Form 485BPOS IndexIQ Active ETF Trust

June 29, 2022 1:00 PM EDT

Exhibit 99.(d)(1)(e)

FORM OF AMENDMENT TO INVESTMENT ADVISORY AGREEMENT

This amendment to the Investment Advisory Agreement (this "Agreement"), dated as of April 15, 2015, by and between IndexIQ Active ETF Trust, a Delaware trust (the “Trust”), on behalf of its series as set forth on Appendix A (each, a “Fund” and, collectively, “Funds”), and IndexIQ Advisors LLC, a Delaware limited liability company (the “Advisor”) is entered into pursuant Section 8 of the Agreement and is effective as of June 29, 2022.

WHEREAS, the Advisor and the Trust desire to amend Appendix A of the Agreement to reflect the addition of IQ MacKay Multi-Sector Income ETF, a series of the Trust, to the Agreement;

NOW, THEREFORE, the parties agree that Appendix A of the Agreement is hereby amended and restated in the form of Appendix A attached hereto.

This Amendment, the Agreement, and the attachments to the Agreement constitute the entire agreement between the parties and supersede all prior agreements and understandings between them relating to the subject matter hereof. No modification of the Agreement or this Amendment should be binding on either party unless it is in writing and signed on behalf of each party by a duly authorized representative. This Amendment may be executed in counterparts, each of which shall be deemed to be an original and each of which, taken together, shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers effective as of the date set forth above.

INDEXIQ ACTIVE ETF TRUST			INDEXIQ ADVISORS LLC

By:			By:
Name:			Name:
Title:			Title:

Appendix A

Fund	Fee Rate
IQ MacKay Municipal Insured ETF	0.40% of the average daily net assets
IQ MacKay Municipal Intermediate ETF	0.40% of the average daily net assets
IQ MacKay Municipal Short Duration ETF	0.30% of the average daily net assets
IQ Ultra Short Duration ETF	0.24% of the average daily net assets
IQ MacKay ESG Core Plus Bond ETF	0.39% of the average daily net assets
IQ MacKay California Municipal Intermediate ETF	0.45% of the average daily net assets
IQ Winslow Large Cap Growth ETF	0.75% of the average daily net asset up to $500 million; 0.725% of the average daily net assets from $500 million to $750 million; 0.71% of the average daily net assets from $750 million to $1 billion; 0.70% of the average daily net assets from $1 billion to $2 billion; 0.66% of the average daily net assets from $2 billion to $3 billion; 0.61% of the average daily net assets from $3 billion to $7 billion; 0.585% of the average daily net assets from $7 billion to $9 billion; and 0.575% of the average daily net assets over $9 billion.
IQ Winslow Focused Large Cap Growth ETF	0.75% of the average daily net asset up to $500 million; 0.725% of the average daily net assets from $500 million to $750 million; 0.71% of the average daily net assets from $750 million to $1 billion; 0.70% of the average daily net assets from $1 billion to $2 billion; 0.66% of the average daily net assets from $2 billion to $3 billion; 0.61% of the average daily net assets from $3 billion to $7 billion; 0.585% of the average daily net assets from $7 billion to $9 billion; and 0.575% of the average daily net assets over $9 billion.
IQ MacKay Multi-Sector Income ETF	0.40%

Exhibit 99.(d)(2)(c)

FORM OF AMENDMENT TO SUBADVISORY AGREEMENT

This Amendment to the Subadvisory Agreement is made as of the 29th day of June, 2022, by and between IndexIQ Advisors LLC, a Delaware limited liability company (the “Advisor”) and MacKay Shields LLC, a Delaware limited liability company (the “Subadvisor”).

WHEREAS, the Advisor and the Subadvisor are parties to the Subadvisory Agreement, dated October 10, 2017 (the "Agreement"); and

WHEREAS, the Advisor and the Subadvisor hereby wish to amend Schedule A of the Agreement to reflect the addition of IQ MacKay Multi-Sector Income ETF, a series of IndexIQ Active ETF Trust (the "Amendment").

NOW, THEREFORE, the parties agree, effective June 29, 2022, Schedule A is hereby amended by deleting it in its entirety and replacing it with the Schedule A attached hereto.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers effective as of the date set forth above.

INDEXIQ ADVISORS LLC		MACKAY SHIELDS LLC


Name:		Name:
Title:		Title:

Schedule A

(Effective as of June 29, 2022)

As compensation for services provided by Subadvisor, the Advisor will pay the Subadvisor and Subadvisor agrees to accept as full compensation for all services rendered hereunder, at an annual subadvisory fee equal to the following:

SERIES NAME	ANNUAL RATE
IQ MacKay Municipal Insured ETF*	0.20%
IQ MacKay Municipal Intermediate ETF*	0.20%
IQ MacKay Municipal Short Duration ETF*	0.15%
IQ MacKay ESG Core Plus Bond ETF*	0.1755%
IQ MacKay California Municipal Intermediate ETF*	0.225%
IQ MacKay Multi-Sector Income ETF*	0.18%

The portion of the fee based upon the average daily net assets of the respective Series shall be accrued daily at the rate of 1/(number of days in calendar year) of the annual rate applied to the daily net assets of the Series.

*With respect to this Series, the Advisor has agreed to waive a portion of the Series’ management fee or reimburse the expenses of the Series so that the Series’ total ordinary operating expenses do not exceed certain amounts. These waivers or expenses limitations may be changed with Board approval. To the extent that the Advisor has agreed to waive its management fee or reimburse expenses, the Subadvisor has voluntarily agreed to waive or reimburse its fee proportionately.

The annual rate is based on the percentage that the Allocated Assets constitutes of the Series’ total average daily net assets.

Payment will be made to the Subadvisor on a monthly basis.

Exhibit 99.(e)(1)(e)

CONFIDENTIAL

FORM OF AMENDMENT 5

This amendment (the “Amendment”) between the parties signing below (“Parties”) amends the Existing Agreement as of June 29, 2022 (the “Effective Date”):

Term	Means
“Existing Agreement”	The Distribution Agreement between ALPS and the Trust dated April 16, 2018, as amended
“ALPS”	ALPS Distributors, Inc.
“Trust”	IndexIQ Active ETF Trust

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Schedule A and general terms in Schedule B.

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized representatives.

ALPS DISTRIBUTORS, INC.			INDEXIQ ACTIVE ETF TRUST

By:			By:
Name:			Name:
Title:			Title:

Distribution Agreement Amendment 5

Schedule A to this Amendment

Amendments

As of the Effective Date, the Existing Agreement is amended as follows:

Appendix A of Exhibit 1 to the Agreement is hereby deleted in its entirety and replaced with the following new Appendix A:

APPENDIX A

LIST OF FUNDS

IQ MacKay Municipal Insured ETF

IQ MacKay Municipal Intermediate ETF

IQ MacKay Municipal Short Duration ETF

IQ Ultra Short Duration ETF

IQ MacKay ESG Core Plus Bond ETF

IQ MacKay California Municipal Intermediate ETF

IQ Winslow Large Cap Growth ETF

IQ Winslow Focused Large Cap Growth ETF

IQ MacKay Multi-Sector Income ETF

Page 2 of 3

Schedule B to this Amendment

General Terms

Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

The Parties’ duties and obligations are governed by and limited to the express terms and conditions of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto.

This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures so exchanged shall be binding to the same extent as if original signatures were exchanged.

This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or its formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same jurisdiction as the Existing Agreement.

Page 3 of 3

Exhibit 99.(g)(1)(a)

FORM OF AMENDMENT
TO CUSTODY AGREEMENT

This Amendment (“Amendment”) dated June 29, 2022 (“Effective Date”) is by and between IndexIQ Active ETF Trust (the “Fund”) and The Bank of New York Mellon (“BNY Mellon”).

BACKGROUND:

BNY Mellon and the Fund entered into a Custody Agreement dated as of November 18, 2013, as amended to date, (the “Agreement”) relating to BNY Mellon’s provision of services to the Fund and its portfolios identified on Schedule II (each, a “Series”).

The parties desire to amend the Agreement as set forth herein.

TERMS:

The parties hereby agree that:

Schedule II to the Agreement is hereby deleted in its entirety and replaced with Schedule II attached hereto.

Miscellaneous.

(a)

Capitalized terms not defined in this Amendment shall remain in full force and effect. In the event of a conflict between the terms hereof and the Agreement, as to services described in this Amendment, this Amendment shall control.

(b)

As hereby amended and supplemented, the Agreement shall remain in full force and effect.

(c)

The Agreement, as amended hereby, constitutes the complete understanding and agreement of the parties with respect to the subject matter thereof and supersedes all prior communications with respect thereto.

(d)

This Amendment may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Amendment physically delivered, on a copy of the Amendment transmitted by facsimile transmission or on a copy of the Amendment transmitted as an imaged document attached to an email, or by “Electronic Signature,” which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or

as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

(e)

This Amendment shall be governed by the laws of the State of New York, without regard to its principles of conflicts of laws.

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

	INDEXIQ ACTIVE ETF TRUST
	On behalf of each Series identified on Schedule II attached to the Agreement

	By:
	Name:
	Title:

	THE BANK OF NEW YORK MELLON

	By:
	Name:
	Title:

SCHEDULE II
(Amended and Restated as of June 29, 2022)

IQ MacKay Municipal Intermediate ETF

IQ MacKay Municipal Insured ETF

IQ Ultra Short Duration ETF

IQ MacKay ESG Core Plus Bond ETF

IQ MacKay California Municipal Intermediate ETF

IQ Winslow Large Cap Growth ETF

IQ Winslow Focused Large Cap Growth ETF

IQ MacKay Multi-Sector Income ETF

Exhibit 99.(h)(1)(a)

FORM OF AMENDMENT
TO FUND ADMINISTRATION AND ACCOUNTING AGREEMENT

This Amendment (“Amendment”) dated June 29, 2022 (“Effective Date”) is by and between each entity listed on Exhibit A to the Agreement (as defined below) (each a “Fund” and collectively, the “Funds”) and The Bank of New York Mellon (“BNY Mellon”).

BACKGROUND:

BNY Mellon and each Fund entered into a Fund Administration and Accounting Agreement dated as of November 18, 2013, as amended to date, (the “Agreement”) relating to BNY Mellon’s provision of services to each Fund and its portfolios identified on Exhibit A (each a “Series”).

The parties desire to amend the Agreement as set forth herein.

TERMS:

The parties hereby agree that:

Exhibit A to the Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.

