IndexIQ ETF Trust (Form: N-CSR, Received: 07/02/2021 14:57:02)

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

IndexIQ ETF Trust

Annual Report

April 30, 2021

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

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

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

Availability of Proxy Voting Policies and Proxy Voting Records

You may obtain a description of the IndexIQ ETF Trust proxy voting policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the 12-month period ending June 30 (available by August 31) without charge, upon request, by calling 1-888-474-7725 or by accessing the SEC’s website at sec.gov.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at sec.gov. Additionally, the Funds' makes its portfolio holdings for the first and third quarters of each fiscal year available at newyorklifeinvestments.com\documents. Each Funds’ premium/discount information is available, free of charge, on the Funds’ website newyorklifeinvestments.com or by calling 1-888-474-7725.

Electronic Delivery

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

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If you have questions about IndexIQ e-Delivery services, contact a representative at 1-888-474-7725.

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

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

Table of Contents

	Shareholder Letter					4
	Management’s Discussion of Fund Performance					5
	Fund Expenses					53
	Portfolio Summaries					55
	Schedules of Investments
	IQ Hedge Multi-Strategy Tracker ETF					60
	IQ Hedge Macro Tracker ETF					69
	IQ Hedge Market Neutral Tracker ETF					74
	IQ Hedge Long/Short Tracker ETF					78
	IQ Hedge Event-Driven Tracker ETF					81
	IQ Real Return ETF					83
	IQ S&P High Yield Low Volatility Bond ETF					85
	IQ Merger Arbitrage ETF					94
	IQ Global Resources ETF					97
	IQ U.S. Real Estate Small Cap ETF					102
	IQ 500 International ETF					104
	IQ 50 Percent Hedged FTSE International ETF					110
	IQ Healthy Hearts ETF					121
	IQ Candriam ESG International Equity ETF					124
	IQ Candriam ESG U.S. Equity ETF					132
	IQ Chaikin U.S. Small Cap ETF					136
	IQ Chaikin U.S. Large Cap ETF					142
	Statements of Assets and Liabilities					144
	Statements of Operations					149
	Statements of Changes in Net Assets					154
	Financial Highlights					163
	Notes to Financial Statements					180
	Report of Independent Registered Public Accounting Firm					205
	Liquidity Risk Management Program					207
	Supplemental Information					208
	Board Review of Investment Advisory Agreement					211
	Board of Trustees and Officers					217

Shareholder Letter (unaudited)

Message from the President

A year ago, the world was beginning to come to grips with COVID-19 and was struggling with how best to mitigate its effects. Today, with the help of an extraordinary coordination of monetary and fiscal policy and the availability of vaccines, the economy has continued to recover, and the markets have rebounded sharply.

The Federal Reserve kept interest rates low and assisted the proper functioning of markets while fiscal stimulus provided a broad range of relief, including to individuals and small businesses. This helped markets stabilize early in the reporting period as investors anticipated further stimulus and awaited progress on a vaccine.

Investors initially sought out higher-quality investments such as investment grade corporate bonds and U.S. Treasury securities, though technology stocks that benefited from work-from-home orders also drew substantial attention. But investors were apparently optimistic about a possible vaccine as the S&P 500® Index, a widely followed measure of U.S. equities, was reaching record highs by August.

When vaccine approvals occurred in November and a $900 billion relief package passed in December, investors shifted further out of safer investments, causing yields on longer-dated U.S. Treasuries to rise. Combined with brighter economic prospects and attractively priced cyclical and value stocks, this took a toll on the technology shares that had seen their valuations soar when the pandemic was at its height.

In January, the Federal Reserve left interest rates unchanged, pointing out that the pace of the global recovery was still uncertain, and that inflation was still low. But the massive fiscal and monetary stimulus that had supported the economic recovery soon gave rise to concerns about inflation. In March, the $1.9 billion American Rescue Plan was passed, providing payments of $1,400 for those earning less than $75,000 per year, plus $1,400 per dependent. This, combined with a proposed $2 trillion infrastructure spending bill, fueled inflation expectations.

As these concerns grew, traditional asset classes experienced substantial volatility. While investment grade corporate bonds performed well early on, their historically low yields became unattractive in light of rising inflation expectations. Despite volatility stemming from the sell-off in longer-dated U.S. Treasuries, the municipal bond market posted a modest gain, helped by $350 billion in support from Washington and the prospect of an increase in federal income tax rates.

Although the S&P 500® Index posted double-digit gains and repeatedly hit record highs during the reporting period, the shift in investor sentiment to cyclical and value-oriented stocks was disruptive, resulting in a sell-off in growth stocks that affected the shares of technology companies, many of which had benefited from the work-from-home environment. As a result, value stocks outperformed growth stocks in the second half of the reporting period, but for the full 12-month reporting period, growth stocks still outperformed value stocks.

With investor sentiment moving away from growth-oriented companies, cyclical sectors performed well. Financials led the way, along with materials and industrials. The more defensive sectors, including consumer staples, utilities, and health care, lagged. A shift was also evident in the performance of small-cap stocks, which easily outperformed large caps. While developed markets trailed the U.S. market somewhat, emerging markets benefited from surging commodities prices, finishing ahead of the U.S.

Despite the volatility, the ETFs in the IndexIQ ETF Trust continued to maintain their investment disciplines and to offer a range of liquid alternatives to meet a variety of objectives. On the following pages, we provide an in-depth review of the factors that drove performance of each ETF during the 12-months ended April 30, 2021.

If you have any questions or would like more information about IndexIQ ETFs, we invite you to visit us at newyorklifeinvestments.com 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.

Management’s Discussion of Fund Performance (unaudited)

IQ Hedge Multi-Strategy Tracker ETF

How did IQ Hedge Multi-Strategy Tracker ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Multi-Strategy Tracker ETF returned 11.01% at NAV (net asset value) and 11.26% at market price.1 To compare, the Fund’s Underlying Index, the IQ Hedge Multi-Strategy Index2 returned 11.76% for the reporting period. The HFRI Fund of Funds Composite Index2 and S&P 500® Index2 returned 22.54% and 45.25%, respectively, for the same period.

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

The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.

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

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

The positions in the ETF’s Underlying 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.

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

The ETF maintained its core allocation to bonds during the reporting period, with its bond allocation increasing from 68.00 to 84.00%. Among bonds, the ETF’s U.S. short-term bond, investment-grade bond and convertible bond allocations remained the highest weighted sectors, totaling over 55% of the ETF’s assets as of April 30, 2021. During the same period, the ETF’s equity allocation decreased from 26.00 to 13.00%, with its emerging-market equity allocations increasing from 1.70 to 5.00%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with currencies decreasing from a short position of −1.40 to −2.00%. Annual portfolio turnover was 168.70% for the reporting period.

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.

See page 7 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. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues.

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 held in the ETF during the reporting period were iShares S&P Small-Cap 600 Value ETF, iShares Russell 2000 Value ETF and SPDR® S&P® Bank ETF. During the same period, iPath® Series B S&P 500® VIX Short-Term FuturesTM ETN, iShares 20+ Year Treasury Bond ETF and Vanguard Long-Term Treasury ETF recorded the lowest total returns.

Which Underlying ETFs were the strongest 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 SPDR® Bloomberg Barclays Convertible Securities ETF, SPDR® S&P® Emerging Markets Small Cap ETF and Vanguard FTSE Europe ETF. The weakest contributors were Vanguard Value ETF, iPath® Series B S&P 500® VIX Short-Term FuturesTM ETN and iShares MSCI USA Min Vol Factor ETF. The Vanguard Value ETF and iShares MSCI USA Min Vol Factor ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 84.00%, with its allocation to equities at 13.00%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with commodities at 3.60% and currencies at 0.90%. Among bonds, 25.10% of the ETF’s assets were allocated to U.S. ultra-short-term instruments, 18.50% to investment-grade corporate bonds and 12.90% to convertible bonds. Among equities, 5.10% of the ETF’s assets were allocated to emerging market stocks and 2.80% to U.S. small-cap growth stocks.

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.

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

Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_IQMULTIBW.JPG]

Fund Performance History

IQ Hedge Multi-Strategy Tracker ETF
(as of April 30, 2021)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Hedge Multi-Strategy Tracker ETF Market Price1		11.26%		3.13%		2.56%
IQ Hedge Multi-Strategy Tracker ETF NAV		11.01%		3.15%		2.55%
IQ Hedge Multi-Strategy Index		11.76%		3.91%		3.41%
HFRI Fund of Funds Composite Index		22.54%		5.99%		3.53%
S&P 500 Index		45.25%		16.73%		13.47%

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.

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

IQ Hedge Macro Tracker ETF

How did IQ Hedge Macro Tracker ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Macro Tracker ETF returned 14.44% at NAV (net asset value) and 15.13% at market price.1 To compare, the Fund’s Underlying Index, IQ Hedge Macro Index2 returned 15.16% for the reporting period. The HFRI Macro (Total) Index2 and the MSCI World Index2 returned 13.62% and 45.33%, respectively, for the same period.

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

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 its Underlying 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 underlying Index. Derivatives were not used to gain leverage beyond the index positioning; rather, they were used exclusively to enable the ETF to track its Underlying Index.

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 core allocation to bonds during the reporting period, with its bond allocation decreasing slightly from 76.00 to 71.00%. Among bonds, the ETF’s ultra-short-term bond and convertible bond allocations remained the highest weighted sectors. During the same period, the ETF’s equity allocation increased from 17.00 to 24.00%, with allocations to the Brazilian, Russian, Indian and Chinese (BRIC) equity markets increasing from 2.00 to 8.50%. Emerging equity allocations remained stable at approximately 8.00% during the reporting period. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with currencies at 2.50%, and real estate in a short position ranging from −3.3 to −4.8%. Annual portfolio turnover was 104.00% for the reporting period.

See page 10 for more information on this index.

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 held in the ETF during the reporting period were iShares Silver Trust, SPDR® Bloomberg Barclays Convertible Securities ETF and SPDR® S&P® Emerging Markets Small Cap ETF. During the same period, the iShares 20+ Year Treasury Bond ETF, Vanguard Long-Term Treasury ETF and SPDR® Portfolio Long Term Treasury ETF recorded the lowest total returns.

Which Underlying ETFs were the strongest 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 SPDR® Bloomberg Barclays Convertible Securities ETF, SPDR® S&P® Emerging Markets Small Cap ETF and iShares MSCI China ETF. The weakest contributors were Vanguard FTSE All-World ex-US Small-Cap ETF, SPDR® Dow Jones® International Real Estate ETF and iShares MSCI Japan ETF. The Vanguard FTSE All-World ex-US Small-Cap ETF, SPDR® Dow Jones® International Real Estate ETF and iShares MSCI Japan ETF detracted from performance due to the ETF’s short positions in positive-return assets during the reporting period.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 71.00%, with an allocation to equities at 23.00%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with commodities at 7.10%, currencies at 2.90% and real estate at −4.80%. Among bonds, 31.80% of the ETF’s assets were allocated to U.S. ultra-short-term instruments, 11.20% to convertible bonds and 6.80% to local currency emerging markets bonds. Among equities, 8.50% of the ETF’s assets were allocated to BRIC markets and 5.10% to emerging markets.

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

Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_HEDGEMACROBW.JPG]

Fund Performance History

IQ Hedge Macro Tracker ETF
(as of April 30, 2021)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Hedge Macro Tracker ETF Market Price1		15.13%		3.83%		1.12%
IQ Hedge Macro Tracker ETF NAV		14.44%		3.95%		1.14%
IQ Hedge Macro (Total) Index		15.16%		4.72%		1.87%
HFRI Macro (Total) Index		13.62%		3.25%		1.52%
MSCI World Index		45.33%		14.03%		9.92%

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

IQ Hedge Market Neutral Tracker ETF

How did IQ Hedge Market Neutral Tracker ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Market Neutral Tracker ETF returned 8.65% at NAV (net asset value) and 8.74% at market price.1 To compare, the Fund’s Underlying Index, IQ Hedge Market Neutral Index2 returned 9.20% for the reporting period. The HFRI Equity Market Neutral Index2 and the Bloomberg Barclays U.S. Short Treasury Bond Index2 returned 5.40% and 0.13%, respectively, for the same period.

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

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

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 core allocation to bonds during the reporting period, as well as a dominant satellite allocation to equity. The bond position increased from 86.70 to 97.90%, with the bank loan position increasing from 14.00 to 20.50%, and the U.S. medium-term Treasury position going from −1.10 to 8.30%. In contrast, the ETF’s high-yield corporate bond weighting decreased from 5.40 to −2.67%, and its equity weighting decreased from 11.60 to 4.00% during the same period. International small-cap equity, European equity and U.S. small-cap growth positions decreased or were removed entirely, while emerging market positions increased from 0.50% to 6.47%. Annual portfolio turnover was 133.40% for the reporting period.

See page 13 for more information on this index.

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 held by the ETF during the reporting period were iShares S&P Small-Cap 600 Value ETF, iShares Russell 2000 Value ETF and SPDR® S&P® Bank ETF. During the same period, Invesco DB US Dollar Index Bullish Fund, Schwab Intermediate-Term U.S. Treasury ETF and Vanguard Intermediate-Term Treasury ETF recorded the lowest total returns.

Which Underlying ETFs were the strongest 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 FTSE All-World ex-US Small-Cap ETF, Vanguard FTSE Europe ETF and Invesco Senior Loan ETF. The weakest contributors were Vanguard Value ETF, SPDR® S&P® Bank ETF and iShares MSCI USA Min Vol Factor ETF. The Vanguard Value ETF and iShares MSCI USA Min Vol Factor ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 97.85% at the end of reporting period. The remaining allocation was to equity at 4.00% and currencies in a short position at −1.85%. Among bonds, the ETF’s U.S. ultra-short-term bond accounted for 43.00% of holdings, followed by bank loans at 20.50% and floating-rate investment-grade at 9.40%. Among equities, the ETF’s emerging-market equities weight stood at 6.47%, while its U.S. large-cap exposure was in a short position with −1.95%.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_MARKNEUTBW.JPG]

Fund Performance History

IQ Hedge Market Neutral Tracker ETF
(as of April 30, 2021)

	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		8.74%		3.46%		2.46%		1.93%		17.80%
IQ Hedge Market Neutral Tracker ETF NAV		8.65%		3.46%		2.41%		1.93%		17.80%
IQ Hedge Market Neutral Index		9.20%		4.03%		3.12%		2.81%		26.80%
HFRI Equity Market Neutral Index3		5.40%		1.16%		2.32%		2.99%		28.83%
Bloomberg Barclays U.S. Short Treasury Bond Index		0.13%		1.62%		1.28%		0.82%		7.26%

Fund Inception Date: 10/04/2012

Data shown above for the HFRI Equity Market Neutral Index is from 9/30/2012 to 4/30/2021.

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

IQ Hedge Long/Short Tracker ETF

How did IQ Hedge Long/Short Tracker ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Long/Short Tracker ETF returned 26.42% at NAV (net asset value) and 25.76% at market price.1 To compare, the Fund’s Underlying Index, IQ Hedge Long/Short Index2 returned 27.12% for the reporting period. The HFRI Equity Hedge Index2 and the MSCI World Index2 returned 42.17% and 45.33%, respectively, for the same period.

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

During the reporting period, how was the Fund’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 core allocation to equities at 61.50% during the reporting period, followed by bonds at 33.40% and satellite allocations to real estate of 3.80% and volatility of 1.30%. During the same period, the ETF’s equity weight decreased from 73.90 to 61.50%. Specifically, the ETF’s U.S. large-cap core allocation increased from 12.60 to 22.00% and the international small-cap equity allocation increased significantly from 4.27 to 19.60%, while the international equity core allocation decreased from 18.10 to 12.90%. Among bond allocations, the ETF’s investment-grade corporate bond position increased from 4.20 to 23.70%, while the U.S. ultra-short-term bond position decreased from 11.10 to 0.30%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with real estate increasing from −2.70 to 3.80%, and volatility remaining at 1.00%. Annual portfolio turnover was 183.00% for the reporting period.

See page 16 for more information on this index.

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 held by the ETF during the reporting period were iShares S&P Small-Cap 600 Growth ETF, iShares Russell 2000 Growth ETF and Vanguard Small-Cap Growth ETF. During the same period, iPath® Series B S&P 500® VIX Short-Term Futures™ ETN, iShares 20+ Year Treasury Bond ETF and Vanguard Long-Term Treasury ETF recorded the lowest total returns.

Which Underlying ETFs were the strongest 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 FTSE Developed Markets ETF, iShares Core MSCI EAFE ETF and Vanguard Growth ETF. The weakest contributors were iPath® Series B S&P 500® VIX Short-Term Futures™ ETN, Consumer Discretionary Select Sector SPDR Fund and iShares MSCI USA Momentum Factor ETF. The Consumer Discretionary Select Sector SPDR Fund and iShares MSCI USA Min Vol Factor ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF maintained its core allocation to equities and bonds at 61.50% and 33.40%, respectively, with satellite allocations to real estate of 3.80% and volatility of 1.30%. Specifically, the ETF’s equity position included 22.10% in U.S. large-cap core, 19.60% in international small-cap equity and 12.90% in international equity core. Among bond holdings, the ETF’s investment-grade corporate bond weighting was 23.70% and its bank loan weighting was 9.40%.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_LONGSHORTBW.JPG]

Fund Performance History

IQ Hedge Long/Short Tracker ETF
(as of April 30, 2021)

	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		25.76%		9.50%		9.14%		6.60%		47.74%
IQ Hedge Long/Short Tracker ETF NAV		26.42%		9.56%		8.97%		6.62%		47.86%
IQ Hedge Long/Short Index		27.12%		10.22%		9.83%		7.57%		56.18%
HFRI Equity Hedge Index3		42.17%		10.87%		10.53%		7.93%		59.17%
MSCI World Index		45.33%		14.10%		14.03%		10.63%		85.34%

Fund Inception Date: 3/24/2015

Data shown above for the HFRI Equity Hedge Index is from 3/31/2015 to 4/30/2021.

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

IQ Hedge Event-Driven Tracker ETF

How did IQ Hedge Event-Driven Tracker ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Hedge Event-Driven Tracker ETF returned 18.65% at NAV (net asset value) and 18.86% at market price.1 To compare, the Fund’s Underlying Index, the IQ Hedge Event-Driven Index2 returned 19.14% for the reporting period. The HFRI Event-Driven (Total) Index2 and the Bloomberg Barclays U.S. Aggregate Bond Index2 returned 35.76% and −0.27%, respectively, for the same period.

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

The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled some segments of the bond market higher. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodity prices began to surge as vaccine distribution ramped up and economies began to reopen, prompting concerns about an acceleration in inflation.

During the reporting period, how was the Fund’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 core allocation to bonds during the reporting period, with a significant satellite allocation to equity. The ETF’s bond weighting increased from 82.70 to 94.80%. Among bonds, investment-grade weighting increased from 18.7 to 46.3%, and convertible bonds increased from 7.80% to 27.30%. The ETF’s bank loan weighting remained at around 24%, while its high-yield corporate bond weighting was cut from 32.00 to a short position of −3.00%. During the same period, the ETF’s equities weighting decreased from 17.00 to 5.00%. Among equities, the ETF’s allocation to U.S. small-cap growth stocks remained at approximately 8.00%, while its allocation to U.S. preferred equity decreased from 8.00% to a short position of -3.00%.

See page 19 for more information on this index.

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 held in the ETF during the reporting period were iShares S&P Small-Cap 600 Growth ETF, iShares Russell 2000 Growth ETF and SPDR® Bloomberg Barclays Convertible Securities ETF. During the same period SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF, Goldman Sachs Access Treasury 0-1 Year ETF, and Invesco Treasury Collateral ETF recorded the lowest total returns.

Which Underlying ETFs were the strongest 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 SPDR® Bloomberg Barclays Convertible Securities ETF, Vanguard Small-Cap Growth ETF and iShares Russell 2000 Growth ETF. The weakest contributors were iShares Preferred and Income Securities ETF, Invesco Preferred ETF and Goldman Sachs Access Treasury 0-1 Year ETF. iShares Preferred and Income Securities ETF and Invesco Preferred ETF detracted from performance due to the ETF’s short positions in positive-returning assets during the reporting period.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 94.80%, with an allocation to equities at 5.17%. Among bonds, the ETF’s largest allocation was to investment-grade corporates with a 46.30% weighting, followed by convertible bonds at 27.30% and bank loans at 24.00%. Among equities, U.S. small-cap growth stocks accounted for 8.16% of the ETF’s portfolio, while U.S. preferred shares represented a short position of −3.00% of assets.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_HEDGEEVENBW.JPG]

Fund Performance History

IQ Hedge Event-Driven Tracker ETF
(as of April 30, 2021)

	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		18.86%		8.09%		7.32%		5.82%		41.21%
IQ Hedge Event-Driven Tracker ETF NAV		18.65%		8.08%		7.33%		5.80%		41.09%
IQ Hedge Event-Driven Index		19.14%		8.49%		7.84%		6.33%		45.50%
HFRI Event-Driven (Total) Index3		35.76%		8.04%		8.28%		6.01%		42.70%
Bloomberg Barclays U.S. Aggregate Bond Index		-0.27%		5.19%		3.19%		3.00%		19.79%

Fund Inception Date: 3/24/2015

Data shown above for the HFRI Event-Driven (Total) Index is from 3/31/2015 to 4/30/2021.

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

IQ Real Return ETF

How did IQ Real Return ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Real Return ETF returned 2.33% at NAV (net asset value) and 2.60% at market price.1 To compare, the Fund’s Underlying Index, IQ Real Return Index2 returned 2.46% for the reporting period. The Bloomberg Barclays U.S. Short Treasury Bond Index2 returned 0.13% for the same period.

What factors affected the Fund’s performance 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 maintained its core allocation to bonds during the reporting period, with its bond allocation increasing slightly from 83.00 to 85.00%. The ETF’s ultra-short-term bond allocation decreased from 83.00 to 75.00%, while medium- and long-term bond weight increased to 7.50% and 2.50% respectively. During the same period, the ETF’s equity weight decreased from 10.40 to 7.40%. Other satellite positions accounted for a relatively small percentage of the ETF’s remaining allocations, with currencies increasing to 7.00%, and real estate dropping from 5.70% in the beginning of the reporting period to 0.00% as of April 30, 2021. Annual portfolio turnover was 50.35% for 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 held by the ETF during the reporting period were SPDR® Dow Jones® REIT ETF, Vanguard Real Estate ETF and iShares U.S. Real Estate ETF. During the same period iShares 20+ Year Treasury Bond ETF, Vanguard FTSE Emerging Markets ETF and iShares MSCI Emerging Markets ETF recorded the lowest total returns.

See page 22 for more information on this index.

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

Which Underlying ETFs were the strongest 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 Real Estate ETF, SPDR® S&P 500® ETF Trust and IQ Ultra Short Duration ETF. The weakest contributors were Invesco CurrencyShares® Japanese Yen Trust, iShares 7-10 Year Treasury Bond ETF and Invesco DB Gold Fund.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF maintained its core allocation to bonds at approximately 85.00%, as well as a satellite allocation to equities at 7.40% and currencies at 7.00%. Specifically, the ETF allocated 75.00% to ultra-short-term bonds, 7.50% to medium-term Treasury bonds and 2.5% to long-term Treasury bonds. Among equities, holdings were predominantly allocated to the large-cap sector.

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

Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_REALRETURNBW.JPG]

Fund Performance History

IQ Real Return ETF
(as of April 30, 2021)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Real Return ETF Market Value1		2.60%		1.52%		1.24%
IQ Real Return ETF NAV		2.33%		1.52%		1.23%
IQ Real Return Index		2.46%		1.74%		1.56%
Bloomberg Barclays U.S. Short Treasury Bond Index		0.13%		1.28%		0.73%

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

IQ S&P High Yield Low Volatility Bond ETF

How did IQ S&P High Yield Low Volatility Bond ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), the IQ S&P High Yield Low Volatility Bond ETF returned 8.89% at NAV (net asset value) and 8.23% at market price.1 To compare, the Fund’s Underlying Index, the S&P U.S. High Yield Low Volatility Corporate Bond Index2 returned 9.57% for the reporting period. The ICE BofA U.S. High Yield Index returned 20.10% for the same period.

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

The ETF underperformed the S&P U.S. High Yield Low Volatility Corporate Bond Index over the period primarily due to the cash holding in the ETF as well as transactions costs from rebalancing activity which are required to maintain its risk versus its benchmark. The ETF was also negatively impacted by relatively underweight positions in the energy and media sectors, which were partially offset by contributions from overweight exposure to insurance.

In terms of the rate environment, yields fell across the U.S. Treasury curve3 during the 2020 calendar year led by a 145 basis point decline in the 2-year rate. (A basis point is one one-hundredth of a percentage point.) Monetary policy proved ultra-accommodative throughout the reporting period with various programs and facilities run by the U.S. central bank. Fiscal policy expanded at the end of December 2020 and into the first quarter of 2021, leading to higher inflation expectations and a sharp backup in intermediate and longer maturity Treasury rates. The 10-year and 30-year rates rose 83 basis points and 78 basis points, respectively, during the first quarter of 2021.

What was the ETF’s duration4 strategy during the reporting period?

The ETF maintained a neutral duration posture relative to the benchmark duration during the reporting period.

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 providers & services, media, and real estate management & development. The sectors that made the weakest contributions to the ETF’s absolute performance were insurance; hotels restaurants & leisure; and oil, gas & consumable fuels.

What were some of the ETF’s largest purchases and sales during the reporting period?

The largest purchases in the ETF over the reporting period were securities issued by Ford Motor Credit Company, Centene and Targa Resources Partners. The most significant sales in the ETF over the same period were securities issued by Bausch Health Companies, CSC Holdings and Sprint.

The ETF’s purchases and sales were undertaken to mitigate risk versus the S&P U.S. High Yield Low Volatility Corporate Bond Index. All sales were partial positions.

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were real estate, energy and automotive. During the same period, the sectors with the most substantial weighting decreases were telecommunications, media and health care.

See page 25 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.

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.

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

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the largest positions held by the ETF relative to the S&P U.S. High Yield Low Volatility Corporate Bond Index were in securities issued by United Airlines, Occidental Petroleum, and Targa Resources Partners. As of the same date, the most significantly underweight positions in the ETF were in securities from Telecom Italia, Bausch Companies and Iron Mountain.

Were there any changes to the Fund during the reporting period?

Effective March 25, 2021, Scott Dolph no longer served as a portfolio manager of the Fund. Alexandra Wilson-Elizondo and Joseph Cantwell continue to serve as portfolio managers of the Fund. For more information about this change refer to the prospectus supplement dated March 25, 2021.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_HIGHYIELDBW.JPG]

Fund Performance History

IQ S&P High Yield Low Volatility Bond ETF
(as of April 30, 2021)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ S&P High Yield Low Volatility Bond ETF Market Value2		8.23%		5.33%		4.16%		18.70%
IQ S&P High Yield Low Volatility Bond ETF NAV		8.89%		5.25%		4.16%		18.69%
S&P U.S. High Yield Low Volatility Corporate Bond Index		9.57%		5.67%		4.58%		20.72%
ICE BofA US High Yield Index		20.10%		6.68%		5.95%		27.53%

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.

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

IQ Merger Arbitrage ETF

How did IQ Merger Arbitrage ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Merger Arbitrage ETF returned 9.07% at NAV (net asset value) and 9.53% at market price.1 To compare, the Fund’s Underlying Index, the IQ Merger Arbitrage Index2 returned 9.81% for the reporting period. The HFRI Event Driven Merger Arbitrage Index,2 MSCI World Index2 and the S&P 500® Index2 returned 21.25%, 45.33% and 45.25%, respectively, for the same period.

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

Early in the reporting period, the number of global merger and acquisition transactions first decreased as COVID-19-related shutdowns took hold. As markets adjusted to the shutdowns and global governments and central banks injected massive liquidity into the market, deal activity increased. Approximately 5% of deals in which the Underlying Index participated failed to complete due to deal termination or failure to maintain the strategy’s holding criteria. Approximately 78% of deals completed successfully, while approximately 17% of deals were removed for failing to meet criteria necessary to remain in the Underlying Index.

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

During the reporting period, how was the Fund’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 the reporting period the ETF’s hedges produced negative returns. The ETF only hedged its exposure to stock-based transactions.

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 information technology and energy. The sectors providing the weakest contributions to the ETF’s absolute performance were real estate and utilities.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Vivint Solar and WPX Energy. Vivint Solar is a leading, full-service residential solar provider in the United States. WPX Energy produces natural gas, oil and natural gas liquids from non-conventional resources such as tight-sands and shale formations, as well as from coalbed methane reserves.

During the same period, the weakest contributors to the ETF’s absolute performance were Taubman Centers and Noble Energy. Taubman Centers is an owner of regional malls in the United States, headquartered in Bloomfield Hills, Michigan. Noble Energy is an independent oil and natural gas exploration and production company operating a portfolio of assets onshore in the United States, offshore in the Eastern Mediterranean and off the west coast of Africa.

See page 28 for more information on this index.

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

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were information technology and industrials. During the same period, the sectors with the most substantial weighting decreases were financials and consumer discretionary.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the two largest positions held by the ETF were Alexion Pharmaceuticals and Xilinx. Alexion Pharmaceuticals focuses on serving patients with devastating and rare disorders through the development and commercialization of life-transforming therapeutic products. Xilinx designs and developments programmable logic semiconductor devices and related software design tools. It also provides design services, customer training, field engineering and technical support.

Were there any changes to the Fund during the reporting period?

Effective May 29, 2020, the Fund’s principal investment strategies and principal risks were modified. For more information about these changes refer to the prospectus supplement dated May 29, 2020.

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

Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_MERGERBW.JPG]

Fund Performance History

IQ Merger Arbitrage ETF
(as of April 30, 2021)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Merger Arbitrage ETF Market Value1		9.53%		3.90%		3.34%
IQ Merger Arbitrage ETF NAV		9.07%		3.91%		3.28%
IQ Merger Arbitrage Index		9.81%		4.48%		4.10%
HFRI ED: Merger Arbitrage Index		21.25%		6.27%		4.24%
MSCI World Index		45.33%		14.03%		9.92%
S&P 500 Index		45.25%		16.73%		13.47%

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

IQ Global Resources ETF

How did IQ Global Resources ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Global Resources ETF returned 30.07% at NAV (net asset value) and 30.76% at market price.1 To compare, the ETF’s Underlying Index, IQ Global Resources Index2 returned 31.36% for the reporting period. The S&P Global Natural Resources Index (Net),2 Bloomberg Commodity Spot Index2 and MSCI World Index2 returned 52.35%, 64.21% and 45.33%, respectively, during the same period.

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

The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fallout from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. Later in the reporting period, commodities began to surge as vaccine distribution ramped up and economies began to reopen prompting concerns about an acceleration in inflation.

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

The ETF uses derivative positions when necessary to help it track its Underlying Index, which contains both long and short positions. The ETF’s derivatives positions consisted of short positions in futures contracts on the S&P 500 Index and MSCI EAFE Index. Over the full reporting period, the ETF’s short positions detracted from returns as global markets rallied.

During the reporting period, which subsectors were the strongest positive contributors to the ETF’s relative performance and which subsectors were particularly weak?

On the basis of impact, which takes weightings and total returns into account, the sectors making the strongest contributions to the ETF’s absolute performance were industrial metals and timber. The sectors making the weakest contributions to the ETF’s absolute performance were livestock and precious metals.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

On the basis of impact, which takes weightings and total returns into consideration, the stocks making the strongest contributions to the ETF’s absolute performance during the reporting period were Teck Resources and China Shenhua Energy. Teck Resources mines and develops mineral properties, with business units focused on steelmaking, coal, copper, zinc and energy. China Shenhua Energy produces and sells coal and electricity through the following business segments: Coal, Power, Railway, Port, Shipping and Coal Chemical.

The weakest contributors to the ETF’s absolute performance were Guangdong Investment and Barrick Gold. Guangdong Investment is a water distribution company with the following segments: Water Resources; Property Investment and Development; Department Store; Electric Power Generation; Road and Bridge; Hotel Operation and Management; and Others. Barrick Gold produces and sells gold and copper, and engages in related activities such as exploration and mine development. The company operates through the following

See page 31 for more information on this index.

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

segments: Barrick Nevada, Veladero, Pueblo Viejo, Lagunas Norte, Turquoise Ridge, Acacia and Pascua-Lama.

How did the ETF’s subsector weightings change during the reporting period?

The subsectors experiencing the largest weighting increases in the ETF during the reporting period were coal and industrial metals. During the same period, the subsectors with the most substantial weighting decreases were grains, food & fiber and energy.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF’s largest holdings were China Shenhua Energy, described above, and BHP Group. BHP Group engages in the exploration, development, production, processing and marketing of minerals, and oil and gas. It operates through the following segments: Petroleum, Copper, Iron Ore and Coal.

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

Hypothetical Growth of a $10,000 Investment
(From 4/30/2011 Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_GLOBALRESOBW.JPG]

Fund Performance History

IQ Global Resources ETF
(as of April 30, 2021)

	1 Year		5 Year		10 Year
	Avg Annual		Avg Annual		Avg Annual
IQ Global Resources ETF Market Price1		30.76%		5.43%		0.50%
IQ Global Resources ETF NAV		30.07%		5.53%		0.53%
IQ Global Resources Index		31.36%		6.91%		1.63%
S&P Global Natural Resources Index-Net		52.35%		9.23%		0.73%
Bloomberg Commodity Spot Index		64.21%		8.42%		-0.99%
MSCI World Index		45.33%		14.03%		9.92%

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

IQ U.S. Real Estate Small Cap ETF

How did IQ U.S. Real Estate Small Cap ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ U.S. Real Estate Small Cap ETF returned 53.54% at NAV (net asset value) and 53.68% at market price.1 To compare, the Fund’s Underlying Index, the IQ U.S. Real Estate Small Cap Index2 returned 54.78% for the reporting period. The Dow Jones U.S. Real Estate Index2 returned 33.63% for the same period.

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

The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. The U.S. Federal Reserve’s support and purchases of corporate bonds, coupled with a sharp drop in interest rates, propelled certain segments of the bond market higher. Real estate markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows.

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 (real estate mortgage trusts) and mortgage REITs. The sectors that made the weakest contributions to the ETF’s absolute performance were residential REITs and office REITs.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Innovative Industrial Properties and Ryman Hospitality Properties. Innovative Industrial Properties is a REIT that acquires, owns and manages industrial properties. Ryman Hospitality Properties is a hospitality REIT that owns and operates group-oriented, destination hotel assets in urban and resort markets.

The weakest contributors to the ETF’s absolute performance during the same period were Taubman Centers and Easterly Government Properties. Taubman Centers owns regional malls in the United States. Easterly Government Properties is a commercial REIT that leases properties to U.S. Government agencies.

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were mortgage REITs and hotel REITs. During the same period, the sectors with the most substantial weighting decreases were office REITs and specialized REITs.

See page 34 for more information on this index.

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

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the two largest positions held by the ETF were Terreno Realty and QTS Realty Trust. Terreno Realty acquires, owns and manages several types of industrial real estate, including warehouse/distribution, flex, research and development, and trans-shipment facilities. QTS Realty Trust provides data centers facilities and services, including service delivery platform, hybrid colocation, connectivity, public sector and financial services solutions.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_USREALBW.JPG]

Fund Performance History

IQ U.S. Real Estate Small Cap ETF
(as of April 30, 2021)

	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		53.68%		7.56%		5.96%		8.15%		116.97%
IQ U.S. Real Estate Small Cap ETF NAV		53.54%		7.53%		5.94%		8.36%		121.02%
IQ U.S. Real Estate Small Cap Index		54.78%		8.27%		6.72%		9.16%		137.80%
Dow Jones U.S. Real Estate Index		33.63%		13.07%		9.28%		9.87%		153.64%

Fund Inception Date: 6/14/2011

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

IQ 500 International ETF

How did IQ 500 International ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ 500 International ETF returned 49.88% at NAV (net asset value) and 50.94% at market price.1 To compare, the ETF’s Underlying Index, the IQ 500 International Index2 returned 50.55% for the reporting period. The MSCI EAFE Index2 and FTSE Developed ex U.S. Index2 returned 39.88% and 42.95%, respectively, for the same period.

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

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 industrials and consumer discretionary. The sectors that made the weakest contributions to the ETF’s absolute performance were health care and real estate.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Germany-based Daimler and Luxembourg-based ArcelorMittal. Daimler makes and distributes cars, trucks and vans. ArcelorMittal and its subsidiaries engage in mining and steel manufacturing activities globally.

The weakest contributors to the ETF’s absolute performance during the same period were Japan-based Tokyo Electric Power Company Holdings and U.K.-based GlaxoSmithKline. Tokyo Electric Power Company Holdings generates and distributes electric power, operating thermal, nuclear, solar, wind, hydro and geothermal power plants. GlaxoSmithKline is a health care company researching, developing and manufacturing pharmaceutical medicines, vaccines and consumer health care products.

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were materials and consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were health care and consumer staples.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the two largest positions held by the ETF were Daimler, described above, and Germany-based Volkswagen. Volkswagen produces and sells passenger cars and light commercial vehicles, as well as developing vehicles and components for the company’s brands.

See page 36 for more information on this index.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_IQINTERBW.JPG]

Fund Performance History

IQ 500 International ETF
(as of April 30, 2021)

	1 Year		Since Inception1
	Avg Annual		Avg Annual		Cumulative
IQ 500 International ETF Market Price2		50.94%		13.15%		34.19%
IQ 500 International ETF NAV		49.88%		13.23%		34.41%
IQ 500 International Index		50.55%		13.42%		35.00%
MSCI EAFE Index		39.88%		13.76%		35.99%
FTSE Developed ex US Index		42.95%		14.84%		39.07%

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.

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

IQ 50 Percent Hedged FTSE International ETF

How did IQ 50 Percent Hedged FTSE International ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ 50 Percent Hedged FTSE International ETF returned 38.14% at NAV (net asset value) and 39.70% at market price.1 To compare, the ETF’s Underlying Index, the FTSE Developed ex North America 50% Hedged to USD Index2 returned 38.72% for the reporting period. The FTSE Developed ex North America Index Local Currency2 and FTSE Developed ex North America Index2 returned 34.71% and 42.75%, respectively, for the same 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’s Underlying 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. During the reporting period, the U.S. dollar depreciated versus the Euro and most other international currencies, reducing the ETF’s performance due to the effect of its currency forwards.

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 industrials and financials. The sectors that made the weakest contributions to the ETF’s absolute performance were energy and real estate.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

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 South Korea-based Samsung Electronics and Netherlands-based ASML Holding. Samsung Electronics manufactures and markets electronics and computer peripherals through its Consumer Electronics, Information Technology & Mobile Communications and Device Solutions divisions. ASML Holding manufactures, markets and services advanced semiconductor equipment, consisting of lithography related systems. It mainly caters to the makers of memory chips and logic chips.

The weakest contributors to the ETF’s absolute performance during the same period were Belgium-based Galapagos and Germany-based Wirecard. Galapagos is a biotechnology company focused on developing small molecule and antibody therapies. Wirecard provides outsourcing and white label solutions for payment processing worldwide. Wirecard was not part of the ETF holdings as of the end of reporting period.

See page 39 for more information on this index.

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

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were technology and consumer discretionary. During the same period, the sectors with the most substantial weighting decreases were health care and consumer staples.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the two largest positions in the ETF were Samsung Electronics, described above, and Switzerland-based Nestlé. Nestlé produces a wide range of nutrition, health, and wellness items, including prepared foods and cooking aids, milk-based products, pharmaceuticals and ophthalmic goods, and baby foods and cereals.

As of the same date, the smallest positions in the ETF were two South Korea-based companies, HLB and Mando. HLB’s diversified businesses include pharmaceutical development and ship building. Mando manufactures and sells automobile parts, including brake, steering and suspension systems.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_HFXIBW.JPG]

Fund Performance History

IQ 50 Percent Hedged FTSE International ETF
(as of April 30, 2021)

	1 Year		3 Year		5 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ 50 Percent Hedged FTSE International ETF Market Price2		39.70%		7.55%		10.18%		6.63%		44.90%
IQ 50 Percent Hedged FTSE International ETF NAV		38.14%		7.48%		10.06%		6.62%		44.84%
FTSE Developed ex North America 50% Hedged to USD Index		38.72%		7.69%		10.47%		7.10%		48.67%
FTSE Developed ex North America Index Local Currency		34.71%		8.55%		11.28%		7.42%		51.23%
FTSE Developed ex North America Index		42.75%		6.77%		9.60%		6.71%		45.56%

Fund Inception Date: 7/22/2015

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

IQ Healthy Hearts ETF

How did IQ Healthy Hearts ETF perform during the period since its inception on January 14, 2021 through April 30, 2021 (the “reporting period”)?

For the reporting period, IQ Healthy Hearts ETF returned 5.62% at NAV (net asset value) and 5.77% at market price.1 To compare, the ETF’s Benchmark Index, the IQ Candriam Healthy Hearts Index2 returned 5.73% for the reporting period. The MSCI ACWI Index2 returned 6.60% for the same period.

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

The factor with the greatest impact on the ETF’s performance during the reporting period was the economic recovery that took hold in early 2021. Following the approval of vaccinations for Covid-19 in late 2020, the economy started improving as people began getting vaccinated in large numbers. This led to a rotation in the market toward value-oriented stocks in cyclical industries and away from higher growth stocks as interest rates moved higher.

During the reporting period, which subsectors were the strongest positive contributors to the ETF’s relative performance and which subsectors were particularly weak?

On the basis of impact, which takes weightings and total returns into account, the subsectors that made the strongest contributions to the ETF’s absolute performance were technology services and health services. The subsectors that made the weakest contributions to the ETF’s absolute performance were finance and commercial services.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

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 Alphabet and Medtronic. Alphabet is a holding company that operates through the Google and Other Bets segments. Among the company’s Other Bets is its health technology unit, Verily Life Sciences, which focuses on the effective use of health data to prevent and manage disease. Medtronic is a medical technology company that produces device-based medical therapies and services, several of which are linked to cardiac health.

The weakest contributors to the ETF’s absolute performance were NIKE and Merck. NIKE makes athletic and fitness-related footwear, apparel, accessories and equipment. Merck provides health solutions through its prescription medicines, vaccines, biologic therapies, animal health and consumer care products.

How did the ETF’s subsector weightings change during the reporting period?

The two subsectors experiencing the largest weighting increases in the ETF during the reporting period were health services and consumer non-durables. During the same period, the two sectors with the most substantial weighting decreases were retail trade and health technology.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF’s largest positions included UnitedHealth Group and Alphabet. UnitedHealth Group provides health care coverage, software and data consultancy services. Alphabet is described above.

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 41 for more information on this index.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_HFXEBW.JPG]

Fund Performance History

IQ Healthy Hearts ETF
(as of April 30, 2021)

	Since Inception1
	Cumulative
IQ Healthy Hearts ETF Market Price2		5.77%
IQ Healthy Hearts ETF NAV		5.62%
IQ Candriam Healthy Hearts Index		5.73%
MSCI ACWI Index		6.60%

Fund Inception Date: 1/14/2021

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.

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

IQ Candriam ESG International Equity ETF

How did IQ Candriam ESG International Equity ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Candriam ESG International Equity ETF returned 41.45% at NAV (net asset value) and 42.51% at market price.1 To compare, the ETF’s Underlying Index, Candriam ESG International Equity Index2 returned 41.86% for the reporting period. The MSCI EAFE Index2 returned 39.88% for the same period.

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

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 industrials and financials. The sectors that made the weakest contributions to the ETF’s absolute performance were energy and real estate.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Netherlands-based ASML Holding and Germany-based Siemens. ASML Holding manufactures, markets and services advanced semiconductor equipment systems. It mainly caters to the makers of memory chips and logic chips. Siemens is a multinational conglomerate engaged in a wide range of industrial, digital and medical lines of business through the following segments: Power & Gas, Energy Management, Building Technologies, Mobility, Digital Factory, Process Industries & Drives, Siemens Healthcare and Financial Services.

The weakest contributors to the ETF’s absolute performance during the same period were Switzerland-based Roche Holding and U.K.-based GlaxoSmithKline. Roche Holding is a health care company focused on pharmaceutical and diagnostic products. GlaxoSmithKline is a health care company researching, developing and manufacturing pharmaceutical medicines, vaccines and consumer health care products.

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were industrials and energy. During the same period, the sectors with the most substantial weighting decreases were health care and consumer staples.

See page 44 for more information on this index.

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

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the two largest positions held by the ETF were Switzerland-based Nestlé and ASML Holdings, the latter of which is described above. Nestlé produces a wide range of nutrition, health, and wellness items, including prepared foods and cooking aids, milk-based products, pharmaceuticals and ophthalmic goods, and baby foods and cereals.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_IQSIBW.JPG]

Fund Performance History

IQ Candriam ESG International Equity ETF
(as of April 30, 2021)

	1 Year		Since Inception1
	Avg Annual		Avg Annual		Cumulative
IQ Candriam ESG International Equity ETF Market Price2		42.51%		13.32%		18.73%
IQ Candriam ESG International Equity ETF NAV		41.45%		13.21%		18.56%
IQ Candriam ESG International Equity Index		41.86%		13.35%		18.77%
MSCI EAFE Index		39.88%		10.90%		15.26%

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.

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

IQ Candriam ESG U.S. Equity ETF

How did IQ Candriam ESG U.S. Equity ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Candriam ESG U.S. Equity ETF returned 48.85% at NAV (net asset value) and 49.00% at market price.1 To compare, the ETF’s Underlying Index, IQ Candriam ESG U.S. Equity Index2 returned 49.07% for the reporting period. The S&P 500® Index2 returned 45.98% for the same period.

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

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 information technology and consumer discretionary. The sectors that made the weakest contributions to the ETF’s absolute performance were utilities and energy.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

On the basis of impact, which takes weightings and total returns into consideration, the stocks that made the strongest positive contributions to the ETF’s absolute performance during the reporting period were Apple and Microsoft. Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and provides a variety of related services. Microsoft developments and supports software, services, devices and enterprise solutions.

The weakest contributors to the ETF’s absolute performance during the same period were Intel and Gilead Sciences. Intel designs, manufactures and sells semiconductor chips and related technologies for computer, networking, data storage and communications platforms. Gilead Sciences is a biopharmaceutical company researching, developing and commercializing medicines in areas of unmet medical need.

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were information technology and financials. During the same period, the sectors with the most substantial weighting decreases were health care and consumer discretionary.

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the two largest positions held by the ETF were Apple and Microsoft, both described above.

See page 46 for more information on this index.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_CANDRIAMBW.JPG]

Fund Performance History

IQ Candriam ESG U.S. Equity ETF
(as of April 30, 2021)

	1 Year		Since Inception1
	Avg Annual		Avg Annual		Cumulative
IQ Candriam ESG U.S. Equity ETF Market Price2		49.00%		30.14%		43.56%
IQ Candriam ESG U.S. Equity ETF NAV		48.85%		30.11%		43.51%
IQ Candriam ESG US Equity Index		49.07%		30.21%		43.67%
S&P 500 Index		45.98%		23.85%		34.13%

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.

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

IQ Chaikin U.S. Small Cap ETF

How did IQ Chaikin U.S. Small Cap ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Chaikin U.S. Small Cap ETF returned 77.31% at NAV (net asset value) and 77.34% at market price.1 To compare, the ETF’s Underlying Index, the NASDAQ Chaikin Power US Small Cap Index2 returned 78.00% for the reporting period. The Russell 2000 Index2 and the NASDAQ US 1500 Index2 returned 74.91% and 83.73%, respectively, for the same period.

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

The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. As COVID-19 vaccine rollouts began to take place towards the latter part of the reporting period, we saw a sharp style rotation out of large-cap growth stocks and into large-cap value stocks. Expectations of the economy “returning to normal” also fueled small-caps stocks as they tend to perform well during periods of economic expansion. The market’s trend in favor of value over growth helped the ETF’s performance as its Underlying Index has value factors embedded in its selection process.

During the reporting period, which sectors were the strongest positive contributors to the ETF’s performance and which sectors were particularly weak?

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 consumer discretionary and financials. The sectors that made the weakest contributions to the ETF’s absolute performance were communication services and utilities.

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

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 Sleep Number and U.S. Silica Holdings. Sleep Number designs, manufactures, markets and distributes beds, proprietary beds and other sleep-related accessories. U.S. Silica Holdings produces industrial silica and sand proppants.

During the same period, the weakest contributors to the ETF’s absolute performance were Peabody Energy and CoreCivic. Peabody Energy mines coal primarily for energy generation. CoreCivic develops and manages prisons and other correctional facilities.

How did the ETF’s sector weightings change during the reporting period?

The sectors experiencing the largest weighting increases in the ETF during the reporting period were financials and industrials. During the same period, the sectors with the most substantial weighting decreases were consumer discretionary and real estate.

See page 49 for more information on this index.

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

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the two largest positions held by the ETF were Genco Shipping & Trading and Translate Bio. Genco Shipping & Trading owns ships that transport iron ore, coal, grain, steel products and other dry bulk cargoes. Translate Bio develops therapeutic drugs focused on the treatment of diseases caused by protein or gene dysfunction.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_USSMALLCAPBW.JPG]

Fund Performance History

IQ Chaikin U.S. Small Cap ETF
(as of April 30, 2021)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Chaikin U.S. Small Cap ETF Market Price2		77.34%		10.17%		9.82%		44.91%
IQ Chaikin U.S. Small Cap ETF NAV		77.31%		10.18%		9.82%		44.89%
NASDAQ Chaikin Power US Small Cap Index		78.00%		10.59%		10.31%		47.50%
Russell 2000 Index		74.91%		15.23%		14.56%		71.33%
NASDAQ US 1500 Index		83.73%		16.41%		15.57%		77.43%

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.

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

IQ Chaikin U.S. Large Cap ETF

How did IQ Chaikin U.S. Large Cap ETF perform during the 12 months ended April 30, 2021?

For the 12 months ended April 30, 2021 (the “reporting period”), IQ Chaikin U.S. Large Cap ETF returned 50.46% at NAV (net asset value) and 50.82% at market price.1 To compare, the ETF’s Underlying Index, the NASDAQ Chaikin Power US Large Cap Index2 returned 50.97% for the reporting period. The S&P 500 Index2 and the NASDAQ US 300 Total Return Index2 returned 45.98% and 46.05%, respectively, for the same period.

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

The factor with the greatest impact on the ETF’s performance during the reporting period was the massive amount of liquidity that was injected into the economy and markets by both governments and central banks around the world to address the fall-out from COVID-19-related shutdowns. Increased liquidity had tremendous implications for interest rates and credit spreads,3 affecting bond markets, equity market levels, commodity prices and currencies. While the economy continued to languish as pandemic-related shutdowns persisted, capital markets were buoyed by the liquidity. Equity markets were the direct beneficiaries of the extra liquidity, especially in the United States where they rebounded sharply off their March 2020 lows. As COVID-19 vaccine rollouts began to take place towards the latter part of the reporting period, we saw a sharp style rotation out of large-cap growth stocks and into large-cap value stocks. This style rotation bolstered the ETF’s performance as its Underlying Index has value factors embedded in its selection process.

During the reporting period, which sectors were the strongest positive contributors to the ETF’s performance and which sectors were particularly weak?

During the reporting period, which individual stocks made the strongest positive contributions to the ETF’s absolute performance and which stocks detracted the most?

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. Tesla designs, manufactures and markets fully electric vehicles, energy generation and storage systems. Snap is a camera and social media company. Its products include Snapchat, a popular platform that lets users create and share stories.

During the same period, the weakest contributors to the ETF’s absolute performance were Citrix Systems and Gilead Sciences. Citrix Systems designs, develops and markets information technology solutions. It provides a digital workspace that unifies apps, data and services. Gilead Sciences is a biopharmaceutical company researching, developing and commercializing medicines in areas of unmet medical need.

How did the ETF’s sector weightings change during the reporting period?

The two sectors experiencing the largest weighting increases in the ETF during the reporting period were industrials and real estate. During the same period, the two sectors with the most substantial weighting decreases were utilities and energy.

See page 52 for more information on this index.

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

How was the ETF positioned at the end of the reporting period?

As of April 30, 2021, the ETF’s largest positions were Snap, described above, and West Pharmaceutical Services. West Pharmaceutical Services manufactures and markets pharmaceuticals, biologics, vaccines and consumer healthcare products.

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

Hypothetical Growth of a $10,000 Investment
(Since Inception Through 4/30/2021)

[MISSING IMAGE: TM2117582D2-LC_USLARGECAPBW.JPG]

Fund Performance History

IQ Chaikin U.S. Large Cap ETF
(as of April 30, 2021)

	1 Year		3 Year		Since Inception1
	Avg Annual		Avg Annual		Avg Annual		Cumulative
IQ Chaikin U.S. Large Cap ETF Market Price2		50.82%		11.01%		10.14%		38.59%
IQ Chaikin U.S. Large Cap ETF NAV		50.46%		10.98%		10.11%		38.47%
NASDAQ Chaikin Power US Large Cap Index		50.97%		11.28%		10.40%		39.76%
S&P 500 Index		45.98%		18.67%		16.41%		67.21%
NASDAQ US 300 Total Return Index		46.05%		19.61%		17.16%		70.90%

Fund Inception Date: 12/13/2017

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 11/01/2020 to 04/30/2021” to estimate the expenses you paid on your account during this period. Each Fund will indirectly bear its pro rata share of the expenses incurred by the underlying funds in which each Fund invests. These expenses are not included in the table.

Hypothetical Example for Comparison Purposes

The second line of the table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The Funds will indirectly bear their pro rata share of the expenses incurred by the underlying fund investments in which the Funds invest. These expenses are not included in the table.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/01/2020			Ending Account Value 04/30/2021			Annualized Expenses Ratios for the Period 11/01/2020 to 04/30/2021		Expense Paid During the Period 11/01/2020 to 04/30/20211
IQ Hedge Multi-Strategy Tracker ETF
Actual		$	1,000.00		$	1,057.40		0.54%		$	2.75
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.12		0.54%		$	2.71
IQ Hedge Macro Tracker ETF
Actual		$	1,000.00		$	1,061.80		0.41%		$	2.10
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.76		0.41%		$	2.06
IQ Hedge Market Neutral Tracker ETF
Actual		$	1,000.00		$	1,045.60		0.41%		$	2.08
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.76		0.41%		$	2.06
IQ Hedge Long/Short Tracker ETF
Actual		$	1,000.00		$	1,157.50		0.41%		$	2.19
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.76		0.41%		$	2.06
IQ Hedge Event-Driven Tracker ETF
Actual		$	1,000.00		$	1,093.00		0.41%		$	2.13
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.76		0.41%		$	2.06

Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/01/2020			Ending Account Value 04/30/2021			Annualized Expenses Ratios for the Period 11/01/2020 to 04/30/2021		Expense Paid During the Period 11/01/2020 to 04/30/20211
IQ Real Return ETF
Actual		$	1,000.00		$	1,015.10		0.21%		$	1.05
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.75		0.21%		$	1.05
IQ S&P High Yield Low Volatility Bond ETF
Actual		$	1,000.00		$	1,029.50		0.40%		$	2.01
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.81		0.40%		$	2.01
IQ Merger Arbitrage ETF
Actual		$	1,000.00		$	1,004.90		0.76%		$	3.78
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,021.03		0.76%		$	3.81
IQ Global Resources ETF
Actual		$	1,000.00		$	1,250.50		0.76%		$	4.24
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,021.03		0.76%		$	3.81
IQ U.S. Real Estate Small Cap ETF
Actual		$	1,000.00		$	1,534.40		0.70%		$	4.40
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,021.32		0.70%		$	3.51
IQ 500 International ETF
Actual		$	1,000.00		$	1,398.80		0.25%		$	1.49
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.55		0.25%		$	1.25
IQ 50 Percent Hedged FTSE International ETF
Actual		$	1,000.00		$	1,287.60		0.20%		$	1.13
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.80		0.20%		$	1.00
IQ Healthy Hearts ETF
Actual		$	1,000.00		$	1,056.20		0.45%		$	1.36*
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,022.56		0.45%		$	2.26
IQ Candriam ESG International Equity ETF
Actual		$	1,000.00		$	1,286.70		0.15%		$	0.85
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,024.05		0.15%		$	0.75
IQ Candriam ESG U.S. Equity ETF
Actual		$	1,000.00		$	1,273.30		0.09%		$	0.51
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,024.35		0.09%		$	0.45
IQ Chaikin U.S. Small Cap ETF
Actual		$	1,000.00		$	1,557.40		0.35%		$	2.22
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.06		0.35%		$	1.76
IQ Chaikin U.S. Large Cap ETF
Actual		$	1,000.00		$	1,330.40		0.25%		$	1.44
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,023.55		0.25%		$	1.25

Fund commenced operation on January 14, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 107/365 (to reflect commencement of operation).

Unless otherwise indicated, expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365.

Portfolio Summaries* (unaudited)

April 30, 2021

IQ Hedge Multi-Strategy Tracker ETF
Net Assets ($ mil): $795.6

Asset Class	% of Net Assets
U.S. Ultra Short Term Bond Funds		23.3%
Investment Grade Corporate Bond Funds		17.2
Convertible Bond Funds		12.0
Bank Loan Funds		11.1
Money Market Funds		7.9
Emerging Equity Funds		5.6
U.S. Medium Term Treasury Bond Funds		3.9
International Bond Fund		3.3
U.S. Small Cap Growth Funds		2.6
Floating Rate — Investment Grade Funds		2.5
BRIC Equity Funds		2.4
Emerging Bonds — USD Funds		2.0
Emerging Bonds — Local Currency Funds		2.0
Emerging Markets Small Cap Equity Fund		1.9
Gold Funds		1.6
Europe Equity Funds		1.5
Silver Funds		1.4
Japan Equity Fund		1.0
U.S. Large Cap Core Funds		0.9
U.S. Dollar Fund		0.9
High Yield Corporate Bond Funds		0.7
International Small Cap Equity Funds		0.7
Broad Funds		0.3
Mortgage Backed Securities Funds		0.3
U.S. Long Term Treasury Bond Funds		0.2
U.S. Large Cap Growth Funds		0.2
U.S. Momentum Fund		0.1
International Equity Core Funds		0.1
Municipal Bond Fund		0.1
U.S. Small Cap Value Funds		0.1
International Large Cap Growth Fund		0.1
Volatility Note		0.0(a)
Total Investments		107.9
Other Assets and Liabilites, Net		(7.9)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

(a)

Less than 0.05%.

