ltd.		61,965			123,734
Transurban Group		14,251			128,756
Treasury Wine Estates Ltd.		3,742			24,866
Vicinity Centres		15,175			14,803
Wesfarmers Ltd.		5,846			144,254
Westpac Banking Corp.		18,868			201,105
Woodside Petroleum Ltd.		4,924			72,373
Woolworths Group Ltd.		6,594			154,336
Total Australia					3,606,390
Austria — 0.2%
ANDRITZ AG*		356			11,698
OMV AG		1,185			38,808
Raiffeisen Bank International AG		705			12,146
Telekom Austria AG*		706			4,964
Verbund AG		351			15,901
voestalpine AG		576			11,921
Total Austria					95,438
Belgium — 0.6%
Ackermans & van Haaren NV		129			17,082
KBC Group NV		1,454			78,482

	Shares		Value
Common Stocks (continued)
Belgium (continued)
Sofina SA		86		$	20,252
Solvay SA		393			30,666
Telenet Group Holding NV		219			9,134
UCB SA*		619			56,639
Umicore SA		1,012			43,684
Total Belgium					255,939
Chile — 0.0%(a)
Antofagasta PLC		1,805			18,510
China — 0.9%
Alibaba Health Information Technology Ltd.*		20,410			49,391
China Gas Holdings Ltd.		10,773			39,813
CSPC Pharmaceutical Group Ltd.		25,072			49,806
Fosun International Ltd.		12,670			16,049
Geely Automobile Holdings Ltd.		26,701			41,744
Haier Electronics Group Co. Ltd.		6,248			17,207
Prosus NV*		2,070			156,850
Shimao Property Holdings Ltd.		5,231			21,120
Sun Art Retail Group Ltd.		8,970			14,949
Total China					406,929
Colombia — 0.0%(a)
Millicom International Cellular SA		528			13,893
Denmark — 2.8%
AP Moller — Maersk A/S, Class A		16			14,765
AP Moller — Maersk A/S, Class B		33			32,803
Carlsberg A/S, Class B		528			66,564
Chr Hansen Holding A/S		524			45,147
Coloplast A/S, Class B(b)		656			103,736
Danske Bank A/S*		3,346			39,696
DSV PANALPINA A/S		1,189			122,660
Genmab A/S*		336			80,785
Novo Nordisk A/S, Class B		8,752			558,096
Novozymes A/S, Class B(b)		1,096			53,684
Orsted A/S‡		881			89,049
Vestas Wind Systems A/S		1,012			87,104
Total Denmark					1,294,089
Finland — 1.4%
Elisa OYJ		747			45,360
Huhtamaki OYJ*		444			16,593
Kone OYJ, Class B		1,846			111,853
Metso OYJ		658			18,256
Neste OYJ		2,066			73,159
Nokia OYJ		29,288			106,631
Nordea Bank Abp*		15,964			102,237
Orion OYJ, Class B*		438			22,250
Sampo OYJ, Class A*		2,334			77,306
Stora Enso OYJ, Class R*		2,902			34,329
Wartsila OYJ Abp		2,768			20,325
Total Finland					628,299
France — 10.8%
Accor SA		925			25,653
Air Liquide SA(b)		2,465			313,460
Amundi SA‡		349			23,165

See notes to financial statements.

160

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Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
France (continued)
AXA SA		11,743		$	208,315
BNP Paribas SA		5,978			187,755
Bouygues SA*		1,579			48,616
Capgemini SE		837			78,604
Carrefour SA		2,951			43,619
Cie de Saint-Gobain		2,729			72,365
Cie Generale des Etablissements Michelin		883			86,173
CNP Assurances*		789			8,145
Credit Agricole SA		6,640			52,960
Danone SA		3,259			225,812
Dassault Systemes SE		702			102,687
Engie SA		9,500			103,055
EssilorLuxottica SA		1,497			184,708
Kering SA		390			196,582
Klepierre SA		1,147			23,185
Legrand SA		1,366			92,045
L’Oreal SA*		1,258			365,553
LVMH Moet Hennessy Louis Vuitton SE		1,366			527,329
Natixis SA		4,839			11,454
Orange SA		10,688			130,353
Pernod Ricard SA		883			134,531
Peugeot SA		2,945			42,175
Publicis Groupe SA		1,103			32,776
Renault SA		1,011			20,050
Sanofi		5,582			545,304
Schneider Electric SE*(b)		2,819			257,695
Societe Generale SA		4,094			63,944
Sodexo SA		439			34,861
TOTAL SA		13,369			481,025
Unibail-Rodamco-Westfield		708			41,658
Vinci SA		2,946			241,038
Total France					5,006,650
Germany — 8.5%
adidas AG		965			221,117
Allianz SE		2,176			402,504
BASF SE		4,797			245,290
Bayerische Motoren Werke AG		1,671			98,925
Beiersdorf AG		525			54,962
Commerzbank AG		5,193			19,191
Continental AG*		570			48,198
Covestro AG‡*		881			29,605
Daimler AG		4,138			142,928
Deutsche Bank AG		9,277			68,872
Deutsche Boerse AG		928			144,080
Deutsche Lufthansa AG(b)		2,506			22,392
Deutsche Post AG		5,145			152,999
Deutsche Telekom AG*		16,976			247,763
Deutsche Wohnen SE		1,889			76,554
Fresenius Medical Care AG & Co. KGaA		1,100			86,338
Fresenius SE & Co. KGaA		2,154			93,498
Hannover Rueck SE		309			49,244
Henkel AG & Co. KGaA*		528			41,118
Infineon Technologies AG		6,550			121,603
Knorr-Bremse AG		261			24,259
Merck KGaA*		663			77,048
Muenchener Rueckversicherungs-Gesellschaft AG		749			164,732

	Shares		Value
Common Stocks (continued)
Germany (continued)
SAP SE		5,275		$	629,423
Siemens AG		4,222			391,590
Symrise AG		661			66,839
Talanx AG		267			9,528
Vonovia SE		2,855			140,875
Zalando SE‡*		788			38,399
Total Germany					3,909,874
Hong Kong — 3.2%
AIA Group Ltd.		63,207			586,628
ASM Pacific Technology Ltd.		1,585			16,111
Bank of East Asia Ltd. (The)		7,127			15,114
Cathay Pacific Airways Ltd.(b)		3,082			3,653
CK Infrastructure Holdings Ltd.		3,169			18,886
Hang Lung Properties Ltd.		9,680			20,753
Hang Seng Bank Ltd.		3,784			66,627
Henderson Land Development Co., Ltd.		6,864			28,067
HKT Trust & HKT Ltd.		17,812			28,628
Hong Kong & China Gas Co., Ltd.		51,509			92,090
Hong Kong Exchanges and Clearing Ltd.		6,202			201,604
Kerry Properties Ltd.		3,078			8,457
Link REIT		10,907			97,922
MTR Corp. Ltd.		7,960			44,203
NWS Holdings Ltd.		7,304			7,613
Sino Biopharmaceutical Ltd.		32,988			48,254
Sun Hung Kai Properties Ltd.		7,566			103,842
Swire Pacific Ltd., Class A		2,593			17,025
Swire Pacific Ltd., Class B		4,571			5,000
Swire Properties Ltd.		5,501			15,434
WH Group Ltd.‡		46,894			45,247
Total Hong Kong					1,471,158
Ireland — 0.4%
CRH PLC		4,133			125,116
Kingspan Group PLC		744			37,893
Smurfit Kappa Group PLC		1,232			38,974
Total Ireland					201,983
Israel — 0.4%
Bank Hapoalim BM		5,853			37,908
Bank Leumi Le-Israel BM		7,692			41,863
Check Point Software Technologies Ltd.*		661			69,894
Israel Chemicals Ltd.		3,609			12,654
Mizrahi Tefahot Bank Ltd.		965			19,946
Total Israel					182,265
Italy — 2.2%
Assicurazioni Generali SpA		6,205			88,454
Banca Mediolanum SpA		1,407			8,584
DiaSorin SpA		128			21,773
Enel SpA		40,678			277,843
Eni SpA		13,110			125,128
FinecoBank Banca Fineco SpA*		3,171			35,218
Infrastrutture Wireless Italiane SpA‡		1,271			13,441
Intesa Sanpaolo SpA		81,409			126,885
Moncler SpA		1,054			39,597
Nexi SpA‡*		1,317			19,943
Poste Italiane SpA‡		2,459			20,879

See notes to financial statements.

161

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Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Italy (continued)
Prysmian SpA		1,320		$	24,824
Snam SpA		10,376			46,459
Telecom Italia SpA*(b)		51,848			20,535
Telecom Italia SpA-RSP		31,572			12,567
Terna Rete Elettrica Nazionale SpA		7,387			46,280
UniCredit SpA*		11,697			90,054
Total Italy					1,018,464
Japan — 24.0%
Advantest Corp.		1,016			50,071
Aeon Co., Ltd.		3,690			74,932
AEON Financial Service Co., Ltd.		531			5,611
AGC, Inc.		971			24,508
Air Water, Inc.		1,007			13,711
Aisin Seiki Co., Ltd.		837			24,382
Ajinomoto Co., Inc.		2,817			50,473
Asics Corp.		920			8,887
Astellas Pharma, Inc.		9,721			162,403
Benesse Holdings, Inc.		356			10,220
Bridgestone Corp.		2,951			93,220
Brother Industries Ltd.		1,276			21,908
Canon, Inc.		5,450			116,431
Casio Computer Co., Ltd.		1,140			18,230
Central Japan Railway Co.		882			140,257
Chugai Pharmaceutical Co., Ltd.		1,099			131,652
Daiichi Sankyo Co., Ltd.		3,253			224,563
Daikin Industries Ltd.		1,361			178,247
Daito Trust Construction Co., Ltd.		348			33,568
Daiwa House Industry Co., Ltd.		3,168			81,692
Daiwa House REIT Investment Corp.		10			24,361
Daiwa Securities Group, Inc.		7,606			31,893
DeNA Co., Ltd.		487			6,034
Denso Corp.		2,291			81,669
East Japan Railway Co.		1,802			132,671
Eisai Co., Ltd.		1,409			99,217
FANUC Corp.		1,009			168,237
Fast Retailing Co., Ltd.		285			137,256
Fuji Electric Co., Ltd.		662			16,059
FUJIFILM Holdings Corp.		2,024			97,268
Fujitsu Ltd.		1,008			99,306
Hakuhodo DY Holdings, Inc.		1,143			12,848
Hino Motors Ltd.		1,363			8,234
Hitachi Ltd.		4,926			149,298
Hitachi Metals Ltd.		1,053			10,399
Honda Motor Co., Ltd.		8,799			214,801
Hulic Co., Ltd.		2,020			20,250
Idemitsu Kosan Co., Ltd.		1,144			26,424
ITOCHU Corp.		7,386			146,774
J Front Retailing Co., Ltd.		1,316			10,941
Japan Exchange Group, Inc.		2,774			52,193
Japan Retail Fund Investment Corp.		14			15,501
JFE Holdings, Inc.		2,680			18,145
JTEKT Corp.		1,187			8,836
Kansai Electric Power Co., Inc. (The)		3,828			39,556
Kao Corp.		2,462			191,462
KDDI Corp.		8,359			243,027
Keikyu Corp.		1,271			21,062
Keio Corp.		576			32,857

	Shares		Value
Common Stocks (continued)
Japan (continued)
Keisei Electric Railway Co., Ltd.		789		$	24,053
Kikkoman Corp.		750			34,928
Kintetsu Group Holdings Co., Ltd.		964			46,516
Kirin Holdings Co., Ltd.		4,314			83,851
Koito Manufacturing Co., Ltd.		613			23,446
Komatsu Ltd.		4,884			94,200
Konica Minolta, Inc.		2,547			10,027
Kose Corp.		172			21,650
Kubota Corp.		6,109			76,952
Kuraray Co., Ltd.		1,759			17,847
Kyocera Corp.		1,714			92,628
Kyowa Kirin Co., Ltd.		1,316			30,988
Lion Corp.		1,278			26,902
Makita Corp.		1,272			41,871
Marui Group Co., Ltd.		1,015			16,819
Mazda Motor Corp.		2,991			17,118
Mitsubishi Chemical Holdings Corp.		7,213			41,645
Mitsubishi Estate Co., Ltd.		6,285			103,589
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,682			13,017
Mitsui Chemicals, Inc.		921			18,311
Mitsui OSK Lines Ltd.		613			10,852
MS&AD Insurance Group Holdings, Inc.		2,506			73,163
Murata Manufacturing Co., Ltd.		3,251			182,988
Nabtesco Corp.		573			16,665
NEC Corp.		1,316			51,257
NGK Insulators Ltd.		1,623			21,613
NGK Spark Plug Co., Ltd.		1,009			15,305
NH Foods Ltd.		527			18,998
Nidec Corp.		2,640			155,188
Nikon Corp.		1,807			17,016
Nintendo Co., Ltd.		615			256,789
Nippon Paint Holdings Co., Ltd.		921			53,485
Nippon Prologis REIT, Inc.		11			30,407
Nippon Telegraph & Telephone Corp.		12,358			282,327
Nippon Yusen K.K.		793			10,604
Nissan Motor Co., Ltd.		12,267			42,421
Nisshin Seifun Group, Inc.		1,228			19,315
Nitori Holdings Co., Ltd.		436			67,356
Nitto Denko Corp.		795			40,220
NOK Corp.		480			5,642
Nomura Real Estate Holdings, Inc.		612			10,141
Nomura Research Institute Ltd.		1,934			47,638
NSK Ltd.		2,374			16,606
NTT Data Corp.		3,296			34,059
NTT DOCOMO, Inc.		5,845			172,068
Obayashi Corp.		3,389			30,171
Odakyu Electric Railway Co., Ltd.		1,760			39,056
Oji Holdings Corp.		4,706			24,204
Omron Corp.		1,015			60,368
Oracle Corp. Japan		175			18,198
Oriental Land Co., Ltd.		1,052			134,580
ORIX Corp.		6,643			80,075
Otsuka Holdings Co., Ltd.		2,071			82,406
Pan Pacific International Holdings Corp.		2,156			41,977
Panasonic Corp.		11,526			89,117
Pola Orbis Holdings, Inc.		440			7,892
Rakuten, Inc.		4,181			35,814
Recruit Holdings Co., Ltd.		6,331			188,388

See notes to financial statements.

162

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Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Japan (continued)
Resona Holdings, Inc.		11,746		$	37,017
Ricoh Co., Ltd.		3,646			25,231
Rinnai Corp.		178			13,599
Rohm Co., Ltd.		481			30,857
Santen Pharmaceutical Co., Ltd.		1,937			34,489
SBI Holdings, Inc.		1,145			21,747
Secom Co., Ltd.		1,099			92,547
Sekisui Chemical Co., Ltd.		2,071			26,533
Sekisui House Ltd.		3,166			55,024
Seven Bank Ltd.		3,123			8,528
Sharp Corp.*		1,057			11,852
Shimamura Co., Ltd.		131			8,330
Shimano, Inc.		398			58,955
Shimizu Corp.		3,035			23,727
Shinsei Bank Ltd.		1,139			13,900
Shionogi & Co., Ltd.		1,582			87,714
Shiseido Co., Ltd.		2,023			120,659
Shizuoka Bank Ltd. (The)		2,640			16,146
SoftBank Group Corp.		7,832			339,324
Sompo Holdings, Inc.		1,755			57,441
Sony Corp.		6,418			416,043
Square Enix Holdings Co., Ltd.		442			18,207
Stanley Electric Co., Ltd.		750			17,359
Sumitomo Chemical Co., Ltd.		8,310			25,955
Sumitomo Dainippon Pharma Co., Ltd.		838			11,739
Sumitomo Electric Industries Ltd.		3,870			40,298
Sumitomo Heavy Industries Ltd.		612			13,129
Sumitomo Metal Mining Co., Ltd.		1,233			31,345
Sumitomo Mitsui Trust Holdings, Inc.		1,626			48,065
Sumitomo Rubber Industries Ltd.		925			9,109
Suntory Beverage & Food Ltd.		658			24,952
Suzuken Co., Ltd.		348			13,538
Sysmex Corp.		752			52,320
Taiheiyo Cement Corp.		618			12,356
Taisei Corp.		1,009			31,940
Taiyo Nippon Sanso Corp.		836			13,150
Takashimaya Co., Ltd.		752			6,871
Takeda Pharmaceutical Co., Ltd.		8,047			292,201
TDK Corp.		659			57,805
Teijin Ltd.		928			14,970
Terumo Corp.		3,693			123,359
THK Co., Ltd.		618			15,066
Tobu Railway Co., Ltd.		1,057			36,227
Toho Gas Co., Ltd.		480			23,611
Tokio Marine Holdings, Inc.		3,343			158,998
Tokyo Electron Ltd.		774			166,041
Tokyu Corp.		3,119			47,368
Toppan Printing Co., Ltd.		1,406			21,195
Toshiba Corp.		2,244			56,386
TOTO Ltd.		794			28,141
Toyo Suisan Kaisha Ltd.		442			21,328
Toyoda Gosei Co., Ltd.		353			6,648
Toyota Boshoku Corp.		268			3,373
Toyota Industries Corp.		794			40,318
Toyota Motor Corp.		11,830			737,446
Trend Micro, Inc.		701			35,858
Unicharm Corp.		2,069			76,425
United Urban Investment Corp.		15			15,262

	Shares		Value
Common Stocks (continued)
Japan (continued)
West Japan Railway Co.		926		$	57,733
Yakult Honsha Co., Ltd.		614			36,001
Yamada Denki Co., Ltd.		3,257			15,594
Yamaha Corp.		879			36,003
Yamaha Motor Co., Ltd.		1,499			19,667
Yamato Holdings Co., Ltd.		1,802			31,815
Yaskawa Electric Corp.		1,322			44,073
Yokogawa Electric Corp.		1,271			17,591
Z Holdings Corp.		13,589			53,245
ZOZO, Inc.		524			8,526
Total Japan					11,070,542
Mexico — 0.0%(a)
Fresnillo PLC		967			8,682
Netherlands — 3.5%
ABN AMRO Bank NV‡		2,291			17,565
Adyen NV‡*		71			70,083
Akzo Nobel NV		926			70,186
ASML Holding NV		2,156			639,131
Heineken NV		971			82,552
ING Groep NV		20,405			111,927
Koninklijke DSM NV		921			112,730
Koninklijke Philips NV		4,703			204,580
NN Group NV		1,537			44,461
NXP Semiconductors NV		1,453			144,675
Randstad NV		575			23,069
Wolters Kluwer NV		1,406			103,364
Total Netherlands					1,624,323
New Zealand — 0.2%
Contact Energy Ltd.		3,740			14,514
Fletcher Building Ltd.		4,311			9,841
Mercury NZ Ltd.		3,170			8,928
Meridian Energy Ltd.		6,555			18,158
Ryman Healthcare Ltd.		2,111			15,772
Spark New Zealand Ltd.		9,590			26,269
Total New Zealand					93,482
Norway — 0.8%
DNB ASA		5,413			65,785
Equinor ASA		5,587			78,424
Mowi ASA		2,335			40,099
Norsk Hydro ASA		6,908			17,690
Orkla ASA		3,873			35,147
Storebrand ASA*		2,379			11,965
Telenor ASA		3,340			51,393
TGS NOPEC Geophysical Co. ASA		614			9,460
TOMRA Systems ASA		571			19,019
Yara International ASA		876			29,941
Total Norway					358,923
Portugal — 0.2%
EDP — Energias de Portugal SA		11,784			49,692
Jeronimo Martins SGPS SA		1,276			21,544
Total Portugal					71,236
Singapore — 1.4%
Ascendas Real Estate Investment Trust		15,214			32,099

See notes to financial statements.

163

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Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Singapore (continued)
CapitaLand Commercial Trust		14,251		$	16,299
CapitaLand Ltd.*		13,058			27,921
CapitaLand Mall Trust		12,621			16,945
City Developments Ltd.		3,076			17,394
ComfortDelGro Corp. Ltd.		11,303			13,249
DBS Group Holdings Ltd.		9,365			132,788
Jardine Cycle & Carriage Ltd.		526			7,514
Keppel Corp. Ltd.(b)		7,477			31,763
Oversea-Chinese Banking Corp. Ltd.		19,216			123,402
Singapore Exchange Ltd.		4,093			28,058
Singapore Press Holdings Ltd.		8,354			9,020
Singapore Telecommunications Ltd.		40,503			81,426
Suntec Real Estate Investment Trust		9,281			9,230
United Overseas Bank Ltd.		7,435			107,429
UOL Group Ltd.		2,774			13,459
Total Singapore					667,996
South Africa — 0.0%(a)
Investec PLC		3,649			7,546
Spain — 2.8%
Amadeus IT Group SA		2,245			107,997
Banco Bilbao Vizcaya Argentaria SA		34,787			113,811
Banco Santander SA		86,109			192,167
Cellnex Telecom SA‡*		1,536			80,418
Ferrovial SA		2,373			59,261
Iberdrola SA		33,245			332,817
Industria de Diseno Textil SA		5,805			147,828
Mapfre SA		5,056			9,254
Red Electrica Corp. SA		2,246			39,496
Repsol SA		6,769			61,641
Siemens Gamesa Renewable Energy SA*		1,183			17,583
Telefonica SA		23,973			109,757
Total Spain					1,272,030
Sweden — 3.3%
AAK AB		879			14,440
Alfa Laval AB*		1,538			28,895
Assa Abloy AB, B Shares(b)		4,796			86,446
Atlas Copco AB, A Shares(b)		3,252			112,970
Atlas Copco AB, B Shares		1,975			61,734
Boliden AB(b)		1,407			28,854
Castellum AB		1,014			17,799
Electrolux AB, Series B		1,317			18,183
Elekta AB, B Shares		1,713			15,851
Epiroc AB, A Shares		4,269			42,886
Epiroc AB, B Shares		1,978			19,607
Essity AB, B Shares*		3,119			101,389
Fabege AB		1,316			15,757
Hennes & Mauritz AB, B Shares(b)		4,092			57,061
ICA Gruppen AB		443			19,331
Industrivarden AB, A Shares*		790			16,403
Industrivarden AB, C Shares*		837			17,327
Investor AB, A Shares		701			34,881
Investor AB, B Shares		2,376			119,491
Kinnevik AB, B Shares		1,235			25,542
Nibe Industrier AB, B Shares		2,201			41,205
Sandvik AB*		5,626			87,150

	Shares		Value
Common Stocks (continued)
Sweden (continued)
Securitas AB, B Shares		1,624		$	19,196
Skandinaviska Enskilda Banken AB, A Shares*		7,825			64,364
Skanska AB, B Shares*		2,020			38,705
SKF AB, B Shares		2,158			34,368
SSAB AB, A Shares*(b)		1,101			2,693
SSAB AB, B Shares*(b)		3,075			7,235
Svenska Cellulosa AB SCA, B Shares*		3,164			34,095
Swedbank AB, A Shares*		5,630			66,496
Tele2 AB, B Shares		2,331			30,214
Telefonaktiebolaget LM Ericsson, B Shares		15,434			134,474
Volvo AB, A Shares*		1,100			14,145
Volvo AB, B Shares*		7,741			99,980
Total Sweden					1,529,167
Switzerland — 10.2%
ABB Ltd.		9,897			187,911
Alcon, Inc.*		2,420			127,726
Cie Financiere Richemont SA		2,687			152,620
Credit Suisse Group AG*		12,623			114,126
Geberit AG		178			79,876
Givaudan SA		41			137,339
Kuehne + Nagel International AG		304			43,483
Nestle SA		15,088			1,592,983
Roche Holding AG		133			46,274
Roche Holding AG		3,672			1,276,250
Schindler Holding AG — Participating Certificate		218			48,450
Schindler Holding AG — Registered		91			19,517
SGS SA		26			58,861
Sika AG		703			116,323
STMicroelectronics NV		3,338			86,686
Swiss Re AG		1,491			107,613
Swisscom AG		132			68,629
UBS Group AG*		18,913			202,622
Zurich Insurance Group AG		750			238,797
Total Switzerland					4,706,086
United Kingdom — 13.7%
3i Group PLC		5,015			49,593
Admiral Group PLC		1,188			34,915
Ashtead Group PLC		2,374			65,129
Associated British Foods PLC		2,024			48,315
AstraZeneca PLC		6,597			692,484
Auto Trader Group PLC‡		4,708			27,240
AVEVA Group PLC		311			14,004
Aviva PLC		20,536			62,634
Barratt Developments PLC		5,321			34,833
Berkeley Group Holdings PLC		617			32,554
British Land Co. PLC (The)		4,840			24,701
BT Group PLC		45,433			66,505
Bunzl PLC		1,760			38,350
Burberry Group PLC		2,114			37,064
Coca-Cola European Partners PLC		972			38,530
Compass Group PLC		8,311			140,054
Croda International PLC		662			40,765
Diageo PLC		12,229			424,189
DS Smith PLC		6,813			26,803

See notes to financial statements.

164

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Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
easyJet PLC		1,366		$	10,393
Experian PLC		4,748			142,296
GlaxoSmithKline PLC		26,122			547,283
Halma PLC		1,979			52,171
HSBC Holdings PLC		106,298			549,724
Informa PLC		6,553			36,303
InterContinental Hotels Group PLC		882			40,139
Intertek Group PLC		837			50,148
ITV PLC		18,954			18,289
J Sainsbury PLC		11,569			28,908
Johnson Matthey PLC		1,012			25,434
Kingfisher PLC		11,040			21,905
Land Securities Group PLC		3,646			30,445
Legal & General Group PLC		31,222			80,575
Liberty Global PLC, Class A*(b)		793			15,400
Liberty Global PLC, Class C*		2,159			39,531
Lloyds Banking Group PLC		366,345			148,978
London Stock Exchange Group PLC		1,844			173,421
Marks & Spencer Group PLC		10,204			11,854
Mondi PLC		2,549			45,334
Next PLC		660			39,344
Pearson PLC		4,090			23,721
Prudential PLC		13,589			193,431
Reckitt Benckiser Group PLC		3,697			309,171
RELX PLC		10,119			229,298
Rentokil Initial PLC		9,672			57,864
Royal Bank of Scotland Group PLC		24,013			33,484
Sage Group PLC (The)		5,714			46,127
Schroders PLC		616			20,621
Segro PLC		5,720			59,855
Severn Trent PLC		1,234			37,201
Smith & Nephew PLC		4,575			89,907
Spirax-Sarco Engineering PLC		394			43,376
Standard Chartered PLC		16,714			85,910
Standard Life Aberdeen PLC		12,222			34,085
Taylor Wimpey PLC		16,667			30,914
TechnipFMC PLC		2,200			19,602
Unilever NV		7,171			358,003
Unilever PLC		5,762			298,129
United Utilities Group PLC		3,563			40,547
Vodafone Group PLC		140,033			198,074
Weir Group PLC (The)		1,362			16,400
Whitbread PLC		703			26,425
Wm Morrison Supermarkets PLC		12,223			28,214
WPP PLC		6,556			51,370
Total United Kingdom					6,338,266
United States — 0.2%
Ferguson PLC		1,186			85,808
Total Common Stocks (Cost $46,289,019)					45,943,968
Preferred Stocks — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG, 8.45%		305			14,438
Henkel AG & Co. KGaA, 2.32%		921			81,751
Sartorius AG		176			49,505

	Shares		Value
Preferred Stocks (continued)
Germany (continued)
Total Germany				$	145,694
Total Preferred Stocks
(Cost $141,369)					145,694
Short-Term Investments — 1.2%
Money Market Funds — 1.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(c)(d)		531,802			531,802
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(c)		16,396			16,396
Total Short-Term Investments
(Cost $548,198)					548,198
Total Investments — 101.0%
(Cost $46,978,586)					46,637,860
Other Assets and Liabilities, Net — (1.0)%					(441,721)
Net Assets — 100.0%				$	46,196,139

Non-income producing securities.

‡

May be sold to institutional investors only under Rule 144A or securities offered pursuant to section 4(a)(2) of the Securities Act of 1933, as amended.

(a)

Less than 0.05%.

(b)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $540,365; total market value of collateral held by the Fund was $575,757. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $43,955.

(c)

Reflects the 1-day yield at April 30, 2020.

(d)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

165

TABLE OF CONTENTS

Schedules of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2020

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(e)
Common Stocks
Australia		$	3,606,390		$	—		$	—		$	3,606,390
Austria			95,438			—			—			95,438
Belgium			255,939			—			—			255,939
Chile			18,510			—			—			18,510
China			406,929			—			—			406,929
Colombia			13,893			—			—			13,893
Denmark			1,294,089			—			—			1,294,089
Finland			628,299			—			—			628,299
France			5,006,650			—			—			5,006,650
Germany			3,909,874			—			—			3,909,874
Hong Kong			1,471,158			—			—			1,471,158
Ireland			201,983			—			—			201,983
Israel			182,265			—			—			182,265
Italy			1,018,464			—			—			1,018,464
Japan			11,070,542			—			—			11,070,542
Mexico			8,682			—			—			8,682
Netherlands			1,624,323			—			—			1,624,323
New Zealand			93,482			—			—			93,482
Norway			358,923			—			—			358,923
Portugal			71,236			—			—			71,236
Singapore			667,996			—			—			667,996
South Africa			7,546			—			—			7,546
Spain			1,272,030			—			—			1,272,030
Sweden			1,529,167			—			—			1,529,167
Switzerland			4,706,086			—			—			4,706,086
United Kingdom			6,338,266			—			—			6,338,266
United States			85,808			—			—			85,808
Total Common Stocks			45,943,968			—			—			45,943,968
Preferred Stocks
Germany			145,694			—			—			145,694
Short-Term Investments:
Money Market Funds			548,198			—			—			548,198
Total Investments in Securities		$	46,637,860		$	—		$	—		$	46,637,860

(e)

For a complete listing of investments and their countries, see the Schedules of Investments.

