Schedule of Investments ─ IQ Hedge Market Neutral Tracker ETF
July 31, 2021 (unaudited)
| Shares | Value | |||||||
| Investment Companies — 99.9% | ||||||||
| Bank Loan Funds — 17.9% | ||||||||
| Invesco Senior Loan ETF | 75,430 | $ | 1,661,723 | |||||
| SPDR Blackstone Senior Loan ETF | 33,243 | 1,523,194 | ||||||
| Total Bank Loan Funds | 3,184,917 | |||||||
| Convertible Bond Funds — 0.8% | ||||||||
| iShares Convertible Bond ETF | 282 | 28,200 | ||||||
| SPDR Bloomberg Barclays Convertible Securities ETF | 1,320 | 113,137 | ||||||
| Total Convertible Bond Funds | 141,337 | |||||||
| Emerging Bonds - Local Currency Funds — 0.5% | ||||||||
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 952 | 24,990 | ||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 2,110 | 65,642 | ||||||
| Total Emerging Bonds - Local Currency Funds | 90,632 | |||||||
| Emerging Equity Funds — 4.0% | ||||||||
| iShares Core MSCI Emerging Markets ETF(a) | 5,600 | 353,976 | ||||||
| Vanguard FTSE Emerging Markets ETF(a) | 6,956 | 355,521 | ||||||
| Total Emerging Equity Funds | 709,497 | |||||||
| Floating Rate - Investment Grade Funds — 3.9% | ||||||||
| iShares Floating Rate Bond ETF | 9,780 | 496,824 | ||||||
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 6,199 | 189,937 | ||||||
| Total Floating Rate - Investment Grade Funds | 686,761 | |||||||
| High Yield Corporate Bond Funds — 1.7% | ||||||||
| iShares 0-5 Year High Yield Corporate Bond ETF | 3,292 | 150,938 | ||||||
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 5,313 | 145,842 | ||||||
| Total High Yield Corporate Bond Funds | 296,780 | |||||||
| International Bond Fund — 9.0% | ||||||||
| SPDR Bloomberg Barclays International Treasury Bond ETF | 53,944 | 1,604,295 | ||||||
| International Small Cap Equity Funds — 3.6% | ||||||||
| Schwab International Small-Cap Equity ETF(a) | 4,193 | 177,825 | ||||||
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | 3,370 | 464,117 | ||||||
| Total International Small Cap Equity Funds | 641,942 | |||||||
| Investment Grade Corporate Bond Funds — 3.2% | ||||||||
| iShares Broad USD Investment Grade Corporate Bond ETF | 588 | 36,015 | ||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF(a) | 1,816 | 246,994 | ||||||
| Vanguard Intermediate-Term Corporate Bond ETF | 2,959 | 284,331 | ||||||
| Total Investment Grade Corporate Bond Funds | 567,340 | |||||||
| Mortgage Backed Securities Funds — 5.3% | ||||||||
| iShares MBS ETF | 5,000 | 543,450 | ||||||
| SPDR Portfolio Mortgage Backed Bond ETF(a) | 3,184 | 82,593 | ||||||
| Vanguard Mortgage-Backed Securities ETF(a) | 5,959 | 319,402 | ||||||
| Total Mortgage Backed Securities Funds | 945,445 | |||||||
| Municipal Bond Fund — 1.3% | ||||||||
| VanEck Vectors High Yield Muni ETF | 3,562 | 227,505 | ||||||
| U.S. Medium Term Treasury Bond Funds — 8.2% | ||||||||
| iShares 3-7 Year Treasury Bond ETF | 5,484 | 722,462 | ||||||
| Schwab Intermediate-Term U.S. Treasury ETF | 3,976 | 228,660 | ||||||
| Vanguard Intermediate-Term Treasury ETF | 7,428 | 509,189 | ||||||
| Total U.S. Medium Term Treasury Bond Funds | 1,460,311 | |||||||
| U.S. Momentum Fund — 1.0% | ||||||||
| iShares MSCI USA Momentum Factor ETF | 1,029 | 180,106 | ||||||
| U.S. Ultra Short Term Bond Funds — 39.5% | ||||||||
| Invesco Treasury Collateral ETF | 2,770 | 292,706 | ||||||
| IQ Ultra Short Duration ETF† | 135,699 | 6,721,172 | ||||||
| Total U.S. Ultra Short Term Bond Funds | 7,013,878 | |||||||
| Total
Investment Companies (Cost $17,493,425) | 17,750,746 | |||||||
| Short-Term Investments — 2.4% | ||||||||