Miscellaneous.

(a)

(b)

As hereby amended and supplemented, the Agreement shall remain in full force and effect.

(c)

The Agreement, as amended hereby, constitutes the complete understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior communications with respect thereto.

(d)

counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

(e)

This Amendment shall be governed by the laws of the State of New York, without regard to its principles of conflicts of laws.

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

	INDEXIQ ACTIVE ETF TRUST
	On behalf of each Fund identified on Exhibit A attached to the Agreement

	By:
	Name:
	Title:

	THE BANK OF NEW YORK MELLON

	By:
	Name:
	Title:

EXHIBIT A
(Amended and Restated as of June 29, 2022)

IQ MacKay Municipal Intermediate ETF

IQ MacKay Municipal Insured ETF

IQ Ultra Short Duration ETF

IQ MacKay ESG Core Plus Bond ETF

IQ MacKay California Municipal Intermediate ETF

IQ Winslow Large Cap Growth ETF

IQ Winslow Focused Large Cap Growth ETF

IQ MacKay Multi-Sector Income ETF

Exhibit 99.(h)(1)(b)

FORM OF AMENDMENT TO

INVESTMENT COMPANY REPORTING MODERNIZATION SERVICES

AMENDMENT TO

FUND ADMINISTRATION AND ACCOUNTING AGREEMENT

This Amendment to the Investment Company Reporting Modernization Services Amendment (the “Amendment”) dated June 29, 2022 (“Effective Date”) is by and between INDEXIQ ACTIVE ETF TRUST (the “Fund”) and THE BANK OF NEW YORK MELLON (“BNY Mellon”).

BACKGROUND:

WHEREAS, the Fund and BNY Mellon are parties to a Fund Administration and Accounting Agreement dated as of November 18, 2013, as amended (the “Agreement”);

WHEREAS, this Amendment is an amendment to the Investment Company Reporting Modernization Services Amendment to the Administration and Accounting Services Agreement dated June 14, 2018 (the “SEC Mod Amendment”); and

WHEREAS, the Funds and BNY Mellon desire to amend the Agreement with respect to the foregoing;

TERMS:

The parties agree that:

Exhibit 1 attached to the SEC Mod Amendment is hereby deleted in its entirety and replaced with Exhibit 1 attached hereto.

Miscellaneous.

(a)

This Amendment may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Amendment physically delivered, on a copy of the Amendment transmitted by facsimile transmission or on a copy of the Amendment transmitted as an imaged document attached to an email, or by “Electronic Signature”, which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

(b)

If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

INDEXIQ ACTIVE ETF TRUST


By:
Name:
Title:


THE BANK OF NEW YORK MELLON


By:
Name:
Title:

EXHIBIT 1

(Amended and restated as of June 29, 2022)

IQ MacKay Municipal Intermediate ETF

IQ MacKay Municipal Insured ETF

IQ Ultra Short Duration ETF

IQ Mackay ESG Core Plus Bond ETF

IQ MacKay California Municipal Intermediate ETF

IQ Winslow Large Cap Growth ETF

IQ Winslow Focused Large Cap Growth ETF

IQ MacKay Multi-Sector Income ETF

Exhibit 99.(h)(2)(a)

FORM OF AMENDMENT

TO TRANSFER AGENCY AND SERVICE AGREEMENT

This Amendment (“Amendment”) dated June 29, 2022 (“Effective Date”), is by and between each trust listed on Appendix I hereto (each, the “Trust” and collectively, the “Trusts”) and each series of the Trusts listed on Appendix I hereto (as such Appendix I may be amended from time to time) and The Bank of New York Mellon (the “Bank”).

BACKGROUND:

The Bank and the Trusts entered into a Transfer Agency and Service Agreement dated as of January 26, 2009, as amended to date (the “Agreement”), relating to the Bank’s provision of services to the Trusts and each of their series identified on Appendix I (each a “Series”).

The parties desire to amend the Agreement as set forth herein.

TERMS:

The parties hereby agree that:

Appendix I to the Agreement is hereby deleted in its entirety and replaced with Appendix I attached hereto.

Miscellaneous.

(a)

Capitalized terms not defined in this Amendment shall have the meaning ascribed to such term in the Agreement. In the event of a conflict between the terms hereof and the Agreement, this Amendment shall control.

(b)

As hereby amended and supplemented, the Agreement shall remain in full force and effect.

(c)

(d)

(e)

This Amendment shall be governed by the laws of the State of New York, without regard to its principles of conflicts of laws.

	INDEXIQ ETF TRUST
	On behalf of each of its Series identified on
	Appendix I attached hereto


	By:
	Name:
	Title:


	INDEXIQ ACTIVE ETF TRUST
	On behalf of each of its Series identified on
	Appendix I attached hereto


	By:
	Name:
	Title:


	THE BANK OF NEW YORK MELLON


	By:
	Name:
	Title:

APPENDIX I

(Amended and Restated as of June 29, 2022)

INDEXIQ ETF TRUST

IQ Hedge Multi-Strategy Tracker ETF

IQ Hedge Macro Tracker ETF

IQ Real Return ETF

IQ Global Resources ETF

IQ Merger Arbitrage ETF

IQ U.S. Real Estate Small Cap ETF

IQ Hedge Market Neutral Tracker ETF

IQ Hedge Long/Short Tracker ETF

IQ Hedge Event-Driven Tracker ETF

IQ 50 Percent Hedged FTSE International ETF

IQ S&P High Yield Low Volatility Bond ETF

IQ Chaikin U.S. Small Cap ETF

IQ Chaikin U.S. Large Cap ETF

IQ 500 International ETF

IQ Candriam ESG US Equity ETF

IQ Candriam ESG International Equity ETF

IQ Healthy Hearts ETF

IQ Engender Equality ETF

IQ Clean Oceans EFT

IQ Cleaner Transport ETF

IQ Global Equity R&D Leaders ETF

IQ US Large Cap R&D Leaders ETF

IQ US Mid Cap R&D Leaders ETF

INDEXIQ ACTIVE ETF TRUST

IQ Ultra Short Duration ETF

IQ MacKay Municipal Intermediate ETF

IQ MacKay Municipal Insured ETF

IQ MacKay ESG Core Plus Bond ETF

IQ MacKay California Municipal Intermediate ETF

IQ Winslow Large Cap Growth ETF

IQ Winslow Focused Large Cap Growth ETF

IQ MacKay Multi-Sector Income ETF

Exhibit 99.(h)(5)(a)

FORM OF EXPENSE LIMITATION AGREEMENT

INDEXIQ ACTIVE ETF TRUST

This Agreement is made and entered into as of June 29, 2022, by and between the funds listed on Schedule A (each, a “Fund” and, collectively, the “Funds”), each a series of shares of IndexIQ Active ETF Trust, a Delaware statutory trust (the “Trust”) and IndexIQ Advisors LLC, a Delaware limited liability company (the “Advisor”).

WHEREAS, the Trust is a Delaware statutory trust organized under the Certificate of Trust dated January 30, 2008 and is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end management company of the series type;

WHEREAS, the Funds are series of the Trust;

WHEREAS, there is one class of interests in each Fund;

WHEREAS, the Trust, on behalf of each Fund, and the Advisor entered into an Investment Advisory Agreement dated April 15, 2015, (“Advisory Agreement”), which continues in effect, pursuant to which the Advisor provides investment advisory services to the Funds; and

WHEREAS, the Funds and the Advisor have determined that it is appropriate and in the best interests of each Fund and its shareholders to set forth and approve the terms by which the Advisor limits the expenses of a Fund, and, therefore, have entered into this Agreement in order to maintain such Fund’s respective expense ratios within the Operating Expense Limit, as defined below, as set forth for such Fund on Schedule A.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.             Expense Limitation.

(a)             Applicable Expense Limit. To the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Advisor (but excluding interest, taxes, brokerage commissions, dividend payments on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) incurred by a Fund in any fiscal year (“Fund Operating Expenses”), exceed the Operating Expense Limit, as defined in Section 1(b) below, such excess amount (the “Excess Amount”) shall be the liability of the Advisor.

(b)             Operating Expense Limit. A Fund’s maximum operating expense limit (“Operating Expense Limit) in any year shall be that percentage of the average daily net assets of such Fund (or such class of such Fund, as may be designated), as set forth on Schedule A hereto.

(c)             Method of Computation. To determine the Advisor’s liability with respect to the Excess Amount, each month the Fund Operating Expenses for a Fund shall be annualized as of the last day of the month. If the annualized Fund Operating Expenses for any month exceed the Operating Expense Limit of such Fund, the Advisor shall first waive or reduce its investment advisory fee for such month by an amount sufficient to reduce the annualized Fund Operating Expenses to an amount no higher than the Operating Expense Limit. If the amount of the waived or reduced investment advisory fee for any such month is insufficient to pay the Excess Amount, the Advisor may also remit to such Fund an amount that, together with the waived or reduced investment advisory fee, is sufficient to pay such Excess Amount.

(d)             Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the amount of the investment advisory fees waived or reduced and other payments remitted by the Advisor to a Fund with respect to the previous fiscal year shall equal the Excess Amount.

2.             Term and Termination of Agreement.

This Agreement shall become effective with respect to a Fund on the date specified for the Fund in Schedule A hereto and shall remain in effect unless terminated by the Board of Trustees of the Trust (the “Board”). This Agreement may be terminated in whole or with respect to a Fund at any time, and without payment of any penalty, by the Board, on behalf of a Fund, upon sixty days’ written notice to the Manager. The Manager agrees that it may not terminate this Agreement without approval of the Board.

3.             Miscellaneous.

(a)             Captions. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

(b)             Interpretation. Nothing herein contained shall be deemed to require the Trust or any Fund to take any action contrary to the Trust’s Declaration of Trust or by-laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust’s Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

(c)             Definitions. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

(d)             Prior Agreements. Upon the effective date of this Agreement with respect to a Fund, this Agreement shall supersede any previously effective agreement to waive fees for a Fund.

