Schedule of Investments ─ IQ MacKay Municipal Insured ETF
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds — 98.9% | ||||||||
| Alabama — 2.7% | ||||||||
| Black Belt Energy Gas District, Revenue Bonds | ||||||||
| Series B-2 | ||||||||
| 4.630%, (Municipal Swap Index + 0.65%), due 4/1/53(a) | $ | 2,500,000 | $ | 2,449,038 | ||||
| City of Albertville AL, General Obligation Bonds | ||||||||
| Series D Insured: BAM | ||||||||
| 5.000%, due 6/1/48 | 4,350,000 | 4,634,801 | ||||||
| Mobile County Board of School Commissioners, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 3/1/26 | 1,325,000 | 1,381,041 | ||||||
| Series B Insured: BAM | ||||||||
| 5.000%, due 3/1/40 | 2,645,000 | 2,870,597 | ||||||
| 11,335,477 | ||||||||
| Alaska — 0.3% | ||||||||
| University of Alaska, Revenue Bonds | ||||||||
| Insured: AGM-CR | ||||||||
| 5.000%, due 10/1/44 | 1,365,000 | 1,405,533 | ||||||
| Arizona — 1.6% | ||||||||
| Arizona Industrial Development Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 3.950%, due 2/1/48(a),(b) | 4,000,000 | 4,000,000 | ||||||
| Maricopa County Elementary School District No 8 Osborn, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 7/1/27 | 750,000 | 805,285 | ||||||
| Maricopa County Unified School District No 60 Higley, Certificates of Participation | ||||||||
| Insured: AGM | ||||||||
| 4.125%, due 6/1/42 | 500,000 | 502,379 | ||||||
| 4.250%, due 6/1/47 | 1,500,000 | 1,502,063 | ||||||
| 6,809,727 | ||||||||
| California — 9.0% | ||||||||
| Banning Unified School District, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 8/1/46 | 2,420,000 | 2,359,661 | ||||||
| Bay Area Toll Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 2.700%, due 4/1/55(a),(b) | 1,800,000 | 1,800,000 | ||||||
| California Health Facilities Financing Authority, Revenue Bonds | ||||||||
| 5.000%, due 11/15/49 | 1,850,000 | 1,883,105 | ||||||
| City of Long Beach CA Airport System Revenue, Revenue Bonds | ||||||||
| Series C Insured: AGM | ||||||||
| 5.000%, due 6/1/42 | 1,000,000 | 1,061,564 | ||||||
| City of San Mateo CA, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 9/1/37 | 4,460,000 | 4,895,969 | ||||||
| Coast Community College District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.170%, due 8/1/26(c) | 930,000 | 846,137 | ||||||
| Fontana Unified School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 2.375%, due 8/1/44 | 2,500,000 | 1,784,748 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| California (continued) | ||||||||
| Foothill-De Anza Community College District, General Obligation Bonds | ||||||||
| Insured: NATL-IBC FGIC | ||||||||
| 3.170%, due 8/1/29(c) | $ | 1,050,000 | $ | 869,450 | ||||
| Grossmont Union High School District, General Obligation Bonds | ||||||||
| Series F Insured: AGM | ||||||||
| 3.590%, due 8/1/34(c) | 2,445,000 | 1,457,770 | ||||||
| Indian Wells Redevelopment Agency Successor Agency, Tax Allocation | ||||||||
| Series A Insured: NATL | ||||||||
| 5.000%, due 9/1/33 | 1,140,000 | 1,209,744 | ||||||
| Indio Finance Authority, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.250%, due 11/1/42 | 1,500,000 | 1,670,759 | ||||||
| Kelseyville Unified School District, General Obligation Bonds | ||||||||
| Series C Insured: AGM | ||||||||
| 3.800%, due 8/1/31(c) | 155,000 | 116,431 | ||||||
| Natomas Unified School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.000%, due 8/1/47 | 4,025,000 | 3,167,698 | ||||||
| Oak Grove School District, General Obligation Bonds | ||||||||
| Series G-2 Insured: BAM | ||||||||
| 11.330%, due 6/1/46(c) | 4,000,000 | 1,456,729 | ||||||
| Ontario Montclair School District, General Obligation Bonds | ||||||||
| Series B Insured: NATL | ||||||||
| 3.490%, due 8/1/29(c) | 390,000 | 316,900 | ||||||
| Poway Unified School District, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 4.125%, due 9/1/47 | 100,000 | 98,650 | ||||||
| Sacramento City Financing Authority, Tax Allocation | ||||||||
| Series A Insured: NATL | ||||||||
| 3.650%, due 12/1/23(c) | 4,945,000 | 4,885,068 | ||||||
| Sacramento City Unified School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.740%, due 7/1/24(c) | 310,000 | 299,620 | ||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 8/1/41 | 1,865,000 | 2,037,048 | ||||||
| Sweetwater Union High School District, General Obligation Bonds | ||||||||
| 4.000%, due 8/1/42 | 965,000 | 943,721 | ||||||
| Vista Unified School District, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.250%, due 8/1/41 | 3,000,000 | 3,426,596 | ||||||
| Washington Unified School District/Yolo County CA, General Obligation Bonds | ||||||||
| Series A Insured: NATL | ||||||||
| 3.560%, due 8/1/26(c) | 1,100,000 | 989,368 | ||||||
| 37,576,736 | ||||||||
| Colorado — 2.6% | ||||||||
| BNC Metropolitan District No 1, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 12/1/37 | 395,000 | 419,426 | ||||||
| Castle Oaks Metropolitan District No 3, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 12/1/45 | 3,000,000 | 2,879,300 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Colorado (continued) | ||||||||
