Schedule of Investments ─ IQ Hedge Event-Driven Tracker ETF
July 31, 2021 (unaudited)
| Shares | Value | |||||||
| Investment Companies — 99.8% | ||||||||
| Bank Loan Funds — 24.6% | ||||||||
| Invesco Senior Loan ETF | 69,433 | $ | 1,529,609 | |||||
| SPDR Blackstone Senior Loan ETF | 30,600 | 1,402,092 | ||||||
| Total Bank Loan Funds | 2,931,701 | |||||||
| Convertible Bond Funds — 22.3% | ||||||||
| iShares Convertible Bond ETF | 5,300 | 530,000 | ||||||
| SPDR Bloomberg Barclays Convertible Securities ETF | 24,777 | 2,123,637 | ||||||
| Total Convertible Bond Funds | 2,653,637 | |||||||
| Investment Grade Corporate Bond Funds — 40.3% | ||||||||
| SPDR Portfolio Short Term Corporate Bond ETF | 24,592 | 769,975 | ||||||
| Vanguard Short-Term Corporate Bond ETF(a) | 48,580 | 4,025,825 | ||||||
| Total Investment Grade Corporate Bond Funds | 4,795,800 | |||||||
| U.S. Preferred Funds — 5.0% | ||||||||
| Invesco Preferred ETF | 10,463 | 159,352 | ||||||
| iShares Preferred & Income Securities ETF(a) | 10,974 | 432,595 | ||||||
| Total U.S. Preferred Funds | 591,947 | |||||||
| U.S. Small Cap Growth Funds — 7.6% | ||||||||
| iShares Russell 2000 Growth ETF | 1,050 | 315,052 | ||||||
| iShares S&P Small-Cap 600 Growth ETF(a) | 1,269 | 167,863 | ||||||
| Vanguard Small-Cap Growth ETF | 1,471 | 420,618 | ||||||
| Total U.S. Small Cap Growth Funds | 903,533 | |||||||
| Total Investment Companies | ||||||||
| (Cost $11,655,886) | 11,876,618 | |||||||
| Short-Term Investments — 8.2% | ||||||||
| Money Market Funds — 8.2% | ||||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c) | 956,687 | 956,687 | ||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | 22,277 | 22,277 | ||||||
| Total Short-Term Investments | ||||||||
| (Cost $978,964) | 978,964 | |||||||
| Total Investments — 108.0% | ||||||||
| (Cost $12,634,850) | 12,855,582 | |||||||
| Other Assets and Liabilities, Net — (8.0)% | (960,903 | ) | ||||||
| Net Assets — 100.0% | $ | 11,894,679 | ||||||
| (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 $1,069,225; total market value of collateral held by the Fund was $1,090,729. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $134,042. |
| (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 Hedge Event-Driven Tracker 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/ | ||||||||||
| Invesco Preferred ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | $ | 1,721 | $ | – | ||||||||
| Invesco Senior Loan ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 16,523 | – | ||||||||||
| iShares Convertible Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 5,700 | – | ||||||||||
| iShares iBoxx High Yield Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF - 2.75% | 7/10/2023 | Monthly | (70,975 | ) | – | |||||||||
| iShares Preferred & Income Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 4,691 | – | ||||||||||
| iShares Russell 2000 Growth ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 3,301 | – | ||||||||||
| iShares S&P Small-Cap 600 Growth ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 1,852 | – | ||||||||||
| SPDR Blackstone Senior Loan ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 15,166 | – | ||||||||||
| SPDR Bloomberg Barclays Convertible Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 22,970 | – | ||||||||||
| SPDR Bloomberg Barclays High Yield Bond ETF | Morgan Stanley | 1-Day FEDEF - 2.70% | 7/10/2023 | Monthly | (34,029 | ) | – | |||||||||
| SPDR Portfolio Short Term Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 8,328 | – | ||||||||||
| Vanguard Short-Term Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 43,507 | – | ||||||||||
| Vanguard Small-Cap Growth ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/10/2023 | Monthly | 4,575 | – | ||||||||||
| Xtrackers USD High Yield Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF - 0.85% | 7/10/2023 | Monthly | (23,961 | ) | – | |||||||||
| $ | – | |||||||||||||||
At July 31, 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 July 31, 2021.
Abbreviations
FEDEF — Federal Funds Effective Rate
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) | ||||||||||||||||
| Investment Companies | $ | 11,876,618 | $ | – | $ | – | $ | 11,876,618 | ||||||||
| Short-Term Investments: | ||||||||||||||||
| Money Market Funds | 978,964 | – | – | 978,964 | ||||||||||||
| Total Investments in Securities | 12,855,582 | – | – | 12,855,582 | ||||||||||||
| Other Financial Instruments:(g) | ||||||||||||||||
| Swap Contracts | – | – | – | – | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 12,855,582 | $ | – | $ | – | $ | 12,855,582 | ||||||||
| Liability Valuation Inputs | ||||||||||||||||
Schedule of Investments ─ IQ Hedge Event-Driven Tracker ETF (continued)
July 31, 2021 (unaudited)
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| 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 | 221 | 10,964 | 1,388 | (12,344 | ) | 8 | (16 | ) | 8 | – | – | – | ||||||||||||||||||||||||||||