Schedule of Investments ─ IQ Ultra Short Duration ETF

January 31, 2023 (unaudited)

	Principal Amount		Value
Long - Term Bonds 95.5%
Commercial Asset-Backed Securities — 13.6%
Asset Backed Securities — 13.6%
Amur Equipment Finance Receivables XI LLC
Series 2022-2A,  A2, 5.300%, due 6/21/28	$	214,000	$	212,182
Avis Budget Rental Car Funding AESOP LLC
Series 2017-2A,  A, 2.970%, due 3/20/24		250,000		249,462
Series 2018-1A,  A, 3.700%, due 9/20/24		500,000		495,827
Ford Credit Auto Owner Trust 2018-REV2
Series 2018-2,  A, 3.470%, due 1/15/30		500,000		495,990
Ford Credit Floorplan Master Owner Trust A
Series 2019-2,  A, 3.060%, due 4/15/26		500,000		488,342
Hertz Vehicle Financing III LLC
Series 2022-3A,  A, 3.370%, due 3/25/25		500,000		489,151
Neuberger Berman Loan Advisers CLO 32 Ltd., (Cayman Islands)
Series 2019-32A,  BR, 6.198%, (3-Month LIBOR + 1.40%), due 1/20/32(a)		1,000,000		967,877
Oak Hill Credit Partners, (Cayman Islands)
Series 2021-8A,  A, 5.985%, (3-Month LIBOR + 1.19%), due 1/18/34(a)		750,000		743,559
Octagon Investment Partners 51 Ltd., (Cayman Islands)
Series 2021-1A,  A, 5.958%, (3-Month LIBOR + 1.15%), due 7/20/34(a)		1,000,000		986,087
Palmer Square CLO 2021-2 Ltd., (Cayman Islands)
Series 2021-2A,  A, 5.942%, (3-Month LIBOR + 1.15%), due 7/15/34(a)		1,000,000		987,582
Romark CLO IV Ltd., (Cayman Islands)
Series 2021-4A,  A1, 5.980%, (3-Month LIBOR + 1.17%), due 7/10/34(a)		1,000,000		985,557
TICP CLO XV Ltd., (Cayman Islands)
Series 2020-15A,  A, 6.088%, (3-Month LIBOR + 1.28%), due 4/20/33(a)		1,000,000		995,465
				8,097,081
Total Commercial Asset-Backed Securities
(Cost $8,182,790)				8,097,081
Commercial Mortgage-Backed Securities — 1.6%
Mortgage Securities — 1.6%
COMM 2013-SFS Mortgage Trust
Series 2013-SFS,  A2, 2.987%, due 4/12/35(a),(b)		500,000		495,161
Queens Center Mortgage Trust 2013-QC
Series 2013-QCA,  A, 3.275%, due 1/11/37		500,000		465,195
				960,356
Total Commercial Mortgage-Backed Securities
(Cost $1,024,853)				960,356
Corporate Bonds — 44.0%
Basic Materials — 0.4%
International Flavors & Fragrances, Inc.
1.230%, due 10/1/25		280,000		251,786
Communications — 3.9%
T-Mobile USA, Inc.
1.500%, due 2/15/26		700,000		638,722
Verizon Communications, Inc.
5.114%, (SOFR + 0.79%), due 3/20/26(a)		1,720,000		1,713,857
				2,352,579
Consumer, Cyclical — 1.4%
General Motors Financial Co., Inc.
6.000%, due 1/9/28		200,000		205,832
6.050%, due 10/10/25		340,000		346,389
Warnermedia Holdings, Inc.
3.428%, due 3/15/24		315,000		308,302
				860,523
Consumer, Non-cyclical — 3.4%
GE HealthCare Technologies, Inc.
5.550%, due 11/15/24		265,000		267,265
Global Payments, Inc.
1.500%, due 11/15/24		470,000		440,567
Laboratory Corp. of America Holdings
3.250%, due 9/1/24		600,000		584,640
Mondelez International, Inc.
2.125%, due 3/17/24		500,000		485,604
PayPal Holdings, Inc.
3.900%, due 6/1/27		215,000		211,426
				1,989,502
Energy — 1.4%
Energy Transfer LP
5.550%, due 2/15/28		215,000		218,490
ONEOK, Inc.
5.850%, due 1/15/26		250,000		256,157
Plains All American Pipeline LP / PAA Finance Corp.
4.500%, due 12/15/26		350,000		341,672
				816,319
Financial — 18.4%
Air Lease Corp.
0.800%, due 8/18/24		900,000		838,533
American Express Co.
3.950%, due 8/1/25		630,000		620,326
Bank of America Corp.
4.200%, due 8/26/24		1,070,000		1,058,260
5.080%, (SOFR + 1.29%), due 1/20/27(a)		520,000		521,911
Bank of New York Mellon Corp. (The)
4.543%, (SOFR + 1.17%), due 2/1/29(a)		225,000		224,821
Blackstone Holdings Finance Co. LLC
5.900%, due 11/3/27		245,000		255,056
Blackstone Private Credit Fund
7.050%, due 9/29/25		230,000		233,213
Capital One Financial Corp.
4.166%, (SOFR + 1.37%), due 5/9/25(a)		670,000		659,083
Citigroup, Inc.
5.610%, (SOFR + 1.55%), due 9/29/26(a)		310,000		314,977
Citizens Bank NA/Providence RI
6.064%, (SOFR + 1.45%), due 10/24/25(a)		250,000		253,628
Corebridge Financial, Inc.
3.500%, due 4/4/25		800,000		773,157
Fifth Third Bancorp
6.361%, (SOFR + 2.19%), due 10/27/28(a)		525,000		555,508
Goldman Sachs Group, Inc. (The)
5.700%, due 11/1/24		550,000		558,061
Huntington National Bank (The)
4.008%, (SOFR + 1.21%), due 5/16/25(a)		675,000		664,622
JPMorgan Chase & Co.
3.845%, (SOFR + 0.98%), due 6/14/25(a)		760,000		746,700
5.546%, (SOFR + 1.07%), due 12/15/25(a)		215,000		216,735

Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)

January 31, 2023 (unaudited)

	Principal Amount		Value
Corporate Bonds (continued)
Financial (continued)
Manufacturers & Traders Trust Co.
4.700%, due 1/27/28	$	265,000	$	264,324
Morgan Stanley
4.679%, (SOFR + 1.67%), due 7/17/26(a)		420,000		416,490
5.050%, (SOFR + 1.30%), due 1/28/27(a)		680,000		682,361
PNC Financial Services Group, Inc. (The)
4.758%, (SOFR + 1.09%), due 1/26/27(a)		130,000		130,212
Realty Income Corp.
5.050%, due 1/13/26		200,000		200,549
State Street Corp.
4.857%, (SOFR + 0.60%), due 1/26/26(a)		90,000		90,329
Truist Financial Corp.
4.873%, (SOFR + 1.44%), due 1/26/29(a)		110,000		110,622
US Bancorp
4.653%, (SOFR + 1.23%), due 2/1/29(a)		230,000		229,805
Wells Fargo & Co.
4.540%, (SOFR + 1.56%), due 8/15/26(a)		350,000		346,614
				10,965,897
Industrial — 2.1%
Boeing Co. (The)
1.167%, due 2/4/23		500,000		499,915
1.950%, due 2/1/24		800,000		775,804
				1,275,719
Technology — 1.2%
Dell International LLC / EMC Corp.
5.250%, due 2/1/28		265,000		267,212
Oracle Corp.
2.300%, due 3/25/28		160,000		142,887
5.800%, due 11/10/25		330,000		339,227
				749,326
Utilities — 11.8%
American Electric Power Co., Inc.
2.031%, due 3/15/24		170,000		164,272
CenterPoint Energy, Inc.
4.777%, (SOFR + 0.65%), due 5/13/24(a)		1,515,000		1,497,694
Duke Energy Corp.
4.300%, due 3/15/28		295,000		290,727
Entergy Louisiana LLC
0.620%, due 11/17/23		394,000		380,873
Eversource Energy
Series T, 4.390%, (SOFR + 0.25%), due 8/15/23(a)		1,685,000		1,681,394
Pacific Gas and Electric Co.
3.250%, due 2/16/24		585,000		574,203
4.200%, due 3/1/29		398,000		368,144
Sempra Energy
3.300%, due 4/1/25		305,000		295,263
Southern California Edison Co.
1.100%, due 4/1/24		775,000		740,307
5.850%, due 11/1/27		210,000		221,050
Southern Co. (The)
5.150%, due 10/6/25		250,000		252,641
Virginia Electric and Power Co.
Series B, 3.750%, due 5/15/27		605,000		589,908
				7,056,476
Total Corporate Bonds
(Cost $26,725,986)				26,318,127
Foreign Bonds — 8.3%
Consumer, Cyclical — 1.5%
Daimler Truck Finance North America LLC, (Germany)
5.150%, due 1/16/26		150,000		150,867
Volkswagen Group of America Finance LLC, (Germany)
1.250%, due 11/24/25		800,000		723,156
				874,023
Financial — 6.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland)
1.650%, due 10/29/24		1,140,000		1,066,516
Bank of New Zealand, (New Zealand)
4.846%, due 2/7/28		265,000		266,396
Cooperatieve Rabobank UA, (Netherlands)
4.655%, (1 Year US CMT T-Note + 1.75%), due 8/22/28(a)		440,000		435,664
Credit Suisse AG, (Switzerland)
7.950%, due 1/9/25		450,000		460,959
Danske Bank A/S, (Denmark)
6.466%, (1 Year US CMT T-Note + 2.10%), due 1/9/26(a)		285,000		289,126
HSBC Holdings PLC, (United Kingdom)
7.336%, (SOFR + 3.03%), due 11/3/26(a)		420,000		443,310
Royal Bank of Canada, (Canada)
5.660%, due 10/25/24		295,000		299,945
Swedbank AB, (Sweden)
5.337%, due 9/20/27		350,000		354,174
Toronto-Dominion Bank (The), (Canada)
4.285%, due 9/13/24		270,000		267,789
				3,883,879
Utilities — 0.3%
Enel Finance America LLC, (Italy)
7.100%, due 10/14/27		200,000		214,354
Total Foreign Bonds
(Cost $5,058,639)				4,972,256
U.S. Treasury Bill — 1.7%
U.S. Treasury Bill, –%, due 4/20/23(c)
(Cost $990,132)		1,000,000		990,173
U.S. Treasury Notes — 23.8%
U.S. Treasury Note, 2.500%, due 3/31/23		2,380,000		2,371,795
U.S. Treasury Note, 3.500%, due 1/31/28		2,890,000		2,877,130
U.S. Treasury Note, 3.500%, due 1/31/30		335,000		333,796
U.S. Treasury Note, 4.125%, due 1/31/25		8,655,000		8,645,196
				14,227,917
Total U.S. Treasury Notes
(Cost $14,207,512)				14,227,917
United States Government Agency Mortgage-Backed Securities — 2.5%
Mortgage Securities — 2.5%
Freddie Mac Multifamily Structured Pass Through Certificates
Series 2020-K108, 1.691%, due 3/25/30(a),(b)(d)		7,355,149		695,217
Series 2020-K119, 0.930%, due 9/25/30(a),(b)(d)		14,920,517		825,643
				1,520,860
Total United States Government Agency Mortgage-Backed Securities
(Cost $1,737,498)				1,520,860

Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)

January 31, 2023 (unaudited)

	Principal Amount		Value
Short-Term Investment — 5.9%
Commercial Paper — 1.7%
Financial — 1.7%
Barclays Capital
0.000%, due 4/3/23(c) (Cost $995,885)	$	1,000,000	$	992,050

	Shares		Value
Money Market Fund — 4.2%
BlackRock Liquidity T-Fund, 4.07%(e)
(Cost $2,506,440)		2,506,440		2,506,440
Total Investments — 101.4%
(Cost $61,429,735)				60,585,260
Other Assets and Liabilities, Net — (1.4)%				(825,204	)
Net Assets — 100.0%			$	59,760,056

(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)	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.
(e)	Reflects the 7-day yield at January 31, 2023.

Abbreviations
CMT	- Constant Maturity Treasury Index
LIBOR	- London InterBank Offered Rate
SOFR	- Secured Financing Overnight Rate

Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)

January 31, 2023 (unaudited)

Open futures contracts outstanding at January 31, 2023:

Type	Broker	Expiration Date	Number of Contracts Purchased (Sold)	Notional Value at Trade Date			Notional Value at January 31, 2023			Unrealized Appreciation (Depreciation)
U.S. 10 Year Note (CBT)	RBC Capital Markets	March 2023	(8)	$	(903,866	)	$	(916,125	)	$	(12,259	)
U.S. 2 Year Note (CBT)	RBC Capital Markets	March 2023	(70)		(14,369,243	)		(14,395,391	)		(26,148	)
U.S. 5 Year Note (CBT)	RBC Capital Markets	March 2023	(111)		(12,091,669	)		(12,125,883	)		(34,214	)
										$	(72,621	)

CBT — Chicago Board of Trade

Cash posted as collateral to broker for futures contracts was $231,200 at January 31, 2023.

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:(f)
Commercial Asset-Backed Securities	$	–		$	8,097,081	$	–	$	8,097,081
Commercial Mortgage-Backed Securities		–			960,356		–		960,356
Corporate Bonds		–			26,318,127		–		26,318,127
Foreign Bonds		–			4,972,256		–		4,972,256
U.S. Treasury Bill		–			990,173		–		990,173
U.S. Treasury Notes		–			14,227,917		–		14,227,917
United States Government Agency Mortgage-Backed Securities		–			1,520,860		–		1,520,860
Short-Term Investment:
Commercial Paper		–			992,050		–		992,050
Money Market Fund		2,506,440			–		–		2,506,440
Total Investments in Securities	$	2,506,440		$	58,078,820	$	–	$	60,585,260
Liability Valuation Inputs
Other Financial Instruments:(g)
Futures Contracts	$	(72,621	)	$	–	$	–	$	(72,621	)

(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 January 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.