IQ Hedge Macro Tracker ETF
Net Assets ($ mil): $4.3

Asset Class	% of Net Assets
U.S. Ultra Short Term Bond Funds		29.1%
Money Market Funds		16.6
Convertible Bond Funds		10.2
BRIC Equity Funds		7.8
Emerging Equity Funds		7.4
Emerging Bonds — Local Currency Funds		6.2
Floating Rate — Investment Grade Funds		6.1
U.S. Medium Term Treasury Bond Funds		6.0
High Yield Corporate Bond Funds		3.9
Gold Funds		2.9
Emerging Small Cap Equity Fund		2.9
Emerging Bonds — USD Funds		2.8
Europe Equity Funds		2.7
U.S. Dollar Fund		2.6
Silver Funds		2.5
Investment Grade Corporate Bond Funds		2.1
Japan Equity Fund		1.9
U.S. Large Cap Core Funds		1.3
Broad Funds		1.1
U.S. Long Term Treasury Bond Funds		0.3
U.S. Large Cap Growth Funds		0.3
Total Investments		116.7
Other Assets and Liabilites, Net		(16.7)
Total Net Assets		100.0%

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

April 30, 2021

IQ Hedge Market Neutral Tracker ETF
Net Assets ($ mil): $17.7

Asset Class	% of Net Assets
U.S. Ultra Short Term Bond Funds		39.2%
Bank Loan Funds		18.7
Floating Rate — Investment Grade Funds		8.5
U.S. Medium Term Treasury Bond Funds		7.6
International Bond Fund		6.5
Emerging Equity Funds		5.9
Mortgage Backed Securities Funds		3.9
Money Market Funds		3.7
Investment Grade Corporate Bond Funds		3.6
Convertible Bond Funds		2.1
Emerging Bonds — Local Currency Funds		1.3
Municipal Bond Fund		1.1
International Small Cap Equity Funds		1.0
U.S. Momentum Fund		0.4
U.S. Small Cap Value Funds		0.2
Total Investments		103.7
Other Assets and Liabilites, Net		(3.7)
Total Net Assets		100.0%

IQ Hedge Long/Short Tracker ETF
Net Assets ($ mil): $9.3

Asset Class	% of Net Assets
U.S. Large Cap Core Funds		23.7%
Investment Grade Corporate Bond Funds		21.5
International Small Cap Equity Funds		17.7
International Equity Core Funds		11.7
International Large Cap Growth Fund		8.9
Bank Loan Funds		8.5
Money Market Funds		8.3
U.S. REITS Funds		3.4
U.S. Large Cap Growth Funds		3.0
Volatility Note		1.2
U.S. Ultra Short Term Bond Funds		0.3
Total Investments		108.2
Other Assets and Liabilites, Net		(8.2)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

IQ Hedge Event-Driven Tracker ETF
Net Assets ($ mil): $9.5

Asset Class	% of Net Assets
Investment Grade Corporate Bond Funds		43.7%
Convertible Bond Funds		25.8
Bank Loan Funds		22.6
U.S. Small Cap Growth Funds		7.7
Money Market Funds		3.0
U.S. Ultra Short Term Bond Funds		0.2
Total Investments		103.0
Other Assets and Liabilites, Net		(3.0)
Total Net Assets		100.0%

IQ Real Return ETF
Net Assets ($ mil): $53.2

Asset Class	% of Net Assets
U.S. Ultra Short Term Bond Funds		74.9%
Money Market Funds		18.1
U.S. Medium Term Treasury Bond Funds		7.5
U.S. Large Cap Core Funds		7.5
Japanese Yen Fund		4.0
Euro Fund		3.0
U.S. Long Term Treasury Bond Funds		2.5
Oil Fund		0.5
Total Investments		118.0
Other Assets and Liabilites, Net		(18.0)
Total Net Assets		100.0%

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

April 30, 2021

IQ S&P High Yield Low Volatility Bond ETF
Net Assets ($ mil): $106.2

Industry	% of Net Assets
Consumer Discretionary		15.6%
Media		12.4
Health Care		12.2
Industrials		9.1
Consumer Staples		8.6
Materials		7.7
Telecommunication Services		6.0
Energy		5.9
Financials		4.8
Information Technology		4.5
Real Estate		4.3
Utilities		4.3
Transportation		2.4
Money Market Funds		1.7
Total Investments		99.5
Other Assets and Liabilites, Net		0.5
Total Net Assets		100.0%

IQ Merger Arbitrage ETF
Net Assets ($ mil): $746.3

Industry	% of Net Assets
Information Technology		24.7%
Money Market Funds		23.7
Industrials		14.8
Health Care		13.2
Financials		12.6
Utilities		4.8
Consumer Discretionary		4.4
U.S. Ultra Short Term Bond Funds		4.0
Communication Services		1.7
Materials		0.8
Energy		0.3
Total Investments		105.0
Other Assets and Liabilites, Net		(5.0)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

IQ Global Resources ETF
Net Assets ($ mil): $20.0

Industry	% of Net Assets
Precious Metals		16.3%
Industrial Metals		15.6
Coal		14.8
Timber		14.4
Livestock		9.1
Energy		7.3
Water		6.9
Grains Food Fiber		6.6
Money Market Funds		5.9
Cash		4.8
Total Investments		101.7
Other Assets and Liabilites, Net		(1.7)
Total Net Assets		100.0%

IQ U.S. Real Estate Small Cap ETF
Net Assets ($ mil): $52.3

Asset Class	% of Net Assets
Specialized REITs		22.1%
Retail REITs		16.8
Mortgage REITs		15.8
Hotel REITs		14.0
Diversified REITs		14.0
Office REITs		11.6
Residential REITs		5.3
Money Market Funds		1.7
Total Investments		101.3
Other Assets and Liabilites, Net		(1.3)
Total Net Assets		100.0%

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

April 30, 2021

IQ 500 International ETF
Net Assets ($ mil): $244.3

Industry	% of Net Assets
Industrials		22.0%
Consumer Discretionary		16.4
Materials		12.5
Financials		9.5
Consumer Staples		9.0
Energy		7.2
Communication Services		7.0
Utilities		5.5
Information Technology		5.1
Health Care		4.8
Money Market Funds		4.4
Total Investments		103.4
Other Assets and Liabilites, Net		(3.4)
Total Net Assets		100.0%

IQ 50 Percent Hedged FTSE International ETF
Net Assets ($ mil): $310.4

Industry	% of Net Assets
Financials		16.9%
Industrials		15.1
Consumer Discretionary		12.5
Information Technology		11.4
Health Care		10.9
Consumer Staples		9.4
Materials		8.7
Communication Services		5.3
Real Estate		3.3
Utilities		3.3
Money Market Funds		3.0
Energy		3.0
Insurance		0.0(a)
Total Investments		102.8
Other Assets and Liabilites, Net		(2.8)
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

(a)

Less than 0.05%.

IQ Healthy Hearts ETF
Net Assets ($ mil): $6.6

Industry	% of Net Assets
Health Care		63.3%
Consumer Discretionary		14.4
Consumer Staples		9.5
Information Technology		5.5
Communication Services		5.5
Industrials		1.1
Money Market Funds		1.0
Real Estate		0.5
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): $187.0

Industry	% of Net Assets
Financials		17.7%
Industrials		16.4
Health Care		12.0
Information Technology		10.3
Consumer Discretionary		10.0
Materials		8.5
Consumer Staples		8.2
Communication Services		6.3
Energy		4.1
Real Estate		3.2
Utilities		2.9
Money Market Funds		1.4
Total Investments		101.0
Other Assets and Liabilites, Net		(1.0)
Total Net Assets		100.0%

See notes to financial statements.

Portfolio Summaries* (unaudited) (continued)

April 30, 2021

IQ Candriam ESG U.S. Equity ETF
Net Assets ($ mil): $410.7

Industry	% of Net Assets
Information Technology		34.9%
Health Care		14.7
Communication Services		11.2
Consumer Discretionary		9.4
Financials		8.2
Industrials		6.9
Consumer Staples		5.8
Real Estate		3.3
Materials		2.8
Utilities		1.4
Energy		1.1
Money Market Funds		0.2
Total Investments		99.9
Other Assets and Liabilites, Net		0.1
Total Net Assets		100.0%

IQ Chaikin U.S. Small Cap ETF
Net Assets ($ mil): $206.7

Industry	% of Net Assets
Financials		27.2%
Industrials		17.8
Health Care		14.1
Information Technology		12.4
Consumer Discretionary		9.7
Materials		4.4
Energy		3.6
Consumer Staples		3.3
Communication Services		3.0
Real Estate		2.3
Utilities		2.1
Money Market Funds		1.6
Total Investments		101.5
Other Assets and Liabilites, Net		(1.5)
Total Net Assets		100.0%

IQ Chaikin U.S. Large Cap ETF
Net Assets ($ mil): $305.6

Industry	% of Net Assets
Information Technology		26.7%
Health Care		16.7
Financials		13.2
Industrials		10.7
Communication Services		9.2
Consumer Discretionary		9.1
Real Estate		5.2
Consumer Staples		4.0
Utilities		2.0
Materials		2.0
Energy		1.0
Money Market Funds		0.1
Total Investments		99.9
Other Assets and Liabilites, Net		0.1
Total Net Assets		100.0%

Each Fund's portfolio is subject to change.

See notes to financial statements.

Schedule of Investments — IQ Hedge Multi-Strategy Tracker ETF

April 30, 2021

	Shares		Value
Exchange Traded Note — 0.0%(a)
Volatility Note — 0.0%(a)
iPath Series B S&P 500 VIX Short-Term Futures ETN*(b)
(Cost $277,090)		5,321		$	213,692
Exchange Traded Vehicles — 3.9%
Gold Funds — 1.6%
Aberdeen Standard Physical Gold Shares ETF*(b)		49,217			835,705
Graniteshares Gold Trust*		21,139			371,623
iShares Gold Trust*		603,086			10,161,999
SPDR Gold MiniShares Trust*(b)		82,715			1,455,784
Total Gold Funds					12,825,111
Silver Funds — 1.4%
Aberdeen Standard Physical Silver Shares ETF*		26,339			657,948
iShares Silver Trust*		429,349			10,308,670
Total Silver Funds					10,966,618
U.S. Dollar Fund — 0.9%
Invesco DB U.S. Dollar Index Bullish Fund*(b)		277,833			6,829,135
Total Exchange Traded Vehicles
(Cost $30,483,695)					30,620,864
Investment Companies — 96.1%
Bank Loan Funds — 11.1%
Invesco Senior Loan ETF(b)		2,406,004			53,292,989
SPDR Blackstone Senior Loan ETF(b)		765,751			35,155,628
Total Bank Loan Funds					88,448,617
BRIC Equity Funds — 2.4%
iShares MSCI China ETF(b)		177,847			14,579,897
SPDR S&P China ETF(b)		31,897			4,203,387
Total BRIC Equity Funds					18,783,284
Broad Funds — 0.3%
FlexShares Global Upstream Natural Resources Index Fund(b)		50,724			1,910,773
SPDR S&P Global Natural Resources ETF		14,428			753,142
Total Broad Funds					2,663,915
Convertible Bond Funds — 12.0%
iShares Convertible Bond ETF		186,043			18,721,507
SPDR Bloomberg Barclays Convertible Securities ETF(b)		900,093			76,804,936
Total Convertible Bond Funds					95,526,443
Emerging Bonds — Local Currency Funds — 2.0%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		162,407			4,302,161
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		367,681			11,438,556
Total Emerging Bonds — Local Currency Funds					15,740,717
Emerging Bonds — USD Funds — 2.0%
iShares J.P. Morgan USD Emerging Markets Bond ETF(b)		123,686			13,746,462
Vanguard Emerging Markets Government Bond ETF		26,362			2,078,380
Total Emerging Bonds — USD Funds					15,824,842

	Shares		Value
Investment Companies (continued)
Emerging Equity Funds — 5.6%
iShares Core MSCI Emerging Markets ETF		342,218		$	22,405,012
Vanguard FTSE Emerging Markets ETF(b)		424,463			22,488,050
Total Emerging Equity Funds					44,893,062
Emerging Markets Small Cap Equity Fund — 1.9%
SPDR S&P Emerging Markets SmallCap ETF		265,889			15,549,189
Europe Equity Funds — 1.5%
iShares Core MSCI Europe ETF(b)		44,842			2,536,712
Vanguard FTSE Europe ETF		144,813			9,559,106
Total Europe Equity Funds					12,095,818
Floating Rate — Investment Grade Funds — 2.5%
iShares Floating Rate Bond ETF(b)		284,918			14,459,589
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		174,004			5,328,002
Total Floating Rate — Investment Grade Funds					19,787,591
High Yield Corporate Bond Funds — 0.7%
iShares iBoxx High Yield Corporate Bond ETF(b)		35,764			3,127,204
SPDR Bloomberg Barclays High Yield Bond ETF(b)		14,080			1,537,677
Xtrackers USD High Yield Corporate Bond ETF(b)		24,943			1,000,963
Total High Yield Corporate Bond Funds					5,665,844
International Bond Fund — 3.3%
SPDR Bloomberg Barclays International Treasury Bond ETF		885,854			26,238,995
International Equity Core Funds — 0.1%
iShares Core MSCI EAFE ETF		4,944			367,388
Vanguard FTSE Developed Markets ETF(b)		7,762			392,835
Total International Equity Core Funds					760,223
International Large Cap Growth Fund — 0.1%
iShares MSCI EAFE Growth ETF		5,520			577,171
International Small Cap Equity Funds — 0.7%
Schwab International Small-Cap Equity ETF(b)		35,234			1,449,174
Vanguard FTSE All World ex-U.S. Small-Cap ETF		28,670			3,837,480
Total International Small Cap Equity Funds					5,286,654
Investment Grade Corporate Bond Funds — 17.2%
iShares Broad USD Investment Grade Corporate Bond ETF		9,551			568,762
iShares iBoxx $ Investment Grade Corporate Bond ETF(b)		32,491			4,261,195
SPDR Portfolio Short Term Corporate Bond ETF		668,424			20,941,724
Vanguard Intermediate-Term Corporate Bond ETF		46,236			4,337,862

See notes to financial statements.

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

April 30, 2021

	Shares		Value
Investment Companies (continued)
Investment Grade Corporate Bond Funds (continued)
Vanguard Short-Term Corporate Bond ETF(b)		1,288,517		$	106,599,011
Total Investment Grade Corporate Bond Funds					136,708,554
Japan Equity Fund — 1.0%
iShares MSCI Japan ETF(b)		121,861			8,215,869
Mortgage Backed Securities Funds — 0.3%
iShares MBS ETF		12,942			1,408,866
SPDR Portfolio Mortgage Backed Bond ETF(b)		7,243			188,535
Vanguard Mortgage-Backed Securities ETF(b)		13,855			743,321
Total Mortgage Backed Securities Funds					2,340,722
Municipal Bond Fund — 0.1%
VanEck Vectors High Yield Muni ETF(b)		10,751			673,873
U.S. Large Cap Core Funds — 0.9%
Energy Select Sector SPDR Fund		99,068			4,892,968
Financial Select Sector SPDR Fund		18,930			686,402
Health Care Select Sector SPDR Fund(b)		530			64,305
Technology Select Sector SPDR Fund		2,955			412,813
Vanguard Energy ETF(b)		15,134			1,033,501
Vanguard Financials ETF		1,872			168,106
Vanguard Health Care ETF		398			94,815
Vanguard Information Technology ETF		322			121,375
Total U.S. Large Cap Core Funds					7,474,285
U.S. Large Cap Growth Funds — 0.2%
Schwab U.S. Large-Cap Growth ETF(b)		1,430			199,757
Vanguard Growth ETF		3,740			1,027,789
Vanguard Mega Cap Growth ETF		653			144,940
Vanguard Russell 1000 Growth ETF		1,268			84,702
Total U.S. Large Cap Growth Funds					1,457,188
U.S. Long Term Treasury Bond Funds — 0.2%
iShares 20+ Year Treasury Bond ETF(b)		7,888			1,093,592
SPDR Portfolio Long Term Treasury ETF		6,153			245,012
Vanguard Long-Term Treasury ETF		1,894			160,157
Total U.S. Long Term Treasury Bond Funds					1,498,761
U.S. Medium Term Treasury Bond Funds — 3.9%
iShares 3-7 Year Treasury Bond ETF(b)		119,194			15,546,473
Schwab Intermediate-Term U.S. Treasury ETF		97,091			5,504,089
Vanguard Intermediate-Term Treasury ETF		146,655			9,915,345
Total U.S. Medium Term Treasury Bond Funds					30,965,907
U.S. Momentum Fund — 0.1%
iShares MSCI USA Momentum Factor ETF(b)		6,554			1,128,664
U.S. Small Cap Growth Funds — 2.6%
iShares Russell 2000 Growth ETF(b)		23,967			7,348,522

	Shares		Value
Investment Companies (continued)
U.S. Small Cap Growth Funds (continued)
iShares S&P Small-Cap 600 Growth ETF(b)		28,923		$	3,776,765
Vanguard Small-Cap Growth ETF		33,003			9,394,304
Total U.S. Small Cap Growth Funds					20,519,591
U.S. Small Cap Value Funds — 0.1%
iShares Russell 2000 Value ETF(b)		1,351			219,376
iShares S&P Small-Cap 600 Value ETF(b)		1,137			116,474
Vanguard Small-Cap Value ETF		1,809			311,600
Total U.S. Small Cap Value Funds					647,450
U.S. Ultra Short Term Bond Funds — 23.3%
Goldman Sachs Access Treasury 0-1 Year ETF		375,594		$	37,604,471
Invesco Treasury Collateral ETF		112,039			11,840,282
IQ Ultra Short Duration ETF†		2,333,212			115,750,647
iShares Short Treasury Bond ETF(b)(c)		181,344			20,040,325
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(b)		4,711			431,057
Total U.S. Ultra Short Term Bond Funds					185,666,782
Total Investment Companies
(Cost $737,304,759)					765,140,011
Short-Term Investments — 7.9%
Money Market Funds — 7.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(d)(e)		62,670,538			62,670,538
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(d)		160,238			160,238
Total Short-Term Investments
(Cost $62,830,776)					62,830,776
Total Investments — 107.9%
(Cost $830,896,320)					858,805,343
Other Assets and Liabilities, Net — (7.9)%					(63,228,042)
Net Assets — 100.0%				$	795,577,301

Non-income producing securities.

†

Affiliated Fund.

(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 $98,707,740; total market value of collateral held by the Fund was $101,450,142. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $38,779,604.

(c)

All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $1,105,100.

(d)

Reflects the 1-day yield at April 30, 2021.

(e)

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

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(f)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(g)

Aberdeen Standard Physical Gold Shares
ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

31,888

—

Aberdeen Standard Physical Gold Shares
ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

31,888

—

Aberdeen Standard Physical Silver Shares
ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

25,105

—

Aberdeen Standard Physical Silver Shares
ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

25,105

—

Consumer Discretionary Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF – 0.05%

7/02/2021

Monthly

(123,455)

—

Consumer Discretionary Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(123,455)

—

Energy Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

186,744

—

Energy Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

186,744

—

Fidelity MSCI Real Estate Index ETF

Morgan Stanley

1-Day
FEDEF – 19.67%

7/02/2021

Monthly

(128,606)

—

Fidelity MSCI Real Estate Index ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(128,606)

—

Financial Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

26,180

—

Financial Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

26,180

—

FlexShares Global Upstream Natural Resources Index Fund

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

72,929

—

FlexShares Global Upstream Natural Resources Index Fund

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

72,929

—

Goldman Sachs Access Treasury 0-1 Year ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

1,435,120

—

Goldman Sachs Access Treasury 0-1 Year ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

1,435,120

—

Graniteshares Gold Trust

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

14,169

—

Graniteshares Gold Trust

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

14,169

—

Health Care Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

2,427

—

Health Care Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

2,427

—

Invesco DB U.S. Dollar Index Bullish Fund

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

260,646

—

Invesco DB U.S. Dollar Index Bullish Fund

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

260,646

—

Invesco KBW Bank ETF

Morgan Stanley

1-Day FEDEF – 3.47%

7/02/2021

Monthly

(135,678)

—

Invesco KBW Bank ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(135,678)

—

Invesco Preferred ETF

Morgan Stanley

1-Day FEDEF – 1.02%

7/02/2021

Monthly

(1,924,077)

—

Invesco Preferred ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(1,924,077)

—

Invesco Senior Loan ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

2,033,924

—

Invesco Senior Loan ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

2,033,924

—

Invesco Treasury Collateral ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

451,888

—

Invesco Treasury Collateral ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

451,888

—

iPath Series B S&P 500 VIX Short-Term Futures ETN

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

8,152

—

iPath Series B S&P 500 VIX Short-Term Futures ETN

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

8,152

—

IQ Ultra Short Duration ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

4,229,649

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(f)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(g)

IQ Ultra Short Duration ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

4,258,919

—

iShares 0-5 Year High Yield Corporate Bond ETF

Morgan Stanley

1-Day FEDEF – 0.72%

7/02/2021

Monthly

(287,843)

—

iShares 0-5 Year High Yield Corporate Bond ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(287,843)

—

iShares 20+ Year Treasury Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

41,731

—

iShares 20+ Year Treasury Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

41,731

—

iShares 3-7 Year Treasury Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

593,326

—

iShares 3-7 Year Treasury Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

593,326

—

iShares Broad USD Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

21,736

—

iShares Broad USD Investment Grade Corporate Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

21,736

—

iShares Convertible Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

714,574

—

iShares Convertible Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

714,574

—

iShares Core MSCI EAFE ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

14,045

—

iShares Core MSCI EAFE ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

14,045

—

iShares Core MSCI Emerging Markets ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

855,038

—

iShares Core MSCI Emerging Markets ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

855,038

—

iShares Core MSCI Europe ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

96,848

—

iShares Core MSCI Europe ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

96,848

—

iShares Core S&P U.S. Value ETF

Morgan Stanley

1-Day FEDEF – 0.62%

7/02/2021

Monthly

(881,933)

—

iShares Core S&P U.S. Value ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(881,933)

—

iShares Core U.S. REIT ETF

Morgan Stanley

1-Day FEDEF – 3.07%

7/02/2021

Monthly

(166,542)

—

iShares Core U.S. REIT ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(166,542)

—

iShares Floating Rate Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

551,856

—

iShares Floating Rate Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

551,856

—

iShares Gold Trust

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

387,820

—

iShares Gold Trust

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

387,820

—

iShares iBoxx $ Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

162,626

—

iShares iBoxx $ Investment Grade Corporate Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

162,626

—

iShares iBoxx High Yield Corporate Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

119,356

—

iShares iBoxx High Yield Corporate Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

119,356

—

iShares J.P. Morgan USD Emerging Markets
Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

524,581

—

iShares J.P. Morgan USD Emerging Markets
Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

524,581

—

iShares MBS ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

53,777

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(f)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(g)

iShares MBS ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

53,777

—

iShares MSCI China ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

556,398

—

iShares MSCI China ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

556,398

—

iShares MSCI EAFE Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

22,062

—

iShares MSCI EAFE Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

22,062

—

iShares MSCI Emerging Markets Min Vol Factor ETF

Morgan Stanley

1-Day FEDEF – 0.35%

7/02/2021

Monthly

(3,986,787)

—

iShares MSCI Emerging Markets Min Vol Factor ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(3,986,787)

—

iShares MSCI Japan ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

313,570

—

iShares MSCI Japan ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

313,570

—

iShares MSCI USA Momentum Factor ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

43,053

—

iShares MSCI USA Momentum Factor ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

43,053

—

iShares Preferred & Income Securities ETF

Morgan Stanley

1-Day FEDEF – 1.57%

7/02/2021

Monthly

(5,255,073)

—

iShares Preferred & Income Securities ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(5,255,073)

—

iShares Russell 2000 Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

280,548

—

iShares Russell 2000 Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

280,548

—

iShares Russell 2000 Value ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

8,281

—

iShares Russell 2000 Value ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

8,281

—

iShares S&P Small-Cap 600 Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

144,160

—

iShares S&P Small-Cap 600 Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

144,160

—

iShares S&P Small-Cap 600 Value ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

4,507

—

iShares S&P Small-Cap 600 Value ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

4,507

—

iShares Short Treasury Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

764,840

—

iShares Short Treasury Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

764,840

—

iShares Silver Trust

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

393,428

—

iShares Silver Trust

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

393,428

—

iShares TIPS Bond ETF

Morgan Stanley

1-Day FEDEF – 0.35%

7/02/2021

Monthly

(338,936)

—

iShares TIPS Bond ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(338,936)

—

Schwab Intermediate-Term U.S. Treasury ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

210,093

—

Schwab Intermediate-Term U.S. Treasury ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

210,093

—

Schwab International Small-Cap Equity ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

55,320

—

Schwab International Small-Cap Equity ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

55,320

—

Schwab U.S. Large-Cap Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

7,543

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(f)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(g)

Schwab U.S. Large-Cap Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

7,543

—

Schwab U.S. Large-Cap Value ETF

Morgan Stanley

1-Day FEDEF – 1.47%

7/02/2021

Monthly

(886,105)

—

Schwab U.S. Large-Cap Value ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(886,105)

—

Schwab U.S. TIPS ETF

Morgan Stanley

1-Day FEDEF – 1.97%

7/02/2021

Monthly

(214,890)

—

Schwab U.S. TIPS ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(214,890)

—

SPDR Blackstone Senior Loan ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

1,341,720

—

SPDR Blackstone Senior Loan ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

1,341,720

—

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

16,470

—

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

16,470

—

SPDR Bloomberg Barclays Convertible Securities ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

2,931,256

—

SPDR Bloomberg Barclays Convertible Securities ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

2,931,256

—

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

164,185

—

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

164,185

—

SPDR Bloomberg Barclays High Yield Bond
ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

58,755

—

SPDR Bloomberg Barclays High Yield Bond
ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

58,755

—

SPDR Bloomberg Barclays International Treasury Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

1,001,393

—

SPDR Bloomberg Barclays International Treasury Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

1,001,393

—

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

203,347

—

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

203,347

—

SPDR Bloomberg Barclays Short Term High
Yield Bond ETF

Morgan Stanley

1-Day FEDEF – 0.35%

7/02/2021

Monthly

(253,336)

—

SPDR Bloomberg Barclays Short Term High
Yield Bond ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(253,336)

—

SPDR Dow Jones International Real Estate
ETF

Morgan Stanley

1-Day FEDEF – 0.82%

7/02/2021

Monthly

(630,101)

—

SPDR Dow Jones International Real Estate
ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(630,101)

—

SPDR Gold MiniShares Trust

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

55,563

—

SPDR Gold MiniShares Trust

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

55,563

—

SPDR Portfolio Long Term Treasury ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

9,358

—

SPDR Portfolio Long Term Treasury ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

9,358

—

SPDR Portfolio Mortgage Backed Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

7,184

—

SPDR Portfolio Mortgage Backed Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

7,184

—

SPDR Portfolio S&P 500 Value ETF

Morgan Stanley

1-Day FEDEF – 0.57%

7/02/2021

Monthly

(996,876)

—

SPDR Portfolio S&P 500 Value ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(996,876)

—

SPDR Portfolio Short Term Corporate Bond
ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

799,260

—

SPDR Portfolio Short Term Corporate Bond
ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

799,260

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(f)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(g)

SPDR S&P Bank ETF

Morgan Stanley

1-Day FEDEF – 0.35%

7/02/2021

Monthly

(221,653)

—

SPDR S&P Bank ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(221,653)

—

SPDR S&P China ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

160,508

—

SPDR S&P China ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

160,508

—

SPDR S&P Emerging Markets SmallCap ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

593,455

—

SPDR S&P Emerging Markets SmallCap ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

593,455

—

SPDR S&P Global Natural Resources ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

28,762

—

SPDR S&P Global Natural Resources ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

28,762

—

Technology Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

15,786

—

Technology Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

15,786

—

VanEck Vectors High Yield Muni ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

25,699

—

VanEck Vectors High Yield Muni ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

25,699

—

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

436,567

—

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

436,567

—

Vanguard Consumer Discretionary ETF

Morgan Stanley

1-Day FEDEF – 3.62%

7/02/2021

Monthly

(35,801)

—

Vanguard Consumer Discretionary ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(35,801)

—

Vanguard Emerging Markets Government
Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

79,313

—

Vanguard Emerging Markets Government
Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

79,313

—

Vanguard Energy ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

39,472

—

Vanguard Energy ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

39,472

—

Vanguard Financials ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

6,376

—

Vanguard Financials ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

6,376

—

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

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

146,432

—

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

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

146,432

—

Vanguard FTSE Developed Markets ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

14,981

—

Vanguard FTSE Developed Markets ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

14,981

—

Vanguard FTSE Emerging Markets ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

858,276

—

Vanguard FTSE Emerging Markets ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

858,276

—

Vanguard FTSE Europe ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

364,837

—

Vanguard FTSE Europe ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

364,837

—

Vanguard Global ex-U.S. Real Estate ETF

Morgan Stanley

1-Day FEDEF – 0.35%

7/02/2021

Monthly

(3,454,170)

—

Vanguard Global ex-U.S. Real Estate ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(3,454,170)

—

Vanguard Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

39,023

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(f)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(g)

Vanguard Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

39,023

—

Vanguard Health Care ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

3,573

—

Vanguard Health Care ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

3,573

—

Vanguard Information Technology ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

4,523

—

Vanguard Information Technology ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

4,523

—

Vanguard Intermediate-Term Corporate Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

165,592

—

Vanguard Intermediate-Term Corporate Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

165,592

—

Vanguard Intermediate-Term Treasury
ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

378,413

—

Vanguard Intermediate-Term Treasury
ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

378,413

—

Vanguard Long-Term Treasury ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

6,088

—

Vanguard Long-Term Treasury ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

6,088

—

Vanguard Mega Cap Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

5,549

—

Vanguard Mega Cap Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

5,549

—

Vanguard Mortgage-Backed Securities ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

28,381

—

Vanguard Mortgage-Backed Securities ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

28,381

—

Vanguard Real Estate ETF

Morgan Stanley

1-Day FEDEF – 0.15%

7/02/2021

Monthly

(3,413,009)

—

Vanguard Real Estate ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(3,413,009)

—

Vanguard Russell 1000 Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

3,206

—

Vanguard Russell 1000 Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

3,206

—

Vanguard Russell 1000 Value

Morgan Stanley

1-Day FEDEF – 5.37%

7/02/2021

Monthly

(419,299)

—

Vanguard Russell 1000 Value

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(419,299)

—

Vanguard Short-Term Corporate Bond
ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

4,068,330

—

Vanguard Short-Term Corporate Bond
ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

4,068,330

—

Vanguard Small-Cap Growth ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

358,659

—

Vanguard Small-Cap Growth ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

358,659

—

Vanguard Small-Cap Value ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

11,885

—

Vanguard Small-Cap Value ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

11,885

—

Vanguard Value ETF

Morgan Stanley

1-Day FEDEF – 0.35%

7/02/2021

Monthly

(7,054,914)

—

Vanguard Value ETF

Merrill Lynch

1-Month LIBOR

3/31/2022

Monthly

(7,054,914)

—

Xtrackers USD High Yield Corporate Bond ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

38,204

—

Xtrackers USD High Yield Corporate Bond ETF

Merrill Lynch

1-Month LIBOR
+ 0.50%

3/31/2022

Monthly

38,204

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Cash posted has been segregated as collateral for swaps in the amount of $570,000 at April 30, 2021.

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $1,105,100 and with Merrill Lynch amounted to $ — at April 30, 2021. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(f)

Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(g)

Reflects the value at reset date of April 30, 2021.

Abbreviations

FEDEF — Federal Funds Effective Rate

LIBOR — London InterBank Offered Rate

The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021. 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:(h)
Exchange Traded Note		$	213,692		$	—		$	—		$	213,692
Exchange Traded Vehicles			30,620,864			—			—			30,620,864
Investment Companies			765,140,011			—			—			765,140,011
Short-Term Investments:
Money Market Funds			62,830,776			—			—			62,830,776
Total Investments in Securities			858,805,343			—			—			858,805,343
Other Financial Instruments:(i)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	858,805,343		$	—		$	—		$	858,805,343
Liability Valuation Inputs
Other Financial Instruments:(i)
Swap Contracts		$	—		$	—		$	—		$	—

(h)

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

(i)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2021, 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, 2021 is as follows:

Affiliated Holdings

	Shares at 04/30/2020		Value ($) at 04/30/2020		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation/ (Depreciation) ($)		Income Distributions ($)		Capital Gain Distributions ($)		Shares at 04/30/2021		Value ($) at 04/30/2021
Invesco Treasury Collateral ETF(j)		403,476		42,760,387		28,541,567		(59,318,362)		(176,558)		33,248		122,785		—		112,039		11,840,282
IQ Ultra Short Duration ETF		1,137,443		56,246,556		154,421,669		(95,078,285)		1,067,120		(906,413)		1,029,327		561,469		2,333,212		115,750,647
		1,540,919		99,006,943		182,963,236		(154,396,647)		890,562		(873,165)		1,152,112		561,469		2,445,251		127,590,929

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

(j)

As of April 30, 2021, this security was no longer considered to be an affiliate of the Fund.

See notes to financial statements.

Schedule of Investments — IQ Hedge Macro Tracker ETF

April 30, 2021

	Shares		Value
Exchange Traded Vehicles — 8.0%
Gold Funds — 2.9%
Aberdeen Standard Physical Gold Shares ETF*(a)		473		$	8,032
Graniteshares Gold Trust*		203			3,569
iShares Gold Trust*		5,790			97,562
SPDR Gold MiniShares Trust*(a)		794			13,974
Total Gold Funds					123,137
Silver Funds — 2.5%
Aberdeen Standard Physical Silver Shares ETF*		253			6,320
iShares Silver Trust*		4,122			98,969
Total Silver Funds					105,289
U.S. Dollar Fund — 2.6%
Invesco DB U.S. Dollar Index Bullish Fund*(a)		4,621			113,584
Total Exchange Traded Vehicles
(Cost $338,366)					342,010
Investment Companies — 92.1%
BRIC Equity Funds — 7.8%
iShares MSCI China ETF(a)		3,147			257,991
SPDR S&P China ETF(a)		564			74,324
Total BRIC Equity Funds					332,315
Broad Funds — 1.1%
FlexShares Global Upstream Natural Resources Index Fund(a)		897			33,790
SPDR S&P Global Natural Resources ETF		255			13,311
Total Broad Funds					47,101
Convertible Bond Funds — 10.2%
iShares Convertible Bond ETF		851			85,636
SPDR Bloomberg Barclays Convertible Securities ETF(a)		4,115			351,133
Total Convertible Bond Funds					436,769
Emerging Bonds — Local Currency Funds — 6.2%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		2,729			72,291
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		6,179			192,229
Total Emerging Bonds — Local Currency Funds					264,520
Emerging Bonds — USD Funds — 2.8%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)		926			102,916
Vanguard Emerging Markets Government Bond ETF		197			15,531
Total Emerging Bonds — USD Funds					118,447
Emerging Equity Funds — 7.4%
iShares Core MSCI Emerging Markets ETF		2,412			157,914
Vanguard FTSE Emerging Markets ETF(a)		2,992			158,516
Total Emerging Equity Funds					316,430

	Shares		Value
Investment Companies (continued)
Emerging Small Cap Equity Fund — 2.9%
SPDR S&P Emerging Markets SmallCap ETF(a)		2,096		$	122,574
Europe Equity Funds — 2.7%
iShares Core MSCI Europe ETF(a)		431			24,382
Vanguard FTSE Europe ETF		1,390			91,754
Total Europe Equity Funds					116,136
Floating Rate — Investment Grade Funds — 6.1%
iShares Floating Rate Bond ETF		3,750			190,312
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		2,290			70,120
Total Floating Rate — Investment Grade Funds					260,432
High Yield Corporate Bond Funds — 3.9%
iShares iBoxx High Yield Corporate Bond ETF(a)		1,060			92,686
SPDR Bloomberg Barclays High Yield Bond ETF(a)		418			45,650
Xtrackers USD High Yield Corporate Bond ETF(a)		740			29,696
Total High Yield Corporate Bond Funds					168,032
Investment Grade Corporate Bond Funds — 2.1%
SPDR Portfolio Short Term Corporate Bond ETF		477			14,944
Vanguard Short-Term Corporate Bond ETF		919			76,029
Total Investment Grade Corporate Bond Funds					90,973
Japan Equity Fund — 1.9%
iShares MSCI Japan ETF(a)		1,170			78,881
U.S. Large Cap Core Funds — 1.3%
Energy Select Sector SPDR Fund(a)		960			47,414
Vanguard Energy ETF(a)		147			10,039
Total U.S. Large Cap Core Funds					57,453
U.S. Large Cap Growth Funds — 0.3%
Schwab U.S. Large-Cap Growth ETF(a)		12			1,676
Vanguard Growth ETF		31			8,519
Vanguard Mega Cap Growth ETF		5			1,110
Vanguard Russell 1000 Growth ETF		12			802
Total U.S. Large Cap Growth Funds					12,107
U.S. Long Term Treasury Bond Funds — 0.3%
iShares 20+ Year Treasury Bond ETF(a)		76			10,537
SPDR Portfolio Long Term Treasury ETF		59			2,349
Vanguard Long-Term Treasury ETF		18			1,522
Total U.S. Long Term Treasury Bond Funds					14,408
U.S. Medium Term Treasury Bond Funds — 6.0%
iShares 3-7 Year Treasury Bond ETF(a)		978			127,561

See notes to financial statements.

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

April 30, 2021

	Shares		Value
Investment Companies (continued)
U.S. Medium Term Treasury Bond Funds (continued)
Schwab Intermediate-Term U.S. Treasury ETF		796		$	45,125
Vanguard Intermediate-Term Treasury ETF		1,203			81,335
Total U.S. Medium Term Treasury Bond Funds					254,021
U.S. Ultra Short Term Bond Funds — 29.1%
Goldman Sachs Access Treasury 0-1 Year ETF		2,515			251,802
Invesco Treasury Collateral ETF		750			79,260
IQ Ultra Short Duration ETF†		15,621			774,958
iShares Short Treasury Bond ETF(a)		1,214			134,159
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		32			2,928
Total U.S. Ultra Short Term Bond Funds					1,243,107
Total Investment Companies
(Cost $3,579,289)					3,933,706
Short-Term Investments — 16.6%
Money Market Funds — 16.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		705,838			705,838
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		1,271			1,271
Total Short-Term Investments
(Cost $707,109)					707,109

	Shares	Value
Total Investments — 116.7%
(Cost $4,624,764)			$	4,982,825
Other Assets and Liabilities, Net — (16.7)%				(710,447)
Net Assets — 100.0%			$	4,272,378

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 $1,148,226; total market value of collateral held by the Fund was $1,181,211. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $475,373.

(b)

Reflects the 1-day yield at April 30, 2021.

(c)

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

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

Aberdeen Standard Physical Gold Shares ETF

Morgan Stanley

1-Day FEDEF +
0.50%

7/02/2021

Monthly

747

—

Aberdeen Standard Physical Silver Shares ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

600

—

Energy Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

4,396

—

Fidelity MSCI Real Estate Index ETF

Morgan Stanley

1-Day FEDEF –
19.67%

5/03/2022

Monthly

(2,580)

—

FlexShares Global Upstream Natural Resources Index Fund

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

3,127

—

Goldman Sachs Access Treasury 0-1 Year ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

23,328

—

Graniteshares Gold Trust

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

334

—

Invesco DB U.S. Dollar Index Bullish Fund

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

10,545

—

Invesco Treasury Collateral ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

7,398

—

IQ Ultra Short Duration ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

71,885

—

iShares 20+ Year Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

970

—

iShares 3-7 Year Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

11,869

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

iShares Broad USD Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF –
1.97%

5/03/2022

Monthly

(4,347)

—

iShares Convertible Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

8,050

—

iShares Core MSCI Emerging Markets ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

14,665

—

iShares Core MSCI Europe ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

2,263

—

iShares Core U.S. REIT ETF

Morgan Stanley

1-Day FEDEF –
3.07%

5/03/2022

Monthly

(3,338)

—

iShares Floating Rate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

17,661

—

iShares Gold Trust

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

9,048

—

iShares iBoxx $ Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF –
1.72%

5/03/2022

Monthly

(32,394)

—

iShares iBoxx High Yield Corporate Bond
ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

8,569

—

iShares JP Morgan USD Emerging Markets Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

9,558

—

iShares MSCI China ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

23,938

—

iShares MSCI Emerging Markets Min Vol
Factor ETF

Morgan Stanley

1-Day FEDEF –
0.35%

5/03/2022

Monthly

(127,287)

—

iShares MSCI Japan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

7,349

—

iShares Short Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

12,488

—

iShares Silver Trust

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

9,172

—

Schwab Intermediate-Term U.S. Treasury ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

4,195

—

Schwab U.S. Large-Cap Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

140

—

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

275

—

SPDR Bloomberg Barclays Convertible Securities ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

32,596

—

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

6,702

—

SPDR Bloomberg Barclays High Yield Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

4,259

—

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

6,491

—

SPDR Dow Jones International Real Estate ETF

Morgan Stanley

1-Day FEDEF –
0.82%

5/03/2022

Monthly

(20,133)

—

SPDR Gold MiniShares Trust

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

1,302

—

SPDR Portfolio Long Term Treasury ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

199

—

SPDR Portfolio Short Term Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

1,379

—

SPDR S&P China ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

6,853

—

SPDR S&P Emerging Markets SmallCap ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

11,345

—

SPDR S&P Global Natural Resources ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

1,253

—

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

17,826

—

Vanguard Emerging Markets Government Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

1,419

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

Vanguard Energy ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

956

—

Vanguard FTSE Emerging Markets ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

14,728

—

Vanguard FTSE Europe ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

8,515

—

Vanguard Global ex-U.S. Real Estate ETF

Morgan Stanley

1-Day FEDEF –
0.35%

5/03/2022

Monthly

(110,280)

—

Vanguard Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

824

—

Vanguard Intermediate-Term Corporate Bond ETF

Morgan Stanley

1-Day FEDEF –
0.35%

5/03/2022

Monthly

(32,931)

—

Vanguard Intermediate-Term Treasury ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

7,572

—

Vanguard Long-Term Treasury ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

169

—

Vanguard Mega Cap Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

222

—

Vanguard Real Estate ETF

Morgan Stanley

1-Day FEDEF –
0.15%

5/03/2022

Monthly

(68,563)

—

Vanguard Short-Term Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

7,032

—

Xtrackers USD High Yield Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

2,729

—

At April 30, 2021 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)

Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(e)

Reflects the value at reset date of April 30, 2021.

Abbreviation

FEDEF — Federal Funds Effective Rate

See notes to financial statements.

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

April 30, 2021

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Exchange Traded Vehicles		$	342,010		$	—		$	—		$	342,010
Investment Companies			3,933,706			—			—			3,933,706
Short-Term Investments:
Money Market Funds			707,109			—			—			707,109
Total Investments in Securities			4,982,825			—			—			4,982,825
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	4,982,825		$	—		$	—		$	4,982,825
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

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

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2021, 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, 2021 is as follows:

Affiliated Holdings

			Shares at 04/30/2020						Value ($) at 04/30/2020						Purchases Cost ($)						Sales Proceeds ($)						Net Realized Gain/(Loss) ($)						Net Change in Unrealized Appreciation/ (Depreciation) ($)						Income Distributions ($)						Capital Gain Distributions ($)						Shares at 04/30/2021						Value ($) at 04/30/2021
IQ Ultra Short Duration ETF					6,370						314,997						726,507						(267,848)						(1,099)						2,401						6,579						3,528						15,621						774,958

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

See notes to financial statements.

Schedule of Investments — IQ Hedge Market Neutral Tracker ETF

April 30, 2021

	Shares		Value
Investment Companies — 100.0%
Bank Loan Funds — 18.7%
Invesco Senior Loan ETF		90,091		$	1,995,516
SPDR Blackstone Senior Loan ETF		28,673			1,316,377
Total Bank Loan Funds					3,311,893
Convertible Bond Funds — 2.1%
iShares Convertible Bond ETF		728			73,259
SPDR Bloomberg Barclays Convertible Securities ETF		3,520			300,361
Total Convertible Bond Funds					373,620
Emerging Bonds — Local Currency Funds — 1.3%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		2,427			64,291
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		5,495			170,950
Total Emerging Bonds — Local Currency Funds					235,241
Emerging Equity Funds — 5.9%
iShares Core MSCI Emerging Markets ETF		7,957			520,945
Vanguard FTSE Emerging Markets ETF(a)		9,869			522,859
Total Emerging Equity Funds					1,043,804
Floating Rate — Investment Grade Funds — 8.5%
iShares Floating Rate Bond ETF		21,729			1,102,747
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		13,270			406,327
Total Floating Rate — Investment Grade Funds					1,509,074
International Bond Fund — 6.5%
SPDR Bloomberg Barclays International Treasury Bond ETF		39,271			1,163,207
International Small Cap Equity Funds — 1.0%
Schwab International Small-Cap Equity ETF		1,220			50,179
Vanguard FTSE All World ex-U.S. Small-Cap ETF		993			132,913
Total International Small Cap Equity Funds					183,092
Investment Grade Corporate Bond Funds — 3.6%
iShares Broad USD Investment Grade Corporate Bond ETF		666			39,660
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		2,264			296,924
Vanguard Intermediate-Term Corporate Bond ETF		3,221			302,194
Total Investment Grade Corporate Bond Funds					638,778

	Shares		Value
Investment Companies (continued)
Mortgage Backed Securities Funds — 3.9%
iShares MBS ETF		3,853		$	419,437
SPDR Portfolio Mortgage Backed Bond ETF		2,154			56,069
Vanguard Mortgage-Backed Securities ETF		4,124			221,253
Total Mortgage Backed Securities Funds					696,759
Municipal Bond Fund — 1.1%
VanEck Vectors High Yield Muni ETF		3,198			200,451
U.S. Medium Term Treasury Bond Funds — 7.6%
iShares 3-7 Year Treasury Bond ETF		5,172			674,584
Schwab Intermediate-Term U.S. Treasury ETF		4,213			238,835
Vanguard Intermediate-Term Treasury ETF		6,363			430,202
Total U.S. Medium Term Treasury Bond Funds					1,343,621
U.S. Momentum Fund — 0.4%
iShares MSCI USA Momentum Factor ETF(a)		367			63,201
U.S. Small Cap Value Funds — 0.2%
iShares Russell 2000 Value ETF		60			9,743
iShares S&P Small-Cap 600 Value ETF(a)		51			5,224
Vanguard Small-Cap Value ETF		80			13,780
Total U.S. Small Cap Value Funds					28,747
U.S. Ultra Short Term Bond Funds — 39.2%
Goldman Sachs Access Treasury 0-1 Year ETF		14,071			1,408,789
Invesco Treasury Collateral ETF		4,198			443,645
IQ Ultra Short Duration ETF†		87,410			4,336,410
iShares Short Treasury Bond ETF		6,794			750,805
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		177			16,195
Total U.S. Ultra Short Term Bond Funds					6,955,844
Total Investment Companies (Cost $17,479,404)					17,747,332

See notes to financial statements.

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

April 30, 2021

	Shares		Value
Short-Term Investments — 3.7%
Money Market Funds — 3.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		649,503		$	649,503
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		15,735			15,735
Total Short-Term Investments
(Cost $665,238)					665,238
Total Investments — 103.7%
(Cost $18,144,642)					18,412,570
Other Assets and Liabilities, Net — (3.7)%					(667,727)
Net Assets — 100.0%				$	17,744,843

†

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 $875,040; total market value of collateral held by the Fund was $900,472. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $250,969.

(b)

Reflects the 1-day yield at April 30, 2021.

(c)

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

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

Goldman Sachs Access Treasury 0-1 Year ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

140,769

—

Invesco DB U.S. Dollar Index Bullish
Fund

Morgan Stanley

1-Day FEDEF –
4.37%

5/03/2022

Monthly

(327,430)

—

Invesco KBW Bank ETF

Morgan Stanley

1-Day FEDEF –
3.47%

5/03/2022

Monthly

(58,945)

—

Invesco Preferred ETF

Morgan Stanley

1-Day FEDEF –
1.02%

5/03/2022

Monthly

(64,168)

—

Invesco Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

199,328

—

Invesco Treasury Collateral ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

44,280

—

IQ Ultra Short Duration ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

433,145

—

iShares 0-5 Year High Yield Corporate Bond ETF

Morgan Stanley

1-Day FEDEF –
0.72%

5/03/2022

Monthly

(125,067)

—

iShares 3-7 Year Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

67,432

—

iShares Broad USD Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

3,930

—

iShares Convertible Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

7,447

—

iShares Core MSCI Emerging Markets
ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

52,049

—

iShares Core S&P U.S. Value ETF

Morgan Stanley

1-Day FEDEF –
0.62%

5/03/2022

Monthly

(29,820)

—

iShares Floating Rate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

110,178

—

iShares iBoxx $ Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

29,640

—

iShares iBoxx High Yield Corporate Bond
ETF

Morgan Stanley

1-Day FEDEF –
2.57%

5/03/2022

Monthly

(131,685)

—

iShares MBS ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

41,911

—

iShares MSCI USA Momentum Factor
ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

6,372

—

iShares Preferred & Income Securities
ETF

Morgan Stanley

1-Day FEDEF –
1.57%

5/03/2022

Monthly

(175,272)

—

iShares Russell 2000 Value ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

974

—

iShares S&P Small-Cap 600 Value ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

512

—

iShares Short Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

75,036

—

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021: (continued)

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

iShares TIPS Bond ETF

Morgan Stanley

1-Day FEDEF –
0.35%

5/03/2022

Monthly

(147,308)

—

Schwab Intermediate-Term U.S. Treasury
ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

23,866

—

Schwab International Small-Cap Equity ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

5,018

—

Schwab U.S. Large-Cap Value ETF

Morgan Stanley

1 Day FEDEF –
1.47%

5/03/2022

Monthly

(30,010)

—

Schwab U.S. TIPS ETF

Morgan Stanley

1-Day FEDEF –
1.97%

5/03/2022

Monthly

(93,360)

—

SPDR Blackstone Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

131,486

—

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

1,647

—

SPDR Bloomberg Barclays Convertible Securities ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

30,036

—

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

6,411

—

SPDR Bloomberg Barclays High Yield Bond ETF

Morgan Stanley

1-Day FEDEF –
1.57%

5/03/2022

Monthly

(64,762)

—

SPDR Bloomberg Barclays International Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

116,821

—

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

40,602

—

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

Morgan Stanley

1-Day FEDEF –
0.35%

5/03/2022

Monthly

(110,075)

—

SPDR Portfolio Mortgage Backed Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

5,596

—

SPDR Portfolio S&P 500 Value ETF

Morgan Stanley

1-Day FEDEF –
0.57%

5/03/2022

Monthly

(33,714)

—

SPDR S&P Bank ETF

Morgan Stanley

1-Day FEDEF –
0.35%

5/03/2022

Monthly

(96,319)

—

VanEck Vectors High Yield Muni ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

19,995

—

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

17,079

—

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

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

13,251

—

Vanguard FTSE Emerging Markets ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

52,238

—

Vanguard Intermediate-Term Corporate
Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

30,210

—

Vanguard Intermediate-Term Treasury ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

43,000

—

Vanguard Mortgage-Backed Securities ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

22,104

—

Vanguard Russell 1000 Value

Morgan Stanley

1-Day FEDEF –
5.37%

5/03/2022

Monthly

(14,235)

—

Vanguard Small-Cap Value ETF

Morgan Stanley

1-Day FEDEF + 0.50%

7/02/2021

Monthly

1,378

—

Vanguard Value ETF

Morgan Stanley

1-Day FEDEF –
0.35%

5/03/2022

Monthly

(238,645)

—

Xtrackers USD High Yield Corporate Bond ETF

Morgan Stanley

1-Day FEDEF –
1.02%

5/03/2022

Monthly

(42,137)

—

At April 30, 2021 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) Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(e) Reflects the value at reset date of April 30, 2021.

Abbreviation

FEDEF — Federal Funds Effective Rate

See notes to financial statements.

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

April 30, 2021

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Investment Companies		$	17,747,332		$	—		$	—		$	17,747,332
Short-Term Investments:
Money Market Funds			665,238			—			—			665,238
Total Investments in Securities			18,412,570			—			—			18,412,570
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	18,412,570		$	—		$	—		$	18,412,570
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

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

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2021, 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, 2021 is as follows:

Affiliated Holdings

			Shares at 04/30/2020						Value ($) at 04/30/2020						Purchases Cost ($)						Sales Proceeds ($)						Net Realized Gain/(Loss) ($)						Net Change in Unrealized Appreciation/ (Depreciation) ($)						Income Distributions ($)						Capital Gain Distributions ($)						Shares at 04/30/2021						Value ($) at 04/30/2021
IQ Ultra Short Duration ETF					35,819						1,771,249						3,371,152						(812,835)						12,430						(5,586)						27,670						13,197						87,410						4,336,410

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

See notes to financial statements.

Schedule of Investments — IQ Hedge Long/Short Tracker ETF

April 30, 2021

	Shares		Value
Exchange Traded Note — 1.2%
Volatility Note — 1.2%
iPath Series B S&P 500 VIX Short-Term Futures ETN*(a)
(Cost $187,413)		2,683		$	107,729
Investment Companies — 98.7%
Bank Loan Funds — 8.5%
Invesco Senior Loan ETF		21,544			477,200
SPDR Blackstone Senior Loan ETF		6,857			314,805
Total Bank Loan Funds					792,005
International Equity Core Funds — 11.7%
iShares Core MSCI EAFE ETF		7,043			523,365
Vanguard FTSE Developed Markets ETF(a)		11,049			559,190
Total International Equity Core Funds					1,082,555
International Large Cap Growth Fund — 8.9%
iShares MSCI EAFE Growth ETF		7,868			822,678
International Small Cap Equity Funds — 17.7%
Schwab International Small-Cap Equity ETF		10,988			451,936
Vanguard FTSE All World ex-U.S. Small-Cap ETF		8,940			1,196,619
Total International Small Cap Equity Funds					1,648,555
Investment Grade Corporate Bond Funds — 21.5%
iShares Broad USD Investment Grade Corporate Bond ETF		2,076			123,626
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		7,063			926,312
Vanguard Intermediate-Term Corporate Bond ETF		10,049			942,797
Total Investment Grade Corporate Bond Funds					1,992,735
U.S. Large Cap Core Funds — 23.7%
Financial Select Sector SPDR Fund		26,975			978,114
Health Care Select Sector SPDR Fund		758			91,968
Technology Select Sector SPDR Fund		4,210			588,137
Vanguard Financials ETF		2,661			238,958
Vanguard Health Care ETF		562			133,885
Vanguard Information Technology ETF(a)		448			168,869
Total U.S. Large Cap Core Funds					2,199,931
U.S. Large Cap Growth Funds — 3.0%
Schwab U.S. Large-Cap Growth ETF(a)		273			38,136
Vanguard Growth ETF		714			196,214
Vanguard Mega Cap Growth ETF		126			27,967
Vanguard Russell 1000 Growth ETF		240			16,032
Total U.S. Large Cap Growth Funds					278,349

	Shares		Value
Investment Companies (continued)
U.S. REITS Funds — 3.4%
Fidelity MSCI Real Estate Index ETF		375		$	11,123
iShares Core U.S. REIT ETF(a)		255			14,425
Vanguard Real Estate ETF(a)		2,983			295,556
Total U.S. REITS Funds					321,104
U.S. Ultra Short Term Bond Funds — 0.3%
Goldman Sachs Access Treasury 0-1 Year ETF		51			5,106
Invesco Treasury Collateral ETF		15			1,585
IQ Ultra Short Duration ETF†		317			15,726
iShares Short Treasury Bond ETF(a)		25			2,763
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF		1			92
Total U.S. Ultra Short Term Bond Funds					25,272
Total Investment Companies
(Cost $8,867,360)					9,163,184
Short-Term Investments — 8.3%
Money Market Funds — 8.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		743,134			743,134
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		28,232			28,232
Total Short-Term Investments
(Cost $771,366)					771,366
Total Investments — 108.2%
(Cost $9,826,139)					10,042,279
Other Assets and Liabilities, Net — (8.2)%					(760,254)
Net Assets — 100.0%				$	9,282,025

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 $1,391,162; total market value of collateral held by the Fund was $1,415,013. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $671,879.

(b)

Reflects the 1-day yield at April 30, 2021.

(c)

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

See notes to financial statements.