For the period ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

166

TABLE OF CONTENTS

Schedules of Investments — IQ Candriam ESG U.S. Equity ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.8%
Communication Services — 10.9%
Activision Blizzard, Inc.		263		$	16,761
Alphabet, Inc., Class A*		104			140,057
Alphabet, Inc., Class C*		104			140,261
AT&T, Inc.		2,533			77,181
CenturyLink, Inc.(a)		378			4,014
Charter Communications, Inc., Class A*		53			26,247
Comcast Corp., Class A		1,565			58,891
Discovery, Inc., Class A*(a)		53			1,188
Discovery, Inc., Class C*		117			2,388
DISH Network Corp., Class A*		86			2,151
Electronic Arts, Inc.*		100			11,426
Fox Corp., Class A		122			3,156
Fox Corp., Class B		57			1,457
Interpublic Group of Cos., Inc. (The)		135			2,292
Omnicom Group, Inc.		75			4,277
Sirius XM Holdings, Inc.(a)		389			2,299
Take-Two Interactive Software, Inc.*		39			4,721
Twitter, Inc.*		260			7,457
Verizon Communications, Inc.		1,435			82,441
ViacomCBS, Inc., Class B		188			3,245
Walt Disney Co. (The)		625			67,594
Total Communication Services					659,504
Consumer Discretionary — 13.7%
Advance Auto Parts, Inc.		23			2,781
Amazon.com, Inc.*		145			358,730
Aramark		86			2,349
Autoliv, Inc.		30			1,801
Best Buy Co., Inc.		80			6,138
Booking Holdings, Inc.*		14			20,728
BorgWarner, Inc.(a)		72			2,057
CarMax, Inc.*(a)		57			4,198
Chipotle Mexican Grill, Inc.*		10			8,786
Darden Restaurants, Inc.		42			3,099
Dollar General Corp.		88			15,426
eBay, Inc.		271			10,794
Ford Motor Co.		1,351			6,877
Gap, Inc. (The)(a)		98			796
Hasbro, Inc.		45			3,249
Hilton Worldwide Holdings, Inc.		97			7,344
Home Depot, Inc. (The)		378			83,096
Lear Corp.		21			2,051
Lowe’s Cos., Inc.		267			27,968
Lululemon Athletica, Inc.*		40			8,939
Marriott International, Inc., Class A		92			8,366
McDonald’s Corp.		261			48,953
MercadoLibre, Inc.*		16			9,336
Mohawk Industries, Inc.*		21			1,842
NIKE, Inc., Class B		426			37,139
PulteGroup, Inc.		89			2,516
PVH Corp.		25			1,231
Royal Caribbean Cruises Ltd.		60			2,806
Starbucks Corp.		396			30,385
Tapestry, Inc.		96			1,428
Target Corp.		175			19,205
Tesla, Inc.*		49			38,312
Tiffany & Co.		42			5,313
TJX Cos., Inc. (The)		385			18,884

	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Tractor Supply Co.		41		$	4,159
Ulta Beauty, Inc.*		19			4,140
Under Armour, Inc., Class C*		67			621
Under Armour, Inc., Class A*		65			677
VF Corp.		115			6,682
Yum! Brands, Inc.		105			9,075
Total Consumer Discretionary					828,277
Consumer Staples — 6.6%
Bunge Ltd.		48			1,904
Campbell Soup Co.		67			3,349
Church & Dwight Co., Inc.		86			6,019
Clorox Co. (The)		43			8,017
Coca-Cola Co. (The)		1,333			61,171
Colgate-Palmolive Co.		296			20,800
Conagra Brands, Inc.		169			5,651
Estee Lauder Cos., Inc. (The), Class A		76			13,406
General Mills, Inc.		209			12,517
Hershey Co. (The)		51			6,754
Hormel Foods Corp.		97			4,544
JM Smucker Co. (The)		38			4,367
Kellogg Co.		88			5,764
Keurig Dr Pepper, Inc.(a)		93			2,461
Kimberly-Clark Corp.		119			16,479
Kroger Co. (The)		277			8,756
McCormick & Co., Inc.		42			6,587
Molson Coors Beverage Co., Class B(a)		63			2,584
Mondelez International, Inc., Class A		492			25,309
PepsiCo, Inc.		483			63,896
Procter & Gamble Co. (The)		853			100,543
Sysco Corp.		170			9,566
Walgreens Boots Alliance, Inc.		257			11,126
Total Consumer Staples					401,570
Energy — 0.8%
Baker Hughes Co.		227			3,167
Cheniere Energy, Inc.*(a)		81			3,782
Halliburton Co.		284			2,982
Kinder Morgan, Inc.		679			10,341
ONEOK, Inc.		143			4,280
Schlumberger Ltd.		483			8,124
Targa Resources Corp.		79			1,024
Valero Energy Corp.		143			9,059
Williams Cos., Inc. (The)		423			8,193
Total Energy					50,952
Financials — 5.7%
Aflac, Inc.		238			8,863
Allstate Corp. (The)		110			11,189
American Express Co.		215			19,619
American International Group, Inc.		304			7,731
Ameriprise Financial, Inc.		44			5,057
Annaly Capital Management, Inc.		498			3,113
AON PLC*		80			13,814
Arch Capital Group Ltd.*		137			3,292
Bank of New York Mellon Corp. (The)		293			10,999
Capital One Financial Corp.		161			10,426
Chubb Ltd.*		134			14,473

See notes to financial statements.

167

TABLE OF CONTENTS

Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Financials (continued)
Cincinnati Financial Corp.		56		$	3,685
Comerica, Inc.		50			1,743
Discover Financial Services		108			4,641
E*TRADE Financial Corp.		79			3,208
Fifth Third Bancorp		247			4,616
First Republic Bank		58			6,049
Franklin Resources, Inc.(a)		99			1,865
Globe Life, Inc.		35			2,882
Hartford Financial Services Group, Inc. (The)		125			4,749
Huntington Bancshares, Inc.		357			3,299
Intercontinental Exchange, Inc.		192			17,174
KeyCorp		342			3,984
Lincoln National Corp.		69			2,447
Marsh & McLennan Cos., Inc.		176			17,130
MetLife, Inc.		248			8,948
Moody’s Corp.		57			13,902
Morgan Stanley		430			16,955
MSCI, Inc.		28			9,156
Northern Trust Corp.		71			5,620
PNC Financial Services Group, Inc. (The)		140			14,934
Progressive Corp. (The)		202			15,615
Prudential Financial, Inc.		140			8,732
Raymond James Financial, Inc.		43			2,835
Regions Financial Corp.		335			3,601
Reinsurance Group of America, Inc.		22			2,303
S&P Global, Inc.		85			24,895
Travelers Cos., Inc. (The)		88			8,907
Truist Financial Corp.		466			17,391
Zions Bancorp NA		59			1,865
Total Financials					341,707
Health Care — 16.0%
Abbott Laboratories		609			56,083
AbbVie, Inc.		513			42,169
ABIOMED, Inc.*		15			2,869
Agilent Technologies, Inc.		108			8,279
Alexion Pharmaceuticals, Inc.*		74			7,953
Align Technology, Inc.*		25			5,371
AmerisourceBergen Corp.		52			4,662
Amgen, Inc.		206			49,279
Baxter International, Inc.		178			15,803
Becton Dickinson and Co.		94			23,738
Biogen, Inc.*		62			18,403
Boston Scientific Corp.*		485			18,178
Bristol-Myers Squibb Co.		812			49,378
Cardinal Health, Inc.		102			5,047
Centene Corp.*		199			13,249
Cerner Corp.		106			7,355
Cigna Corp.		129			25,256
Cooper Cos., Inc. (The)		17			4,874
CVS Health Corp.		450			27,697
Danaher Corp.		221			36,125
Edwards Lifesciences Corp.*		72			15,660
Eli Lilly & Co.		293			45,309
Gilead Sciences, Inc.		437			36,708
HCA Healthcare, Inc.		93			10,219
Hologic, Inc.*		93			4,659

	Shares		Value
Common Stocks (continued)
Health Care (continued)
Humana, Inc.		46		$	17,564
Illumina, Inc.*		51			16,271
Incyte Corp.*		63			6,153
IQVIA Holdings, Inc.*		62			8,841
Jazz Pharmaceuticals PLC*		19			2,095
Johnson & Johnson		913			136,986
Laboratory Corp. of America Holdings*		34			5,591
Medtronic PLC		465			45,398
Merck & Co., Inc.		883			70,057
Mettler-Toledo International, Inc.*		8			5,759
Mylan NV*		179			3,002
Perrigo Co. PLC		46			2,452
Quest Diagnostics, Inc.		47			5,175
ResMed, Inc.		49			7,611
Stryker Corp.		113			21,067
Thermo Fisher Scientific, Inc.		139			46,520
Varian Medical Systems, Inc.*		32			3,660
Vertex Pharmaceuticals, Inc.*		89			22,357
Waters Corp.*		22			4,114
Total Health Care					964,996
Industrials — 5.2%
3M Co.		199			30,232
CH Robinson Worldwide, Inc.		47			3,332
Cintas Corp.		30			6,655
CoStar Group, Inc.*		13			8,427
CSX Corp.		259			17,154
Cummins, Inc.		52			8,502
Deere & Co.		108			15,666
Dover Corp.		50			4,682
Eaton Corp. PLC		144			12,024
FedEx Corp.		84			10,649
General Electric Co.		2,982			20,278
Johnson Controls International PLC*		269			7,831
Kansas City Southern		34			4,439
Masco Corp.		99			4,063
Nielsen Holdings PLC		124			1,826
Norfolk Southern Corp.		90			15,399
Parker-Hannifin Corp.		44			6,957
Republic Services, Inc.		73			5,719
Rockwell Automation, Inc.		40			7,579
Roper Technologies, Inc.		35			11,936
Southwest Airlines Co.		164			5,125
Stanley Black & Decker, Inc.		53			5,841
Union Pacific Corp.		240			38,350
United Parcel Service, Inc., Class B		243			23,002
United Rentals, Inc.*(a)		26			3,341
Verisk Analytics, Inc.		56			8,558
Waste Management, Inc.		146			14,603
WW Grainger, Inc.		16			4,409
Xylem, Inc.		63			4,530
Total Industrials					311,109
Information Technology — 32.8%
Accenture PLC, Class A		220			40,742
Adobe, Inc.*		167			59,058
Advanced Micro Devices, Inc.*		386			20,222
Akamai Technologies, Inc.*		55			5,374

See notes to financial statements.

168

TABLE OF CONTENTS

Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Alliance Data Systems Corp.		15		$	751
Amphenol Corp., Class A		103			9,091
Analog Devices, Inc.		128			14,029
ANSYS, Inc.*		29			7,593
Apple, Inc.		1,337			392,811
Applied Materials, Inc.		318			15,798
Autodesk, Inc.*		76			14,222
Automatic Data Processing, Inc.		139			20,390
Broadcom, Inc.		134			36,397
Broadridge Financial Solutions, Inc.		40			4,640
Cadence Design Systems, Inc.*		97			7,870
Cisco Systems, Inc.		1,471			62,341
Citrix Systems, Inc.		43			6,235
Cognizant Technology Solutions Corp., Class A		191			11,082
Corning, Inc.		268			5,899
Dell Technologies, Inc., Class C*		76			3,244
F5 Networks, Inc.*		26			3,621
Fortinet, Inc.*		51			5,495
Hewlett Packard Enterprise Co.		451			4,537
HP, Inc.		507			7,864
Intel Corp.		1,509			90,510
International Business Machines Corp.		307			38,547
Intuit, Inc.		87			23,473
Juniper Networks, Inc.		116			2,506
KLA Corp.		54			8,861
Lam Research Corp.		50			12,764
Mastercard, Inc., Class A		305			83,866
Microchip Technology, Inc.(a)		82			7,194
Micron Technology, Inc.*		387			18,533
Microsoft Corp.		2,610			467,738
Motorola Solutions, Inc.		59			8,485
NortonLifeLock, Inc.		200			4,254
NVIDIA Corp.		203			59,333
Oracle Corp.		716			37,926
PayPal Holdings, Inc.*		407			50,061
QUALCOMM, Inc.		396			31,153
salesforce.com, Inc.*		296			47,937
Seagate Technology PLC		80			3,996
ServiceNow, Inc.*		65			22,850
Splunk, Inc.*(a)		54			7,579
SS&C Technologies Holdings, Inc.		77			4,247
Synopsys, Inc.*		52			8,170
TE Connectivity Ltd.		117			8,595
Texas Instruments, Inc.		324			37,607
VeriSign, Inc.*		36			7,542
Visa, Inc., Class A(a)		590			105,445
VMware, Inc., Class A*(a)		27			3,551
Western Union Co. (The)		145			2,765
Workday, Inc., Class A*		57			8,772
Xilinx, Inc.		88			7,691
Total Information Technology					1,981,257
Materials — 2.8%
Air Products & Chemicals, Inc.		76			17,144
Albemarle Corp.(a)		37			2,273
Axalta Coating Systems Ltd.*		73			1,441
Ball Corp.		114			7,477

	Shares		Value
Common Stocks (continued)
Materials (continued)
DuPont de Nemours, Inc.		258		$	12,131
Ecolab, Inc.		89			17,222
International Flavors & Fragrances, Inc.(a)		37			4,848
International Paper Co.		137			4,692
Linde PLC*		186			34,222
LyondellBasell Industries NV, Class A		89			5,158
Mosaic Co. (The)		132			1,519
Newmont Corp.		285			16,952
Nucor Corp.		105			4,325
Packaging Corp. of America		33			3,189
PPG Industries, Inc.		82			7,448
Sealed Air Corp.		54			1,544
Sherwin-Williams Co. (The)		29			15,555
Steel Dynamics, Inc.		72			1,747
Vulcan Materials Co.		46			5,197
Westrock Co.		89			2,865
Total Materials					166,949
Real Estate — 3.7%
Alexandria Real Estate Equities, Inc.		42			6,598
American Tower Corp.		153			36,414
AvalonBay Communities, Inc.		48			7,822
Boston Properties, Inc.		54			5,248
CBRE Group, Inc., Class A*		112			4,808
Crown Castle International Corp.		144			22,958
Digital Realty Trust, Inc.(a)		72			10,763
Duke Realty Corp.		128			4,442
Equinix, Inc.		29			19,581
Equity Residential		128			8,328
Essex Property Trust, Inc.		23			5,614
Extra Space Storage, Inc.		44			3,883
Healthpeak Properties, Inc.		178			4,653
Host Hotels & Resorts, Inc.		248			3,053
Iron Mountain, Inc.(a)		99			2,394
Kimco Realty Corp.		143			1,560
Mid-America Apartment Communities, Inc.		40			4,477
Prologis, Inc.		219			19,541
Regency Centers Corp.		58			2,547
SBA Communications Corp.		39			11,307
Simon Property Group, Inc.		104			6,944
SL Green Realty Corp.(a)		28			1,485
UDR, Inc.		101			3,784
Ventas, Inc.		130			4,205
Vornado Realty Trust		60			2,629
Welltower, Inc.		141			7,223
Weyerhaeuser Co.		260			5,686
WP Carey, Inc.		60			3,947
Total Real Estate					221,894
Utilities — 1.6%
American Water Works Co., Inc.		63			7,667
Atmos Energy Corp.		42			4,283
Avangrid, Inc.(a)		19			817
CenterPoint Energy, Inc.		175			2,980
Consolidated Edison, Inc.		116			9,141
Eversource Energy		113			9,119
NextEra Energy, Inc.		169			39,059

See notes to financial statements.

169

TABLE OF CONTENTS

Schedules of Investments — IQ Candriam ESG U.S. Equity ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Utilities (continued)
Public Service Enterprise Group, Inc.		176		$	8,925
Sempra Energy		98			12,137
Total Utilities					94,128
Total Common Stocks (Cost $6,285,395)					6,022,343
Short-Term Investments — 0.2%
Money Market Funds — 0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		3,669			3,669
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		5,575			5,575
Total Short-Term Investments (Cost $9,244)					9,244
Total Investments — 100.0%
(Cost $6,294,639)					6,031,587

	Shares	Value
Other Assets and Liabilities, Net — 0.0%(d)			$	2,160
Net Assets — 100.0%			$	6,033,747

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $169,347; total market value of collateral held by the Fund was $176,690. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $173,021.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

(d)

Less than 0.05%.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(e)
Common Stocks		$	6,022,343		$	—		$	—		$	6,022,343
Short-Term Investments:
Money Market Funds			9,244			—			—			9,244
Total Investments in Securities		$	6,031,587		$	—		$	—		$	6,031,587

(e)

For a complete listing of investments and their industries, see the Schedules of Investments.

For the period ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

170

TABLE OF CONTENTS

Schedules of Investments — IQ Chaikin U.S. Small Cap ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.9%
Communication Services — 4.0%
AMC Entertainment Holdings, Inc., Class A(a)		57,904		$	284,888
AMC Networks, Inc., Class A*(a)		7,527			179,519
Anterix, Inc.*(a)		4,006			210,315
Clear Channel Outdoor Holdings, Inc., Class A*		285,904			275,840
Cogent Communications Holdings, Inc.		2,232			187,108
Emerald Holding, Inc.		70,647			161,075
Gannett Co., Inc.		123,634			139,706
John Wiley & Sons, Inc., Class A		4,882			183,319
Liberty Latin America Ltd., Class C*		17,835			184,414
Loral Space & Communications, Inc.*		11,261			247,742
Marcus Corp. (The)		14,853			215,963
Meredith Corp.(a)		14,973			222,050
National CineMedia, Inc.		56,127			185,219
ORBCOMM, Inc.*		74,991			197,976
QuinStreet, Inc.*		22,730			230,937
Scholastic Corp.		7,178			208,664
Sinclair Broadcast Group, Inc., Class A(a)		11,378			200,822
Telephone and Data Systems, Inc.		10,918			214,211
United States Cellular Corp.*		6,247			198,842
Yelp, Inc., Class A*		10,148			226,808
Total Communication Services					4,155,418
Consumer Discretionary — 10.9%
1-800-Flowers.com, Inc., Class A*(a)		13,831			265,417
American Outdoor Brands Corp.*		22,046			208,665
Asbury Automotive Group, Inc.*		3,313			223,627
BJ’s Restaurants, Inc.		13,173			287,962
Bloomin’ Brands, Inc.		25,627			308,805
Brinker International, Inc.(a)		15,236			354,694
Cato Corp. (The), Class A		17,148			193,086
Cavco Industries, Inc.*		1,263			195,361
Century Communities, Inc.*(a)		12,610			270,106
Cooper Tire & Rubber Co.		11,226			237,879
Core-Mark Holding Co., Inc.		6,405			184,080
Duluth Holdings, Inc., Class B*(a)		45,630			182,976
Fossil Group, Inc.*(a)		55,616			220,239
Genesco, Inc.*		13,717			259,663
Gentherm, Inc.*		5,827			218,163
GoPro, Inc., Class A*(a)		69,839			245,833
Graham Holdings Co., Class B		537			209,435
Green Brick Partners, Inc.*		22,730			202,524
Haverty Furniture Cos., Inc.		15,388			208,200
Houghton Mifflin Harcourt Co.*		97,329			155,726
Hyatt Hotels Corp., Class A(a)		3,820			214,913
Johnson Outdoors, Inc., Class A		2,919			199,543
K12, Inc.*		9,703			220,355
KB Home		10,110			265,286
La-Z-Boy, Inc., Class Z		8,903			208,775
LCI Industries		2,737			237,353
LGI Homes, Inc.*(a)		4,053			245,531
Lindblad Expeditions Holdings, Inc.*		43,879			293,112
Lithia Motors, Inc., Class A		2,237			247,323
M/I Homes, Inc.*		11,069			281,817
MarineMax, Inc.*		17,560			253,040
MDC Holdings, Inc.		7,886			230,666

	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Meritage Homes Corp.*		5,011		$	263,378
Murphy USA, Inc.*		2,169			231,649
Perdoceo Education Corp.*		16,958			220,454
Playa Hotels & Resorts NV*		104,560			258,263
Rent-A-Center, Inc., Class A		12,940			257,571
Ruth’s Hospitality Group, Inc.		27,392			308,297
Sally Beauty Holdings, Inc.*(a)		22,646			219,893
Shoe Carnival, Inc.(a)		8,809			208,069
Sleep Number Corp.*		9,550			285,545
Standard Motor Products, Inc.		4,401			179,077
Taylor Morrison Home Corp.*		16,634			242,025
TRI Pointe Group, Inc.*		20,864			239,519
Unifi, Inc.*		15,842			163,965
Universal Electronics, Inc.*		4,769			196,864
Urban Outfitters, Inc.*(a)		12,849			222,802
Vista Outdoor, Inc.*		20,793			210,425
Total Consumer Discretionary					11,237,951
Consumer Staples — 3.3%
B&G Foods, Inc., Class A(a)		10,116			196,453
Central Garden & Pet Co., Class A*		7,155			217,583
Coca-Cola Consolidated, Inc.		877			206,507
Darling Ingredients, Inc.*		9,545			196,532
Edgewell Personal Care Co.*		7,598			209,781
Fresh Del Monte Produce, Inc.		6,628			188,964
Hain Celestial Group, Inc. (The)*(a)		7,047			182,094
Ingles Markets, Inc., Class A		5,061			206,641
Medifast, Inc.(a)		2,929			222,252
National Beverage Corp.*(a)		4,290			215,487
SpartanNash Co.		12,778			219,143
Sprouts Farmers Market, Inc.*		9,842			204,517
Turning Point Brands, Inc.		8,668			201,964
Universal Corp./VA		4,139			200,203
USANA Health Sciences, Inc.*		3,167			282,560
Vector Group Ltd.		19,424			207,837
Total Consumer Staples					3,358,518
Energy — 3.3%
Cactus, Inc., Class A		15,775			280,479
CNX Resources Corp.*		34,395			364,587
Core Laboratories NV		17,696			347,018
Liberty Oilfield Services, Inc., Class A		68,022			321,064
Magnolia Oil & Gas Corp., Class A*		45,744			295,964
Patterson-UTI Energy, Inc.		77,863			287,314
PBF Energy, Inc., Class A(a)		25,845			294,633
Peabody Energy Corp.(a)		63,097			213,899
ProPetro Holding Corp.*		73,190			310,326
Select Energy Services, Inc., Class A*		56,649			271,915
US Silica Holdings, Inc.		101,655			195,178
World Fuel Services Corp.		7,266			181,650
Total Energy					3,364,027
Financials — 21.4%
AG Mortgage Investment Trust, Inc.(a)		66,781			213,031
Allegiance Bancshares, Inc.		7,589			190,332
Amalgamated Bank, Class A		16,912			180,958
American National Insurance Co.		2,220			178,710
Ameris Bancorp		7,701			195,836

See notes to financial statements.

171

TABLE OF CONTENTS

Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Financials (continued)
ARMOUR Residential REIT, Inc.		20,769		$	183,598
Artisan Partners Asset Management, Inc., Class A		8,514			250,652
Atlantic Capital Bancshares, Inc.*		15,415			193,458
Axos Financial, Inc.*		10,093			232,644
B. Riley Financial, Inc.		9,933			197,567
Bank of Marin Bancorp		6,100			201,056
BankUnited, Inc.		9,785			193,841
Banner Corp.		5,538			212,825
Berkshire Hills Bancorp, Inc.		12,313			209,814
BGC Partners, Inc., Class A		72,610			224,728
Blucora, Inc.*		15,184			213,639
Boston Private Financial Holdings, Inc.		25,591			194,492
Bridge Bancorp, Inc.		8,647			178,906
Brookline Bancorp, Inc.		16,221			165,616
Bryn Mawr Bank Corp.		6,447			187,704
Byline Bancorp, Inc.		17,644			217,374
Cambridge Bancorp		3,519			196,290
Camden National Corp.		5,817			190,507
Capstead Mortgage Corp.		43,565			226,102
Carter Bank & Trust		19,932			188,955
Cathay General Bancorp		7,972			222,578
CBTX, Inc.		10,297			185,964
CNO Financial Group, Inc.		14,767			207,624
Colony Credit Real Estate, Inc.		46,442			223,386
Cowen, Inc., Class A		18,942			207,415
Customers Bancorp, Inc.*		16,740			213,602
Diamond Hill Investment Group, Inc.		2,027			222,078
Dynex Capital, Inc.(a)		17,527			250,811
Eagle Bancorp, Inc.		6,057			212,480
Ellington Financial, Inc.		32,044			332,937
Enterprise Financial Services Corp.		6,555			201,501
Equity Bancshares, Inc., Class A*		10,608			198,794
Farmers National Banc Corp.		15,733			194,932
Federal Agricultural Mortgage Corp., Class C		3,289			219,146
Federated Hermes, Inc., Class B		9,606			218,729
First Bancshares, Inc. (The)		9,596			191,152
First Commonwealth Financial Corp.		20,019			190,581
First Community Bankshares, Inc.		7,854			185,119
First Financial Corp.		5,426			192,732
First Foundation, Inc.		17,904			246,359
First Merchants Corp.		6,908			195,566
First Midwest Bancorp, Inc.		13,826			204,348
Flagstar Bancorp, Inc.		9,227			239,072
Flushing Financial Corp.		13,696			171,063
Great Southern Bancorp, Inc.		4,529			192,800
Green Dot Corp., Class A*		7,207			219,814
Greenhill & Co., Inc.		18,595			198,409
Hancock Whitney Corp.		9,374			196,010
Hanmi Financial Corp.		16,864			203,548
HarborOne Bancorp, Inc.*		24,300			194,886
Heartland Financial USA, Inc.		6,059			205,824
Heritage Commerce Corp.		23,856			211,841
Heritage Insurance Holdings, Inc.		17,085			193,744
HomeStreet, Inc.		8,231			210,302
Hope Bancorp, Inc.		22,261			221,497
Houlihan Lokey, Inc.		3,511			208,483

	Shares		Value
Common Stocks (continued)
Financials (continued)
Independent Bank Corp.		14,218		$	208,862
INTL.FCStone, Inc.*		5,046			201,638
Invesco Mortgage Capital, Inc.		53,658			163,120
Investors Title Co.		1,429			191,343
Lakeland Bancorp, Inc.		16,926			189,402
Meridian Bancorp, Inc.		16,307			192,096
MFA Financial, Inc.		118,049			206,586
Midland States Bancorp, Inc.		10,461			169,677
MidWestOne Financial Group, Inc.		8,738			182,362
Mr Cooper Group, Inc.*		24,962			239,136
National Bank Holdings Corp., Class A		7,657			203,523
National General Holdings Corp.		11,057			210,415
New York Mortgage Trust, Inc.		118,049			257,347
Nicolet Bankshares, Inc.*		3,352			184,427
NMI Holdings, Inc., Class A*		15,761			213,089
OceanFirst Financial Corp.		11,500			193,775
OFG Bancorp		16,367			205,897
Oppenheimer Holdings, Inc., Class A		9,260			190,571
Orchid Island Capital, Inc.		62,026			244,382
Pacific Premier Bancorp, Inc.		9,713			207,373
Peapack-Gladstone Financial Corp.		10,194			192,361
PennyMac Financial Services, Inc.		8,277			249,717
Peoples Bancorp, Inc.		8,261			200,825
Piper Sandler Cos.		3,619			195,100
PJT Partners, Inc., Class A		4,217			205,115
Preferred Bank/Los Angeles CA		5,410			206,392
Provident Financial Services, Inc.		14,229			204,186
QCR Holdings, Inc.		6,759			208,042
S&T Bancorp, Inc.		6,698			178,904
Sandy Spring Bancorp, Inc.		8,081			206,066
Sculptor Capital Management, Inc., Class A		13,515			198,130
ServisFirst Bancshares, Inc.		6,240			221,645
Sierra Bancorp		10,409			211,303
Simmons First National Corp., Class A		9,944			185,953
Southern National Bancorp of Virginia, Inc.		18,595			187,252
TCF Financial Corp.		8,074			239,717
Third Point Reinsurance Ltd.*		24,693			183,716
United Community Banks, Inc.		9,994			211,323
United Insurance Holdings Corp.		19,802			169,307
Universal Insurance Holdings, Inc.		10,211			186,147
Univest Financial Corp.		11,212			198,452
Virtu Financial, Inc., Class A(a)		8,789			205,399
Virtus Investment Partners, Inc.		2,405			195,454
Walker & Dunlop, Inc.		4,544			174,626
Waterstone Financial, Inc.		12,585			182,734
WesBanco, Inc.		7,721			190,554
WSFS Financial Corp.		7,343			214,269
Total Financials					22,061,472
Health Care — 15.2%
Aerie Pharmaceuticals, Inc.*(a)		13,553			206,548
Amicus Therapeutics, Inc.*(a)		19,802			233,862
AMN Healthcare Services, Inc.*		3,165			148,692
AngioDynamics, Inc.*		17,543			182,973
Anika Therapeutics, Inc.*		6,328			210,279
Antares Pharma, Inc.*		77,532			251,204

See notes to financial statements.

