# EDGAR Filing Document

**Accession Number:** 0001426439
**File Stem:** 0001999371-25-021427
**Filing Date:** 2025-12
**Character Count:** 659766
**Document Hash:** 5d8870977ade4e6382e1516f520cccce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-021427.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001999371-25-021427

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New York Life Investments Active ETF Trust
- **CENTRAL INDEX KEY:** 0001426439

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22739
- **FILM NUMBER:** 251616103

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 576-5018

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NYLI MacKay Core Plus Bond ETF
- **DATE OF NAME CHANGE:** 20241203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New York Life Investments Active ETF Trust
- **DATE OF NAME CHANGE:** 20240822

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IndexIQ Active ETF Trust
- **DATE OF NAME CHANGE:** 20080207

## Series and Classes Contracts Data

### NYLI MacKay Muni Insured ETF (Series ID: S000057660)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000184310 | NYLI MacKay Muni Insured ETF | MMIN            |

### NYLI MacKay Muni Intermediate ETF (Series ID: S000057661)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000184311 | NYLI MacKay Muni Intermediate ETF | MMIT            |

### NYLI MacKay California Muni Intermediate ETF (Series ID: S000069622)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000222073 | NYLI MacKay California Muni Intermediate ETF | MMCA            |

### NYLI MacKay Core Plus Bond ETF (Series ID: S000071156)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000225893 | NYLI MacKay Core Plus Bond ETF | CPLB            |

### NYLI Winslow Large Cap Growth ETF (Series ID: S000075560)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000234758 | NYLI Winslow Large Cap Growth ETF | IWLG            |

### NYLI Winslow Focused Large Cap Growth ETF (Series ID: S000075561)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000234759 | NYLI Winslow Focused Large Cap Growth ETF | IWFG            |

### NYLI MacKay High Income ETF (Series ID: S000077600)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000238088 | NYLI MacKay High Income ETF | IQHI            |

### NYLI CBRE Real Assets ETF (Series ID: S000079855)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000241259 | NYLI CBRE Real Assets ETF | IQRA            |

### NYLI MacKay Securitized Income ETF (Series ID: S000084196)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000248469 | NYLI MacKay Securitized Income ETF | SECR            |

### NYLI MacKay Muni Short Duration ETF (Series ID: S000090646)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000257922 | NYLI MacKay Muni Short Duration ETF |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>**811-22739**</u>

**New York Life Investments Active ETF Trust**

------

(Exact name of registrant as specified in charter)

**51 Madison Avenue New York, NY 10010**

------

(Address of principal executive offices) (Zip code)

**Kirk C. Lehneis New York Life Investment Management LLC 51 Madison Avenue** 

**New York, NY 10010**

------

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>**1-888-474-7725**</u>

Date of fiscal year end: <u>**April 30**</u>

Date of reporting period: <u>**October 31, 2025**</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI CBRE Real Assets ETF

## IQRA/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI CBRE Real Assets ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI CBRE Real Assets ETF | $34 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](ia69b9caf1d7d3c8230d2de95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI CBRE Real Assets ETF - NAV 12,086** | **MSCI World<sup>®</sup> Index (Net)16,159** | **CBRE Real Assets Blended Index12,063** |
| **05/10/2023** | 10000 | 10000 | 10000 |
| **10/31/2023** | 8759 | 9907 | 8860 |
| **04/30/2024** | 9984 | 11917 | 9991 |
| **10/31/2024** | 11277 | 13243 | 11354 |
| **04/30/2025** | 11424 | 13366 | 11396 |
| **10/31/2025** | 12086 | 16159 | 12063 |

---

Period Ended

7256617

MEIQRA10-12/25

NYLI CBRE Real Assets ETF \| 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Since Inception** |
| NYLI CBRE Real Assets ETF - NAV | 05/10/2023 | 5.80% | 7.17% | 7.95% |
| MSCI World<sup>®</sup> Index (Net)<sup>Footnote Reference2</sup> |  | 20.90% | 22.02% | 21.39% |
| CBRE Real Assets Blended Index<sup>Footnote Reference3</sup> |  | 5.85% | 6.24% | 7.87% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The MSCI World<sup>®</sup> Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The CBRE Real Assets Blended Index is a blended index of 50% EPRA Nareit Developed Index Net Total Return Index a free-float adjusted, market capitalization weighted index designed to track the performance of listed real estate companies in developed countries worldwide, and 50% FTSE Global Core Infrastructure 50/50 Net Total Return Index which captures the performance of listed infrastructure securities in both developed and emerging markets. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $6285966 |
| Total number of portfolio holdings | 110 |
| Portfolio turnover rate | 50% |

---

7256617

MEIQRA10-12/25

NYLI CBRE Real Assets ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| Welltower, Inc. | 4.5% |
| Equinix, Inc. | 4.4% |
| Simon Property Group, Inc. | 3.2% |
| NextEra Energy, Inc. | 2.6% |
| WEC Energy Group, Inc. | 2.6% |
| Xcel Energy, Inc. | 2.6% |
| Prologis, Inc. | 2.5% |
| Targa Resources Corp. | 2.3% |
| National Grid PLC | 2.1% |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2.0% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Utilities | 27.2% |
| Transportation | 13.5% |
| Healthcare Facilities | 7.8% |
| Retail: Enclosed Malls | 7.1% |
| Diversified Property Holdings | 6.9% |
| Industrial Properties | 6.4% |
| Midstream/Pipelines | 6.3% |
| Datacenters | 5.9% |
| Residential | 3.7% |
| Office Buildings | 3.5% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEIQRA10-12/25

NYLI CBRE Real Assets ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI MacKay Core Plus Bond ETF

