Advisory Services IndexIQ (or the “Firm”) is an indirect wholly-owned subsidiary of New York Life Insurance Company (“New York Life”). As of December 31, 2023, IndexIQ managed $10,439,892,070 of client assets on a discretionary basis, and no client assets are managed on a non-discretionary basis. IndexIQ has operated since July 2007 and has been registered as an investment adviser with the Securities and Exchange Commission (the “SEC”) since August 9, 2007. IndexIQ was acquired by New York Life Investment Management Holdings LLC (“New York Life Investment Management”) in April 2015. IndexIQ is wholly-owned by IndexIQ LLC. IndexIQ LLC is a wholly-owned subsidiary of New York Life Investment Management, a subsidiary of New York Life. IndexIQ LLC develops and maintains proprietary financial indices (the “IndexIQ Indices”). For certain IndexIQ Indices, IndexIQ LLC has engaged affiliated and unaffiliated entities to act as an index consultant to assist IndexIQ LLC with the development, calculation and maintenance of the IndexIQ Indices. IndexIQ provides investment advisory services to clients, including by utilizing the IndexIQ Indices. IndexIQ LLC also assists IndexIQ with certain performance reporting, analytical and data analysis, and the creation of informational material about IndexIQ products. Certain personnel within NYLIM are dual hatted to IndexIQ LLC and support IndexIQ LLC’s development and maintenance of the IndexIQ Indices, which certain of IndexIQ's exchange-traded funds (“ETFs”) seek to track. These individuals are responsible for rebalancing, validating and delivering index component securities and weightings of each IndexIQ Index on a periodic basis. IndexIQ offers discretionary investment advisory services to registered investment advisers, broker-dealers, and open-end Registered Investment Companies (“RICs”) operating as mutual funds (“Mutual Funds”) or ETFs, individuals, trusts, retirement accounts (IRAs, pensions and profit sharing plans), corporations, affiliated insurance companies and other institutions. IndexIQ also offers services to Unified Managed Accounts (“UMAs”), which are typically non- discretionary, Wrap, Model Portfolio and other advisory programs of third-party sponsors (“Sponsored Programs”) (collectively, products receiving discretionary and non-discretionary investment advisory services from IndexIQ, “IndexIQ Products”). These investment advisory services will generally be tailored to meet our clients’ needs. Client-imposed restrictions are detailed in the respective client’s investment advisory agreement or in such other form as agreed upon by IndexIQ and the client. With respect to UMAs and Model Portfolios, the services are generally limited to providing model portfolios to the sponsors of the Sponsored Programs, but in some cases, IndexIQ will also provide trading services, depending on the agreement with the sponsor of the Sponsored Programs. Certain personnel within NYLIM are dual hatted to IndexIQ in order to facilitate the general management, trading execution, administration and communication services for the RICs operating as Mutual Funds or ETFs and various other accounts (e.g., individual, trust and retirement accounts, as well as corporate and affiliated insurance company and other institutional accounts) and separately managed accounts (“SMAs”) and UMAs, which are managed and/or 5 | P a g e offered by IndexIQ. We refer to these individuals in this Brochure as our employees. IndexIQ has the discretion to retain affiliated and unaffiliated subadvisers (each, a “Subadviser”) for portfolio management services. If a Subadviser is retained, IndexIQ delegates trading authority to the Subadviser, subject to IndexIQ’s oversight. IndexIQ also will enter into agreements with third parties to offer IndexIQ Products or to develop new products. IndexIQ currently has subadvisory agreements with the following affiliated subadvisers: MacKay Shields LLC (“MacKay”) (SEC File No. 801-5594); and NYL Investors LLC (“NYL Investors”) (SEC File No. 801-78759). We also engage the following unaffiliated subadvisers: CBRE Investment Management Listed Real Assets LLC (“CBRE”) (SEC File No. 801-49083) and Winslow Capital Management, Inc. (“Winslow”) (SEC File No. 801-41316). MacKay is the Subadviser to certain active IndexIQ ETFs managed by IndexIQ. For additional information regarding MacKay’s investment strategies, processes and procedures for selecting securities and other investment products held in an account, and the associated risks, please refer to MacKay’s Form ADV Part 2A Brochure and the IndexIQ ETFs’ Prospectus and Statement of Additional Information (“SAI”). NYL Investors is the Subadviser to an active IndexIQ ETF managed by IndexIQ. For additional information regarding NYL Investors’ investment strategies, processes and procedures for selecting securities and other investment products held in an account, and the associated risks, please refer to NYL Investors’ Form ADV Part 2A Brochure and the IndexIQ ETF’s Prospectus and SAI. Winslow is the Subadviser to certain