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 Belgium S.A. (Candriam) acting as index consultant to IndexIQ. The Underlying Index incorporates thematic selection criteria designed to provide exposure to equity securities of companies that support the transition to more environmentally efficient transportation technologies, such as electric vehicles, bicycles, motor vehicle parts manufacturers, and multi-passenger transportation. The Underlying Index includes companies engaged in renewable energy production, sustainable mining for battery resources, vehicle production and sustainable transportation infrastructure. Companies selected for inclusion in the Underlying Index offer, support or enable cleaner transportation products and services. A company included in the Underlying Index is not required to be primarily or even directly engaged in activities that protect or achieve cleaner transportation technologies. The Underlying Index includes thematic selection criteria developed by IndexIQ and Candriam that reflect initiatives, research and programs of the National Wildlife Federation (NWF), a 501(c)(3) public charity. The Underlying Index includes securities of large-, mid- and small-capitalization companies that trade in the U.S. and foreign markets, including emerging markets other than China, Egypt, India, Kuwait, Pakistan, Qatar, Saudi Arabia and United Arab Emirates. The index universe consists of approximately the largest 99% of the free-float market capitalization in the global markets. As of September 30, 2021, the market capitalization range of the Underlying Index was approximately $1.0 billion to $1.8 trillion. As of September 30, 2021, the primary sectors within the Underlying Index are consumer discretionary, industrials and information technology.