| Crystal Valley Metropolitan District No 2, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 12/1/44 | $ | 1,700,000 | $ | 1,628,262 | ||||
| Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.500%, due 12/1/47 | 600,000 | 654,492 | ||||||
| Grand Junction Regional Airport Authority, Revenue Bonds | ||||||||
| Series A Insured: NATL | ||||||||
| 5.000%, due 12/1/26 | 500,000 | 526,178 | ||||||
| Grand River Hospital District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 12/1/37 | 425,000 | 445,137 | ||||||
| Northern Colorado Water Conservancy District, Certificates of Participation | ||||||||
| 5.000%, due 7/1/42 | 625,000 | 678,538 | ||||||
| Park 70 Metropolitan District, General Obligation Bonds | ||||||||
| 5.000%, due 12/1/46 | 450,000 | 452,716 | ||||||
| Park Creek Metropolitan District, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 12/1/46 | 3,255,000 | 3,154,865 | ||||||
| Vauxmont Metropolitan District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 12/15/31 | 135,000 | 141,961 | ||||||
| 10,980,875 | ||||||||
| Connecticut — 1.0% | ||||||||
| City of Hartford CT, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 7/1/34 | 25,000 | 25,371 | ||||||
| 5.000%, due 7/1/24 | 20,000 | 20,310 | ||||||
| 5.000%, due 7/1/27 | 60,000 | 62,249 | ||||||
| Series B Insured: AGM | ||||||||
| 5.000%, due 10/1/23 | 15,000 | 15,039 | ||||||
| Series C Insured: AGM | ||||||||
| 5.000%, due 7/15/32 | 20,000 | 20,805 | ||||||
| City of New Britain CT, General Obligation Bonds | ||||||||
| Series B Insured: AGM | ||||||||
| 5.250%, due 9/1/30 | 100,000 | 110,003 | ||||||
| City of New Haven CT, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 8/1/28 | 1,000,000 | 1,017,624 | ||||||
| 5.000%, due 8/1/39 | 350,000 | 369,903 | ||||||
| Metropolitan District (The), General Obligation Bonds | ||||||||
| Series C Insured: AGM | ||||||||
| 5.000%, due 11/1/29 | 2,375,000 | 2,510,643 | ||||||
| 4,151,947 | ||||||||
| District of Columbia — 0.6% | ||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.580%, due 10/1/37(c) | 1,500,000 | 789,993 | ||||||
| Series B Insured: AGM | ||||||||
| 4.000%, due 10/1/53 | 2,000,000 | 1,879,598 | ||||||
| 2,669,591 | ||||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Florida — 3.5% | ||||||||
| County of Miami-Dade FL Water & Sewer System Revenue, Revenue Bonds | ||||||||
| Series B Insured: BAM-TCRS | ||||||||
| 4.000%, due 10/1/44 | $ | 1,355,000 | $ | 1,356,634 | ||||
| County of Miami-Dade Seaport Department, Revenue Bonds | ||||||||
| Series A-2 Insured: AGM | ||||||||
| 3.000%, due 10/1/50 | 4,090,000 | 3,000,734 | ||||||
| County of Osceola FL Transportation Revenue, Revenue Bonds | ||||||||
| Insured: AGM-CR | ||||||||
| 6.760%, due 10/1/40(c) | 1,250,000 | 569,907 | ||||||
| 7.040%, due 10/1/41(c) | 1,015,000 | 438,253 | ||||||
| County of Pasco FL, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 9/1/28 | 1,000,000 | 1,092,195 | ||||||
| 5.250%, due 9/1/29 | 1,000,000 | 1,111,911 | ||||||
| Florida State Board of Governors Florida International University Dormitory Rev, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 7/1/26 | 1,050,000 | 1,104,503 | ||||||
| Fort Pierce Utilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 10/1/41 | 500,000 | 547,580 | ||||||
| 5.000%, due 10/1/42 | 400,000 | 438,485 | ||||||
| Miami-Dade County Expressway Authority, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 5.000%, due 7/1/26 | 3,180,000 | 3,219,205 | ||||||
| School Board of Miami-Dade County (The), General Obligation Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 3/15/39 | 1,645,000 | 1,687,115 | ||||||
| 14,566,522 | ||||||||
| Georgia — 0.5% | ||||||||
| DeKalb Newton & Gwinnett Counties Joint Development Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 7/1/39 | 2,250,000 | 2,252,123 | ||||||
| Idaho — 0.5% | ||||||||
| Idaho Housing & Finance Association, Revenue Bonds | ||||||||
| Insured: SCH BD GTY | ||||||||
| 5.000%, due 5/1/52 | 1,000,000 | 1,009,762 | ||||||
| 5.250%, due 5/1/42 | 800,000 | 842,656 | ||||||
| 1,852,418 | ||||||||
| Illinois — 17.7% | ||||||||
| Boone, Mchenry & Dekalb Counties Community Unit School District 100, General Obligation Bonds | ||||||||
| Insured: BHAC-CR NATL-RE | ||||||||
| 3.570%, due 12/1/23(c) | 395,000 | 390,315 | ||||||
| Chicago Board of Education, General Obligation Bonds | ||||||||
| Series A Insured: AGC-ICC FGIC | ||||||||
| 5.500%, due 12/1/26 | 1,575,000 | 1,654,669 | ||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 12/1/31 | 500,000 | 527,802 | ||||||
| Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds | ||||||||
| 5.250%, due 4/1/35 | 2,750,000 | 3,072,785 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Illinois (continued) | ||||||||
| Chicago O’Hare International Airport, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.250%, due 1/1/45 | $ | 3,585,000 | $ | 3,822,658 | ||||