(e)             Severability. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

(f)             Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, as amended, and the Investment Advisers Act of 1940, as amended, and any rules and regulation promulgated thereunder.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

INDEXIQ ACTIVE ETF TRUST,

IndexIQ Advisors LLC

ON BEHALF OF THE FUNDS


By:		By:
Title:		Title:

SCHEDULE A

Funds and Operating Expense Limits

Fund	Operating Expense Limit	Effective Date
IQ MacKay Municipal Insured ETF	0.30%	August 31, 2022

IQ MacKay Municipal Intermediate ETF	0.30%	August 31, 2022

IQ MacKay Municipal Short Duration ETF	0.30%	August 31, 2022

IQ Ultra Short Duration ETF	0.24%	August 31, 2022

IQ MacKay ESG Core Plus Bond ETF	0.39%	August 31, 2022

IQ MacKay California Municipal Intermediate ETF	0.35%	August 31, 2022

IQ Winslow Large Cap Growth ETF	0.60%	April 8, 2022

IQ Winslow Focused Large Cap Growth ETF	0.65%	April 8, 2022

IQ MacKay Multi-Sector Income ETF	0.40%	June 29, 2022

Exhibit 99.(h)(6)(a)

FORM OF AMENDED AND RESTATED

SECURITIES LENDING AUTHORIZATION AGREEMENT

AMENDED AND RESTATED AGREEMENT, dated as of ______________________, 2022 between the IndexIQ Active ETF Trust (the “Client”), with respect to each of the funds identified on Attachment 1 hereto, as amended, modified or supplemented from time to time (each a “Lender” and collectively the “Lenders”) and The Bank of New York Mellon (“Bank”).

PRELIMINARY STATEMENT

Having determined that securities loan transactions are suitable and that each Lender has the financial resources for such transactions, Client desires to authorize Bank, on an exclusive basis, to establish, manage and administer a Securities Lending Program, subject to the terms and conditions of this Agreement, with respect to the lendable securities of Lenders held by Bank (the “Program”).

Accordingly, in consideration of the mutual promises and covenants contained in this Agreement, and intending to be legally bound, Bank and Client, on behalf of each Lender, agree as follows:

ARTICLE I

DEFINITIONS

Whenever used in this Agreement, the following words shall have the meanings set forth below:

1.             “Act of Insolvency” shall mean (i) the filing by a Borrower of a petition in bankruptcy or a petition seeking reorganization, liquidation or similar relief, or the filing of any such petition against a Borrower which is not dismissed or stayed within 60 calendar days, (ii) the adjudication of a Borrower as bankrupt or insolvent, (iii) the seeking or consenting to the appointment of a trustee, receiver or liquidator by a Borrower or (iv) the making of a general assignment for the benefit of creditors by a Borrower or a Borrower’s admission in writing of its inability to pay its debts as they become due.

2.             “Account” shall mean, with respect to each Lender, the custodial account(s) established and maintained by Bank on behalf of each such Lender for the safekeeping of Securities and monies received by Bank from time to time.

3.             “Approved Investment” shall mean those types of securities, instruments or interests in property in which Cash Collateral may be invested or reinvested on behalf of Lenders, as set forth on Schedule I hereto (which may be amended from time to time by execution of a revised Schedule I).

4.             “Authorized Person” shall mean any person duly authorized by Client to give Oral and/or Written Instructions on behalf of Lenders, such persons to be designated in a Certificate of Authorized Persons which contains a specimen signature of such person.

5.             “Bank Affiliate” shall mean any affiliate of Bank, as such term is defined in Regulation W issued by the Board of Governors of the Federal Reserve System.

6.             “Book-Entry System” shall mean the Treasury/Reserve Automated Debt Entry System maintained at the Federal Reserve Bank of New York.

7.             “Borrower” shall mean those entities selected by Bank from time to time to participate as borrowers under the Program. Schedule II attached hereto lists the Borrowers in the Program as of the date hereof. Bank shall provide Client with a list of the Borrowers in the Program from time to time but in no event less than five days prior to making any loan of any Lender’s securities to any borrower not previously disclosed. Client may, with Written Instructions to Bank, prohibit one or more Borrowers from borrowing Securities from one or more of the Lenders.

8.             “Business Day” shall mean any day on which all of the following are open for business: (a) Bank; (b) the Depositories, as applicable for particular Loans; and (c) the principal exchanges or markets for the relevant Securities and/or Collateral.

9.             “Cash Collateral” shall mean U.S. dollars and such other currencies as may be agreed in writing between Bank and Client, on behalf of Lenders, from time to time.

10.           “Certificate of Authorized Persons” shall mean the written certificate designating Authorized Persons which Client shall deliver to Bank from time to time.

11.           “Collateral” shall mean Cash Collateral, securities issued or guaranteed by the United States Government or its agencies or instrumentalities and such other forms as may be agreed upon by Bank and Lender from time to time in writing.

12.           “Collateral Account” shall mean, with respect to each Lender, one or more accounts established and maintained by Bank for such Lender for the purpose of holding Collateral, Approved Investments, Proceeds, Negative Rebates and Securities Loan Fees paid by Borrowers in connection with Loans of such Lender hereunder.

13.           “Collateral Requirement” shall mean on any Business Day (i) with respect to the loan of U.S. Securities, an amount equal to 102% of the then-current Market Value of the Loaned Securities, (ii) with respect to the loan of Foreign Securities, an amount equal to 105% of the then-current Market Value of the Loaned Securities, except in the case of loans of Foreign Securities which are denominated and payable in U.S. Dollars, in which event the “Collateral Requirement” shall be an amount equal to 102% of the then-current Market Value of the Loaned Securities and (iii) such other percentage(s) as may be otherwise mutually agreed from time to time in writing.

14.           “Depository” shall mean The Federal Reserve Bank of New York/Treasury book-entry system, Depository Trust Company, Euroclear, CREST and any other domestic or foreign securities depository or clearing agency used for the settlement and/or custody of U.S. Securities and/or Foreign Securities, as the case may be, and their respective nominees.

15.           “Distributions” shall mean (i) amounts equivalent to all interest, dividends and other cash payments payable in respect of Loaned Securities and (ii) all non-cash distributions payable by Borrowers in respect of Loaned Securities.

16.           “Foreign Security” shall mean any Security which is cleared and principally settled outside the United States.

17.           “Loan” shall mean a loan of Securities on behalf of a Lender hereunder.

18.           “Loaned Security” shall mean any Security of a Lender which is subject to a Loan.

19.           “Market Value” shall mean (a) with respect to Cash Collateral, its amount as of the time of receipt thereof by Bank, unadjusted for any subsequent increases or decreases in value as a result of any investment thereof by Bank pursuant to this Agreement, and (b) with respect to Securities, Loaned Securities, and/or Non-Cash Collateral, the price of such Securities, Loaned Securities, and/or Non-Cash Collateral as quoted by a recognized pricing information service at the time Bank makes the determination of Market Value, or, if no such recognized pricing information service is reliable, the value of such Securities, Loaned Securities, and/or Non-Cash Collateral as determined by the Bank in its sole discretion (subject to Bank’s standard of care under this Agreement).

20.           “Non-Cash Collateral” shall mean Collateral other than Cash Collateral.

21.           “Oral Instructions” shall mean verbal instructions actually received by Bank.

22.           “Proceeds” shall mean any interest, dividends and other payments and distributions received by Bank in respect of Collateral and Approved Investments.

23.           “Rebate” shall mean the amount payable by Lender to a Borrower in connection with Loans at any time collateralized by Cash Collateral.

24.           “Securities Borrowing Agreement” shall mean the agreement pursuant to which Bank lends securities to a Borrower as agent for its customers (including Lenders) from time to time.

25.           “Securities Loan Fee” shall mean the amount payable by a Borrower to Bank pursuant to the Securities Borrowing Agreement in connection with Loans collateralized by Collateral other than Cash Collateral.

26.           “Security” means any U.S. Security and/or Foreign Security and shall include without limitation U.S. Treasury securities maintained in the Book-Entry System, any other securities issued or fully guaranteed by the United States Government or any agency, instrumentality or establishment of the United States Government, securities of federally-sponsored agencies, securities of other central governments (and agencies and instrumentalities thereof), common stock and other equity securities, bonds, debentures, corporate debt securities, notes, mortgages or other obligations, and any certificates, warrants or other instruments representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein.

27.           “Subcustodian” shall mean a bank or financial institution (other than a Depository) which is utilized by Bank in connection with the receipt, delivery and custody of non-U.S. assets.

28.           “U.S. Security” shall mean securities which are cleared and principally settled in the United States.

29.           “Written Instructions” shall mean written communications actually received by Bank by S.W.I.F.T., letter, facsimile or other method or system specified by Bank as available for use in connection with the services hereunder.

ARTICLE II

APPOINTMENT OF BANK; SCOPE OF AGENCY AUTHORITY

1.             Appointment; Separate Agreements. (a) Client hereby appoints Bank as its agent for each Lender to lend Securities in the Account of such Lender to Borrowers from time to time (except Securities which Client has advised Bank in Written Instructions are no longer subject to the representations, warranties and covenants set forth in Article III, sub-paragraph (d) in accordance with the provisions hereof, and Bank hereby accepts appointment as such agent and agrees to so act. Bank shall have authority to do or cause to be done all acts by and on behalf of each Lender as it shall determine to be desirable, necessary or appropriate to implement and administer the Loan of securities on behalf of Lenders as contemplated by this Agreement.

This Agreement shall be deemed to create a separate agreement between Bank and each Lender to the same extent as though each such Lender had separately executed an identical agreement. Any reference to Lender in this Agreement shall be deemed to refer solely and exclusively to a particular Lender to which a given lending transaction under this Agreement relates. The rights and obligations of each Lender pursuant hereto or in connection with any transaction hereunder, are independent of, and separate and distinct from, the rights and obligations of each and every other Lender pursuant hereto or in connection with any transaction hereunder. Under no circumstances shall the rights, obligations or remedies with respect to a particular Lender constitute a right, obligation or remedy applicable to any other Lender. In particular, and without limiting the generality of the foregoing, the parties hereto agree that: (a) any event of default regarding one Lender shall not create any right or obligation with respect to any other Lender; (b) neither Bank nor any Borrower shall have any right to set off any claims of or against a Lender by applying property or rights of any other Lender, or series thereof, and (c) no Lender, or series thereof, shall have claims to, or the right to set off against, assets or property held by a Borrower on account of any other Lender or series thereof.

Until such time as a Loan is terminated and the Loaned Securities are returned to a Lender, a Borrower shall have all incidents of ownership of the Loaned Securities, including but not limited to the right to transfer the Loaned Securities to others; provided however, that the Borrower will be obligated to such Lender with respect to all Distributions. Each Lender hereby waives any and all voting rights with respect to Loaned Securities and the right to participate in any dividend reinvestment program during the term of any Loan.