## CPLB/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI MacKay Core Plus Bond ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI MacKay Core Plus Bond ETF | $18 | 0.34% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](ia2511ff88343adc483187778.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Core Plus Bond ETF - NAV 10,261** | **Bloomberg U.S. Aggregate Bond Index9,947** | **Core Plus Bond Blended Index10,319** |
| **06/29/2021** | 10000 | 10000 | 10000 |
| **10/31/2021** | 10020 | 10016 | 10032 |
| **04/30/2022** | 9069 | 9068 | 9128 |
| **10/31/2022** | 8323 | 8446 | 8547 |
| **04/30/2023** | 8950 | 9029 | 9121 |
| **10/31/2023** | 8424 | 8476 | 8670 |
| **04/30/2024** | 9052 | 8897 | 9169 |
| **10/31/2024** | 9622 | 9370 | 9686 |
| **04/30/2025** | 9881 | 9610 | 9918 |
| **10/31/2025** | 10261 | 9947 | 10319 |

---

Period Ended

7256617

MEESGB10-12/25

NYLI MacKay Core Plus Bond ETF \| 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Since Inception** |
| NYLI MacKay Core Plus Bond ETF - NAV | 06/29/2021 | 3.85% | 6.65% | 0.60% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference2</sup> |  | 3.50% | 6.16% | -0.12% |
| Core Plus Bond Blended Index<sup>Footnote Reference3</sup> |  | 4.05% | 6.54% | 0.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The Core Plus Bond Blended Index, which is a blended index consisting of 80% Bloomberg U.S. Aggregate Bond Index and 20% ICE BofA U.S. High Yield Constrained Index. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $291454873 |
| Total number of portfolio holdings | 749 |
| Portfolio turnover rate | 47% |

---

7256617

MEESGB10-12/25

NYLI MacKay Core Plus Bond ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.50%-4.25%, due 8/15/35 | 5.9% |
| Government National Mortgage Association, Series 2025-2 Z, 0.00%-7.80%, due 1/20/55 | 5.2% |
| Fannie Mae Pool, Series 2024-FS8275, 2.00%-6.00%, due 6/1/54 | 3.4% |
| Freddie Mac Pool, Series 2022-SD8243, 2.50%-6.00%, due 9/1/52 | 3.4% |
| U.S. Treasury Bonds, 4.75%-4.88%, due 8/15/45 | 3.4% |
| Connecticut Avenue Securities Trust, Series 2024-R05 2B1, 6.13%-13.55%, (1 Month SOFR + 2.00%), due 7/25/44 | 2.4% |
| Freddie Mac REMICS, Series 2017-4725 WZ, 0.00%-4.00%, due 11/15/47 | 2.3% |
| RCKT Mortgage Trust, Series 2021-5 A1, 2.50%, due 11/25/51 | 1.2% |
| Freddie Mac STACR REMIC Trust, Series 2025-HQA1 M2, 5.53%-9.40%, (1 Month SOFR + 1.65%), due 2/25/45 | 1.0% |
| Fannie Mae REMICS, Series 2020-57 LJ, 0.00%-3.50%, due 8/25/50 | 0.9% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Mortgage Securities | 32.7% |
| Banks | 7.9% |
| Asset-Backed Securities | 7.3% |
| U.S. Treasury Note | 5.9% |
| Electric | 5.0% |
| Diversified Financial Services | 3.5% |
| U.S. Treasury Bond | 3.4% |
| Pipelines | 2.4% |
| Auto Manufacturers | 2.0% |
| Collateralized Loan Obligations | 1.9% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEESGB10-12/25

NYLI MacKay Core Plus Bond ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI MacKay High Income ETF

## IQHI/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI MacKay High Income ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI MacKay High Income ETF | $21 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](ieff6618142de8ff36427a2b3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay High Income ETF - NAV 13,254** | **Bloomberg U.S. Aggregate Bond Index11,934** | **Bloomberg Very Liquid High Yield Index13,577** |
| **10/25/2022** | 10000 | 10000 | 10000 |
| **10/31/2022** | 10049 | 10133 | 10191 |
| **04/30/2023** | 10712 | 10833 | 10814 |
| **10/31/2023** | 10663 | 10169 | 10788 |
| **04/30/2024** | 11521 | 10674 | 11777 |
| **10/31/2024** | 12290 | 11242 | 12556 |
| **04/30/2025** | 12468 | 11531 | 12749 |
| **10/31/2025** | 13254 | 11934 | 13577 |

---

Period Ended

7256617

MEIQHI10-12/25

NYLI MacKay High Income ETF \| 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Since Inception** |
| NYLI MacKay High Income ETF - NAV | 10/25/2022 | 6.31% | 7.85% | 9.78% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference2</sup> |  | 3.50% | 6.16% | 6.03% |
| Bloomberg Very Liquid High Yield Index<sup>Footnote Reference3</sup> |  | 6.49% | 8.13% | 10.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The Bloomberg Very Liquid High Yield Index, is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment grade and are commonly referred to as "junk bonds." |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $76035508 |
| Total number of portfolio holdings | 343 |
| Portfolio turnover rate | 34% |

---

7256617

MEIQHI10-12/25

NYLI MacKay High Income ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%-4.75%, due 3/1/30 | 2.0% |
| Cloud Software Group, Inc., 6.50%-9.00%, due 3/31/29 | 1.4% |
| Post Holdings, Inc., 4.50%-6.38%, due 4/15/30 | 1.4% |
| OneMain Finance Corp., 6.63%-7.50%, due 3/15/32 | 1.3% |
| XPLR Infrastructure Operating Partners LP, 7.25%-8.63%, due 3/15/33 | 1.1% |
| Hilton Domestic Operating Co., Inc., 4.00%-5.75%, due 5/1/31 | 1.0% |
| CHS/Community Health Systems, Inc., 4.75%-6.00%, due 1/15/29 | 1.0% |
| Mineral Resources Ltd., 7.00%-9.25%, due 10/1/28 | 1.0% |
| AmeriGas Partners LP / AmeriGas Finance Corp., 9.38%-9.50%, due 6/1/28 | 1.0% |
| Newell Brands, Inc., 6.38%-8.50%, due 9/15/27 | 0.9% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Media | 10.3% |
| Oil & Gas | 7.7% |
| Electric | 6.2% |
| Commercial Services | 5.9% |
| Retail | 5.8% |
| Short-Term Investments | 5.2% |
| Diversified Financial Services | 4.9% |
| Chemicals | 3.7% |
| REITs | 3.3% |
| Telecommunications | 3.1% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEIQHI10-12/25