172

TABLE OF CONTENTS

Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Health Care (continued)
Arcus Biosciences, Inc.*		13,183		$	348,163
Arrowhead Pharmaceuticals, Inc.*		6,360			218,975
Arvinas, Inc.*		4,541			238,402
Athenex, Inc.*		23,640			211,342
AtriCure, Inc.*		5,447			234,875
Axogen, Inc.*		17,594			171,541
Axonics Modulation Technologies, Inc.*(a)		7,201			231,944
BioSpecifics Technologies Corp.*		3,235			184,104
CareDx, Inc.*(a)		8,383			212,760
Catalyst Pharmaceuticals, Inc.*		47,527			225,278
Clovis Oncology, Inc.*(a)		28,769			218,932
Codexis, Inc.*		16,397			190,369
Collegium Pharmaceutical, Inc.*(a)		11,205			231,719
Computer Programs and Systems, Inc.		8,224			197,623
Corcept Therapeutics, Inc.*		15,388			194,812
Emergent BioSolutions, Inc.*		3,162			233,830
Enanta Pharmaceuticals, Inc.*		3,557			164,938
Ensign Group, Inc. (The)		4,866			182,037
Fluidigm Corp.*		72,039			161,367
G1 Therapeutics, Inc.*		16,605			218,024
GenMark Diagnostics, Inc.*		44,412			555,594
HealthStream, Inc.*		7,641			174,406
HMS Holdings Corp.*		7,242			207,664
Innoviva, Inc.*		15,560			220,641
Integer Holdings Corp.*		2,911			216,753
Intersect ENT, Inc.*		15,441			177,263
Iovance Biotherapeutics, Inc.*(a)		6,113			196,533
Krystal Biotech, Inc.*(a)		4,232			199,708
Ligand Pharmaceuticals, Inc.*(a)		2,517			248,101
Luminex Corp.		6,646			239,588
Magellan Health, Inc.*		3,803			230,956
Medpace Holdings, Inc.*		2,494			199,171
Meridian Bioscience, Inc.*		21,783			261,396
Momenta Pharmaceuticals, Inc.*		6,728			213,278
Myriad Genetics, Inc.*		12,787			197,687
NanoString Technologies, Inc.*		7,608			241,630
National HealthCare Corp.		2,551			174,412
Natus Medical, Inc.*		7,911			197,696
Nevro Corp.*		1,830			215,281
NextGen Healthcare, Inc.*		17,527			184,910
NuVasive, Inc.*		3,612			219,899
Omnicell, Inc.*		2,790			203,391
OPKO Health, Inc.*(a)		136,550			303,141
OraSure Technologies, Inc.*		17,006			271,076
Patterson Cos., Inc.(a)		11,968			218,775
Premier, Inc., Class A*		5,593			185,464
Prestige Consumer Healthcare, Inc.*		4,989			203,002
Provention Bio, Inc.*		19,890			227,542
Providence Service Corp. (The)*		3,335			193,463
Quidel Corp.*		1,871			260,069
R1 RCM, Inc.*		20,129			207,731
Radius Health, Inc.*		14,075			220,837
Select Medical Holdings Corp.*		12,198			208,220
SI-BONE, Inc.*		15,312			247,595
SIGA Technologies, Inc.*		38,280			226,235
Surmodics, Inc.*		5,492			209,245
TCR2 Therapeutics, Inc.*(a)		23,640			225,526

	Shares		Value
Common Stocks (continued)
Health Care (continued)
TG Therapeutics, Inc.*(a)		18,595		$	218,677
Triple-S Management Corp., Class B*		12,977			219,701
Twist Bioscience Corp.*		5,984			195,737
United Therapeutics Corp.*		1,929			211,341
Utah Medical Products, Inc.		1,945			161,435
Vanda Pharmaceuticals, Inc.*		17,661			203,101
Vocera Communications, Inc.*		8,614			163,321
Y-mAbs Therapeutics, Inc.*(a)		7,011			235,429
Zogenix, Inc.*(a)		7,399			208,874
Total Health Care					15,706,088
Industrials — 16.5%
ABM Industries, Inc.		7,511			259,054
Alamo Group, Inc.		2,061			202,885
Allied Motion Technologies, Inc.		7,721			222,519
Applied Industrial Technologies, Inc.		4,002			209,665
Arcosa, Inc.		4,604			171,591
ASGN, Inc.*		5,181			240,657
Atkore International Group, Inc.*		8,685			211,393
AZZ, Inc.		6,508			204,286
Barnes Group, Inc.		4,373			167,836
Barrett Business Services, Inc.		4,616			225,815
Beacon Roofing Supply, Inc.*		11,062			243,364
Blue Bird Corp.*		16,740			205,400
BMC Stock Holdings, Inc.*		10,321			219,321
BrightView Holdings, Inc.*		16,544			212,094
CAI International, Inc.*		12,940			213,381
CBIZ, Inc.*		8,747			207,741
Cimpress PLC*(a)		3,440			250,398
Comfort Systems USA, Inc.		5,006			166,700
CRA International, Inc.		5,477			230,746
CSW Industrials, Inc.		2,822			186,929
Douglas Dynamics, Inc.		5,153			190,455
Ducommun, Inc.*		7,362			207,903
Encore Wire Corp.		4,358			199,509
EnerSys		3,695			215,751
Ennis, Inc.		9,743			181,317
ESCO Technologies, Inc.		2,411			183,959
Evoqua Water Technologies Corp.*		16,322			261,968
Federal Signal Corp.		6,708			180,646
Forward Air Corp.		3,613			186,431
Foundation Building Materials, Inc.*		17,782			208,049
Franklin Electric Co., Inc.		3,882			197,206
GATX Corp.(a)		2,926			173,512
Gorman-Rupp Co. (The)		5,863			172,958
Great Lakes Dredge & Dock Corp.*		22,046			194,887
Healthcare Services Group, Inc.		7,654			195,100
Heartland Express, Inc.		9,853			193,020
Heidrick & Struggles International, Inc.		8,132			182,482
Heritage-Crystal Clean, Inc.*		11,266			206,731
Herman Miller, Inc.		8,243			185,797
Hillenbrand, Inc.		9,575			200,596
HNI Corp.		7,263			176,781
Hub Group, Inc., Class A*		4,024			193,595
Huron Consulting Group, Inc.*		4,034			226,065
Hyster-Yale Materials Handling, Inc.		4,565			178,218
KAR Auction Services, Inc.		15,249			228,430
Kelly Services, Inc., Class A		14,419			222,774

See notes to financial statements.

173

TABLE OF CONTENTS

Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Industrials (continued)
Kforce, Inc.		7,155		$	214,292
Kimball International, Inc., Class B		15,364			188,516
Knoll, Inc.		17,731			206,743
Korn Ferry		7,524			216,917
Macquarie Infrastructure Corp.		7,248			199,972
Marten Transport Ltd.		8,916			199,897
Matson, Inc.		5,976			180,714
McGrath RentCorp		3,493			190,543
Miller Industries, Inc.		6,470			196,559
Mistras Group, Inc.*		42,952			204,022
Mueller Industries, Inc.		7,644			197,980
Mueller Water Products, Inc., Class A		22,844			216,790
MYR Group, Inc.*		6,986			209,580
PGT Innovations, Inc.*		21,809			225,505
Powell Industries, Inc.		7,129			180,863
Primoris Services Corp.		11,508			179,640
Quanex Building Products Corp.		18,154			226,380
Regal Beloit Corp.		2,907			206,426
Resources Connection, Inc.		16,680			181,478
Rush Enterprises, Inc., Class A		5,732			214,950
Saia, Inc.*		2,489			230,282
Simpson Manufacturing Co., Inc.		2,952			212,839
SP Plus Corp.*		8,818			185,972
Spirit Airlines, Inc.*(a)		14,195			213,209
SPX Corp.*		5,605			213,719
Standex International Corp.		3,733			186,053
Steelcase, Inc., Class A		18,539			203,002
Sterling Construction Co., Inc.*		19,261			190,299
Systemax, Inc.		10,321			204,975
Tennant Co.		3,157			186,800
Thermon Group Holdings, Inc.*		12,142			185,530
Timken Co. (The)		5,658			212,628
TriMas Corp.*		7,921			188,837
Triton International Ltd.		7,072			219,091
UniFirst Corp.		1,211			203,630
Watts Water Technologies, Inc., Class A		2,162			178,149
Werner Enterprises, Inc.		5,046			202,445
WESCO International, Inc.*		8,007			207,141
Total Industrials					17,058,283
Information Technology — 13.1%
2U, Inc.*(a)		8,623			204,796
A10 Networks, Inc.*		29,466			201,253
Agilysys, Inc.*		10,956			214,628
Alarm.Com Holdings, Inc.*(a)		4,702			210,320
American Software, Inc., Class A		12,877			212,213
Arlo Technologies, Inc.*		75,300			206,322
Axcelis Technologies, Inc.*		9,994			233,460
Benchmark Electronics, Inc.		9,153			189,101
Benefitfocus, Inc.*		20,536			222,405
Box, Inc., Class A*		13,032			210,336
Cabot Microelectronics Corp.		1,602			196,309
Calix, Inc.*		25,845			297,217
Casa Systems, Inc.*		52,280			268,196
Cass Information Systems, Inc.		5,203			208,692
Cirrus Logic, Inc.*		2,788			210,773
CommVault Systems, Inc.*		4,520			192,959
Cornerstone OnDemand, Inc.*		5,763			193,406

	Shares		Value
Common Stocks (continued)
Information Technology (continued)
CSG Systems International, Inc.		4,371		$	212,343
CTS Corp.		7,352			170,272
Diodes, Inc.*		4,503			229,158
Domo, Inc., Class B*		18,408			358,036
DSP Group, Inc.*		13,655			235,549
EchoStar Corp., Class A*		5,723			180,561
ePlus, Inc.*		2,923			206,802
Evo Payments, Inc., Class A*		11,960			238,124
ExlService Holdings, Inc.*		3,517			217,104
Fabrinet*		3,353			210,401
FireEye, Inc.*(a)		17,295			199,065
FormFactor, Inc.*		9,107			212,193
Hackett Group, Inc. (The)		14,385			213,330
Harmonic, Inc.*		31,767			184,249
Insight Enterprises, Inc.*		4,344			235,836
Itron, Inc.*		3,277			228,800
MagnaChip Semiconductor Corp.*		16,559			191,588
ManTech International Corp., Class A(a)		2,519			187,817
MaxLinear, Inc., Class A*		15,680			258,563
Methode Electronics, Inc.		6,924			207,858
MicroStrategy, Inc., Class A*		1,549			195,685
Mitek Systems, Inc.*		23,220			216,643
Model N, Inc.*		8,239			237,778
NETGEAR, Inc.*		8,011			192,104
NetScout Systems, Inc.*		7,731			204,717
NVE Corp.		3,517			199,660
Onto Innovation, Inc.*		6,167			200,181
PC Connection, Inc.		4,440			204,018
Perficient, Inc.*		6,754			235,242
Photronics, Inc.*		17,835			213,128
Power Integrations, Inc.		2,072			212,069
Progress Software Corp.		5,717			233,882
Qualys, Inc.*(a)		2,104			221,846
Rambus, Inc.*		16,485			206,557
Rosetta Stone, Inc.*		13,051			222,911
Sanmina Corp.*		6,708			186,013
ScanSource, Inc.*		8,555			221,746
SPS Commerce, Inc.*		3,935			218,432
Sykes Enterprises, Inc.*		6,746			193,138
Telenav, Inc.*		42,356			197,803
TTEC Holdings, Inc.		4,984			194,276
Varonis Systems, Inc.*		2,874			192,702
Virtusa Corp.*		6,442			212,586
Vishay Intertechnology, Inc.		12,699			210,676
Vishay Precision Group, Inc.*		9,112			210,669
Xperi Corp.		13,154			200,993
Total Information Technology					13,485,490
Materials — 3.9%
Cabot Corp.		7,005			237,399
Compass Minerals International, Inc.		4,757			233,854
Greif, Inc., Class A		5,886			199,476
Hawkins, Inc.		5,140			192,390
Haynes International, Inc.		8,879			196,226
Innospec, Inc.		2,632			190,873
Kaiser Aluminum Corp.(a)		2,640			190,687
Koppers Holdings, Inc.*		14,792			233,122
Materion Corp.		5,226			270,393

See notes to financial statements.

174

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Schedules of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Materials (continued)
Myers Industries, Inc.		17,022		$	210,392
PQ Group Holdings, Inc.*		16,787			196,744
Schnitzer Steel Industries, Inc., Class A		14,033			218,353
Schweitzer-Mauduit International, Inc.		6,577			211,911
Stepan Co.		2,069			197,383
Tredegar Corp.		11,706			192,915
UFP Technologies, Inc.*		4,803			206,529
US Concrete, Inc.*		10,087			193,469
Warrior Met Coal, Inc.		17,229			216,224
Worthington Industries, Inc.		6,970			184,287
Total Materials					3,972,627
Real Estate — 7.1%
Alexander & Baldwin, Inc.		16,307			214,274
Altisource Portfolio Solutions SA*		23,856			199,198
American Finance Trust, Inc.		29,276			225,718
Apple Hospitality REIT, Inc.		19,954			193,155
Chatham Lodging Trust		30,805			231,346
Columbia Property Trust, Inc.		14,639			209,191
Consolidated-Tomoka Land Co.		4,037			169,675
CoreCivic, Inc.		16,382			214,932
CorePoint Lodging, Inc.		46,678			203,049
Corporate Office Properties Trust		8,269			218,467
DiamondRock Hospitality Co.		36,020			224,405
Empire State Realty Trust, Inc., Class A		20,421			170,720
Four Corners Property Trust, Inc.		9,780			218,974
Franklin Street Properties Corp.		31,934			173,721
GEO Group, Inc. (The)		15,048			190,809
Hersha Hospitality Trust		51,111			267,311
Investors Real Estate Trust		3,328			208,433
Kennedy-Wilson Holdings, Inc.		13,634			192,921
Mack-Cali Realty Corp.		12,014			194,507
Marcus & Millichap, Inc.*		6,751			196,117
New Senior Investment Group, Inc.		71,475			236,582
Newmark Group, Inc., Class A		43,053			167,046
Office Properties Income Trust		6,715			183,991
Paramount Group, Inc.		20,793			200,652
Piedmont Office Realty Trust, Inc., Class A		10,361			179,763
PotlatchDeltic Corp.		5,829			204,656
Preferred Apartment Communities, Inc., Class A		25,484			188,836
Retail Value, Inc.		14,937			216,138
RLJ Lodging Trust		23,703			220,201
RMR Group, Inc. (The), Class A		6,784			201,213
Safehold, Inc.		2,894			167,157
Saul Centers, Inc.		5,589			182,313
Sunstone Hotel Investors, Inc.		21,008			193,064
Tejon Ranch Co.*		13,013			178,278
Weingarten Realty Investors		12,681			230,667
Whitestone REIT		29,512			200,091
Total Real Estate					7,267,571
Utilities — 1.2%
Avista Corp.		4,306			185,330
NorthWestern Corp.		3,058			176,416
Ormat Technologies, Inc.		2,705			168,819
Otter Tail Corp.		4,116			182,668

	Shares		Value
Common Stocks (continued)
Utilities (continued)
SJW Group		3,167		$	188,532
South Jersey Industries, Inc.(a)		7,319			209,250
Unitil Corp.		3,497			175,934
Total Utilities					1,286,949
Total Common Stocks (Cost $99,228,922)					102,954,394
Short-Term Investments — 3.1%
Money Market Funds — 3.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.15%(b)(c)		3,062,369			3,062,369
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(b)		127,704			127,704
Total Short-Term Investments (Cost $3,190,073)					3,190,073
Total Investments — 103.0% (Cost $102,418,995)					106,144,467
Other Assets and Liabilities, Net — (3.0)%					(3,036,219)
Net Assets — 100.0%				$	103,108,248

Non-income producing securities.

(a)

All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $9,665,767; total market value of collateral held by the Fund was $10,278,291. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $7,215,922.

(b)

Reflects the 1-day yield at April 30, 2020.

(c)

Represents security purchased with cash collateral received for securities on loan.

See notes to financial statements.

175

TABLE OF CONTENTS

Schedules of Investments — IQ Chaikin U.S. Large Cap ETF

April 30, 2020

	Shares		Value
Common Stocks — 99.8%
Communication Services — 10.1%
Activision Blizzard, Inc.		32,500		$	2,071,225
Alphabet, Inc., Class A*		1,664			2,240,909
AT&T, Inc.		66,316			2,020,648
Comcast Corp., Class A		56,228			2,115,860
Facebook, Inc., Class A*		11,589			2,372,384
Snap, Inc., Class A*		162,583			2,863,086
T-Mobile US, Inc.*		23,041			2,023,000
Twitter, Inc.*		78,710			2,257,403
Verizon Communications, Inc.		35,978			2,066,936
Walt Disney Co. (The)		20,012			2,164,298
Total Communication Services					22,195,749
Consumer Discretionary — 9.3%
AutoZone, Inc.*		2,285			2,331,431
Dollar General Corp.		12,801			2,244,015
Home Depot, Inc. (The)		10,354			2,276,120
Las Vegas Sands Corp.		45,517			2,185,726
NIKE, Inc., Class B		23,364			2,036,874
Ross Stores, Inc.		22,227			2,030,659
Starbucks Corp.		29,405			2,256,246
Target Corp.		20,793			2,281,824
Tesla, Inc.*		3,689			2,884,355
Total Consumer Discretionary					20,527,250
Consumer Staples — 5.5%
Archer-Daniels-Midland Co.		54,949			2,040,806
Costco Wholesale Corp.		6,780			2,054,340
General Mills, Inc.		36,633			2,193,950
Hormel Foods Corp.		41,448			1,941,839
Tyson Foods, Inc., Class A		33,404			2,077,395
Walgreens Boots Alliance, Inc.		42,254			1,829,175
Total Consumer Staples					12,137,505
Energy — 3.5%
Exxon Mobil Corp.		50,912			2,365,881
Phillips 66		36,032			2,636,461
Valero Energy Corp.		42,617			2,699,787
Total Energy					7,702,129
Financials — 14.7%
Allstate Corp. (The)		21,074			2,143,647
American Express Co.		22,580			2,060,425
Bank of New York Mellon Corp. (The)		57,397			2,154,683
Hartford Financial Services Group, Inc. (The)		54,856			2,083,980
Intercontinental Exchange, Inc.		23,940			2,141,433
JPMorgan Chase & Co.		21,472			2,056,159
M&T Bank Corp.		18,690			2,094,775
MetLife, Inc.		63,236			2,281,555
Northern Trust Corp.		25,618			2,027,921
Progressive Corp. (The)		26,180			2,023,714
S&P Global, Inc.		7,889			2,310,530
Synchrony Financial		120,144			2,377,650
T Rowe Price Group, Inc.		19,796			2,289,012
Truist Financial Corp.		62,682			2,339,292
US Bancorp		56,114			2,048,161
Total Financials					32,432,937

	Shares		Value
Common Stocks (continued)
Health Care — 15.9%
AbbVie, Inc.		25,372		$	2,085,578
Amgen, Inc.		9,535			2,280,963
Anthem, Inc.		8,514			2,390,135
Becton Dickinson and Co.		8,413			2,124,535
Bristol-Myers Squibb Co.		34,681			2,108,952
Cigna Corp.		10,910			2,135,960
CVS Health Corp.		32,582			2,005,422
Gilead Sciences, Inc.		25,858			2,172,072
HCA Healthcare, Inc.		21,515			2,364,068
Humana, Inc.		6,156			2,350,484
Johnson & Johnson		14,742			2,211,890
Medtronic PLC		21,436			2,092,797
Merck & Co., Inc.		25,125			1,993,417
Thermo Fisher Scientific, Inc.		6,816			2,281,179
UnitedHealth Group, Inc.		7,752			2,267,227
Zimmer Biomet Holdings, Inc.		19,125			2,289,262
Total Health Care					35,153,941
Industrials — 7.7%
Cintas Corp.		11,160			2,475,623
Cummins, Inc.		14,286			2,335,761
Delta Air Lines, Inc.		67,757			1,755,584
Emerson Electric Co.		40,569			2,313,650
Johnson Controls International PLC		71,703			2,087,274
Northrop Grumman Corp.		6,389			2,112,651
TransDigm Group, Inc.		6,037			2,191,914
United Airlines Holdings, Inc.*		61,271			1,812,396
Total Industrials					17,084,853
Information Technology — 25.4%
Accenture PLC, Class A		11,841			2,192,835
Adobe, Inc.*		6,074			2,148,009
Amphenol Corp., Class A		26,525			2,341,096
Broadcom, Inc.		8,153			2,214,518
Cadence Design Systems, Inc.*		29,272			2,374,837
Cognizant Technology Solutions Corp., Class A		41,599			2,413,574
Fiserv, Inc.*		20,351			2,097,374
FleetCor Technologies, Inc.*		10,363			2,500,074
Global Payments, Inc.		13,403			2,225,166
Hewlett Packard Enterprise Co.		199,085			2,002,795
Intel Corp.		35,719			2,142,426
International Business Machines Corp.		17,426			2,188,009
Intuit, Inc.		8,405			2,267,753
Mastercard, Inc., Class A		8,003			2,200,585
Microsoft Corp.		12,257			2,196,577
Motorola Solutions, Inc.		14,543			2,091,429
Oracle Corp.		39,998			2,118,694
Palo Alto Networks, Inc.*		11,790			2,316,853
PayPal Holdings, Inc.*		20,191			2,483,493
ServiceNow, Inc.*		6,745			2,371,137
Splunk, Inc.*		15,314			2,149,473
Synopsys, Inc.*		15,010			2,358,371
VeriSign, Inc.*		10,734			2,248,666
Visa, Inc., Class A		11,998			2,144,283
Workday, Inc., Class A*		14,845			2,284,645
Total Information Technology					56,072,672

See notes to financial statements.

177

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Schedules of Investments — IQ Chaikin U.S. Large Cap ETF (continued)

April 30, 2020

	Shares		Value
Common Stocks (continued)
Materials — 1.0%
Air Products and Chemicals, Inc.		9,684		$	2,184,517
Real Estate — 2.9%
American Tower Corp.		8,878			2,112,964
Crown Castle International Corp.		13,387			2,134,290
Realty Income Corp.		38,771			2,129,303
Total Real Estate					6,376,557
Utilities — 3.8%
American Electric Power Co., Inc.		24,170			2,008,768
DTE Energy Co.		20,355			2,111,628
Entergy Corp.		20,572			1,964,832
Public Service Enterprise Group, Inc.		43,044			2,182,761
Total Utilities					8,267,989
Total Common Stocks (Cost $209,399,894)					220,136,099

	Shares		Value
Short-Term Investment — 0.1%
Money Market Fund — 0.1%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.18%(a) (Cost $322,238)		322,238		$	322,238
Total Investments — 99.9% (Cost $209,722,132)					220,458,337
Other Assets and Liabilities, Net — 0.1%					171,456
Net Assets — 100.0%				$	220,629,793

Non-income producing securities.

(a)

Reflects the 1-day yield at April 30, 2020.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(b)
Common Stocks		$	220,136,099		$	—		$	—		$	220,136,099
Short-Term Investments:
Money Market Funds			322,238			—			—			322,238
Total Investments in Securities		$	220,458,337		$	—		$	—		$	220,458,337

(b) For a complete listing of investments and their industries, see the Schedules of Investments.

For the year ended April 30, 2020, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements.

178

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Statements of Assets and Liabilities

April 30, 2020

	IQ Hedge Multi-Strategy Tracker ETF			IQ Hedge Macro Tracker ETF			IQ Hedge Market Neutral Tracker ETF			IQ Hedge Long/Short Tracker ETF
Assets
Investments, at value (including securities on loan)(a)		$	730,439,499		$	3,760,849		$	19,642,828		$	11,466,713
Investments in affiliates, at value			99,006,943			314,997			1,771,249			279,689
Cash			8,749			77			384			—
Cash deposited at broker for swap collateral			2,481,530			—			—			—
Receivable for investments sold			5,914,474			—			—			—
Due from broker			3,524,963			19,022			57,468			88,316
Securities lending income receivable			222,796			436			5,001			2,443
Dividend receivable			378			1			6			8
Total Assets			841,599,332			4,095,382			21,476,936			11,837,169
Liabilities
Collateral for investments on loan			87,019,645			234,871			3,346,998			955,259
Due to broker			8,701,216			31,935			167,772			179,255
Payable for capital shares repurchased			5,886,648			—			—			—
Advisory fees payable			324,177			1,226			5,529			3,343
Trustee fees payable			5,427			20			125			53
Compliance fees payable			194			1			5			—
Accrued expenses and other liabilities			1,638			58			61			81
Total Liabilities			101,938,945			268,111			3,520,490			1,137,991
Net Assets		$	739,660,387		$	3,827,271		$	17,956,446		$	10,699,178
Composition of Net Assets
Paid-in capital		$	799,539,306		$	9,333,628		$	18,235,127		$	11,288,731
Total distributable earnings/(accumulated loss)			(59,878,919)			(5,506,357)			(278,681)			(589,553)
Net Assets		$	739,660,387		$	3,827,271		$	17,956,446		$	10,699,178
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			25,150,000			150,000			700,000			500,000
Net Asset Value Per Share		$	29.41		$	25.52		$	25.65		$	21.40
Investments, at cost		$	728,477,768		$	3,757,757		$	19,786,537		$	11,205,064
Investments in affiliates, at cost		$	97,949,259		$	308,770		$	1,736,115		$	274,160
(a)Market value of securities on loan		$	163,756,749		$	329,299		$	3,719,092		$	3,008,322

See notes to financial statements.

179

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Statements of Assets and Liabilities (continued)

April 30, 2020

	IQ Hedge Event-Driven Tracker ETF			IQ Real Return ETF			IQ Leaders GTAA Tracker ETF			IQ Enhanced Core Plus Bond U.S. ETF
Assets
Investments, at value (including securities on loan)(a)		$	10,579,380		$	47,008,206		$	12,556,273		$	70,246,456
Investments in affiliates, at value			—			12,972,713			—			—
Securities lending income receivable			3,612			3,325			487			766
Dividend receivable			5			17			2			36
Due from broker			—			—			72,309			—
Due from advisor			—			—			—			2,853
Total Assets			10,582,997			59,984,261			12,629,071			70,250,111
Liabilities
Collateral for investments on loan			2,226,451			8,787,643			588,340			1,243,000
Advisory fees payable			2,728			8,300			2,453			14,265
Trustee fees payable			59			371			86			504
Compliance fees payable			2			13			12			16
Due to broker			—			—			167,767			—
Accrued expenses and other liabilities			59			127			68			72
Total Liabilities			2,229,299			8,796,454			758,726			1,257,857
Net Assets		$	8,353,698		$	51,187,807		$	11,870,345		$	68,992,254
Composition of Net Assets
Paid-in capital		$	8,707,556		$	53,834,160		$	15,298,108		$	84,095,027
Total distributable earnings/(accumulated loss)			(353,858)			(2,646,353)			(3,427,763)			(15,102,773)
Net Assets		$	8,353,698		$	51,187,807		$	11,870,345		$	68,992,254
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			400,000			1,900,000			550,000			3,450,000
Net Asset Value Per Share		$	20.88		$	26.94		$	21.58		$	20.00
Investments, at cost		$	10,842,233		$	47,300,124		$	12,892,421		$	69,290,477
Investments in affiliates, at cost		$	—		$	13,139,883		$	—		$	—
(a)Market value of securities on loan		$	2,250,175		$	14,995,441		$	3,157,133		$	1,386,262

See notes to financial statements.

180

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Statements of Assets and Liabilities (continued)

April 30, 2020

	IQ Short Duration Enhanced Core Bond U.S. ETF			IQ S&P High Yield Low Volatility Bond ETF			IQ Merger Arbitrage ETF			IQ Global Resources ETF
Assets
Investments, at value (including securities on loan)(a)		$	4,877,111		$	51,244,604		$	716,743,096		$	22,417,008
Investments in affiliates, at value			—			—			2,936,934			1,061,593
Cash			—			—			5,237,080			—
Foreign currency(b)			—			—			92,450			993
Cash deposited at broker for swap collateral			—			—			—			28
Securities lending income receivable			62			278			10,881			773
Due from broker			—			—			20,137			2,560
Due from advisor			47			—			—			—
Dividend receivable			1			164			28,528			34,592
Receivable for investments sold			—			3,940,617			46,005,121			—
Litigation income receivable			—			—			4,963			—
Interest receivable			—			682,598			—			—
Reclaims receivable			—			—			635			85,226
Total Assets			4,877,221			55,868,261			771,079,825			23,602,773
Liabilities
Collateral for investments on loan			11,650			400,640			14,289,956			242,458
Advisory fees payable			797			15,342			453,525			14,211
Trustee fees payable			34			391			5,415			185
Compliance fees payable			1			14			192			—
Payable for investments purchased			—			4,156,728			2,404,418			—
Payable for capital shares repurchased			—			—			3,152,900			—
Due to broker			—			—			27,191,080			397,372
Accrued expenses and other liabilities			59			428			565			191
Total Liabilities			12,541			4,573,543			47,498,051			654,417
Net Assets		$	4,864,680		$	51,294,718		$	723,581,774		$	22,948,356
Composition of Net Assets
Paid-in capital		$	5,147,616		$	55,796,542		$	781,715,589		$	85,564,879
Total distributable earnings/(accumulated loss)			(282,936)			(4,501,824)			(58,133,815)			(62,616,523)
Net Assets		$	4,864,680		$	51,294,718		$	723,581,774		$	22,948,356
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			200,000			2,150,000			22,950,000			950,000
Net Asset Value Per Share		$	24.32		$	23.86		$	31.53		$	24.16
Investments, at cost		$	4,864,917		$	51,807,004		$	794,415,973		$	26,144,474
Investments in affiliates, at cost		$	—		$	—		$	2,919,930		$	1,064,329
(a)Market value of securities on loan		$	11,399		$	531,180		$	31,273,273		$	380,569
(b)Cost of foreign currency		$	—		$	—		$	91,384		$	997

See notes to financial statements.

181

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Statements of Assets and Liabilities (continued)

April 30, 2020

	IQ Global Agribusiness Small Cap ETF			IQ U.S. Real Estate Small Cap ETF			IQ 500 International ETF			IQ 50 Percent Hedged FTSE International ETF
Assets
Investments, at value (including securities on loan)(a)		$	7,644,356		$	41,597,349		$	229,771,267		$	258,595,663
Foreign currency(b)			372			—			74,139			201,276
Dividend receivable			40,478			77,042			1,211,198			1,072,187
Securities lending income receivable			641			1,891			7,785			4,689
Reclaims receivable			105			—			179,230			768,573
Receivable for investments sold			—			893,730			11,450,934			—
Receivable for capital shares transactions			—			—			—			8,050
Due from advisor			—			—			2,936			34,566
Unrealized appreciation on forward foreign currency contracts			—			—			—			273,137
Total Assets			7,685,952			42,570,012			242,697,489			260,958,141
Liabilities
Collateral for investments on loan			528,622			947,367			9,440,603			8,900,910
Cash due to custodian			27,754			4,238			452,704			1,146,086
Advisory fees payable			4,132			21,539			42,628			70,761
Trustee fees payable			59			389			1,499			1,801
Compliance fees payable			2			11			58			68
Payable for investments purchased			—			—			14,308,377			—
Payable for capital shares repurchased			—			894,064			—			—
Due to broker			—			—			119			2,776
Unrealized depreciation on forward foreign currency contracts			—			—			—			1,258,694
Accrued expenses and other liabilities			60			85			237			2,248
Total Liabilities			560,629			1,867,693			24,246,225			11,383,344
Net Assets		$	7,125,323		$	40,702,319		$	218,451,264		$	249,574,797
Composition of Net Assets
Paid-in capital		$	15,815,281		$	66,204,257		$	272,599,488		$	313,998,749
Total distributable earnings/(accumulated loss)			(8,689,958)			(25,501,938)			(54,148,224)			(64,423,952)
Net Assets		$	7,125,323		$	40,702,319		$	218,451,264		$	249,574,797
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			250,000			2,350,000			9,800,000			13,850,000
Net Asset Value Per Share		$	28.50		$	17.32		$	22.29		$	18.02
Investments, at cost		$	8,269,168		$	60,228,204		$	284,601,935		$	320,625,262
(a)Market value of securities on loan		$	1,004,606		$	6,683,363		$	8,946,555		$	9,313,923
(b)Cost of foreign currency		$	368		$	—		$	73,649		$	200,258

See notes to financial statements.