(b) Certain foreign jurisdictions have enacted special statutory resolution regime (“SSRs”) aimed at enhancing the orderly resolution of matters impacting large financial institutions and may provide resolution authorities with various powers, including the ability to stay or override contractual rights, including termination rights based on the insolvency or resolution of the financial institution and the ability to bail-in certain liabilities, including writing down the value of certain liabilities and/or converting such liabilities into equity (“Resolution Powers”). Accordingly, each Lender agrees that Bank may, in order to comply with any SSRs:

(i)

amend and/or agree in the relevant Securities Borrowing Agreement, this Agreement, any master repurchase agreement in relation to cash collateral invested into repos (if applicable) and any other agreement entered into by Bank on Lender’s behalf pursuant to this Agreement (the “Applicable Agreements”) to contractually acknowledge and agree to stays, overrides of default rights, early termination rights and potential bail-in of liabilities under the applicable SRR;

(ii)

adhere to any protocols published by the International Swaps and Derivatives Association, Inc. on Lender’s behalf, including the ISDA Resolution Stay Jurisdictional Modular Protocol and any Jurisdictional Modules thereto,¹ with respect to the Applicable Agreements; and/or

(iii)

take any other action on Lender’s behalf that Bank, in its sole discretion, deems to be necessary to comply with the regulations promulgated with respect to any SRR.

2.             Securities Borrowing Agreement. Client hereby authorizes Bank on behalf of the Lenders to lend Securities in the Account to Borrowers pursuant to Bank’s standard form(s) of Securities Borrowing Agreement as in effect from time to time, including those agreements as further described in Exhibit A, copies of which shall be made available to Client upon request.

¹ Available at https://www2.isda.org/functional-areas/protocol-management/protocol/24.

3.             Loan Opportunities. Bank shall treat each Lender equitably with other lenders of like circumstances in making lending opportunities available to it hereunder, taking into account the demand for specific Securities, availability of Securities, types of collateral, eligibility of borrowers, limitations on investments of cash collateral and such other factors as Bank deems appropriate. Bank shall nevertheless have the right to decline to make any Loans pursuant to any Securities Borrowing Agreement and to discontinue lending under any Securities Borrowing Agreement in its sole discretion and without notice to Client.

4.             Use of Book-Entry System, Depositories and Subcustodians. Client hereby authorizes Bank on a continuous and on going basis to deposit, either directly or through a Subcustodian, in the Book Entry System and the applicable Depositories all Securities eligible for deposit therein and to utilize the Book Entry System and Depositories to the extent possible in connection with its receipt and delivery of Securities, Collateral, Approved Investments and monies in connection with this Agreement. Where Securities, Collateral and Approved Investments eligible for deposit in the Book Entry System or a Depository are transferred to Lender hereunder, Bank shall identify as belonging to such Lender a quantity of Securities in a fungible bulk of Securities shown as credited to Bank’s or the applicable Subcustodian’s account on the books of the Book Entry System or the applicable Depository. Securities, Collateral and Approved Investments deposited in the Book Entry System or a Depository, either directly or through a Subcustodian, will (to the extent consistent with applicable law and practice) be represented in accounts which include only assets held by Bank or the applicable Subcustodian for customers, including but not limited to accounts in which Bank or such Subcustodian acts in a fiduciary or agency capacity.

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

Client hereby represents, warrants and covenants to Bank, which representations, warranties and covenants shall be deemed to be continuing and to be reaffirmed on any day that a Loan is outstanding, that:

(a)           This Agreement is, and each Loan will be, legally and validly entered into, does not, and will not, violate any statute, regulation, rule, order or judgment binding on Lender, or any provision of any Lender’s plan or governing documents, or any agreement binding on any Lender or affecting its property, and is enforceable against each Lender in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws, or by equitable principles relating to or limiting creditors’ rights generally;

(b)           The person executing this Agreement and all Authorized Persons acting on behalf of Client has and have been duly and properly authorized to do so and the Client has been duly and properly authorized to act on behalf of or with respect to the Lenders;

(c)           Each Lender is lending Securities as principal for its own account and will not transfer, assign or encumber its interest in, or rights with respect to, any Loans;

(d)           All Securities in the Account are free and clear of all liens, claims, security interests and encumbrances and no such Security has been sold. Client shall promptly deliver to Bank Written Instructions identifying any and all Securities which are no longer subject to the representations, warranties and covenants contained in this sub-paragraph (d);

(e)           on the commencement date for any Loan, Lender represents and warrants that: (i) Lender is familiar with the provisions of Rule 144 under the Securities Act of 1933 (the “Securities Act”); (ii) Lender is not, and within the preceding three months has not been, an “affiliate” of the issuer of any Securities as that term is used in Rule 144; and (iii) any Securities transferred to Bank by Lender are not “restricted securities” within the meaning of Rule 144 or otherwise subject to any legal, regulatory or contractual restrictions on transfer; and (iv) Lender is not an “insider” of issuer. For purposes of this agreement “insider” shall mean directors, officers and principal stockholders as set forth in Section 16(a)(1) under the Securities Exchange Act of 1934, as amended;

(f)            Client agrees to identify for Bank those persons who exercise investment discretion or render investment advice with respect to securities of Lender which are available for the Program who (or whose affiliates) are Borrowers under the Program and Bank shall refrain from lending the securities of Lender to any Borrower so identified; and

(g)           If at any time Lender becomes aware of, or believes that, there are Securities in the Program which Bank should not lend on such Lender’s behalf, Lender agrees to promptly notify Bank and identify such Securities.

ARTICLE IV

SECURITIES LENDING TRANSACTIONS

1.             General Bank Responsibilities.

(a) Bank shall enter Loans pursuant to the Securities Borrowing Agreement and is hereby authorized to negotiate with each Borrower the amount of Rebates, Negative Rebates or Securities Loan Fees payable in connection with particular Loans, and to take all actions deemed necessary or appropriate in order to perform on Lender’s behalf thereunder, including without limitation:

(i)            initially receiving Collateral having a Market Value of not less than the Collateral Requirement;

(ii)           collecting Distributions from the Borrower and, unless otherwise agreed, crediting cash Distributions to the Account pursuant to Bank’s crediting schedule in the currency in which such Distributions are paid;

(iii)          collecting applicable Securities Loan Fees and crediting the same to the Collateral Account;

(iv)          if, as of the close of trading on any Business Day the Market Value of Collateral received by Bank from a Borrower in respect of a Loan hereunder is less than the then-current Market Value of all of the Loaned Securities, demanding additional Collateral from such Borrower for delivery on the next following Business Day in an amount such that the additional Collateral together with the Collateral then held by Bank in connection with Loans to such Borrower shall have a Market Value at the time of such demand of not less than the Collateral Requirement; and

(v)           terminating Loans whenever Bank in its sole discretion elects to do so or is directed to do so by Client.

2.             Approved Investments; Principal Losses.

(a)           Bank is hereby authorized and directed, without obtaining any further approval from Client, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investment. Bank shall credit all Collateral, Approved Investments and Proceeds received with respect to Collateral and Approved Investments to the Collateral Account and mark its books and records to identify Lender’s interest therein as appropriate, it being understood that all monies credited to the Collateral Account may for purposes of investment be commingled with cash collateral held for other lenders of securities for whom Bank acts as their respective agent. Bank reserves the right, in its sole discretion, to liquidate any Approved Investment and credit the net proceeds to the Collateral Account.

(b)           Any (i) losses of principal or other diminution of value from investing and reinvesting Cash Collateral; or (ii) market decline or other diminution of value of any Non-Cash Collateral (in any case whether realized or unrealized, collectively, “Principal Losses”) shall be at Lender’s risk and for Lender’s account. To the extent any Principal Loss results in the amount of Cash Collateral or other Collateral held by Bank for the Collateral Account of any Lender being less than the value of Cash Collateral or other Collateral as and when delivered by a Borrower (as determined by Bank at any time and from time to time and after giving effect to the mark to market provisions of the Securities Borrowing Agreement), Client agrees to pay or cause such Lender to pay to Bank on demand cash in an amount equal to such deficiency; provided, however, that if such amounts are not so paid, Bank is hereby authorized to obtain and setoff such amounts directly from and against the Account or the Collateral Account of such Lender.

(c)           Except as otherwise provided herein, all Collateral, Approved Investments and Proceeds credited to the Collateral Account shall be controlled by, and subject only to the instructions of, Bank, and Bank shall not be required to comply with any instructions of Client or Lender with respect to the same.

3.             Termination of Loans.

(a)           Bank shall terminate any Loan no later than five Business Days after:

(i)

receipt by Bank of a notice of termination from a Borrower;

(ii)

receipt by Bank of Written Instructions to do so;

(iii)

receipt by Bank of Written Instructions advising it that the Borrower to whom such Loan was made is no longer a permitted Borrower of Lender’s Securities;

(iv)

receipt by Bank of Written Instructions advising that the Loaned Security is no longer subject to the representations, warranties and covenants contained in Article III;

(v)

receipt by Bank of notice or Written Instructions advising that an Event of Default (as defined in the Securities Borrowing Agreement) has occurred and is continuing beyond any applicable grace period;

(vi)

 whenever Bank, in its sole discretion, elects to terminate such Loan; or

(vii)

termination of this Agreement.

Upon termination of any Loan (which shall be effected according to the standard settlement time for trades in the particular Loaned Security), including termination by the Borrower, and receipt from the Borrower of the Loaned Securities (or the equivalent thereof in the event of reorganization, recapitalization or merger of the issuer of the Loaned Securities) and any Distributions then due and subject to satisfaction of Lender’s obligations under Section 2(b) of Article IV, Bank shall return to the Borrower such amount of Collateral as is required by the Securities Borrowing Agreement and pay the Borrower any Rebates then payable.

(b)            In order for Bank to timely settle the sale of Loaned Securities, it shall be Client’s responsibility to ensure timely notification to Bank regarding any such sale.

4.             Securities Loan Fee. Bank shall receive any applicable Securities Loan Fees paid by Borrowers and credit all such amounts received to the Collateral Account.

