Schedule of Investments ─ IQ MacKay Municipal Insured ETF
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds — 95.6% | ||||||||
| Alabama — 1.9% | ||||||||
| Black Belt Energy Gas District, Revenue Bonds | ||||||||
| Series C-2 | ||||||||
| 2.010%, (Municipal Swap Index + 0.35%), due 10/1/52(a) | $ | 2,500,000 | $ | 2,395,077 | ||||
| Mobile County Board of School Commissioners, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 3/1/26 | 1,325,000 | 1,424,202 | ||||||
| Series B Insured: BAM | ||||||||
| 5.000%, due 3/1/40 | 2,645,000 | 2,951,977 | ||||||
| 6,771,256 | ||||||||
| Alaska — 0.4% | ||||||||
| University of Alaska, Revenue Bonds | ||||||||
| Insured: AGM-CR | ||||||||
| 5.000%, due 10/1/44 | 1,365,000 | 1,425,202 | ||||||
| Arizona — 0.6% | ||||||||
| Maricopa County Unified School District No 60 Higley, Certificates of Participation | ||||||||
| Insured: AGM | ||||||||
| 4.125%, due 6/1/42 | 500,000 | 506,199 | ||||||
| 4.250%, due 6/1/47 | 1,500,000 | 1,514,218 | ||||||
| 2,020,417 | ||||||||
| California — 8.4% | ||||||||
| Anaheim City School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 8/1/48 | 1,000,000 | 1,011,449 | ||||||
| California Health Facilities Financing Authority, Revenue Bonds | ||||||||
| 5.000%, due 11/15/49 | 1,850,000 | 1,893,177 | ||||||
| City of Long Beach CA Airport System Revenue, Revenue Bonds | ||||||||
| Series C Insured: AGM | ||||||||
| 5.000%, due 6/1/42 | 1,000,000 | 1,080,080 | ||||||
| City of San Mateo CA, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 9/1/37 | 4,460,000 | 5,028,550 | ||||||
| Fontana Unified School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 2.375%, due 8/1/44 | 2,500,000 | 1,832,336 | ||||||
| Foothill-De Anza Community College District, General Obligation Bonds | ||||||||
| Insured: NATL-IBC FGIC | ||||||||
| 2.640%, due 8/1/29(b) | 1,050,000 | 885,231 | ||||||
| Grossmont Union High School District, General Obligation Bonds | ||||||||
| Series F Insured: AGM | ||||||||
| 3.280%, due 8/1/34(b) | 2,445,000 | 1,440,913 | ||||||
| Indian Wells Redevelopment Agency Successor Agency, Tax Allocation | ||||||||
| Series A Insured: NATL | ||||||||
| 5.000%, due 9/1/33 | 1,240,000 | 1,343,746 | ||||||
| Indio Finance Authority, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.250%, due 11/1/42 | 1,500,000 | 1,717,239 | ||||||
| Kelseyville Unified School District, General Obligation Bonds | ||||||||
| Series C Insured: AGM | ||||||||
| 3.170%, due 8/1/31(b) | 155,000 | 116,759 | ||||||
| Ontario Montclair School District, General Obligation Bonds | ||||||||
| Series B Insured: NATL | ||||||||
| 3.070%, due 8/1/29(b) | 390,000 | 319,867 | ||||||
| Poway Unified School District, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 4.125%, due 9/1/47 | 400,000 | 406,296 | ||||||
| Riverbank Unified School District, General Obligation Bonds | ||||||||
| Series B Insured: AGC | ||||||||
| 4.510%, due 8/1/48(b) | 50,000 | 16,050 | ||||||
| Sacramento City Financing Authority, Tax Allocation | ||||||||
| Series A Insured: NATL | ||||||||
| 2.690%, due 12/1/23(b) | 5,000,000 | 4,890,033 | ||||||
| Sacramento City Unified School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 2.680%, due 7/1/24(b) | 310,000 | 298,524 | ||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 8/1/41 | 1,865,000 | 2,092,810 | ||||||
| Series C-1 Insured: AGM | ||||||||
| 5.000%, due 8/1/25 | 200,000 | 212,861 | ||||||
| San Mateo County Community College District, General Obligation Bonds | ||||||||
| Series B Insured: NATL | ||||||||
| 2.260%, due 9/1/25(b) | 145,000 | 136,824 | ||||||
| Sweetwater Union High School District, General Obligation Bonds | ||||||||
| 4.000%, due 8/1/42 | 965,000 | 970,150 | ||||||
| Vista Unified School District, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.250%, due 8/1/41 | 3,000,000 | 3,479,599 | ||||||
| West Contra Costa Unified School District, General Obligation Bonds | ||||||||
| Series D Insured: AGM | ||||||||
| 3.310%, due 8/1/33(b) | 2,010,000 | 1,423,328 | ||||||
| 30,595,822 | ||||||||
| Colorado — 3.1% | ||||||||
| BNC Metropolitan District No 1, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 12/1/37 | 395,000 | 433,348 | ||||||
| Castle Oaks Metropolitan District No 3, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 12/1/45 | 3,000,000 | 2,993,050 | ||||||
