Schedule of Investments — IQ MacKay California Municipal Intermediate ETF
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds — 96.1% | ||||||||
| California — 85.8% | ||||||||
| Cabrillo Community College District, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 8/1/32 | $ | 500,000 | $ | 549,683 | ||||
| California Community Choice Financing Authority, Revenue Bonds | ||||||||
| 4.000%, due 10/1/52(a),(b) | 1,000,000 | 1,014,837 | ||||||
| Series A1 | ||||||||
| 4.000%, due 5/1/53(a),(b) | 2,000,000 | 2,030,789 | ||||||
| California Community Housing Agency, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 4/1/49 | 500,000 | 445,676 | ||||||
| California Health Facilities Financing Authority, Revenue Bonds | ||||||||
| Series C | ||||||||
| 5.000%, due 6/1/41(a),(b) | 1,250,000 | 1,457,688 | ||||||
| California Infrastructure & Economic Development Bank, Revenue Bonds | ||||||||
| Series A | ||||||||
| 3.650%, due 1/1/50(a),(b) | 1,000,000 | 999,976 | ||||||
| Series B | ||||||||
| 3.000%, due 10/1/47(a),(b) | 1,140,000 | 1,160,200 | ||||||
| 5.000%, due 11/1/29 | 800,000 | 938,387 | ||||||
| California Municipal Finance Authority, Revenue Bonds | ||||||||
| 4.000%, due 7/15/29 | 1,000,000 | 990,451 | ||||||
| Series A | ||||||||
| 2.400%, due 10/1/44(a),(b) | 1,140,000 | 1,040,469 | ||||||
| 4.125%, due 10/1/41(a),(b) | 1,000,000 | 1,007,394 | ||||||
| California Public Finance Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 7/15/36 | 500,000 | 528,863 | ||||||
| California State Public Works Board, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 3/1/29 | 1,000,000 | 1,002,345 | ||||||
| City of Long Beach CA Airport System Revenue, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 6/1/32 | 200,000 | 242,877 | ||||||
| Series B Insured: AGM | ||||||||
| 5.000%, due 6/1/32 | 200,000 | 242,877 | ||||||
| City of Victorville CA Electric Revenue, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 5/1/38 | 1,000,000 | 1,081,717 | ||||||
| Compton Unified School District, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.000%, due 6/1/29 | 750,000 | 838,039 | ||||||
| East Bay Municipal Utility District Water System Revenue, Revenue Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 6/1/33 | 1,000,000 | 1,035,674 | ||||||
| East Side Union High School District, General Obligation Bonds | ||||||||
| 5.000%, due 8/1/27 | 800,000 | 809,967 | ||||||
| Kern Community College District, General Obligation Bonds | ||||||||
| Series D | ||||||||
| 5.000%, due 8/1/32 | 625,000 | 779,360 | ||||||
| Kern County Water Agency Improvement District No 4, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 5/1/28 | 500,000 | 543,885 | ||||||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 6/1/32 | 500,000 | 547,254 | ||||||
| Modesto Irrigation District, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 10/1/40 | 1,000,000 | 1,044,352 | ||||||
| Mount Diablo Unified School District, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 4.000%, due 8/1/29 | 1,265,000 | 1,404,733 | ||||||
| Municipal Improvement Corp. of Los Angeles, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 11/1/29 | 1,000,000 | 1,176,393 | ||||||
| Series B | ||||||||
| 5.000%, due 11/1/30 | 575,000 | 634,929 | ||||||
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 3/1/29 | 1,500,000 | 1,666,349 | ||||||
| Oakland Unified School District/Alameda County, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 8/1/31 | 1,000,000 | 1,117,236 | ||||||
| Orange County Sanitation District, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 2/1/30 | 500,000 | 519,998 | ||||||
| Peralta Community College District, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 8/1/39 | 500,000 | 503,083 | ||||||
| Ravenswood City School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 8/1/45 | 1,000,000 | 1,124,429 | ||||||
| River Islands Public Financing Authority, Special Tax | ||||||||
| Series A1 Insured: AGM | ||||||||
| 5.000%, due 9/1/30 | 350,000 | 407,921 | ||||||
| 5.000%, due 9/1/42 | 500,000 | 552,095 | ||||||
| Sacramento City Unified School District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 7/1/30 | 655,000 | 772,395 | ||||||
| San Diego County Regional Airport Authority, Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 7/1/33 | 1,000,000 | 1,131,807 | ||||||