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

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

Consumer Discretionary Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF - 0.05%

3/30/2022

Monthly

(222,040)

—

Energy Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF - 0.10%

3/30/2022

Monthly

(76,801)

—

Fidelity MSCI Real Estate Index ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

1,127

—

Financial Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

99,062

—

Goldman Sachs Access Treasury 0-1 Year
ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

501

—

Health Care Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

9,342

—

Invesco Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

48,331

—

Invesco Treasury Collateral ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

211

—

iPath Series B S&P 500 VIX Short-Term Futures ETN

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

10,883

—

IQ Ultra Short Duration ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

1,588

—

iShares Broad USD Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

12,506

—

iShares Core MSCI EAFE ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

52,983

—

iShares Core U.S. REIT ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

1,471

—

iShares iBoxx $ Investment Grade Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

93,772

—

iShares MSCI EAFE Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

83,334

—

iShares MSCI USA Momentum Factor
ETF

Morgan Stanley

1-Day FEDEF - 1.27%

3/30/2022

Monthly

(288,280)

—

iShares Russell 2000 Growth ETF

Morgan Stanley

1-Day FEDEF - 1.37%

3/30/2022

Monthly

(99,035)

—

iShares S&P Small-Cap 600 Growth ETF

Morgan Stanley

1-Day FEDEF - 3.32%

3/30/2022

Monthly

(50,926)

—

iShares Short Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

221

—

Schwab International Small-Cap Equity ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

45,778

—

Schwab U.S. Large-Cap Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

3,911

—

SPDR Blackstone Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

31,862

—

Technology Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

59,512

—

Vanguard Consumer Discretionary ETF

Morgan Stanley

1-Day FEDEF - 3.62%

3/30/2022

Monthly

(64,378)

—

Vanguard Energy ETF

Morgan Stanley

1-Day FEDEF - 0.72%

3/30/2022

Monthly

(16,253)

—

Vanguard Financials ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

24,156

—

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

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

121,134

—

Vanguard FTSE Developed Markets ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

56,633

—

Vanguard Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

19,786

—

Vanguard Health Care ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

13,579

—

Vanguard Information Technology ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

16,962

—

Vanguard Intermediate-Term Corporate
Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

95,509

—

Vanguard Mega Cap Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

2,885

—

Vanguard Real Estate ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

29,922

—

Vanguard Russell 1000 Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

1,603

—

Vanguard Small-Cap Growth ETF

Morgan Stanley

1-Day FEDEF - 0.97%

3/30/2022

Monthly

(126,669)

—

At April 30, 2021 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) Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(e) Reflects the value at reset date of April 30, 2021.

Abbreviations

FEDEF — Federal Funds Effective Rate

See notes to financial statements.

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

April 30, 2021

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Exchange Traded Note		$	107,729		$	—		$	—		$	107,729
Investment Companies			9,163,184			—			—			9,163,184
Short-Term Investments:
Money Market Funds			771,366			—			—			771,366
Total Investments in Securities			10,042,279			—			—			10,042,279
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	10,042,279		$	—		$	—		$	10,042,279
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

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

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2021, 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, 2021 is as follows:

Affiliated Holdings

			Shares at 04/30/2020						Value ($) at 04/30/2020						Purchases Cost ($)						Sales Proceeds ($)						Net Realized Gain/(Loss) ($)						Net Change in Unrealized Appreciation/ (Depreciation) ($)						Income Distributions ($)						Capital Gain Distributions ($)						Shares at 04/30/2021						Value ($) at 04/30/2021
IQ Ultra Short Duration ETF					5,656						279,689						1,066,175						(1,326,759)						2,131						(5,510)						3,217						1,801						317						15,726

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

See notes to financial statements.

Schedule of Investments — IQ Hedge Event-Driven Tracker ETF

April 30, 2021

	Shares		Value
Investment Companies — 100.0%
Bank Loan Funds — 22.6%
Invesco Senior Loan ETF		58,394		$	1,293,427
SPDR Blackstone Senior Loan ETF		18,585			853,238
Total Bank Loan Funds					2,146,665
Convertible Bond Funds — 25.8%
iShares Convertible Bond ETF		4,759			478,898
SPDR Bloomberg Barclays Convertible Securities ETF		23,024			1,964,638
Total Convertible Bond Funds					2,443,536
Investment Grade Corporate Bond Funds — 43.7%
SPDR Portfolio Short Term Corporate Bond ETF		21,729			680,769
Vanguard Short-Term Corporate Bond ETF		41,886			3,465,229
Total Investment Grade Corporate Bond Funds					4,145,998
U.S. Small Cap Growth Funds — 7.7%
iShares Russell 2000 Growth ETF(a)		854			261,845
iShares S&P Small-Cap 600 Growth ETF(a)		1,030			134,497
Vanguard Small-Cap Growth ETF		1,175			334,464
Total U.S. Small Cap Growth Funds					730,806
U.S. Ultra Short Term Bond Funds — 0.2%
Goldman Sachs Access Treasury 0-1 Year ETF		35			3,504
Invesco Treasury Collateral ETF		10			1,057
IQ Ultra Short Duration ETF†		221			10,964

	Shares		Value
Investment Companies (continued)
U.S. Ultra Short Term Bond Funds (continued)
iShares Short Treasury Bond ETF(a)		8		$	884
Total U.S. Ultra Short Term Bond Funds					16,409
Total Investment Companies (Cost $9,190,206)					9,483,414
Short-Term Investments — 3.0%
Money Market Funds — 3.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		280,133			280,133
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		6,227			6,227
Total Short-Term Investments (Cost $286,360)					286,360
Total Investments — 103.0% (Cost $9,476,566)					9,769,774
Other Assets and Liabilities, Net — (3.0)%					(282,989)
Net Assets — 100.0%				$	9,486,785

†

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 $271,619; total market value of collateral held by the Fund was $280,810. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $677.

(b)

Reflects the 1-day yield at April 30, 2021.

(c)

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

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

Goldman Sachs Access Treasury 0-1
Year ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

200

—

Invesco Preferred ETF

Morgan Stanley

1-Day FEDEF - 1.02%

3/30/2022

Monthly

(76,043)

—

Invesco Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

77,414

—

Invesco Treasury Collateral ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

106

—

IQ Ultra Short Duration ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

645

—

iShares Convertible Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

28,680

—

iShares iBoxx High Yield Corporate Bond ETF

Morgan Stanley

1-Day FEDEF - 2.57%

3/30/2022

Monthly

(155,993)

—

iShares Preferred & Income Securities ETF

Morgan Stanley

1-Day FEDEF - 1.57%

3/30/2022

Monthly

(207,703)

—

iShares Russell 2000 Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

15,637

—

iShares S&P Small-Cap 600 Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

8,096

—

iShares Short Treasury Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

111

—

SPDR Blackstone Senior Loan ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

51,052

—

SPDR Bloomberg Barclays Convertible Securities ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

117,585

—

SPDR Bloomberg Barclays High Yield
Bond ETF

Morgan Stanley

1-Day FEDEF - 1.57%

3/30/2022

Monthly

(76,774)

—

See notes to financial statements.

Schedule of Investments — IQ Hedge Event-Driven Tracker ETF (continued)

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(d)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(e)

SPDR Portfolio Short Term Corporate
Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

40,760

—

Vanguard Short-Term Corporate Bond ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

207,404

—

Vanguard Small-Cap Growth ETF

Morgan Stanley

1-Day FEDEF + 0.50%

3/30/2022

Monthly

19,926

—

Xtrackers USD High Yield Corporate
Bond ETF

Morgan Stanley

1-Day FEDEF - 1.02%

3/30/2022

Monthly

(49,962)

—

At April 30, 2021 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)

Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(e)

Reflects the value at reset date of April 30, 2021.

Abbreviations

FEDEF — Federal Funds Effective Rate

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(f)
Investment Companies		$	9,483,414		$	—		$	—		$	9,483,414
Short-Term Investments:
Money Market Funds			286,360			—			—			286,360
Total Investments in Securities			9,769,774			—			—			9,769,774
Other Financial Instruments:(g)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	9,769,774		$	—		$	—		$	9,769,774
Liability Valuation Inputs
Other Financial Instruments:(g)
Swap Contracts		$	—		$	—		$	—		$	—

(f)

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

(g)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2021, 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, 2021 is as follows:

Affiliated Holdings

			Shares at 04/30/2020						Value ($) at 04/30/2020						Purchases Cost ($)						Sales Proceeds ($)						Net Realized Gain/ (Loss) ($)						Net Change in Unrealized Appreciation/ (Depreciation) ($)						Income Distributions ($)						Capital Gain Distributions ($)						Shares at 04/30/2021						Value ($) at 04/30/2021
IQ Ultra Short Duration ETF					—						—						14,699						(3,771)						20						16						21						6						221						10,964

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

See notes to financial statements.

Schedule of Investments — IQ Real Return ETF

April 30, 2021

	Shares		Value
Exchange Traded Vehicles — 7.5%
Euro Fund — 3.0%
Invesco CurrencyShares Euro Currency Trust*(a)		14,442		$	1,625,881
Japanese Yen Fund — 4.0%
Invesco CurrencyShares Japanese Yen Trust*(a)		24,461			2,108,538
Oil Fund — 0.5%
Invesco DB Oil Fund*		23,705			266,444
Total Exchange Traded Vehicles (Cost $4,032,040)					4,000,863
Investment Companies — 92.4%
U.S. Large Cap Core Funds — 7.5%
iShares Core S&P 500 ETF(a)		4,063			1,701,909
SPDR S&P 500 ETF Trust(a)		5,379			2,244,657
Total U.S. Large Cap Core Funds					3,946,566
U.S. Long Term Treasury Bond Funds — 2.5%
iShares 20+ Year Treasury Bond ETF(a)		9,649			1,337,737
U.S. Medium Term Treasury Bond Funds — 7.5%
iShares 3-7 Year Treasury Bond ETF		10,196			1,329,864
iShares 7-10 Year Treasury Bond ETF(a)		23,361			2,662,921
Total U.S. Medium Term Treasury Bond Funds					3,992,785
U.S. Ultra Short Term Bond Funds — 74.9%
Goldman Sachs Access Treasury 0-1 Year ETF		17,453			1,747,394
Invesco Treasury Collateral ETF		5,948			628,585
IQ Ultra Short Duration ETF†		267,499			13,270,626
iShares Short Treasury Bond ETF(a)		120,002			13,261,421
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF(a)		119,982			10,978,353
Total U.S. Ultra Short Term Bond Funds					39,886,379
Total Investment Companies (Cost $48,995,114)					49,163,467

	Shares		Value
Short-Term Investments — 18.1%
Money Market Funds — 18.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		9,545,463		$	9,545,463
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		76,292			76,292
Total Short-Term Investments (Cost $9,621,755)					9,621,755
Total Investments — 118.0% (Cost $62,648,909)					62,786,085
Other Assets and Liabilities, Net — (18.0)%					(9,550,752)
Net Assets — 100.0%				$	53,235,333

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 $14,796,180; total market value of collateral held by the Fund was $15,142,650. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $5,597,187.

(b)

Reflects the 1-day yield at April 30, 2021.

(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)
Exchange Traded Vehicles		$	4,000,863		$	—		$	—		$	4,000,863
Investment Companies			49,163,467			—			—			49,163,467
Short-Term Investments:
Money Market Funds			9,621,755			—			—			9,621,755
Total Investments in Securities		$	62,786,085		$	—		$	—		$	62,786,085

(d)

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

For the year ended April 30, 2021, 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.

Schedule of Investments — IQ Real Return ETF (continued)

April 30, 2021

A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 is as follows:

Affiliated Holdings

			Shares at 04/30/2020						Value ($) at 04/30/2020						Purchases Cost ($)						Sales Proceeds ($)						Net Realized Gain/ (Loss) ($)						Net Change in Unrealized Appreciation/ (Depreciation) ($)						Income Distributions ($)						Capital Gain Distributions ($)						Shares at 04/30/2021						Value ($) at 04/30/2021
IQ Ultra Short Duration ETF					262,340						12,972,713						603,948						(347,132)						(4,655)						45,752						147,173						59,425						267,499						13,270,626

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

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Long-Term Bonds 97.8%
Corporate Bonds — 90.9%
Consumer Discretionary — 14.2%
Adient US LLC
9.000%, due 4/15/25		$	33,000		$	36,547
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
3.250%, due 3/15/26			96,000			95,640
3.500%, due 2/15/23			268,000			275,705
3.500%, due 3/15/29			244,000			234,240
4.625%, due 1/15/27			270,000			280,125
4.875%, due 2/15/30			225,000			233,719
5.875%, due 2/15/28			174,000			185,527
7.500%, due 3/15/26			139,000			152,900
Allison Transmission, Inc.
3.750%, due 1/30/31			202,000			194,425
5.875%, due 6/1/29			93,000			100,207
Boyd Gaming Corp.
4.750%, due 12/1/27			127,000			129,699
8.625%, due 6/1/25			99,000			109,271
Carnival Corp.
11.500%, due 4/1/23			715,000			817,781
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.500%, due 5/1/25			308,000			321,860
Churchill Downs, Inc.
4.750%, due 1/15/28			93,000			95,790
5.500%, due 4/1/27			147,000			152,145
Clarios Global LP
6.750%, due 5/15/25			86,000			92,235
Clarios Global LP / Clarios US Finance Co.
6.250%, due 5/15/26			178,000			188,903
Ford Motor Co.
4.346%, due 12/8/26			246,000			259,530
4.750%, due 1/15/43			223,000			224,828
5.291%, due 12/8/46			76,000			80,137
7.450%, due 7/16/31			99,000			127,403
8.500%, due 4/21/23			263,000			294,559
Ford Motor Credit Co. LLC
3.087%, due 1/9/23			96,000			97,795
3.096%, due 5/4/23			375,000			382,461
3.350%, due 11/1/22			70,000			71,570
3.370%, due 11/17/23			247,000			255,081
4.063%, due 11/1/24			430,000			452,655
4.271%, due 1/9/27			96,000			100,858
4.375%, due 8/6/23			96,000			101,283
4.389%, due 1/8/26			41,000			43,773
4.687%, due 6/9/25			86,000			92,129
5.113%, due 5/3/29			89,000			97,305
5.125%, due 6/16/25			359,000			391,876
5.596%, due 1/7/22			155,000			159,418

	Principal Amount			Value
Corporate Bonds (continued)
Consumer Discretionary (continued)
Gap, Inc. (The)
8.375%, due 5/15/23		$	96,000		$	109,200
8.625%, due 5/15/25			390,000			431,437
8.875%, due 5/15/27			75,000			87,750
Goodyear Tire & Rubber Co. (The)
9.500%, due 5/31/25			77,000			86,432
Hanesbrands, Inc.
4.625%, due 5/15/24			171,000			179,977
4.875%, due 5/15/26			275,000			294,250
Hilton Domestic Operating Co., Inc.
3.625%, due 2/15/32			355,000			349,231
3.750%, due 5/1/29			100,000			100,375
4.000%, due 5/1/31			240,000			242,400
4.875%, due 1/15/30			234,000			248,625
5.375%, due 5/1/25			86,000			90,300
5.750%, due 5/1/28			86,000			92,450
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.875%, due 4/1/27			140,000			145,425
International Game Technology PLC
5.250%, due 1/15/29			157,000			165,635
6.250%, due 1/15/27			194,000			217,037
6.500%, due 2/15/25			238,000			263,287
IRB Holding Corp.
7.000%, due 6/15/25			58,000			62,495
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.750%, due 6/1/27			166,000			174,300
L Brands, Inc.
5.250%, due 2/1/28			236,000			258,420
9.375%, due 7/1/25			187,000			237,023
Lithia Motors, Inc.
4.375%, due 1/15/31			121,000			127,806
Macy’s, Inc.
8.375%, due 6/15/25			352,000			388,520
Marriott Ownership Resorts, Inc.
6.125%, due 9/15/25			203,000			215,434
MGM Resorts International
4.750%, due 10/15/28			93,000			97,883
5.500%, due 4/15/27			240,000			261,300
5.750%, due 6/15/25			206,000			225,828
6.000%, due 3/15/23			263,000			281,081
7.750%, due 3/15/22			192,000			201,600
Murphy Oil USA, Inc.
4.750%, due 9/15/29			184,000			193,430
Penske Automotive Group, Inc.
3.500%, due 9/1/25			111,000			113,775
QVC, Inc.
4.375%, due 9/1/28			96,000			98,280
4.750%, due 2/15/27			132,000			139,590
Royal Caribbean Cruises Ltd.
10.875%, due 6/1/23			115,000			131,819

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Corporate Bonds (continued)
Consumer Discretionary (continued)
Scientific Games International, Inc.
5.000%, due 10/15/25		$	238,000		$	245,438
Six Flags Theme Parks, Inc.
7.000%, due 7/1/25			197,000			211,775
Tesla, Inc.
5.300%, due 8/15/25			266,000			275,975
Travel + Leisure Co.
6.625%, due 7/31/26			208,000			238,420
William Carter Co. (The)
5.500%, due 5/15/25			86,000			90,838
5.625%, due 3/15/27			86,000			90,193
Yum! Brands, Inc.
3.625%, due 3/15/31			217,000			213,745
4.750%, due 1/15/30			305,000			326,350
7.750%, due 4/1/25			182,000			198,835
						15,133,344
Consumer Staples — 8.6%
B&G Foods, Inc.
5.250%, due 9/15/27			157,000			161,710
Central Garden & Pet Co.
4.125%, due 10/15/30			131,000			134,439
Edgewell Personal Care Co.
4.125%, due 4/1/29			48,000			47,760
5.500%, due 6/1/28			152,000			160,740
Energizer Holdings, Inc.
4.375%, due 3/31/29			167,000			165,747
4.750%, due 6/15/28			142,000			145,727
JBS USA LUX SA / JBS USA Finance, Inc.
6.750%, due 2/15/28			243,000			266,085
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
5.500%, due 1/15/30			244,000			268,400
6.500%, due 4/15/29			268,000			300,830
Kraft Heinz Foods Co.
3.000%, due 6/1/26			267,000			282,374
3.750%, due 4/1/30			150,000			159,857
3.875%, due 5/15/27			217,000			236,215
4.250%, due 3/1/31			351,000			386,795
4.375%, due 6/1/46			429,000			458,160
4.625%, due 1/30/29			160,000			180,464
4.625%, due 10/1/39			113,000			124,539
4.875%, due 10/1/49			225,000			257,087
5.000%, due 7/15/35			265,000			308,140
5.000%, due 6/4/42			305,000			350,823
5.200%, due 7/15/45			177,000			209,441
5.500%, due 6/1/50			116,000			144,092
Lamb Weston Holdings, Inc.
4.625%, due 11/1/24			153,000			158,546
4.875%, due 11/1/26			76,000			78,755
4.875%, due 5/15/28			111,000			122,100

	Principal Amount			Value
Corporate Bonds (continued)
Consumer Staples (continued)
Mattel, Inc.
3.375%, due 4/1/26		$	333,000		$	344,655
5.875%, due 12/15/27			108,000			118,260
Newell Brands, Inc.
4.350%, due 4/1/23			87,000			91,459
4.700%, due 4/1/26			428,000			475,615
4.875%, due 6/1/25			296,000			328,930
Performance Food Group, Inc.
5.500%, due 10/15/27			224,000			236,320
Pilgrim’s Pride Corp.
4.250%, due 4/15/31			254,000			255,905
5.875%, due 9/30/27			171,000			181,260
Post Holdings, Inc.
4.500%, due 9/15/31			330,000			325,875
4.625%, due 4/15/30			333,000			335,498
5.500%, due 12/15/29			149,000			160,361
5.625%, due 1/15/28			181,000			190,955
5.750%, due 3/1/27			260,000			272,350
Scotts Miracle-GRO Co. (The)
4.000%, due 4/1/31			108,000			106,650
Spectrum Brands, Inc.
3.875%, due 3/15/31			153,000			150,705
Tempur Sealy International, Inc.
4.000%, due 4/15/29			225,000			227,531
US Foods, Inc.
6.250%, due 4/15/25			207,000			219,938
						9,131,093
Energy — 5.8%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.500%, due 5/20/25			141,000			156,157
5.625%, due 5/20/24			140,000			155,750
5.750%, due 5/20/27			82,000			91,532
5.875%, due 8/20/26			140,000			156,625
Buckeye Partners LP
4.125%, due 3/1/25			142,000			145,905
Cheniere Energy Partners LP
4.000%, due 3/1/31			295,000			300,162
4.500%, due 10/1/29			304,000			316,540
Cheniere Energy, Inc.
4.625%, due 10/15/28			410,000			425,887
Continental Resources, Inc.
3.800%, due 6/1/24			197,000			205,619
4.375%, due 1/15/28(a)			277,000			299,852
5.750%, due 1/15/31			262,000			303,920
DCP Midstream Operating LP
5.125%, due 5/15/29			170,000			181,050
5.375%, due 7/15/25			167,000			182,865
EQM Midstream Partners LP
4.750%, due 7/15/23			85,000			88,613

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Corporate Bonds (continued)
Energy (continued)
EQT Corp.
3.000%, due 10/1/22(a)		$	178,000		$	180,670
3.900%, due 10/1/27			360,000			373,500
7.625%, due 2/1/25			121,000			138,847
Occidental Petroleum Corp.
2.700%, due 8/15/22			232,000			233,160
2.900%, due 8/15/24			427,000			425,933
Ovintiv Exploration, Inc.
5.625%, due 7/1/24			209,000			232,774
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
4.000%, due 1/15/32			600,000			589,500
5.000%, due 1/15/28			308,000			323,400
Western Midstream Operating LP
4.350%, due 2/1/25			148,000			155,955
4.650%, due 7/1/26			75,000			80,063
5.300%, due 2/1/30			263,000			286,013
WPX Energy, Inc.
4.500%, due 1/15/30			126,000			135,608
						6,165,900
Financials — 4.8%
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
4.250%, due 10/15/27			111,000			112,110
CIT Group, Inc.
4.750%, due 2/16/24			92,000			100,280
5.000%, due 8/15/22			224,000			235,760
5.250%, due 3/7/25			159,000			179,471
Compass Group Diversified Holdings LLC
5.250%, due 4/15/29			186,000			196,230
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.750%, due 9/15/24			243,000			253,631
LPL Holdings, Inc.
4.000%, due 3/15/29			123,000			123,154
MSCI, Inc.
3.625%, due 9/1/30			150,000			152,250
3.875%, due 2/15/31			130,000			133,250
4.000%, due 11/15/29			219,000			228,855
5.375%, due 5/15/27			87,000			92,872
Navient Corp.
6.500%, due 6/15/22			468,000			490,815
OneMain Finance Corp.
5.375%, due 11/15/29			195,000			210,112
5.625%, due 3/15/23			182,000			193,830
6.125%, due 3/15/24			273,000			294,499
6.625%, due 1/15/28			300,000			342,000
6.875%, due 3/15/25			268,000			304,515
7.125%, due 3/15/26			387,000			450,855
8.875%, due 6/1/25			126,000			139,388

	Principal Amount			Value
Corporate Bonds (continued)
Financials (continued)
Quicken Loans LLC
5.250%, due 1/15/28		$	178,000		$	187,295
Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc.
3.625%, due 3/1/29			121,000			117,716
3.875%, due 3/1/31			288,000			280,832
Radian Group, Inc.
4.500%, due 10/1/24			192,000			202,560
4.875%, due 3/15/27			96,000			102,120
						5,124,400
Health Care — 12.2%
Avantor Funding, Inc.
4.625%, due 7/15/28			309,000			323,291
Bausch Health Americas, Inc.
9.250%, due 4/1/26			321,000			355,508
Bausch Health Cos., Inc.
9.000%, due 12/15/25			303,000			328,376
Catalent Pharma Solutions, Inc.
3.125%, due 2/15/29			142,000			137,385
Centene Corp.
2.500%, due 3/1/31			370,000			351,036
3.000%, due 10/15/30			344,000			341,420
3.375%, due 2/15/30			622,000			623,555
4.250%, due 12/15/27			764,000			801,245
4.625%, due 12/15/29			698,000			754,712
Charles River Laboratories International, Inc.
3.750%, due 3/15/29			159,000			161,782
4.250%, due 5/1/28			93,000			96,487
DaVita, Inc.
3.750%, due 2/15/31			431,000			409,450
4.625%, due 6/1/30			364,000			367,640
Elanco Animal Health, Inc.
5.272%, due 8/28/23			93,000			100,423
5.900%, due 8/28/28			164,000			186,550
Encompass Health Corp.
4.500%, due 2/1/28			155,000			160,425
4.750%, due 2/1/30			175,000			184,187
HCA, Inc.
3.500%, due 9/1/30			541,000			554,525
5.375%, due 2/1/25			477,000			531,259
5.375%, due 9/1/26			217,000			246,295
5.625%, due 9/1/28			231,000			269,404
5.875%, due 5/1/23			240,000			261,000
5.875%, due 2/15/26			318,000			365,302
5.875%, due 2/1/29			351,000			414,180
Hologic, Inc.
3.250%, due 2/15/29			202,000			197,960

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Corporate Bonds (continued)
Health Care (continued)
IQVIA, Inc.
5.000%, due 10/15/26		$	176,000		$	181,280
5.000%, due 5/15/27			234,000			244,238
Jaguar Holding Co. II / PPD Development LP
4.625%, due 6/15/25			46,000			48,358
5.000%, due 6/15/28			192,000			209,040
Legacy LifePoint Health LLC
6.750%, due 4/15/25			30,000			31,913
Molina Healthcare, Inc.
3.875%, due 11/15/30			96,000			98,640
4.375%, due 6/15/28			187,000			191,909
5.375%, due 11/15/22			140,000			146,650
Organon Finance 1 LLC
4.125%, due 4/30/28			393,000			402,825
Prestige Brands, Inc.
3.750%, due 4/1/31			177,000			169,256
Service Corp. International
3.375%, due 8/15/30			192,000			186,000
4.625%, due 12/15/27			66,000			69,713
5.125%, due 6/1/29			164,000			175,890
Teleflex, Inc.
4.250%, due 6/1/28			96,000			98,640
4.625%, due 11/15/27			96,000			102,000
Tenet Healthcare Corp.
4.625%, due 7/15/24			187,000			189,805
4.625%, due 9/1/24			386,000			396,133
4.625%, due 6/15/28			126,000			129,780
4.875%, due 1/1/26			164,000			170,355
5.125%, due 11/1/27			319,000			335,349
6.750%, due 6/15/23			626,000			683,905
7.500%, due 4/1/25			142,000			153,005
						12,938,081
Industrials — 8.2%
ADT Security Corp. (The)
3.500%, due 7/15/22			288,000			294,840
4.875%, due 7/15/32			132,000			137,940
AECOM
5.125%, due 3/15/27			217,000			241,412
American Builders & Contractors Supply Co., Inc.
4.000%, due 1/15/28			149,000			151,607
Aramark Services, Inc.
5.000%, due 4/1/25			140,000			143,675
5.000%, due 2/1/28			288,000			301,320
6.375%, due 5/1/25			223,000			236,380
Brink’s Co. (The)
4.625%, due 10/15/27			116,000			120,350
Builders FirstSource, Inc.
5.000%, due 3/1/30			86,000			91,267

	Principal Amount			Value
Corporate Bonds (continued)
Industrials (continued)
6.750%, due 6/1/27		$	199,000		$	213,427
CDW LLC / CDW Finance Corp.
3.250%, due 2/15/29			192,000			190,320
4.125%, due 5/1/25			167,000			174,306
4.250%, due 4/1/28			93,000			96,487
Gartner, Inc.
3.750%, due 10/1/30			142,000			142,355
4.500%, due 7/1/28			217,000			228,121
H&E Equipment Services, Inc.
3.875%, due 12/15/28			296,000			290,080
Herc Holdings, Inc.
5.500%, due 7/15/27			244,000			257,420
Howmet Aerospace, Inc.
5.125%, due 10/1/24			248,000			271,870
6.875%, due 5/1/25			233,000			270,280
Meritage Homes Corp.
3.875%, due 4/15/29			65,000			66,787
Picasso Finance Sub, Inc.
6.125%, due 6/15/25			118,000			125,523
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.375%, due 8/31/27			192,000			185,280
5.250%, due 4/15/24			155,000			165,463
Spirit AeroSystems, Inc.
5.500%, due 1/15/25			66,000			69,630
Standard Industries, Inc.
3.375%, due 1/15/31			238,000			222,233
4.375%, due 7/15/30			238,000			238,893
4.750%, due 1/15/28			178,000			182,895
Stericycle, Inc.
3.875%, due 1/15/29			63,000			62,921
5.375%, due 7/15/24			66,000			68,063
Summit Materials LLC / Summit Materials Finance Corp.
5.250%, due 1/15/29			167,000			175,976
Taylor Morrison Communities, Inc.
5.125%, due 8/1/30			96,000			105,360
5.875%, due 6/15/27			212,000			240,620
Toll Brothers Finance Corp.
4.875%, due 3/15/27			72,000			81,540
TransDigm, Inc.
6.250%, due 3/15/26			956,000			1,012,165
8.000%, due 12/15/25			243,000			263,959
United Rentals North America, Inc.
3.875%, due 2/15/31			217,000			218,628
4.000%, due 7/15/30			192,000			196,080
4.875%, due 1/15/28			320,000			338,000
5.250%, due 1/15/30			154,000			168,053
5.500%, due 5/15/27			230,000			245,238
WESCO Distribution, Inc.
7.125%, due 6/15/25			276,000			298,770

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Corporate Bonds (continued)
Industrials (continued)
Williams Scotsman International, Inc.
4.625%, due 8/15/28		$	121,000		$	123,420
						8,708,954
Information Technology — 3.9%
Black Knight InfoServ LLC
3.625%, due 9/1/28			192,000			187,920
BY Crown Parent LLC / BY Bond Finance, Inc.
4.250%, due 1/31/26			167,000			174,515
CDK Global, Inc.
4.875%, due 6/1/27			137,000			144,192
5.250%, due 5/15/29			88,000			94,600
CommScope, Inc.
6.000%, due 3/1/26			205,000			216,019
EMC Corp.
3.375%, due 6/1/23			171,000			176,985
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
3.500%, due 3/1/29			189,000			184,039
Microchip Technology, Inc.
4.250%, due 9/1/25			223,000			233,417
PTC, Inc.
3.625%, due 2/15/25			79,000			80,580
4.000%, due 2/15/28			100,000			102,500
Rackspace Technology Global, Inc.
3.500%, due 2/15/28			125,000			120,937
Seagate HDD Cayman
3.375%, due 7/15/31			422,000			405,120
4.875%, due 3/1/24			39,000			42,071
4.875%, due 6/1/27			203,000			225,330
Sensata Technologies BV
4.000%, due 4/15/29			165,000			165,825
Sensata Technologies, Inc.
3.750%, due 2/15/31			167,000			165,748
4.375%, due 2/15/30			106,000			110,505
SS&C Technologies, Inc.
5.500%, due 9/30/27			390,000			412,913
Twilio, Inc.
3.875%, due 3/15/31			128,000			131,040
Western Digital Corp.
4.750%, due 2/15/26			488,000			540,460
Xerox Corp.
4.375%, due 3/15/23			172,000			179,955
						4,094,671
Materials — 5.9%
Alcoa Nederland Holding BV
4.125%, due 3/31/29			42,000			43,102
5.500%, due 12/15/27			167,000			180,777
6.125%, due 5/15/28			89,000			96,899

	Principal Amount			Value
Corporate Bonds (continued)
Materials (continued)
Arconic Corp.
6.000%, due 5/15/25		$	142,000		$	151,407
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
3.250%, due 9/1/28			331,000			326,449
Avient Corp.
5.750%, due 5/15/25			132,000			139,590
Axalta Coating Systems LLC
3.375%, due 2/15/29			196,000			190,120
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV
4.750%, due 6/15/27			121,000			126,596
Ball Corp.
2.875%, due 8/15/30			256,000			247,040
4.000%, due 11/15/23			274,000			290,440
4.875%, due 3/15/26			100,000			112,000
5.250%, due 7/1/25			218,000			246,340
Berry Global, Inc.
0.950%, due 2/15/24			45,000			44,911
1.570%, due 1/15/26			131,000			129,854
4.875%, due 7/15/26			300,000			316,875
5.625%, due 7/15/27			345,000			366,994
Cleveland-Cliffs, Inc.
6.750%, due 3/15/26			212,000			230,550
Crown Americas LLC / Crown Americas Capital Corp. IV
4.500%, due 1/15/23			148,000			156,140
Freeport-McMoRan, Inc.
4.125%, due 3/1/28			86,000			90,300
4.250%, due 3/1/30			126,000			134,820
4.375%, due 8/1/28			132,000			140,415
4.625%, due 8/1/30(a)			172,000			188,985
5.000%, due 9/1/27			139,000			146,992
5.250%, due 9/1/29			139,000			154,116
5.450%, due 3/15/43			395,000			480,419
Graphic Packaging International LLC
3.500%, due 3/15/28			76,000			75,620
Novelis Corp.
4.750%, due 1/30/30			325,000			338,406
Olin Corp.
5.000%, due 2/1/30			64,000			67,360
5.125%, due 9/15/27			288,000			300,240
5.625%, due 8/1/29			193,000			208,199
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
4.000%, due 10/15/27			192,000			189,840
Sealed Air Corp.
4.000%, due 12/1/27			75,000			78,563
Tronox, Inc.
6.500%, due 5/1/25			135,000			144,113

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Corporate Bonds (continued)
Materials (continued)
Valvoline, Inc.
3.625%, due 6/15/31		$	189,000		$	184,275
						6,318,747
Media — 11.1%
AMC Networks, Inc.
4.750%, due 8/1/25			158,000			162,740
ANGI Group LLC
3.875%, due 8/15/28(a)			121,000			120,244
Arches Buyer, Inc.
4.250%, due 6/1/28			138,000			137,137
CCO Holdings LLC / CCO Holdings Capital Corp.
4.000%, due 3/1/23			46,000			46,402
4.250%, due 2/1/31			405,000			405,000
4.500%, due 8/15/30			392,000			399,350
4.500%, due 5/1/32			546,000			550,095
4.500%, due 6/1/33			44,000			44,330
4.750%, due 3/1/30			448,000			465,920
5.000%, due 2/1/28			547,000			570,931
5.125%, due 5/1/27			475,000			496,969
5.375%, due 6/1/29			163,000			176,447
CSC Holdings LLC
3.375%, due 2/15/31			258,000			241,875
4.125%, due 12/1/30			121,000			120,092
5.375%, due 2/1/28			218,000			229,172
5.500%, due 4/15/27			250,000			261,875
6.500%, due 2/1/29			383,000			421,300
6.750%, due 11/15/21			207,000			212,692
DISH DBS Corp.
5.000%, due 3/15/23			323,000			336,727
5.875%, due 7/15/22			404,000			421,675
Gray Television, Inc.
7.000%, due 5/15/27			136,000			148,070
iHeartCommunications, Inc.
5.250%, due 8/15/27			422,000			436,770
Lamar Media Corp.
3.625%, due 1/15/31			181,000			176,023
3.750%, due 2/15/28			128,000			128,960
4.000%, due 2/15/30			96,000			96,960
Live Nation Entertainment, Inc.
3.750%, due 1/15/28			160,000			159,200
6.500%, due 5/15/27			266,000			294,263
Match Group Holdings II LLC
4.125%, due 8/1/30			90,000			90,338
4.625%, due 6/1/28			86,000			88,795
Netflix, Inc.
3.625%, due 6/15/25			96,000			102,960
4.375%, due 11/15/26(a)			232,000			261,290
4.875%, due 4/15/28			268,000			307,530
4.875%, due 6/15/30			315,000			365,400
5.375%, due 11/15/29			178,000			211,375

	Principal Amount			Value
Corporate Bonds (continued)
Media (continued)
5.875%, due 11/15/28		$	338,000		$	410,670
6.375%, due 5/15/29			122,000			153,110
News Corp.
3.875%, due 5/15/29			138,000			140,588
Nielsen Finance LLC / Nielsen Finance Co.
5.875%, due 10/1/30			210,000			229,425
Scripps Escrow II, Inc.
3.875%, due 1/15/29			51,000			50,490
Sinclair Television Group, Inc.
4.125%, due 12/1/30			188,000			183,300
Sirius XM Radio, Inc.
4.125%, due 7/1/30			314,000			313,215
5.000%, due 8/1/27			267,000			279,349
5.375%, due 7/15/26			284,000			293,230
5.500%, due 7/1/29			254,000			274,003
TEGNA, Inc.
4.625%, due 3/15/28			121,000			123,420
4.750%, due 3/15/26			121,000			128,714
5.000%, due 9/15/29			219,000			227,486
WMG Acquisition Corp.
3.000%, due 2/15/31			50,000			46,938
3.875%, due 7/15/30			238,000			240,975
						11,783,820
Real Estate — 4.3%
Diversified Healthcare Trust
9.750%, due 6/15/25			114,000			127,713
EPR Properties
4.500%, due 6/1/27			264,000			270,104
ESH Hospitality, Inc.
4.625%, due 10/1/27			142,000			150,342
Howard Hughes Corp. (The)
4.375%, due 2/1/31			176,000			173,800
5.375%, due 8/1/28			225,000			237,375
Iron Mountain, Inc.
4.500%, due 2/15/31			142,000			141,290
4.875%, due 9/15/27			220,000			227,975
5.000%, due 7/15/28			240,000			248,400
5.250%, due 3/15/28			26,000			27,170
iStar, Inc.
4.750%, due 10/1/24			76,000			79,230
Kennedy-Wilson, Inc.
4.750%, due 3/1/29(a)			59,000			60,770
MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.
3.875%, due 2/15/29			191,000			192,910
4.500%, due 9/1/26			91,000			96,232
4.625%, due 6/15/25			192,000			203,520
5.625%, due 5/1/24			239,000			256,925
5.750%, due 2/1/27			151,000			167,987

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Corporate Bonds (continued)
Real Estate (continued)
Realogy Group LLC / Realogy Co-Issuer Corp.
4.875%, due 6/1/23		$	101,000		$	104,914
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, due 10/15/27			100,000			102,750
SBA Communications Corp.
3.125%, due 2/1/29			447,000			425,768
3.875%, due 2/15/27			90,000			91,800
Starwood Property Trust, Inc.
4.750%, due 3/15/25			202,000			210,333
VICI Properties LP / VICI Note Co., Inc.
3.500%, due 2/15/25(a)			145,000			148,081
3.750%, due 2/15/27			150,000			150,750
4.125%, due 8/15/30			218,000			221,815
4.250%, due 12/1/26			249,000			257,093
4.625%, due 12/1/29			194,000			201,518
						4,576,565
Telecommunication Services — 5.2%
Cablevision Lightpath LLC
3.875%, due 9/15/27			96,000			95,640
Level 3 Financing, Inc.
3.625%, due 1/15/29			142,000			137,385
3.750%, due 7/15/29			182,000			177,222
4.250%, due 7/1/28			263,000			264,972
4.625%, due 9/15/27			168,000			172,620
Lumen Technologies, Inc.
4.000%, due 2/15/27			245,000			249,594
5.125%, due 12/15/26			378,000			395,955
Series T, 5.800%, due 3/15/22			166,000			170,980
Series Y, 7.500%, due 4/1/24			229,000			256,194
Sprint Capital Corp.
6.875%, due 11/15/28			347,000			436,786
8.750%, due 3/15/32			153,000			226,440
Sprint Communications, Inc.
6.000%, due 11/15/22			242,000			258,033
Sprint Corp.
7.125%, due 6/15/24			246,000			284,130
7.625%, due 2/15/25			305,000			362,950
7.625%, due 3/1/26			41,000			50,276
7.875%, due 9/15/23			475,000			541,500
T-Mobile USA, Inc.
2.875%, due 2/15/31			173,000			168,813
3.500%, due 4/15/31			289,000			293,335
4.000%, due 4/15/22			132,000			135,135
4.750%, due 2/1/28			128,000			136,160
5.375%, due 4/15/27(a)			233,000			246,106
Viasat, Inc.
5.625%, due 4/15/27			140,000			146,650

	Principal Amount			Value
Corporate Bonds (continued)
Telecommunication Services (continued)
Zayo Group Holdings, Inc.
4.000%, due 3/1/27		$	335,000		$	332,488
						5,539,364
Transportation — 2.4%
Delta Air Lines, Inc.
2.900%, due 10/28/24			100,000			100,875
3.625%, due 3/15/22			215,000			217,687
3.750%, due 10/28/29			91,000			90,772
3.800%, due 4/19/23			241,000			248,230
4.375%, due 4/19/28			315,000			331,537
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
5.750%, due 1/20/26			313,000			329,824
Signature Aviation US Holdings, Inc.
4.000%, due 3/1/28			192,000			193,920
United Airlines, Inc.
4.625%, due 4/15/29			734,000			762,443
XPO Logistics, Inc.
6.250%, due 5/1/25			218,000			232,988
						2,508,276
Utilities — 4.3%
Calpine Corp.
3.750%, due 3/1/31			248,000			236,220
5.250%, due 6/1/26			31,000			31,736
Clearway Energy Operating LLC
3.750%, due 2/15/31			153,000			151,087
4.750%, due 3/15/28			145,000			151,525
DPL, Inc.
4.125%, due 7/1/25			71,000			76,382
FirstEnergy Corp.
2.650%, due 3/1/30(a)			871,000			849,874
Series A, 3.350%, due 7/15/22			23,000			23,546
Series B, 4.400%, due 7/15/27			220,000			241,013
Series C, 5.350%, due 7/15/47			369,000			427,499
FirstEnergy Transmission LLC
4.550%, due 4/1/49			87,000			96,854
NextEra Energy Operating Partners LP
3.875%, due 10/15/26			93,000			97,317
4.250%, due 7/15/24			170,000			179,775
4.500%, due 9/15/27			96,000			103,320
NRG Energy, Inc.
3.375%, due 2/15/29			100,000			98,000
3.625%, due 2/15/31			190,000			185,488
5.250%, due 6/15/29			164,000			175,685
5.750%, due 1/15/28			189,000			200,812
PG&E Corp.
5.000%, due 7/1/28			357,000			375,296
5.250%, due 7/1/30			105,000			112,051

See notes to financial statements.

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

April 30, 2021

	Principal Amount			Value
Corporate Bonds (continued)
Utilities (continued)
TerraForm Power Operating LLC
4.250%, due 1/31/23		$	194,000		$	199,335
4.750%, due 1/15/30			124,000			128,805
5.000%, due 1/31/28			137,000			146,933
Vistra Operations Co. LLC
5.000%, due 7/31/27			243,000			251,505
						4,540,058
Total Corporate Bonds (Cost $94,660,128)						96,563,273
Foreign Bonds — 6.9%
Consumer Discretionary — 1.4%
1011778 BC ULC / New Red Finance, Inc., (Canada)
3.500%, due 2/15/29			233,000			227,757
3.875%, due 1/15/28			174,000			175,740
4.000%, due 10/15/30			491,000			478,725
4.375%, due 1/15/28			339,000			342,390
5.750%, due 4/15/25			44,000			46,640
ZF North America Capital, Inc., (Germany)
4.750%, due 4/29/25			223,000			240,283
						1,511,535
Energy — 0.1%
Parkland Corp., (Canada)
5.875%, due 7/15/27			88,000			93,720
Industrials — 0.9%
GFL Environmental, Inc., (Canada)
3.500%, due 9/1/28			103,000			99,266
3.750%, due 8/1/25			142,000			144,307
5.125%, due 12/15/26			231,000			242,550
Mattamy Group Corp., (Canada)
4.625%, due 3/1/30			137,000			138,713
5.250%, due 12/15/27			89,000			93,673
Rolls-Royce PLC, (United Kingdom)
3.625%, due 10/14/25			212,000			213,325
			931,834
Information Technology — 0.6%
Nokia OYJ, (Finland)
3.375%, due 6/12/22			77,000			79,021
4.375%, due 6/12/27			130,000			141,050
Open Text Corp., (Canada)
3.875%, due 2/15/28			180,000			182,250
Open Text Holdings, Inc., (Canada)
4.125%, due 2/15/30			214,000			215,873
			618,194
Materials — 1.8%
ArcelorMittal SA, (Luxembourg)
3.600%, due 7/16/24			147,000			156,187

	Principal Amount			Value
Foreign Bonds (continued)
Materials (continued)
4.250%, due 7/16/29		$	192,000		$	207,600
4.550%, due 3/11/26			36,000			39,915
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., (Ireland)
4.125%, due 8/15/26			307,000			314,675
5.250%, due 4/30/25			142,000			148,923
Constellium SE, (Netherlands)
3.750%, due 4/15/29			151,000			147,791
FMG Resources August 2006 Pty Ltd., (Australia)
4.500%, due 9/15/27			576,000			622,800
5.125%, due 5/15/24			44,000			47,960
NOVA Chemicals Corp., (Canada)
4.875%, due 6/1/24			215,000			226,556
						1,912,407
Media — 1.3%
Telenet Finance Luxembourg Notes SARL, (Belgium)
5.500%, due 3/1/28			200,000			211,800
Videotron Ltd., (Canada)
5.125%, due 4/15/27			138,000			145,245
Virgin Media Secured Finance PLC, (United Kingdom)
4.500%, due 8/15/30			142,000			142,549
5.500%, due 5/15/29			303,000			323,831
Ziggo BV, (Netherlands)
4.875%, due 1/15/30			139,000			142,823
5.500%, due 1/15/27			445,000			462,244
						1,428,492
Telecommunication Services — 0.8%
Altice France Holding SA, (France)
10.500%, due 5/15/27			234,000			263,542
Telecom Italia SpA, (Italy)
5.303%, due 5/30/24			273,000			298,231
Vmed O2 UK Financing I PLC, (United Kingdom)
4.250%, due 1/31/31			288,000			278,640
						840,413
Total Foreign Bonds (Cost $7,232,603)						7,336,595
	Shares
Short-Term Investments — 1.7%
Money Market Funds — 1.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.02%(b)			961,775			961,775
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)			850,100			850,100

See notes to financial statements.

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

April 30, 2021

	Principal Amount	Value
Short-Term Investments (continued)
Total Short-Term Investments (Cost $1,811,875)			$	1,811,875
Total Investments — 99.5% (Cost $103,704,606)				105,711,743
Other Assets and Liabilities, Net — 0.5%				510,313
Net Assets — 100.0%			$	106,222,056

(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 $1,475,075; total market value of collateral held by the Fund was $1,525,592. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $675,492.

(b)

Reflects the 1-day yield at April 30, 2021.

(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		$	—		$	96,563,273		$	—		$	96,563,273
Foreign Bonds			—			7,336,595			—			7,336,595
Short-Term Investments:
Money Market Funds			1,811,875			—			—			1,811,875
Total Investments in Securities		$	1,811,875		$	103,899,868		$	—		$	105,711,743

(d)

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

For the year ended April 30, 2021, 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.

Schedule of Investments — IQ Merger Arbitrage ETF

April 30, 2021

	Shares		Value
Common Stocks — 77.3%
Communication Services — 1.7%
Boingo Wireless, Inc.*		83,422		$	1,164,571
MSG Networks, Inc., Class A*(a)		136,367			2,164,145
Shaw Communications, Inc., Class B		258,354			7,476,347
Vocus Group Ltd.*		386,508			1,633,113
Total Communication Services					12,438,176
Consumer Discretionary — 4.4%
Cooper Tire & Rubber Co.		175,629			10,009,097
Extended Stay America, Inc.		223,682			4,449,035
Funai Electric Co., Ltd.*		167,069			1,397,018
Great Canadian Gaming Corp.*		96,008			3,461,189
Sportsman’s Warehouse Holdings, Inc.*		754,680			13,252,181
Total Consumer Discretionary					32,568,520
Energy — 0.3%
Inter Pipeline Ltd.		172,748			2,516,375
Financials — 12.6%
Boston Private Financial Holdings, Inc.		312,580			4,601,178
CIT Group, Inc.		707,776			37,717,383
People’s United Financial, Inc.		901,971			16,352,734
RSA Insurance Group PLC		1,150,791			10,872,873
TCF Financial Corp.		392,887			17,884,216
Waddell & Reed Financial, Inc., Class A		251,924			6,293,062
Total Financials					93,721,446
Health Care — 13.2%
Alexion Pharmaceuticals, Inc.*		290,052			48,925,971
Cantel Medical Corp.*		133,297			11,718,139
Change Healthcare, Inc.*		1,091,897			25,059,036
Magellan Health, Inc.*		91,667			8,635,032
PRA Health Sciences, Inc.*		24,865			4,149,720
Total Health Care					98,487,898
Industrials — 14.8%
Aerojet Rocketdyne Holdings, Inc.		479,349			22,395,185
Aggreko PLC		104,512			1,248,056
CoreLogic, Inc.		138,060			11,003,382
Cubic Corp.		36,184			2,708,010
IHS Markit Ltd.		369,172			39,715,524
Kansas City Southern		114,214			33,374,473
Total Industrials					110,444,630
Information Technology — 24.7%
Cardtronics PLC, Class A*		300,408			11,667,847
Coherent, Inc.*		113,087			29,401,489
Dialog Semiconductor PLC*		40,057			3,141,090
FLIR Systems, Inc.		453,589			27,201,732
Magnachip Semiconductor Corp.*		172,928			4,324,929
Perspecta, Inc.		281,072			8,226,978
Siltronic AG		38,662			6,590,249
Slack Technologies, Inc., Class A*(b)		1,060,946			44,984,110
Talend SA*(a)		58,199			3,748,598

	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Xilinx, Inc.(b)		351,870		$	45,025,285
Total Information Technology					184,312,307
Materials — 0.8%
Forterra, Inc.*		153,448			3,599,890
W R Grace & Co.		38,158			2,622,599
Total Materials					6,222,489
Utilities — 4.8%
PNM Resources, Inc.		728,409			35,954,268
Total Common Stocks
(Cost $536,804,529)					576,666,109
Investment Companies — 4.0%
U.S. Ultra Short Term Bond Funds — 4.0%
IQ Ultra Short Duration ETF†(a)		145,656		$	7,225,994
iShares Short Treasury Bond ETF(a)		204,136			22,559,069
Total U.S. Ultra Short Term Bond Funds					29,785,063
Total Investment Companies
(Cost $29,785,443)					29,785,063
Short-Term Investments — 23.7%
Money Market Funds — 23.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)(d)		10,089,260			10,089,260
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(c)		167,141,394			167,141,394
Total Short-Term Investments
(Cost $177,230,654)					177,230,654
Total Investments — 105.0%
(Cost $743,820,626)					783,681,826
Other Assets and Liabilities, Net — (5.0)%					(37,403,246)
Net Assets — 100.0%				$	746,278,580

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 $13,546,738; total market value of collateral held by the Fund was $13,838,022. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,748,762.

(b)

All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $23,358,920.

(c)

Reflects the 1-day yield at April 30, 2021.

(d)

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

See notes to financial statements.

Schedule of Investments — IQ Merger Arbitrage ETF (continued)

April 30, 2021

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(e)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(f)

Communication Services Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(1,318,811)

—

Communication Services Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF – 0.35%

2/02/2022

Monthly

(1,318,811)

—

Consumer Discretionary Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(1,216,119)

—

Consumer Discretionary Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF – 0.05%

2/02/2022

Monthly

(1,216,119)

—

Energy Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(259,989)

—

Energy Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF – 0.10%

2/02/2022

Monthly

(259,989)

—

Health Care Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(5,463,733)

—

Health Care Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF – 0.10%

2/02/2022

Monthly

(5,463,733)

—

Industrial Select Sector SPDR Fund

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(17,190,495)

—

Industrial Select Sector SPDR Fund

Morgan Stanley

1-Day FEDEF – 0.15%

2/02/2022

Monthly

(17,190,495)

—

iShares Expanded Tech-Software Sector ETF

Morgan Stanley

1-Day FEDEF – 1.00%

2/02/2022

Monthly

(19,029,759)

—

iShares PHLX Semiconductor ETF

Morgan Stanley

1-Day FEDEF – 1.44%

2/02/2022

Monthly

(50,549,065)

—

iShares U.S. Financial Services ETF

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(19,102,280)

—

iShares U.S. Financial Services ETF

Morgan Stanley

1-Day FEDEF – 0.83%

2/02/2022

Monthly

(19,102,280)

—

SPDR S&P Regional Banking ETF

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(38,344,905)

—

SPDR S&P Regional Banking ETF

Morgan Stanley

1-Day FEDEF – 0.75%

2/02/2022

Monthly

(38,344,905)

—

Vanguard FTSE Europe ETF

Merrill Lynch

1-Month LIBOR

8/31/2021

Monthly

(15,281,183)

—

Vanguard FTSE Europe ETF

Morgan Stanley

1-Day FEDEF

2/02/2022

Monthly

(15,281,183)

—

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $13,691,720 and with counterparty Merrill Lynch amounted to $9,667,200 at April 30, 2021.

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

(e)

Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(f)

Reflects the value at reset date of April 30, 2021.

Abbreviations

FEDEF — Federal Funds Effective Rate

LIBOR — London InterBank Offered Rate

See notes to financial statements.

Schedule of Investments — IQ Merger Arbitrage ETF (continued)

April 30, 2021

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(g)
Common Stocks		$	576,666,109		$	—		$	—		$	576,666,109
Investment Companies			29,785,063			—			—			29,785,063
Short-Term Investments:
Money Market Funds			177,998,551			—			—			177,998,551
Total Investments in Securities			784,449,723			—			—			784,449,723
Other Financial Instruments:(h)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	784,449,723		$	—		$	—		$	784,449,723
Liability Valuation Inputs
Other Financial Instruments:(h)
Swap Contracts		$	—		$	—		$	—		$	—

(g)

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

(h)

Reflects the unrealized appreciation (depreciation) of the instruments.

For the year ended April 30, 2021, 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, 2021 is as follows:

Affiliated Holdings

			Shares at 04/30/2020						Value ($) at 04/30/2020						Purchases Cost ($)						Sales Proceeds ($)						Net Realized Gain/(Loss) ($)						Net Change in Unrealized Appreciation/ (Depreciation) ($)						Income Distributions ($)						Capital Gain Distributions ($)						Shares at 04/30/2021						Value ($) at 04/30/2021
IQ Ultra Short Duration ETF					59,392						2,936,934						10,866,003						(6,609,375)						45,808						(13,376)						29,885						10,350						145,656						7,225,994

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

See notes to financial statements.

Schedule of Investments — IQ Global Resources ETF

April 30, 2021

	Shares		Value
Common Stocks — 91.0%
Australia — 12.3%
BHP Group Ltd.		18,917		$	697,013
Evolution Mining Ltd.		19,776			70,728
Fortescue Metals Group Ltd.		12,802			223,390
Glencore PLC*		46,485			189,993
IGO Ltd.		9,374			54,235
Iluka Resources Ltd.		4,922			29,428
Mineral Resources Ltd.		648			23,901
New Hope Corp., Ltd.		30,181			27,160
Newcrest Mining Ltd.		9,245			189,387
Nickel Mines Ltd.		9,914			8,730
Northern Star Resources Ltd.		8,970			72,823
OceanaGold Corp.*		7,610			12,681
OZ Minerals Ltd.		1,120			20,712
Regis Resources Ltd.		6,213			12,478
Rio Tinto PLC		6,197			521,324
South32 Ltd.		16,260			36,173
St. Barbara Ltd.		8,394			11,963
Washington H Soul Pattinson & Co., Ltd.(a)		9,293			217,290
Whitehaven Coal Ltd.*		36,429			36,019
Woodside Petroleum Ltd.		774			13,667
Total Australia					2,469,095
Austria — 0.2%
OMV AG		241			11,898
voestalpine AG(a)		582			25,292
Total Austria					37,190
Belgium — 0.3%
Umicore SA		908			55,265
Brazil — 1.2%
Wheaton Precious Metals Corp.		4,682			194,062
Yara International ASA		843			44,107
Total Brazil					238,169
Burkina Faso — 0.1%
IAMGOLD Corp.*		5,263			16,428
Canada — 11.0%
Agnico Eagle Mines Ltd.		2,609			162,919
Alamos Gold, Inc., Class A		3,963			31,731
B2Gold Corp.		11,806			56,813
Barrick Gold Corp.		18,610			396,192
Canadian Natural Resources Ltd.		814			24,687
Enbridge, Inc.		1,463			56,382
First Majestic Silver Corp.*		2,854			43,198
Fortuna Silver Mines, Inc.*		2,376			14,292
Imperial Oil Ltd.		517			14,919
K92 Mining, Inc.*		2,412			15,725
Kinross Gold Corp.		13,064			91,858
Kirkland Lake Gold Ltd.		2,888			107,214
Lundin Gold, Inc.*		2,636			25,542
Maple Leaf Foods, Inc.		2,372			54,701
New Gold, Inc.*		7,897			12,967
Nutrien Ltd.		1,982			109,315
Osisko Gold Royalties Ltd.		1,680			20,266
Pan American Silver Corp.		2,576			81,832
Pembina Pipeline Corp.		377			11,627

	Shares		Value
Common Stocks (continued)
Canada (continued)
Premium Brands Holdings Corp.		128		$	12,441
Pretium Resources, Inc.*		1,955			20,516
Sandstorm Gold Ltd.*		1,931			14,284
SSR Mining, Inc.		2,426			38,475
Suncor Energy, Inc.		1,128			24,106
TC Energy Corp.		669			33,069
Teck Resources Ltd., Class B		23,442			495,632
Torex Gold Resources, Inc.*		2,041			24,687
West Fraser Timber Co., Ltd.		1,630			125,741
Westshore Terminals Investment Corp.(a)		2,476			40,374
Yamana Gold, Inc.		9,698			44,383
Total Canada					2,205,888
Chile — 0.6%
Antofagasta PLC		3,575			92,338
Lundin Mining Corp.		2,795			33,739
Total Chile					126,077
China — 15.9%
Ausnutria Dairy Corp., Ltd.*(a)		41,903			62,044
China Coal Energy Co., Ltd., Class H		477,918			259,054
China Hongqiao Group Ltd.		27,983			44,315
China Modern Dairy Holdings Ltd.*(a)		197,851			49,928
China Molybdenum Co., Ltd., Class H		93,365			63,350
China Petroleum & Chemical Corp., Class H		97,374			48,519
China Resources Power Holdings Co., Ltd.		170,273			223,615
China Shenhua Energy Co., Ltd., Class H		739,522			1,542,486
COFCO Joycome Foods Ltd.		106,700			54,265
Dali Foods Group Co., Ltd.		50,641			30,123
Guangdong Investment Ltd.		36,317			55,924
MMG Ltd.*		30,912			20,139
PetroChina Co., Ltd., Class H		140,536			51,207
Shougang Fushan Resources Group Ltd.		207,538			54,244
Southern Energy Holdings Group Ltd.*(b)		53,183			4,656
Wilmar International Ltd.		21,490			84,319
Xinyi Solar Holdings Ltd.		8,720			14,595
Zhaojin Mining Industry Co., Ltd., Class H		40,255			36,540
Zijin Mining Group Co., Ltd., Class H		338,418			476,679
Total China					3,176,002
Denmark — 0.2%
Chr Hansen Holding A/S*		432			39,762
Egypt — 0.1%
Centamin PLC		12,561			18,678
Finland — 5.8%
Kemira OYJ		900			14,724
Neste OYJ		739			44,836
Stora Enso OYJ, Class R		20,764			398,181
UPM-Kymmene OYJ		14,114			553,038
Valmet OYJ		3,440			143,944
Total Finland					1,154,723

See notes to financial statements.

