N-CSRS 1 tm2231347d2_ncsrs.htm N-CSRS

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number         811-22739        

 

  IndexIQ Active ETF Trust  

(Exact name of registrant as specified in charter)

 

  51 Madison Avenue
New York, NY 10010		  

(Address of principal executive offices) (Zip code)

 

  Kirk C. Lehneis
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010		  

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 1-888-474-7725

 

Date of fiscal year end: April 30

 

Date of reporting period: October 31, 2022

 

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)The Report to Shareholders is attached herewith.

 

​
​
IndexIQ Active ETF Trust
​
Semi-Annual Report
October 31, 2022
 
​
​
IQ MacKay California Municipal Intermediate ETF (MMCA)
​ ​ ​ ​
​ IQ MacKay Municipal Insured ETF (MMIN) ​ ​ ​ ​
​ IQ MacKay Municipal Intermediate ETF (MMIT) ​ ​ ​ ​
​ IQ MacKay ESG Core Plus Bond ETF (ESGB) ​ ​ ​ ​
​ IQ MacKay ESG High Income ETF (IQHI) ​ ​ ​ ​
​ IQ MacKay Multi-Sector Income ETF (MMSB) ​ ​ ​ ​
​ IQ Ultra Short Duration ETF (ULTR) ​ ​ ​ ​
​ IQ Winslow Focused Large Cap Growth ETF (IWFG) ​ ​ ​ ​
​ IQ Winslow Large Cap Growth ETF (IWLG) ​ ​ ​ ​
   
Not FDIC Insured | May Lose Value | No Bank Guarantee
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The investment return and value of each of the Funds’ shares will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus and the statement of additional information include this and other relevant information about the Funds and are available by visiting newyorklifeinvestments.com/etf 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/etf or by calling 1-888-474-7725.
Availability of Proxy Voting Policies and Proxy Voting Records
You may obtain a description of the IndexIQ Active 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, visiting neworklifeinvestments.com/etf, or by accessing the SEC’s website at www.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 is available on the Commission’s web site at www.sec.gov. Additionally, the Funds’ make their portfolio holdings for the first and third quarters of each fiscal year available on the Funds’ website at newyorklifeinvestments.com\documents.
Availablity of Premium/Discount Information
Each Funds’ premium/discount information is available, free of charge, on the Funds’ website at newyorklifeinvestments.com/etf 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.
To enroll:
Visit https://www.fundreports.com
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.
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Table of Contents  
​
​ ​ ​ ​ ​ 4 ​ ​
​ ​ ​ ​ ​ 5 ​ ​
​ ​ ​ ​ ​ 7 ​ ​
​ Schedules of Investments ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ 10 ​ ​
​ ​ ​ ​ ​ 12 ​ ​
​ ​ ​ ​ ​ 20 ​ ​
​ ​ ​ ​ ​ 31 ​ ​
​ ​ ​ ​ ​ 44 ​ ​
​ ​ ​ ​ ​ 49 ​ ​
​ ​ ​ ​ ​ 62 ​ ​
​ ​ ​ ​ ​ 66 ​ ​
​ ​ ​ ​ ​ 67 ​ ​
​ ​ ​ ​ ​ 68 ​ ​
​ ​ ​ ​ ​ 71 ​ ​
​ ​ ​ ​ ​ 74 ​ ​
​ ​ ​ ​ ​ 79 ​ ​
​ ​ ​ ​ ​ 88 ​ ​
​ ​ ​ ​ ​ 106 ​ ​
3​
Shareholder Letter (unaudited)  
​
Message from the President​
A series of economic and geopolitical challenges undermined equity and fixed-income markets during the six-month reporting period ended October 31, 2022. Stocks and bonds alike trended lower in the face of sharply rising interest rates, increasing inflationary pressures, slowing economic growth and Russia’s invasion of Ukraine.
The reporting period began on a mixed note, with concerns about rising inflation and Russia’s invasion of Ukraine weighing on markets. On one hand, rising commodity prices and hopes that inflationary pressures might subside supported some asset classes and sectors. On the other, the U.S. Federal Reserve (the “Fed”) issued increasingly hawkish statements regarding its intention to combat mounting inflation. As a result, equity markets remained flat while U.S. fixed-income markets gained modest ground in May. Early June saw a downturn across asset classes as economic data showed increasing inflationary pressures, causing investors to anticipate a higher-than-previously-expected rate increase from the Fed at its meeting on June 15, 2022. Indeed, the Fed raised rates by 0.75% at that meeting, from a range of 0.75% to 1.00% to a range of 1.50% to 1.75%, its largest increase of the year to date. Markets rallied in the wake of the Fed meeting as investors started to hope that slowing economic growth might lead to rate decreases later in the year. In August, however, signs of persistently increasing inflation and statements from the Fed indicated that further rate increases were seen as necessary, undercutting optimism and driving stock and bond prices lower through mid-October. The Fed implemented two additional 0.75% rate increases during that time, with additional increases expected before the end of the year. International central banks generally raised rates as well, in efforts to curb local inflation, although most increases remained significantly more modest than those in the United States. Relatively high U.S. interest rates and international risk-averse sentiment pushed U.S. dollar values higher compared to most other currencies, with the ensuing negative impact on global prices for food, fuel and other key, U.S.-dollar-denominated products.
Despite a rally in the closing weeks of October, the S&P 500® Index, a widely regarded benchmark of U.S. market performance, declined by more than 5% during the reporting period. Although the energy sector generated strong gains, bolstered by elevated oil and gas prices, most other industry areas recorded losses. The more cyclical and growth-oriented sectors of consumer discretionary, real estate and information technology delivered the weakest returns, while the traditionally defensive and value-oriented consumer staples, utilities and health care sectors outperformed. International stocks lagged compared to their U.S. counterparts, with some emerging markets, such as China, suffering particularly steep losses. A few markets, however, including Brazil and Mexico, gained ground. Fixed-income markets saw bond prices broadly decline as yields rose along with interest rates. Short-term yields rose faster than long-term yields, producing a yield curve inversion from July through the end of the reporting period, with long-term rates remaining below short-term rates. Some floating-rate instruments, which feature variable interest rates that allow investors to benefit from a rising rate environment, provided a degree of insulation from inflation-driven trends.
While the Fed acknowledges the costs of rising rates in terms of weaker GDP (gross domestic product) growth and unsettled financial markets over the short term, its primary focus continues to be the longer-term economic impact of inflation. With the latest figures as of the date of this report showing that inflation remains above 8%, versus a target rate of just 2%, the Fed clearly has a distance yet to go, making further rate increases and market volatility more likely in the coming months. The question remains as to whether the Fed and other central banks will manage a so-called “soft landing,” curbing inflation while avoiding a persistent economic slowdown. If they prove successful, we expect that favorable inflation trends and increasingly attractive valuations in both equity and bond markets should eventually translate into sustainable improvements in the investment environment.
Whatever actions the Fed takes and however financial markets react, you can depend on us to provide you with the intelligent investment solutions that define the IndexIQ portfolio of exchange-traded funds. Thank you for trusting us to help you meet your investment needs.
Sincerely,
[MISSING IMAGE: sg_kirkclehneis-bw.jpg]
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.
Not part of the Semiannual Report
4
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 05/01/22 to 10/31/22” 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 any underlying fund investments 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 any 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
05/01/22
​ ​
Ending
Account
Value
10/31/22
​ ​
Annualized
Expense
Ratios for the
Period
05/01/22
to 10/31/22
​ ​
Expenses
Paid During the
Period 05/01/22
to 10/31/221
​
IQ MacKay California Municipal Intermediate ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 959.50 ​ ​ ​ ​ ​ 0.35% ​ ​ ​ ​ $ 1.73 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.44 ​ ​ ​ ​ ​ 0.35% ​ ​ ​ ​ $ 1.79 ​ ​
IQ MacKay Municipal Insured ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 930.20 ​ ​ ​ ​ ​ 0.31% ​ ​ ​ ​ $ 1.51 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.64 ​ ​ ​ ​ ​ 0.31% ​ ​ ​ ​ $ 1.58 ​ ​
IQ MacKay Municipal Intermediate ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 959.00 ​ ​ ​ ​ ​ 0.31% ​ ​ ​ ​ $ 1.53 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.64 ​ ​ ​ ​ ​ 0.31% ​ ​ ​ ​ $ 1.58 ​ ​
IQ MacKay ESG Core Plus Bond ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 917.80 ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ $ 1.89 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.24 ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ $ 1.99 ​ ​
IQ MacKay ESG High Income ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,004.90 ​ ​ ​ ​ ​ 0.40% ​ ​ ​ ​ $ 0.08* ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,000.88 ​ ​ ​ ​ ​ 0.40% ​ ​ ​ ​ $ 0.08 ​ ​
IQ MacKay Multi-Sector Income ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 929.00 ​ ​ ​ ​ ​ 0.40% ​ ​ ​ ​ $ 1.04** ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,012.35 ​ ​ ​ ​ ​ 0.40% ​ ​ ​ ​ $ 1.08 ​ ​
5​
Fund Expenses (unaudited) (continued)
​
​ ​ ​
Beginning
Account
Value
05/01/22
​ ​
Ending
Account
Value
10/31/22
​ ​
Annualized
Expense
Ratios for the
Period
05/01/22
to 10/31/22
​ ​
Expenses
Paid During the
Period 05/01/22
to 10/31/221
​
IQ Ultra Short Duration ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 996.80 ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ $ 1.21 ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,024.00 ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ $ 1.22 ​ ​
IQ Winslow Focused Large Cap Growth ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,035.00 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ $ 2.37*** ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,015.61 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ $ 2.35 ​ ​
IQ Winslow Large Cap Growth ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,018.60 ​ ​ ​ ​ ​ 0.60% ​ ​ ​ ​ $ 2.17*** ​ ​
Hypothetical (assuming a 5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,015.79 ​ ​ ​ ​ ​ 0.60% ​ ​ ​ ​ $ 2.17 ​ ​
​
*
Fund commenced operations on October 25, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 7/365 (to reflect commencement of operation).
​
**
Fund commenced operations on July 26, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 98/365 (to reflect commencement of operation).
​
***
Fund commenced operations on June 23, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 131/365 (to reflect commencement of operation).
​
1
Unless otherwise indicated, expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365. (to reflect the one-half year period).
​
6
Portfolio Summaries* 
​
October 31, 2022 (unaudited)
IQ MacKay California Municipal Intermediate ETF
Net Assets ($ mil): $43.3
Industry
​ ​
% of
Net Assets
​
General
​ ​ ​ ​ 18.3% ​ ​
School District
​ ​ ​ ​ 15.8 ​ ​
Development
​ ​ ​ ​ 11.4 ​ ​
General Obligation
​ ​ ​ ​ 11.0 ​ ​
Airport
​ ​ ​ ​ 8.0 ​ ​
Medical
​ ​ ​ ​ 7.5 ​ ​
Water
​ ​ ​ ​ 6.7 ​ ​
Utilities
​ ​ ​ ​ 5.1 ​ ​
Power
​ ​ ​ ​ 4.7 ​ ​
Mello-Roos
​ ​ ​ ​ 3.6 ​ ​
Facilities
​ ​ ​ ​ 2.3 ​ ​
Higher Education
​ ​ ​ ​ 2.0 ​ ​
Money Market Fund
​ ​ ​ ​ 1.6 ​ ​
Multifamily Hsg
​ ​ ​ ​ 0.9 ​ ​
Total Investments
​ ​ ​ ​ 98.9 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ 1.1 ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
IQ MacKay Municipal Insured ETF
Net Assets ($ mil): $322.4
Industry
​ ​
% of
Net Assets
​
School District
​ ​ ​ ​ 23.7% ​ ​
General Obligation
​ ​ ​ ​ 22.1 ​ ​
General
​ ​ ​ ​ 12.7 ​ ​
Money Market Fund
​ ​ ​ ​ 11.4 ​ ​
Water
​ ​ ​ ​ 6.8 ​ ​
Transportation
​ ​ ​ ​ 6.6 ​ ​
Development
​ ​ ​ ​ 4.1 ​ ​
Higher Education
​ ​ ​ ​ 4.0 ​ ​
Airport
​ ​ ​ ​ 3.8 ​ ​
Education
​ ​ ​ ​ 3.7 ​ ​
Power
​ ​ ​ ​ 2.6 ​ ​
Medical
​ ​ ​ ​ 2.2 ​ ​
Mello-Roos
​ ​ ​ ​ 1.4 ​ ​
Housing
​ ​ ​ ​ 1.2 ​ ​
Utilities
​ ​ ​ ​ 0.6 ​ ​
Facilities
​ ​ ​ ​ 0.3 ​ ​
Pollution
​ ​ ​ ​ 0.3 ​ ​
Student Loan
​ ​ ​ ​ 0.0(a) ​ ​
Total Investments
​ ​ ​ ​ 107.5 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ (7.5) ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
​
*
Each Fund’s portfolio is subject to change.
​
(a)
Less than 0.05%.
​
IQ MacKay Municipal Intermediate ETF
Net Assets ($ mil): $306.4
Industry
​ ​
% of
Net Assets
​
General
​ ​ ​ ​ 20.2% ​ ​
General Obligation
​ ​ ​ ​ 17.7 ​ ​
School District
​ ​ ​ ​ 13.6 ​ ​
Water
​ ​ ​ ​ 10.4 ​ ​
Medical
​ ​ ​ ​ 7.5 ​ ​
Multifamily Hsg
​ ​ ​ ​ 7.4 ​ ​
Higher Education
​ ​ ​ ​ 6.1 ​ ​
Transportation
​ ​ ​ ​ 4.7 ​ ​
Education
​ ​ ​ ​ 4.1 ​ ​
Money Market Fund
​ ​ ​ ​ 2.4 ​ ​
Airport
​ ​ ​ ​ 1.9 ​ ​
Power
​ ​ ​ ​ 1.8 ​ ​
Housing
​ ​ ​ ​ 1.5 ​ ​
Utilities
​ ​ ​ ​ 1.4 ​ ​
Nursing Homes
​ ​ ​ ​ 1.0 ​ ​
Development
​ ​ ​ ​ 0.8 ​ ​
Facilities
​ ​ ​ ​ 0.7 ​ ​
Mello-Roos
​ ​ ​ ​ 0.6 ​ ​
Single Family Hsg
​ ​ ​ ​ 0.4 ​ ​
Bond Bank
​ ​ ​ ​ 0.2 ​ ​
Tobacco Settlement
​ ​ ​ ​ 0.2 ​ ​
Student Loan
​ ​ ​ ​ 0.0(a) ​ ​
Total Investments
​ ​ ​ ​ 104.6 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ (4.6) ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
IQ MacKay ESG Core Plus Bond ETF
Net Assets ($ mil): $229.3
Country
​ ​
% of
Net Assets
​
United States
​ ​ ​ ​ 89.3% ​ ​
United Kingdom
​ ​ ​ ​ 2.2 ​ ​
France
​ ​ ​ ​ 1.6 ​ ​
Japan
​ ​ ​ ​ 1.3 ​ ​
Germany
​ ​ ​ ​ 1.1 ​ ​
Switzerland
​ ​ ​ ​ 0.6 ​ ​
Canada
​ ​ ​ ​ 0.6 ​ ​
Australia
​ ​ ​ ​ 0.6 ​ ​
Spain
​ ​ ​ ​ 0.4 ​ ​
Brazil
​ ​ ​ ​ 0.4 ​ ​
Netherlands
​ ​ ​ ​ 0.3 ​ ​
Israel
​ ​ ​ ​ 0.3 ​ ​
Ireland
​ ​ ​ ​ 0.3 ​ ​
Sweden
​ ​ ​ ​ 0.2 ​ ​
Supranational
​ ​ ​ ​ 0.2 ​ ​
Chile
​ ​ ​ ​ 0.1 ​ ​
Total Investments
​ ​ ​ ​ 99.5 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ 0.5 ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
​
See notes to financial statements.
7​
Portfolio Summaries* (continued)
​
October 31, 2022 (unaudited)
IQ MacKay ESG High Income ETF
Net Assets ($ mil): $25.1
Country
​ ​
% of
Net Assets
​
United States
​ ​ ​ ​ 82.7% ​ ​
Canada
​ ​ ​ ​ 6.4 ​ ​
United Kingdom
​ ​ ​ ​ 2.6 ​ ​
Italy
​ ​ ​ ​ 2.4 ​ ​
France
​ ​ ​ ​ 1.7 ​ ​
Netherlands
​ ​ ​ ​ 1.3 ​ ​
Finland
​ ​ ​ ​ 0.4 ​ ​
Total Investments
​ ​ ​ ​ 97.5 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ 2.5 ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
IQ MacKay Multi-Sector Income ETF
Net Assets ($ mil): $23.0
Country
​ ​
% of
Net Assets
​
United States
​ ​ ​ ​ 85.9% ​ ​
France
​ ​ ​ ​ 2.2 ​ ​
United Kingdom
​ ​ ​ ​ 1.6 ​ ​
United Arab Emirates
​ ​ ​ ​ 1.5 ​ ​
Canada
​ ​ ​ ​ 0.9 ​ ​
Chile
​ ​ ​ ​ 0.8 ​ ​
China
​ ​ ​ ​ 0.7 ​ ​
Germany
​ ​ ​ ​ 0.7 ​ ​
Malaysia
​ ​ ​ ​ 0.7 ​ ​
Indonesia
​ ​ ​ ​ 0.6 ​ ​
Qatar
​ ​ ​ ​ 0.6 ​ ​
Israel
​ ​ ​ ​ 0.6 ​ ​
Switzerland
​ ​ ​ ​ 0.6 ​ ​
Mexico
​ ​ ​ ​ 0.3 ​ ​
Australia
​ ​ ​ ​ 0.3 ​ ​
Japan
​ ​ ​ ​ 0.3 ​ ​
Ireland
​ ​ ​ ​ 0.3 ​ ​
Netherlands
​ ​ ​ ​ 0.2 ​ ​
Finland
​ ​ ​ ​ 0.0(a) ​ ​
Total Investments
​ ​ ​ ​ 98.8 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ 1.2 ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
​
*
Each Fund’s portfolio is subject to change.
​
(a)
Less than 0.05%.
​
IQ Ultra Short Duration ETF
Net Assets ($ mil): $70.9
Country
​ ​
% of
Net Assets
​
United States
​ ​ ​ ​ 76.0% ​ ​
Cayman Islands
​ ​ ​ ​ 12.6 ​ ​
United Kingdom
​ ​ ​ ​ 4.3 ​ ​
Canada
​ ​ ​ ​ 2.0 ​ ​
Ireland
​ ​ ​ ​ 1.4 ​ ​
Germany
​ ​ ​ ​ 1.3 ​ ​
France
​ ​ ​ ​ 1.3 ​ ​
Netherlands
​ ​ ​ ​ 0.6 ​ ​
Spain
​ ​ ​ ​ 0.5 ​ ​
Sweden
​ ​ ​ ​ 0.5 ​ ​
Italy
​ ​ ​ ​ 0.3 ​ ​
Total Investments
​ ​ ​ ​ 100.8 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ (0.8) ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
IQ Winslow Focused Large Cap Growth ETF
Net Assets ($ mil): $5.7
Industry
​ ​
% of
Net Assets
​
Information Technology
​ ​ ​ ​ 37.7% ​ ​
Health Care
​ ​ ​ ​ 19.5 ​ ​
Consumer Discretionary
​ ​ ​ ​ 18.4 ​ ​
Industrials
​ ​ ​ ​ 9.7 ​ ​
Energy
​ ​ ​ ​ 4.0 ​ ​
Materials
​ ​ ​ ​ 3.8 ​ ​
Consumer Staples
​ ​ ​ ​ 3.2 ​ ​
Communication Services
​ ​ ​ ​ 3.0 ​ ​
Money Market Fund
​ ​ ​ ​ 1.0 ​ ​
Total Investments
​ ​ ​ ​ 100.3 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ (0.3) ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
​
See notes to financial statements.
8
Portfolio Summaries* (continued)
​
October 31, 2022 (unaudited)
IQ Winslow Large Cap Growth ETF
Net Assets ($ mil): $13.0
Industry
​ ​
% of
Net Assets
​
Information Technology
​ ​ ​ ​ 36.4% ​ ​
Health Care
​ ​ ​ ​ 21.3 ​ ​
Consumer Discretionary
​ ​ ​ ​ 17.5 ​ ​
Industrials
​ ​ ​ ​ 7.9 ​ ​
Consumer Staples
​ ​ ​ ​ 4.0 ​ ​
Communication Services
​ ​ ​ ​ 3.6 ​ ​
Energy
​ ​ ​ ​ 3.3 ​ ​
Financials
​ ​ ​ ​ 2.7 ​ ​
Money Market Fund
​ ​ ​ ​ 2.2 ​ ​
Materials
​ ​ ​ ​ 2.0 ​ ​
Total Investments
​ ​ ​ ​ 100.9 ​ ​
Other Assets and Liabilites, Net
​ ​ ​ ​ (0.9) ​ ​
Net Assets
​ ​ ​ ​ 100.0% ​ ​
​
*
Each Fund’s portfolio is subject to change.
​
See notes to financial statements.
9​
Schedule of Investments — IQ MacKay California Municipal Intermediate ETF 
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds — 97.3% ​
California — 85.9% ​
California Community Choice Financing Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/52(a)(b)
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 975,531 ​ ​
Series A1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/53(a)(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 960,459 ​ ​
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/52(a)(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 932,874 ​ ​
California Community Housing Agency, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/49
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 403,215 ​ ​
California Health Facilities Financing Authority, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/15/51
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 678,420 ​ ​
Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/41(a)(b)
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,365,908 ​ ​
California Infrastructure & Economic Development Bank, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/1/47(a)(b)
​ ​ ​ ​ 1,140,000 ​ ​ ​ ​ ​ 1,122,232 ​ ​
5.000%, due 11/1/29
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 882,912 ​ ​
California Municipal Finance Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/29
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 927,113 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.400%, due 10/1/44(a)(b)
​ ​ ​ ​ 1,140,000 ​ ​ ​ ​ ​ 961,921 ​ ​
4.125%, due 10/1/41(a)(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 989,033 ​ ​
California Pollution Control Financing Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 935,699 ​ ​
California Public Finance Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 469,851 ​ ​
California State Public Works Board, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/29
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,005,221 ​ ​
City of Long Beach CA Airport System Revenue, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/32
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 219,557 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/32
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 219,557 ​ ​
City of Los Angeles Department of Airports, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 518,127 ​ ​
5.000%, due 5/15/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 999,861 ​ ​
City of Roseville CA, Special Tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/41
​ ​ ​ ​ 765,000 ​ ​ ​ ​ ​ 643,134 ​ ​
City of Victorville CA Electric Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,002,319 ​ ​
Compton Unified School District, General
Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/29
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 802,221 ​ ​
East Bay Municipal Utility District Water System Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/33
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,005,637 ​ ​
East Side Union High School District, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/27
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 810,090 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Hayward Unified School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/43
​ ​ ​ $ 750,000 ​ ​ ​ ​ $ 673,586 ​ ​
Kern County Water Agency Improvement
District No 4, Revenue Bonds Series A
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/28
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 526,561 ​ ​
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 528,231 ​ ​
Modesto Irrigation District, Revenue Bonds
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,020,020 ​ ​
Mount Diablo Unified School District, General Obligation Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/29
​ ​ ​ ​ 1,265,000 ​ ​ ​ ​ ​ 1,311,670 ​ ​
Municipal Improvement Corp. of Los Angeles, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/29
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,098,585 ​ ​
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/29
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,533,147 ​ ​
Orange County Sanitation District, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 513,135 ​ ​
Peralta Community College District, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/39
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 446,028 ​ ​
Series D
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/39
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 758,247 ​ ​
Ravenswood City School District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 8/1/45
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,054,041 ​ ​
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds Series P
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/43
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 681,221 ​ ​
River Islands Public Financing Authority, Special Tax Series A1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/30
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 378,651 ​ ​
5.000%, due 9/1/42
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 516,651 ​ ​
Sacramento City Unified School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/30
​ ​ ​ ​ 655,000 ​ ​ ​ ​ ​ 717,092 ​ ​
San Diego County Water Authority, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/37
​ ​ ​ ​ 890,000 ​ ​ ​ ​ ​ 875,917 ​ ​
San Juan Unified School District, General
Obligation Bonds Series N
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/31
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,013,453 ​ ​
San Mateo Union High School District, General Obligation Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/34
​ ​ ​ ​ 455,000 ​ ​ ​ ​ ​ 453,464 ​ ​
South San Francisco Public Facilities Financing Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/36
​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 659,830 ​ ​
Southern California Public Power Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/30
​ ​ ​ ​ 1,210,000 ​ ​ ​ ​ ​ 1,232,850 ​ ​
State of California, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
See notes to financial statements.
10
Schedule of Investments — IQ MacKay California Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
5.000%, due 4/1/29
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 1,094,247 ​ ​
5.000%, due 10/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 557,180 ​ ​
University of California, Revenue Bonds Series AI
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/33
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 756,091 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 37,230,790 ​ ​
Guam — 6.6% ​
Guam Power Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/33
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,014,702 ​ ​
Territory of Guam, Revenue Bonds Series D
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/27
​ ​ ​ ​ 585,000 ​ ​ ​ ​ ​ 585,188 ​ ​
Series F
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,245,300 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,845,190 ​ ​
Puerto Rico — 4.8% ​
Commonwealth of Puerto Rico, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.760%, due 7/1/24(c)
​ ​ ​ ​ 699 ​ ​ ​ ​ ​ 635 ​ ​
6.700%, due 7/1/33(c)
​ ​ ​ ​ 2,688 ​ ​ ​ ​ ​ 1,366 ​ ​
Series A1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/35
​ ​ ​ ​ 251,878 ​ ​ ​ ​ ​ 205,857 ​ ​
4.000%, due 7/1/46
​ ​ ​ ​ 2,279 ​ ​ ​ ​ ​ 1,653 ​ ​
5.375%, due 7/1/25
​ ​ ​ ​ 752,326 ​ ​ ​ ​ ​ 751,895 ​ ​
5.750%, due 7/1/31
​ ​ ​ ​ 971,203 ​ ​ ​ ​ ​ 977,038 ​ ​
Commonwealth of Puerto Rico, Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.900%, due 11/1/51(a)(b)
​ ​ ​ ​ 110,351 ​ ​ ​ ​ ​ 34,898 ​ ​
University of Puerto Rico, Revenue Bonds
Series P Insured: NATL-IBC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/25
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 119,565 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,092,907 ​ ​
Total Municipal Bonds
(Cost $44,445,368)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 42,168,887 ​ ​
​
​ ​ ​
 