| Crystal Valley Metropolitan District No 2, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 12/1/44 | 1,700,000 | 1,684,670 | ||||||
| Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.500%, due 12/1/47 | 600,000 | 667,207 | ||||||
| Grand Junction Regional Airport Authority, Revenue Bonds | ||||||||
| Series A Insured: NATL | ||||||||
| 5.000%, due 12/1/26 | 500,000 | 543,324 | ||||||
| Grand River Hospital District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 12/1/37 | 425,000 | 453,591 | ||||||
| Northern Colorado Water Conservancy District, Certificates of Participation | ||||||||
| 5.000%, due 7/1/42 | 625,000 | 695,488 | ||||||
| Park 70 Metropolitan District, General Obligation Bonds | ||||||||
| 5.000%, due 12/1/46 | 450,000 | 457,518 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Colorado (continued) | ||||||||
| Park Creek Metropolitan District, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 12/1/46 | $ | 3,255,000 | $ | 3,177,733 | ||||
| Vauxmont Metropolitan District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 12/15/31 | 135,000 | 145,383 | ||||||
| 11,251,312 | ||||||||
| Connecticut — 1.0% | ||||||||
| City of Hartford CT, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 7/1/34 | 25,000 | 25,732 | ||||||
| 5.000%, due 4/1/23 | 220,000 | 220,464 | ||||||
| 5.000%, due 7/1/24 | 20,000 | 20,708 | ||||||
| 5.000%, due 7/1/27 | 60,000 | 63,753 | ||||||
| Series B Insured: AGM | ||||||||
| 5.000%, due 10/1/23 | 15,000 | 15,247 | ||||||
| Series C Insured: AGM | ||||||||
| 5.000%, due 7/15/24 | 1,000,000 | 1,036,433 | ||||||
| 5.000%, due 7/15/32 | 20,000 | 21,205 | ||||||
| City of New Britain CT, General Obligation Bonds | ||||||||
| Series B Insured: AGM | ||||||||
| 5.250%, due 9/1/30 | 100,000 | 113,337 | ||||||
| City of New Haven CT, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 8/1/28 | 1,000,000 | 1,037,323 | ||||||
| 5.000%, due 8/1/39 | 1,150,000 | 1,243,354 | ||||||
| 3,797,556 | ||||||||
| District of Columbia — 0.8% | ||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.340%, due 10/1/37(b) | 1,500,000 | 799,451 | ||||||
| Series B Insured: AGM | ||||||||
| 4.000%, due 10/1/53 | 2,000,000 | 1,942,459 | ||||||
| 2,741,910 | ||||||||
| Florida — 3.2% | ||||||||
| County of Broward FL Tourist Development Tax Revenue, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.000%, due 9/1/51 | 1,340,000 | 1,285,058 | ||||||
| County of Miami-Dade Seaport Department, Revenue Bonds | ||||||||
| Series A-2 Insured: AGM | ||||||||
| 3.000%, due 10/1/50 | 5,000,000 | 3,893,921 | ||||||
| Fort Pierce Utilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 10/1/40 | 500,000 | 563,785 | ||||||
| 5.000%, due 10/1/41 | 500,000 | 562,879 | ||||||
| 5.000%, due 10/1/42 | 400,000 | 450,420 | ||||||
| Miami-Dade County Expressway Authority, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 5.000%, due 7/1/26 | 3,180,000 | 3,279,161 | ||||||
| School Board of Miami-Dade County (The), General Obligation Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 3/15/39 | 1,645,000 | 1,741,217 | ||||||
| 11,776,441 | ||||||||
| Georgia — 1.1% | ||||||||
| DeKalb Newton & Gwinnett Counties Joint Development Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 7/1/39 | 2,250,000 | 2,253,749 | ||||||
| Municipal Electric Authority of Georgia, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 1/1/46 | 1,660,000 | 1,628,578 | ||||||
| 3,882,327 | ||||||||
| Idaho — 0.5% | ||||||||
| Idaho Housing & Finance Association, Revenue Bonds | ||||||||
| Insured: SCH BD GTY | ||||||||
| 5.000%, due 5/1/52 | 1,000,000 | 1,031,111 | ||||||
| 5.250%, due 5/1/42 | 800,000 | 863,152 | ||||||
| 1,894,263 | ||||||||
| Illinois — 21.0% | ||||||||
| Boone, McHenry & DeKalb Counties Community Unit School District 100, General Obligation Bonds | ||||||||
| Insured: BHAC-CR NATL-RE | ||||||||
| 2.710%, due 12/1/23(b) | 395,000 | 386,249 | ||||||
| Chicago Board of Education, General Obligation Bonds | ||||||||
| Series A Insured: AGC-ICC FGIC | ||||||||
| 5.500%, due 12/1/26 | 1,575,000 | 1,672,188 | ||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 12/1/31 | 500,000 | 537,802 | ||||||
| Chicago O'Hare International Airport, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.250%, due 1/1/45 | 3,585,000 | 3,898,827 | ||||||
| Chicago Park District, General Obligation Bonds | ||||||||
| Series E Insured: BAM | ||||||||
| 4.000%, due 11/15/32 | 1,000,000 | 1,038,046 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.000%, due 12/1/50 | 4,750,000 | 4,553,630 | ||||||
| City of Chicago IL, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 1/1/35 | 775,000 | 759,354 | ||||||
| 4.000%, due 1/1/36 | 2,500,000 | 2,425,986 | ||||||
| City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds | ||||||||
| Series A Insured: NATL | ||||||||
| 3.170%, due 1/1/27(b) | 1,300,000 | 1,149,167 | ||||||
| City of Chicago IL Waterworks Revenue, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 5.000%, due 11/1/44 | 3,220,000 | 3,258,948 | ||||||
| City of Decatur IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 3/1/40 | 2,805,000 | 2,854,371 | ||||||
| 4.000%, due 3/1/42 | 3,000,000 | 3,043,751 | ||||||
| City of Joliet IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/15/44 | 3,805,000 | 4,387,134 | ||||||
| City of Kankakee IL, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.000%, due 1/1/35 | 715,000 | 761,278 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Illinois (continued) | ||||||||
| City of Rock Island IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 12/1/36 | $ | 1,435,000 | $ | 1,470,211 | ||||
| City of Waukegan IL, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.000%, due 12/30/36 | 1,015,000 | 1,044,682 | ||||||
| County of Cook IL Sales Tax Revenue, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.000%, due 11/15/40 | 780,000 | 785,477 | ||||||
| Crawford Hospital District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 1/1/34 | 675,000 | 719,355 | ||||||
| Illinois Sports Facilities Authority (The), Revenue Bonds | ||||||||
| Insured: AMBAC | ||||||||
| 3.240%, due 6/15/23(b) | 500,000 | 494,054 | ||||||
| Illinois State Toll Highway Authority, Revenue Bonds | ||||||||
| 5.000%, due 1/1/45 | 2,050,000 | 2,231,507 | ||||||
| La Salle County Community Unit School District No 2 Serena, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/1/38 | 1,825,000 | 2,123,594 | ||||||
| 5.500%, due 10/1/42 | 1,260,000 | 1,448,315 | ||||||
| Macon County School District No 61 Decatur, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 12/1/40 | 1,305,000 | 1,386,366 | ||||||
| Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 12/1/30 | 275,000 | 293,801 | ||||||
| Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 11/1/32 | 225,000 | 244,414 | ||||||
| Metropolitan Pier & Exposition Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.640%, due 6/15/45(b) | 720,000 | 258,123 | ||||||
| 4.700%, due 6/15/47(b) | 225,000 | 72,599 | ||||||
| Northern Illinois University, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 10/1/32 | 500,000 | 520,760 | ||||||
| 4.000%, due 10/1/37 | 550,000 | 551,674 | ||||||
| 4.000%, due 10/1/39 | 425,000 | 420,993 | ||||||
| 4.000%, due 10/1/40 | 400,000 | 389,742 | ||||||
| 4.000%, due 10/1/41 | 400,000 | 386,810 | ||||||
| Series B Insured: BAM | ||||||||
| 4.000%, due 4/1/37 | 1,425,000 | 1,429,907 | ||||||
| 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 | 1,564,756 | ||||||
| 5.000%, due 12/1/46 | 1,800,000 | 1,942,667 | ||||||
| Sangamon County School District No 186 Springfield, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 2/1/29 | 3,000,000 | 3,237,566 | ||||||
| Southern Illinois University, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 4/1/40 | 1,000,000 | 982,401 | ||||||
| Series A Insured: NATL | ||||||||
| 3.800%, due 4/1/25(b) | 390,000 | 359,449 | ||||||
| State of Illinois, General Obligation Bonds | ||||||||
| 5.750%, due 5/1/45 | 1,000,000 | 1,073,696 | ||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/41 | 3,715,000 | 3,608,955 | ||||||
| Insured: NATL | ||||||||
| 6.000%, due 11/1/26 | 500,000 | 531,408 | ||||||
| Town of Cicero IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 1/1/30 | 475,000 | 516,557 | ||||||
| Union Alexander Massac Pulaski Etc Counties Community College District No 531, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 12/1/24 | 1,115,000 | 1,159,442 | ||||||