NYLI MacKay High Income ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI MacKay Securitized Income ETF

## SECR/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI MacKay Securitized Income ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the period since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI MacKay Securitized Income ETF | $19 | 0.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](ieb4a951777293ae259d79ea5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Securitized Income ETF - NAV 11,286** | **Bloomberg U.S. Aggregate Bond Index 10,526** | **Bloomberg U.S. Securitized Bond Index 10,511** |
| **10/01/2019** | 10000 | 10000 | 10000 |
| **10/31/2019** | 10007 | 10030 | 10035 |
| **4/30/2020** | 10131 | 10517 | 10401 |
| **10/31/2020** | 10567 | 10651 | 10445 |
| **4/30/2021** | 10759 | 10489 | 10420 |
| **10/31/2021** | 10778 | 10600 | 10395 |
| **4/30/2022** | 10025 | 9596 | 9522 |
| **10/31/2022** | 9211 | 8938 | 8852 |
| **4/30/2023** | 9892 | 9555 | 9441 |
| **10/31/2023** | 9307 | 8969 | 8800 |
| **4/30/2024** | 9865 | 9415 | 9264 |
| **10/31/2024** | 10497 | 9915 | 9797 |
| **4/30/2025** | 10925 | 10170 | 10096 |
| **10/31/2025** | 11286 | 10526 | 10511 |

---

Period Ended

7256617

MESECR10-12/25

NYLI MacKay Securitized Income ETF \| 1

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025\*** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Five Years** | **Since Inception** |
| NYLI MacKay Securitized Income ETF - NAV | 10/01/2019 | 3.31% | 7.52% | 1.33% | 2.01% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference2</sup> |  | 3.50% | 6.16% | -0.24% | 0.85% |
| Bloomberg U.S. Securitized Bond Index<sup>Footnote Reference3</sup> |  | 4.11% | 7.29% | 0.13% | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The Bloomberg U.S. Securitized Bond Index is an unmanaged index that includes the MBS, ABS, and CMBS sectors of the Bloomberg U.S. Aggregate Bond universe. |

---

\* The Fund commenced operations on May 31, 2024, after the conversion of a separately managed account (the "Predecessor Account") into shares of the Fund. Performance shown for periods prior to May 31, 2024, is that of the Predecessor Account. The Predecessor Account commenced operations on October 1, 2019. The Predecessor Account was not registered under the Investment Company of Act of 1940 (the "1940 Act") and therefore was not subject to certain restrictions imposed on registered investment companies by the 1940 Act and the Internal Revenue Code of 1986. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account's performance may have been adversely affected.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $157560626 |
| Total number of portfolio holdings | 432 |
| Portfolio turnover rate | 34% |

---

7256617

MESECR10-12/25

NYLI MacKay Securitized Income ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| Fannie Mae Pool, Series 2024-FS8105, 2.00%-6.00%, due 10/1/52 | 18.7% |
| Freddie Mac Pool, Series 2022-SD8199, 2.00%-6.00%, due 3/1/52 | 14.5% |
| Government National Mortgage Association, Series 2019-97 FG, 0.00%-7.10%, (1 Month CME SOFR + 0.80%), due 8/20/49 | 5.4% |
| J.P. Morgan Mortgage Trust, Series 2021-11 A3, 0.22%-6.00%, due 1/25/52 | 2.9% |
| RCKT Mortgage Trust, Series 2021-5 A1, 2.50%, due 11/25/51 | 2.5% |
| Connecticut Avenue Securities Trust, Series 2020-SBT1 1B1, 6.13%-13.55%, (1 Month SOFR + 6.86%), due 2/25/40 | 2.0% |
| Flagship Credit Auto Trust, Series 2021-3 E, 1.27%-5.80%, due 12/15/28 | 1.8% |
| Benchmark Mortgage Trust, Series 2020-B17 C, 2.50%-4.97%, due 3/15/53 | 1.7% |
| Freddie Mac STACR REMIC Trust, Series 2021-HQA3 B2, 6.53%-11.18%, (1 Month SOFR + 6.25%), due 9/25/41 | 1.6% |
| Wells Fargo Commercial Mortgage Trust, Series 2018-C44 D, 3.00%-4.94%, due 5/15/51 | 1.4% |

---

\* Excluding short-term investments

#### Portfolio Composition

---

| | |
|:---|:---|
| Mortgage Securities | 80.2% |
| Asset-Backed Securities | 14.8% |
| Collateralized Loan Obligations | 3.2% |
| Short-Term Investments | 1.4% |
| Other Asset and Liabilities | 0.4% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MESECR10-12/25

NYLI MacKay Securitized Income ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI MacKay Muni Insured ETF

## MMIN/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI MacKay Muni Insured ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI MacKay Muni Insured ETF | $16 | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](ic104b38985d8ff28d93c8074.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Muni Insured ETF - NAV 12,211** | **Bloomberg Municipal Bond Index11,901** | **Bloomberg Municipal All Insured Bond Index12,257** |
| **10/18/2017** | 10000 | 10000 | 10000 |
| **10/31/2017** | 9996 | 9960 | 9966 |
| **04/30/2018** | 9987 | 9864 | 9903 |
| **10/31/2018** | 10042 | 9909 | 9975 |
| **04/30/2019** | 10658 | 10471 | 10617 |
| **10/31/2019** | 11089 | 10842 | 11081 |
| **04/30/2020** | 11090 | 10697 | 10929 |
| **10/31/2020** | 11714 | 11231 | 11520 |
| **04/30/2021** | 12012 | 11526 | 11945 |
| **10/31/2021** | 12036 | 11528 | 11985 |
| **04/30/2022** | 10968 | 10617 | 10872 |
| **10/31/2022** | 10202 | 10147 | 10274 |
| **04/30/2023** | 11159 | 10922 | 11186 |
| **10/31/2023** | 10492 | 10415 | 10572 |
| **04/30/2024** | 11405 | 11150 | 11452 |
| **10/31/2024** | 11725 | 11425 | 11749 |
| **04/30/2025** | 11610 | 11335 | 11615 |
| **10/31/2025** | 12211 | 11901 | 12257 |