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.000%, due 12/1/50 | 4,750,000 | 4,411,213 | ||||||
| City of Calumet City IL, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.500%, due 3/1/43 | 1,000,000 | 983,014 | ||||||
| City of Chicago IL, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 1/1/35 | 775,000 | 765,425 | ||||||
| City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds | ||||||||
| Series A Insured: NATL | ||||||||
| 3.790%, due 1/1/27(c) | 1,300,000 | 1,143,451 | ||||||
| City of Chicago IL Waterworks Revenue, Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 5.000%, due 11/1/44 | 3,220,000 | 3,242,211 | ||||||
| City of Decatur IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 3/1/40 | 2,705,000 | 2,684,827 | ||||||
| 4.000%, due 3/1/42 | 3,000,000 | 2,989,998 | ||||||
| City of Joliet IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/15/44 | 5,000,000 | 5,635,235 | ||||||
| City of Rock Island IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 12/1/36 | 1,435,000 | 1,445,884 | ||||||
| City of Waukegan IL, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.000%, due 12/30/36 | 1,015,000 | 1,029,115 | ||||||
| Cook County High School District No 220 Reavis, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/40 | 1,250,000 | 1,213,896 | ||||||
| County of Cook IL Sales Tax Revenue, Revenue Bonds | ||||||||
| Series A Insured: BAM-TCRS | ||||||||
| 4.000%, due 11/15/40 | 780,000 | 773,792 | ||||||
| La Salle County Community Unit School District No 2 Serena, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/1/38 | 1,825,000 | 2,058,266 | ||||||
| 5.500%, due 10/1/42 | 1,260,000 | 1,409,122 | ||||||
| Macon County School District No 61 Decatur, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 12/1/40 | 1,305,000 | 1,359,122 | ||||||
| Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 11/1/32 | 225,000 | 237,061 | ||||||
| Metropolitan Pier & Exposition Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.580%, due 6/15/45(c) | 720,000 | 267,334 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Illinois (continued) | ||||||||
| Northern Illinois University, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 10/1/32 | $ | 500,000 | $ | 505,969 | ||||
| 4.000%, due 10/1/40 | 400,000 | 382,979 | ||||||
| 4.000%, due 10/1/41 | 400,000 | 376,331 | ||||||
| Series B Insured: BAM | ||||||||
| 4.000%, due 4/1/37 | 1,425,000 | 1,398,785 | ||||||
| Sales Tax Securitization Corp., Revenue Bonds | ||||||||
| Series C Insured: BAM-TCRS | ||||||||
| 5.250%, due 1/1/48 | 2,500,000 | 2,638,511 | ||||||
| Sangamon & Christian Counties Community Unit School District No 3A Rochester, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 2/1/47 | 1,590,000 | 1,735,891 | ||||||
| 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 | 1,528,237 | ||||||
| 5.000%, due 12/1/46 | 1,800,000 | 1,899,003 | ||||||
| Southern Illinois University, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 4/1/40 | 1,000,000 | 939,863 | ||||||
| Series A Insured: NATL | ||||||||
| 4.640%, due 4/1/25(c) | 390,000 | 361,252 | ||||||
| Southwestern Illinois Development Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/1/40 | 2,700,000 | 3,011,887 | ||||||
| State of Illinois, General Obligation Bonds | ||||||||
| 5.750%, due 5/1/45 | 1,000,000 | 1,092,870 | ||||||
| Insured: BAM-TCRS | ||||||||
| 4.000%, due 6/1/41 | 3,300,000 | 3,194,364 | ||||||
| Insured: NATL | ||||||||
| 6.000%, due 11/1/26 | 500,000 | 523,782 | ||||||
| Town of Cicero IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 1/1/30 | 475,000 | 503,280 | ||||||
| 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 | 1,134,927 | ||||||
| Village of McCook IL, General Obligation Bonds | ||||||||
| Series B Insured: AGM | ||||||||
| 5.000%, due 12/1/26 | 1,875,000 | 1,952,725 | ||||||
| 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 | 4,052,625 | ||||||
| Will County School District No 114 Manhattan, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 1/1/45 | 3,765,000 | 4,206,767 | ||||||
| Williamson County Community Unit School District No 1 Johnston City, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.810%, due 12/1/26(c) | 590,000 | 520,226 | ||||||
| 3.940%, due 12/1/25(c) | 590,000 | 538,628 | ||||||
| 73,616,097 | ||||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Indiana — 1.4% | ||||||||
| Evansville Waterworks District, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.250%, due 1/1/49 | $ | 1,000,000 | $ | 1,010,144 | ||||
| 5.000%, due 7/1/47 | 2,000,000 | 2,138,002 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | ||||||||
| Insured: NATL | ||||||||
| 5.250%, due 1/1/24 | 2,500,000 | 2,519,236 | ||||||
| 5,667,382 | ||||||||
| Iowa — 3.7% | ||||||||
| Burlington Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/41 | 1,940,000 | 1,879,230 | ||||||
| City of Orange City IA Water Revenue, Revenue Bonds | ||||||||
| Series B Insured: AGM | ||||||||
| 4.000%, due 6/1/37 | 650,000 | 652,043 | ||||||
| 4.250%, due 6/1/42 | 1,165,000 | 1,179,441 | ||||||
