Schedule of Investments ─ IQ Ultra Short Duration ETF
January 31, 2024 (unaudited)
| Principal Amount | Value | |||||||
| Long-Term Bonds — 96.8% | ||||||||
| Corporate Bonds — 50.7% | ||||||||
| Communications — 4.3% | ||||||||
| T-Mobile USA, Inc. | ||||||||
| 1.500%, due 2/15/26 | $ | 290,000 | $ | 271,444 | ||||
| 2.625%, due 4/15/26 | 150,000 | 142,800 | ||||||
| Verizon Communications, Inc. | ||||||||
| 6.144%, (SOFR + 0.79%), due 3/20/26(a) | 204,000 | 204,906 | ||||||
| 619,150 | ||||||||
| Consumer, Cyclical — 1.6% | ||||||||
| General Motors Financial Co., Inc. | ||||||||
| 6.050%, due 10/10/25 | 140,000 | 142,039 | ||||||
| Hyundai Capital America | ||||||||
| 5.650%, due 6/26/26 | 70,000 | 70,686 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 6.950%, due 9/15/26 | 5,000 | 5,167 | ||||||
| 7.050%, due 9/15/28 | 15,000 | 15,741 | ||||||
| 233,633 | ||||||||
| Consumer, Non-cyclical — 1.7% | ||||||||
| Laboratory Corp. of America Holdings | ||||||||
| 3.250%, due 9/1/24 | 250,000 | 246,529 | ||||||
| Energy — 1.6% | ||||||||
| ONEOK, Inc. | ||||||||
| 5.550%, due 11/1/26 | 30,000 | 30,506 | ||||||
| 5.850%, due 1/15/26 | 55,000 | 55,786 | ||||||
| Plains All American Pipeline LP / PAA Finance Corp. | ||||||||
| 4.500%, due 12/15/26 | 145,000 | 143,651 | ||||||
| 229,943 | ||||||||
| Financial — 31.5% | ||||||||
| Air Lease Corp. | ||||||||
| 0.800%, due 8/18/24 | 440,000 | 428,342 | ||||||
| Bank of America Corp. | ||||||||
| 4.200%, due 8/26/24 | 475,000 | 471,119 | ||||||
| 5.080%, (SOFR + 1.29%), due 1/20/27(a) | 230,000 | 230,037 | ||||||
| Bank of New York Mellon Corp. (The) | ||||||||
| 4.543%, (SOFR + 1.17%), due 2/1/29(a) | 110,000 | 109,399 | ||||||
| 4.947%, (SOFR + 1.03%), due 4/26/27(a) | 65,000 | 65,112 | ||||||
| Blackstone Holdings Finance Co. LLC | ||||||||
| 5.900%, due 11/3/27 | 115,000 | 119,065 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 7.050%, due 9/29/25 | 115,000 | 117,051 | ||||||
| Capital One Financial Corp. | ||||||||
| 4.166%, (SOFR + 1.37%), due 5/9/25(a) | 325,000 | 323,546 | ||||||
| Citigroup, Inc. | ||||||||
| 5.610%, (SOFR + 1.55%), due 9/29/26(a) | 150,000 | 151,155 | ||||||
| Corebridge Financial, Inc. | ||||||||
| 3.500%, due 4/4/25 | 385,000 | 376,695 | ||||||
| Fifth Third Bancorp | ||||||||
| 6.361%, (SOFR + 2.19%), due 10/27/28(a) | 130,000 | 134,238 | ||||||
| HSBC USA, Inc. | ||||||||
| 5.625%, due 3/17/25 | 300,000 | 301,874 | ||||||
| Huntington National Bank (The) | ||||||||
| 4.008%, (SOFR + 1.21%), due 5/16/25(a) | 380,000 | 376,547 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 3.845%, (SOFR + 0.98%), due 6/14/25(a) | 365,000 | 362,201 | ||||||
| 5.546%, (SOFR + 1.07%), due 12/15/25(a) | 110,000 | 110,062 | ||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 5.400%, due 11/21/25 | 250,000 | 249,463 | ||||||
| Morgan Stanley | ||||||||
| 4.679%, (SOFR + 1.67%), due 7/17/26(a) | 200,000 | 198,650 | ||||||
| Morgan Stanley Bank NA | ||||||||
| 4.754%, due 4/21/26 | 250,000 | 250,269 | ||||||
| US Bancorp | ||||||||
| 4.653%, (SOFR + 1.23%), due 2/1/29(a) | 100,000 | 98,519 | ||||||
| Wells Fargo & Co. | ||||||||
| 6.303%, (SOFR + 1.79%), due 10/23/29(a) | 75,000 | 79,046 | ||||||
| 4,552,390 | ||||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Technology — 0.8% | ||||||||
| Oracle Corp. | ||||||||
| 1.650%, due 3/25/26 | $ | 125,000 | $ | 116,820 | ||||
| Utilities — 9.2% | ||||||||
| CenterPoint Energy, Inc. | ||||||||
| 6.010%, (SOFR + 0.65%), due 5/13/24(a) | 353,000 | 353,017 | ||||||