---

Period Ended

7256617

MEMMIN10-12/25

NYLI MacKay Muni Insured ETF \| 1

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Five Years** | **Since Inception** |
| NYLI MacKay Muni Insured ETF - NAV | 10/18/2017 | 5.18% | 4.15% | 0.83% | 2.52% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference2</sup> |  | 4.99% | 4.17% | 1.16% | 2.19% |
| Bloomberg Municipal All Insured Bond Index<sup>Footnote Reference3</sup> |  | 5.53% | 4.32% | 1.25% | 2.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The Bloomberg Municipal All Insured Bond Index, which is a total return performance benchmark for municipal bonds that are backed by insurers with Aaa/AAA ratings and have maturities of at least one year. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $351309798 |
| Total number of portfolio holdings | 187 |
| Portfolio turnover rate | 23% |

---

7256617

MEMMIN10-12/25

NYLI MacKay Muni Insured ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| Wayne County Airport Authority, Series B, 5.50%, due 12/1/48 | 2.6% |
| Southwestern Illinois Development Authority, Series B, 5.50%, due 4/1/50 | 2.1% |
| Greater Asheville Regional Airport Authority, Series A, 5.25%, due 7/1/41 | 1.9% |
| Los Angeles Department of Water & Power, Series A, 5.00%, due 7/1/55 | 1.7% |
| Sangamon County School District No 186 Springfield, 5.50%, due 6/1/50 | 1.6% |
| Texas State Technical College, 5.25%-5.50%, due 8/1/42 | 1.6% |
| Massachusetts Development Finance Agency, Series N, 3.00%-5.50%, due 7/1/55 | 1.5% |
| Washington State Housing Finance Commission, Series A, 5.00%-5.25%, due 7/1/45 | 1.5% |
| City of San Mateo CA, 5.25%, due 9/1/37 | 1.4% |
| Sales Tax Securitization Corp., Series C, 4.00%-5.25%, due 1/1/48 | 1.4% |

---

\* Excluding short-term investments

#### Top States

---

| | |
|:---|:---|
| Texas | 15.4% |
| Illinois | 15.2% |
| California | 10.7% |
| Pennsylvania | 5.8% |
| New York | 4.8% |
| Michigan | 4.6% |
| Alabama | 3.4% |
| Washington | 3.3% |
| Indiana | 3.0% |
| Ohio | 2.9% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEMMIN10-12/25

NYLI MacKay Muni Insured ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI MacKay Muni Short Duration ETF

## MMSD/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI MacKay Muni Short Duration ETF (the "Fund") for the period of May 6, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference2,</sup><sup>Footnote Reference3</sup>** |
| NYLI MacKay Muni Short Duration ETF | $12 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;The Fund commenced operations on May 6, 2025. Expenses for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](idadb885061b08f5406aec80d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Muni Short Duration ETF - NAV 10,316** | **Bloomberg Municipal Bond Index10,494** | **Bloomberg 3-Year Municipal Bond Index10,278** |
| **05/06/2025** | 10000 | 10000 | 10000 |
| **10/25** | 10316 | 10494 | 10278 |

---

Period Ended

7256617

MEMMSD10-12/25

NYLI MacKay Muni Short Duration ETF \| 1

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Since Inception<sup>Footnote Reference1</sup>** |
| NYLI MacKay Muni Short Duration ETF - NAV | 05/06/2025 | 3.16% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference2</sup> |  | 4.94% |
| Bloomberg 3-Year Municipal Bond Index<sup>Footnote Reference3</sup> |  | 2.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The Bloomberg 3-Year Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity range of 2-4 years. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $56569947 |
| Total number of portfolio holdings | 127 |
| Portfolio turnover rate | 115% |

---

7256617

MEMMSD10-12/25

NYLI MacKay Muni Short Duration ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| State of California, Series A1, 3.00%-4.88%, due 5/1/33 | 3.4% |
| Maryland Health & Higher Educational Facilities Authority, 5.00%, due 7/1/26 | 3.1% |
| Los Angeles Department of Water & Power, Series A-1, 3.35%-5.00%, due 7/1/50 | 2.9% |
| PMA Levy & Aid Anticipation Notes Program, Series B, 5.00%, due 4/2/26 | 2.7% |
| Public Building Authority of Sevier County TN (The), 3.97%, due 3/1/49 | 2.5% |
| Columbia Industrial Development Board, Series A, 3.95%, due 12/1/37 | 2.5% |
| Development Authority of Burke County (The), 3.95%, due 11/1/52 | 2.5% |
| Anaheim Housing & Public Improvements Authority, Series A, 3.10%, due 10/1/54 | 2.5% |
| City of New York NY, Series B5, 3.90%, due 10/1/46 | 2.5% |
| Pennsylvania Turnpike Commission, 5.00%, due 12/1/29 | 2.4% |

---

\* Excluding short-term investments

#### Top States

---

| | |
|:---|:---|
| California | 15.6% |
| Texas | 15.2% |
| New York | 10.7% |
| Pennsylvania | 7.5% |
| Georgia | 6.8% |
| Illinois | 5.9% |
| Alabama | 5.5% |
| Colorado | 5.4% |
| Indiana | 4.7% |
| Tennessee | 4.0% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEMMSD10-12/25

