IQ Merger Arbitrage ETF (the Fund) seeks to track the performance of the IQ Merger Arbitrage Index (the Index). The Index seeks to achieve capital appreciation by investing in global companies, for which there has been a public announcement of a takeover by an acquirer. The Index also includes short exposure to global equities as a partial equity market hedge. The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. The Fund invests, under normal circumstances, at least 80% of its net assets (excluding collateral held from securities lending), plus the amount of any borrowings for investment purposes, in the investments included in its Index. IndexIQ Advisors LLC acts as the Fund's advisor.