Schedule of Investments — IQ Global Resources ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
France — 1.3%
Suez SA		3,133		$	74,902
TOTAL SE		2,029			89,945
Veolia Environnement SA		3,021			96,336
Total France					261,183
Germany — 0.2%
Aurubis AG		158			13,607
KWS Saat SE & Co. KGaA		116			10,333
Suedzucker AG		657			10,772
Uniper SE(a)		275			10,044
Total Germany					44,756
Hong Kong — 0.4%
C.P. Pokphand Co., Ltd.		497,182			62,733
Vitasoy International Holdings Ltd.		4,218			16,320
Total Hong Kong					79,053
Indonesia — 0.0%(c)
First Resources Ltd.		5,749			6,611
Golden Agri-Resources Ltd.		36			7
Total Indonesia					6,618
Ireland — 0.4%
Kerry Group PLC, Class A		591			76,694
Italy — 0.1%
Eni SpA		2,582			30,865
Ivory Coast — 0.2%
Endeavour Mining Corp.		1,733			36,049
Japan — 2.8%
Ajinomoto Co., Inc.		1,840			36,807
Fuji Oil Holdings, Inc.(a)		309			7,958
Itoham Yonekyu Holdings, Inc.		6,276			40,364
JFE Holdings, Inc.		1,664			21,891
Kagome Co., Ltd.		289			8,289
Kewpie Corp.		469			11,087
Kikkoman Corp.		735			45,120
NH Foods Ltd.		2,111			94,151
Nichirei Corp.		465			11,750
Nippon Steel Corp.		2,695			47,019
Nisshin Seifun Group, Inc.		988			15,927
Oji Holdings Corp.		23,928			150,829
Prima Meat Packers Ltd.		173			5,461
Sumitomo Metal Mining Co., Ltd.		1,042			44,223
Toyo Suisan Kaisha Ltd.		358			14,591
Yamazaki Baking Co., Ltd.(a)		782			12,384
Total Japan					567,851
Kyrgyzstan — 0.2%
Centerra Gold, Inc.		3,609			33,268
Luxembourg — 0.4%
ArcelorMittal SA*		2,978			86,934
Mexico — 0.5%
Fresnillo PLC		8,696			99,162

	Shares		Value
Common Stocks (continued)
Mongolia — 0.1%
Turquoise Hill Resources Ltd.*		640		$	11,248
Netherlands — 0.7%
OCI NV*		723			16,893
Royal Dutch Shell PLC, Class B		6,351			114,225
Total Netherlands					131,118
New Zealand — 0.5%
Fletcher Building Ltd.		19,338			100,871
Norway — 0.5%
Aker BP ASA		256			7,358
Equinor ASA		2,429			49,555
Norsk Hydro ASA		6,034			38,609
Total Norway					95,522
Peru — 1.0%
Hochschild Mining PLC		6,327			16,276
Southern Copper Corp.		2,757			191,364
Total Peru					207,640
Portugal — 0.3%
Galp Energia SGPS SA		621			7,184
Navigator Co. SA (The)*		18,387			62,109
Total Portugal					69,293
Russia — 1.0%
Evraz PLC		4,948			44,009
Petropavlovsk PLC*		42,652			15,165
Polymetal International PLC		5,295			109,638
United Co. RUSAL International PJSC*		45,304			31,207
Total Russia					200,019
Spain — 0.2%
Befesa SA		118			8,267
Ebro Foods SA		557			11,412
Repsol SA		1,190			14,237
Total Spain					33,916
Sweden — 1.2%
AAK AB		833			19,121
Boliden AB(a)		994			38,769
Holmen AB, B Shares		4,041			190,682
Total Sweden					248,572
Switzerland — 0.2%
Bell Food Group AG		130			40,623
Turkey — 0.1%
Eldorado Gold Corp.*		1,880			18,552
Ukraine — 0.1%
Ferrexpo PLC		1,808			10,984
United Kingdom — 2.1%
BP PLC		15,715			65,927
Cranswick PLC		1,049			54,174
Greggs PLC*		328			10,718
Pennon Group PLC		1,937			27,731
Severn Trent PLC		4,069			139,548

See notes to financial statements.

Schedule of Investments — IQ Global Resources ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Spirax-Sarco Engineering PLC		354		$	57,909
Tate & Lyle PLC		1,537			17,024
United Utilities Group PLC		3,241			43,446
Total United Kingdom					416,477
United States — 28.5%
Alcoa Corp.*		477			17,477
Allegheny Technologies, Inc.*		402			9,351
American Water Works Co., Inc.		867			135,243
Arch Resources, Inc.*(a)		708			31,442
Archer-Daniels-Midland Co.		1,907			120,389
Armstrong World Industries, Inc.		1,130			117,124
B&G Foods, Inc.(a)		217			6,332
Baker Hughes Co.		635			12,751
Builders FirstSource, Inc.*		2,707			131,750
Bunge Ltd.		467			39,424
Campbell Soup Co.		1,010			48,227
Cheniere Energy, Inc.*		183			14,186
Chevron Corp.		1,423			146,669
Cleveland-Cliffs, Inc.*(a)		1,075			19,200
Coeur Mining, Inc.*		2,690			21,735
Commercial Metals Co.		333			9,730
Conagra Brands, Inc.		1,523			56,488
ConocoPhillips		812			41,526
Diamondback Energy, Inc.		490			40,048
Dover Corp.		653			97,421
Ecolab, Inc.		1,413			316,682
EOG Resources, Inc.		402			29,603
Essential Utilities, Inc.		1,166			54,954
Exxon Mobil Corp.		3,193			182,767
Flowers Foods, Inc.		668			16,005
FMC Corp.		411			48,597
Freeport-McMoRan, Inc.		5,095			192,132
General Mills, Inc.		1,896			115,391
Graco, Inc.		825			63,360
Hain Celestial Group, Inc. (The)*		334			13,697
Halliburton Co.		697			13,633
Hecla Mining Co.(a)		6,749			39,887
Hess Corp.		220			16,392
Hormel Foods Corp.		11,031			509,632
IDEX Corp.		358			80,264
Ingredion, Inc.		232			21,671
International Paper Co.		8,964			519,912
J&J Snack Foods Corp.		66			10,864
John Bean Technologies Corp.		121			17,591
Kellogg Co.(a)		1,083			67,601
Kinder Morgan, Inc.		1,548			26,393
Louisiana-Pacific Corp.		2,265			149,218
Marathon Petroleum Corp.		515			28,660
Mosaic Co. (The)		1,218			42,849
Newmont Corp.		7,984			498,281
Nucor Corp.		764			62,847
Occidental Petroleum Corp.		721			18,285
ONEOK, Inc.		301			15,754
Peabody Energy Corp.*		109			403
Pentair PLC(a)		754			48,641
Phillips 66		345			27,914
Pilgrim’s Pride Corp.*		4,826			115,631

	Shares		Value
Common Stocks (continued)
United States (continued)
Pioneer Natural Resources Co.		119		$	18,306
Post Holdings, Inc.*		202			22,984
Reliance Steel & Aluminum Co.		187			29,978
Sanderson Farms, Inc.		460			75,684
Schlumberger NV		1,107			29,944
Seaboard Corp.		22			78,716
Simpson Manufacturing Co., Inc.		1,011			113,940
Steel Dynamics, Inc.		586			31,773
Sunrun, Inc.*(a)		161			7,889
Tyson Foods, Inc., Class A		6,861			531,384
UFP Industries, Inc.		1,222			102,697
United States Steel Corp.(a)		475			10,930
Valero Energy Corp.		340			25,146
Warrior Met Coal, Inc.		2,312			36,645
Williams Cos., Inc. (The)		906			22,070
Xylem, Inc.		863			95,491
Total United States					5,715,601
Zambia — 0.3%
First Quantum Minerals Ltd.		2,656			61,164
Total Common Stocks
(Cost $15,182,432)					18,221,310
Rights — 0.0%(c)
Australia — 0.0%(c)
Regis Resources Ltd., expires 5/10/21*(b)
(Cost $0)		2,017			0
Investment Companies — 4.8%
U.S. Ultra Short Term Bond Fund — 4.8%
IQ Ultra Short Duration ETF†(a)(d)
(Cost $968,784)		19,464			965,609
Short-Term Investments — 5.9%
Money Market Funds — 5.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(e)(f)		251,875			251,875
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(e)		921,706			921,706
Total Short-Term Investments
(Cost $1,173,581)					1,173,581
Total Investments — 101.7%
(Cost $17,324,797)					20,360,500
Other Assets and Liabilities, Net — (1.7)%					(339,991)
Net Assets — 100.0%				$	20,020,509

†

Affiliated Fund.

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 $523,321; total market value of collateral held by the Fund was $605,600. Market value of the collateral held includes

See notes to financial statements.

Schedule of Investments — IQ Global Resources ETF (continued)

April 30, 2021

non-cash U.S. Treasury securities collateral having a value of $353,725.

(b)

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.

(c)

Less than 0.05%.

(d)

All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $595,320.

(e)

Reflects the 1-day yield at April 30, 2021.

(f)

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

Total Return Swap contracts outstanding at April 30, 2021:

Total Return Benchmark

Counterparty

Floating
Rate(g)

Expiration
Date

Payment
Frequency

Notional
Amount
Long/
(Short)

Value/
Unrealized
Appreciation/
(Depreciation)(h)

iShares MSCI EAFE ETF

Morgan Stanley

1-Day FEDEF

5/03/2022

Monthly

(992,934)

—

iShares MSCI EAFE ETF

Merrill Lynch

1-Month LIBOR

9/30/2022

Monthly

(992,934)

—

SPDR S&P 500 ETF Trust

Morgan Stanley

1-Day FEDEF + 0.10%

5/03/2022

Monthly

(1,015,291)

—

SPDR S&P 500 ETF Trust

Merrill Lynch

1-Month LIBOR

9/30/2022

Monthly

(1,015,291)

—

Cash posted has been segregated as collateral for swaps in the amount of $28 at April 30, 2021.

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $595,320 and with Merrill Lynch amounted to $ — at April 30, 2021. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(g)

Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(h)

Reflects the value at reset date of April 30, 2021.

Abbreviations

FEDEF — Federal Funds Effective Rate

LIBOR — London InterBank Offered Rate

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(i)
Common Stocks		$	18,216,654		$	—		$	4,656(j)		$	18,221,310
Investment Companies			965,609			—			—			965,609
Rights			—			—			0(j)			0
Short-Term Investments:
Money Market Funds			1,173,581			—			—			1,173,581
Total Investments in Securities			20,355,844			—			4,656			20,360,500
Other Financial Instruments:(k)
Swap Contracts			—			—			—			—
Total Investments in Securities and Other Financial Instruments		$	20,355,844		$	—		$	4,656		$	20,360,500
Liability Valuation Inputs
Other Financial Instruments:(k)
Swap Contracts		$	—		$	—		$	—		$	—

(i)

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

(j)

The Level 3 securities, valued at $4,656, have been fair valued in good faith in accordance with procedures established by the Board of Trustees.

(k)

Reflects the unrealized appreciation (depreciation) of the instruments.

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the year.

See notes to financial statements.

100

Schedule of Investments — IQ Global Resources ETF (continued)

April 30, 2021

A summary of the Fund’s transactions with affiliated fund during the year ended April 30, 2021 is as follows:

Affiliated Holdings

			Shares at 04/30/2020						Value ($) at 04/30/2020						Purchases Cost ($)						Sales Proceeds ($)						Net Realized Gain/ (Loss) ($)						Net Change in Unrealized Appreciation/ (Depreciation) ($)						Income Distributions ($)						Capital Gain Distributions ($)						Shares at 04/30/2021						Value ($) at 04/30/2021
IQ Ultra Short Duration ETF					21,468						1,061,593						344,927						(446,113)						5,641						(439)						12,538						4,584						19,464						965,609

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

See notes to financial statements.

101

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

April 30, 2021

	Shares		Value
Common Stocks — 99.6%
Diversified REITs — 14.0%
Alexander & Baldwin, Inc.		27,608		$	506,055
American Assets Trust, Inc.		18,031			631,987
Broadstone Net Lease, Inc.		13,814			278,766
Empire State Realty Trust, Inc., Class A		69,285			789,156
Gladstone Commercial Corp.		14,255			299,925
Granite Point Mortgage Trust, Inc.		21,939			290,472
Industrial Logistics Properties Trust		26,146			648,421
Kennedy-Wilson Holdings, Inc.		49,130			1,009,621
Monmouth Real Estate Investment Corp.		37,477			692,575
New Senior Investment Group, Inc.		30,877			204,406
Preferred Apartment Communities, Inc., Class A		19,819			202,154
Redwood Trust, Inc.		45,075			500,783
Safehold, Inc.(a)		6,749			477,222
Washington Real Estate Investment Trust		33,919			787,599
Total Diversified REITs					7,319,142
Hotel REITs — 14.0%
Apple Hospitality REIT, Inc.		84,467			1,339,646
Ashford Hospitality Trust, Inc.*		26,892			73,684
Braemar Hotels & Resorts, Inc.*		15,456			101,237
Chatham Lodging Trust*		18,529			256,997
DiamondRock Hospitality Co.*		83,407			869,101
Hersha Hospitality Trust*		14,875			171,955
Pebblebrook Hotel Trust(a)		52,582			1,255,658
Service Properties Trust		66,048			813,381
Summit Hotel Properties, Inc.*		41,586			422,930
Sunstone Hotel Investors, Inc.*		86,212			1,134,550
Xenia Hotels & Resorts, Inc.*		45,870			891,254
Total Hotel REITs					7,330,393
Mortgage REITs — 15.8%
Apollo Commercial Real Estate Finance, Inc.		56,316			856,566
Arbor Realty Trust, Inc.		47,134			833,329
ARMOUR Residential REIT, Inc.		25,920			322,186
Capstead Mortgage Corp.		38,308			248,236
Chimera Investment Corp.		91,501			1,202,323
Dynex Capital, Inc.		11,926			240,905
Invesco Mortgage Capital, Inc.(a)		93,559			364,880
iStar, Inc.(a)		28,650			530,312
KKR Real Estate Finance Trust, Inc.		11,720			247,292
MFA Financial, Inc.		182,023			800,901
New York Mortgage Trust, Inc.		152,864			701,646
Orchid Island Capital, Inc.		38,194			210,067
PennyMac Mortgage Investment Trust		38,888			779,704
Two Harbors Investment Corp.		110,212			859,654
Western Asset Mortgage Capital Corp.		23,943			75,660
Total Mortgage REITs					8,273,661
Office REITs — 11.6%
Brandywine Realty Trust(a)		68,114			921,583
City Office REIT, Inc.		17,181			187,788
Easterly Government Properties, Inc.		33,207			711,626
Franklin Street Properties Corp.		39,141			206,665
Global Net Lease, Inc.		36,696			704,563
Lexington Realty Trust		110,389			1,351,161
Mack-Cali Realty Corp.		32,345			529,164
Office Properties Income Trust		19,271			534,770

	Shares		Value
Common Stocks (continued)
Office REITs (continued)
Piedmont Office Realty Trust, Inc., Class A		49,553		$	922,677
Total Office REITs					6,069,997
Residential REITs — 5.3%
Apartment Investment and Management Co., Class A		60,112			417,177
Bluerock Residential Growth REIT, Inc.		9,227			87,472
Essential Properties Realty Trust, Inc.		42,928			1,124,284
Independence Realty Trust, Inc.		40,841			687,763
NexPoint Residential Trust, Inc.		8,937			448,280
Total Residential REITs					2,764,976
Retail REITs — 16.8%
Acadia Realty Trust		34,765			726,241
Brookfield Property REIT, Inc., Class A		14,238			256,070
Four Corners Property Trust, Inc.		30,585			882,989
Kite Realty Group Trust		33,901			705,480
Macerich Co. (The)(a)		59,172			815,982
Retail Opportunity Investments Corp.		46,639			820,846
Retail Properties of America, Inc., Class A		86,290			1,012,182
RPT Realty		32,409			411,918
Seritage Growth Properties, Class A*(a)		13,868			238,530
SITE Centers Corp.		68,218			1,006,215
Tanger Factory Outlet Centers, Inc.		36,735			641,026
Urban Edge Properties		45,730			862,011
Urstadt Biddle Properties, Inc., Class A		11,959			217,295
Whitestone REIT		15,961			155,939
Total Retail REITs					8,752,724
Specialized REITs — 22.1%
American Finance Trust, Inc.		44,001			440,450
CareTrust REIT, Inc.		38,204			923,773
CatchMark Timber Trust, Inc., Class A		19,565			227,541
Diversified Healthcare Trust		95,508			421,668
EPR Properties*(a)		29,919			1,427,436
Global Medical REIT, Inc.		19,654			282,231
LTC Properties, Inc.		15,604			663,638
National Storage Affiliates Trust		22,967			1,043,620
Physicians Realty Trust		84,821			1,588,697
QTS Realty Trust, Inc., Class A(a)		25,930			1,724,086
Terreno Realty Corp.		27,229			1,756,815
Uniti Group, Inc.		93,299			1,063,609
Total Specialized REITs					11,563,564
Total Common Stocks
(Cost $49,548,068)					52,074,457
Short-Term Investments — 1.7%
Money Market Funds — 1.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		688,938			688,938
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		206,366			206,366
Total Short-Term Investments
(Cost $895,304)					895,304
Total Investments — 101.3%
(Cost $50,443,372)					52,969,761

See notes to financial statements.

102

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

April 30, 2021

	Shares	Value
Other Assets and Liabilities, Net — (1.3)%			$	(660,625)
Net Assets — 100.0%			$	52,309,136

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 $3,946,070; total market value of collateral held by the Fund was $4,148,409. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,459,471.

(b)

Reflects the 1-day yield at April 30, 2021.

(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		$	52,074,457		$	—		$	—		$	52,074,457
Short-Term Investments:
Money Market Funds			895,304			—			—			895,304
Total Investments in Securities		$	52,969,761		$	—		$	—		$	52,969,761

(d)

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

For the year ended April 30, 2021, 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

Schedule of Investments — IQ 500 International ETF

April 30, 2021

	Shares		Value
Common Stocks — 97.4%
Australia — 5.1%
AGL Energy Ltd.		13,384		$	92,323
Ampol Ltd.		11,373			224,810
Australia & New Zealand Banking Group Ltd.		17,201			381,866
BHP Group Ltd.		35,773			1,318,087
BlueScope Steel Ltd.		25,172			420,382
Brambles Ltd.		21,995			176,696
CIMIC Group Ltd.*(a)		14,120			211,596
Commonwealth Bank of Australia		5,378			369,893
CSL Ltd.		850			178,039
Downer EDI Ltd.		109,979			478,287
Glencore PLC*		778,827			3,183,217
Metcash Ltd.		75,367			206,671
National Australia Bank Ltd.		16,955			349,163
Origin Energy Ltd.		53,635			172,350
Qantas Airways Ltd.*		101,428			387,823
Ramsay Health Care Ltd.		6,496			337,801
Rio Tinto PLC		13,621			1,145,871
Sonic Healthcare Ltd.		11,108			307,864
South32 Ltd.		108,041			240,354
Telstra Corp., Ltd.		128,605			336,766
Viva Energy Group Ltd.		181,523			274,125
Wesfarmers Ltd.		18,578			776,510
Westpac Banking Corp.		19,376			373,875
Woolworths Group Ltd.		20,066			609,149
Total Australia					12,553,518
Austria — 0.4%
OMV AG		9,678			477,782
voestalpine AG		10,129			440,177
Total Austria					917,959
Belgium — 1.0%
Anheuser-Busch InBev SA/NV		20,841			1,475,950
bpost SA*		16,807			178,954
Etablissements Franz Colruyt NV		2,346			139,314
Solvay SA		2,755			350,882
Umicore SA		5,686			346,073
Total Belgium					2,491,173
Brazil — 0.1%
Yara International ASA		5,875			307,391
Canada — 6.7%
Air Canada*		17,705			356,489
Alimentation Couche-Tard, Inc., Class B		27,478			930,303
Bank of Montreal(a)		3,339			314,874
Bank of Nova Scotia (The)		4,990			317,483
Barrick Gold Corp.		5,992			127,565
BCE, Inc.		6,955			328,471
Bombardier, Inc., Class B*		713,519			533,602
Brookfield Asset Management, Inc., Class A		10,335			470,712
Canadian Imperial Bank of Commerce		2,419			251,260
Canadian National Railway Co.		2,446			263,111
Canadian Natural Resources Ltd.		16,723			507,182
Canadian Tire Corp., Ltd., Class A(a)		2,169			345,432

	Shares		Value
Common Stocks (continued)
Canada (continued)
Cenovus Energy, Inc.(a)		143,915		$	1,119,547
CGI, Inc.*		3,775			333,711
Empire Co., Ltd., Class A		9,877			310,392
Enbridge, Inc.		24,824			956,678
George Weston Ltd.		5,661			499,421
Great-West Lifeco, Inc.		12,543			363,382
Imperial Oil Ltd.		24,390			703,825
Loblaw Cos., Ltd.		8,249			457,644
Magna International, Inc.		12,197			1,150,892
Manulife Financial Corp.		14,638			319,366
Metro, Inc.		3,539			162,020
Nutrien Ltd.		8,474			467,372
Parkland Corp.		9,227			296,116
Pembina Pipeline Corp.		7,081			218,382
Power Corp. of Canada		14,387			418,675
Restaurant Brands International, Inc.		3,366			230,958
Rogers Communications, Inc., Class B		4,602			226,471
Royal Bank of Canada		4,662			444,561
Saputo, Inc.		5,875			186,537
SNC-Lavalin Group, Inc.		9,562			213,672
Sun Life Financial, Inc.		4,729			254,902
Suncor Energy, Inc.		24,723			528,343
TC Energy Corp.		4,563			225,554
Teck Resources Ltd., Class B		22,107			467,406
TELUS Corp.		10,801			223,887
Thomson Reuters Corp.		2,138			198,107
Toronto-Dominion Bank (The)		6,154			422,706
WSP Global, Inc.		2,214			229,697
Total Canada					16,376,708
China — 0.4%
Wilmar International Ltd.		219,630			861,747
Denmark — 0.8%
Carlsberg A/S, Class B		1,289			226,495
DSV PANALPINA A/S		2,151			480,329
ISS A/S*		16,828			319,935
Novo Nordisk A/S, Class B		5,113			374,972
Orsted A/S		1,499			218,918
Vestas Wind Systems A/S		8,285			346,279
Total Denmark					1,966,928
Finland — 1.0%
Kesko OYJ, Class B(a)		10,028			305,897
Kone OYJ, Class B		2,236			175,875
Neste OYJ		5,289			320,892
Nokia OYJ*		117,233			556,386
Outokumpu OYJ*		47,562			309,750
Stora Enso OYJ, Class R		19,076			365,811
UPM-Kymmene OYJ		7,017			274,952
Wartsila OYJ Abp		17,341			224,094
Total Finland					2,533,657
France — 12.9%
Air France-KLM*(a)		72,010			401,875
Air Liquide SA		3,094			521,885
Airbus SE*		12,102			1,455,964
Arkema SA		2,334			292,206
Atos SE*		3,834			261,322

See notes to financial statements.

104

Schedule of Investments — IQ 500 International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
France (continued)
AXA SA		36,587		$	1,036,121
BNP Paribas SA*		15,082			969,333
Bollore SA		166,232			840,462
Bouygues SA(a)		19,243			825,591
Bureau Veritas SA*		7,188			215,198
Capgemini SE		3,230			592,573
Carrefour SA		55,474			1,075,485
Casino Guichard Perrachon SA*(a)		11,101			388,206
Cie de Saint-Gobain*		20,178			1,275,239
Cie Generale des Etablissements Michelin		2,598			376,391
CNP Assurances		23,233			407,352
Credit Agricole SA*		34,741			538,323
Danone SA(a)		5,957			420,438
Eiffage SA*		4,369			479,237
Electricite de France SA*		100,685			1,468,999
Elior Group SA*		24,307			201,607
Engie SA*		78,041			1,162,109
EssilorLuxottica SA		1,794			298,891
Faurecia SE*		10,027			541,965
Kering SA		397			318,526
L’Oreal SA(a)		1,652			679,432
LVMH Moet Hennessy Louis Vuitton SE		2,250			1,696,094
Natixis SA*		42,573			208,277
Orange SA		51,566			642,478
Orpea*		1,469			189,305
Pernod Ricard SA		1,044			214,530
Publicis Groupe SA		9,333			605,120
Renault SA*		24,453			986,859
Rexel SA*		25,263			497,838
Safran SA*		4,118			615,591
Sanofi(a)		7,252			761,863
Schneider Electric SE(a)		3,670			587,675
Societe Generale SA*		14,843			422,936
Sodexo SA*		6,195			619,721
SPIE SA*		12,933			327,255
Suez SA		22,175			530,148
Teleperformance		621			240,041
Thales SA		3,496			356,795
TOTAL SE(a)		45,184			2,003,003
Valeo SA		12,680			411,217
Veolia Environnement SA		15,941			508,337
Vinci SA		14,112			1,552,705
Vivendi SE*		14,058			490,767
Total France					31,513,285
Germany — 12.8%
adidas AG*		1,279			395,462
Allianz SE		3,510			914,363
Aurubis AG		3,807			327,858
BASF SE		32,134			2,594,849
Bayer AG		12,953			839,205
Bayerische Motoren Werke AG		17,866			1,793,691
Beiersdorf AG		1,229			138,922
Brenntag SE		6,125			550,636
CECONOMY AG*		114,398			670,659
Continental AG		7,777			1,054,530
Covestro AG		8,349			546,950

	Shares		Value
Common Stocks (continued)
Germany (continued)
Daimler AG		38,917		$	3,469,115
Deutsche Bank AG*		34,098			476,393
Deutsche Lufthansa AG*(a)		53,688			693,993
Deutsche Post AG		34,014			2,004,514
Deutsche Telekom AG		80,577			1,551,977
E.ON SE		36,542			441,036
Evonik Industries AG		12,184			427,106
Fresenius Medical Care AG & Co. KGaA		7,223			575,264
Fresenius SE & Co. KGaA		14,049			691,370
Hannover Rueck SE		949			175,702
HeidelbergCement AG		6,318			579,699
Infineon Technologies AG		10,740			433,955
LANXESS AG		3,516			259,117
Merck KGaA		2,607			458,663
METRO AG		47,953			525,305
Muenchener Rueckversicherungs- Gesellschaft AG		1,555			450,475
ProSiebenSat.1 Media SE*		15,514			337,004
RWE AG		10,905			414,039
Salzgitter AG*		11,573			368,908
SAP SE		5,457			767,012
Siemens AG		12,508			2,090,230
Siemens Healthineers AG		11,128			636,037
Telefonica Deutschland Holding AG		53,242			154,976
thyssenkrupp AG*		89,980			1,204,495
TUI AG*(a)		152,700			910,590
Uniper SE(a)		33,487			1,223,055
United Internet AG		5,176			218,143
Total Germany					31,365,298
Hong Kong — 0.5%
AIA Group Ltd.		24,586			313,068
CLP Holdings Ltd.		16,765			165,452
Dairy Farm International Holdings Ltd.		29,300			127,748
Nine Dragons Paper Holdings Ltd.		152,888			210,233
WH Group Ltd.		283,276			247,648
Yue Yuen Industrial Holdings Ltd.		81,605			204,883
Total Hong Kong					1,269,032
Ireland — 0.3%
CRH PLC		15,461			733,602
Israel — 0.2%
Teva Pharmaceutical Industries Ltd.*		34,699			362,144
Italy — 2.7%
Assicurazioni Generali SpA		32,499			652,755
Atlantia SpA*		10,240			200,004
Autogrill SpA*(a)		29,764			246,653
Enel SpA		187,946			1,870,403
Eni SpA		92,896			1,110,454
Intesa Sanpaolo SpA*		125,003			349,261
Leonardo SpA		31,384			256,677
Poste Italiane SpA		49,448			648,828
Prysmian SpA		7,385			231,586
Saipem SpA(a)		69,341			160,393
Saras SpA*		150,176			103,877
Telecom Italia SpA		776,670			426,620

See notes to financial statements.

105

Schedule of Investments — IQ 500 International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Italy (continued)
UniCredit SpA		19,476		$	200,738
Unipol Gruppo SpA*		34,737			190,474
Total Italy					6,648,723
Japan — 27.0%
Aeon Co., Ltd.		29,999			818,554
AGC, Inc.		7,530			343,071
Aisin Corp.		12,326			474,749
Ajinomoto Co., Inc.		7,546			150,948
Alfresa Holdings Corp.		14,742			263,941
ANA Holdings, Inc.*		9,267			212,377
Asahi Group Holdings Ltd.		7,163			299,155
Asahi Kasei Corp.		34,221			360,509
Astellas Pharma, Inc.		12,086			181,392
Bridgestone Corp.		8,424			337,330
Brother Industries Ltd.		7,322			154,807
Canon, Inc.		22,350			532,245
Central Japan Railway Co.		1,525			223,019
Chubu Electric Power Co., Inc.		20,977			253,421
Chugoku Electric Power Co., Inc. (The)		10,753			120,019
Coca-Cola Bottlers Japan Holdings, Inc.(a)		5,454			87,070
Cosmo Energy Holdings Co., Ltd.		15,230			327,298
Dai Nippon Printing Co., Ltd.		9,955			197,725
Dai-ichi Life Holdings, Inc.		24,622			442,748
Daiichi Sankyo Co., Ltd.		5,827			148,574
Daikin Industries Ltd.		1,778			356,722
Denso Corp.		13,931			899,675
Dentsu Group, Inc.(a)		9,167			281,791
DIC Corp.		5,068			129,499
East Japan Railway Co.		5,244			358,811
ENEOS Holdings, Inc.		229,268			988,345
Fast Retailing Co., Ltd.		554			454,685
Fuji Media Holdings, Inc.		12,062			146,106
FUJIFILM Holdings Corp.		3,767			244,241
Fujitsu Ltd.		6,327			1,007,469
Hakuhodo DY Holdings, Inc.		21,472			361,648
Hankyu Hanshin Holdings, Inc.		3,412			107,381
Hanwa Co., Ltd.		13,998			415,567
Hino Motors Ltd.		30,003			251,157
HIS Co., Ltd.*(a)		10,869			223,734
Hitachi Ltd.		25,317			1,246,336
Honda Motor Co., Ltd.		35,362			1,045,606
Idemitsu Kosan Co., Ltd.		14,500			347,162
IHI Corp.*		10,577			212,498
Isetan Mitsukoshi Holdings Ltd.		20,895			145,666
Isuzu Motors Ltd.		22,759			230,286
ITOCHU Corp.		77,407			2,413,458
Japan Airlines Co., Ltd.*		10,448			221,855
Japan Post Holdings Co., Ltd.*		65,288			548,084
Japan Post Insurance Co., Ltd.		17,906			344,998
Japan Tobacco, Inc.		14,719			275,245
JFE Holdings, Inc.		57,680			758,829
JTEKT Corp.		19,292			173,673
Kajima Corp.		26,234			362,411
Kansai Electric Power Co., Inc. (The)		30,753			304,421
Kao Corp.		2,130			136,544
Kawasaki Heavy Industries Ltd.*		9,308			222,513

	Shares		Value
Common Stocks (continued)
Japan (continued)
Kawasaki Kisen Kaisha Ltd.*		15,880		$	442,382
KDDI Corp.		22,726			687,362
Kintetsu Group Holdings Co., Ltd.*		3,171			113,576
Kirin Holdings Co., Ltd.		10,066			188,832
Kobe Steel Ltd.		61,851			445,895
Komatsu Ltd.		14,002			410,561
Konica Minolta, Inc.		34,661			195,970
Kubota Corp.		13,169			309,632
Kyocera Corp.		3,645			221,324
Kyushu Electric Power Co., Inc.		25,424			232,132
Lixil Corp.		12,214			330,869
Marubeni Corp.		143,810			1,195,424
Maruha Nichiro Corp.		5,171			118,175
Mazda Motor Corp.*		39,487			305,622
Medipal Holdings Corp.		17,141			314,891
MEIJI Holdings Co., Ltd.		2,060			127,590
Mitsubishi Chemical Holdings Corp.		73,666			548,258
Mitsubishi Corp.		85,230			2,354,829
Mitsubishi Electric Corp.		43,752			673,262
Mitsubishi Heavy Industries Ltd.		12,434			369,363
Mitsubishi Materials Corp.		7,241			162,501
Mitsubishi Motors Corp.*		53,377			144,546
Mitsubishi UFJ Financial Group, Inc.		71,370			377,401
Mitsui & Co., Ltd.		52,941			1,115,682
Mitsui Chemicals, Inc.		9,288			292,308
Mitsui OSK Lines Ltd.		10,536			423,156
Mizuho Financial Group, Inc.		15,616			219,300
MS&AD Insurance Group Holdings, Inc.		7,850			222,275
Murata Manufacturing Co., Ltd.		4,525			360,286
NEC Corp.		11,621			676,177
NH Foods Ltd.		3,942			175,813
Nidec Corp.		2,779			321,744
Nippon Express Co., Ltd.		5,059			386,466
Nippon Paper Industries Co., Ltd.		9,202			112,978
Nippon Steel Corp.		60,034			1,047,389
Nippon Telegraph & Telephone Corp.		71,028			1,790,240
Nippon Yusen K.K.		18,681			733,191
Nissan Motor Co., Ltd.*		189,847			951,276
Nitto Denko Corp.		2,928			242,694
Nomura Research Institute Ltd.		5,113			157,406
NTT Data Corp.		33,781			524,771
Obayashi Corp.		31,428			286,663
Oji Holdings Corp.		34,319			216,329
Olympus Corp.		8,844			181,848
Omron Corp.		2,597			196,964
Oriental Land Co., Ltd.		936			132,515
ORIX Corp.		10,319			165,918
Osaka Gas Co., Ltd.		8,000			154,284
Otsuka Corp.		3,589			180,919
Otsuka Holdings Co., Ltd.		4,647			178,602
PALTAC Corp.		2,692			140,135
Pan Pacific International Holdings Corp.		6,098			131,383
Panasonic Corp.		62,762			740,133
Persol Holdings Co., Ltd.		15,384			282,754
Rakuten Group, Inc.		26,937			342,304
Recruit Holdings Co., Ltd.		13,206			596,720
Renesas Electronics Corp.*		33,332			388,805

See notes to financial statements.

106

Schedule of Investments — IQ 500 International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Japan (continued)
Ricoh Co., Ltd.		35,005		$	372,131
Secom Co., Ltd.		2,304			191,310
Seibu Holdings, Inc.*		9,955			107,105
Seiko Epson Corp.		13,556			230,429
Sekisui Chemical Co., Ltd.		10,674			185,737
Sekisui House Ltd.		7,227			146,054
Seven & i Holdings Co., Ltd.		22,418			963,745
SG Holdings Co., Ltd.		13,496			306,702
Sharp Corp.		15,130			255,662
Shimizu Corp.		29,235			239,379
Shin-Etsu Chemical Co., Ltd.		2,173			366,789
Ship Healthcare Holdings, Inc.		6,713			175,893
Shiseido Co., Ltd.		2,206			160,003
Showa Denko K.K.		6,499			196,804
SoftBank Group Corp.		28,081			2,539,506
Sojitz Corp.		91,583			273,144
Sompo Holdings, Inc.		5,147			191,179
Sony Group Corp.		9,166			914,042
Subaru Corp.		11,088			205,671
Sumitomo Chemical Co., Ltd.		87,409			445,422
Sumitomo Corp.		53,261			725,057
Sumitomo Electric Industries Ltd.		24,370			362,523
Sumitomo Forestry Co., Ltd.		11,884			275,070
Sumitomo Metal Mining Co., Ltd.		5,659			240,173
Sumitomo Mitsui Financial Group, Inc.		10,709			372,495
Suntory Beverage & Food Ltd.		3,878			130,916
Suzuken Co., Ltd.		6,656			239,617
Suzuki Motor Corp.		9,941			377,159
T&D Holdings, Inc.		13,530			165,744
Taiheiyo Cement Corp.		6,392			160,173
Taisei Corp.		7,768			286,401
Takeda Pharmaceutical Co., Ltd.		7,194			239,241
TDK Corp.		2,524			342,907
Teijin Ltd.		7,366			121,166
Toho Holdings Co., Ltd.		7,034			118,665
Tohoku Electric Power Co., Inc.		22,914			201,877
Tokio Marine Holdings, Inc.		5,017			240,052
Tokyo Electric Power Co. Holdings, Inc.*		160,155			473,263
Tokyo Electron Ltd.		1,048			463,285
Tokyo Gas Co., Ltd.		8,237			166,767
Tokyu Corp.		9,678			124,400
Toppan Printing Co., Ltd.		14,199			242,008
Toray Industries, Inc.		60,151			373,767
Toshiba Corp.		10,236			422,813
Tosoh Corp.		10,936			193,898
Toyota Boshoku Corp.		10,735			199,958
Toyota Industries Corp.		3,155			252,562
Toyota Motor Corp.		24,177			1,797,598
Toyota Tsusho Corp.		29,925			1,264,842
West Japan Railway Co.		2,936			162,023
Yamada Holdings Co., Ltd.		36,807			183,185
Yamaha Motor Co., Ltd.		10,120			252,664
Yamato Holdings Co., Ltd.		12,823			361,914
Yamazaki Baking Co., Ltd.		5,999			95,003
Z Holdings Corp.		58,339			269,532
Zensho Holdings Co., Ltd.		6,383			160,006
Total Japan					66,010,624

	Shares		Value
Common Stocks (continued)
Luxembourg — 1.4%
ArcelorMittal SA*		105,148		$	3,069,495
RTL Group SA*		5,025			295,922
Total Luxembourg					3,365,417
Netherlands — 3.4%
Aegon NV		64,545			300,385
Akzo Nobel NV		2,456			295,417
ASML Holding NV		588			383,080
EXOR NV		13,106			1,077,884
Heineken Holding NV		4,503			447,751
Heineken NV		4,123			478,657
ING Groep NV		23,144			296,160
Koninklijke Ahold Delhaize NV		29,960			807,514
Koninklijke DSM NV		1,485			266,716
Koninklijke Philips NV*		7,705			434,825
NN Group NV		5,186			259,518
Randstad NV		12,408			897,400
Royal Dutch Shell PLC, Class B		114,955			2,067,502
Wolters Kluwer NV		1,909			172,951
Total Netherlands					8,185,760
Norway — 1.0%
Equinor ASA		72,793			1,485,088
Norsk Hydro ASA		111,676			714,559
Telenor ASA		14,482			258,763
Total Norway					2,458,410
Portugal — 0.3%
EDP — Energias de Portugal SA		61,357			341,388
Galp Energia SGPS SA		18,219			210,767
Jeronimo Martins SGPS SA		12,029			219,959
Total Portugal					772,114
Singapore — 0.5%
Jardine Cycle & Carriage Ltd.		15,082			262,779
Oversea-Chinese Banking Corp., Ltd.		21,103			193,518
Sembcorp Industries Ltd.		104,275			166,163
Singapore Airlines Ltd.*(a)		106,244			404,085
Singapore Telecommunications Ltd.		102,325			192,282
Total Singapore					1,218,827
Spain — 2.9%
Acciona SA(a)		1,569			273,304
ACS Actividades de Construccion y Servicios SA		35,658			1,164,558
Amadeus IT Group SA*		3,005			205,108
Banco Bilbao Vizcaya Argentaria SA*		51,561			289,894
Banco Santander SA*		214,544			830,332
Cia de Distribucion Integral Logista Holdings SA		9,686			201,718
Endesa SA		12,619			332,070
Iberdrola SA		52,753			713,468
Industria de Diseno Textil SA(a)		15,899			566,903
Mapfre SA		85,889			185,125
Naturgy Energy Group SA		14,289			366,899
Repsol SA		68,192			815,805
Siemens Gamesa Renewable Energy SA		7,825			283,534

See notes to financial statements.

107

Schedule of Investments — IQ 500 International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Spain (continued)
Telefonica SA		168,791		$	782,995
Total Spain					7,011,713
Sweden — 2.1%
Assa Abloy AB, B Shares(a)		6,812			194,393
Atlas Copco AB, A Shares		4,109			249,288
Electrolux AB, Series B		10,395			292,091
Essity AB, B Shares		5,900			192,788
H & M Hennes & Mauritz AB, B Shares*(a)		22,922			566,019
ICA Gruppen AB		3,677			169,592
NCC AB, B Shares		9,623			181,973
Sandvik AB(a)		9,580			237,128
Securitas AB, B Shares(a)		20,556			351,159
Skanska AB, B Shares		19,502			529,540
SKF AB, B Shares		9,229			238,590
SSAB AB, A Shares*		53,540			291,959
Telefonaktiebolaget LM Ericsson, B Shares		43,824			600,888
Telia Co. AB		42,138			174,617
Volvo AB, B Shares		39,890			975,815
Total Sweden					5,245,840
Switzerland — 3.9%
ABB Ltd.		18,402			598,234
Adecco Group AG		11,586			785,569
Cie Financiere Richemont SA, Class A		2,420			248,461
Credit Suisse Group AG		21,570			225,763
Kuehne + Nagel International AG		2,090			625,591
LafargeHolcim Ltd.*		8,815			544,142
Nestle SA		17,643			2,106,211
Novartis AG		10,693			914,014
Roche Holding AG		4,819			1,572,430
Schindler Holding AG — Participating Certificate		579			164,930
Sika AG		738			220,417
STMicroelectronics NV		7,845			294,269
Swiss Life Holding AG		372			181,462
Swiss Re AG		2,790			259,652
Swisscom AG		329			178,667
UBS Group AG		25,348			387,008
Zurich Insurance Group AG		739			303,605
Total Switzerland					9,610,425
United Kingdom — 8.4%
Associated British Foods PLC*		11,035			352,628
AstraZeneca PLC		4,055			433,147
Aviva PLC		43,048			238,587
Babcock International Group PLC*		27,344			109,072
BAE Systems PLC		51,750			362,695
Balfour Beatty PLC*		54,963			237,429
Barclays PLC		136,622			331,976
BP PLC		353,507			1,483,029
British American Tobacco PLC		14,535			539,738
BT Group PLC*		305,883			698,581
Bunzl PLC		9,532			307,107
Capita PLC*		311,151			188,348
Centrica PLC*		848,926			665,971

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
CK Hutchison Holdings Ltd.		63,570		$	521,371
Compass Group PLC*		36,646			797,859
Computacenter PLC		7,689			285,095
DCC PLC		3,112			270,760
Diageo PLC		7,190			323,634
Dixons Carphone PLC*		153,499			296,050
DS Smith PLC		36,344			211,747
easyJet PLC*		17,605			252,525
Experian PLC		4,305			166,417
GlaxoSmithKline PLC		37,024			686,700
Hays PLC*		112,738			255,054
HSBC Holdings PLC		61,505			385,590
Imperial Brands PLC		16,873			352,175
Inchcape PLC*		26,681			288,695
InterContinental Hotels Group PLC*		2,759			196,805
International Consolidated Airlines Group SA*		18,060			50,710
ITV PLC*		139,398			233,534
J Sainsbury PLC		137,437			452,316
John Wood Group PLC*		81,410			317,409
Johnson Matthey PLC		11,307			508,791
Kingfisher PLC*		97,588			482,768
Legal & General Group PLC		45,505			171,623
Lloyds Banking Group PLC		500,878			315,088
Marks & Spencer Group PLC*		129,828			284,010
Mondi PLC		8,618			234,465
National Grid PLC		22,057			278,088
Natwest Group PLC		89,211			242,835
Pearson PLC(a)		19,938			229,123
Petrofac Ltd.*		48,383			88,157
Prudential PLC		14,171			301,076
Reckitt Benckiser Group PLC		3,029			270,542
RELX PLC		10,136			263,765
Rolls-Royce Holdings PLC*		284,137			411,577
Royal Mail PLC*		118,477			813,626
SSE PLC		21,764			442,358
Standard Chartered PLC		24,910			179,206
Tesco PLC		209,139			639,935
Travis Perkins PLC*		10,500			223,446
Vodafone Group PLC		417,991			791,702
Wickes Group PLC*		11,766			40,718
Wm Morrison Supermarkets PLC		106,598			256,586
WPP PLC		58,224			786,471
Total United Kingdom					20,548,710
United States — 1.6%
Ferguson PLC		4,943			624,979
Stellantis NV		189,834			3,159,089
Total United States					3,784,068
Total Common Stocks
(Cost $212,844,444)					238,113,073
Preferred Stocks — 1.6%
Germany — 1.6%
Henkel AG & Co. KGaA, 1.93%		3,766			433,222
Schaeffler AG, 3.33%		30,170			272,208
Volkswagen AG, 2.22%		12,232			3,190,881
Total Germany					3,896,311

See notes to financial statements.

108

Schedule of Investments — IQ 500 International ETF (continued)

April 30, 2021

	Shares		Value
Preferred Stocks (continued)
Total Preferred Stocks
(Cost $3,050,279)				$	3,896,311
Rights — 0.0%(b)
Switzerland — 0.0%(b)
Credit Suisse Group AG, expires 5/11/21*(c)
(Cost $0)		21,570			0
Short-Term Investments — 4.4%
Money Market Funds — 4.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(d)(e)		9,927,426			9,927,426
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(d)		912,951			912,951
Total Short-Term Investments
(Cost $10,840,377)					10,840,377
Total Investments — 103.4%
(Cost $226,735,100)					252,849,761
Other Assets and Liabilities, Net — (3.4)%					(8,513,637)
Net Assets — 100.0%				$	244,336,124

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 $12,119,424; total market value of collateral held by the Fund was $13,717,598. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,790,172.

(b)

Less than 0.05%.

(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)

Reflects the 1-day yield at April 30, 2021.

(e)

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:(f)
Common Stocks		$	238,113,073		$	—		$	—		$	238,113,073
Preferred Stocks			3,896,311			—			—			3,896,311
Rights			—			—			0(g)			0
Short-Term Investments:
Money Market Funds			10,840,377			—			—			10,840,377
Total Investments in Securities		$	252,849,761		$	—		$	0		$	252,849,761

(f)

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

(g)

The Level 3 security, valued at $0, has been fair valued in good faith in accordance with procedures established by the Board of Trustees.

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the year.

See notes to financial statements.

109

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF

April 30, 2021

	Shares		Value
Common Stocks — 98.8%
Australia — 7.9%
Afterpay Ltd.*		3,787		$	344,158
APA Group(a)		23,909			185,239
Aristocrat Leisure Ltd.		12,536			359,933
ASX Ltd.		3,868			218,052
Aurizon Holdings Ltd.		43,199			125,134
Australia & New Zealand Banking Group Ltd.		47,772			1,060,549
BHP Group Ltd.		49,010			1,805,816
BHP Group PLC		34,581			1,045,920
BlueScope Steel Ltd.		9,801			163,680
Boral Ltd.*		29,975			143,556
Brambles Ltd.		28,617			229,894
Charter Hall Group		12,921			139,732
Cochlear Ltd.		1,241			213,291
Coles Group Ltd.		22,755			286,858
Commonwealth Bank of Australia		29,726			2,044,523
Computershare Ltd.		14,270			155,643
CSL Ltd.		7,618			1,595,648
Dexus		28,153			221,165
Evolution Mining Ltd.		33,775			120,794
Fortescue Metals Group Ltd.		27,849			485,955
Glencore PLC*		184,156			752,681
Goodman Group		33,409			488,006
GPT Group (The)		49,353			176,127
Incitec Pivot Ltd.*		47,776			97,797
Insurance Australia Group Ltd.		48,826			184,807
Lendlease Group		12,702			124,706
Macquarie Group Ltd.		5,902			731,674
Magellan Financial Group Ltd.		3,114			116,662
Medibank Pvt Ltd.		63,104			150,134
Mirvac Group		93,632			194,557
National Australia Bank Ltd.		54,788			1,128,278
Newcrest Mining Ltd.		14,835			303,901
Northern Star Resources Ltd.		21,598			175,342
Oil Search Ltd.		43,475			127,613
Orica Ltd.		9,445			98,931
Origin Energy Ltd.		34,732			111,608
OZ Minerals Ltd.		7,713			142,632
QBE Insurance Group Ltd.		27,540			209,755
Ramsay Health Care Ltd.		3,695			192,145
Rio Tinto Ltd.		6,272			586,948
Rio Tinto PLC		17,984			1,512,909
Santos Ltd.		37,974			204,744
Scentre Group		108,095			227,115
SEEK Ltd.*		8,360			199,994
Shopping Centres Australasia Property Group		54,974			105,737
Sonic Healthcare Ltd.		10,084			279,483
South32 Ltd.		88,140			196,081
Stockland		54,953			198,659
Suncorp Group Ltd.		25,216			204,715
Sydney Airport*		30,646			146,533
Tabcorp Holdings Ltd.		50,305			193,125

	Shares		Value
Common Stocks (continued)
Australia (continued)
Telstra Corp., Ltd.		78,126		$	204,581
Transurban Group		48,833			534,507
Treasury Wine Estates Ltd.		14,634			113,493
Vicinity Centres		90,038			110,237
Wesfarmers Ltd.		19,712			823,908
Westpac Banking Corp.		60,433			1,166,103
Woodside Petroleum Ltd.		18,264			322,510
Woolworths Group Ltd.		21,786			661,364
Total Australia					24,445,642
Austria — 0.2%
ams AG*		5,032			87,338
Erste Group Bank AG*		7,980			284,347
OMV AG		4,322			213,368
Total Austria					585,053
Belgium — 0.9%
Ageas SA/NV		4,179			253,345
Anheuser-Busch InBev SA/NV		14,040			994,307
Galapagos NV*		914			71,397
Groupe Bruxelles Lambert SA		2,358			258,252
KBC Group NV*		4,975			387,003
Solvay SA		1,575			200,595
UCB SA		2,448			227,088
Umicore SA		4,010			244,065
Total Belgium					2,636,052
Brazil — 0.0%(b)
Yara International ASA		2,848			149,012
Cambodia — 0.0%(b)
NagaCorp Ltd.		55,863			59,842
Chile — 0.1%
Antofagasta PLC		6,493			167,706
China — 0.6%
AAC Technologies Holdings, Inc.		15,037			83,734
BOC Hong Kong Holdings Ltd.		68,595			241,990
Budweiser Brewing Co APAC Ltd.		31,235			98,730
ESR Cayman Ltd.*		39,418			134,746
Lenovo Group Ltd.		143,879			197,845
Prosus NV*		7,361			799,543
Want Want China Holdings Ltd.		148,812			107,870
Wilmar International Ltd.		35,787			140,415
Total China					1,804,873
Denmark — 2.2%
Ambu A/S, Class B		3,015			169,158
AP Moller — Maersk A/S, Class B(a)		159			395,592
Carlsberg A/S, Class B		1,875			329,464
Chr Hansen Holding A/S*		1,891			174,050
Coloplast A/S, Class B		2,349			389,177
Danske Bank A/S		11,140			212,877

See notes to financial statements.

110

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Denmark (continued)
Demant A/S*		1,855		$	93,146
DSV PANALPINA A/S		3,487			778,664
Genmab A/S*		1,061			389,868
GN Store Nord A/S		2,350			212,417
Novo Nordisk A/S, Class B		26,811			1,966,237
Novozymes A/S, Class B		3,714			264,708
Orsted A/S		2,979			435,061
Pandora A/S*		1,721			195,567
SimCorp A/S		792			104,820
Vestas Wind Systems A/S		16,895			706,141
Total Denmark					6,816,947
Finland — 1.2%
Elisa OYJ		2,995			170,138
Fortum OYJ(a)		8,260			217,263
Kesko OYJ, Class B		5,500			167,773
Kone OYJ, Class B		6,628			521,334
Metso Outotec OYJ		12,185			137,061
Neste OYJ		7,215			437,745
Nokia OYJ*		96,237			456,739
Nokian Renkaat OYJ		3,010			112,254
Nordea Bank Abp		58,210			603,610
Sampo OYJ, Class A		9,104			433,006
Stora Enso OYJ, Class R		11,042			211,747
UPM-Kymmene OYJ		9,616			376,790
Total Finland					3,845,460
France — 9.6%
Accor SA*		4,180			168,417
Adevinta ASA*		4,219			77,441
Air Liquide SA(a)		7,667			1,293,242
Airbus SE*		9,219			1,109,117
Alstom SA*		4,660			254,905
Arkema SA		1,414			177,026
Atos SE*		1,852			126,231
AXA SA(a)		32,197			911,799
BNP Paribas SA*		18,152			1,166,645
Bouygues SA(a)		4,019			172,429
Bureau Veritas SA*		6,454			193,223
Capgemini SE		2,746			503,779
Carrefour SA		9,890			191,739
Cie de Saint-Gobain*		8,632			545,538
Cie Generale des Etablissements Michelin		3,057			442,890
Covivio		1,333			119,066
Credit Agricole SA*		19,886			308,140
Danone SA(a)		9,922			700,283
Dassault Systemes SE		2,280			529,583
Edenred		4,713			267,506
Eiffage SA*		1,395			153,018
Engie SA*		28,601			425,897
EssilorLuxottica SA		4,967			827,531
Gecina SA		1,199			175,584

	Shares		Value
Common Stocks (continued)
France (continued)
Getlink SE*		9,389		$	149,532
Hermes International		542			681,168
Kering SA(a)		1,250			1,002,916
Klepierre SA		3,997			106,144
Legrand SA		4,785			466,575
L’Oreal SA(a)		3,951			1,624,960
LVMH Moet Hennessy Louis Vuitton SE		4,134			3,116,289
Orange SA		32,415			403,869
Orpea*		1,096			141,238
Pernod Ricard SA		3,546			728,663
Publicis Groupe SA		4,189			271,601
Renault SA*		3,425			138,224
Rexel SA*		6,843			134,849
Rubis SCA		2,072			97,401
Safran SA*		5,523			825,621
Sanofi(a)		18,005			1,891,526
Sartorius Stedim Biotech		437			200,955
Schneider Electric SE		8,715			1,395,528
SCOR SE*		3,389			109,784
Societe Generale SA*		13,188			375,778
Sodexo SA*		1,698			169,861
Suez SA		6,139			146,768
Teleperformance		1,047			404,707
Thales SA		1,932			197,176
TOTAL SE(a)		40,273			1,785,299
Ubisoft Entertainment SA*		1,655			124,438
Unibail-Rodamco-Westfield*		2,430			200,642
Valeo SA		4,459			144,607
Veolia Environnement SA		9,061			288,943
Vinci SA		7,757			853,482
Vivendi SE*		13,906			485,461
Worldline SA*		4,236			416,255
Total France					29,921,289
Germany — 7.8%
adidas AG*		3,263			1,008,906
Allianz SE		6,819			1,776,365
Aroundtown SA		23,572			181,720
BASF SE		15,449			1,247,520
Bayer AG		16,238			1,052,036
Bayerische Motoren Werke AG		6,007			603,084
Bechtle AG		541			110,290
Beiersdorf AG		1,876			212,057
Brenntag SE		3,171			285,072
Commerzbank AG*		19,675			130,053
Continental AG		1,842			249,768
Covestro AG		3,296			215,924
CTS Eventim AG & Co. KGaA*		1,409			97,495
Daimler AG		13,628			1,214,818
Deutsche Bank AG*		35,228			492,181
Deutsche Boerse AG		3,131			540,112
Deutsche Post AG		16,415			967,369
Deutsche Telekom AG		53,731			1,034,902

See notes to financial statements.