NYLI MacKay Muni Short Duration ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI MacKay Muni Intermediate ETF

## MMIT/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI MacKay Muni Intermediate ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI MacKay Muni Intermediate ETF | $15 | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](ifb18650346afb9257fdd0260.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Muni Intermediate ETF - NAV 12,357** | **Bloomberg Municipal Bond Index11,901** | **Bloomberg Municipal Bond Index 1-15 Year Blend11,896** |
| **10/18/2017** | 10000 | 10000 | 10000 |
| **10/31/2017** | 9992 | 9960 | 9969 |
| **04/30/2018** | 9966 | 9864 | 9853 |
| **10/31/2018** | 10021 | 9909 | 9916 |
| **04/30/2019** | 10623 | 10471 | 10403 |
| **10/31/2019** | 11037 | 10842 | 10721 |
| **04/30/2020** | 10904 | 10697 | 10649 |
| **10/31/2020** | 11485 | 11231 | 11113 |
| **04/30/2021** | 11864 | 11526 | 11323 |
| **10/31/2021** | 11850 | 11528 | 11311 |
| **04/30/2022** | 11018 | 10617 | 10554 |
| **10/31/2022** | 10565 | 10147 | 10299 |
| **04/30/2023** | 11311 | 10922 | 10923 |
| **10/31/2023** | 10949 | 10415 | 10553 |
| **04/30/2024** | 11548 | 11150 | 11124 |
| **10/31/2024** | 11822 | 11425 | 11348 |
| **04/30/2025** | 11830 | 11335 | 11346 |
| **10/31/2025** | 12357 | 11901 | 11896 |

---

Period Ended

7256617

MEMMIT10-12/25

NYLI MacKay Muni Intermediate ETF \| 1

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Five Years** | **Since Inception** |
| NYLI MacKay Muni Intermediate ETF - NAV | 10/18/2017 | 4.46% | 4.53% | 1.48% | 2.67% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference2</sup> |  | 4.99% | 4.17% | 1.16% | 2.19% |
| Bloomberg Municipal Bond Index 1-15 Year Blend<sup>Footnote Reference3</sup> |  | 4.85% | 4.83% | 1.37% | 2.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The Bloomberg Municipal Bond 1-15 Year Blend Index, which covers the U.S. dollar-denominate long-term tax-exempt bond market. The index has four main sectors state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1203634435 |
| Total number of portfolio holdings | 725 |
| Portfolio turnover rate | 26% |

---

7256617

MEMMIT10-12/25

NYLI MacKay Muni Intermediate ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| Black Belt Energy Gas District, Series B, 3.57%-5.50%, due 10/1/35 | 2.9% |
| Kentucky Public Energy Authority, Series B, 4.00%-5.25%, due 1/1/55 | 2.3% |
| Main Street Natural Gas, Inc., Series E, 4.00%-5.00%, due 5/1/55 | 2.2% |
| Southeast Energy Authority A Cooperative District, Series A, 5.00%-5.50%, due 11/1/35 | 2.0% |
| Kerrville Public Utility Board Public Facility Corp., Series A, 5.00%-5.25%, due 4/15/45 | 1.7% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54 | 1.6% |
| Antelope Valley-East Kern Water Agency Financing Authority, Series B, 5.00%, due 4/1/55 | 1.5% |
| Pennsylvania Housing Finance Agency, Series 137, 3.00%-6.00%, due 10/1/51 | 1.3% |
| Mansfield Independent School District, 5.00%, due 2/15/39 | 1.3% |
| New Hampshire Business Finance Authority, Series 1, 3.63%-5.25%, due 11/20/42 | 1.3% |

---

\* Excluding short-term investments

#### Top States

---

| | |
|:---|:---|
| Texas | 12.8% |
| California | 8.3% |
| Illinois | 7.8% |
| New York | 6.9% |
| Alabama | 6.2% |
| Georgia | 3.7% |
| Pennsylvania | 3.3% |
| Kentucky | 3.1% |
| Utah | 2.9% |
| Ohio | 2.4% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEMMIT10-12/25

NYLI MacKay Muni Intermediate ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI MacKay California Muni Intermediate ETF

## MMCA/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI MacKay California Muni Intermediate ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI MacKay California Muni Intermediate ETF | $18 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](i16fdb0412405c8aeac66714f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay California Muni Intermediate ETF - NAV 9,925** | **Bloomberg Municipal Bond Index10,223** | **Bloomberg California Intermediate Municipal Bond Index10,430** |
| **12/21/2021** | 10000 | 10000 | 10000 |
| **04/30/2022** | 8782 | 9121 | 9186 |
| **10/31/2022** | 8427 | 8716 | 9028 |
| **04/30/2023** | 8983 | 9383 | 9583 |
| **10/31/2023** | 8687 | 8947 | 9224 |
| **04/30/2024** | 9228 | 9578 | 9697 |
| **10/31/2024** | 9417 | 9814 | 9891 |
| **04/30/2025** | 9445 | 9738 | 9857 |
| **10/31/2025** | 9925 | 10223 | 10430 |

---

Period Ended

7256617

MEMMCA10-12/25

NYLI MacKay California Muni Intermediate ETF \| 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Since Inception** |
| NYLI MacKay California Muni Intermediate ETF - NAV | 12/21/2021 | 5.09% | 5.40% | -0.19% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference2</sup> |  | 4.99% | 4.17% | 0.57% |
| Bloomberg California Intermediate Municipal Bond Index<sup>Footnote Reference3</sup> |  | 5.81% | 5.45% | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The Bloomberg California Intermediate Municipal Bond Index, is a market value-weighted index of California investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $60035198 |
| Total number of portfolio holdings | 97 |
| Portfolio turnover rate | 28% |