| Village of Bourbonnais IL, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 12/1/32 | 520,000 | 553,454 | ||||||
| Insured: BAM | ||||||||
| 5.250%, due 12/1/46 | 1,000,000 | 1,119,135 | ||||||
| Village of McCook IL, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 12/1/25 | 1,575,000 | 1,676,006 | ||||||
| Series B Insured: AGM | ||||||||
| 5.000%, due 12/1/26 | 1,875,000 | 2,016,889 | ||||||
| Will County Community Unit School District No 201-U Crete-Monee, General Obligation Bonds | ||||||||
| Series 201-U Insured: AGM | ||||||||
| 5.250%, due 9/1/42 | 3,735,000 | 4,161,079 | ||||||
| Will County School District No 114 Manhattan, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 1/1/45 | 3,765,000 | 4,293,233 | ||||||
| Williamson County Community Unit School District No 1 Johnston City, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.100%, due 12/1/26(b) | 590,000 | 524,467 | ||||||
| 3.110%, due 12/1/25(b) | 590,000 | 540,609 | ||||||
| 76,860,884 | ||||||||
| Indiana — 1.2% | ||||||||
| Evansville Waterworks District, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.250%, due 1/1/49 | 1,000,000 | 1,020,664 | ||||||
| 5.000%, due 7/1/47 | 2,000,000 | 2,201,262 | ||||||
| Greater Clark Building Corp., Revenue Bonds | ||||||||
| Insured: ST INTERCEPT | ||||||||
| 6.000%, due 7/15/34 | 1,000,000 | 1,270,197 | ||||||
| 4,492,123 | ||||||||
| Iowa — 3.3% | ||||||||
| Burlington Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/41 | 1,940,000 | 1,946,652 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Iowa (continued) | ||||||||
| City of Orange City IA Water Revenue, Revenue Bonds | ||||||||
| Series B Insured: AGM | ||||||||
| 4.000%, due 6/1/37 | $ | 650,000 | $ | 665,243 | ||||
| 4.000%, due 6/1/39 | 700,000 | 709,716 | ||||||
| 4.250%, due 6/1/42 | 1,165,000 | 1,191,728 | ||||||
| Clinton Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 7/1/41 | 2,100,000 | 2,114,239 | ||||||
| Jesup Community School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.000%, due 6/1/31 | 580,000 | 588,504 | ||||||
| 3.250%, due 6/1/32 | 600,000 | 614,928 | ||||||
| 3.375%, due 6/1/33 | 620,000 | 637,571 | ||||||
| 4.000%, due 6/1/40 | 805,000 | 811,795 | ||||||
| 4.000%, due 6/1/41 | 835,000 | 842,112 | ||||||
| 4.000%, due 6/1/42 | 870,000 | 875,088 | ||||||
| West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.125%, due 6/1/41 | 325,000 | 328,928 | ||||||
| 5.000%, due 6/1/26 | 170,000 | 183,572 | ||||||
| 5.000%, due 6/1/27 | 350,000 | 385,381 | ||||||
| 11,895,457 | ||||||||
| Kentucky — 1.4% | ||||||||
| Kentucky Bond Development Corp., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 9/1/38 | 1,045,000 | 1,162,160 | ||||||
| 5.000%, due 9/1/49 | 1,000,000 | 1,088,533 | ||||||
| Kentucky Economic Development Finance Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 6/1/37 | 500,000 | 489,068 | ||||||
| Louisville & Jefferson County Metropolitan Government, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 5/15/47 | 1,015,000 | 1,081,189 | ||||||
| Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/36 | 100,000 | 102,632 | ||||||
| Woodford County School District Finance Corp., Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 6.000%, due 8/1/28 | 1,040,000 | 1,227,866 | ||||||
| 5,151,448 | ||||||||
| Louisiana — 0.3% | ||||||||
| City of Shreveport LA Water & Sewer Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 12/1/25 | 535,000 | 567,806 | ||||||
| Series C Insured: BAM | ||||||||
| 5.000%, due 12/1/31 | 500,000 | 557,012 | ||||||
| 5.000%, due 12/1/32 | 125,000 | 138,989 | ||||||
| 1,263,807 | ||||||||
| Maine — 0.7% | ||||||||
| Finance Authority of Maine, Revenue Bonds | ||||||||
| Series A-1 Insured: AGC | ||||||||
| 5.000%, due 12/1/26 | 150,000 | 160,788 | ||||||
| Maine Health & Higher Educational Facilities Authority, Revenue Bonds | ||||||||
| Insured: AGM ST AID WITHHLDG | ||||||||
| 5.500%, due 7/1/40 | 1,180,000 | 1,341,795 | ||||||
| 5.500%, due 7/1/42 | 1,000,000 | 1,131,408 | ||||||
| 2,633,991 | ||||||||
| Massachusetts — 1.1% | ||||||||
| City of Brockton MA, General Obligation Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.000%, due 8/1/47 | 3,180,000 | 3,167,225 | ||||||
| Commonwealth of Massachusetts, General Obligation Bonds | ||||||||
| Series A Insured: NATL | ||||||||