111

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Germany (continued)
Deutsche Wohnen SE		6,265		$	339,381
E.ON SE		38,034			459,044
Fresenius Medical Care AG & Co. KGaA		3,749			298,583
Fresenius SE & Co. KGaA		7,308			359,636
GEA Group AG		3,477			152,817
Hannover Rueck SE		1,212			224,395
HeidelbergCement AG		2,781			255,167
HelloFresh SE*		2,617			217,374
Henkel AG & Co. KGaA		1,578			157,097
Infineon Technologies AG		21,992			888,599
Just Eat Takeaway.com NV*		2,059			213,667
KION Group AG		1,578			157,552
Knorr-Bremse AG		1,084			133,102
LANXESS AG		1,920			141,497
LEG Immobilien SE		1,302			181,342
Merck KGaA		2,333			410,457
MTU Aero Engines AG		1,016			256,720
Muenchener Rueckversicherungs- Gesellschaft AG		2,290			663,400
Puma SE*		1,671			176,453
RWE AG		10,737			407,661
SAP SE		18,525			2,603,793
Scout24 AG(a)		2,000			166,461
Siemens AG		12,452			2,080,872
Siemens Energy AG*		6,468			216,456
Siemens Healthineers AG		3,542			202,448
Symrise AG		2,342			302,793
TeamViewer AG*		2,885			137,390
thyssenkrupp AG*		9,043			121,052
United Internet AG		2,333			98,324
Vonovia SE		9,269			609,674
Zalando SE*		2,963			308,676
Total Germany					24,361,555
Hong Kong — 2.7%
AIA Group Ltd.		200,514			2,553,266
ASM Pacific Technology Ltd.		7,038			106,746
CK Asset Holdings Ltd.		45,382			284,848
CLP Holdings Ltd.		29,999			296,056
Hang Lung Properties Ltd.		49,385			134,799
Hang Seng Bank Ltd.		13,923			273,374
Henderson Land Development Co., Ltd.		38,029			169,168
Hong Kong & China Gas Co., Ltd.		196,527			315,279
Hong Kong Exchanges & Clearing Ltd.		21,440			1,297,412
Hongkong Land Holdings Ltd.		27,757			137,397
Hysan Development Co., Ltd.		22,658			85,330
Jardine Matheson Holdings Ltd.		3,669			246,704
Link REIT		38,145			360,732
Man Wah Holdings Ltd.		43,561			91,644
MTR Corp., Ltd.		30,010			167,305
New World Development Co., Ltd.		33,100			175,156

	Shares		Value
Common Stocks (continued)
Hong Kong (continued)
Power Assets Holdings Ltd.		30,677		$	188,600
Sino Land Co., Ltd.		88,230			131,092
Sun Hung Kai Properties Ltd.		27,037			408,330
Swire Pacific Ltd., Class A		17,446			141,175
Techtronic Industries Co., Ltd.		23,116			421,435
WH Group Ltd.		181,311			158,507
Wharf Real Estate Investment Co., Ltd.		32,439			186,694
Xinyi Glass Holdings Ltd.		38,427			136,305
Total Hong Kong					8,467,354
Ireland — 0.7%
CRH PLC		13,549			642,880
Flutter Entertainment PLC*		2,753			565,652
Kerry Group PLC, Class A		2,610			338,699
Kingspan Group PLC		2,699			240,625
Smurfit Kappa Group PLC		4,686			240,964
Total Ireland					2,028,820
Israel — 0.5%
Bank Hapoalim BM*		35,452			283,104
Bank Leumi Le-Israel BM*		42,844			302,240
ICL Group Ltd.		20,624			132,582
Israel Discount Bank Ltd., Class A*		38,255			173,149
Nice Ltd.*		1,338			323,759
Teva Pharmaceutical Industries Ltd.*		19,004			198,340
Tower Semiconductor Ltd.*		3,282			96,031
Total Israel					1,509,205
Italy — 1.9%
Assicurazioni Generali SpA		22,736			456,662
Atlantia SpA*		9,709			189,633
Davide Campari-Milano NV		11,885			140,382
Enel SpA		132,154			1,315,172
Eni SpA		45,346			542,054
Ferrari NV		2,130			456,793
FinecoBank Banca Fineco SpA*		11,410			196,690
Intesa Sanpaolo SpA*		272,631			761,736
Mediobanca Banca di Credito Finanziario SpA*		16,074			181,927
Moncler SpA*		3,729			229,027
Nexi SpA*		9,337			179,164
Prysmian SpA		5,228			163,945
Recordati Industria Chimica e Farmaceutica SpA		2,371			130,837
Snam SpA		43,901			247,329
Telecom Italia SpA		318,538			174,971
Terna Rete Elettrica Nazionale SpA		31,929			235,613
UniCredit SpA		38,039			392,065
Total Italy					5,994,000
Japan — 23.2%
Advantest Corp.		3,622			343,958
Aeon Co., Ltd.		12,810			349,534
AGC, Inc.		4,568			208,121

See notes to financial statements.

112

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Japan (continued)
Air Water, Inc.		5,806		$	96,143
Aisin Corp.		3,877			149,327
Ajinomoto Co., Inc.		10,596			211,959
Alfresa Holdings Corp.		5,018			89,842
Amada Co., Ltd.		10,058			108,857
Aozora Bank Ltd.		4,483			96,382
Asahi Group Holdings Ltd.		8,144			340,125
Asahi Kasei Corp.		25,388			267,456
Astellas Pharma, Inc.		33,787			507,091
Bandai Namco Holdings, Inc.		3,753			275,574
Bank of Kyoto Ltd. (The)(a)		1,918			102,827
Bridgestone Corp.		10,665			427,068
Brother Industries Ltd.		5,823			123,114
Canon, Inc.		17,467			415,961
Capcom Co., Ltd.		3,674			119,324
Casio Computer Co., Ltd.		4,220			74,551
Central Japan Railway Co.		3,315			484,793
Chubu Electric Power Co., Inc.		13,144			158,791
Chugai Pharmaceutical Co., Ltd.		11,438			429,141
Concordia Financial Group Ltd.		29,644			111,194
CyberAgent, Inc.		7,532			154,905
Dai Nippon Printing Co., Ltd.		7,152			142,052
Daifuku Co., Ltd.		2,034			201,344
Dai-ichi Life Holdings, Inc.		20,150			362,333
Daiichi Sankyo Co., Ltd.		32,245			822,166
Daikin Industries Ltd.		4,583			919,493
Daito Trust Construction Co., Ltd.		1,455			154,678
Daiwa House Industry Co., Ltd.		12,258			362,789
Daiwa Securities Group, Inc.		32,444			172,779
Denso Corp.		7,993			516,194
Dentsu Group, Inc.		4,468			137,345
Disco Corp.		530			171,648
East Japan Railway Co.		6,618			452,825
Eisai Co., Ltd.		4,711			307,257
ENEOS Holdings, Inc.		58,542			252,367
FANUC Corp.		3,322			765,119
Fast Retailing Co., Ltd.		886			727,168
Food & Life Cos. Ltd.		2,572			114,946
Fuji Electric Co., Ltd.		2,881			131,128
FUJIFILM Holdings Corp.		6,385			413,984
Fujitsu Ltd.		3,469			552,380
Fukuoka Financial Group, Inc.		4,942			84,096
Hamamatsu Photonics K.K.		3,036			176,097
Hankyu Hanshin Holdings, Inc.		5,058			159,183
Hirose Electric Co., Ltd.		899			143,192
Hitachi Ltd.		16,256			800,270
Honda Motor Co., Ltd.		29,189			863,079
Hoya Corp.		6,326			719,673
Idemitsu Kosan Co., Ltd.		4,732			113,294
Inpex Corp.		19,331			131,933
Isuzu Motors Ltd.		11,915			120,562
Ito En Ltd.(a)		1,410			78,043

	Shares		Value
Common Stocks (continued)
Japan (continued)
ITOCHU Corp.		24,223		$	755,244
Japan Exchange Group, Inc.		9,829			230,337
Japan Metropolitan Fund Invest.		123			121,194
Japan Tobacco, Inc.		21,898			409,492
JFE Holdings, Inc.		10,395			136,755
JGC Holdings Corp.		6,104			69,637
JSR Corp.		3,821			117,631
Kajima Corp.		11,663			161,119
Kakaku.com, Inc.		3,232			87,819
Kansai Electric Power Co., Inc. (The)		14,006			138,644
Kansai Paint Co., Ltd.		4,899			123,388
Kao Corp.		8,481			543,675
KDDI Corp.		29,465			891,188
Keio Corp.		2,692			174,861
Keisei Electric Railway Co., Ltd.		3,782			117,987
Keyence Corp.		3,050			1,465,496
Kikkoman Corp.(a)		3,713			227,933
Kintetsu Group Holdings Co., Ltd.*		3,868			138,541
Kirin Holdings Co., Ltd.		14,558			273,100
Kobayashi Pharmaceutical Co., Ltd.		1,452			129,518
Koito Manufacturing Co., Ltd.		2,431			151,458
Komatsu Ltd.		17,186			503,921
Konami Holdings Corp.(a)		2,071			123,534
Kose Corp.		676			101,797
Kubota Corp.		20,053			471,490
Kuraray Co., Ltd.		9,769			106,087
Kurita Water Industries Ltd.		3,464			159,723
Kyocera Corp.		5,625			341,550
Kyowa Kirin Co., Ltd.		5,831			177,109
Kyushu Electric Power Co., Inc.		10,957			100,042
Lasertec Corp.		1,450			256,557
Lion Corp.		5,475			102,683
Lixil Corp.		6,226			168,658
M3, Inc.		7,451			516,502
Makita Corp.		5,526			248,482
Marubeni Corp.		29,957			249,018
Marui Group Co., Ltd.		5,865			109,783
Matsumotokiyoshi Holdings Co., Ltd.		1,876			75,260
MEIJI Holdings Co., Ltd.		2,777			171,998
MINEBEA MITSUMI, Inc.		7,987			200,287
MISUMI Group, Inc.		6,132			172,788
Mitsubishi Chemical Holdings Corp.		27,974			208,196
Mitsubishi Corp.		22,142			611,764
Mitsubishi Electric Corp.		36,575			562,821
Mitsubishi Estate Co., Ltd.		22,153			363,897
Mitsubishi Heavy Industries Ltd.		5,893			175,057
Mitsubishi Materials Corp.		3,432			77,020
Mitsubishi UFJ Financial Group, Inc.		215,902			1,141,680
Mitsui & Co., Ltd.		29,711			626,131
Mitsui Chemicals, Inc.		4,293			135,107
Mitsui Fudosan Co., Ltd.		17,037			369,404
Mizuho Financial Group, Inc.		43,102			605,293

See notes to financial statements.

113

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Japan (continued)
MonotaRO Co., Ltd.		5,402		$	137,886
MS&AD Insurance Group Holdings, Inc.		9,552			270,467
Murata Manufacturing Co., Ltd.		9,824			782,199
Nabtesco Corp.		3,104			139,574
NEC Corp.		5,003			291,104
Nexon Co., Ltd.		7,515			249,228
NGK Insulators Ltd.		5,525			100,638
NH Foods Ltd.		2,859			127,511
Nidec Corp.		7,873			911,512
Nihon M&A Center, Inc.		5,655			148,172
Nintendo Co., Ltd.		1,799			1,031,785
Nippon Building Fund, Inc.		26			170,788
Nippon Express Co., Ltd.		1,846			141,019
Nippon Paint Holdings Co., Ltd.(a)		14,235			203,422
Nippon Prologis REIT, Inc.		44			141,293
Nippon Shinyaku Co., Ltd.(a)		1,217			81,946
Nippon Steel Corp.		15,177			264,787
Nippon Telegraph & Telephone Corp.		22,057			555,940
Nippon Yusen K.K.		3,700			145,218
Nissan Chemical Corp.		2,953			151,831
Nissan Motor Co., Ltd.*		36,383			182,306
Nisshin Seifun Group, Inc.		7,801			125,752
Nissin Foods Holdings Co., Ltd.(a)		1,929			136,771
Nitori Holdings Co., Ltd.		1,460			261,933
Nitto Denko Corp.		3,126			259,106
Nomura Holdings, Inc.		57,582			309,180
Nomura Real Estate Master Fund, Inc.		89			140,700
Nomura Research Institute Ltd.		6,004			184,836
NSK Ltd.		10,908			100,393
NTT Data Corp.		13,643			211,937
Obayashi Corp.		18,030			164,456
Obic Co., Ltd.		1,340			259,038
Odakyu Electric Railway Co., Ltd.		7,197			194,567
Oji Holdings Corp.		23,340			147,123
Olympus Corp.		18,543			381,276
Omron Corp.		3,788			287,293
Ono Pharmaceutical Co., Ltd.		8,795			221,354
Oriental Land Co., Ltd.		3,472			491,553
ORIX Corp.		22,792			366,469
Orix JREIT, Inc.		67			118,179
Osaka Gas Co., Ltd.		7,785			150,138
Otsuka Corp.		2,109			106,313
Otsuka Holdings Co., Ltd.		8,139			312,812
Pan Pacific International Holdings Corp.		9,948			214,332
Panasonic Corp.		38,091			449,195
PeptiDream, Inc.*		2,100			90,010
Pigeon Corp.		2,642			89,553
Rakuten Group, Inc.		15,057			191,338
Recruit Holdings Co., Ltd.		22,757			1,028,286
Renesas Electronics Corp.*		13,492			157,379
Resona Holdings, Inc.		51,209			210,355
Ricoh Co., Ltd.		13,018			138,392

	Shares		Value
Common Stocks (continued)
Japan (continued)
Rohm Co., Ltd.		1,757		$	174,085
Ryohin Keikaku Co., Ltd.		5,685			119,624
Santen Pharmaceutical Co., Ltd.		8,766			112,277
SBI Holdings, Inc.		5,270			148,980
Secom Co., Ltd.		3,846			319,348
Sekisui Chemical Co., Ltd.		10,055			174,966
Sekisui House Ltd.		13,976			282,448
Seven & i Holdings Co., Ltd.		13,776			592,227
SG Holdings Co., Ltd.		8,144			185,076
Shimadzu Corp.		5,864			205,204
Shimano, Inc.		1,496			342,641
Shimizu Corp.		16,468			134,842
Shin-Etsu Chemical Co., Ltd.		6,791			1,146,278
Shionogi & Co., Ltd.		5,355			281,553
Shiseido Co., Ltd.		6,875			498,651
Shizuoka Bank Ltd. (The)		16,446			125,935
SMC Corp.		1,020			592,096
SoftBank Corp.		46,586			600,732
SoftBank Group Corp.		22,939			2,074,489
Sompo Holdings, Inc.		6,553			243,403
Sony Group Corp.		20,328			2,027,128
Stanley Electric Co., Ltd.		3,913			112,051
Subaru Corp.		11,146			206,747
SUMCO Corp.		5,239			135,738
Sumitomo Chemical Co., Ltd.		36,950			188,291
Sumitomo Corp.		23,101			314,480
Sumitomo Electric Industries Ltd.		15,997			237,968
Sumitomo Metal Mining Co., Ltd.		4,768			202,358
Sumitomo Mitsui Financial Group, Inc.		23,163			805,688
Sumitomo Mitsui Trust Holdings, Inc.		7,309			248,749
Sumitomo Realty & Development Co., Ltd.		7,774			258,813
Suntory Beverage & Food Ltd.		2,948			99,521
Suzuki Motor Corp.		7,879			298,927
Sysmex Corp.		3,489			348,724
T&D Holdings, Inc.		14,030			171,869
Taiheiyo Cement Corp.		3,601			90,235
Taisei Corp.		4,851			178,853
Taiyo Yuden Co., Ltd.		2,806			128,870
Takeda Pharmaceutical Co., Ltd.		26,386			877,481
TDK Corp.		2,296			311,931
Teijin Ltd.		7,212			118,633
Terumo Corp.		12,095			457,221
TIS, Inc.		5,441			135,148
Tobu Railway Co., Ltd.		5,142			132,190
Toho Co., Ltd.		3,249			129,300
Toho Gas Co., Ltd.		1,841			102,236
Tohoku Electric Power Co., Inc.		10,951			96,481
Tokio Marine Holdings, Inc.		11,780			563,647
Tokyo Century Corp.		1,463			90,346
Tokyo Electron Ltd.		2,518			1,113,122
Tokyo Gas Co., Ltd.		9,192			186,102
Tokyu Corp.		11,714			150,571

See notes to financial statements.

114

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Japan (continued)
Tokyu Fudosan Holdings Corp.		15,096		$	83,832
Toppan Printing Co., Ltd.		7,273			123,961
Toray Industries, Inc.		31,357			194,846
Toshiba Corp.		8,205			338,919
Tosoh Corp.		6,551			116,151
TOTO Ltd.		3,441			178,496
Toyo Suisan Kaisha Ltd.		2,849			116,118
Toyota Industries Corp.		3,267			261,527
Toyota Motor Corp.		40,599			3,018,600
Toyota Tsusho Corp.		5,289			223,550
Trend Micro, Inc.		2,702			128,543
Tsuruha Holdings, Inc.		921			106,336
Unicharm Corp.		7,213			280,060
USS Co., Ltd.		6,629			120,141
West Japan Railway Co.		3,536			195,134
Yakult Honsha Co., Ltd.		3,136			152,633
Yamaha Corp.		3,321			180,778
Yamaha Motor Co., Ltd.		7,199			179,736
Yamato Holdings Co., Ltd.		6,937			195,788
Yaskawa Electric Corp.		5,036			232,208
Yokogawa Electric Corp.		5,422			98,415
Z Holdings Corp.		48,887			225,863
Zenkoku Hosho Co., Ltd.		2,158			96,839
Total Japan					71,865,504
Jordan — 0.0%(b)
Hikma Pharmaceuticals PLC		3,357			113,410
Luxembourg — 0.2%
ArcelorMittal SA*		11,710			341,840
Eurofins Scientific SE*		2,211			219,183
Total Luxembourg					561,023
Macau — 0.2%
Galaxy Entertainment Group Ltd.*		40,008			352,337
Sands China Ltd.*		48,003			228,060
Total Macau					580,397
Netherlands — 4.4%
Adyen NV*		456			1,120,646
Aegon NV		37,273			173,465
Akzo Nobel NV		3,561			428,330
Argenx SE*		925			267,689
ASM International NV		821			249,946
ASML Holding NV		6,502			4,236,030
ASR Nederland NV		2,939			128,817
Euronext NV		1,044			105,191
EXOR NV		1,898			156,098
Heineken Holding NV		1,936			192,504
Heineken NV(a)		4,135			480,051
ING Groep NV		65,728			841,081
Koninklijke Ahold Delhaize NV		18,300			493,241
Koninklijke DSM NV		2,996			538,102

	Shares		Value
Common Stocks (continued)
Netherlands (continued)
Koninklijke KPN NV(a)		63,377		$	218,656
Koninklijke Philips NV*		15,203			857,968
NN Group NV		6,924			346,491
Randstad NV		2,211			159,909
Royal Dutch Shell PLC, Class A		67,110			1,268,320
Royal Dutch Shell PLC, Class B		60,650			1,090,809
Wolters Kluwer NV		4,644			420,737
Total Netherlands					13,774,081
New Zealand — 0.4%
a2 Milk Co., Ltd. (The)*		15,702			86,186
Auckland International Airport Ltd.*		31,964			174,070
Contact Energy Ltd.		18,789			101,647
Fisher & Paykel Healthcare Corp., Ltd.		12,063			311,155
Meridian Energy Ltd.		24,586			94,024
Spark New Zealand Ltd.		53,751			169,692
Xero Ltd.*		2,533			276,979
Total New Zealand					1,213,753
Norway — 0.6%
DNB ASA		19,069			410,956
Equinor ASA		17,643			359,944
Mowi ASA		8,579			212,301
Norsk Hydro ASA		29,859			191,053
Orkla ASA		16,996			173,802
Schibsted ASA, Class A*		3,271			165,121
Telenor ASA		12,394			221,454
TOMRA Systems ASA		2,323			116,539
Total Norway					1,851,170
Poland — 0.3%
Allegro.eu SA*		8,963			137,530
CD Projekt SA*		1,264			58,085
KGHM Polska Miedz SA*		3,193			163,988
Polski Koncern Naftowy ORLEN SA		7,062			124,352
Powszechna Kasa Oszczednosci Bank Polski SA*		19,584			182,296
Powszechny Zaklad Ubezpieczen SA*		16,964			146,267
Total Poland					812,518
Portugal — 0.1%
EDP — Energias de Portugal SA		52,186			290,361
Galp Energia SGPS SA		10,660			123,320
Total Portugal					413,681
Russia — 0.1%
Polymetal International PLC		8,123			168,194
Saudi Arabia — 0.1%
Delivery Hero SE*		2,566			407,896
Singapore — 1.1%
Ascendas Real Estate Investment Trust		107,106			250,376

See notes to financial statements.

115

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Singapore (continued)
CapitaLand Integrated Commercial Trust		137,339		$	221,947
CapitaLand Ltd.		71,527			200,000
DBS Group Holdings Ltd.		31,451			707,080
Genting Singapore Ltd.		205,612			133,685
Keppel Corp., Ltd.		34,904			142,198
Mapletree Industrial Trust		68,955			146,680
Oversea-Chinese Banking Corp., Ltd.		62,175			570,156
Singapore Exchange Ltd.		20,933			164,424
Singapore Technologies Engineering Ltd.		48,976			142,098
Singapore Telecommunications Ltd.		151,597			284,871
United Overseas Bank Ltd.		23,395			467,583
Total Singapore					3,431,098
South Africa — 0.3%
Anglo American PLC		20,260			861,166
South Korea — 5.6%
Amorepacific Corp.		801			194,786
Celltrion Healthcare Co., Ltd.*		1,570			158,362
Celltrion, Inc.*		1,897			453,636
CJ CheilJedang Corp.		310			110,222
Coway Co., Ltd.		2,050			123,293
E-MART, Inc.		690			104,212
Hana Financial Group, Inc.		7,203			295,606
Hankook Tire & Technology Co., Ltd.		2,792			120,731
HLB, Inc.*		1,752			52,134
HMM Co., Ltd.*		6,175			217,611
Hyundai Mobis Co., Ltd.		1,210			293,702
Hyundai Motor Co.		2,890			550,798
Industrial Bank of Korea		12,758			111,139
Kakao Corp.		5,157			526,201
KB Financial Group, Inc.		7,823			384,697
Kia Corp.		4,700			325,347
Korea Electric Power Corp.		6,716			142,791
Korea Zinc Co., Ltd.		357			143,140
Korean Air Lines Co., Ltd.*		4,687			113,346
KT&G Corp.		3,602			266,827
LG Chem Ltd.		859			719,727
LG Corp.		2,342			266,340
LG Display Co., Ltd.*		5,909			129,086
LG Electronics, Inc.		2,242			317,450
LG Household & Health Care Ltd.		208			287,780
Mando Corp.*		1,065			55,627
NAVER Corp.		2,377			768,222
NCSoft Corp.		342			255,189
POSCO		1,365			446,676
Samsung Biologics Co., Ltd.*		274			198,046
Samsung C&T Corp.		1,871			228,755
Samsung Electro-Mechanics Co., Ltd.		1,227			197,450
Samsung Electronics Co., Ltd.		78,212			5,730,461

	Shares		Value
Common Stocks (continued)
South Korea (continued)
Samsung Fire & Marine Insurance Co., Ltd.		918		$	163,405
Samsung Life Insurance Co., Ltd.		1,727			126,845
Samsung SDI Co., Ltd.		954			560,899
Samsung SDS Co., Ltd.		858			141,155
Shinhan Financial Group Co., Ltd.		10,403			374,091
SK Holdings Co., Ltd.		643			159,543
SK Hynix, Inc.		8,823			1,015,278
SK Innovation Co., Ltd.*		1,065			258,985
SK Telecom Co., Ltd.		846			230,827
Woori Financial Group, Inc.		15,719			151,205
Total South Korea					17,471,623
Spain — 2.3%
Abertis Infraestructuras SA(c)		5,353			24,745
ACS Actividades de Construccion y Servicios SA		4,531			147,978
Aena SME SA*		1,302			226,795
Amadeus IT Group SA*		7,314			499,220
Banco Bilbao Vizcaya Argentaria SA*		113,012			635,393
Banco Santander SA*		285,840			1,106,262
Bankinter SA		17,732			97,273
CaixaBank SA*		81,042			260,188
Cellnex Telecom SA*		8,178			463,093
Enagas SA		4,802			104,745
Endesa SA		5,490			144,470
Ferrovial SA		8,755			249,148
Grifols SA		5,909			160,404
Iberdrola SA		97,676			1,321,038
Industria de Diseno Textil SA(a)		17,886			637,753
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros*		17,732			34,794
Naturgy Energy Group SA		5,188			133,212
Red Electrica Corp. SA		8,074			148,465
Repsol SA		24,435			292,325
Siemens Gamesa Renewable Energy SA		3,826			138,633
Telefonica SA		85,809			398,054
Total Spain					7,223,988
Sweden — 3.4%
Alfa Laval AB(a)		6,057			205,153
Assa Abloy AB, B Shares(a)		15,703			448,113
Atlas Copco AB, A Shares		10,537			639,267
Atlas Copco AB, B Shares		6,386			331,922
Boliden AB(a)		5,247			204,649
Castellum AB		4,896			119,335
Electrolux AB, Series B		4,861			136,590
Elekta AB, B Shares(a)		6,316			84,629
Epiroc AB, A Shares(a)		10,821			234,829
Epiroc AB, B Shares		6,809			133,752
EQT AB		3,851			130,390
Essity AB, B Shares		10,788			352,509

See notes to financial statements.

116

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Sweden (continued)
Evolution Gaming Group AB		2,880		$	569,478
H & M Hennes & Mauritz AB, B Shares*(a)		15,324			378,399
Hexagon AB, B Shares		4,416			421,663
Husqvarna AB, B Shares		7,744			107,930
Industrivarden AB, A Shares(a)		7,203			276,680
Indutrade AB		5,110			133,676
Investor AB, B Shares(a)		9,579			814,398
Kinnevik AB, B Shares*		4,989			276,126
Lundin Energy AB		4,070			130,536
Nibe Industrier AB, B Shares		5,104			186,999
Sandvik AB(a)		18,405			455,568
Securitas AB, B Shares(a)		6,622			113,124
Sinch AB*		789			124,801
Skandinaviska Enskilda Banken AB, A Shares		25,468			327,245
Skanska AB, B Shares		6,734			182,849
SKF AB, B Shares		7,434			192,185
Svenska Cellulosa AB SCA, B Shares		11,018			193,498
Svenska Handelsbanken AB, A Shares		25,782			299,356
Swedbank AB, A Shares		17,239			303,241
Swedish Match AB		2,910			238,974
Tele2 AB, B Shares		10,135			131,066
Telefonaktiebolaget LM Ericsson, B Shares		50,114			687,132
Telia Co. AB		43,489			180,215
Trelleborg AB, B Shares		5,811			151,602
Volvo AB, B Shares		27,539			673,677
Total Sweden					10,571,556
Switzerland — 8.4%
ABB Ltd.		28,522			927,227
Adecco Group AG		2,941			199,409
Alcon, Inc.*		7,693			577,787
Baloise Holding AG*		979			165,734
Chocoladefabriken Lindt & Spruengli AG*		32			297,177
Cie Financiere Richemont SA, Class A		8,719			895,178
Clariant AG		5,953			124,765
Coca-Cola HBC AG*		3,706			128,381
Credit Suisse Group AG		39,767			416,223
EMS-Chemie Holding AG		138			128,990
Geberit AG		679			446,984
Givaudan SA		158			662,455
Julius Baer Group Ltd.		3,973			250,564
Kuehne + Nagel International AG		758			226,889
LafargeHolcim Ltd.*		8,460			522,228
Logitech International SA		2,442			274,174
Lonza Group AG*		1,294			824,028
Nestle SA(d)		45,448			5,425,556
Novartis AG		34,816			2,975,994
Partners Group Holding AG		409			582,972
PSP Swiss Property AG		1,060			130,866

	Shares		Value
Common Stocks (continued)
Switzerland (continued)
Roche Holding AG(d)		11,826		$	3,858,799
Schindler Holding AG — Participating Certificate		955			272,034
SGS SA		113			334,521
SIG Combibloc Group AG*		5,280			129,446
Sika AG		2,469			737,411
Sonova Holding AG*		967			286,373
STMicroelectronics NV		10,638			399,036
Straumann Holding AG		178			254,592
Swatch Group AG (The) — Bearer		620			190,069
Swiss Life Holding AG		629			306,828
Swiss Prime Site AG		1,591			154,817
Swiss Re AG		4,833			449,783
Swisscom AG		439			238,404
Temenos AG		1,048			154,089
UBS Group AG		55,842			852,585
Vifor Pharma AG		1,049			151,303
Zurich Insurance Group AG		2,392			982,712
Total Switzerland					25,936,383
United Kingdom — 11.2%
3i Group PLC		17,446			309,665
Admiral Group PLC		3,863			167,355
Ashtead Group PLC		7,876			507,179
Associated British Foods PLC*		6,335			202,438
AstraZeneca PLC		21,535			2,300,327
Auto Trader Group PLC*(a)		17,770			140,289
Aviva PLC		68,239			378,205
B&M European Value Retail SA		15,492			121,361
BAE Systems PLC		54,428			381,464
Barclays PLC		289,495			703,440
Barratt Developments PLC		18,904			202,060
Bellway PLC		2,212			110,622
Berkeley Group Holdings PLC		2,399			153,688
BP PLC		325,480			1,365,450
British American Tobacco PLC		37,762			1,402,241
British Land Co. PLC (The)		18,673			134,026
BT Group PLC*		144,934			331,003
Bunzl PLC		6,606			212,835
Burberry Group PLC*		7,586			216,471
Centrica PLC*		98,165			77,009
CK Hutchison Holdings Ltd.		48,010			393,755
CNH Industrial NV		17,819			265,343
Compass Group PLC*		30,160			656,645
Croda International PLC		2,475			231,786
DCC PLC		1,838			159,915
Diageo PLC		37,832			1,702,884
Direct Line Insurance Group PLC		27,679			109,259
DS Smith PLC		24,079			140,289
Entain PLC*		10,804			253,026
Experian PLC		15,464			597,786
GlaxoSmithKline PLC		81,556			1,512,655
Halma PLC		5,279			189,158

See notes to financial statements.

117

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Hargreaves Lansdown PLC(a)		6,351		$	151,200
HSBC Holdings PLC		331,642			2,079,145
IMI PLC		5,995			132,308
Imperial Brands PLC		16,024			334,455
Informa PLC*		27,510			214,136
InterContinental Hotels Group PLC*		3,505			250,019
Intermediate Capital Group PLC		5,674			171,731
Intertek Group PLC		3,038			258,181
ITV PLC*		68,361			114,526
JD Sports Fashion PLC*		8,520			108,338
Johnson Matthey PLC		3,660			164,692
Kingfisher PLC*		40,591			200,804
Land Securities Group PLC		13,326			132,991
Legal & General Group PLC		106,429			401,399
Lloyds Banking Group PLC		1,175,421			739,423
London Stock Exchange Group PLC		5,607			574,475
M&G PLC		52,206			157,068
Meggitt PLC*		15,410			99,425
Melrose Industries PLC		87,768			197,955
Mondi PLC		9,017			245,320
National Grid PLC		57,924			730,289
Natwest Group PLC		73,788			200,853
Next PLC*		2,327			251,369
Ocado Group PLC*		8,261			239,850
Pearson PLC(a)		14,623			168,044
Persimmon PLC		5,988			259,664
Prudential PLC		43,060			914,850
Reckitt Benckiser Group PLC		10,465			934,706
RELX PLC		31,221			812,452
Rentokil Initial PLC		31,722			219,779
Rightmove PLC(a)		15,956			135,644
Rolls-Royce Holdings PLC*		127,823			185,154
RSA Insurance Group PLC		18,861			178,202
Sage Group PLC (The)		20,057			177,172
Segro PLC		19,397			270,038
Severn Trent PLC		4,546			155,907
Smith & Nephew PLC		15,259			331,797
Smiths Group PLC		7,579			170,572
Spirax-Sarco Engineering PLC		1,217			199,083
SSE PLC		17,579			357,297
St James’s Place PLC(a)		9,570			180,401
Standard Chartered PLC		42,177			303,427
Standard Life Aberdeen PLC		40,067			153,943
Tate & Lyle PLC		11,684			129,417
Taylor Wimpey PLC		70,043			174,173
Tesco PLC		126,032			385,640
THG PLC*		11,100			95,285
Unilever PLC		41,407			2,425,923
United Utilities Group PLC		12,717			170,474
Vodafone Group PLC		445,584			843,965
Weir Group PLC (The)*		5,255			139,477
Whitbread PLC*(a)		4,025			180,782

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
WPP PLC		21,300		$	287,713
Total United Kingdom					34,720,562
United States — 0.6%
Amcor PLC		30,494			356,860
Ferguson PLC		3,937			497,783
James Hardie Industries PLC		8,029			266,066
OneMarket Ltd.*(c)		1,633			—
QIAGEN NV*		4,326			211,066
Stellantis NV		35,775			595,343
Total United States					1,927,118
Total Common Stocks
(Cost $275,500,368)					306,697,931
Preferred Stocks — 1.0%
Germany — 0.7%
FUCHS PETROLUB SE, 2.20%		2,275			121,431
Henkel AG & Co. KGaA, 1.93%		3,269			376,050
Porsche Automobil Holding SE, 2.51%		2,798			294,990
Sartorius AG, 0.16%		609			343,977
Volkswagen AG, 2.22%		3,507			914,848
Total Germany					2,051,296
South Korea — 0.3%
Samsung Electronics Co., Ltd., 4.03%		12,964			854,283
Total Preferred Stocks
(Cost $1,916,266)					2,905,579
Rights — 0.0%(b)
Switzerland — 0.0%(b)
Credit Suisse Group AG, expires 5/11/21*(c)		39,767			—
Netherlands — 0.0%(b)
Euronext NV, expires 5/13/21*		1,044			12,253
Total Rights
(Cost $0)					12,253
Short-Term Investment — 3.0%
Money Market Fund — 3.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(e)(f) (Cost $9,425,880)		9,425,880			9,425,880
Total Investments — 102.8%
(Cost $286,842,514)					319,041,643
Other Assets and Liabilities, Net — (2.8)%					(8,653,888)
Net Assets — 100.0%				$	310,387,755

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

See notes to financial statements.

118

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

was $12,045,010; total market value of collateral held by the Fund was $14,108,563. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $4,682,683.

(b)

Less than 0.05%.

(c)

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.

(d)

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 $6,532,407.

(e)

Reflects the 1-day yield at April 30, 2021.

(f)

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

Forward Foreign Currency Contracts Outstanding as of April 30, 2021:

Purchased Contracts	Settlement Date		Counterparty	Currency Amount Purchased		Value at Settlement Date			Value at April 30, 2021			Unrealized Appreciation
Australian Dollar		05/06/21	Morgan Stanley		13,993,378		$	10,808,762		$	10,809,495		$	733
Swiss Franc		05/06/21	Morgan Stanley		11,701,839			12,831,535			12,832,288			753
Danish Krone		05/06/21	Morgan Stanley		20,146,115			3,260,882			3,261,449			567
Euro		05/06/21	Morgan Stanley		37,689,000			45,369,446			45,375,515			6,069
British Pound		05/06/21	Morgan Stanley		15,226,197			21,080,403			21,081,744			1,341
Hong Kong Dollar		05/06/21	Morgan Stanley		37,960,277			4,887,263			4,887,561			298
Israeli Shekel		05/06/21	Morgan Stanley		2,396,019			738,686			738,788			102
South Korean Won#		05/06/21	Morgan Stanley		10,143,277,240			9,088,877			9,118,786			29,909
Norwegian Krone		05/06/21	Morgan Stanley		8,500,237			1,023,015			1,023,124			109
New Zealand Dollar		05/06/21	Morgan Stanley		639,102			458,527			458,547			20
Polish Zloty		05/06/21	Morgan Stanley		1,505,906			397,398			397,446			48
Singapore Dollar		05/06/21	Morgan Stanley		2,339,959			1,758,647			1,758,799			152
Unrealized Appreciation							$	111,703,441		$	111,743,542		$	40,101

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2021			Unrealized Appreciation
Swedish Krona		06/04/21	Morgan Stanley		(44,695,216)		$	(5,287,549)		$	(5,287,487)		$	62
Unrealized Appreciation							$	(5,287,549)		$	(5,287,487)		$	62
Total Unrealized Appreciation													$	40,163

Purchased Contracts	Settlement Date		Counterparty	Currency Amount Purchased		Value at Settlement Date			Value at April 30, 2021			Unrealized (Depreciation)
Japanese Yen		05/06/21	Morgan Stanley		4,067,497,352		$	37,214,078		$	37,214,046		$	(32)
Swedish Krona		05/06/21	Morgan Stanley		44,817,328			5,300,831			5,300,502			(329)
Unrealized Depreciation							$	42,514,909		$	42,514,548		$	(361)

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2021			Unrealized (Depreciation)
Australian Dollar		05/06/21	Morgan Stanley		(13,993,378)		$	(10,658,469)		$	(10,809,495)		$	(151,026)
Australian Dollar		06/04/21	Morgan Stanley		(14,263,225)			(11,018,128)			(11,019,465)			(1,337)
Swiss Franc		05/06/21	Morgan Stanley		(11,701,839)			(12,441,684)			(12,832,288)			(390,604)
Swiss Franc		06/04/21	Morgan Stanley		(11,697,528)			(12,834,892)			(12,837,546)			(2,654)
Danish Krone		05/06/21	Morgan Stanley		(20,146,115)			(3,184,707)			(3,261,449)			(76,742)
Danish Krone		06/04/21	Morgan Stanley		(21,056,356)			(3,409,578)			(3,410,485)			(907)
Euro		05/06/21	Morgan Stanley		(37,689,000)			(44,317,214)			(45,375,515)			(1,058,301)
Euro		06/04/21	Morgan Stanley		(38,347,778)			(46,184,587)			(46,196,440)			(11,853)
British Pound		05/06/21	Morgan Stanley		(15,226,197)			(21,007,797)			(21,081,744)			(73,947)
British Pound		06/04/21	Morgan Stanley		(15,684,850)			(21,716,069)			(21,718,399)			(2,330)
Hong Kong Dollar		05/06/21	Morgan Stanley		(37,960,277)			(4,883,205)			(4,887,561)			(4,356)
Hong Kong Dollar		06/04/21	Morgan Stanley		(38,764,976)			(4,991,140)			(4,991,585)			(445)
Israeli Shekel		05/06/21	Morgan Stanley		(2,396,019)			(718,643)			(738,788)			(20,145)
Israeli Shekel		06/04/21	Morgan Stanley		(2,447,440)			(754,732)			(754,864)			(132)

See notes to financial statements.

119

Schedules of Investments — IQ 50 Percent Hedged FTSE International ETF (continued)

April 30, 2021

Sold Contracts	Settlement Date		Counterparty	Currency Amount Sold		Value at Settlement Date			Value at April 30, 2021			Unrealized (Depreciation)
Japanese Yen		05/06/21	Morgan Stanley		(4,067,497,352)			(36,816,710)			(37,214,046)			(397,336)
Japanese Yen		06/04/21	Morgan Stanley		(3,927,629,474)			(35,938,432)			(35,942,672)			(4,240)
South Korean Won#		05/06/21	Morgan Stanley		(10,143,277,240)			(8,994,835)			(9,118,786)			(123,951)
South Korean Won#		06/04/21	Morgan Stanley		(10,192,410,285)			(9,124,726)			(9,163,028)			(38,302)
Norwegian Krone		05/06/21	Morgan Stanley		(8,500,237)			(995,672)			(1,023,124)			(27,452)
Norwegian Krone		06/04/21	Morgan Stanley		(8,630,658)			(1,038,746)			(1,038,868)			(122)
New Zealand Dollar		05/06/21	Morgan Stanley		(639,102)			(447,542)			(458,547)			(11,005)
New Zealand Dollar		06/04/21	Morgan Stanley		(652,804)			(468,299)			(468,330)			(31)
Polish Zloty		05/06/21	Morgan Stanley		(1,505,906)			(381,721)			(397,446)			(15,725)
Polish Zloty		06/04/21	Morgan Stanley		(1,541,533)			(406,850)			(406,905)			(55)
Swedish Krona		05/06/21	Morgan Stanley		(44,817,328)			(5,142,509)			(5,300,503)			(157,994)
Singapore Dollar		05/06/21	Morgan Stanley		(2,339,959)			(1,740,907)			(1,758,799)			(17,892)
Singapore Dollar		06/04/21	Morgan Stanley		(2,375,770)			(1,785,182)			(1,785,519)			(337)
Unrealized Depreciation							$	(301,402,976)		$	(303,992,197)		$	(2,589,221)
Total Unrealized Depreciation													$	(2,589,582)
Net Unrealized Appreciation (Depreciation)													$	(2,549,419)

Non-deliverable forward.

As of April 30, 2021, there was collateral segregated by the counterparty for forward foreign currency contracts in the amount of $6,532,407.

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(g)
Common Stocks		$	306,406,846		$	266,340		$	24,745(h)		$	306,697,931
Preferred Stocks			2,905,579			—			—			2,905,579
Rights			12,253			—			0(h)			12,253
Short-Term Investment:
Money Market Fund			9,425,880			—			—			9,425,880
Total Investments in Securities			318,750,558			266,340			24,745			319,041,643
Other Financial Instruments:(i)
Forward Foreign Currency Contracts			—			40,163			—			40,163
Total Investments in Securities and Other Financial Instruments		$	318,750,558		$	306,503		$	24,745		$	319,081,806
Liability Valuation Inputs
Other Financial Instruments:(i)
Forward Foreign Currency Contracts		$	—		$	2,589,582		$	—		$	2,589,582

(g)

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

(h)

The Level 3 securities, valued at $24,745, have 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.

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the year.

See notes to financial statements.

120

Schedule of Investments — IQ Healthy Hearts ETF

April 30, 2021

	Shares		Value
Common Stocks — 99.8%
Australia — 0.5%
Ramsay Health Care Ltd.		601		$	31,253
Canada — 1.1%
George Weston Ltd.		416			36,700
Loblaw Cos., Ltd.		634			35,174
Total Canada					71,874
China — 1.0%
China Resources Pharmaceutical Group Ltd.		48,124			32,529
China Traditional Chinese Medicine Holdings Co., Ltd.		51,229			29,286
Total China					61,815
Denmark — 2.5%
Novo Nordisk A/S, Class B		2,238			164,128
France — 3.1%
Danone SA		797			56,251
Sanofi		1,401			147,183
Total France					203,434
Germany — 2.5%
adidas AG*		219			67,714
Fresenius SE & Co. KGaA		714			35,137
Puma SE*		288			30,412
Siemens Healthineers AG		552			31,550
Total Germany					164,813
Ireland — 0.5%
Glanbia PLC		2,353			34,670
Italy — 1.5%
Moncler SpA*		493			30,279
Recordati Industria Chimica e Farmaceutica SpA		600			33,109
Technogym SpA*		2,802			37,610
Total Italy					100,998
Japan — 1.4%
Asahi Intecc Co., Ltd.		1,071			28,827
Seiko Epson Corp.		1,876			31,889
Shimano, Inc.		137			31,378
Total Japan					92,094
Malaysia — 0.5%
IHH Healthcare Bhd		24,467			32,134
Netherlands — 0.9%
Basic-Fit NV*		718			32,430
uniQure NV*		835			26,945
Total Netherlands					59,375
South Africa — 0.5%
Netcare Ltd.*		33,975			35,269
South Korea — 0.4%
Celltrion Pharm, Inc.*		224			26,783
Spain — 0.6%
Fluidra SA		1,134			39,452

	Shares		Value
Common Stocks (continued)
Sweden — 1.1%
Getinge AB, B Shares		1,207		$	40,896
Thule Group AB		731			33,231
Total Sweden					74,127
Switzerland — 10.4%
Idorsia Ltd.*		1,117			28,977
Nestle SA		2,920			348,588
Novartis AG		3,548			303,275
Total Switzerland					680,840
Taiwan — 1.7%
Feng TAY Enterprise Co., Ltd.		4,598			34,156
Giant Manufacturing Co., Ltd.		3,044			38,795
Merida Industry Co., Ltd.		3,001			35,776
Total Taiwan					108,727
Thailand — 1.0%
Bangkok Dusit Medical Services PCL		46,270			32,246
Bumrungrad Hospital PCL		7,315			31,480
Total Thailand					63,726
United Kingdom — 2.6%
AstraZeneca PLC		1,588			169,627
United States — 66.0%
Abbott Laboratories		2,559			307,285
ABIOMED, Inc.*		94			30,149
Acadia Healthcare Co., Inc.*		555			33,811
Alphabet, Inc., Class A*		152			357,732
Anthem, Inc.		309			117,231
Apple, Inc.		2,527			332,199
Arena Pharmaceuticals, Inc.*		381			26,148
Boston Scientific Corp.*		1,791			78,088
Bristol-Myers Squibb Co.		2,837			177,085
Campbell Soup Co.		674			32,183
Centene Corp.*		721			44,514
Cytokinetics, Inc.*		1,636			41,620
Edwards Lifesciences Corp.*		786			75,079
Eli Lilly & Co.		1,496			273,424
Encompass Health Corp.		381			32,332
Garmin Ltd.		247			33,898
General Mills, Inc.		773			47,045
HCA Healthcare, Inc.		337			67,757
Healthcare Services Group, Inc.(a)		1,077			32,256
Johnson & Johnson		1,934			314,720
Kellogg Co.		531			33,145
LivaNova PLC*		395			33,524
Medical Properties Trust, Inc.		1,419			31,289
Medtronic PLC		2,620			343,010
Merck & Co., Inc.		4,220			314,390
Molina Healthcare, Inc.*		141			35,969
NIKE, Inc., Class B		2,274			301,578
Peloton Interactive, Inc., Class A*		325			31,964
Penumbra, Inc.*		108			33,047
Planet Fitness, Inc., Class A*		356			29,901
Select Medical Holdings Corp.*		968			36,513
Tenet Healthcare Corp.*		601			35,615
Under Armour, Inc., Class A*		1,400			34,034
United Therapeutics Corp.*		183			36,885

See notes to financial statements.

121

Schedule of Investments — IQ Healthy Hearts ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
United States (continued)
UnitedHealth Group, Inc.		922		$	367,694
Universal Health Services, Inc., Class B		245			36,360
Vail Resorts, Inc.*		99			32,191
VF Corp.		460			40,324
WW International, Inc.*		1,039			28,822
YETI Holdings, Inc.*		446			38,097
Total United States					4,328,908
Total Common Stocks
(Cost $6,261,101)					6,544,047
Short-Term Investments — 1.0%
Money Market Funds — 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		53,815			53,815

	Shares		Value
Short-Term Investments (continued)
Money Market Funds (continued)
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		9,122		$	9,122
Total Short-Term Investments (Cost $62,937)					62,937
Total Investments — 100.8% (Cost $6,324,038)					6,606,984
Other Assets and Liabilities, Net — (0.8)%					(47,540)
Net Assets — 100.0%				$	6,559,444

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 $31,597; total market value of collateral held by the Fund was $86,058. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $32,243.

(b)

Reflects the 1-day yield at April 30, 2021.

(c)

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

See notes to financial statements.

122

Schedule of Investments — IQ Healthy Hearts ETF (continued)

April 30, 2021

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Common Stocks		$	6,544,047		$	—		$	—		$	6,544,047
Short-Term Investments:
Money Market Funds			62,937			—			—			62,937
Total Investments in Securities		$	6,606,984		$	—		$	—		$	6,606,984

(d)

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

For the year ended April 30, 2021, 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.

123

Schedule of Investments — IQ Candriam ESG International Equity ETF

April 30, 2021

	Shares		Value
Common Stocks — 99.0%
Australia — 8.4%
Alumina Ltd.		38,260		$	51,128
AMP Ltd.		50,159			43,201
Ampol Ltd.		3,471			68,611
APA Group		16,463			127,550
Aurizon Holdings Ltd.		26,469			76,672
AusNet Services		27,418			40,134
Australia & New Zealand Banking Group Ltd.		39,184			869,893
BHP Group Ltd.		43,128			1,589,089
BHP Group PLC		30,170			912,507
BlueScope Steel Ltd.		7,367			123,032
Boral Ltd.*		18,161			86,976
Brambles Ltd.		21,625			173,724
CIMIC Group Ltd.*		1,052			15,765
Cochlear Ltd.		966			166,027
Computershare Ltd.		6,935			75,640
CSL Ltd.		6,652			1,393,312
Dexus		15,956			125,347
Fortescue Metals Group Ltd.		25,765			449,590
Goodman Group		26,246			383,376
GPT Group (The)		28,558			101,915
Insurance Australia Group Ltd.		34,308			129,856
Lendlease Group		10,087			99,033
Macquarie Group Ltd.		5,252			651,093
Magellan Financial Group Ltd.		1,931			72,343
Medibank Pvt Ltd.		40,809			97,091
Mirvac Group		57,652			119,795
National Australia Bank Ltd.		48,412			996,973
Newcrest Mining Ltd.		11,984			245,497
Oil Search Ltd.		27,492			80,698
QBE Insurance Group Ltd.		20,135			153,355
Ramsay Health Care Ltd.		2,713			141,080
REA Group Ltd.		844			103,236
Rio Tinto Ltd.		5,400			505,345
Rio Tinto PLC		15,624			1,314,374
Santos Ltd.		30,575			164,851
Scentre Group		74,987			157,552
SEEK Ltd.*		4,947			118,346
Seven Group Holdings Ltd.(a)		1,919			31,929
Sonic Healthcare Ltd.		6,925			191,930
Stockland		34,897			126,155
Suncorp Group Ltd.		18,768			152,367
Sydney Airport*		39,468			188,715
Telstra Corp., Ltd.		173,042			453,129
Transurban Group		40,177			439,762
Vicinity Centres		54,992			67,329
Wesfarmers Ltd.		16,553			691,870
Westpac Banking Corp.		53,665			1,035,509
WiseTech Global Ltd.		2,088			50,693
Woodside Petroleum Ltd.		14,082			248,663
Total Australia					15,702,058
Austria — 0.4%
ams AG*		3,738			64,879
ANDRITZ AG		1,062			57,785
CA Immobilien Anlagen AG		963			42,255
Erste Group Bank AG*		4,333			154,396
Oesterreichische Post AG(a)		485			21,515

	Shares		Value
Common Stocks (continued)
Austria (continued)
OMV AG		2,091		$	103,228
Raiffeisen Bank International AG		2,030			44,451
Verbund AG		974			80,082
voestalpine AG		1,636			71,096
Wienerberger AG		1,670			65,577
Total Austria					705,264
Belgium — 0.6%
Elia Group SA/NV		417			45,179
Galapagos NV*		631			49,290
KBC Group NV*		4,112			319,870
Proximus SADP(a)		2,122			45,291
Sofina SA		223			84,883
Solvay SA		1,039			132,329
Telenet Group Holding NV		638			27,357
UCB SA		1,774			164,565
Umicore SA		2,850			173,463
Warehouses De Pauw CVA		1,957			69,073
Total Belgium					1,111,300
Brazil — 0.1%
Yara International ASA		2,437			127,508
Chile — 0.1%
Antofagasta PLC		5,082			131,262
China — 0.6%
China Gas Holdings Ltd.		27,278			98,514
CSPC Pharmaceutical Group Ltd.		124,234			153,876
Fosun International Ltd.		34,602			49,808
Prosus NV*		6,012			653,016
Shimao Group Holdings Ltd.		18,340			53,130
Sun Art Retail Group Ltd.		23,302			21,481
Wharf Holdings Ltd. (The)		20,091			61,048
Total China					1,090,873
Colombia — 0.0%(b)
Millicom International Cellular SA*		1,486			58,872
Denmark — 2.9%
AP Moller — Maersk A/S, Class A		45			105,987
AP Moller — Maersk A/S, Class B		86			213,968
Chr Hansen Holding A/S*		1,444			132,908
Coloplast A/S, Class B		1,816			300,871
Danske Bank A/S		9,558			182,646
Demant A/S*		1,438			72,207
DSV PANALPINA A/S		3,319			741,149
Genmab A/S*		958			352,021
GN Store Nord A/S		1,886			170,476
H Lundbeck A/S		914			28,229
Novo Nordisk A/S, Class B		24,281			1,780,695
Novozymes A/S, Class B		2,949			210,184
Orsted A/S		2,629			383,946
Tryg A/S		3,822			87,574
Vestas Wind Systems A/S		14,580			609,383
Total Denmark					5,372,244
Finland — 1.6%
Elisa OYJ		2,087			118,557

See notes to financial statements.

124

Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Finland (continued)
Huhtamaki OYJ		1,304		$	61,943
Kesko OYJ, Class B		3,877			118,265
Kone OYJ, Class B		5,236			411,844
Metso Outotec OYJ		11,705			131,661
Neste OYJ		6,787			411,778
Nokia OYJ*		82,306			390,623
Nordea Bank Abp		58,071			602,169
Orion OYJ, Class B		1,444			64,021
Sampo OYJ, Class A		6,748			320,949
UPM-Kymmene OYJ		7,454			292,075
Wartsila OYJ Abp		7,909			102,206
Total Finland					3,026,091
France — 9.6%
Adevinta ASA*		3,738			68,612
Air Liquide SA		6,944			1,171,289
Amundi SA*		879			78,408
AXA SA		33,208			940,430
BioMerieux		600			71,448
BNP Paribas SA*		16,737			1,075,701
Bouygues SA(a)		4,406			189,033
Capgemini SE		2,326			426,726
Carrefour SA		9,153			177,451
Cie de Saint-Gobain*		7,508			474,502
Cie Generale des Etablissements Michelin		2,395			346,981
Credit Agricole SA*		18,907			292,970
Danone SA		9,328			658,359
Dassault Systemes SE		1,958			454,791
EssilorLuxottica SA		4,343			723,569
Hermes International		488			613,302
Kering SA(a)		1,101			883,368
Legrand SA		3,857			376,088
L’Oreal SA		3,081			1,267,148
Orange SA		29,282			364,834
Sanofi(a)		15,940			1,674,586
Sartorius Stedim Biotech		352			161,868
Schneider Electric SE		7,873			1,260,699
Societe Generale SA*		12,198			347,569
Sodexo SA*		1,153			115,341
Teleperformance		849			328,173
TOTAL SE(a)		38,963			1,727,227
Vinci SA		8,268			909,706
Vivendi SE*		10,230			357,131
Worldline SA*		3,330			327,226
Total France					17,864,536
Germany — 8.6%
adidas AG*		2,571			794,943
Allianz SE		6,043			1,574,215
BASF SE		13,494			1,089,652
Bayerische Motoren Werke AG		4,692			471,062
Beiersdorf AG		1,440			162,773
Continental AG		1,582			214,513
Covestro AG		2,756			180,548
Deutsche Bank AG*		28,123			392,915
Deutsche Boerse AG		2,692			464,382
Deutsche Post AG		14,453			851,744

	Shares		Value
Common Stocks (continued)
Germany (continued)
Deutsche Telekom AG		47,625		$	917,295
Deutsche Wohnen SE		5,053			273,726
E.ON SE		31,306			377,841
Evonik Industries AG		2,812			98,574
Fresenius Medical Care AG & Co. KGaA		2,917			232,320
Fresenius SE & Co. KGaA		5,981			294,333
Hannover Rueck SE		883			163,483
Hapag-Lloyd AG		359			65,386
HeidelbergCement AG		2,170			199,105
Henkel AG & Co. KGaA		1,485			147,838
Infineon Technologies AG		19,067			770,412
Knorr-Bremse AG		975			119,718
Merck KGaA		1,900			334,277
Muenchener Rueckversicherungs- Gesellschaft AG		2,056			595,612
SAP SE		14,798			2,079,943
Siemens AG		11,859			1,981,775
Symrise AG		1,822			235,563
Talanx AG		785			33,150
Telefonica Deutschland Holding AG		11,707			34,077
Volkswagen AG(a)		415			131,988
Vonovia SE		8,310			546,595
Zalando SE*		2,418			251,900
Total Germany					16,081,658
Hong Kong — 2.9%
AIA Group Ltd.		177,468			2,259,807
ASM Pacific Technology Ltd.		4,510			68,403
Bank of East Asia Ltd. (The)		20,408			42,882
CK Infrastructure Holdings Ltd.		9,028			55,329
Hang Lung Properties Ltd.		27,174			74,173
Hang Seng Bank Ltd.		10,628			208,678
Hong Kong & China Gas Co., Ltd.		151,817			243,553
Hong Kong Exchanges & Clearing Ltd.		18,614			1,126,400
Link REIT		30,636			289,720
MTR Corp., Ltd.		22,621			126,112
New World Development Co., Ltd.		20,567			108,835
Power Assets Holdings Ltd.		20,072			123,401
Sino Biopharmaceutical Ltd.		145,465			156,761
Swire Pacific Ltd., Class A		7,329			59,307
Swire Pacific Ltd., Class B		12,859			16,308
Swire Properties Ltd.		15,644			46,730
Techtronic Industries Co., Ltd.		20,023			365,046
Wharf Real Estate Investment Co., Ltd.		20,904			120,307
Total Hong Kong					5,491,752
Ireland — 0.7%
AIB Group PLC*		11,698			34,276
CRH PLC		11,527			546,939
Kerry Group PLC, Class A		2,268			294,318
Kingspan Group PLC		2,245			200,149
Smurfit Kappa Group PLC		3,770			193,862
Total Ireland					1,269,544

See notes to financial statements.

