The Fund employs a 'passive management' - or indexing - investment approach designed to track the performance of the Underlying Index, which was developed by IndexIQ LLC (IndexIQ) with Candriam (Candriam) acting as index consultant to IndexIQ. The Underlying Index is designed to deliver exposure to equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. As of June 30, 2022, the market capitalization range of the Underlying Index was approximately $4.96 billion to $2.21 trillion. As of June 30, 2022, the primary sectors within the Underlying Index are consumer discretionary, health care and information technology. The Fund has adopted a policy that it will, under normal circumstances, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in securities of U.S. large-capitalization equity securities.