The Fund employs a passive managementor indexing investment approach designed to track the performance of the Underlying Index, which was developed by IndexIQ LLC (IndexIQ), an affiliate of IndexIQ Advisors LLC, the Funds investment advisor (the Advisor). The Underlying Index seeks to provide exposure to innovative companies by investing in the equities of companies that have high research and development (R&D) spending around the world. The Underlying Index includes securities of large- and mid-capitalization companies that trade in the U.S. and foreign markets, including emerging markets As of September 3, 2021.