125

Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Israel — 0.5%
Bank Hapoalim BM*		16,026		$	127,977
Bank Leumi Le-Israel BM*		20,637			145,582
Check Point Software Technologies Ltd.*		1,619			189,116
Nice Ltd.*		853			206,402
Wix.com Ltd.*		789			250,807
Total Israel					919,884
Italy — 2.3%
A2A SpA		23,005			45,057
Amplifon SpA*		1,707			72,188
Assicurazioni Generali SpA		16,998			341,412
Banca Mediolanum SpA*		3,175			29,705
Buzzi Unicem SpA		1,404			37,538
DiaSorin SpA		343			58,323
Enel SpA		114,110			1,135,601
Eni SpA		36,281			433,693
FinecoBank Banca Fineco SpA*		8,950			154,284
Hera SpA		12,669			51,015
Intesa Sanpaolo SpA*		251,906			703,830
Mediobanca Banca di Credito Finanziario SpA*		10,943			123,854
Moncler SpA*		2,942			180,691
Nexi SpA*		7,373			141,477
Pirelli & C SpA*		6,152			34,637
Prysmian SpA		3,476			109,004
Recordati Industria Chimica e Farmaceutica SpA		1,390			76,703
Telecom Italia SpA		144,780			79,527
Telecom Italia SpA-RSP		89,860			52,789
Terna Rete Elettrica Nazionale SpA		20,707			152,803
UniCredit SpA		31,285			322,452
UnipolSai Assicurazioni SpA		6,558			20,415
Total Italy					4,356,998
Japan — 23.3%
ABC-Mart, Inc.		473			25,315
Advantest Corp.		2,875			273,020
Aeon Co., Ltd.		10,539			287,568
Aeon Mall Co., Ltd.		1,439			22,828
Air Water, Inc.		2,823			46,747
Ajinomoto Co., Inc.		7,984			159,709
Alfresa Holdings Corp.		2,674			47,875
Asahi Intecc Co., Ltd.		2,849			76,682
Astellas Pharma, Inc.		27,072			406,309
Benesse Holdings, Inc.		1,157			25,542
Bridgestone Corp.		8,392			336,048
Brother Industries Ltd.		3,655			77,276
Canon, Inc.		14,986			356,878
Central Japan Railway Co.		2,506			366,483
Chugai Pharmaceutical Co., Ltd.		9,258			347,350
CyberAgent, Inc.		5,862			120,560
Dai Nippon Printing Co., Ltd.		3,445			68,424
Daifuku Co., Ltd.		1,652			163,530
Daiichi Sankyo Co., Ltd.		27,868			710,563
Daikin Industries Ltd.		3,841			770,625
Daito Trust Construction Co., Ltd.		940			99,930
Daiwa House Industry Co., Ltd.		8,793			260,238

	Shares		Value
Common Stocks (continued)
Japan (continued)
Daiwa House REIT Investment Corp.		27		$	72,400
Daiwa Securities Group, Inc.		21,284			113,347
Denso Corp.		6,475			418,160
Dentsu Group, Inc.		3,155			96,984
Disco Corp.		409			132,461
East Japan Railway Co.		5,017			343,279
Eisai Co., Ltd.		3,972			259,058
ENEOS Holdings, Inc.		45,672			196,886
FANUC Corp.		2,797			644,202
Fast Retailing Co., Ltd.		797			654,123
FUJIFILM Holdings Corp.		5,483			355,501
Fujitsu Ltd.		2,722			433,433
GMO Payment Gateway, Inc.		608			77,596
Hakuhodo DY Holdings, Inc.		3,011			50,714
Hamamatsu Photonics K.K.		2,045			118,616
Hikari Tsushin, Inc.		285			57,310
Hirose Electric Co., Ltd.		471			75,020
Hisamitsu Pharmaceutical Co., Inc.		985			57,313
Hitachi Construction Machinery Co., Ltd.		1,541			47,299
Hitachi Ltd.		13,824			680,545
Hoshizaki Corp.		752			66,734
Hoya Corp.		5,391			613,303
Hulic Co., Ltd.		4,891			55,664
Idemitsu Kosan Co., Ltd.		3,030			72,545
Inpex Corp.		14,408			98,334
Isetan Mitsukoshi Holdings Ltd.		4,958			34,564
Isuzu Motors Ltd.		8,114			82,101
ITOCHU Corp.		21,586			673,026
Itochu Techno-Solutions Corp.		1,353			46,913
J Front Retailing Co., Ltd.		3,706			35,261
Japan Metropolitan Fund Invest.		76			74,884
Japan Post Holdings Co., Ltd.*		20,699			173,765
Japan Real Estate Investment Corp.		17			105,448
JFE Holdings, Inc.		6,968			91,670
JTEKT Corp.		3,355			30,203
Kajima Corp.		6,519			90,057
Kakaku.com, Inc.		1,906			51,789
Kao Corp.		6,910			442,966
KDDI Corp.		23,275			703,967
Keihan Holdings Co., Ltd.		1,489			54,285
Keikyu Corp.		3,410			43,614
Keio Corp.		1,605			104,254
Keisei Electric Railway Co., Ltd.		2,200			68,634
Kikkoman Corp.		2,135			131,063
Kintetsu Group Holdings Co., Ltd.*		2,659			95,238
Kobayashi Pharmaceutical Co., Ltd.		726			64,759
Koito Manufacturing Co., Ltd.		1,740			108,407
Kose Corp.		453			68,216
Kubota Corp.		16,961			398,790
Kuraray Co., Ltd.		4,925			53,483
Kyocera Corp.		4,798			291,335
Kyowa Kirin Co., Ltd.		3,655			111,016
Kyushu Railway Co.		2,020			45,314
Lasertec Corp.		1,128			199,584
Lion Corp.		3,709			69,562
Lixil Corp.		3,988			108,032
Marubeni Corp.		24,678			205,136

See notes to financial statements.

126

Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Japan (continued)
Marui Group Co., Ltd.		2,924		$	54,732
Mazda Motor Corp.*		8,521			65,951
Medipal Holdings Corp.		2,495			45,835
MEIJI Holdings Co., Ltd.		1,888			116,937
MINEBEA MITSUMI, Inc.		5,599			140,404
MISUMI Group, Inc.		4,165			117,361
Mitsubishi Chemical Holdings Corp.		20,267			150,837
Mitsubishi Corp.		19,890			549,543
Mitsubishi Estate Co., Ltd.		17,472			287,004
Mitsubishi Gas Chemical Co., Inc.		2,796			64,640
Mitsubishi Materials Corp.		1,724			38,690
Mitsui & Co., Ltd.		23,573			496,779
Mitsui Chemicals, Inc.		2,575			81,039
Mitsui Fudosan Co., Ltd.		13,051			282,978
Miura Co., Ltd.		1,407			73,758
Mizuho Financial Group, Inc.		34,413			483,271
MonotaRO Co., Ltd.		3,558			90,818
MS&AD Insurance Group Holdings, Inc.		6,922			195,998
Nabtesco Corp.		1,631			73,339
Nagoya Railroad Co., Ltd.*		2,855			65,456
NEC Corp.		3,663			213,135
NGK Insulators Ltd.		4,520			82,332
NGK Spark Plug Co., Ltd.		2,807			46,841
NH Foods Ltd.		1,487			66,320
Nidec Corp.		7,370			853,276
Nikon Corp.		4,334			40,761
Nintendo Co., Ltd.		1,712			981,888
Nippon Building Fund, Inc.		22			144,513
Nippon Prologis REIT, Inc.		26			83,491
Nippon Sanso Holdings Corp.		2,464			46,302
Nippon Telegraph & Telephone Corp.		34,141			860,514
Nippon Yusen K.K.		2,318			90,977
Nissan Chemical Corp.		1,868			96,045
Nissan Motor Co., Ltd.*		32,318			161,937
Nisshin Seifun Group, Inc.		3,479			56,082
Nissin Foods Holdings Co., Ltd.		1,022			72,462
Nitto Denko Corp.		2,143			177,628
Nomura Holdings, Inc.		44,084			236,704
Nomura Real Estate Holdings, Inc.		1,685			41,468
Nomura Real Estate Master Fund, Inc.		61			96,435
Nomura Research Institute Ltd.		5,314			163,594
NTT Data Corp.		9,217			143,182
Obayashi Corp.		9,671			88,212
Odakyu Electric Railway Co., Ltd.		4,979			134,604
Oji Holdings Corp.		12,686			79,966
Omron Corp.		2,800			212,360
Ono Pharmaceutical Co., Ltd.		5,841			147,007
Oriental Land Co., Ltd.		2,922			413,686
ORIX Corp.		17,892			287,683
Orix JREIT, Inc.		37			65,263
Pan Pacific International Holdings Corp.		5,706			122,937
Panasonic Corp.		31,503			371,505
PeptiDream, Inc.*		1,397			59,878
Persol Holdings Co., Ltd.		2,607			47,916

	Shares		Value
Common Stocks (continued)
Japan (continued)
Pigeon Corp.		1,696		$	57,488
Pola Orbis Holdings, Inc.		1,238			32,087
Rakuten Group, Inc.		11,845			150,521
Recruit Holdings Co., Ltd.		19,478			880,123
Resona Holdings, Inc.		33,063			135,815
Ricoh Co., Ltd.		10,195			108,381
Rinnai Corp.		513			51,532
Rohm Co., Ltd.		1,245			123,355
Ryohin Keikaku Co., Ltd.		3,512			73,900
Santen Pharmaceutical Co., Ltd.		5,560			71,214
SBI Holdings, Inc.		3,393			95,918
Secom Co., Ltd.		3,077			255,495
Seiko Epson Corp.		4,240			72,073
Sekisui Chemical Co., Ltd.		5,791			100,768
Sekisui House Ltd.		8,698			175,782
Seven Bank Ltd.		8,963			19,270
SG Holdings Co., Ltd.		6,258			142,216
Sharp Corp.		3,011			50,879
Shimadzu Corp.		4,111			143,860
Shimano, Inc.		1,125			257,668
Shimizu Corp.		8,633			70,688
Shionogi & Co., Ltd.		4,428			232,814
Shiseido Co., Ltd.		5,797			420,462
Shizuoka Bank Ltd. (The)		7,529			57,653
SMC Corp.		917			532,305
SoftBank Corp.		40,943			527,964
SoftBank Group Corp.		18,220			1,647,726
Sohgo Security Services Co., Ltd.		1,043			45,707
Sompo Holdings, Inc.		4,746			176,284
Sony Group Corp.		18,114			1,806,346
Square Enix Holdings Co., Ltd.		1,290			71,755
Stanley Electric Co., Ltd.		2,142			61,337
Sumitomo Chemical Co., Ltd.		23,339			118,932
Sumitomo Corp.		17,024			231,753
Sumitomo Dainippon Pharma Co., Ltd.		2,462			42,683
Sumitomo Heavy Industries Ltd.		1,695			49,080
Sumitomo Metal Mining Co., Ltd.		3,538			150,156
Sumitomo Mitsui Financial Group, Inc.		18,884			656,850
Sumitomo Mitsui Trust Holdings, Inc.		4,299			146,309
Sumitomo Rubber Industries Ltd.		2,635			32,592
Sundrug Co., Ltd.		1,007			34,317
Suntory Beverage & Food Ltd.		1,837			62,015
Suzuken Co., Ltd.		925			33,300
Sysmex Corp.		2,175			217,391
T&D Holdings, Inc.		7,350			90,038
Taiheiyo Cement Corp.		1,763			44,178
Taisei Corp.		2,767			102,017
Takeda Pharmaceutical Co., Ltd.		22,574			750,711
TDK Corp.		1,853			251,746
Teijin Ltd.		2,686			44,183
Terumo Corp.		10,389			392,730
Tobu Railway Co., Ltd.		2,848			73,216
Toho Gas Co., Ltd.		1,320			73,303
Tokyo Century Corp.		532			32,853
Tokyo Electron Ltd.		2,181			964,145
Tokyu Corp.		8,699			111,816

See notes to financial statements.

127

Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Japan (continued)
Tokyu Fudosan Holdings Corp.		8,964		$	49,779
Toppan Printing Co., Ltd.		4,110			70,051
TOTO Ltd.		2,271			117,804
Toyoda Gosei Co., Ltd.		1,017			24,842
Toyota Industries Corp.		2,260			180,916
Toyota Motor Corp.		33,072			2,458,956
Trend Micro, Inc.		1,948			92,673
Tsuruha Holdings, Inc.		545			62,924
Unicharm Corp.		5,897			228,964
United Urban Investment Corp.		38			56,806
Welcia Holdings Co., Ltd.		1,398			43,614
West Japan Railway Co.		2,546			140,501
Yakult Honsha Co., Ltd.		1,875			91,258
Yamada Holdings Co., Ltd.		9,796			48,754
Yamaha Corp.		2,425			132,004
Yamaha Motor Co., Ltd.		4,295			107,233
Yamato Holdings Co., Ltd.		4,697			132,567
Yaskawa Electric Corp.		3,660			168,761
Yokohama Rubber Co., Ltd. (The)		1,979			36,772
Total Japan					43,560,816
Luxembourg — 0.3%
ArcelorMittal SA*		10,140			296,008
Eurofins Scientific SE*		1,865			184,883
Total Luxembourg					480,891
Mexico — 0.0%(b)
Fresnillo PLC		2,704			30,834
Netherlands — 5.8%
ABN AMRO Bank NV*		6,480			83,841
Adyen NV*		354			869,975
Akzo Nobel NV		2,541			305,641
ASML Holding NV		6,074			3,957,189
ING Groep NV		57,294			733,156
Koninklijke DSM NV		2,499			448,838
Koninklijke KPN NV(a)		50,597			174,564
Koninklijke Philips NV*		13,241			747,244
NN Group NV		4,098			205,072
NXP Semiconductors NV		4,090			787,366
Randstad NV		1,750			126,568
Royal Dutch Shell PLC, Class A		60,229			1,138,275
Royal Dutch Shell PLC, Class B		54,429			978,923
Wolters Kluwer NV		3,872			350,795
Total Netherlands					10,907,447
New Zealand — 0.4%
a2 Milk Co., Ltd. (The)*		10,039			55,103
Auckland International Airport Ltd.*		17,715			96,473
Chorus Ltd.		6,597			32,140
Fisher & Paykel Healthcare Corp., Ltd.		8,427			217,367
Fletcher Building Ltd.		11,198			58,411
Mercury NZ Ltd.		9,033			44,979
Meridian Energy Ltd.		16,978			64,929
Ryman Healthcare Ltd.		5,643			57,453
Spark New Zealand Ltd.		27,477			86,745
Total New Zealand					713,600

	Shares		Value
Common Stocks (continued)
Norway — 0.9%
Aker ASA, Class A		342		$	25,583
Austevoll Seafood ASA		1,275			16,328
DNB ASA		12,964			279,387
Entra ASA		2,462			55,711
Equinor ASA		15,561			317,468
Gjensidige Forsikring ASA		2,752			62,753
Leroy Seafood Group ASA		4,181			38,467
Mowi ASA		6,170			152,687
NEL ASA*		20,779			60,475
Norsk Hydro ASA		19,703			126,070
Orkla ASA		11,086			113,366
Scatec ASA		1,399			37,803
Schibsted ASA, Class A*		1,059			53,458
Schibsted ASA, Class B*		1,412			62,033
SpareBank 1 SR-Bank ASA		2,670			34,644
Storebrand ASA		6,641			63,755
Telenor ASA		9,373			167,476
TGS NOPEC Geophysical Co. ASA		1,702			25,966
TOMRA Systems ASA		1,705			85,535
Total Norway					1,778,965
Poland — 0.3%
Bank Polska Kasa Opieki SA*		2,400			50,698
CD Projekt SA*		939			43,150
Cyfrowy Polsat SA		2,954			23,014
Dino Polska SA*		730			47,433
KGHM Polska Miedz SA*		2,040			104,771
Polski Koncern Naftowy ORLEN SA		4,623			81,405
Polskie Gornictwo Naftowe i Gazownictwo SA		24,227			42,072
Powszechna Kasa Oszczednosci Bank Polski SA*		13,149			122,396
Powszechny Zaklad Ubezpieczen SA*		8,474			73,065
Total Poland					588,004
Portugal — 0.2%
EDP — Energias de Portugal SA		38,897			216,422
Jeronimo Martins SGPS SA		3,641			66,578
NOS SGPS SA		3,057			11,607
Total Portugal					294,607
Singapore — 1.3%
Ascendas Real Estate Investment Trust		48,461			113,284
CapitaLand Integrated Commercial Trust		64,975			105,003
CapitaLand Ltd.		38,167			106,721
City Developments Ltd.		8,709			51,649
ComfortDelGro Corp., Ltd.		32,118			41,524
DBS Group Holdings Ltd.		26,339			592,152
Jardine Cycle & Carriage Ltd.		1,412			24,602
Keppel Corp., Ltd.		21,292			86,743
Mapletree Commercial Trust		33,179			54,617
Oversea-Chinese Banking Corp., Ltd.		54,599			500,682
SATS Ltd.*		9,935			30,319
Singapore Telecommunications Ltd.		114,955			216,016

See notes to financial statements.

128

Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Singapore (continued)
Suntec Real Estate Investment Trust		26,517		$	30,495
United Overseas Bank Ltd.		21,148			422,674
UOL Group Ltd.		7,906			45,758
Venture Corp., Ltd.		4,001			60,598
Total Singapore					2,482,837
South Africa — 0.4%
Anglo American PLC		17,058			725,062
Spain — 3.1%
ACS Actividades de Construccion y Servicios SA		3,387			110,616
Aena SME SA*		997			173,667
Amadeus IT Group SA*		6,606			450,895
Banco Bilbao Vizcaya Argentaria SA*		97,576			548,606
Banco Santander SA*		252,126			975,782
CaixaBank SA*		52,065			167,156
Cellnex Telecom SA*		7,596			430,137
EDP Renovaveis SA*		2,280			54,399
Ferrovial SA		5,969			169,865
Grifols SA		4,293			116,536
Iberdrola SA		91,806			1,241,648
Industria de Diseno Textil SA(a)		16,290			580,845
Mapfre SA		14,295			30,812
Red Electrica Corp. SA		6,198			113,969
Repsol SA		19,956			238,741
Siemens Gamesa Renewable Energy SA		3,275			118,668
Telefonica SA		69,042			320,275
Total Spain					5,842,617
Sweden — 3.6%
AAK AB		2,538			58,259
Alfa Laval AB(a)		4,355			147,506
Assa Abloy AB, B Shares		13,774			393,066
Atlas Copco AB, A Shares		9,499			576,293
Atlas Copco AB, B Shares		5,731			297,877
Axfood AB		1,556			39,012
Boliden AB		3,945			153,867
Castellum AB		3,394			82,725
Electrolux AB, Series B		3,672			103,180
Elekta AB, B Shares		5,278			70,721
EQT AB		5,231			177,114
Essity AB, B Shares		8,927			291,699
Fabege AB		3,976			59,364
Fastighets AB Balder, B Shares*		1,313			75,730
H & M Hennes & Mauritz AB, B Shares*		10,899			269,132
Hexagon AB, B Shares		4,102			391,681
Holmen AB, B Shares		1,304			61,532
Husqvarna AB, B Shares		5,848			81,505
ICA Gruppen AB(a)		1,285			59,267
Indutrade AB(a)		3,735			97,706
Kinnevik AB, B Shares*		3,542			196,039
Lifco AB, B Shares		664			71,538
Nibe Industrier AB, B Shares		6,203			227,264
Sagax AB, B Shares		1,112			29,458
Sandvik AB(a)		15,689			388,340
Securitas AB, B Shares		4,519			77,198

	Shares		Value
Common Stocks (continued)
Sweden (continued)
Sinch AB*		549		$	86,839
Skandinaviska Enskilda Banken AB, A Shares		22,411			287,964
Skanska AB, B Shares		5,448			147,930
SKF AB, B Shares		6,228			161,008
SSAB AB, A Shares*		2,999			16,354
SSAB AB, B Shares*		8,139			40,821
Svenska Cellulosa AB SCA, B Shares		8,314			146,011
Svenska Handelsbanken AB, A Shares		21,428			248,801
Sweco AB, B Shares(a)		2,926			52,252
Swedbank AB, A Shares		15,804			277,999
Swedish Orphan Biovitrum AB*		2,498			42,555
Tele2 AB, B Shares(a)		6,579			85,080
Telefonaktiebolaget LM Ericsson, B Shares		43,274			593,346
Telia Co. AB		30,283			125,490
Wallenstam AB, B Shares		2,206			34,124
Total Sweden					6,823,647
Switzerland — 8.0%
ABB Ltd.		26,409			858,535
Alcon, Inc.*		7,182			539,408
Geberit AG		524			344,948
Givaudan SA		118			494,745
Kuehne + Nagel International AG		811			242,753
Lonza Group AG*		1,095			697,304
Nestle SA		41,127			4,909,717
Partners Group Holding AG		327			466,093
Roche Holding AG		10,318			3,366,742
Roche Holding AG		389			135,289
Schindler Holding AG — Participating Certificate		595			169,487
Schindler Holding AG — Registered		279			77,700
SGS SA		83			245,710
Sika AG		1,962			585,986
STMicroelectronics NV		9,430			353,723
Swiss Re AG		4,035			375,518
Swisscom AG		374			203,105
Zurich Insurance Group AG		2,203			905,065
Total Switzerland					14,971,828
United Kingdom — 11.7%
3i Group PLC		14,290			253,647
Admiral Group PLC		3,813			165,189
Ashtead Group PLC		6,585			424,044
ASOS PLC*		1,011			73,069
Associated British Foods PLC*		5,278			168,661
AstraZeneca PLC		18,517			1,977,950
Auto Trader Group PLC*		13,878			109,563
AVEVA Group PLC		1,630			78,537
Aviva PLC		57,698			319,783
Barclays PLC		254,794			619,120
Barratt Developments PLC		14,931			159,593
Berkeley Group Holdings PLC		1,754			112,367
BP PLC		298,672			1,252,985
British Land Co. PLC (The)		12,335			88,535
BT Group PLC*		127,969			292,258

See notes to financial statements.

129

Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Bunzl PLC		4,947		$	159,385
Burberry Group PLC*		5,943			169,587
CK Hutchison Holdings Ltd.		39,271			322,082
Coca-Cola European Partners PLC		2,060			117,049
Compass Group PLC*		26,181			570,014
ConvaTec Group PLC		23,573			71,216
Croda International PLC		2,045			191,516
DCC PLC		1,400			121,807
Direct Line Insurance Group PLC		20,041			79,109
DS Smith PLC		20,124			117,246
easyJet PLC*		4,774			68,478
Experian PLC		13,444			519,700
GlaxoSmithKline PLC		73,865			1,370,007
Halma PLC		5,556			199,084
Hargreaves Lansdown PLC		4,848			115,418
Informa PLC*		22,028			171,465
InterContinental Hotels Group PLC*		2,576			183,751
Intertek Group PLC		2,368			201,241
ITV PLC*		53,226			89,170
J Sainsbury PLC		32,656			107,473
JD Sports Fashion PLC*		6,430			81,762
Johnson Matthey PLC		2,838			127,704
Kingfisher PLC*		30,993			153,322
Land Securities Group PLC		10,878			108,561
Legal & General Group PLC		87,593			330,358
Lloyds Banking Group PLC		1,039,241			653,756
M&G PLC		38,180			114,869
Mondi PLC		7,129			193,955
Natwest Group PLC		68,089			185,340
Next PLC*		1,792			193,577
Pearson PLC		11,046			126,938
Phoenix Group Holdings PLC		10,587			104,279
Prudential PLC		38,268			813,039
Reckitt Benckiser Group PLC		10,450			933,366
RELX PLC		28,357			737,924
Rentokil Initial PLC		27,201			188,456
Rightmove PLC		12,796			108,781
RSA Insurance Group PLC		15,199			143,603
Sage Group PLC (The)		16,059			141,856
Schroders PLC		1,733			86,571
Segro PLC		17,467			243,170
Severn Trent PLC		3,496			119,896
Spirax-Sarco Engineering PLC		1,074			175,690
SSE PLC		15,301			310,996
St James’s Place PLC		7,854			148,053
Standard Chartered PLC		46,325			333,268
Standard Life Aberdeen PLC		32,121			123,413
Taylor Wimpey PLC		52,078			129,500
Unilever PLC		37,897			2,220,281
United Utilities Group PLC		10,006			134,133
Vodafone Group PLC		393,850			745,978
Weir Group PLC (The)*		3,808			101,071
Whitbread PLC*		2,961			132,993
Wm Morrison Supermarkets PLC		35,328			85,036
WPP PLC		17,977			242,828
Total United Kingdom					21,814,422

	Shares		Value
Common Stocks (continued)
United States — 0.4%
Avast PLC		9,512		$	62,912
Carnival PLC*		2,314			53,870
CyberArk Software Ltd.*		555			77,978
Ferguson PLC		3,303			417,622
Tenaris SA		6,848			73,846
Total United States					686,228
Total Common Stocks
(Cost $155,949,072)					185,011,649
Preferred Stocks — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG, 3.68%		840			68,963
Henkel AG & Co. KGaA, 1.93%		2,562			294,720
Volkswagen AG, 2.22%		2,688			701,201
Total Germany					1,064,884
Spain — 0.0%(b)
Grifols SA, 2.15%, Class B		3,897			69,195
Total Preferred Stocks
(Cost $912,086)					1,134,079
Short-Term Investments — 1.4%
Money Market Funds — 1.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)(d)		2,624,267			2,624,267
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(c)		77,240			77,240
Total Short-Term Investments
(Cost $2,701,507)					2,701,507
Total Investments — 101.0%
(Cost $159,562,665)					188,847,235
Other Assets and Liabilities, Net — (1.0)%					(1,896,131)
Net Assets — 100.0%				$	186,951,104

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 $3,469,490; total market value of collateral held by the Fund was $4,981,547. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $2,357,280.

(b)

Less than 0.05%.

(c)

Reflects the 1-day yield at April 30, 2021.

(d)

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

See notes to financial statements.

130

Schedule of Investments — IQ Candriam ESG International Equity ETF (continued)

April 30, 2021

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(e)
Common Stocks		$	185,011,649		$	—		$	—		$	185,011,649
Preferred Stocks			1,134,079			—			—			1,134,079
Short-Term Investments:
Money Market Funds			2,701,507			—			—			2,701,507
Total Investments in Securities		$	188,847,235		$	—		$	—		$	188,847,235

(e)

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

For the year ended April 30, 2021, 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

Schedule of Investments — IQ Candriam ESG U.S. Equity ETF

April 30, 2021

	Shares		Value
Common Stocks — 99.7%
Communication Services — 11.2%
Activision Blizzard, Inc.		12,376		$	1,128,568
Alphabet, Inc., Class A*		4,598			10,821,393
Alphabet, Inc., Class C*		4,410			10,628,629
AT&T, Inc.		110,027			3,455,948
Comcast Corp., Class A		73,378			4,120,175
Electronic Arts, Inc.		4,668			663,229
Fox Corp., Class A		5,372			201,020
Fox Corp., Class B		2,517			91,569
Liberty Broadband Corp., Class A*		399			62,910
Liberty Broadband Corp., Class C*		3,267			531,606
Omnicom Group, Inc.		3,446			283,468
Pinterest, Inc., Class A*		7,848			520,872
Roku, Inc.*		1,760			603,627
Snap, Inc., Class A*(a)		16,716			1,033,383
Take-Two Interactive Software, Inc.*		1,832			321,296
T-Mobile US, Inc.*		9,022			1,192,077
Twitter, Inc.*		11,973			661,149
Verizon Communications, Inc.		63,940			3,695,093
Walt Disney Co. (The)*		29,260			5,442,945
Zillow Group, Inc., Class A*		659			87,878
Zillow Group, Inc., Class C*		2,268			295,112
Total Communication Services					45,841,947
Consumer Discretionary — 9.4%
Aptiv PLC*		4,339			624,339
Best Buy Co., Inc.		3,736			434,385
Booking Holdings, Inc.*		660			1,627,613
Carnival Corp.*(a)		13,001			363,508
Chipotle Mexican Grill, Inc.*		446			665,445
Domino’s Pizza, Inc.		633			267,341
DR Horton, Inc.		5,499			540,497
eBay, Inc.		10,739			599,129
Garmin Ltd.		2,314			317,573
Hasbro, Inc.		2,064			205,265
Hilton Worldwide Holdings, Inc.*		4,408			567,310
Home Depot, Inc. (The)		17,393			5,629,592
LKQ Corp.*		4,187			195,575
Lowe’s Cos., Inc.		11,846			2,324,777
Lululemon Athletica, Inc.*		1,940			650,424
Marriott International, Inc., Class A*		4,230			628,240
McDonald’s Corp.		12,046			2,843,820
MercadoLibre, Inc.*		734			1,153,099
Mohawk Industries, Inc.*		945			194,197
Newell Brands, Inc.		6,100			164,456
NIKE, Inc., Class B		20,297			2,691,788
Ross Stores, Inc.		5,649			739,680
Royal Caribbean Cruises Ltd.*		3,033			263,719
Starbucks Corp.		18,949			2,169,471
Target Corp.		8,076			1,673,832
Tesla, Inc.*		12,269			8,704,119
TJX Cos., Inc. (The)		17,769			1,261,599
Tractor Supply Co.		1,872			353,059
Ulta Beauty, Inc.*		871			286,864
Vail Resorts, Inc.*		644			209,403
VF Corp.		5,197			455,569
Total Consumer Discretionary					38,805,688

	Shares		Value
Common Stocks (continued)
Consumer Staples — 5.8%
Archer-Daniels-Midland Co.		8,958		$	565,518
Campbell Soup Co.		3,270			156,142
Church & Dwight Co., Inc.		4,010			343,817
Clorox Co. (The)		2,033			371,022
Coca-Cola Co. (The)		62,417			3,369,270
Colgate-Palmolive Co.		13,826			1,115,758
Conagra Brands, Inc.		7,696			285,445
Costco Wholesale Corp.		7,148			2,659,699
Estee Lauder Cos., Inc. (The), Class A		3,369			1,057,192
General Mills, Inc.		9,865			600,384
Hershey Co. (The)		2,377			390,541
Hormel Foods Corp.		4,554			210,395
J M Smucker Co. (The)(a)		1,766			231,328
Kellogg Co.		4,154			259,293
Keurig Dr Pepper, Inc.(a)		11,169			400,409
Kimberly-Clark Corp.		5,484			731,127
Kraft Heinz Co. (The)		10,165			419,713
Kroger Co. (The)		11,805			431,355
McCormick & Co., Inc.		3,975			359,181
PepsiCo, Inc.		22,316			3,217,075
Procter & Gamble Co. (The)		39,918			5,325,860
Sysco Corp.		7,892			668,689
Walgreens Boots Alliance, Inc.		11,567			614,208
Total Consumer Staples					23,783,421
Energy — 1.1%
Baker Hughes Co.		10,454			209,916
Cheniere Energy, Inc.*		3,742			290,080
Halliburton Co.		13,283			259,815
Kinder Morgan, Inc.		31,416			535,643
Marathon Petroleum Corp.		10,470			582,656
ONEOK, Inc.		7,144			373,917
Phillips 66		7,046			570,092
Schlumberger NV		22,471			607,841
Valero Energy Corp.		6,576			486,361
Williams Cos., Inc. (The)		19,593			477,285
Total Energy					4,393,606
Financials — 8.2%
Aflac, Inc.		10,447			561,317
Alleghany Corp.*		221			150,052
Allstate Corp. (The)		4,795			608,006
Ally Financial, Inc.		6,013			309,369
American Express Co.		9,772			1,498,536
American International Group, Inc.		13,923			674,569
Ameriprise Financial, Inc.		1,901			491,218
Annaly Capital Management, Inc.		22,523			204,509
Aon PLC, Class A		3,616			909,207
Arch Capital Group Ltd.*		6,366			252,794
Arthur J Gallagher & Co.		3,080			446,446
Bank of America Corp.		123,438			5,002,942
Bank of New York Mellon Corp. (The)		13,134			655,124
Blackstone Group, Inc. (The)		10,837			958,966
Charles Schwab Corp. (The)		26,010			1,831,104
Chubb Ltd.		6,315			1,083,591
Cincinnati Financial Corp.		2,515			283,390
Citigroup, Inc.		33,628			2,395,659
Citizens Financial Group, Inc.		6,875			318,175

See notes to financial statements.

132

Schedule of Investments — IQ Candriam ESG U.S. Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Financials (continued)
First Republic Bank		2,789		$	511,056
Franklin Resources, Inc.		4,767			143,010
Globe Life, Inc.		1,551			158,962
Hartford Financial Services Group, Inc. (The)		5,776			380,985
Huntington Bancshares, Inc.		16,318			249,992
Interactive Brokers Group, Inc., Class A		1,257			89,901
KeyCorp		15,718			342,024
M&T Bank Corp.		2,017			318,061
Marsh & McLennan Cos., Inc.		8,185			1,110,705
MetLife, Inc.		11,270			717,110
Moody’s Corp.		2,626			857,940
Morgan Stanley		23,043			1,902,200
MSCI, Inc.		1,239			601,869
Northern Trust Corp.		3,212			365,526
PNC Financial Services Group, Inc. (The)		6,753			1,262,473
Principal Financial Group, Inc.		4,421			282,369
Progressive Corp. (The)		9,437			950,683
Prudential Financial, Inc.		6,393			641,602
Raymond James Financial, Inc.		1,975			258,291
Regions Financial Corp.		15,469			337,224
SVB Financial Group*		834			476,906
Synchrony Financial		9,084			397,334
Travelers Cos., Inc. (The)		4,082			631,322
Truist Financial Corp.		21,694			1,286,671
W R Berkley Corp.		2,203			175,623
Willis Towers Watson PLC		2,067			535,064
Total Financials					33,619,877
Health Care — 14.7%
Abbott Laboratories		28,457			3,417,117
AbbVie, Inc.		28,187			3,142,850
ABIOMED, Inc.*		714			229,001
Agilent Technologies, Inc.		4,939			660,048
Alexion Pharmaceuticals, Inc.*		3,379			569,970
Align Technology, Inc.*		1,168			695,579
Amgen, Inc.		9,401			2,252,856
Anthem, Inc.		4,018			1,524,389
Biogen, Inc.*		2,464			658,701
BioMarin Pharmaceutical, Inc.*		2,915			227,137
Cardinal Health, Inc.		4,730			285,408
Centene Corp.*		9,174			566,403
Cerner Corp.		4,731			355,062
Cigna Corp.		5,826			1,450,732
Cooper Cos., Inc. (The)		790			324,603
CVS Health Corp.		21,119			1,613,492
Danaher Corp.		10,195			2,588,918
DaVita, Inc.*		1,171			136,457
DENTSPLY SIRONA, Inc.		3,518			237,500
Dexcom, Inc.*		1,540			594,594
Edwards Lifesciences Corp.*		10,000			955,200
Eli Lilly & Co.		13,653			2,495,359
Gilead Sciences, Inc.		20,266			1,286,283
HCA Healthcare, Inc.		4,283			861,140
Henry Schein, Inc.*		2,278			165,155
Hologic, Inc.*		4,111			269,476
Humana, Inc.		2,136			951,033
IDEXX Laboratories, Inc.*		1,366			749,920

	Shares		Value
Common Stocks (continued)
Health Care (continued)
Illumina, Inc.*		2,353		$	924,353
Incyte Corp.*		2,987			255,030
Intuitive Surgical, Inc.*		1,885			1,630,525
IQVIA Holdings, Inc.*		3,031			711,345
Jazz Pharmaceuticals PLC*		873			143,521
Johnson & Johnson		42,555			6,924,975
Laboratory Corp. of America Holdings*		1,568			416,884
Medtronic PLC		21,746			2,846,986
Merck & Co., Inc.		40,546			3,020,677
Mettler-Toledo International, Inc.*		380			499,062
Moderna, Inc.*		5,249			938,626
Quest Diagnostics, Inc.		2,169			286,048
Regeneron Pharmaceuticals, Inc.*		1,650			794,145
ResMed, Inc.		2,322			436,466
Seagen, Inc.*		2,121			304,915
Thermo Fisher Scientific, Inc.		6,398			3,008,532
UnitedHealth Group, Inc.		15,261			6,086,087
Vertex Pharmaceuticals, Inc.*		4,202			916,876
Viatris, Inc.*		19,625			261,012
Waters Corp.*		998			299,270
West Pharmaceutical Services, Inc.		1,187			389,953
Total Health Care					60,359,671
Industrials — 6.9%
3M Co.		9,297			1,832,811
A O Smith Corp.		2,170			147,017
CH Robinson Worldwide, Inc.		2,180			211,634
Cintas Corp.		1,452			501,143
CoStar Group, Inc.*		602			514,367
CSX Corp.		12,315			1,240,736
Deere & Co.		5,060			1,876,501
Dover Corp.		2,320			346,121
Eaton Corp. PLC		6,435			919,755
Equifax, Inc.		1,961			449,520
Expeditors International of Washington, Inc.		2,721			298,929
Fastenal Co.		9,252			483,695
FedEx Corp.		3,959			1,149,337
Fortive Corp.		5,013			355,021
Fortune Brands Home & Security, Inc.		2,234			234,525
General Electric Co.		134,514			1,764,824
IHS Markit Ltd.		5,635			606,213
Illinois Tool Works, Inc.		4,624			1,065,647
Ingersoll Rand, Inc.*		6,002			296,559
JB Hunt Transport Services, Inc.		1,357			231,653
Johnson Controls International PLC		11,666			727,258
Kansas City Southern		1,507			440,360
Lyft, Inc., Class A*		3,795			211,230
Masco Corp.		4,211			268,999
Norfolk Southern Corp.		4,104			1,146,001
Old Dominion Freight Line, Inc.		1,693			436,472
Parker-Hannifin Corp.		2,073			650,528
Republic Services, Inc.		3,389			360,251
Rockwell Automation, Inc.		1,875			495,487
Roper Technologies, Inc.		1,614			720,554
Trane Technologies PLC		3,866			672,027
TransUnion		2,923			305,717
Union Pacific Corp.		10,878			2,415,895

See notes to financial statements.

133

Schedule of Investments — IQ Candriam ESG U.S. Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Industrials (continued)
United Parcel Service, Inc., Class B		11,565		$	2,357,641
United Rentals, Inc.*		1,161			371,462
Verisk Analytics, Inc.		2,605			490,261
Waste Management, Inc.		6,826			941,783
Westinghouse Air Brake Technologies Corp.		2,892			237,346
WW Grainger, Inc.		729			316,051
Xylem, Inc.		2,901			320,996
Total Industrials					28,412,327
Information Technology — 34.9%
Accenture PLC, Class A		10,204			2,958,854
Adobe, Inc.*		7,392			3,757,649
Advanced Micro Devices, Inc.*		18,474			1,507,848
Akamai Technologies, Inc.*		2,462			267,619
Analog Devices, Inc.		5,693			871,940
ANSYS, Inc.*		1,312			479,746
Apple, Inc.		259,757			34,147,655
Applied Materials, Inc.		14,691			1,949,643
Arista Networks, Inc.*		849			267,579
Autodesk, Inc.*		3,392			990,159
Automatic Data Processing, Inc.		6,134			1,146,997
Broadcom, Inc.		6,134			2,798,331
Broadridge Financial Solutions, Inc.		1,857			294,576
Cadence Design Systems, Inc.*		4,248			559,759
CDW Corp.		2,185			389,651
Cisco Systems, Inc.		60,288			3,069,262
Citrix Systems, Inc.		1,884			233,333
Cognizant Technology Solutions Corp., Class A		8,241			662,576
Coupa Software, Inc.*		1,109			298,365
Datadog, Inc., Class A*		2,700			231,579
Dell Technologies, Inc., Class C*		3,786			372,277
DocuSign, Inc.*		2,781			619,996
Dropbox, Inc., Class A*		4,611			118,503
F5 Networks, Inc.*		948			177,048
Fiserv, Inc.*		8,978			1,078,437
Fortinet, Inc.*		2,129			434,806
Gartner, Inc.*		1,403			274,820
Global Payments, Inc.		4,594			986,010
Hewlett Packard Enterprise Co.		19,932			319,311
HP, Inc.		19,888			678,380
Intel Corp.		63,310			3,642,224
International Business Machines Corp.		13,754			1,951,417
Intuit, Inc.		3,942			1,624,735
Keysight Technologies, Inc.*		2,855			412,119
KLA Corp.		2,375			748,956
Lam Research Corp.		2,219			1,376,779
Mastercard, Inc., Class A		14,126			5,396,980
Maxim Integrated Products, Inc.		4,102			385,588
Micron Technology, Inc.*		17,225			1,482,556
Microsoft Corp.		115,176			29,045,084
Motorola Solutions, Inc.		2,609			491,275
NetApp, Inc.		3,438			256,784
NortonLifeLock, Inc.		8,729			188,634
NVIDIA Corp.		9,174			5,507,886
Okta, Inc.*(a)		1,856			500,563
Palo Alto Networks, Inc.*		1,435			507,115

	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Paychex, Inc.		4,977		$	485,208
Paycom Software, Inc.*		756			290,614
PayPal Holdings, Inc.*		18,094			4,745,875
QUALCOMM, Inc.		17,457			2,423,032
RingCentral, Inc., Class A*		1,207			384,973
salesforce.com, Inc.*		13,639			3,141,334
Seagate Technology PLC		3,483			323,362
ServiceNow, Inc.*		3,004			1,521,135
Skyworks Solutions, Inc.		2,556			463,479
Splunk, Inc.*		2,485			314,154
Synopsys, Inc.*		2,350			580,591
TE Connectivity Ltd.		5,099			685,662
Texas Instruments, Inc.		14,164			2,556,744
Trimble, Inc.*		3,854			316,028
Twilio, Inc., Class A*		2,125			781,575
VeriSign, Inc.*		1,543			337,562
Visa, Inc., Class A(a)		27,248			6,364,043
VMware, Inc., Class A*(a)		1,240			199,429
Western Digital Corp.*		4,576			323,203
Western Union Co. (The)		6,600			170,016
Workday, Inc., Class A*		2,741			677,027
Xilinx, Inc.		3,781			483,817
Zscaler, Inc.*(a)		1,161			217,850
Total Information Technology					143,248,117
Materials — 2.8%
Air Products and Chemicals, Inc.		3,563			1,027,854
Albemarle Corp.		1,715			288,412
Ball Corp.		5,252			491,797
Dow, Inc.		11,973			748,313
DuPont de Nemours, Inc.		11,847			913,522
Ecolab, Inc.		4,095			917,771
International Flavors & Fragrances, Inc.		1,725			245,243
International Paper Co.		6,339			367,662
Linde PLC		8,446			2,414,205
LyondellBasell Industries NV, Class A		4,171			432,700
Newmont Corp.		12,950			808,210
Nucor Corp.		4,848			398,796
Packaging Corp. of America		1,512			223,247
PPG Industries, Inc.		3,816			653,452
Sherwin-Williams Co. (The)		3,985			1,091,372
Vulcan Materials Co.		2,139			381,255
Westrock Co.		4,195			233,871
Total Materials					11,637,682
Real Estate — 3.3%
Alexandria Real Estate Equities, Inc.		2,231			404,034
American Tower Corp.		7,163			1,824,917
AvalonBay Communities, Inc.		2,251			432,192
Boston Properties, Inc.		2,303			251,833
CBRE Group, Inc., Class A*		5,200			443,040
Crown Castle International Corp.		6,945			1,313,022
Duke Realty Corp.		6,006			279,399
Equinix, Inc.		1,435			1,034,291
Equity Residential		5,934			440,481
Essex Property Trust, Inc.		1,053			305,918
Extra Space Storage, Inc.		2,078			308,978
Healthpeak Properties, Inc.		8,689			298,380

See notes to financial statements.

134

Schedule of Investments — IQ Candriam ESG U.S. Equity ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Real Estate (continued)
Host Hotels & Resorts, Inc.*		11,279		$	204,827
Invitation Homes, Inc.		9,035			316,767
Iron Mountain, Inc.		4,614			185,114
Mid-America Apartment Communities, Inc.		1,838			289,172
Prologis, Inc.		11,888			1,385,309
Public Storage		2,400			674,784
Realty Income Corp.		5,669			392,011
SBA Communications Corp.		1,779			533,202
Simon Property Group, Inc.		5,279			642,665
UDR, Inc.		4,716			219,058
Ventas, Inc.		6,030			334,424
Welltower, Inc.		6,738			505,552
Weyerhaeuser Co.		12,043			466,907
WP Carey, Inc.		2,803			209,917
Total Real Estate					13,696,194
Utilities — 1.4%
American Water Works Co., Inc.		2,925			456,271
Atmos Energy Corp.		2,023			209,563
Avangrid, Inc.		917			46,675
CenterPoint Energy, Inc.		8,778			214,973
Consolidated Edison, Inc.		5,524			427,613
Entergy Corp.		3,230			353,007
Eversource Energy		5,530			476,797
NextEra Energy, Inc.		31,622			2,451,021
Public Service Enterprise Group, Inc.		8,166			515,764
Sempra Energy		4,674			643,002
Total Utilities					5,794,686

	Shares		Value
Common Stocks (continued)
Total Common Stocks (Cost $343,438,408)				$	409,593,216
Short-Term Investments — 0.2%
Money Market Funds — 0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		8,790			8,790
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		784,055			784,055
Total Short-Term Investments (Cost $792,845)					792,845
Total Investments — 99.9% (Cost $344,231,253)					410,386,061
Other Assets and Liabilities, Net — 0.1%					316,256
Net Assets — 100.0%				$	410,702,317

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 $9,017,258; total market value of collateral held by the Fund was $9,300,121. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $9,291,331.

(b)

Reflects the 1-day yield at April 30, 2021.

(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		$	409,593,216		$	—		$	—		$	409,593,216
Short-Term Investments:
Money Market Funds			792,845			—			—			792,845
Total Investments in Securities		$	410,386,061		$	—		$	—		$	410,386,061

(d)

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

For the year ended April 30, 2021, 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.

135

Schedule of Investments — IQ Chaikin U.S. Small Cap ETF

April 30, 2021

	Shares		Value
Common Stocks — 99.9%
Communication Services — 3.0%
AMC Networks, Inc., Class A*(a)		7,658		$	385,044
Angi, Inc.*(a)		31,316			501,369
Cargurus, Inc.*		17,084			421,633
Consolidated Communications Holdings, Inc.*		56,542			407,102
Emerald Holding, Inc.*		73,750			413,738
IDT Corp., Class B*		17,966			431,364
Liberty Latin America Ltd., Class C*		31,364			437,528
QuinStreet, Inc.*		20,054			406,495
Scholastic Corp.		13,520			410,062
Sinclair Broadcast Group, Inc., Class A(a)		13,913			451,755
TEGNA, Inc.		21,620			433,697
Telephone and Data Systems, Inc.		17,731			407,458
TrueCar, Inc.*		85,079			391,363
United States Cellular Corp.*		11,160			380,891
World Wrestling Entertainment, Inc., Class A(a)		7,503			413,490
Total Communication Services					6,292,989
Consumer Discretionary — 9.7%
1-800-Flowers.com, Inc., Class A*(a)		14,745			471,471
Adtalem Global Education, Inc.*		10,296			353,256
America’s Car-Mart, Inc.*		2,672			403,018
American Eagle Outfitters, Inc.(a)		13,923			481,318
American Public Education, Inc.*		11,426			348,036
Asbury Automotive Group, Inc.*		2,072			411,520
Carriage Services, Inc.		11,569			430,135
Cato Corp. (The), Class A*		33,925			454,595
Children’s Place, Inc. (The)*(a)		5,841			457,642
Core-Mark Holding Co., Inc.		10,522			447,816
Dillard’s, Inc., Class A		4,216			417,005
Escalade, Inc.		19,469			428,707
Ethan Allen Interiors, Inc.		14,745			423,329
Foot Locker, Inc.		7,237			426,838
Genius Brands International, Inc.*(a)		209,847			371,429
Gentherm, Inc.*		5,493			391,102
Graham Holdings Co., Class B		724			460,182
Green Brick Partners, Inc.*		17,950			463,289
Haverty Furniture Cos., Inc.		10,947			508,707
Hooker Furniture Corp.		11,166			418,837
iRobot Corp.*(a)		3,332			362,522
Johnson Outdoors, Inc., Class A		2,852			404,442
Lakeland Industries, Inc.*		14,612			412,205
LCI Industries		3,078			450,927
Liquidity Services, Inc.*		21,911			392,864
Lumber Liquidators Holdings, Inc.*		16,206			388,458
MarineMax, Inc.*(a)		8,248			468,486
MDC Holdings, Inc.		6,854			402,056
Motorcar Parts of America, Inc.*		18,093			390,809
Murphy USA, Inc.		2,816			392,550
National Vision Holdings, Inc.*		9,288			468,208
Norwegian Cruise Line Holdings Ltd.*(a)		14,755			458,143
Penske Automotive Group, Inc.		5,074			444,939
Perdoceo Education Corp.*		34,039			396,895
Rent-A-Center, Inc.		7,060			406,303
Rocky Brands, Inc.		7,531			396,507
Sally Beauty Holdings, Inc.*		20,224			405,896

	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Smith & Wesson Brands, Inc.		23,330		$	405,942
Standard Motor Products, Inc.		9,791			419,349
Strategic Education, Inc.		4,429			332,441
Superior Group of Cos., Inc.		16,015			403,898
Tri Pointe Homes, Inc.*		19,995			476,281
Unifi, Inc.*		14,771			399,260
Universal Electronics, Inc.*		7,406			421,031
Vista Outdoor, Inc.*		12,694			413,951
Vivint Smart Home, Inc.*		28,429			340,579
Winmark Corp.		2,184			420,573
Zumiez, Inc.*		9,490			407,785
Total Consumer Discretionary					20,051,532
Consumer Staples — 3.3%
BellRing Brands, Inc., Class A*		17,243			444,697
Central Garden & Pet Co., Class A*		7,845			386,523
Coca-Cola Consolidated, Inc.		1,410			413,482
Edgewell Personal Care Co.(a)		10,280			392,696
Ingles Markets, Inc., Class A		6,603			404,698
Medifast, Inc.		1,922			436,467
National Beverage Corp.		8,323			404,415
Nu Skin Enterprises, Inc., Class A		7,697			406,863
Pilgrim’s Pride Corp.*		17,112			410,004
Sanderson Farms, Inc.		2,613			429,917
Seaboard Corp.		110			393,579
Seneca Foods Corp., Class A*		8,645			398,189
Spectrum Brands Holdings, Inc.		4,789			422,102
Sprouts Farmers Market, Inc.*		15,293			391,654
Universal Corp.		6,901			388,043
USANA Health Sciences, Inc.*		4,171			375,348
Weis Markets, Inc.(a)		7,203			373,476
Total Consumer Staples					6,872,153
Energy — 3.6%
Archrock, Inc.		42,898			400,667
Brigham Minerals, Inc., Class A		27,808			476,629
ChampionX Corp.*		18,735			393,623
Comstock Resources, Inc.*		73,484			403,427
CVR Energy, Inc.		21,225			451,880
Diamond S Shipping, Inc.*		40,588			399,792
Dril-Quip, Inc.*		12,251			375,493
EQT Corp.*		21,911			418,500
Exterran Corp.*		121,161			397,408
Helix Energy Solutions Group, Inc.*		80,614			345,834
International Seaways, Inc.		21,006			371,386
Liberty Oilfield Services, Inc., Class A*(a)		36,059			421,890
NextDecade Corp.*(a)		152,473			336,966
NexTier Oilfield Solutions, Inc.*		109,436			392,875
ProPetro Holding Corp.*		38,190			367,770
Renewable Energy Group, Inc.*(a)		6,164			342,225
REX American Resources Corp.*		4,837			390,491
Solaris Oilfield Infrastructure, Inc., Class A		33,179			362,978
Tellurian, Inc.*		173,975			385,355
Total Energy					7,435,189
Financials — 27.2%
1st Source Corp.		8,556			407,180
Affiliated Managers Group, Inc.		2,732			440,316

See notes to financial statements.

136

Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Financials (continued)
Allegiance Bancshares, Inc.		10,042		$	397,663
Altabancorp		9,684			404,307
A-Mark Precious Metals, Inc.		11,308			421,449
American National Group, Inc.		3,774			427,783
Ameris Bancorp		7,753			419,360
Argo Group International Holdings Ltd.		8,090			422,136
Artisan Partners Asset Management, Inc., Class A		7,803			397,329
Associated Banc-Corp.		19,077			417,596
Atlantic Capital Bancshares, Inc.*		16,892			451,861
Atlantic Union Bankshares Corp.		10,613			410,405
Axis Capital Holdings Ltd.		8,213			458,285
Axos Financial, Inc.*		8,660			390,999
B Riley Financial, Inc.		7,221			514,785
BancorpSouth Bank		12,534			370,881
BankUnited, Inc.		9,263			431,748
Banner Corp.		7,634			433,917
Berkshire Hills Bancorp, Inc.		18,239			404,723
Blucora, Inc.*		24,465			352,174
Brookline Bancorp, Inc.		27,140			436,954
Cambridge Bancorp		4,828			422,691
Camden National Corp.		8,506			405,906
Cannae Holdings, Inc.*		10,275			407,918
Cathay General Bancorp		9,983			404,112
CBTX, Inc.		13,252			414,390
Central Pacific Financial Corp.		15,259			411,230
City Holding Co.		4,978			385,297
CNO Financial Group, Inc.		16,760			427,883
Cohen & Steers, Inc.		6,231			423,833
Community Trust Bancorp, Inc.		9,246			412,002
Cowen, Inc., Class A		11,582			457,373
CVB Financial Corp.		18,429			390,879
Diamond Hill Investment Group, Inc.		2,609			446,139
Eagle Bancorp, Inc.		7,651			408,640
Enstar Group Ltd.*		1,650			414,447
Enterprise Financial Services Corp.		8,234			404,536
Evercore, Inc., Class A		3,090			433,002
EZCORP, Inc., Class A*		81,912			461,165
Federal Agricultural Mortgage Corp., Class C		4,042			415,760
Financial Institutions, Inc.		13,440			429,139
First Bancshares, Inc. (The)		11,120			435,014
First BankCorp		9,359			396,822
First Busey Corp.		15,871			396,458
First Commonwealth Financial Corp.		28,330			410,502
First Foundation, Inc.		17,353			413,001
First Merchants Corp.		8,755			404,569
First Mid Bancshares, Inc.		9,267			403,485
First Midwest Bancorp, Inc.		18,581			389,644
First of Long Island Corp. (The)		19,158			407,874
Flagstar Bancorp, Inc.		9,027			420,117
Flushing Financial Corp.		19,176			446,226
FNB Corp.		32,055			413,189
Fulton Financial Corp.		23,905			407,580
German American Bancorp, Inc.		8,808			381,651
Greenhill & Co., Inc.		24,703			374,992
Hanmi Financial Corp.		20,634			418,870
Hanover Insurance Group, Inc. (The)		3,145			434,985

	Shares		Value
Common Stocks (continued)
Financials (continued)
HarborOne Bancorp, Inc.		30,223		$	432,491
HBT Financial, Inc.		23,779			432,778
Heartland Financial USA, Inc.		8,100			407,187
Heritage Commerce Corp.		33,314			402,100
Heritage Financial Corp.		14,416			405,090
Heritage Insurance Holdings, Inc.		36,742			334,720
Hilltop Holdings, Inc.		11,928			419,866
Hingham Institution For Savings The		1,435			436,441
HomeStreet, Inc.		9,238			377,280
Hope Bancorp, Inc.		27,032			405,750
Horace Mann Educators Corp.		9,421			377,782
Houlihan Lokey, Inc.		6,121			405,639
Independent Bank Corp.		17,221			405,727
Interactive Brokers Group, Inc., Class A		5,574			398,652
International Bancshares Corp.		8,770			415,610
Investors Bancorp, Inc.		27,713			405,718
Kearny Financial Corp.		33,701			430,699
Lakeland Bancorp, Inc.		23,356			423,444
Lazard Ltd., Class A		9,357			420,971
Live Oak Bancshares, Inc.		5,944			380,178
Mercantile Bank Corp.		12,538			404,727
Merchants Bancorp		9,707			395,949
Mercury General Corp.		6,695			416,898
Meridian Bancorp, Inc.		22,101			488,653
Metropolitan Bank Holding Corp.*		8,084			508,079
Midland States Bancorp, Inc.		14,676			413,570
MidWestOne Financial Group, Inc.		13,145			414,856
Moelis & Co., Class A		7,418			402,649
MVB Financial Corp.		12,044			485,132
National Western Life Group, Inc., Class A		1,635			374,906
NBT Bancorp, Inc.		10,203			386,592
Northfield Bancorp, Inc.		25,572			413,755
Northwest Bancshares, Inc.		28,173			395,549
OceanFirst Financial Corp.		17,005			388,734
OFG Bancorp		17,997			426,349
Oportun Financial Corp.*		19,657			426,753
Oppenheimer Holdings, Inc., Class A		10,165			520,143
Peapack-Gladstone Financial Corp.		13,183			421,856
PennyMac Financial Services, Inc.(a)		6,088			366,558
Peoples Bancorp, Inc.		12,273			410,286
Pinnacle Financial Partners, Inc.		4,592			402,443
Piper Sandler Cos.		3,713			430,671
Popular, Inc.		5,789			428,154
Preferred Bank		6,393			418,997
Premier Financial Corp.		12,240			386,662
PROG Holdings, Inc.		9,404			479,040
Provident Financial Services, Inc.		18,272			430,671
QCR Holdings, Inc.		8,621			415,705
Republic Bancorp, Inc., Class A		9,192			412,997
S&T Bancorp, Inc.		12,152			400,408
Safety Insurance Group, Inc.		4,832			396,369
Sandy Spring Bancorp, Inc.		9,374			425,205
Sculptor Capital Management, Inc.		18,606			423,100
Selective Insurance Group, Inc.		5,612			427,298
ServisFirst Bancshares, Inc.(a)		6,638			419,787
Simmons First National Corp., Class A		13,721			391,049
SiriusPoint Ltd.*		40,030			423,517

See notes to financial statements.