5.             Remedy for Borrower Insolvency; Subrogation.

(a)            If Bank provides Borrower with a notice of default pursuant to the terms of the applicable Securities Borrowing Agreement, Bank shall, within a commercially reasonable time under the prevailing circumstances and following the termination of any stay or other legal or regulatory prohibition or imposition affecting liquidation of collateral or similar exercise of rights in a default, take all actions which Bank deems necessary or appropriate to liquidate Approved Investments and Non-Cash Collateral in connection with Loans to such Borrower and, unless advised by Client to the contrary, following such liquidation apply the proceeds thereof plus any cash Collateral to the purchase of Securities identical to the Loaned Securities (or the equivalent thereof in the event of a reorganization, recapitalization or merger of the issuer) not returned (“Replacement Securities”). If the proceeds from the liquidation of Approved Investments and/or Non-Cash Collateral are insufficient to purchase Replacement Securities, Bank shall, subject to Lender’s obligations under Section 2(b) of Article IV, pay such additional amounts as are necessary to purchase such Replacement Securities. Purchases of Replacement Securities shall be made only in such markets, in such manner and upon such terms as Bank shall consider appropriate in its sole discretion. Replacement Securities shall be credited to the Account upon receipt by Bank. If Bank is unsuccessful in purchasing any Replacement Securities, Bank shall, subject to satisfaction of Lender’s obligations under Section 2(b) of Article IV, credit to the Account cash in an amount equal to the Market Value of the Loaned Securities not returned.

(b)           Client agrees, without the execution of any documents or the giving of any notice, that Bank is and will remain subrogated to all of Client’s and Lender’s respective rights under the Securities Borrowing Agreement or otherwise (to the extent of any credit pursuant to Section 5(a) of Article IV), including but not limited to, rights with respect to Loaned Securities and Distributions, and Collateral, Approved Investments and Proceeds. Client agrees to execute and deliver to Bank such documents as Bank may require and to otherwise fully cooperate with Bank to give effect to its rights of subrogation hereunder.

(c)           Bank shall have no obligation to take any actions pursuant to Section 5(a) of Article IV if it believes that such action will violate any applicable statute, regulation, rule, order or judgment or the Bank’s standard of care under this Agreement. Lender understands and agrees that, notwithstanding the preceding paragraph 5(a), Bank may, in its sole discretion, refrain from exercising the rights and remedies that may be available to it pursuant to the Securities Borrowing Agreement in any circumstance where Bank reasonably believes it is reasonable to do so. Other than Bank’s obligations set forth in Section 5(a), Bank shall have no liability to Client and/or Lender relating to any Borrower’s failure to return Loaned Securities and no duty or obligation to take action to effect payment by a Borrower of any amounts owed by such Borrower pursuant to the Securities Borrowing Agreement.

(d)           Either Client or Bank may terminate the provisions of Section 5(a) of Article IV with respect to any Borrower at any time by delivery of a notice to the other party specifying a termination date not earlier than the date of receipt of such notice by the other party. No such termination shall be effective with respect to then-existing rights of either party under this Section 5 or outstanding Loans hereunder.

(e)           Bank may setoff any amounts payable by Lender under this Agreement against amounts payable by Bank under Section 5(a) of Article IV.

(f)            As further described in Exhibit A, if, after Bank’s execution of the collateral shortfall indemnity set forth in Section 5(a), Bank holds excess Collateral from a defaulting Borrower, Bank shall apply such excess Collateral to offset any other amounts owed by that Borrower to other agency lending clients and, in certain circumstances, to the Bank (as principal). Excess Collateral will not be available for Lender to use for any reason. Lender does not have any rights in excess Collateral.

6.             Taxes. (a)         Each Lender shall be solely responsible for all tax matters arising in connection with Loans and Approved Investments, including without limitation, determinations of whether or not any Loan or Approved Investment results in liability to it for income tax, capital gains tax, value added tax, withholding tax, stamp duties, transfer taxes or any other taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto (“Taxes”). Without limiting the generality of the foregoing, each Lender acknowledges that the tax treatment of amounts equivalent to all interest, dividends or other cash Distributions paid with respect to Loaned Securities (“In Lieu of Distributions”) may differ from the tax treatment of the interest, dividends or other cash distributions to which such payment relates and that Client and/or Lender has made its own determination as to the tax treatment of any In Lieu of Distributions, remuneration or other funds received hereunder. Each Lender shall severally indemnify Bank for the amount of any Taxes that Bank or any withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of, income earned by or payments or distributions made to or for the account of Lender (including any payment of Taxes required by reason of an earlier failure to withhold). In the event that Bank or any withholding agent is required under applicable law to pay any Taxes on behalf of Lender, Bank is hereby authorized to withdraw cash from the Account or any cash account maintained by Lender with Bank in the amount required to pay such Taxes and to use such cash for the timely payment of such Taxes in the manner required by applicable law. If the aggregate amount of cash in such cash account is not sufficient to pay such Taxes, Bank shall promptly notify Client of the additional amount of cash (in the appropriate currency) required, and Client shall, or shall cause Lender to, directly deposit such additional amount in the appropriate cash account promptly after receipt of such notice, for use by Bank as specified herein. In no event shall Bank be responsible for collecting any Taxes from Borrowers.

(b)           In order to comply with Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, collectively referred to as the Foreign Account Tax Compliance Act ("FATCA”), which may arise in connection with this Agreement, Client and Lender agree (i) to provide to Bank sufficient information (including any changes to the foregoing) so Bank can determine whether it has any tax withholding or other obligations under FATCA, (ii) that Bank shall be entitled to make any withholding or deduction from payments under this Agreement to the extent necessary to comply with FATCA, (iii) Bank shall not have any liability for making any such withholding or deduction, and (iv) to hold harmless Bank for any losses Lender may suffer due to the actions Bank takes to comply with FATCA. The terms of this section shall survive the termination of this Agreement.

ARTICLE V

CONCERNING BANK

1.              Standard of Care; Reimbursement.

(a)            Bank shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys’ and accountants’ fees) incurred by Lender, except those costs, expenses, damages, liabilities or claims arising out of the negligence, bad faith or willful misconduct of Bank. Bank shall have no obligation hereunder for costs, expenses, damages, liabilities or claims (including attorneys’ and accountants’ fees) which are sustained or incurred by reason of any action or inaction by the Book-Entry System or any Depository. Bank’s liability for the actions and omissions of any Subcustodian is limited to the failure on the part of Bank to exercise reasonable care in the selection or retention of such Subcustodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities and claims (including attorneys’ and accountants’ fees) incurred by Lender with respect to the actions or omissions of any Subcustodian, Bank shall take appropriate action to recover the same, and Bank’s sole responsibility and liability to Lender shall be limited to amounts so received from such Subcustodian (exclusive of costs and expenses incurred by Bank). Bank shall not be liable for special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action.

(b)            Except for any costs or expenses incurred by Bank in performing its obligations pursuant to Section 5(a) of Article IV, Client agrees to reimburse or cause Lender to reimburse Bank and to hold Bank harmless from and against any and all costs, expenses, damages, liabilities or claims, including reasonable fees and expenses of counsel incurred by Bank in a successful defense of claims by Client, Lender or any third party, which Bank may sustain or incur or which may be asserted against Bank by reason of or as a result of any action taken or omitted by Bank in connection with operating under this Agreement, other than those costs, expenses, damages, liabilities or claims arising out of the negligence, bad faith or willful misconduct of Bank. The foregoing shall be a continuing obligation of Client and Lender, their respective successors and assigns, notwithstanding the termination of any Loans hereunder or of this Agreement. Bank may charge any amounts to which it is entitled hereunder against the Account. Actions taken or omitted in reliance upon Oral or Written Instructions, any Certificate of Authorized Persons or any information, order, indenture, stock certificate, power of attorney, assignment, affidavit or other instrument reasonably believed by Bank to be genuine or bearing the signature of a person or persons reasonably believed by Bank to be authorized to sign, countersign or execute the same, shall be conclusively presumed to have been taken or omitted in good faith.

2.             No Obligation to Inquire. Without limiting the generality of the foregoing, Bank shall be under no obligation to inquire into, and shall not be liable for, the validity of the issue of any Securities, Collateral or Approved Investments held in the Account or the Collateral Account, or the legality or propriety of any Loans hereunder.

3.             Reliance on Borrowers’ Statements, Representations and Warranties. Bank shall be entitled to rely upon the most recently available audited and unaudited statements of financial condition and representations and warranties made by Borrowers, and Bank shall not be liable for any loss or damage suffered as a result of any such reliance.

4.             Advances; Overdrafts and Indebtedness; Security Interest.

(a)            Bank may, in its sole discretion, advance funds to any Lender in order to pay to Borrowers any Rebates or to return to Borrowers Cash Collateral to which they are entitled or to take any action prescribed under Section 5(a) of Article IV or for any other purpose pursuant to this Agreement. Bank may also credit the Account or the Collateral Account with Negative Rebates and Securities Loan Fees payable by Borrowers prior to its receipt thereof. Any such credit or advance hereunder (each an “Advance”) shall be conditional upon receipt by Bank of final payment or settlement and may be reversed to the extent final payment is not received.

(b)            Client agrees to repay or cause Lender to repay Bank on demand the amount of any Advance or any other amount owed by Lender hereunder plus (except as may be prohibited by law) accrued interest at a rate per annum (based on a 360-day year for the actual number of days involved) equal to the overnight rate applicable to the currency of the advance or other amount owed as determined by Bank. In the event that any such Advance or other amounts owed by Lender are not so paid, Bank is hereby authorized to obtain such amounts directly from the Account or the Collateral Account. In order to secure repayment of any Advance or other indebtedness to Bank arising hereunder, Client and Lender hereby agree that Bank shall have a continuing lien and security interest in and right of setoff against, all assets now or hereafter held in or credited to the Account and the Collateral Account (held on Lender’s behalf) and any other property at any time held by Bank or any Bank Affiliate for the benefit of Lender; provided that Bank shall have no lien or security interest hereunder in any Security issued or guaranteed by a Bank Affiliate or if such lien or security interest is prohibited by law. In this regard, Bank shall be entitled to all the rights and remedies of a pledgee under common law and a secured party under the applicable laws and/or regulations as then in effect. Bank and Client agree and acknowledge that the provisions of this Section 4 including any Advance made by Bank hereunder and any grant by Lender of any security for the repayment of any such Advance shall constitute a “securities contract,” as such term is defined in Section 741 of Title 11 of the United States Code, as amended.

5.             Advice of Counsel. Bank may, with respect to questions of law, apply for and obtain the advice and opinion of counsel and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice or opinion.

6.             No Collection Obligations. Bank shall be under no obligation or duty to take action to effect collection of, or be liable for, any amounts payable in respect of Securities or Approved Investments if such Securities or Approved Investments are in default, or if payment is refused after due demand and presentation.