Shares
​ ​
Value
​
Short-Term Investment — 1.6% ​
Money Market Fund — 1.6% ​
Dreyfus Tax Exempt Cash Management - Institutional, 2.01%(d)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $673,693)
 ​ ​ ​
​
673,790
 ​ ​ ​ ​ $ 673,693 ​ ​
Total Investments — 98.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $45,119,061)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 42,842,580 ​ ​
Other Assets and Liabilities,
Net — 1.1%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 499,186 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 43,341,766 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2022.
​
(b)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(c)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(d)
Reflects the 7-day yield at October 31, 2022.
​
Abbreviations
​ AGM ​ ​ — ​ ​ Assured Guaranty Municipal Corp. ​
​ BAM ​ ​ — ​ ​ Build America Mutual Assurance Co. ​
​ NATL ​ ​ — ​ ​ National Public Finance Guarantee Corp. ​
​
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. 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:(e) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Municipal Bonds
​ ​ ​ $ — ​ ​ ​ ​ $ 42,168,887 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 42,168,887 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 673,693 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 673,693 ​ ​
Total Investments in Securities
​ ​ ​ $ 673,693 ​ ​ ​ ​ $ 42,168,887 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 42,842,580 ​ ​
​
(e)
For a complete listing of investments and their states, see the Schedule of Investments.
​
For the period ended October 31, 2022, 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.
11​
Schedule of Investments — IQ MacKay Municipal Insured ETF 
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds — 96.1% ​
Alabama — 1.6% ​
Alabaster Board of Education, Special Tax Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/25
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 102,329 ​ ​
Black Belt Energy Gas District, Revenue
Bonds Series C-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.590%, (Municipal Swap Index + 0.35%), due 10/1/52(a)
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,336,331 ​ ​
County of Dallas AL, General Obligation
Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 5/1/26
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 86,666 ​ ​
Mobile County Board of School Commissioners, Special Tax Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/40
​ ​ ​ ​ 2,645,000 ​ ​ ​ ​ ​ 2,710,091 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,235,417 ​ ​
Arizona — 0.8% ​
Arizona Industrial Development Authority, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/34
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 237,567 ​ ​
4.000%, due 6/1/39
​ ​ ​ ​ 455,000 ​ ​ ​ ​ ​ 407,951 ​ ​
Festival Ranch Community Facilities District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/36
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 408,449 ​ ​
Northern Arizona University, Revenue Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/39
​ ​ ​ ​ 1,355,000 ​ ​ ​ ​ ​ 1,421,608 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,475,575 ​ ​
Arkansas — 0.2% ​
City of West Memphis AR Public Utility System Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/22
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,407 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 600,407 ​ ​
California — 12.3% ​
Anaheim City School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/48
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 865,728 ​ ​
Baldwin Park Unified School District, General Obligation Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.420%, due 8/1/23(b)
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 292,449 ​ ​
Calexico Unified School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/41
​ ​ ​ ​ 1,745,000 ​ ​ ​ ​ ​ 1,618,397 ​ ​
California Health Facilities Financing Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/49
​ ​ ​ ​ 1,850,000 ​ ​ ​ ​ ​ 1,766,296 ​ ​
California Municipal Finance Authority,
Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/43
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 247,733 ​ ​
City of Long Beach CA Airport System Revenue, Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/42
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 979,809 ​ ​
City of San Mateo CA, Special Tax Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/1/37
​ ​ ​ ​ 4,460,000 ​ ​ ​ ​ ​ 4,655,932 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Folsom Cordova Unified School District,
General Obligation Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/44
​ ​ ​ $ 3,040,000 ​ ​ ​ ​ $ 2,662,784 ​ ​
Fontana Unified School District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.375%, due 8/1/44
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 1,603,703 ​ ​
Grossmont Union High School District, General Obligation Bonds Series F Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.660%, due 8/1/34(b)
​ ​ ​ ​ 2,445,000 ​ ​ ​ ​ ​ 1,386,388 ​ ​
Hercules Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/42
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,089,688 ​ ​
Indian Wells Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/33
​ ​ ​ ​ 2,400,000 ​ ​ ​ ​ ​ 2,495,996 ​ ​
Indio Finance Authority, Revenue Bonds
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 11/1/42
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,585,470 ​ ​
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.050%, due 8/1/31(b)
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 108,118 ​ ​
Ontario Montclair School District, General Obligation Bonds Series B Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.180%, due 8/1/29(b)
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 295,011 ​ ​
Poway Unified School District, Special Tax Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 9/1/47
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,094,227 ​ ​
Riverbank Unified School District, General Obligation Bonds Series B Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.360%, due 8/1/48(b)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 12,795 ​ ​
Sacramento City Financing Authority, Tax Allocation Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.520%, due 12/1/23(b)
​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ 4,814,243 ​ ​
Sacramento City Unified School District,
General Obligation Bonds Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.590%, due 7/1/24(b)
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 292,126 ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/41
​ ​ ​ ​ 1,865,000 ​ ​ ​ ​ ​ 1,966,133 ​ ​
Series C-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 208,377 ​ ​
San Mateo County Community College
District, General Obligation Bonds
Series B Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.440%, due 9/1/25(b)
​ ​ ​ ​ 645,000 ​ ​ ​ ​ ​ 585,643 ​ ​
San Mateo Union High School District, General Obligation Bonds Series C Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.960%, due 9/1/28(b)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 159,094 ​ ​
Sweetwater Union High School District, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/42
​ ​ ​ ​ 965,000 ​ ​ ​ ​ ​ 849,224 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/26
​ ​ ​ ​ 1,275,000 ​ ​ ​ ​ ​ 1,308,711 ​ ​
Vista Unified School District, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 8/1/41
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,219,184 ​ ​
​
See notes to financial statements.
12
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
West Contra Costa Unified School District, General Obligation Bonds Series F Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/49
​ ​ ​ $ 1,720,000 ​ ​ ​ ​ $ 1,483,079 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,646,338 ​ ​
Colorado — 4.7% ​
BNC Metropolitan District No 1, General
Obligation Bonds Series A Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/37
​ ​ ​ ​ 395,000 ​ ​ ​ ​ ​ 412,643 ​ ​
Castle Oaks Metropolitan District No 3, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/45
​ ​ ​ ​ 4,625,000 ​ ​ ​ ​ ​ 3,942,850 ​ ​
Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/1/47
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 618,121 ​ ​
Grand Junction Regional Airport Authority, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 523,212 ​ ​
Grand River Hospital District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/37
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 430,575 ​ ​
Jefferson County School District R-1, General Obligation Bonds Insured:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
BAM-TCRS ST AID WITHHLDG
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/36
​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ 4,834,944 ​ ​
Northern Colorado Water Conservancy
District, Certificates of Participation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/42
​ ​ ​ ​ 625,000 ​ ​ ​ ​ ​ 648,780 ​ ​
Park 70 Metropolitan District, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/46
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 418,944 ​ ​
Park Creek Metropolitan District, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/46
​ ​ ​ ​ 3,255,000 ​ ​ ​ ​ ​ 2,682,760 ​ ​
Rio Blanco County School District No Re-1 Meeker, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/35
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 124,072 ​ ​
South Sloan’s Lake Metropolitan District
No 2, General Obligation Bonds
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/33
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 248,991 ​ ​
Vauxmont Metropolitan District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/15/31
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 142,741 ​ ​
5.000%, due 12/15/32
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 163,699 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,192,332 ​ ​
Connecticut — 2.6% ​
City of Hartford CT, General Obligation
Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/34
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 24,901 ​ ​
5.000%, due 4/1/23
​ ​ ​ ​ 220,000 ​ ​ ​ ​ ​ 220,285 ​ ​
5.000%, due 7/1/24
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 20,506 ​ ​
5.000%, due 7/1/27
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 62,064 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/23
​ ​ ​ ​ 15,000 ​ ​ ​ ​ ​ 15,216 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/32
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 20,604 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Connecticut (continued) ​
City of New Britain CT, General Obligation Bonds Series B
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/1/29
​ ​ ​ $ 250,000 ​ ​ ​ ​ $ 268,493 ​ ​
5.250%, due 9/1/30
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 107,019 ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/47
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 2,551,640 ​ ​
City of New Haven CT, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/39
​ ​ ​ ​ 4,150,000 ​ ​ ​ ​ ​ 4,329,525 ​ ​
City of West Haven CT, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/35
​ ​ ​ ​ 925,000 ​ ​ ​ ​ ​ 901,113 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,521,366 ​ ​
Delaware — 0.1% ​
Delaware State Economic Development Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/26
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 292,223 ​ ​
District of Columbia — 0.7% ​
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured: BAM-TCRS
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.390%, due 10/1/37(b)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 678,850 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/53
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 1,587,662 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,266,512 ​ ​
Florida — 3.5% ​
City of Miami FL Parking System Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 915,873 ​ ​
Florida Governmental Utility Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/30
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 565,796 ​ ​
Fort Pierce Utilities Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/40
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 521,802 ​ ​
5.000%, due 10/1/41
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 520,910 ​ ​
5.000%, due 10/1/42
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 415,684 ​ ​
Miami-Dade County Expressway Authority, Revenue Bonds Insured: BAM-TCRS
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/26
​ ​ ​ ​ 3,180,000 ​ ​ ​ ​ ​ 3,248,482 ​ ​
School Board of Miami-Dade County (The), General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/15/38
​ ​ ​ ​ 3,250,000 ​ ​ ​ ​ ​ 3,444,597 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/15/39
​ ​ ​ ​ 1,645,000 ​ ​ ​ ​ ​ 1,684,876 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,318,020 ​ ​
Georgia — 1.1% ​
Auburn Urban Redevelopment Agency,
Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/45
​ ​ ​ ​ 1,035,000 ​ ​ ​ ​ ​ 905,859 ​ ​
Municipal Electric Authority of Georgia,
Revenue Bonds Series A Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/38
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 276,062 ​ ​
4.000%, due 1/1/39
​ ​ ​ ​ 345,000 ​ ​ ​ ​ ​ 314,082 ​ ​
4.000%, due 1/1/46
​ ​ ​ ​ 2,230,000 ​ ​ ​ ​ ​ 1,908,959 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,404,962 ​ ​
​
​
See notes to financial statements.
13​
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Idaho — 0.5% ​
Idaho Housing & Finance Association,
Revenue Bonds Insured: SCH BD GTY
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/52
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 928,246 ​ ​
5.250%, due 5/1/42
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 811,140 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,739,386 ​ ​
Illinois — 22.5% ​
Boone Mchenry & Dekalb Counties Community Unit School District 100, General Obligation Bonds Insured:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
BHAC-CR NATL-RE
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.550%, due 12/1/23(b)
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 447,582 ​ ​
Chicago Board of Education, General Obligation Bonds Series A Insured: AGC-ICC FGIC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/1/26
​ ​ ​ ​ 1,575,000 ​ ​ ​ ​ ​ 1,631,298 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 507,149 ​ ​
Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.620%, due 12/1/25(b)
​ ​ ​ ​ 1,295,000 ​ ​ ​ ​ ​ 1,124,892 ​ ​
4.740%, due 12/1/26(b)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 74,336 ​ ​
Series B-1 Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.330%, due 12/1/23(b)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 477,310 ​ ​
4.620%, due 12/1/25(b)
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 499,469 ​ ​
Chicago O’Hare International Airport, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 1/1/45
​ ​ ​ ​ 3,585,000 ​ ​ ​ ​ ​ 3,521,356 ​ ​
Chicago Park District, General Obligation Bonds Series E Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/32
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 931,002 ​ ​
Series F-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/40
​ ​ ​ ​ 1,065,000 ​ ​ ​ ​ ​ 1,073,812 ​ ​
Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds Insured: BAM-TCRS
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/50
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 1,606,548 ​ ​
City of Chicago IL, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/35
​ ​ ​ ​ 775,000 ​ ​ ​ ​ ​ 658,684 ​ ​
4.000%, due 1/1/36
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,100,170 ​ ​
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.330%, due 1/1/27(b)
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,087,499 ​ ​
City of Chicago IL Waterworks Revenue,
Revenue Bonds Insured: BAM-TCRS
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/44
​ ​ ​ ​ 3,220,000 ​ ​ ​ ​ ​ 3,094,591 ​ ​
City of Decatur IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/40
​ ​ ​ ​ 2,805,000 ​ ​ ​ ​ ​ 2,520,302 ​ ​
4.000%, due 3/1/42
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 2,680,007 ​ ​
City of Joliet IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/15/44
​ ​ ​ ​ 3,805,000 ​ ​ ​ ​ ​ 4,053,373 ​ ​
City of Kankakee IL, General Obligation
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/34
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 443,502 ​ ​
4.000%, due 1/1/35
​ ​ ​ ​ 715,000 ​ ​ ​ ​ ​ 700,423 ​ ​
City of Rock Island IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 1,435,000 ​ ​ ​ ​ ​ 1,325,032 ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 889,496 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
City of Waukegan IL, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/30/36
​ ​ ​ $ 1,065,000 ​ ​ ​ ​ $ 1,015,281 ​ ​
4.000%, due 12/30/37
​ ​ ​ ​ 1,080,000 ​ ​ ​ ​ ​ 1,011,282 ​ ​
City of Waukegan IL Water & Sewer System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/30/22
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 125,108 ​ ​
Community Unit School District Number
427 DeKalb and Kane Counties
Illinois, General Obligation Bonds
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/37
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 505,529 ​ ​
Cook County School District No 94, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 425,909 ​ ​
County of Cook IL Sales Tax Revenue,
Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/40
​ ​ ​ ​ 780,000 ​ ​ ​ ​ ​ 689,330 ​ ​
Crawford Hospital District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/34
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 667,630 ​ ​
Illinois Sports Facilities Authority (The), Revenue Bonds Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.020%, due 6/15/23(b)
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 487,749 ​ ​
Illinois State Toll Highway Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/45
​ ​ ​ ​ 2,050,000 ​ ​ ​ ​ ​ 2,065,226 ​ ​
La Salle County Community Unit School
District No 2 Serena, General
Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/1/38
​ ​ ​ ​ 1,825,000 ​ ​ ​ ​ ​ 1,964,004 ​ ​
5.500%, due 10/1/42
​ ​ ​ ​ 1,260,000 ​ ​ ​ ​ ​ 1,337,568 ​ ​
Macon County School District No 61 Decatur, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/32
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 24,604 ​ ​
5.000%, due 12/1/40
​ ​ ​ ​ 1,505,000 ​ ​ ​ ​ ​ 1,528,522 ​ ​
Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/30
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 286,254 ​ ​
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/32
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 235,606 ​ ​
Metropolitan Pier & Exposition Authority,
Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.510%, due 6/15/45(b)
​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ 210,674 ​ ​
5.550%, due 6/15/47(b)
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 58,502 ​ ​
Northern Illinois University, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 468,540 ​ ​
4.000%, due 10/1/37
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 485,199 ​ ​
4.000%, due 10/1/39
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 367,572 ​ ​
4.000%, due 10/1/40
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 342,670 ​ ​
4.000%, due 10/1/41
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 340,130 ​ ​
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/37
​ ​ ​ ​ 1,425,000 ​ ​ ​ ​ ​ 1,256,949 ​ ​
​
See notes to financial statements.
14
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
Sangamon & Morgan Counties
Community Unit School District
No 16 New Berlin, General Obligation
Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/43
​ ​ ​ $ 1,440,000 ​ ​ ​ ​ $ 1,452,347 ​ ​
5.000%, due 12/1/46
​ ​ ​ ​ 1,800,000 ​ ​ ​ ​ ​ 1,799,605 ​ ​
Sangamon County School District No 186 Springfield, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/29
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,005,800 ​ ​
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/36
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,167,714 ​ ​
Southern Illinois University, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 846,014 ​ ​
State of Illinois, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 5/1/45
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,002,517 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/41
​ ​ ​ ​ 3,765,000 ​ ​ ​ ​ ​ 3,135,879 ​ ​
Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 11/1/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 519,484 ​ ​
State of Illinois, Revenue Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 6/15/23
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 182,120 ​ ​
Town of Cicero IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 490,844 ​ ​
Village of Bourbonnais IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/46
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,039,395 ​ ​
Village of McCook IL, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/25
​ ​ ​ ​ 1,575,000 ​ ​ ​ ​ ​ 1,637,120 ​ ​
Village of Rosemont IL, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/49
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 218,669 ​ ​
Will County Community Unit School District No 201-U Crete-Monee, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/1/42
​ ​ ​ ​ 3,735,000 ​ ​ ​ ​ ​ 3,836,979 ​ ​
Will County School District No 114 Manhattan, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 1/1/45
​ ​ ​ ​ 3,765,000 ​ ​ ​ ​ ​ 3,963,120 ​ ​
Woodford Lasalle Livingston ETC
Counties Community Unit Sch Dist No
6 Fieldcrest, General Obligation
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 489,793 ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 483,242 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 72,618,313 ​ ​
Indiana — 1.3% ​
Evansville Waterworks District, Revenue
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 1/1/49
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 895,515 ​ ​
5.000%, due 7/1/47
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,044,579 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​ ​ ​
Municipal Bonds (continued) ​ ​ ​
Indiana (continued) ​ ​ ​
Greater Clark Building Corp., Revenue Bonds Insured: ST INTERCEPT
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 7/15/34
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 1,154,044 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,094,138 ​ ​ ​ ​
Iowa — 3.5% ​ ​ ​
Burlington Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/41
​ ​ ​ ​ 1,940,000 ​ ​ ​ ​ ​ 1,684,184 ​ ​ ​ ​
City of Orange City IA Water Revenue,
Revenue Bonds Series B Insured:
AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/37
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 595,159 ​ ​ ​ ​
4.000%, due 6/1/39
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 628,682 ​ ​ ​ ​
4.250%, due 6/1/42
​ ​ ​ ​ 1,165,000 ​ ​ ​ ​ ​ 1,064,028 ​ ​ ​ ​
Clinton Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/41
​ ​ ​ ​ 2,100,000 ​ ​ ​ ​ ​ 1,848,220 ​ ​ ​ ​
Jesup Community School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 6/1/31
​ ​ ​ ​ 580,000 ​ ​ ​ ​ ​ 526,947 ​ ​ ​ ​
3.250%, due 6/1/32
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 550,856 ​ ​ ​ ​
3.375%, due 6/1/33
​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 569,406 ​ ​ ​ ​
4.000%, due 6/1/40
​ ​ ​ ​ 805,000 ​ ​ ​ ​ ​ 721,903 ​ ​ ​ ​
4.000%, due 6/1/41
​ ​ ​ ​ 835,000 ​ ​ ​ ​ ​ 741,249 ​ ​ ​ ​
4.000%, due 6/1/42
​ ​ ​ ​ 870,000 ​ ​ ​ ​ ​ 765,168 ​ ​ ​ ​
West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/29
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 453,630 ​ ​ ​ ​
4.000%, due 6/1/30
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 351,988 ​ ​ ​ ​
4.125%, due 6/1/41
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 295,136 ​ ​ ​ ​
5.000%, due 6/1/26
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 177,792 ​ ​ ​ ​
5.000%, due 6/1/27
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 369,153 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,343,501 ​ ​ ​ ​
Kentucky — 1.6% ​ ​ ​ ​ ​ ​ ​
City of Somerset KY, General Obligation
Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/23
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 311,019 ​ ​ ​ ​
Kentucky Bond Development Corp., Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/38
​ ​ ​ ​ 1,045,000 ​ ​ ​ ​ ​ 1,094,596 ​ ​ ​ ​
5.000%, due 9/1/49
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,023,512 ​ ​ ​ ​
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/37
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 450,076 ​ ​ ​ ​
Louisville & Jefferson County
Metropolitan Government, Revenue
Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/47
​ ​ ​ ​ 1,015,000 ​ ​ ​ ​ ​ 1,006,896 ​ ​ ​ ​
Louisville & Jefferson County Visitors and
Convention Commission, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,776 ​ ​ ​ ​
Woodford County School District Finance Corp., Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 8/1/28
​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 1,164,942 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,148,817 ​ ​ ​ ​
​
​
See notes to financial statements.
15​
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Louisiana — 0.2% ​
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/31
​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 524,920 ​ ​
5.000%, due 12/1/32
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 130,839 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 655,759 ​ ​
Maine — 0.0%(c) ​
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,728 ​ ​
Massachusetts — 0.9% ​
City of Brockton MA, General
Obligation Bonds Insured: BAM-TCRS
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/47
​ ​ ​ ​ 3,180,000 ​ ​ ​ ​ ​ 2,713,010 ​ ​
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.545%, (3-Month LIBOR + 0.57%), due
5/1/37(a)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 80,104 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,793,114 ​ ​
Michigan — 0.5% ​
Wayne County Airport Authority, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/46
​ ​ ​ ​ 1,790,000 ​ ​ ​ ​ ​ 1,698,421 ​ ​
Minnesota — 0.6% ​
Southern Minnesota Municipal Power Agency, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.790%, due 1/1/25(b)
​ ​ ​ ​ 2,255,000 ​ ​ ​ ​ ​ 2,078,644 ​ ​
Mississippi — 0.2% ​
Mississippi Development Bank, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 10/1/38
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 486,548 ​ ​
Missouri — 1.7% ​
City of St Louis MO Airport Revenue, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 7/1/28
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 430,746 ​ ​
Hickman Mills C-1 School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 3/1/41
​ ​ ​ ​ 1,960,000 ​ ​ ​ ​ ​ 2,096,909 ​ ​
Kansas City Industrial Development Authority, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/46
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 1,909,445 ​ ​
Wright City R-II School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 3/1/42
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,137,225 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,574,325 ​ ​
Montana — 0.0%(c) ​
City of Bozeman MT, Tax Allocation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/26
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,630 ​ ​
Nebraska — 0.3% ​
Ashland-Greenwood Public Schools, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/34
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 480,279 ​ ​
Hershey Public Schools, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/42
​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 541,484 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,021,763 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Nevada — 0.7% ​
City of North Las Vegas NV, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ $ 1,055,000 ​ ​ ​ ​ $ 1,008,996 ​ ​
City of Reno NV, Revenue Bonds Series A-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/46
​ ​ ​ ​ 1,150,000 ​ ​ ​ ​ ​ 961,021 ​ ​
5.000%, due 6/1/32
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 274,414 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,244,431 ​ ​
New Jersey — 2.6% ​
Atlantic City Board of Education, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/33
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 325,819 ​ ​
4.000%, due 4/1/35
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 102,841 ​ ​
City of East Orange NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/15/39
​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 927,246 ​ ​
City of Union City NJ, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.050%, due 8/1/24
​ ​ ​ ​ 1,205,000 ​ ​ ​ ​ ​ 1,101,841 ​ ​
Essex County Improvement Authority, Revenue Bonds Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/15/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 501,245 ​ ​
New Jersey Educational Facilities Authority, Revenue Bonds Series F Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 312,446 ​ ​
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series C Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.220%, due 12/15/26(b)
​ ​ ​ ​ 2,130,000 ​ ​ ​ ​ ​ 1,793,214 ​ ​
Passaic Valley Sewerage Commission,
Revenue Bonds Series I Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/25
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,344 ​ ​
South Jersey Transportation Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 512,669 ​ ​
5.000%, due 11/1/37
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 510,802 ​ ​
5.250%, due 11/1/52
​ ​ ​ ​ 2,250,000 ​ ​ ​ ​ ​ 2,282,494 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,422,961 ​ ​
New York — 5.5% ​
Canton Central School District, General
Obligation Bonds Insured: AGM ST
AID WITHHLDG
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/28
​ ​ ​ ​ 955,000 ​ ​ ​ ​ ​ 977,615 ​ ​
City of Long Beach NY, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 7/15/35
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 413,426 ​ ​
5.250%, due 7/15/36
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 308,941 ​ ​
5.250%, due 7/15/37
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 333,326 ​ ​
5.250%, due 7/15/42
​ ​ ​ ​ 1,800,000 ​ ​ ​ ​ ​ 1,825,491 ​ ​
County of Nassau NY, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 4/1/47
​ ​ ​ ​ 3,525,000 ​ ​ ​ ​ ​ 3,139,266 ​ ​
County of Suffolk NY, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/15/28
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 538,401 ​ ​
Metropolitan Transportation Authority, Revenue Bonds Series A-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/46
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 467,966 ​ ​
5.000%, due 11/15/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 503,369 ​ ​
​
See notes to financial statements.
16
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New York (continued) ​
Series B Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 11/15/24
​ ​ ​ $ 1,145,000 ​ ​ ​ ​ $ 1,176,210 ​ ​
Series C Insured: AGM-CR
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/41
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,024,621 ​ ​
Series E
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/45
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 354,233 ​ ​
New York City Industrial Development Agency, Revenue Bonds Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
9.062%, due 3/1/24(a)(d)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,503,774 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/1/49
​ ​ ​ ​ 1,265,000 ​ ​ ​ ​ ​ 829,072 ​ ​
New York Convention Center
Development Corp., Revenue Bonds
Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.320%, due 11/15/38(b)
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 161,597 ​ ​
New York Liberty Development Corp.,
Revenue Bonds Series 1WTC Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 2/15/42
​ ​ ​ ​ 2,300,000 ​ ​ ​ ​ ​ 1,680,810 ​ ​
New York State Dormitory Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/36
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 5,147 ​ ​
Niagara Falls City School District, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/26
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 200,962 ​ ​
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 12/1/44
​ ​ ​ ​ 405,000 ​ ​ ​ ​ ​ 274,795 ​ ​
Port Authority of New York & New Jersey, Revenue Bonds Series 231
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 8/1/52
​ ​ ​ ​ 765,000 ​ ​ ​ ​ ​ 797,516 ​ ​
Town of Oyster Bay NY, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/26
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 66,099 ​ ​
4.000%, due 2/15/27
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 56,080 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,638,717 ​ ​
North Carolina — 2.0% ​
Greater Asheville Regional Airport Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 7/1/41
​ ​ ​ ​ 3,250,000 ​ ​ ​ ​ ​ 3,241,087 ​ ​
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/49
​ ​ ​ ​ 3,325,000 ​ ​ ​ ​ ​ 3,353,213 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,594,300 ​ ​
Ohio — 3.4% ​
City of Toledo OH, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/1/42
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,194,099 ​ ​
Cloverleaf Local School District, Certificates of Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 12/1/39
​ ​ ​ ​ 1,780,000 ​ ​ ​ ​ ​ 1,854,026 ​ ​
5.500%, due 12/1/42
​ ​ ​ ​ 955,000 ​ ​ ​ ​ ​ 993,795 ​ ​
Conotton Valley Union Local School District, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/33
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 315,858 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Ohio (continued) ​
County of Cuyahoga OH, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/28
​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 511,321 ​ ​
Green Local School District/Summit County, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 11/1/47
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,148,534 ​ ​
Youngstown State University, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/29
​ ​ ​ ​ 775,000 ​ ​ ​ ​ ​ 795,662 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,813,295 ​ ​
Oregon — 0.7% ​
City of Seaside OR Transient Lodging Tax Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/15/37
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 421,040 ​ ​
Lebanon Rural Fire Protection District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/45
​ ​ ​ ​ 2,305,000 ​ ​ ​ ​ ​ 1,917,772 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,338,812 ​ ​
Pennsylvania — 3.9% ​
Ambridge Area School District, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/22
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 660,000 ​ ​
Bucks County Industrial Development Authority, Revenue Bonds Insured: AGM-CR
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/15/53
​ ​ ​ ​ 3,555,000 ​ ​ ​ ​ ​ 2,211,057 ​ ​
4.000%, due 8/15/44
​ ​ ​ ​ 1,030,000 ​ ​ ​ ​ ​ 883,869 ​ ​
Catasauqua Area School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/27
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 71,096 ​ ​
City of Philadelphia PA Airport Revenue,
Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/39
​ ​ ​ ​ 1,335,000 ​ ​ ​ ​ ​ 1,154,504 ​ ​
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/35
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 493,194 ​ ​
Indiana County Industrial Development
Authority, Revenue Bonds Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/31
​ ​ ​ ​ 870,000 ​ ​ ​ ​ ​ 903,846 ​ ​
5.000%, due 5/1/33
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 588,729 ​ ​
New Brighton Area School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 8/15/47
​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 462,094 ​ ​
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.108%, (3-Month LIBOR + 0.60%), due
7/1/27(a)
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 132,315 ​ ​
Pennsylvania Turnpike Commission,
Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/44
​ ​ ​ ​ 1,595,000 ​ ​ ​ ​ ​ 1,610,842 ​ ​
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 6/1/33
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 490,694 ​ ​
Pittsburgh Water & Sewer Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/37
​ ​ ​ ​ 1,350,000 ​ ​ ​ ​ ​ 1,403,279 ​ ​
5.000%, due 9/1/38
​ ​ ​ ​ 1,420,000 ​ ​ ​ ​ ​ 1,471,175 ​ ​
​
See notes to financial statements.
17​
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​ ​
Municipal Bonds (continued) ​ ​
Pennsylvania (continued) ​ ​
School District of Philadelphia (The), General Obligation Bonds Series F Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/27
​ ​ ​ $ 5,000 ​ ​ ​ ​ $ 5,298 ​ ​ ​
South Wayne County Water and Sewer
Authority, Revenue Bonds Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/29
​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 40,786 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,582,778 ​ ​ ​ ​ ​
Puerto Rico — 0.2% ​ ​
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/24
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 24,939 ​ ​ ​
Series UU Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.046%, (3-Month LIBOR + 0.52%), due
7/1/29(a)
​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 477,811 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 502,750 ​ ​ ​
South Carolina — 0.7% ​ ​
Spartanburg County School District No 4, General Obligation Bonds Insured: SCSDE
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/42
​ ​ ​ ​ 2,205,000 ​ ​ ​ ​ ​ 2,312,789 ​ ​ ​
South Dakota — 3.3% ​ ​
Baltic School District No 49-1, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/47
​ ​ ​ ​ 1,780,000 ​ ​ ​ ​ ​ 1,848,014 ​ ​ ​
5.500%, due 12/1/51
​ ​ ​ ​ 3,080,000 ​ ​ ​ ​ ​ 3,245,242 ​ ​ ​
City of Brandon SD Water Utility Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/35
​ ​ ​ ​ 1,845,000 ​ ​ ​ ​ ​ 1,670,790 ​ ​ ​
4.250%, due 8/1/42
​ ​ ​ ​ 1,470,000 ​ ​ ​ ​ ​ 1,349,430 ​ ​ ​
5.500%, due 8/1/47
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,058,135 ​ ​ ​
De Smet School District No 38-2, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/47
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,327,368 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,498,979 ​ ​ ​
Tennessee — 0.2% ​ ​
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/27
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 546,669 ​ ​ ​
Texas — 9.9% ​ ​
Belmont Fresh Water Supply District No 1, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/39
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 392,964 ​ ​ ​
4.000%, due 3/1/40
​ ​ ​ ​ 695,000 ​ ​ ​ ​ ​ 604,370 ​ ​ ​
4.000%, due 3/1/43
​ ​ ​ ​ 2,280,000 ​ ​ ​ ​ ​ 1,941,298 ​ ​ ​
Central Texas Turnpike System, Revenue
Bonds Series A Insured: BHAC-CR
AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.930%, due 8/15/27(b)
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 87,142 ​ ​ ​
City of Alton TX, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/15/29
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 243,807 ​ ​ ​
City of Arlington TX Special Tax Revenue, Special Tax Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/37
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,540,777 ​ ​ ​
5.000%, due 2/15/48
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,017,555 ​ ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
Fort Bend County Municipal Utility District No 134, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.500%, due 3/1/28
​ ​ ​ $ 390,000 ​ ​ ​ ​ $ 436,930 ​ ​
6.500%, due 3/1/29
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 443,397 ​ ​
Galveston County Municipal Utility District No 56, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.875%, due 6/1/29
​ ​ ​ ​ 625,000 ​ ​ ​ ​ ​ 721,760 ​ ​
Grand Parkway Transportation Corp., Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/49
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 118,583 ​ ​
Green Valley Special Utility District, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, due 9/15/26
​ ​ ​ ​ 515,000 ​ ​ ​ ​ ​ 572,035 ​ ​
Guadalupe-Blanco River Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 8/15/42
​ ​ ​ ​ 1,975,000 ​ ​ ​ ​ ​ 2,193,515 ​ ​
Harris County Water Control &
Improvement District No 158, General
Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/48
​ ​ ​ ​ 1,865,000 ​ ​ ​ ​ ​ 1,807,471 ​ ​
7.000%, due 9/1/27
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 382,858 ​ ​
7.000%, due 9/1/28
​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 411,625 ​ ​
7.000%, due 9/1/29
​ ​ ​ ​ 380,000 ​ ​ ​ ​ ​ 440,753 ​ ​
Horizon Regional Municipal Utility District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/47
​ ​ ​ ​ 2,980,000 ​ ​ ​ ​ ​ 2,426,472 ​ ​
Kaufman County Municipal Utility District No 3, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/48
​ ​ ​ ​ 1,560,000 ​ ​ ​ ​ ​ 1,503,859 ​ ​
5.125%, due 3/1/46
​ ​ ​ ​ 1,415,000 ​ ​ ​ ​ ​ 1,394,795 ​ ​
Lazy Nine Municipal Utility District No 1B,
General Obligation Bonds Series 1B
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 3/1/39
​ ​ ​ ​ 605,000 ​ ​ ​ ​ ​ 546,185 ​ ​
Matagorda County Navigation District No 1, Revenue Bonds Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 11/1/28
​ ​ ​ ​ 805,000 ​ ​ ​ ​ ​ 844,698 ​ ​
Series A Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.400%, due 5/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 489,783 ​ ​
Montgomery County Municipal Utility District No 95, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/41
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,015,979 ​ ​
New Hope Cultural Education Facilities
Finance Corp., Revenue Bonds
Series A-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/28
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 521,703 ​ ​
Series B-1 Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/30
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 154,747 ​ ​
North Texas Municipal Water District, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 775,000 ​ ​ ​ ​ ​ 722,411 ​ ​
Southwest Houston Redevelopment Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/32
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 388,045 ​ ​
Texas Municipal Power Agency, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 9/1/35
​ ​ ​ ​ 2,345,000 ​ ​ ​ ​ ​ 1,893,879 ​ ​
3.000%, due 9/1/39
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 525,787 ​ ​
​
See notes to financial statements.
18
Schedule of Investments — IQ MacKay Municipal Insured ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
Texas State Technical College, Revenue
Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 8/1/42
​ ​ ​ $ 4,000,000 ​ ​ ​ ​ $ 4,185,028 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31,970,211 ​ ​
Washington — 0.3% ​
Chelan County Public Utility District No 1, Revenue Bonds Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.510%, due 6/1/23(b)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,984 ​ ​
Klickitat County Public Utility District No 1, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/37
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 735,020 ​ ​
State of Washington, General Obligation Bonds Series C Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.380%, due 6/1/23(b)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 196,124 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,029,128 ​ ​
Wisconsin — 1.0% ​
City of Racine WI Waterworks System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 534,152 ​ ​
Omro School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/1/28
​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 28,740 ​ ​
Public Finance Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/40
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 256,919 ​ ​
4.000%, due 7/1/45
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 651,697 ​ ​
Wisconsin Center District, Revenue Bonds Series D Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.390%, due 12/15/45(b)
​ ​ ​ ​ 5,635,000 ​ ​ ​ ​ ​ 1,641,152 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,112,660 ​ ​
Wyoming — 0.3% ​
University of Wyoming, Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/42
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 891,612 ​ ​
Total Municipal Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $334,422,823)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 309,936,331 ​ ​
​
​ ​ ​
Shares
​ ​
Value
​
Short-Term Investment — 11.4% ​
Money Market Fund — 11.4% ​
Dreyfus Tax Exempt Cash Management - Institutional, 2.01%(e)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $36,591,610)
 ​ ​ ​
​
36,596,500
 ​ ​ ​ ​ $ 36,591,610 ​ ​
Total Investments — 107.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $371,014,433)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 346,527,941 ​ ​
Other Assets and Liabilities,
Net — (7.5)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (24,111,466) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 322,416,475 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2022.
​
(b)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(c)
Less than 0.05%.
​
(d)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(e)
Reflects the 7-day yield at October 31, 2022.
​
Abbreviations
​ AGC ​ ​ — ​ ​ Assured Guaranty Corp. ​
​ AGM ​ ​ — ​ ​ Assured Guaranty Municipal Corp. ​
​ AMBAC ​ ​ — ​ ​ Ambac Assurance Corp. ​
​ BAM ​ ​ — ​ ​ Build America Mutual Assurance Co. ​
​ BHAC-CR ​ ​ — ​ ​ Berkshire Hathaway Assurance Corp. Custodial Receipts ​
​ FGIC ​ ​ — ​ ​ Financial Guaranty Insurance Co. ​
​ LIBOR ​ ​ — ​ ​ London InterBank Offered Rate ​
​ NATL ​ ​ — ​ ​ National Public Finance Guarantee Corp. ​
​
SCH BD GTY
​ ​ — ​ ​ School Bond Guaranty Program ​
​ SCSDE ​ ​ — ​ ​ South Carolina Department of Education ​
​
ST INTERCEPT
​ ​ — ​ ​ State Tax Intercept ​
​ TCRS ​ ​ — ​ ​ Transferable Custodial Receipts ​
​
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Asset Valuation Inputs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in Securities:(f) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Municipal Bonds
​ ​ ​ $ — ​ ​ ​ ​ $ 309,936,331 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 309,936,331 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 36,591,610 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 36,591,610 ​ ​
Total Investments in Securities
​ ​ ​ $ 36,591,610 ​ ​ ​ ​ $ 309,936,331 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 346,527,941 ​ ​
​
(f)
For a complete listing of investments and their states, see the Schedule of Investments.
​
For the period ended October 31, 2022, 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.
19​
Schedule of Investments — IQ MacKay Municipal Intermediate ETF 
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds — 102.2% ​
Alabama — 4.2% ​
Alabama Community College System, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/32
​ ​ ​ $ 410,000 ​ ​ ​ ​ $ 406,531 ​ ​
4.000%, due 11/1/33
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 646,422 ​ ​
Birmingham Airport Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 630,802 ​ ​
Black Belt Energy Gas District, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.590%, (Municipal Swap Index + 0.35%), due 10/1/52(a)
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 841,079 ​ ​
4.000%, due 12/1/49(a)(b)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 581,760 ​ ​
4.000%, due 10/1/52(a)(b)
​ ​ ​ ​ 1,760,000 ​ ​ ​ ​ ​ 1,694,183 ​ ​
5.500%, due 11/1/53(a)(b)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,010,021 ​ ​
Montgomery County Public Facilities Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/33
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 646,273 ​ ​
4.000%, due 3/1/35
​ ​ ​ ​ 1,220,000 ​ ​ ​ ​ ​ 1,160,482 ​ ​
Southeast Energy Authority A Cooperative District, Revenue Bonds Series A-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 1/1/53(a)(b)
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,032,409 ​ ​
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/51(a)(b)
​ ​ ​ ​ 2,325,000 ​ ​ ​ ​ ​ 2,092,969 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,742,931 ​ ​
Alaska — 0.0%(c) ​
Alaska Industrial Development & Export Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/28
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,476 ​ ​
Arizona — 0.8% ​
Arizona Industrial Development Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/39
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 524,046 ​ ​
5.000%, due 11/1/31
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 569,242 ​ ​
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/31
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 315,756 ​ ​
5.000%, due 6/1/32
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 340,872 ​ ​
City of Phoenix Civic Improvement Corp., Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 502,693 ​ ​
Maricopa County Industrial Development Authority, Revenue Bonds Series C Insured: SD CRED PROG
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/37
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 303,132 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,555,741 ​ ​
Arkansas — 0.1% ​
University of Central Arkansas, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/34
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 413,815 ​ ​
California — 6.3% ​
Apple Valley Public Financing Authority,
Tax Allocation Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/31
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,019,411 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Benicia Unified School District, General Obligation Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.510%, due 8/1/23(d)
​ ​ ​ $ 300,000 ​ ​ ​ ​ $ 292,235 ​ ​
California Health Facilities Financing Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/49
​ ​ ​ ​ 835,000 ​ ​ ​ ​ ​ 797,220 ​ ​
California Municipal Finance Authority, Certificate for Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/28
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 257,963 ​ ​
5.000%, due 11/1/29
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 129,039 ​ ​
5.000%, due 11/1/30
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 423,606 ​ ​
5.000%, due 11/1/32
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 231,631 ​ ​
5.000%, due 11/1/33
​ ​ ​ ​ 1,175,000 ​ ​ ​ ​ ​ 1,203,066 ​ ​
California Municipal Finance Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/31
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 401,456 ​ ​
California State Public Works Board, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/36
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 194,037 ​ ​
California Statewide Communities Development Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/35
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 1,897,760 ​ ​
City of Long Beach CA Airport System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 263,607 ​ ​
5.000%, due 6/1/27
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 213,551 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/27
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 213,551 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/29
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 164,068 ​ ​
City of San Mateo CA, Special Tax
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/1/35
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,051,066 ​ ​
Fresno Unified School District, General Obligation Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/37
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 691,724 ​ ​
5.000%, due 8/1/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 527,574 ​ ​
Grossmont Union High School District, General Obligation Bonds Series F Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.650%, due 8/1/33(d)
​ ​ ​ ​ 1,465,000 ​ ​ ​ ​ ​ 873,157 ​ ​
Hercules Redevelopment Agency Successor Agency, Tax Allocation
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/37
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 523,283 ​ ​
Independent Cities Finance Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 648,295 ​ ​
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.730%, due 8/1/33(d)
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 22,629 ​ ​
5.050%, due 8/1/31(d)
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 104,630 ​ ​
​
See notes to financial statements.
20
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
California (continued) ​
Metropolitan Water District of Southern California, Revenue Bonds Series E
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.380%, (Municipal Swap Index + 0.14%), due 7/1/37(a)
​ ​ ​ $ 1,200,000 ​ ​ ​ ​ $ 1,194,118 ​ ​
Monterey Peninsula Community College
District, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.840%, due 8/1/32(d)
​ ​ ​ ​ 975,000 ​ ​ ​ ​ ​ 636,512 ​ ​
Riverside County Community Facilities Districts, Special Tax Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/35
​ ​ ​ ​ 1,060,000 ​ ​ ​ ​ ​ 1,001,695 ​ ​
Roseville Natural Gas Financing Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/24
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 565,628 ​ ​
Sacramento City Financing Authority, Tax Allocation Series A Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.520%, due 12/1/23(d)
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 2,888,546 ​ ​
Sacramento City Unified School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.590%, due 7/1/24(d)
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 287,415 ​ ​
State of California, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 504,252 ​ ​
Westminster School District, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.580%, due 8/1/48(d)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 17,433 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,240,158 ​ ​
Colorado — 2.6% ​
Adams State University, Revenue Bonds
Series A Insured: ST HGR ED INTERCEPT
PROG
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/35
​ ​ ​ ​ 1,125,000 ​ ​ ​ ​ ​ 1,191,178 ​ ​
Cherokee Metropolitan District, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/34
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 201,053 ​ ​
Colorado Educational & Cultural Facilities Authority, Moral Obligation Bond
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/36
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 426,646 ​ ​
Colorado Educational & Cultural Facilities Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 921,337 ​ ​
Colorado Health Facilities Authority, Revenue Bonds Series A-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/44
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 201,609 ​ ​
5.000%, due 8/1/35
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 105,738 ​ ​
Series A-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/33
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 91,387 ​ ​
Crystal Valley Metropolitan District No 2,
General Obligation Bonds Series A
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 485,340 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Colorado (continued) ​
Eagle County School District No Re50J, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/41
​ ​ ​ $ 515,000 ​ ​ ​ ​ $ 461,671 ​ ​
Gold Hill Mesa Metropolitan District No 2,
General Obligation Bonds Series A
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/28
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 148,906 ​ ​
5.000%, due 12/1/29
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 148,833 ​ ​
5.250%, due 12/1/37
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,582 ​ ​
Grand River Hospital District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/37
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 430,575 ​ ​
Jefferson County School District R-1, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/34
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 2,969,514 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,988,369 ​ ​
Connecticut — 4.4% ​
City of Bridgeport CT, General Obligation
Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/33
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 625,643 ​ ​
5.000%, due 9/1/38
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,298,224 ​ ​
City of Hartford CT, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/30
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,679 ​ ​
City of New Britain CT, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/30
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 165,065 ​ ​
5.000%, due 3/1/36
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 418,443 ​ ​
Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/1/30
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 642,116 ​ ​
City of West Haven CT, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/15/27
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 241,473 ​ ​
4.000%, due 9/15/28
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 291,876 ​ ​
4.000%, due 9/15/31
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 323,974 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/29
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,770 ​ ​
Connecticut State Health & Educational
Facilities Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.250%, due 7/1/42(a)(b)
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,000,000 ​ ​
Series I-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/33
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 361,377 ​ ​
Series L
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 1,590,000 ​ ​ ​ ​ ​ 1,624,933 ​ ​
State of Connecticut, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/15/34
​ ​ ​ ​ 1,875,000 ​ ​ ​ ​ ​ 1,992,103 ​ ​
State of Connecticut Special Tax Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 476,053 ​ ​
4.000%, due 5/1/39
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,398,681 ​ ​
5.250%, due 7/1/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,073,947 ​ ​
​
See notes to financial statements.
21​
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Connecticut (continued) ​
Town of Hamden CT, General Obligation
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/15/32
​ ​ ​ $ 350,000 ​ ​ ​ ​ $ 369,513 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,608,870 ​ ​
District of Columbia — 1.0% ​
District of Columbia Housing Finance Agency, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/40(a)(b)
​ ​ ​ ​ 3,035,000 ​ ​ ​ ​ ​ 3,028,445 ​ ​
Florida — 5.5% ​
City of Miami Beach FL Water & Sewer Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 972,357 ​ ​
City of Pompano Beach FL, Revenue Bonds Series B-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.450%, due 1/1/27
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 213,691 ​ ​
County of Miami-Dade FL, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/43
​ ​ ​ ​ 1,430,000 ​ ​ ​ ​ ​ 1,476,388 ​ ​
County of Miami-Dade FL Aviation Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/38
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 354,865 ​ ​
County of Miami-Dade FL Transit System,
Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/43
​ ​ ​ ​ 4,500,000 ​ ​ ​ ​ ​ 4,688,312 ​ ​
Florida Development Finance Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/34
​ ​ ​ ​ 1,405,000 ​ ​ ​ ​ ​ 1,345,157 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/24
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 197,300 ​ ​
Florida Housing Finance Corp., Revenue
Bonds Series G
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 5/1/26(a)(b)
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,016,572 ​ ​
Fort Pierce Utilities Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/27
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 741,960 ​ ​
5.000%, due 10/1/31
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 431,744 ​ ​
5.000%, due 10/1/33
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 214,185 ​ ​
5.000%, due 10/1/37
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 448,220 ​ ​
5.000%, due 10/1/39
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 497,115 ​ ​
Miami Beach Health Facilities Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 425,907 ​ ​
North Springs Improvement District, Special Assessment Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/28
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 61,013 ​ ​
4.000%, due 5/1/30
​ ​ ​ ​ 45,000 ​ ​ ​ ​ ​ 45,538 ​ ​
Tampa Bay Water, Revenue Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/39
​ ​ ​ ​ 1,600,000 ​ ​ ​ ​ ​ 1,708,949 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16,839,273 ​ ​
Georgia — 2.7% ​
City of Atlanta GA Airport Passenger Facility Charge, Revenue Bonds Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/40
​ ​ ​ ​ 2,700,000 ​ ​ ​ ​ ​ 2,759,545 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Georgia (continued) ​
Main Street Natural Gas, Inc., Revenue Bonds Series G
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/48(a)(b)
​ ​ ​ $ 1,250,000 ​ ​ ​ ​ $ 1,247,332 ​ ​
Municipal Electric Authority of Georgia, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,003,771 ​ ​
5.000%, due 1/1/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 493,222 ​ ​
Private Colleges & Universities Authority,
Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/39
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 397,630 ​ ​
Walton County Water & Sewer Authority,
Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 2/1/38
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 270,615 ​ ​
5.250%, due 2/1/39
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 457,736 ​ ​
5.250%, due 2/1/40
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 482,207 ​ ​
5.250%, due 2/1/41
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 425,948 ​ ​
5.250%, due 2/1/42
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 370,936 ​ ​
5.250%, due 2/1/43
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 449,161 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,358,103 ​ ​
Guam — 0.2% ​
Guam Government Waterworks Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 7/1/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 506,654 ​ ​
Illinois — 13.0% ​
Carol Stream Park District, General Obligation Bonds Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/26
​ ​ ​ ​ 485,000 ​ ​ ​ ​ ​ 492,898 ​ ​
Chicago O’Hare International Airport, Revenue Bonds Series D
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/28
​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 392,043 ​ ​
Chicago Park District, General Obligation Bonds Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/27
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 252,510 ​ ​
Series D
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 907,355 ​ ​
4.000%, due 1/1/35
​ ​ ​ ​ 645,000 ​ ​ ​ ​ ​ 569,171 ​ ​
Series E Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 466,777 ​ ​
City of Chicago IL, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/36
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 630,051 ​ ​
5.000%, due 1/1/33
​ ​ ​ ​ 1,050,000 ​ ​ ​ ​ ​ 1,005,070 ​ ​
5.250%, due 1/1/28
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,001,227 ​ ​
City of Joliet IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/15/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,044,452 ​ ​
5.250%, due 12/15/39
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,061,667 ​ ​
5.250%, due 12/15/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,058,647 ​ ​
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/25
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 621,893 ​ ​
County of Sangamon IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/15/26
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 253,294 ​ ​
​
See notes to financial statements.
22
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
Illinois Development Finance Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 7/15/25(d)
​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 452,145 ​ ​
Illinois Finance Authority, Revenue Bonds
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/38
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 1,856,079 ​ ​
5.000%, due 8/15/32
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,581,070 ​ ​
Illinois State Toll Highway Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/43
​ ​ ​ ​ 1,095,000 ​ ​ ​ ​ ​ 1,110,086 ​ ​
Macon & De Witt Counties Community Unit School District No 2 Maroa-Forsyth, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 503,678 ​ ​
4.000%, due 12/1/32
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 550,362 ​ ​
4.000%, due 12/1/40
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 924,057 ​ ​
Madison County Community Unit School
District No 8 Bethalto, General
Obligation Bonds Series B Insured:
BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/31
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 706,413 ​ ​
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/32
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 335,085 ​ ​
Northern Illinois University, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 258,797 ​ ​
5.000%, due 10/1/28
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 680,946 ​ ​
5.000%, due 10/1/30
​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ 729,417 ​ ​
Sales Tax Securitization Corp., Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/38
​ ​ ​ ​ 1,800,000 ​ ​ ​ ​ ​ 1,589,244 ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 518,480 ​ ​
Sangamon & Morgan Counties
Community Unit School District No 16
New Berlin, General Obligation Bonds
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/38
​ ​ ​ ​ 1,720,000 ​ ​ ​ ​ ​ 1,773,235 ​ ​
5.500%, due 12/1/36
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 379,021 ​ ​
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 536,513 ​ ​
Southwestern Illinois Development Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/15/24
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 166,157 ​ ​
4.000%, due 4/15/31
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 450,679 ​ ​
4.000%, due 4/15/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 490,273 ​ ​
State of Illinois, Series C ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/40
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 386,014 ​ ​
State of Illinois, General Obligation Bonds
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/23
​ ​ ​ ​ 1,450,000 ​ ​ ​ ​ ​ 1,456,107 ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 780,000 ​ ​ ​ ​ ​ 785,257 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Illinois (continued) ​
5.000%, due 3/1/27
​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 503,059 ​ ​
5.000%, due 3/1/29
​ ​ ​ ​ 1,470,000 ​ ​ ​ ​ ​ 1,471,637 ​ ​
5.000%, due 3/1/30
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,052 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 4/1/33
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 516,105 ​ ​
Series D
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/28
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,001,311 ​ ​
State of Illinois Sales Tax Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/27
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 605,610 ​ ​
Town of Cicero IL, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 230,335 ​ ​
5.000%, due 1/1/30
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 465,010 ​ ​
Village of Bolingbrook IL, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.310%, due 1/1/35(d)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 2,156,316 ​ ​
Village of Franklin Park IL, Revenue Bonds
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/30
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 355,133 ​ ​
4.000%, due 10/1/32
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 377,559 ​ ​
Village of Matteson IL, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/29
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 495,012 ​ ​
Village of Mundelein IL, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/15/39
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,043 ​ ​
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/23
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 135,158 ​ ​
Will County School District No 114
Manhattan, General Obligation Bonds
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 1/1/26
​ ​ ​ ​ 840,000 ​ ​ ​ ​ ​ 839,409 ​ ​
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/36
​ ​ ​ ​ 445,000 ​ ​ ​ ​ ​ 462,703 ​ ​
5.250%, due 1/1/39
​ ​ ​ ​ 555,000 ​ ​ ​ ​ ​ 582,401 ​ ​
Woodford Lasalle Livingston Etc Counties
Community Unit Sch Dist No 6
Fieldcrest, General Obligation Bonds
Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 487,582 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,752,605 ​ ​
Indiana — 2.5% ​
City of Bloomington IN Waterworks Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/39
​ ​ ​ ​ 2,690,000 ​ ​ ​ ​ ​ 2,825,204 ​ ​
5.000%, due 1/1/42
​ ​ ​ ​ 1,525,000 ​ ​ ​ ​ ​ 1,592,488 ​ ​
Evansville Waterworks District, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 528,694 ​ ​
5.000%, due 7/1/38
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 600,797 ​ ​
Greater Clark Building Corp., Revenue Bonds Insured: ST INTERCEPT
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 7/15/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,154,044 ​ ​
​
See notes to financial statements.
23​
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Indiana (continued) ​
Indiana Finance Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.400%, due 8/1/29
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 800,239 ​ ​
MSD of Wash Township School Building Corp., Revenue Bonds Insured: ST INTERCEPT
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/35
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 238,048 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,739,514 ​ ​
Iowa — 1.6% ​
City of Coralville IA, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/23
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 520,910 ​ ​
4.000%, due 5/1/24
​ ​ ​ ​ 1,305,000 ​ ​ ​ ​ ​ 1,311,151 ​ ​
Iowa Higher Education Loan Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/34
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 302,237 ​ ​
5.000%, due 10/1/35
​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 360,682 ​ ​
5.000%, due 10/1/36
​ ​ ​ ​ 365,000 ​ ​ ​ ​ ​ 363,268 ​ ​
Jesup Community School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/24
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 429,936 ​ ​
5.000%, due 6/1/25
​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ 455,634 ​ ​
5.000%, due 6/1/26
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 487,108 ​ ​
5.000%, due 6/1/27
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 518,721 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,749,647 ​ ​
Kansas — 1.0% ​
City of Dodge City KS, General Obligation Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/28
​ ​ ​ ​ 365,000 ​ ​ ​ ​ ​ 390,783 ​ ​
5.000%, due 9/1/31
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 453,563 ​ ​
Johnson County Unified School District No 233 Olathe, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/36
​ ​ ​ ​ 1,700,000 ​ ​ ​ ​ ​ 1,644,026 ​ ​
Wyandotte County Unified School District No 500 Kansas City, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 9/1/37
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 514,583 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,002,955 ​ ​
Kentucky — 0.4% ​
City of Berea KY, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.540%, due 6/1/32(a)(b)
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,000 ​ ​
Louisville & Jefferson County Visitors and
Convention Commission, Revenue
Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 73,332 ​ ​
Louisville/Jefferson County Metropolitan
Government, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 509,356 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,182,688 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Louisiana — 1.5% ​
Cameron Parish School District No 15, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/23
​ ​ ​ $ 205,000 ​ ​ ​ ​ $ 206,972 ​ ​
5.000%, due 10/1/29
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 305,510 ​ ​
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/31
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 104,984 ​ ​
City of Youngsville LA Sales Tax Revenue,
Revenue Bonds
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,577 ​ ​
4.000%, due 5/1/34
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 297,117 ​ ​
Louisiana Stadium & Exposition District, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/3/23
​ ​ ​ ​ 1,750,000 ​ ​ ​ ​ ​ 1,748,984 ​ ​
State of Louisiana, General Obligation Bonds Series D
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/24
​ ​ ​ ​ 1,495,000 ​ ​ ​ ​ ​ 1,540,561 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,454,705 ​ ​
Maine — 0.3% ​
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/26
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 159,886 ​ ​
Maine Health & Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/31
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 240,522 ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 525,490 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 925,898 ​ ​
Maryland — 1.6% ​
City of Baltimore MD, Revenue Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/38
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 846,429 ​ ​
Maryland Community Development Administration, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/42
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,003,666 ​ ​
State of Maryland, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/15/32
​ ​ ​ ​ 585,000 ​ ​ ​ ​ ​ 642,653 ​ ​
5.000%, due 6/1/37
​ ​ ​ ​ 2,100,000 ​ ​ ​ ​ ​ 2,310,231 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,802,979 ​ ​
Massachusetts — 0.8% ​
Commonwealth of Massachusetts, General Obligation Bonds Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/46
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,286,205 ​ ​
Massachusetts School Building Authority,
Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/34
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,038,635 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,324,840 ​ ​
Michigan — 3.2% ​
County of Genesee MI, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/26
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 198,124 ​ ​
​
See notes to financial statements.
24
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Michigan (continued) ​
5.000%, due 6/1/28
​ ​ ​ $ 90,000 ​ ​ ​ ​ $ 95,622 ​ ​
5.000%, due 6/1/30
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 226,019 ​ ​
Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,025,462 ​ ​
Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/46
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,024,760 ​ ​
Michigan Finance Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/15/29
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,079,667 ​ ​
5.000%, due 2/15/34
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 243,065 ​ ​
Series A Class 1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 451,977 ​ ​
Richmond Community Schools, General
Obligation Bonds Series I Insured:
Q-SBLF
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/36
​ ​ ​ ​ 1,450,000 ​ ​ ​ ​ ​ 1,404,923 ​ ​
4.000%, due 5/1/37
​ ​ ​ ​ 2,655,000 ​ ​ ​ ​ ​ 2,531,463 ​ ​
Van Buren Public Schools, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/36
​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 977,961 ​ ​
Wyoming Public Schools, General Obligation Bonds Series III Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/41
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 444,090 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,703,133 ​ ​
Minnesota — 2.1% ​
City of Minneapolis MN/St Paul
Housing & Redevelopment Authority,
Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.500%, due 11/15/35(a)(b)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 4,000,000 ​ ​
Minneapolis Special School District No 1,
General Obligation Bonds Series B
Insured: SD CRED PROG
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/28
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,073,175 ​ ​
5.000%, due 2/1/31
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,337,422 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,410,597 ​ ​
Missouri  — 2.7% ​
City of Kansas City MO, Revenue Bonds Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/26
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,365,135 ​ ​
5.000%, due 9/1/28
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,070,638 ​ ​
Health & Educational Facilities Authority
of the State of Missouri, Revenue
Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/1/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 146,260 ​ ​
5.000%, due 2/15/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 508,224 ​ ​
Hickman Mills C-1 School District, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 3/1/42
​ ​ ​ ​ 3,390,000 ​ ​ ​ ​ ​ 3,611,897 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Missouri  (continued) ​
Wright City R-II School District, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 3/1/27
​ ​ ​ $ 150,000 ​ ​ ​ ​ $ 164,525 ​ ​
6.000%, due 3/1/29
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 169,551 ​ ​
6.000%, due 3/1/31
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 40,498 ​ ​
6.000%, due 3/1/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 584,568 ​ ​
6.000%, due 3/1/35
​ ​ ​ ​ 530,000 ​ ​ ​ ​ ​ 614,350 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,275,646 ​ ​
Montana — 0.1% ​
Montana Facility Finance Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/24
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 382,133 ​ ​
Nebraska — 1.7% ​
Central Plains Energy Project, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/49(a)(b)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,481,604 ​ ​
5.000%, due 3/1/50(a)(b)
​ ​ ​ ​ 3,500,000 ​ ​ ​ ​ ​ 3,501,877 ​ ​
City of Kearney NE, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/32
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 334,602 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,318,083 ​ ​
Nevada — 0.9% ​
City of North Las Vegas NV, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 956,395 ​ ​
Clark County School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/37
​ ​ ​ ​ 845,000 ​ ​ ​ ​ ​ 891,410 ​ ​
County of Clark NV, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/39
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 923,163 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,770,968 ​ ​
New Hampshire — 0.2% ​
New Hampshire Business Finance Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/30
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 666,981 ​ ​
New Jersey — 4.0% ​
Atlantic County Improvement Authority (The), Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 346,657 ​ ​
Essex County Improvement Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/28
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 398,367 ​ ​
New Jersey Economic Development Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/1/39
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 865,788 ​ ​
New Jersey Educational Facilities Authority, Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 470,000 ​ ​ ​ ​ ​ 486,826 ​ ​
Series F Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/25
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 312,446 ​ ​
​
See notes to financial statements.
25​
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New Jersey (continued) ​
New Jersey Health Care Facilities Financing Authority, Revenue Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 7/1/38
​ ​ ​ $ 290,000 ​ ​ ​ ​ $ 264,942 ​ ​
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 7/1/25(a)(b)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 3,948,906 ​ ​
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.270%, due 12/15/26(d)
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 546,123 ​ ​
Series AA
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/37
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,293,754 ​ ​
New Jersey Turnpike Authority, Revenue
Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/42
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,037,483 ​ ​
Series D-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.337%, (1-Month LIBOR + 0.70%), due
1/1/24(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 998,634 ​ ​
Newark Board of Education, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/30
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 813,427 ​ ​
Salem County Improvement Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/30
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 193,493 ​ ​
4.000%, due 8/15/31
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 177,304 ​ ​
South Jersey Port Corp., Revenue Bonds
Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 504,467 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,188,617 ​ ​
New Mexico — 0.2% ​
Albuquerque Metropolitan Arroyo Flood
Control Authority, General Obligation
Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/27
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 696,895 ​ ​
New York — 7.0% ​
Camden Central School District, General
Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/27
​ ​ ​ ​ 1,180,000 ​ ​ ​ ​ ​ 1,202,610 ​ ​
City of New York NY, General Obligation
Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 10/1/47
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 3,135,000 ​ ​
City of Syracuse NY, General Obligation
Bonds Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/15/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 252,207 ​ ​
County of Nassau NY, General Obligation Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 4/1/38
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,571,914 ​ ​
County of Suffolk NY, General Obligation
Bonds Series C Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/23
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 411,712 ​ ​
Metropolitan Transportation Authority, Revenue Bonds Series A-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 503,369 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
New York (continued) ​
Series B Insured: AMBAC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 11/15/24
​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 513,629 ​ ​
Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/38
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 240,999 ​ ​
5.000%, due 11/15/42
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 471,672 ​ ​
Monroe County Industrial Development Corp., Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 318,916 ​ ​
New York City Housing Development Corp., Revenue Bonds Series F-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.600%, due 5/1/61(a)(b)
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,351,962 ​ ​
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds Series S-3
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/33
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 157,524 ​ ​
New York Liberty Development Corp., Revenue Bonds Class 1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.450%, due 9/15/69
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 418,772 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.750%, due 11/15/41
​ ​ ​ ​ 1,070,000 ​ ​ ​ ​ ​ 744,923 ​ ​
New York State Dormitory Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/41
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,338,880 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/39
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 456,331 ​ ​
Series E
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/15/41
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 366,524 ​ ​
4.000%, due 3/15/39
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 196,222 ​ ​
5.000%, due 3/15/41
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,057,977 ​ ​
New York State Thruway Authority, Revenue Bonds Series A-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/43
​ ​ ​ ​ 1,165,000 ​ ​ ​ ​ ​ 1,015,610 ​ ​
New York State Urban Development Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/15/38
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 599,289 ​ ​
Schenectady County Capital Resource Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 533,586 ​ ​
Triborough Bridge & Tunnel Authority, Revenue Bonds Series A-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 5/15/45(a)(b)
​ ​ ​ ​ 1,345,000 ​ ​ ​ ​ ​ 1,142,482 ​ ​
Series B-3
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/15/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,020,755 ​ ​
Series D-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/15/47
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,310,909 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21,333,774 ​ ​
North Carolina — 0.3% ​
North Carolina Medical Care Commission, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/41
​ ​ ​ ​ 1,095,000 ​ ​ ​ ​ ​ 876,269 ​ ​
North Dakota — 0.4% ​
City of Grand Forks ND, Revenue Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/37
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,068,049 ​ ​
​
​
See notes to financial statements.
26
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Ohio — 2.1% ​
Akron Bath Copley Joint Township Hospital District, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/33
​ ​ ​ $ 1,260,000 ​ ​ ​ ​ $ 1,101,958 ​ ​
City of Toledo OH, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/36
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,067,319 ​ ​
5.500%, due 12/1/39
​ ​ ​ ​ 1,330,000 ​ ​ ​ ​ ​ 1,431,536 ​ ​
City of Upper Arlington OH, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/35
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 776,677 ​ ​
Cloverleaf Local School District, Certificate for Participation Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 12/1/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,045,762 ​ ​
Crestview Local School District/Columbiana County, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/35
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 243,899 ​ ​
4.000%, due 12/1/37
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 297,431 ​ ​
State of Ohio, Revenue Bonds Series E ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/15/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 509,590 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,474,172 ​ ​
Pennsylvania — 1.6% ​
City of Erie PA, General Obligation Bonds
Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.640%, due 11/15/37(d)
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 352,038 ​ ​
Indiana County Industrial Development Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/27
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 258,653 ​ ​
Lancaster County Hospital Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 11/1/38
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,118,235 ​ ​
Lancaster Industrial Development Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/31
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 89,574 ​ ​
Pennsylvania Economic Development Financing Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/1/29
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 435,403 ​ ​
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.108%, (3-Month LIBOR + 0.60%), due
7/1/27(a)
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 137,215 ​ ​
Pittsburgh Water & Sewer Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/36
​ ​ ​ ​ 1,285,000 ​ ​ ​ ​ ​ 1,339,970 ​ ​
Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/32
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 590,110 ​ ​
Spring Cove School District, General Obligation Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,132 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,821,330 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Puerto Rico — 0.3% ​
Puerto Rico Electric Power Authority,
Revenue Bonds Series PP Insured: NATL
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/24
​ ​ ​ $ 25,000 ​ ​ ​ ​ $ 24,939 ​ ​
Puerto Rico Industrial Tourist Educational
Medical & Envirml Ctl Facs Fing Auth,
Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/28
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 415,754 ​ ​
5.000%, due 7/1/29
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 442,840 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 883,533 ​ ​
Rhode Island — 1.2% ​
Providence Public Building Authority,
Revenue Bonds Series B Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 266,405 ​ ​
Rhode Island Health and Educational Building Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 505,262 ​ ​
Series F
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 5/15/39
​ ​ ​ ​ 1,320,000 ​ ​ ​ ​ ​ 1,424,115 ​ ​
5.500%, due 5/15/41
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 192,351 ​ ​
Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds Series 77-A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/28
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 368,542 ​ ​
Rhode Island Infrastructure Bank, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/34
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 660,807 ​ ​
State of Rhode Island, General Obligation Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/34
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 348,032 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,765,514 ​ ​
South Carolina — 0.8% ​
South Carolina Public Service Authority, Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/36
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,868 ​ ​
Spartanburg County School District No 4,
General Obligation Bonds Insured:
SCSDE
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 3/1/42
​ ​ ​ ​ 2,210,000 ​ ​ ​ ​ ​ 2,318,033 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,417,901 ​ ​
South Dakota — 0.9% ​
Baltic School District No 49-1, General Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 12/1/38
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 292,408 ​ ​
4.500%, due 12/1/42
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 310,295 ​ ​
County of Lawrence SD, Certificates of Participation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/32
​ ​ ​ ​ 455,000 ​ ​ ​ ​ ​ 456,871 ​ ​
4.000%, due 12/1/33
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 659,323 ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 496,076 ​ ​
Tri-Valley School District No 49-6, General
Obligation Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/32
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,238 ​ ​
4.000%, due 7/15/33
​ ​ ​ ​ 380,000 ​ ​ ​ ​ ​ 385,163 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,803,374 ​ ​
​
​
See notes to financial statements.
27​
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Tennessee — 1.1% ​
Metropolitan Government Nashville &
Davidson County Health &
Educational Facs Bd, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/26(a)(b)
​ ​ ​ $ 3,000,000 ​ ​ ​ ​ $ 2,986,746 ​ ​
Tennessee Energy Acquisition Corp., Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.625%, due 9/1/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 518,719 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,505,465 ​ ​
Texas — 14.6% ​
Alamito Public Facility Corp., ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 9/1/25(a)(b)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 3,925,970 ​ ​
Alamito Public Facility Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 9/1/25(a)(b)
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 3,925,970 ​ ​
Arlington Higher Education Finance Corp., Revenue Bonds Series A Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/15/32
​ ​ ​ ​ 2,200,000 ​ ​ ​ ​ ​ 2,379,290 ​ ​
Barbers Hill Independent School District, General Obligation Bonds Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/41
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 948,256 ​ ​
Central Texas Turnpike System, Revenue
Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/15/39
​ ​ ​ ​ 1,455,000 ​ ​ ​ ​ ​ 1,498,912 ​ ​
City of Alvin TX Water & Sewer System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/27
​ ​ ​ ​ 1,225,000 ​ ​ ​ ​ ​ 1,299,148 ​ ​
City of Amarillo TX Waterworks & Sewer System Revenue, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/41
​ ​ ​ ​ 1,360,000 ​ ​ ​ ​ ​ 1,230,179 ​ ​
City of Arlington TX, Tax Allocation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/15/30
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,476 ​ ​
City of Arlington TX Special Tax Revenue,
Special Tax Series A Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/43
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 253,207 ​ ​
City of Austin TX, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/23
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 263,896 ​ ​
City of Austin TX Water & Wastewater System Revenue, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/23
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,111,099 ​ ​
5.000%, due 11/15/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,018,264 ​ ​
City of Georgetown TX Utility System Revenue, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/15/26
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,048,498 ​ ​
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/1/34
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 249,909 ​ ​
City of Temple TX, Tax Allocation Series A
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/27
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 131,604 ​ ​
Clifton Higher Education Finance Corp.,
Revenue Bonds Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 8/15/34
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 151,837 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
3.000%, due 8/15/35
​ ​ ​ $ 250,000 ​ ​ ​ ​ $ 206,672 ​ ​
5.000%, due 8/15/27
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 601,090 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/15/31
​ ​ ​ ​ 435,000 ​ ​ ​ ​ ​ 453,621 ​ ​
Conroe Local Government Corp, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/31
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 134,239 ​ ​
Fort Bend County Municipal Utility District
No 215, General Obligation Bonds
Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/24
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 126,363 ​ ​
Grand Parkway Transportation Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/37
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 697,562 ​ ​
Greater Greenspoint Redevelopment
Authority, Tax Allocation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 9/1/32
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 353,356 ​ ​
4.000%, due 9/1/33
​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 370,522 ​ ​
Greater Texoma Utility Authority, Revenue Bonds Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/36
​ ​ ​ ​ 2,485,000 ​ ​ ​ ​ ​ 2,631,946 ​ ​
Guadalupe-Blanco River Authority, Revenue Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 8/15/42
​ ​ ​ ​ 1,980,000 ​ ​ ​ ​ ​ 2,199,068 ​ ​
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.287%, (1-Month LIBOR + 0.65%), due
11/15/46(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 999,732 ​ ​
Harris County Flood Control District, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/38
​ ​ ​ ​ 1,265,000 ​ ​ ​ ​ ​ 1,197,403 ​ ​
Houston Higher Education Finance Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.500%, due 10/1/23
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 219,269 ​ ​
Series A Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/39
​ ​ ​ ​ 1,915,000 ​ ​ ​ ​ ​ 1,771,767 ​ ​
Hutto Independent School District, General Obligation Bonds Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/27
​ ​ ​ ​ 355,000 ​ ​ ​ ​ ​ 380,290 ​ ​
Laredo Independent School District, General Obligation Bonds Insured: PSF-GTD
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/29
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 709,738 ​ ​
Montgomery County Municipal Utility District No 95, General Obligation Bonds Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/41
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 564,474 ​ ​
North Texas Tollway Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 1/1/38
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,069,778 ​ ​
Sabine-Neches Navigation District, General Obligation Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 2/15/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,068,709 ​ ​
5.250%, due 2/15/41
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 2,100,873 ​ ​
​
See notes to financial statements.
28
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Texas (continued) ​
San Antonio Public Facilities Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/15/27
​ ​ ​ $ 575,000 ​ ​ ​ ​ $ 611,569 ​ ​
Southwest Higher Education Authority, Inc., Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/42
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 2,648,181 ​ ​
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds Series C
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.863%, (3-Month LIBOR + 0.69%), due
9/15/27(a)
​ ​ ​ ​ 2,190,000 ​ ​ ​ ​ ​ 2,102,423 ​ ​
Texas Private Activity Bond Surface
Transportation Corp., Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/30/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 456,193 ​ ​
Texas Water Development Board, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/41
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,056,611 ​ ​
Uptown Development Authority, Tax Allocation Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/35
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 489,878 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 44,811,842 ​ ​
Utah — 1.9% ​
Intermountain Power Agency, Revenue
Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/41
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,055,118 ​ ​
Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/29
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 818,712 ​ ​
5.000%, due 7/1/30
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 550,567 ​ ​
University of Utah (The), Revenue Bonds Series B
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 8/1/38
​ ​ ​ ​ 970,000 ​ ​ ​ ​ ​ 1,041,196 ​ ​
Utah Associated Municipal Power Systems, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 525,986 ​ ​
Utah Charter School Finance Authority, Revenue Bonds Insured: UT CSCE
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/15/40
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 215,319 ​ ​
Utah Infrastructure Agency, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/15/24
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 501,296 ​ ​
4.000%, due 10/15/31
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 253,475 ​ ​
4.000%, due 10/15/32
​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 543,660 ​ ​
Vineyard Redevelopment Agency, Tax Allocation Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/33
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,857 ​ ​
4.000%, due 5/1/35
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 210,121 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,864,307 ​ ​
Vermont — 0.2% ​
City of Burlington VT Airport Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/26
​ ​ ​ ​ 605,000 ​ ​ ​ ​ ​ 626,563 ​ ​
Virginia — 0.1% ​
Norfolk Airport Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/28
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 159,638 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Virginia (continued) ​
Virginia Small Business Financing Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/36
​ ​ ​ $ 210,000 ​ ​ ​ ​ $ 179,953 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 339,591 ​ ​
Washington — 1.6% ​
Auburn School District No 408 of King & Pierce Counties, General Obligation Bonds Insured: SCH BD GTY
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 497,281 ​ ​
4.000%, due 12/1/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 494,154 ​ ​
County of King WA Sewer Revenue, Revenue Bonds Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.470%, (Municipal Swap Index + 0.23%), due 1/1/40(a)
​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ 2,917,455 ​ ​
Spokane Public Facilities District, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/1/35
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 541,309 ​ ​
Washington State Convention Center Public Facilities District, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/1/43
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 421,433 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,871,632 ​ ​
West Virginia — 1.0% ​
City of Wheeling WV Waterworks &
Sewerage System Revenue, Revenue
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/29
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 470,593 ​ ​
Morgantown Utility Board, Inc., Revenue
Bonds Series A Insured: BAM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 12/1/34
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 196,879 ​ ​
West Virginia Hospital Finance Authority,
Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 9/1/39
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,475,672 ​ ​
West Virginia Parkways Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/1/43
​ ​ ​ ​ 860,000 ​ ​ ​ ​ ​ 888,634 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,031,778 ​ ​
Wisconsin — 1.5% ​
PMA Levy & Aid Anticipation Notes Program, Revenue Notes Series A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 3/1/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,001,973 ​ ​
4.000%, due 4/19/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,002,468 ​ ​
4.000%, due 8/24/23
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 491,608 ​ ​
Public Finance Authority, Revenue Bonds
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/23
​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 39,832 ​ ​
4.000%, due 10/1/24
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 34,637 ​ ​
4.000%, due 10/1/30
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 246,203 ​ ​
4.000%, due 10/1/31
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 356,938 ​ ​
4.000%, due 10/1/32
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 352,679 ​ ​
4.000%, due 10/1/33
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 373,566 ​ ​
4.000%, due 10/1/34
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 341,527 ​ ​
​
See notes to financial statements.
29​
Schedule of Investments — IQ MacKay Municipal Intermediate ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Wisconsin (continued) ​
Wisconsin Health & Educational Facilities
Authority, Revenue Bonds Series A
Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/15/33
​ ​ ​ $ 425,000 ​ ​ ​ ​ $ 447,008 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,688,439 ​ ​
Wyoming — 0.0%(c) ​
University of Wyoming, Revenue Bonds Series C Insured: AGM
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/42
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 133,742 ​ ​
Total Municipal Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $335,407,092)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 313,046,994 ​ ​
​
​ ​ ​
Shares
​ ​ ​ ​ ​ ​ ​
Short-Term Investment — 2.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund — 2.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dreyfus Tax Exempt Cash Management -
Institutional, 2.01%(e)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $7,478,117)
 ​ ​ ​ ​ 7,478,979 ​ ​ ​ ​
​
7,478,117
 ​ ​
Total Investments — 104.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $342,885,209)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 320,525,111 ​ ​
Other Assets and Liabilities,
Net — (4.6)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14,084,263) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 306,440,848 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2022.
​
(b)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(c)
Less than 0.05%.
​
(d)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(e)
Reflects the 7-day yield at October 31, 2022.
​
Abbreviations
​ AGC ​ ​ — ​ ​ Assured Guaranty Corp. ​
​ AGM ​ ​ — ​ ​ Assured Guaranty Municipal Corp. ​
​ AMBAC ​ ​ — ​ ​ Ambac Assurance Corp. ​
​ BAM ​ ​ — ​ ​ Build America Mutual Assurance Co. ​
​ LIBOR ​ ​ — ​ ​ London InterBank Offered Rate ​
​ MSD ​ ​ — ​ ​ Metropolitan School District ​
​ NATL ​ ​ — ​ ​ National Public Finance Guarantee Corp. ​
​ PSF-GTD ​ ​ — ​ ​ Permanent School Fund Guaranteed. ​
​ Q-SBLF ​ ​ — ​ ​ Qualified School Bond Loan Fund ​
​
SCH BD GTY
​ ​ — ​ ​ School Bond Guaranty Program ​
​ SCSDE ​ ​ — ​ ​ South Carolina Department of Education ​
​ SD CRED PROG ​ ​ — ​ ​ School District Credit Enhancement Program ​
​ ST HGR ED INTERCEPT PROG ​ ​ — ​ ​ State Higher Education Intercept Program ​
​
ST INTERCEPT
​ ​ — ​ ​ State Tax Intercept ​
​ UT CSCE ​ ​ — ​ ​ Utah Charter School Credit Enhancement ​
​
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Asset Valuation Inputs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in Securities:(f) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Municipal Bonds
​ ​ ​ $ — ​ ​ ​ ​ $ 313,046,994 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 313,046,994 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 7,478,117 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,478,117 ​ ​
Total Investments in Securities
​ ​ ​ $ 7,478,117 ​ ​ ​ ​ $ 313,046,994 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 320,525,111 ​ ​
​
(f)
For a complete listing of investments and their states, see the Schedule of Investments.
​
For the period ended October 31, 2022, 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.
30
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF 
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Long-Term Bonds — 99.5% ​
Collateralized Mortgage Obligations — 6.4% ​
Mortgage Securities — 6.4% ​
CHL Mortgage Pass-Through Trust 2005-9
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2005-9 1A1, 4.186%, (1-Month LIBOR + 0.60%), due 5/25/35(a)
​ ​ ​ $ 48,754 ​ ​ ​ ​ $ 37,504 ​ ​
Connecticut Avenue Securities Trust 2019-HRP1 Series 2019-HRP1 M2, 5.736%, (1-Month LIBOR + 2.15%), due 11/25/39(a)
​ ​ ​ ​ 659,197 ​ ​ ​ ​ ​ 626,237 ​ ​
Connecticut Avenue Securities Trust 2020-R02 Series 2020-R02 2M2, 5.586%, (1-Month LIBOR + 2.00%), due 1/25/40(a)
​ ​ ​ ​ 240,818 ​ ​ ​ ​ ​ 236,486 ​ ​
Connecticut Avenue Securities Trust 2021-R01 Series 2021-R01 1M2, 4.547%, (SOFR30A + 1.55%), due 10/25/41(a)
​ ​ ​ ​ 409,445 ​ ​ ​ ​ ​ 383,044 ​ ​
Connecticut Avenue Securities Trust 2022-R04 Series 2022-R04 1M2, 6.097%, (SOFR30A + 3.10%), due 3/25/42(a)
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 88,960 ​ ​
Fannie Mae Connecticut Avenue Securities Series 2015-C04 2M2, 9.136%, (1-Month LIBOR + 5.55%), due 4/25/28(a)
​ ​ ​ ​ 23,062 ​ ​ ​ ​ ​ 23,643 ​ ​
Series 2016-C01 1M2, 10.336%, (1-Month LIBOR + 6.75%), due 8/25/28(a)
​ ​ ​ ​ 53,680 ​ ​ ​ ​ ​ 55,804 ​ ​
Series 2017-C02 2M2C, 7.236%, (1-Month LIBOR + 3.65%), due 9/25/29(a)
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 249,867 ​ ​
Series 2017-C04 2M2, 6.436%, (1-Month LIBOR + 2.85%), due 11/25/29(a)
​ ​ ​ ​ 446,953 ​ ​ ​ ​ ​ 451,559 ​ ​
Series 2017-C07 1B1, 7.586%, (1-Month LIBOR + 4.00%), due 5/25/30(a)
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 565,949 ​ ​
Series 2018-C01 1B1, 7.136%, (1-Month LIBOR + 3.55%), due 7/25/30(a)
​ ​ ​ ​ 1,240,000 ​ ​ ​ ​ ​ 1,236,170 ​ ​
Series 2018-C05 1B1, 7.836%, (1-Month LIBOR + 4.25%), due 1/25/31(a)
​ ​ ​ ​ 380,000 ​ ​ ​ ​ ​ 383,537 ​ ​
Series 2021-R02 2M2, 4.997%, (SOFR30A + 2.00%),
due 11/25/41(a)
​ ​ ​ ​ 203,045 ​ ​ ​ ​ ​ 179,743 ​ ​
Freddie Mac STACR Remic Trust 2020-DNA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-DNA2 M2, 5.436%, (1-Month LIBOR + 1.85%), due 2/25/50(a)
​ ​ ​ ​ 56,050 ​ ​ ​ ​ ​ 55,052 ​ ​
Freddie Mac STACR REMIC Trust 2020-DNA6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-DNA6 B1, 5.997%, (SOFR30A + 3.00%),
due 12/25/50(a)
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 389,944 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Collateralized Mortgage Obligations (continued) ​
Mortgage Securities (continued) ​
Freddie Mac STACR REMIC Trust 2021-DNA5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-DNA5 B1, 6.047%, (SOFR30A + 3.05%),
due 1/25/34(a)
​ ​ ​ $ 295,000 ​ ​ ​ ​ $ 256,430 ​ ​
Series 2021-DNA5 M2, 4.647%, (SOFR30A + 1.65%), due 1/25/34(a)
​ ​ ​ ​ 47,106 ​ ​ ​ ​ ​ 45,825 ​ ​
Freddie Mac STACR REMIC Trust 2021-DNA6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-DNA6 B1, 6.397%, (SOFR30A + 3.40%),
due 10/25/41(a)
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 189,200 ​ ​
Freddie Mac STACR REMIC Trust 2021-HQA1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-HQA1 B1, 5.997%, (SOFR30A + 3.00%), due 8/25/33(a)
​ ​ ​ ​ 980,000 ​ ​ ​ ​ ​ 786,775 ​ ​
Series 2021-HQA1 M2, 5.247%, (SOFR30A + 2.25%), due 8/25/33(a)
​ ​ ​ ​ 795,000 ​ ​ ​ ​ ​ 726,917 ​ ​
Freddie Mac STACR REMIC Trust 2021-HQA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-HQA2 B1, 6.147%, (SOFR30A + 3.15%),
due 12/25/33(a)
​ ​ ​ ​ 630,000 ​ ​ ​ ​ ​ 501,697 ​ ​
Series 2021-HQA2 M2, 5.047%, (SOFR30A + 2.05%),
due 12/25/33(a)
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 506,449 ​ ​
Freddie Mac STACR REMIC Trust 2021-HQA3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-HQA3 B1, 6.347%, (SOFR30A + 3.35%), due 9/25/41(a)
​ ​ ​ ​ 945,000 ​ ​ ​ ​ ​ 807,727 ​ ​
Freddie Mac STACR REMIC Trust 2022-DNA1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-DNA1 B1, 6.397%, (SOFR30A + 3.40%), due 1/25/42(a)
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 354,497 ​ ​
Series 2022-DNA1 M1B, 4.847%, (SOFR30A + 1.85%), due 1/25/42(a)
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 139,112 ​ ​
Freddie Mac STACR REMIC Trust 2022-DNA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-DNA2 M1B, 5.397%, (SOFR30A + 2.40%), due 2/25/42(a)
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 390,999 ​ ​
Freddie Mac STACR REMIC Trust 2022-DNA3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-DNA3 M1B, 5.897%, (SOFR30A + 2.90%), due 4/25/42(a)
​ ​ ​ ​ 695,000 ​ ​ ​ ​ ​ 644,613 ​ ​
Freddie Mac STACR Trust 2018-DNA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-DNA2 B1, 7.286%, (1-Month LIBOR + 3.70%), due 12/25/30(a)
​ ​ ​ ​ 585,000 ​ ​ ​ ​ ​ 574,991 ​ ​
Freddie Mac STACR Trust 2019-DNA1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-DNA1 B1, 8.236%, (1-Month LIBOR + 4.65%), due 1/25/49(a)
​ ​ ​ ​ 595,000 ​ ​ ​ ​ ​ 608,089 ​ ​
Freddie Mac STACR Trust 2019-DNA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-DNA2 B1, 7.936%, (1-Month LIBOR + 4.35%), due 3/25/49(a)
​ ​ ​ ​ 755,000 ​ ​ ​ ​ ​ 755,000 ​ ​
Freddie Mac Structured Agency Credit
Risk Debt Notes
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-DNA2 B1, 6.397%, (SOFR30A + 3.40%), due 8/25/33(a)
​ ​ ​ ​ 435,000 ​ ​ ​ ​ ​ 375,087 ​ ​
Series 2021-DNA2 M2, 5.297%, (SOFR30A + 2.30%),
due 8/25/33(a)
​ ​ ​ ​ 455,000 ​ ​ ​ ​ ​ 432,910 ​ ​
​
See notes to financial statements.
31​
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Collateralized Mortgage Obligations (continued) ​
Mortgage Securities (continued) ​
HarborView Mortgage Loan Trust 2005-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2005-2 2A1A, 3.920%, (1-Month
LIBOR + 0.44%), due 5/19/35(a)
​ ​ ​ $ 68,690 ​ ​ ​ ​ $ 60,953 ​ ​
NewRez Warehouse Securitization Trust 2021-1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1 A, 4.336%, (1-Month LIBOR + 0.75%), due 5/25/55(a)
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 440,491 ​ ​
OBX 2019-INV2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-INV2 A5, 4.000%, due 5/27/49(a)(b)
​ ​ ​ ​ 365,215 ​ ​ ​ ​ ​ 338,140 ​ ​
OBX 2022-J1 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-J1 A14, 2.500%, due 2/25/52(a)(b)
​ ​ ​ ​ 251,488 ​ ​ ​ ​ ​ 185,090 ​ ​
STACR Trust 2018-HRP2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-HRP2 B1, 7.786%, (1-Month LIBOR + 4.20%), due 2/25/47(a)
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 305,701 ​ ​
Series 2018-HRP2 M3, 5.986%, (1-Month LIBOR + 2.40%), due 2/25/47(a)
​ ​ ​ ​ 170,393 ​ ​ ​ ​ ​ 164,622 ​ ​
WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2004-AR13 A2B, 4.466%, (1-Month LIBOR + 0.88%), due 11/25/34(a)
​ ​ ​ ​ 58,627 ​ ​ ​ ​ ​ 52,824 ​ ​
WaMu Mortgage Pass-Through Certificates Series 2006-AR9 Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2006-AR9 2A, 2.419%, (12MTA +
1.05%), due 8/25/46(a)
​ ​ ​ ​ 65,310 ​ ​ ​ ​ ​ 56,500 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,664,138 ​ ​
Total Collateralized Mortgage Obligations
(Cost $15,244,733)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,664,138 ​ ​
Commercial Asset-Backed Securities — 8.0% ​
Asset Backed Securities — 8.0% ​
American Credit Acceptance Receivables Trust 2021-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2 D, 1.340%,
due 7/13/27
​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ 576,525 ​ ​
American Credit Acceptance Receivables Trust 2021-3
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-3 D, 1.340%,
due 11/15/27
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 70,197 ​ ​
American Credit Acceptance Receivables Trust 2022-1
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-1 D, 2.460%,
due 3/13/28
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 585,264 ​ ​
AMSR 2020-SFR1 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR1 A, 1.819%, due 4/17/37 
 ​ ​ ​ ​ 579,444 ​ ​ ​ ​ ​ 525,046 ​ ​
AMSR 2020-SFR3 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR3 B, 1.806%, due 9/17/37 
 ​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 584,420 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
AMSR 2020-SFR4 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR4 A, 1.355%, due 11/17/37
​ ​ ​ $ 690,000 ​ ​ ​ ​ $ 603,416 ​ ​
Avis Budget Rental Car Funding AESOP
LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-2A A, 2.020%, due 2/20/27
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 442,138 ​ ​
Series 2021-1A A, 1.380%, due 8/20/27
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 85,194 ​ ​
Series 2021-1A B, 1.630%,
due 8/20/27
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 265,139 ​ ​
BMW Vehicle Lease Trust 2022-1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-1 A3, 1.100%,
due 3/25/25
​ ​ ​ ​ 521,000 ​ ​ ​ ​ ​ 499,644 ​ ​
CarMax Auto Owner Trust 2021-4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-4 A4, 0.820%,
due 4/15/27
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 297,983 ​ ​
Carmax Auto Owner Trust 2022-3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-3 A3, 3.970%,
due 4/15/27
​ ​ ​ ​ 435,000 ​ ​ ​ ​ ​ 424,658 ​ ​
CF Hippolyta Issuer LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1 A2, 1.990%,
due 7/15/60
​ ​ ​ ​ 559,415 ​ ​ ​ ​ ​ 456,577 ​ ​
Series 2020-1 B1, 2.280%,
due 7/15/60
​ ​ ​ ​ 859,500 ​ ​ ​ ​ ​ 737,478 ​ ​
Series 2020-1 B2, 2.600%,
due 7/15/60
​ ​ ​ ​ 521,186 ​ ​ ​ ​ ​ 406,247 ​ ​
Series 2021-1A A1, 1.530%, due 3/15/61
​ ​ ​ ​ 258,679 ​ ​ ​ ​ ​ 221,755 ​ ​
Series 2021-1A B1, 1.980%, due 3/15/61
​ ​ ​ ​ 273,050 ​ ​ ​ ​ ​ 229,322 ​ ​
CPS Auto Receivables Trust 2019-C ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-C E, 4.300%,
due 7/15/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 493,062 ​ ​
CPS Auto Receivables Trust 2020-B ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-B E, 7.380%,
due 6/15/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 504,434 ​ ​
CPS Auto Receivables Trust 2021-C ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-C E, 3.210%,
due 9/15/28
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 352,741 ​ ​
DB Master Finance LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-1A A23, 4.352%, due 5/20/49 
 ​ ​ ​ ​ 111,550 ​ ​ ​ ​ ​ 98,197 ​ ​
Drive Auto Receivables Trust 2021-1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1 D, 1.450%,
due 1/16/29
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 437,257 ​ ​
Drive Auto Receivables Trust 2021-2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2 D, 1.390%,
due 3/15/29
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 76,865 ​ ​
Enterprise Fleet Financing 2022-2 LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-2 A3, 4.790%,
due 5/21/29
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 504,756 ​ ​
FirstKey Homes 2020-SFR1 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR1 A, 1.339%, due 8/17/37 
 ​ ​ ​ ​ 538,694 ​ ​ ​ ​ ​ 475,033 ​ ​
​
See notes to financial statements.
32
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
FirstKey Homes 2020-SFR2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR2 A, 1.266%, due 10/19/37
​ ​ ​ $ 247,702 ​ ​ ​ ​ $ 216,770 ​ ​
FirstKey Homes 2021-SFR1 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-SFR1 B, 1.788%, due 8/17/38 
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 83,550 ​ ​
FirstKey Homes 2021-SFR2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-SFR2 B, 1.607%, due 9/17/38 
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 83,892 ​ ​
Flagship Credit Auto Trust 2020-4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-4 C, 1.280%,
due 2/16/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 95,213 ​ ​
Flagship Credit Auto Trust 2021-2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2 C, 1.270%,
due 6/15/27
​ ​ ​ ​ 285,000 ​ ​ ​ ​ ​ 261,185 ​ ​
Ford Credit Auto Owner Trust 2020-REV2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-2 A, 1.060%,
due 4/15/33
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 87,752 ​ ​
Ford Credit Floorplan Master Owner Trust A
Series 2018-4 A, 4.060%,
due 11/15/30
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 509,182 ​ ​
GLS Auto Receivables Issuer Trust 2021-2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2A D, 1.420%, due 4/15/27
 ​ ​ ​ ​ 430,000 ​ ​ ​ ​ ​ 386,112 ​ ​
GLS Auto Receivables Issuer Trust 2021-3
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-3A D, 1.480%, due 7/15/27
 ​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ 543,593 ​ ​
GLS Auto Receivables Issuer Trust 2021-4
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-4A C, 1.940%, due 10/15/27
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 508,583 ​ ​
GM Financial Revolving Receivables Trust 2021-1
Series 2021-1 A, 1.170%,
due 6/12/34
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 385,390 ​ ​
Hertz Vehicle Financing III LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2A A, 1.680%, due 12/27/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 421,624 ​ ​
Series 2021-2A B, 2.120%, due 12/27/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 84,013 ​ ​
Hertz Vehicle Financing LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A C, 2.050%, due 12/26/25
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 582,083 ​ ​
Home Partners of America 2019-1 Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-1 A, 2.908%,
due 9/17/39
​ ​ ​ ​ 405,154 ​ ​ ​ ​ ​ 361,305 ​ ​
Home Partners of America 2021-2 Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2 B, 2.302%,
due 12/17/26
​ ​ ​ ​ 97,367 ​ ​ ​ ​ ​ 83,377 ​ ​
Navient Private Education Refi Loan Trust 2021-A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-A B, 2.240%,
due 5/15/69
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 67,776 ​ ​
Navient Private Education Refi Loan Trust 2021-E
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-EA B, 2.030%, due 12/16/69
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 61,994 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
New Economy Assets Phase 1 Sponsor LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1 A1, 1.910%, due 10/20/61
 ​ ​ ​ $ 550,000 ​ ​ ​ ​ $ 460,825 ​ ​
PFS Financing Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-D A, 4.270%,
due 8/15/27
 ​ ​ ​ ​ 335,000 ​ ​ ​ ​ ​ 319,401 ​ ​
Progress Residential 2020-SFR3 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR3 A, 1.294%, due 10/17/27
​ ​ ​ ​ 99,714 ​ ​ ​ ​ ​ 88,628 ​ ​
Progress Residential 2022-SFR6 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-SFR6 A, 4.451%, due 7/20/39 
 ​ ​ ​ ​ 335,000 ​ ​ ​ ​ ​ 313,869 ​ ​
Santander Drive Auto Receivables Trust 2020-4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-4 D, 1.480%,
due 1/15/27
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 80,830 ​ ​
Santander Drive Auto Receivables Trust 2021-3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-3 D, 1.330%,
due 9/15/27
​ ​ ​ ​ 555,000 ​ ​ ​ ​ ​ 517,568 ​ ​
Santander Drive Auto Receivables Trust 2022-2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-2 B, 3.440%,
due 9/15/27
​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ 418,860 ​ ​
Santander Revolving Auto Loan Trust 2019-A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-A A, 2.510%,
due 1/26/32
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 515,533 ​ ​
Synchrony Card Funding LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-A1 A, 3.370%, due 4/15/28
 ​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 317,744 ​ ​
Taco Bell Funding LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A A23, 2.542%, due 8/25/51 
 ​ ​ ​ ​ 287,825 ​ ​ ​ ​ ​ 210,094 ​ ​
Tricon American Homes 2020-SFR1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR1 A, 1.499%, due 7/17/38 
 ​ ​ ​ ​ 269,450 ​ ​ ​ ​ ​ 230,453 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,250,547 ​ ​
Total Commercial Asset-Backed Securities
(Cost $19,369,611)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,250,547 ​ ​
Commercial Mortgage-Backed Securities — 6.7% ​
Mortgage Securities — 6.7% ​
Arbor Multifamily Mortgage Securities Trust 2021-MF2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-MF2 A5, 2.513%, due 6/15/54 
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 77,311 ​ ​
Arbor Multifamily Mortgage Securities Trust 2021-MF3
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-MF3 A5, 2.575%, due 10/15/54
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 77,300 ​ ​
BAMLL Commercial Mortgage Securities Trust 2022-DKLX
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-DKLX D, 6.376%, (TSFR1M
+ 3.00%), due 1/15/39(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,342 ​ ​
Series 2022-DKLX E, 7.503%, (TSFR1M +
4.13%), due 1/15/39(a)
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 284,404 ​ ​
​
See notes to financial statements.
33​
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Mortgage-Backed Securities (continued) ​
Mortgage Securities (continued) ​
Bayview Commercial Asset Trust 2006-4
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2006-4A A1, 3.931%, (1-Month
LIBOR + 0.35%), due 12/25/36(a)
​ ​ ​ $ 62,036 ​ ​ ​ ​ $ 56,714 ​ ​
BOCA Commercial Mortgage Trust 2022-BOCA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-BOCA A, 5.145%, (TSFR1M + 1.77%), due 5/15/39(a)
​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 360,089 ​ ​
BX 2021-MFM1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-MFM1 A, 4.112%, (1-Month LIBOR + 0.70%), due 1/15/34(a)
​ ​ ​ ​ 630,000 ​ ​ ​ ​ ​ 603,323 ​ ​
BX Commercial Mortgage Trust 2021-ACNT 
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-ACNT B, 4.663%, (1-Month
LIBOR + 1.25%), due 11/15/38(a)
​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 338,723 ​ ​
Series 2021-ACNT D, 5.263%, (1-Month LIBOR + 1.85%), due 11/15/38(a)
​ ​ ​ ​ 740,000 ​ ​ ​ ​ ​ 695,247 ​ ​
BX Commercial Mortgage Trust 2021-VOLT
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-VOLT C, 4.512%, (1-Month
LIBOR + 1.10%), due 9/15/36(a)
​ ​ ​ ​ 295,000 ​ ​ ​ ​ ​ 272,114 ​ ​
Series 2021-VOLT D, 5.062%, (1-Month
LIBOR + 1.65%), due 9/15/36(a)
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 240,479 ​ ​
Series 2021-VOLT E, 5.412%, (1-Month
LIBOR + 2.00%), due 9/15/36(a)
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 183,860 ​ ​
BX Commercial Mortgage Trust 2021-XL2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-XL2 A, 4.101%, (1-Month LIBOR + 0.69%), due 10/15/38(a)
​ ​ ​ ​ 426,289 ​ ​ ​ ​ ​ 403,201 ​ ​
BX Trust 2018-BILT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-BILT A, 4.212%, (1-Month LIBOR + 0.80%), due 5/15/30(a)
​ ​ ​ ​ 630,000 ​ ​ ​ ​ ​ 606,734 ​ ​
BX Trust 2021-ARIA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-ARIA E, 5.657%, (1-Month
LIBOR + 2.24%), due 10/15/36(a)
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 288,475 ​ ​
BX Trust 2021-LBA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-LBA AJV, 4.213%, (1-Month LIBOR + 0.80%), due 2/15/36(a)
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 150,300 ​ ​
BX Trust 2021-RISE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-RISE C, 4.862%, (1-Month
LIBOR + 1.45%), due 11/15/36(a)
​ ​ ​ ​ 342,000 ​ ​ ​ ​ ​ 319,018 ​ ​
BX Trust 2022-PSB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-PSB C, 7.073%, (TSFR1M +
3.70%), due 8/15/39(a)
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 194,272 ​ ​
Series 2022-PSB D, 8.069%, (TSFR1M +
4.69%), due 8/15/39(a)
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 159,250 ​ ​
BXHPP Trust 2021-FILM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-FILM B, 4.312%, (1-Month
LIBOR + 0.90%), due 8/15/36(a)
​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ 569,664 ​ ​
Series 2021-FILM C, 4.512%, (1-Month
LIBOR + 1.10%), due 8/15/36(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 91,716 ​ ​
Citigroup Commercial Mortgage Trust 2015-GC35
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-GC35 AS, 4.072%, due 11/10/48(a)(b)
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 196,988 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Mortgage-Backed Securities (continued) ​
Mortgage Securities (continued) ​
COMM 2012-CCRE4 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2012-CR4 AM, 3.251%, due 10/15/45
​ ​ ​ $ 185,000 ​ ​ ​ ​ $ 177,697 ​ ​
COMM 2020-SBX Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SBX A, 1.670%, due 1/10/38
 ​ ​ ​ ​ 545,000 ​ ​ ​ ​ ​ 472,753 ​ ​
CSAIL 2015-C3 Commercial Mortgage
Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-C3 A4, 3.718%, due 8/15/48
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,559 ​ ​
CSMC 2020-WEST Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-WEST A, 3.040%, due 2/15/35 
 ​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 622,964 ​ ​
DROP Mortgage Trust 2021-FILE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-FILE A, 4.560%, (1-Month LIBOR + 1.15%), due 10/15/43(a)
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 406,375 ​ ​
Extended Stay America Trust 2021-ESH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-ESH B, 4.793%, (1-Month LIBOR + 1.38%), due 7/15/38(a)
​ ​ ​ ​ 302,620 ​ ​ ​ ​ ​ 287,085 ​ ​
Series 2021-ESH D, 5.663%, (1-Month LIBOR + 2.25%), due 7/15/38(a)
​ ​ ​ ​ 292,858 ​ ​ ​ ​ ​ 276,726 ​ ​
FREMF 2017-K71 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-K71 B, 3.752%, due 11/25/50(a)(b)
​ ​ ​ ​ 505,000 ​ ​ ​ ​ ​ 454,076 ​ ​
FREMF 2019-K99 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K99 B, 3.645%, due 10/25/52(a)(b)
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 64,733 ​ ​
Hawaii Hotel Trust 2019-MAUI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-MAUI A, 4.562%, (1-Month
LIBOR + 1.15%), due 5/15/38(a)
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 230,988 ​ ​
Hudson Yards 2019-30HY Mortgage Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-30HY A, 3.228%, due 7/10/39 
 ​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ 516,348 ​ ​
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-OSB A, 3.397%, due 6/5/39
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 338,418 ​ ​
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-2NU
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2NU A, 1.974%, due 1/5/40
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 319,743 ​ ​
Manhattan West 2020-1MW Mortgage
Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1MW A, 2.130%, due 9/10/39 
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 336,569 ​ ​
Series 2020-1MW D, 2.335%, due 9/10/39(a)(b)
​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 202,149 ​ ​
Multifamily Connecticut Avenue Securities Trust 2019-01
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-01 M10, 6.836%, (1-Month
LIBOR + 3.25%), due 10/25/49(a)
​ ​ ​ ​ 638,294 ​ ​ ​ ​ ​ 588,009 ​ ​
Multifamily Connecticut Avenue Securities Trust 2020-01
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-01 M10, 7.336%, (1-Month
LIBOR + 3.75%), due 3/25/50(a)
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 231,763 ​ ​
​
See notes to financial statements.
34
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Mortgage-Backed Securities (continued) ​
Mortgage Securities (continued) ​
One Bryant Park Trust 2019-OBP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-OBP A, 2.516%, due 9/15/54 
 ​ ​ ​ $ 1,180,000 ​ ​ ​ ​ $ 939,902 ​ ​
SLG Office Trust 2021-OVA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-OVA A, 2.585%, due 7/15/41 
 ​ ​ ​ ​ 1,569,000 ​ ​ ​ ​ ​ 1,220,197 ​ ​
UBS-Barclays Commercial Mortgage Trust 2013-C6
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-C6 B, 3.875%, due 4/10/46(a)(b)
​ ​ ​ ​ 695,000 ​ ​ ​ ​ ​ 672,530 ​ ​
Wells Fargo Commercial Mortgage Trust 2015-NXS4
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-NXS4 A4, 3.718%, due 12/15/48
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,938 ​ ​
Wells Fargo Commercial Mortgage Trust 2018-AUS
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-AUS A, 4.058%, due 8/17/36(a)(b)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,636 ​ ​
WFRBS Commercial Mortgage Trust 2014-C21
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2014-C21 AS, 3.891%, due 8/15/47 
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 471,840 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,372,522 ​ ​
Total Commercial Mortgage-Backed Securities
(Cost $16,266,124)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,372,522 ​ ​
Corporate Bonds — 22.0% ​
Airlines — 1.4% ​
American Airlines 2013-2 Class A Pass Through Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-24.950%, due 1/15/23
​ ​ ​ ​ 63,637 ​ ​ ​ ​ ​ 62,988 ​ ​
American Airlines 2019-1 Class B Pass Through Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-1B3.850%, due 2/15/28
​ ​ ​ ​ 373,640 ​ ​ ​ ​ ​ 303,152 ​ ​
American Airlines 2021-1 Class B Pass Through Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1B3.950%, due 7/11/30
​ ​ ​ ​ 295,000 ​ ​ ​ ​ ​ 230,652 ​ ​
Delta Air Lines Inc / SkyMiles IP Ltd.
4.500%, due 10/20/25
​ ​ ​ ​ 355,000 ​ ​ ​ ​ ​ 345,925 ​ ​
4.750%, due 10/20/28
​ ​ ​ ​ 610,000 ​ ​ ​ ​ ​ 567,475 ​ ​
JetBlue 2019-1 Class AA Pass Through Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-1 AA2.750%,
due 5/15/32
​ ​ ​ ​ 863,556 ​ ​ ​ ​ ​ 685,793 ​ ​
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500%, due 6/20/27
​ ​ ​ ​ 460,750 ​ ​ ​ ​ ​ 455,500 ​ ​
United Airlines 2020-1 Class A Pass-Through Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-15.875%, due 10/15/27
​ ​ ​ ​ 422,855 ​ ​ ​ ​ ​ 408,003 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,059,488 ​ ​
Auto Manufacturers — 1.4% ​
Ford Motor Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 1/15/43
​ ​ ​ ​ 45,000 ​ ​ ​ ​ ​ 31,341 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Auto Manufacturers (continued) ​
Ford Motor Credit Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 8/17/27
​ ​ ​ $ 920,000 ​ ​ ​ ​ $ 817,006 ​ ​
General Motors Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.200%, due 4/1/45
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 158,173 ​ ​
5.600%, due 10/15/32
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 149,750 ​ ​
General Motors Financial Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.350%, due 1/8/31
​ ​ ​ ​ 640,000 ​ ​ ​ ​ ​ 468,525 ​ ​
4.300%, due 4/6/29
​ ​ ​ ​ 475,000 ​ ​ ​ ​ ​ 417,194 ​ ​
Nissan Motor Acceptance Co. LLC ​ ​ ​
1.125%, due 9/16/24
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 303,573 ​ ​
1.850%, due 9/16/26