| City of West Des Moines IA, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 2.000%, due 6/1/40 | 1,280,000 | 926,198 | ||||||
| Clinton Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 7/1/41 | 2,100,000 | 2,082,071 | ||||||
| College Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/41 | 750,000 | 743,272 | ||||||
| Jesup Community School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.000%, due 6/1/31 | 580,000 | 570,052 | ||||||
| 3.250%, due 6/1/32 | 600,000 | 595,384 | ||||||
| 3.375%, due 6/1/33 | 620,000 | 615,432 | ||||||
| 4.000%, due 6/1/40 | 805,000 | 797,039 | ||||||
| 4.000%, due 6/1/41 | 835,000 | 831,532 | ||||||
| 4.000%, due 6/1/42 | 870,000 | 863,168 | ||||||
| Sioux City Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 3.000%, due 10/1/23 | 840,000 | 838,858 | ||||||
| 3.000%, due 10/1/24 | 2,500,000 | 2,483,851 | ||||||
| West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.125%, due 6/1/41 | 325,000 | 325,584 | ||||||
| 5.000%, due 6/1/26 | 170,000 | 177,905 | ||||||
| 15,561,060 | ||||||||
| Kansas — 0.3% | ||||||||
| Wyandotte County Unified School District No 203 Piper, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 9/1/40 | 1,050,000 | 1,160,902 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Kentucky — 1.2% | ||||||||
| Kentucky Bond Development Corp., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 9/1/38 | $ | 1,045,000 | $ | 1,132,864 | ||||
| 5.000%, due 9/1/49 | 1,000,000 | 1,055,140 | ||||||
| Kentucky Economic Development Finance Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 6/1/37 | 500,000 | 484,989 | ||||||
| Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/36 | 100,000 | 101,338 | ||||||
| Paducah Electric Plant Board, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 10/1/34 | 1,000,000 | 1,040,358 | ||||||
| Woodford County School District Finance Corp., Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 6.000%, due 8/1/28 | 1,040,000 | 1,182,744 | ||||||
| 4,997,433 | ||||||||
| Louisiana — 0.2% | ||||||||
| City of Shreveport LA Water & Sewer Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 12/1/25 | 535,000 | 554,154 | ||||||
| Series C Insured: BAM | ||||||||
| 5.000%, due 12/1/32 | 125,000 | 133,541 | ||||||
| 687,695 | ||||||||
| Maine — 0.6% | ||||||||
| Finance Authority of Maine, Revenue Bonds | ||||||||
| Series A-1 Insured: AGC | ||||||||
| 5.000%, due 12/1/26 | 150,000 | 155,979 | ||||||
| Maine Health & Higher Educational Facilities Authority, Revenue Bonds | ||||||||
| Insured: AGM ST AID WITHHLDG | ||||||||
| 5.500%, due 7/1/40 | 1,180,000 | 1,315,869 | ||||||
| 5.500%, due 7/1/42 | 1,000,000 | 1,106,837 | ||||||
| 2,578,685 | ||||||||
| Massachusetts — 0.2% | ||||||||
| Commonwealth of Massachusetts, Revenue Bonds | ||||||||
| Insured: NATL | ||||||||
| 5.500%, due 1/1/25 | 580,000 | 597,082 | ||||||
| Michigan — 0.7% | ||||||||
| City of Saginaw MI Water Supply System Revenue, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 7/1/26 | 1,070,000 | 1,088,289 | ||||||
| Grandville Public Schools, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 5/1/40 | 1,750,000 | 1,781,973 | ||||||
| 2,870,262 | ||||||||
| Minnesota — 0.1% | ||||||||
| City of Buffalo MN, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.000%, due 11/1/24 | 325,000 | 325,632 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Mississippi — 0.1% | ||||||||
| Mississippi Development Bank, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 10/1/38 | $ | 460,000 | $ | 491,312 | ||||
| Missouri — 2.0% | ||||||||
| Hazelwood School District, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 3/1/38 | 2,925,000 | 3,248,792 | ||||||
| Hickman Mills C-1 School District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.750%, due 3/1/41 | 1,960,000 | 2,205,224 | ||||||
| Kansas City Municipal Assistance Corp., Revenue Bonds | ||||||||
| Series B1 Insured: AMBAC | ||||||||
| 3.460%, due 4/15/26(c) | 1,720,000 | 1,567,460 | ||||||
| Wright City R-II School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 6.000%, due 3/1/42 | 1,000,000 | 1,191,374 | ||||||
| 8,212,850 | ||||||||
| Nevada — 0.3% | ||||||||
| City of Reno NV, Revenue Bonds | ||||||||
| Series A-1 Insured: AGM | ||||||||
| 4.000%, due 6/1/46 | 1,150,000 | 1,096,057 | ||||||
| 5.000%, due 6/1/32 | 265,000 | 279,313 | ||||||
| 1,375,370 | ||||||||
| New Hampshire — 0.2% | ||||||||
| New Hampshire Health and Education Facilities Authority Act, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 7/1/37 | 840,000 | 942,468 | ||||||
| New Jersey — 6.0% | ||||||||
| Berlin Borough School District, General Obligation Bonds | ||||||||
| Insured: AGM SCH BD RES FD | ||||||||
| 4.000%, due 3/1/39 | 1,210,000 | 1,220,932 | ||||||
| 4.000%, due 3/1/40 | 1,255,000 | 1,266,399 | ||||||
| 4.000%, due 3/1/41 | 1,310,000 | 1,322,514 | ||||||
| 4.000%, due 3/1/42 | 1,360,000 | 1,371,295 | ||||||
| City of Orange Township NJ, General Obligation Bonds | ||||||||
| Insured: AGM ST AID WITHHLDG | ||||||||
| 4.000%, due 12/1/24 | 675,000 | 680,258 | ||||||