7.             Pricing Sources. In order to perform its valuation responsibilities with respect to Loaned Securities, Collateral and Approved Investments, Bank is authorized to utilize any pricing information source used by Bank in the ordinary course of business, and Lender agrees to hold Bank harmless from and against any loss or damage suffered or incurred as a result of errors or omissions of any such pricing information source.

8.             Agent’s Fee. In consideration for the securities lending services to be provided by Bank hereunder, Bank shall be entitled to compensation in accordance with the fee schedule set forth in Schedule III attached hereto, as may be amended from time to time upon written agreement of the parties.

Bank and/or Bank Affiliates may provide services with respect to Approved Investments and may receive compensation with respect to these services. Lender consents to the retention by Bank and Bank Affiliates of such compensation.

9.             Instructions.

(a)            Subject to the terms below, Bank shall be entitled to rely upon any Written or Oral Instructions actually received by Bank and reasonably believed by Bank to be duly authorized and delivered. Client agrees that an Authorized Person shall forward to Bank Written Instructions confirming Oral Instructions by the close of business of the same day that such Oral Instructions are given to Bank. Client agrees that the fact that such confirming Written Instructions are not received or that contrary Written Instructions are received by Bank shall in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by Bank.

(b)            If Bank receives Written Instructions which appear on their face to have been transmitted by an Authorized Person via (i) computer facsimile, email, the Internet or other insecure electronic method or (ii) secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys, Client understands and agrees that Bank cannot determine the identity of the actual sender of such Written Instructions and that Bank shall conclusively presume that such Written Instructions have been sent by an Authorized Person. Lender shall be responsible for ensuring that only Authorized Persons transmit such Written Instructions to Bank and that all Authorized Persons treat applicable user and authorization codes, passwords and/or authentication keys with extreme care.

(c)            Client and each Lender acknowledges and agrees that it is fully informed of the protections and risks associated with the various methods of transmitting Written Instructions to Bank and that there may be more secure methods of transmitting Written Instructions than the method(s) selected by Client. Client agrees that the security procedures (if any) to be followed in connection with its transmission of Written Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

(d)            If Client elects to transmit Written Instructions through an on-line communication system offered by Bank, Client’s use thereof shall be subject to the Terms and Conditions which are contained in the agreement for custodial services between Lender and Bank pursuant to which the Account is established hereunder, or in the absence thereof, Bank’s standard Terms and Conditions for use of such system. If Client elects (with Bank’s prior consent) to transmit Written Instructions through an on-line communications service owned or operated by a third party, Lender agrees that Bank shall not be responsible or liable for the reliability or availability of any such service.

10.            Disclosure of Account Information; Centralized Functions. (a)           It is understood and agreed that Bank is authorized to supply any information regarding Client, Lender, the Account and the Collateral Account which is required by any statute, regulation, rule or order now or hereafter in effect. In addition, in connection with the administration of the Program and in order to facilitate the approval of Loans, Bank is specifically authorized to disclose to each Borrower the identity of Lender as well as such other information specific to Lender (including, without limitation, business address, U.S. Tax Identification Number and lendable Securities) as is reasonably necessary in accordance with industry practice for the conduct of the Program by Bank.

(b)            The Bank of New York Mellon Corporation, corporate parent of Bank, is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions, including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Client consents to the disclosure of, and authorizes Bank to disclose, information regarding Client and/or Lender and its accounts (“Customer-Related Data”) to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) Bank may store the names and business addresses of Client’s and/or Lender’s employees on the systems or in the records of the BNY Mellon Group or its service providers. In addition, the BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with the Client and/or Lender. The Client is authorized to consent to the foregoing. In addition, Bank may disclose Customer-Related Data as required by a court of law of competent jurisdiction. In such case, Bank will provide immediate notice to Client of such determination.

11.            Statements. Bank will at least monthly furnish Client with statements relating to Loans hereunder.

12.            Force Majeure. Bank shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, transportation, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation.

13.            No Implied Duties. Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement, and no covenant or obligation shall be implied against Bank in connection with this Agreement.

14.            Not Acting as Municipal Advisor. With respect to the entering into this Agreement, any rights and obligations of Bank under this Agreement (including, without limitation, the investment of Cash Collateral by Bank) and any information and material related to the foregoing that is provided to Lender by or on behalf of Bank, Lender understands and acknowledges that:

(a)            Each of Bank, its officers, employees or agents (i) are not acting as “municipal advisors” to Lender within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended (“Section 15B”), (ii) do not owe a fiduciary duty to Lender pursuant to Section 15B, and (iii) are acting for their own interests; and

(b)            This Agreement (including any amendments and related agreements) and any such information or material neither constitute a recommendation by Bank to Lender to undertake or refrain from undertaking a particular action or course of action nor constitute a recommendation that is particularized to the Lender’s specific needs, objectives or circumstances, and Lender has discussed this Agreement and any such information and material with internal or external advisors that Lender deems appropriate before entering into this Agreement and acting on such information or material.

ARTICLE VI

TERMINATION

This Agreement may be terminated at any time at the option of any party hereto upon thirty (30) days prior written notice to the other party. After such notice is given or received by Bank and subject to satisfaction of Lender’s obligations under Section 2(b) of Article IV, Bank shall not make any further Loans and shall promptly take all commercially reasonable actions to terminate Loans then outstanding in accordance with the provisions hereof. The obligations and the rights of Client, Lender and Bank under this Agreement with respect to any outstanding loans shall survive and continue despite any termination of this Agreement until fully performed or satisfied.

ARTICLE VII

MISCELLANEOUS

1.             Exclusivity. Client agrees that it shall not enter into any other agreement with any third party whereby such third party is permitted to make loans on behalf of Lender of Securities held by Bank from time to time.

2.             Certificate of Authorized Persons. Client agrees to furnish to Bank a new Certificate of Authorized Persons in the event that any present Authorized Person ceases to be an Authorized Person or in the event that any other Authorized Persons are appointed and authorized. Until such new Certificate of Authorized Persons is received, Bank shall be fully protected in acting upon Oral Instructions, Written Instructions and/or signatures of the present Authorized Persons.

3.             Notices.

(a)           Any notice or other instrument in writing, authorized or required by this Agreement to be given to Bank, shall be sufficiently given if addressed to Bank and received by it at its offices at 240 Greenwich Street, 4th Floor, New York, NY 10286, Attention: Securities Lending Division, with a copy to Client Service Center, 500 Grant Street, 4^th Floor, Pittsburgh, PA 15258, or at such other place as Bank may from time to time designate in writing.

(b)           Any notice or other instrument in writing, authorized or required by this Agreement to be given to Lender, shall be sufficiently given if addressed to Client and received by it at its office at 51 Madison Avenue, New York, NY 10010, or at such other place as Client may from time to time designate in writing.

4.             Cumulative Rights and No Waiver. Each and every right granted to Bank hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of Bank to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by Bank of any right preclude any other or future exercise thereof or the exercise of any other right.

5.             Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances.

6.             Amendments.  This Agreement may not be amended or modified in any manner except by a written agreement executed by both parties hereto.

7.             Successors and Assigns.

(a)           This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party without the written consent of the other party. Any entity controlled by The Bank of New York Mellon Corporation, which shall by merger, consolidation, purchase or otherwise succeed to substantially all of the securities lending business of Bank shall, upon such succession and without any appointment or other action by Client, be and become successor to Bank’s right, title and interest hereunder upon notification to Client.

(b)           Bank may utilize the services of one or more Bank Affiliates as sub-agent to perform all or any portion of the services to be provided by Bank; provided, however, that Bank shall be responsible for the acts and omissions of such sub-agent to the same extent as though such acts or omissions were the acts or omissions of Bank.

8.             Governing Law; Consent to Jurisdiction; Waiver of Immunity; Jury Trial Waiver. Except to the extent superseded by federal law, this Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of law principals. Client consents to the exclusive jurisdiction of a state or federal court situated in the Borough of Manhattan, The City of New York in connection with any dispute arising hereunder. To the extent that in any jurisdiction Client or Lender may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, it irrevocably agrees not to claim, and it hereby waives, such immunity. Client and Bank each hereby irrevocably waive any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

9.              No Third Party Beneficiaries. In performing hereunder, Bank is acting solely on behalf of Client and Lender and no contractual or service relationship shall be deemed to be established hereby between Bank and any other person.

10.            Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

11.            Notice to Client. Client hereby acknowledges that Bank is subject to federal laws, including the customer identification program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Bank must obtain, verify and record information that allows Bank to identify Client and Lender. Accordingly, prior to opening an Account hereunder, Bank will ask Lender to provide certain information including, but not limited to, Client’s and Lender’s name, physical address, tax identification number and other information that will help Bank to identify and verify Lender’s identity such as organizational documents, certificate of good standing, license to do business or other pertinent identifying information. Client and Lender agree that Bank cannot open an account hereunder unless and until Bank verifies Client’s and Lender’s identity in accordance with its CIP.

12.            SIPA NOTICE; Certain Losses. THE PROVISIONS OF THE SECURITIES INVESTOR PROTECTION ACT OF 1970 MAY NOT PROTECT LENDER WITH RESPECT TO LOANS HEREUNDER AND, THEREFORE, THE COLLATERAL DELIVERED TO BANK AS AGENT FOR LENDER MAY CONSTITUTE THE ONLY SOURCE OF SATISFACTION OF A BORROWER’S OBLIGATION IN THE EVENT SUCH BORROWER FAILS TO RETURN THE LOANED SECURITIES.

Client acknowledges that certain events including, but not limited to, Client's and/or Lender’s termination of any Loan or Loans or termination of participation in the Program, certain changes to the composition of Lender’s lendable Securities, extraordinary changes in market conditions or applicable interest rates or the bankruptcy, insolvency or deteriorating credit condition of any issuer of a security may result in a loss to Lender.

[Signature page to follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective corporate officers, thereunto duly authorized, as of the day and year first above written.

INDEXIQ ACTIVE ETF TRUST		THE BANK OF NEW YORK MELLON


By:		By:
	(Signature)		(Signature)
Name:		Name:
Title:		Title:


		By:
			(Signature)
		Name:
		Title:

SCHEDULE I

AMENDED AND RESTATED SECURITIES LENDING AUTHORIZATION AGREEMENT

dated _________, 2022

by and between

THE BANK OF NEW YORK MELLON and INDEXIQ ACTIVE ETF TRUST, on behalf of

various Lenders identified therein

APPROVED INVESTMENTS (U.S. Dollar Cash Collateral)

In accordance with the Agreement between the Lender and Bank, Cash Collateral received by the Bank on behalf of the Lender shall be held and maintained in a separately managed Cash Collateral Account established and maintained by the Bank for the Lender (the “Cash Collateral Account”), the assets of which shall be invested and reinvested in one or more of the Approved Investments below.