| Money Market Funds — 2.4% | ||||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)(c) | 398,632 | 398,632 | ||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%(b) | 36,077 | 36,077 | ||||||
| Total
Short-Term Investments (Cost $434,709) | 434,709 | |||||||
| Total Investments — 102.3% | ||||||||
| (Cost $17,928,134) | 18,185,455 | |||||||
| Other Assets and Liabilities, Net — (2.3)% | (414,648 | ) | ||||||
| Net Assets — 100.0% | $ | 17,770,807 | ||||||
| † | Affiliated Fund. |
| (a) | All or a portion of the security was on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The aggregate market value of securities on loan was $977,108; total market value of collateral held by the Fund was $1,004,000. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $605,368. |
| (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 Market Neutral 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 DB U.S. Dollar Index Bullish Fund | Morgan Stanley | 1-Day FEDEF - 4.65% | 5/03/2022 | Monthly | $ | (393,893 | ) | $ | – | |||||||
| Invesco KBW Bank ETF | Morgan Stanley | 1-Day FEDEF - 2.85% | 5/03/2022 | Monthly | (36,168 | ) | – | |||||||||
| Invesco Preferred ETF | Morgan Stanley | 1-Day FEDEF - 0.70% | 5/03/2022 | Monthly | (70,682 | ) | – | |||||||||
| Invesco Senior Loan ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 166,745 | – | ||||||||||
| Invesco Treasury Collateral ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 29,376 | – | ||||||||||
| IQ Ultra Short Duration ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 674,400 | – | ||||||||||
| iShares 0-5 Year High Yield Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 15,131 | – | ||||||||||
| iShares 3-7 Year Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 72,457 | – | ||||||||||
| iShares Broad USD Investment Grade Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 3,614 | – | ||||||||||
| iShares Convertible Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 2,800 | – | ||||||||||
| iShares Core MSCI Emerging Markets ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 35,524 | – | ||||||||||
| iShares Core S&P U.S. Value ETF | Morgan Stanley | 1-Day FEDEF - 0.85% | 5/03/2022 | Monthly | (34,554 | ) | – | |||||||||
| iShares Floating Rate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 49,835 | – | ||||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 24,754 | – | ||||||||||
| iShares iBoxx High Yield Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF - 2.75% | 5/03/2022 | Monthly | (144,145 | ) | – | |||||||||
| iShares MBS ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 54,562 | – | ||||||||||
| iShares MSCI USA Momentum Factor ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 18,028 | – | ||||||||||
| iShares Preferred & Income Securities ETF | Morgan Stanley | 1-Day FEDEF - 1.10% | 5/03/2022 | Monthly | (191,897 | ) | – | |||||||||
| iShares Russell 2000 Value ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 5/03/2022 | Monthly | (34,711 | ) | – | |||||||||
| iShares S&P Small-Cap 600 Value ETF | Morgan Stanley | 1-Day FEDEF - 3.10% | 5/03/2022 | Monthly | (20,872 | ) | – | |||||||||
| iShares TIPS Bond ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 5/03/2022 | Monthly | (162,311 | ) | – | |||||||||
| Schwab Intermediate-Term U.S. Treasury ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 22,946 | – | ||||||||||
| Schwab International Small-Cap Equity ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 17,855 | – | ||||||||||
| Schwab U.S. Large-Cap Value ETF | Morgan Stanley | 1-Day FEDEF - 1.55% | 5/03/2022 | Monthly | (31,943 | ) | – | |||||||||