| City of Union City NJ, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 0.050%, due 8/1/24 | 540,000 | 513,324 | ||||||
| Kenilworth School District, General Obligation Bonds | ||||||||
| Insured: BAM SCH BD RES FD | ||||||||
| 4.000%, due 8/15/39 | 1,020,000 | 1,024,343 | ||||||
| 4.250%, due 8/15/45 | 1,450,000 | 1,469,778 | ||||||
| Maywood School District, General Obligation Bonds | ||||||||
| Insured: BAM SCH BD RES FD | ||||||||
| 3.000%, due 7/15/32 | 1,240,000 | 1,227,206 | ||||||
| 3.000%, due 7/15/33 | 1,000,000 | 985,400 | ||||||
| New Jersey Building Authority, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 6/15/25 | 1,500,000 | 1,544,202 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| New Jersey (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | ||||||||
| 4.000%, due 6/15/50 | $ | 3,000,000 | $ | 2,837,101 | ||||
| Series C Insured: BHAC-CR AMBAC | ||||||||
| 3.640%, due 12/15/24(c) | 605,000 | 575,738 | ||||||
| Series C Insured: BHAC-CR MBIA | ||||||||
| 3.470%, due 12/15/27(c) | 1,305,000 | 1,122,588 | ||||||
| Series C Insured: BHAC-CR NATL | ||||||||
| 3.570%, due 12/15/30(c) | 300,000 | 231,072 | ||||||
| North Hudson Sewerage Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 6/1/26 | 830,000 | 872,727 | ||||||
| Series A Insured: NATL | ||||||||
| 3.440%, due 8/1/25(c) | 1,450,000 | 1,354,196 | ||||||
| South Jersey Transportation Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 11/1/37 | 500,000 | 556,285 | ||||||
| 5.250%, due 11/1/52 | 2,250,000 | 2,465,943 | ||||||
| Weehawken Township Board of Education, General Obligation Bonds | ||||||||
| Insured: AGM SCH BD RES FD | ||||||||
| 4.000%, due 7/15/41 | 1,140,000 | 1,134,304 | ||||||
| 4.000%, due 7/15/42 | 1,200,000 | 1,184,782 | ||||||
| 24,960,387 | ||||||||
| New York — 4.7% | ||||||||
| Amherst Development Corp., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 10/1/42 | 3,905,000 | 3,805,349 | ||||||
| City of Long Beach NY, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.250%, due 7/15/35 | 400,000 | 442,516 | ||||||
| 5.250%, due 7/15/36 | 300,000 | 328,201 | ||||||
| 5.250%, due 7/15/37 | 325,000 | 352,398 | ||||||
| 5.250%, due 7/15/42 | 1,800,000 | 1,906,327 | ||||||
| City of New York NY, General Obligation Bonds | ||||||||
| Series A-1 Insured: BAM-TCRS | ||||||||
| 4.000%, due 8/1/44 | 1,085,000 | 1,071,340 | ||||||
| City of Yonkers NY, General Obligation Bonds | ||||||||
| Series G Insured: BAM | ||||||||
| 5.000%, due 11/15/26 | 335,000 | 355,800 | ||||||
| County of Nassau NY, General Obligation Bonds | ||||||||
| Series A Insured: AGM-CR | ||||||||
| 4.125%, due 4/1/47 | 3,525,000 | 3,487,347 | ||||||
| Metropolitan Transportation Authority, Revenue Bonds | ||||||||
| Series A-1 | ||||||||
| 4.000%, due 11/15/46 | 600,000 | 564,227 | ||||||
| 5.000%, due 11/15/29 | 500,000 | 515,979 | ||||||
| Series B Insured: AMBAC | ||||||||
| 5.250%, due 11/15/23 | 1,250,000 | 1,254,543 | ||||||
| Series E | ||||||||
| 4.000%, due 11/15/45 | 450,000 | 425,587 | ||||||
| New York City Industrial Development Agency, Revenue Bonds | ||||||||
| Insured: NATL | ||||||||
| 3.829%, due 3/1/24(a),(b) | 1,500,000 | 1,510,777 | ||||||
| Series A Insured: AGM | ||||||||
| 3.000%, due 3/1/49 | 1,265,000 | 944,558 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| New York (continued) | ||||||||
| New York Liberty Development Corp., Revenue Bonds | ||||||||
| Insured: BAM-TCRS | ||||||||
| 4.000%, due 2/15/43 | $ | 1,480,000 | $ | 1,454,855 | ||||
| New York State Dormitory Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 4.000%, due 10/1/36 | 5,000 | 5,299 | ||||||
| Oneida County Local Development Corp., Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 3.000%, due 12/1/44 | 305,000 | 235,976 | ||||||
| Port Authority of New York & New Jersey, Revenue Bonds | ||||||||
| Series 231 | ||||||||
| 5.500%, due 8/1/52 | 765,000 | 834,838 | ||||||
| 19,495,917 | ||||||||
| North Carolina — 2.6% | ||||||||
| Charlotte-Mecklenburg Hospital Authority (The), Revenue Bonds | ||||||||
| Series H | ||||||||
| 3.950%, due 1/15/48(a),(b) | 2,975,000 | 2,975,000 | ||||||
| Greater Asheville Regional Airport Authority, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.250%, due 7/1/41 | 3,250,000 | 3,500,933 | ||||||
| North Carolina Eastern Municipal Power Agency, Revenue Bonds | ||||||||
| Series B Insured: NATL | ||||||||
| 6.000%, due 1/1/25 | 1,000,000 | 1,034,053 | ||||||
| North Carolina Turnpike Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 1/1/49 | 3,325,000 | 3,432,142 | ||||||
| 10,942,128 | ||||||||
| Ohio — 2.9% | ||||||||
| City of Toledo OH, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.500%, due 12/1/42 | 3,000,000 | 3,364,998 | ||||||
| Cloverleaf Local School District, Certificates of Participation | ||||||||
| Insured: BAM | ||||||||
| 5.375%, due 12/1/39 | 1,780,000 | 1,906,359 | ||||||
| 5.500%, due 12/1/42 | 955,000 | 1,025,041 | ||||||
| County of Cuyahoga OH, Revenue Bonds | ||||||||