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Statements of Assets and Liabilities (continued)

April 30, 2020

	IQ 50 Percent Hedged FTSE Europe ETF			IQ 50 Percent Hedged FTSE Japan ETF			IQ Candriam ESG International Equity ETF			IQ Candriam ESG U.S. Equity ETF
Assets
Investments, at value (including securities on loan)(a)		$	8,060,313		$	7,731,074		$	46,637,860		$	6,031,587
Foreign currency(b)			5,981			2,635			28,950			—
Reclaims receivable			245,705			—			11,828			—
Dividend receivable			14,880			82,912			51,416			6,255
Unrealized appreciation on forward foreign currency contracts			5,759			103			—			—
Due from advisor			964			959			85			84
Securities lending income receivable			188			54			91			12
Receivable for investments sold			—			28,202			—			—
Total Assets			8,333,790			7,845,939			46,730,230			6,037,938
Liabilities
Collateral for investments on loan			371,799			84,985			531,802			3,669
Cash due to custodian			235,143			59,708			—			—
Payable for investments purchased			27,267			—			—			—
Unrealized depreciation on forward foreign currency contracts			20,099			31,276			—			—
Advisory fees payable			2,709			2,709			2,133			419
Trustee fees payable			1,990			53			86			44
Compliance fees payable			94			4			3			1
Due to broker			—			9			4			—
Accrued expenses and other liabilities			111			60			63			58
Total Liabilities			659,212			178,804			534,091			4,191
Net Assets		$	7,674,578		$	7,667,135		$	46,196,139		$	6,033,747
Composition of Net Assets
Paid-in capital		$	12,283,467		$	9,879,939		$	46,491,761		$	6,306,959
Total distributable earnings/(accumulated loss)			(4,608,889)			(2,212,804)			(295,622)			(273,212)
Net Assets		$	7,674,578		$	7,667,135		$	46,196,139		$	6,033,747
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			450,000			400,000			2,200,000			250,000
Net Asset Value Per Share		$	17.05		$	19.17		$	21.00		$	24.13
Investments, at cost		$	10,428,268		$	8,220,967		$	46,978,586		$	6,294,639
(a)Market value of securities on loan		$	344,343		$	89,748		$	540,365		$	169,347
(b)Cost of foreign currency		$	5,934		$	2,599		$	29,008		$	—

See notes to financial statements.

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Statements of Assets and Liabilities (continued)

April 30, 2020

	IQ Chaikin U.S. Small Cap ETF			IQ Chaikin U.S. Large Cap ETF
Assets
Investments, at value (including securities on loan)(a)		$	106,144,467		$	220,458,337
Dividend receivable			42,752			213,350
Securities lending income receivable			11,326			134
Total Assets			106,198,545			220,671,821
Liabilities
Collateral for investments on loan			3,062,369			—
Advisory fees payable			27,083			40,103
Trustee fees payable			704			1,598
Compliance fees payable			25			73
Accrued expenses and other liabilities			116			254
Total Liabilities			3,090,297			42,028
Net Assets		$	103,108,248		$	220,629,793
Composition of Net Assets
Paid-in capital		$	179,985,930		$	285,801,744
Total distributable earnings/(accumulated loss)			(76,877,682)			(65,171,951)
Net Assets		$	103,108,248		$	220,629,793
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			5,150,000			10,050,000
Net Asset Value Per Share		$	20.02		$	21.95
Investments, at cost		$	102,418,995		$	209,722,132
(a)Market value of securities on loan		$	9,665,767		$	—

See notes to financial statements.

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Statements of Operations

For the year ended April 30, 2020

	IQ Hedge Multi-Strategy Tracker ETF			IQ Hedge Macro Tracker ETF			IQ Hedge Market Neutral Tracker ETF			IQ Hedge Long/Short Tracker ETF
Investment Income
Dividend income		$	23,917,266		$	119,268		$	405,715		$	192,479
Dividend Income from affiliates			121,045			—			—			—
Securities lending income, net of borrower rebates			1,338,527			7,083			22,547			10,498
Total investment income			25,376,838			126,351			428,262			202,977
Expenses
Advisory fees (See Note 3)			6,283,817			35,558			111,287			53,170
Trustee fees			53,285			304			955			433
Legal fees			37,335			204			646			337
Compliance fees			2,645			15			44			19
Miscellaneous			1,143			19			57			58
Total expenses			6,378,225			36,100			112,989			54,017
Waivers/Reimbursement (See Note 3)			(1,843,444)			(10,619)			(34,906)			(17,906)
Net expenses			4,534,781			25,481			78,083			36,111
Net investment income			20,842,057			100,870			350,179			166,866
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(24,409,349)			(143,106)			(55,102)			(579,531)
In-Kind redemptions			7,836,837			54,550			70,934			208,797
Swap transactions			(162,241)			7,567			(2,626)			18,064
Distributions by other investment companies			528			—			—			—
Net realized gain (loss)			(16,734,225)			(80,989)			13,206			(352,670)
Net change in net unrealized appreciation (depreciation) on:
Investment securities			(12,595,811)			(44,333)			(336,826)			163,059
Net change in net unrealized appreciation (depreciation)			(12,595,811)			(44,333)			(336,826)			163,059
Net realized and unrealized gain (loss)			(29,330,036)			(125,322)			(323,620)			(189,611)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(8,487,979)		$	(24,452)		$	26,559		$	(22,745)

See notes to financial statements.

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Statements of Operations (continued)

For the year ended April 30, 2020

	IQ Hedge Event-Driven Tracker ETF			IQ Real Return ETF			IQ Leaders GTAA Tracker ETF			IQ Enhanced Core Plus Bond U.S. ETF
Investment Income
Dividend income		$	216,787		$	1,019,921		$	1,113,697		$	3,345,668
Dividend income from affiliates			—			132,327			—			—
Securities lending income, net of borrower rebates			12,935			38,972			15,894			26,338
Total investment income			229,722			1,191,220			1,129,591			3,372,006
Expenses
Advisory fees (See Note 3)			43,345			264,346			138,842			270,783
Trustee fees			371			3,488			1,940			6,831
Legal fees			271			2,177			1,324			6,258
Compliance fees			17			166			100			324
Miscellaneous			57			27			57			171
Total expenses			44,061			270,204			142,263			284,367
Waivers/Reimbursement (See Note 3)			(15,348)			(154,202)			(70,579)			(54,154)
Net expenses			28,713			116,002			71,684			230,213
Net investment income			201,009			1,075,218			1,057,907			3,141,793
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(87,955)			(532,472)			(897,730)			3,991,708
Investment in affiliates			—			(4,907)			—			—
In-Kind redemptions			(44,036)			41,842			2,443,760			2,000,037
Affiliates in-kind redemptions			—			(11,091)			—			—
Swap transactions			2,647			—			(387,021)			—
Distributions by other investment companies			—			6,299			—			—
Net realized gain (loss)			(129,344)			(500,329)			1,159,009			5,991,745
Net change in net unrealized appreciation (depreciation) on:
Investment securities			(341,340)			(976,529)			(1,997,857)			(1,318,948)
Investment in affiliates			—			(167,170)			—			—
Net change in net unrealized appreciation (depreciation)			(341,340)			(1,143,699)			(1,997,857)			(1,318,948)
Net realized and unrealized gain (loss)			(470,684)			(1,644,028)			(838,848)			4,672,797
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(269,675)		$	(568,810)		$	219,059		$	7,814,590

See notes to financial statements.

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Statements of Operations (continued)

For the year ended April 30, 2020

	IQ Short Duration Enhanced Core Bond U.S. ETF			IQ S&P High Yield Low Volatility Bond ETF			IQ Merger Arbitrage ETF			IQ Global Resources ETF
Investment Income
Dividend income*		$	237,532		$	5,225		$	10,392,256		$	3,552,307
Dividend income from affiliates			—			—			63,624			15,397
Interest income			—			2,790,296			—			—
Securities lending income, net of borrower rebates			2,613			4,927			400,436			26,905
Total investment income			240,145			2,800,448			10,856,316			3,594,609
Expenses
Advisory fees (See Note 3)			15,938			252,155			6,882,342			832,807
Trustee fees			515			4,020			58,247			6,929
Legal fees			151			2,656			40,661			4,678
Compliance fees			24			197			2,695			320
Excise tax fees			8			—			—			—
Miscellaneous			22			386			171			57
Total expenses			16,658			259,414			6,984,116			844,791
Waivers/Reimbursement (See Note 3)			(880)			(7,260)			—			—
Net expenses			15,778			252,154			6,984,116			844,791
Net investment income			224,367			2,548,294			3,872,200			2,749,818
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(298,719)			(965,015)			(9,427,943)			(8,252,416)
Investment in affiliates			—			—			(7,456)			3,703
In-Kind redemptions			208,153			(1,385,161)			34,512,903			11,160,857
Affiliates in-kind redemptions			—			—			(6,229)			(2,123)
Swap transactions			—			—			58,327,608			(1,057,162)
Distributions by other investment companies			81			—			676			584
Foreign currency transactions			—			—			(696,743)			(16,580)
Net realized gain (loss)			(90,485)			(2,350,176)			82,702,816			1,836,863
Net change in net unrealized appreciation (depreciation) on:
Investment securities			(21,573)			(1,115,683)			(95,328,921)			(5,664,336)
Investment in affiliates			—			—			17,004			(2,736)
Foreign currency translations			—			—			18,047			2,727
Net change in net unrealized appreciation (depreciation)			(21,573)			(1,115,683)			(95,293,870)			(5,664,345)
Net realized and unrealized gain (loss)			(112,058)			(3,465,859)			(12,591,054)			(3,827,482)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	112,309		$	(917,565)		$	(8,718,854)		$	(1,077,664)
*Net of foreign taxes withheld of:		$	—		$	—		$	277,597		$	197,601

See notes to financial statements.

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Statements of Operations (continued)

For the year ended April 30, 2020

	IQ Global Agribusiness Small Cap ETF			IQ U.S. Real Estate Small Cap ETF			IQ 500 International ETF			IQ 50 Percent Hedged FTSE International ETF
Investment Income
Dividend income*		$	124,406		$	2,104,117		$	4,533,455		$	7,764,626
Non cash dividend income			90,218			—			—			—
Securities lending income, net of borrower rebates			14,206			42,864			54,470			43,457
Total investment income			228,830			2,146,981			4,587,925			7,808,083
Expenses
Advisory fees (See Note 3)			60,565			432,887			374,289			917,703
Trustee fees			519			4,063			9,529			16,523
Legal fees			355			2,725			7,189			11,498
Compliance fees			25			189			437			809
Miscellaneous			57			57			30			4,198
Total expenses			61,521			439,921			391,474			950,731
Waivers/Reimbursement (See Note 3)			—			—			(17,185)			(426,263)
Net expenses			61,521			439,921			374,289			524,468
Net investment income			167,309			1,707,060			4,213,636			7,283,615
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(825,740)			(3,653,475)			(1,591,021)			(3,449,246)
In-Kind redemptions			379,457			1,032,248			6,435,960			(6,299,436)
Forward foreign currency contracts			—			—			—			6,197,986
Foreign currency transactions			(1,461)			—			(35,095)			(71,958)
Net realized gain (loss)			(447,744)			(2,621,227)			4,809,844			(3,622,654)
Net change in net unrealized appreciation (depreciation) on:
Investment securities			(697,998)			(15,279,064)			(60,107,279)			(41,276,141)
Forward foreign currency contracts			—			—			—			(2,213,145)
Foreign currency translations			722			—			9,505			47,717
Net change in net unrealized appreciation (depreciation)			(697,276)			(15,279,064)			(60,097,774)			(43,441,569)
Net realized and unrealized gain (loss)			(1,145,020)			(17,900,291)			(55,287,930)			(47,064,223)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(977,711)		$	(16,193,231)		$	(51,074,294)		$	(39,780,608)
*Net of foreign taxes withheld of:		$	8,920		$	—		$	544,328		$	772,828

See notes to financial statements.

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Statements of Operations (continued)

For the year ended April 30, 2020

	IQ 50 Percent Hedged FTSE Europe ETF			IQ 50 Percent Hedged FTSE Japan ETF			IQ Candriam ESG International Equity ETF**			IQ Candriam ESG U.S. Equity ETF**
Investment Income
Dividend income*		$	260,907		$	141,643		$	149,528		$	41,716
Securities lending income, net of borrower rebates			2,365			626			152			25
Total investment income			263,272			142,269			149,680			41,741
Expenses
Advisory fees (See Note 3)			39,190			23,608			6,699			2,134
Legal fees			379			218			231			151
Trustee fees			—			339			291			178
Compliance fees			—			18			18			13
Miscellaneous			121			57			57			57
Total expenses			39,690			24,240			7,296			2,533
Waivers/Reimbursement (See Note 3)			(13,564)			(8,626)			(597)			(399)
Net expenses			26,126			15,614			6,699			2,134
Net investment income			237,146			126,655			142,981			39,607
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(119,896)			(72,933)			(45,206)			(18,964)
In-Kind redemptions			—			296,543			—			73,167
Forward foreign currency contracts			212,939			(74,952)			—			—
Foreign currency transactions			(1,609)			2,831			(2,409)			—
Net realized gain (loss)			91,434			151,489			(47,615)			54,203
Net change in net unrealized appreciation (depreciation) on:
Investment securities			(1,275,728)			(489,108)			(340,726)			(263,052)
Forward foreign currency contracts			(43,278)			(56,090)			—			—
Foreign currency translations			5,554			1,128			642			—
Net change in net unrealized appreciation (depreciation)			(1,313,452)			(544,070)			(340,084)			(263,052)
Net realized and unrealized gain (loss)			(1,222,018)			(392,581)			(387,699)			(208,849)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(984,872)		$	(265,926)		$	(244,718)		$	(169,242)
*Net of foreign taxes withheld of:		$	29,980		$	19,285		$	20,463		$	123

**Commencement of operations: December 17, 2019.

See notes to financial statements.

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Statements of Operations (continued)

For the year ended April 30, 2020

	IQ Chaikin U.S. Small Cap ETF			IQ Chaikin U.S. Large Cap ETF
Investment Income
Dividend income		$	3,035,471		$	6,741,651
Securities lending income, net of borrower rebates			93,263			22,189
Total investment income			3,128,734			6,763,840
Expenses
Advisory fees (See Note 3)			733,348			649,586
Trustee fees			13,148			16,444
Legal fees			8,859			11,358
Compliance fees			654			814
Miscellaneous			57			57
Total expenses			756,066			678,259
Waivers/Reimbursement (See Note 3)			(22,718)			(28,673)
Net expenses			733,348			649,586
Net investment income			2,395,386			6,114,254
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(40,428,542)			(55,360,874)
In-Kind redemptions			1,742,976			12,324,188
Net realized gain (loss)			(38,685,566)			(43,036,686)
Net change in net unrealized appreciation (depreciation) on:
Investment securities			5,130,703			18,023,957
Net change in net unrealized appreciation (depreciation)			5,130,703			18,023,957
Net realized and unrealized gain (loss)			(33,554,863)			(25,012,729)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(31,159,477)		$	(18,898,475)

See notes to financial statements.

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Statements of Changes in Net Assets

	IQ Hedge Multi-Strategy Tracker ETF						IQ Hedge Macro Tracker ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	20,842,057		$	27,444,698		$	100,870		$	107,189
Net realized gain (loss)			(16,734,225)			6,420,920			(80,989)			40,190
Net change in net unrealized appreciation (depreciation)			(12,595,811)			(14,845,687)			(44,333)			(113,656)
Net increase (decrease) in net assets resulting from operations			(8,487,979)			19,019,931			(24,452)			33,723
Distributions to Shareholders			(16,163,950)			(24,498,116)			(54,164)			(69,928)
Capital Share Transactions
Proceeds from shares created			108,741,902			331,859,370			—			—
Cost of shares redeemed			(337,851,658)			(457,237,241)			(1,345,577)			(1,299,990)
Net increase (decrease) from capital share transactions			(229,109,756)			(125,377,871)			(1,345,577)			(1,299,990)
Total increase (decrease) in net assets			(253,761,685)			(130,856,056)			(1,424,193)			(1,336,195)
Net Assets
Beginning of year			993,422,072			1,124,278,128			5,251,464			6,587,659
End of year		$	739,660,387		$	993,422,072		$	3,827,271		$	5,251,464
Changes in Shares Outstanding
Shares outstanding, beginning of year			32,800,000			37,000,000			200,000			250,000
Shares created			3,600,000			11,150,000			—			—
Shares redeemed			(11,250,000)			(15,350,000)			(50,000)			(50,000)
Shares outstanding, end of year			25,150,000			32,800,000			150,000			200,000

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Hedge Market Neutral Tracker ETF						IQ Hedge Long/Short Tracker ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	350,179		$	298,477		$	166,866		$	137,765
Net realized gain (loss)			13,206			47,378			(352,670)			252,729
Net change in net unrealized appreciation (depreciation)			(336,826)			75,237			163,059			(1,818)
Net increase (decrease) in net assets resulting from operations			26,559			421,092			(22,745)			388,676
Distributions to Shareholders			(239,729)			—			(123,690)			(190,276)
Capital Share Transactions
Proceeds from shares created			5,068,994			3,815,609			8,803,502			6,294,199
Cost of shares redeemed			(2,639,984)			(1,286,386)			(4,417,086)			(8,797,572)
Net increase (decrease) from capital share transactions			2,429,010			2,529,223			4,386,416			(2,503,373)
Total increase (decrease) in net assets			2,215,840			2,950,315			4,239,981			(2,304,973)
Net Assets
Beginning of year			15,740,606			12,790,291			6,459,197			8,764,170
End of year		$	17,956,446		$	15,740,606		$	10,699,178		$	6,459,197
Changes in Shares Outstanding
Shares outstanding, beginning of year			600,000			500,000			300,000			400,001
Shares created			200,000			150,000			400,000			300,000
Shares redeemed			(100,000)			(50,000)			(200,000)			(400,001)
Shares outstanding, end of year			700,000			600,000			500,000			300,000

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Hedge Event-Driven Tracker ETF						IQ Real Return ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	201,009		$	117,555		$	1,075,218		$	932,976
Net realized gain (loss)			(129,344)			53,460			(500,329)			(412,021)
Net change in net unrealized appreciation (depreciation)			(341,340)			31,980			(1,143,699)			791,516
Net increase (decrease) in net assets resulting from operations			(269,675)			202,995			(568,810)			1,312,471
Distributions to Shareholders			(157,392)			(129,849)			(1,185,760)			(730,380)
Capital Share Transactions
Proceeds from shares created			8,619,767			3,148,412			—			13,889,918
Cost of shares redeemed			(4,091,994)			(2,107,542)			(4,103,526)			(2,745,538)
Net increase (decrease) from capital share transactions			4,527,773			1,040,870			(4,103,526)			11,144,380
Total increase (decrease) in net assets			4,100,706			1,114,016			(5,858,096)			11,726,471
Net Assets
Beginning of year			4,252,992			3,138,976			57,045,903			45,319,432
End of year		$	8,353,698		$	4,252,992		$	51,187,807		$	57,045,903
Changes in Shares Outstanding
Shares outstanding, beginning of year			200,000			150,001			2,050,000			1,650,000
Shares created			400,000			150,000			—			500,000
Shares redeemed			(200,000)			(100,001)			(150,000)			(100,000)
Shares outstanding, end of year			400,000			200,000			1,900,000			2,050,000

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Leaders GTAA Tracker ETF						IQ Enhanced Core Plus Bond U.S. ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	1,057,907		$	1,247,890		$	3,141,793		$	6,848,227
Net realized gain (loss)			1,159,009			(949,585)			5,991,745			(9,439,938)
Net change in net unrealized appreciation (depreciation)			(1,997,857)			1,222,240			(1,318,948)			10,039,022
Net increase (decrease) in net assets resulting from operations			219,059			1,520,545			7,814,590			7,447,311
Distributions to Shareholders			(1,040,313)			(1,367,155)			(3,150,736)			(6,882,062)
Capital Share Transactions
Proceeds from shares created			15,726,428			7,161,649			10,759,163			25,593,390
Cost of shares redeemed			(46,710,246)			(13,112,399)			(102,924,698)			(203,654,352)
Net increase (decrease) from capital share transactions			(30,983,818)			(5,950,750)			(92,165,535)			(178,060,962)
Total increase (decrease) in net assets			(31,805,072)			(5,797,360)			(87,501,681)			(177,495,713)
Net Assets
Beginning of year			43,675,417			49,472,777			156,493,935			333,989,648
End of year		$	11,870,345		$	43,675,417		$	68,992,254		$	156,493,935
Changes in Shares Outstanding
Shares outstanding, beginning of year			1,800,000			2,050,001			8,150,000			17,500,001
Shares created			650,000			300,000			550,000			1,350,000
Shares redeemed			(1,900,000)			(550,001)			(5,250,000)			(10,700,001)
Shares outstanding, end of year			550,000			1,800,000			3,450,000			8,150,000

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Short Duration Enhanced Core Bond U.S. ETF						IQ S&P High Yield Low Volatility Bond ETF
	For the Year Ended			For the Period December 18, 2018*			For the Year Ended April 30,
	April 30, 2020			to April 30, 2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	224,367		$	28,200		$	2,548,294		$	3,797,030
Net realized gain (loss)			(90,485)			16,852			(2,350,176)			(1,949,460)
Net change in net unrealized appreciation (depreciation)			(21,573)			33,767			(1,115,683)			3,236,523
Net increase (decrease) in net assets resulting from operations			112,309			78,819			(917,565)			5,084,093
Distributions to Shareholders			(225,037)			(28,586)			(2,787,812)			(3,901,103)
Capital Share Transactions
Proceeds from shares created			20,415,746			8,792,823			16,228,614			3,699,667
Cost of shares redeemed			(19,243,376)			(5,038,018)			(26,854,263)			(46,449,379)
Net increase (decrease) from capital share transactions			1,172,370			3,754,805			(10,625,649)			(42,749,712)
Total increase (decrease) in net assets			1,059,642			3,805,038			(14,331,026)			(41,566,722)
Net Assets
Beginning of period			3,805,038			—			65,625,744			107,192,466
End of period		$	4,864,680		$	3,805,038		$	51,294,718		$	65,625,744
Changes in Shares Outstanding
Shares outstanding, beginning of period			150,000			—			2,650,000			4,400,001
Shares created			800,000			350,000			650,000			150,000
Shares redeemed			(750,000)			(200,000)			(1,150,000)			(1,900,001)
Shares outstanding, end of period			200,000			150,000			2,150,000			2,650,000

Commencement of operations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Merger Arbitrage ETF						IQ Global Resources ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	3,872,200		$	1,559,860		$	2,749,818		$	5,260,962
Net realized gain (loss)			82,702,816			(11,291,429)			1,836,863			(6,741,607)
Net change in net unrealized appreciation (depreciation)			(95,293,870)			20,496,649			(5,664,345)			(6,410,534)
Net increase (decrease) in net assets resulting from operations			(8,718,854)			10,765,080			(1,077,664)			(7,891,179)
Distributions to Shareholders			—			—			(2,539,080)			(1,346,949)
Capital Share Transactions
Proceeds from shares created			778,842,132			628,333,768			1,340,878			69,696,407
Cost of shares redeemed			(1,032,341,051)			(178,685,181)			(150,087,715)			(123,858,817)
Net increase (decrease) from capital share transactions			(253,498,919)			449,648,587			(148,746,837)			(54,162,410)
Total increase (decrease) in net assets			(262,217,773)			460,413,667			(152,363,581)			(63,400,538)
Net Assets
Beginning of year			985,799,547			525,385,880			175,311,937			238,712,475
End of year		$	723,581,774		$	985,799,547		$	22,948,356		$	175,311,937
Changes in Shares Outstanding
Shares outstanding, beginning of year			31,300,000			17,100,000			6,500,000			8,600,000
Shares created			23,900,000			19,850,000			50,000			2,500,000
Shares redeemed			(32,250,000)			(5,650,000)			(5,600,000)			(4,600,000)
Shares outstanding, end of year			22,950,000			31,300,000			950,000			6,500,000

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Global Agribusiness Small Cap ETF						IQ U.S. Real Estate Small Cap ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	167,309		$	111,794		$	1,707,060		$	2,445,492
Net realized gain (loss)			(447,744)			1,577,198			(2,621,227)			(414,629)
Net change in net unrealized appreciation (depreciation)			(697,276)			(1,978,003)			(15,279,064)			6,056,098
Net increase (decrease) in net assets resulting from operations			(977,711)			(289,011)			(16,193,231)			8,086,961
Distributions to Shareholders			(91,643)			(98,945)			(1,633,256)			(2,374,318)
Distributions to Shareholders from Return of Capital			—			—			(1,775,536)			(2,583,466)
Total distributions to shareholders			(91,643)			(98,945)			(3,408,792)			(4,957,784)
Capital Share Transactions
Proceeds from shares created			—			—			3,688,926			1,351,055
Cost of shares redeemed			(1,669,244)			(1,620,848)			(14,999,579)			(14,954,392)
Net increase (decrease) from capital share transactions			(1,669,244)			(1,620,848)			(11,310,653)			(13,603,337)
Total increase (decrease) in net assets			(2,738,598)			(2,008,804)			(30,912,676)			(10,474,160)
Net Assets
Beginning of year			9,863,921			11,872,725			71,614,995			82,089,155
End of year		$	7,125,323		$	9,863,921		$	40,702,319		$	71,614,995
Changes in Shares Outstanding
Shares outstanding, beginning of year			300,000			350,000			2,850,000			3,400,000
Shares created			—			—			150,000			50,000
Shares redeemed			(50,000)			(50,000)			(650,000)			(600,000)
Shares outstanding, end of year			250,000			300,000			2,350,000			2,850,000

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ 500 International ETF						IQ 50 Percent Hedged FTSE International ETF
	For the Year Ended			For the Period December 13, 2018*			For the Year Ended April 30,
	April 30, 2020			to April 30, 2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	4,213,636		$	898,883		$	7,283,615		$	13,642,563
Net realized gain (loss)			4,809,844			4,340			(3,622,654)			21,006,516
Net change in net unrealized appreciation (depreciation)			(60,097,774)			5,273,594			(43,441,569)			(53,440,986)
Net increase (decrease) in net assets resulting from operations			(51,074,294)			6,176,817			(39,780,608)			(18,791,907)
Distributions to Shareholders			(3,080,969)			(15,344)			(7,874,573)			(19,464,426)
Capital Share Transactions
Proceeds from shares created			284,884,301			79,513,130			134,725,957			30,368,545
Cost of shares redeemed			(97,952,352)			(25)			(118,574,884)			(289,550,341)
Net increase (decrease) from capital share transactions			186,931,949			79,513,105			16,151,073			(259,181,796)
Total increase (decrease) in net assets			132,776,686			85,674,578			(31,504,108)			(297,438,129)
Net Assets
Beginning of period			85,674,578			—			281,078,905			578,517,034
End of period		$	218,451,264		$	85,674,578		$	249,574,797		$	281,078,905
Changes in Shares Outstanding
Shares outstanding, beginning of period			3,100,000			—			13,650,000			26,750,001
Shares created			10,350,000			3,100,001			6,400,000			1,450,000
Shares redeemed			(3,650,000)			(1)			(6,200,000)			(14,550,001)
Shares outstanding, end of period			9,800,000			3,100,000			13,850,000			13,650,000

Commencement of operations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ 50 Percent Hedged FTSE Europe ETF						IQ 50 Percent Hedged FTSE Japan ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	237,146		$	1,610,167		$	126,655		$	353,237
Net realized gain (loss)			91,434			16,992,674			151,489			3,162,537
Net change in net unrealized appreciation (depreciation)			(1,313,452)			(18,674,363)			(544,070)			(6,879,025)
Net increase (decrease) in net assets resulting from operations			(984,872)			(71,522)			(265,926)			(3,363,251)
Distributions to Shareholders			(236,012)			(417,662)			(181,753)			(545,585)
Capital Share Transactions
Proceeds from shares created			—			—			6,870,551			—
Cost of shares redeemed			—			(159,352,565)			(4,973,615)			(24,619,769)
Net increase (decrease) from capital share transactions			—			(159,352,565)			1,896,936			(24,619,769)
Total increase (decrease) in net assets			(1,220,884)			(159,841,749)			1,449,257			(28,528,605)
Net Assets
Beginning of year			8,895,462			168,737,211			6,217,878			34,746,483
End of year		$	7,674,578		$	8,895,462		$	7,667,135		$	6,217,878
Changes in Shares Outstanding
Shares outstanding, beginning of year			450,000			8,300,001			300,000			1,550,001
Shares created			—			—			350,000			—
Shares redeemed			—			(7,850,001)			(250,000)			(1,250,001)
Shares outstanding, end of year			450,000			450,000			400,000			300,000

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Candriam ESG International Equity ETF			IQ Candriam ESG U.S. Equity ETF
	For the Period December 17, 2019* to April 30, 2020			For the Period December 17, 2019* to April 30, 2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	142,981		$	39,607
Net realized gain (loss)			(47,615)			54,203
Net change in net unrealized appreciation (depreciation)			(340,084)			(263,052)
Net increase (decrease) in net assets resulting from operations			(244,718)			(169,242)
Distributions to Shareholders			(50,904)			(30,853)
Capital Share Transactions
Proceeds from shares created			46,491,761			10,070,844
Cost of shares redeemed			—			(3,837,002)
Net increase (decrease) from capital share transactions			46,491,761			6,233,842
Total increase (decrease) in net assets			46,196,139			6,033,747
Net Assets
Beginning of period			—			—
End of period		$	46,196,139		$	6,033,747
Changes in Shares Outstanding
Shares outstanding, beginning of period			—			—
Shares created			2,200,000			400,000
Shares redeemed			—			(150,000)
Shares outstanding, end of period			2,200,000			250,000

Commencement of operations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	IQ Chaikin U.S. Small Cap ETF						IQ Chaikin U.S. Large Cap ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income		$	2,395,386		$	4,480,736		$	6,114,254		$	7,182,766
Net realized gain (loss)			(38,685,566)			(25,832,825)			(43,036,686)			5,473,939
Net change in net unrealized appreciation (depreciation)			5,130,703			(4,926,146)			18,023,957			(10,090,415)
Net increase (decrease) in net assets resulting from operations			(31,159,477)			(26,278,235)			(18,898,475)			2,566,290
Distributions to Shareholders			(2,340,043)			(4,624,785)			(6,034,101)			(7,178,905)
Capital Share Transactions
Proceeds from shares created			4,615,525			94,020,959			168,898,124			609,684,554
Cost of shares redeemed			(216,562,479)			(179,909,783)			(201,747,345)			(646,660,428)
Net increase (decrease) from capital share transactions			(211,946,954)			(85,888,824)			(32,849,221)			(36,975,874)
Total increase (decrease) in net assets			(245,446,474)			(116,791,844)			(57,781,797)			(41,588,489)
Net Assets
Beginning of year			348,554,722			465,346,566			278,411,590			320,000,079
End of year		$	103,108,248		$	348,554,722		$	220,629,793		$	278,411,590
Changes in Shares Outstanding
Shares outstanding, beginning of year			13,550,000			17,150,001			11,250,000			12,650,001
Shares created			200,000			3,400,000			6,800,000			24,850,000
Shares redeemed			(8,600,000)			(7,000,001)			(8,000,000)			(26,250,001)
Shares outstanding, end of year			5,150,000			13,550,000			10,050,000			11,250,000

See notes to financial statements.