| Florida Power & Light Co. | ||||||||
| 5.050%, due 4/1/28 | 115,000 | 117,764 | ||||||
| National Rural Utilities Cooperative Finance Corp. | ||||||||
| 5.050%, due 9/15/28 | 50,000 | 51,037 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 6.051%, due 3/1/25 | 50,000 | 50,422 | ||||||
| Sempra | ||||||||
| 3.300%, due 4/1/25 | 150,000 | 146,685 | ||||||
| Southern California Edison Co. | ||||||||
| 1.100%, due 4/1/24 | 100,000 | 99,191 | ||||||
| 5.300%, due 3/1/28 | 65,000 | 66,703 | ||||||
| 5.850%, due 11/1/27 | 105,000 | 109,227 | ||||||
| Southern Co. (The) | ||||||||
| 5.150%, due 10/6/25 | 120,000 | 120,436 | ||||||
| Virginia Electric and Power Co. | ||||||||
| Series B, 3.750%, due 5/15/27 | 215,000 | 209,593 | ||||||
| 1,324,075 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost $7,350,845) | 7,322,540 | |||||||
| Foreign Bonds — 10.1% | ||||||||
| Financial — 8.6% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | ||||||||
| 1.650%, due 10/29/24 | 540,000 | 524,368 | ||||||
| Credit Suisse AG, (Switzerland) | ||||||||
| 7.950%, due 1/9/25 | 250,000 | 255,807 | ||||||
| Mitsubishi UFJ Financial Group, Inc., (Japan) | ||||||||
| 5.541%, (1 Year US CMT T-Note + 1.50%), due 4/17/26(a) | 200,000 | 200,556 | ||||||
| Royal Bank of Canada, (Canada) | ||||||||
| 5.660%, due 10/25/24 | 140,000 | 140,341 | ||||||
| Toronto-Dominion Bank (The), (Canada) | ||||||||
| 4.285%, due 9/13/24 | 125,000 | 124,165 | ||||||
| 1,245,237 | ||||||||
| Utilities — 1.5% | ||||||||
| Enel Finance America LLC, (Italy) | ||||||||
| 7.100%, due 10/14/27 | 200,000 | 213,731 | ||||||
| Total Foreign Bonds | ||||||||
| (Cost $1,452,074) | 1,458,968 | |||||||
| U.S. Treasury Bill — 36.0% | ||||||||
| U.S. Treasury Bill | ||||||||
| 0.000%, due 2/6/24(b) | ||||||||
| (Cost $5,196,189) | 5,200,000 | 5,196,208 | ||||||
Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)
January 31, 2024 (unaudited)
| Shares | Value | |||||||
| Short-Term Investment — 3.5% | ||||||||
| Money Market Fund — 3.5% | ||||||||
| BlackRock Liquidity T-Fund, 5.21%(c) | ||||||||
| (Cost $511,176) | 511,176 | $ | 511,176 | |||||
| Total Investments — 100.3% (Cost $14,510,284) | 14,488,892 | |||||||
| Other Assets and Liabilities, Net — (0.3)% | (39,180 | ) | ||||||
| Net Assets — 100% | $ | 14,449,712 | ||||||
| (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, 2024. |
| (b) | The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield. |
| (c) | Reflects the 7-day yield at January 31, 2024. |
| Abbreviations | |
| CMT | - 1 year Constant Maturity Treasury Index |
| SOFR | - Secured Financing Overnight Rate |
Schedule of Investments ─ IQ Ultra Short Duration ETF (continued)
January 31, 2024 (unaudited)
The following is a summary of the inputs used to value the Fund's investments as of January 31, 2024. 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:(d) | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 7,322,540 | $ | — | $ | 7,322,540 | ||||||||
| Foreign Bonds | — | 1,458,968 | — | 1,458,968 | ||||||||||||
| U.S. Treasury Bills | — | 5,196,208 | — | 5,196,208 | ||||||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Fund | 511,176 | — | — | 511,176 | ||||||||||||
| Total Investments in Securities | $ | 511,176 | $ | 13,977,716 | $ | — | $ | 14,488,892 | ||||||||
| (d) | For a complete listing of investments and their industries, see the Schedule of Investments. |
For the period ended January 31, 2024, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.