| San Francisco Bay Area Rapid Transit District, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 8/1/33 | 860,000 | 965,506 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.500%, due 5/1/28 | 1,250,000 | 1,257,903 | ||||||
Schedule of Investments — IQ MacKay California Municipal Intermediate ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| California (continued) | ||||||||
| San Francisco Unified School District, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 4.000%, due 6/15/31 | $ | 1,000,000 | $ | 1,086,202 | ||||
| San Jose Evergreen Community College District, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 4.000%, due 9/1/31 | 955,000 | 1,043,403 | ||||||
| San Juan Unified School District, General Obligation Bonds | ||||||||
| Series N | ||||||||
| 4.000%, due 8/1/31 | 1,000,000 | 1,056,074 | ||||||
| San Mateo Union High School District, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 4.000%, due 9/1/34 | 455,000 | 494,053 | ||||||
| South San Francisco Public Facilities Financing Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 6/1/36 | 620,000 | 706,130 | ||||||
| Southern California Public Power Authority, Revenue Bonds | ||||||||
| 5.000%, due 7/1/30 | 1,210,000 | 1,237,437 | ||||||
| State of California, General Obligation Bonds | ||||||||
| 5.000%, due 4/1/29 | 1,000,000 | 1,170,419 | ||||||
| 5.000%, due 10/1/31 | 500,000 | 613,484 | ||||||
| Torrance Unified School District, General Obligation Bonds | ||||||||
| 4.250%, due 8/1/33 | 1,320,000 | 1,388,310 | ||||||
| University of California, Revenue Bonds | ||||||||
| Series AI | ||||||||
| 5.000%, due 5/15/33 | 750,000 | 755,378 | ||||||
| 43,118,427 | ||||||||
| Guam — 6.1% | ||||||||
| Guam Power Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 10/1/33 | 1,000,000 | 1,061,556 | ||||||
| Territory of Guam, Revenue Bonds | ||||||||
| Series D | ||||||||
| 5.000%, due 11/15/27 | 585,000 | 607,205 | ||||||
| Series F | ||||||||
| 5.000%, due 1/1/30 | 1,250,000 | 1,376,491 | ||||||
| 3,045,252 | ||||||||
| Puerto Rico — 4.3% | ||||||||
| Commonwealth of Puerto Rico, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 5.300%, due 7/1/33(c) | 2,688 | 1,557 | ||||||
| Series A1 | ||||||||
| 4.000%, due 7/1/35 | 251,878 | 228,781 | ||||||
| 5.375%, due 7/1/25 | 700,326 | 716,418 | ||||||
| 5.750%, due 7/1/31 | 971,203 | 1,053,292 | ||||||
| Commonwealth of Puerto Rico, Notes | ||||||||
| 0.000%, due 11/1/51(a),(b) | 106,795 | 33,774 | ||||||
| University of Puerto Rico, Revenue Bonds | ||||||||
| Series P Insured: NATL-IBC | ||||||||
| 5.000%, due 6/1/25 | 120,000 | 120,143 | ||||||
| 2,153,965 | ||||||||
| Total Municipal Bonds | ||||||||
| (Cost $47,326,651) | 48,317,644 | |||||||
| Shares | Value | |||||||
| Short-Term Investment — 2.9% | ||||||||
| Money Market Fund — 2.9% | ||||||||
| Dreyfus Tax Exempt Cash Management - Institutional, 1.66%(d) | ||||||||
| (Cost $1,436,760) | 1,436,904 | $ | 1,436,760 | |||||
| Total Investments — 99.0% | ||||||||
| (Cost $48,763,411) | 49,754,404 | |||||||
| Other Assets and Liabilities, Net — 1.0% | 540,703 | |||||||
| Net Assets — 100.0% | $ | 50,295,107 | ||||||
| (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 January 31, 2023. |
| (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 January 31, 2023. |
| Abbreviations | |
| AGM | - Assured Guaranty Municipal Corp. |
| BAM | - Build America Mutual Assurance Co. |
| NATL | - National Public Finance Guarantee Corp. |
Schedule of Investments — IQ MacKay California Municipal Intermediate ETF (continued)
January 31, 2023 (unaudited)
The following is a summary of the inputs used to value the Fund's investments as of January 31, 2023. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements.
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Investments in Securities:(e) | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 48,317,644 | $ | – | $ | 48,317,644 | ||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Fund | 1,436,760 | – | – | 1,436,760 | ||||||||||||
| Total Investments in Securities | $ | 1,436,760 | $ | 48,317,644 | $ | – | $ | 49,754,404 | ||||||||
| (e) | For a complete listing of investments and their states, see the Schedule of Investments. |
For the period ended January 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.