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Financial Highlights

Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Multi-Strategy Tracker ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	30.29		$	30.39		$	29.15		$	29.03		$	30.01
Income from Investment Operations
Net investment income(a)(b)			0.75			0.72			0.56			0.50			0.43
Net realized and unrealized gain (loss)			(1.04)			(0.27)			0.68			(0.38)			(1.30)
Distributions of net realized gains from investments in other investment companies			0.00(c)			—			0.00(c)			0.00(c)			0.03
Net increase (decrease) in net assets resulting from investment operations			(0.29)			0.45			1.24			0.12			(0.84)
Distributions from:
Net investment income			(0.59)			(0.55)			—			(0.00)(d)			(0.14)
Net asset value, end of year		$	29.41		$	30.29		$	30.39		$	29.15		$	29.03
Market price, end of year		$	29.34		$	30.28		$	30.38		$	29.15		$	29.06
Total Return
Total investment return based on net asset value(e)			(1.04)%			1.56%			4.24%			0.42%			(2.80)%
Total investment return based on market price(f)			(1.26)%			1.56%			4.22%			0.31%			(2.67)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	739,660		$	993,422		$	1,124,278		$	1,062,579		$	1,074,120
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.54%			0.54%			0.64%			0.76%			0.76%
Expenses excluding waivers/reimbursements(g)			0.76%			0.76%			0.76%			0.76%			0.76%
Net investment income (loss)(b)			2.49%			2.40%			1.87%			1.72%			1.48%
Portfolio turnover rate(h)			166%			137%			164%			285%			312%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

Greater than $(0.005) per share.

(e)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.

(f)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(g)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(h)

Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Macro Tracker ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	26.26		$	26.35		$	25.46		$	24.66		$	25.69
Income from Investment Operations
Net investment income(a)(b)			0.56			0.44			0.39			0.37			0.46
Net realized and unrealized gain (loss)			(0.94)			(0.25)			0.50			0.43			(1.27)
Distributions of net realized gains from investments in other investment companies			—			—			0.00(c)			0.00(c)			0.05
Net increase (decrease) in net assets resulting from investment operations			(0.38)			0.19			0.89			0.80			(0.76)
Distributions from:
Net investment income			(0.36)			(0.28)			—			—			(0.27)
Net asset value, end of year		$	25.52		$	26.26		$	26.35		$	25.46		$	24.66
Market price, end of year		$	25.36		$	26.24		$	26.34		$	25.44		$	24.80
Total Return
Total investment return based on net asset value(d)			(1.51)%			0.77%			3.50%			3.25%			(2.97)%
Total investment return based on market price(e)			(2.04)%			0.74%			3.54%			2.58%			(2.60)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	3,827		$	5,251		$	6,588		$	6,365		$	14,794
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.54%			0.76%			0.75%			0.76%			0.76%
Expenses excluding waivers/reimbursements(f)			0.76%			0.76%			0.75%			0.76%			0.76%
Net investment income (loss)(b)			2.13%			1.70%			1.47%			1.50%			1.86%
Portfolio turnover rate(g)			104%			82%			152%			68%			99%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(f)

(g)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Market Neutral Tracker ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	26.23		$	25.58		$	25.25		$	25.49		$	25.53
Income from Investment Operations
Net investment income(a)(b)			0.62			0.55			0.41			0.36			0.27
Net realized and unrealized gain (loss)			(0.76)			0.10			(0.08)			(0.25)			(0.33)
Distributions of net realized gains from investments in other investment companies			—			—			—			0.00(c)			0.02
Net increase (decrease) in net assets resulting from investment operations			(0.14)			0.65			0.33			0.11			(0.04)
Distributions from:
Net investment income			(0.44)			—			—			(0.35)			—
Net asset value, end of year		$	25.65		$	26.23		$	25.58		$	25.25		$	25.49
Market price, end of year		$	25.63		$	26.23		$	25.58		$	25.25		$	25.43
Total Return
Total investment return based on net asset value(d)			(0.62)%			2.56%			1.29%			0.44%			(0.15)%
Total investment return based on market price(e)			(0.69)%			2.54%			1.31%			0.67%			0.27%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	17,956		$	15,741		$	12,790		$	11,364		$	15,294
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.53%			0.76%			0.76%			0.76%			0.76%
Expenses excluding waivers/reimbursements(f)			0.76%			0.76%			0.76%			0.76%			0.76%
Net investment income (loss)(b)			2.36%			2.15%			1.61%			1.40%			1.09%
Portfolio turnover rate(g)			77%			107%			165%			99%			135%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(f)

(g)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Long/Short Tracker ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	21.53		$	21.91		$	20.36		$	18.88		$	19.93
Income from Investment Operations
Net investment income(a)(b)			0.51			0.44			0.41			0.35			0.41
Net realized and unrealized gain (loss)			(0.29)			0.13			1.22			1.19			(1.10)
Distributions of net realized gains from investments in other investment companies			—			—			0.00(c)			0.00(c)			—
Net increase (decrease) in net assets resulting from investment operations			0.22			0.57			1.63			1.54			(0.69)
Distributions from:
Net investment income			(0.35)			(0.95)			(0.08)			(0.06)			(0.36)
Net asset value, end of year		$	21.40		$	21.53		$	21.91		$	20.36		$	18.88
Market price, end of year		$	21.52		$	21.54		$	21.93		$	20.34		$	18.72
Total Return
Total investment return based on net asset value(d)			0.93%			3.07%			8.02%			8.18%			(3.46)%
Total investment return based on market price(e)			1.46%			2.91%			8.23%			8.98%			(8.23)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	10,699		$	6,459		$	8,764		$	4,072		$	1,888
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.51%			0.76%			0.76%			0.77%			0.76%
Expenses excluding waivers/reimbursements(f)			0.76%			0.76%			0.76%			0.77%			0.76%
Net investment income (loss)(b)			2.35%			2.06%			1.89%			1.78%			2.15%
Portfolio turnover rate(g)			136%			95%			77%			147%			94%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(f)

(g)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Event-Driven Tracker ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	21.26		$	20.93		$	20.59		$	19.40		$	20.01
Income from Investment Operations
Net investment income(a)(b)			0.73			0.74			0.55			0.56			0.54
Net realized and unrealized gain (loss)			(0.66)			0.46			0.26			1.09			(1.03)
Distributions of net realized gains from investments in other investment companies			—			—			—			0.00(c)			0.23
Net increase (decrease) in net assets resulting from investment operations			0.07			1.20			0.81			1.65			(0.26)
Distributions from:
Net investment income			(0.45)			(0.87)			(0.47)			(0.46)			(0.35)
Net asset value, end of year		$	20.88		$	21.26		$	20.93		$	20.59		$	19.40
Market price, end of year		$	20.86		$	21.27		$	20.93		$	20.59		$	19.43
Total Return
Total investment return based on net asset value(d)			0.25%			6.12%			3.93%			8.58%			(1.26)%
Total investment return based on market price(e)			0.11%			6.13%			3.94%			8.44%			(1.04)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	8,354		$	4,253		$	3,139		$	3,088		$	1,940
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.50%			0.76%			0.76%			0.76%			0.79%
Expenses excluding waivers/reimbursements(f)			0.76%			0.76%			0.76%			0.76%			0.79%
Net investment income (loss)(b)			3.48%			3.54%			2.64%			2.80%			2.81%
Portfolio turnover rate(g)			77%			34%			41%			68%			16%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(f)

(g)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Real Return ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	27.83		$	27.47		$	27.25		$	26.73		$	26.70
Income from Investment Operations
Net investment income(a)(b)			0.54			0.49			0.30			0.22			0.09
Net realized and unrealized gain (loss)			(0.84)			0.22			0.21			0.30			(0.06)
Distributions of net realized gains from investments in other investment companies			0.00(c)			—			0.00(c)			0.00(c)			—
Net increase (decrease) in net assets resulting from investment operations			(0.30)			0.71			0.51			0.52			0.03
Distributions from:
Net investment income			(0.59)			(0.35)			(0.29)			—			(0.00)(d)
Net asset value, end of year		$	26.94		$	27.83		$	27.47		$	27.25		$	26.73
Market price, end of year		$	26.86		$	27.80		$	27.47		$	27.27		$	26.72
Total Return
Total investment return based on net asset value(e)			(1.13)%			2.64%			1.89%			1.94%			0.11%
Total investment return based on market price(f)			(1.33)%			2.53%			1.81%			2.06%			(0.32)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	51,188		$	57,046		$	45,319		$	28,608		$	26,727
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.21%			0.37%			0.49%			0.49%			0.49%
Expenses excluding waivers/reimbursements(g)			0.49%			0.49%			0.49%			0.49%			0.49%
Net investment income (loss)(b)			1.95%			1.77%			1.10%			0.82%			0.33%
Portfolio turnover rate(h)			68%			97%			101%			71%			109%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

Greater than $(0.005) per share.

(e)

(f)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(g)

(h)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Leaders GTAA Tracker ETF
	For the Year Ended April 30,												For the Period September 30, 2015(a) to April 30, 2016
	2020			2019			2018			2017			For the Period September 30, 2015(a) to April 30, 2016
Net asset value, beginning of period		$	24.26		$	24.13		$	22.83		$	20.96		$	20.00
Income from Investment Operations
Net investment income(b)(c)			0.83			0.66			0.58			0.48			0.26
Net realized and unrealized gain (loss)			(2.58)			0.20			1.32			1.80			0.78
Distributions of net realized gains from investments in other investment companies			—			—			0.00(d)			0.00(d)			0.06
Net increase (decrease) in net assets resulting from investment operations			(1.75)			0.86			1.90			2.28			1.10
Distributions from:
Net investment income			(0.93)			(0.73)			(0.60)			(0.41)			(0.14)
Net asset value, end of period		$	21.58		$	24.26		$	24.13		$	22.83		$	20.96
Market price, end of period		$	21.56		$	24.24		$	24.14		$	22.84		$	20.21
Total Return
Total investment return based on net asset value(e)			(7.32)%			3.74%			8.43%			10.99%			5.50%
Total investment return based on market price(f)			(7.31)%			3.61%			8.40%			15.18%			1.72%(g)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	11,870		$	43,675		$	49,473		$	34,240		$	2,096
Ratio to average net assets of:
Expenses net of waivers/reimbursements(h)			0.23%			0.37%			0.46%			0.46%			0.46%(i)
Expenses excluding waivers/reimbursements(h)			0.46%			0.46%			—%			—%			—%(i)
Net investment income (loss)(c)			3.43%			2.80%			2.43%			2.23%			2.18%(i)
Portfolio turnover rate(j)			149%			174%			145%			105%			116%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

Less than $0.005 per share.

(e)

(f)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(g)

Since the Shares of the Funds did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(h)

(i)

Annualized.

(j)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Enhanced Core Plus Bond U.S. ETF
	For the Year Ended April 30,									For the Period May 10, 2016(a) to April 30, 2017
	2020			2019			2018			For the Period May 10, 2016(a) to April 30, 2017
Net asset value, beginning of period		$	19.20		$	19.09		$	19.98		$	20.00
Income from Investment Operations
Net investment income(b)(c)			0.57			0.57			0.61			0.53
Net realized and unrealized gain (loss)			0.78			0.10			(0.88)			(0.03)
Distributions of net realized gains from investments in other investment companies			—			—			—			0.01
Net increase (decrease) in net assets resulting from investment operations			1.35			0.67			(0.27)			0.51
Distributions from:
Net investment income			(0.55)			(0.56)			(0.62)			(0.53)
Net asset value, end of period		$	20.00		$	19.20		$	19.09		$	19.98
Market price, end of period		$	20.00		$	19.18		$	19.07		$	19.99
Total Return
Total investment return based on net asset value(d)			7.11%			3.63%			(1.44)%			2.57%
Total investment return based on market price(e)			7.24%			3.59%			(1.56)%			2.61%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	68,992		$	156,494		$	333,990		$	230,787
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.21%			0.21%			0.21%			0.20%(h)
Expenses excluding waivers/reimbursements(g)			0.26%			0.26%			0.26%			0.25%(h)
Net investment income (loss)(c)			2.90%			2.99%			3.09%			2.73%(h)
Portfolio turnover rate(i)			291%			411%			269%			147%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices.

(f)

(g)

(h)

Annualized.

(i)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Short Duration Enhanced Core Bond U.S. ETF
	For the Year Ended April 30, 2020			For the Period December 18, 2018(a) to April 30, 2019
Net asset value, beginning of period		$	25.37		$	25.02
Income from Investment Operations
Net investment income(b)(c)			0.72			0.20
Net realized and unrealized gain (loss)			(1.07)			0.36
Distributions of net realized gains from investments in other investment companies			0.00(d)			—
Net increase (decrease) in net assets resulting from investment operations			(0.35)			0.56
Distributions from:
Net investment income			(0.70)			(0.21)
Net asset value, end of period		$	24.32		$	25.37
Market price, end of period		$	24.32		$	25.36
Total Return
Total investment return based on net asset value(e)			(1.43)%			2.23%
Total investment return based on market price(f)			(1.42)%			2.20%(g)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	4,865		$	3,805
Ratio to average net assets of:
Expenses net of waivers/reimbursements(h)			0.20%			0.20%(i)
Expenses excluding waivers/reimbursements(h)			0.21%			0.23%(i)
Net investment income (loss)(c)			2.82%			2.13%(i)
Portfolio turnover rate(j)			127%			78%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

Less than $0.005 per share.

(e)

(f)

The market price returns are calculated using the mean between the last bid and ask prices.

(g)

(h)

(i)

Annualized.

(j)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ S&P High Yield Low Volatility Bond ETF
	For the Year Ended April 30,									For the Period February 15, 2017(a) to April 30, 2017
	2020			2019			2018			For the Period February 15, 2017(a) to April 30, 2017
Net asset value, beginning of period		$	24.76		$	24.36		$	25.20		$	25.00
Income from Investment Operations
Net investment income(b)(c)			1.01			1.07			0.99			0.20
Net realized and unrealized gain (loss)			(0.81)			0.41			(0.88)			0.10
Net increase (decrease) in net assets resulting from investment operations			0.20			1.48			0.11			0.30
Distributions from:
Net investment income			(1.10)			(1.08)			(0.95)			(0.10)
Net asset value, end of period		$	23.86		$	24.76		$	24.36		$	25.20
Market price, end of period		$	24.03		$	24.78		$	24.32		$	25.34
Total Return
Total investment return based on net asset value(d)			0.71%			6.31%			0.39%			1.40%
Total investment return based on market price(e)			1.34%			6.56%			(0.36)%			1.93%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	51,295		$	65,626		$	107,192		$	49,145
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.40%			0.40%			0.40%			0.40%(h)
Expenses excluding waivers/reimbursements(g)			0.41%			0.41%			0.41%			0.41%(h)
Net investment income (loss)(c)			4.04%			4.42%			3.97%			4.05%(h)
Portfolio turnover rate(i)			105%			83%			75%			15%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices.

(f)

(g)

(h)

Annualized.

(i)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Merger Arbitrage ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	31.50		$	30.72		$	30.21		$	28.44		$	28.92
Income from Investment Operations
Net investment income(a)(b)			0.14			0.07			0.10			0.24(c)			0.02
Net realized and unrealized gain (loss)			(0.11)			0.71			0.41(d)			1.59			(0.25)
Distributions of net realized gains from investments in other investment companies			0.00(e)			—			—			—			—
Net increase (decrease) in net assets resulting from investment operations			0.03			0.78			0.51			1.83			(0.23)
Distributions from:
Net investment income			—			—			—			(0.06)			(0.25)
Net asset value, end of year		$	31.53		$	31.50		$	30.72		$	30.21		$	28.44
Market price, end of year		$	31.45		$	31.48		$	30.75		$	30.27		$	28.51
Total Return
Total investment return based on net asset value(f)			0.10%			2.52%			1.69%			6.45%			(0.79)%
Total investment return based on market price(g)			(0.10)%			2.37%			1.59%			6.39%			(0.73)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	723,582		$	985,800		$	525,386		$	188,833		$	139,367
Ratio to average net assets of:
Expenses(h)			0.76%			0.76%			0.76%			0.76%			0.76%
Net investment income (loss)(b)			0.42%			0.21%			0.34%			0.82%(c)			0.09%
Portfolio turnover rate(i)			308%			337%			329%			268%			272%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Net investment income per share and ratio of net investment income to average net assets include a special cash dividend received of $0.14 per share owned of Calsonic Kansei Corp. on February 17, 2017. Net investment income per share and the net investment income to average net assets excluding the special dividend are $0.10 and 0.34% respectively.

(d)

Calculation of the net realized and unrealized gain (loss) per share does not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.

(e)

Less than $0.005 per share.

(f)

(g)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(h)

(i)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Global Resources ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	26.97		$	27.76		$	25.82		$	24.70		$	27.18
Income from Investment Operations
Net investment income(a)(b)			0.66			0.65			0.68			0.33			0.56
Net realized and unrealized gain (loss)			(3.00)			(1.24)			1.26			0.89			(2.48)
Distributions of net realized gains from investments in other investment companies			0.00(c)			—			—			—			—
Net increase (decrease) in net assets resulting from investment operations			(2.34)			(0.59)			1.94			1.22			(1.92)
Distributions from:
Net investment income			(0.47)			(0.20)			—			(0.10)			(0.56)
Net asset value, end of year		$	24.16		$	26.97		$	27.76		$	25.82		$	24.70
Market price, end of year		$	23.99		$	27.06		$	27.65		$	25.95		$	24.78
Total Return
Total investment return based on net asset value(d)			(8.89)%			(2.08)%			7.50%			4.94%			(6.71)%(e)
Total investment return based on market price(f)			(9.81)%			(1.38)%			6.55%			5.13%			(6.41)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	22,948		$	175,312		$	238,712		$	179,450		$	67,924
Ratio to average net assets of:
Expenses(g)			0.76%			0.76%			0.76%			0.75%			0.76%
Net investment income (loss)(b)			2.48%			2.37%			2.51%			1.29%			2.39%
Portfolio turnover rate(h)			100%			132%			235%			199%			325%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

(e)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(g)

(h)

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Global Agribusiness Small Cap ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	32.88		$	33.92		$	32.99		$	30.12		$	27.26
Income from Investment Operations
Net investment income(a)(b)			0.65			0.33			0.27			0.31			0.41
Net realized and unrealized gain (loss)			(4.66)			(1.09)			0.97			2.94			2.82
Net increase (decrease) in net assets resulting from investment operations			(4.01)			(0.76)			1.24			3.25			3.23
Distributions from:
Net investment income			(0.37)			(0.28)			(0.31)			(0.38)			(0.37)
Net asset value, end of year		$	28.50		$	32.88		$	33.92		$	32.99		$	30.12
Market price, end of year		$	28.21		$	32.84		$	33.84		$	33.05		$	29.52
Total Return
Total investment return based on net asset value(c)			(12.34)%			(2.16)%			3.75%			10.86%			11.93%
Total investment return based on market price(d)			(13.12)%			(2.04)%			3.30%			13.32%			9.66%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	7,125		$	9,864		$	11,873		$	13,195		$	12,047
Ratio to average net assets of:
Expenses(e)			0.76%			0.76%			0.76%			0.76%			0.76%
Net investment income (loss)(b)			2.07%			1.04%			0.79%			0.99%			1.48%
Portfolio turnover rate(f)			19%			32%			11%			35%			31%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

(d)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(e)

(f)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ U.S. Real Estate Small Cap ETF
	For the Year Ended April 30,
	2020			2019			2018			2017			2016
Net asset value, beginning of year		$	25.13		$	24.14		$	27.14		$	25.14		$	26.77
Income from Investment Operations
Net investment income(a)(b)			0.66			0.79			0.88			0.71			0.90
Net realized and unrealized gain (loss)			(7.16)			1.81			(2.53)			2.88			(1.09)
Distributions of net realized gains from investments in other investment companies			—			—			—			0.00(c)			—
Net increase (decrease) in net assets resulting from investment operations			(6.50)			2.60			(1.65)			3.59			(0.19)
Distributions from:
Net investment income			(0.62)			(0.78)			(0.85)			(0.71)			(0.88)
Return of capital			(0.69)			(0.83)			(0.50)			(0.88)			(0.56)
Total distributions from net investment income and return of capital			(1.31)			(1.61)			(1.35)			(1.59)			(1.44)
Net asset value, end of year		$	17.32		$	25.13		$	24.14		$	27.14		$	25.14
Market price, end of year		$	17.30		$	25.12		$	24.12		$	27.15		$	25.10
Total Return
Total investment return based on net asset value(d)			(27.15)%			11.16%			(6.37)%			14.60%			(0.51)%
Total investment return based on market price(e)			(27.21)%			11.24%			(6.49)%			14.79%			(0.83)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	40,702		$	71,615		$	82,089		$	114,001		$	76,663
Ratio to average net assets of:
Expenses(f)			0.70%			0.70%			0.70%			0.70%			0.70%
Net investment income (loss)(b)			2.72%			3.11%			3.36%			2.64%			3.62%
Portfolio turnover rate(g)			26%			26%			27%			28%			28%

(a)

Based on average shares outstanding.

(b)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(c)

Less than $0.005 per share.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(f)

(g)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ 500 International ETF
	For the Year Ended April 30, 2020			For the Period December 13, 2018(a) to April 30, 2019
Net asset value, beginning of period		$	27.64		$	25.50
Income from Investment Operations
Net investment income(b)(c)			0.72			0.39
Net realized and unrealized gain (loss)			(5.40)			1.77
Net increase (decrease) in net assets resulting from investment operations			(4.68)			2.16
Distributions from:
Net investment income			(0.67)			(0.02)
Net asset value, end of period		$	22.29		$	27.64
Market price, end of period		$	22.10		$	27.65
Total Return
Total investment return based on net asset value(d)			(17.33)%			8.47%
Total investment return based on market price(e)			(18.07)%			8.52%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	218,451		$	85,675
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.25%			0.25%(g)
Expenses excluding waivers/reimbursements(f)			0.26%			0.26%(g)
Net investment income (loss)(c)			2.81%			3.90%(g)
Portfolio turnover rate(h)			13%			0%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices.

(f)

(g)

Annualized.

(h)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ 50 Percent Hedged FTSE International ETF
	For the Year Ended April 30,												For the Period July 22, 2015(a) to April 30, 2016
	2020			2019			2018			2017			For the Period July 22, 2015(a) to April 30, 2016
Net asset value, beginning of period		$	20.59		$	21.63		$	19.68		$	17.68		$	19.94
Income from Investment Operations
Net investment income(b)(c)			0.56			0.62			0.60			0.46			0.37
Net realized and unrealized gain (loss)			(2.51)			(0.77)			1.89			2.18			(2.42)
Net increase (decrease) in net assets resulting from investment operations			(1.95)			(0.15)			2.49			2.64			(2.05)
Distributions from:
Net investment income			(0.62)			(0.70)			(0.54)			(0.44)			(0.21)
Net realized gain			—			(0.19)			0.00(d)			(0.20)			—
Total distributions from net investment income and realized gains			(0.62)			(0.89)			(0.54)			(0.64)			(0.21)
Net asset value, end of period		$	18.02		$	20.59		$	21.63		$	19.68		$	17.68
Market price, end of period		$	17.83		$	20.65		$	21.60		$	19.75		$	17.59
Total Return
Total investment return based on net asset value(e)			(9.74)%			(0.42)%			12.84%			15.29%			(10.33)%
Total investment return based on market price(f)			(10.94)%			(0.03)%			12.28%			16.28%			(10.77)%(g)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	249,575		$	281,079		$	578,517		$	208,595		$	76,010
Ratio to average net assets of:
Expenses net of waivers/reimbursements(h)			0.20%			0.20%			0.22%			0.36%			0.36%(i)
Expenses excluding waivers/reimbursements(h)			0.36%			0.36%			0.36%			0.36%			0.36%(i)
Net investment income (loss)(c)			2.78%			3.03%			2.87%			2.55%			2.71%(i)
Portfolio turnover rate(j)			8%			13%			10%			8%			7%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

Less than $0.005 per share.

(e)

(f)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(g)

(h)

(i)

Annualized.

(j)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ 50 Percent Hedged FTSE Europe ETF
	For the Year Ended April 30,												For the Period July 22, 2015(a) to April 30, 2016
	2020			2019			2018			2017			For the Period July 22, 2015(a) to April 30, 2016
Net asset value, beginning of period		$	19.77		$	20.33		$	18.82		$	17.63		$	19.90
Income from Investment Operations
Net investment income(b)(c)			0.53			1.37			0.53			0.62			0.36
Net realized and unrealized gain (loss)			(2.73)			(1.15)			1.43			1.96			(2.41)
Net increase (decrease) in net assets resulting from investment operations			(2.20)			0.22			1.96			2.58			(2.05)
Distributions from:
Net investment income			(0.52)			(0.78)			(0.45)			(0.63)			(0.22)
Net realized gain			—			—			—			(0.76)			—
Total distributions from net investment income and realized gains			(0.52)			(0.78)			(0.45)			(1.39)			(0.22)
Net asset value, end of period		$	17.05		$	19.77		$	20.33		$	18.82		$	17.63
Market price, end of period		$	17.02		$	19.77		$	20.24		$	18.90		$	17.82
Total Return
Total investment return based on net asset value(d)			(11.46)%			1.45%			10.58%			15.48%			(10.33)%
Total investment return based on market price(e)			(11.64)%			1.90%			9.59%			14.78%			(9.38)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	7,675		$	8,895		$	168,737		$	81,845		$	46,724
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.30%			0.30%			0.32%			0.46%			0.46%(h)
Expenses excluding waivers/reimbursements(g)			0.46%			0.47%			0.46%			0.46%			0.46%(h)
Net investment income (loss)(c)			2.72%			6.74%			2.68%			3.52%			2.65%(h)
Portfolio turnover rate(i)			6%			10%			10%			14%			10%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(f)

(g)

(h)

Annualized.

(i)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ 50 Percent Hedged FTSE Japan ETF
	For the Year Ended April 30,												For the Period July 22, 2015(a) to April 30, 2016
	2020			2019			2018			2017			For the Period July 22, 2015(a) to April 30, 2016
Net asset value, beginning of period		$	20.73		$	22.42		$	19.13		$	17.33		$	20.16
Income from Investment Operations
Net investment income(b)(c)			0.49			0.30			0.34			0.27			0.27
Net realized and unrealized gain (loss)			(1.32)			(1.64)			3.30			1.95			(3.10)
Net increase (decrease) in net assets resulting from investment operations			(0.83)			(1.34)			3.64			2.22			(2.83)
Distributions from:
Net investment income			(0.73)			(0.35)			(0.35)			(0.42)			—
Net asset value, end of period		$	19.17		$	20.73		$	22.42		$	19.13		$	17.33
Market price, end of period		$	18.90		$	20.67		$	22.30		$	19.16		$	17.83
Total Return
Total investment return based on net asset value(d)			(4.20)%			(5.96)%			19.11%			13.18%			(14.05)%
Total investment return based on market price(e)			(5.25)%			(5.71)%			18.29%			10.17%			(11.56)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	7,667		$	6,218		$	34,746		$	27,740		$	25,125
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.30%			0.30%			0.33%			0.46%			0.46%(h)
Expenses excluding waivers/reimbursements(g)			0.46%			0.46%			0.46%			0.46%			0.46%(h)
Net investment income (loss)(c)			2.41%			1.39%			1.61%			1.53%			1.85%(h)
Portfolio turnover rate(i)			7%			7%			6%			15%			11%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices. Prior to May 31, 2016, the closing price listed on the NYSE Arca was used.

(f)

(g)

(h)

Annualized.

(i)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Candriam ESG International Equity ETF
	For the Period December 17, 2019(a) to April 30, 2020
Net asset value, beginning of period		$	25.19
Income from Investment Operations
Net investment income(b)(c)			0.26
Net realized and unrealized gain (loss)			(4.34)
Net increase (decrease) in net assets resulting from investment operations			(4.08)
Distributions from:
Net investment income			(0.11)
Net asset value, end of period		$	21.00
Market price, end of period		$	20.87
Total Return
Total investment return based on net asset value(d)			(16.18)%
Total investment return based on market price(e)			(16.68)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	46,196
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.15%(h)
Expenses excluding waivers/reimbursements(g)			0.16%(h)
Net investment income (loss)(c)			3.20%(h)
Portfolio turnover rate(i)			3%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices.

(f)

(g)

(h)

Annualized.

(i)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Candriam ESG U.S. Equity ETF
	For the Period December 17, 2019(a) to April 30, 2020
Net asset value, beginning of period		$	25.18
Income from Investment Operations
Net investment income(b)(c)			0.15
Net realized and unrealized gain (loss)			(1.08)
Net increase (decrease) in net assets resulting from investment operations			(0.93)
Distributions from:
Net investment income			(0.12)
Net asset value, end of period		$	24.13
Market price, end of period		$	24.12
Total Return
Total investment return based on net asset value(d)			(3.59)%
Total investment return based on market price(e)			(3.64)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	6,034
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.09%(h)
Expenses excluding waivers/reimbursements(g)			0.11%(h)
Net investment income (loss)(c)			1.67%(h)
Portfolio turnover rate(i)			12%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices.

(f)

(g)

(h)

Annualized.

(i)

See notes to financial statements.

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Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Chaikin U.S. Small Cap ETF
	For the Year Ended April 30,						For the Period May 16, 2017(a) to April 30, 2018
	2020			2019			For the Period May 16, 2017(a) to April 30, 2018
Net asset value, beginning of period		$	25.72		$	27.13		$	25.16
Income from Investment Operations
Net investment income(b)(c)			0.28			0.27			0.16
Net realized and unrealized gain (loss)			(5.72)			(1.39)			1.93
Net increase (decrease) in net assets resulting from investment operations			(5.44)			(1.12)			2.09
Distributions from:
Net investment income			(0.26)			(0.29)			(0.12)
Net asset value, end of period		$	20.02		$	25.72		$	27.13
Market price, end of period		$	20.02		$	25.72		$	27.14
Total Return
Total investment return based on net asset value(d)			(21.35)%			(4.10)%			8.33%
Total investment return based on market price(e)			(21.34)%			(4.14)%			8.36%(f)
Ratios/Supplemental Data
Net assets, end of period (000's omitted)		$	103,108		$	348,555		$	465,347
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.35%			0.35%			0.35%(h)
Expenses excluding waivers/reimbursements(g)			0.36%			0.36%			0.36%(h)
Net investment income (loss)(c)			1.14%			1.01%			0.61%(h)
Portfolio turnover rate(i)			43%			57%			106%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

The market price returns are calculated using the mean between the last bid and ask prices.

(f)

Since the Shares of the Funds did not trade in the secondary market until the day after the Fund's inception, for the period from the inception to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(g)

(h)

Annualized.

(i)

Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

See notes to financial statements.