| 3.545%, (3-Month LIBOR + 0.57%), due 5/1/37(a) | 85,000 | 83,501 | ||||||
| Commonwealth of Massachusetts, Revenue Bonds | ||||||||
| Insured: NATL | ||||||||
| 5.500%, due 1/1/25 | 580,000 | 611,266 | ||||||
| 3,861,992 | ||||||||
| Michigan — 0.8% | ||||||||
| Grand Rapids Public Schools, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 11/1/25 | 785,000 | 836,482 | ||||||
| Wayne County Airport Authority, Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 12/1/46 | 1,790,000 | 1,901,656 | ||||||
| 2,738,138 | ||||||||
| Mississippi — 0.1% | ||||||||
| Mississippi Development Bank, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 10/1/38 | 460,000 | 507,064 | ||||||
| Missouri — 2.0% | ||||||||
| City of St Louis MO Airport Revenue, Revenue Bonds | ||||||||
| Insured: NATL | ||||||||
| 5.500%, due 7/1/28 | 400,000 | 463,795 | ||||||
| Hazelwood School District, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 3/1/38 | 3,000,000 | 3,400,708 | ||||||
| Hickman Mills C-1 School District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.750%, due 3/1/41 | 1,960,000 | 2,263,900 | ||||||
| Wright City R-II School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 6.000%, due 3/1/42 | 1,000,000 | 1,227,197 | ||||||
| 7,355,600 | ||||||||
| Nebraska — 0.1% | ||||||||
| Ashland-Greenwood Public Schools, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 12/15/34 | 490,000 | 533,786 | ||||||
| Nevada — 1.1% | ||||||||
| City of Reno NV, Revenue Bonds | ||||||||
| Series A-1 Insured: AGM | ||||||||
| 4.000%, due 6/1/46 | 1,150,000 | 1,122,586 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Nevada (continued) | ||||||||
| 5.000%, due 6/1/32 | $ | 265,000 | $ | 287,030 | ||||
| Clark County School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 6/15/26 | 2,450,000 | 2,666,921 | ||||||
| 4,076,537 | ||||||||
| New Jersey — 2.0% | ||||||||
| City of Union City NJ, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 0.050%, due 8/1/24 | 540,000 | 510,381 | ||||||
| Kenilworth School District, General Obligation Bonds | ||||||||
| Insured: BAM SCH BD RES FD | ||||||||
| 4.000%, due 8/15/39 | 1,325,000 | 1,346,034 | ||||||
| 4.250%, due 8/15/45 | 1,450,000 | 1,485,855 | ||||||
| New Jersey Educational Facilities Authority, Revenue Bonds | ||||||||
| Series F Insured: BAM | ||||||||
| 5.000%, due 7/1/25 | 300,000 | 318,730 | ||||||
| South Jersey Transportation Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 11/1/36 | 500,000 | 562,308 | ||||||
| 5.000%, due 11/1/37 | 500,000 | 558,367 | ||||||
| 5.250%, due 11/1/52 | 2,250,000 | 2,478,629 | ||||||
| 7,260,304 | ||||||||
| New York — 6.3% | ||||||||
| Amherst Development Corp., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 10/1/42 | 3,905,000 | 3,881,330 | ||||||
| Canton Central School District, General Obligation Bonds | ||||||||
| Insured: AGM ST AID WITHHLDG | ||||||||
| 4.000%, due 6/15/28 | 955,000 | 1,035,051 | ||||||
| City of Long Beach NY, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.250%, due 7/15/35 | 400,000 | 445,582 | ||||||
| 5.250%, due 7/15/36 | 300,000 | 330,770 | ||||||
| 5.250%, due 7/15/37 | 325,000 | 355,505 | ||||||
| 5.250%, due 7/15/42 | 1,800,000 | 1,946,845 | ||||||
| City of New York NY, General Obligation Bonds | ||||||||
| Series A-1 Insured: BAM-TCRS | ||||||||
| 4.000%, due 8/1/44 | 1,085,000 | 1,083,208 | ||||||
| City of Yonkers NY, General Obligation Bonds | ||||||||
| Series G Insured: BAM | ||||||||
| 5.000%, due 11/15/26 | 335,000 | 367,757 | ||||||
| County of Nassau NY, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.125%, due 4/1/47 | 3,525,000 | 3,540,491 | ||||||
| Metropolitan Transportation Authority, Revenue Bonds | ||||||||
| Series A-1 | ||||||||
| 4.000%, due 11/15/46 | 600,000 | 543,292 | ||||||
| 5.000%, due 11/15/29 | 500,000 | 522,395 | ||||||
| Series B Insured: AMBAC | ||||||||
| 5.250%, due 11/15/23 | 1,250,000 | 1,268,502 | ||||||
| 5.250%, due 11/15/24 | 1,145,000 | 1,185,362 | ||||||
| Series E | ||||||||
| 4.000%, due 11/15/45 | 450,000 | 410,221 | ||||||
| New York City Industrial Development Agency, Revenue Bonds | ||||||||
| Insured: NATL | ||||||||
| 7.970%, due 3/1/24(a),(c) | 1,500,000 | 1,533,619 | ||||||
| Series A Insured: AGM | ||||||||
| 3.000%, due 3/1/49 | 1,265,000 | 976,241 | ||||||