| Schwab U.S. TIPS ETF | Morgan Stanley | 1-Day FEDEF - 0.90% | 5/03/2022 | Monthly | (105,674 | ) | – | |||||||||
| SPDR Blackstone Senior Loan ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 152,856 | – | ||||||||||
| SPDR Bloomberg Barclays Convertible Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 11,314 | – | ||||||||||
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 2,494 | – | ||||||||||
| SPDR Bloomberg Barclays High Yield Bond ETF | Morgan Stanley | 1-Day FEDEF - 2.70% | 5/03/2022 | Monthly | (69,265 | ) | – | |||||||||
| SPDR Bloomberg Barclays International Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 160,983 | – | ||||||||||
Schedule of Investments ─ IQ Hedge Market Neutral Tracker ETF (continued)
July 31, 2021 (unaudited)
| Total Return Benchmark | Counterparty | Floating Rate(d) | Expiration Date | Payment Frequency | Notional Amount Long/ (Short) | Value/ | ||||||||||
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | $ | 19,058 | $ | – | ||||||||
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 14,631 | – | ||||||||||
| SPDR Portfolio Mortgage Backed Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 8,275 | – | ||||||||||
| SPDR Portfolio S&P 500 Value ETF | Morgan Stanley | 1-Day FEDEF - 0.65% | 5/03/2022 | Monthly | (40,538 | ) | – | |||||||||
| SPDR S&P Bank ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 5/03/2022 | Monthly | (50,845 | ) | – | |||||||||
| VanEck Vectors High Yield Muni ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 22,802 | – | ||||||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 6,595 | – | ||||||||||
| Vanguard FTSE All World ex-U.S. Small-Cap ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 46,549 | – | ||||||||||
| Vanguard FTSE Emerging Markets ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 35,675 | – | ||||||||||
| Vanguard Intermediate-Term Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 28,539 | – | ||||||||||
| Vanguard Intermediate-Term Treasury ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 51,070 | – | ||||||||||
| Vanguard Mortgage-Backed Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/05/2023 | Monthly | 32,053 | – | ||||||||||
| Vanguard Russell 1000 Value | Morgan Stanley | 1-Day FEDEF - 0.85% | 5/03/2022 | Monthly | (19,636 | ) | – | |||||||||
| Vanguard Small-Cap Value ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 5/03/2022 | Monthly | (51,923 | ) | – | |||||||||
| Vanguard Value ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 5/03/2022 | Monthly | (272,007 | ) | – | |||||||||
| Xtrackers USD High Yield Corporate Bond ETF | Morgan Stanley | 1-Day FEDEF - 0.85% | 5/03/2022 | Monthly | (48,686 | ) | – | |||||||||
| $ | – | |||||||||||||||
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.
Abbreviation
FEDEF — Federal Funds Effective Rate
Schedule of Investments ─ IQ Hedge Market Neutral Tracker 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) | ||||||||||||||||
| Investment Companies | $ | 17,750,746 | $ | – | $ | – | $ | 17,750,746 | ||||||||
| Short-Term Investments: | ||||||||||||||||
| Money Market Funds | 434,709 | – | – | 434,709 | ||||||||||||
| Total Investments in Securities | 18,185,455 | – | – | 18,185,455 | ||||||||||||
| Other Financial Instruments:(g) | ||||||||||||||||
| Swap Contracts | – | – | – | – | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 18,185,455 | $ | – | $ | – | $ | 18,185,455 | ||||||||
| 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 | 87,410 | 4,336,410 | 2,505,414 | (110,592 | ) | (346 | ) | (9,714 | ) | 13,003 | – | 135,699 | 6,721,172 | |||||||||||||||||||||||||||