​ ​ ​ ​ 995,000 ​ ​ ​ ​ ​ 780,625 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,126,187 ​ ​
Banks — 6.4% ​
Bank of America Corp.
2.496%, (3-Month LIBOR + 0.99%), due 2/13/31(a)
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 62,853 ​ ​
2.572%, (SOFR + 1.21%), due 10/20/32(a)
​ ​ ​ ​ 630,000 ​ ​ ​ ​ ​ 475,298 ​ ​
2.687%, (SOFR + 1.32%), due 4/22/32(a)
 ​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ 340,055 ​ ​
3.384%, (SOFR + 1.33%),
due 4/2/26(a)
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 145,613 ​ ​
3.419%, (3-Month LIBOR + 1.04%), due 12/20/28(a)
​ ​ ​ ​ 555,000 ​ ​ ​ ​ ​ 489,931 ​ ​
3.974%, (3-Month LIBOR + 1.21%), due 2/7/30(a)
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 216,674 ​ ​
Bank of New York Mellon Corp. (The)
4.414%, (SOFR + 1.35%), due 7/24/26(a)
 ​ ​ ​ ​ 925,000 ​ ​ ​ ​ ​ 898,424 ​ ​
Citigroup, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.520%, (SOFR + 1.18%), due 11/3/32(a)
​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 381,553 ​ ​
3.980%, (3-Month LIBOR + 1.34%), due 3/20/30(a)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 79,298 ​ ​
4.125%, due 7/25/28
​ ​ ​ ​ 710,000 ​ ​ ​ ​ ​ 639,218 ​ ​
4.267%, (SOFR + 1.28%), due 2/24/28(a)
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 215,012 ​ ​
5.300%, due 5/6/44
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 50,562 ​ ​
Series W4.000%, (5 Year US CMT T-Note + 3.60%), due 3/10/71(a)(c)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 59,045 ​ ​
Series Y4.150%, (5 Year US CMT T-Note + 3.00%), due 2/15/71(a)
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 183,557 ​ ​
Citizens Bank NA/Providence RI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.064%, (SOFR + 1.45%), due 10/24/25(a)
​ ​ ​ ​ 545,000 ​ ​ ​ ​ ​ 548,882 ​ ​
Citizens Financial Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series G4.000%, (5 Year US CMT T-Note + 3.22%), due 10/6/71(a)(c)
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 197,754 ​ ​
Fifth Third Bancorp ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.772%, (SOFR + 2.13%), due 7/28/30(a)
 ​ ​ ​ ​ 860,000 ​ ​ ​ ​ ​ 788,778 ​ ​
First Horizon Bank ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 5/1/30
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 405,427 ​ ​
​
See notes to financial statements.
35​
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Banks (continued) ​
Goldman Sachs Group, Inc. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.948%, (SOFR + 0.91%), due 10/21/27(a)
​ ​ ​ $ 515,000 ​ ​ ​ ​ $ 437,560 ​ ​
3.102%, (SOFR + 1.41%), due 2/24/33(a)
​ ​ ​ ​ 845,000 ​ ​ ​ ​ ​ 661,796 ​ ​
3.500%, due 11/16/26
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 311,792 ​ ​
Series V4.125%, (5 Year US CMT T-Note + 2.95%), due 5/10/71(a)
​ ​ ​ ​ 185,000 ​ ​ ​ ​ ​ 145,225 ​ ​
JPMorgan Chase & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.182%, (SOFR + 1.89%),
due 6/1/28(a)
​ ​ ​ ​ 705,000 ​ ​ ​ ​ ​ 596,369 ​ ​
4.124%, (SOFR + 1.18%), due 2/24/28(a)
​ ​ ​ ​ 220,000 ​ ​ ​ ​ ​ 213,028 ​ ​
4.323%, (SOFR + 1.56%), due 4/26/28(a)
 ​ ​ ​ ​ 640,000 ​ ​ ​ ​ ​ 595,323 ​ ​
Keybank NA/Cleveland OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.150%, due 8/8/25
​ ​ ​ ​ 485,000 ​ ​ ​ ​ ​ 468,364 ​ ​
Morgan Stanley ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.484%, (SOFR + 1.36%), due 9/16/36(a)
​ ​ ​ ​ 695,000 ​ ​ ​ ​ ​ 492,048 ​ ​
2.511%, (SOFR + 1.20%), due 10/20/32(a)
​ ​ ​ ​ 795,000 ​ ​ ​ ​ ​ 598,547 ​ ​
2.630%, (SOFR + 0.94%), due 2/18/26(a)
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 208,534 ​ ​
Santander Holdings USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.400%, due 7/13/27
​ ​ ​ ​ 365,000 ​ ​ ​ ​ ​ 329,850 ​ ​
SVB Financial Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.570%, (SOFR + 1.97%), due 4/29/33(a)
 ​ ​ ​ ​ 365,000 ​ ​ ​ ​ ​ 306,703 ​ ​
Series C4.000%, (5 Year US CMT T-Note + 3.20%), due 8/15/71(a)
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 209,939 ​ ​
Synchrony Bank ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.400%, due 8/22/25
​ ​ ​ ​ 715,000 ​ ​ ​ ​ ​ 691,156 ​ ​
Texas Capital Bancshares, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, (5 Year US CMT T-Note + 3.15%), due 5/6/31(a)
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 207,820 ​ ​
US Bancorp ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.548%, (SOFR + 1.66%), due 7/22/28(a)
​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ 684,466 ​ ​
5.727%, (SOFR + 1.43%), due 10/21/26(a)
​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ 441,220 ​ ​
Wells Fargo & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.897%, (SOFR + 2.10%), due 7/25/33(a)
 ​ ​ ​ ​ 930,000 ​ ​ ​ ​ ​ 850,899 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,628,573 ​ ​
Building Materials — 0.2% ​
Johnson Controls International PLC / Tyco Fire & Security Finance SCA
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.900%, due 12/1/32
​ ​ ​ ​ 430,000 ​ ​ ​ ​ ​ 403,313 ​ ​
Owens Corning ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.400%, due 1/30/48
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 60,510 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 463,823 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​ ​ ​
Corporate Bonds (continued) ​ ​ ​
Chemicals — 0.2% ​ ​ ​
Huntsman International LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 5/1/29
​ ​ ​ $ 370,000 ​ ​ ​ ​ $ 322,266 ​ ​ ​ ​
LYB International Finance III LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.800%, due 10/1/60
​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ 263,025 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 585,291 ​ ​ ​ ​
Commercial Services — 0.3% ​ ​ ​
Carriage Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 5/15/29
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 161,612 ​ ​ ​ ​
Service Corp. International ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/15/30
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 314,817 ​ ​ ​ ​
United Rentals North America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 2/15/31
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 219,685 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 696,114 ​ ​ ​ ​
Computers — 0.8% ​ ​ ​ ​ ​ ​ ​
Apple, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.700%, due 8/5/51
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 351,888 ​ ​ ​ ​
Dell International LLC / EMC Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 12/15/41
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 304,103 ​ ​ ​ ​
4.900%, due 10/1/26
​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 460,719 ​ ​ ​ ​
5.300%, due 10/1/29
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 458,731 ​ ​ ​ ​
5.450%, due 6/15/23
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 27,954 ​ ​ ​ ​
NCR Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.125%, due 9/1/29
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 157,260 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,760,655 ​ ​ ​ ​
Consumer Discretionary — 0.1% ​ ​ ​
Hilton Domestic Operating Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 5/1/25
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 226,550 ​ ​ ​ ​
Diversified Financial Services — 1.3% ​ ​ ​
Air Lease Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 3/1/25
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 428,603 ​ ​ ​ ​
Aircastle Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, (5 Year US CMT T-Note + 4.41%), due 9/15/71(a)
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 314,096 ​ ​ ​ ​
Ally Financial, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.000%, due 11/1/31
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 425,629 ​ ​ ​ ​
Series C4.700%, (7 Year US CMT T-Note + 3.48%), due 8/15/71(a)
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 349,700 ​ ​ ​ ​
Aviation Capital Group LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.950%, due 1/30/26
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 551,279 ​ ​ ​ ​
Capital One Financial Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.247%, (SOFR + 2.60%), due 7/26/30(a)
 ​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 284,033 ​ ​ ​ ​
OneMain Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 1/15/27
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 327,845 ​ ​ ​ ​
4.000%, due 9/15/30
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 184,975 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,866,160 ​ ​ ​ ​
​
​
See notes to financial statements.
36
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Electric — 1.7% ​
AEP Texas, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.450%, due 5/15/51
​ ​ ​ $ 540,000 ​ ​ ​ ​ $ 349,949 ​ ​
4.700%, due 5/15/32
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 227,568 ​ ​
5.250%, due 5/15/52
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 326,916 ​ ​
Baltimore Gas and Electric Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.550%, due 6/1/52
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 347,851 ​ ​
Connecticut Light and Power Co. (The)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/48
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 65,799 ​ ​
Edison International ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series B5.000%, (5 Year US CMT T-Note + 3.90%), due 3/15/71(a)
​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 413,100 ​ ​
Entergy Louisiana LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 9/15/52
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 312,112 ​ ​
National Rural Utilities Cooperative Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.800%, due 1/15/33
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 465,552 ​ ​
Nevada Power Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series GG5.900%, due 5/1/53
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 227,048 ​ ​
NSTAR Electric Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.950%, due 9/15/52
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 187,898 ​ ​
PPL Electric Utilities Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.950%, due 6/1/47
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 163,516 ​ ​
Puget Energy, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.224%, due 3/15/32
​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 460,664 ​ ​
Virginia Electric and Power Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series C4.625%, due 5/15/52
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 415,018 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,962,991 ​ ​
Environmental Control — 0.5% ​
Clean Harbors, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 7/15/27
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 150,566 ​ ​
Covanta Holding Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 12/1/29
​ ​ ​ ​ 495,000 ​ ​ ​ ​ ​ 421,468 ​ ​
Waste Connections, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.200%, due 1/15/32
​ ​ ​ ​ 730,000 ​ ​ ​ ​ ​ 561,645 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,133,679 ​ ​
Food — 0.7% ​
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 1/15/30
​ ​ ​ ​ 515,000 ​ ​ ​ ​ ​ 469,453 ​ ​
5.750%, due 4/1/33
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 414,524 ​ ​
Kraft Heinz Foods Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 5/15/27
​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 28,109 ​ ​
5.000%, due 7/15/35
​ ​ ​ ​ 324,000 ​ ​ ​ ​ ​ 297,467 ​ ​
Smithfield Foods, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/15/30
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 129,185 ​ ​
4.250%, due 2/1/27
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 239,588 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,578,326 ​ ​
Gas — 0.3% ​
Brooklyn Union Gas Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.866%, due 8/5/32
​ ​ ​ ​ 760,000 ​ ​ ​ ​ ​ 681,424 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Home Builders — 0.4% ​
Lennar Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 11/29/27
​ ​ ​ $ 590,000 ​ ​ ​ ​ $ 545,614 ​ ​
Toll Brothers Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.800%, due 11/1/29
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 462,829 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,008,443 ​ ​
Insurance — 0.5% ​
Athene Global Funding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 3/24/28
​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 419,417 ​ ​
Equitable Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.350%, due 4/20/28
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 232,014 ​ ​
Hartford Financial Services Group, Inc.
(The)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series ICON5.030%, (3-Month LIBOR +
2.13%), due 2/12/47(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 41,332 ​ ​
Lincoln National Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.299%, (3-Month LIBOR + 2.36%), due 5/17/66(a)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 38,627 ​ ​
Protective Life Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.450%, due 10/15/39
​ ​ ​ ​ 138,000 ​ ​ ​ ​ ​ 155,339 ​ ​
Prudential Financial, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, (5 Year US CMT T-Note + 3.16%), due 3/1/52(a)
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 272,854 ​ ​
Willis North America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.950%, due 9/15/29
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 64,728 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,224,311 ​ ​
Internet — 0.2% ​
Expedia Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/15/30
​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 419,077 ​ ​
VeriSign, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 7/15/27
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 47,938 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 467,015 ​ ​
Lodging — 0.2% ​
Hilton Domestic Operating Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 1/15/30
​ ​ ​ ​ 84,000 ​ ​ ​ ​ ​ 75,285 ​ ​
Marriott International, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series R3.125%, due 6/15/26
​ ​ ​ ​ 530,000 ​ ​ ​ ​ ​ 483,768 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 559,053 ​ ​
Media — 0.8% ​
Charter Communications Operating
LLC / Charter Communications Operating Capital
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.700%, due 4/1/51
​ ​ ​ ​ 825,000 ​ ​ ​ ​ ​ 494,551 ​ ​
DISH DBS Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 12/1/28
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 334,594 ​ ​
Fox Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.576%, due 1/25/49
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 312,462 ​ ​
Match Group Holdings II LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 10/1/31
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 221,055 ​ ​
Time Warner Cable LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.750%, due 6/15/39
​ ​ ​ ​ 485,000 ​ ​ ​ ​ ​ 429,183 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,791,845 ​ ​
​
​
See notes to financial statements.
37​
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Mining — 0.1% ​
Freeport-McMoRan, Inc. ​ ​ ​
5.450%, due 3/15/43
​ ​ ​ $ 225,000 ​ ​ ​ ​ $ 184,838 ​ ​
Office/Business Equipment — 0.0%(d) ​
CDW LLC / CDW Finance Corp. ​ ​ ​
3.250%, due 2/15/29
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 40,876 ​ ​
Packaging & Containers — 0.4% ​
Berry Global, Inc. ​ ​ ​
4.875%, due 7/15/26
​ ​ ​ ​ 755,000 ​ ​ ​ ​ ​ 709,323 ​ ​
Sealed Air Corp. ​ ​ ​
5.125%, due 12/1/24
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 201,925 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 911,248 ​ ​
Pharmaceuticals — 0.1% ​
Becton Dickinson and Co. ​ ​ ​
4.669%, due 6/6/47
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 62,761 ​ ​
CVS Health Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.780%, due 3/25/38
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 56,417 ​ ​
CVS Pass-Through Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.926%, due 1/10/34
​ ​ ​ ​ 133,457 ​ ​ ​ ​ ​ 127,314 ​ ​
Viatris, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.850%, due 6/22/40
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 31,159 ​ ​
4.000%, due 6/22/50
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 28,985 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 306,636 ​ ​
REITS — 1.4% ​
Alexandria Real Estate Equities, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/15/31
​ ​ ​ ​ 285,000 ​ ​ ​ ​ ​ 234,824 ​ ​
American Homes 4 Rent LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.375%, due 7/15/31
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 313,328 ​ ​
American Tower Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 5/15/24
​ ​ ​ ​ 445,000 ​ ​ ​ ​ ​ 431,219 ​ ​
Digital Realty Trust LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.600%, due 7/1/29
​ ​ ​ ​ 710,000 ​ ​ ​ ​ ​ 611,907 ​ ​
Invitation Homes Operating
Partnership LP
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.000%, due 8/15/31
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 291,321 ​ ​
Iron Mountain, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 9/15/29
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 176,249 ​ ​
5.250%, due 7/15/30
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 241,588 ​ ​
Office Properties Income Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.400%, due 2/1/27
​ ​ ​ ​ 530,000 ​ ​ ​ ​ ​ 364,201 ​ ​
4.500%, due 2/1/25
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 128,879 ​ ​
Starwood Property Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 12/31/24
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 46,742 ​ ​
4.375%, due 1/15/27
​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 476,966 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,317,224 ​ ​
Retail — 0.9% ​
AutoNation, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 6/1/30
​ ​ ​ ​ 515,000 ​ ​ ​ ​ ​ 443,435 ​ ​
Bath & Body Works, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
9.375%, due 7/1/25
​ ​ ​ ​ 121,000 ​ ​ ​ ​ ​ 125,538 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Retail (continued) ​
Lowe’s Cos., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.700%, due 9/15/28
​ ​ ​ $ 540,000 ​ ​ ​ ​ $ 441,574 ​ ​
Nordstrom, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 8/1/31
​ ​ ​ ​ 455,000 ​ ​ ​ ​ ​ 330,330 ​ ​
QVC, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 9/1/28
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 282,750 ​ ​
Starbucks Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.450%, due 8/15/49
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 239,478 ​ ​
Victoria’s Secret & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 7/15/29
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 171,033 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,034,138 ​ ​
Semiconductors — 0.1% ​
Broadcom, Inc. ​ ​ ​
5.000%, due 4/15/30
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 289,959 ​ ​
Software — 0.4% ​
Broadridge Financial Solutions, Inc. ​ ​ ​
2.900%, due 12/1/29
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 271,084 ​ ​
Fidelity National Information Services, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.100%, due 7/15/32
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 188,253 ​ ​
MSCI, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 8/15/33
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 324,680 ​ ​
Oracle Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.650%, due 3/25/41
​ ​ ​ ​ 335,000 ​ ​ ​ ​ ​ 226,862 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,010,879 ​ ​
Telecommunications — 0.7% ​
AT&T, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 9/15/53
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 513,464 ​ ​
Level 3 Financing, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 7/15/29
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 37,987 ​ ​
Sprint Spectrum Co., LLC / Sprint Spectrum Co., II LLC / Sprint Spectrum Co., III LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.738%, due 3/20/25
​ ​ ​ ​ 384,376 ​ ​ ​ ​ ​ 378,951 ​ ​
T-Mobile USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.625%, due 2/15/29
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 119,862 ​ ​
Verizon Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.016%, due 12/3/29
​ ​ ​ ​ 435,000 ​ ​ ​ ​ ​ 392,063 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,442,327 ​ ​
Transportation — 0.4% ​
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 4/20/29
​ ​ ​ ​ 355,000 ​ ​ ​ ​ ​ 323,050 ​ ​
Burlington Northern Santa Fe LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.450%, due 1/15/53
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 335,628 ​ ​
FedEx Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/15/50(c)
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 173,320 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 831,998 ​ ​
​
​
See notes to financial statements.
38
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Water — 0.1% ​
American Water Capital Corp. ​ ​ ​
3.250%, due 6/1/51
​ ​ ​ $ 285,000 ​ ​ ​ ​ $ 187,507 ​ ​
Total Corporate Bonds
(Cost $56,767,719)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50,377,558 ​ ​
Foreign Bonds — 10.1% ​
Airlines — 0.1% ​
British Airways 2021-1 Class A
Pass-Through Trust, (United Kingdom)
 ​ ​ ​
Series 2021-1A A2.900%,
due 3/15/35
​ ​ ​ ​ 407,014 ​ ​ ​ ​ ​ 324,277 ​ ​
Auto Manufacturers — 0.5% ​
BMW US Capital LLC, (Germany) ​ ​ ​
3.450%, due 4/1/27
​ ​ ​ ​ 655,000 ​ ​ ​ ​ ​ 604,390 ​ ​
Volkswagen Group of America Finance
LLC, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.600%, due 6/8/29
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 612,585 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,216,975 ​ ​
Banks — 7.2% ​
Banco Santander SA, (Spain) ​ ​ ​
4.175%, (1 Year US CMT T-Note + 2.00%), due 3/24/28(a)
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 365,818 ​ ​
5.294%, due 8/18/27
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 553,320 ​ ​
Bank of Montreal, (Canada) ​ ​ ​
3.700%, due 6/7/25
​ ​ ​ ​ 380,000 ​ ​ ​ ​ ​ 363,709 ​ ​
Barclays PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, (5 Year US CMT T-Note + 3.41%), due 12/15/70(a)
​ ​ ​ ​ 585,000 ​ ​ ​ ​ ​ 388,270 ​ ​
5.200%, due 5/12/26
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 686,123 ​ ​
8.000%, (5 Year US CMT T-Note + 5.43%), due 12/15/70(a)
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 286,673 ​ ​
BNP Paribas SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.052%, (SOFR + 1.51%), due 1/13/31(a)
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 244,976 ​ ​
4.625%, (5 Year US CMT T-Note + 3.20%), due 7/12/71(a)
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 355,956 ​ ​
4.625%, (5 Year US CMT T-Note + 3.34%), due 8/25/71(a)
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 165,900 ​ ​
7.750%, (5 Year US CMT T-Note + 4.90%), due 2/16/71(a)
​ ​ ​ ​ 220,000 ​ ​ ​ ​ ​ 207,424 ​ ​
BPCE SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.045%, (SOFR + 1.09%), due 10/19/27(a)
​ ​ ​ ​ 1,075,000 ​ ​ ​ ​ ​ 892,867 ​ ​
Canadian Imperial Bank of Commerce, (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.300%, due 4/7/25
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 441,886 ​ ​
Cooperatieve Rabobank UA, (Netherlands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.649%, (1 Year US CMT T-Note + 1.22%), due 4/6/28(a)
​ ​ ​ ​ 870,000 ​ ​ ​ ​ ​ 775,304 ​ ​
Credit Agricole SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, (5 Year US CMT T-Note + 3.24%), due 3/23/71(a)
​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 402,124 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Banks (continued) ​
Credit Suisse Group AG, (Switzerland) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.091%, (SOFR + 1.73%), due 5/14/32(a)
​ ​ ​ $ 435,000 ​ ​ ​ ​ $ 298,362 ​ ​
6.442%, (SOFR + 3.70%), due 8/11/28(a)
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 374,571 ​ ​
Deutsche Bank AG, (Germany) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.729%, (SOFR + 2.76%), due 1/14/32(a)
 ​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 380,386 ​ ​
Deutsche Bank AG/New York NY, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.552%, (SOFR + 1.32%),
due 1/7/28(a)
​ ​ ​ ​ 890,000 ​ ​ ​ ​ ​ 712,498 ​ ​
HSBC Holdings PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.973%, (3-Month LIBOR + 1.61%), due 5/22/30(a)
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 189,589 ​ ​
7.336%, (SOFR + 3.03%), due 11/3/26(a)
 ​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 391,080 ​ ​
Kreditanstalt fuer Wiederaufbau, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 11/20/24
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 182,175 ​ ​
Lloyds Banking Group PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.450%, due 5/8/25
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 91,053 ​ ​
4.582%, due 12/10/25
​ ​ ​ ​ 775,000 ​ ​ ​ ​ ​ 710,335 ​ ​
4.976%, (1 Year US CMT T-Note + 2.30%), due 8/11/33(a)
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 260,955 ​ ​
Macquarie Group Ltd., (Australia) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.871%, (SOFR + 1.53%), due 1/14/33(a)
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 486,976 ​ ​
4.098%, (SOFR + 2.13%), due 6/21/28(a)
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 379,797 ​ ​
Mitsubishi UFJ Financial Group, Inc., (Japan)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.309%, (1 Year US CMT T-Note + 0.95%), due 7/20/32(a)
​ ​ ​ ​ 765,000 ​ ​ ​ ​ ​ 557,801 ​ ​
Mizuho Financial Group, Inc., (Japan) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.261%, (1 Year US CMT T-Note + 1.25%), due 5/22/30(a)
​ ​ ​ ​ 850,000 ​ ​ ​ ​ ​ 706,893 ​ ​
NatWest Group PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.892%, (3-Month LIBOR + 1.75%), due 5/18/29(a)
​ ​ ​ ​ 770,000 ​ ​ ​ ​ ​ 685,957 ​ ​
5.125%, due 5/28/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 146,194 ​ ​
Royal Bank of Canada, (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series G4.402%, (SOFR + 0.71%), due 1/21/27(a)
​ ​ ​ ​ 555,000 ​ ​ ​ ​ ​ 535,028 ​ ​
Societe Generale SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.337%, (1 Year US CMT T-Note + 1.60%), due 1/21/33(a)
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 392,186 ​ ​
4.750%, (5 Year US CMT T-Note + 3.93%), due 11/26/70(a)(c)
​ ​ ​ ​ 435,000 ​ ​ ​ ​ ​ 334,297 ​ ​
5.375%, (5 Year US CMT T-Note + 4.51%), due 5/18/71(a)
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 239,036 ​ ​
Standard Chartered PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, (5 Year US CMT T-Note + 3.81%), due 7/14/71(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 46,707 ​ ​
​
See notes to financial statements.
39​
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Banks (continued) ​
Sumitomo Mitsui Financial Group, Inc., (Japan)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.902%, due 9/17/28
​ ​ ​ $ 865,000 ​ ​ ​ ​ $ 686,300 ​ ​
Swedbank AB, (Sweden) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.356%, due 4/4/25
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 441,996 ​ ​
UBS Group AG, (Switzerland) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.364%, (1 Year US CMT T-Note + 1.08%), due 1/30/27(a)
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 476,648 ​ ​
4.375%, (5 Year US CMT T-Note + 3.31%), due 8/10/71(a)
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 277,860 ​ ​
Westpac Banking Corp., (Australia) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.020%, (5 Year US CMT T-Note + 1.53%), due 11/18/36(a)
​ ​ ​ ​ 635,000 ​ ​ ​ ​ ​ 449,235 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16,564,265 ​ ​
Diversified Financial Services — 1.1% ​
AerCap Ireland Capital DAC / AerCap
Global Aviation Trust, (Ireland)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/29/28
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 161,574 ​ ​
3.300%, due 1/23/23
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 84,567 ​ ​
Avolon Holdings Funding Ltd., (Ireland)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.875%, due 2/15/25
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 470,174 ​ ​
Banco BTG Pactual SA/Cayman Islands, (Brazil)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.750%, due 1/11/26
​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 577,500 ​ ​
Nomura Holdings, Inc., (Japan) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.172%, due 7/14/28
​ ​ ​ ​ 860,000 ​ ​ ​ ​ ​ 680,598 ​ ​
5.099%, due 7/3/25
​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ 430,736 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,405,149 ​ ​
Food — 0.1% ​
MARB Bondco PLC, (Brazil) ​ ​ ​
3.950%, due 1/29/31
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 296,276 ​ ​
Multi-National — 0.2% ​
Inter-American Development Bank, (Supranational)
 ​ ​ ​
0.875%, due 4/3/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 183,157 ​ ​
International Bank for Reconstruction &
Development, (Supranational)
 ​ ​ ​
0.625%, due 4/22/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 181,717 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 364,874 ​ ​
Pharmaceuticals — 0.3% ​
Teva Pharmaceutical Finance Netherlands III BV, (Israel)
 ​ ​ ​
3.150%, due 10/1/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 211,250 ​ ​
4.750%, due 5/9/27
​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 507,437 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 718,687 ​ ​
Savings & Loans — 0.4% ​
Nationwide Building Society, (United Kingdom)
 ​ ​ ​
2.972%, (SOFR + 1.29%), due 2/16/28(a)
 ​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 313,329 ​ ​
4.850%, due 7/27/27
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 568,847 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 882,176 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Telecommunications — 0.2% ​
Altice France SA, (France) ​ ​ ​
5.125%, due 7/15/29
​ ​ ​ $ 565,000 ​ ​ ​ ​ $ 425,544 ​ ​
Total Foreign Bonds
(Cost $26,285,251)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23,198,223 ​ ​
Foreign Government Obligation — 0.1% ​
Chile Government International Bond,
(Chile)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.550%,due 7/27/33
(Cost $374,650)
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 316,020 ​ ​
U.S. Treasury Bonds — 7.6% ​
U.S. Treasury Bond, 3.000%,
due 8/15/52
​ ​ ​ ​ 6,720,000 ​ ​ ​ ​ ​ 5,381,250 ​ ​
U.S. Treasury Bond, 3.375%,
due 8/15/42
​ ​ ​ ​ 13,955,000 ​ ​ ​ ​ ​ 12,038,368 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,419,618 ​ ​
Total U.S. Treasury Bonds
(Cost $19,436,986)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,419,618 ​ ​
U.S. Treasury Notes — 29.1% ​
U.S. Treasury Note, 2.750%, due 8/15/32(c)
 ​ ​ ​ ​ 20,125,000 ​ ​ ​ ​ ​ 18,008,731 ​ ​
U.S. Treasury Note, 4.000%,
due 10/31/29
​ ​ ​ ​ 31,085,000 ​ ​ ​ ​ ​ 30,793,578 ​ ​
U.S. Treasury Note, 4.125%,
due 10/31/27
​ ​ ​ ​ 18,115,000 ​ ​ ​ ​ ​ 18,020,179 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,822,488 ​ ​
Total U.S. Treasury Notes
(Cost $67,307,780)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,822,488 ​ ​
United States Government Agency Mortgage-Backed
Securities — 9.5%		 ​
Mortgage Securities — 9.5% ​
Fannie Mae Pool ​ ​ ​
Series 2021-BT0472, 2.000%, due 7/1/51
​ ​ ​ ​ 90,771 ​ ​ ​ ​ ​ 71,811 ​ ​
Series 2021-FM7685, 3.000%, due 6/1/51
​ ​ ​ ​ 117,387 ​ ​ ​ ​ ​ 100,284 ​ ​
Series 2022-FS0898, 3.000%, due 2/1/52
​ ​ ​ ​ 337,916 ​ ​ ​ ​ ​ 288,227 ​ ​
Series 2022-FS1429, 3.500%, due 4/1/52
​ ​ ​ ​ 795,868 ​ ​ ​ ​ ​ 700,425 ​ ​
Series 2022-FS2058, 4.000%, due 6/1/52
​ ​ ​ ​ 739,968 ​ ​ ​ ​ ​ 673,393 ​ ​
Series 2022-MA4626, 4.000%, due 6/1/52
​ ​ ​ ​ 1,826,739 ​ ​ ​ ​ ​ 1,662,731 ​ ​
Series 2022-MA4644, 4.000%, due 5/1/52
​ ​ ​ ​ 940,369 ​ ​ ​ ​ ​ 856,042 ​ ​
Series 2022-MA4655, 4.000%, due 7/1/52
​ ​ ​ ​ 1,217,661 ​ ​ ​ ​ ​ 1,108,336 ​ ​
Series 2022-MA4709, 5.000%, due 7/1/52
​ ​ ​ ​ 333,075 ​ ​ ​ ​ ​ 321,466 ​ ​
Fannie Mae REMICS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2016-57, 2.464%,
due 6/25/46(a)(h)
​ ​ ​ ​ 605,352 ​ ​ ​ ​ ​ 56,722 ​ ​
​
See notes to financial statements.
40
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency Mortgage-Backed
Securities (continued)		 ​
Mortgage Securities (continued) ​
Series 2019-32, 2.464%,
due 6/25/49(a)(h)
​ ​ ​ $ 1,347,601 ​ ​ ​ ​ $ 119,893 ​ ​
Series 2020-49, 1.750%,
due 7/25/50
​ ​ ​ ​ 158,302 ​ ​ ​ ​ ​ 123,145 ​ ​
Series 2021-10, 2.500%,
due 3/25/51(h)
​ ​ ​ ​ 304,468 ​ ​ ​ ​ ​ 46,571 ​ ​
Series 2021-12, 2.500%,
due 3/25/51(h)
​ ​ ​ ​ 455,864 ​ ​ ​ ​ ​ 69,408 ​ ​
Series 2021-34, 0.311%, due 11/25/42(a)(h)
​ ​ ​ ​ 2,459,794 ​ ​ ​ ​ ​ 70,431 ​ ​
Series 2021-34, 2.500%,
due 3/25/51(h)
​ ​ ​ ​ 785,831 ​ ​ ​ ​ ​ 102,880 ​ ​
Series 2021-40, 2.364%,
due 9/25/47(a)(h)
​ ​ ​ ​ 856,077 ​ ​ ​ ​ ​ 74,989 ​ ​
Series 2021-54, 2.500%,
due 6/25/51(h)
​ ​ ​ ​ 216,635 ​ ​ ​ ​ ​ 27,021 ​ ​
Series 2021-8, 3.500%,
due 3/25/51(h)
​ ​ ​ ​ 811,209 ​ ​ ​ ​ ​ 162,967 ​ ​
Series 2022-5, 0.000%(g), due 2/25/52(a)(h)
​ ​ ​ ​ 379,845 ​ ​ ​ ​ ​ 1,565 ​ ​
Freddie Mac Pool ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 7/1/52
​ ​ ​ ​ 399,506 ​ ​ ​ ​ ​ 351,523 ​ ​
4.000%, due 9/1/52
​ ​ ​ ​ 479,028 ​ ​ ​ ​ ​ 436,314 ​ ​
4.500%, due 11/1/52
​ ​ ​ ​ 2,415,000 ​ ​ ​ ​ ​ 2,267,397 ​ ​
Series 2019-SD8030, 3.000%, due 12/1/49
​ ​ ​ ​ 229,855 ​ ​ ​ ​ ​ 196,858 ​ ​
Series 2022-SD8215, 4.000%, due 5/1/52
​ ​ ​ ​ 974,353 ​ ​ ​ ​ ​ 886,585 ​ ​
Freddie Mac REMICS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-4990, 2.500%, due 7/25/50(h)
​ ​ ​ ​ 587,874 ​ ​ ​ ​ ​ 81,448 ​ ​
Series 2020-5021, 0.553%, due 10/25/50(a)(h)
​ ​ ​ ​ 895,232 ​ ​ ​ ​ ​ 30,596 ​ ​
Series 2020-5031, 2.500%, due 10/25/50(h)
​ ​ ​ ​ 565,584 ​ ​ ​ ​ ​ 87,807 ​ ​
Series 2020-5036, 3.500%, due 11/25/50(h)
​ ​ ​ ​ 671,749 ​ ​ ​ ​ ​ 139,868 ​ ​
Series 2020-5038, 2.500%, due 10/25/50(h)
​ ​ ​ ​ 559,059 ​ ​ ​ ​ ​ 92,633 ​ ​
Series 2020-5038, 1.500%, due 11/25/50
​ ​ ​ ​ 369,548 ​ ​ ​ ​ ​ 278,994 ​ ​
Series 2020-5040, 3.500%, due 11/25/50(h)
​ ​ ​ ​ 536,957 ​ ​ ​ ​ ​ 91,820 ​ ​
Series 2021-5070, 3.000%,
due 8/25/50(h)
​ ​ ​ ​ 947,980 ​ ​ ​ ​ ​ 156,777 ​ ​
Series 2021-5149, 2.500%, due 10/25/51(h)
​ ​ ​ ​ 1,838,346 ​ ​ ​ ​ ​ 246,929 ​ ​
Series 2021-5187, 0.000%(g),
due 1/25/52(a)
​ ​ ​ ​ 684,784 ​ ​ ​ ​ ​ 3,463 ​ ​
Series 2022-5191, 3.500%,
due 9/25/50(h)
​ ​ ​ ​ 1,047,098 ​ ​ ​ ​ ​ 181,223 ​ ​
Series 2022-5200, 0.503%, due 2/25/52(a)(h)
​ ​ ​ ​ 756,434 ​ ​ ​ ​ ​ 21,753 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency Mortgage-Backed
Securities (continued)		 ​
Mortgage Securities (continued) ​
Freddie Mac Strips ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-311, 0.000%, due 8/15/43(e)(i)
​ ​ ​ $ 186,150 ​ ​ ​ ​ $ 134,894 ​ ​
Series 2013-311, 2.538%, due 8/15/43(a)(h)
​ ​ ​ ​ 564,776 ​ ​ ​ ​ ​ 49,543 ​ ​
Series 2017-358, 3.500%,
due 10/15/47(h)
​ ​ ​ ​ 340,356 ​ ​ ​ ​ ​ 56,805 ​ ​
FREMF 2017-K056 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-K65, 4.077%, due 7/25/50(a)(b)
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 254,113 ​ ​
FREMF 2018-K733 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-K73, 3.855%, due 2/25/51(a)(b)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,107 ​ ​
FREMF 2018-K77 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-K77, 4.161%, due 5/25/51(a)(b)
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 220,036 ​ ​
FREMF 2018-K78 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-K78, 4.128%, due 6/25/51(a)(b)
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 18,263 ​ ​
Series 2018-K78, 4.128%, due 6/25/51(a)(b)
​ ​ ​ ​ 182,000 ​ ​ ​ ​ ​ 163,938 ​ ​
FREMF 2018-K79 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-K79, 4.211%, due 7/25/51(a)(b)
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 18,223 ​ ​
FREMF 2018-K80 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-K80, 4.231%, due 8/25/50(a)(b)
​ ​ ​ ​ 323,000 ​ ​ ​ ​ ​ 290,444 ​ ​
FREMF 2018-K86 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-K86, 4.294%, due 11/25/51(a)(b)
​ ​ ​ ​ 625,000 ​ ​ ​ ​ ​ 557,214 ​ ​
FREMF 2019-K102 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K102, 3.531%, due 12/25/51(a)(b)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 71,011 ​ ​
FREMF 2019-K103 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K103, 3.455%, due 12/25/51(a)(b)
​ ​ ​ ​ 255,000 ​ ​ ​ ​ ​ 216,775 ​ ​
FREMF 2019-K90 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K90, 4.316%, due 2/25/52(a)(b)
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 373,823 ​ ​
FREMF 2019-K94 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K94, 3.966%, due 7/25/52(a)(b)
​ ​ ​ ​ 395,000 ​ ​ ​ ​ ​ 348,016 ​ ​
Series 2019-K94, 3.966%, due 7/25/52(a)(b)
​ ​ ​ ​ 470,000 ​ ​ ​ ​ ​ 403,596 ​ ​
FREMF 2019-K95 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K95, 3.921%, due 8/25/52(a)(b)
​ ​ ​ ​ 535,000 ​ ​ ​ ​ ​ 461,204 ​ ​
FREMF 2019-K98 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K98, 3.738%, due 10/25/52(a)(b)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 72,622 ​ ​
FREMF 2020-K104 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-K104, 3.540%, due 2/25/52(a)(b)
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 263,658 ​ ​
​
See notes to financial statements.
41​
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency Mortgage-Backed
Securities (continued)		 ​
Mortgage Securities (continued) ​
Government National Mortgage Association
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-136, 3.500%, due 11/20/49(a)
​ ​ ​ $ 428,913 ​ ​ ​ ​ $ 374,988 ​ ​
Series 2019-136, 0.000%(g),
due 11/20/49(a)(h)
​ ​ ​ ​ 887,751 ​ ​ ​ ​ ​ 2,337 ​ ​
Series 2019-145, 3.500%, due 11/20/49(a)
​ ​ ​ ​ 540,581 ​ ​ ​ ​ ​ 470,335 ​ ​
Series 2020-176, 2.000%,
due 11/20/50(h)
​ ​ ​ ​ 675,382 ​ ​ ​ ​ ​ 74,688 ​ ​
Series 2020-5, 3.500%,
due 1/20/50(a)
​ ​ ​ ​ 230,332 ​ ​ ​ ​ ​ 199,661 ​ ​
Series 2020-5, 0.000%(g),
due 1/20/50(a)(h)
​ ​ ​ ​ 462,408 ​ ​ ​ ​ ​ 2,216 ​ ​
Series 2021-116, 2.500%,
due 7/20/51(h)
​ ​ ​ ​ 1,229,765 ​ ​ ​ ​ ​ 192,706 ​ ​
Series 2021-122, 3.000%, due 7/20/51(a)
​ ​ ​ ​ 829,602 ​ ​ ​ ​ ​ 698,170 ​ ​
Series 2021-122, 0.000%(g),
due 7/20/51(a)(h)
​ ​ ​ ​ 1,383,796 ​ ​ ​ ​ ​ 11,863 ​ ​
Series 2021-125, 3.170%, due 7/20/51(a)
​ ​ ​ ​ 569,825 ​ ​ ​ ​ ​ 504,424 ​ ​
Series 2021-149, 2.500%,
due 8/20/51(h)
​ ​ ​ ​ 938,300 ​ ​ ​ ​ ​ 133,211 ​ ​
Series 2021-156, 2.500%,
due 9/20/51(h)
​ ​ ​ ​ 1,053,414 ​ ​ ​ ​ ​ 102,514 ​ ​
Series 2021-158, 0.780%, due 9/20/51(a)(h)
​ ​ ​ ​ 1,066,943 ​ ​ ​ ​ ​ 45,354 ​ ​
Series 2021-214, 0.000%(g),
due 12/20/51(a)(h)
​ ​ ​ ​ 16,683,212 ​ ​ ​ ​ ​ 59,793 ​ ​
Series 2021-41, 2.000%, due 10/20/50(a)(h)
​ ​ ​ ​ 1,240,331 ​ ​ ​ ​ ​ 142,701 ​ ​
Series 2021-42, 2.500%,
due 3/20/51(h)
​ ​ ​ ​ 679,489 ​ ​ ​ ​ ​ 72,921 ​ ​
Series 2021-83, 2.500%,
due 5/20/51(a)
​ ​ ​ ​ 940,335 ​ ​ ​ ​ ​ 786,364 ​ ​
Series 2021-96, 3.220%,
due 6/20/51(a)
​ ​ ​ ​ 592,890 ​ ​ ​ ​ ​ 522,971 ​ ​
Series 2021-97, 3.000%,
due 6/20/51(a)
​ ​ ​ ​ 249,614 ​ ​ ​ ​ ​ 219,088 ​ ​
Series 2021-97, 2.500%,
due 8/20/49(h)
​ ​ ​ ​ 1,490,227 ​ ​ ​ ​ ​ 162,228 ​ ​
Series 2022-1, 2.500%,
due 6/20/50(h)
​ ​ ​ ​ 208,884 ​ ​ ​ ​ ​ 29,566 ​ ​
Series 2022-19, 0.166%, due 1/20/52(a)(h)
​ ​ ​ ​ 1,830,882 ​ ​ ​ ​ ​ 18,092 ​ ​
Series 2022-24, 0.086%, due 2/20/52(a)(h)
​ ​ ​ ​ 9,134,358 ​ ​ ​ ​ ​ 88,276 ​ ​
Series 2022-29, 3.420%,
due 7/20/51(a)
​ ​ ​ ​ 252,219 ​ ​ ​ ​ ​ 224,687 ​ ​
Series 2022-34, 1.180%,
due 2/20/52(a)(h)
​ ​ ​ ​ 2,495,654 ​ ​ ​ ​ ​ 88,760 ​ ​
Series 2022-6, 0.220%,
due 1/20/52(a)(h)
​ ​ ​ ​ 286,841 ​ ​ ​ ​ ​ 4,152 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency Mortgage-Backed
Securities (continued)		 ​
Mortgage Securities (continued) ​
Series 2022-6, 3.280%,
due 1/20/52(a)
​ ​ ​ $ 286,841 ​ ​ ​ ​ $ 256,026 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21,742,672 ​ ​
Total United States Government Agency Mortgage-Backed Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $23,306,385)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  21,742,672 ​ ​
​
​ ​ ​
Shares
 ​ ​ ​ ​ ​ ​ ​
Short-Term Investment — 0.0%(d) ​
Money Market Fund — 0.0%(d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
BlackRock Liquidity Funds Treasury Trust
Fund Portfolio, Institutional Class, 2.92%(f)
(Cost $107,862)
​ ​ ​ ​ 107,862 ​ ​ ​ ​
​
107,862
 ​ ​
Total Investments — 99.5%
(Cost $244,467,101)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 228,271,648 ​ ​
Other Assets and Liabilities, Net — 0.5%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,060,574 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 229,332,222 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2022.
​
(b)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(c)
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 $18,773,147; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $19,393,289.
​
(d)
Less than 0.05%.
​
(e)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(f)
Reflects the 7-day yield at October 31, 2022.
​
(g)
Less than 0.0005%
​
(h)
Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.
​
(i)
Principal only security. A principal only security is the principal only portion of a fixed income security, which is separated and sold individually from the interest portion of the security.
​
Abbreviations
​ CMT ​ ​ — ​ ​ Constant Maturity Treasury Index ​
​ FREMF ​ ​ — ​ ​ Freddie MAC Multifamily Securities ​
​ LIBOR ​ ​ — ​ ​ London InterBank Offered Rate ​
​ SOFR ​ ​ — ​ ​ Secured Financing Overnight Rate ​
​
See notes to financial statements.
42
Schedule of Investments — IQ MacKay ESG Core Plus Bond ETF (continued)
​
October 31, 2022 (unaudited)
Open futures contracts outstanding at October 31, 2022:
Type
​ ​
Broker
​ ​
Expiration
Date
​ ​
Number of
Contracts
Purchased
(Sold)
​ ​
Notional
Value at
Trade
Date
​ ​
Notional
Value at
October 31,
2022
​ ​
Unrealized
Appreciation
(Depreciation)
​
U.S. 10 Ultra (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
 ​ ​ ​ ​ 79 ​ ​ ​ ​ $ 9,854,335 ​ ​ ​ ​ $ 9,162,766 ​ ​ ​ ​ $ (691,568) ​ ​
U.S. 10 Year Note (CBT)
 ​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
 ​ ​ ​ ​ 14 ​ ​ ​ ​ ​ 1,636,938 ​ ​ ​ ​ ​ 1,548,312 ​ ​ ​ ​ ​ (88,626) ​ ​
U.S. 5 Year Note (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
 ​ ​ ​ ​ 31 ​ ​ ​ ​ ​ 3,446,880 ​ ​ ​ ​ ​ 3,304,406 ​ ​ ​ ​ ​ (142,474) ​ ​
U.S. Ultra Bond (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
 ​ ​ ​ ​ 47 ​ ​ ​ ​ ​ 6,970,392 ​ ​ ​ ​ ​ 5,999,844 ​ ​ ​ ​ ​ (970,548) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,893,216) ​ ​
​
CBT — Chicago Board of Trade
Cash posted as collateral to broker for futures contracts was $597,250 at October 31, 2022.
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. 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:(j) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Collateralized Mortgage Obligations
​ ​ ​ $ — ​ ​ ​ ​ $ 14,664,138 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 14,664,138 ​ ​
Commercial Asset-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,250,547 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,250,547 ​ ​
Commercial Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 15,372,522 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 15,372,522 ​ ​
Corporate Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 50,377,558 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 50,377,558 ​ ​
Foreign Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 23,198,223 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 23,198,223 ​ ​
Foreign Government Obligation
​ ​ ​ ​ — ​ ​ ​ ​ ​ 316,020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 316,020 ​ ​
U.S. Treasury Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,419,618 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,419,618 ​ ​
U.S. Treasury Notes
​ ​ ​ ​ — ​ ​ ​ ​ ​ 66,822,488 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 66,822,488 ​ ​
United States Government Agency Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 21,742,672 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 21,742,672 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 107,862 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 107,862 ​ ​
Total Investments in Securities
​ ​ ​ $ 107,862 ​ ​ ​ ​ $ 228,163,786 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 228,271,648 ​ ​
Liability Valuation Inputs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Other Financial Instruments:(k) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts
​ ​ ​ $ (1,893,216) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (1,893,216) ​ ​
​
(j)
For a complete listing of investments and their states, see the Schedule of Investments.
​
(k)
Reflects the unrealized appreciation (depreciation) of the instruments.
​
For the period ended October 31, 2022 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.
See notes to financial statements.
43​
Schedule of Investments — IQ MacKay ESG High Income ETF 
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Long-Term Bonds — 95.2% ​
Corporate Bonds — 80.4% ​
Advertising — 0.8% ​
Lamar Media Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/30
​ ​ ​ $ 107,000 ​ ​ ​ ​ $ 90,855 ​ ​
Outfront Media Capital LLC / Outfront Media Capital Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 1/15/29
​ ​ ​ ​ 122,000 ​ ​ ​ ​ ​ 100,650 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 191,505 ​ ​
Aerospace & Defense — 1.8% ​
Howmet Aerospace, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.900%, due 2/1/27
​ ​ ​ ​ 209,000 ​ ​ ​ ​ ​ 205,242 ​ ​
TransDigm, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 1/15/29
​ ​ ​ ​ 82,000 ​ ​ ​ ​ ​ 69,825 ​ ​
4.875%, due 5/1/29
​ ​ ​ ​ 106,000 ​ ​ ​ ​ ​ 90,127 ​ ​
6.250%, due 3/15/26
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 88,777 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 453,971 ​ ​
Agriculture — 1.0% ​
Darling Ingredients, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 4/15/27
​ ​ ​ ​ 267,000 ​ ​ ​ ​ ​ 256,320 ​ ​
Airlines — 1.3% ​
Delta Air Lines, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/19/28
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 66,899 ​ ​
7.375%, due 1/15/26
​ ​ ​ ​ 62,000 ​ ​ ​ ​ ​ 63,301 ​ ​
United Airlines, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/15/26
​ ​ ​ ​ 97,000 ​ ​ ​ ​ ​ 88,528 ​ ​
4.625%, due 4/15/29
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 98,358 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 317,086 ​ ​
Auto Manufacturers — 1.8% ​
Ford Motor Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/12/32
​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 108,869 ​ ​
Ford Motor Credit Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.815%, due 11/2/27
​ ​ ​ ​ 128,000 ​ ​ ​ ​ ​ 109,946 ​ ​
4.000%, due 11/13/30
​ ​ ​ ​ 136,000 ​ ​ ​ ​ ​ 109,994 ​ ​
4.950%, due 5/28/27
​ ​ ​ ​ 132,000 ​ ​ ​ ​ ​ 120,841 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 449,650 ​ ​
Auto Parts & Equipment — 1.0% ​
Clarios Global LP / Clarios US Finance Co.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 5/15/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 241,875 ​ ​
Building Materials — 0.8% ​
CP Atlas Buyer, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, due 12/1/28
​ ​ ​ ​ 281,000 ​ ​ ​ ​ ​ 202,320 ​ ​
Chemicals — 1.7% ​
Avient Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.125%, due 8/1/30
​ ​ ​ ​ 112,000 ​ ​ ​ ​ ​ 107,102 ​ ​
Olin Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/30
​ ​ ​ ​ 104,000 ​ ​ ​ ​ ​ 94,120 ​ ​
5.625%, due 8/1/29
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 89,281 ​ ​
Olympus Water US Holding Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 10/1/28
​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 138,820 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 429,323 ​ ​
Commercial Services — 6.3% ​
ADT Security Corp. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 8/1/29
​ ​ ​ ​ 99,000 ​ ​ ​ ​ ​ 84,893 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Commercial Services (continued) ​
AMN Healthcare, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/15/29
​ ​ ​ $ 79,000 ​ ​ ​ ​ $ 67,978 ​ ​
APX Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.750%, due 2/15/27
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 263,386 ​ ​
Avis Budget Car Rental LLC / Avis Budget
Finance, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 3/1/29
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 86,627 ​ ​
Brink’s Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 10/15/27
​ ​ ​ ​ 71,000 ​ ​ ​ ​ ​ 65,649 ​ ​
Gartner, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 7/1/28
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 111,208 ​ ​
HealthEquity, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 10/1/29
​ ​ ​ ​ 79,000 ​ ​ ​ ​ ​ 69,026 ​ ​
Herc Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 7/15/27
​ ​ ​ ​ 76,000 ​ ​ ​ ​ ​ 71,915 ​ ​
Hertz Corp. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 12/1/26
​ ​ ​ ​ 116,000 ​ ​ ​ ​ ​ 98,890 ​ ​
5.000%, due 12/1/29
​ ​ ​ ​ 134,000 ​ ​ ​ ​ ​ 106,148 ​ ​
Prime Security Services Borrower LLC / Prime Finance, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/31/27
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 138,479 ​ ​
Service Corp. International ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/15/30
​ ​ ​ ​ 124,000 ​ ​ ​ ​ ​ 100,096 ​ ​
United Rentals North America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 5/15/27
​ ​ ​ ​ 251,000 ​ ​ ​ ​ ​ 244,899 ​ ​
Williams Scotsman International, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 8/15/28
​ ​ ​ ​ 72,000 ​ ​ ​ ​ ​ 65,027 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,574,221 ​ ​
Computers — 1.5% ​
Seagate HDD Cayman ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.091%, due 6/1/29
​ ​ ​ ​ 177,000 ​ ​ ​ ​ ​ 141,747 ​ ​
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 6/1/25
​ ​ ​ ​ 248,000 ​ ​ ​ ​ ​ 243,715 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 385,462 ​ ​
Diversified Financial Services — 2.9% ​
Nationstar Mortgage Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 8/15/28
​ ​ ​ ​ 262,000 ​ ​ ​ ​ ​ 212,511 ​ ​
5.750%, due 11/15/31
​ ​ ​ ​ 128,000 ​ ​ ​ ​ ​ 98,191 ​ ​
OneMain Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.625%, due 1/15/28
​ ​ ​ ​ 221,000 ​ ​ ​ ​ ​ 200,763 ​ ​
PennyMac Financial Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 2/15/29
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 106,050 ​ ​
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 3/1/29
​ ​ ​ ​ 137,000 ​ ​ ​ ​ ​ 106,175 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 723,690 ​ ​
Electric — 0.5% ​
Calpine Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 2/15/28
​ ​ ​ ​ 141,000 ​ ​ ​ ​ ​ 126,716 ​ ​
Electrical Component & Equipment — 0.4% ​
Energizer Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 6/15/28
​ ​ ​ ​ 129,000 ​ ​ ​ ​ ​ 107,111 ​ ​
​
​
See notes to financial statements.
44
Schedule of Investments — IQ MacKay ESG High Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​ ​ ​
Corporate Bonds (continued) ​ ​ ​
Entertainment — 4.4% ​ ​ ​
Caesars Entertainment, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 10/15/29
​ ​ ​ $ 171,000 ​ ​ ​ ​ $ 136,800 ​ ​ ​ ​
CDI Escrow Issuer, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 4/1/30
​ ​ ​ ​ 126,000 ​ ​ ​ ​ ​ 113,716 ​ ​ ​ ​
Churchill Downs, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 1/15/28
​ ​ ​ ​ 138,000 ​ ​ ​ ​ ​ 121,953 ​ ​ ​ ​
Mohegan Gaming & Entertainment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.000%, due 2/1/26
​ ​ ​ ​ 264,000 ​ ​ ​ ​ ​ 222,692 ​ ​ ​ ​
Premier Entertainment Sub LLC / Premier
Entertainment Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.625%, due 9/1/29
​ ​ ​ ​ 309,000 ​ ​ ​ ​ ​ 228,660 ​ ​ ​ ​
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.625%, due 3/1/30
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 103,126 ​ ​ ​ ​
Six Flags Entertainment Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 4/15/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,000 ​ ​ ​ ​
Wynn Resorts Finance LLC / Wynn Resorts
Capital Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 10/1/29
​ ​ ​ ​ 102,000 ​ ​ ​ ​ ​ 81,137 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,098,084 ​ ​ ​ ​
Food — 3.0% ​ ​ ​
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 1/15/27
​ ​ ​ ​ 213,000 ​ ​ ​ ​ ​ 197,389 ​ ​ ​ ​
B&G Foods, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 9/15/27
​ ​ ​ ​ 218,000 ​ ​ ​ ​ ​ 182,874 ​ ​ ​ ​
Performance Food Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 8/1/29
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 101,662 ​ ​ ​ ​
Post Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 4/15/30
​ ​ ​ ​ 133,000 ​ ​ ​ ​ ​ 112,227 ​ ​ ​ ​
5.500%, due 12/15/29
​ ​ ​ ​ 81,000 ​ ​ ​ ​ ​ 72,894 ​ ​ ​ ​
US Foods, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 6/1/30
​ ​ ​ ​ 108,000 ​ ​ ​ ​ ​ 93,692 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 760,738 ​ ​ ​ ​
Food Service — 0.5% ​ ​ ​
Aramark Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/28
​ ​ ​ ​ 151,000 ​ ​ ​ ​ ​ 137,577 ​ ​ ​ ​
Healthcare-Products — 1.1% ​ ​ ​
Hologic, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 2/1/28
​ ​ ​ ​ 167,000 ​ ​ ​ ​ ​ 156,145 ​ ​ ​ ​
Teleflex, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 11/15/27
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 127,217 ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 283,362 ​ ​ ​ ​ ​ ​
Healthcare-Services — 5.0% ​ ​ ​ ​ ​ ​ ​
Centene Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.450%, due 7/15/28
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 102,813 ​ ​ ​ ​
2.500%, due 3/1/31
​ ​ ​ ​ 94,000 ​ ​ ​ ​ ​ 72,145 ​ ​ ​ ​
3.000%, due 10/15/30
​ ​ ​ ​ 27,000 ​ ​ ​ ​ ​ 21,735 ​ ​ ​ ​
4.250%, due 12/15/27
​ ​ ​ ​ 163,000 ​ ​ ​ ​ ​ 150,368 ​ ​ ​ ​
4.625%, due 12/15/29
​ ​ ​ ​ 124,000 ​ ​ ​ ​ ​ 112,220 ​ ​ ​ ​
Encompass Health Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 2/1/30
​ ​ ​ ​ 76,000 ​ ​ ​ ​ ​ 64,790 ​ ​ ​ ​
5.750%, due 9/15/25
​ ​ ​ ​ 219,000 ​ ​ ​ ​ ​ 217,006 ​ ​ ​ ​
IQVIA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/15/27
​ ​ ​ ​ 96,000 ​ ​ ​ ​ ​ 91,476 ​ ​ ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Healthcare-Services (continued) ​
Syneos Health, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 1/15/29
​ ​ ​ $ 93,000 ​ ​ ​ ​ $ 77,021 ​ ​
Tenet Healthcare Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 6/1/29
​ ​ ​ ​ 127,000 ​ ​ ​ ​ ​ 106,998 ​ ​
4.625%, due 6/15/28
​ ​ ​ ​ 149,000 ​ ​ ​ ​ ​ 130,747 ​ ​
6.125%, due 6/15/30
​ ​ ​ ​ 131,000 ​ ​ ​ ​ ​ 120,931 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,268,250 ​ ​
Home Builders — 0.9% ​
Beazer Homes USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.250%, due 10/15/29
​ ​ ​ ​ 92,000 ​ ​ ​ ​ ​ 76,130 ​ ​
Meritage Homes Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 4/15/29
​ ​ ​ ​ 86,000 ​ ​ ​ ​ ​ 69,118 ​ ​
Tri Pointe Homes, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.700%, due 6/15/28
​ ​ ​ ​ 79,000 ​ ​ ​ ​ ​ 68,444 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 213,692 ​ ​
Insurance — 0.3% ​
Global Atlantic Fin Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.700%, (5 Year US CMT T-Note + 3.80%), due 10/15/51(a)
​ ​ ​ ​ 96,000 ​ ​ ​ ​ ​ 70,713 ​ ​
Internet — 1.2% ​
Cogent Communications Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 5/1/26
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 76,713 ​ ​
Match Group Holdings II LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 8/1/30
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 98,041 ​ ​
Uber Technologies, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 8/15/29
​ ​ ​ ​ 158,000 ​ ​ ​ ​ ​ 135,438 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 310,192 ​ ​
Leisure Time — 2.9% ​
NCL Corp Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 3/15/26
​ ​ ​ ​ 107,000 ​ ​ ​ ​ ​ 87,606 ​ ​
5.875%, due 2/15/27
​ ​ ​ ​ 107,000 ​ ​ ​ ​ ​ 95,498 ​ ​
7.750%, due 2/15/29
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 167,292 ​ ​
Royal Caribbean Cruises Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 7/1/26
​ ​ ​ ​ 346,000 ​ ​ ​ ​ ​ 275,087 ​ ​
5.500%, due 8/31/26
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 114,464 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 739,947 ​ ​
Media — 6.8% ​
Cable One, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/30
​ ​ ​ ​ 96,000 ​ ​ ​ ​ ​ 78,134 ​ ​
CCO Holdings LLC / CCO Holdings Capital Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 2/1/31
​ ​ ​ ​ 119,000 ​ ​ ​ ​ ​ 94,010 ​ ​
4.250%, due 1/15/34
​ ​ ​ ​ 121,000 ​ ​ ​ ​ ​ 88,935 ​ ​
4.500%, due 8/15/30
​ ​ ​ ​ 96,000 ​ ​ ​ ​ ​ 77,910 ​ ​
4.500%, due 5/1/32
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 122,450 ​ ​
4.750%, due 3/1/30
​ ​ ​ ​ 133,000 ​ ​ ​ ​ ​ 111,773 ​ ​
Directv Financing LLC / Directv Financing
Co-Obligor, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 8/15/27
​ ​ ​ ​ 197,000 ​ ​ ​ ​ ​ 177,418 ​ ​
iHeartCommunications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.375%, due 5/1/27
​ ​ ​ ​ 261,000 ​ ​ ​ ​ ​ 234,454 ​ ​
Nexstar Media, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 11/1/28
​ ​ ​ ​ 131,000 ​ ​ ​ ​ ​ 114,966 ​ ​
​
See notes to financial statements.
45​
Schedule of Investments — IQ MacKay ESG High Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Media (continued) ​
Sirius XM Radio, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 9/1/31
​ ​ ​ $ 84,000 ​ ​ ​ ​ $ 67,200 ​ ​
4.000%, due 7/15/28
​ ​ ​ ​ 107,000 ​ ​ ​ ​ ​ 91,985 ​ ​
4.125%, due 7/1/30
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 73,646 ​ ​
TEGNA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 3/15/26
​ ​ ​ ​ 262,000 ​ ​ ​ ​ ​ 254,511 ​ ​
Univision Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 5/1/29
​ ​ ​ ​ 139,000 ​ ​ ​ ​ ​ 117,021 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,704,413 ​ ​
Mining — 1.5% ​
Arconic Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.125%, due 2/15/28
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 145,294 ​ ​
Novelis Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 11/15/26
​ ​ ​ ​ 102,000 ​ ​ ​ ​ ​ 89,274 ​ ​
4.750%, due 1/30/30
​ ​ ​ ​ 163,000 ​ ​ ​ ​ ​ 138,476 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 373,044 ​ ​
Office/Business Equipment — 1.1% ​
Xerox Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.800%, due 5/15/24
​ ​ ​ ​ 139,000 ​ ​ ​ ​ ​ 132,461 ​ ​
Xerox Holdings Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 8/15/28
​ ​ ​ ​ 177,000 ​ ​ ​ ​ ​ 139,830 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 272,291 ​ ​
Oil & Gas — 7.9% ​
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
9.000%, due 11/1/27
​ ​ ​ ​ 201,000 ​ ​ ​ ​ ​ 245,220 ​ ​
Callon Petroleum Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.375%, due 7/1/26
​ ​ ​ ​ 87,000 ​ ​ ​ ​ ​ 83,427 ​ ​
7.500%, due 6/15/30
​ ​ ​ ​ 103,000 ​ ​ ​ ​ ​ 97,829 ​ ​
8.000%, due 8/1/28
​ ​ ​ ​ 81,000 ​ ​ ​ ​ ​ 80,701 ​ ​
CNX Resources Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 1/15/29
​ ​ ​ ​ 88,000 ​ ​ ​ ​ ​ 82,147 ​ ​
Laredo Petroleum, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.750%, due 7/31/29
​ ​ ​ ​ 126,000 ​ ​ ​ ​ ​ 119,700 ​ ​
10.125%, due 1/15/28
​ ​ ​ ​ 67,000 ​ ​ ​ ​ ​ 65,828 ​ ​
Occidental Petroleum Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.900%, due 8/15/24
​ ​ ​ ​ 272,000 ​ ​ ​ ​ ​ 261,717 ​ ​
5.550%, due 3/15/26
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 111,650 ​ ​
7.500%, due 5/1/31
​ ​ ​ ​ 81,000 ​ ​ ​ ​ ​ 87,075 ​ ​
8.875%, due 7/15/30
​ ​ ​ ​ 112,000 ​ ​ ​ ​ ​ 127,120 ​ ​
Range Resources Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 2/15/30
​ ​ ​ ​ 76,000 ​ ​ ​ ​ ​ 67,185 ​ ​
Rockcliff Energy II LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 10/15/29
​ ​ ​ ​ 89,000 ​ ​ ​ ​ ​ 79,266 ​ ​
Southwestern Energy Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 3/15/30
​ ​ ​ ​ 114,000 ​ ​ ​ ​ ​ 105,450 ​ ​
7.750%, due 10/1/27
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 200,591 ​ ​
Sunoco LP / Sunoco Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 3/15/28
​ ​ ​ ​ 117,000 ​ ​ ​ ​ ​ 111,381 ​ ​
Tap Rock Resources LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, due 10/1/26
​ ​ ​ ​ 76,000 ​ ​ ​ ​ ​ 70,958 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,997,245 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Oil & Gas Services — 2.0% ​
Archrock Partners LP / Archrock Partners
Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 4/1/28
​ ​ ​ $ 127,000 ​ ​ ​ ​ $ 118,097 ​ ​
6.875%, due 4/1/27
​ ​ ​ ​ 127,000 ​ ​ ​ ​ ​ 120,967 ​ ​
USA Compression Partners LP / USA Compression Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.875%, due 4/1/26
​ ​ ​ ​ 112,000 ​ ​ ​ ​ ​ 107,505 ​ ​
6.875%, due 9/1/27
​ ​ ​ ​ 163,000 ​ ​ ​ ​ ​ 155,665 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 502,234 ​ ​
Packaging & Containers — 0.7% ​
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 8/15/26
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 81,700 ​ ​
Mauser Packaging Solutions Holding Co.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 4/15/24
​ ​ ​ ​ 91,000 ​ ​ ​ ​ ​ 89,180 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 170,880 ​ ​
Pharmaceuticals — 1.5% ​
Elanco Animal Health, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.400%, due 8/28/28
​ ​ ​ ​ 133,000 ​ ​ ​ ​ ​ 118,984 ​ ​
PRA Health Sciences, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.875%, due 7/15/26
​ ​ ​ ​ 284,000 ​ ​ ​ ​ ​ 255,953 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 374,937 ​ ​
Pipelines — 3.5% ​
Cheniere Energy Partners LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 10/1/29
​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 123,613 ​ ​
Cheniere Energy, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 10/15/28
​ ​ ​ ​ 87,000 ​ ​ ​ ​ ​ 80,258 ​ ​
CNX Midstream Partners LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 4/15/30
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 98,700 ​ ​
EnLink Midstream LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.625%, due 1/15/28
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 86,261 ​ ​
Genesis Energy LP / Genesis Energy Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.750%, due 2/1/28
​ ​ ​ ​ 291,000 ​ ​ ​ ​ ​ 277,541 ​ ​
Venture Global Calcasieu Pass LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 8/15/29
​ ​ ​ ​ 137,000 ​ ​ ​ ​ ​ 117,478 ​ ​
Western Midstream Operating LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 8/15/28
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 83,025 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 866,876 ​ ​
REITS — 2.0% ​
Iron Mountain Information Management
Services, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/32
​ ​ ​ ​ 79,000 ​ ​ ​ ​ ​ 65,151 ​ ​
Iron Mountain, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 2/15/31
​ ​ ​ ​ 88,000 ​ ​ ​ ​ ​ 71,280 ​ ​
5.250%, due 7/15/30
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 94,909 ​ ​
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 5/15/29
​ ​ ​ ​ 107,000 ​ ​ ​ ​ ​ 91,238 ​ ​
SBA Communications Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.125%, due 2/1/29
​ ​ ​ ​ 124,000 ​ ​ ​ ​ ​ 100,221 ​ ​
XHR LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 6/1/29
​ ​ ​ ​ 84,000 ​ ​ ​ ​ ​ 72,467 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 495,266 ​ ​
​
​
See notes to financial statements.
46
Schedule of Investments — IQ MacKay ESG High Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Retail — 5.9% ​
Arko Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 11/15/29
​ ​ ​ $ 108,000 ​ ​ ​ ​ $ 85,508 ​ ​
Asbury Automotive Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 3/1/30
​ ​ ​ ​ 126,000 ​ ​ ​ ​ ​ 103,224 ​ ​
Bath & Body Works, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.950%, due 3/1/33
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 247,020 ​ ​
Foot Locker, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/1/29
​ ​ ​ ​ 112,000 ​ ​ ​ ​ ​ 85,621 ​ ​
Group 1 Automotive, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/28
​ ​ ​ ​ 122,000 ​ ​ ​ ​ ​ 100,332 ​ ​
Lithia Motors, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 1/15/31
​ ​ ​ ​ 124,000 ​ ​ ​ ​ ​ 100,679 ​ ​
Macy’s Retail Holdings LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.125%, due 3/15/32
​ ​ ​ ​ 99,000 ​ ​ ​ ​ ​ 82,256 ​ ​
Nordstrom, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/1/30
​ ​ ​ ​ 103,000 ​ ​ ​ ​ ​ 79,053 ​ ​
QVC, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.850%, due 4/1/24
​ ​ ​ ​ 93,000 ​ ​ ​ ​ ​ 89,066 ​ ​
Sonic Automotive, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 11/15/29
​ ​ ​ ​ 112,000 ​ ​ ​ ​ ​ 87,687 ​ ​
4.875%, due 11/15/31
​ ​ ​ ​ 94,000 ​ ​ ​ ​ ​ 70,916 ​ ​
White Cap Parent LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.250%, due 3/15/26
​ ​ ​ ​ 243,000 ​ ​ ​ ​ ​ 205,335 ​ ​
Yum! Brands, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 1/31/32
​ ​ ​ ​ 167,000 ​ ​ ​ ​ ​ 142,790 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,479,487 ​ ​
Software — 2.7% ​
Fair Isaac Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/15/26
​ ​ ​ ​ 249,000 ​ ​ ​ ​ ​ 246,435 ​ ​
MSCI, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/29
​ ​ ​ ​ 196,000 ​ ​ ​ ​ ​ 170,191 ​ ​
PTC, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 2/15/25
​ ​ ​ ​ 157,000 ​ ​ ​ ​ ​ 149,626 ​ ​
4.000%, due 2/15/28
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 122,274 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 688,526 ​ ​
Telecommunications — 2.0% ​
Frontier Communications Holdings LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/28
​ ​ ​ ​ 253,000 ​ ​ ​ ​ ​ 221,375 ​ ​
5.875%, due 10/15/27
​ ​ ​ ​ 158,000 ​ ​ ​ ​ ​ 145,333 ​ ​
Level 3 Financing, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 7/15/29
​ ​ ​ ​ 166,000 ​ ​ ​ ​ ​ 126,117 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 492,825 ​ ​
Transportation — 1.7% ​
First Student Bidco, Inc. / First Transit Parent, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/31/29
​ ​ ​ ​ 223,000 ​ ​ ​ ​ ​ 181,210 ​ ​
XPO Logistics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 5/1/25
​ ​ ​ ​ 255,000 ​ ​ ​ ​ ​ 257,602 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 438,812 ​ ​
Total Corporate Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $20,146,650)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20,198,641 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds — 14.8% ​
Aerospace & Defense — 1.1% ​
Bombardier, Inc., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.875%, due 4/15/27
​ ​ ​ $ 288,000 ​ ​ ​ ​ $ 273,522 ​ ​
Banks — 1.4% ​
Intesa Sanpaolo SpA, (Italy) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.710%, due 1/15/26
​ ​ ​ ​ 83,000 ​ ​ ​ ​ ​ 77,317 ​ ​
UniCredit SpA, (Italy) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.296%, (USD 5 Year Swap + 4.91%), due 4/2/34(a)
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 279,985 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 357,302 ​ ​
Beverages — 0.4% ​
Primo Water Holdings, Inc., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/30/29
​ ​ ​ ​ 137,000 ​ ​ ​ ​ ​ 114,788 ​ ​
Chemicals — 1.4% ​
INEOS Quattro Finance 2 PLC, (United Kingdom)
 ​ ​ ​
3.375%, due 1/15/26
​ ​ ​ ​ 139,000 ​ ​ ​ ​ ​ 117,555 ​ ​
SPCM SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.125%, due 3/15/27
​ ​ ​ ​ 264,000 ​ ​ ​ ​ ​ 231,990 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 349,545 ​ ​
Commercial Services — 1.0% ​
Ritchie Bros Auctioneers, Inc., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 1/15/25
​ ​ ​ ​ 246,000 ​ ​ ​ ​ ​ 242,310 ​ ​
Electric — 0.8% ​
Electricite de France SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.625%, (USD 10 Year Swap + 3.04%), due 7/22/71(a)
​ ​ ​ ​ 243,000 ​ ​ ​ ​ ​ 213,687 ​ ​
Environmental Control — 0.3% ​
GFL Environmental, Inc., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 9/1/28
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 76,304 ​ ​
Forest Products & Paper — 0.4% ​
Ahlstrom-Munksjo Holding 3 Oy, (Finland)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 2/4/28
​ ​ ​ ​ 123,000 ​ ​ ​ ​ ​ 97,922 ​ ​
Home Builders — 1.6% ​
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 6/15/29
​ ​ ​ ​ 328,000 ​ ​ ​ ​ ​ 247,059 ​ ​
Mattamy Group Corp., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/15/27
​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 146,111 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 393,170 ​ ​
Machinery-Diversified — 0.8% ​
Husky III Holding Ltd., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
13.000%, due 2/15/25
​ ​ ​ ​ 223,000 ​ ​ ​ ​ ​ 203,773 ​ ​
Media — 2.4% ​
UPC Broadband Finco BV, (Netherlands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 7/15/31
​ ​ ​ ​ 104,000 ​ ​ ​ ​ ​ 87,332 ​ ​
Virgin Media Finance PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/30
​ ​ ​ ​ 98,000 ​ ​ ​ ​ ​ 78,536 ​ ​
Virgin Media Secured Finance PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 5/15/29
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 122,677 ​ ​
​
See notes to financial statements.
47​
Schedule of Investments — IQ MacKay ESG High Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Media (continued) ​
Virgin Media Vendor Financing Notes IV DAC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/28
​ ​ ​ $ 79,000 ​ ​ ​ ​ $ 67,261 ​ ​
VZ Secured Financing BV, (Netherlands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/15/32
​ ​ ​ ​ 114,000 ​ ​ ​ ​ ​ 90,868 ​ ​
Ziggo Bond Co. BV, (Netherlands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 2/28/30
​ ​ ​ ​ 83,000 ​ ​ ​ ​ ​ 65,771 ​ ​
Ziggo BV, (Netherlands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 1/15/30
​ ​ ​ ​ 101,000 ​ ​ ​ ​ ​ 84,775 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 597,220 ​ ​
Retail — 0.6% ​
1011778 BC ULC / New Red Finance, Inc.,
(Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/15/30
​ ​ ​ ​ 202,000 ​ ​ ​ ​ ​ 164,883 ​ ​
Software — 0.6% ​
Open Text Corp., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 12/1/29
​ ​ ​ ​ 179,000 ​ ​ ​ ​ ​ 141,858 ​ ​
Telecommunications — 2.0% ​
Telecom Italia Capital SA, (Italy) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.721%, due 6/4/38
​ ​ ​ ​ 306,000 ​ ​ ​ ​ ​ 243,270 ​ ​
Vmed O2 UK Financing I PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 7/15/31
​ ​ ​ ​ 149,000 ​ ​ ​ ​ ​ 120,401 ​ ​
Vodafone Group PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, (USD 5 Year Swap + 4.87%), due 4/4/79(a)
​ ​ ​ ​ 148,000 ​ ​ ​ ​ ​ 140,600 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 504,271 ​ ​
Total Foreign Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $3,749,097)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,730,555 ​ ​
​
​ ​ ​
Shares
​ ​
Value
​
Short-Term Investment — 2.3% ​ ​ ​
Money Market Fund — 2.3% ​ ​ ​
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 2.92%(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $576,905)
 ​ ​ ​
​
576,905
 ​ ​ ​ ​ $ 576,905 ​ ​
Total Investments — 97.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $24,472,652)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 24,506,101 ​ ​
Other Assets and Liabilities,
Net — 2.5%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 617,535 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 25,123,636 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2022.
​
(b)
Reflects the 7-day yield at October 31, 2022.
​
Abbreviation
​ CMT ​ ​ — ​ ​ Constant Maturity Treasury Index ​
​
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. 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:(c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Corporate Bonds
​ ​ ​ $ — ​ ​ ​ ​ $ 20,198,641 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 20,198,641 ​ ​
Foreign Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,730,555 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,730,555 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 576,905 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 576,905 ​ ​
Total Investments in Securities
​ ​ ​ $ 576,905 ​ ​ ​ ​ $ 23,929,196 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 24,506,101 ​ ​
​
(c)
For a complete listing of investments and their states, see the Schedule of Investments.
​
For the period ended October 31, 2022 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.
See notes to financial statements.
48
Schedule of Investments — IQ MacKay Multi-Sector Income ETF 
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Long-Term Bonds —  98.2% ​
Collateralized Mortgage Obligations — 7.2% ​
Mortgage Securities — 7.2% ​
Fannie Mae Connecticut Avenue Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-C04 2M2, 6.436%,
(1-Month LIBOR + 2.85%),
due 11/25/29(a)
 ​ ​ ​ $ 66,709 ​ ​ ​ ​ $ 67,397 ​ ​
Series 2017-C07 1B1, 7.586%,
(1-Month LIBOR + 4.00%),
due 5/25/30(a)
 ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 121,275 ​ ​
Series 2018-C01 1B1, 7.136%,
(1-Month LIBOR + 3.55%),
due 7/25/30(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,691 ​ ​
Series 2018-C03 1B1, 7.336%,
(1-Month LIBOR + 3.75%),
due 10/25/30(a)
 ​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 172,868 ​ ​
Series 2018-C04 2B1, 8.086%,
(1-Month LIBOR + 4.50%),
due 12/25/30(a)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,861 ​ ​
Series 2018-C05 1B1, 7.836%,
(1-Month LIBOR + 4.25%),
due 1/25/31(a)
 ​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 85,791 ​ ​
Series 2018-C06 1M2, 5.586%,
(1-Month LIBOR + 2.00%),
due 3/25/31(a)
 ​ ​ ​ ​ 40,282 ​ ​ ​ ​ ​ 40,120 ​ ​
Fannie Mae REMICS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2016-57 SN, 2.464%,
(1-Month LIBOR + 6.05%),
due 6/25/46(a)(g)
​ ​ ​ ​ 84,382 ​ ​ ​ ​ ​ 7,907 ​ ​
Series 2019-32 SB, 2.464%,
(1-Month LIBOR + 6.05%),
due 6/25/49(a)(g)
​ ​ ​ ​ 74,584 ​ ​ ​ ​ ​ 6,635 ​ ​
Series 2020-49 PB, 1.750%,
due 7/25/50
 ​ ​ ​ ​ 43,533 ​ ​ ​ ​ ​ 33,865 ​ ​
Series 2021-34 MI, 2.500%,
due 3/25/51(g)
​ ​ ​ ​ 89,809 ​ ​ ​ ​ ​ 11,758 ​ ​
Freddie Mac REMICS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-5036, 3.500%,
due 11/25/50(g)
​ ​ ​ ​ 72,622 ​ ​ ​ ​ ​ 15,121 ​ ​
Series 2020-5040, 3.500%,
due 11/25/50(g)
​ ​ ​ ​ 72,075 ​ ​ ​ ​ ​ 12,325 ​ ​
Freddie Mac STACR REMIC Trust 2020-DNA6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-DNA6 M2, 4.997%,
(SOFR + 2.00%), due 12/25/50(a)
 ​ ​ ​ ​ 90,390 ​ ​ ​ ​ ​ 88,898 ​ ​
Freddie Mac STACR REMIC Trust 2021-HQA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-HQA2 B1, 6.147%,
(SOFR + 3.15%), due 12/25/33(a)
 ​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 71,671 ​ ​
Freddie Mac STACR REMIC Trust 2021-HQA3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-HQA3 B1, 6.347%,
(SOFR + 3.35%), due 9/25/41(a)
 ​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 76,926 ​ ​
Series 2021-HQA3 M2, 5.097%,
(SOFR + 2.10%), due 9/25/41(a)
 ​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 76,557 ​ ​
Freddie Mac STACR REMIC Trust 2022-DNA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-DNA2 M1B, 5.397%,
(SOFR + 2.40%), due 2/25/42(a)
 ​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 59,800 ​ ​
Freddie Mac STACR REMIC Trust 2022-DNA3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-DNA3 M1B, 5.897%,
(SOFR + 2.90%), due 4/25/42(a)
 ​ ​ ​ ​ 128,000 ​ ​ ​ ​ ​ 118,720 ​ ​
Freddie Mac STACR Trust 2019-DNA1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-DNA1 B1, 8.236%,
(1-Month LIBOR + 4.65%),
due 1/25/49(a)
 ​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 71,540 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Collateralized Mortgage Obligations (continued) ​
Mortgage Securities (continued) ​
Freddie Mac STACR Trust 2019-DNA2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-DNA2 B1, 7.936%,
(1-Month LIBOR + 4.35%),
due 3/25/49(a)
 ​ ​ ​ $ 95,000 ​ ​ ​ ​ $ 95,000 ​ ​
Freddie Mac Strips ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-311, 0.000%,
due 8/15/43(b)(h)
​ ​ ​ ​ 18,073 ​ ​ ​ ​ ​ 13,096 ​ ​
Series 2013-311 S1, 2.538%,
(1-Month LIBOR + 5.95%),
due 8/15/43(a)(g)
​ ​ ​ ​ 71,388 ​ ​ ​ ​ ​ 6,262 ​ ​
Government National Mortgage Association
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-136 YS, 0.000%(f),
(1-Month LIBOR + 2.83%),
due 11/20/49(a)(g)
​ ​ ​ ​ 49,874 ​ ​ ​ ​ ​ 131 ​ ​
Series 2020-5 AF, 3.500%,
(1-Month LIBOR + 0.68%),
due 1/20/50(a)
 ​ ​ ​ ​ 34,899 ​ ​ ​ ​ ​ 30,252 ​ ​
Series 2021-136 SB, 0.280%,
(SOFR + 3.20%),
due 8/20/51(a)(g)
​ ​ ​ ​ 314,822 ​ ​ ​ ​ ​ 7,911 ​ ​
Series 2021-41 FS, 2.000%,
(SOFR + 0.20%),
due 10/20/50(a)(g)
​ ​ ​ ​ 74,944 ​ ​ ​ ​ ​ 8,623 ​ ​
Series 2021-57 AI, 2.000%,
due 2/20/51(g)
​ ​ ​ ​ 113,943 ​ ​ ​ ​ ​ 11,955 ​ ​
Series 2021-96 FG, 3.220%,
(SOFR + 0.30%),
due 6/20/51(a)
 ​ ​ ​ ​ 82,226 ​ ​ ​ ​ ​ 72,529 ​ ​
J.P. Morgan Mortgage Trust 2022-INV3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-INV3 A3B, 3.000%,
due 9/25/52(a)(c)
 ​ ​ ​ ​ 93,570 ​ ​ ​ ​ ​ 75,086 ​ ​
OBX 2019-INV2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-INV2 A5, 4.000%,
due 5/27/49(a)(c)
 ​ ​ ​ ​ 30,228 ​ ​ ​ ​ ​ 27,987 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,663,558 ​ ​
Total Collateralized Mortgage Obligations
(Cost $1,732,392)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,663,558 ​ ​
Commercial Asset-Backed Securities — 8.1% ​
Asset Backed Securities — 8.1% ​
AMSR 2020-SFR2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR2 A, 1.632%,
due 7/17/37
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,748 ​ ​
CF Hippolyta Issuer LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1 A1, 1.690%,
due 7/15/60
 ​ ​ ​ ​ 91,436 ​ ​ ​ ​ ​ 80,383 ​ ​
Series 2021-1A A1, 1.530%,
due 3/15/61
 ​ ​ ​ ​ 95,807 ​ ​ ​ ​ ​ 82,131 ​ ​
DB Master Finance LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-1A A23, 4.352%,
due 5/20/49
 ​ ​ ​ $ 97,000 ​ ​ ​ ​ $ 85,389 ​ ​
Drive Auto Receivables Trust 2021-2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2 D, 1.390%,
due 3/15/29
 ​ ​ ​ ​ 76,000 ​ ​ ​ ​ ​ 68,727 ​ ​
Enterprise Fleet Financing 2022-2 LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-2 A3, 4.790%,
due 5/21/29
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,069 ​ ​
​
See notes to financial statements.
49​
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
FirstKey Homes 2020-SFR2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-SFR2 A, 1.266%,
due 10/19/37
 ​ ​ ​ $ 118,897 ​ ​ ​ ​ $ 104,049 ​ ​
Flagship Credit Auto Trust 2020-3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-3 D, 2.500%,
due 9/15/26
 ​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 105,596 ​ ​
Hertz Vehicle Financing III LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2A C, 2.520%,
due 12/27/27
 ​ ​ ​ ​ 140,000 ​ ​ ​ ​ ​ 115,436 ​ ​
Hertz Vehicle Financing LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A A, 1.210%,
due 12/26/25
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,856 ​ ​
Hilton Grand Vacations Trust 2019-A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-AA B, 2.540%,
due 7/25/33
 ​ ​ ​ ​ 46,864 ​ ​ ​ ​ ​ 43,590 ​ ​
Home Partners of America 2021-2 Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2 A, 1.901%,
due 12/17/26
 ​ ​ ​ ​ 119,093 ​ ​ ​ ​ ​ 101,316 ​ ​
MVW 2021-1W LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1WA B, 1.440%,
due 1/22/41
 ​ ​ ​ ​ 70,313 ​ ​ ​ ​ ​ 63,704 ​ ​
Navient Private Education Refi Loan Trust
2021-A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-A A, 0.840%,
due 5/15/69
 ​ ​ ​ ​ 81,146 ​ ​ ​ ​ ​ 68,542 ​ ​
New Economy Assets Phase 1 Sponsor LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1 A1, 1.910%,
due 10/20/61
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 83,786 ​ ​
PFS Financing Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-A A, 2.470%,
due 2/15/27
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,397 ​ ​
Series 2022-D A, 4.270%,
due 8/15/27
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 95,344 ​ ​
Series 2022-D B, 4.900%,
due 8/15/27
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,561 ​ ​
Progress Residential 2021-SFR1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-SFR1 A, 1.052%,
due 4/17/38
 ​ ​ ​ ​ 99,912 ​ ​ ​ ​ ​ 84,119 ​ ​
Progress Residential 2021-SFR4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-SFR4 A, 1.558%,
due 5/17/38
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 86,739 ​ ​
Santander Drive Auto Receivables Trust 2021-4
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-4 D, 1.670%,
due 10/15/27
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,191 ​ ​
Taco Bell Funding LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A A23, 2.542%,
due 8/25/51
​ ​ ​ ​ 59,550 ​ ​ ​ ​ ​ 43,468 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,870,141 ​ ​
Total Commercial Asset-Backed Securities (Cost $1,963,679)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,870,141 ​ ​
Commercial Mortgage-Backed Securities — 8.1% ​
Mortgage Securities — 8.1% ​
BAMLL Commercial Mortgage Securities
Trust 2022-DKLX
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-DKLX C, 5.526%,
(TSFR1M + 2.15%),
due 1/15/39(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,808 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Mortgage-Backed Securities (continued) ​
Mortgage Securities (continued) ​
BX Commercial Mortgage Trust 2020-VIV2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-VIV2 C, 3.542%,
due 3/9/44(a)(c)
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 74,275 ​ ​
BX Commercial Mortgage Trust 2020-VIVA
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-VIVA D, 3.549%,
due 3/11/44(a)(c)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 72,321 ​ ​
BX Commercial Mortgage Trust 2021-21M
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-21M C, 4.589%,
(1-Month LIBOR + 1.18%),
due 10/15/36(a)
​ ​ ​ ​ 74,501 ​ ​ ​ ​ ​ 68,750 ​ ​
BX Commercial Mortgage Trust 2021-ACNT
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-ACNT B, 4.663%,
(1-Month LIBOR + 1.25%),
due 11/15/38(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,090 ​ ​
BX Commercial Mortgage Trust 2021-VOLT
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-VOLT E, 5.412%,
(1-Month LIBOR + 2.00%),
due 9/15/36(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 91,930 ​ ​
BX Trust 2018-GW ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-GW A, 4.212%,
(1-Month LIBOR + 0.80%),
due 5/15/35(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 96,572 ​ ​
BX Trust 2021-ARIA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-ARIA E, 5.657%,
(1-Month LIBOR + 2.24%),
due 10/15/36(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,148 ​ ​
BX Trust 2021-RISE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-RISE B, 4.662%,
(1-Month LIBOR + 1.25%),
due 11/15/36(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,630 ​ ​
Series 2021-RISE C, 4.862%,
(1-Month LIBOR + 1.45%),
due 11/15/36(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,280 ​ ​
BX Trust 2022-PSB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-PSB D, 8.069%,
(TSFR1M + 4.69%),
due 8/15/39(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,531 ​ ​
BXHPP Trust 2021-FILM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-FILM B, 4.312%,
(1-Month LIBOR + 0.90%),
due 8/15/36(a)
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 120,417 ​ ​
CSMC 2020-WEST Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-WEST A, 3.040%,
due 2/15/35
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 77,870 ​ ​
FREMF 2017-K71 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-K71 B, 3.752%,
due 11/25/50(a)(c)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 89,916 ​ ​
FREMF 2019-K99 Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-K99 B, 3.645%,
due 10/25/52(a)(c)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 86,311 ​ ​
Hudson Yards 2019-30HY Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-30HY A, 3.228%,
due 7/10/39
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 83,959 ​ ​
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-OSB A, 3.397%,
due 6/5/39
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 84,605 ​ ​
​
See notes to financial statements.
50
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Mortgage-Backed Securities (continued) ​
Mortgage Securities (continued) ​
Manhattan West 2020-1MW Mortgage Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1MW A, 2.130%,
due 9/10/39
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 84,142 ​ ​
Multifamily Connecticut Avenue Securities Trust 2019-01
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-01 M10, 6.836%,
(1-Month LIBOR + 3.25%),
due 10/25/49(a)
​ ​ ​ ​ 95,984 ​ ​ ​ ​ ​ 88,422 ​ ​
Multifamily Connecticut Avenue Securities Trust 2020-01
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-01 M10, 7.336%,
(1-Month LIBOR + 3.75%),
due 3/25/50(a)
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 32,447 ​ ​
One Bryant Park Trust 2019-OBP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-OBP A, 2.516%,
due 9/15/54
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 79,653 ​ ​
SLG Office Trust 2021-OVA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-OVA A, 2.585%,
due 7/15/41
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 77,769 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,875,846 ​ ​
Total Commercial Mortgage-Backed Securities
(Cost $1,982,169)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,875,846 ​ ​
Corporate Bonds — 38.0% ​
Advertising — 0.1% ​
Clear Channel Outdoor Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 8/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,800 ​ ​
Lamar Media Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 2/15/30
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,586 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 24,386 ​ ​
Aerospace/Defense — 0.2% ​
Boeing Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 2/1/50
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 22,394 ​ ​
Howmet Aerospace, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 1/15/29
​ ​ ​ ​ 34,000 ​ ​ ​ ​ ​ 28,301 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50,695 ​ ​
Agriculture — 0.3% ​
Altria Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.800%, due 2/14/29
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 46,029 ​ ​
Darling Ingredients, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 4/15/27
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 21,120 ​ ​
6.000%, due 6/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,775 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 72,924 ​ ​
Airlines — 2.2% ​
Allegiant Travel Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.250%, due 8/15/27
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 4,700 ​ ​
American Airlines, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
11.750%, due 7/15/25
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 17,498 ​ ​
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 4/20/26
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,428 ​ ​
Delta Air Lines Inc / SkyMiles IP Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 10/20/28
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 83,726 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Airlines (continued) ​
JetBlue 2019-1 Class AA Pass-Through Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-12.750%,
due 5/15/32
​ ​ ​ $ 102,380 ​ ​ ​ ​ $ 81,305 ​ ​
Mileage Plus Holdings LLC / Mileage Plus
Intellectual Property Assets Ltd.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.500%, due 6/20/27
​ ​ ​ ​ 102,600 ​ ​ ​ ​ ​ 101,431 ​ ​
Southwest Airlines Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.250%, due 5/1/25
​ ​ ​ ​ 94,000 ​ ​ ​ ​ ​ 115,573 ​ ​
United Airlines 2020-1 Class A Pass-Through Trust
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-15.875%,
due 10/15/27
​ ​ ​ ​ 86,942 ​ ​ ​ ​ ​ 83,888 ​ ​
United Airlines, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/15/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,476 ​ ​
4.625%, due 4/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,132 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 510,157 ​ ​
Auto Manufacturers — 1.0% ​
Ford Motor Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.400%, due 11/1/46
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,049 ​ ​
Ford Motor Credit Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 11/13/25
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 19,959 ​ ​
4.950%, due 5/28/27
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 20,140 ​ ​
5.584%, due 3/18/24
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,818 ​ ​
General Motors Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.125%, due 10/1/25
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 59,748 ​ ​
General Motors Financial Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.350%, due 1/8/31
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 58,566 ​ ​
Nissan Motor Acceptance Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.850%, due 9/16/26
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 58,841 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 240,121 ​ ​
Auto Parts & Equipment — 0.2% ​
Clarios Global LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.750%, due 5/15/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,003 ​ ​
Clarios Global LP / Clarios US Finance Co.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 5/15/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,805 ​ ​
8.500%, due 5/15/27
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 15,680 ​ ​
Dana, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 2/15/32
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 12,233 ​ ​
Goodyear Tire & Rubber Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 3/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,920 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50,641 ​ ​
Banks — 5.0% ​
Bank of America Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.087%, (SOFR + 1.06%),
due 6/14/29(a)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 68,783 ​ ​
2.496%, (3-Month LIBOR + 0.99%),
due 2/13/31(a)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 70,710 ​ ​
4.250%, due 10/22/26
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 85,013 ​ ​
Citigroup, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.520%, (SOFR + 1.18%),
due 11/3/32(a)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 67,333 ​ ​
Series Y4.150%,
(US 5 Year CMT T-Note + 3.00%),
due 2/15/71(a)
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 97,637 ​ ​
​
See notes to financial statements.
51​
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Banks (continued) ​
Citizens Financial Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series G4.000%,
(US 5 Year CMT T-Note + 3.22%),
due 10/6/71(a)
​ ​ ​ $ 95,000 ​ ​ ​ ​ $ 75,146 ​ ​
Goldman Sachs Group, Inc. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.615%, (SOFR + 1.28%),
due 4/22/32(a)
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 57,207 ​ ​
Series .4.075%,
(3-Month LIBOR + 1.17%),
due 5/15/26(a)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 88,829 ​ ​
Series V4.125%,
(US 5 Year CMT T-Note + 2.95%),
due 5/10/71(a)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 70,650 ​ ​
JPMorgan Chase & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.182%, (SOFR + 1.89%),
due 6/1/28(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 84,591 ​ ​
Series HH4.600%, (SOFR + 3.13%),
due 8/1/71(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 89,240 ​ ​
Morgan Stanley ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.484%, (SOFR + 1.36%),
due 9/16/36(a)
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 77,878 ​ ​
2.511%, (SOFR + 1.20%),
due 10/20/32(a)
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 67,760 ​ ​
SVB Financial Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series C4.000%,
(US 5 Year CMT T-Note + 3.20%),
due 8/15/71(a)
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 45,487 ​ ​
Wells Fargo & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.879%, (TSFR3M + 1.43%),
due 10/30/30(a)
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 16,409 ​ ​
3.526%, (SOFR + 1.51%),
due 3/24/28(a)
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 94,548 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,157,221 ​ ​
Beverages — 0.0%(d) ​
Triton Water Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 4/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,544 ​ ​
Biotechnology — 0.5% ​
BioMarin Pharmaceutical, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.250%, due 5/15/27
​ ​ ​ ​ 123,000 ​ ​ ​ ​ ​ 123,049 ​ ​
Building Materials — 0.1% ​
Camelot Return Merger Sub, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.750%, due 8/1/28
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 5,827 ​ ​
Standard Industries, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 7/15/30
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,703 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,530 ​ ​
Chemicals — 0.1% ​
Innophos Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
9.375%, due 2/15/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,425 ​ ​
Commercial Services — 1.1% ​
Allied Universal Holdco LLC / Allied Universal Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 6/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,166 ​ ​
6.625%, due 7/15/26
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 21,011 ​ ​
9.750%, due 7/15/27
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 19,127 ​ ​
APX Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.750%, due 2/15/27
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 1,951 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Commercial Services (continued) ​
Avis Budget Car Rental LLC / Avis Budget
Finance, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 4/1/28
​ ​ ​ $ 6,000 ​ ​ ​ ​ $ 5,271 ​ ​
Block, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 6/1/31
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,830 ​ ​
Brink’s Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 7/15/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,838 ​ ​
Carriage Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 5/15/29
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 16,931 ​ ​
HealthEquity, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 10/1/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,485 ​ ​
Herc Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 7/15/27
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 26,495 ​ ​
Hertz Corp. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 12/1/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,115 ​ ​
NESCO Holdings II, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 4/15/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,025 ​ ​
Prime Security Services Borrower LLC / Prime Finance, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/31/27
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 15,579 ​ ​
Service Corp. International ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 8/15/30
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 14,530 ​ ​
5.125%, due 6/1/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,177 ​ ​
7.500%, due 4/1/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,186 ​ ​
Sotheby’s ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.375%, due 10/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,610 ​ ​
Sotheby’s/Bidfair Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 6/1/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,029 ​ ​
United Rentals North America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 1/15/32
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 17,820 ​ ​
WASH Multifamily Acquisition, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 4/15/26
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 16,784 ​ ​
Williams Scotsman International, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 8/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,419 ​ ​
6.125%, due 6/15/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,988 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 250,367 ​ ​
Computers — 1.2% ​
Apple, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.850%, due 8/4/46
​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 31,867 ​ ​
Dell International LLC / EMC Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 12/15/41
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 43,443 ​ ​
5.300%, due 10/1/29
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 60,852 ​ ​
Lumentum Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.500%, due 12/15/26
​ ​ ​ ​ 117,000 ​ ​ ​ ​ ​ 114,368 ​ ​
NCR Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 4/15/29
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 8,393 ​ ​
5.250%, due 10/1/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,845 ​ ​
Presidio Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.250%, due 2/1/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,340 ​ ​
Seagate HDD Cayman ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 1/15/31
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,512 ​ ​
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 6/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,896 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 279,516 ​ ​
Cosmetics/Personal Care — 0.0%(d) ​
Edgewell Personal Care Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 6/1/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,286 ​ ​
​
​
See notes to financial statements.
52
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Distribution/Wholesale — 0.1% ​
H&E Equipment Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 12/15/28
​ ​ ​ $ 22,000 ​ ​ ​ ​ $ 18,589 ​ ​
Diversified Financial Services — 1.5% ​
Aircastle Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, (US 5 Year CMT T-Note + 4.41%),
due 9/15/71(a)
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 93,481 ​ ​
Ally Financial, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.000%, due 11/1/31
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 56,409 ​ ​
Series C4.700%,
(US 7 Year CMT T-Note + 3.48%),
due 8/15/71(a)
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 77,337 ​ ​
Aviation Capital Group LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.950%, due 1/30/26
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 83,527 ​ ​
OneMain Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 1/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,918 ​ ​
6.125%, due 3/15/24
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,724 ​ ​
PennyMac Financial Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 10/15/25
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,860 ​ ​
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 3/1/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,300 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 347,556 ​ ​
Electric — 4.3% ​
AEP Texas, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.700%, due 5/15/32
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 54,616 ​ ​
Alabama Power Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 3/15/52
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 53,522 ​ ​
Arizona Public Service Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.200%, due 12/15/31
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 66,364 ​ ​
Calpine Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 3/1/31
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,831 ​ ​
4.500%, due 2/15/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,784 ​ ​
5.125%, due 3/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,320 ​ ​
5.250%, due 6/1/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,693 ​ ​
Clearway Energy Operating LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 2/15/31
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,010 ​ ​
4.750%, due 3/15/28
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 25,864 ​ ​
Dominion Energy, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series C4.350%,
(US 5 Year CMT T-Note + 3.20%),
due 4/15/71(a)
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 99,275 ​ ​
Edison International ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series B5.000%,
(US 5 Year CMT T-Note + 3.90%),
due 3/15/71(a)
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 101,250 ​ ​
FirstEnergy Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series B4.400%, due 7/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,269 ​ ​
Jersey Central Power & Light Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.750%, due 3/1/32
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 70,031 ​ ​
NextEra Energy Capital Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/32
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 47,509 ​ ​
NextEra Energy Operating Partners LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 7/15/24
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,817 ​ ​
Ohio Power Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series R2.900%, due 10/1/51
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 29,852 ​ ​
Pacific Gas and Electric Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 8/1/50
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 45,749 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Electric (continued) ​
Pattern Energy Operations LP / Pattern Energy Operations, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 8/15/28
​ ​ ​ $ 12,000 ​ ​ ​ ​ $ 10,792 ​ ​
PG&E Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/1/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,816 ​ ​
Puget Energy, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.224%, due 3/15/32
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 55,450 ​ ​
Sempra Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, (US 5 Year CMT T-Note + 2.87%),
due 4/1/52(a)
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 94,063 ​ ​
Southern California Edison Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/1/47
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 42,804 ​ ​
Southwestern Electric Power Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 11/1/51
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 40,142 ​ ​
Virginia Electric and Power Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.950%, due 11/15/51
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 40,170 ​ ​
Vistra Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.000%, (US 5 Year CMT T-Note + 6.93%),
due 4/15/71(a)
​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 38,000 ​ ​
Vistra Operations Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 5/1/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,263 ​ ​
5.625%, due 2/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,720 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 995,976 ​ ​
Electrical Components & Equipment — 0.1% ​
Energizer Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 3/31/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,607 ​ ​
EnerSys ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 12/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,265 ​ ​
WESCO Distribution, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.125%, due 6/15/25
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 12,116 ​ ​
7.250%, due 6/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,087 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 33,075 ​ ​
Electronics — 0.0%(d) ​
Imola Merger Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 5/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,173 ​ ​
Sensata Technologies BV ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 4/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,053 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,226 ​ ​
Engineering & Construction — 0.2% ​
Brundage-Bone Concrete Pumping Holdings, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 2/1/26
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,860 ​ ​
Dycom Industries, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 4/15/29
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 15,698 ​ ​
Great Lakes Dredge & Dock Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 6/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,745 ​ ​
TopBuild Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 2/15/32
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,396 ​ ​
Weekley Homes LLC / Weekley Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 9/15/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,665 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50,364 ​ ​
Entertainment — 0.7% ​
Affinity Gaming ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.875%, due 12/15/27
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,356 ​ ​
​
See notes to financial statements.
53​
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Entertainment (continued) ​
Caesars Entertainment, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 7/1/25
​ ​ ​ $ 6,000 ​ ​ ​ ​ $ 5,854 ​ ​
Caesars Resort Collection LLC / CRC Finco, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 7/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,861 ​ ​
CDI Escrow Issuer, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 4/1/30
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,830 ​ ​
Everi Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,228 ​ ​
International Game Technology PLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 1/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,567 ​ ​
Penn Entertainment, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 7/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,733 ​ ​
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.625%, due 3/1/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,156 ​ ​
Scientific Games International, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, due 5/15/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,613 ​ ​
Warnermedia Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.638%, due 3/15/25
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,314 ​ ​
3.755%, due 3/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,675 ​ ​
4.279%, due 3/15/32
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 56,542 ​ ​
WMG Acquisition Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 12/1/29
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 8,325 ​ ​
Wynn Resorts Finance LLC / Wynn Resorts
Capital Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 10/1/29
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 7,955 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 163,009 ​ ​
Environmental Control — 0.2% ​
Clean Harbors, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 7/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,646 ​ ​
5.125%, due 7/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,126 ​ ​
Covanta Holding Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 12/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,109 ​ ​
Stericycle, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 1/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,423 ​ ​
Waste Pro USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 2/15/26
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 16,657 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 48,961 ​ ​
Food — 0.5% ​
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 3/15/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,240 ​ ​
JBS USA LUX SA / JBS USA Food Co. / JBS
USA Finance, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 4/1/33
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 58,574 ​ ​
Performance Food Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 8/1/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,166 ​ ​
Post Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 3/1/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,600 ​ ​
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 3/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,007 ​ ​
US Foods, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 6/1/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,205 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 103,792 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Food Service — 0.1% ​
Aramark Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 2/1/28
​ ​ ​ $ 6,000 ​ ​ ​ ​ $ 5,467 ​ ​
6.375%, due 5/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,935 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,402 ​ ​
Gas — 0.9% ​
Boston Gas Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.150%, due 8/1/27
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 61,601 ​ ​
National Fuel Gas Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.950%, due 3/1/31
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 56,237 ​ ​
Piedmont Natural Gas Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.050%, due 5/15/52
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 54,536 ​ ​
Southern Co. Gas Capital Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 21A3.150%, due 9/30/51
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 42,248 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 214,622 ​ ​
Healthcare-Products — 0.8% ​
Avantor Funding, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 11/1/29
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 18,564 ​ ​
Exact Sciences Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.375%, due 3/15/27
​ ​ ​ ​ 162,000 ​ ​ ​ ​ ​ 114,311 ​ ​
Hologic, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/15/29
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 18,695 ​ ​
Teleflex, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 6/1/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,858 ​ ​
4.625%, due 11/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,308 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 173,736 ​ ​
Healthcare-Services — 0.3% ​
Catalent Pharma Solutions, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.125%, due 2/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,910 ​ ​
3.500%, due 4/1/30
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 8,075 ​ ​
Centene Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.000%, due 10/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,830 ​ ​
4.625%, due 12/15/29
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 25,340 ​ ​
CHS/Community Health Systems, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/15/30
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 6,925 ​ ​
6.000%, due 1/15/29
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 7,423 ​ ​
Tenet Healthcare Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 1/15/30
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,424 ​ ​
6.125%, due 6/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,539 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 76,466 ​ ​
Home Builders — 0.2% ​
LGI Homes, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 7/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,202 ​ ​
Thor Industries, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 10/15/29
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 14,558 ​ ​
TRI Pointe Group, Inc. / TRI Pointe Homes,
Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 6/15/24
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,793 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 35,553 ​ ​
Household Products/Wares — 0.0%(d) ​
Spectrum Brands, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 10/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,920 ​ ​
Housewares — 0.1% ​
CD&R Smokey Buyer, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.750%, due 7/15/25
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,408 ​ ​
​
See notes to financial statements.
54
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Housewares (continued) ​
Newell Brands, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.375%, due 9/15/27
​ ​ ​ $ 5,000 ​ ​ ​ ​ $ 4,886 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16,294 ​ ​
Insurance — 0.6% ​
Athene Global Funding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.500%, due 3/24/28
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 49,343 ​ ​
NMI Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.375%, due 6/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,994 ​ ​
Prudential Financial, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, (US 5 Year CMT T-Note + 3.16%),
due 3/1/52(a)
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 81,004 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 136,341 ​ ​
Internet — 1.0% ​
Amazon.com, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.600%, due 4/13/32
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 58,198 ​ ​
Arches Buyer, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 6/1/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,844 ​ ​
6.125%, due 12/1/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 12,336 ​ ​
Cablevision Lightpath LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 9/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,102 ​ ​
Cogent Communications Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 5/1/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,415 ​ ​
7.000%, due 6/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,696 ​ ​
Expedia Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/15/30
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 48,355 ​ ​
Match Group Holdings II LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 6/1/28
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 19,550 ​ ​
5.625%, due 2/15/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,177 ​ ​
TripAdvisor, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, due 7/15/25
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 15,813 ​ ​
Uber Technologies, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 1/15/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 15,200 ​ ​
7.500%, due 5/15/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,003 ​ ​
7.500%, due 9/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,997 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 227,686 ​ ​
Investment Companies — 0.1% ​
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/15/27
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 16,585 ​ ​
Iron/Steel — 0.0%(d) ​
Carpenter Technology Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.625%, due 3/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,864 ​ ​
Leisure Time — 0.3% ​
Carnival Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 3/1/27
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 6,930 ​ ​
6.000%, due 5/1/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 10,612 ​ ​
Carnival Holdings Bermuda Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
10.375%, due 5/1/28
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 5,063 ​ ​
NCL Corp Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 2/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,710 ​ ​
Royal Caribbean Cruises Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 7/1/26
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 7,951 ​ ​
5.375%, due 7/15/27
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 17,101 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 58,367 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Lodging — 0.8% ​
Boyd Gaming Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 12/1/27
​ ​ ​ $ 12,000 ​ ​ ​ ​ $ 11,056 ​ ​
Hilton Domestic Operating Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 5/1/31
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,031 ​ ​
4.875%, due 1/15/30
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,755 ​ ​
Hyatt Hotels Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.625%, due 4/23/25
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 83,508 ​ ​
Marriott International, Inc./Md ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series GG3.500%, due 10/15/32
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 67,889 ​ ​
Station Casinos LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 12/1/31
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,767 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 188,006 ​ ​
Media — 1.1% ​
Cable One, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/30
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,022 ​ ​
CCO Holdings LLC / CCO Holdings Capital Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 2/1/31
​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 44,240 ​ ​
4.750%, due 3/1/30
​ ​ ​ ​ 46,000 ​ ​ ​ ​ ​ 38,659 ​ ​
CSC Holdings LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 12/1/30
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 11,516 ​ ​
5.500%, due 4/15/27
​ ​ ​ ​ 44,000 ​ ​ ​ ​ ​ 41,250 ​ ​
Directv Financing LLC / Directv Financing
Co.-Obligor, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 8/15/27
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,410 ​ ​
DISH DBS Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 12/1/26
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,900 ​ ​
7.375%, due 7/1/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 12,114 ​ ​
iHeartCommunications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 1/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,235 ​ ​
5.250%, due 8/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,461 ​ ​
News Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 5/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,157 ​ ​
5.125%, due 2/15/32
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,710 ​ ​
Nexstar Media, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.625%, due 7/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,334 ​ ​
Sirius XM Radio, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 7/1/30
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,093 ​ ​
Univision Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 5/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,051 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 245,152 ​ ​
Mining — 0.1% ​
Compass Minerals International, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 7/15/24
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,686 ​ ​
6.750%, due 12/1/27
​ ​ ​ ​ 15,000 ​ ​ ​ ​ ​ 14,111 ​ ​
Novelis Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 8/15/31
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,648 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 24,445 ​ ​
Miscellaneous Manufacturing — 0.3% ​
Textron Financial Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.640%, (3-Month LIBOR + 1.74%),
due 2/15/42(a)
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 68,696 ​ ​
Office/Business Equipment — 0.0%(d) ​
CDW LLC / CDW Finance Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 12/1/24
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,943 ​ ​
​
​
See notes to financial statements.
55​
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Oil & Gas — 1.4% ​
Aethon United BR LP / Aethon United Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.250%, due 2/15/26
​ ​ ​ $ 12,000 ​ ​ ​ ​ $ 12,185 ​ ​
Apache Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.100%, due 9/1/40
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,858 ​ ​
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 6/30/29
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 15,795 ​ ​
7.000%, due 11/1/26
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,820 ​ ​
8.250%, due 12/31/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,790 ​ ​
Callon Petroleum Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.375%, due 7/1/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,754 ​ ​
7.500%, due 6/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,699 ​ ​
CNX Resources Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 1/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,202 ​ ​
7.250%, due 3/14/27
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 1,985 ​ ​
CrownRock LP / CrownRock Finance, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 5/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,451 ​ ​
Hilcorp Energy I LP / Hilcorp Finance Co.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.750%, due 2/1/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,640 ​ ​
6.000%, due 2/1/31
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,519 ​ ​
Laredo Petroleum, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.750%, due 7/31/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,400 ​ ​
9.500%, due 1/15/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,004 ​ ​
10.125%, due 1/15/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,790 ​ ​
Nabors Industries, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.375%, due 5/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,895 ​ ​
Occidental Petroleum Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.125%, due 1/1/31
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 22,058 ​ ​
6.375%, due 9/1/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,090 ​ ​
6.625%, due 9/1/30
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 12,481 ​ ​
8.500%, due 7/15/27
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 19,570 ​ ​
PBF Holding Co. LLC / PBF Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 2/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,452 ​ ​
Permian Resources Operating LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.875%, due 4/1/27
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 21,340 ​ ​
Rockcliff Energy II LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 10/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,344 ​ ​
SM Energy Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.625%, due 6/1/25
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,657 ​ ​
6.500%, due 7/15/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,640 ​ ​
Southwestern Energy Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 2/1/32
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 8,632 ​ ​
5.375%, due 3/15/30
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 20,350 ​ ​
5.700%, due 1/23/25
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,793 ​ ​
8.375%, due 9/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,206 ​ ​
Tap Rock Resources LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, due 10/1/26
 ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,602 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 313,002 ​ ​
Oil & Gas Services — 1.5% ​
Helix Energy Solutions Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.750%, due 2/15/26
​ ​ ​ ​ 132,000 ​ ​ ​ ​ ​ 176,722 ​ ​
Oil States International, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 4/1/26
​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 169,512 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 346,234 ​ ​
Packaging & Containers — 0.3% ​
Ardagh Metal Packaging Finance
USA LLC / Ardagh Metal Packaging Finance PLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Packaging & Containers (continued) ​
3.250%, due 9/1/28
​ ​ ​ $ 12,000 ​ ​ ​ ​ $ 9,839 ​ ​
6.000%, due 6/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,757 ​ ​
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 4/30/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,658 ​ ​
Crown Americas LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 4/1/30
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,979 ​ ​
Graphic Packaging International LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 2/1/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,158 ​ ​
OI European Group BV ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 2/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,040 ​ ​
Owens-Brockway Glass Container, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.625%, due 5/13/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,730 ​ ​
Sealed Air Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 12/1/24
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,820 ​ ​
TriMas Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.125%, due 4/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,307 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 70,288 ​ ​
Pharmaceuticals — 0.2% ​
Elanco Animal Health, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.400%, due 8/28/28
​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 9,841 ​ ​
PRA Health Sciences, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.875%, due 7/15/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,407 ​ ​
Prestige Brands, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 4/1/31
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,812 ​ ​
5.125%, due 1/15/28
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 16,727 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,787 ​ ​
Pipelines — 2.8% ​
Cheniere Energy Partners LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 10/1/29
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 19,425 ​ ​
Cheniere Energy, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 10/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,535 ​ ​
CNX Midstream Partners LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 4/15/30
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 14,805 ​ ​
Delek Logistics Partners LP / Delek Logistics Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.125%, due 6/1/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,327 ​ ​
DT Midstream, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.300%, due 4/15/32
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 47,247 ​ ​
Energy Transfer LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.400%, due 3/15/27
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 46,382 ​ ​
Series H6.500%,
(US 5 Year CMT T-Note + 5.69%),
due 11/15/70(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 60,200 ​ ​
EnLink Midstream LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 6/1/29
​ ​ ​ ​ 34,000 ​ ​ ​ ​ ​ 31,389 ​ ​
Enterprise Products Operating LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.200%, due 1/31/50
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 44,095 ​ ​
EQM Midstream Partners LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 1/15/31
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 23,400 ​ ​
5.500%, due 7/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,359 ​ ​
6.000%, due 7/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,811 ​ ​
6.500%, due 7/1/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,700 ​ ​
7.500%, due 6/1/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,835 ​ ​
Flex Intermediate Holdco LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.363%, due 6/30/31
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 46,266 ​ ​
Hess Midstream Operations LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.250%, due 2/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,131 ​ ​
5.625%, due 2/15/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,885 ​ ​
​
See notes to financial statements.
56
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Pipelines (continued) ​
Holly Energy Partners LP / Holly Energy Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.375%, due 4/15/27
​ ​ ​ $ 6,000 ​ ​ ​ ​ $ 5,775 ​ ​
MPLX LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.650%, due 8/15/30
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 59,044 ​ ​
Series B6.875%,
(3-Month LIBOR + 4.65%),
due 8/15/71(a)
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 63,375 ​ ​
Plains All American Pipeline LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series B6.125%,
(3-Month LIBOR + 4.11%),
due 11/15/70(a)
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 58,135 ​ ​
Venture Global Calcasieu Pass LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 8/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,290 ​ ​
3.875%, due 11/1/33
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,815 ​ ​
4.125%, due 8/15/31
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,640 ​ ​
Western Midstream Operating LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.300%, due 2/1/30
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 19,356 ​ ​
5.500%, due 2/1/50
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,342 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 636,564 ​ ​
REITS — 2.0% ​
American Homes 4 Rent LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.375%, due 7/15/31
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 58,980 ​ ​
Digital Realty Trust LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.450%, due 7/15/28
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 59,950 ​ ​
GLP Capital LP / GLP Financing II, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 1/15/30
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 45,357 ​ ​
5.250%, due 6/1/25
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 62,682 ​ ​
Host Hotels & Resorts LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series I3.500%, due 9/15/30
​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 47,058 ​ ​
Iron Mountain, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 3/15/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,720 ​ ​
5.250%, due 7/15/30
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,354 ​ ​
5.625%, due 7/15/32
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,144 ​ ​
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 6/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,776 ​ ​
Office Properties Income Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.400%, due 2/1/27
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 65,281 ​ ​
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 5/15/29
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 18,759 ​ ​
SBA Communications Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 2/15/27
​ ​ ​ ​ 34,000 ​ ​ ​ ​ ​ 30,600 ​ ​
Service Properties Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.950%, due 2/15/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,857 ​ ​
4.950%, due 10/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,353 ​ ​
7.500%, due 9/15/25
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 15,600 ​ ​
XHR LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 6/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,176 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 453,647 ​ ​
Retail — 1.5% ​
Arko Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 11/15/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 12,668 ​ ​
Asbury Automotive Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 3/1/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,403 ​ ​
AutoNation, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, due 6/1/30
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 55,968 ​ ​
Bath & Body Works, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Retail (continued) ​
6.625%, due 10/1/30
​ ​ ​ $ 10,000 ​ ​ ​ ​ $ 8,946 ​ ​
7.500%, due 6/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,687 ​ ​
9.375%, due 7/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,225 ​ ​
Burlington Stores, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.250%, due 4/15/25
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 96,188 ​ ​
Foundation Building Materials, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 3/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,145 ​ ​
Group 1 Automotive, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 8/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,934 ​ ​
IRB Holding Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.000%, due 6/15/25
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 21,988 ​ ​
LBM Acquisition LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 1/15/29
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 6,995 ​ ​
LCM Investments Holdings II LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 5/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,061 ​ ​
Macy’s Retail Holdings LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.875%, due 4/1/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,818 ​ ​
5.875%, due 3/15/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,037 ​ ​
Michaels Cos., Inc. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 5/1/28
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 1,420 ​ ​
7.875%, due 5/1/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 3,345 ​ ​
Nordstrom, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/1/30
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,605 ​ ​