| New York Convention Center Development Corp., Revenue Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 4.250%, due 11/15/38(b) | 375,000 | 193,177 | ||||||
| New York Liberty Development Corp., Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.000%, due 2/15/43 | 1,480,000 | 1,466,906 | ||||||
| New York State Dormitory Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 10/1/36 | 5,000 | 5,472 | ||||||
| Oneida County Local Development Corp., Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 12/1/49 | 700,000 | 667,452 | ||||||
| Series A Insured: AGM | ||||||||
| 3.000%, due 12/1/44 | 405,000 | 325,115 | ||||||
| Port Authority of New York & New Jersey, Revenue Bonds | ||||||||
| Series 231 | ||||||||
| 5.500%, due 8/1/52 | 765,000 | 848,476 | ||||||
| 22,932,769 | ||||||||
| North Carolina — 2.2% | ||||||||
| Greater Asheville Regional Airport Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.250%, due 7/1/41 | 3,250,000 | 3,593,499 | ||||||
| North Carolina Eastern Municipal Power Agency, Revenue Bonds | ||||||||
| Series B Insured: NATL | ||||||||
| 6.000%, due 1/1/25 | 1,000,000 | 1,063,761 | ||||||
| North Carolina Turnpike Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 1/1/49 | 3,325,000 | 3,496,669 | ||||||
| 8,153,929 | ||||||||
| Ohio — 3.1% | ||||||||
| City of Toledo OH, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.500%, due 12/1/42 | 3,000,000 | 3,459,076 | ||||||
| Cloverleaf Local School District, Certificates of Participation | ||||||||
| Insured: BAM | ||||||||
| 5.375%, due 12/1/39 | 1,780,000 | 1,949,824 | ||||||
| 5.500%, due 12/1/42 | 955,000 | 1,046,240 | ||||||
| County of Cuyahoga OH, Revenue Bonds | ||||||||
| 5.000%, due 2/15/28 | 500,000 | 530,649 | ||||||
| Green Local School District/Summit County, Certificates of Participation | ||||||||
| Insured: AGM | ||||||||
| 5.500%, due 11/1/47 | 3,000,000 | 3,355,111 | ||||||
| State of Ohio, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 8/1/24 | 1,065,000 | 1,107,916 | ||||||
| 11,448,816 | ||||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
January 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Oregon — 0.6% | ||||||||
| City of Seaside OR Transient Lodging Tax Revenue, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 12/15/37 | $ | 400,000 | $ | 437,550 | ||||
| Multnomah County School District No 1 Portland, General Obligation Bonds | ||||||||
| Insured: SCH BD GTY | ||||||||
| 5.000%, due 6/15/24 | 1,655,000 | 1,715,806 | ||||||
| 2,153,356 | ||||||||
| Pennsylvania — 6.2% | ||||||||
| Bucks County Industrial Development Authority, Revenue Bonds | ||||||||
| Insured: AGM-CR | ||||||||
| 3.000%, due 8/15/53 | 3,555,000 | 2,656,054 | ||||||
| 4.000%, due 8/15/44 | 1,030,000 | 1,035,059 | ||||||
| City of Philadelphia PA Airport Revenue, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 7/1/39 | 1,335,000 | 1,330,480 | ||||||
| Coatesville School District, General Obligation Bonds | ||||||||
| Insured: AGM ST AID WITHHLDG | ||||||||
| 5.000%, due 8/1/25 | 300,000 | 318,841 | ||||||
| Delaware Valley Regional Finance Authority, Revenue Bonds | ||||||||
| Series B Insured: AMBAC | ||||||||
| 5.700%, due 7/1/27 | 1,000,000 | 1,128,037 | ||||||
| Erie Sewer Authority, Revenue Bonds | ||||||||
| Series B Insured: AGM | ||||||||
| 5.000%, due 12/1/35 | 460,000 | 522,158 | ||||||
| Indiana County Industrial Development Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 5/1/31 | 870,000 | 984,080 | ||||||
| 5.000%, due 5/1/33 | 575,000 | 646,368 | ||||||
| Pennsylvania Economic Development Financing Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.500%, due 6/30/42 | 3,000,000 | 3,339,220 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AGC | ||||||||
| 3.785%, (3-Month LIBOR + 0.60%), due 7/1/27(a) | 135,000 | 132,911 | ||||||
| Pennsylvania Turnpike Commission, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 12/1/44 | 1,595,000 | 1,689,400 | ||||||
| Series B-2 Insured: AGM | ||||||||
| 5.000%, due 6/1/35 | 1,000,000 | 1,093,462 | ||||||
| Series C Insured: AGM | ||||||||
| 6.250%, due 6/1/33 | 450,000 | 507,965 | ||||||
| Pittsburgh Water & Sewer Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 9/1/37 | 1,350,000 | 1,532,399 | ||||||
| 5.000%, due 9/1/38 | 1,420,000 | 1,607,343 | ||||||