| 5.000%, due 2/15/28 | 500,000 | 512,337 | ||||||
| Green Local School District/Summit County, Certificates of Participation | ||||||||
| Insured: AGM | ||||||||
| 5.500%, due 11/1/47 | 3,000,000 | 3,279,586 | ||||||
| State of Ohio, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 8/1/24 | 1,065,000 | 1,084,177 | ||||||
| State of Ohio, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 12/31/26 | 1,000,000 | 1,015,740 | ||||||
| 12,188,238 | ||||||||
| Oregon — 0.7% | ||||||||
| Multnomah County School District No 1 Portland, General Obligation Bonds | ||||||||
| Series J Insured: SCH BD GTY | ||||||||
| 5.000%, due 6/15/24 | 1,605,000 | 1,629,261 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Oregon (continued) | ||||||||
| Umatilla County School District No 6R Umatilla, General Obligation Bonds | ||||||||
| Insured: SCH BD GTY | ||||||||
| 4.660%, due 6/15/43(c) | $ | 3,000,000 | $ | 1,188,056 | ||||
| 2,817,317 | ||||||||
| Pennsylvania — 6.6% | ||||||||
| Bucks County Industrial Development Authority, Revenue Bonds | ||||||||
| Insured: AGM-CR | ||||||||
| 4.000%, due 8/15/44 | 1,030,000 | 1,002,831 | ||||||
| City of Philadelphia PA Airport Revenue, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 7/1/39 | 1,335,000 | 1,298,678 | ||||||
| Coatesville School District, General Obligation Bonds | ||||||||
| Insured: AGM ST AID WITHHLDG | ||||||||
| 5.000%, due 8/1/25 | 300,000 | 310,414 | ||||||
| County of Lehigh PA, Revenue Bonds | ||||||||
| Insured: AGM-CR | ||||||||
| 4.000%, due 7/1/49 | 1,500,000 | 1,417,297 | ||||||
| County of Luzerne PA, General Obligation Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 11/15/24 | 2,480,000 | 2,528,963 | ||||||
| Delaware Valley Regional Finance Authority, Revenue Bonds | ||||||||
| Series B Insured: AMBAC | ||||||||
| 5.700%, due 7/1/27 | 375,000 | 410,817 | ||||||
| Erie City Water Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 12/1/37 | 1,075,000 | 1,082,341 | ||||||
| Indiana County Industrial Development Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 5/1/31 | 870,000 | 949,112 | ||||||
| 5.000%, due 5/1/33 | 575,000 | 625,004 | ||||||
| Mckeesport Area School District, General Obligation Bonds | ||||||||
| Series C Insured: AMBAC ST AID WITHHLDG | ||||||||
| 4.010%, due 10/1/25(c) | 1,100,000 | 1,009,127 | ||||||
| Montgomery County Higher Education and Health Authority, Revenue Bonds | ||||||||
| Insured: AGM-CR | ||||||||
| 4.000%, due 9/1/44 | 1,140,000 | 1,106,762 | ||||||
| Pennsylvania Economic Development Financing Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.500%, due 6/30/42 | 3,625,000 | 4,048,421 | ||||||
| Series B Insured: BAMTCRS | ||||||||
| 3.650%, due 1/1/31(c) | 775,000 | 592,546 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AGC | ||||||||
| 4.307%, (3-Month LIBOR + 0.60%), due 7/1/27(a) | 110,000 | 108,736 | ||||||
| Pennsylvania Turnpike Commission, Revenue Bonds | ||||||||
| Series A Insured: BAM-TCRS | ||||||||
| 5.000%, due 12/1/44 | 1,595,000 | 1,689,763 | ||||||
| Pittsburgh Water & Sewer Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 9/1/33 | 1,250,000 | 1,470,998 | ||||||
| 5.000%, due 9/1/37 | 1,350,000 | 1,525,657 | ||||||
| 5.000%, due 9/1/38 | 1,420,000 | 1,594,390 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (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 | $ | 5,303 | ||||
| Scranton School District, General Obligation Bonds | ||||||||
| Series E Insured: BAM ST AID WITHHLDG | ||||||||
| 5.000%, due 12/1/35 | 695,000 | 747,935 | ||||||
| Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 2/1/31 | 1,165,000 | 1,297,216 | ||||||
| State Public School Building Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 10/1/44 | 1,205,000 | 1,291,631 | ||||||
| Westmoreland County Municipal Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 8/15/38 | 1,115,000 | 1,140,623 | ||||||
| 27,254,565 | ||||||||
| Puerto Rico — 0.1% | ||||||||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||||||||
| Series B Insured: NATL | ||||||||
| 5.000%, due 7/1/24 | 25,000 | 25,005 | ||||||
| Series UU Insured: AGM | ||||||||
| 4.227%, (3-Month LIBOR + 0.52%), due 7/1/29(a) | 510,000 | 475,395 | ||||||
| 500,400 | ||||||||
| Rhode Island — 0.3% | ||||||||
| Rhode Island Health and Educational Building Corp., Revenue Bonds | ||||||||
| Series A Insured: AGM MUN GOVT GTD | ||||||||
| 5.000%, due 5/15/25 | 1,000,000 | 1,028,339 | ||||||
| South Carolina — 1.2% | ||||||||
| South Carolina Public Service Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 12/1/37 | 2,000,000 | 2,223,253 | ||||||
| 5.750%, due 12/1/52 | 600,000 | 671,268 | ||||||
| Spartanburg County School District No 4, General Obligation Bonds | ||||||||
| Insured: SCSDE | ||||||||
| 5.000%, due 3/1/42 | 1,830,000 | 2,023,455 | ||||||
| 4,917,976 | ||||||||
| South Dakota — 2.3% | ||||||||
| Baltic School District No 49-1, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 12/1/47 | 1,780,000 | 1,948,813 | ||||||
| 5.500%, due 12/1/51 | 3,080,000 | 3,408,563 | ||||||