Sonic Automotive, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 11/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,698 ​ ​
4.875%, due 11/15/31
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 3,772 ​ ​
Starbucks Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.450%, due 8/15/49
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 19,957 ​ ​
Victoria’s Secret & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 7/15/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 12,728 ​ ​
White Cap Buyer LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.875%, due 10/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,085 ​ ​
White Cap Parent LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.250%, due 3/15/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,070 ​ ​
Yum! Brands, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 3/15/31
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,630 ​ ​
4.750%, due 1/15/30
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,725 ​ ​
5.375%, due 4/1/32
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,734 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 349,832 ​ ​
Semiconductors — 0.6% ​
Entegris, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/15/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,073 ​ ​
Microchip Technology, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.125%, due 11/15/24
​ ​ ​ ​ 121,000 ​ ​ ​ ​ ​ 121,680 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 135,753 ​ ​
Software — 0.5% ​
Boxer Parent Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.125%, due 10/2/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,896 ​ ​
Central Parent, Inc. / CDK Global, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.250%, due 6/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,470 ​ ​
Clarivate Science Holdings Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 7/1/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,146 ​ ​
Fair Isaac Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/15/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,477 ​ ​
Fiserv, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.200%, due 7/1/26
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 59,637 ​ ​
MSCI, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 11/15/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,893 ​ ​
SS&C Technologies, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 9/30/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,579 ​ ​
​
See notes to financial statements.
57​
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Software (continued) ​
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 2/1/29
​ ​ ​ $ 6,000 ​ ​ ​ ​ $ 5,013 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 121,111 ​ ​
Telecommunications — 0.7% ​
AT&T, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 9/15/53
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 60,974 ​ ​
CommScope, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.000%, due 3/1/26
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,575 ​ ​
8.250%, due 3/1/27
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,327 ​ ​
Level 3 Financing, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.625%, due 1/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,575 ​ ​
3.750%, due 7/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,117 ​ ​
Lumen Technologies, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 1/15/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 8,459 ​ ​
Sprint Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.625%, due 3/1/26
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 18,787 ​ ​
7.875%, due 9/15/23
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 12,197 ​ ​
T-Mobile USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.625%, due 4/15/26
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,830 ​ ​
Viavi Solutions, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 10/1/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,358 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 155,199 ​ ​
Toys/Games/Hobbies — 0.1% ​
Mattel, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 4/1/26
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,945 ​ ​
5.875%, due 12/15/27
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 17,467 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 28,412 ​ ​
Transportation — 0.0%(d) ​
XPO Logistics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.250%, due 5/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 6,061 ​ ​
Trucking & Leasing — 0.1% ​
Fortress Transportation and Infrastructure
Investors LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 5/1/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,378 ​ ​
Total Corporate Bonds
(Cost $9,327,586)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,749,756 ​ ​
Foreign Bonds — 12.9% ​
Aerospace/Defense — 0.0%(d) ​
Bombardier, Inc., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.125%, due 6/15/26
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 9,466 ​ ​
Agriculture — 0.2% ​
BAT International Finance PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.448%, due 3/16/28
​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 48,713 ​ ​
Airlines — 0.5% ​
Air Canada, (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 8/15/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,309 ​ ​
Air Canada 2020-1 Class C Pass-Through
Trust, (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1C10.500%,
due 7/15/26
​ ​ ​ ​ 24,000 ​ ​ ​ ​ ​ 24,283 ​ ​
British Airways 2021-1 Class A Pass-Through Trust, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-12.900%, due 3/15/35
​ ​ ​ ​ 99,272 ​ ​ ​ ​ ​ 79,092 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 108,684 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Auto Manufacturers — 0.3% ​
Volkswagen Group of America Finance LLC, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.600%, due 6/8/29
​ ​ ​ $ 65,000 ​ ​ ​ ​ $ 58,990 ​ ​
Banks — 4.1% ​
Barclays PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, (US 5 Year CMT T-Note + 3.41%),
due 12/15/70(a)
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 86,282 ​ ​
BNP Paribas SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.052%, (SOFR + 1.51%),
due 1/13/31(a)
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 66,104 ​ ​
4.625%, (US 5 Year CMT T-Note + 3.34%),
due 8/25/71(a)
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 93,319 ​ ​
BPCE SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.045%, (SOFR + 1.09%),
due 10/19/27(a)
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 95,516 ​ ​
Credit Agricole SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, (US 5 Year CMT T-Note + 3.24%),
due 3/23/71(a)
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 93,350 ​ ​
Credit Suisse Group AG, (Switzerland) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.091%, (SOFR + 1.73%),
due 5/14/32(a)
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 44,583 ​ ​
Deutsche Bank AG/New York NY, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.035%, (SOFR + 1.72%),
due 5/28/32(a)
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 56,270 ​ ​
3.729%, (SOFR + 2.76%),
due 1/14/32(a)
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 11,271 ​ ​
3.742%, (SOFR + 2.26%),
due 1/7/33(a)
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 14,977 ​ ​
NatWest Group PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.600%, (US 5 Year CMT T-Note + 3.10%),
due 9/30/71(a)
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 77,478 ​ ​
Societe Generale SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, (US 5 Year CMT T-Note + 4.51%),
due 5/18/71(a)
​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ 94,166 ​ ​
Standard Chartered PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.750%, (US 5 Year CMT T-Note + 3.81%),
due 7/14/71(a)
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 43,371 ​ ​
UBS Group AG, (Switzerland) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, (US 5 Year CMT T-Note + 3.40%),
due 8/12/71(a)
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 83,790 ​ ​
Westpac Banking Corp., (Australia) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.020%, (US 5 Year CMT T-Note + 1.53%),
due 11/18/36(a)
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 77,820 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 938,297 ​ ​
Beverages — 0.1% ​
Primo Water Holdings, Inc., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 4/30/29
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 18,433 ​ ​
​
​
See notes to financial statements.
58
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Chemicals — 0.1% ​
SPCM SA, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.375%, due 3/15/30
​ ​ ​ $ 28,000 ​ ​ ​ ​ $ 22,330 ​ ​
Commercial Services — 0.1% ​
Garda World Security Corp., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.625%, due 2/15/27
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,657 ​ ​
9.500%, due 11/1/27
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 19,855 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30,512 ​ ​
Diversified Financial Services — 0.6% ​
Avolon Holdings Funding Ltd., (Ireland) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/15/27
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 69,443 ​ ​
Nomura Holdings, Inc., (Japan) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.172%, due 7/14/28
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 71,225 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 140,668 ​ ​
Environmental Control — 0.2% ​
GFL Environmental, Inc., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.750%, due 8/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,670 ​ ​
4.000%, due 8/1/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,846 ​ ​
4.250%, due 6/1/25
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,729 ​ ​
4.750%, due 6/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,230 ​ ​
5.125%, due 12/15/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,711 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,186 ​ ​
Food — 1.4% ​
Cencosud SA, (Chile) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.375%, due 7/17/27
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 181,000 ​ ​
Indofood CBP Sukses Makmur Tbk PT, (Indonesia)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.398%, due 6/9/31
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 146,988 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 327,988 ​ ​
Forest Products & Paper — 0.0%(d) ​
Ahlstrom-Munksjo Holding 3 Oy, (Finland)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.875%, due 2/4/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,553 ​ ​
Household Products/Wares — 0.1% ​
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 12/31/26
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 16,316 ​ ​
7.000%, due 12/31/27
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 18,480 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 34,796 ​ ​
Internet — 0.7% ​
Prosus NV, (China) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.257%, due 1/19/27
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 164,678 ​ ​
Machinery-Diversified — 0.1% ​
Titan Acquisition Ltd. / Titan Co.-Borrower
LLC, (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.750%, due 4/15/26
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 14,715 ​ ​
TK Elevator US Newco, Inc., (Germany) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.250%, due 7/15/27
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,340 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29,055 ​ ​
Media — 0.3% ​
UPC Holding BV, (Netherlands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.500%, due 1/15/28
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 14,043 ​ ​
Virgin Media Finance PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 7/15/30
​ ​ ​ ​ 44,000 ​ ​ ​ ​ ​ 35,261 ​ ​
VZ Secured Financing BV, (Netherlands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.000%, due 1/15/32
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 9,565 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Media (continued) ​
Ziggo Bond Co. BV, (Netherlands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 2/28/30
​ ​ ​ $ 28,000 ​ ​ ​ ​ $ 22,188 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81,057 ​ ​
Oil & Gas — 1.0% ​
Petroleos Mexicanos, (Mexico) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.350%, due 2/12/28
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 79,698 ​ ​
Qatar Energy, (Qatar) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.125%, due 7/12/41
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 141,760 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 221,458 ​ ​
Packaging & Containers — 0.0%(d) ​
Cascades, Inc./Cascades USA, Inc., (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.375%, due 1/15/28
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,263 ​ ​
Pharmaceuticals — 0.1% ​
Teva Pharmaceutical Finance Netherlands III BV, (Israel)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.150%, due 10/1/26
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,070 ​ ​
5.125%, due 5/9/29
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,298 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,368 ​ ​
Retail — 0.1% ​
1011778 BC ULC / New Red Finance, Inc.,
(Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 2/15/29
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 13,400 ​ ​
3.875%, due 1/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,274 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,674 ​ ​
Software — 0.0%(d) ​
Open Text Corp., (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.875%, due 2/15/28
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,136 ​ ​
Sovereign — 1.5% ​
Abu Dhabi Government International Bond, (United Arab Emirates)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.750%, due 9/2/23
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 337,840 ​ ​
Telecommunications — 1.4% ​
Altice France SA/France, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.125%, due 7/15/29
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,519 ​ ​
5.500%, due 1/15/28
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 17,380 ​ ​
8.125%, due 2/1/27
​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 7,321 ​ ​
Axiata SPV2 Bhd, (Malaysia) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.163%, due 8/19/30
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 155,656 ​ ​
Iliad Holding SASU, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.500%, due 10/15/26
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,114 ​ ​
Nice Ltd., (Israel) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.000%, due 9/15/25(b)
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 116,500 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 312,490 ​ ​
Total Foreign Bonds
(Cost $3,263,564)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,980,635 ​ ​
Municipal Bonds — 9.5% ​
California — 1.0% ​
California State University, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.690%, due 11/1/29
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 227,617 ​ ​
Colorado — 1.0% ​
Metro Wastewater Reclamation District, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.775%, due 4/1/29
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 232,185 ​ ​
​
​
See notes to financial statements.
59​
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Municipal Bonds (continued) ​
Florida — 0.9% ​
County of Miami-Dade FL Transit System,
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.600%, due 7/1/42
​ ​ ​ $ 300,000 ​ ​ ​ ​ $ 199,942 ​ ​
Illinois — 1.1% ​
State of Illinois, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.100%, due 6/1/33
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 256,986 ​ ​
New Jersey — 1.0% ​
New Jersey Turnpike Authority, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.102%, due 1/1/41
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 228,573 ​ ​
New York — 0.9% ​
City of New York NY, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.360%, due 8/1/31
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 215,143 ​ ​
North Carolina — 0.9% ​
Charlotte-Mecklenburg Hospital
Authority (The),
3.204%, due 1/15/51
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 198,439 ​ ​
Oregon — 0.7% ​
Port of Morrow OR, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.543%, due 9/1/40
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 167,055 ​ ​
Texas — 1.0% ​
Dallas Fort Worth International Airport, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.089%, due 11/1/40
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 218,855 ​ ​
Washington — 1.0% ​
State of Washington, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.090%, due 8/1/33
​ ​ ​ ​ 235,000 ​ ​ ​ ​ ​ 233,770 ​ ​
Total Municipal Bonds
(Cost $2,457,231)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,178,565 ​ ​
U.S. Treasury Bonds — 6.3% ​
U.S. Treasury Bond, 3.000%,
due 8/15/52
​ ​ ​ ​ 1,350,000 ​ ​ ​ ​ ​ 1,081,055 ​ ​
U.S. Treasury Bond, 3.375%,
due 8/15/42
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 362,315 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,443,370 ​ ​
Total U.S. Treasury Bonds
(Cost $1,732,162)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,443,370 ​ ​
U.S. Treasury Notes — 6.1% ​
U.S. Treasury Note, 2.750%,
due 8/15/32
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 107,381 ​ ​
U.S. Treasury Note, 4.125%,
due 10/31/27
​ ​ ​ ​ 670,000 ​ ​ ​ ​ ​ 666,493 ​ ​
U.S. Treasury Note, 4.250%,
due 10/15/25
​ ​ ​ ​ 640,000 ​ ​ ​ ​ ​ 636,600 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,410,474 ​ ​
Total U.S. Treasury Notes
(Cost $1,424,822)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,410,474 ​ ​
​
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency Mortgage-Backed Securities — 2.0% ​
Mortgage Securities — 2.0% ​
Fannie Mae Pool ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.000%, due 6/1/52
​ ​ ​ $ 170,496 ​ ​ ​ ​ $ 155,188 ​ ​
4.500%, due 7/1/52
​ ​ ​ ​ 155,664 ​ ​ ​ ​ ​ 146,198 ​ ​
5.000%, due 7/1/52
​ ​ ​ ​ 154,469 ​ ​ ​ ​ ​ 149,086 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 450,472 ​ ​
Total United States Government Agency Mortgage-Backed Securities
(Cost $484,952)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​    450,472 ​ ​
​
​ ​ ​
Shares
​ ​ ​ ​ ​ ​ ​
Short-Term Investment — 0.7% ​
Money Market Fund — 0.7% ​
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%(e)
(Cost $152,160)
​ ​ ​ ​ 152,160 ​ ​ ​ ​
​
152,160
 ​ ​
Total Investments — 98.9%
(Cost $24,520,717)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,774,977 ​ ​
Other Assets and Liabilities,
Net — 1.1%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 269,486 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 23,044,463 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2022.
​
(b)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(c)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(d)
Less than 0.05%.
​
(e)
Reflects the 7-day yield at October 31, 2022.
​
(f)
Less than 0.0005%
​
(g)
Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.
​
(h)
Principal only security. A principal only security is the principal only portion of a fixed income security, which is separated and sold individually from the interest portion of the security.
​
​ Abbreviations ​
​ CMT ​ ​  —  ​ ​ Constant Maturity Treasury Index ​
​ FREMF ​ ​  —  ​ ​ Freddie MAC Multifamily Securities ​
​ LIBOR ​ ​  —  ​ ​ London InterBank Offered Rate ​
​ SOFR ​ ​  —  ​ ​ Secured Financing Overnight Rate ​
​
See notes to financial statements.
60
Schedule of Investments — IQ MacKay Multi-Sector Income ETF (continued)
​
October 31, 2022 (unaudited)
Open futures contracts outstanding at October 31, 2022:
Type
​ ​
Broker
​ ​
Expiration
Date
​ ​
Number of
Contracts
Purchased
(Sold)
​ ​
Notional
Value at
Trade
Date
​ ​
Notional
Value at
October 31,
2022
​ ​
Unrealized
Appreciation
(Depreciation)
​
U.S. 10 Year Note (CBT)
 ​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
​ ​ ​ ​ 11 ​ ​ ​ ​ $ 1,292,009 ​ ​ ​ ​ $ 1,216,531 ​ ​ ​ ​ $ (75,478) ​ ​
U.S. 10 Year Ultra Note
 ​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
​ ​ ​ ​ 19 ​ ​ ​ ​ ​ 2,288,736 ​ ​ ​ ​ ​ 2,203,703 ​ ​ ​ ​ ​ (85,033) ​ ​
U.S. 5 Year Note (CBT)
 ​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
​ ​ ​ ​ 1 ​ ​ ​ ​ ​ 108,776 ​ ​ ​ ​ ​ 106,594 ​ ​ ​ ​ ​ (2,182) ​ ​
U.S. Long Bond (CBT)
​ ​
Citigroup Global Markets Inc.
​ ​
December 2022
​ ​ ​ ​ 2 ​ ​ ​ ​ ​ 250,425 ​ ​ ​ ​ ​ 241,000 ​ ​ ​ ​ ​ (9,425) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (172,118) ​ ​
​
CBT — Chicago Board of Trade
Cash posted as collateral to broker for futures contracts was $78,300 at October 31, 2022.
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. 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:(i)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Collateralized Mortgage Obligations
​ ​ ​ $ — ​ ​ ​ ​ $ 1,663,558 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 1,663,558 ​ ​
Commercial Asset-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,870,141 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,870,141 ​ ​
Commercial Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,875,846 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,875,846 ​ ​
Corporate Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,749,756 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,749,756 ​ ​
Foreign Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,980,635 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,980,635 ​ ​
Municipal Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,178,565 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,178,565 ​ ​
U.S. Treasury Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,443,370 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,443,370 ​ ​
U.S. Treasury Notes
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,410,474 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,410,474 ​ ​
United States Government Agency Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 450,472 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 450,472 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
 ​ ​ ​ ​ 152,160 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 152,160 ​ ​
Total Investments in Securities
​ ​ ​ $ 152,160 ​ ​ ​ ​ $ 22,622,817 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 22,774,977 ​ ​
Liability Valuation Inputs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Other Financial Instruments:(j)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts
​ ​ ​ $ (172,118) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (172,118) ​ ​
​
(i)
For a complete listing of investments and their states, see the Schedule of Investments.
​
(j)
Reflects the unrealized appreciation (depreciation) of the instruments.
​
For the period ended October 31, 2022 the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.
See notes to financial statements.
61​
Schedule of Investments — IQ Ultra Short Duration ETF 
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Long-Term Bonds — 88.0% ​
Commercial Asset-Backed Securities — 20.7% ​
Asset Backed Securities — 20.7% ​
Amur Equipment Finance Receivables
XI LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2022-2A A2, 5.300%,
due 6/21/28
​ ​ ​ $ 214,000 ​ ​ ​ ​ $ 211,496 ​ ​
Avis Budget Rental Car Funding AESOP LLC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-2A A, 2.970%,
due 3/20/24 
 ​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,243,813 ​ ​
Series 2018-1A A, 3.700%,
due 9/20/24
​ ​ ​ ​ 1,450,000 ​ ​ ​ ​ ​ 1,428,129 ​ ​
Canyon CLO 2020-1 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-1A BR, 5.779%, (3-Month LIBOR + 1.70%), due 7/15/34(a)
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 380,193 ​ ​
Cook Park CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-1A B, 5.479%, (3-Month LIBOR + 1.40%), due 4/17/30(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 938,124 ​ ​
Ford Credit Auto Owner Trust 2018-REV2
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-2 A, 3.470%,
due 1/15/30
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,480,761 ​ ​
Ford Credit Floorplan Master Owner Trust A
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-2 A, 3.060%,
due 4/15/26
​ ​ ​ ​ 1,400,000 ​ ​ ​ ​ ​ 1,347,290 ​ ​
Galaxy XIX CLO Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-19A A2RR, 5.725%, (3-Month LIBOR + 1.40%),
due 7/24/30(a)
​ ​ ​ ​ 997,239 ​ ​ ​ ​ ​ 936,811 ​ ​
Neuberger Berman Loan Advisers CLO
32 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2019-32A BR, 5.627%, (3-Month
LIBOR + 1.40%), due 1/20/32(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 940,813 ​ ​
Oak Hill Credit Partners, (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-8A A, 5.384%, (3-Month LIBOR + 1.19%), due 1/18/34(a)
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 722,613 ​ ​
Octagon Investment Partners 31 LLC, (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2017-1A B1R, 5.743%, (3-Month
LIBOR + 1.50%), due 7/20/30(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 947,779 ​ ​
Octagon Investment Partners 51 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-1A A, 5.393%, (3-Month LIBOR + 1.15%), due 7/20/34(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 955,764 ​ ​
Palmer Square CLO 2021-2 Ltd., (Cayman Islands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-2A A, 5.229%, (3-Month LIBOR + 1.15%), due 7/15/34(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 956,796 ​ ​
Romark CLO IV Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2021-4A A1, 5.079%, (3-Month
LIBOR + 1.17%), due 7/10/34(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 959,597 ​ ​
TICP CLO XV Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-15A A, 5.523%, (3-Month
LIBOR + 1.28%), due 4/20/33(a)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 969,268 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Commercial Asset-Backed Securities (continued) ​
Asset Backed Securities (continued) ​
TRESTLES CLO II Ltd., (Cayman Islands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2018-2A A2, 6.028%, (3-Month
LIBOR + 1.67%), due 7/25/31(a)
​ ​ ​ $ 275,000 ​ ​ ​ ​ $ 259,533 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,678,780 ​ ​
Total Commercial Asset-Backed Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $15,212,653)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,678,780 ​ ​
Commercial Mortgage-Backed Securities — 6.8% ​
Mortgage Securities — 6.8% ​
COMM 2013-SFS Mortgage Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-SFS A2, 2.987%,
due 4/12/35(a)(b)
​ ​ ​ ​ 1,850,000 ​ ​ ​ ​ ​ 1,814,826 ​ ​
GS Mortgage Securities Corp. II ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2012-BWTR A, 2.954%,
due 11/5/34
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,160,145 ​ ​
Houston Galleria Mall Trust 2015-HGLR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2015-HGLR A1A1, 3.087%,
due 3/5/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 913,119 ​ ​
Queens Center Mortgage Trust 2013-QC
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2013-QCA A, 3.275%,
due 1/11/37
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 927,035 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,815,125 ​ ​
Total Commercial Mortgage-Backed Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $5,218,171)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,815,125 ​ ​
Corporate Bonds — 36.2% ​
Basic Materials — 0.4% ​
International Flavors & Fragrances, Inc.
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.230%, due 10/1/25
​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 277,126 ​ ​
Communications — 3.8% ​
T-Mobile USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.500%, due 2/15/26
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 701,523 ​ ​
Verizon Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.144%, (SOFR + 0.79%),
due 3/20/26(a)
​ ​ ​ ​ 2,070,000 ​ ​ ​ ​ ​ 2,019,427 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,720,950 ​ ​
Consumer, Cyclical — 1.3% ​
Ford Motor Credit Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.664%, due 9/8/24
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 308,069 ​ ​
General Motors Financial Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.050%, due 10/10/25
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 337,117 ​ ​
Warnermedia Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.428%, due 3/15/24
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 303,827 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 949,013 ​ ​
Consumer, Non-cyclical — 2.7% ​
Global Payments, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.500%, due 11/15/24
​ ​ ​ ​ 530,000 ​ ​ ​ ​ ​ 485,275 ​ ​
Laboratory Corp. of America Holdings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 9/1/24
​ ​ ​ ​ 685,000 ​ ​ ​ ​ ​ 659,777 ​ ​
​
See notes to financial statements.
62
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Consumer, Non-cyclical (continued) ​
Mondelez International, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.125%, due 3/17/24
​ ​ ​ $ 570,000 ​ ​ ​ ​ $ 546,401 ​ ​
PayPal Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.900%, due 6/1/27
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 232,738 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,924,191 ​ ​
Energy — 0.4% ​
ONEOK, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.850%, due 1/15/26
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 278,442 ​ ​
Financial — 14.9% ​
Air Lease Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.800%, due 8/18/24
​ ​ ​ ​ 1,150,000 ​ ​ ​ ​ ​ 1,047,167 ​ ​
Aircastle Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.850%, due 1/26/28
​ ​ ​ ​ 430,000 ​ ​ ​ ​ ​ 324,533 ​ ​
American Express Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.950%, due 8/1/25
​ ​ ​ ​ 715,000 ​ ​ ​ ​ ​ 686,818 ​ ​
Bank of America Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.200%, due 8/26/24
​ ​ ​ ​ 1,070,000 ​ ​ ​ ​ ​ 1,046,339 ​ ​
4.827%, (SOFR + 1.75%),
due 7/22/26(a)
​ ​ ​ ​ 565,000 ​ ​ ​ ​ ​ 550,221 ​ ​
Blackstone Holdings Finance Co. LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.900%, due 11/3/27
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 244,498 ​ ​
Blackstone Private Credit Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.050%, due 9/29/25
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 227,990 ​ ​
Capital One Financial Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.166%, (SOFR + 1.37%),
due 5/9/25(a)
 ​ ​ ​ ​ 760,000 ​ ​ ​ ​ ​ 730,372 ​ ​
Citigroup, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.610%, (SOFR + 1.55%),
due 9/29/26(a)
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 305,893 ​ ​
Citizens Bank NA/Providence RI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
6.064%, (SOFR + 1.45%),
due 10/24/25(a)
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 251,781 ​ ​
Corebridge Financial, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.500%, due 4/4/25
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 753,941 ​ ​
Goldman Sachs Group, Inc. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.700%, due 11/1/24
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 550,037 ​ ​
Huntington National Bank (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.008%, (SOFR + 1.21%),
due 5/16/25(a)
​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 657,845 ​ ​
JPMorgan Chase & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.845%, (SOFR + 0.98%),
due 6/14/25(a)
​ ​ ​ ​ 760,000 ​ ​ ​ ​ ​ 736,397 ​ ​
M&T Bank Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.553%, (SOFR + 1.78%),
due 8/16/28(a)
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 272,925 ​ ​
Morgan Stanley ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.620%, (SOFR + 1.16%),
due 4/17/25(a)
​ ​ ​ ​ 1,285,000 ​ ​ ​ ​ ​ 1,241,297 ​ ​
4.679%, (SOFR + 1.67%),
due 7/17/26(a)
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 407,180 ​ ​
Santander Holdings USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.807%, (SOFR + 2.33%),
due 9/9/26(a)
 ​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 184,011 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
Corporate Bonds (continued) ​
Financial (continued) ​
Wells Fargo & Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.540%, (SOFR + 1.56%),
due 8/15/26(a)
​ ​ ​ $ 350,000 ​ ​ ​ ​ $ 336,692 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,555,937 ​ ​
Industrial — 2.2% ​
Boeing Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.167%, due 2/4/23
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 564,383 ​ ​
1.950%, due 2/1/24
​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 991,765 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,556,148 ​ ​
Technology — 0.2% ​
Oracle Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.300%, due 3/25/28
​ ​ ​ ​ 185,000 ​ ​ ​ ​ ​ 154,755 ​ ​
Utilities — 10.3% ​
American Electric Power Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2.031%, due 3/15/24
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 186,156 ​ ​
CenterPoint Energy, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.388%, (SOFR + 0.65%),
due 5/13/24(a)
​ ​ ​ ​ 1,515,000 ​ ​ ​ ​ ​ 1,483,448 ​ ​
Duke Energy Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.300%, due 3/15/28
​ ​ ​ ​ 335,000 ​ ​ ​ ​ ​ 314,890 ​ ​
Entergy Louisiana LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.620%, due 11/17/23
​ ​ ​ ​ 449,000 ​ ​ ​ ​ ​ 427,364 ​ ​
Eversource Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series T, 3.000%, (SOFR + 0.25%),
due 8/15/23(a)
​ ​ ​ ​ 1,975,000 ​ ​ ​ ​ ​ 1,964,205 ​ ​
Pacific Gas and Electric Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.200%, due 3/1/29
​ ​ ​ ​ 398,000 ​ ​ ​ ​ ​ 345,336 ​ ​
Pacific Gas And Electric Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.250%, due 2/16/24
​ ​ ​ ​ 585,000 ​ ​ ​ ​ ​ 565,391 ​ ​
Sempra Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.300%, due 4/1/25
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 331,387 ​ ​
Southern California Edison Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.100%, due 4/1/24
​ ​ ​ ​ 880,000 ​ ​ ​ ​ ​ 827,740 ​ ​
Southern Co. (The) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.150%, due 10/6/25
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 248,854 ​ ​
Virginia Electric and Power Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series B, 3.750%, due 5/15/27
​ ​ ​ ​ 605,000 ​ ​ ​ ​ ​ 567,430 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,262,201 ​ ​
Total Corporate Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $26,839,774)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 25,678,763 ​ ​
Foreign Bonds — 12.2% ​
Consumer, Cyclical — 1.3% ​
Volkswagen Group of America Finance
LLC, (Germany)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.250%, due 11/24/25
​ ​ ​ ​ 1,070,000 ​ ​ ​ ​ ​ 934,364 ​ ​
Financial — 10.6% ​
AerCap Ireland Capital DAC / AerCap
Global Aviation Trust, (Ireland)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.650%, due 10/29/24
​ ​ ​ ​ 1,140,000 ​ ​ ​ ​ ​ 1,034,705 ​ ​
Antares Holdings LP, (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
3.950%, due 7/15/26
​ ​ ​ ​ 975,000 ​ ​ ​ ​ ​ 829,680 ​ ​
​
See notes to financial statements.
63​
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
Principal
Amount
​ ​
Value
​
Foreign Bonds (continued) ​
Financial (continued) ​
Banco Santander SA, (Spain) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.294%, due 8/18/27
​ ​ ​ $ 400,000 ​ ​ ​ ​ $ 368,880 ​ ​
Cooperatieve Rabobank UA, (Netherlands)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.655%, (1 Year US CMT T-Note + 1.75%), due 8/22/28(a)
​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ 406,986 ​ ​
Credit Agricole SA/London, (France) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
1.907%, (SOFR + 1.68%),
due 6/16/26(a)
​ ​ ​ ​ 1,050,000 ​ ​ ​ ​ ​ 929,932 ​ ​
HSBC Holdings PLC, (United Kingdom) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.336%, (SOFR + 3.03%),
due 11/3/26(a)
​ ​ ​ ​ 420,000 ​ ​ ​ ​ ​ 421,163 ​ ​
Lloyds Banking Group PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.695%, (1 Year US CMT T-Note + 0.55%), due 5/11/24(a)
​ ​ ​ ​ 1,080,000 ​ ​ ​ ​ ​ 1,047,292 ​ ​
4.716%, (1 Year US CMT T-Note + 1.75%), due 8/11/26(a)
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 321,692 ​ ​
NatWest Markets PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.800%, due 8/12/24
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 730,806 ​ ​
Royal Bank of Canada, (Canada) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.660%, due 10/25/24
​ ​ ​ ​ 295,000 ​ ​ ​ ​ ​ 295,545 ​ ​
Standard Chartered PLC, (United Kingdom)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.991%, (1 Year US CMT T-Note + 0.78%), due 1/12/25(a)
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 511,294 ​ ​
Swedbank AB, (Sweden) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
5.337%, due 9/20/27
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 333,077 ​ ​
Toronto-Dominion Bank (The), (Canada)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.285%, due 9/13/24
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 303,738 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,534,790 ​ ​
Utilities — 0.3% ​
Enel Finance America LLC, (Italy) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
7.100%, due 10/14/27
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,415 ​ ​
Total Foreign Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $9,346,581)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,668,569 ​ ​
U.S. Treasury Notes — 7.8% ​
U.S. Treasury Note, 2.500%,
due 3/31/23 
 ​ ​ ​ ​ 1,880,000 ​ ​ ​ ​ ​ 1,866,488 ​ ​
U.S. Treasury Note, 2.750%,
due 8/15/32 
 ​ ​ ​ ​ 4,090,000 ​ ​ ​ ​ ​ 3,659,911 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,526,399 ​ ​
Total U.S. Treasury Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $5,946,996)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,526,399 ​ ​
United States Government Agency Mortgage-Backed
Securities — 4.3%		 ​
Mortgage Securities — 4.3% ​
Federal Home Loan Mortgage Corporation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4.500%, due 8/1/42
​ ​ ​ ​ 1,187,314 ​ ​ ​ ​ ​ 1,126,589 ​ ​
​ ​ ​
Principal
Amount
​ ​
Value
​
United States Government Agency Mortgage-Backed
Securities (continued)
​
Mortgage Securities (continued) ​
Freddie Mac Multifamily Structured Pass Through Certificates
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Series 2020-K108, 1.691%,
due 3/25/30(a)(b)(e)
​ ​ ​ $ 7,355,790 ​ ​ ​ ​ $ 700,690 ​ ​
Series 2020-K119, 0.931%,
due 9/25/30(a)(b)(e)
​ ​ ​ ​ 14,930,979 ​ ​ ​ ​ ​ 820,015 ​ ​
Series 2021-K124, 0.720%,
due 12/25/30(a)(b)(e)
​ ​ ​ ​ 9,479,484 ​ ​ ​ ​ ​ 421,569 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,068,863 ​ ​
Total United States Government Agency Mortgage-Backed Securities
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $3,459,154)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  3,068,863 ​ ​
Short-Term Investment — 12.8% ​
Commercial Papers — 4.1% ​
Financial — 4.1% ​
Barclays Capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.000%, due 4/3/23(c)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 978,910 ​ ​
Westpac BKG Co. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
0.000%, due 3/20/23(c)
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 1,964,300 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,943,210 ​ ​
Total Commercial Papers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $2,974,040)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,943,210 ​ ​
​
​ ​ ​
Shares
​ ​ ​ ​ ​ ​ ​
Money Market Fund — 8.7% ​
BlackRock Liquidity T-Fund, 2.92%(d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $6,145,977)
 ​ ​ ​ ​ 6,145,977 ​ ​ ​ ​
​
6,145,977
 ​ ​
Total Investments — 100.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $75,143,346)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 71,525,686 ​ ​
Other Assets and Liabilities,
Net — (0.8)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (574,088) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 70,951,598 ​ ​
​
(a)
Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2022.
​
(b)
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
​
(c)
The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.
​
(d)
Reflects the 7-day yield at October 31, 2022.
​
(e)
Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.
​
​ Abbreviations ​
​ CMT ​ ​  —  ​ ​ 1 year Constant Maturity Treasury Index ​
​ LIBOR ​ ​  —  ​ ​ London InterBank Offered Rate ​
​ SOFR ​ ​  —  ​ ​ Secured Financing Overnight Rate ​
​
See notes to financial statements.
64
Schedule of Investments — IQ Ultra Short Duration ETF (continued)
​
October 31, 2022 (unaudited)
Open futures contracts outstanding at October 31, 2022:​
Type
​ ​
Broker
​ ​
Expiration
Date
​ ​
Number of
Contracts
Purchased
(Sold)
​ ​
Notional
Value at
Trade
Date
​ ​
Notional
Value at
October 31,
2022
​ ​
Unrealized
Appreciation
(Depreciation)
​
U.S. 10 Year Note (CBT)
​ ​
RBC Capital Markets
​ ​
December 2022
​ ​ ​ ​ (3) ​ ​ ​ ​ $ (328,963) ​ ​ ​ ​ $ (331,781) ​ ​ ​ ​ $ (2,818) ​ ​
U.S. 10 Year Ultra Note
​ ​
RBC Capital Markets
​ ​
December 2022
​ ​ ​ ​ (38) ​ ​ ​ ​ ​ (4,410,033) ​ ​ ​ ​ ​ (4,407,406) ​ ​ ​ ​ ​ 2,627 ​ ​
U.S. 2 Year Note (CBT)
​ ​
RBC Capital Markets
​ ​
December 2022
​ ​ ​ ​ (54) ​ ​ ​ ​ ​ (11,042,947) ​ ​ ​ ​ ​ (11,036,672) ​ ​ ​ ​ ​ 6,275 ​ ​
U.S. 5 Year Note (CBT)
​ ​
RBC Capital Markets
​ ​
December 2022
​ ​ ​ ​ (89) ​ ​ ​ ​ ​ (9,826,179) ​ ​ ​ ​ ​ (9,486,844) ​ ​ ​ ​ ​ 339,335 ​ ​
U.S. Long Bond (CBT)
​ ​
RBC Capital Markets
​ ​
December 2022
​ ​ ​ ​ (1) ​ ​ ​ ​ ​ (123,061) ​ ​ ​ ​ ​ (120,500) ​ ​ ​ ​ ​ 2,561 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 347,980 ​ ​
​
CBT — Chicago Board of Trade
Cash posted as collateral to broker for futures contracts was $304,500 at October 31, 2022.
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
Description
​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Asset Valuation Inputs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in Securities:(f)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Commercial Asset-Backed Securities
​ ​ ​ $ — ​ ​ ​ ​ $ 14,678,780 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 14,678,780 ​ ​
Commercial Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,815,125 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,815,125 ​ ​
Corporate Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 25,678,763 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 25,678,763 ​ ​
Foreign Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,668,569 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,668,569 ​ ​
U.S. Treasury Notes
​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,526,399 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,526,399 ​ ​
United States Government Agency Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,068,863 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,068,863 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Commercial Papers
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,943,210 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,943,210 ​ ​
Money Market Fund
​ ​ ​ ​ 6,145,977 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,145,977 ​ ​
Total Investments in Securities
​ ​ ​ ​ 6,145,977 ​ ​ ​ ​ ​ 65,379,709 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 71,525,686 ​ ​
Other Financial Instruments:(g)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts
​ ​ ​ ​ 350,798 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 350,798 ​ ​
Total Investments in Securities and Other Financial Instruments
​ ​ ​ $ 6,496,775 ​ ​ ​ ​ $ 65,379,709 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 71,876,484 ​ ​
Liability Valuation Inputs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Other Financial Instruments:(g)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts
​ ​ ​ $ (2,818) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (2,818) ​ ​
​
(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 October 31, 2022, 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.
65​
Schedule of Investments — IQ Winslow Focused Large Cap Growth ETF  
​
October 31, 2022 (unaudited)
​ ​ ​
Shares
​ ​
Value
​
Common Stocks — 99.3% ​
Communication Services — 3.0% ​
Alphabet, Inc., Class C*
​ ​ ​ ​ 1,805 ​ ​ ​ ​ $ 170,861 ​ ​
Consumer Discretionary — 18.4% ​
Chipotle Mexican Grill, Inc.*
​ ​ ​ ​ 215 ​ ​ ​ ​ ​ 322,141 ​ ​
Dollar Tree, Inc.*
​ ​ ​ ​ 1,507 ​ ​ ​ ​ ​ 238,859 ​ ​
Hilton Worldwide Holdings, Inc.
​ ​ ​ ​ 1,930 ​ ​ ​ ​ ​ 261,052 ​ ​
Lululemon Athletica, Inc.*
​ ​ ​ ​ 674 ​ ​ ​ ​ ​ 221,773 ​ ​
Total Consumer Discretionary
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,043,825 ​ ​
Consumer Staples — 3.2% ​
Costco Wholesale Corp.
​ ​ ​ ​ 359 ​ ​ ​ ​ ​ 180,039 ​ ​
Energy — 4.0% ​
Schlumberger NV
​ ​ ​ ​ 4,381 ​ ​ ​ ​ ​ 227,944 ​ ​
Health Care — 19.5% ​
ABIOMED, Inc.*
​ ​ ​ ​ 704 ​ ​ ​ ​ ​ 177,464 ​ ​
Bio-Techne Corp.
​ ​ ​ ​ 489 ​ ​ ​ ​ ​ 144,871 ​ ​
Intuitive Surgical, Inc.*
​ ​ ​ ​ 829 ​ ​ ​ ​ ​ 204,324 ​ ​
UnitedHealth Group, Inc.
​ ​ ​ ​ 589 ​ ​ ​ ​ ​ 326,983 ​ ​
Zoetis, Inc.
​ ​ ​ ​ 1,682 ​ ​ ​ ​ ​ 253,612 ​ ​
Total Health Care
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,107,254 ​ ​
Industrials — 9.7% ​
Deere & Co.
​ ​ ​ ​ 745 ​ ​ ​ ​ ​ 294,886 ​ ​
Union Pacific Corp.
​ ​ ​ ​ 1,294 ​ ​ ​ ​ ​ 255,099 ​ ​
Total Industrials
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 549,985 ​ ​
Information Technology — 37.7% ​
Analog Devices, Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 156,882 ​ ​
Apple, Inc.
​ ​ ​ ​ 1,115 ​ ​ ​ ​ ​ 170,974 ​ ​
ASML Holding NV,
​ ​ ​ ​ 568 ​ ​ ​ ​ ​ 268,335 ​ ​
Intuit, Inc.
​ ​ ​ ​ 436 ​ ​ ​ ​ ​ 186,390 ​ ​
Mastercard, Inc., Class A
​ ​ ​ ​ 824 ​ ​ ​ ​ ​ 270,420 ​ ​
Microsoft Corp.
​ ​ ​ ​ 1,926 ​ ​ ​ ​ ​ 447,082 ​ ​
NVIDIA Corp.
​ ​ ​ ​ 1,018 ​ ​ ​ ​ ​ 137,399 ​ ​
Palo Alto Networks, Inc.*
​ ​ ​ ​ 1,011 ​ ​ ​ ​ ​ 173,478 ​ ​
ServiceNow, Inc.*
​ ​ ​ ​ 364 ​ ​ ​ ​ ​ 153,149 ​ ​
Visa, Inc., Class A(a)
​ ​ ​ ​ 842 ​ ​ ​ ​ ​ 174,429 ​ ​
Total Information Technology
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,138,538 ​ ​
Materials — 3.8% ​
Linde PLC
​ ​ ​ ​ 733 ​ ​ ​ ​ ​ 217,958 ​ ​
Total Common Stocks ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $5,488,279)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,636,404 ​ ​
​ ​ ​
Shares
​ ​
Value
​
Short-Term Investment — 1.0% ​
Money Market Fund — 1.0% ​
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.09%(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $58,639)
 ​ ​ ​
​
58,639
 ​ ​ ​ ​ $ 58,639 ​ ​
Total Investments — 100.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $5,546,918)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,695,043 ​ ​
Other Assets and Liabilities,
Net — (0.3)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (17,618) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,677,425 ​ ​
​
​
*
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 $170,907; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $176,171.
​
(b)
Reflects the 7-day yield at October 31, 2022.
​
​
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. 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:(c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 5,636,404 ​ ​ ​ ​ $     — ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 5,636,404 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 58,639 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 58,639 ​ ​
Total Investments in Securities
​ ​ ​ $ 5,695,043 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 5,695,043 ​ ​
​
(c)
For a complete listing of investments and their industries, see the Schedule of Investments.
​
See notes to financial statements.
66
Schedule of Investments — IQ Winslow Large Cap Growth ETF  
​
October 31, 2022 (unaudited)
​ ​ ​
Shares
​ ​
Value
​
Common Stocks — 98.7% ​
Communication Services — 3.6% ​
Alphabet, Inc., Class A*
​ ​ ​ ​ 2,772 ​ ​ ​ ​ $   261,982 ​ ​
Alphabet, Inc., Class C*
​ ​ ​ ​ 2,220 ​ ​ ​ ​ ​ 210,145 ​ ​
Total Communication Services
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 472,127 ​ ​
Consumer Discretionary — 17.5% ​
Amazon.com, Inc.*
​ ​ ​ ​ 2,550 ​ ​ ​ ​ ​ 261,222 ​ ​
Chipotle Mexican Grill, Inc.*
​ ​ ​ ​ 266 ​ ​ ​ ​ ​ 398,556 ​ ​
Dollar Tree, Inc.*
​ ​ ​ ​ 2,671 ​ ​ ​ ​ ​ 423,353 ​ ​
Hilton Worldwide Holdings, Inc.
​ ​ ​ ​ 1,956 ​ ​ ​ ​ ​ 264,569 ​ ​
Lululemon Athletica, Inc.*
​ ​ ​ ​ 729 ​ ​ ​ ​ ​ 239,870 ​ ​
McDonald’s Corp.
​ ​ ​ ​ 719 ​ ​ ​ ​ ​ 196,042 ​ ​
Starbucks Corp.
​ ​ ​ ​ 2,745 ​ ​ ​ ​ ​ 237,690 ​ ​
Tesla, Inc.*
​ ​ ​ ​ 1,099 ​ ​ ​ ​ ​ 250,066 ​ ​
Total Consumer Discretionary
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,271,368 ​ ​
Consumer Staples — 4.0% ​
Costco Wholesale Corp.
​ ​ ​ ​ 748 ​ ​ ​ ​ ​ 375,122 ​ ​
Estee Lauder Cos., Inc. (The), Class A
​ ​ ​ ​ 680 ​ ​ ​ ​ ​ 136,333 ​ ​
Total Consumer Staples
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 511,455 ​ ​
Energy — 3.3% ​
Schlumberger NV
​ ​ ​ ​ 8,281 ​ ​ ​ ​ ​ 430,860 ​ ​
Financials — 2.7% ​
Moody’s Corp.
​ ​ ​ ​ 672 ​ ​ ​ ​ ​ 177,993 ​ ​
MSCI, Inc.
​ ​ ​ ​ 367 ​ ​ ​ ​ ​ 172,071 ​ ​
Total Financials
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 350,064 ​ ​
Health Care — 21.3% ​
ABIOMED, Inc.*
​ ​ ​ ​ 864 ​ ​ ​ ​ ​ 217,797 ​ ​
Agilent Technologies, Inc.
​ ​ ​ ​ 1,870 ​ ​ ​ ​ ​ 258,715 ​ ​
AstraZeneca PLC
​ ​ ​ ​ 3,455 ​ ​ ​ ​ ​ 203,189 ​ ​
Bio-Techne Corp.
​ ​ ​ ​ 534 ​ ​ ​ ​ ​ 158,203 ​ ​
Danaher Corp.
​ ​ ​ ​ 585 ​ ​ ​ ​ ​ 147,227 ​ ​
IDEXX Laboratories, Inc.*
​ ​ ​ ​ 460 ​ ​ ​ ​ ​ 165,453 ​ ​
Intuitive Surgical, Inc.*
​ ​ ​ ​ 1,320 ​ ​ ​ ​ ​ 325,340 ​ ​
IQVIA Holdings, Inc.*
​ ​ ​ ​ 1,118 ​ ​ ​ ​ ​ 234,411 ​ ​
UnitedHealth Group, Inc.
​ ​ ​ ​ 967 ​ ​ ​ ​ ​ 536,830 ​ ​
Veeva Systems, Inc., Class A*
​ ​ ​ ​ 1,229 ​ ​ ​ ​ ​ 206,398 ​ ​
Zoetis, Inc.
​ ​ ​ ​ 2,077 ​ ​ ​ ​ ​ 313,170 ​ ​
Total Health Care
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,766,733 ​ ​
Industrials — 7.9% ​
CoStar Group, Inc.*
​ ​ ​ ​ 1,427 ​ ​ ​ ​ ​ 118,042 ​ ​
CSX Corp.
​ ​ ​ ​ 7,315 ​ ​ ​ ​ ​ 212,574 ​ ​
Deere & Co.
​ ​ ​ ​ 821 ​ ​ ​ ​ ​ 324,968 ​ ​
​ ​ ​
Shares
​ ​
Value
​
Common Stocks (continued) ​
Industrials (continued) ​
Union Pacific Corp.
​ ​ ​ ​ 1,886 ​ ​ ​ ​ $ 371,806 ​ ​
Total Industrials
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,027,390 ​ ​
Information Technology — 36.4% ​
Accenture PLC, Class A
​ ​ ​ ​ 909 ​ ​ ​ ​ ​ 258,065 ​ ​
Adobe, Inc.*
​ ​ ​ ​ 320 ​ ​ ​ ​ ​ 101,920 ​ ​
Analog Devices, Inc.
​ ​ ​ ​ 1,865 ​ ​ ​ ​ ​ 265,986 ​ ​
Apple, Inc.
​ ​ ​ ​ 3,250 ​ ​ ​ ​ ​ 498,355 ​ ​
ASML Holding NV
​ ​ ​ ​ 560 ​ ​ ​ ​ ​ 264,555 ​ ​
Atlassian Corp., Class A*
​ ​ ​ ​ 355 ​ ​ ​ ​ ​ 71,969 ​ ​
Gartner, Inc.*
​ ​ ​ ​ 798 ​ ​ ​ ​ ​ 240,932 ​ ​
Intuit, Inc.
​ ​ ​ ​ 768 ​ ​ ​ ​ ​ 328,320 ​ ​
Mastercard, Inc., Class A
​ ​ ​ ​ 1,359 ​ ​ ​ ​ ​ 445,997 ​ ​
Microsoft Corp.
​ ​ ​ ​ 4,169 ​ ​ ​ ​ ​ 967,750 ​ ​
NVIDIA Corp.
​ ​ ​ ​ 1,719 ​ ​ ​ ​ ​ 232,014 ​ ​
Palo Alto Networks, Inc.*
​ ​ ​ ​ 1,321 ​ ​ ​ ​ ​ 226,670 ​ ​
ServiceNow, Inc.*
​ ​ ​ ​ 604 ​ ​ ​ ​ ​ 254,127 ​ ​
Visa, Inc., Class A(a)
​ ​ ​ ​ 2,722 ​ ​ ​ ​ ​ 563,890 ​ ​
Total Information Technology
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,720,550 ​ ​
Materials — 2.0% ​
Linde PLC
​ ​ ​ ​ 885 ​ ​ ​ ​ ​ 263,155 ​ ​
Total Common Stocks ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $12,845,695)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,813,702 ​ ​
Short-Term Investment — 2.2% ​
Money Market Fund — 2.2% ​
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.09%(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $281,494)
 ​ ​ ​ ​ 281,494 ​ ​ ​ ​
​
281,494
 ​ ​
Total Investments — 100.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $13,127,189)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,095,196 ​ ​
Other Assets and Liabilities,
Net — (0.9)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (109,364) ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,985,832 ​ ​
​
​
*
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 $552,496; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $569,512.
​
(b)
Reflects the 7-day yield at October 31, 2022.
​
​
The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022. 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:(c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 12,813,702 ​ ​ ​ ​ $     — ​ ​ ​ ​ $     — ​ ​ ​ ​ $ 12,813,702 ​ ​
Short-Term Investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Money Market Fund
​ ​ ​ ​ 281,494 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 281,494 ​ ​
Total Investments in Securities
​ ​ ​ $ 13,095,196 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 13,095,196 ​ ​
​
(c)
For a complete listing of investments and their industries, see the Schedule of Investments.
​
See notes to financial statements.
67​
Statements of Assets and Liabilities 
​
October 31, 2022 (unaudited)
​ ​ ​
IQ MacKay
California
Municipal
Intermediate ETF
​ ​
IQ MacKay
Municipal
Insured ETF
​ ​
IQ MacKay
Municipal
Intermediate ETF
​ ​
IQ MacKay
ESG
Core Plus
Bond ETF
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in securities, at value(a)
​ ​ ​ $ 42,842,580 ​ ​ ​ ​ $ 346,527,941 ​ ​ ​ ​ $ 320,525,111 ​ ​ ​ ​ $ 228,271,648 ​ ​
Cash
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,029,578 ​ ​ ​ ​ ​ 365,400 ​ ​
Deposits at broker for futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 597,250 ​ ​
Interest receivable
​ ​ ​ ​ 570,676 ​ ​ ​ ​ ​ 3,408,987 ​ ​ ​ ​ ​ 3,167,334 ​ ​ ​ ​ ​ 1,313,549 ​ ​
Prepaid expenses
​ ​ ​ ​ 1,001 ​ ​ ​ ​ ​ 9,483 ​ ​ ​ ​ ​ 7,971 ​ ​ ​ ​ ​ 12,574 ​ ​
Receivable for investments sold
​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,216,497 ​ ​ ​ ​ ​ 615,347 ​ ​ ​ ​ ​ 378,171 ​ ​
Receivable for capital shares transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,481,682 ​ ​ ​ ​ ​ — ​ ​
Due from broker
​ ​ ​ ​ — ​ ​ ​ ​ ​ 20,268 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities lending income receivable
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 656 ​ ​
Dividend receivable
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,407 ​ ​
Due from advisor
​ ​ ​ ​ 11,808 ​ ​ ​ ​ ​ 47,661 ​ ​ ​ ​ ​ 38,336 ​ ​ ​ ​ ​ 8,760 ​ ​
Total assets
​ ​ ​ ​ 43,426,065 ​ ​ ​ ​ ​ 356,230,837 ​ ​ ​ ​ ​ 328,865,359 ​ ​ ​ ​ ​ 230,949,415 ​ ​
Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Due to broker
​ ​ ​ ​ 27,859 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,949 ​ ​
Advisory fees payable
​ ​ ​ ​ 16,724 ​ ​ ​ ​ ​ 111,849 ​ ​ ​ ​ ​ 102,567 ​ ​ ​ ​ ​ 65,304 ​ ​
Trustee fees payable
​ ​ ​ ​ 165 ​ ​ ​ ​ ​ 2,328 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Payable for investments purchased
​ ​ ​ ​ — ​ ​ ​ ​ ​ 33,636,458 ​ ​ ​ ​ ​ 22,294,660 ​ ​ ​ ​ ​ 1,392,808 ​ ​
Variation margin payable
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 144,328 ​ ​
Accrued expenses and other liabilities
​ ​ ​ ​ 39,551 ​ ​ ​ ​ ​ 63,727 ​ ​ ​ ​ ​ 27,284 ​ ​ ​ ​ ​ 11,804 ​ ​
Total liabilities
​ ​ ​ ​ 84,299 ​ ​ ​ ​ ​ 33,814,362 ​ ​ ​ ​ ​ 22,424,511 ​ ​ ​ ​ ​ 1,617,193 ​ ​
Net Assets
​ ​ ​
$
43,341,766
 ​ ​ ​ ​
$
322,416,475
 ​ ​ ​ ​
$
306,440,848
 ​ ​ ​ ​
$
229,332,222
 ​ ​
Composition of Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-in capital
​ ​ ​ $ 52,095,983 ​ ​ ​ ​ $ 396,129,092 ​ ​ ​ ​ $ 342,527,434 ​ ​ ​ ​ $ 253,088,759 ​ ​
Total accumulated loss
​ ​ ​ ​ (8,754,217) ​ ​ ​ ​ ​ (73,712,617) ​ ​ ​ ​ ​ (36,086,586) ​ ​ ​ ​ ​ (23,756,537) ​ ​
Net Assets
​ ​ ​
$
43,341,766
 ​ ​ ​ ​
$
322,416,475
 ​ ​ ​ ​
$
306,440,848
 ​ ​ ​ ​
$
229,332,222
 ​ ​
NET ASSET VALUE PER SHARE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares Outstanding (no par value, unlimited shares
authorized)
​ ​ ​ ​ 2,100,000 ​ ​ ​ ​ ​ 14,250,000 ​ ​ ​ ​ ​ 13,200,000 ​ ​ ​ ​ ​ 11,350,000 ​ ​
Net Asset Value Per Share
​ ​ ​ $ 20.64 ​ ​ ​ ​ $ 22.63 ​ ​ ​ ​ $ 23.22 ​ ​ ​ ​ $ 20.21 ​ ​
Investments, at cost
​ ​ ​ $ 45,119,061 ​ ​ ​ ​ $ 371,014,433 ​ ​ ​ ​ $ 342,885,209 ​ ​ ​ ​ $ 244,467,101 ​ ​
(a)Market value of securities on loan
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 18,773,147 ​ ​
See notes to financial statements.
68
Statements of Assets and Liabilities (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
IQ MacKay
ESG High
Income ETF
​ ​
IQ MacKay
Multi-Sector
Income ETF
​ ​
IQ Ultra Short
Duration ETF
​ ​
IQ Winslow
Focused
Large Cap
Growth ETF
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in securities, at value(a)
​ ​ ​ $ 24,506,101 ​ ​ ​ ​ $ 22,774,977 ​ ​ ​ ​ $ 71,525,686 ​ ​ ​ ​ $ 5,695,043 ​ ​
Cash
​ ​ ​ ​ 3,022 ​ ​ ​ ​ ​ 3,745 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Foreign currency
​ ​ ​ ​ — ​ ​ ​ ​ ​ 27 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Deposits at broker for futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 78,300 ​ ​ ​ ​ ​ 304,500 ​ ​ ​ ​ ​ — ​ ​
Interest receivable
​ ​ ​ ​ 375,935 ​ ​ ​ ​ ​ 193,670 ​ ​ ​ ​ ​ 324,800 ​ ​ ​ ​ ​ — ​ ​
Receivable for investments sold
​ ​ ​ ​ 241,196 ​ ​ ​ ​ ​ 34,888 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 169,160 ​ ​
Dividend receivable
​ ​ ​ ​ 2,305 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,803 ​ ​ ​ ​ ​ 2,259 ​ ​
Prepaid expenses
​ ​ ​ ​ — ​ ​ ​ ​ ​ 994 ​ ​ ​ ​ ​ 1,972 ​ ​ ​ ​ ​ 90 ​ ​
Securities lending income receivable
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14 ​ ​
Due from advisor
​ ​ ​ ​ 1,976 ​ ​ ​ ​ ​ 7,582 ​ ​ ​ ​ ​ 14,067 ​ ​ ​ ​ ​ 8,468 ​ ​
Variation margin receivable
​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,469 ​ ​ ​ ​ ​ 67,375 ​ ​ ​ ​ ​ — ​ ​
Total assets
​ ​ ​ ​ 25,130,535 ​ ​ ​ ​ ​ 23,098,652 ​ ​ ​ ​ ​ 72,249,203 ​ ​ ​ ​ ​ 5,875,034 ​ ​
Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Payable for investments purchased
​ ​ ​ ​ 2,997 ​ ​ ​ ​ ​ 3,745 ​ ​ ​ ​ ​ 1,214,686 ​ ​ ​ ​ ​ 170,117 ​ ​
Advisory fees payable
​ ​ ​ ​ 1,925 ​ ​ ​ ​ ​ 7,836 ​ ​ ​ ​ ​ 15,293 ​ ​ ​ ​ ​ 3,452 ​ ​
Trustee fees payable
​ ​ ​ ​ 7 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 940 ​ ​ ​ ​ ​ — ​ ​
Variation margin payable
​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,875 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Due to broker
​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,257 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued expenses and other liabilities
​ ​ ​ ​ 1,970 ​ ​ ​ ​ ​ 19,476 ​ ​ ​ ​ ​ 66,686 ​ ​ ​ ​ ​ 24,040 ​ ​
Total liabilities
​ ​ ​ ​ 6,899 ​ ​ ​ ​ ​ 54,189 ​ ​ ​ ​ ​ 1,297,605 ​ ​ ​ ​ ​ 197,609 ​ ​
Net Assets
​ ​ ​
$
25,123,636
 ​ ​ ​ ​
$
23,044,463
 ​ ​ ​ ​
$
70,951,598
 ​ ​ ​ ​
$
5,677,425
 ​ ​
Composition of Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-in capital
​ ​ ​ $ 25,062,500 ​ ​ ​ ​ $ 25,062,500 ​ ​ ​ ​ $ 76,342,760 ​ ​ ​ ​ $ 5,523,245 ​ ​
Total distributable earnings/(accumulated loss)
​ ​ ​ ​ 61,136 ​ ​ ​ ​ ​ (2,018,037) ​ ​ ​ ​ ​ (5,391,162) ​ ​ ​ ​ ​ 154,180 ​ ​
Net Assets
​ ​ ​
$
25,123,636
 ​ ​ ​ ​
$
23,044,463
 ​ ​ ​ ​
$
70,951,598
 ​ ​ ​ ​
$
5,677,425
 ​ ​
NET ASSET VALUE PER SHARE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares Outstanding (no par value, unlimited shares authorized)
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 220,000 ​ ​
Net Asset Value Per Share
​ ​ ​ $ 25.12 ​ ​ ​ ​ $ 23.04 ​ ​ ​ ​ $ 47.30 ​ ​ ​ ​ $ 25.81 ​ ​
Investments, at cost
​ ​ ​ $ 24,472,652 ​ ​ ​ ​ $ 24,520,717 ​ ​ ​ ​ $ 75,143,346 ​ ​ ​ ​ $ 5,546,918 ​ ​
(a)Market value of securities on loan
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 170,907 ​ ​
See notes to financial statements.
69​
Statements of Assets and Liabilities (continued)
​
October 31, 2022 (unaudited)
​ ​ ​
IQ Winslow
Large Cap
Growth ETF
​
Assets ​ ​ ​ ​ ​ ​ ​
Investments in securities, at value(a)
​ ​ ​ $ 13,095,196 ​ ​
Receivable for investments sold
​ ​ ​ ​ 37,897 ​ ​
Dividend receivable
​ ​ ​ ​ 4,309 ​ ​
Prepaid expenses
​ ​ ​ ​ 111 ​ ​
Securities lending income receivable
​ ​ ​ ​ 45 ​ ​
Due from advisor
​ ​ ​ ​ 9,597 ​ ​
Total assets
​ ​ ​ ​ 13,147,155 ​ ​
Liabilities ​ ​ ​ ​ ​ ​ ​
Payable for investments purchased
​ ​ ​ ​ 129,471 ​ ​
Advisory fees payable
​ ​ ​ ​ 7,949 ​ ​
Accrued expenses and other liabilities
​ ​ ​ ​ 23,903 ​ ​
Total liabilities
​ ​ ​ ​ 161,323 ​ ​
Net Assets
​ ​ ​
$
12,985,832
 ​ ​
Composition of Net Assets ​ ​ ​ ​ ​ ​ ​
Paid-in capital
​ ​ ​ $ 13,138,133 ​ ​
Total accumulated loss
​ ​ ​ ​ (152,301) ​ ​
Net Assets
​ ​ ​
$
12,985,832
 ​ ​
NET ASSET VALUE PER SHARE ​ ​ ​ ​ ​ ​ ​
Shares Outstanding (no par value, unlimited shares authorized)
​ ​ ​ ​ 510,000 ​ ​
Net Asset Value Per Share
​ ​ ​ $ 25.46 ​ ​
Investments, at cost
​ ​ ​ $ 13,127,189 ​ ​
(a)Market value of securities on loan
​ ​ ​ $ 552,496 ​ ​
See notes to financial statements.
70
Statements of Operations 
​
For the Six Months Ended October 31, 2022 (unaudited)
​ ​ ​
IQ MacKay
California
Municipal
Intermediate ETF
​ ​
IQ MacKay
Municipal
Insured ETF
​ ​
IQ MacKay
Municipal
Intermediate ETF
​ ​
IQ MacKay
ESG
Core Plus
Bond ETF
​
Investment Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Interest income
​ ​ ​ $ 638,581 ​ ​ ​ ​ $ 4,981,261 ​ ​ ​ ​ $ 3,230,148 ​ ​ ​ ​ $ 3,460,051 ​ ​
Dividend income
​ ​ ​ ​ 14,854 ​ ​ ​ ​ ​ 141,848 ​ ​ ​ ​ ​ 100,188 ​ ​ ​ ​ ​ 10,025 ​ ​
Securities lending income, net of borrower
rebates 
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,692 ​ ​
Total investment income
​ ​ ​ ​ 653,435 ​ ​ ​ ​ ​ 5,123,109 ​ ​ ​ ​ ​ 3,330,336 ​ ​ ​ ​ ​ 3,477,768 ​ ​
Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Advisory fees (see Note 3)
​ ​ ​ ​ 100,749 ​ ​ ​ ​ ​ 707,320 ​ ​ ​ ​ ​ 565,903 ​ ​ ​ ​ ​ 345,480 ​ ​
Administrative and accounting fees
​ ​ ​ ​ 17,377 ​ ​ ​ ​ ​ 41,234 ​ ​ ​ ​ ​ 23,720 ​ ​ ​ ​ ​ 16,802 ​ ​
Custodian fees
​ ​ ​ ​ 10,041 ​ ​ ​ ​ ​ 23,071 ​ ​ ​ ​ ​ 13,887 ​ ​ ​ ​ ​ 11,759 ​ ​
Audit and tax fees
​ ​ ​ ​ 7,265 ​ ​ ​ ​ ​ 15,625 ​ ​ ​ ​ ​ 15,447 ​ ​ ​ ​ ​ 7,627 ​ ​
Listing fees
​ ​ ​ ​ 4,537 ​ ​ ​ ​ ​ 5,231 ​ ​ ​ ​ ​ 5,250 ​ ​ ​ ​ ​ 2,784 ​ ​
Registration fees
​ ​ ​ ​ 2,299 ​ ​ ​ ​ ​ 496 ​ ​ ​ ​ ​ 248 ​ ​ ​ ​ ​ 1,379 ​ ​
Legal fees
​ ​ ​ ​ 2,096 ​ ​ ​ ​ ​ 20,612 ​ ​ ​ ​ ​ 13,751 ​ ​ ​ ​ ​ 2,880 ​ ​
Shareholder reporting fees
​ ​ ​ ​ 1,958 ​ ​ ​ ​ ​ 7,745 ​ ​ ​ ​ ​ 2,391 ​ ​ ​ ​ ​ 4,216 ​ ​
Trustee fees
​ ​ ​ ​ 1,331 ​ ​ ​ ​ ​ 11,976 ​ ​ ​ ​ ​ 7,765 ​ ​ ​ ​ ​ 2,862 ​ ​
Intraday pricing fees
​ ​ ​ ​ 1,255 ​ ​ ​ ​ ​ 1,260 ​ ​ ​ ​ ​ 1,260 ​ ​ ​ ​ ​ 1,264 ​ ​
Proxy fees
​ ​ ​ ​ 699 ​ ​ ​ ​ ​ 13,715 ​ ​ ​ ​ ​ 9,462 ​ ​ ​ ​ ​ 1,663 ​ ​
Compliance fees
​ ​ ​ ​ 2 ​ ​ ​ ​ ​ 12 ​ ​ ​ ​ ​ 9 ​ ​ ​ ​ ​ 5 ​ ​
Miscellaneous
​ ​ ​ ​ 77 ​ ​ ​ ​ ​ 279 ​ ​ ​ ​ ​ 97 ​ ​ ​ ​ ​ 31 ​ ​
Total expenses
​ ​ ​ ​ 149,686 ​ ​ ​ ​ ​ 848,576 ​ ​ ​ ​ ​ 659,190 ​ ​ ​ ​ ​ 398,752 ​ ​
Waivers (see Note 3)
​ ​ ​ ​ (70,627) ​ ​ ​ ​ ​ (304,333) ​ ​ ​ ​ ​ (225,270) ​ ​ ​ ​ ​ (51,609) ​ ​
Net expenses
​ ​ ​ ​ 79,059 ​ ​ ​ ​ ​ 544,243 ​ ​ ​ ​ ​ 433,920 ​ ​ ​ ​ ​ 347,143 ​ ​
Net investment income
​ ​ ​ ​ 574,376 ​ ​ ​ ​ ​ 4,578,866 ​ ​ ​ ​ ​ 2,896,416 ​ ​ ​ ​ ​ 3,130,625 ​ ​
Realized and Unrealized Gain (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ (3,604,202) ​ ​ ​ ​ ​ (35,383,721) ​ ​ ​ ​ ​ (9,118,898) ​ ​ ​ ​ ​ (4,437,317) ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (673,655) ​ ​
Net realized loss
​ ​ ​ ​ (3,604,202) ​ ​ ​ ​ ​ (35,383,721) ​ ​ ​ ​ ​ (9,118,898) ​ ​ ​ ​ ​ (5,110,972) ​ ​
Net change in net unrealized appreciation (depreciation) on:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ 1,300,205 ​ ​ ​ ​ ​ 4,879,278 ​ ​ ​ ​ ​ (7,001,238) ​ ​ ​ ​ ​ (11,271,303) ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,627,217) ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ 1,300,205 ​ ​ ​ ​ ​ 4,879,278 ​ ​ ​ ​ ​ (7,001,238) ​ ​ ​ ​ ​ (12,898,520) ​ ​
Net realized and unrealized loss
​ ​ ​ ​ (2,303,997) ​ ​ ​ ​ ​ (30,504,443) ​ ​ ​ ​ ​ (16,120,136) ​ ​ ​ ​ ​ (18,009,492) ​ ​
Net Decrease in Net Assets Resulting From Operations
 ​ ​ ​ $ (1,729,621) ​ ​ ​ ​ $ (25,925,577) ​ ​ ​ ​ $ (13,223,720) ​ ​ ​ ​ $ (14,878,867) ​ ​
See notes to financial statements.
71​
Statements of Operations (continued)
​
For the Six Months Ended October 31, 2022 (unaudited)
​ ​ ​
IQ MacKay
ESG High
Income ETF(a)
​ ​
IQ MacKay
Multi-Sector
Income ETF(b)
​ ​
IQ Ultra Short
Duration ETF
​ ​
IQ Winslow
Focused
Large Cap
Growth ETF(c)
​
Investment Income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Interest income
​ ​ ​ $ 27,456 ​ ​ ​ ​ $ 322,458 ​ ​ ​ ​ $ 1,424,135 ​ ​ ​ ​ $ — ​ ​
Dividend income*
​ ​ ​ ​ 2,304 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 57,257 ​ ​ ​ ​ ​ 12,886 ​ ​
Securities lending income, net of borrower rebates
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 37 ​ ​
Total investment income
​ ​ ​ ​ 29,760 ​ ​ ​ ​ ​ 322,458 ​ ​ ​ ​ ​ 1,481,392 ​ ​ ​ ​ ​ 12,923 ​ ​
Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Advisory fees (see Note 3)
​ ​ ​ ​ 1,925 ​ ​ ​ ​ ​ 25,960 ​ ​ ​ ​ ​ 135,173 ​ ​ ​ ​ ​ 14,757 ​ ​
Administrative and accounting fees
​ ​ ​ ​ 633 ​ ​ ​ ​ ​ 8,860 ​ ​ ​ ​ ​ 36,895 ​ ​ ​ ​ ​ 13,221 ​ ​
Audit and tax fees
​ ​ ​ ​ 548 ​ ​ ​ ​ ​ 4,917 ​ ​ ​ ​ ​ 11,786 ​ ​ ​ ​ ​ 5,869 ​ ​
Custodian fees
​ ​ ​ ​ 384 ​ ​ ​ ​ ​ 5,369 ​ ​ ​ ​ ​ 13,754 ​ ​ ​ ​ ​ 8,012 ​ ​
Listing fees
​ ​ ​ ​ 173 ​ ​ ​ ​ ​ 3,088 ​ ​ ​ ​ ​ 4,931 ​ ​ ​ ​ ​ 3,605 ​ ​
Shareholder reporting fees
​ ​ ​ ​ 148 ​ ​ ​ ​ ​ 1,326 ​ ​ ​ ​ ​ 3,365 ​ ​ ​ ​ ​ 1,583 ​ ​
Intraday pricing fees
​ ​ ​ ​ 48 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,260 ​ ​ ​ ​ ​ 1,002 ​ ​
Registration fees
​ ​ ​ ​ 17 ​ ​ ​ ​ ​ 156 ​ ​ ​ ​ ​ 1,488 ​ ​ ​ ​ ​ 186 ​ ​
Legal fees
​ ​ ​ ​ 16 ​ ​ ​ ​ ​ 155 ​ ​ ​ ​ ​ 4,630 ​ ​ ​ ​ ​ 185 ​ ​
Trustee fees
​ ​ ​ ​ 7 ​ ​ ​ ​ ​ 64 ​ ​ ​ ​ ​ 3,358 ​ ​ ​ ​ ​ 130 ​ ​
Proxy fees
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,495 ​ ​ ​ ​ ​ — ​ ​
Compliance fees
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ ​ 4 ​ ​ ​ ​ ​ — ​ ​
Miscellaneous
​ ​ ​ ​ 3 ​ ​ ​ ​ ​ 32 ​ ​ ​ ​ ​ 191 ​ ​ ​ ​ ​ 39 ​ ​
Total expenses
​ ​ ​ ​ 3,902 ​ ​ ​ ​ ​ 49,928 ​ ​ ​ ​ ​ 219,330 ​ ​ ​ ​ ​ 48,589 ​ ​
Waivers (see Note 3)
​ ​ ​ ​ (1,977) ​ ​ ​ ​ ​ (23,968) ​ ​ ​ ​ ​ (81,661) ​ ​ ​ ​ ​ (35,798) ​ ​
Net expenses
​ ​ ​ ​ 1,925 ​ ​ ​ ​ ​ 25,960 ​ ​ ​ ​ ​ 137,669 ​ ​ ​ ​ ​ 12,791 ​ ​
Net investment income
​ ​ ​ ​ 27,835 ​ ​ ​ ​ ​ 296,498 ​ ​ ​ ​ ​ 1,343,723 ​ ​ ​ ​ ​ 132 ​ ​
Realized and Unrealized Gain (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ (148) ​ ​ ​ ​ ​ (58,608) ​ ​ ​ ​ ​ (3,490,825) ​ ​ ​ ​ ​ (42,922) ​ ​
In-Kind redemptions
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 48,845 ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ (152,279) ​ ​ ​ ​ ​ 2,452,259 ​ ​ ​ ​ ​ — ​ ​
Net realized gain (loss)
​ ​ ​ ​ (148) ​ ​ ​ ​ ​ (210,887) ​ ​ ​ ​ ​ (1,038,566) ​ ​ ​ ​ ​ 5,923 ​ ​
Net change in net unrealized appreciation (depreciation) on:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ 33,449 ​ ​ ​ ​ ​ (1,745,740) ​ ​ ​ ​ ​ (162,520) ​ ​ ​ ​ ​ 148,125 ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ (172,118) ​ ​ ​ ​ ​ (613,617) ​ ​ ​ ​ ​ — ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ 33,449 ​ ​ ​ ​ ​ (1,917,858) ​ ​ ​ ​ ​ (776,137) ​ ​ ​ ​ ​ 148,125 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ 33,301 ​ ​ ​ ​ ​ (2,128,745) ​ ​ ​ ​ ​ (1,814,703) ​ ​ ​ ​ ​ 154,048 ​ ​
Net Increase (Decrease) in Net Assets Resulting From Operations
 ​ ​ ​ $ 61,136 ​ ​ ​ ​ $ (1,832,247) ​ ​ ​ ​ $ (470,980) ​ ​ ​ ​ $ 154,180 ​ ​
*Net of foreign taxes withheld of:
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 113 ​ ​
​
(a)
Commencement of operations was October 25, 2022.
​
(b)
Commencement of operations was July 26, 2022.
​
(c)
Commencement of operations was June 23, 2022.
​
See notes to financial statements.
72
Statements of Operations (continued)
​
For the Six Months Ended October 31, 2022 (unaudited)
​ ​ ​
IQ Winslow
Large Cap
Growth ETF(a)
​
Investment Income​ ​ ​ ​ ​ ​ ​ ​
Dividend income*
​ ​ ​ $ 16,342 ​ ​
Securities lending income, net of borrower rebates
​ ​ ​ ​ 82 ​ ​
Total investment income
​ ​ ​ ​ 16,424 ​ ​
Expenses ​ ​ ​ ​ ​ ​ ​
Advisory fees (see Note 3)
​ ​ ​ ​ 22,527 ​ ​
Administrative and accounting fees
​ ​ ​ ​ 13,221 ​ ​
Custodian fees
​ ​ ​ ​ 8,012 ​ ​
Audit and tax fees
​ ​ ​ ​ 5,869 ​ ​
Listing fees
​ ​ ​ ​ 3,605 ​ ​
Shareholder reporting fees
​ ​ ​ ​ 1,582 ​ ​
Intraday pricing fees
​ ​ ​ ​ 1,002 ​ ​
Registration fees
​ ​ ​ ​ 186 ​ ​
Legal fees
​ ​ ​ ​ 185 ​ ​
Trustee fees
​ ​ ​ ​ 130 ​ ​
Miscellaneous
​ ​ ​ ​ 39 ​ ​
Total expenses
​ ​ ​ ​ 56,358 ​ ​
Waivers (see Note 3)
​ ​ ​ ​ (38,335) ​ ​
Net expenses
​ ​ ​ ​ 18,023 ​ ​
Net investment loss
​ ​ ​ ​ (1,599) ​ ​
Realized and Unrealized Gain (Loss) ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) from: ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ (295,208) ​ ​
In-Kind redemptions
​ ​ ​ ​ 176,499 ​ ​
Net realized loss
​ ​ ​ ​ (118,709) ​ ​
Net change in net unrealized appreciation (depreciation) on: ​ ​ ​ ​ ​ ​ ​
Investment securities
​ ​ ​ ​ (31,993) ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ (31,993) ​ ​
Net realized and unrealized loss
​ ​ ​ ​ (150,702) ​ ​
Net Decrease in Net Assets Resulting From Operations
 ​ ​ ​ $ (152,301) ​ ​
*Net of foreign taxes withheld of:
​ ​ ​ $ 50 ​ ​
​
(a)
Commencement of operations was June 23, 2022.
​
See notes to financial statements.
73​
Statements of Changes in Net Assets 
​
​ ​ ​
IQ MacKay California
Municipal
Intermediate ETF
​ ​
IQ MacKay Municipal
Insured ETF
​
​ ​ ​
For the Six
Months Ended
October 31,
2022
(unaudited)
​ ​
For the Period
December 21,
2021* to
April 30, 2022
​ ​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Year
Ended April 30,
2022
​
Increase (Decrease) in Net Assets from Operations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 574,376 ​ ​ ​ ​ $ 262,375 ​ ​ ​ ​ $ 4,578,866 ​ ​ ​ ​ $ 6,090,885 ​ ​
Net realized loss
​ ​ ​ ​ (3,604,202) ​ ​ ​ ​ ​ (2,794,452) ​ ​ ​ ​ ​ (35,383,721) ​ ​ ​ ​ ​ (10,757,056) ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ 1,300,205 ​ ​ ​ ​ ​ (3,576,686) ​ ​ ​ ​ ​ 4,879,278 ​ ​ ​ ​ ​ (34,861,360) ​ ​
Net decrease in net assets resulting from operations 
 ​ ​ ​ ​ (1,729,621) ​ ​ ​ ​ ​ (6,108,763) ​ ​ ​ ​ ​ (25,925,577) ​ ​ ​ ​ ​ (39,527,531) ​ ​
Distributions to Shareholders
​ ​ ​ ​ (575,193) ​ ​ ​ ​ ​ (340,640) ​ ​ ​ ​ ​ (4,970,475) ​ ​ ​ ​ ​ (8,536,753) ​ ​
Capital Share Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares created
​ ​ ​ ​ 4,280,192 ​ ​ ​ ​ ​ 50,015,000 ​ ​ ​ ​ ​ 202,062,600 ​ ​ ​ ​ ​ 143,724,531 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (2,199,209) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (213,778,358) ​ ​ ​ ​ ​ (174,958,650) ​ ​
Increase (Decrease) from capital share
transactions
​ ​ ​ ​ 2,080,983 ​ ​ ​ ​ ​ 50,015,000 ​ ​ ​ ​ ​ (11,715,758) ​ ​ ​ ​ ​ (31,234,119) ​ ​
Total increase (decrease) in net assets
​ ​ ​ ​ (223,831) ​ ​ ​ ​ ​ 43,565,597 ​ ​ ​ ​ ​ (42,611,810) ​ ​ ​ ​ ​ (79,298,403) ​ ​
Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 43,565,597 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 365,028,285 ​ ​ ​ ​ ​ 444,326,688 ​ ​
End of period
​ ​ ​ $ 43,341,766 ​ ​ ​ ​ $ 43,565,597 ​ ​ ​ ​ $ 322,416,475 ​ ​ ​ ​ $ 365,028,285 ​ ​
Changes in Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,800,000 ​ ​ ​ ​ ​ 16,150,000 ​ ​
Shares created
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 8,300,000 ​ ​ ​ ​ ​ 5,300,000 ​ ​
Shares redeemed
​ ​ ​ ​ (100,000) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (8,850,000) ​ ​ ​ ​ ​ (6,650,000) ​ ​
Shares outstanding, end of period
​ ​ ​
​
2,100,000
 ​ ​ ​ ​
​
2,000,000
 ​ ​ ​ ​
​
14,250,000
 ​ ​ ​ ​
​
14,800,000
 ​ ​
​
*
Commencement of operations.
​
See notes to financial statements.
74
Statements of Changes in Net Assets (continued)
​
​ ​ ​
IQ MacKay
Municipal
Intermediate ETF
​ ​
IQ MacKay
ESG Core Plus
Bond ETF
​
​ ​ ​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Year
Ended April 30,
2022
​ ​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Period
June 29,
2021* to
April 30, 2022
​
Increase (Decrease) in Net Assets from Operations​
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 2,896,416 ​ ​ ​ ​ $ 2,330,230 ​ ​ ​ ​ $ 3,130,625 ​ ​ ​ ​ $ 620,225 ​ ​
Net realized loss
​ ​ ​ ​ (9,118,898) ​ ​ ​ ​ ​ (3,056,521) ​ ​ ​ ​ ​ (5,110,972) ​ ​ ​ ​ ​ (1,173,763) ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ (7,001,238) ​ ​ ​ ​ ​ (18,537,910) ​ ​ ​ ​ ​ (12,898,520) ​ ​ ​ ​ ​ (5,190,149) ​ ​
Net decrease in net assets resulting from operations
​ ​ ​ ​ (13,223,720) ​ ​ ​ ​ ​ (19,264,201) ​ ​ ​ ​ ​ (14,878,867) ​ ​ ​ ​ ​ (5,743,687) ​ ​
Distributions to Shareholders
​ ​ ​ ​ (3,036,211) ​ ​ ​ ​ ​ (4,118,219) ​ ​ ​ ​ ​ (2,648,940) ​ ​ ​ ​ ​ (485,043) ​ ​
Capital Share Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares created
​ ​ ​ ​ 143,259,571 ​ ​ ​ ​ ​ 203,706,925 ​ ​ ​ ​ ​ 110,427,735 ​ ​ ​ ​ ​ 154,853,260 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (50,543,167) ​ ​ ​ ​ ​ (75,039,781) ​ ​ ​ ​ ​ (12,192,236) ​ ​ ​ ​ ​ — ​ ​
Increase from capital share transactions
​ ​ ​ ​ 92,716,404 ​ ​ ​ ​ ​ 128,667,144 ​ ​ ​ ​ ​ 98,235,499 ​ ​ ​ ​ ​ 154,853,260 ​ ​
Total increase in net assets
​ ​ ​ ​ 76,456,473 ​ ​ ​ ​ ​ 105,284,724 ​ ​ ​ ​ ​ 80,707,692 ​ ​ ​ ​ ​ 148,624,530 ​ ​
Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 229,984,375 ​ ​ ​ ​ ​ 124,699,651 ​ ​ ​ ​ ​ 148,624,530 ​ ​ ​ ​ ​ — ​ ​
End of period
​ ​ ​
$
306,440,848
 ​ ​ ​ ​
$
229,984,375
 ​ ​ ​ ​
$
229,332,222
 ​ ​ ​ ​
$
148,624,530
 ​ ​
Changes in Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 9,400,000 ​ ​ ​ ​ ​ 4,650,000 ​ ​ ​ ​ ​ 6,650,000 ​ ​ ​ ​ ​ — ​ ​
Shares created
​ ​ ​ ​ 5,900,000 ​ ​ ​ ​ ​ 7,700,000 ​ ​ ​ ​ ​ 5,250,000 ​ ​ ​ ​ ​ 6,650,000 ​ ​
Shares redeemed
​ ​ ​ ​ (2,100,000) ​ ​ ​ ​ ​ (2,950,000) ​ ​ ​ ​ ​ (550,000) ​ ​ ​ ​ ​ — ​ ​
Shares outstanding, end of period
​ ​ ​
​
13,200,000
 ​ ​ ​ ​
​
9,400,000
 ​ ​ ​ ​
​
11,350,000
 ​ ​ ​ ​
​
6,650,000
 ​ ​
​
*
Commencement of operations.
​
See notes to financial statements.
75​
Statements of Changes in Net Assets (continued)
​
​ ​ ​
IQ MacKay
ESG High
Income ETF
​ ​
IQ MacKay
Multi-Sector
Income ETF
​
​ ​ ​
For the Period
October 25,
2022* to
October 31, 2022
​ ​
For the Period
July 26,
2022* to
October 31, 2022
​
Increase (Decrease) in Net Assets from Operations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 27,835 ​ ​ ​ ​ $ 296,498 ​ ​
Net realized loss
​ ​ ​ ​ (148) ​ ​ ​ ​ ​ (210,887) ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ 33,449 ​ ​ ​ ​ ​ (1,917,858) ​ ​
Net increase (decrease) in net assets resulting from operations
​ ​ ​ ​ 61,136 ​ ​ ​ ​ ​ (1,832,247) ​ ​
Distributions to Shareholders
​ ​ ​ ​ — ​ ​ ​ ​ ​ (185,790) ​ ​
Capital Share Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares created
​ ​ ​ ​ 25,062,500 ​ ​ ​ ​ ​ 25,062,500 ​ ​
Increase from capital share transactions
​ ​ ​ ​ 25,062,500 ​ ​ ​ ​ ​ 25,062,500 ​ ​
Total increase in net assets
​ ​ ​ ​ 25,123,636 ​ ​ ​ ​ ​ 23,044,463 ​ ​
Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
End of period
​ ​ ​
$
25,123,636
 ​ ​ ​ ​
$
23,044,463
 ​ ​
Changes in Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Shares created
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,000 ​ ​
Shares outstanding, end of period
​ ​ ​
​
1,000,000
 ​ ​ ​ ​
​
1,000,000
 ​ ​
​
*
Commencement of operations.
​
See notes to financial statements.
76
Statements of Changes in Net Assets (continued)
​
​ ​ ​
IQ Ultra Short Duration ETF
​ ​
IQ Winslow
Focused
Large Cap
Growth ETF
​
​ ​ ​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Year
Ended April 30,
2022
​ ​
For the Period
June 23,
2022* to
October 31, 2022
​
Increase (Decrease) in Net Assets from Operations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 1,343,723 ​ ​ ​ ​ $ 1,935,512 ​ ​ ​ ​ $ 132 ​ ​
Net realized gain (loss)
​ ​ ​ ​ (1,038,566) ​ ​ ​ ​ ​ (584,436) ​ ​ ​ ​ ​ 5,923 ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ (776,137) ​ ​ ​ ​ ​ (2,548,834) ​ ​ ​ ​ ​ 148,125 ​ ​
Net increase (decrease) in net assets resulting from
operations
 ​ ​ ​ ​ (470,980) ​ ​ ​ ​ ​ (1,197,758) ​ ​ ​ ​ ​ 154,180 ​ ​
Distributions to Shareholders
​ ​ ​ ​ (1,364,012) ​ ​ ​ ​ ​ (3,738,076) ​ ​ ​ ​ ​ — ​ ​
Capital Share Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares created
​ ​ ​ ​ 19,168,848 ​ ​ ​ ​ ​ 73,483,699 ​ ​ ​ ​ ​ 6,816,414 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (71,199,016) ​ ​ ​ ​ ​ (196,709,144) ​ ​ ​ ​ ​ (1,293,169) ​ ​
Increase (Decrease) from capital share transactions
​ ​ ​ ​ (52,030,168) ​ ​ ​ ​ ​ (123,225,445) ​ ​ ​ ​ ​ 5,523,245 ​ ​
Total increase (decrease) in net assets
​ ​ ​ ​ (53,865,160) ​ ​ ​ ​ ​ (128,161,279) ​ ​ ​ ​ ​ 5,677,425 ​ ​
Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 124,816,758 ​ ​ ​ ​ ​ 252,978,037 ​ ​ ​ ​ ​ — ​ ​
End of period
​ ​ ​ $ 70,951,598 ​ ​ ​ ​ $ 124,816,758 ​ ​ ​ ​ $ 5,677,425 ​ ​
Changes in Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 2,600,000 ​ ​ ​ ​ ​ 5,100,000 ​ ​ ​ ​ ​ — ​ ​
Shares created
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 270,000 ​ ​
Shares redeemed
​ ​ ​ ​ (1,500,000) ​ ​ ​ ​ ​ (4,000,000) ​ ​ ​ ​ ​ (50,000) ​ ​
Shares outstanding, end of period
​ ​ ​
​
1,500,000
 ​ ​ ​ ​
​
2,600,000
 ​ ​ ​ ​
​
220,000
 ​ ​
​
*
Commencement of operations.
​
See notes to financial statements.
77​
Statements of Changes in Net Assets (continued)
​
​ ​ ​
IQ Winslow
Large Cap
Growth ETF
​
​ ​ ​
For the Period
June 23,
2022* to
October 31, 2022
​
Increase (Decrease) in Net Assets from Operations​ ​ ​ ​ ​ ​ ​ ​
Net investment loss
​ ​ ​ $ (1,599) ​ ​
Net realized loss
​ ​ ​ ​ (118,709) ​ ​
Net change in net unrealized appreciation (depreciation)
​ ​ ​ ​ (31,993) ​ ​
Net decrease in net assets resulting from operations
​ ​ ​ ​ (152,301) ​ ​
Capital Share Transactions ​ ​ ​ ​ ​ ​ ​
Proceeds from shares created
​ ​ ​ ​ 16,300,454 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (3,162,321) ​ ​
Increase from capital share transactions
​ ​ ​ ​ 13,138,133 ​ ​
Total increase in net assets
​ ​ ​ ​ 12,985,832 ​ ​
Net Assets ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ — ​ ​
End of period
​ ​ ​
$
12,985,832
 ​ ​
Changes in Shares Outstanding ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ — ​ ​
Shares created
​ ​ ​ ​ 630,000 ​ ​
Shares redeemed
​ ​ ​ ​ (120,000) ​ ​
Shares outstanding, end of period
​ ​ ​
​
510,000
 ​ ​
​
*
Commencement of operations.
​
See notes to financial statements.
78
Financial Highlights 
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay California
Municipal Intermediate ETF
​
​ ​ ​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Period
December 21,
2021(a) to
April 30, 2022
​
Net asset value, beginning of period
​ ​ ​ $ 21.78 ​ ​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.28 ​ ​ ​ ​ ​ 0.13 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (1.14) ​ ​ ​ ​ ​ (3.18) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ (0.86) ​ ​ ​ ​ ​ (3.05) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.28) ​ ​ ​ ​ ​ (0.17) ​ ​
Net asset value, end of period
​ ​ ​ $ 20.64 ​ ​ ​ ​ $ 21.78 ​ ​
Market price, end of period
​ ​ ​ $ 20.65 ​ ​ ​ ​ $ 21.80 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(c)
​ ​ ​ ​ (4.05)% ​ ​ ​ ​ ​ (12.25)% ​ ​
Total investment return based on market price(d)
​ ​ ​ ​ (4.05)% ​ ​ ​ ​ ​ (12.17)%(e) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 43,342 ​ ​ ​ ​ $ 43,566 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.35%(f) ​ ​ ​ ​ ​ 0.35%(f) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.67%(f) ​ ​ ​ ​ ​ 0.73%(f) ​ ​
Net investment income
​ ​ ​ ​ 2.57%(f) ​ ​ ​ ​ ​ 1.54%(f) ​ ​
Portfolio turnover rate(g)
​ ​ ​ ​ 85% ​ ​ ​ ​ ​ 86% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
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. Total return calculated for a period less than one year is not annualized.
​
(d)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(e)
Assumes investment at the net asset value at the beginning of the period.
​
(f)
Annualized.
​
(g)
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.
79​
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay Municipal Insured ETF
​
​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Year Ended April 30,
​ ​
For the Period
October 18,
2017(a) to
April 30, 2018
​
​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​
Net asset value, beginning of year​
​ ​ ​ $ 24.66 ​ ​ ​ ​ $ 27.51 ​ ​ ​ ​ $ 25.89 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.31 ​ ​ ​ ​ ​ 0.36 ​ ​ ​ ​ ​ 0.38 ​ ​ ​ ​ ​ 0.53 ​ ​ ​ ​ ​ 0.72 ​ ​ ​ ​ ​ 0.36 ​ ​
Net realized and unrealized gain (loss) 
 ​ ​ ​ ​ (2.00) ​ ​ ​ ​ ​ (2.71) ​ ​ ​ ​ ​ 1.76 ​ ​ ​ ​ ​ 0.50(c) ​ ​ ​ ​ ​ 0.90 ​ ​ ​ ​ ​ (0.39) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ (1.69) ​ ​ ​ ​ ​ (2.35) ​ ​ ​ ​ ​ 2.14 ​ ​ ​ ​ ​ 1.03 ​ ​ ​ ​ ​ 1.62 ​ ​ ​ ​ ​ (0.03) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.34) ​ ​ ​ ​ ​ (0.49) ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.64) ​ ​ ​ ​ ​ (0.68) ​ ​ ​ ​ ​ (0.30) ​ ​
Net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total distributions from net investment income and realized gains
​ ​ ​ ​ (0.34) ​ ​ ​ ​ ​ (0.50) ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.75) ​ ​ ​ ​ ​ (0.68) ​ ​ ​ ​ ​ (0.30) ​ ​
Net asset value, end of year
​ ​ ​ $ 22.63 ​ ​ ​ ​ $ 24.66 ​ ​ ​ ​ $ 27.51 ​ ​ ​ ​ $ 25.89 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​
Market price, end of year
​ ​ ​ $ 22.60 ​ ​ ​ ​ $ 24.65 ​ ​ ​ ​ $ 27.54 ​ ​ ​ ​ $ 26.00 ​ ​ ​ ​ $ 25.64 ​ ​ ​ ​ $ 24.86 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net
asset value(d)
​ ​ ​ ​ (6.98)% ​ ​ ​ ​ ​ (8.70)% ​ ​ ​ ​ ​ 8.32% ​ ​ ​ ​ ​ 4.05% ​ ​ ​ ​ ​ 6.72% ​ ​ ​ ​ ​ (0.13)% ​ ​
Total investment return based on market price(e)
​ ​ ​ ​ (7.01)% ​ ​ ​ ​ ​ (8.85)% ​ ​ ​ ​ ​ 7.97% ​ ​ ​ ​ ​ 4.36% ​ ​ ​ ​ ​ 6.02% ​ ​ ​ ​ ​ 0.64%(f) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of year (000’s omitted) 
 ​ ​ ​ $ 322,416 ​ ​ ​ ​ $ 365,028 ​ ​ ​ ​ $ 444,327 ​ ​ ​ ​ $ 88,035 ​ ​ ​ ​ $ 43,539 ​ ​ ​ ​ $ 14,801 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.31%(g) ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30%(g) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.48%(g) ​ ​ ​ ​ ​ 0.49% ​ ​ ​ ​ ​ 0.51% ​ ​ ​ ​ ​ 0.57% ​ ​ ​ ​ ​ 0.77% ​ ​ ​ ​ ​ 0.99%(g) ​ ​
Net investment income
 ​ ​ ​ ​ 2.59%(g) ​ ​ ​ ​ ​ 1.31% ​ ​ ​ ​ ​ 1.40% ​ ​ ​ ​ ​ 2.01% ​ ​ ​ ​ ​ 2.89% ​ ​ ​ ​ ​ 2.74%(g) ​ ​
Portfolio turnover rate(h)
​ ​ ​ ​ 99% ​ ​ ​ ​ ​ 80% ​ ​ ​ ​ ​ 36% ​ ​ ​ ​ ​ 71% ​ ​ ​ ​ ​ 56% ​ ​ ​ ​ ​ 77% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
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.
​
(d)
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. Total return calculated for a period less than one year is not annualized.
​
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(f)
Assumes investment at the net asset value at the beginning of the period.
​
(g)
Annualized.
​
(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.
80
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay Municipal Intermediate ETF
​
​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Year Ended April 30,
​ ​
For the Period
October 18,
2017(a) to
April 30, 2018
​
​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​
Net asset value, beginning of year
​ ​ ​ $ 24.47 ​ ​ ​ ​ $ 26.82 ​ ​ ​ ​ $ 25.22 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.25 ​ ​ ​ ​ ​ 0.28 ​ ​ ​ ​ ​ 0.47 ​ ​ ​ ​ ​ 0.53 ​ ​ ​ ​ ​ 0.69 ​ ​ ​ ​ ​ 0.30 ​ ​
Net realized and unrealized gain (loss) 
 ​ ​ ​ ​ (1.24) ​ ​ ​ ​ ​ (2.16) ​ ​ ​ ​ ​ 1.73 ​ ​ ​ ​ ​ 0.16(c) ​ ​ ​ ​ ​ 0.91 ​ ​ ​ ​ ​ (0.39) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ (0.99) ​ ​ ​ ​ ​ (1.88) ​ ​ ​ ​ ​ 2.20 ​ ​ ​ ​ ​ 0.69 ​ ​ ​ ​ ​ 1.60 ​ ​ ​ ​ ​ (0.09) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.26) ​ ​ ​ ​ ​ (0.39) ​ ​ ​ ​ ​ (0.58) ​ ​ ​ ​ ​ (0.67) ​ ​ ​ ​ ​ (0.66) ​ ​ ​ ​ ​ (0.24) ​ ​
Net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.02) ​ ​ ​ ​ ​ (0.41) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total distributions from net investment income and realized gains
​ ​ ​ ​ (0.26) ​ ​ ​ ​ ​ (0.47) ​ ​ ​ ​ ​ (0.60) ​ ​ ​ ​ ​ (1.08) ​ ​ ​ ​ ​ (0.66) ​ ​ ​ ​ ​ (0.24) ​ ​
Net asset value, end of year
​ ​ ​ $ 23.22 ​ ​ ​ ​ $ 24.47 ​ ​ ​ ​ $ 26.82 ​ ​ ​ ​ $ 25.22 ​ ​ ​ ​ $ 25.61 ​ ​ ​ ​ $ 24.67 ​ ​
Market price, end of year
​ ​ ​ $ 23.20 ​ ​ ​ ​ $ 24.47 ​ ​ ​ ​ $ 26.84 ​ ​ ​ ​ $ 25.22 ​ ​ ​ ​ $ 25.66 ​ ​ ​ ​ $ 24.71 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net
asset value(d)
​ ​ ​ ​ (4.10)% ​ ​ ​ ​ ​ (7.13)% ​ ​ ​ ​ ​ 8.80% ​ ​ ​ ​ ​ 2.65% ​ ​ ​ ​ ​ 6.59% ​ ​ ​ ​ ​ (0.34)% ​ ​
Total investment return based on market price(e)
​ ​ ​ ​ (4.17)% ​ ​ ​ ​ ​ (7.19)% ​ ​ ​ ​ ​ 8.90% ​ ​ ​ ​ ​ 2.44% ​ ​ ​ ​ ​ 6.62% ​ ​ ​ ​ ​ (0.18)%(f) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of year (000’s omitted) 
 ​ ​ ​ $ 306,441 ​ ​ ​ ​ $ 229,984 ​ ​ ​ ​ $ 124,700 ​ ​ ​ ​ $ 51,708 ​ ​ ​ ​ $ 43,541 ​ ​ ​ ​ $ 29,606 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.31%(g) ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30% ​ ​ ​ ​ ​ 0.30%(g) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.47%(g) ​ ​ ​ ​ ​ 0.51% ​ ​ ​ ​ ​ 0.57% ​ ​ ​ ​ ​ 0.62% ​ ​ ​ ​ ​ 0.71% ​ ​ ​ ​ ​ 0.77%(g) ​ ​
Net investment income
​ ​ ​ ​ 2.05%(g) ​ ​ ​ ​ ​ 1.05% ​ ​ ​ ​ ​ 1.78% ​ ​ ​ ​ ​ 2.02% ​ ​ ​ ​ ​ 2.76% ​ ​ ​ ​ ​ 2.28%(g) ​ ​
Portfolio turnover rate(h)
​ ​ ​ ​ 47% ​ ​ ​ ​ ​ 74% ​ ​ ​ ​ ​ 43% ​ ​ ​ ​ ​ 77% ​ ​ ​ ​ ​ 72% ​ ​ ​ ​ ​ 80% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
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.
​
(d)
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. Total return calculated for a period less than one year is not annualized.
​
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(f)
Assumes investment at the net asset value at the beginning of the period.
​
(g)
Annualized.
​
(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.
81​
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay ESG Core Plus Bond ETF
​
​ ​ ​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Period
June 29,
2021(a) to
April 30, 2022
​
Net asset value, beginning of period
​ ​ ​ $ 22.35 ​ ​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.38 ​ ​ ​ ​ ​ 0.40 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (2.19) ​ ​ ​ ​ ​ (2.70) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ (1.81) ​ ​ ​ ​ ​ (2.30) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ (0.32) ​ ​
Net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​
Total distributions from net investment income and realized gains
​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ (0.35) ​ ​
Net asset value, end of period
​ ​ ​ $ 20.21 ​ ​ ​ ​ $ 22.35 ​ ​
Market price, end of period
​ ​ ​ $ 20.28 ​ ​ ​ ​ $ 22.38 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(c)
​ ​ ​ ​ (8.22)% ​ ​ ​ ​ ​ (9.31)% ​ ​
Total investment return based on market price(d)
​ ​ ​ ​ (7.98)% ​ ​ ​ ​ ​ (9.21)%(e) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 229,332 ​ ​ ​ ​ $ 148,625 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.39%(f) ​ ​ ​ ​ ​ 0.39%(f) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.45%(f) ​ ​ ​ ​ ​ 0.64%(f) ​ ​
Net investment income
​ ​ ​ ​ 3.53%(f) ​ ​ ​ ​ ​ 2.00%(f) ​ ​
Portfolio turnover rate(g)
​ ​ ​ ​ 120% ​ ​ ​ ​ ​ 333% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
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. Total return calculated for a period less than one year is not annualized.
​
(d)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(e)
Assumes investment at the net asset value at the beginning of the period.
​
(f)
Annualized.
​
(g)
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.
82
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay ESG
High Income ETF
​
​ ​ ​
For the Period
October 25,
2022(a) to
October 31, 2022
​
Net asset value, beginning of period​
​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.03 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ 0.09 ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ 0.12 ​ ​
Net asset value, end of period
​ ​ ​ $ 25.12 ​ ​
Market price, end of period
​ ​ ​ $ 25.20 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(c)
​ ​ ​ ​ 0.49% ​ ​
Total investment return based on market price(d)
​ ​ ​ ​ 0.80%(e) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 25,124 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.40%(f) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.81%(f) ​ ​
Net investment income
​ ​ ​ ​ 5.78%(f) ​ ​
Portfolio turnover rate(g)
​ ​ ​ ​ 1% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
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. Total return calculated for a period less than one year is not annualized.
​
(d)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(e)
Assumes investment at the net asset value at the beginning of the period.
​
(f)
Annualized.
​
(g)
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.
83​
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ MacKay
Multi-Sector
Income ETF
​
​ ​ ​
For the Period
July 26,
2022(a) to
October 31, 2022
​
Net asset value, beginning of period​
​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.30 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (2.07) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ (1.77) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.19) ​ ​
Net asset value, end of period
​ ​ ​ $ 23.04 ​ ​
Market price, end of period
​ ​ ​ $ 23.06 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(c)
​ ​ ​ ​ (7.10)% ​ ​
Total investment return based on market price(d)
​ ​ ​ ​ (7.04)%(e) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 23,044 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.40%(f) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.77%(f) ​ ​
Net investment income
​ ​ ​ ​ 4.57%(f) ​ ​
Portfolio turnover rate(g)
​ ​ ​ ​ 95% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
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. Total return calculated for a period less than one year is not annualized.
​
(d)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(e)
Assumes investment at the net asset value at the beginning of the period.
​
(f)
Annualized.
​
(g)
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.
84
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ Ultra Short Duration ETF
​
​
For the Six
Months Ended
October 31, 2022
(unaudited)
​ ​
For the Year Ended April 30,
​ ​
For the Period
July 31,
2019(a) to
April 30, 2020
​
​
2022
​ ​
2021
​
Net asset value, beginning of period
​ ​ ​ $ 48.01 ​ ​ ​ ​ $ 49.60 ​ ​ ​ ​ $ 48.91 ​ ​ ​ ​ $ 50.01 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.57 ​ ​ ​ ​ ​ 0.49 ​ ​ ​ ​ ​ 0.51 ​ ​ ​ ​ ​ 0.74 ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ (0.72) ​ ​ ​ ​ ​ (0.96) ​ ​ ​ ​ ​ 0.97 ​ ​ ​ ​ ​ (1.07) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.47) ​ ​ ​ ​ ​ 1.48 ​ ​ ​ ​ ​ (0.33) ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.56) ​ ​ ​ ​ ​ (0.51) ​ ​ ​ ​ ​ (0.56) ​ ​ ​ ​ ​ (0.75) ​ ​
Net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.61) ​ ​ ​ ​ ​ (0.23) ​ ​ ​ ​ ​ (0.02) ​ ​
Total distributions from net investment income and realized gains
​ ​ ​ ​ (0.56) ​ ​ ​ ​ ​ (1.12) ​ ​ ​ ​ ​ (0.79) ​ ​ ​ ​ ​ (0.77) ​ ​
Net asset value, end of period
​ ​ ​ $ 47.30 ​ ​ ​ ​ $ 48.01 ​ ​ ​ ​ $ 49.60 ​ ​ ​ ​ $ 48.91 ​ ​
Market price, end of period
​ ​ ​ $ 47.23 ​ ​ ​ ​ $ 47.94 ​ ​ ​ ​ $ 49.60 ​ ​ ​ ​ $ 48.99 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(c)
​ ​ ​ ​ (0.32)% ​ ​ ​ ​ ​ (0.97)% ​ ​ ​ ​ ​ 3.08% ​ ​ ​ ​ ​ (0.68)% ​ ​
Total investment return based on market price(d)
​ ​ ​ ​ (0.31)% ​ ​ ​ ​ ​ (1.10)% ​ ​ ​ ​ ​ 2.88% ​ ​ ​ ​ ​ (0.52)%(e) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 70,952 ​ ​ ​ ​ $ 124,817 ​ ​ ​ ​ $ 252,978 ​ ​ ​ ​ $ 149,182 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.24%(f) ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ ​ 0.24% ​ ​ ​ ​ ​ 0.24%(f) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 0.39%(f) ​ ​ ​ ​ ​ 0.35% ​ ​ ​ ​ ​ 0.33% ​ ​ ​ ​ ​ 0.49%(f) ​ ​
Net investment income
​ ​ ​ ​ 2.39%(f) ​ ​ ​ ​ ​ 1.00% ​ ​ ​ ​ ​ 1.03% ​ ​ ​ ​ ​ 2.00%(f) ​ ​
Portfolio turnover rate(g)
​ ​ ​ ​ 189% ​ ​ ​ ​ ​ 132% ​ ​ ​ ​ ​ 185% ​ ​ ​ ​ ​ 292% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
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. Total return calculated for a period less than one year is not annualized.
​
(d)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(e)
Assumes investment at the net asset value at the beginning of the period.
​
(f)
Annualized.
​
(g)
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.
85​
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ Winslow Focused
Large Cap Growth ETF
​
​ ​ ​
For the Period
June 23,
2022(a) to
October 31, 2022
​
Net asset value, beginning of period
​ ​ ​ $ 24.93 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ 0.00(c) ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ 0.88 ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ 0.88 ​ ​
Net asset value, end of period
​ ​ ​ $ 25.81 ​ ​
Market price, end of period
​ ​ ​ $ 25.80 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(d)
​ ​ ​ ​ 3.50% ​ ​
Total investment return based on market price(e)
​ ​ ​ ​ 3.49%(f) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 5,677 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.65%(g) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 2.47%(g) ​ ​
Net investment income
​ ​ ​ ​ 0.01%(g) ​ ​
Portfolio turnover rate(h)
​ ​ ​ ​ 4% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
Amount rounds to less than $0.01.
​
(d)
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. Total return calculated for a period less than one year is not annualized.
​
(e)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(f)
Assumes investment at the net asset value at the beginning of the period.
​
(g)
Annualized.
​
(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.
86
Financial Highlights (continued)
​
Selected Data for a Share of Capital Stock Outstanding
​ ​ ​
IQ Winslow
Large Cap Growth ETF
​
​ ​ ​
For the Period
June 23,
2022(a) to
October 31, 2022
​
Net asset value, beginning of period
​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations ​ ​ ​ ​ ​ ​ ​
Net investment income(b)
​ ​ ​ ​ (0.00)(c) ​ ​
Net realized and unrealized gain (loss)
​ ​ ​ ​ 0.46(d) ​ ​
Net increase (decrease) in net assets resulting from investment operations
​ ​ ​ ​ 0.46 ​ ​
Net asset value, end of period
​ ​ ​ $ 25.46 ​ ​
Market price, end of period
​ ​ ​ $ 25.46 ​ ​
Total Return ​ ​ ​ ​ ​ ​ ​
Total investment return based on net asset value(e)
​ ​ ​ ​ 1.86% ​ ​
Total investment return based on market price(f)
​ ​ ​ ​ 1.84%(g) ​ ​
Ratios/Supplemental Data ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $ 12,986 ​ ​
Ratio to average net assets of: ​ ​ ​ ​ ​ ​ ​
Expenses net of waivers
​ ​ ​ ​ 0.60%(h) ​ ​
Expenses excluding waivers
​ ​ ​ ​ 1.88%(h) ​ ​
Net investment loss
​ ​ ​ ​ (0.05)%(h) ​ ​
Portfolio turnover rate(i)
​ ​ ​ ​ 24% ​ ​
​
(a)
Commencement of operations.
​
(b)
Based on average shares outstanding.
​
(c)
Amount rounds to less than $0.01.
​
(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)
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. Total return calculated for a period less than one year is not annualized.
​
(f)
The market price returns are calculated using the mean between the last bid and ask prices.
​
(g)
Assumes investment at the net asset value at the beginning of the period.
​
(h)
Annualized.
​
(i)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
​
See notes to financial statements.
87​
Notes to Financial Statements 
​
October 31, 2022 (unaudited)
1. ORGANIZATION
IndexIQ Active ETF Trust (the “Trust”) was organized as a Delaware statutory trust on January 30, 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 currently consists of nine operational funds (collectively, the “Funds” and each, 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 MacKay California Municipal Intermediate ETF ​ ​
Diversified
​ ​
December 21, 2021
​
​ IQ MacKay Municipal Insured ETF ​ ​
Diversified
​ ​
October 18, 2017
​
​ IQ MacKay Municipal Intermediate ETF ​ ​
Diversified
​ ​
October 18, 2017
​
​ IQ MacKay ESG Core Plus Bond ETF ​ ​
Diversified
​ ​
June 29, 2021
​
​ IQ MacKay ESG High Income ETF ​ ​
Diversified
​ ​
October 25, 2022
​
​ IQ MacKay Multi-Sector Income ETF ​ ​
Diversified
​ ​
July 26, 2022
​
​ IQ Ultra Short Duration ETF ​ ​
Diversified
​ ​
July 31, 2019
​
​ IQ Winslow Focused Large Cap Growth ETF ​ ​
Diversified
​ ​
June 23, 2022
​
​ IQ Winslow Large Cap Growth ETF ​ ​
Diversified
​ ​
June 23, 2022
 ​
MacKay Shields LLC (“MacKay Shields”), is the sub-advisor to IQ MacKay California Municipal Intermediate ETF, IQ MacKay Municipal Insured ETF, IQ MacKay Municipal Intermediate ETF, IQ MacKay ESG Core Plus Bond ETF, IQ MacKay ESG High Income ETF, and IQ MacKay Multi-Sector Income ETF, NYL Investors LLC, is the sub-advisor to the IQ Ultra Short Duration ETF, and Winslow Capital Management, LLC is the sub-advisor for IQ Winslow Focused Large Cap Growth ETF and IQ Winslow Large Cap Growth ETF (collectively, the “Sub-Advisors” and each, a “Sub-Advisor”)
The Investment objective of each Fund is:
​
Funds
​ ​
Investment Objective
​
​ IQ MacKay California Municipal Intermediate ETF ​ ​ Seeks current income exempt from federal and California income taxes. ​
​ IQ MacKay Municipal Insured ETF ​ ​
Seeks current income exempt from federal income tax.
​
​ IQ MacKay Municipal Intermediate ETF ​ ​
Seeks current income exempt from federal income tax.
​
​ IQ MacKay ESG Core Plus Bond ETF ​ ​ Seeks total returns, while incorporating the Subadvisor’s ESG investment strategy. ​
​ IQ MacKay ESG High Income ETF ​ ​ Seeks to maximize current income while incorporating the subadvisor’s ESG investment strategy. ​
​ IQ MacKay Multi-Sector Income ETF ​ ​ Seeks to maximize current income and long-term capital appreciation. ​
​ IQ Ultra Short Duration ETF ​ ​ Seeks to provide current income while maintaining limited price volatility. ​
​ IQ Winslow Focused Large Cap Growth ETF ​ ​ Seeks long-term growth of capital. ​
​ IQ Winslow Large Cap Growth ETF ​ ​ Seeks long-term growth of capital. ​
88
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
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.” The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) 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.
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 a 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.
Generally, trading in U.S. government securities, money market instruments and certain fixed-income securities is substantially completed each day at various times prior to the close of business on the NYSE. The values of such securities used in computing the NAV of the Fund are determined as of such times.
Futures contracts generally are valued at the settlement or closing price determined by the applicable exchange.
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 NYSE Arca, and the value of such securities used in computing a Fund’s NAV are generally determined as of such times.
89​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
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. If a fund invests in open-end management investment companies (other than ETFs) registered under the 1940 Act, it may rely on the NAV of those companies to value the shares they hold of them. Those companies may also use fair value pricing under some circumstances.
The IQ MacKay California Municipal Intermediate ETF, IQ MacKay Municipal Insured ETF and IQ MacKay Municipal Intermediate ETF sweeps uninvested cash balances into the Dreyfus Tax Exempt Cash Management, Institutional Class (“Dreyfus Tax Exempt”). The Dreyfus Tax Exempt seeks a high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity. The IQ MacKay ESG Core Plus Bond ETF and IQ MacKay ESG High Income ETF sweeps uninvested cash balances into the BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class (“BlackRock Liquidity Fund”). BlackRock Liquidity Fund seeks as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The IQ MacKay Multi-Sector Income ETF sweeps uninvested cash balances into the Dreyfus Government Cash Management Fund, Institutional Class (“Dreyfus Government Cash Management”). The Dreyfus Government Cash Management seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The IQ Ultra Short Duration ETF sweeps uninvested cash balances into BlackRock Liquidity Funds T-Fund. The BlackRock Liquidity Funds T-Fund seeks to obtain as high a level of current income as is consistent with liquidity and stability of principal. The IQ Winslow Focused Large Cap Growth ETF and IQ Winslow Large Cap Growth ETF sweep uninvested cash balances into the Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class (“Dreyfus Institutional Preferred”). The Dreyfus Institutional Preferred seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity.
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.
​
90
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
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 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 on October 31, 2022 is disclosed at the end of each Fund’s Schedule of Investments.
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 the taxable income to the shareholders of the Fund 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
91​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
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.
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 is distributed monthly and capital gains are typically distributed at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. The expenses of the investment companies in which a Fund invests are not included in the amounts shown as expenses on the Statements of Operations or in the expense ratios included in the Financial Highlights.
Discounts and premiums on securities purchased, other than Short-Term Investments, for the Funds are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Discounts and premiums on Short-Term Investments are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest method for Short-Term Investments. Income from payment-in-kind securities is accreted daily based on the effective interest method.
Securities Lending
The Bank of New York Mellon (“BNY Mellon”) serves as the securities lending agent for IQ MacKay ESG Core Plus Bond ETF, IQ MacKay ESG High Income ETF, IQ Winslow Focused Large Cap Growth ETF and the IQ Winslow Large Cap Growth ETF. The Fund may lend portfolio securities to certain creditworthy borrowers, including the Fund’s securities lending agent. It is the Fund’s 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. The 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. The 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 the Fund. Lending portfolio securities could result in a delay in recovering the Fund’s securities if the borrower defaults.
The Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by the Fund to approved borrowers (each a “Borrower”). To
92
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
mitigate borrower risk, the 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, the 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, the 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 Fund and BNY Mellon, the Fund will be indemnified by BNY Mellon in the event of default of a third party Borrower.
The securities lending income earned by the 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 October 31, 2022, 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 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 MacKay ESG Core Plus Bond ETF
​ ​ ​ $    — ​ ​ ​ ​ $ 90,837 ​ ​ ​ ​ $ 20,626 ​ ​ ​ ​ $ 19,281,826 ​ ​ ​ ​ $ 19,393,289 ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ 369 ​ ​ ​ ​ ​ 3,145 ​ ​ ​ ​ ​ 172,657 ​ ​ ​ ​ ​ 176,171 ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,191 ​ ​ ​ ​ ​ 10,167 ​ ​ ​ ​ ​ 558,154 ​ ​ ​ ​ ​ 569,512 ​ ​
The collateral amount presented is in excess of the securities on loan.
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 the Funds (including arranging for sub-advisory services), subject to the supervision of the Board. The Advisor is responsible for the Sub-Advisors and their management of the investment portfolios of each of the Funds.
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. The Funds reimburse the Advisor in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to each Fund; (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 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”).
93​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
Pursuant to the Advisory Agreement, the Funds pay the Advisor a fee, which is accrued daily and paid monthly, for services performed and the facilities furnished at an annual rate of each Fund’s average daily net assets per the table below.
Funds
​ ​
Rate
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ ​ 0.45% ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ 0.40% ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 0.40% ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 0.39% ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ 0.40% ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ 0.40% ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 0.24% ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ 0.75% ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ 0.75% ​ ​
The Advisor has entered into an Expense Limitation Agreement with the Funds under which it has contractually agreed to waive a portion of its management fee and/or reimburse expenses of each Fund, if necessary, in an amount that limits each Fund’s total annual operating expenses (exclusive of interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles dividend, interest and brokerage expenses paid on short sales, acquired fund fees and expenses, extraordinary expenses, if any, and payments, if any, under the Rule 12b-1 Plan) to not more than a specific percentage of the average daily net assets as follows:
Funds
​ ​
Rate
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ ​ 0.35% ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ 0.30% ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 0.30% ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 0.39% ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ 0.40% ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ 0.40% ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 0.24% ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ 0.65% ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ 0.60% ​ ​
The agreement will remain in effect unless terminated by the Board of Trustees of the Funds.
As of October 31, 2022, the Advisor reimbursed the following Fund expenses:
Funds
​ ​
Reimbursed
 Expenses 
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ ​ 70,627 ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ 304,333 ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 225,270 ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 51,609 ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ 1,977 ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ 23,968 ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 81,661 ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ 35,798 ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ 38,335 ​ ​
For the period ended October 31, 2022, there is no recoupment available.
Investment Sub-Advisory Agreements
The Sub-Advisors are registered investment advisors and are responsible for the day-to-day portfolio management of the Funds subject to the supervision of the Advisor and the Board. Pursuant to the terms of the respective Sub-Advisory Agreements between the Advisor and the Sub-Advisors, the Subadvisor is
94
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
compensated by the Advisor. To the extent that the Advisor has agreed to waive its management fee or reimburse expenses, the Subadvisor has agreed to waive or reimburse its fee proportionately.
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 0.25% 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. Also as described in Note 4 below, such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds and/or serve as counterparty to derivative transactions with each Fund.
Administrator, Custodian and Transfer Agent
The Bank of New York Mellon (“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, Custody Agreement and Transfer Agency Agreement. 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 in 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.
95​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
5. FEDERAL INCOME TAX
At October 31, 2022, 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 MacKay California Municipal Intermediate ETF
​ ​ ​ $ 45,172,838 ​ ​ ​ ​ $ 498 ​ ​ ​ ​ $ (2,330,756) ​ ​ ​ ​ $ (2,330,258) ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ 373,304,079 ​ ​ ​ ​ ​ 487,746 ​ ​ ​ ​ ​ (27,263,884) ​ ​ ​ ​ ​ (26,776,138) ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 344,058,491 ​ ​ ​ ​ ​ 786,414 ​ ​ ​ ​ ​ (24,319,794) ​ ​ ​ ​ ​ (23,533,380) ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 244,755,288 ​ ​ ​ ​ ​ 136,810 ​ ​ ​ ​ ​ (16,620,450) ​ ​ ​ ​ ​ (16,483,640) ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ 24,472,652 ​ ​ ​ ​ ​ 133,478 ​ ​ ​ ​ ​ (100,029) ​ ​ ​ ​ ​ 33,449 ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ 24,520,717 ​ ​ ​ ​ ​ 80,918 ​ ​ ​ ​ ​ (1,826,658) ​ ​ ​ ​ ​ (1,745,740) ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 75,176,637 ​ ​ ​ ​ ​ 4,882 ​ ​ ​ ​ ​ (3,655,833) ​ ​ ​ ​ ​ (3,650,951) ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ 5,546,918 ​ ​ ​ ​ ​ 358,846 ​ ​ ​ ​ ​ (210,721) ​ ​ ​ ​ ​ 148,125 ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ 13,127,189 ​ ​ ​ ​ ​ 453,744 ​ ​ ​ ​ ​ (485,737) ​ ​ ​ ​ ​ (31,993) ​ ​
At April 30, 2022, the components of undistributed or accumulated earnings/loss on a tax-basis were as follows:
Fund
​ ​
Ordinary
Income
(Loss)1
​ ​
Tax-Exempt
Income (Loss)
​ ​
Net Capital
Gain
(Losses)2
​ ​
Net
Unrealized
Appreciation/​
Depreciation
​ ​
Total
Earnings/​
(Losses)
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ $ 3,315 ​ ​ ​ ​ $ 62,490 ​ ​ ​ ​ $ (2,884,745) ​ ​ ​ ​ $ (3,630,463) ​ ​ ​ ​ $ (6,449,403) ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ 2,491 ​ ​ ​ ​ ​ 739,071 ​ ​ ​ ​ ​ (11,902,711) ​ ​ ​ ​ ​ (31,655,416) ​ ​ ​ ​ ​ (42,816,565) ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 223 ​ ​ ​ ​ ​ 351,765 ​ ​ ​ ​ ​ (3,646,501) ​ ​ ​ ​ ​ (16,532,142) ​ ​ ​ ​ ​ (19,826,655) ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 207,329 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,223,722) ​ ​ ​ ​ ​ (5,212,337) ​ ​ ​ ​ ​ (6,228,730) ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 230,966 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (298,705) ​ ​ ​ ​ ​ (3,488,431) ​ ​ ​ ​ ​ (3,556,170) ​ ​
IQ Winslow Focused Large Cap Growth
ETF
 ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
At April 30, 2022, the Funds did not have any permanent book/tax reclassifications to the components of net assets.
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/ tax differences. Reclassifications are primarily due to distribution reclasses and nondeductible taxes paid.
96
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
The tax character of distributions paid during the years ended April 30, 2022 and 2021 were as follows:
​ ​ ​
2022
​ ​
2021
​
Fund
​ ​
Ordinary
Income
​ ​
Tax-Exempt
Income
​ ​
Long-Term
Capital Gains
​ ​
Tax Return
of Capital
​ ​
Ordinary
Income
​ ​
Tax-Exempt
Income
​ ​
Long-Term
Capital Gains
​ ​
Tax Return
of Capital
​
IQ MacKay California Municipal Intermediate
ETF
​ ​ ​ $ — ​ ​ ​ ​ $ 340,640 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ MacKay Municipal Insured
ETF
​ ​ ​ ​ 6,571 ​ ​ ​ ​ ​ 8,358,177 ​ ​ ​ ​ ​ 172,005 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 20,321 ​ ​ ​ ​ ​ 3,788,125 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 437,277 ​ ​ ​ ​ ​ 3,268,012 ​ ​ ​ ​ ​ 412,930 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,692 ​ ​ ​ ​ ​ 1,486,578 ​ ​ ​ ​ ​ 55,809 ​ ​ ​ ​ ​ — ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 485,043 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 2,460,110 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,277,966 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,256,994 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 95,475 ​ ​ ​ ​ ​ — ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Winslow Large Cap Growth
ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
Capital losses incurred after October 31 (“Post-October Losses”) and certain late year ordinary income losses within the taxable year can be deemed to arise on the first business day of the Funds’ next taxable year. For the year ended April 30, 2022, the Funds incurred and elected to defer to May 1, 2022 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 MacKay California Municipal Intermediate ETF
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,436,333 ​ ​ ​ ​ ​ 210,168 ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ 944,373 ​ ​ ​ ​ ​ 279,349 ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
At April 30, 2022, 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
97​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
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
​ ​
Utilized on
Current Year
​ ​
Short-Term
With No Expiration
​ ​
Long-Term
With No Expiration
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ $ — ​ ​ ​ ​ $ 2,884,745 ​ ​ ​ ​ $ — ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,528,937 ​ ​ ​ ​ ​ 5,373,774 ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ — ​ ​ ​ ​ ​ 298,705 ​ ​ ​ ​ ​ — ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ N/A ​ ​
6. OTHER AFFILIATED PARTIES AND TRANSACTIONS
For the purposes of the financial statements, the Funds assume the following to be holdings by affiliates. As of October 31, 2022, affiliated transactions, if any, are listed at the end of the Fund’s respective Schedule of Investments.
The Advisor is an affiliate of New York Life Investment Management LLC (“NYLIM”) and of New York Life Insurance & Annuity Corporation (“NYLIC”). The following tables reflect shares of a Fund beneficially owned by NYLIM or NYLIC or funds or accounts managed by NYLIM or NYLIC where such holdings exceed 5% of the shares of the Fund. As of October 31, 2022, NYLIM and NYLIC or fund, or accounts managed by NYLIM or NYLIC were not known to own beneficially greater than 5% of the shares of any Fund except as set forth below.
New York Life Insurance & Annuity Corporation
Fund
​ ​
% of Ownership
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ ​ 47.6% ​ ​
New York Life Investment Management LLC
Fund
​ ​
% of Ownership
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ ​ 46.7% ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 99.2% ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ 99.0% ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ 99.0% ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ 90.9% ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ 91.9% ​ ​
7. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) for the period ended October 31, 2022 are as follows:
Fund
​ ​
Purchases
​ ​
Sales
​ ​
Purchases In-Kind
​ ​
Sales In-Kind
​
IQ MacKay California Municipal Intermediate ETF
​ ​ ​ $ 39,315,494 ​ ​ ​ ​ $ 35,652,416 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
IQ MacKay Municipal Insured ETF
​ ​ ​ ​ 335,885,588 ​ ​ ​ ​ ​ 342,885,316 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay Municipal Intermediate ETF
​ ​ ​ ​ 235,982,304 ​ ​ ​ ​ ​ 126,776,151 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay ESG Core Plus Bond ETF
​ ​ ​ ​ 309,029,919 ​ ​ ​ ​ ​ 212,119,258 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay ESG High Income ETF
​ ​ ​ ​ 24,128,771 ​ ​ ​ ​ ​ 240,670 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ MacKay Multi-Sector Income ETF
​ ​ ​ ​ 42,278,069 ​ ​ ​ ​ ​ 17,903,091 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ Ultra Short Duration ETF
​ ​ ​ ​ 187,283,567 ​ ​ ​ ​ ​ 236,484,964 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
IQ Winslow Focused Large Cap Growth ETF
​ ​ ​ ​ 244,414 ​ ​ ​ ​ ​ 236,590 ​ ​ ​ ​ ​ 6,747,366 ​ ​ ​ ​ ​ 1,272,834 ​ ​
IQ Winslow Large Cap Growth ETF
​ ​ ​ ​ 1,917,559 ​ ​ ​ ​ ​ 2,018,497 ​ ​ ​ ​ ​ 16,194,529 ​ ​ ​ ​ ​ 3,129,186 ​ ​
98
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
8. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts
The Funds entered into futures contracts to help manage the duration and yield curve position of the Funds while minimizing the exposure to wide bid/ask spreads in traditional bonds. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). A Fund is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, a Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. A Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.
The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of a Fund’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when a Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used.
Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objective. A Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to a Fund, potentially resulting in a loss. A Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAV and may result in a loss to the Fund. As of October 31, 2022, the open futures contracts for IQ MacKay ESG Core Plus Bond ETF, IQ MacKay Multi-Sector Income ETF and IQ Ultra Short Duration ETF are shown in the 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:
Assets Derivatives
​ ​ ​
Interest Risk
​
IQ MacKay ESG Core Plus Bond ETF ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on futures contracts1
​ ​ ​ $ — ​ ​
IQ MacKay Multi-Sector Income ETF ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on futures contracts1
​ ​ ​ $ — ​ ​
IQ Ultra Short Duration ETF ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on futures contracts1
​ ​ ​ $ 350,798 ​ ​
99​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
Liability Derivatives
​ ​ ​
Interest Risk
​
IQ MacKay ESG Core Plus Bond ETF ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on futures contracts1
​ ​ ​ $ 1,893,216 ​ ​
IQ MacKay Multi-Sector Income ETF ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on futures contracts1
​ ​ ​ $ 172,118 ​ ​
IQ Ultra Short Duration ETF ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on futures contracts1
​ ​ ​ $ 2,818 ​ ​
​
1
Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only unsettled variation margin is reported within the Statements of Assets and Liabilities.
​
Transactions in derivative instruments reflected on the Statements of Operations during the period ended October 31, 2022 were as follows:
​ ​ ​
Interest Risk
​
IQ MacKay ESG Core Plus Bond ETF ​ ​ ​ ​ ​ ​ ​
Realized gain (loss) ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (673,655) ​ ​
Changes in Unrealized appreciation (depreciation) ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (1,627,217) ​ ​
IQ MacKay Multi-Sector Income ETF ​ ​ ​ ​ ​ ​ ​
Realized gain (loss) ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (152,279) ​ ​
Changes in Unrealized appreciation (depreciation) ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (172,118) ​ ​
IQ Ultra Short Duration ETF ​ ​ ​ ​ ​ ​ ​
Realized gain (loss) ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ 2,452,259 ​ ​
Changes in Unrealized appreciation (depreciation) ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ (613,617) ​ ​
For the period ended October 31, 2022, the monthly average notional value of the futures contracts held by the Fund were as follows:
​ ​ ​
Average Notional Value
​
​ ​ ​
IQ MacKay ESG
Core Plus Bond
ETF
​ ​
IQ MacKay
Multi-Sector Income
ETF
​ ​
IQ Ultra Short
Duration ETF
​
Asset Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ 32,619,823 ​ ​ ​ ​ $ 2,009,259 ​ ​ ​ ​ $ 484,565 ​ ​
Liability Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures contracts
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (56,012,896) ​ ​
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.
Bond Insurance Risk
Insured municipal bonds are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance does not guarantee the market value of an insured security, or a Fund’s share price or distributions. Shares of a Fund are not insured. Market conditions or changes to ratings criteria could
100
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
adversely impact municipal bond insurers, which could adversely impact the value of the insured municipal bond or the ability of the insurer to pay any claims due. Consolidation among municipal bond insurers could increase a Fund’s exposure to one or more individual municipal bond insurers and reduce the supply of municipal bonds.
California State Specific Risk1
Investments in municipal bonds issued by, or on behalf of, the State of California, and its political subdivisions, agencies and instrumentalities, will be impacted by events in California that may affect the value of the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of California’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in California.
Credit Risk
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, become unable to pay interest or principal when due or otherwise fail to honor its obligations or cause such issuer to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in such situations.
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. Futures may be more volatile than direct investments in the instrument underlying the contract and may not correlate perfectly to the underlying instrument. Futures and other 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 Risk2
A Fund seeks exposure to the securities of companies meeting environmental, social and corporate governance investing criteria. A Fund excludes or limits exposure to securities of certain issuers for non-financial reasons, and a Fund may forgo some market opportunities available to funds that do not use these criteria. The application of ESG 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. ESG investing is subjective by nature, and therefore offers no guarantee that the ESG criteria utilized by the Subadvisor will accurately provide exposure to issuers meeting environmental, social and corporate governance criteria or any judgment exercised by the Subadvisor will reflect the beliefs or values of any particular investor. In addition, ESG investing is dependent upon information
​
1
Applies to IQ MacKay California Municipal Intermediate ETF.
​
2
Applies to IQ MacKay ESG Core Plus Bond ETF and IQ MacKay ESG High Income ETF.
​
101​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.
High Yield Securities Risk
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 Risk
A Fund’s income 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 otherwise needs to purchase additional bonds.
Interest Rate Risk
An increase in interest rates may cause the value of debt securities held by a Fund to decline. Interest rates in the United States are near historic lows, which may increase a Fund’s exposure to risks associated with rising interest rates. Interest rates may rise significantly and/or rapidly. Rising interest rates or lack of market participants may lead to decreased liquidity and increased volatility in the bond markets, making it more difficult for a Fund to sell its bond holdings at a time when the Fund might wish to sell.
Large Transaction Risks
From time to time, a Fund may receive large purchase or redemption orders from affiliated or unaffiliated funds or other investors. Such large transactions could have adverse effects on a Fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase a Fund’s transaction costs.
LIBOR Replacement Risk
A Fund’s investments in certain debt securities, derivatives or other financial instruments may reference the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations.
As of January 1, 2022, the United Kingdom Financial Conduct Authority, which regulates LIBOR, ceased its active encouragement of banks to provide the quotations needed to sustain LIBOR. However, many of the most widely used LIBOR tenors are expected to continue until mid-2023. 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 the transition away from LIBOR in the marketplace has become increasingly well defined, with an increasing volume of newly issued financial instruments referencing an alternative reference rate, , there are still 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 net asset value.
Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to amend 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.
102
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
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.
Liquidity Risk
Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. Decreased liquidity in the bond markets also may make it more difficult to value some or all of a Fund’s bond holdings. The market for municipal bonds may be less liquid than for taxable bonds.
Market Disruption Risk
In late February 2022, the Russian military invaded the Ukraine, which amplified existing geopolitical tensions among Russia, Ukraine, Europe, and many other countries including the U.S. and other members of the North Atlantic Treaty Organization (“NATO”). In response, various countries, including the U.S., the United Kingdom, and members of the European Union issued broad-ranging economic sanctions against Russia, Russian companies and financial institutions, Russian individuals and others. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia in light of Russia’s invasion of Ukraine will adversely impact the economies of Russia and Ukraine. Certain sectors of each country’s economy may be particularly affected, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors. Further, a number of large corporations and U.S. and foreign governmental entities have announced plans to divest interests or otherwise curtail business dealings in Russia or with certain Russian businesses. These events have resulted in (and may continue to result in) a loss of liquidity and value of Russian and Ukrainian securities and, in some cases, a complete inability to trade or settle trades in certain Russian securities. Further actions are likely to be taken by the international community, including governments and private corporations, that will adversely impact the Russian economy in particular. Such actions may include boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals, or other unforeseeable actions. The ramifications of the hostilities and sanctions also may negatively impact other regional and global economic markets (including Europe and the U.S.), companies in other countries (particularly those that have done business with Russia) and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas and precious metals. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and have severe negative consequences for regional and global markets, industries and companies in which the Fund invests. Moreover, the extent and duration of the Ukrainian invasion or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on a Fund’s performance and the value of an investment in the Fund.
Market Risk
The market price of investments owned by a Fund may go up or down, sometimes rapidly or unpredictably. Investments may decline in value due to factors affecting markets generally or particular segments of the market. Market risks include political, regulatory, market and economic developments, and geopolitical and other events, including war, terrorism, trade disputes, natural disasters, and public health crises. Such events may result in disruptions in the U.S. and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on a Fund and its investments. An outbreak of COVID-19 has developed into a global pandemic and has resulted in travel restrictions, closure of international borders, certain businesses and securities markets, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The full effects, duration and costs of the COVID-19 pandemic are uncertain, and the circumstances surrounding the COVID-19 pandemic will continue to evolve and may adversely affect a Fund and its investments
103​
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
Mortgage-Related and Other Asset-Backed Securities Risk
Investments in mortgage-related securities (such as mortgage-backed securities) and other asset-backed securities (such as collateralized debt and loan obligations) generally involve a stream of payments based on the underlying obligations. These payments, which are often part interest and part return of principal, vary based on the rate at which the underlying borrowers repay their loans or other obligations.
Asset-backed securities are subject to the risk that borrowers may default on the underlying obligations and that, during periods of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security’s value. Enforcing rights against such collateral in events of default may be difficult or insufficient. The value of these securities may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.
Municipal Bond Risk
A Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects. If a Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on a fund’s investment performance. In addition, a Fund may invest more heavily in bonds from certain cities, states, territories, or regions than others, which may increase the Funds’ exposure to losses resulting from economic, political, or regulatory occurrences impacting these particular cities, states, territories or regions. Certain of the issuers in which the Funds may invest have recently experienced, or may experience, significant financial difficulties and repeated credit rating downgrades. A Fund’s vulnerability to potential losses associated with such developments may be reduced through investing in municipal securities that feature credit enhancements (such as bond insurance).
Municipal bond proceeds could provide positive social or environmental benefits which could cause it to perform differently compared to funds that do not have such a policy. Investing in securities whose use of proceeds provide positive social or environmental benefits may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so. The positive social or environmental impact of a municipal bond’s proceeds is made at the time of purchase and the actual use of proceeds by the issuer could vary over time, which could cause the Fund to be invested in bonds that do not comply with the Fund’s approach towards considering social or environmental characteristics. The factors considered in evaluating whether a security has positive social or environmental benefits may change over time. There are significant differences in interpretations of what it means to promote positive social or environmental benefits. While its definitions are reasonable, the portfolio decisions it makes may differ with other’s views.
Municipal bonds most frequently trade in institutional round lot size transactions. Until a Fund grows significantly in size, a Fund expects to 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.
New Fund Risk3
Certain funds are new funds. There can be no assurance that a Fund will grow to or maintain an economically viable size. Like other new funds, large inflows and outflows may impact a Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.
​
3
Applies to IQ MacKay California Municipal Intermediate ETF, IQ MacKay ESG High Income ETF, IQ MaKay Multi-Sector Income ETF, IQ Winslow Focused Large Cap Growth ETF & IQ Winslow Large Cap Growth ETF.
​
104
Notes to Financial Statements (continued)
​
October 31, 2022 (unaudited)
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 the market price in the Secondary Market and the NAV vary significantly. During periods of market stress shares of a Fund may also experience significantly wider “bid/ask” spreads and premiums and discounts between a Fund’s net asset value and market price.
U.S. Tax Treatment Risk
Income from municipal bonds held by a Fund could be declared taxable because of unfavorable changes in tax law, adverse interpretations by the U.S. Internal Revenue Service or noncompliant conduct of a bond issuer. In addition, a portion of a Fund’s otherwise tax-exempt dividends may be taxable to shareholders subject to the U.S. federal alternative minimum tax.
10. SUBSEQUENT EVENTS
The Advisor has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material subsequent events that would require disclosure.
105​
Board Review of Investment Advisory Agreements (unaudited) 
​
   