While the Cash Collateral Account will be operated on a cost basis, there is no guarantee that there will not be differences from time to time between the cost and the underlying fair market value of the assets held in the Cash Collateral Account. The cost or book value of the investment assets held in the Cash Collateral Account and their fair market value may differ from time to time. This difference may result in a loss, which is the responsibility of the Lender.

All Approved Investment, credit quality, concentration and liquidity guidelines set forth herein shall be applicable only at time of purchase.

Approved Investments may have fixed or floating interest rate provisions. Floating rate notes will reset no less frequently than quarterly. Investment in any fixed or floating rate instrument presents unique risks, which Lender should evaluate independently. BNY Mellon does not guarantee and is not responsible for the availability or continued existence of a floating rate reference associated with any particular instrument.

APPROVED INVESTMENTS

Dreyfus Institutional Preferred Government Plus Money Market Fund (DFPXX)

Disclosure of Dreyfus Fund Fee Structure. The SL Shares of the Dreyfus Fund are subject to a shareholder servicing fee (“Shareholder Servicing Fee”) of 0.04% of the assets of the Dreyfus Fund payable by the Dreyfus Fund to BNY Mellon Securities Corporation (“BNYMSC”), the Dreyfus Fund’s distributor, for the provision of services to shareholders and/or the maintenance of shareholder accounts (the “Services”). BNYMSC will pay all or a portion of the Shareholder Servicing Fee to Bank for the provision of the Services with respect to Bank’s securities lending clients whose Cash Collateral is invested in the SL Shares. Lender will receive the prospectus for the Dreyfus Fund, which includes a summary of all fees that may be paid by the Dreyfus Fund to the Bank or any of our affiliates. The Dreyfus Fund management fee is currently being waived by BNY Mellon Investment Adviser, Inc., the Dreyfus Fund’s investment adviser. The Bank will notify you in writing of any change in these fees.

Acceptance of Dreyfus Fund Fee Structure. Lender acknowledges and approves the fee structure described above.

THE BANK OF NEW YORK MELLON			INDEXIQ ACTIVE ETF TRUST

By:			By:
Title:			Title:

By:
Title:

Agreed to and Approved by ________________			Agreed to and Approved by The Bank of New York Mellon

By:			By:
Title:			Title:
Date:			Date:

			By:
			Title:
			Date:

SCHEDULE II

AMENDED AND RESTATED SECURITIES LENDING AUTHORIZATION AGREEMENT

dated _________, 2022

by and between

THE BANK OF NEW YORK MELLON and INDEXIQ ACTIVE ETF TRUST, on behalf of

various Lenders identified therein

Approved Borrowers

The following is the list of Borrowers in the Program referred to in the Agreement, as of the date of the Agreement.

Domestic Broker/Dealers & Banks
1.	ABN AMRO Securities (USA) LLC
2.	Bank of New York Mellon ***
3.	Barclays Capital, Inc. *
4.	BMO Capital Markets Corp*
5.	BNP Paribas Prime Brokerage Inc.
6.	BNP Paribas Securities Corp *
7.	BNY Mellon Capital Markets LLC ***
8.	BofAML Securities, Inc.
9.	Cantor Fitzgerald & Co. *
10.	Charles Schwab & Co., Inc.
11.	CIBC World Markets Corporation
12.	Citadel Clearing LLC
13.	Citadel Securities LLC
14.	Citibank, N.A.
15.	Citigroup Global Markets, Inc. *
16.	Commerz Markets LLC.
17.	Cowen Execution Services LLC
18.	Credit Agricole Securities (USA) Inc.
19.	Credit Suisse Securities (USA) LLC *
20.	Daiwa Capital Markets America, Inc. *
21.	Deutsche Bank Securities, Inc. *
22.	ED&F Man Capital Markets Inc.
23.	Goldman, Sachs & Co. LLC *
24.	Guggenheim Securities LLC
25.	HBK Global Securities LP
26.	HSBC Securities (USA) Inc. *
27.	Industrial and Commercial Bank of China Financial Services LLC
28.	ING Financial Markets LLC.
29.	Janney Montgomery Scott LLC
30.	Jefferies LLC *
31.	J.P. Morgan Securities, Inc. *
32.	KCG Americas LLC
33.	Macquarie Capital USA Inc.
34.	Merrill Lynch, Pierce, Fenner & Smith, Inc.*
35.	MUFG Securities Americas Inc.
36.	Mizuho Securities (USA) LLC *
37.	Morgan Stanley & Co., LLC *
38.	National Bank of Canada Financial, Inc.
39.	National Financial Services LLC
40.	Natixis Securities Americas LLC
41.	Nomura Securities International, Inc. *
42.	Palafox Trading LLC
43.	Pershing LLC ***

45.	RBC Capital Markets LLC *
46.	RBS Securities Corp. *
47.	Ronin Capital LLC
48.	Scotia Capital (USA) Inc.
49.	SG Americas Securities, LLC
50.	State of Wisconsin Investment Board
51.	SunTrust Robinson Humphrey Inc.
52.	TD Prime Services LLC
53.	TD Securities (USA) LLC *
54.	UBS Securities LLC *
55.	US Bancorp Investments Inc.
56.	Wedbush Securities Inc.
57.	Wells Fargo Bank, NA
58.	Wells Fargo Clearing Services, LLC
59.	Wells Fargo Securities, LLC *

International Brokers & Banks
60.	Abbey National Treasury Services PLC
61.	ABN AMRO Bank NV
62.	ABN Amro Clearing NV
63.	Air Canada Pension Master Trust Fund
64.	Banco Santander SA
65.	Bank of Montreal
66.	Bank of Montreal Ireland PLC
67.	The Bank of Nova Scotia
68.	The Bank of Nova Scotia (Asia) Limited
69.	The Bank of Tokyo Mitsubishi UFJ Ltd
70.	Barclays Bank PLC
71.	Barclays Capital Securities Ltd.
72.	BMO Capital Markets Limited
73.	BMO Nesbitt Burns, Inc.
74.	BNP Paribas
75.	BNP Paribas Arbitrage
76.	BNP Paribas Prime Brokerage International Ltd.
77.	Caisse De Depot Et Placement Du Quebec
78.	Canaccord Genuity Corp.
79.	Canadian Imperial Bank of Commerce
80.	Canadian Medical Protective Association
81.	Canada Pension Plan Investment Board
82.	Casgrain & Company Limited
83.	Capula Global Relative Value Master Fund Limited
84.	Capula Tail Risk Master Fund Limited
85.	CIBC World Markets Inc.
86.	Citigroup Global Markets Ltd
87.	Commerzbank AG

44.	Raymond James & Associates, Inc.

88.	Credit Agricole CIB
89.	Credit Suisse AG
90.	Credit Suisse Securities (Canada) Inc.
91.	Credit Suisse Securities (Europe), Ltd.
92.	Daiwa Capital Markets Europe Ltd.
93.	Danske Bank A/S
94.	Desjardins Securities Inc.
95.	Deutsche Bank, AG
96.	Fidelity Clearing Canada LLC
97.	Goldman Sachs International
98.	Healthcare of Ontario Pension Plan Trust Fund
99.	HSBC Bank PLC
100.	HSBC France
101.	HSBC Securities (Canada) Inc.
102.	ICBC Standard Bank PLC
103.	ING Bank, N.V.
104.	Japan Securities Finance Co., Ltd
105.	Jefferies International Ltd.
106.	J.P. Morgan Securities Australia Ltd
107.	J.P. Morgan Securities, PLC
108.	Jyske Bank
109.	KCG Europe Limited
110.	Laurentian Bank Securities
111.	Lloyds Bank Plc
112.	Macquarie Bank Ltd.
113.	Merrill Lynch Canada
114.	Merrill Lynch International
115.	MUFG Securities EMEA PLC
116.	Morgan Stanley Canada Ltd
117.	Morgan Stanley & Co. International, PLC
118.	Morgan Stanley MUFG Securities Co., Ltd
119.	Morgan Stanley Securities Australia Ltd
120.	National Australia Bank, Ltd
121.	National Bank Financial Inc.
122.	National Bank of Canada
123.	Natixis
124.	NBC Global Finance Ltd.
125.	Nomura International PLC
126.	Ontario Teachers' Pension Plan Board
127.	Public Sector Pension Investment Board
128.	RBC Dominion Securities Inc.
129.	RBC Europe Limited
130.	The Royal Bank of Scotland PLC
131.	Scotia Bank (Ireland) Limited
132.	Scotiabank Europe PLC
133.	Scotia Capital Inc.
134.	Skandinaviska Enskilda Banken AB
135.	Societe Generale
136.	Societe Generale Capital Canada Inc.
137.	Standard Chartered Bank
138.	Sumitomo Mitsui Banking Corporation
139.	TD Securities Inc.
140.	Toronto Dominion Bank
141.	UBS AG
142.	UBS Securities Australia Ltd
143.	Unicredit Bank AG

	*	Denotes Primary US Government Securities Dealer
	**	Treated as single entity for credit & processing purposes
	***	Denotes borrower is an affiliate of The Bank of New York Mellon

	(Rev 6/30/2017)

SCHEDULE III

AMENDED AND RESTATED SECURITIES LENDING AUTHORIZATION AGREEMENT

dated _________, 2022

by and between

THE BANK OF NEW YORK MELLON and INDEXIQ ACTIVE ETF TRUST, on behalf of

various Lenders identified therein

In consideration for the securities lending services to be provided by Bank hereunder, Bank shall be entitled to the following:

Bank shall retain thirty percent (30%) of the net securities lending revenues generated under this Agreement as compensation for its securities lending services and Lenders shall be entitled to the remainder of such net securities lending revenues. For purposes hereof, net securities lending revenues shall mean (i) all Securities Loan Fees derived from Bank’s acceptance of Non Cash Collateral plus (ii) all Negative Rebates paid by the Borrowers in respect of Loans plus (iii) all interest, dividends and other similar earnings from the investment and reinvestment of Cash Collateral, minus Rebates paid by Bank to the Borrowers in respect of Loans. Bank is hereby authorized to charge such compensation against and collect and/or retain such compensation from the revenues derived from the securities lending activities conducted on behalf of each Lender pursuant to this Agreement.