| City of Brandon SD Water Utility Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.250%, due 8/1/42 | 1,470,000 | 1,487,645 | ||||||
| 5.500%, due 8/1/47 | 1,000,000 | 1,136,311 | ||||||
| De Smet School District No 38-2, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 8/1/47 | 1,300,000 | 1,401,027 | ||||||
| 9,382,359 | ||||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Tennessee — 0.1% | ||||||||
| Chattanooga Health Educational & Housing Facility Board, Revenue Bonds | ||||||||
| 5.000%, due 10/1/27 | $ | 550,000 | $ | 561,607 | ||||
| Texas — 14.4% | ||||||||
| Belmont Fresh Water Supply District No 1, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 3/1/40 | 695,000 | 677,523 | ||||||
| 4.000%, due 3/1/43 | 2,280,000 | 2,203,330 | ||||||
| Brazoria County Municipal Utility District No 22, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 9/1/43 | 800,000 | 771,574 | ||||||
| 4.000%, due 9/1/44 | 895,000 | 858,788 | ||||||
| City of Arlington TX Special Tax Revenue, Special Tax | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 2/15/37 | 1,500,000 | 1,594,792 | ||||||
| 5.000%, due 2/15/48 | 2,000,000 | 2,078,174 | ||||||
| City of Georgetown TX Utility System Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 8/15/48 | 960,000 | 1,054,994 | ||||||
| City of Temple TX, Tax Allocation | ||||||||
| Series A Insured: BAM | ||||||||
| 4.000%, due 8/1/32 | 250,000 | 261,221 | ||||||
| City of West TX, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 6.000%, due 4/1/26 | 325,000 | 347,592 | ||||||
| 6.000%, due 4/1/28 | 385,000 | 432,944 | ||||||
| Denton Independent School District, General Obligation Bonds | ||||||||
| Insured: PSF-GTD | ||||||||
| 2.000%, due 8/15/39 | 3,000,000 | 2,187,843 | ||||||
| 2.000%, due 8/15/40 | 3,000,000 | 2,138,524 | ||||||
| Fort Bend County Municipal Utility District No 134, General Obligation Bonds | ||||||||
| Series B Insured: AGM | ||||||||
| 6.500%, due 3/1/28 | 390,000 | 441,627 | ||||||
| 6.500%, due 3/1/29 | 340,000 | 394,548 | ||||||
| Galveston County Municipal Utility District No 56, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 6.875%, due 6/1/29 | 625,000 | 737,480 | ||||||
| Georgetown Independent School District, General Obligation Bonds | ||||||||
| Insured: PSF-GTD | ||||||||
| 2.500%, due 8/15/35 | 2,220,000 | 1,953,527 | ||||||
| 3.000%, due 8/15/41 | 2,670,000 | 2,273,260 | ||||||
| Greater Texoma Utility Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 10/1/29 | 1,000,000 | 1,111,934 | ||||||
| Insured: BAM | ||||||||
| 5.000%, due 10/1/30 | 750,000 | 847,294 | ||||||
| 5.000%, due 10/1/31 | 1,000,000 | 1,145,953 | ||||||
| Guadalupe-Blanco River Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.000%, due 8/15/42 | 1,975,000 | 2,272,193 | ||||||
| Harris County Municipal Utility District No 171, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 7.000%, due 12/1/28 | 930,000 | 1,087,446 | ||||||
| 7.000%, due 12/1/29 | 905,000 | 1,083,818 | ||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Texas (continued) | ||||||||
| Harris County Municipal Utility District No 423, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 4/1/44 | $ | 1,800,000 | $ | 1,827,562 | ||||
| 6.000%, due 4/1/30 | 350,000 | 381,528 | ||||||
| 6.000%, due 4/1/31 | 350,000 | 381,686 | ||||||
| 6.000%, due 4/1/32 | 375,000 | 408,825 | ||||||
| Harris County Municipal Utility District No 457, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.125%, due 3/1/47 | 1,670,000 | 1,551,002 | ||||||
| Harris County Municipal Utility District No 489, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.000%, due 9/1/27 | 980,000 | 1,077,013 | ||||||
| 6.000%, due 9/1/28 | 980,000 | 1,101,572 | ||||||
| 6.000%, due 9/1/29 | 705,000 | 809,118 | ||||||
| Harris County Water Control & Improvement District No 158, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 9/1/48 | 1,500,000 | 1,542,853 | ||||||
| 7.000%, due 9/1/27 | 340,000 | 384,437 | ||||||
| 7.000%, due 9/1/28 | 360,000 | 418,617 | ||||||
| 7.000%, due 9/1/29 | 380,000 | 454,126 | ||||||
| Harris County-Houston Sports Authority, Revenue Bonds | ||||||||
| Series A3 Insured: NATL | ||||||||
| 4.680%, due 11/15/33(c) | 1,325,000 | 737,681 | ||||||
| Horizon Regional Municipal Utility District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 2/1/47 | 2,650,000 | 2,494,932 | ||||||
| Kaufman County Municipal Utility District No 3, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 3/1/48 | 1,560,000 | 1,592,053 | ||||||
| 5.125%, due 3/1/46 | 1,415,000 | 1,453,570 | ||||||
| Lazy Nine Municipal Utility District No 1B, General Obligation Bonds | ||||||||
| Series 1B Insured: BAM | ||||||||
| 4.125%, due 3/1/39 | 605,000 | 595,557 | ||||||
| Lower Colorado River Authority, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.500%, due 5/15/48 | 1,885,000 | 2,104,790 | ||||||
| Matagorda County Navigation District No 1, Revenue Bonds | ||||||||
| Series A Insured: AMBAC | ||||||||
| 4.400%, due 5/1/30 | 500,000 | 509,548 | ||||||