Approvals Relating to the IQ MacKay Multi-Sector Income ETF
The Board (the members of which are referred to as “Trustees”), including the Trustees who are not an “interested person” of the Trust, as defined by the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), met in person on June 28, 2022, to consider the approval of an amendment to the Investment Advisory Agreement (the “Advisory Agreement Amendment”) and an amendment to the Subadvisory Agreement (the “Subadvisory Agreement Amendment”), each with respect to the IQ MacKay Multi-Sector Income ETF, a new series of the Trust (the “New Fund”). The Board noted that the Advisory Agreement Amendment was between the Trust and IndexIQ Advisors LLC (“IndexIQ” or the “Advisor”), while the Subadvisory Agreement Amendment was between the Advisor and MacKay Shields LLC (“MacKay Shields” or the “Sub-Advisor”).
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Advisor and MacKay Shields relevant to the Board’s consideration of whether to approve the Advisory Agreement Amendment and the Subadvisory Agreement Amendment with respect to the New Fund. In connection with considering approval of the Advisory Agreement Amendment and the Subadvisory Agreement Amendment, the Independent Trustees met in Executive Session with counsel to the Independent Trustees, who provided assistance and advice. The consideration of the Advisory Agreement Amendment and Subadvisory Agreement Amendment was conducted by both the full Board and the Independent Trustees, who also voted separately.
During their review and consideration, the Board, including 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 and MacKay Shields 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 teams of the Advisor and MacKay Shields; (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 ratios to fees paid by and expense ratios of other registered investment companies 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 or MacKay from its relationship with the Trust; and (7) potential conflicts of interest. The Board considered that the New Fund is an actively managed exchange-traded fund (“ETF”).
In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement Amendment; (2) a copy of the Subadvisory Agreement Amendment; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor and MacKay Shields and the services provided thereby; (5) information regarding the respective compliance program of the Advisor and MacKay Shields; (6) information regarding the portfolio management team of MacKay Shields; (7) copies of the Form ADV for each of the Advisor and MacKay Shields; (8) 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; (9) materials provided by each of the Advisor and MacKay Shields in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (10) a presentation by personnel of the Advisor and MacKay Shields. 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. The Trustees also considered their personal experiences as Trustees and participants in the investment management industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and IndexIQ ETF Trust.
In particular the Board, including the Independent Trustees, considered and discussed the following with respect to the New Fund:
1.
The nature, extent, and quality of the facilities and services to be provided to the New Fund by IndexIQ and MacKay Shields. The Independent Trustees reviewed the services that IndexIQ and MacKay Shields would provide to the New Fund. In connection with the investment advisory services to be provided to the New
​
106
Board Review of Investment Advisory Agreements (unaudited) (continued)
​
   
