SCHEDULE OF INVESTMENTS
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund (in thousands)	DECEMBER 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares	Value
Communication Services
Integrated Telecommunication Services – 1.8%
AT&T, Inc.	187	$7,288
Total Communication Services - 1.8%		7,288
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 1.8%
V.F. Corp.	76	7,535
Distributors – 1.7%
Genuine Parts Co.	66	7,011
General Merchandise Stores – 1.9%
Target Corp.	62	7,986
Home Furnishings – 1.9%
Leggett & Platt, Inc.	155	7,886
Home Improvement Retail – 1.8%
Lowe’s Co., Inc.	62	7,417
Restaurants – 1.7%
McDonalds Corp.	35	6,923
Total Consumer Discretionary - 10.8%		44,758
Consumer Staples
Agricultural Products – 1.9%
Archer Daniels Midland Co.	169	7,851
Distillers & Vintners – 1.7%
Brown-Forman Corp., Class B	105	7,099
Drug Retail – 1.8%
Walgreen Co.	126	7,436
Food Distributors – 3.6%
McCormick & Co., Inc.(A)	43	7,285
Sysco Corp.	87	7,440
		14,725
Household Products – 5.0%
Clorox Co. (The)	46	6,994
Colgate-Palmolive Co.	100	6,917
Procter & Gamble Co. (The)	55	6,873
		20,784
Hypermarkets & Super Centers – 1.7%
Wal-Mart Stores, Inc.	58	6,852
Packaged Foods & Meats – 1.9%
Hormel Foods Corp.	168	7,579
Personal Products – 1.7%
Kimberly-Clark Corp.	51	6,987
Soft Drinks – 3.3%
Coca-Cola Co. (The)	126	6,959
PepsiCo, Inc.	50	6,806
		13,765
Total Consumer Staples - 22.6%		93,078

Energy
Integrated Oil & Gas – 1.7%
Chevron Corp.	58	7,038
Oil & Gas Exploration & Production – 1.7%
Exxon Mobil Corp.	99	6,936
Total Energy - 3.4%		13,974
Financials
Asset Management & Custody Banks – 3.3%
Franklin Resources, Inc.	244	6,340
T. Rowe Price Group, Inc.	61	7,381
		13,721
Financial Exchanges & Data – 1.8%
S&P Global, Inc.	28	7,549
Life & Health Insurance – 1.7%
Aflac, Inc.	131	6,911
Property & Casualty Insurance – 3.2%
Chubb Ltd.	45	7,073
Cincinnati Financial Corp.	60	6,265
		13,338
Regional Banks – 1.7%
People’s United Financial, Inc.	409	6,904
Total Financials - 11.7%		48,423
Health Care
Health Care Equipment – 3.6%
Becton Dickinson & Co.	28	7,596
Medtronic plc	65	7,399
		14,995
Health Care Services – 1.7%
Cardinal Health, Inc.	138	6,990
Health Care Supplies – 1.8%
Abbott Laboratories	84	7,331
Pharmaceuticals – 3.8%
AbbVie, Inc.	89	7,917
Johnson & Johnson	54	7,856
		15,773
Total Health Care - 10.9%		45,089
Industrials
Aerospace & Defense – 3.4%
General Dynamics Corp.	39	6,933
United Technologies Corp.	48	7,170
		14,103
Building Products – 1.6%
A. O. Smith Corp.	135	6,425
Construction Machinery & Heavy Trucks – 1.8%
Caterpillar, Inc.	51	7,577
Diversified Support Services – 1.7%
Cintas Corp.	25	6,785
Electrical Components & Equipment – 3.6%
Emerson Electric Co.	98	7,494
Roper Industries, Inc.	21	7,319
		14,813
Industrial Conglomerates – 1.8%
3M Co.	42	7,483

Industrial Machinery – 7.4%
Dover Corp.	67	7,676
Illinois Tool Works, Inc.	43	7,703
Pentair, Inc.	165	7,572
Stanley Black & Decker, Inc.	47	7,773
		30,724
Trading Companies & Distributors – 1.8%
W.W. Grainger, Inc.	22	7,374
Total Industrials - 23.1%		95,284
Information Technology
Data Processing & Outsourced Services – 1.8%
Automatic Data Processing, Inc.	42	7,204
Total Information Technology - 1.8%		7,204
Materials
Industrial Gases – 3.7%
Air Products and Chemicals, Inc.	32	7,631
Linde plc	36	7,575
		15,206
Specialty Chemicals – 5.1%
Ecolab, Inc.	36	6,945
PPG Industries, Inc.	56	7,417
Sherwin-Williams Co. (The)	12	6,981
		21,343
Steel – 1.8%
Nucor Corp.	130	7,332
Total Materials - 10.6%		43,881
Real Estate
Retail REITs – 1.5%
Federal Realty Investment Trust	49	6,336
Total Real Estate - 1.5%		6,336
Utilities
Multi-Utilities – 1.6%
Consolidated Edison, Inc.	73	6,589
Total Utilities - 1.6%		6,589
TOTAL COMMON STOCKS – 99.8%		$411,904
(Cost: $332,023)
SHORT-TERM SECURITIES
Money Market Funds (B) - 0.0%
State Street Institutional U.S. Government Money Market Fund - Premier Class,
1.550%	57	57
TOTAL SHORT-TERM SECURITIES – 0.0%		$57
(Cost: $57)
TOTAL INVESTMENT SECURITIES – 99.8%		$411,961
(Cost: $332,080)

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%		977
NET ASSETS – 100.0%	$	412,938

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $6,531 are on loan.

(B) Rate shown is the annualized 7-day yield at December 31, 2019.

Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

• Level 1 - Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of December 31, 2019:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	411,904	$	—	$	—
Short-Term Securities		57		—		—
Total	$	411,961	$	—	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at December 31, 2019 and the related unrealized appreciation (depreciation) were as follows:

Cost	$332,080
Gross unrealized appreciation	85,445
Gross unrealized depreciation	(5,564)
Net unrealized appreciation	$79,881