| School District of Philadelphia (The), General Obligation Bonds | ||||||||
| Series F Insured: BAM | ||||||||
| 5.000%, due 9/1/27 | 5,000 | 5,481 | ||||||
| Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 2/1/31 | 1,165,000 | 1,312,322 | ||||||
| State Public School Building Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 10/1/27 | 375,000 | 416,603 | ||||||
| 5.250%, due 10/1/44 | 1,205,000 | 1,325,400 | ||||||
| Westmoreland County Municipal Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 8/15/38 | 1,115,000 | 1,161,868 | ||||||
| 22,745,451 | ||||||||
| Puerto Rico — 0.1% | ||||||||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||||||||
| Series PP Insured: NATL | ||||||||
| 5.000%, due 7/1/24 | 25,000 | 25,030 | ||||||
| Series UU Insured: AGM | ||||||||
| 3.705%, (3-Month LIBOR + 0.52%), due 7/1/29(a) | 510,000 | 461,594 | ||||||
| 486,624 | ||||||||
| South Carolina — 1.5% | ||||||||
| South Carolina Public Service Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 12/1/37 | 2,000,000 | 2,275,352 | ||||||
| 5.750%, due 12/1/52 | 600,000 | 676,750 | ||||||
| Spartanburg County School District No 4, General Obligation Bonds | ||||||||
| Insured: SCSDE | ||||||||
| 5.000%, due 3/1/42 | 2,205,000 | 2,503,635 | ||||||
| 5,455,737 | ||||||||
| South Dakota — 2.6% | ||||||||
| Baltic School District No 49-1, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 12/1/47 | 1,780,000 | 1,996,685 | ||||||
| 5.500%, due 12/1/51 | 3,080,000 | 3,495,886 | ||||||
| City of Brandon SD Water Utility Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.250%, due 8/1/42 | 1,470,000 | 1,523,529 | ||||||
| 5.500%, due 8/1/47 | 1,000,000 | 1,145,116 | ||||||
| De Smet School District No 38-2, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 8/1/47 | 1,300,000 | 1,436,938 | ||||||
| 9,598,154 | ||||||||
| Tennessee — 0.2% | ||||||||
| Chattanooga Health Educational & Housing Facility Board, Revenue Bonds | ||||||||
| 5.000%, due 10/1/27 | 550,000 | 559,977 | ||||||
| Texas — 11.6% | ||||||||
| Belmont Fresh Water Supply District No 1, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 3/1/40 | 695,000 | 696,544 | ||||||
| 4.000%, due 3/1/43 | 2,280,000 | 2,256,097 | ||||||
| City of Arlington TX Special Tax Revenue, Special Tax | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 2/15/37 | 1,500,000 | 1,617,704 | ||||||
| 5.000%, due 2/15/48 | 2,000,000 | 2,112,046 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
January 31, 2023 (unaudited)
| 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 | $ | 458,630 | ||||
| 6.500%, due 3/1/29 | 390,000 | 469,882 | ||||||
| Galveston County Municipal Utility District No 56, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 6.875%, due 6/1/29 | 625,000 | 765,834 | ||||||
| Green Valley Special Utility District, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 7.000%, due 9/15/26 | 515,000 | 590,064 | ||||||
| Guadalupe-Blanco River Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.000%, due 8/15/42 | 1,975,000 | 2,368,088 | ||||||
| Harris County Municipal Utility District No 171, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 7.000%, due 12/1/28 | 930,000 | 1,121,041 | ||||||
| 7.000%, due 12/1/29 | 905,000 | 1,115,941 | ||||||
| Harris County Municipal Utility District No 423, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 4/1/44 | 1,800,000 | 1,850,904 | ||||||
| 6.000%, due 4/1/30 | 350,000 | 392,104 | ||||||
| 6.000%, due 4/1/31 | 350,000 | 391,998 | ||||||
| 6.000%, due 4/1/32 | 375,000 | 419,608 | ||||||
| Harris County Municipal Utility District No 489, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.000%, due 9/1/27 | 980,000 | 1,116,288 | ||||||
| 6.000%, due 9/1/28 | 980,000 | 1,142,241 | ||||||
| 6.000%, due 9/1/29 | 705,000 | 838,717 | ||||||
| Harris County Water Control & Improvement District No 158, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 9/1/48 | 1,500,000 | 1,570,257 | ||||||
| 7.000%, due 9/1/27 | 340,000 | 399,421 | ||||||
| 7.000%, due 9/1/28 | 360,000 | 434,985 | ||||||
| 7.000%, due 9/1/29 | 380,000 | 471,654 | ||||||
| Harris County-Houston Sports Authority, Revenue Bonds | ||||||||
| Series A3 Insured: NATL | ||||||||
| 4.460%, due 11/15/33(b) | 1,325,000 | 723,700 | ||||||