Fund, the Independent Trustees noted the responsibilities that IndexIQ and MacKay Shields would have as the New Fund’s investment adviser and sub-adviser, respectively, including overall supervisory responsibility for the general management and investment of the New Fund’s securities portfolios, 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 considered IndexIQ’s experience, resources, and strengths in managing other ETFs. The Independent Trustees reviewed MacKay Shields’ experience, resources, and strengths in managing other registered investment companies and investment mandates. 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 IndexIQ’s and MacKay Shields’ ability to render such services based on its experience, operations, and resources.
2.
Comparison of services to be provided and fees to be charged by IndexIQ and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by IndexIQ and MacKay Shields 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 with IndexIQ to contracts of other investment advisers with respect to similar ETFs. In particular, the Independent Trustees compared the New Fund’s proposed advisory fees and projected expense ratios for their first year of operations to other ETFs in the New Fund’s respective peer group. The Independent Trustees also considered that the New Fund would have in place an Expense Limitation Agreement to limit the total operating expenses and that MacKay Shields had agreed to voluntarily waive or reduce its fees proportionally with respect to such Expense Limitation Agreement.
​
The Independent Trustees also considered that IndexIQ would pay the sub-advisory fee to MacKay Shields pursuant to the Subadvisory Agreement Amendment. They considered the level of such sub-advisory fee in the context of the services to be provided by MacKay Shields to the New Fund.
After comparing the New Fund’s proposed fees with those of other funds in the New Fund’s respective peer group, and in light of the nature, quality, and extent of services proposed to be provided by IndexIQ and MacKay Shields and the costs expected to be incurred by IndexIQ and MacKay Shields in rendering those services, the Independent Trustees concluded that the fees proposed to be paid to IndexIQ and MacKay Shields with respect to the New Fund were fair and reasonable.
3.
IndexIQ’s and MacKay Shields’ 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 IndexIQ and MacKay Shields in connection with its serving as investment adviser and sub-adviser, respectively to the New Fund, including operational costs. Due to the fact that the New Fund had not yet commenced operations at the time, the Independent Trustees made no determination with respect to economies of scale or the impact of the New Fund on IndexIQ’s or MacKay Shields’ profitability.
​
4.
Investment performance of IndexIQ and MacKay Shields. Because the New Fund had not commenced operations, the Independent Trustees could not consider the investment performance of the New Fund, but did take into account the experience of MacKay Shields and the investment strategies developed for the New Fund by MacKay Shields.
​
Conclusion. No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the terms of the Advisory Agreement Amendment and the Subadvisory Agreement Amendment with MacKay Shields were reasonable and fair to the New Fund and to recommend to the Board the approval of the Advisory Agreement Amendment and Subadvisory Agreement Amendment.
As a result, all of the Board members, including the Independent Trustees, determined that the Advisory Agreement Amendment and the Subadvisory Agreement Amendment are in the best interests of the New Fund and its shareholders.
107​
Board Review of Investment Advisory Agreements (unaudited) (continued)
​
   
