Schedule of Investments ─ IQ Merger Arbitrage ETF
July 31, 2021 (unaudited)
| Shares | Value | |||||||
| Common Stocks — 85.7% | ||||||||
| Communication Services — 1.4% | ||||||||
| ORBCOMM, Inc.* | 238,541 | $ | 2,693,128 | |||||
| Shaw Communications, Inc., Class B | 256,190 | 7,478,322 | ||||||
| Total Communication Services | 10,171,450 | |||||||
| Consumer Discretionary — 2.7% | ||||||||
| Core-Mark Holding Co., Inc. | 103,546 | 4,456,620 | ||||||
| Gamesys Group PLC | 101,100 | 2,592,008 | ||||||
| Sportsman's Warehouse Holdings, Inc.* | 753,924 | 13,321,837 | ||||||
| Total Consumer Discretionary | 20,370,465 | |||||||
| Energy — 3.1% | ||||||||
| Cimarex Energy Co. | 273,071 | 17,804,229 | ||||||
| Extraction Oil & Gas, Inc.* | 46,053 | 2,048,898 | ||||||
| Inter Pipeline Ltd. | 171,514 | 2,745,104 | ||||||
| Total Energy | 22,598,231 | |||||||
| Financials — 7.9% | ||||||||
| Arrow Global Group PLC* | 433,596 | 1,835,680 | ||||||
| Cadence BanCorp | 153,758 | 2,921,402 | ||||||
| Cerved Group SpA* | 123,413 | 1,448,796 | ||||||
| First Midwest Bancorp, Inc. | 138,660 | 2,487,560 | ||||||
| Flagstar Bancorp, Inc. | 345,760 | 15,821,978 | ||||||
| Meridian Bancorp, Inc. | 124,483 | 2,378,870 | ||||||
| People's United Financial, Inc. | 901,067 | 14,146,752 | ||||||
| Societa Cattolica Di Assicurazione SPA* | 604,583 | 4,968,215 | ||||||
| Sterling Bancorp | 447,575 | 9,716,853 | ||||||
| Total Financials | 55,726,106 | |||||||
| Health Care — 9.3% | ||||||||
| Change Healthcare, Inc.* | 1,090,803 | 23,681,333 | ||||||
| Kindred Biosciences, Inc.* | 217,884 | 1,987,102 | ||||||
| Magellan Health, Inc.* | 91,575 | 8,637,354 | ||||||
| PPD, Inc.* | 558,931 | 25,777,898 | ||||||
| Soliton, Inc.*(a) | 82,546 | 1,810,234 | ||||||
| UDG Healthcare PLC | 343,689 | 5,151,204 | ||||||
| Vectura Group PLC | 992,029 | 2,093,729 | ||||||
| Total Health Care | 69,138,854 | |||||||
| Industrials — 13.1% | ||||||||
| Aerojet Rocketdyne Holdings, Inc. | 478,869 | 22,593,039 | ||||||
| Aggreko PLC | 104,766 | 1,265,798 | ||||||
| CAI International, Inc. | 141,091 | 7,874,289 | ||||||
| Fly Leasing Ltd.* | 67,809 | 1,154,787 | ||||||
| John Laing Group PLC | 248,167 | 1,383,607 | ||||||
| Kansas City Southern | 114,100 | 30,555,980 | ||||||
| Lydall, Inc.* | 129,819 | 7,944,923 | ||||||
| Raven Industries, Inc.* | 249,025 | 14,505,706 | ||||||
| Welbilt, Inc.* | 398,554 | 9,362,034 | ||||||
| Total Industrials | 96,640,163 | |||||||
| Information Technology — 23.2% | ||||||||
| Cloudera, Inc.* | 1,374,221 | 21,808,887 | ||||||
| Coherent, Inc.* | 112,973 | 27,784,580 | ||||||
| Dialog Semiconductor PLC* | 40,258 | 3,095,326 | ||||||
| Dye & Durham Ltd. | 34,438 | 1,301,270 | ||||||
| Equiniti Group PLC* | 486,214 | 1,210,054 | ||||||
| Magnachip Semiconductor Corp.* | 172,754 | 3,589,828 | ||||||
| Nuance Communications, Inc.* | 917,499 | 50,370,695 | ||||||
| Proofpoint, Inc.* | 283,443 | 49,506,155 | ||||||
| QAD, Inc., Class A | 47,615 | 4,130,601 | ||||||
| Sykes Enterprises, Inc.* | 163,137 | 8,753,932 | ||||||
| Total Information Technology | 171,551,328 | |||||||
| Materials — 4.0% | ||||||||
| Boral Ltd.* | 959,681 | 5,064,872 | ||||||
| Domtar Corp.* | 181,789 | 9,982,034 | ||||||
| Ferro Corp.* | 103,648 | 2,155,878 | ||||||
| Forterra, Inc.* | 153,294 | 3,616,205 | ||||||