137

Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Financials (continued)
SLM Corp.		22,655		$	445,397
South State Corp.		5,185			437,199
Southern First Bancshares, Inc.*		8,684			447,226
State Auto Financial Corp.		20,655			389,966
Stewart Information Services Corp.		7,824			458,878
Towne Bank		13,392			414,884
TriCo Bancshares		8,594			397,730
Trustmark Corp.		12,095			391,999
UMB Financial Corp.		4,409			427,805
Umpqua Holdings Corp.		23,197			432,392
United Community Banks, Inc.		11,931			390,382
United Fire Group, Inc.		11,698			353,981
Universal Insurance Holdings, Inc.		28,389			396,027
Univest Financial Corp.		14,239			397,695
Valley National Bancorp		29,629			407,991
Victory Capital Holdings, Inc., Class A		15,927			441,974
Virtus Investment Partners, Inc.		1,729			472,812
Walker & Dunlop, Inc.		3,962			439,188
WesBanco, Inc.		11,290			409,714
Wintrust Financial Corp.		5,371			414,104
Total Financials					56,202,706
Health Care — 14.1%
Akero Therapeutics, Inc.*		14,033			432,216
Alector, Inc.*(a)		20,214			394,173
Alkermes PLC*		21,793			479,555
Allscripts Healthcare Solutions, Inc.*		27,113			421,878
Amneal Pharmaceuticals, Inc.*		60,491			333,305
AngioDynamics, Inc.*		17,398			422,771
Aquestive Therapeutics, Inc.*(a)		78,289			318,636
Arcutis Biotherapeutics, Inc.*(a)		14,072			471,412
Assembly Biosciences, Inc.*		88,500			378,780
Avanos Medical, Inc.*		9,307			402,156
Axogen, Inc.*		20,094			376,160
Axonics Inc.*		6,797			427,735
Beam Therapeutics, Inc.*(a)		5,086			417,052
BioDelivery Sciences International, Inc.*		104,118			360,248
Bioxcel Therapeutics, Inc.*(a)		9,432			320,405
Catalyst Pharmaceuticals, Inc.*		88,309			404,455
Cerus Corp.*		67,737			413,196
Coherus Biosciences, Inc.*(a)		27,865			412,402
Collegium Pharmaceutical, Inc.*		17,177			383,047
Computer Programs and Systems, Inc.		13,304			399,386
Concert Pharmaceuticals, Inc.*		81,584			338,574
Cross Country Healthcare, Inc.*		32,594			434,152
Eagle Pharmaceuticals, Inc.*		9,753			398,215
Enanta Pharmaceuticals, Inc.*		8,254			418,808
Harpoon Therapeutics, Inc.*		19,460			440,574
Heat Biologics, Inc.*(a)		55,921			384,177
ICU Medical, Inc.*		1,982			412,791
Inogen, Inc.*		7,751			506,838
Integer Holdings Corp.*		4,420			414,950
Invacare Corp.*(a)		50,761			458,372
Kezar Life Sciences, Inc.*		68,306			398,224
Liquidia Corp.*(a)		151,339			429,803
Luminex Corp.		12,762			468,238
MeiraGTx Holdings PLC*		28,212			422,616
Meridian Bioscience, Inc.*		15,509			303,666

	Shares		Value
Common Stocks (continued)
Health Care (continued)
Molecular Templates, Inc.*		32,258		$	301,935
Myriad Genetics, Inc.*		13,370			404,041
National HealthCare Corp.		5,225			367,370
Natus Medical, Inc.*		15,896			406,143
NextCure, Inc.*		40,670			356,676
NextGen Healthcare, Inc.*		22,492			411,829
Omeros Corp.*(a)		22,871			403,902
Organogenesis Holdings, Inc.*		22,344			499,612
Orthofix Medical, Inc.*		9,391			416,491
Outlook Therapeutics, Inc.*		180,934			430,623
Owens & Minor, Inc.		10,830			390,855
Pennant Group, Inc. (The)*		8,889			359,293
Personalis, Inc.*		16,542			407,595
Premier, Inc., Class A		12,027			425,155
Prestige Consumer Healthcare, Inc.*(a)		9,236			402,320
Radius Health, Inc.*(a)		19,516			435,207
Replimune Group, Inc.*		13,343			488,220
Rocket Pharmaceuticals, Inc.*(a)		9,175			420,582
Scholar Rock Holding Corp.*		8,036			259,965
SeaSpine Holdings Corp.*		23,397			486,892
Select Medical Holdings Corp.*		11,938			450,301
Selecta Biosciences, Inc.*		89,967			269,901
Shockwave Medical, Inc.*		3,125			510,813
SIGA Technologies, Inc.*		62,631			449,064
SmileDirectClub, Inc.*(a)		39,486			419,934
Spero Therapeutics, Inc.*		27,656			380,547
Tactile Systems Technology, Inc.*		7,471			428,088
TCR2 Therapeutics, Inc.*		18,438			418,727
TFF Pharmaceuticals, Inc.*		30,000			340,200
Translate Bio, Inc.*(a)		24,688			573,255
Triple-S Management Corp., Class B*		15,640			370,824
Vanda Pharmaceuticals, Inc.*		27,104			449,926
Varex Imaging Corp.*		19,868			471,666
Verastem, Inc.*		164,819			505,994
Vericel Corp.*(a)		7,329			457,476
Voyager Therapeutics, Inc.*		86,434			416,612
Total Health Care					29,187,000
Industrials — 17.8%
ABM Industries, Inc.		7,981			410,303
Acacia Research Corp.*		61,218			372,205
Advanced Drainage Systems, Inc.		3,938			439,717
Alamo Group, Inc.		2,607			409,951
Apogee Enterprises, Inc.		9,958			349,825
Applied Industrial Technologies, Inc.		4,465			427,122
ArcBest Corp.		5,785			420,917
Argan, Inc.		7,631			382,695
ASGN, Inc.*		4,266			448,698
Astec Industries, Inc.		5,398			404,904
Blue Bird Corp.*		16,265			438,179
Boise Cascade Co.		6,804			453,963
BrightView Holdings, Inc.*		24,132			432,687
CBIZ, Inc.*		12,465			418,699
Clean Harbors, Inc.*		4,843			430,833
Comfort Systems USA, Inc.		5,445			448,450
CoreCivic, Inc.*		44,984			349,526
CRA International, Inc.		5,454			437,738
Crane Co.		4,335			407,750

See notes to financial statements.

138

Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Industrials (continued)
Curtiss-Wright Corp.		3,433		$	439,081
Custom Truck One Source, Inc.*(a)		43,540			446,720
Ducommun, Inc.*		6,785			399,840
Eagle Bulk Shipping, Inc.*(a)		11,271			488,485
Echo Global Logistics, Inc.*		12,961			423,825
EMCOR Group, Inc.		3,630			434,874
Encore Wire Corp.		6,064			452,860
Ennis, Inc.		19,068			395,280
Federal Signal Corp.		10,629			440,359
Franklin Electric Co., Inc.		5,157			419,109
Genco Shipping & Trading Ltd.		40,387			619,537
Gibraltar Industries, Inc.*		4,449			408,685
GrafTech International Ltd.		33,287			423,411
Greenbrier Cos., Inc. (The)(a)		8,621			407,256
Heidrick & Struggles International, Inc.		11,397			482,093
Helios Technologies, Inc.		5,587			403,828
Heritage-Crystal Clean, Inc.*		15,006			430,972
Hillenbrand, Inc.		8,533			418,885
HNI Corp.		10,291			435,721
Hub Group, Inc., Class A*		6,051			397,672
Huron Consulting Group, Inc.*		8,081			454,637
ICF International, Inc.		4,658			424,157
IES Holdings, Inc.*		8,076			426,332
Insperity, Inc.		4,862			425,619
Insteel Industries, Inc.		13,200			503,316
Kelly Services, Inc., Class A*		18,280			457,914
Kforce, Inc.		7,595			425,624
Korn Ferry		6,527			443,118
ManTech International Corp., Class A		4,682			399,609
Marten Transport Ltd.		23,990			401,113
MasTec, Inc.*		4,345			453,444
Matson, Inc.		6,103			398,709
Matthews International Corp., Class A		10,293			425,924
Meritor, Inc.*		13,838			374,041
Miller Industries, Inc.		8,814			379,178
Moog, Inc., Class A		4,896			423,749
MRC Global, Inc.*		45,083			424,682
Mueller Industries, Inc.		9,845			441,745
MYR Group, Inc.*		5,680			442,472
National Presto Industries, Inc.		3,988			410,285
Northwest Pipe Co.*		12,181			405,262
PGT Innovations, Inc.*		16,123			424,519
Powell Industries, Inc.		12,020			423,585
Primoris Services Corp.		12,288			401,326
Radiant Logistics, Inc.*		58,576			391,288
Regal Beloit Corp.		2,853			412,059
Rush Enterprises, Inc., Class A		8,170			403,271
Ryder System, Inc.		5,381			429,619
Saia, Inc.*(a)		1,766			414,127
Schneider National, Inc., Class B		16,304			395,046
Shyft Group, Inc. (The)		10,944			387,636
SPX Corp.*		6,986			423,771
SPX FLOW, Inc.		6,428			428,041
Standex International Corp.		4,260			403,933
Sterling Construction Co., Inc.*		17,548			365,876
Tennant Co.		5,096			402,125
Thermon Group Holdings, Inc.*		20,888			398,961
Timken Co. (The)		5,015			420,608

	Shares		Value
Common Stocks (continued)
Industrials (continued)
Titan Machinery, Inc.*		15,965		$	416,846
Transcat, Inc.*		8,295			414,750
TriMas Corp.*		13,427			427,516
Triton International Ltd.		7,403			371,408
TrueBlue, Inc.*		18,488			523,210
UFP Industries, Inc.		5,368			451,127
Universal Logistics Holdings, Inc.		15,473			386,980
Upwork, Inc.*		9,093			418,824
VSE Corp.		10,306			444,704
Werner Enterprises, Inc.		8,631			399,011
Total Industrials					36,773,752
Information Technology — 12.4%
A10 Networks, Inc.*		42,362			367,702
ACI Worldwide, Inc.*		10,699			404,208
ADTRAN, Inc.		24,407			417,116
Amkor Technology, Inc.		17,170			347,177
Belden, Inc.		9,175			397,094
Benchmark Electronics, Inc.		13,166			395,243
Blackbaud, Inc.*		5,727			407,304
BM Technologies, Inc.*		2,941			28,851
Brightcove, Inc.*		20,234			293,798
Cambium Networks Corp.*		8,714			522,840
Cass Information Systems, Inc.		8,798			403,740
ChannelAdvisor Corp.*		17,287			365,620
CommScope Holding Co., Inc.*		26,504			435,991
CommVault Systems, Inc.*		6,312			438,747
Cornerstone OnDemand, Inc.*		9,341			413,479
CSG Systems International, Inc.		9,069			417,083
CTS Corp.		13,107			426,240
CyberOptics Corp.*		15,676			517,151
Daktronics, Inc.*		64,929			400,612
Digi International, Inc.*		21,438			383,097
eGain Corp.*		42,898			421,687
ePlus, Inc.*		4,086			410,071
ExlService Holdings, Inc.*		4,515			417,096
FARO Technologies, Inc.*		4,703			356,699
FormFactor, Inc.*		9,025			353,329
GTY Technology Holdings, Inc.*		63,709			324,916
Hackett Group, Inc. (The)		24,838			413,056
Insight Enterprises, Inc.*		4,266			428,178
Intelligent Systems Corp.*(a)		9,951			381,322
InterDigital, Inc.		6,416			445,399
Iteris, Inc.*		65,981			445,372
J2 Global, Inc.*		3,396			410,916
Kimball Electronics, Inc.*		15,779			363,075
Knowles Corp.*		19,460			406,714
Mitek Systems, Inc.*(a)		27,922			452,616
NeoPhotonics Corp.*		34,067			318,867
NETGEAR, Inc.*(a)		9,905			368,565
NetScout Systems, Inc.*		14,457			378,701
Onto Innovation, Inc.*		6,195			424,481
OSI Systems, Inc.*		4,236			409,071
Perficient, Inc.*		6,933			454,874
Photronics, Inc.*		31,656			402,031
Plexus Corp.*		4,433			409,787
Progress Software Corp.		9,240			403,418
Rambus, Inc.*		20,941			397,460

See notes to financial statements.

139

Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Ribbon Communications, Inc.*		49,586		$	334,706
Rimini Street, Inc.*		45,385			357,180
Sanmina Corp.*		9,838			401,784
ScanSource, Inc.*		13,593			410,916
SMART Global Holdings, Inc.*(a)		8,846			408,243
Smith Micro Software, Inc.*		73,951			415,605
SPS Commerce, Inc.*		4,099			419,902
Sykes Enterprises, Inc.*		9,236			404,814
Synaptics, Inc.*(a)		3,006			420,449
Teradata Corp.*		10,563			522,552
TTEC Holdings, Inc.		4,053			412,312
TTM Technologies, Inc.*		28,076			421,140
Unisys Corp.*		16,015			384,360
Veeco Instruments, Inc.*(a)		19,629			451,663
VirnetX Holding Corp.(a)		73,088			340,590
Vishay Intertechnology, Inc.		16,906			415,380
Vishay Precision Group, Inc.*		13,213			421,231
Xerox Holdings Corp.		16,774			404,924
Xperi Holding Corp.		18,700			384,285
Total Information Technology					25,512,830
Materials — 4.4%
American Vanguard Corp.		19,946			394,532
Avient Corp.		8,612			437,231
Clearwater Paper Corp.*		10,821			362,071
Commercial Metals Co.		13,200			385,704
Domtar Corp.*		11,018			434,330
Eagle Materials, Inc.*		3,029			418,426
Element Solutions, Inc.		22,258			487,005
Greif, Inc., Class A		7,142			432,162
Hawkins, Inc.		12,145			405,036
HB Fuller Co.		6,471			432,392
Kaiser Aluminum Corp.		3,684			443,812
Louisiana-Pacific Corp.		7,340			483,559
Marrone Bio Innovations, Inc.*		194,786			329,188
Materion Corp.		6,146			435,198
Minerals Technologies, Inc.		5,405			422,347
PQ Group Holdings, Inc.		24,377			341,278
Schnitzer Steel Industries, Inc., Class A		9,742			459,920
Stepan Co.		3,203			418,504
Tredegar Corp.		27,122			396,524
UFP Technologies, Inc.*		8,171			409,040
United States Lime & Minerals, Inc.		3,045			420,758
Verso Corp., Class A		27,903			430,822
Total Materials					9,179,839
Real Estate — 2.3%
Alexander & Baldwin, Inc.		24,247			444,447
American Finance Trust, Inc.		41,456			414,974
CTO Realty Growth, Inc.		7,827			414,831
Forestar Group, Inc.*		17,487			443,121
Industrial Logistics Properties Trust		17,601			436,505
Kennedy-Wilson Holdings, Inc.		20,144			413,959
Marcus & Millichap, Inc.*		12,080			426,666

	Shares		Value
Common Stocks (continued)
Real Estate (continued)
Piedmont Office Realty Trust, Inc., Class A		23,437		$	436,397
Plymouth Industrial REIT, Inc.		24,160			450,342
PS Business Parks, Inc.		2,634			427,683
RMR Group, Inc. (The), Class A		9,976			394,850
Total Real Estate					4,703,775
Utilities — 2.1%
ALLETE, Inc.		6,059			426,311
Black Hills Corp.		6,097			420,571
California Water Service Group		7,226			424,528
Consolidated Water Co., Ltd.		30,268			356,254
Middlesex Water Co.		5,152			422,567
Otter Tail Corp.		8,817			416,427
SJW Group		6,463			423,650
South Jersey Industries, Inc.(a)		18,029			446,218
Southwest Gas Holdings, Inc.		5,925			413,091
Unitil Corp.		8,910			513,483
Total Utilities					4,263,100
Total Common Stocks (Cost $185,303,417)					206,474,865
Short-Term Investments — 1.6%
Money Market Funds — 1.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		3,075,181			3,075,181
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		195,030			195,030
Total Short-Term Investments (Cost $3,270,211)					3,270,211
Total Investments — 101.5% (Cost $188,573,628)					209,745,076
Other Assets and Liabilities, Net — (1.5)%					(3,086,030)
Net Assets — 100.0%				$	206,659,046

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 $13,481,054; total market value of collateral held by the Fund was $14,075,159. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $10,999,978.

(b)

Reflects the 1-day yield at April 30, 2021.

(c)

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

See notes to financial statements.

140

Schedule of Investments — IQ Chaikin U.S. Small Cap ETF (continued)

April 30, 2021

Description	Level 1			Level 2			Level 3			Total
Asset Valuation Inputs
Investments in Securities:(d)
Common Stocks		$	206,446,014		$	28,851		$	—		$	206,474,865
Short-Term Investments:
Money Market Funds			3,270,211			—			—			3,270,211
Total Investments in Securities		$	209,716,225		$	28,851		$	—		$	209,745,076

(d)

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

For the year ended April 30, 2021, 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.

141

Schedule of Investments — IQ Chaikin U.S. Large Cap ETF

April 30, 2021

	Shares		Value
Common Stocks — 99.8%
Communication Services — 9.2%
Activision Blizzard, Inc.		31,256		$	2,850,235
Alphabet, Inc., Class A*		1,408			3,313,728
Charter Communications, Inc., Class A*(a)		4,711			3,172,623
Comcast Corp., Class A		53,718			3,016,266
Facebook, Inc., Class A*		9,868			3,207,889
Liberty Broadband Corp., Class C*		19,359			3,150,096
Snap, Inc., Class A*(a)		55,588			3,436,450
Take-Two Interactive Software, Inc.*		16,449			2,884,826
T-Mobile US, Inc.*		23,198			3,065,152
Total Communication Services					28,097,265
Consumer Discretionary — 9.1%
Amazon.com, Inc.*		939			3,255,907
AutoZone, Inc.*		2,070			3,030,728
Dollar General Corp.		14,347			3,081,018
Garmin Ltd.		22,047			3,025,730
Home Depot, Inc. (The)		9,521			3,081,662
NVR, Inc.*		618			3,101,186
O’Reilly Automotive, Inc.*		5,729			3,167,450
Target Corp.		14,675			3,041,541
Tractor Supply Co.		16,416			3,096,058
Total Consumer Discretionary					27,881,280
Consumer Staples — 4.0%
Archer-Daniels-Midland Co.		50,993			3,219,188
Hershey Co. (The)		18,378			3,019,506
PepsiCo, Inc.		20,551			2,962,632
Tyson Foods, Inc., Class A		39,122			3,029,999
Total Consumer Staples					12,231,325
Energy — 1.0%
EOG Resources, Inc.		40,077			2,951,270
Financials — 13.2%
Aflac, Inc.		56,795			3,051,595
Allstate Corp. (The)		25,297			3,207,660
Bank of New York Mellon Corp. (The)		61,466			3,065,924
Berkshire Hathaway, Inc., Class B*		11,377			3,128,106
BlackRock, Inc.		3,854			3,157,582
Charles Schwab Corp. (The)		44,596			3,139,558
Chubb Ltd.		18,400			3,157,256
Markel Corp.*		2,549			2,998,695
Nasdaq, Inc.		19,712			3,184,277
Northern Trust Corp.		27,655			3,147,139
Progressive Corp. (The)		30,401			3,062,597
T Rowe Price Group, Inc.		16,939			3,035,469
Travelers Cos., Inc. (The)		19,326			2,988,959
Total Financials					40,324,817
Health Care — 16.7%
Abbott Laboratories		24,255			2,912,540
AmerisourceBergen Corp.		24,619			2,973,975
Baxter International, Inc.		34,462			2,953,049
Becton Dickinson and Co.		11,953			2,974,026
Cardinal Health, Inc.		47,846			2,887,028
Cigna Corp.		12,024			2,994,096
CVS Health Corp.		38,637			2,951,867
Danaher Corp.		12,913			3,279,127
IDEXX Laboratories, Inc.*		5,939			3,260,452

	Shares		Value
Common Stocks (continued)
Health Care (continued)
Johnson & Johnson		17,687		$	2,878,205
McKesson Corp.		14,904			2,795,394
Regeneron Pharmaceuticals, Inc.*		6,143			2,956,626
Stryker Corp.		11,932			3,133,701
Teladoc Health, Inc.*		15,993			2,756,394
UnitedHealth Group, Inc.		7,811			3,115,027
Vertex Pharmaceuticals, Inc.*		13,526			2,951,373
West Pharmaceutical Services, Inc.		10,315			3,388,684
Total Health Care					51,161,564
Industrials — 10.7%
3M Co.		15,087			2,974,251
AMETEK, Inc.		22,757			3,070,602
Caterpillar, Inc.		12,535			2,859,359
Cummins, Inc.		11,217			2,827,133
Deere & Co.		7,770			2,881,504
General Dynamics Corp.		16,010			3,045,582
L3Harris Technologies, Inc.		14,342			3,000,777
Lockheed Martin Corp.		7,866			2,993,485
Northrop Grumman Corp.		8,981			3,183,226
Old Dominion Freight Line, Inc.		12,092			3,117,439
PACCAR, Inc.		31,280			2,811,446
Total Industrials					32,764,804
Information Technology — 26.7%
Accenture PLC, Class A		10,522			3,051,064
Adobe, Inc.*		6,113			3,107,482
Akamai Technologies, Inc.*		28,525			3,100,668
ANSYS, Inc.*		8,559			3,129,684
Arista Networks, Inc.*		9,629			3,034,772
Automatic Data Processing, Inc.		15,423			2,883,947
Broadcom, Inc.		6,270			2,860,374
Cadence Design Systems, Inc.*		21,218			2,795,896
CDW Corp.		17,538			3,127,552
Citrix Systems, Inc.		20,710			2,564,934
Coupa Software, Inc.*		11,422			3,072,975
Dell Technologies, Inc., Class C*		32,973			3,242,235
DocuSign, Inc.*		14,359			3,201,195
Fiserv, Inc.*		24,418			2,933,090
HP, Inc.		91,548			3,122,702
Intel Corp.		45,417			2,612,840
International Business Machines Corp.		21,813			3,094,828
Intuit, Inc.		7,589			3,127,882
Microsoft Corp.		12,327			3,108,623
salesforce.com, Inc.*		13,719			3,159,760
Synopsys, Inc.*		11,732			2,898,508
Texas Instruments, Inc.		15,380			2,776,244
Trade Desk, Inc. (The), Class A*		4,460			3,252,723
Tyler Technologies, Inc.*		6,848			2,909,441
VeriSign, Inc.*		14,624			3,199,292
VMware, Inc., Class A*(a)		19,320			3,107,236
Zscaler, Inc.*(a)		16,932			3,177,120
Total Information Technology					81,653,067
Materials — 2.0%
Corteva, Inc.		62,349			3,040,137
Newmont Corp.		48,227			3,009,847
Total Materials					6,049,984

See notes to financial statements.

142

Schedule of Investments — IQ Chaikin U.S. Large Cap ETF (continued)

April 30, 2021

	Shares		Value
Common Stocks (continued)
Real Estate — 5.2%
Crown Castle International Corp.		16,886		$	3,192,467
Essex Property Trust, Inc.		10,692			3,106,240
Invitation Homes, Inc.		90,862			3,185,622
Prologis, Inc.		27,422			3,195,486
Sun Communities, Inc.		19,373			3,231,997
Total Real Estate					15,911,812
Utilities — 2.0%
CMS Energy Corp.		47,479			3,057,173
DTE Energy Co.		21,833			3,057,056
Total Utilities					6,114,229
Total Common Stocks
(Cost $269,334,664)					305,141,417
Short-Term Investments — 0.1%
Money Market Funds — 0.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c)		8,956			8,956
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b)		346,486			346,486

	Shares	Value
Short-Term Investments (continued)
Money Market Funds (continued)
Total Short-Term Investments
(Cost $355,442)			$	355,442
Total Investments — 99.9%
(Cost $269,690,106)				305,496,859
Other Assets and Liabilities, Net — 0.1%				110,815
Net Assets — 100.0%			$	305,607,674

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 $12,634,856; total market value of collateral held by the Fund was $13,590,917. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $13,581,961.

(b)

Reflects the 1-day yield at April 30, 2021.

(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		$	305,141,417		$	—		$	—		$	305,141,417
Short-Term Investments:
Money Market Funds			355,442			—			—			355,442
Total Investments in Securities		$	305,496,859		$	—		$	—		$	305,496,859

(d)

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

For the year ended April 30, 2021, 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.

143

Statements of Assets and Liabilities

April 30, 2021

	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)		$	743,054,696		$	4,207,867		$	14,076,160		$	10,026,553
Investments in affiliates, at value			115,750,647			774,958			4,336,410			15,726
Cash			—			69			323			126
Deposits at broker for swap contracts			570,000			—			—			—
Receivable for investments sold			1,601,049			—			—			—
Due from broker			465,943			4,246			11,284			20,173
Securities lending income receivable			64,057			628			1,943			1,393
Dividend receivable			1			—			—			—
Total Assets			861,506,393			4,987,768			18,426,120			10,063,971
Liabilities
Collateral for investments on loan			62,670,538			705,838			649,503			743,134
Payable for capital shares repurchased			1,600,718			—			—			—
Due to broker			1,305,020			8,048			25,705			35,423
Advisory fees payable			342,866			1,403			5,860			3,257
Trustee fees payable			3,955			20			74			44
Compliance fees payable			261			1			4			1
Accrued expenses and other liabilities			5,734			80			131			87
Total Liabilities			65,929,092			715,390			681,277			781,946
Net Assets		$	795,577,301		$	4,272,378		$	17,744,843		$	9,282,025
Composition of Net Assets
Paid-in capital		$	819,343,776		$	9,333,798		$	17,895,284		$	9,734,136
Total distributable earnings/(accumulated loss)			(23,766,475)			(5,061,420)			(150,441)			(452,111)
Net Assets		$	795,577,301		$	4,272,378		$	17,744,843		$	9,282,025
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			24,850,000			150,000			650,000			350,000
Net Asset Value Per Share		$	32.02		$	28.48		$	27.30		$	26.52
Investments, at cost		$	715,342,996		$	3,858,434		$	13,837,780		$	9,810,432
Investments in affiliates, at cost		$	115,553,324		$	766,330		$	4,306,862		$	15,707
(a)Market value of securities on loan		$	98,707,740		$	1,148,226		$	875,040		$	1,391,162

See notes to financial statements.

144

Statements of Assets and Liabilities (continued)

April 30, 2021

	IQ Hedge Event-Driven Tracker ETF			IQ Real Return ETF			IQ S&P High Yield Low Volatility Bond ETF			IQ Merger Arbitrage ETF
Assets
Investments, at value (including securities on loan)(a)		$	9,758,810		$	49,515,459		$	105,711,743		$	776,455,832
Investments in affiliates, at value			10,964			13,270,626			—			7,225,994
Cash			—			66			—			—
Foreign currency(b)			—			—			—			94,735
Due from broker			3,577			—			—			303,886
Securities lending income receivable			346			3,792			247			2,603
Receivable for investments sold			—			—			7,645,567			2,826,348
Interest receivable			—			—			1,259,972			—
Reclaims receivable			—			—			—			29,252
Dividend receivable			—			—			25			2,305,091
Total Assets			9,773,697			62,789,943			114,617,554			789,243,741
Liabilities
Collateral for investments on loan			280,133			9,545,463			850,100			10,089,260
Due to broker			3,742			—			—			8,385,334
Advisory fees payable			2,895			8,601			34,207			454,481
Trustee fees payable			41			224			547			3,646
Compliance fees payable			3			13			24			185
Payable for investments purchased			—			—			7,509,919			10,179,110
Cash due to custodian			—			—			—			13,847,775
Accrued expenses and other liabilities			98			309			701			5,370
Total Liabilities			286,912			9,554,610			8,395,498			42,965,161
Net Assets		$	9,486,785		$	53,235,333		$	106,222,056		$	746,278,580
Composition of Net Assets
Paid-in capital		$	9,384,923		$	55,220,491		$	106,955,346		$	857,916,981
Total distributable earnings/(accumulated loss)			101,862			(1,985,158)			(733,290)			(111,638,401)
Net Assets		$	9,486,785		$	53,235,333		$	106,222,056		$	746,278,580
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			400,000			1,950,000			4,250,000			22,200,000
Net Asset Value Per Share		$	23.72		$	27.30		$	24.99		$	33.62
Investments, at cost		$	9,465,618		$	49,256,865		$	103,704,606		$	736,598,260
Investments in affiliates, at cost		$	10,948		$	13,392,044		$	—		$	7,222,366
(a)Market value of securities on loan		$	271,619		$	14,796,180		$	1,475,075		$	13,546,738
(b)Cost of foreign currency		$	—		$	—		$	—		$	94,733

See notes to financial statements.

145

Statements of Assets and Liabilities (continued)

April 30, 2021

	IQ Global Resources 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)		$	19,394,891		$	52,969,761		$	252,849,761		$	319,041,643
Investments in affiliates, at value			965,609			—			—			—
Cash			—			21,802			—			—
Foreign currency(b)			—			—			125,576			150,337
Deposits at broker for swap contracts			28			—			—			—
Reclaims receivable			58,033			—			260,225			650,003
Dividend receivable			25,465			34,919			1,078,496			1,055,805
Due from broker			410			—			—			—
Securities lending income receivable			332			478			11,418			2,598
Receivable for investments sold			—			—			640			2,054,202
Due from advisor			—			—			—			40,359
Unrealized appreciation on forward foreign currency contracts			—			—			—			40,163
Total Assets			20,444,768			53,026,960			254,326,116			323,035,110
Liabilities
Collateral for investments on loan			251,875			688,938			9,927,426			9,425,880
Due to broker			159,382			—			—			—
Advisory fees payable			12,247			28,466			49,701			89,270
Foreign currency due to custodian(b)			483			—			—			—
Trustee fees payable			99			204			1,101			1,517
Compliance fees payable			5			11			34			92
Payable for investments purchased			1			—			21			153,696
Cash due to custodian			—			—			—			383,577
Unrealized depreciation on forward foreign currency contracts			—			—			—			2,589,582
Accrued expenses and other liabilities			167			205			11,709			3,741
Total Liabilities			424,259			717,824			9,989,992			12,647,355
Net Assets		$	20,020,509		$	52,309,136		$	244,336,124		$	310,387,755
Composition of Net Assets
Paid-in capital		$	80,231,277		$	58,789,478		$	219,771,237		$	295,665,403
Total distributable earnings/(accumulated loss)			(60,210,768)			(6,480,342)			24,564,887			14,722,352
Net Assets		$	20,020,509		$	52,309,136		$	244,336,124		$	310,387,755
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			700,000			2,050,000			7,500,000			12,750,000
Net Asset Value Per Share		$	28.60		$	25.52		$	32.58		$	24.34
Investments, at cost		$	16,356,013		$	50,443,372		$	226,735,100		$	286,842,514
Investments in affiliates, at cost		$	968,784		$	—		$	—		$	—
(a)Market value of securities on loan		$	523,321		$	3,946,070		$	12,119,424		$	12,045,010
(b)Cost of foreign currency		$	(482)		$	—		$	125,840		$	149,950

See notes to financial statements.

146

Statements of Assets and Liabilities (continued)

April 30, 2021

	IQ Healthy Hearts ETF			IQ Candriam ESG International Equity ETF			IQ Candriam ESG U.S. Equity ETF			IQ Chaikin U.S. Small Cap ETF
Assets
Investments, at value (including securities on loan)(a)		$	6,606,984		$	188,847,235		$	410,386,061		$	209,745,076
Foreign currency(b)			156			11,682			—			—
Dividend receivable			4,541			610,053			353,929			50,953
Reclaims receivable			3,939			159,416			—			—
Receivable for investments sold			238			105			—			—
Securities lending income receivable			6			653			663			2,567
Due from advisor			—			1,466			3,577			—
Total Assets			6,615,864			189,630,610			410,744,230			209,798,596
Liabilities
Collateral for investments on loan			53,815			2,624,267			8,790			3,075,181
Advisory fees payable			2,270			22,114			29,863			61,550
Payable for investments purchased			239			31,813			—			—
Trustee fees payable			26			712			1,698			1,036
Compliance fees payable			1			37			83			27
Cash due to custodian			—			—			74			1,192
Accrued expenses and other liabilities			69			563			1,405			564
Total Liabilities			56,420			2,679,506			41,913			3,139,550
Net Assets		$	6,559,444		$	186,951,104		$	410,702,317		$	206,659,046
Composition of Net Assets
Paid-in capital		$	6,298,900		$	156,901,120		$	345,089,666		$	262,566,814
Total distributable earnings/(accumulated loss)			260,544			30,049,984			65,612,651			(55,907,768)
Net Assets		$	6,559,444		$	186,951,104		$	410,702,317		$	206,659,046
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			250,000			6,400,000			11,550,000			5,900,000
Net Asset Value Per Share		$	26.24		$	29.21		$	35.56		$	35.03
Investments, at cost		$	6,324,038		$	159,562,665		$	344,231,253		$	188,573,628
(a)Market value of securities on loan		$	31,597		$	3,469,490		$	9,017,258		$	13,481,054
(b)Cost of foreign currency		$	156		$	11,676		$	—		$	—

See notes to financial statements.

147

Statements of Assets and Liabilities (continued)

April 30, 2021

	IQ Chaikin U.S. Large Cap ETF
Assets
Investments, at value (including securities on loan)(a)		$	305,496,859
Dividend receivable			186,703
Securities lending income receivable			1,069
Total Assets			305,684,631
Liabilities
Advisory fees payable			65,378
Collateral for investments on loan			8,956
Trustee fees payable			1,542
Compliance fees payable			45
Accrued expenses and other liabilities			1,036
Total Liabilities			76,957
Net Assets		$	305,607,674
Composition of Net Assets
Paid-in capital		$	337,463,607
Total distributable earnings/(accumulated loss)			(31,855,933)
Net Assets		$	305,607,674
NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)			9,400,000
Net Asset Value Per Share		$	32.51
Investments, at cost		$	269,690,106
(a)Market value of securities on loan		$	12,634,856

See notes to financial statements.

148

Statements of Operations

For the year ended April 30, 2021

	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*		$	12,507,829		$	56,103		$	285,291		$	234,052
Dividend income from affiliates			1,152,112			6,579			27,670			3,217
Securities lending income, net of borrower rebates			916,588			5,519			25,932			10,817
Total investment income			14,576,529			68,201			338,893			248,086
Expenses
Advisory fees (See Note 3)			5,774,948			31,216			132,640			84,252
Trustee fees			43,573			242			986			655
Legal fees			38,515			205			869			527
Compliance fees			2,210			12			48			32
Miscellaneous			1,148			57			57			56
Total expenses			5,860,394			31,732			134,600			85,522
Waivers/Reimbursement (See Note 3)			(1,693,984)			(14,568)			(61,898)			(39,186)
Net expenses			4,166,410			17,164			72,702			46,336
Net investment income			10,410,119			51,037			266,191			201,750
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			29,236,878			216,424			71,101			156,097
Investment in affiliates			(338,597)			(1,099)			(365)			210
In-Kind redemptions			31,786,276			—			1,063,480			2,246,075
Affiliates in-kind redemptions			1,229,159			—			12,795			1,921
Swap transactions			(14,767,188)			(67,391)			(319,930)			(136,495)
Distributions by other investment companies			171,582			717			4,971			1,205
Distributions by other investment companies in affiliates			561,469			3,528			13,197			1,801
Net realized gain (loss)			47,879,579			152,179			845,249			2,270,814
Net change in net unrealized appreciation (depreciation) on:
Investment securities			25,762,773			346,341			382,089			(45,528)
Investment in affiliates			(873,165)			2,401			(5,586)			(5,510)
Net change in net unrealized appreciation (depreciation)			24,889,608			348,742			376,503			(51,038)
Net realized and unrealized gain (loss)			72,769,187			500,921			1,221,752			2,219,776
Net Increase (Decrease) in Net Assets Resulting from Operations		$	83,179,306		$	551,958		$	1,487,943		$	2,421,526
*Net of foreign taxes withheld of:		$	—		$	62		$	—		$	—

See notes to financial statements.

149

Statements of Operations (continued)

For the year ended April 30, 2021

	IQ Hedge Event-Driven Tracker ETF			IQ Real Return ETF			IQ S&P High Yield Low Volatility Bond ETF			IQ Merger Arbitrage ETF
Investment Income
Dividend income*		$	185,554		$	190,684		$	255		$	11,774,311
Dividend income from affiliates			21			147,173			—			29,885
Interest income			—			—			4,125,683			—
Securities lending income, net of borrower rebates			5,501			61,714			2,622			432,949
Total investment income			191,076			399,571			4,128,560			12,237,145
Expenses
Advisory fees (See Note 3)			54,959			248,708			400,716			5,409,284
Trustee fees			416			2,893			5,688			40,653
Legal fees			386			2,496			4,252			34,882
Compliance fees			21			144			273			2,010
Miscellaneous			57			372			402			4,233
Total expenses			55,839			254,613			411,331			5,491,062
Waivers/Reimbursement (See Note 3)			(25,527)			(145,079)			(10,600)			—
Net expenses			30,312			109,534			400,731			5,491,062
Net investment income			160,764			290,037			3,727,829			6,746,083
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(50,595)			233,729			1,211,556			18,608,731
Investment in affiliates			—			(4,655)			—			37,884
In-Kind redemptions			596,906			—			248,819			97,185,804
Affiliates in-kind redemptions			20			—			—			7,924
Swap transactions			(4,992)			—			—			(177,670,573)
Distributions by other investment companies			1			18,542			—			—
Distributions by other investment companies in affiliates			6			59,425			—			10,350
Foreign currency transactions			—			—			—			(548,733)
Net realized gain (loss)			541,346			307,041			1,460,375			(62,368,613)
Net change in net unrealized appreciation (depreciation) on:
Investment securities			556,045			550,512			2,569,537			117,530,449
Investment in affiliates			16			45,752			—			(13,376)
Foreign currency translations			—			—			—			114,836
Net change in net unrealized appreciation (depreciation)			556,061			596,264			2,569,537			117,631,909
Net realized and unrealized gain (loss)			1,097,407			903,305			4,029,912			55,263,296
Net Increase (Decrease) in Net Assets Resulting from Operations		$	1,258,171		$	1,193,342		$	7,757,741		$	62,009,379
*Net of foreign taxes withheld of:		$	—		$	—		$	—		$	156,464

See notes to financial statements.

150

Statements of Operations (continued)

For the year ended April 30, 2021

	IQ Global Resources ETF			IQ U.S. Real Estate Small Cap ETF			IQ 500 International ETF			IQ 50 Percent Hedged FTSE International ETF
Investment Income
Dividend income*		$	754,423		$	1,001,670		$	7,264,795		$	7,245,430
Dividend income from affiliates			12,538			—			—			—
Securities lending income, net of borrower rebates			3,203			4,587			141,004			34,844
Total investment income			770,164			1,006,257			7,405,799			7,280,274
Expenses
Advisory fees (See Note 3)			166,784			294,480			594,716			977,173
Trustee fees			1,242			2,254			13,332			15,739
Legal fees			993			2,014			11,014			11,377
Compliance fees			72			116			631			787
Miscellaneous			57			57			57			659
Total expenses			169,148			298,921			619,750			1,005,735
Waivers/Reimbursement (See Note 3)			—			—			(24,997)			(447,510)
Net expenses			169,148			298,921			594,753			558,225
Net investment income			601,016			707,336			6,811,046			6,722,049
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(1,496,923)			(2,237,842)			(3,224,478)			(8,168,690)
Investment in affiliates			(1,097)			—			—			—
In-Kind redemptions			1,467,694			(910,187)			12,471,295			4,090,632
Affiliates in-kind redemptions			6,738			—			—			—
Swap transactions			(1,658,568)			—			—			—
Distributions by other investment companies in affiliates			4,584			—			—			—
Forward foreign currency contracts			—			—			—			(6,296,349)
Foreign currency transactions			1,874			—			10,138			(43,026)
Net realized gain (loss)			(1,675,698)			(3,148,029)			9,256,955			(10,417,433)
Net change in net unrealized appreciation (depreciation) on:
Investment securities			6,766,344			21,157,244			80,945,329			94,228,728
Investment in affiliates			(439)			—			—			—
Forward foreign currency contracts			—			—			—			(1,563,862)
Foreign currency translations			6,865			—			10,799			36,037
Net change in net unrealized appreciation (depreciation)			6,772,770			21,157,244			80,956,128			92,700,903
Net realized and unrealized gain (loss)			5,097,072			18,009,215			90,213,083			82,283,470
Net Increase (Decrease) in Net Assets Resulting from Operations		$	5,698,088		$	18,716,551		$	97,024,129		$	89,005,519
*Net of foreign taxes withheld of:		$	50,191		$	—		$	742,586		$	701,511

See notes to financial statements.

151

Statements of Operations (continued)

For the year ended April 30, 2021

	IQ Healthy Hearts ETF**			IQ Candriam ESG International Equity ETF			IQ Candriam ESG U.S. Equity ETF			IQ Chaikin U.S. Small Cap ETF
Investment Income
Dividend income*		$	42,393		$	3,088,241		$	3,229,217		$	2,330,349
Securities lending income, net of borrower rebates			13			9,363			8,515			128,149
Total investment income			42,406			3,097,604			3,237,732			2,458,498
Expenses
Advisory fees (See Note 3)			8,062			181,840			202,743			525,573
Trustee fees			101			6,801			12,391			8,392
Legal fees			69			5,295			8,718			6,486
Compliance fees			4			330			598			387
Miscellaneous			57			40			30			57
Total expenses			8,293			194,306			224,480			540,895
Waivers/Reimbursement (See Note 3)			(231)			(12,439)			(21,676)			(15,291)
Net expenses			8,062			181,867			202,804			525,604
Net investment income			34,344			2,915,737			3,034,928			1,932,894
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			(34,955)			(96,311)			(979,455)			3,563,959
In-Kind redemptions			65,667			8,660,476			11,133,417			64,508,065
Foreign currency transactions			(297)			(43,055)			—			—
Net realized gain (loss)			30,415			8,521,110			10,153,962			68,072,024
Net change in net unrealized appreciation (depreciation) on:
Investment securities			282,946			29,625,296			66,417,860			17,445,976
Foreign currency translations			74			4,265			—			—
Net change in net unrealized appreciation (depreciation)			283,020			29,629,561			66,417,860			17,445,976
Net realized and unrealized gain (loss)			313,435			38,150,671			76,571,822			85,518,000
Net Increase (Decrease) in Net Assets Resulting from Operations		$	347,779		$	41,066,408		$	79,606,750		$	87,450,894
*Net of foreign taxes withheld of:		$	4,274		$	323,813		$	3		$	2,582

** Commencement of operations January 14, 2021.

See notes to financial statements.

152

Statements of Operations (continued)

For the year ended April 30, 2021

	IQ Chaikin U.S. Large Cap ETF
Investment Income
Dividend income		$	4,447,287
Securities lending income, net of borrower rebates			5,182
Total investment income			4,452,469
Expenses
Advisory fees (See Note 3)			664,355
Trustee fees			14,845
Legal fees			12,061
Compliance fees			683
Miscellaneous			57
Total expenses			692,001
Waivers/Reimbursement (See Note 3)			(27,601)
Net expenses			664,400
Net investment income			3,788,069
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			7,885,689
In-Kind redemptions			71,313,516
Net realized gain (loss)			79,199,205
Net change in net unrealized appreciation (depreciation) on:
Investment securities			25,070,548
Net change in net unrealized appreciation (depreciation)			25,070,548
Net realized and unrealized gain (loss)			104,269,753
Net Increase (Decrease) in Net Assets Resulting from Operations		$	108,057,822

See notes to financial statements.

153

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,
	2021			2020			2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	10,410,119		$	20,842,057		$	51,037		$	100,870
Net realized gain (loss)			47,879,579			(16,734,225)			152,179			(80,989)
Net change in net unrealized appreciation (depreciation)			24,889,608			(12,595,811)			348,742			(44,333)
Net increase (decrease) in net assets resulting from operations			83,179,306			(8,487,979)			551,958			(24,452)
Distributions to Shareholders			(15,953,112)			(16,163,950)			(106,851)			(54,164)
Capital Share Transactions
Proceeds from shares created			369,110,615			108,741,902			—			—
Cost of shares redeemed			(380,419,895)			(337,851,658)			—			(1,345,577)
Net increase (decrease) from capital share transactions			(11,309,280)			(229,109,756)			—			(1,345,577)
Total increase (decrease) in net assets			55,916,914			(253,761,685)			445,107			(1,424,193)
Net Assets
Beginning of year			739,660,387			993,422,072			3,827,271			5,251,464
End of year		$	795,577,301		$	739,660,387		$	4,272,378		$	3,827,271
Changes in Shares Outstanding
Shares outstanding, beginning of year			25,150,000			32,800,000			150,000			200,000
Shares created			11,800,000			3,600,000			—			—
Shares redeemed			(12,100,000)			(11,250,000)			—			(50,000)
Shares outstanding, end of year			24,850,000			25,150,000			150,000			150,000

See notes to financial statements.

154

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,
	2021			2020			2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	266,191		$	350,179		$	201,750		$	166,866
Net realized gain (loss)			845,249			13,206			2,270,814			(352,670)
Net change in net unrealized appreciation (depreciation)			376,503			(336,826)			(51,038)			163,059
Net increase (decrease) in net assets resulting from operations			1,487,943			26,559			2,421,526			(22,745)
Distributions to Shareholders			(341,520)			(239,729)			(181,041)			(123,690)
Capital Share Transactions
Proceeds from shares created			12,150,236			5,068,994			13,498,911			8,803,502
Cost of shares redeemed			(13,508,262)			(2,639,984)			(17,156,549)			(4,417,086)
Net increase (decrease) from capital share transactions			(1,358,026)			2,429,010			(3,657,638)			4,386,416
Total increase (decrease) in net assets			(211,603)			2,215,840			(1,417,153)			4,239,981
Net Assets
Beginning of year			17,956,446			15,740,606			10,699,178			6,459,197
End of year		$	17,744,843		$	17,956,446		$	9,282,025		$	10,699,178
Changes in Shares Outstanding
Shares outstanding, beginning of year			700,000			600,000			500,000			300,000
Shares created			450,000			200,000			550,000			400,000
Shares redeemed			(500,000)			(100,000)			(700,000)			(200,000)
Shares outstanding, end of year			650,000			700,000			350,000			500,000

See notes to financial statements.

155

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,
	2021			2020			2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	160,764		$	201,009		$	290,037		$	1,075,218
Net realized gain (loss)			541,346			(129,344)			307,041			(500,329)
Net change in net unrealized appreciation (depreciation)			556,061			(341,340)			596,264			(1,143,699)
Net increase (decrease) in net assets resulting from operations			1,258,171			(269,675)			1,193,342			(568,810)
Distributions to Shareholders			(209,892)			(157,392)			(511,575)			(1,185,760)
Capital Share Transactions
Proceeds from shares created			8,147,454			8,619,767			1,365,759			—
Cost of shares redeemed			(8,062,646)			(4,091,994)			—			(4,103,526)
Net increase (decrease) from capital share transactions			84,808			4,527,773			1,365,759			(4,103,526)
Total increase (decrease) in net assets			1,133,087			4,100,706			2,047,526			(5,858,096)
Net Assets
Beginning of year			8,353,698			4,252,992			51,187,807			57,045,903
End of year		$	9,486,785		$	8,353,698		$	53,235,333		$	51,187,807
Changes in Shares Outstanding
Shares outstanding, beginning of year			400,000			200,000			1,900,000			2,050,000
Shares created			350,000			400,000			50,000			—
Shares redeemed			(350,000)			(200,000)			—			(150,000)
Shares outstanding, end of year			400,000			400,000			1,950,000			1,900,000

See notes to financial statements.

156

Statements of Changes in Net Assets (continued)

	IQ S&P High Yield Low Volatility Bond ETF						IQ Merger Arbitrage ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2021			2020			2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	3,727,829		$	2,548,294		$	6,746,083		$	3,872,200
Net realized gain (loss)			1,460,375			(2,350,176)			(62,368,613)			82,702,816
Net change in net unrealized appreciation (depreciation)			2,569,537			(1,115,683)			117,631,909			(95,293,870)
Net increase (decrease) in net assets resulting from operations			7,757,741			(917,565)			62,009,379			(8,718,854)
Distributions to Shareholders			(3,749,100)			(2,787,812)			(16,966,679)			—
Capital Share Transactions
Proceeds from shares created			55,988,259			16,228,614			452,464,996			778,842,132
Cost of shares redeemed			(5,069,562)			(26,854,263)			(474,810,890)			(1,032,341,051)
Net increase (decrease) from capital share transactions			50,918,697			(10,625,649)			(22,345,894)			(253,498,919)
Total increase (decrease) in net assets			54,927,338			(14,331,026)			22,696,806			(262,217,773)
Net Assets
Beginning of year			51,294,718			65,625,744			723,581,774			985,799,547
End of year		$	106,222,056		$	51,294,718		$	746,278,580		$	723,581,774
Changes in Shares Outstanding
Shares outstanding, beginning of year			2,150,000			2,650,000			22,950,000			31,300,000
Shares created			2,300,000			650,000			13,500,000			23,900,000
Shares redeemed			(200,000)			(1,150,000)			(14,250,000)			(32,250,000)
Shares outstanding, end of year			4,250,000			2,150,000			22,200,000			22,950,000

See notes to financial statements.

157

Statements of Changes in Net Assets (continued)

	IQ Global Resources ETF						IQ U.S. Real Estate Small Cap ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2021			2020			2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	601,016		$	2,749,818		$	707,336		$	1,707,060
Net realized gain (loss)			(1,675,698)			1,836,863			(3,148,029)			(2,621,227)
Net change in net unrealized appreciation (depreciation)			6,772,770			(5,664,345)			21,157,244			(15,279,064)
Net increase (decrease) in net assets resulting from operations			5,698,088			(1,077,664)			18,716,551			(16,193,231)
Distributions to Shareholders			(2,041,648)			(2,539,080)			(662,106)			(1,633,256)
Distributions to Shareholders from Return of Capital			—			—			(1,029,743)			(1,775,536)
Total distributions to shareholders			(2,041,648)			(2,539,080)			(1,691,849)			(3,408,792)
Capital Share Transactions
Proceeds from shares created			—			1,340,878			3,041,462			3,688,926
Cost of shares redeemed			(6,584,287)			(150,087,715)			(8,459,347)			(14,999,579)
Net increase (decrease) from capital share transactions			(6,584,287)			(148,746,837)			(5,417,885)			(11,310,653)
Total increase (decrease) in net assets			(2,927,847)			(152,363,581)			11,606,817			(30,912,676)
Net Assets
Beginning of year			22,948,356			175,311,937			40,702,319			71,614,995
End of year		$	20,020,509		$	22,948,356		$	52,309,136		$	40,702,319
Changes in Shares Outstanding
Shares outstanding, beginning of year			950,000			6,500,000			2,350,000			2,850,000
Shares created			—			50,000			150,000			150,000
Shares redeemed			(250,000)			(5,600,000)			(450,000)			(650,000)
Shares outstanding, end of year			700,000			950,000			2,050,000			2,350,000

See notes to financial statements.

158

Statements of Changes in Net Assets (continued)

	IQ 500 International ETF						IQ 50 Percent Hedged FTSE International ETF
	For the Year Ended April 30,						For the Year Ended April 30,
	2021			2020			2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	6,811,046		$	4,213,636		$	6,722,049		$	7,283,615
Net realized gain (loss)			9,256,955			4,809,844			(10,417,433)			(3,622,654)
Net change in net unrealized appreciation (depreciation)			80,956,128			(60,097,774)			92,700,903			(43,441,569)
Net increase (decrease) in net assets resulting from operations			97,024,129			(51,074,294)			89,005,519			(39,780,608)
Distributions to Shareholders			(5,907,221)			(3,080,969)			(6,183,285)			(7,874,573)
Capital Share Transactions
Proceeds from shares created			—			284,884,301			22,964,165			134,725,957
Cost of shares redeemed			(65,232,048)			(97,952,352)			(44,973,441)			(118,574,884)
Net increase (decrease) from capital share transactions			(65,232,048)			186,931,949			(22,009,276)			16,151,073
Total increase (decrease) in net assets			25,884,860			132,776,686			60,812,958			(31,504,108)
Net Assets
Beginning of year			218,451,264			85,674,578			249,574,797			281,078,905
End of year		$	244,336,124		$	218,451,264		$	310,387,755		$	249,574,797
Changes in Shares Outstanding
Shares outstanding, beginning of year			9,800,000			3,100,000			13,850,000			13,650,000
Shares created			—			10,350,000			1,150,000			6,400,000
Shares redeemed			(2,300,000)			(3,650,000)			(2,250,000)			(6,200,000)
Shares outstanding, end of year			7,500,000			9,800,000			12,750,000			13,850,000

See notes to financial statements.

159

Statements of Changes in Net Assets (continued)

	IQ Healthy Hearts ETF			IQ Candriam ESG International Equity ETF
	For the Period January 14, 2021* to April 30, 2021			For the Year Ended April 30, 2021			For the Period December 17, 2019* to April 30, 2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	34,344		$	2,915,737		$	142,981
Net realized gain (loss)			30,415			8,521,110			(47,615)
Net change in net unrealized appreciation (depreciation)			283,020			29,629,561			(340,084)
Net increase (decrease) in net assets resulting from operations			347,779			41,066,408			(244,718)
Distributions to Shareholders			(21,568)			(2,032,608)			(50,904)
Capital Share Transactions
Proceeds from shares created			7,491,647			136,458,862			46,491,761
Cost of shares redeemed			(1,258,414)			(34,737,697)			—
Net increase (decrease) from capital share transactions			6,233,233			101,721,165			46,491,761
Total increase (decrease) in net assets			6,559,444			140,754,965			46,196,139
Net Assets
Beginning of period			—			46,196,139			—
End of period		$	6,559,444		$	186,951,104		$	46,196,139
Changes in Shares Outstanding
Shares outstanding, beginning of period			—			2,200,000			—
Shares created			300,000			5,550,000			2,200,000
Shares redeemed			(50,000)			(1,350,000)			—
Shares outstanding, end of period			250,000			6,400,000			2,200,000

Commencement of operations.

See notes to financial statements.

160

Statements of Changes in Net Assets (continued)

	IQ Candriam ESG U.S. Equity ETF						IQ Chaikin U.S. Small Cap ETF
	For the Year Ended			For the Period December 17, 2019*			For the Year Ended April 30,
	April 30, 2021			to April 30, 2020			2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	3,034,928		$	39,607		$	1,932,894		$	2,395,386
Net realized gain (loss)			10,153,962			54,203			68,072,024			(38,685,566)
Net change in net unrealized appreciation (depreciation)			66,417,860			(263,052)			17,445,976			5,130,703
Net increase (decrease) in net assets resulting from operations			79,606,750			(169,242)			87,450,894			(31,159,477)
Distributions to Shareholders			(2,588,974)			(30,853)			(1,965,356)			(2,340,043)
Capital Share Transactions
Proceeds from shares created			382,934,271			10,070,844			153,825,587			4,615,525
Cost of shares redeemed			(55,283,477)			(3,837,002)			(135,760,327)			(216,562,479)
Net increase (decrease) from capital share transactions			327,650,794			6,233,842			18,065,260			(211,946,954)
Total increase (decrease) in net assets			404,668,570			6,033,747			103,550,798			(245,446,474)
Net Assets
Beginning of period			6,033,747			—			103,108,248			348,554,722
End of period		$	410,702,317		$	6,033,747		$	206,659,046		$	103,108,248
Changes in Shares Outstanding
Shares outstanding, beginning of period			250,000			—			5,150,000			13,550,000
Shares created			13,050,000			400,000			4,850,000			200,000
Shares redeemed			(1,750,000)			(150,000)			(4,100,000)			(8,600,000)
Shares outstanding, end of period			11,550,000			250,000			5,900,000			5,150,000

Commencement of operations.

See notes to financial statements.

161

Statements of Changes in Net Assets (continued)

	IQ Chaikin U.S. Large Cap ETF
	For the Year Ended April 30,
	2021			2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	3,788,069		$	6,114,254
Net realized gain (loss)			79,199,205			(43,036,686)
Net change in net unrealized appreciation (depreciation)			25,070,548			18,023,957
Net increase (decrease) in net assets resulting from operations			108,057,822			(18,898,475)
Distributions to Shareholders			(4,106,799)			(6,034,101)
Capital Share Transactions
Proceeds from shares created			187,813,882			168,898,124
Cost of shares redeemed			(206,787,024)			(201,747,345)
Net increase (decrease) from capital share transactions			(18,973,142)			(32,849,221)
Total increase (decrease) in net assets			84,977,881			(57,781,797)
Net Assets
Beginning of period			220,629,793			278,411,590
End of period		$	305,607,674		$	220,629,793
Changes in Shares Outstanding
Shares outstanding, beginning of period			10,050,000			11,250,000
Shares created			6,100,000			6,800,000
Shares redeemed			(6,750,000)			(8,000,000)
Shares outstanding, end of period			9,400,000			10,050,000

See notes to financial statements.

162

Financial Highlights

Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Multi-Strategy Tracker ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	29.41		$	30.29		$	30.39		$	29.15		$	29.03
Income from Investment Operations
Net investment income(a)(b)			0.42			0.75			0.72			0.56			0.50
Net realized and unrealized gain (loss)			2.79			(1.04)			(0.27)			0.68			(0.38)
Distributions of net realized gains from investments in other investment companies			0.03			0.00(c)			—			0.00(c)			0.00(c)
Net increase (decrease) in net assets resulting from investment operations			3.24			(0.29)			0.45			1.24			0.12
Distributions from:
Net investment income			(0.63)			(0.59)			(0.55)			—			(0.00)(d)
Net asset value, end of year		$	32.02		$	29.41		$	30.29		$	30.39		$	29.15
Market price, end of year		$	32.01		$	29.34		$	30.28		$	30.38		$	29.15
Total Return
Total investment return based on net asset value(e)			11.01%			(1.04)%			1.56%			4.24%			0.42%
Total investment return based on market price(f)			11.26%			(1.26)%			1.56%			4.22%			0.31%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	795,577		$	739,660		$	993,422		$	1,124,278		$	1,062,579
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.54%			0.54%			0.54%			0.64%			0.76%
Expenses excluding waivers/reimbursements(g)			0.76%			0.76%			0.76%			0.76%			0.76%
Net investment income (loss)(b)			1.35%			2.49%			2.40%			1.87%			1.72%
Portfolio turnover rate(h)			163%			166%			137%			164%			285%

(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.

(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.

163

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Macro Tracker ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	25.52		$	26.26		$	26.35		$	25.46		$	24.66
Income from Investment Operations
Net investment income(a)(b)			0.34			0.56			0.44			0.39			0.37
Net realized and unrealized gain (loss)			3.30			(0.94)			(0.25)			0.50			0.43
Distributions of net realized gains from investments in other investment companies			0.03			—			—			0.00(c)			0.00(c)
Net increase (decrease) in net assets resulting from investment operations			3.67			(0.38)			0.19			0.89			0.80
Distributions from:
Net investment income			(0.71)			(0.36)			(0.28)			—			—
Net asset value, end of year		$	28.48		$	25.52		$	26.26		$	26.35		$	25.46
Market price, end of year		$	28.48		$	25.36		$	26.24		$	26.34		$	25.44
Total Return
Total investment return based on net asset value(d)			14.44%			(1.51)%			0.77%			3.50%			3.25%
Total investment return based on market price(e)			15.13%			(2.04)%			0.74%			3.54%			2.58%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	4,272		$	3,827		$	5,251		$	6,588		$	6,365
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.41%			0.54%			0.76%			0.75%			0.76%
Expenses excluding waivers/reimbursements(f)			0.76%			0.76%			0.76%			0.75%			0.76%
Net investment income (loss)(b)			1.23%			2.13%			1.70%			1.47%			1.50%
Portfolio turnover rate(g)			104%			104%			82%			152%			68%

(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.