Approvals Relating to the IQ MacKay ESG High Income ETF
The Board (the members of which are referred to as “Trustees”), including the Trustees who are not an “interested person” of the Trust, as defined by the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), met in person on September 28, 2022, to consider the approval of an amendment to the Investment Advisory Agreement (the “Advisory Agreement Amendment”) and an amendment to the Subadvisory Agreement (the “Subadvisory Agreement Amendment”), each with respect to the IQ MacKay ESG High Income ETF, a new series of the Trust (the “New Fund”). The Board noted that the Advisory Agreement Amendment was between the Trust and IndexIQ Advisors LLC (“IndexIQ” or the “Advisor”), while the Subadvisory Agreement Amendment was between the Advisor and MacKay Shields LLC (“MacKay Shields” or the “Sub-Advisor”).
In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Advisor and MacKay Shields relevant to the Board’s consideration of whether to approve the Advisory Agreement Amendment and the Subadvisory Agreement Amendment with respect to the New Fund. In connection with considering approval of the Advisory Agreement Amendment and the Subadvisory Agreement Amendment, the Independent Trustees met in Executive Session with counsel to the Independent Trustees, who provided assistance and advice. The consideration of the Advisory Agreement Amendment and Subadvisory Agreement Amendment was conducted by both the full Board and the Independent Trustees, who also voted separately.
During their review and consideration, the Board, including 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 and MacKay Shields 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 teams of the Advisor and MacKay Shields; (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 ratios to fees paid by and expense ratios of other registered investment companies 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 or MacKay from its relationship with the Trust; and (7) potential conflicts of interest. The Board considered that the New Fund is an actively managed exchange-traded fund (“ETF”).
In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement Amendment; (2) a copy of the Subadvisory Agreement Amendment; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor and MacKay Shields and the services provided thereby; (5) information regarding the respective compliance program of the Advisor and MacKay Shields; (6) information regarding the portfolio management team of MacKay Shields; (7) copies of the Form ADV for each of the Advisor and MacKay Shields; (8) 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; (9) materials provided by each of the Advisor and MacKay Shields in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (10) a presentation by personnel of the Advisor and MacKay Shields. 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. The Trustees also considered their personal experiences as Trustees and participants in the investment management industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and IndexIQ ETF Trust.
In particular the Board, including the Independent Trustees, considered and discussed the following with respect to the New Fund:
1.
The nature, extent, and quality of the facilities and services to be provided to the New Fund by IndexIQ and MacKay Shields. The Independent Trustees reviewed the services that IndexIQ and MacKay Shields would provide to the New Fund. In connection with the investment advisory services to be provided to the New
​
108
Board Review of Investment Advisory Agreements (unaudited) (continued)
​
   