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Selected Data for a Share of Capital Stock Outstanding

	IQ Chaikin U.S. Large Cap ETF
	For the Year Ended April 30,						For the Period December 13, 2017(a) to April 30, 2018
	2020			2019			For the Period December 13, 2017(a) to April 30, 2018
Net asset value, beginning of period		$	24.75		$	25.30		$	25.05
Income from Investment Operations
Net investment income(b)(c)			0.58			0.48			0.15
Net realized and unrealized gain (loss			(2.80)			(0.53)			0.18(d)
Net increase (decrease) in net assets resulting from investment operations			(2.22)			(0.05)			0.33
Distributions from:
Net investment income			(0.58)			(0.50)			(0.08)
Net asset value, end of period		$	21.95		$	24.75		$	25.30
Market price, end of period		$	21.92		$	24.75		$	25.30
Total Return
Total investment return based on net asset value(e)			(9.04)%			(0.13)%			1.31%
Total investment return based on market price(f)			(9.18)%			(0.13)%			1.32%(g)
Ratios/Supplemental Data
Net assets, end of period (000's omitted)		$	220,630		$	278,412		$	320,000
Ratio to average net assets of:
Expenses net of waivers/reimbursements(h)			0.25%			0.25%			0.25%(i)
Expenses excluding waivers/reimbursements(h)			0.26%			0.26%			0.26%(i)
Net investment income (loss)(c)			2.35%			1.97%			1.59%(i)
Portfolio turnover rate(j)			58%			52%			94%

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)

(f)

The market price returns are calculated using the mean between the last bid and ask prices.

(g)

(h)

(i)

Annualized.

(j)

See notes to financial statements.

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1. ORGANIZATION

IndexIQ ETF Trust (the “Trust”) was organized as a Delaware statutory trust on July 1, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end, management investment company, as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is currently comprised of twenty-two operational funds (collectively, the “Funds” and each individually, a “Fund”). The Funds are exchange-traded funds (“ETFs”), whose shares are listed on a stock exchange and traded like equity securities at market prices.

Investors may find the financial statements of any issuer whose securities represent a significant amount of the Fund’s assets on the SEC’s website (www.sec.gov).

Funds	Diversification Policy	Commencement of Operations Date
IQ Hedge Multi-Strategy Tracker ETF*	Diversified	March 25, 2009
IQ Hedge Macro Tracker ETF*	Diversified	June 9, 2009
IQ Hedge Market Neutral Tracker ETF*	Diversified	October 4, 2012
IQ Hedge Long/Short Tracker ETF*	Diversified	March 24, 2015
IQ Hedge Event-Driven Tracker ETF*	Diversified	March 24, 2015
IQ Real Return ETF*	Diversified	October 27, 2009
IQ Leaders GTAA Tracker ETF*	Diversified	September 30, 2015
IQ Enhanced Core Plus Bond U.S. ETF*	Diversified	May 10, 2016
IQ Short Duration Enhanced Core Bond U.S. ETF*	Diversified	December 18, 2018
IQ S&P High Yield Low Volatility Bond ETF	Diversified	February 15, 2017
IQ Merger Arbitrage ETF	Non-diversified	November 17, 2009
IQ Global Resources ETF	Non-diversified	October 27, 2009
IQ Global Agribusiness Small Cap ETF	Non-diversified	March 22, 2011
IQ U.S. Real Estate Small Cap ETF	Non-diversified	June 14, 2011
IQ 500 International ETF	Diversified	December 13, 2018
IQ 50 Percent Hedged FTSE International ETF	Diversified	July 22, 2015
IQ 50 Percent Hedged FTSE Europe ETF	Diversified	July 22, 2015
IQ 50 Percent Hedged FTSE Japan ETF	Diversified	July 22, 2015
IQ Candriam ESG International Equity ETF	Diversified	December 17, 2019
IQ Candriam ESG U.S. Equity ETF	Diversified	December 17, 2019
IQ Chaikin U.S. Small Cap ETF	Diversified	May 16, 2017
IQ Chaikin U.S. Large Cap ETF	Diversified	December 13, 2017

Funds are “fund of funds”, meaning that they seek to achieve their investment objective by investing primarily in underlying funds, including ETFs, exchange-traded notes (“ETNs”), and other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange traded commodity pools (“ETVs”). Such ETFs, ETVs and ETNs are referred to collectively as exchange-traded products (“ETPs”).

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Each Fund’s investment objective is to seek daily investment results, before fees and expenses that correspond to the performance of a particular index (the “Underlying Index”). The underlying indices for the Funds are listed below:

	Fund			Underlying Index
	IQ Hedge Multi-Strategy Tracker ETF			IQ Hedge Multi-Strategy Index
	IQ Hedge Macro Tracker ETF			IQ Hedge Macro Index
	IQ Hedge Market Neutral Tracker ETF			IQ Hedge Market Neutral Index
	IQ Hedge Long/Short Tracker ETF			IQ Hedge Long/Short Index
	IQ Hedge Event-Driven Tracker ETF			IQ Hedge Event-Driven Index
	IQ Real Return ETF			IQ Real Return Index
	IQ Leaders GTAA Tracker ETF			IQ Leaders GTAA Index
	IQ Enhanced Core Plus Bond U.S. ETF			IQ Enhanced Core Plus Bond U.S. Index
	IQ Short Duration Enhanced Core Bond U.S. ETF			IQ Short Duration Enhanced Core Bond U.S. Index
	IQ S&P High Yield Low Volatility Bond ETF			S&P U.S. High Yield Low Volatility Corporate Bond Index
	IQ Merger Arbitrage ETF			IQ Merger Arbitrage Index
	IQ Global Resources ETF			IQ Global Resources Index
	IQ Global Agribusiness Small Cap ETF			IQ Global Agribusiness Small Cap Index
	IQ U.S. Real Estate Small Cap ETF			IQ U.S. Real Estate Small Cap Index
	IQ 500 International ETF			IQ 500 International Index
	IQ 50 Percent Hedged FTSE International ETF			FTSE Developed ex North America 50% Hedged to USD Index
	IQ 50 Percent Hedged FTSE Europe ETF			FTSE Developed Europe 50% Hedged to USD Index
	IQ 50 Percent Hedged FTSE Japan ETF			FTSE Japan 50% Hedged to USD Index
	IQ Candriam ESG International Equity ETF			IQ Candriam ESG International Equity Index
	IQ Candriam ESG U.S. Equity ETF			IQ Candriam ESG US Equity Index
	IQ Chaikin U.S. Small Cap ETF			NASDAQ Chaikin Power U.S. Small Cap Index
	IQ Chaikin U.S. Large Cap ETF			NASDAQ Chaikin Power U.S. Large Cap Index

2. SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. Each Fund prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

Use of Estimates

IndexIQ Advisors LLC (the “Advisor”) makes certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

Indemnification

In the normal course of business, the Funds may enter into contracts that contain a variety of representations and warranties that may provide general indemnifications for certain liabilities. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. The Advisor believes that the risk of loss in connection with these potential indemnification obligations is remote.

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However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Funds.

Investment Valuation

Each Fund issues and redeems shares on a continuous basis at Net Asset Value (“NAV”) only in large blocks of shares called “Creation Units.” A Creation Unit consists of 50,000 shares. The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the Fund’s listed exchange is open for trading. The NAV of the shares of each Fund will be equal to each Fund’s total assets minus each Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places. The consideration for purchase of a Creation Unit of shares of each Fund generally consists of a basket of securities and/or cash that the Fund specifies each day.

In calculating NAV, each Fund’s investments are valued using market quotations when available. Equity securities are generally valued at the closing price of the security on the security’s primary exchange. The primary exchanges for a fund’s foreign equity securities may close for trading at various times prior to close of regular trading on the New York Stock Exchange Arca, and the value of such securities used in computing the Fund’s NAV are generally determined as of such times.

A fund typically values fixed-income portfolio securities using last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots often trade at different prices that may be above or below the price at which the pricing service has valued the security. Amortized cost is used as the method of valuation with respect to debt obligations with sixty days or less remaining to maturity unless the Advisor determines in good faith that such method does not represent fair value.

A swap on an exchange-listed security or securities is valued based on the last reported sale price of the swap’s underlying security or securities on the exchange where the security or securities is primarily traded, or if no sale price is available, at the mid-price of the security or securities underlying the swap on the exchange where the security is primarily traded. A swap on an index is valued based on the publicly available index price. The index price, in turn, is determined by the applicable index calculation agent, which generally values the securities underlying the index at the last reported sale price.

Over-the-counter (“OTC”) traded financial Instruments, forward foreign currency contracts and currency-related derivatives, are normally valued on the basis of quotes obtained from a third party broker-dealer who makes markets in such securities or on the basis of quotes obtained from an independent third-party pricing service. At April 30, 2020 there were no open OTC-traded options.

If a fund invests in open-end management investment companies (other than ETFs) registered under the 1940 Act, it may rely on the NAVs of those companies to value the shares they hold of them. Those companies may also use fair value pricing under some circumstances.

When market quotations or prices are not readily available or are deemed unreliable or not representative of an investment’s fair value, investments are valued using fair value pricing as determined in good faith by the Advisor, under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Funds’ assets and liabilities) rests with the Advisor. The Advisor may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of liquidity or other reason, if a market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, or if the trading market on which a security is listed is suspended or closed and no

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appropriate alternative trading market is available. The frequency with which a fund’s investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the Fund invests pursuant to its investment objective, strategies and limitations.

A fund may sweep uninvested cash balances into a money market fund, either the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares or the BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class. The Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares and the BlackRock Liquidity Funds Treasury Trust Fund Portfolio seek as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares and the BlackRock Liquidity Funds Treasury Trust Fund Portfolio have no redemption restriction and are valued at the daily NAV.

Under normal conditions, each Fund invests cash collateral from securities lending activities into the Dreyfus Government Cash Management Fund, Institutional Shares. The Dreyfus Government Cash Management Fund’s investment objective is to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Government Cash Management Fund has no redemption restrictions and is valued at the daily NAV.

Fair Value Measurement

Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the following hierarchy:

•

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

•

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

•

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The availability of observable inputs can vary from security to security and are affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. With respect to the valuation of Level 3 securities, the Advisor may employ a market-based valuation approach which may use related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Advisor may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Advisor representatives meet regularly to review and discuss the appropriateness of such fair values using more current information, such as recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events.

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All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund’s investments at April 30, 2020 is disclosed at the end of each Fund’s Schedule of Investments.

Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included on the Statements of Operations within net change in unrealized appreciation/depreciation on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

Foreign securities and instruments are valued in their local currency following the methodologies described above. Foreign securities, instruments and currencies will be translated to U.S. dollars, based on foreign currency exchange rate quotations supplied by the London Stock Exchange.

Tax Information and Uncertain Tax Positions

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of the taxable income to the shareholders of the Funds within the allowable time limits.

The Advisor evaluates each Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Advisor has analyzed each Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years), and has concluded that no provisions for federal, state and local income tax are required in each Fund’s financial statements. Each Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

The Funds have concluded that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken.

Dividends and Distributions to Shareholders

Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such

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amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax return of capital. Therefore, no federal, state and local income tax provisions are required.

Foreign

The Funds may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which they invest. A portion of the taxes on gains on investments or currency purchases/repatriation may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. Whether or when a Fund will receive a withholding tax refund is subject to the tax authorities of each country the Funds has an open receivable with. The Funds regularly evaluates the probability of recovering the withholding tax refund, if the likelihood of recovery decreases accruals in the Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value.

The Funds may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which they invest. The Funds will accrue the unrecoverable portion of such taxes as applicable based upon their current interpretation of tax rules and regulations that exist in the market in which they invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statements of Assets and Liabilities, as well as an adjustment to the Funds’ net unrealized appreciation/depreciation. Taxes related to capital gains realized during the year ended April 30, 2020, if any, are reflected as part of net realized gain (loss) on the Statements of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation/depreciation on investments on the Statements of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

Security Transactions

Security transactions are recorded as of the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.

Investment Income and Expenses

Dividend income is recognized on the ex-date. Interest income is accrued daily. Distributions of realized capital gains by underlying funds are recorded as realized capital gains on the ex-date. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the Funds in the Trust based upon the relative net assets or other appropriate measures. The Funds distribute substantially all their net investment income to shareholders in the form of dividends. Net investment income and capital gains are typically distributed to shareholders at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. Distributions received from the IQ U.S. Real Estate Small Cap ETF investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. The expenses of the investment companies in which the Funds invest are not included in the amounts shown as expenses on the Statements of Operations or in the expense ratios included in the Financial Highlights.

Discounts and premiums on securities purchased, other than Short-Term Investments, for the Funds are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Discounts and premiums on Short-Term Investments are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest method for Short-Term Investments. Income from payment-in-kind securities is accreted daily based on the effective interest method.

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Securities Lending

The Bank of New York Mellon (“BNY Mellon”) serves as the Funds’ securities lending agent. The Funds may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or high grade debt obligations, is maintained at all times. Cash collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from fees paid by the borrowers of securities, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Each Fund will continue to receive dividend and interest income on securities loaned, any gain or loss in the market price of securities on loan will be accounted for by each Fund. Lending portfolio securities could result in a delay in recovering the Funds’ securities if the borrower defaults.

A fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between each Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, each Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. The lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the fund’s obligation to return the full amount owed to such Borrower.

In accordance with the securities lending agreement between the Funds and the BNY Mellon, the Funds will be indemnified by the BNY Mellon in the event of default of a third party Borrower.

The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of April 30, 2020, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds, Separate Trading of

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Registered Interest (“STRIPs”) and Principal of Securities and U.S. Treasury Inflation Indexed Notes and Bonds with the following maturities:

	Money Market Mutual Fund			U.S. Government Securities
Fund	Overnight and Continuous			<30 Days			Between 30 & 90 Days			>90 Days			Total
IQ Hedge Multi-Strategy Tracker ETF		$	87,019,645		$	173,711		$	1,044,385		$	80,047,565		$	168,285,306
IQ Hedge Macro Tracker ETF			234,871			—			3,619			98,852			337,342
IQ Hedge Market Neutral Tracker ETF			3,346,998			—			4,368			470,204			3,821,570
IQ Hedge Long/Short Tracker ETF			955,259			1,016			11,200			2,130,939			3,098,414
IQ Hedge Event-Driven Tracker ETF			2,226,451			—			87			86,096			2,312,634
IQ Real Return ETF			8,787,643			16,020			88,463			6,458,404			15,350,530
IQ Leaders GTAA Tracker ETF			588,340			2,128			63,657			2,591,773			3,245,898
IQ Enhanced Core Plus Bond U.S. ETF			1,243,000			1,259			6,670			166,154			1,417,083
IQ Short Duration Enhanced Core Bond U.S. ETF			11,650			—			—			—			11,650
IQ S&P High Yield Low Volatility Bond ETF			400,640			1,095			5,804			144,570			552,109
IQ Merger Arbitrage ETF			14,289,956			56,460			751,582			17,746,061			32,844,059
IQ Global Resources ETF			242,458			202			4,363			153,972			400,995
IQ Global Agribusiness Small Cap ETF			528,622			2,620			6,374			535,589			1,073,205
IQ U.S. Real Estate Small Cap ETF			947,367			2,739			38,605			6,032,522			7,021,233
IQ 500 International ETF			9,440,603			—			—			118,087			9,558,690
IQ 50 Percent Hedged FTSE International ETF			8,900,910			—			—			1,103,547			10,004,457
IQ 50 Percent Hedged FTSE Europe ETF			371,799			—			—			—			371,799
IQ 50 Percent Hedged FTSE Japan ETF			84,985			—			—			12,470			97,455
IQ Candriam ESG International Equity ETF			531,802			—			628			43,327			575,757
IQ Candriam ESG U.S. Equity ETF			3,669			722			6,068			166,231			176,690
IQ Chaikin U.S. Small Cap ETF			3,062,369			11,104			134,882			7,069,936			10,278,291
IQ Chaikin U.S. Large Cap ETF			—			—			—			—			—

The collateral amount presented is in excess of the securities on loan.

Master Netting Arrangements

In order to better define its contractual rights and to secure rights that will help a fund mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including forward foreign currency contracts, and typically contains, among other things, collateral posting terms, netting and rights of offset provisions in the event of a default and/or termination event. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements on the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis on the Statements of Assets and Liabilities.

Total return swap contracts are valued at the unrealized appreciation/depreciation on Total Return Swap contracts of the instrument. Securities segregated as collateral for swap contracts are footnoted within each Fund’s Schedule of Investments and the cash collateral is noted at the end of each Fund’s swap table.

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At April 30, 2020, the unrealized appreciation/depreciation on total return swap contracts for the following Funds was zero, reflecting a reset date at period end based on the contractual agreements with Bank of America and Morgan Stanley Capital Service LLC (“Morgan Stanley”), as counterparties to the following Funds:

IQ Hedge Multi-Strategy Tracker ETF
IQ Hedge Macro Tracker ETF
IQ Hedge Market Neutral Tracker ETF
IQ Hedge Long/Short Tracker ETF
IQ Hedge Event-Driven Tracker ETF
IQ Leaders GTAA Tracker ETF
IQ Merger Arbitrage ETF
IQ Global Resources ETF

As of April 30, 2020, the impact of netting of assets and liabilities and offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement with BNY Mellon are detailed in the following table:

	Assets									Liabilities
Fund	Gross Amounts Presented in Statements of Assets and Liabilities			Collateral Received(1)			Net Amount			Gross Amounts Presented in Statements of Assets and Liabilities			Collateral Pledged			Net Amount
IQ Hedge Multi-Strategy Tracker ETF		$	163,756,749		$	(163,756,749)		$	—		$	—		$	—		$	—
IQ Hedge Macro Tracker ETF			329,299			(329,299)			—			—			—			—
IQ Hedge Market Neutral Tracker ETF			3,719,092			(3,719,092)			—			—			—			—
IQ Hedge Long/Short Tracker ETF			3,088,322			(3,088,322)			—			—			—			—
IQ Hedge Event-Driven Tracker ETF			2,250,175			(2,250,175)			—			—			—			—
IQ Real Return ETF			14,995,441			(14,995,441)			—			—			—			—
IQ Leaders GTAA Tracker ETF			3,157,133			(3,157,133)			—			—			—			—
IQ Enhanced Core Plus Bond U.S. ETF			1,386,262			(1,386,262)			—			—			—			—
IQ Short Duration Enhanced Core Bond U.S. ETF			11,399			(11,399)			—			—			—			—
IQ S&P High Yield Low Volatility Bond ETF			531,180			(531,180)			—			—			—			—
IQ Merger Arbitrage ETF			31,273,273			(31,273,273)			—			—			—			—
IQ Global Resources ETF			380,569			(380,569)			—			—			—			—
IQ Global Agribusiness Small Cap ETF			1,004,606			(1,004,606)			—			—			—			—
IQ U.S. Real Estate Small Cap ETF			6,683,363			(6,683,363)			—			—			—			—
IQ 500 International ETF			8,946,555			(8,946,555)			—			—			—			—
IQ 50 Percent Hedged FTSE International ETF			9,313,923			(9,313,923)			—			—			—			—
IQ 50 Percent Hedged FTSE Europe ETF			344,343			(344,343)			—			—			—			—
IQ 50 Percent Hedged FTSE Japan ETF			89,748			(89,748)			—			—			—			—
IQ Candriam ESG International Equity ETF			540,365			(540,365)			—			—			—			—
IQ Candriam ESG U.S. Equity ETF			169,347			(169,347)			—			—			—			—
IQ Chaikin U.S. Small Cap ETF			9,665,767			(9,665,767)			—			—			—			—
IQ Chaikin U.S. Large Cap ETF			—			—			—			—			—			—

The amount of collateral presented is limited such that the net amount cannot be less than $0.

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April 30, 2020

As of April 30, 2020, each Fund’s OTC derivative assets, which may be offset against each Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows:

Fund	Gross Amounts of Assets Presented in Statements of Assets and Liabilities			Financial Instruments and Derivatives Available for Offset			Net Amount of Derivatives Assets			Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities			Financial Instruments and Derivatives Available for Offset			Collateral Received/ (Pledged)*			Net Amount of Derivatives Liabilities
IQ 50 Percent Hedged FTSE International ETF
Morgan Stanley		$	273,137		$	(273,137)		$	—		$	1,258,694		$	(273,137)		$	(985,557)		$	—
IQ 50 Percent Hedged FTSE Europe ETF
Morgan Stanley		$	5,759		$	(5,759)		$	—		$	20,099		$	(5,759)		$	—		$	14,340
IQ 50 Percent Hedged FTSE Japan ETF
Bank of America		$	103		$	(103)		$	—		$	31,276		$	(103)		$	—		$	31,173

The amount of collateral presented is limited such that the net amount cannot be less than $0.

3. INVESTMENT MANAGEMENT AND OTHER AGREEMENTS

Investment Advisory Agreement

The Advisor serves as the investment advisor to each series of the Trust and is an indirect wholly-owned subsidiary of New York Life Investment Management Holdings LLC. Under an Investment Advisory Agreement (“Advisory Agreement”) between the Advisor and the Trust on behalf of each Fund, the Advisor provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund (including arranging for sub-advisory services, as applicable) subject to the supervision of the Board. The Advisor is responsible for the supervision of MacKay Shields LLC (“MacKay Shields” or the “Sub-Advisor”), the sub-advisor to IQ S&P High Yield Low Volatility Bond ETF, and its management of the Fund.

The Advisor also: (i) supervises all non-advisory operations of the Funds; (ii) provides personnel to perform such executive, administrative and clerical services as are reasonably necessary to provide effective administration of the Funds and the other series of the Trust; (iii) arranges for (a) the preparation of all required tax returns, (b) the preparation and submission of reports to existing shareholders, (c) the periodic updating of prospectuses and statements of additional information and (d) the preparation of reports to be filed with the SEC and other regulatory authorities; (iv) maintains the records of the Funds and the other series of the Trust; and (v) provides office space and all necessary office equipment and services. The Funds reimburse the Advisor in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to each Fund.

The Advisory Agreement will continue in effect with respect to the Funds from year to year provided such continuance is specifically approved at least annually by a majority of the Trustees that are not interested persons of the Trust (“Independent Trustees”).

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Pursuant to the Advisory Agreement, the Funds pay the Advisor a fee, which is accrued daily and paid monthly, for the services performed and the facilities furnished at an annual rate of each Fund’s average daily net assets per the table below.

Fund	Rate
IQ Hedge Multi-Strategy Tracker ETF		0.75%
IQ Hedge Macro Tracker ETF		0.75%
IQ Hedge Market Neutral Tracker ETF		0.75%
IQ Hedge Long/Short Tracker ETF		0.75%
IQ Hedge Event-Driven Tracker ETF		0.75%
IQ Real Return ETF		0.48%
IQ Leaders GTAA Tracker ETF		0.45%
IQ Enhanced Core Plus Bond U.S. ETF		0.25%
IQ Short Duration Enhanced Core Bond U.S. ETF		0.20%
IQ S&P High Yield Low Volatility Bond ETF		0.40%
IQ Merger Arbitrage ETF		0.75%
IQ Global Resources ETF		0.75%
IQ Global Agribusiness Small Cap ETF		0.75%
IQ U.S. Real Estate Small Cap ETF		0.69%
IQ 500 International ETF		0.25%
IQ 50 Percent Hedged FTSE International ETF		0.35%
IQ 50 Percent Hedged FTSE Europe ETF		0.45%
IQ 50 Percent Hedged FTSE Japan ETF		0.45%
IQ Candriam ESG International Equity ETF		0.15%
IQ Candriam ESG U.S. Equity ETF		0.09%
IQ Chaikin U.S. Small Cap ETF		0.35%
IQ Chaikin U.S. Large Cap ETF		0.25%

The Advisor has agreed to pay all expenses of the Funds, except: brokerage and other transaction expenses; extraordinary legal fees or expenses, such as those for litigation or arbitration; compensation and expenses of the Independent Trustees, counsel to the Independent Trustee, and the Chief Compliance Officer; extraordinary expenses; distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and the advisory fee payable to the Advisor.

The Advisor has entered into a Fee Waiver Agreement with each Fund under which it has contractually agreed, until August 31, 2020, to waive a portion of its management fee equal to a specific percentage of the average daily net assets as follows:

Fund	Rate
IQ Hedge Multi-Strategy Tracker ETF		0.22%
IQ Hedge Macro Tracker ETF		0.35%*
IQ Hedge Market Neutral Tracker ETF		0.35%*
IQ Hedge Long/Short Tracker ETF		0.35%*
IQ Hedge Event-Driven Tracker ETF		0.35%*
IQ Real Return ETF		0.28%
IQ Leaders GTAA Tracker ETF		0.23%
IQ Enhanced Core Plus Bond U.S. ETF		0.05%

The effective date of the Fee Waiver Agreement was 8/29/19.

The Advisor has entered into an Expense Limitation Agreement with each Fund under which it has contractually agreed, to waive a portion of its management fee and/or reimburse expenses of the Fund in an amount that limits the Fund’s total annual operating expenses (exclusive of interest, taxes, brokerage fees and

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commissions, dividends paid on short sale, acquired fund fees and expenses, and extraordinary expenses) to not more than a specific percentage of the average daily net assets as follows:

Fund

Rate

Expires

IQ Short Duration Enhanced Core Bond U.S. ETF

0.20%

8/31/2020

IQ S&P High Yield Low Volatility Bond ETF

0.40%

8/31/2020

IQ 500 International ETF

0.25%

8/31/2020

IQ 50 Percent Hedged FTSE International ETF

0.20%

8/31/2020

IQ 50 Percent Hedged FTSE Europe ETF

0.30%

8/31/2020

IQ 50 Percent Hedged FTSE Japan ETF

0.30%

8/31/2020

IQ Candriam ESG International Equity ETF

0.15%

8/31/2021

IQ Candriam ESG U.S. Equity ETF

0.09%

8/31/2021

IQ Chaikin U.S. Small Cap ETF

0.35%

8/31/2020

IQ Chaikin U.S. Large Cap ETF

0.25%

8/31/2020

For the year ended April 30, 2020, there is no recoupment available.

Investment Sub-Advisory Agreement

The Sub-Advisor is a registered investment advisor and an indirect, wholly-owned subsidiary of New York Life, and is responsible for the day-to-day portfolio management of IQ S&P High Yield Low Volatility Bond ETF. Pursuant to the terms of the Sub-Advisory Agreement (“Subadvisory Agreement”) between the Advisor and the Sub-Advisor, the Advisor pays for the services of the Sub-Advisor. The Sub-Advisor acts as portfolio manager for the Fund subject to the supervision of the Advisor and the Board.

Distribution (12b-1 Fees)

ALPS Distributors, Inc. serves as the Funds’ distributor (the “Distributor”) pursuant to a Distribution Agreement. NYLIFE Distributors LLC has entered into a Service Agreement with the Distributor to market the Funds. The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to 0.10% of each Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each respective Fund’s assets. The Advisor and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

As described in Note 4 below, the Distributor has entered into Participant Agreements with certain broker-dealers and others that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. As described in Note 4 below, such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds and/or serve as counterparty to derivative transactions with each Fund.

Administrator, Custodian and Transfer Agent

BNY Mellon (in each capacity, the “Administrator,” “Custodian” or “Transfer Agent”) serves as the Funds’ Administrator, Custodian and Transfer Agent pursuant to the Fund Administration and Accounting Agreement. Under the terms of this agreement, the Advisor pays the Funds’ Administrative, Custody and Transfer Agency fees. Pursuant to these agreements, BNY Mellon provides necessary administrative, custody, transfer agency, tax, accounting services and financial reporting for the maintenance and operations of the Trust and the Funds. BNY Mellon is responsible for maintaining the books and records and calculating the daily NAV of the Funds. BNY Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

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4. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed on a continuous basis at NAV only in groups of 50,000 shares called Creation Units. Except when aggregated in Creation Units, shares are not redeemable. Transactions in shares of the Funds are disclosed in detail on the Statements of Changes in Net Assets. Only Authorized Participants may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to create and redeem whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

5. FEDERAL INCOME TAX

At April 30, 2020, the cost and unrealized appreciation/depreciation of investments, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

Fund	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
IQ Hedge Multi-Strategy Tracker ETF		$	831,865,107		$	20,266,198		$	(22,684,863)		(2,418,665)
IQ Hedge Macro Tracker ETF			4,087,656			141,885			(153,695)		(11,810)
IQ Hedge Market Neutral Tracker ETF			21,554,452			374,619			(514,994)		(140,375)
IQ Hedge Long/Short Tracker ETF			11,670,696			418,074			(342,368)		75,706
IQ Hedge Event-Driven Tracker ETF			10,865,636			127,093			(413,349)		(286,256)
IQ Real Return ETF			60,669,961			371,242			(1,060,284)		(689,042)
IQ Leaders GTAA Tracker ETF			13,141,655			268,773			(854,155)		(585,382)
IQ Enhanced Core Plus Bond U.S. ETF			69,292,347			966,185			(12,076)		954,109
IQ Short Duration Enhanced Core Bond U.S. ETF			4,865,017			12,635			(541)		12,094
IQ S&P High Yield Low Volatility Bond ETF			52,060,822			319,192			(1,135,410)		(816,218)
IQ Merger Arbitrage ETF			799,086,438			11,556,947			(90,963,355)		(79,406,408)
IQ Global Resources ETF			27,497,312			1,239,788			(5,258,499)		(4,018,711)
IQ Global Agribusiness Small Cap ETF			8,348,687			854,236			(1,558,567)		(704,331)
IQ U.S. Real Estate Small Cap ETF			60,624,502			4,282,104			(23,309,257)		(19,027,153)
IQ 500 International ETF			284,688,382			2,768,206			(57,685,321)		(54,917,115)
IQ 50 Percent Hedged FTSE International ETF			322,150,367			12,096,824			(75,662,537)		(63,565,713)
IQ 50 Percent Hedged FTSE Europe ETF			10,492,443			510,096			(2,941,962)		(2,431,866)
IQ 50 Percent Hedged FTSE Japan ETF			8,261,977			288,780			(819,683)		(530,903)
IQ Candriam ESG International Equity ETF			47,024,146			1,802,027			(2,188,313)		(386,286)
IQ Candriam ESG U.S. Equity ETF			6,300,337			322,784			(591,534)		(268,750)
IQ Chaikin U.S. Small Cap ETF			102,588,049			12,604,441			(9,048,023)		3,556,418
IQ Chaikin U.S. Large Cap ETF			210,524,987			21,513,765			(11,580,415)		9,933,350

The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sale loss deferrals, pass through investments, amortization of market premium and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at April 30, 2020.