| US Concrete, Inc.* | 120,628 | 8,782,925 | ||||||
| Total Materials | 29,601,914 | |||||||
| Real Estate — 15.8% | ||||||||
| Deutsche Wohnen SE(a) | 490,882 | 30,641,089 | ||||||
| Invesco Office J-Reit, Inc. | 20,361 | 4,220,617 | ||||||
| Monmouth Real Estate Investment Corp. | 69,226 | 1,318,063 | ||||||
| New Senior Investment Group, Inc. | 440,480 | 4,061,226 | ||||||
| QTS Realty Trust, Inc., Class A | 587,782 | 45,676,539 | ||||||
| St Modwen Properties PLC | 1,395,516 | 10,846,035 | ||||||
| VEREIT, Inc. | 230,986 | 11,311,384 | ||||||
| Weingarten Realty Investors | 281,671 | 9,066,989 | ||||||
| Total Real Estate | 117,141,942 | |||||||
| Utilities — 5.2% | ||||||||
| PNM Resources, Inc. | 727,679 | 35,168,726 | ||||||
| Suez SA | 156,689 | 3,654,720 | ||||||
| Total Utilities | 38,823,446 | |||||||
| Total
Common Stocks (Cost $634,384,180) | 631,763,899 | |||||||
| Investment Companies — 0.5% | ||||||||
| Financials — 0.4% | ||||||||
| Milton Corp., Ltd. | 634,561 | 2,854,578 | ||||||
| U.S. Ultra Short Term Bond Funds — 0.1% | ||||||||
| IQ Ultra Short Duration ETF† | 13,725 | 679,799 | ||||||
| Total
Investment Companies (Cost $3,705,516) | 3,534,377 | |||||||
| Short-Term Investments — 15.1% | ||||||||
| Money Market Funds — 15.1% | ||||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c) | 22,387,938 | 22,387,938 | ||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | 89,208,228 | 89,208,228 | ||||||
| Total
Short-Term Investments (Cost $111,596,166) | 111,596,166 | |||||||
| Total
Investments — 100.9% (Cost $749,685,862) | 746,894,442 | |||||||
| Other Assets and Liabilities, Net — (0.9)% | (6,710,239 | ) | ||||||
| Net Assets — 100.0% | $ | 740,184,203 | ||||||
| * | 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 $27,328,138; total market value of collateral held by the Fund was $26,225,683. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $3,837,745. |
| (b) | Reflects the 1-day yield at July 31, 2021. |
| (c) | Represents security purchased with cash collateral received for securities on loan. |
Schedule of Investments ─ IQ Merger Arbitrage ETF (continued)
July 31, 2021 (unaudited)
| Total Return Swap contracts outstanding at July 31, 2021: | ||||||||||||||||
| Total Return Benchmark | Counterparty | Floating Rate(d) | Expiration Date | Payment Frequency | Notional Amount Long/ (Short) | Value/ | ||||||||||
| Communication Services Select Sector SPDR Fund | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | $ | (236,570 | ) | $ | – | |||||||
| Communication Services Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2022 | Monthly | (236,570 | ) | – | |||||||||
| Consumer Discretionary Select Sector SPDR Fund | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (1,431,532 | ) | – | |||||||||
| Consumer Discretionary Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF - 0.05% | 2/02/2022 | Monthly | (1,431,532 | ) | – | |||||||||
| Energy Select Sector SPDR Fund | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (1,276,830 | ) | – | |||||||||
| Energy Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF - 0.10% | 2/02/2022 | Monthly | (1,276,830 | ) | – | |||||||||
| Industrial Select Sector SPDR Fund | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (6,084,493 | ) | – | |||||||||