Fund, the Independent Trustees noted the responsibilities that IndexIQ and MacKay Shields would have as the New Fund’s investment adviser and sub-adviser, respectively, including overall supervisory responsibility for the general management and investment of the New Fund’s securities portfolios, 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 considered IndexIQ’s experience, resources, and strengths in managing other ETFs. The Independent Trustees reviewed MacKay Shields’ experience, resources, and strengths in managing other registered investment companies and investment mandates. 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 IndexIQ’s and MacKay Shields’ ability to render such services based on its experience, operations, and resources.
2.
Comparison of services to be provided and fees to be charged by IndexIQ and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by IndexIQ and MacKay Shields 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 with IndexIQ to contracts of other investment advisers with respect to similar ETFs. In particular, the Independent Trustees compared the New Fund’s proposed advisory fees and projected expense ratios for their first year of operations to other ETFs in the New Fund’s respective peer group. The Independent Trustees also considered that the New Fund would have in place an Expense Limitation Agreement to limit the total operating expenses and that MacKay Shields had agreed to voluntarily waive or reduce its fees proportionally with respect to such Expense Limitation Agreement.
​
The Independent Trustees also considered that IndexIQ would pay the sub-advisory fee to MacKay Shields pursuant to the Subadvisory Agreement Amendment. They considered the level of such sub-advisory fee in the context of the services to be provided by MacKay Shields to the New Fund.
After comparing the New Fund’s proposed fees with those of other funds in the New Fund’s respective peer group, and in light of the nature, quality, and extent of services proposed to be provided by IndexIQ and MacKay Shields and the costs expected to be incurred by IndexIQ and MacKay Shields in rendering those services, the Independent Trustees concluded that the fees proposed to be paid to IndexIQ and MacKay Shields with respect to the New Fund were fair and reasonable.
3.
IndexIQ’s and MacKay Shields’ 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 IndexIQ and MacKay Shields in connection with its serving as investment adviser and sub-adviser, respectively to the New Fund, including operational costs. Due to the fact that the New Fund had not yet commenced operations at the time, the Independent Trustees made no determination with respect to economies of scale or the impact of the New Fund on IndexIQ’s or MacKay Shields’ profitability.
​
4.
Investment performance of IndexIQ and MacKay Shields. Because the New Fund had not commenced operations, the Independent Trustees could not consider the investment performance of the New Fund, but did take into account the experience of MacKay Shields and the investment strategies developed for the New Fund by MacKay Shields.
​
Conclusion. No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the terms of the Advisory Agreement Amendment and the Subadvisory Agreement Amendment with MacKay Shields were reasonable and fair to the New Fund and to recommend to the Board the approval of the Advisory Agreement Amendment and Subadvisory Agreement Amendment.
As a result, all of the Board members, including the Independent Trustees, determined that the Advisory Agreement Amendment and the Subadvisory Agreement Amendment are in the best interests of the New Fund and its shareholders.
109​
IndexIQ Active ETF Trust
Semi-Annual Report | October 31, 2022
IQ MacKay California Municipal Intermediate ETF (MMCA)
IQ MacKay Municipal Insured ETF (MMIN)
IQ MacKay Municipal Intermediate ETF (MMIT)
IQ MacKay ESG Core Plus Bond ETF (ESGB)
IQ MacKay ESG High Income ETF (IQHI)
IQ MacKay Multi-Sector Income ETF (MMSB)
IQ Ultra Short Duration ETF (ULTR)
IQ Winslow Focused Large Cap Growth ETF (IWFG)
IQ Winslow Large Cap Growth ETF (IWLG)
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
​
5013901.2ME10a-12/22
[MISSING IMAGE: lg_indexiq-bwlr.jpg]

 

 

 

 

 

(b)Not applicable

 

Item 2. Code of Ethics.

 

Not applicable.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

 

(b)Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

 

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

 

Item 11. Controls and Procedures.

 

(a)The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1)Not applicable.

 

(a)(2)Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(3)Not applicable.

 

(a)(4)There was no change in the Registrant’s independent public accountant during the period covered by the report.

 

(b)  Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) IndexIQ Active ETF Trust  

 

By (Signature and Title)  /s/ Kirk C. Lehneis  
 Kirk C. Lehneis  
   (Principal Executive Officer)  

 

Date December 28, 2022  

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title) /s/ Kirk C. Lehneis  
  Kirk C. Lehneis  
  (Principal Executive Officer)  

 

Date December 28, 2022  

 

By (Signature and Title) /s/ Adefolahan O. Oyefeso  
  Adefolahan O. Oyefeso   
  (Principal Financial Officer)  

 

Date December 28, 2022