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April 30, 2020

At April 30, 2020, the components of undistributed or accumulated earnings/losses on a tax-basis were as follows:

Fund	Ordinary Income (Loss)1			Net Capital Gain (Losses)2			Net Unrealized Appreciation/ Depreciation			Total Earnings/ (Losses)
IQ Hedge Multi-Strategy Tracker ETF		$	15,261,072		$	(72,721,325)		$	(2,418,666)		$	(59,878,919)
IQ Hedge Macro Tracker ETF			106,850			(5,601,397)			(11,810)			(5,506,357)
IQ Hedge Market Neutral Tracker ETF			341,519			(479,825)			(140,375)			(278,681)
IQ Hedge Long/Short Tracker ETF			49,840			(715,099)			75,706			(589,553)
IQ Hedge Event-Driven Tracker ETF			78,974			(146,576)			(286,256)			(353,858)
IQ Real Return ETF			285,776			(2,243,087)			(689,042)			(2,646,353)
IQ Leaders GTAA Tracker ETF			(40,819)			(2,801,562)			(585,382)			(3,427,763)
IQ Enhanced Core Plus Bond U.S. ETF			—			(16,056,882)			954,109			(15,102,773)
IQ Short Duration Enhanced Core Bond U.S. ETF			—			(295,030)			12,094			(282,936)
IQ S&P High Yield Low Volatility Bond ETF			181,962			(3,867,568)			(816,218)			(4,501,824)
IQ Merger Arbitrage ETF			29,165,487			(7,888,037)			(79,411,265)			(58,133,815)
IQ Global Resources ETF			2,041,648			(60,635,661)			(4,022,510)			(62,616,523)
IQ Global Agribusiness Small Cap ETF			—			(7,985,970)			(703,988)			(8,689,958)
IQ U.S. Real Estate Small Cap ETF			—			(6,474,785)			(19,027,153)			(25,501,938)
IQ 500 International ETF			2,033,502			(1,271,099)			(54,910,627)			(54,148,224)
IQ 50 Percent Hedged FTSE International ETF			1,184,828			(2,044,954)			(63,563,826)			(64,423,952)
IQ 50 Percent Hedged FTSE Europe ETF			1,244			(2,169,921)			(2,440,212)			(4,608,889)
IQ 50 Percent Hedged FTSE Japan ETF			69,207			(1,752,023)			(529,988)			(2,212,804)
IQ Candriam ESG International Equity ETF			119,262			(29,240)			(385,644)			(295,622)
IQ Candriam ESG U.S. Equity ETF			8,227			(12,689)			(268,750)			(273,212)
IQ Chaikin U.S. Small Cap ETF			—			(80,434,100)			3,556,418			(76,877,682)
IQ Chaikin U.S. Large Cap ETF			294,570			(75,399,871)			9,933,350			(65,171,951)

Includes late year ordinary loss, if any.

Amount includes the deferral of post October losses, if any.

The differences between book and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences including foreign currency contracts, swap contracts, post-October and late year losses.

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At April 30, 2020, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets were as follows:

Fund	Total distributable earnings/ (accumulated loss)			Paid-in capital
IQ Hedge Multi-Strategy Tracker ETF		$	(4,839,832)		$	4,839,832
IQ Hedge Macro Tracker ETF			(47,543)			47,543
IQ Hedge Market Neutral Tracker ETF			(50,012)			50,012
IQ Hedge Long/Short Tracker ETF			(172,596)			172,596
IQ Hedge Event-Driven Tracker ETF			59,590			(59,590)
IQ Real Return ETF			(25,971)			25,971
IQ Leaders GTAA Tracker ETF			(1,780,863)			1,780,863
IQ Enhanced Core Plus Bond U.S. ETF			(1,970,362)			1,970,362
IQ Short Duration Enhanced Core Bond U.S. ETF			(202,707)			202,707
IQ S&P High Yield Low Volatility Bond ETF			1,402,757			(1,402,757)
IQ Merger Arbitrage ETF			(29,905,985)			29,905,985
IQ Global Resources ETF			(7,161,065)			7,161,065
IQ Global Agribusiness Small Cap ETF			(318,290)			318,290
IQ U.S. Real Estate Small Cap ETF			2,096,484			(2,096,484)
IQ 500 International ETF			(6,154,434)			6,154,434
IQ 50 Percent Hedged FTSE International ETF			7,026,141			(7,026,141)
IQ 50 Percent Hedged FTSE Europe ETF			5			(5)
IQ 50 Percent Hedged FTSE Japan ETF			(257,992)			257,992
IQ Candriam ESG International Equity ETF			—			—
IQ Candriam ESG U.S. Equity ETF			(73,117)			73,117
IQ Chaikin U.S. Small Cap ETF			(1,402,565)			1,402,565
IQ Chaikin U.S. Large Cap ETF			(12,235,608)			12,235,608

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/ tax differences. Reclassifications are primarily due to the tax treatment of redemptions in-kind, distributions in excess of earnings and profits, nondeductible expenses and capital share redemptions utilized as distributions for tax purposes.

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April 30, 2020

The tax character of distributions paid during the years ended April 30, 2020 and 2019 were as follows:

	2020									2019
Fund	Ordinary Income			Long-Term Capital Gains			Tax Return of Capital			Ordinary Income			Long-Term Capital Gains			Tax Return of Capital
IQ Hedge Multi-Strategy Tracker ETF		$	16,163,950		$	—		$	—		$	24,498,116		$	—		$	—
IQ Hedge Macro Tracker ETF			54,164			—			—			69,928			—			—
IQ Hedge Market Neutral Tracker ETF			239,729			—			—			—			—			—
IQ Hedge Long/Short Tracker ETF			123,690			—			—			190,276			—			—
IQ Hedge Event-Driven Tracker ETF			157,392			—			—			129,849			—			—
IQ Real Return ETF			1,185,760			—			—			730,380			—			—
IQ Leaders GTAA Tracker ETF			1,040,313			—			—			1,367,155			—			—
IQ Enhanced Core Plus Bond U.S. ETF			3,150,736			—			—			6,882,062			—			—
IQ Short Duration Enhanced Core Bond U.S. ETF			225,037			—			—			28,586			—			—
IQ S&P High Yield Low Volatility Bond ETF			2,787,812			—			—			3,901,103			—			—
IQ Merger Arbitrage ETF			—			—			—			—			—			—
IQ Global Resources ETF			2,539,080			—			—			1,346,949			—			—
IQ Global Agribusiness Small Cap ETF			91,643			—			—			98,945			—			—
IQ U.S. Real Estate Small Cap ETF			1,633,256			—			1,775,536			2,374,318			—			2,583,466
IQ 500 International ETF			3,080,969			—			—			15,344			—			—
IQ 50 Percent Hedged FTSE International ETF			7,874,573			—			—			18,743,014			721,412			—
IQ 50 Percent Hedged FTSE Europe ETF			236,012			—			—			417,662			—			—
IQ 50 Percent Hedged FTSE Japan ETF			181,753			—			—			545,585			—			—
IQ Candriam ESG International Equity ETF			50,904			—			—			N/A			N/A			N/A
IQ Candriam ESG U.S. Equity ETF			30,853			—			—			N/A			N/A			N/A
IQ Chaikin U.S. Small Cap ETF			2,340,043			—			—			4,624,785			—			—
IQ Chaikin U.S. Large Cap ETF			6,034,101			—			—			7,178,905			—			—

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April 30, 2020

Capital losses incurred after October 31 (“Post-October Losses”) and certain late year ordinary income losses within the taxable year can be deemed to arise on the first business day of the Funds’ next taxable year. For the year ended April 30, 2020, the Funds incurred and elected to defer to May 1, 2020 Post-October Losses and late year ordinary losses of:

Fund	Late Year Ordinary Gains/(Losses)			Short-Term Post October Gains/(Losses)			Long-Term Post October Gains/(Losses)
IQ Hedge Multi-Strategy Tracker ETF		$	—		$	—		$	—
IQ Hedge Macro Tracker ETF			—			—			—
IQ Hedge Market Neutral Tracker ETF			—			—			—
IQ Hedge Long/Short Tracker ETF			—			—			—
IQ Hedge Event-Driven Tracker ETF			—			—			—
IQ Real Return ETF			—			—			—
IQ Leaders GTAA Tracker ETF			(40,819)			(883,125)			(104,229)
IQ Enhanced Core Plus Bond U.S. ETF			—			—			—
IQ Short Duration Enhanced Core Bond U.S. ETF			—			—			—
IQ S&P High Yield Low Volatility Bond ETF			—			—			—
IQ Merger Arbitrage ETF			—			—			—
IQ Global Resources ETF			—			—			—
IQ Global Agribusiness Small Cap ETF			—			—			—
IQ U.S. Real Estate Small Cap ETF			—			—			—
IQ 500 International ETF			—			—			—
IQ 50 Percent Hedged FTSE International ETF			—			—			—
IQ 50 Percent Hedged FTSE Europe ETF			—			—			—
IQ 50 Percent Hedged FTSE Japan ETF			—			—			—
IQ Candriam ESG International Equity ETF			—			—			—
IQ Candriam ESG U.S. Equity ETF			—			—			—
IQ Chaikin U.S. Small Cap ETF			—			—			—
IQ Chaikin U.S. Large Cap ETF			—			—			—

At April 30, 2020, the Funds listed below had net capital loss carryforwards for Federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to shareholders of these Funds until future net capital gains have been realized in excess of the available capital loss carryforwards. These loss carryforward amounts are as follows:

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April 30, 2020

Fund	Utilized in Current Year			Short-Term With No Expiration			Long-Term With No Expiration
IQ Hedge Multi-Strategy Tracker ETF		$	—		$	70,903,956		$	1,817,369
IQ Hedge Macro Tracker ETF			—			4,384,500			1,216,897
IQ Hedge Market Neutral Tracker ETF			—			479,825			—
IQ Hedge Long/Short Tracker ETF			—			522,006			193,093
IQ Hedge Event-Driven Tracker ETF			—			108,259			38,317
IQ Real Return ETF			107,379			1,298,633			944,454
IQ Leaders GTAA Tracker ETF			—			1,661,927			152,281
IQ Enhanced Core Plus Bond U.S. ETF			4,009,883			15,277,824			779,058
IQ Short Duration Enhanced Core Bond U.S. ETF			—			295,030			—
IQ S&P High Yield Low Volatility Bond ETF			—			3,086,322			781,246
IQ Merger Arbitrage ETF			5,042,789			7,888,037			—
IQ Global Resources ETF			—			33,383,108			27,252,553
IQ Global Agribusiness Small Cap ETF			—			2,744,258			5,241,712
IQ U.S. Real Estate Small Cap ETF			—			1,188,391			5,286,394
IQ 500 International ETF			—			1,206,853			64,246
IQ 50 Percent Hedged FTSE International ETF			1,437,069			—			2,044,954
IQ 50 Percent Hedged FTSE Europe ETF			76,219			—			2,169,921*
IQ 50 Percent Hedged FTSE Japan ETF			—			837,471			914,552
IQ Candriam ESG International Equity ETF			—			29,240			—
IQ Candriam ESG U.S. Equity ETF						12,689			—
IQ Chaikin U.S. Small Cap ETF			—			37,902,373			42,531,727
IQ Chaikin U.S. Large Cap ETF			—			38,300,899			37,098,972

Subject to annual limitation on utilization.

6. OTHER AFFILIATED PARTIES AND TRANSACTIONS

For the purposes of the financial statements, the Funds assume the following to be affiliated issuers. As of April 30, 2020, affiliated transactions, if any, are listed at the end of the Fund’s respective Schedule of Investments.

The Advisor is an affiliate and subsidiary of New York Life Investment Management LLC (“NYLIM”) and of New York Life Insurance & Annuity Corporation (“NYLife”). As of April 30, 2020, NYLIM and NYLife were not known to own beneficially greater than 5% of the shares of any Fund except as set forth below. NYLIM and NYLife own shares of the Funds on their own behalf or on behalf of funds or accounts managed by NYLIM or NYLife.

New York Life Insurance & Annuity Corporation

Fund	% Ownership
IQ Hedge Long/Short Tracker ETF		45.1%
IQ Hedge Event-Driven Tracker ETF		57.9%
IQ Short Duration Enhanced Core Bond U.S. ETF		60.0%
IQ S&P High Yield Low Volatility Bond ETF		37.8%
IQ 500 International ETF		2.0%
IQ Candriam ESG U.S. Equity ETF		79.4%
IQ Candriam ESG International Equity ETF		18.1%

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New York Life Investment Management LLC

Fund	% Ownership
IQ 500 International ETF		96.5%
IQ 50 Percent Hedged FTSE International ETF		50.4%
IQ Candriam ESG International Equity ETF		78.1%
IQ Chaikin U.S. Small Cap ETF		68.8%
IQ Chaikin U.S. Large Cap ETF		96.5%

7. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short-term investments) for the year and period ended April 30, 2020 are as follows:

Fund	Purchases			Sales			Purchases In-Kind			Sales In-Kind
IQ Hedge Multi-Strategy Tracker ETF		$	1,396,907,245		$	1,389,136,579		$	108,326,474		$	337,532,547
IQ Hedge Macro Tracker ETF			4,975,238			4,907,909			—			1,341,028
IQ Hedge Market Neutral Tracker ETF			11,693,779			11,488,330			5,064,465			2,638,539
IQ Hedge Long/Short Tracker ETF			9,676,221			9,510,814			8,784,247			4,409,706
IQ Hedge Event-Driven Tracker ETF			4,395,598			4,363,618			8,606,898			4,081,689
IQ Real Return ETF			37,346,927			37,385,086			—			4,103,791
IQ Leaders GTAA Tracker ETF			44,151,542			44,316,576			15,711,949			46,718,844
IQ Enhanced Core Plus Bond U.S. ETF			317,018,848			316,986,498			10,758,879			102,922,667
IQ Short Duration Enhanced Core Bond U.S. ETF			9,424,277			10,147,083			20,415,539			18,516,989
IQ S&P High Yield Low Volatility Bond ETF			80,143,996			64,771,905			870,907			26,359,187
IQ Merger Arbitrage ETF			2,628,944,132			2,468,283,271			677,038,401			984,451,977
IQ Global Resources ETF			95,993,074			96,571,713			1,202,136			134,846,442
IQ Global Agribusiness Small Cap ETF			1,594,193			1,503,784			—			1,669,097
IQ U.S. Real Estate Small Cap ETF			15,845,809			16,825,844			3,669,064			14,038,271
IQ 500 International ETF			26,502,083			19,742,006			280,958,813			97,261,535
IQ 50 Percent Hedged FTSE International ETF			26,785,138			19,625,300			124,344,360			111,683,175
IQ 50 Percent Hedged FTSE Europe ETF			751,262			549,455			—			—
IQ 50 Percent Hedged FTSE Japan ETF			359,527			563,065			6,851,689			4,950,542
IQ Candriam ESG International Equity ETF			1,940,893			497,110			45,031,838			—
IQ Candriam ESG U.S. Equity ETF			694,787			691,799			10,070,806			3,842,586
IQ Chaikin U.S. Small Cap ETF			89,586,948			89,058,712			4,616,187			216,474,918
IQ Chaikin U.S. Large Cap ETF			152,349,402			151,697,203			168,386,886			201,709,021

8. DERIVATIVE FINANCIAL INSTRUMENTS

Swap Transactions

A swap agreement is an agreement between two parties pursuant to which the parties exchange payments at specified dates based on a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Most swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Funds’ obligations or rights under a swap agreement entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty. Swap agreements are not entered into or traded on exchanges and there is no central clearing or guaranty function for total return swaps. Swaps could result in losses if interest rates or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Funds or if the reference index, security or investments do not perform as expected.

The value of a total return swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Segregated securities are designated on

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the Schedules of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of Total Return Swaps, if any, are recorded as unrealized appreciation or depreciation on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as a change in net unrealized appreciation depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

When the Funds have an unrealized loss on a swap agreement, the Funds have instructed the Custodian to pledge cash or liquid securities as collateral with a value at least equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted with the fluctuations of the swap value.

Some of the Funds intend to use Total Return Swaps in several ways to replicate the performance of the Index. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. Therefore, the Funds consider the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying instruments.

Pursuant to documentation governing the Funds’ swap transactions with Bank of America and Morgan Stanley, Bank of America and Morgan Stanley have the right to terminate the swaps early in the event that the net assets of the given Fund decline below specific levels set forth in the documentation (“net asset contingent features”). In the event of early termination, Bank of America and Morgan Stanley may require the Funds to pay or receive a settlement amount in connection with the terminated swap transaction. The Funds utilized swaps to affect both long and short exposure to several asset classes and market segments, including, among others, real estate, domestic equity, international equity, emerging markets equities, investment grade corporate bonds, high yield corporate bonds, convertible bonds, preferred securities, emerging market-debt, mortgage-backed securities, floating rate notes, developed markets currencies, broad commodity indices, precious metals, equity market volatility, and U.S. Treasury bonds. As of April 30, 2020, the Funds have not triggered the conditions under such documentation that will give the counterparty the right to call for an early termination. As of such date, the settlement values of these contracts were approximately equal to the fair value of such contracts. As of April 30, 2020, open swap transactions, if any, are listed at the end of the Funds’ respective Schedule of Investments.

Forward Foreign Currency Contracts

Certain Funds may enter into forward foreign currency transactions to seek a closer correlation between the Funds’ overall currency exposures and the currency exposures of the Underlying Index as a part of its principal investment strategy.

The Funds may enter into forward foreign currency contracts for hedging purposes, to seek to protect against anticipated changes in future foreign currency exchange rates. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A non-deliverable forward currency contract does not require physical delivery of the underlying currencies and the contract is settled based on the difference between the contracted price and the prevailing spot price of the agreed upon notional amount. These contracts are traded in the interbank market between currency traders (usually large commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are generally charged at any stage for trades.

Upon entering into a forward foreign currency contract, a fund is required to segregate permissible liquid assets or engage in other measures approved by the SEC to “cover” the Fund’s obligations relating to its transactions in derivatives. Fluctuations in the value of open forward foreign currency contracts are recorded for book purposes as unrealized gains or losses on forward foreign currency contracts by the Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have matured or were sold. At April 30, 2020, open forward foreign currency contracts, if any, are listed at the end of the Funds’ respective Schedule of Investments.

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Quantitative Disclosure of Derivative Holding

The following tables show additional disclosures related to each Fund’s derivative and holding activities, including how such activities are accounted for and their effect in each Fund’s financial positions, performance and cash flows.

The fair value of derivative instruments reflected on the Statements of Assets and Liabilities were as follows:

Asset Derivatives

	Currency Risk
IQ 50 Percent Hedged FTSE International ETF
Unrealized appreciation on forward foreign currency contracts		$	273,137
IQ 50 Percent Hedged FTSE Europe ETF
Unrealized appreciation on forward foreign currency contracts			5,759
IQ 50 Percent Hedged FTSE Japan ETF
Unrealized appreciation on forward foreign currency contracts			103

Liability Derivatives

	Currency Risk
IQ 50 Percent Hedged FTSE International ETF
Unrealized depreciation on forward foreign currency contracts		$	1,258,694
IQ 50 Percent Hedged FTSE Europe ETF
Unrealized depreciation on forward foreign currency contracts			20,099
IQ 50 Percent Hedged FTSE Japan ETF
Unrealized depreciation on forward foreign currency contracts			31,276

Total return swaps reflect a reset date as of April 30, 2020; therefore, there is no unrealized appreciation/depreciation reflected on the Statements of Assets and Liabilities.

Transactions in derivative instruments reflected on the Statements of Operations during the year ended April 30, 2020 were as follows:

Fund	Currency Risk	Equity Risk
IQ Hedge Multi-Strategy Tracker ETF
Realized gain (loss)
Swap transactions			$	(162,241)
IQ Hedge Macro Tracker ETF
Realized gain (loss)
Swap transactions			$	7,567
IQ Hedge Market Neutral Tracker ETF
Realized gain (loss)
Swap transactions			$	(2,626)
IQ Hedge Long/Short Tracker ETF
Realized gain (loss)
Swap transactions			$	18,064
IQ Hedge Event-Driven Tracker ETF
Realized gain (loss)
Swap transactions			$	2,647

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Fund	Currency Risk			Equity Risk
IQ Leaders GTAA Tracker ETF
Realized gain (loss)
Swap transactions					$	(387,021)
IQ Merger Arbitrage ETF
Realized gain (loss)
Swap transactions					$	58,327,608
IQ Global Resources ETF
Realized gain (loss)
Swap transactions					$	(1,057,162)
IQ 50 Percent Hedged FTSE International ETF
Realized gain (loss)
Forward foreign currency contracts		$	6,197,986
Change in unrealized appreciation (depreciation)
Forward foreign currency contracts		$	(2,213,145)
IQ 50 Percent Hedged FTSE Europe ETF
Realized gain (loss)
Forward foreign currency contracts		$	212,939
Change in unrealized appreciation (depreciation)
Forward foreign currency contracts		$	(43,278)
IQ 50 Percent Hedged FTSE Japan ETF
Realized gain (loss)
Forward foreign currency contracts		$	(74,952)
Change in unrealized appreciation (depreciation)
Forward foreign currency contracts		$	(56,090)

For the year ended April 30, 2020, the monthly average notional value of the derivatives held by the Funds were as follows:

	Average Notional Value
	IQ Hedge Multi- Strategy Tracker ETF			IQ Hedge Macro Tracker ETF			IQ Hedge Market Neutral Tracker ETF			IQ Hedge Long/ Short Tracker ETF			IQ Hedge Event- Driven Tracker ETF			IQ Leaders GTAA Tracker ETF			IQ Merger Arbitrage ETF			IQ Global Resources ETF			IQ 50 Percent Hedged FTSE International ETF			IQ 50 Percent Hedged FTSE Europe ETF			IQ 50 Percent Hedged FTSE Japan ETF
Asset Derivatives
Swap contracts		$	84,085,827		$	471,108		$	1,505,339		$	708,471		$	127,513		$	3,713,719		$	—		$	—		$	—		$	—		$	—
Forward foreign currency contracts			—			—			—			—			—			—			—			—			406,502,325			13,081,548			8,684,673
Liability Derivatives
Swap contracts		$	(84,556,628)		$	(472,712)		$	(1,506,162)		$	(713,601)		$	(127,559)		$	(3,708,222)		$	(292,897,497)		$	(21,587,771)		$	—		$	—		$	—
Forward foreign currency contracts			—			—			—			—			—			—			—			—			(406,156,509)			(13,068,080)			(8,693,860)

9. RISKS INVOLVED WITH INVESTING IN THE FUNDS

The Funds are subject to the principal risks described below, some or all of these risks may adversely affect a fund’s NAV, trading price, yield, total return and ability to meet its investment objective. As with any investment, an investment in a fund could result in a loss or the performance of a fund could be inferior to that of other investments.

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Call Risk1

During periods of falling interest rates, an issuer of a callable bond held by a fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Counterparty Risk

Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions.

In those instances, an underlying ETP utilizing such deliverables will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the underlying ETP will sustain losses.

Credit Risk1

Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. The financial condition of an issuer of a debt security or other instrument may cause such issuer to default on its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in default.

Currency Hedging Risk2

Certain Funds use various strategies to attempt to reduce the impact of changes in the value of a foreign currency against the U.S. dollar. These strategies may not be successful. Currency exchange rates can be very volatile and can change quickly and unpredictably. Therefore, the value of an investment in a fund may also go up or down quickly and unpredictably and investors may lose money.

Currency Risk

Certain Funds will invest in securities denominated in currencies other than U.S. dollars (foreign currencies). Therefore, while much of the income received by a fund may be denominated in foreign currency, the Underlying Index and the Fund’s NAV will be calculated in U.S. dollars. Furthermore a fund may convert cash in U.S. dollars to foreign currencies to purchase securities. Both a fund’s ability to track the Underlying Index, and Fund returns in general, may be adversely impacted by changes in currency exchange rates, which can occur quickly and without warning.

Debt Investments Risk

The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market risk, regulatory risk, price volatility and liquidity risk. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a fund’s income or ability to recover amounts due, and may reduce the value of the debt investment, sometimes dramatically. Certain debt investments may be difficult to value, purchase, or sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Debt investments most frequently trade in institutional round lot size transactions. Until a fund grows significantly in size, a fund may purchase a significant number of bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots. Odd lot size positions may have more price volatility than

Applies to IQ Enhanced Core Plus Bond U.S. ETF, IQ Short Duration Enhanced Core Bond U.S. ETF and IQ S&P High Yield Low Volatility Bond ETF.

Applies to IQ 50 Percent Hedged FTSE International ETF, IQ 50 Percent Hedged FTSE Europe ETF and IQ 50 Percent Hedged FTSE Japan ETF.

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institutional round lot size positions. The Funds use a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size.

Derivatives Risk

Derivative strategies may expose a Fund to greater risk than if it had invested directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing a Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Fund. Derivatives may be more volatile than direct investments in the instrument underlying the contract and may not correlate perfectly to the underlying instrument. Derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying asset, a Fund may not be able to profitably exercise an option and may lose its entire investment in an option. Derivatives may also increase the expenses of a Fund.

Equity Securities Risk

The prices of equity securities are responsive to many factors, including the historical and prospective earnings of the issuer, the value of its assets, general economic, stock market, industry and company conditions and the risk inherent in the portfolio manager’s ability to anticipate such changes that can adversely affect the value of a fund’s holdings. Opportunity for greater gain may come with greater risk of loss.

Exchange Traded Vehicle Risk3

Unlike an investment in a mutual fund, the value of the Funds’ investments in ETFs, ETVs and ETNs is based on stock market prices and the Funds could lose money due to stock market developments, the failure of an active trading market to develop, or exchange trading halts or de-listings. Federal law prohibits the Funds from acquiring investment company shares, including shares of ETFs, in excess of specific thresholds unless exempted by rule, regulation or exemptive order. These prohibitions may prevent the Funds from allocating their investments to ETFs in an optimal manner.

Fund of Funds Risk3

Certain Funds’ investment performance, because they are fund of funds, depend on the investment performance of the underlying ETFs in which they invest. An investment in any such Fund is subject to the risks associated with the underlying ETFs that comprise its Underlying Index. Such a fund will indirectly pay a proportional share of the asset-based fees of the underlying ETFs in which it invests.

Foreign Securities Risk

Certain Funds invest directly or indirectly (through underlying ETFs) in the securities of non-U.S. issuers, which involves risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

Applies to IQ Hedge Multi-Strategy Tracker ETF, IQ Hedge Macro Tracker ETF, IQ Hedge Market Neutral Tracker ETF, IQ Hedge Long/Short Tracker ETF, IQ Hedge Event-Driven Tracker ETF, IQ Real Return ETF, IQ Leaders GTAA Tracker, IQ Enhanced Core Plus Bond U.S. ETF and IQ Short Duration Enhanced Core Bond U.S. ETF.

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High Yield Securities Risk1

High yield securities generally offer a higher current yield than the yield available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”

Income Risk1

The income of a fund receives from investments in debt securities may decline when interest rates fall. This decline can occur because a fund may subsequently invest in lower-yielding bonds when bonds in its portfolio mature or the Fund needs to purchase additional bonds.

Index Risk

The Funds’ Underlying Indexes and the Funds rebalance only on a monthly, quarterly or annual basis, which may cause the performance of the Underlying Indexes and the Funds to deviate from that of the market exposure that they are trying to achieve.

Industry Concentration Risk

To the extent that a fund’s Underlying Index is concentrated in a particular industry, the Fund also will be concentrated in that industry. The risk of concentrating fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a fund to a greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors.

Interest Rate Risk1

An increase in interest rates may cause the value of debt securities held by a fund to decline. Interest rates in the United States are near historic lows, which may increase a fund’s exposure to risks associated with rising interest rates. Interest rates may rise significantly and/or rapidly. Rising interest rates or lack of market participants may lead to decreased liquidity and increased volatility in the bond markets, making it more difficult for a fund to sell its bond holdings at a time when the Fund might wish to sell.

Large Transaction Risks

From time to time, a fund may receive large purchase or redemption orders from affiliated or unaffiliated funds or other investors. Such large transactions could have adverse effects on a fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase a fund’s transaction costs.

Long/Short Risk

There is no guarantee that the returns on a fund’s long or short positions, if any, will produce positive returns, and the Fund could lose money if either or both positions produce negative returns. In addition, a fund may gain enhanced long exposure to certain securities (i.e., obtain investment exposure that exceeds the amount directly invested in those assets, a form of leverage) and, as a result, suffer losses that exceed the amount invested in those assets.

Market Risk

The market price of investments owned by a fund may go up or down, sometimes rapidly or unpredictably. Investments may decline in value due to factors affecting markets generally or particular segments of the market. Market risks include political, regulatory, market and economic developments, and geopolitical and other events, including war, terrorism, trade disputes, natural disasters, and public health crises. Such events may result in disruptions in the U.S .and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on a fund and its investments.

Applies to IQ Enhanced Core Plus Bond U.S. ETF, IQ Short Duration Enhanced Core Bond U.S. ETF and IQ S&P High Yield Low Volatility Bond ETF.

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An outbreak of COVID-19 has developed into a global pandemic and has resulted in travel restrictions, closure of international borders, certain businesses and securities markets, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The full effects, duration and costs of the COVID-19 pandemic are uncertain, and the circumstances surrounding the COVID-19 pandemic will continue to evolve and may adversely affect a fund and its investments.

New Fund Risk4

Certain Funds are new funds. There can be no assurance that they will grow to or maintain an economically viable size, in which case they may experience greater tracking error to their Underlying Indexes or ultimately liquidate.

Passive Management Risk

Unlike many investment companies, each Fund seeks to track its Underlying Index and is not “actively” managed. Therefore, a fund would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from (or was no longer useful in tracking a component of) its Underlying Index.

Small Capitalization Companies Risk5

Certain Funds invest primarily in the stocks of small capitalization companies, which may be more volatile than those of larger companies. Stock prices of small capitalization companies are also more vulnerable than those of large capitalization companies to adverse business and economic developments. Additionally, the stocks of small capitalization companies may be thinly traded, making it difficult to buy and sell them.

Total Return Swap Risk6

Total return swaps give a fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. Total return swaps can also be used to replicate an exposure to a short position in an asset class where a fund has the right to receive the depreciation in value of a specified security, index or other instrument (“inverse swaps”). If the underlying asset in a total return swap declines in value (or increases in value, if an inverse swap) over the term of the swap, a fund may also be required to pay the dollar value of that decline (or, if an inverse swap, increase, if an inverse swap) to the counterparty. Therefore, swaps are subject to credit risk or the risk of default or non-performance by the counterparty.

Tracking Error Risk

Each Fund’s performance may not match its Underlying Index during any period of time. Although each Fund attempts to track the performance of its Underlying Index, a fund may not be able to duplicate its exact composition or return for a number of reasons, including that the strategies used by the Advisor to match the performance of the Underlying Indexes were unsuccessful and because a fund incurs expenses, which an Underlying Index does not incur.

Trading Price Risk

Although it is expected that generally the market price of a fund’s Shares will approximate the Fund’s NAV, there may be times when market price in the Secondary Market and the NAV vary significantly. During periods of market stress shares of a Fund may also experience significantly wider "bid/ask" spreads and premiums and discounts between a Fund's net asset value and market price.