(f)

(g)

See notes to financial statements.

164

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Market Neutral Tracker ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	25.65		$	26.23		$	25.58		$	25.25		$	25.49
Income from Investment Operations
Net investment income(a)(b)			0.40			0.62			0.55			0.41			0.36
Net realized and unrealized gain (loss)			1.79			(0.76)			0.10			(0.08)			(0.25)
Distributions of net realized gains from investments in other investment companies			0.03			—			—			—			0.00(c)
Net increase (decrease) in net assets resulting from investment operations			2.22			(0.14)			0.65			0.33			0.11
Distributions from:
Net investment income			(0.57)			(0.44)			—			—			(0.35)
Net asset value, end of year		$	27.30		$	25.65		$	26.23		$	25.58		$	25.25
Market price, end of year		$	27.30		$	25.63		$	26.23		$	25.58		$	25.25
Total Return
Total investment return based on net asset value(d)			8.65%			(0.62)%			2.56%			1.29%			0.44%
Total investment return based on market price(e)			8.74%			(0.69)%			2.54%			1.31%			0.67%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	17,745		$	17,956		$	15,741		$	12,790		$	11,364
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.41%			0.53%			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)			1.51%			2.36%			2.15%			1.61%			1.40%
Portfolio turnover rate(g)			116%			77%			107%			165%			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.

(f)

(g)

See notes to financial statements.

165

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Long/Short Tracker ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	21.40		$	21.53		$	21.91		$	20.36		$	18.88
Income from Investment Operations
Net investment income(a)(b)			0.44			0.51			0.44			0.41			0.35
Net realized and unrealized gain (loss)			5.19			(0.29)			0.13			1.22			1.19
Distributions of net realized gains from investments in other investment companies			0.01			—			—			0.00(c)			0.00(c)
Net increase (decrease) in net assets resulting from investment operations			5.64			0.22			0.57			1.63			1.54
Distributions from:
Net investment income			(0.52)			(0.35)			(0.95)			(0.08)			(0.06)
Net asset value, end of year		$	26.52		$	21.40		$	21.53		$	21.91		$	20.36
Market price, end of year		$	26.53		$	21.52		$	21.54		$	21.93		$	20.34
Total Return
Total investment return based on net asset value(d)			26.42%			0.93%			3.07%			8.02%			8.18%
Total investment return based on market price(e)			25.76%			1.46%			2.91%			8.23%			8.98%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	9,282		$	10,699		$	6,459		$	8,764		$	4,072
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.41%			0.51%			0.76%			0.76%			0.77%
Expenses excluding waivers/reimbursements(f)			0.76%			0.76%			0.76%			0.76%			0.77%
Net investment income (loss)(b)			1.80%			2.35%			2.06%			1.89%			1.78%
Portfolio turnover rate(g)			156%			136%			95%			77%			147%

(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.

(f)

(g)

See notes to financial statements.

166

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Hedge Event-Driven Tracker ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	20.88		$	21.26		$	20.93		$	20.59		$	19.40
Income from Investment Operations
Net investment income(a)(b)			0.50			0.73			0.74			0.55			0.56
Net realized and unrealized gain (loss)			3.39			(0.66)			0.46			0.26			1.09
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			3.89			0.07			1.20			0.81			1.65
Distributions from:
Net investment income			(1.05)			(0.45)			(0.87)			(0.47)			(0.46)
Net asset value, end of year		$	23.72		$	20.88		$	21.26		$	20.93		$	20.59
Market price, end of year		$	23.73		$	20.86		$	21.27		$	20.93		$	20.59
Total Return
Total investment return based on net asset value(d)			18.65%			0.25%			6.12%			3.93%			8.58%
Total investment return based on market price(e)			18.86%			0.11%			6.13%			3.94%			8.44%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	9,487		$	8,354		$	4,253		$	3,139		$	3,088
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.41%			0.50%			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)			2.19%			3.48%			3.54%			2.64%			2.80%
Portfolio turnover rate(g)			69%			77%			34%			41%			68%

(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.

(f)

(g)

See notes to financial statements.

167

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Real Return ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	26.94		$	27.83		$	27.47		$	27.25		$	26.73
Income from Investment Operations
Net investment income(a)(b)			0.15			0.54			0.49			0.30			0.22
Net realized and unrealized gain (loss)			0.44			(0.84)			0.22			0.21			0.30
Distributions of net realized gains from investments in other investment companies			0.04			0.00(c)			—			0.00(c)			0.00(c)
Net increase (decrease) in net assets resulting from investment operations			0.63			(0.30)			0.71			0.51			0.52
Distributions from:
Net investment income			(0.27)			(0.59)			(0.35)			(0.29)			—
Net asset value, end of year		$	27.30		$	26.94		$	27.83		$	27.47		$	27.25
Market price, end of year		$	27.29		$	26.86		$	27.80		$	27.47		$	27.27
Total Return
Total investment return based on net asset value(d)			2.33%			(1.13)%			2.64%			1.89%			1.94%
Total investment return based on market price(e)			2.60%			(1.33)%			2.53%			1.81%			2.06%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	53,235		$	51,188		$	57,046		$	45,319		$	28,608
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.21%			0.21%			0.37%			0.49%			0.49%
Expenses excluding waivers/reimbursements(f)			0.49%			0.49%			0.49%			0.49%			0.49%
Net investment income (loss)(b)			0.56%			1.95%			1.77%			1.10%			0.82%
Portfolio turnover rate(g)			66%			68%			97%			101%			71%

(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.

(f)

(g)

See notes to financial statements.

168

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
	2021			2020			2019			2018			For the Period February 15, 2017(a) to April 30, 2017
Net asset value, beginning of period		$	23.86		$	24.76		$	24.36		$	25.20		$	25.00
Income from Investment Operations
Net investment income(b)(c)			0.93			1.01			1.07			0.99			0.20
Net realized and unrealized gain (loss)			1.16			(0.81)			0.41			(0.88)			0.10
Net increase (decrease) in net assets resulting from investment operations			2.09			0.20			1.48			0.11			0.30
Distributions from:
Net investment income			(0.96)			(1.10)			(1.08)			(0.95)			(0.10)
Net asset value, end of period		$	24.99		$	23.86		$	24.76		$	24.36		$	25.20
Market price, end of period		$	25.02		$	24.03		$	24.78		$	24.32		$	25.34
Total Return
Total investment return based on net asset value(d)			8.89%			0.71%			6.31%			0.39%			1.40%
Total investment return based on market price(e)			8.23%			1.34%			6.56%			(0.36)%			1.93%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	106,222		$	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%			0.40%(h)
Expenses excluding waivers/reimbursements(g)			0.41%			0.41%			0.41%			0.41%			0.41%(h)
Net investment income (loss)(c)			3.72%			4.04%			4.42%			3.97%			4.05%(h)
Portfolio turnover rate(i)			105%			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)

Since the Shares of the Fund 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)

See notes to financial statements.

169

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Merger Arbitrage ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	31.53		$	31.50		$	30.72		$	30.21		$	28.44
Income from Investment Operations
Net investment income(a)(b)			0.31			0.14			0.07			0.10			0.24(c)
Net realized and unrealized gain (loss)			2.55			(0.11)			0.71			0.41(d)			1.59
Distributions of net realized gains from investments in other investment companies			0.00(e)			0.00(e)			—			—			—
Net increase (decrease) in net assets resulting from investment operations			2.86			0.03			0.78			0.51			1.83
Distributions from:
Net investment income			(0.77)			—			—			—			(0.06)
Net asset value, end of year		$	33.62		$	31.53		$	31.50		$	30.72		$	30.21
Market price, end of year		$	33.67		$	31.45		$	31.48		$	30.75		$	30.27
Total Return
Total investment return based on net asset value(f)			9.07%			0.10%			2.52%			1.69%			6.45%
Total investment return based on market price(g)			9.53%			(0.10)%			2.37%			1.59%			6.39%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	746,279		$	723,582		$	985,800		$	525,386		$	188,833
Ratio to average net assets of:
Expenses(h)			0.76%			0.76%			0.76%			0.76%			0.76%
Net investment income (loss)(b)			0.94%			0.42%			0.21%			0.34%			0.82%(c)
Portfolio turnover rate(i)			313%			308%			337%			329%			268%

(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.

(h)

(i)

See notes to financial statements.

170

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Global Resources ETF
	For the Year Ended April 30,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	24.16		$	26.97		$	27.76		$	25.82		$	24.70
Income from Investment Operations
Net investment income(a)(b)			0.71			0.66			0.65			0.68			0.33
Net realized and unrealized gain (loss)			6.27			(3.00)			(1.24)			1.26			0.89
Distributions of net realized gains from investments in other investment companies			0.01			0.00(c)			—			—			—
Net increase (decrease) in net assets resulting from investment operations			6.99			(2.34)			(0.59)			1.94			1.22
Distributions from:
Net investment income			(2.55)			(0.47)			(0.20)			—			(0.10)
Net asset value, end of year		$	28.60		$	24.16		$	26.97		$	27.76		$	25.82
Market price, end of year		$	28.55		$	23.99		$	27.06		$	27.65		$	25.95
Total Return
Total investment return based on net asset value(d)			30.07%			(8.89)%			(2.08)%			7.50%			4.94%
Total investment return based on market price(e)			30.76%			(9.81)%			(1.38)%			6.55%			5.13%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	20,021		$	22,948		$	175,312		$	238,712		$	179,450
Ratio to average net assets of:
Expenses(f)			0.76%			0.76%			0.76%			0.76%			0.75%
Net investment income (loss)(b)			2.70%			2.48%			2.37%			2.51%			1.29%
Portfolio turnover rate(g)			98%			100%			132%			235%			199%

(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.

(f)

(g)

See notes to financial statements.

171

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,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	17.32		$	25.13		$	24.14		$	27.14		$	25.14
Income from Investment Operations
Net investment income(a)(b)			0.33			0.66			0.79			0.88			0.71
Net realized and unrealized gain (loss)			8.67			(7.16)			1.81			(2.53)			2.88
Distributions of net realized gains from investments in other investment companies			—			—			—			—			0.00(c)
Net increase (decrease) in net assets resulting from investment operations			9.00			(6.50)			2.60			(1.65)			3.59
Distributions from:
Net investment income			(0.32)			(0.62)			(0.78)			(0.85)			(0.71)
Return of capital			(0.48)			(0.69)			(0.83)			(0.50)			(0.88)
Total distributions from net investment income and return of capital			(0.80)			(1.31)			(1.61)			(1.35)			(1.59)
Net asset value, end of year		$	25.52		$	17.32		$	25.13		$	24.14		$	27.14
Market price, end of year		$	25.51		$	17.30		$	25.12		$	24.12		$	27.15
Total Return
Total investment return based on net asset value(d)			53.54%			(27.15)%			11.16%			(6.37)%			14.60%
Total investment return based on market price(e)			53.68%			(27.21)%			11.24%			(6.49)%			14.79%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	52,309		$	40,702		$	71,615		$	82,089		$	114,001
Ratio to average net assets of:
Expenses(f)			0.70%			0.70%			0.70%			0.70%			0.70%
Net investment income (loss)(b)			1.66%			2.72%			3.11%			3.36%			2.64%
Portfolio turnover rate(g)			38%			26%			26%			27%			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.

(f)

(g)

See notes to financial statements.

172

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ 500 International ETF
	For the Year Ended April 30,						For the Period December 13, 2018(a) to April 30, 2019
	2021			2020			For the Period December 13, 2018(a) to April 30, 2019
Net asset value, beginning of period		$	22.29		$	27.64		$	25.50
Income from Investment Operations
Net investment income(b)(c)			0.77			0.72			0.39
Net realized and unrealized gain (loss)			10.19			(5.40)			1.77
Net increase (decrease) in net assets resulting from investment operations			10.96			(4.68)			2.16
Distributions from:
Net investment income			(0.67)			(0.67)			(0.02)
Net asset value, end of period		$	32.58		$	22.29		$	27.64
Market price, end of period		$	32.52		$	22.10		$	27.65
Total Return
Total investment return based on net asset value(d)			49.88%			(17.33)%			8.47%
Total investment return based on market price(e)			50.94%			(18.07)%			8.52%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	244,336		$	218,451		$	85,675
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.25%			0.25%			0.25%(g)
Expenses excluding waivers/reimbursements(f)			0.26%			0.26%			0.26%(g)
Net investment income (loss)(c)			2.86%			2.81%			3.90%(g)
Portfolio turnover rate(h)			9%			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.

173

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,
	2021			2020			2019			2018			2017
Net asset value, beginning of year		$	18.02		$	20.59		$	21.63		$	19.68		$	17.68
Income from Investment Operations
Net investment income(a)(b)			0.51			0.56			0.62			0.60			0.46
Net realized and unrealized gain (loss)			6.28			(2.51)			(0.77)			1.89			2.18
Net increase (decrease) in net assets resulting from investment operations			6.79			(1.95)			(0.15)			2.49			2.64
Distributions from:
Net investment income			(0.47)			(0.62)			(0.70)			(0.54)			(0.44)
Net realized gain			—			—			(0.19)			0.00(c)			(0.20)
Total distributions from net investment income and realized gains			(0.47)			(0.62)			(0.89)			(0.54)			(0.64)
Net asset value, end of year		$	24.34		$	18.02		$	20.59		$	21.63		$	19.68
Market price, end of year		$	24.36		$	17.83		$	20.65		$	21.60		$	19.75
Total Return
Total investment return based on net asset value(d)			38.14%			(9.74)%			(0.42)%			12.84%			15.29%
Total investment return based on market price(e)			39.70%			(10.94)%			(0.03)%			12.28%			16.28%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)		$	310,388		$	249,575		$	281,079		$	578,517		$	208,595
Ratio to average net assets of:
Expenses net of waivers/reimbursements(f)			0.20%			0.20%			0.20%			0.22%			0.36%
Expenses excluding waivers/reimbursements(f)			0.36%			0.36%			0.36%			0.36%			0.36%
Net investment income (loss)(b)			2.41%			2.78%			3.03%			2.87%			2.55%
Portfolio turnover rate(g)			10%			8%			13%			10%			8%

(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.

(f)

(g)

See notes to financial statements.

174

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Healthy Hearts ETF
	For the Period January 14, 2021(a) to April 30, 2021
Net asset value, beginning of period		$	24.93
Income from Investment Operations
Net investment income(b)(c)			0.14
Net realized and unrealized gain (loss)			1.26
Net increase (decrease) in net assets resulting from investment operations			1.40
Distributions from:
Net investment income			(0.09)
Net asset value, end of period		$	26.24
Market price, end of period		$	26.28
Total Return
Total investment return based on net asset value(d)			5.62%
Total investment return based on market price(e)			5.77%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	6,559
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.45%(h)
Expenses excluding waivers/reimbursements(g)			0.46%(h)
Net investment income (loss)(c)			1.92%(h)
Portfolio turnover rate(i)			14%

(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.

175

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Candriam ESG International Equity ETF
	For the Year Ended April 30, 2021			For the Period December 17, 2019(a) to April 30, 2020
Net asset value, beginning of period		$	21.00		$	25.19
Income from Investment Operations
Net investment income(b)(c)			0.62			0.26
Net realized and unrealized gain (loss)			8.01			(4.34)
Net increase (decrease) in net assets resulting from investment operations			8.63			(4.08)
Distributions from:
Net investment income			(0.42)			(0.11)
Net asset value, end of period		$	29.21		$	21.00
Market price, end of period		$	29.25		$	20.87
Total Return
Total investment return based on net asset value(d)			41.45%			(16.18)%
Total investment return based on market price(e)			42.51%			(16.68)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	186,951		$	46,196
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.15%			0.15%(h)
Expenses excluding waivers/reimbursements(g)			0.16%			0.16%(h)
Net investment income (loss)(c)			2.41%			3.20%(h)
Portfolio turnover rate(i)			21%			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.

176

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

	IQ Candriam ESG U.S. Equity ETF
	For the Year Ended April 30, 2021			For the Period December 17, 2019(a) to April 30, 2020
Net asset value, beginning of period		$	24.13		$	25.18
Income from Investment Operations
Net investment income(b)(c)			0.42			0.15
Net realized and unrealized gain (loss)			11.32			(1.08)
Net increase (decrease) in net assets resulting from investment operations			11.74			(0.93)
Distributions from:
Net investment income			(0.31)			(0.12)
Net asset value, end of period		$	35.56		$	24.13
Market price, end of period		$	35.57		$	24.12
Total Return
Total investment return based on net asset value(d)			48.85%			(3.59)%
Total investment return based on market price(e)			49.00%			(3.64)%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	410,702		$	6,034
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.09%			0.09%(h)
Expenses excluding waivers/reimbursements(g)			0.10%			0.11%(h)
Net investment income (loss)(c)			1.35%			1.67%(h)
Portfolio turnover rate(i)			21%			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.

177

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
	2021			2020			2019			For the Period May 16, 2017(a) to April 30, 2018
Net asset value, beginning of period		$	20.02		$	25.72		$	27.13		$	25.16
Income from Investment Operations
Net investment income(b)(c)			0.35			0.28			0.27			0.16
Net realized and unrealized gain (loss)			15.01			(5.72)			(1.39)			1.93
Net increase (decrease) in net assets resulting from investment operations			15.36			(5.44)			(1.12)			2.09
Distributions from:
Net investment income			(0.35)			(0.26)			(0.29)			(0.12)
Net asset value, end of period		$	35.03		$	20.02		$	25.72		$	27.13
Market price, end of period		$	35.03		$	20.02		$	25.72		$	27.14
Total Return
Total investment return based on net asset value(d)			77.31%			(21.35)%			(4.10)%			8.33%
Total investment return based on market price(e)			77.34%			(21.34)%			(4.14)%			8.36%(f)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	206,659		$	103,108		$	348,555		$	465,347
Ratio to average net assets of:
Expenses net of waivers/reimbursements(g)			0.35%			0.35%			0.35%			0.35%(h)
Expenses excluding waivers/reimbursements(g)			0.36%			0.36%			0.36%			0.36%(h)
Net investment income (loss)(c)			1.29%			1.14%			1.01%			0.61%(h)
Portfolio turnover rate(i)			76%			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)

(g)

(h)

Annualized.

(i)

See notes to financial statements.

178

Financial Highlights (continued)

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
	2021			2020			2019			For the Period December 13, 2017(a) to April 30, 2018
Net asset value, beginning of period		$	21.95		$	24.75		$	25.30		$	25.05
Income from Investment Operations
Net investment income(b)(c)			0.38			0.58			0.48			0.15
Net realized and unrealized gain (loss)			10.60			(2.80)			(0.53)			0.18(d)
Net increase (decrease) in net assets resulting from investment operations			10.98			(2.22)			(0.05)			0.33
Distributions from:
Net investment income			(0.42)			(0.58)			(0.50)			(0.08)
Net asset value, end of period		$	32.51		$	21.95		$	24.75		$	25.30
Market price, end of period		$	32.54		$	21.92		$	24.75		$	25.30
Total Return
Total investment return based on net asset value(e)			50.46%			(9.04)%			(0.13)%			1.31%
Total investment return based on market price(f)			50.82%			(9.18)%			(0.13)%			1.32%(g)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	305,608		$	220,630		$	278,412		$	320,000
Ratio to average net assets of:
Expenses net of waivers/reimbursements(h)			0.25%			0.25%			0.25%			0.25%(i)
Expenses excluding waivers/reimbursements(h)			0.26%			0.26%			0.26%			0.26%(i)
Net investment income (loss)(c)			1.43%			2.35%			1.97%			1.59%(i)
Portfolio turnover rate(j)			68%			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.

179

Notes to Financial Statements

April 30, 2021

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 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 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 Healthy Hearts ETF	Non-diversified	January 14, 2021
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 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 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 Healthy Hearts ETF			IQ Candriam Healthy Hearts 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. 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

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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.

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 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 (“Dreyfus Institutional Fund”) or the

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BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class (“BlackRock Liquidity Fund”). The Dreyfus Institutional Fund and the BlackRock Liquidity Fund seek as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The Dreyfus Institutional Fund and the BlackRock Liquidity Fund 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 (“Dreyfus Government Fund”). The Dreyfus Government 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 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.

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

183

Notes to Financial Statements (continued)

April 30, 2021

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, 2021 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 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.

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Notes to Financial Statements (continued)

April 30, 2021

Foreign Taxes

The Funds may be subject to foreign withholding 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 expected 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 a determination by the tax authorities of each country in which the Fund has an open receivable. The Funds regularly evaluate the probability of recovering each accrued withholding tax. If the likelihood of recovery decreases accruals in the Funds’ net asset value for such refunds may be written down partially or in full, which will adversely affect the Funds’ 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, 2021, 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.

Cash Equivalents

Cash equivalents consist of highly liquid investments, with maturities of three months or less when acquired and are disclosed as “Short-Term Investments” in the Schedules of Investments.

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; except the IQ U.S. Real Estate Small Cap ETF, IQ 500 International ETF, IQ 50 Percent Hedged FTSE International ETF, IQ Healthy Hearts ETF, IQ Candriam ESG International Equity ETF, IQ Candriam ESG U.S. Equity ETF, IQ Chaikin U.S. Small Cap ETF, and IQ Chaikin U.S. Large Cap ETF typically distributes income quarterly, and IQ S&P High Yield Low Volatility Bond ETF typically distributes income monthly. 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 and the IQ Chaikin U.S. 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

185

Notes to Financial Statements (continued)

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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.

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, 2021, 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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Notes to Financial Statements (continued)

April 30, 2021

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		$	62,670,538		$	400,426		$	793,291		$	37,585,887		$	101,450,142
IQ Hedge Macro Tracker ETF			705,838			4,195			9,175			462,003			1,181,211
IQ Hedge Market Neutral Tracker ETF			649,503			411			148			250,410			900,472
IQ Hedge Long/Short Tracker ETF			743,134			1,148			491			670,240			1,415,013
IQ Hedge Event-Driven Tracker ETF			280,133			13			24			640			280,810
IQ Real Return ETF			9,545,463			68,909			127,791			5,400,487			15,142,650
IQ S&P High Yield Low Volatility Bond ETF			850,100			10,800			19,748			644,944			1,525,592
IQ Merger Arbitrage ETF			10,089,260			30,451			121,335			3,596,976			13,838,022
IQ Global Resources ETF			251,875			1,681			4,325			347,719			605,600
IQ U.S. Real Estate Small Cap ETF			688,938			16,125			40,789			3,402,557			4,148,409
IQ 500 International ETF			9,927,426			—			39,792			3,750,380			13,717,598
IQ 50 Percent Hedged FTSE International ETF			9,425,880			—			2,675			4,680,008			14,108,563
IQ Healthy Hearts ETF			53,815			2,223			883			29,137			86,058
IQ Candriam ESG International Equity ETF			2,624,267			—			6,617			2,350,663			4,981,547
IQ Candriam ESG U.S. Equity ETF			8,790			129,049			515,292			8,646,990			9,300,121
IQ Chaikin U.S. Small Cap ETF			3,075,181			104,799			215,439			10,679,740			14,075,159
IQ Chaikin U.S. Large Cap ETF			8,956			19,499			401,972			13,160,490			13,590,917

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.

At April 30, 2021, 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 Merrill Lynch International (“MLI”) 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

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Notes to Financial Statements (continued)

April 30, 2021

IQ Hedge Event-Driven Tracker ETF
IQ Merger Arbitrage ETF
IQ Global Resources ETF

As of April 30, 2021, 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		$	98,707,740		$	(98,707,740)		$	—		$	—		$	—		$	—
IQ Hedge Macro Tracker ETF			1,148,226			(1,148,226)			—			—			—			—
IQ Hedge Market Neutral Tracker ETF			875,040			(875,040)			—			—			—			—
IQ Hedge Long/Short Tracker ETF			1,391,162			(1,391,162)			—			—			—			—
IQ Hedge Event-Driven Tracker ETF			271,619			(271,619)			—			—			—			—
IQ Real Return ETF			14,796,180			(14,796,180)			—			—			—			—
IQ S&P High Yield Low Volatility Bond ETF			1,475,075			(1,475,075)			—			—			—			—
IQ Merger Arbitrage ETF			13,546,738			(13,546,738)			—			—			—			—
IQ Global Resources ETF			523,321			(523,321)			—			—			—			—
IQ U.S. Real Estate Small Cap ETF			3,946,070			(3,946,070)			—			—			—			—
IQ 500 International ETF			12,119,424			(12,119,424)			—			—			—			—
IQ 50 Percent Hedged FTSE International ETF			12,045,010			(12,045,010)			—			—			—			—
IQ Healthy Hearts ETF			31,597			(31,597)			—			—			—			—
IQ Candriam ESG International Equity ETF			3,469,490			(3,469,490)			—			—			—			—
IQ Candriam ESG U.S. Equity ETF			9,017,258			(9,017,258)			—			—			—			—
IQ Chaikin U.S. Small Cap ETF			13,481,054			(13,481,054)			—			—			—			—
IQ Chaikin U.S. Large Cap ETF			12,634,856			(12,634,856)			—			—			—			—

The amount of collateral presented is limited such that the net amount cannot be less than $0.

As of April 30, 2021, 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			Net Amount of Derivatives Liabilities
IQ 50 Percent Hedged FTSE International ETF
Morgan Stanley		$	40,163		$	(40,163)		$	—		$	2,589,582		$	(40,163)		$	2,549,419

This does not reflect securities segregated as collateral, as detailed on the Schedule of Investments.

188

Notes to Financial Statements (continued)

April 30, 2021

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”).

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 S&P High Yield Low Volatility Bond ETF		0.40%
IQ Merger Arbitrage ETF		0.75%
IQ Global Resources 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 Healthy Hearts 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.

189

Notes to Financial Statements (continued)

April 30, 2021

The Advisor has entered into a Fee Waiver Agreement with certain Funds under which it has contractually agreed, until August 31, 2021, 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%

The Advisor has entered into an Expense Limitation Agreement with certain Funds 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 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 S&P High Yield Low Volatility Bond ETF

0.40%

8/31/2021

IQ 500 International ETF

0.25%

8/31/2021

IQ 50 Percent Hedged FTSE International ETF

0.20%

8/31/2021

IQ Healthy Hearts ETF

0.45%

8/31/2022

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%

8/31/2021

IQ Chaikin U.S. Large Cap ETF

0.25%

8/31/2021

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 (“Sub-Advisory 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.

190

Notes to Financial Statements (continued)

April 30, 2021

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.

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, 2021, 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		$	832,047,379		$	28,544,174		$	(1,786,210)		26,757,964
IQ Hedge Macro Tracker ETF			4,633,396			377,661			(28,232)		349,429
IQ Hedge Market Neutral Tracker ETF			18,168,736			3,818,260			(3,574,426)		243,834
IQ Hedge Long/Short Tracker ETF			9,866,018			2,178,438			(2,002,177)		176,261
IQ Hedge Event-Driven Tracker ETF			9,487,176			1,439,365			(1,156,767)		282,598
IQ Real Return ETF			62,764,652			428,563			(407,130)		21,433
IQ S&P High Yield Low Volatility Bond ETF			103,840,719			2,500,187			(629,163)		1,871,024
IQ Merger Arbitrage ETF			744,966,596			311,168,274			(271,685,147)		39,483,127
IQ Global Resources ETF			17,480,864			7,615,907			(4,736,271)		2,879,636
IQ U.S. Real Estate Small Cap ETF			50,491,428			9,812,661			(7,334,328)		2,478,333
IQ 500 International ETF			227,144,891			40,107,143			(14,402,273)		25,704,870
IQ 50 Percent Hedged FTSE International ETF			289,377,995			57,419,605			(27,755,957)		29,663,648
IQ Healthy Hearts ETF			6,326,564			412,236			(131,816)		280,420
IQ Candriam ESG International Equity ETF			160,184,809			31,435,093			(2,772,667)		28,662,426
IQ Candriam ESG U.S. Equity ETF			344,202,284			68,741,138			(2,557,361)		66,183,777
IQ Chaikin U.S. Small Cap ETF			188,630,812			25,727,214			(4,612,950)		21,114,264
IQ Chaikin U.S. Large Cap ETF			269,722,349			37,041,496			(1,266,986)		35,774,510

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, distributions from underlying Funds and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at April 30, 2021.

191

Notes to Financial Statements (continued)

April 30, 2021

At April 30, 2021, 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 Distributable Earnings/ (Losses)
IQ Hedge Multi-Strategy Tracker ETF		$	(2,808,621)		$	(47,715,818)		$	26,757,964		$	(23,766,475)
IQ Hedge Macro Tracker ETF			(7,955)			(5,402,898)			349,433			(5,061,420)
IQ Hedge Market Neutral Tracker ETF			(10,894)			(383,381)			243,834			(150,441)
IQ Hedge Long/Short Tracker ETF			(36,973)			(591,399)			176,261			(452,111)
IQ Hedge Event-Driven Tracker ETF			24,566			(205,302)			282,598			101,862
IQ Real Return ETF			75,740			(2,082,331)			21,433			(1,985,158)
IQ S&P High Yield Low Volatility Bond ETF			314,424			(2,918,738)			1,871,024			(733,290)
IQ Merger Arbitrage ETF			(122,189,319)			(29,042,188)			39,593,106			(111,638,401)
IQ Global Resources ETF			(982,462)			(62,111,008)			2,882,702			(60,210,768)
IQ U.S. Real Estate Small Cap ETF			—			(8,958,675)			2,478,333			(6,480,342)
IQ 500 International ETF			3,235,648			(4,392,918)			25,722,157			24,564,887
IQ 50 Percent Hedged FTSE International ETF			2,673,997			(17,653,217)			29,701,572			14,722,352
IQ Healthy Hearts ETF			12,479			(32,429)			280,494			260,544
IQ Candriam ESG International Equity ETF			1,382,651			—			28,667,333			30,049,984
IQ Candriam ESG U.S. Equity ETF			387,406			(958,532)			66,183,777			65,612,651
IQ Chaikin U.S. Small Cap ETF			—			(77,022,031)			21,114,263			(55,907,768)
IQ Chaikin U.S. Large Cap ETF			—			(67,630,443)			35,774,510			(31,855,933)

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.

At April 30, 2021, 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		$	(31,113,750)		$	31,113,750
IQ Hedge Macro Tracker ETF			(170)			170
IQ Hedge Market Neutral Tracker ETF			(1,018,183)			1,018,183
IQ Hedge Long/Short Tracker ETF			(2,103,043)			2,103,043
IQ Hedge Event-Driven Tracker ETF			(592,559)			592,559
IQ Real Return ETF			(20,572)			20,572
IQ S&P High Yield Low Volatility Bond ETF			(240,107)			240,107
IQ Merger Arbitrage ETF			(98,547,286)			98,547,286
IQ Global Resources ETF			(1,250,685)			1,250,685
IQ U.S. Real Estate Small Cap ETF			967,151			(967,151)
IQ 500 International ETF			(12,403,797)			12,403,797
IQ 50 Percent Hedged FTSE International ETF			(3,675,930)			3,675,930
IQ Healthy Hearts ETF			(65,667)			65,667
IQ Candriam ESG International Equity ETF			(8,688,194)			8,688,194
IQ Candriam ESG U.S. Equity ETF			(11,131,913)			11,131,913
IQ Chaikin U.S. Small Cap ETF			(64,515,624)			64,515,624
IQ Chaikin U.S. Large Cap ETF			(70,635,005)			70,635,005

192

Notes to Financial Statements (continued)

April 30, 2021

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, the expiration of capital loss carryforwards, nondeductible expenses and capital share redemptions utilized as distributions for tax purposes.

The tax character of distributions paid during the years ended April 30, 2021 and 2020 were as follows:

	2021									2020
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		$	15,953,112		$	—		$	—		$	16,163,950		$	—		$	—
IQ Hedge Macro Tracker ETF			106,851			—			—			54,164			—			—
IQ Hedge Market Neutral Tracker ETF			341,520			—			—			239,729			—			—
IQ Hedge Long/Short Tracker ETF			181,041			—			—			123,690			—			—
IQ Hedge Event-Driven Tracker ETF			209,892			—			—			157,392			—			—
IQ Real Return ETF			511,575			—			—			1,185,760			—			—
IQ S&P High Yield Low Volatility Bond ETF			3,749,100			—			—			2,787,812			—			—
IQ Merger Arbitrage ETF			16,966,679			—			—			—			—			—
IQ Global Resources ETF			2,041,648			—			—			2,539,080			—			—
IQ U.S. Real Estate Small Cap ETF			662,106			—			1,029,743			1,633,256			—			1,775,536
IQ 500 International ETF			5,907,221			—			—			3,080,969			—			—
IQ 50 Percent Hedged FTSE International ETF			6,183,285			—			—			7,874,573			—			—
IQ Healthy Hearts ETF			21,568			—			—			N/A			N/A			N/A
IQ Candriam ESG International Equity ETF			2,032,608			—			—			50,904			—			—
IQ Candriam ESG U.S. Equity ETF			2,588,974			—			—			30,853			—			—
IQ Chaikin U.S. Small Cap ETF			1,965,356			—			—			2,340,043			—			—
IQ Chaikin U.S. Large Cap ETF			4,106,799			—			—			6,034,101			—			—

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

193

Notes to Financial Statements (continued)

April 30, 2021

the year ended April 30, 2021, the Funds incurred and elected to defer to May 1, 2021 Post-October Losses and late year ordinary losses of:

Fund	Late Year Ordinary Losses			Short-Term Post October Losses			Long-Term Post October Losses
IQ Hedge Multi-Strategy Tracker ETF		$	2,808,621		$	—		$	—
IQ Hedge Macro Tracker ETF			7,955			—			—
IQ Hedge Market Neutral Tracker ETF			10,894			—			—
IQ Hedge Long/Short Tracker ETF			36,973			—			—
IQ Hedge Event-Driven Tracker ETF			—			—			—
IQ Real Return ETF			—			—			—
IQ S&P High Yield Low Volatility Bond ETF			—			—			—
IQ Merger Arbitrage ETF			122,189,319			—			—
IQ Global Resources ETF			982,462			—			—
IQ U.S. Real Estate Small Cap ETF			—			—			—
IQ 500 International ETF			—			—			—
IQ 50 Percent Hedged FTSE International ETF			—			—			—
IQ Healthy Hearts 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, 2021, 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. There is no assurance that any Fund will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards are as follows:

Fund	Expired Current Year			Utilized on Current Year			Short-Term With No Expiration			Long-Term With No Expiration
IQ Hedge Multi-Strategy Tracker ETF		$	—		$	24,932,203		$	42,463,293		$	5,252,525
IQ Hedge Macro Tracker ETF			—			198,655			4,216,880			1,186,018
IQ Hedge Market Neutral Tracker ETF			—			96,444			335,400			47,981
IQ Hedge Long/Short Tracker ETF			—			122,384			317,991			273,408
IQ Hedge Event-Driven Tracker ETF			—			—			112,364			92,938
IQ Real Return ETF			—			148,042			884,751			1,197,580
IQ S&P High Yield Low Volatility Bond ETF			—			948,830			2,371,167			547,571
IQ Merger Arbitrage ETF			—			—			27,744,453			1,297,735
IQ Global Resources ETF			—			—			32,470,786			29,640,222
IQ U.S. Real Estate Small Cap ETF			—			—			637,347			8,321,328
IQ 500 International ETF			—			—			3,429,754			963,164
IQ 50 Percent Hedged FTSE International ETF			—			—			3,782,962			13,870,255
IQ Healthy Hearts ETF			—			—			32,429			—
IQ Candriam ESG International Equity ETF			—			29,003			—			—
IQ Candriam ESG U.S. Equity ETF			—			—			898,091			60,441
IQ Chaikin U.S. Small Cap ETF			—			3,413,364			33,073,222			43,948,809
IQ Chaikin U.S. Large Cap ETF			—			7,769,428			29,628,892			38,001,551

194

Notes to Financial Statements (continued)

April 30, 2021

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, 2021, 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, 2021, 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 Healthy Hearts ETF					79.6%

New York Life Investment Management LLC

Fund	% Ownership
IQ S&P High Yield Low Volatility Bond ETF		54.5%
IQ 500 International ETF		98.9%
IQ 50 Percent Hedged FTSE International ETF		51.3%
IQ Candriam ESG International Equity ETF		95.3%
IQ Candriam ESG U.S. Equity ETF		96.7%
IQ Chaikin U.S. Small Cap ETF		80.7%
IQ Chaikin U.S. Large Cap ETF		98.1%

195

Notes to Financial Statements (continued)

April 30, 2021

7. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short-term investments) for the year ended April 30, 2021 are as follows:

Fund	Purchases			Sales			Purchases In-Kind			Sales In-Kind
IQ Hedge Multi-Strategy Tracker ETF		$	1,250,938,514		$	1,271,577,008		$	368,917,290		$	380,310,913
IQ Hedge Macro Tracker ETF			4,316,601			4,434,043			—			—
IQ Hedge Market Neutral Tracker ETF			20,390,171			21,053,874			12,146,179			13,302,534
IQ Hedge Long/Short Tracker ETF			17,066,251			17,239,667			13,492,188			17,176,878
IQ Hedge Event-Driven Tracker ETF			5,019,763			5,057,726			8,139,260			8,048,763
IQ Real Return ETF			34,360,611			34,575,668			1,365,633			—
IQ S&P High Yield Low Volatility Bond ETF			108,913,665			100,103,075			46,652,007			4,938,192
IQ Merger Arbitrage ETF			2,067,140,329			2,245,777,765			397,048,877			472,669,687
IQ Global Resources ETF			20,487,796			24,013,376			—			6,323,605
IQ U.S. Real Estate Small Cap ETF			16,113,724			16,249,381			3,040,729			8,458,130
IQ 500 International ETF			21,596,074			25,267,265			—			64,185,550
IQ 50 Percent Hedged FTSE International ETF			28,171,802			37,390,836			21,270,617			42,193,405
IQ Healthy Hearts ETF			1,013,771			829,736			7,297,522			1,251,241
IQ Candriam ESG International Equity ETF			30,969,477			25,532,714			130,522,747			34,038,413
IQ Candriam ESG U.S. Equity ETF			45,239,533			46,953,870			383,132,778			54,418,658
IQ Chaikin U.S. Small Cap ETF			118,809,506			119,136,911			153,795,934			135,110,597
IQ Chaikin U.S. Large Cap ETF			188,602,964			189,754,189			187,773,401			205,656,211

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 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 on the Statements of Operations.

When a Fund has an unrealized loss on a swap agreement, the Fund instructs 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

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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 MLI and Morgan Stanley, MLI 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, MLI 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, 2021, 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, 2021, 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, 2021, open forward foreign currency contracts, if any, are listed at the end of the Funds’ respective Schedule of Investments.

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		$	40,163

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Notes to Financial Statements (continued)

April 30, 2021

Liability Derivatives

	Currency Risk
IQ 50 Percent Hedged FTSE International ETF
Unrealized depreciation on forward foreign currency contracts		$	2,589,582

Total return swaps reflect a reset date as of April 30, 2021; 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, 2021 were as follows:

Fund

Currency Risk

Equity Risk

IQ Hedge Multi-Strategy Tracker ETF

Realized gain (loss)

Swap transactions

(14,767,188)

IQ Hedge Macro Tracker ETF

Realized gain (loss)

Swap transactions

(67,391)

IQ Hedge Market Neutral Tracker ETF

Realized gain (loss)

Swap transactions

(319,930)

IQ Hedge Long/Short Tracker ETF

Realized gain (loss)

Swap transactions

(136,495)

IQ Hedge Event-Driven Tracker ETF

Realized gain (loss)

Swap transactions

(4,992)

IQ Merger Arbitrage ETF

Realized gain (loss)

Swap transactions

(177,670,573)

IQ Global Resources ETF

Realized gain (loss)

Swap transactions

(1,658,568)

IQ 50 Percent Hedged FTSE International ETF

Realized gain (loss)

Forward foreign currency contracts

(6,296,349)

Change in unrealized appreciation (depreciation)

Forward foreign currency contracts

(1,563,862)

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Notes to Financial Statements (continued)

April 30, 2021

For the year ended April 30, 2021, the monthly average notional value of the derivatives held by the Funds were as follows:

	Average Notional Value
FIHI	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 Merger Arbitrage ETF			IQ Global Resources ETF			IQ 50 Percent Hedged FTSE International ETF
Asset Derivatives
Swap contracts		$	75,010,897		$	408,212		$	1,763,945		$	1,080,418		$	245,405		$	—		$	—		$	—
Forward foreign currency contracts			—			—			—			—			—			—			—			244,176,383
Liability Derivatives
Swap contracts		$	(74,409,473)		$	(407,989)		$	(1,764,627)		$	(1,087,945)		$	(245,750)		$	(276,798,066)		$	(4,315,566)		$	—
Forward foreign currency contracts			—			—			—			—			—			—			—			(244,871,625)

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.

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

Applies to IQ S&P High Yield Low Volatility Bond ETF

Applies to IQ 50 Percent Hedged FTSE International ETF

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Notes to Financial Statements (continued)

April 30, 2021

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 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.

ESG Investing Style Risk3

The application of environmental, social and corporate governance investing criteria may affect the Fund’s exposure to certain sectors or types of investments and may impact the Fund’s relative investment performance depending on whether such sectors or investments are in or out of favor in the market. In addition, there is no guarantee that the construction methodology of the Underlying Index will accurately provide exposure to issuers meeting environmental, social and corporate governance criteria.

Applies to IQ Healthy Hearts ETF, IQ Candriam ESG International Equity ETF, and IQ Candriam ESG U.S. Equity ETF.

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Notes to Financial Statements (continued)

April 30, 2021

Exchange Traded Vehicle Risk4

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 Risk4

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.

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

Applies to IQ S&P High Yield Low Volatility Bond 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, and IQ Real Return ETF.

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Notes to Financial Statements (continued)

April 30, 2021

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.

LIBOR Replacement Risk

A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize LIBOR, as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. The Advisor is currently working to assess exposure and will modify contracts as necessary. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or NAV.

Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund's performance.

Accordingly, the potential effect of a transition away from LIBOR on a Fund or the debt securities or other instruments based on LIBOR in which a Fund invests cannot yet be determined. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.

Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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 fixed-income securities markets generally or particular segments of the market.

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

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Notes to Financial Statements (continued)

April 30, 2021

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 Risk5

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 Risk6

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 Risk7

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, premiums and discounts between a Fund’s NAV and market price.

10. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate

Applies to IQ Healthy Hearts ETF.

Applies to IQ U.S. Real Estate Small Cap ETF, IQ Candriam ESG International Equity ETF, IQ Candriam ESG U.S. Equity ETF and IQ Chaikin U.S. Small Cap ETF.

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Notes to Financial Statements (continued)

April 30, 2021

Reform on Financial Reporting” in response to concerns about structural risks of interbank offered rates, such as LIBOR. ASU 2020-04 provides optional guidance to ease the potential accounting burden associated with transitioning away from LIBOR and other reference rates that are expected to be discontinued. ASU 2020-04 is effective immediately upon release of the update on March 12, 2020, through December 31, 2022. At this time, the Advisor is evaluating the implications of certain other provisions of ASU 2020-04 related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

11. SUBSEQUENT EVENTS

On June 11, 2021, the IQ S&P High Yield Low Volatility Bond ETF (HYLV) experienced a redemption of approximately 63% of the Fund. The Fund continues to trade on the New York Stock Exchange Arca, there are no plans to close the Fund. Other than the Fund redemption, Advisor has determined that there were no other material events that would require disclosure in the preparation of these financial statements.

204

Report of Independent Registered Public Accounting Firm

April 30, 2021

To the Board of Trustees of IndexIQ ETF Trust and Shareholders of each of the seventeen 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 (seventeen of the funds constituting IndexIQ ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2021, 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, 2021, 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, 2021

For the years ended April 30, 2021 and 2020

For the years ended April 30, 2021, 2020, 2019, 2018 and 2017

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 U.S. Real Estate Small Cap ETF
IQ 50 Percent Hedged FTSE International ETF

IQ S&P High Yield Low Volatility Bond ETF

For the year ended April 30, 2021

For the years ended April 30, 2021 and 2020

For the years ended April 30, 2021, 2020, 2019 and 2018, and the period from February 15, 2017 (commencement of operations) through April 30, 2017

IQ 500 International ETF

For the year ended April 30, 2021

For the years ended April 30, 2021 and 2020

For the years ended April 30, 2021 and 2020, and the period from December 13, 2018 (commencement of operations) through April 30, 2019

IQ Healthy Hearts ETF

For the period January 14, 2021 (commencement of operations) through April 30, 2021

IQ Candriam ESG International Equity ETF
IQ Candriam ESG U.S. Equity ETF

For the year ended April 30, 2021

For the year ended April 30, 2021 and the period from December 17, 2019 (commencement of operations) through April 30, 2020

205

Report of Independent Registered Public Accounting Firm (continued)

April 30, 2021

Individual Fund Comprising the
IndexIQ ETF Trust

Statement
of
Operations

Statements
of Changes
in Net Assets

Financial Highlights

IQ Chaikin U.S. Small Cap ETF

For the year ended April 30, 2021

For the years ended April 30, 2021 and 2020

For the years ended April 30, 2021, 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, 2021

For the years ended April 30, 2021 and 2020

For the years ended April 30, 2021, 2020 and 2019, and the period from December 13, 2017 (commencement of operations) through April 30, 2018

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, 2021 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 28, 2021

We have served as the auditor of one or more investment companies in the IndexIQ Complex since 2015.

206

Liquidity Risk Management Program (unaudited)

April 30, 2021

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 Program Administrator’s Portfolio Oversight Committee acts as the Liquidity Risk Management 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, 2021, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (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.

207

Supplemental Information (unaudited)

April 30, 2021

Federal Tax Status of Dividends Declared During the Tax Year

IQ U.S. Real Estate Small Cap ETF designates 92.21% as qualified business income.

Qualified Dividend Income — Certain dividends paid by the fund may be subject to a maximum tax rate of 20%, 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, 2021 taxed at a maximum rate of 20% is as follows:

	IQ Hedge Multi-Strategy Tracker ETF .					15.58%
	IQ Hedge Macro Tracker ETF.					15.04%
	IQ Hedge Market Neutral Tracker ETF.					8.40%
	IQ Hedge Long/Short Tracker ETF .					37.28%
	IQ Hedge Event-Driven Tracker ETF .					4.01%
	IQ Real Return ETF .					2.96%
	IQ S&P High Yield Low Volatility Bond ETF .					0.00%
	IQ Merger Arbitrage ETF .					23.82%
	IQ Global Resources ETF .					100.00%
	IQ U.S. Real Estate Small Cap ETF.					0.15%
	IQ 500 International ETF .					81.31%
	IQ 50 Percent Hedged FTSE International ETF .					73.87%
	IQ Healthy Hearts ETF .					100.00%
	IQ Candriam ESG International Equity ETF.					75.65%
	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%

208

Supplemental Information (unaudited) (continued)

April 30, 2021

Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended April 30, 2021 that qualifies for the dividends received deduction is as follows:

	IQ Hedge Multi-Strategy Tracker ETF .					2.08%
	IQ Hedge Macro Tracker ETF.					0.71%
	IQ Hedge Market Neutral Tracker ETF.					0.23%
	IQ Hedge Long/Short Tracker ETF .					3.66%
	IQ Hedge Event-Driven Tracker ETF .					3.63%
	IQ Real Return ETF .					2.86%
	IQ S&P High Yield Low Volatility Bond ETF .					0.00%
	IQ Merger Arbitrage ETF .					39.38%
	IQ Global Resources ETF .					42.70%
	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 Healthy Hearts ETF .					32.04%
	IQ Candriam ESG International Equity ETF.					0.00%
	IQ Candriam ESG U.S. Equity ETF ..					94.25%
	IQ Chaikin U.S. Small Cap ETF .					100.00%
	IQ Chaikin U.S. Large Cap ETF .					99.89%

209

Supplemental Information (unaudited) (continued)

April 30, 2021

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, 2021, are as follows:

	Foreign Taxes		Foreign Income
Fund	Per Share		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 S&P High Yield Low Volatility Bond ETF .		—		—
IQ Merger Arbitrage ETF .		—		—
IQ Global Resources ETF .		0.0545		0.8015
IQ U.S. Real Estate Small Cap ETF.		—		—
IQ 500 International ETF .		0.0709		1.0676
IQ 50 Percent Hedged FTSE International ETF .		0.0414		0.6233
IQ Healthy Hearts ETF .		—		—
IQ Candriam ESG International Equity ETF.		0.0431		0.5331
IQ Candriam ESG U.S. Equity ETF ..		—		—
IQ Chaikin U.S. Small Cap ETF .		—		—
IQ Chaikin U.S. Large Cap ETF .		—		—

In January 2022, you will be advised on IRS Form 1099 DIV as to the Federal tax status of the distributions received by you in calendar year 2021.

210

Board Review of Investment Advisory Agreements (unaudited)

April 30, 2021

Approval Relating to the IQ Healthy Hearts ETF (the “New Fund”)

The Board (the members of which are referred to as “Trustees”) met by videoconference on December 10, 2020, pursuant to an 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 an amendment to the Investment Advisory Agreement between the Trust and IndexIQ Advisors LLC (the “Advisor”) to add the New Fund (the “Advisory Agreement Amendment”).

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 Advisory Agreement Amendment, as supplemented by the information submitted in connection with the Board’s review of contractual arrangements, at the March 31, 2020 meeting, to the extent relevant. In connection with considering approval of the Advisory Agreement Amendment, 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 Advisory Agreement Amendment 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, quality, and extent of the services that the Advisor will provide to the New Fund, and the fees that the Advisor will charge to the New Fund; (2) information concerning the business and operations, compliance program and portfolio management team of the Advisor; (3) information describing the New Fund’s anticipated operating expenses; (4) data comparing the proposed fee rate for advisory services to be charged to the New Fund and the expected expense ratio to fees paid by and expense ratios of other mutual funds or exchange-traded funds (“ETFs”) with similar investment objectives and policies as those of the New Fund; (5) the extent to which economies of scale would be realized as the New Fund grows; (6) any “fall-out” benefits to be derived by the Advisor from its relationship with the Trust; and (7) potential conflicts of interest. The Board considered that the New Fund was a passively managed ETF designed to track an index created by an affiliate of the Advisor.

In reviewing such factors, the Board relied on certain information, including (1) copies of the Investment Advisory Agreement and Advisory Agreement Amendment; (2) information about the proposed expense limitation and fee waiver arrangement; (3) information describing the Advisor and the services to be provided thereby; (4) information regarding the compliance program and portfolio management team of the Advisor; (5) a copy of the Form ADV of the Advisor; (6) 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; (7) materials provided by the Advisor in response to 15(c) requests for information from legal counsel to the Independent Trustees for this meeting and the March 31, 2020 contract renewal meeting, to the extent relevant to the approval of the Advisory Agreement Amendment; (8) a presentation, via videoconference, by personnel of the Advisor. In addition, the Board was provided data comparing the advisory fees and estimated operating expenses (including acquired fund fees and expenses, as applicable) of the New Fund with expenses and performance of other registered investment companies with similar investment objectives and policies; and (9) information about the Advisor’s relationship with American Heart Association, Inc. (“AHA”), including the license for the New Fund to use AHA’s name and certain trademarks and the payments made by the Advisor or its affiliates to AHA . 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 New Fund:

The nature, extent, and quality of the facilities and services to be provided by the Advisor. The Independent Trustees reviewed the services that the Advisor would provide to the New Fund. In

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Board Review of Investment Advisory Agreements (unaudited) (continued)

April 30, 2021

connection with the investment advisory services to be provided to the New Fund, the Independent Trustees noted the responsibilities that the Advisor would have as the New Fund’s investment adviser, including overall supervisory responsibility for the general management and investment of the New Fund’s securities portfolio, ultimate responsibility, subject to oversight by the Board, for daily monitoring and quarterly reporting to the Board, and the implementation of Board directives as they relate to the New Fund.

The Independent Trustees reviewed and considered the Advisor’s performance in managing the existing Funds of the Trust. The Independent Trustees reviewed the Advisor’s experience, resources, and strengths in managing other ETFs. Based on their consideration and review of the foregoing information, the Independent Trustees determined that the New Fund would likely benefit from the nature, quality, and extent of these services, as well as the Advisor’s ability to render such services based on its experience, operations, and resources.

Comparison of services to be provided and fees to be charged by the Advisor and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by the Advisor from the relationship with the New Fund. The Independent Trustees then compared both the services to be rendered and the proposed fees to be paid pursuant to the Advisory Agreement Amendment to the Advisor and to contracts of other investment advisers with respect to similar mutual funds and ETFs, as well as the operational Funds. In particular, the Independent Trustees compared the New Fund’s proposed advisory fee and projected expense ratio for its first year of operations to other ETFs in the New Fund’s peer group.

After comparing the New Fund’s proposed fee with those of other funds in the New Fund’s peer group, and in light of the nature, quality, and extent of services proposed to be provided by the Advisor, the Independent Trustees concluded that the fee proposed to be paid to the Advisor with respect to the New Fund was fair and reasonable.

The Advisor’s profitability and the extent to which economies of scale would be realized as the New Fund grows and whether fee levels would reflect such economies of scale. The Independent Trustees next considered potential economies of scale and the anticipated costs and projected profitability of the Advisor in connection with its serving as investment adviser to the New Fund, including operational costs. Due to the fact that the New Fund had no assets at the time, the Independent Trustees made no determination with respect to economies of scale or the impact of the New Fund on the Advisor’s profitability.

Investment performance of the Advisor. Because the New Fund has not commenced operations, the Independent Trustees could not consider the investment performance of the New Fund, but did take into account the experience of the Advisor and the investment strategy developed for the New Fund by the Advisor.

The Board agreed that it had been furnished with sufficient information, both at the meeting and in its ongoing oversight of the existing Funds, to make an informed business decision with respect to the Advisory Agreement Amendment for the New Fund. 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 were reasonable and fair to the New Fund and to recommend to the Board the approval of the Advisory Agreement Amendment. As a result, all of the Board members, including the Independent Trustees, determined that the approval of the Advisory Agreement Amendment was in the best interests of the New Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the Advisory Agreement Amendment for a two-year period.

212

Board Review of Investment Advisory Agreements (unaudited) (continued)

April 30, 2021

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 videoconference on March 31, 2021, pursuant to an 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 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 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 presentation, via videoconference, 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 they had continually reviewed and overseen such services throughout the past year. The Board noted

213

Board Review of Investment Advisory Agreements (unaudited) (continued)

April 30, 2021

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 affiliate New York Life Investment Management LLC (“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 information 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

214

Board Review of Investment Advisory Agreements (unaudited) (continued)

April 30, 2021

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 other third-party funds 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 available to the Advisor as part of a larger organization, including the investment of financial and human resources 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.

215

Board Review of Investment Advisory Agreements (unaudited) (continued)

April 30, 2021

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.

216

Board of Trustees and Officers (unaudited)

The Board oversees the IndexIQ ETF Trust, IndexIQ Active ETF Trust, the Advisor and the Subadvisors. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds’ Trustees and Officers and is available without charge, upon request by calling 1-888-474-7725.

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

Since 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 to present).

Michael A. Pignataro, 1959

Trustee

Since April 2015

Retired; formerly, 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 LLC (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).

217

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

Since January 2018

Chief Operating Officer and Senior Managing Director, New York Life Investment Management LLC (since 2016); Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since 2017).

None.

Other Officers

Names 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 (2018 to present); Managing Director, New York Life Investments LLC (2018 to present); Director, New York Life Investment Management LLC (2015 to 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 (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, IndexIQ Trust, 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).
Kevin M. Bopp, 1969	Chief Compliance Officer	Since June 2021	Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2021); Head of Investments Compliance, New York Life Investments (since 2019); Chief Compliance Officer, IndexIQ Advisors (since 2017); Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (2017 to 2019) Vice President and Chief Compliance Officer, The MainStay Funds, MainStay Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (2014 to 2019).

(1)

The address of each Trustee or officer is c/o IndexIQ Advisors, 51 Madison Avenue, New York, New York 10010.

(2)

Trustees and Officers serve until their successors are duly elected and qualified.

(3)

The Fund is 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 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.

218

IndexIQ ETF Trust

Annual Report | April 30, 2021

IQ Hedge Multi-Strategy Tracker ETF (QAI)
IQ Hedge Macro Tracker ETF (MCRO)
IQ Hedge Market Neutral Tracker ETF (QMN)
IQ Hedge Long/Short Tracker ETF (QLS)
IQ Hedge Event-Driven Tracker ETF (QED)
IQ Real Return ETF (CPI)
IQ S&P High Yield Low Volatility Bond ETF (HYLV)
IQ Merger Arbitrage ETF (MNA)
IQ Global Resources ETF (GRES)
IQ U.S. Real Estate Small Cap ETF (ROOF)
IQ 500 International ETF (IQIN)

IQ 50 Percent Hedged FTSE International ETF (HFXI)

IQ Healthy Hearts ETF (HART)
IQ Candriam ESG International Equity ETF (IQSI)
IQ Candriam ESG U.S. Equity ETF (IQSU)
IQ Chaikin U.S. Small Cap ETF (CSML)
IQ Chaikin U.S. Large Cap ETF (CLRG)

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

1740844ME11-06/21

The Report to Shareholders is attached herewith.

(b)

Not applicable

	(a)	The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

	(c)	There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

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)

By:	/s/Kirk C. Lehneis	By:	/s/Adefolahan Oyefeso
Name:	Kirk C. Lehneis	Name:	Adefolahan Oyefeso
Principal Executive Officer		Principal Financial Officer
Date:	July 2, 2021	Date:	July 2, 2021

Date:July 2, 2021		/s/ Kirk C. Lehneis
		Kirk C. Lehneis
		(Principal Executive Officer)