---

7256617

MEMMCA10-12/25

NYLI MacKay California Muni Intermediate ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| California Community Choice Financing Authority, Series E, 4.00%-5.50%, due 10/1/56 | 9.4% |
| Sacramento City Unified School District, Series A, 2.69%-5.50%, due 8/1/37 | 4.9% |
| California Municipal Finance Authority, Series A, 3.00%-5.25%, due 11/1/41 | 4.2% |
| California Health Facilities Financing Authority, Series A, 4.00%-5.00%, due 12/1/36 | 3.8% |
| University of California, Series CA, 4.00%-5.00%, due 5/15/38 | 3.2% |
| State of California, 5.00%, due 4/1/33 | 3.2% |
| California Statewide Communities Development Authority, 4.00%-5.00%, due 4/1/36 | 2.7% |
| West Contra Costa Unified School District, Series B, 5.00%, due 8/1/39 | 2.3% |
| Territory of Guam, Series F, 5.00%, due 1/1/30 | 2.3% |
| Southern California Logistics Airport Authority, Series A, 5.00%, due 12/1/36 | 2.3% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Short-Term Investments | 24.4% |
| General | 22.4% |
| School District | 18.6% |
| General Obligation | 9.7% |
| Water | 6.7% |
| Medical | 5.3% |
| Higher Education | 3.7% |
| Power | 3.5% |
| Airport | 3.1% |
| Transportation | 3.0% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEMMCA10-12/25

NYLI MacKay California Muni Intermediate ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI Winslow Large Cap Growth ETF

## IWLG/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Winslow Large Cap Growth ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI Winslow Large Cap Growth ETF | $32 | 0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](ifcd3fb44ed3b343615364746.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI Winslow Large Cap Growth ETF - NAV 22,800** | **Russell 3000<sup>®</sup> Index18,792** | **Russell 1000<sup>®</sup> Growth Index22,958** |
| **06/23/2022** | 10000 | 10000 | 10000 |
| **10/31/2022** | 10186 | 10411 | 10285 |
| **04/30/2023** | 11489 | 11171 | 11469 |
| **10/31/2023** | 12259 | 11283 | 12234 |
| **04/30/2024** | 15732 | 13662 | 15117 |
| **10/31/2024** | 18025 | 15554 | 17589 |
| **04/30/2025** | 17823 | 15220 | 17313 |
| **10/31/2025** | 22800 | 18792 | 22958 |

---

Period Ended

7256617

MEIWLG10-12/25

NYLI Winslow Large Cap Growth ETF \| 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Since Inception** |
| NYLI Winslow Large Cap Growth ETF - NAV | 06/23/2022 | 27.93% | 26.49% | 27.84% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference2</sup> |  | 23.47% | 20.81% | 20.68% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference3</sup> |  | 32.61% | 30.52% | 28.10% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp; Footnote<sup>1</sup> |
| &nbsp;&nbsp; Footnote<sup>2</sup><br> &nbsp;&nbsp;The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| &nbsp;&nbsp; Footnote<sup>3</sup><br> &nbsp;&nbsp;The Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe and includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $524524514 |
| Total number of portfolio holdings | 39 |
| Portfolio turnover rate | 32% |

---

7256617

MEIWLG10-12/25

NYLI Winslow Large Cap Growth ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.8% |
| Microsoft Corp. | 12.0% |
| Apple, Inc. | 8.9% |
| Amazon.com, Inc. | 5.5% |
| Alphabet, Inc., Class C | 5.5% |
| Broadcom, Inc. | 4.4% |
| Meta Platforms, Inc., Class A | 4.0% |
| Snowflake, Inc., Class A | 2.8% |
| Mastercard, Inc., Class A | 2.3% |
| Tesla, Inc. | 2.2% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 55.0% |
| Communication Services | 13.2% |
| Consumer Discretionary | 11.5% |
| Health Care | 6.5% |
| Financials | 6.3% |
| Industrials | 5.9% |
| Materials | 0.9% |
| Short-Term Investments | 0.7% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEIWLG10-12/25

NYLI Winslow Large Cap Growth ETF \| 3

![Image](i352b246d2e014d15807c4983.jpg)

# NYLI Winslow Focused Large Cap Growth ETF

## IWFG/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Winslow Focused Large Cap Growth ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025.You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 888-474-7725.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup>** |
| NYLI Winslow Focused Large Cap Growth ETF | $32 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.

![Growth of 10K Chart](i6b9e401d62cac942c3c51546.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI Winslow Focused Large Cap Growth ETF - NAV 23,618** | **Russell 3000<sup>®</sup> Index18,792** | **Russell 1000<sup>®</sup> Growth Index22,958** |
| **06/23/2022** | 10000 | 10000 | 10000 |
| **10/31/2022** | 10350 | 10411 | 10285 |
| **04/30/2023** | 11812 | 11171 | 11469 |
| **10/31/2023** | 12435 | 11283 | 12234 |
| **04/30/2024** | 16219 | 13662 | 15117 |
| **10/31/2024** | 18692 | 15554 | 17589 |
| **04/30/2025** | 18801 | 15220 | 17313 |
| **10/31/2025** | 23618 | 18792 | 22958 |

---

Period Ended

7256617

MEIWFG10-12/25

NYLI Winslow Focused Large Cap Growth ETF \| 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Since Inception** |
| NYLI Winslow Focused Large Cap Growth ETF - NAV | 06/23/2022 | 25.63% | 26.36% | 29.19% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference2</sup> |  | 23.47% | 20.81% | 20.68% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference3</sup> |  | 32.61% | 30.52% | 28.10% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp; Footnote<sup>1</sup> |
| &nbsp;&nbsp; Footnote<sup>2</sup><br> &nbsp;&nbsp;The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| &nbsp;&nbsp; Footnote<sup>3</sup><br> &nbsp;&nbsp;The Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe and includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <u>newyorklifeinvestments.com/etf</u> for the most recent performance information.