| Horizon Regional Municipal Utility District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 2/1/47 | 2,980,000 | 2,947,105 | ||||||
| Kaufman County Municipal Utility District No 3, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 3/1/48 | 1,560,000 | 1,615,216 | ||||||
| 5.125%, due 3/1/46 | 1,415,000 | 1,475,698 | ||||||
| Lazy Nine Municipal Utility District No 1B, General Obligation Bonds | ||||||||
| Series 1B Insured: BAM | ||||||||
| 4.125%, due 3/1/39 | 605,000 | 610,568 | ||||||
| Matagorda County Navigation District No 1, Revenue Bonds | ||||||||
| Series A Insured: AMBAC | ||||||||
| 4.400%, due 5/1/30 | 500,000 | 528,217 | ||||||
| Montgomery County Municipal Utility District No 95, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 9/1/41 | 2,000,000 | 2,095,917 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | ||||||||
| Series B-1 Insured: AGM | ||||||||
| 4.000%, due 7/1/30 | 155,000 | 160,962 | ||||||
| Robstown Independent School District, General Obligation Bonds | ||||||||
| Insured: PSF-GTD | ||||||||
| 4.500%, due 2/15/38 | 700,000 | 726,538 | ||||||
| Texas Municipal Power Agency, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.000%, due 9/1/35 | 1,345,000 | 1,264,763 | ||||||
| 3.000%, due 9/1/39 | 700,000 | 614,725 | ||||||
| Texas State Technical College, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 8/1/36 | 1,015,000 | 1,201,750 | ||||||
| 5.500%, due 8/1/42 | 4,000,000 | 4,661,313 | ||||||
| Williamson County Municipal Utility District No 25, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.500%, due 8/15/44 | 1,190,000 | 1,206,048 | ||||||
| 42,432,568 | ||||||||
| Utah — 2.2% | ||||||||
| City of Salt Lake City UT Airport Revenue, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 7/1/47 | 2,395,000 | 2,463,995 | ||||||
| Heber Light & Power Co., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 12/15/47 | 4,450,000 | 4,864,430 | ||||||
| Vineyard Redevelopment Agency, Tax Allocation | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 5/1/25 | 615,000 | 648,991 | ||||||
| 7,977,416 | ||||||||
| Washington — 1.6% | ||||||||
| County of King WA, General Obligation Bonds | ||||||||
| 1.150%, due 1/1/46(a),(c) | 5,000,000 | 5,000,000 | ||||||
| Klickitat County Public Utility District No 1, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 12/1/37 | 750,000 | 791,048 | ||||||
| 5,791,048 | ||||||||
| Wisconsin — 1.3% | ||||||||
| City of Milwaukee WI, General Obligation Bonds | ||||||||
| Series N3 Insured: BAM | ||||||||
| 5.000%, due 4/1/30 | 1,820,000 | 2,058,000 | ||||||
| Wisconsin Center District, Revenue Bonds | ||||||||
| Series A Insured: BAM-TCRS | ||||||||
| 5.710%, due 12/15/37(b) | 1,150,000 | 616,376 | ||||||
| Series D Insured: AGM | ||||||||
| 6.370%, due 12/15/45(b) | 5,635,000 | 1,952,438 | ||||||
| 4,626,814 | ||||||||
| Total Municipal Bonds | ||||||||
| (Cost $341,451,263) | 349,150,296 | |||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
January 31, 2023 (unaudited)
| Shares | Value | |||||||
| Short-Term Investment — 4.2% | ||||||||
| Money Market Fund — 4.2% | ||||||||
| Dreyfus Tax Exempt Cash Management - Institutional, 1.66%(d) | ||||||||
| (Cost $15,423,133) | 15,423,953 | $ | 15,423,133 | |||||
| Total Investments — 99.8% | ||||||||
| (Cost $356,874,396) | 364,573,429 | |||||||
| Other Assets and Liabilities, Net — 0.2% | 813,746 | |||||||
| Net Assets — 100.0% | $ | 365,387,175 | ||||||
| (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) | 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) | Reflects the 7-day yield at January 31, 2023. |
| 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. |
| PSF-GTD | - Permanent School Fund Guaranteed. |
| SCH BD GTY | - School Bond Guaranty Program |
| SCSDE | - South Carolina Department of Education |
| ST INTERCEPT | - State Tax Intercept |
| TCRS | - Transferable Custodial Receipts |
Schedule of Investments ─ IQ MacKay Municipal Insured 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 | $ | – | $ | 349,150,296 | $ | – | $ | 349,150,296 | ||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Fund | 15,423,133 | – | – | 15,423,133 | ||||||||||||
| Total Investments in Securities | $ | 15,423,133 | $ | 349,150,296 | $ | – | $ | 364,573,429 | ||||||||
| (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.