active IndexIQ ETFs managed by IndexIQ. For additional information regarding Winslow’s investment strategies, processes and procedures for selecting securities and other investment products held in an account, and the associated risks, please refer to Winslow’s Form ADV Part 2A Brochure and the IndexIQ ETFs’ Prospectus and SAI. CBRE is the Subadviser to an active IndexIQ ETF managed by IndexIQ. For additional information regarding CBRE’s investment strategies, processes and procedures for selecting securities and other investment products held in an account, and the associated risks, please refer to CBRE’s Form ADV Part 2A Brochure and the IndexIQ ETF’s Prospectus and SAI. IndexIQ has entered into an agreement with NYLIM, an affiliated registered investment adviser, to assist IndexIQ in providing services to Sponsored Programs. IndexIQ has also entered into an investment subadvisory agreement with NYLIM to subadvise mutual funds managed by NYLIM. For additional information regarding NYLIM’s investment strategies, processes and procedures and the associated risks, please refer to NYLIM’s Form ADV Part 2A Brochure and the applicable mutual fund’s Prospectus and SAI. From-time-to-time, IndexIQ and NYLIM will enter into support agreements with unaffiliated entities that provide for, among other things, the use of the unaffiliated entity’s name and trademarks by IndexIQ, NYLIM and an IndexIQ ETF and contributions by IndexIQ or NYLIM to the unaffiliated entity. With respect to such relationships, the unaffiliated entity will be allowed to review and provide feedback on the selection criteria of the applicable underlying index for an IndexIQ ETF that has a license agreement to use the unaffiliated entity’s name and trademarks. However, the unaffiliated entity will not (i) select any individual companies for inclusion or 6 | P a g e exclusion from the index or (ii) have any right to approve or modify the index, once constructed. The unaffiliated entity will not have any influence on the day-to-day operations of an IndexIQ ETF or IndexIQ’s management of an ETF. I. Managed Accounts IndexIQ has entered into Managed Account Agreements (each, an “Account Agreement”) with non-RIC clients or financial institutions including insurance companies. Account guidelines will be specified in each client’s Account Agreement. Security positions may be at the direction of the client. II. Sponsored Wrap Fee, Unified Managed Account, and Related Programs IndexIQ participates in various Sponsored Programs through which

clients of broker-dealers and other financial institutions retain IndexIQ as a discretionary or non-discretionary adviser under wrap fee or other arrangements offered by the programs’ sponsors, wherein the client selects IndexIQ from among the investment advisers presented by the broker or financial institution to the client. The broker or financial institution also will evaluate IndexIQ’s performance, execute the portfolio transactions, and/or provide custodial services for the client’s assets as applicable. The program sponsor bears responsibility for determining whether advisory services provided to participants in the Sponsored Programs are suitable in light of the participants’ particular facts and circumstances. IndexIQ remains responsible for determining that it is properly carrying out the services that it has agreed to provide as part of the Sponsored Programs. A Sponsored Program client may terminate the account arrangement upon a specified period of notice to the broker or other financial institution. Upon termination, any prepaid fee is refundable on a pro-rata basis for the period unearned. Although the foregoing describes how these Sponsored Programs operate and IndexIQ’s role in these programs, each program’s operations could contain certain features or roles for IndexIQ that vary from the description herein. NYLIM provides certain trade execution and administrative services to IndexIQ to support IndexIQ’s management of Sponsored Program accounts. For additional information about these Sponsored Programs, please consult the disclosure brochures of the Sponsored Programs. III. Model Portfolios IndexIQ has entered into agreements to provide model securities portfolios (“Model Portfolios”) to other investment advisers in their managed accounts or similar Sponsored Programs. IndexIQ will generally not have discretion over client accounts with respect to providing Model Portfolios and its responsibilities are generally limited to providing Model Portfolios to such advisers and certain activities related thereto. In this regard, IndexIQ’s activities do not include trade execution or other advisory functions performed by the other adviser or overlay or implementation manager for Sponsored Program clients. These other advisers or third-party overlay or implementation managers use the Model Portfolios as recommendations for how to trade and invest the program clients’ accounts. IndexIQ’s Model Portfolio service is not tailored to the individual clients of the other advisers or the programs. IndexIQ is generally not provided with specific client information 7 | P a g e such as the identity or specific financial circumstances of such Sponsored Program clients. At the request of a Model Portfolio sponsor or implementation manager, IndexIQ provides recommendations to the sponsor or implementation manager regarding securities and investments that the sponsor or implementation manager may or may not consider purchasing for tax management purposes or to pursue certain investment strategies.. Such recommendations will in certain circumstances include ETFs managed by IndexIQ that pay management fees to IndexIQ. IndexIQ receives a fee for its Model Portfolio services. The fee is generally based on the market value of the assets in a particular Model Portfolio and is assessed on a monthly basis. For additional information about a particular Model Portfolio, please consult the disclosure brochure of the applicable Model Portfolio Sponsor or implementation manager. IV. Registered Investment Companies IndexIQ provides investment advisory services to open-end RICs operating as Mutual Funds or ETFs (collectively, the “Registered Funds” and individually, each a “Registered Fund”) in accordance with Investment Advisory Agreements or Investment Subadvisory Agreements with the Registered Fund as approved by the applicable Registered Fund’s Board of Trustees (“Board”). For the Registered Funds that IndexIQ manages directly, IndexIQ has overall responsibility for the general management and administration of the Registered Funds, subject to the oversight of the applicable Board. In accordance with the applicable Investment Advisory Agreement, IndexIQ provides an investment program for each Registered Fund and manages the investment of each Registered Fund’s assets in conformity with the stated investment policies of such Registered Fund. With respect to the Registered Funds that IndexIQ subadvises for NYLIM, subject to the supervision of NYLIM and the oversight of the applicable Board, IndexIQ provides a continuous investment program for the Registered Funds’ allocated assets and determines the composition of the assets of the Registered Funds’ allocated assets, including determination of the purchase, retention or sale of the securities, cash and other investments contained in the portfolio. With respect to the Registered Funds that IndexIQ manages directly, IndexIQ will from time to time retain Subadvisers to manage a Registered Fund’s assets. In this regard, IndexIQ makes recommendations to the Board of the applicable Registered Fund regarding Subadvisers to be retained to provide subadvisory services and the Board approves the subadvisory agreements periodically, as required by the Investment Company Act of 1940, as amended. Subadvisers are recommended by IndexIQ based on a number of factors, including an evaluation of their skills and investment results in managing assets for specific asset classes, investment styles and strategies. Currently, IndexIQ engages MacKay and NYL Investors, both affiliated subadvisers, and Winslow and CBRE, both unaffiliated subadvisers, to subadvise certain ETFs. IndexIQ or a Subadviser is responsible for placing purchase and sale orders and providing continuous supervision of the investment portfolio of each of the Registered Funds. IndexIQ is also responsible for arranging for third-party administration, transfer agent, custodial, and all other non-distribution related services for the Registered Funds that IndexIQ manages directly. IndexIQ does not provide custodial services to the Registered Funds. At no time will IndexIQ accept or maintain custody with respect to a Registered Fund’s assets. For additional information regarding the Registered Funds’ fees, investment objectives, investment strategies and associated risks, please refer to Registered Funds’ Prospectuses and 8 | P a g e SAIs. This ADV brochure does not constitute an offer to sell, or a solicitation of an offer to buy, shares of the Registered Funds. Termination of Accounts, Advisory Agreements and Program Agreements Non-Sponsored Managed Accounts: Account Agreements in non-Sponsored Programs generally may be terminated by either the client or IndexIQ upon a specified period of prior written notice, generally 10 to 90 days. Sponsored Programs: Agreements with sponsors of UMA, Wrap and other similar programs generally may be terminated by the parties upon a specified period of prior written notice, generally 90 days. Model Portfolios: Agreements between IndexIQ and other advisers relating to IndexIQ’s provision of Model Portfolios generally may be terminated upon a specified period of prior written notice set forth in the relevant program agreement, generally ranging from 30 days to 90 days. Registered Funds: Investment Advisory Agreements with Registered Funds terminate immediately upon assignment or IndexIQ may terminate upon 60 days’ prior written notice. Investment Advisory or Subadvisory Agreements must be renewed by the applicable Registered Fund’s Board on an annual basis after their initial two-year term.