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $61382371 |
| Total number of portfolio holdings | 28 |
| Portfolio turnover rate | 15% |

---

7256617

MEIWFG10-12/25

NYLI Winslow Focused Large Cap Growth ETF \| 2

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

#### Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.7% |
| Microsoft Corp. | 12.1% |
| Amazon.com, Inc. | 7.4% |
| Broadcom, Inc. | 6.6% |
| Meta Platforms, Inc., Class A | 5.4% |
| Apple, Inc. | 4.6% |
| Eli Lilly & Co. | 3.9% |
| Intuitive Surgical, Inc. | 3.6% |
| Alphabet, Inc., Class C | 3.0% |
| Mastercard, Inc., Class A | 2.8% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 56.1% |
| Communication Services | 13.2% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.1% |
| Financials | 4.5% |
| Industrials | 3.3% |
| Short-Term Investments | 0.6% |

---

## Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/NYLIM](i0de5105d39b1250da69615fb.jpg)

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 888-474-7725.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7256617

MEIWFG10-12/25

NYLI Winslow Focused Large Cap Growth ETF \| 3

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Please refer to Item 7(a).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Attached herewith.

**NYLI CBRE Real Assets ETF (IQRA)**

**NYLI MacKay Core Plus Bond ETF (CPLB)**

**NYLI MacKay High Income ETF (IQHI)**

**NYLI MacKay Securitized Income ETF (SECR)**

**NYLI MacKay Muni Insured ETF (MMIN)**

**NYLI MacKay Muni Short Duration ETF (MMSD)**

**NYLI MacKay Muni Intermediate ETF (MMIT)**

**NYLI MacKay California Muni Intermediate ETF (MMCA)**

**NYLI Winslow Large Cap Growth ETF (IWLG)**

**NYLI Winslow Focused Large Cap Growth ETF (IWFG)** 

New York Life Investments Active ETF Trust

**Semiannual Report - Financial Statements and Other Information**

Unaudited - October 31, 2025

![](active-fs_103125img001.gif)