| Industrial Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF - 0.15% | 2/02/2022 | Monthly | (6,084,493 | ) | – | |||||||||
| iShares MSCI Pacific ex Japan ETF | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (1,479,719 | ) | – | |||||||||
| iShares MSCI Pacific ex Japan ETF | Morgan Stanley | 1-Day FEDEF - 7.40% | 2/02/2022 | Monthly | (1,479,719 | ) | – | |||||||||
| iShares Semiconductor ETF | Morgan Stanley | 1-Day FEDEF - 1.70% | 2/02/2022 | Monthly | (6,538,382 | ) | – | |||||||||
| Schwab U.S. REIT ETF | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (675,852 | ) | – | |||||||||
| Schwab U.S. REIT ETF | Morgan Stanley | 1-Day FEDEF - 1.50% | 2/02/2022 | Monthly | (675,852 | ) | – | |||||||||
| SPDR S&P Oil & Gas Exploration & Production ETF | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (9,553,712 | ) | – | |||||||||
| SPDR S&P Oil & Gas Exploration & Production ETF | Morgan Stanley | 1-Day FEDEF - 1.15% | 2/02/2022 | Monthly | (9,553,712 | ) | – | |||||||||
| SPDR S&P Regional Banking ETF | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (23,709,337 | ) | – | |||||||||
| SPDR S&P Regional Banking ETF | Morgan Stanley | 1-Day FEDEF - 0.75% | 2/02/2022 | Monthly | (23,709,337 | ) | – | |||||||||
| Vanguard Real Estate ETF | Merrill Lynch | 1-Month LIBOR - 0.01% | 8/31/2021 | Monthly | (11,824,975 | ) | – | |||||||||
| Vanguard Real Estate ETF | Morgan Stanley | 1-Day FEDEF - 0.15% | 2/02/2022 | Monthly | (11,824,975 | ) | – | |||||||||
| $ | – | |||||||||||||||
| (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 July 31, 2021. |
| Abbreviations |
| FEDEF — Federal Funds Effective Rate |
| LIBOR — London InterBank Offered Rate |
Schedule of Investments ─ IQ Merger Arbitrage ETF (continued)
July 31, 2021 (unaudited)
| The following is a summary of the inputs used to value the Fund's investments as of July 31, 2021. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements. | ||||||||||||||||
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Investments in Securities:(f) | ||||||||||||||||
| Common Stocks | $ | 631,763,899 | $ | – | $ | – | $ | 631,763,899 | ||||||||
| Investment Companies | 3,534,377 | – | – | 3,534,377 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
| Money Market Funds | 111,596,166 | – | – | 111,596,166 | ||||||||||||
| Total Investments in Securities | 746,894,442 | – | – | 746,894,442 | ||||||||||||
| Other Financial Instruments:(g) | ||||||||||||||||
| Swap Contracts | – | – | – | – | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 746,894,442 | $ | – | $ | – | $ | 746,894,442 | ||||||||
| 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 period ended July 31, 2021, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.
A summary of the Fund’s transactions with affiliated fund during the period ended July 31, 2021 is as follows:
Affiliated Holdings
| Shares
at 04/30/2021 | Value ($) at 04/30/2021 | Purchases Cost ($) | Sales
Proceeds ($) | Net
Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation/ (Depreciation) ($) | Income
Distributions ($) | Capital Gain Distributions ($) | Shares at 07/31/2021 | Value ($) at 07/31/2021 | |||||||||||||||
| IQ Ultra Short Duration ETF | 145,656 | 7,225,994 | 8,888,446 | (15,418,413 | ) | (12,471 | ) | (3,757 | ) | 11,867 | – | 13,725 | 679,799 |