| Montgomery County Municipal Utility District No 95, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 9/1/41 | 2,000,000 | 2,059,380 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | ||||||||
| Series B-1 Insured: AGM | ||||||||
| 4.000%, due 7/1/30 | 155,000 | 157,760 | ||||||
| Robstown Independent School District, General Obligation Bonds | ||||||||
| Insured: PSF-GTD | ||||||||
| 4.500%, due 2/15/38 | 700,000 | 710,720 | ||||||
| Texas Municipal Power Agency, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 3.000%, due 9/1/35 | 1,345,000 | 1,224,568 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Texas (continued) | ||||||||
| Texas Public Finance Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 5/1/39 | $ | 600,000 | $ | 654,113 | ||||
| 5.250%, due 5/1/42 | 500,000 | 539,983 | ||||||
| Texas State Technical College, Revenue Bonds | ||||||||
| Insured: AGM | ||||||||
| 5.250%, due 8/1/36 | 1,015,000 | 1,160,368 | ||||||
| 5.500%, due 8/1/42 | 4,000,000 | 4,501,423 | ||||||
| Williamson County Municipal Utility District No 25, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.500%, due 8/15/44 | 1,190,000 | 1,193,473 | ||||||
| 59,984,637 | ||||||||
| Utah — 2.0% | ||||||||
| City of Salt Lake City UT Airport Revenue, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 7/1/47 | 2,660,000 | 2,706,700 | ||||||
| Heber Light & Power Co., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 12/15/47 | 4,450,000 | 4,746,424 | ||||||
| Vineyard Redevelopment Agency, Tax Allocation | ||||||||
| Insured: AGM | ||||||||
| 5.000%, due 5/1/25 | 615,000 | 632,532 | ||||||
| 8,085,656 | ||||||||
| Virginia — 0.3% | ||||||||
| City of Chesapeake VA Water & Sewer System Revenue, Revenue Bonds | ||||||||
| 2.000%, due 7/1/40 | 1,480,000 | 1,066,925 | ||||||
| Washington — 1.3% | ||||||||
| County of King WA, General Obligation Bonds | ||||||||
| 3.950%, due 1/1/46(a),(b) | 3,100,000 | 3,100,000 | ||||||
| Franklin County School District No 1 Pasco, General Obligation Bonds | ||||||||
| Insured: SCH BD GTY | ||||||||
| 5.500%, due 12/1/40 | 2,000,000 | 2,316,807 | ||||||
| 5,416,807 | ||||||||
| Wisconsin — 2.4% | ||||||||
| City of Milwaukee WI, General Obligation Bonds | ||||||||
| Series N3 Insured: BAM | ||||||||
| 5.000%, due 4/1/30 | 1,645,000 | 1,826,098 | ||||||
| Monroe School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 3/1/42 | 2,760,000 | 2,718,820 | ||||||
| 4.000%, due 3/1/43 | 2,000,000 | 1,970,886 | ||||||
| Viroqua Area School District, General Obligation Bonds | ||||||||
| Insured: AGM | ||||||||
| 4.000%, due 3/1/40 | 1,390,000 | 1,393,391 | ||||||
| 4.000%, due 3/1/41 | 1,455,000 | 1,458,369 | ||||||
| Wisconsin Center District, Revenue Bonds | ||||||||
| Series A Insured: BAM-TCRS | ||||||||
| 6.870%, due 12/15/37(c) | 1,150,000 | 613,657 | ||||||
| 9,981,221 | ||||||||
| Total Municipal Bonds | ||||||||
| (Cost $408,370,097) | 411,269,658 | |||||||
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| Shares | Value | |||||||
| Short-Term Investment — 0.0%(d) | ||||||||
| Money Market Fund — 0.0%(d) | ||||||||
| Dreyfus Tax Exempt Cash Management - Institutional, 3.58%(e) | ||||||||
| (Cost $83,535) | 83,546 | $ | 83,535 | |||||
| Total Investments — 98.9% | ||||||||
| (Cost $408,453,632) | 411,353,193 | |||||||
| Other Assets and Liabilities, Net — 1.1% | 4,410,157 | |||||||
| Net Assets — 100.0% | $ | 415,763,350 | ||||||
| (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 July 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) | Less than 0.05%. |
| (e) | Reflects the 7-day yield at July 31, 2023. |
1
| Abbreviations | |
| AGC | - Assured Guaranty Corp. |
| AGM | - Assured Guaranty Municipal Corp. |
| AMBAC | - Ambac Assurance Corp. |
| BAM | - Build America Mutual Assurance Co. |
| BHAC | - Berkshire Hathaway Assurance Corp. |
| CR | - Custodial Receipts |
| FGIC | - Financial Guaranty Insurance Co. |
| IBC | - Insured Bond Certificate |
| ICC | - Insured Custody Certificate |
| LIBOR | - London InterBank Offered Rate |
| MBIA | - MBIA Insurance Corp. |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed |
| SCH BD GTY | - School Bond Guaranty Program |
| SCH BD RES FD | - School Board Resolution Fund |
| SCSDE | - South Carolina Department of Education |
| TCRS | - Transferable Custodial Receipts |
Schedule of Investments ─ IQ MacKay Municipal Insured ETF (continued)
July 31, 2023 (unaudited)
| The following is a summary of the inputs used to value the Fund’s investments as of July 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) | ||||||||||||
| Municipal Bonds | $ | – | $ | 411,269,658 | $ | – | $ | 411,269,658 | ||||
| Short-Term Investment: | ||||||||||||
| Money Market Fund | 83,535 | – | – | 83,535 | ||||||||
| Total Investments in Securities | $ | 83,535 | $ | 411,269,658 | $ | – | $ | 411,353,193 | ||||
| (f) | For a complete listing of investments and their states, see the Schedule of Investments. |
For the period ended July 31, 2023, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.