Net securities lending revenues may be received in different currencies. Client and/or each Lender may request that Bank, as its agent, convert these net securities lending revenues into a base currency. Client and/or each Lender acknowledges and agrees that Bank may, in its sole and absolute discretion and subject to applicable laws, choose to execute the spot FX transactions with The Bank of New York Mellon or an Affiliate using a pricing program selected by Bank. Further details on how we carry out FX conversion is available in the “Agency Securities Lending Foreign Exchange Pricing Disclosure”, a copy of which will be made available to Client and/or each Lender.

The fees paid to Bank hereunder are solely in consideration of securities lending services rendered by Bank and are in addition to any other fees or compensation to which the Bank (or any Bank) may be entitled for services rendered for Client and/or each Lender under other agreements.

ATTACHMENT 1

AMENDED AND RESTATED SECURITIES LENDING AUTHORIZATION AGREEMENT

dated _________, 2022

by and between

THE BANK OF NEW YORK MELLON and INDEXIQ ACTIVE ETF TRUST, on behalf of

various Lenders identified therein

LIST OF LENDERS

The following is the list of the “Lenders” referred to in the Securities Lending Authorization Agreement dated __________ __, 2022, by and between THE BANK OF NEW YORK MELLON and INDEXIQ ACTIVE ETF TRUST.

Lender	Ticker	CUSIP	EIN #	BNY Acct #	Inception Date
IQ MacKay ESG Core Plus Bond ETF	ESBG	45409F785	86-2522120	943872	06.18.2021
IQ MacKay Multi-Sector Income ETF	MMSB	45409F744	88-1644854

EXHIBIT A

AMENDED AND RESTATED SECURITIES LENDING AUTHORIZATION AGREEMENT

dated _________, 2022

by and between

HE BANK OF NEW YORK MELLON and INDEXIQ ACTIVE ETF TRUST (the “Agreement”)

ENGLISH LAW MASTER AGREEMENT NETTING SUPPLEMENT

The following provisions shall apply to, amend and supplement the Agreement (the “Supplement”).

In consideration of the mutual covenants set forth in the Agreement and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, each intending to be legally bound, do hereby agree as follows:

Authorization. Lender hereby authorizes Bank and agrees that Bank may enter into loans under any of the following forms of agreements related to international securities lending, including the Global Master Securities Lending Agreement (“GMSLA”) (in a currently existing industry standard form or any variation thereof, or as subsequently amended or modified by Bank in its discretion). Each GMSLA shall be considered a “Securities Borrower Agreement” under the Agreement (together, the “Global Securities Borrowing Agreements”) and that Bank shall have the authority to negotiate and agree to the terms of any such Global Securities Borrowing Agreement and any associated security agreements. Copies of the proforma Global Securities Borrowing Agreements are available upon request. Notwithstanding any term or depiction or descriptions used in the Agreement, “Borrower” for the purposes of this Supplement shall include a party acting as a securities lending borrower or repo counterparty (as applicable).

Netting arrangements.

Bank shall enter into security arrangements (“Security Arrangements”) with the Borrower whereby, in respect of any Global Securities Borrowing Agreement between such Borrower and Bank as agent on behalf of all its clients (including each Lender), the Borrower grants a security interest to Bank in relation to all amounts payable under the Global Securities Borrowing Agreements following an event of default by the Borrower. Such amounts represent excess amounts payable by these clients (including each Lender) to Borrower following a termination of the applicable Global Securities Borrowing Agreement as a result of a Borrower event of default. Following a Borrower event of default, such amounts will be available to Bank to apply to any amounts due to all the clients (including each Lender) by the Borrower under their Global Securities Borrowing Agreements.

The proforma will also contain language permitting the lender into securities loans under a pledge collateral structure, but Bank will not carry out this type of securities loan without Lender’s further permission.

To the extent Bank has entered into repurchase transactions on each Lender’s behalf under a Global Master Repurchase Agreement (“GMRA”) with a Borrower that also has in place a Global Securities Borrowing Agreement, any excess amounts under the GMRA payable to the Borrower shall also be subject to the Security Arrangements described in the preceding paragraph.

Bank may only utilize excess Collateral provided to or for Lender under the Global Securities Borrowing Agreements to the extent that any exposure of Lender for which that Collateral is being held under the Security Arrangements is first satisfied in full.

It is hereby further understood and agreed by each Lender:

In order to give effect to the benefits provided by the Security Arrangements to Bank’s securities lending clients (including Lender), Lender hereby waives any rights it may have to apply, set-off and/or consolidate any and all amounts and Collateral due to the Borrower following an event of default under any Global Securities Borrowing Agreement with the Borrower against any other obligations owed and/or amounts payable (arising under any agreement with the Borrower and whether actual or contingent) to Lender by the Borrower.

In relation to any claims against Bank available to Lender in accordance with the terms of the Agreement (as a result of an event of default by the Borrower) including any claims relating to any loss, payments, costs and/or expenses being for the account of the Bank, such claims against Bank shall only take effect after enforcement of all assets and rights under the Security Arrangements in respect of such Borrower and of all rights and remedies available to Bank under such Security Arrangements. Nothing contained herein shall amend or vary any obligation of Bank to Lender under the Agreement.

Authority. Each party represents and warrants to the other party that it has the power and authority to execute and deliver this Supplement and effect the amendments to the terms of the Agreement thereby and all necessary consents therein and perform its obligations under this Supplement and has taken all necessary action to authorize such execution, delivery and performance.

This Supplement shall be construed in accordance with the laws of the State of New York, without giving effect to the conflict of law provisions thereof that would result in the application of the law of any other jurisdiction.

Except as expressly amended hereby, all of the provisions of the Agreement shall continue in full force and effect; and are hereby ratified and confirmed in all respects. Upon the effectiveness of this Supplement, all references in the Agreement to “this Agreement” (and all indirect references such as “herein”, “hereby”, “hereunder” and “hereof”) shall be deemed to refer to the Agreement as amended and supplemented by this Supplement.

This Supplement may be executed in two or more counterparts, each of which shall be an original, but all of which shall constitute but one agreement.

IN WITNESS WHEREOF, the parties have executed this Supplement as of the date set forth above.

THE BANK OF NEW YORK MELLON			INDEXIQ ACTIVE ETF TRUST


By:			By:
Name:			Name:
Title:			Title:
Date:			Date:

By:
Name:
Title:
Date:

Exhibit 99.(i)

June 29, 2022

Board of Trustees of IndexIQ Active ETF Trust

51 Madison Avenue

New York, NY 10010

Re:

IndexIQ Active ETF Trust (Registration Nos. 333-183489 and 811-22739) with respect to IQ MacKay Multi-Sector Income ETF (the “Fund”)

Ladies and Gentlemen:

We have acted as counsel for IndexIQ Active ETF Trust, a Delaware statutory trust (the “Trust”), in connection with the Trust’s filing on June 29, 2022 with the Securities and Exchange Commission (the “Commission”) of its Post-Effective Amendments No. 89 under the Securities Act of 1933 (the “1933 Act”) (File No. 333-183489) and its Amendment No. 95 under the Investment Company Act of 1940 (File No. 811-22739), respectively, to its Registration Statement on Form N-lA (as amended, the “Registration Statement”) relating to the issuance and sale by the Trust of an unlimited number of authorized shares of the Fund (the “Shares”).

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such instruments, documents and records as we have deemed relevant and necessary to examine for the purpose of this opinion, including (a) the Registration Statement, (b) the Trust’s Declaration of Trust, as amended to date, (c) the Trust’s By-laws, as amended to date, (d) resolutions of the Board of Trustees of the Trust related to the Shares and the Fund; and (e) such other instruments, documents, statements and records of the Trust and others as we have deemed relevant and necessary to examine and rely upon for the purpose of this opinion.

In connection with this opinion, we have assumed the legal capacity of all natural persons, the accuracy and completeness of all documents and records that we have reviewed, the genuineness of all signatures, the authenticity of the documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed or reproduced copies.

June 29, 2022

Page 2

Based upon the foregoing, we are of the opinion that the Shares proposed to be offered and sold pursuant to the Registration Statement, when Post-Effective Amendment No. 89 and Amendment No. 95 becomes effective pursuant to the rules and regulations of the Commission, will have been validly authorized and, when sold in accordance with the terms of the Registration Statement and the requirements of applicable federal and state law and delivered by the Trust against receipt of the net asset value of the Shares, as described in the Registration Statement, will have been legally and validly issued and will be fully paid and non-assessable by the Trust.

This opinion is given as of the date hereof and we assume no obligation to advise you of changes that may hereafter be brought to our attention. This opinion is limited to the Delaware statutory trust laws governing matters such as the authorization and issuance of the Shares, and we do not express any opinion concerning any other laws.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Commission, and to the use of our name in the Registration Statement under the caption “Legal Counsel” in the prospectus that is a part thereof and under the caption “Legal Counsel” in the statement of additional information that is a part thereof and in any revised or amended versions thereof. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act, as amended, and the rules and regulations thereunder.

	Respectfully submitted,

	/s/ Chapman and Cutler LLP
	Chapman and Cutler LLP

Exhibit 99.(q)

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of J. Kevin Gao, Matthew V. Curtin, Jomil M. Guerrero and Adefolahan Oyefeso as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign any and all Registration Statements applicable to IndexIQ ETF Trust and IndexIQ Active ETF Trust and any and all amendments or supplements thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission and the states, granting unto each such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each such attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

		/s/ Lofton Holder
		Lofton Holder, Trustee
		June 28, 2022

POWER OF ATTORNEY

		/s/ Kirk C. Lehneis
		Kirk C. Lehneis, Trustee
		June 28, 2022

POWER OF ATTORNEY

		/s/ Michael A. Pignataro
		Michael A. Pignataro, Trustee
		June 28, 2022

POWER OF ATTORNEY

		/s/ Paul D. Schaeffer
		Paul D. Schaeffer, Trustee
		June 28, 2022

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of J. Kevin Gao, Matthew V. Curtin, Jomil M. Guerrero and Adefolahan Oyefeso as her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for her in her name, place and stead, to sign any and all Registration Statements applicable to IndexIQ ETF Trust and IndexIQ Active ETF Trust and any and all amendments or supplements thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission and the states, granting unto each such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as she might or could do in person, hereby ratifying and confirming all that each such attorney-in-fact and agent, or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

		/s/ Michelle A. Shell
		Michelle A. Shell, Trustee
		June 28, 2022

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