Applies to IQ Candriam ESG International Equity ETF and IQ Candriam ESG U.S. Equity ETF.

Applies to IQ Global Agribusiness Small Cap ETF, IQ U.S. Real Estate Small Cap ETF, IQ Chaikin U.S. Small Cap ETF, IQ Candriam ESG International Equity ETF and IQ Candriam ESG U.S. Equity ETF.

Applies to IQ Hedge Multi-Strategy Tracker ETF, IQ Hedge Macro Tracker ETF, IQ Hedge Market Neutral Tracker ETF, IQ Hedge Long/Short Tracker ETF, IQ Hedge Event-Driven Tracker ETF, IQ Leaders GTAA Tracker ETF, IQ Merger Arbitrage ETF and IQ Global Resources ETF.

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10. NEW ACCOUNTING PRONOUNCEMENT

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Advisor evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of April 30, 2020. The Advisor is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

11. SUBSEQUENT EVENTS

On June 18, 2020, the Board of Trustees of the IndexIQ ETF Trust, upon the recommendation from the Fund's Advisor approved a proposal to liquidate the IQ Leaders GTAA Tracker ETF (QGTA), IQ Short Duration Enhanced Core Bond U.S. ETF (SDAG), IQ Global Agribusiness Small Cap ETF (CROP), IQ 50 Percent Hedged FTSE Europe ETF (HFXE), & IQ 50 Percent Hedged FTSE Japan ETF (HFXJ), pursuant to the terms of a plan of liquidation. After considering all of the information presented to it, the Board concluded that it would be in the best interest of the Funds and their shareholders to liquidate the Funds. The Funds will be liquidated on or about August 12, 2020.

Other than the Fund's liquidation, management has determined that there were no other material events that would require disclosure in the preparation of these financial statements.

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Report of Independent Registered Public Accounting Firm

April 30, 2020

To the Board of Trustees of IndexIQ ETF Trust and Shareholders of each of the twenty-two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (twenty-two of the funds constituting IndexIQ ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Comprising the
IndexIQ ETF Trust

Statement
of
Operations

Statements
of Changes
in Net Assets

Financial Highlights

IQ Hedge Multi-Strategy Tracker ETF

For the year ended April 30, 2020

For the years ended April 30, 2020 and 2019

For the years ended April 30, 2020, 2019, 2018, 2017 and 2016

IQ Hedge Macro Tracker ETF

IQ Hedge Market Neutral Tracker ETF

IQ Hedge Long/Short Tracker ETF

IQ Hedge Event-Driven Tracker ETF

IQ Real Return ETF

IQ Merger Arbitrage ETF

IQ Global Resources ETF

IQ Global Agribusiness Small Cap ETF

IQ U.S. Real Estate Small Cap ETF

IQ 50 Percent Hedged FTSE International ETF

For the year ended April 30, 2020

For the years ended April 30, 2020 and 2019

For the years ended April 30, 2020, 2019, 2018 and 2017, and the period from July 22, 2015 (commencement of operations) through April 30, 2016

IQ 50 Percent Hedged FTSE Europe ETF
IQ 50 Percent Hedged FTSE Japan ETF

IQ Leaders GTAA Tracker ETF

For the year ended April 30, 2020

For the years ended April 30, 2020 and 2019

For the years ended April 30, 2020, 2019, 2018 and 2017, and the period from September 30, 2015 (commencement of operations) through April 30, 2016

IQ Enhanced Core Plus Bond U.S. ETF

For the year ended April 30, 2020

For the years ended April 30, 2020 and 2019

For the years ended April 30, 2020, 2019 and 2018, and the period from May 10, 2016 (commencement of operations) through April 30, 2017

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Report of Independent Registered Public Accounting Firm (continued)

April 30, 2020

Individual Fund Comprising the
IndexIQ ETF Trust

Statement
of
Operations

Statements
of Changes
in Net Assets

Financial Highlights

IQ S&P High Yield Low Volatility Bond ETF

For the year ended April 30, 2020

For the years ended April 30, 2020 and 2019

For the years ended April 30, 2020, 2019 and 2018, and the period from February 15, 2017 (commencement of operations) through April 30, 2017

IQ Chaikin U.S. Small Cap ETF

For the year ended April 30, 2020

For the years ended April 30, 2020 and 2019

For the years ended April 30, 2020 and 2019, and the period from May 16, 2017 (commencement of operations) through April 30, 2018

IQ Chaikin U.S. Large Cap ETF

For the year ended April 30, 2020

For the years ended April 30, 2020 and 2019

For the years ended April 30, 2020 and 2019, and the period from December 13, 2017 (commencement of operations) through April 30, 2018

IQ 500 International ETF

For the year ended April 30, 2020

For the year ended April 30, 2020 and the period from December 13, 2018 (commencement of operations) through April 30, 2019

IQ Short Duration Enhanced Core Bond U.S. ETF

For the year ended April 30, 2020

For the year ended April 30, 2020 and the period from December 18, 2018 (commencement of operations) through April 30, 2019

IQ Candriam ESG International Equity ETF
IQ Candriam ESG U.S. Equity ETF

For the period December 17, 2019 (commencement of operations) through April 30, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
New York, New York
June 24, 2020

We have served as the auditor of one or more investment companies in the IndexIQ Complex since 2015.

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Liquidity Risk Management Program (unaudited)

April 30, 2020

In compliance with Rule 22e-4 under the Investment Company Act of 1940, the funds of IndexIQ ETF Trust (the “Funds”) have adopted and implemented a liquidity risk management program (the “Program”), which IndexIQ Advisors LLC believes is reasonably designed to assess and manage the Funds’ liquidity risk. The Board of Trustees (the “Board”) designated IndexIQ Advisors LLC as administrator of the Program (the “Administrator”). The Administrator has established a Committee to assist the Administrator in the implementation and day-to-day administration of the Program and to otherwise support the Administrator in fulfilling its responsibilities under the Program.

At a meeting of the Board held on March 31, 2020, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019 (the “Reporting Period”), as required under the Liquidity Rule. The report noted that the Administrator concluded that: (i) the Program operated effectively to assess and manage the Funds’ liquidity risk; (ii) the Program has been adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments; and (iii) each Fund’s investment strategy continues to be appropriate for an open-end fund.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration certain factors, as applicable, such as: (i) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (ii) each Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; (iii) each Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources; (iv) the relationship between each Fund’s portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (v) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio.

In compliance with the Liquidity Rule and in accordance with the Program, funds able to qualify as “In-Kind ETFs” are not required to: (i) classify each portfolio investment into one of four categories or (ii) establish a highly liquid investment minimum. The Liquidity Rule defines an In-Kind ETF as an ETF that meets redemptions through in-kind transfers of securities, positions, and assets other than a de minimis amount of cash and publishes its portfolio holdings daily. Each of the Funds, with the exceptions of IQ 50 Percent Hedged FTSE International ETF and IQ S&P High Yield Low Volatility Bond ETF, qualify as In-Kind ETFs.

IQ 50 Percent Hedged FTSE International ETF and IQ S&P High Yield Low Volatility Bond ETF both classify each Fund portfolio investment into one of four liquidity categories. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Classification determinations are made by taking into account each Fund’s reasonably anticipated trade size, various market, trading and investment-specific considerations, as well as market depth, and, in certain cases, third-party vendor data. The Administrator has delegated liquidity classification determinations for IQ S&P High Yield Low Volatility Bond ETF to the Fund’s sub-adviser, subject to appropriate oversight by the Administrator.

The Liquidity Rule requires funds that do not primarily hold assets that are highly liquid investments and do not qualify as In-Kind ETFs to adopt a minimum amount of net assets that must be invested in highly liquid investments that are assets (“HLIM”). In addition, the Liquidity Rule limits a fund’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in a fund holding more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to determine, periodically review and comply with the HLIM requirement, as applicable, and to comply with the 15% limit on illiquid investments.

There were no material changes to the Program during the Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

April 30, 2020

Federal Tax Status of Dividends Declared During the Tax Year

IQ U.S. Real Estate Small Cap ETF designates 92.22% as qualified business income.

Qualified Dividend Income — Certain dividends paid by the fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the fiscal year ended April 30, 2020 taxed at a maximum rate of 15% is as follows:

	IQ Hedge Multi-Strategy Tracker ETF					12.37%
	IQ Hedge Macro Tracker ETF					20.48
	IQ Hedge Market Neutral Tracker ETF					7.17
	IQ Hedge Long/Short Tracker ETF					30.35
	IQ Hedge Event-Driven Tracker ETF					3.16
	IQ Real Return ETF					5.10
	IQ Leaders GTAA Tracker ETF					32.54
	IQ Enhanced Core Plus Bond U.S. ETF					0.00
	IQ Short Duration Enhanced Core Bond U.S. ETF					0.00
	IQ S&P High Yield Low Volatility Bond ETF					0.00
	IQ Merger Arbitrage ETF					0.00
	IQ Global Resources ETF					100.00
	IQ Global Agribusiness Small Cap ETF					100.00
	IQ U.S. Real Estate Small Cap ETF					0.37
	IQ 500 International ETF					85.07
	IQ 50 Percent Hedged FTSE International ETF					75.78
	IQ 50 Percent Hedged FTSE Europe ETF					80.78
	IQ 50 Percent Hedged FTSE Japan ETF					81.53
	IQ Candriam ESG International Equity ETF					52.46
	IQ Candriam ESG U.S. Equity ETF					100.00
	IQ Chaikin U.S. Small Cap ETF					100.00
	IQ Chaikin U.S. Large Cap ETF					100.00

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Supplemental Information (unaudited) (continued)

April 30, 2020

Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended April 30, 2020 that qualifies for the dividends received deduction is as follows:

	IQ Hedge Multi-Strategy Tracker ETF					1.63%
	IQ Hedge Macro Tracker ETF					1.90
	IQ Hedge Market Neutral Tracker ETF					2.71
	IQ Hedge Long/Short Tracker ETF					5.44
	IQ Hedge Event-Driven Tracker ETF					2.78
	IQ Real Return ETF					4.15
	IQ Leaders GTAA Tracker ETF					2.21
	IQ Enhanced Core Plus Bond U.S. ETF					0.00
	IQ Short Duration Enhanced Core Bond U.S. ETF					0.00
	IQ S&P High Yield Low Volatility Bond ETF					0.00
	IQ Merger Arbitrage ETF					0.00
	IQ Global Resources ETF					36.93
	IQ Global Agribusiness Small Cap ETF					16.18
	IQ U.S. Real Estate Small Cap ETF					0.00
	IQ 500 International ETF					0.00
	IQ 50 Percent Hedged FTSE International ETF					0.00
	IQ 50 Percent Hedged FTSE Europe ETF					0.00
	IQ 50 Percent Hedged FTSE Japan ETF					0.00
	IQ Candriam ESG International Equity ETF					0.00
	IQ Candriam ESG U.S. Equity ETF					91.53
	IQ Chaikin U.S. Small Cap ETF					100.00
	IQ Chaikin U.S. Large Cap ETF					98.48

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Supplemental Information (unaudited) (continued)

April 30, 2020

Foreign Taxes Paid — The following Funds elect under the Internal Revenue Code Section 853 to pass through foreign taxes paid to its shareholders. The total amount of foreign taxes passed through to shareholders on a per share basis for the year ended April 30, 2020, are as follows:

Fund	Foreign Taxes Per Share		Foreign Income Per Share
IQ Hedge Multi-Strategy Tracker ETF		—		—
IQ Hedge Macro Tracker ETF		—		—
IQ Hedge Market Neutral Tracker ETF		—		—
IQ Hedge Long/Short Tracker ETF		—		—
IQ Hedge Event-Driven Tracker ETF		—		—
IQ Real Return ETF		—		—
IQ Leaders GTAA Tracker ETF		—		—
IQ Enhanced Core Plus Bond U.S. ETF		—		—
IQ Short Duration Enhanced Core Bond U.S. ETF		—		—
IQ S&P High Yield Low Volatility Bond ETF		—		—
IQ Merger Arbitrage ETF		—		—
IQ Global Resources ETF		0.1605		1.9677
IQ Global Agribusiness Small Cap ETF		0.0267		0.8367
IQ U.S. Real Estate Small Cap ETF		—		—
IQ 500 International ETF		0.0441		0.5172
IQ 50 Percent Hedged FTSE International ETF		0.0399		0.6143
IQ 50 Percent Hedged FTSE Europe ETF		0.0450		0.4717
IQ 50 Percent Hedged FTSE Japan ETF		0.0419		0.4022
IQ Candriam ESG International Equity ETF		0.0088		0.0737
IQ Candriam ESG U.S. Equity ETF		—		—
IQ Chaikin U.S. Small Cap ETF		—		—
IQ Chaikin U.S. Large Cap ETF		—		—

In January 2021, you will be advised on IRS Form 1099 DIV as to the Federal tax status of the distributions received by you in calendar year 2020.

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Board Review of Investment Advisory Agreement (unaudited)

April 30, 2020

Approval Relating To Annual Continuation of the Advisory Agreement and Sub-Advisory Agreement

The Board (the members of which are referred to as “Trustees”) met by teleconference on March 31, 2020, pursuant to a recent order issued by the U.S. Securities and Exchange Commission’s Division of Investment Management temporarily exempting fund boards from the in-person approval requirements of certain provisions of the Investment Company Act of 1940, as amended (“1940 Act”), in light of the impact of COVID-19. The Board met to consider the approval of the continuation, for an additional year, of the Advisory Agreement with respect to the series of the Trust for which the agreement applies (the “Funds”). The Board noted that the Advisory Agreement was between the Trust and IndexIQ Advisors LLC (the “Advisor”). In addition, the Board considered the continuation of the Sub-Advisory Agreement between the Advisor and MacKay Shields LLC (“MacKay” or the “Sub-Advisor”), with respect to the IQ S&P High Yield Low Volatility Bond ETF (“HYLV”).

In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Advisor relevant to the Board’s consideration of whether to approve the continuation of the Advisory Agreement with respect to the Funds, and from MacKay and the Advisor relevant to the Board’s consideration of whether to approve the continuation of the Sub-Advisory Agreement as it relates to HYLV. In connection with considering approval of the continuation of the Advisory Agreement and Sub-Advisory Agreement, the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), met in executive session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. The consideration of the continuation of the Advisory Agreement and Sub-Advisory Agreement was conducted by both the full Board and the Independent Trustees, who also voted separately.

During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, extent and quality of the services provided by the Advisor to the Funds and by MacKay with respect to HYLV, and the fees charged by the Advisor and MacKay; (2) information concerning the business and operations, compliance program and portfolio management team of the Advisor and MacKay; (3) the expense levels of each Fund; (4) the investment performance of the Funds; (5) the costs of the services provided and profits realized by the Advisor and its affiliates from the relationship with the Trust, including expense limitation agreements and fee waiver agreements between the Advisor and certain Funds; (6) the extent to which economies of scale would be realized as each Fund grows; (7) any “fall-out” benefits derived or to be derived by the Advisor or MacKay from their relationships with the Trust; and (8) potential conflicts of interest. The Board considered that the Funds were passively managed ETFs and that several of the Funds were designed to track indexes created by an affiliate of the Advisor.

In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement; (2) a copy of the Sub-Advisory Agreement; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor and MacKay and the services provided thereby; (5) information regarding the respective compliance program and portfolio management teams of the Advisor and MacKay; (6) copies of the Form ADV for each of the Advisor and MacKay; (7) memoranda and guidance from legal counsel to the Independent Trustees on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act; (8) materials provided by each of the Advisor and MacKay in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (9) a telephonic presentation by personnel of the Advisor. In addition, the Board was provided data comparing the advisory fees and operating expenses (including acquired fund fees and expenses, as applicable) of the Funds with expenses and performance of other registered investment companies with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the ETF and mutual fund industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and IndexIQ Active ETF Trust.

In particular, the Trustees including the Independent Trustees, considered and discussed the following with respect to the Funds:

The nature, extent and quality of the facilities and services provided by the Advisor and MacKay. The Board reviewed the services that the Advisor and MacKay provide to the respective Funds, noting that

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Board Review of Investment Advisory Agreement (unaudited) (continued)

April 30, 2020

they had continually reviewed and overseen such services throughout the past year. The Board noted the responsibilities that the Advisor and MacKay have as the investment advisor and sub-advisor to the respective Funds, including overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, monitoring fund compliance with regulatory requirements and Fund objectives and policies, daily monitoring of the portfolio, overseeing Fund service providers, obtaining licenses for use of indexes tracked by the Funds, providing officers for the Funds, ongoing reporting to the Board, and the implementation of Board directives as they relate to the Funds. For Funds that were not yet operational, the Board considered the services rendered in respect of the existing Funds in assessing services expected to be provided to the non-operational Funds.

The Board reviewed the Advisor’s and MacKay’s experience, resources, and strengths in managing mutual funds and ETFs, including the Advisor’s management of the Funds and the funds of the IndexIQ Active ETF Trust. The Board also considered the experience of MacKay’s team in managing strategies and asset classes similar to HYLV, and their tenure in managing the portfolio of HYLV. The Board also noted and discussed with the Advisor the resources and additional support and personnel from its parent New York Life Investment Management (“NYLIM”), which resources enhance and support the work of the Advisor’s officers and staff. The Board also considered the tenure and experience of the personnel at the Advisor providing management and administrative services to the Funds. The Board also considered the Advisor’s marketing and distribution strategy, including the various services engaged by the Advisor in seeking to market and grow assets in the Funds.

Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Advisor’s and MacKay’s ability to render such services based on its personnel, experience, operations, and resources.

Comparison of services provided and fees charged by the Advisor and MacKay and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Advisor and MacKay from their relationships with the respective Funds. The Board then compared both the services rendered and the fees paid with respect to the Funds pursuant to the Advisory Agreement and Sub-Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs. The Board also considered that the Advisor is responsible for payment of the sub-advisory fee to MacKay pursuant to the Sub-Advisory Agreement, and that HYLV shareholders do not directly pay the sub-advisory fee.

In particular, the Board compared each Fund’s advisory fee and expense ratio (including acquired fund fees and expenses, as applicable) to other investment companies considered to be in each such Fund’s peer group. The Advisor presented information on how peer groups were selected for the Funds, which generally are differentiated from broad Morningstar categorization based on distinguishing characteristics of many Funds’ core strategies, several of which are unique indexes designed by an affiliate of the Advisor. The Advisor explained that peer groups were selected using an objective methodology by a NYLIM team.

The Board noted that certain Funds had peer groups of limited size and, in certain cases, with substantial differences in portfolio management and operational costs. The Board was presented with a dashboard view describing the Funds’ performance and fees, with information relative to peer groups. The Board considered unique characteristics of certain Funds relative to peer groups, particularly where such Funds had fee or total expense ratios that diverged from the median levels of the applicable peer group. The Board also discussed price pressure in the general ETF marketplace and the impact of market pressures on the price levels for relatively unique investment strategies such as those implemented by several of the Funds.

Additionally, the Trustees considered that the Advisor had put in place expense limitation or fee waiver agreements whereby the Advisor reimburses expenses and/or waives fees to limit the impact above set thresholds of certain expenses on shareholders of certain Funds. The Board noted that such expense

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Board Review of Investment Advisory Agreement (unaudited) (continued)

April 30, 2020

limitation and fee waiver agreements were reflected, where applicable, in the peer group analysis provided by the Advisor.

The Board also considered that certain Funds invest in the IQ Ultra Short Duration ETF and based on information provided by the Advisor, determined that fees that would be paid to the Advisor that are attributable to the investments made by such Funds would not be duplicative.

After comparing each Fund’s fees with those of other investment companies in the Fund’s peer group, and in light of the nature, quality, and extent of services provided by the Advisor and MacKay and the costs incurred by the Advisor and MacKay in rendering those services, the Board concluded that the level of fees paid (or proposed to be paid) to the Advisor with respect to each Fund and MacKay with respect to HYLV is fair and reasonable.

The Advisor’s and MacKay’s profitability and the extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale. The Board discussed with the Advisor the costs and profitability of the Advisor in connection with its serving as investment advisor to each Fund, including operational costs. The Board also discussed additional resources that have been made available to the Advisor following its acquisition by NYLIM, including the investment of financial and human resources by NYLIM into the Advisor and additional support to market and distribute the Funds.

The Board considered information regarding the strategy of the Advisor to grow assets in the Funds during the calendar year, including the marketing and distribution details that were provided in the Board materials. The Board reviewed the net asset levels of the Funds and the impact of both high and low asset levels on such Funds. The Advisor presented to the Board information on the operating profits on a year over year basis.

The Board also considered the impact of future asset growth on the services required and fees paid to MacKay, noting again that such fees were paid by the Advisor out of its management fees. The Board considered whether the continued operation of certain Funds that had not attracted significant assets under management would be profitable to the Advisor under the unitary fee arrangement of the Advisory Agreement and determined to continue to review the asset levels of the Funds in relation to the Advisor’s profitability. The Board also noted the existence of Expense Limitation Agreements and Fee Waiver Agreements applicable to certain of the Funds, and their respective impacts on costs to shareholders and profitability of the Advisor.

The Board noted that certain Funds had not yet commenced operations, and therefore no direct historical profitability data was available for consideration for such Funds.

The Board concluded that the fees paid to the Advisor and MacKay, respectively, were reasonable when considering the relative asset levels and profitability of the Funds to the Advisor.

Investment performance of the Funds. The Board considered the investment performance of the existing Funds, including tracking error. In particular, the Board considered the investment performance of the Funds relative to their stated objectives and the success of the Advisor and MacKay in reaching such objectives. The Board considered each Fund’s investment performance compared to the underlying index that each Fund seeks to track and includes in its prospectus and shareholder reports. The Board also considered each Fund’s investment performance compared to the respective Fund’s peer group. The Board considered that certain Funds had not yet commenced operations, and therefore had no performance or operational history to consider.

The Board concluded that the investment performance of the Funds, particularly in the context of tracking error as against each Fund’s underlying index and in succeeding in satisfying their stated investment objective, supported the approval of the Advisory Agreement and Sub-Advisory Agreement.

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Board Review of Investment Advisory Agreement (unaudited) (continued)

April 30, 2020

The Board agreed that it had been furnished with sufficient information, both at the meeting and in its ongoing oversight of the Funds, to make an informed business decision with respect to the Advisory Agreement for the Funds and, with respect to HYLV, the Sub-Advisory Agreement. Based on the foregoing and such other matters as were deemed relevant, and while no single factor was determinative in the decision, the Independent Trustees concluded that the terms of the Advisory Agreement with the Advisor and the Sub-Advisory Agreement between the Advisor and MacKay were reasonable and fair to the Funds and to recommend to the Board the approval of the Advisory Agreement and Sub-Advisory Agreement. As a result, all of the Board members, including the Independent Trustees, determined that the continuation of the Advisory Agreement with the Advisor and continuation of the Sub-Advisory Agreement with MacKay was in the best interests of each applicable Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the continuation of the Advisory Agreement and Sub-Advisory Agreement for an additional one-year period.

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Board of Trustees and Officers (unaudited)

Independent Trustees

Name and
Year of Birth(1)

Position(s)
Held with
Trust

Term of
Office and
Length of
Time Served(2)

Principal Occupation(s) During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee(3)

Other
Directorships
Held by
Trustee
During Past 5 Years

Reena Aggarwal 1957

Trustee

Chair

Since August 2008

January 2018

Vice Provost of Faculty (2016 to present), Georgetown University, Robert E. McDonough Professor (2003 to present) and Professor of Finance, McDonough School of Business, Georgetown University (2000 to present); Director, Georgetown Center for Financial Markets and Policy (2010 to present); Co-Chair of Board, Social Innovations and Public Service Fund, Georgetown University (2012 to 2014).

FBR & Co. (investment banking) (2011 to 2017); Cohen & Steers (asset management) (2017 to present); Director, Brightwood Capital Advisors, L.P. (private equity investment) (2013 to present); Nuveen Churchill BDC (2019-present).

Michael A. Pignataro, 1959

Trustee

Since April 2015

Director, Credit Suisse Asset Management (2001 to 2012); and Chief Financial Officer, Credit Suisse Funds (1996 to 2013).

The New Ireland Fund, Inc. (closed-end fund) (2015 to present)

Paul D. Schaeffer, 1951

Trustee

Since April 2015

President, ASP (dba Aspiring Solution Partners) (financial services consulting) (2013 to present); Executive Advisor, Aquiline Capital Partners LLC (private equity investment) (2014 to present).

Management Board Member, RIA in a Box (financial services consulting) (2018 to present); Context Capital Funds (mutual fund trust) (2 Portfolios) (2014 to 2018); Management board Member, Altegris Investments, LLC (registered broker-dealer) (2016 to 2018); Management Board Member, AssetMark Inc. (financial services consulting) (2016 to 2017); PopTech! (conference operator) (2012 to 2016); Board Member, Pathways Core Training (non-profit) (2019 to present).

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Board of Trustees and Officers (unaudited) (continued)

Interested Trustee

Name and
Year of Birth(1)

Position(s)
Held with
Trust

Term of
Office and
Length of
Time Served(2)

Principal Occupation(s) During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee(3)

Other
Directorships
Held by
Trustee
During past 5 Years

Kirk C. Lehneis 1974(4)

Trustee, President and Principal Executive Officer

Since January 2018

Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC; Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since September 2017.

None

Other Officers

Name and Year of Birth(1)	Position(s) Held with Trust	Term of Office and Length of Time Served(2)	Principal Occupation(s) During Past 5 Years
Jonathan Zimmerman 1982	Executive Vice President	Since April 2018	Chief Operating Officer, IndexIQ Advisors LLC (2018 to present); Managing Director, New York Life Investment Management LLC (2018-present); Director, New York Life Investment Management LLC (2015-2018); Vice President, Morgan Stanley (2007 to 2015).
Adefolahan Oyefeso, 1974	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since April 2018	Vice President of Operations & Finance, IndexIQ Advisors LLC (2015 to present); Director of the Fund Administration Client Service Department at The Bank of New York Mellon (2007 to 2015).
Matthew V. Curtin 1982	Secretary and Chief Legal Officer	Since June 2015	Secretary and Chief Legal Officer, IndexIQ Advisors LLC (since June 2015), Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since February 2015); Associate, Dechert LLP (2007 to 2015).
Y. Rachel Kuo 1981	Chief Compliance Officer	Since 2020	Chief Compliance Officer, MainStay Funds Trust, MainStay VP Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund, The MainStay Funds, IndexIQ ETF Trust, IndexIQ Active ETF Trust (since 2020); Associate General Counsel, New York Life Investment Management LLC; Assistant Secretary, MainStay Funds Trust, MainStay VP Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund and The MainStay Funds (2015 to 2019).

(1)

The address of each Trustee or officer is c/o IndexIQ, 51 Madison Avenue, New York, New York 10010.

(2)

Trustees and Officers serve until their successors are duly elected and qualified.

(3)

The Funds are part of a “fund complex” as defined in the 1940 Act. The fund complex includes all open-end funds (including all of their portfolios) advised by the Advisor and any funds that have an investment advisor that is an affiliated person of the Advisor.

(4)

Mr. Lehneis is an “interested person” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with the Advisor.

262

TABLE OF CONTENTS

IndexIQ ETF Trust

ANNUAL REPORT | April 30, 2020

IQ Hedge Multi-Strategy Tracker ETF
IQ Hedge Macro Tracker ETF
IQ Hedge Market Neutral Tracker ETF
IQ Hedge Long/Short Tracker ETF
IQ Hedge Event-Driven Tracker ETF
IQ Real Return ETF
IQ Leaders GTAA Tracker ETF
IQ Enhanced Core Plus Bond U.S. ETF
IQ Short Duration Enhanced Core Bond U.S. ETF
IQ S&P High Yield Low Volatility Bond ETF
IQ Merger Arbitrage ETF
IQ Global Resources ETF
IQ Global Agribusiness Small Cap ETF
IQ U.S. Real Estate Small Cap ETF
IQ 500 International ETF
IQ 50 Percent Hedged FTSE International ETF
IQ 50 Percent Hedged FTSE Europe ETF
IQ 50 Percent Hedged FTSE Japan ETF
IQ Candriam ESG International Equity ETF
IQ Candriam ESG U.S. Equity ETF
IQ Chaikin U.S. Small Cap ETF
IQ Chaikin U.S. Large Cap ETF

Investment Advisor
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010

Distributor

ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Custodian/Fund Administrator/Transfer Agent

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Legal Counsel
Chapman and Cutler LLP
1717 Rhode Island Avenue
Washington, DC 20036

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017

1740844 ME10-06/20

	Shareholder Letter					5
	Management’s Discussion of Fund Performance					6
	Fund Expenses					71
	Portfolio Summaries					74
	Schedules of Investments
	IQ Hedge Multi-Strategy Tracker ETF					80
	IQ Hedge Macro Tracker ETF					87
	IQ Hedge Market Neutral Tracker ETF					91
	IQ Hedge Long/Short Tracker ETF					95
	IQ Hedge Event-Driven Tracker ETF					98
	IQ Real Return ETF					99
	IQ Leaders GTAA Tracker ETF					101
	IQ Enhanced Core Plus Bond U.S. ETF					104
	IQ Short Duration Enhanced Core Bond U.S. ETF					105
	IQ S&P High Yield Low Volatility Bond ETF					106
	IQ Merger Arbitrage ETF					114
	IQ Global Resources ETF					117
	IQ Global Agribusiness Small Cap ETF					122
	IQ U.S. Real Estate Small Cap ETF					124
	IQ 500 International ETF					126
	IQ 50 Percent Hedged FTSE International ETF					133
	IQ 50 Percent Hedged FTSE Europe ETF					145
	IQ 50 Percent Hedged FTSE Japan ETF					154
	IQ Candriam ESG International Equity ETF					160
	IQ Candriam ESG U.S. Equity ETF					167
	IQ Chaikin U.S. Small Cap ETF					171
	IQ Chaikin U.S. Large Cap ETF					177
	Statements of Assets and Liabilities					179
	Statements of Operations					185
	Statements of Changes in Net Assets					191
	Financial Highlights					202
	Notes to Financial Statements					224
	Report of Independent Registered Public Accounting Firm					251
	Liquidity Risk Management Program					253
	Supplemental Information					254
	Board Review of Investment Advisory Agreement					257
	Board of Trustees and Officers					261

	(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

	(a)(3)	Not applicable.

	(a)(4)	Not applicable.

By (Signature and Title)	/s/ Kirk C. Lehneis
	Kirk C. Lehneis (Principal Executive Officer)

By (Signature and Title)	/s/ Adefolahan O. Oyefeso
	Adefolahan O. Oyefeso (Principal Financial Officer)

Date:	7/1/2020		/s/ Kirk C. Lehneis
			Kirk C. Lehneis (Principal Executive Officer)