**Table of Contents**

---

| | |
|:---|:---|
| [Schedules of Investments](#active-fs_103125a1706) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI CBRE Real Assets ETF](#active-fs_103125a1706) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Core Plus Bond ETF](#active-fs_103125a1707) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay High Income ETF](#active-fs_103125a1708) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Securitized Income ETF](#active-fs_103125a1709) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Muni Insured ETF](#active-fs_103125a1710) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Muni Short Duration ETF](#active-fs_103125a1711) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Muni Intermediate ETF](#active-fs_103125a1712) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay California Muni Intermediate ETF](#active-fs_103125a1713) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Winslow Large Cap Growth ETF](#active-fs_103125a1714) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Winslow Focused Large Cap Growth ETF](#active-fs_103125a1715) | 82 |
| [Statements of Assets and Liabilities](#active-fs_103125a1716) | 83 |
| [Statements of Operations](#active-fs_103125a1717) | 86 |
| [Statements of Changes in Net Assets](#active-fs_103125a1718) | 89 |
| [Financial Highlights](#active-fs_103125a1719) | 94 |
| [Notes to Financial Statements](#active-fs_103125a1720) | 104 |
| [Changes in and Disagreements with Accountants for <br>Open-End Management Investment Companies](#active-fs_103125a1722) | 120 |
| [Proxy Disclosures for Open-End Management Investment Companies](#active-fs_103125a1723) | 120 |
| [Remuneration Paid to Directors, Officers, and Other of <br>Open-End Management Investment Companies](#active-fs_103125a1724) | 120 |
| [Board Review of Investment Advisory Agreements](#active-fs_103125a1721) | 121 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI CBRE Real Assets ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communications — 1.5%** |  |  |
| Cellnex Telecom SA\* | 972 | $30325<br>|
| Infrastrutture Wireless Italiane SpA | 2806 | 30848 |
| NETLINK NBN TRUST | 40746 | 30682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 91855 |
| **Datacenters — 5.9%** |  |  |
| Equinix, Inc. | 324 | 274107 |
| Iron Mountain, Inc. | 932 | 95949 |
|  |  | 370056 |
| **Diversified Property Holdings — 6.9%** |  |  |
| Charter Hall Group | 4615 | 67796 |
| Henderson Land Development Co., Ltd. | 8598 | 30179 |
| Japan Metropolitan Fund Invest | 55 | 42521 |
| Land Securities Group PLC | 5070 | 41400 |
| LondonMetric Property PLC | 18323 | 45788 |
| Mitsui Fudosan Co., Ltd. | 4300 | 44701 |
| Orix JREIT, Inc. | 88 | 59579 |
| Stockland | 7523 | 31076 |
| Sumitomo Realty & Development <br>Co., Ltd. | 1013 | 43274 |
| Swire Properties Ltd. | 11320 | 30877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Diversified Property Holdings |  | 437191 |
| **Healthcare Facilities — 7.8%** |  |  |
| Alexandria Real Estate Equities, Inc. | 479 | 27887 |
| Healthpeak Properties, Inc. | 3772 | 67708 |
| Omega Healthcare Investors, Inc. | 1973 | 82925 |
| Primary Health Properties PLC | 21243 | 26138 |
| Welltower, Inc. | 1575 | 285138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Healthcare Facilities |  | 489796 |
| **Industrial Properties — 6.4%** |  |  |
| CTP NV | 1161 | 24228 |
| First Industrial Realty Trust, Inc. | 1653 | 91378 |
| Goodman Group | 1930 | 41733 |
| Keppel DC REIT | 38630 | 70940 |
| LaSalle Logiport REIT | 17 | 16453 |
| Prologis, Inc. | 1248 | 154864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial Properties |  | 399596 |
| **Midstream/Pipelines — 6.3%** |  |  |
| Cheniere Energy, Inc. | 134 | 28408 |
| Enbridge, Inc. | 1144 | 53397 |
| Kinder Morgan, Inc. | 931 | 24383 |
| Pembina Pipeline Corp. | 784 | 29689 |
| Plains GP Holdings LP, Class A\* | 1218 | 21035 |
| Targa Resources Corp. | 935 | 144027 |
| TC Energy Corp. | 363 | 18234 |
| Williams Cos., Inc. (The) | 1295 | 74942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Midstream/Pipelines |  | 394115 |
| **Net Leased Properties — 2.6%** |  |  |
| Essential Properties Realty Trust, Inc. | 2652 | 79242 |
| STAG Industrial, Inc. | 1321 | 50555 |
| VICI Properties, Inc. | 1067 | 31999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Leased Properties |  | 161796 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Office Buildings — 3.5%** |  |  |
| BXP, Inc. | 974 | $69339<br>|
| Cousins Properties, Inc. | 1374 | 35628 |
| Daiwa Office Investment Corp. | 8 | 19577 |
| H&R Real Estate Investment Trust | 2167 | 17306 |
| Sirius Real Estate Ltd. | 12328 | 16173 |
| Vornado Realty Trust | 1602 | 60780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Office Buildings |  | 218803 |
| **Residential — 3.7%** |  |  |
| American Homes 4 Rent, Class A | 1631 | 51540 |
| Boardwalk Real Estate Investment Trust | 318 | 14677 |
| Canadian Apartment Properties REIT | 1023 | 28160 |
| Centurion Accommodation REIT\* | 37900 | 30869 |
| Gemlife Communities Group\* | 9461 | 31402 |
| TAG Immobilien AG | 2742 | 45542 |
| UDR, Inc. | 999 | 33656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Residential |  | 235846 |
| **Residential: Hotels — 1.5%** |  |  |
| Host Hotels & Resorts, Inc. | 1145 | 18343 |
| Invincible Investment Corp. | 65 | 29071 |
| Japan Hotel REIT Investment Corp. | 36 | 20985 |
| Sunstone Hotel Investors, Inc. | 3125 | 27656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Residential: Hotels |  | 96055 |
| **Retail: Community Shopping Centers — 2.1%** | **Retail: Community Shopping Centers — 2.1%** |  |
| Brixmor Property Group, Inc. | 1352 | 35368 |
| Link REIT | 9017 | 46963 |
| Regency Centers Corp. | 478 | 32958 |
| Shaftesbury Capital PLC | 7548 | 13924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Retail: Community Shopping Centers |  | 129213 |
| **Retail: Enclosed Malls — 7.1%** |  |  |
| CapitaLand Integrated Commercial Trust | 37547 | 68375 |
| Hammerson PLC | 4053 | 16252 |
| Klepierre SA | 1801 | 68889 |
| Lendlease Global Commercial REIT | 70800 | 34816 |
| Simon Property Group, Inc. | 1131 | 198785 |
| Unibail-Rodamco-Westfield\* | 604 | 62491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Retail: Enclosed Malls |  | 449608 |
| **Self Storage Property — 2.4%** |  |  |
| Big Yellow Group PLC | 1586 | 23172 |
| CubeSmart | 1260 | 47464 |
| Extra Space Storage, Inc. | 581 | 77587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Self Storage Property |  | 148223 |
| **Towers — 1.4%** |  |  |
| American Tower Corp. | 480 | 85910 |
| **Transportation — 13.5%** |  |  |
| Aena SME SA | 2345 | 63740 |
| Auckland International Airport Ltd. | 9569 | 44495 |
| Canadian National Railway Co. | 433 | 41562 |
| China Merchants Port Holdings <br>Co., Ltd. | 23993 | 46429 |
| CSX Corp. | 1846 | 66493 |
| Eiffage SA | 243 | 29926 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI CBRE Real Assets ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Transportation (continued)** |  |  |
| Ferrovial SE | 1395 | $85658<br>|
| Flughafen Zürich AG | 174 | 51414 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 5933 | 123854 |
| Jiangsu Expressway Co., Ltd., Class H<sup>(a)</sup> | 24644 | 29996 |
| Norfolk Southern Corp. | 296 | 83880 |
| Transurban Group | 3705 | 35121 |
| Union Pacific Corp. | 242 | 53330 |
| Vinci SA | 451 | 60331 |
| West Japan Railway Co. | 1585 | 32522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Transportation |  | 848751 |
| **Utilities — 27.2%** |  |  |
| AES Corp. (The) | 2331 | 32331 |
| Atmos Energy Corp.<sup>(a)</sup> | 381 | 65425 |
| Chesapeake Utilities Corp. | 477 | 60713 |
| China Gas Holdings Ltd. | 19627 | 20177 |
| China Resources Gas Group Ltd. | 4599 | 12639 |
| Chubu Electric Power Co., Inc. | 2919 | 40643 |
| CLP Holdings Ltd. | 7525 | 64191 |
| CMS Energy Corp. | 265 | 19491 |
| Constellation Energy Corp. | 98 | 36946 |
| E.ON SE | 5150 | 95938 |
| Emera, Inc.<sup>(a)</sup> | 667 | 31742 |
| Enel SpA | 3782 | 38292 |
| Entergy Corp. | 682 | 65533 |
| Essential Utilities, Inc. | 1156 | 45119 |
| Iberdrola SA | 3709 | 75195 |
| Kansai Electric Power Co., Inc. (The) | 3422 | 53477 |
| National Grid PLC | 8844 | 132465 |
| NextEra Energy, Inc. | 2028 | 165079 |
| OGE Energy Corp. | 964 | 42551 |
| PG&E Corp. | 4582 | 73129 |
| PPL Corp.<sup>(a)</sup> | 3360 | 122707 |
| Public Service Enterprise Group, Inc. | 841 | 67751 |
| Severn Trent PLC | 625 | 22836 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Utilities (continued)** |  |  |
| WEC Energy Group, Inc. | 1472 | $164467<br>|
| Xcel Energy, Inc. | 2014 | 163476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1712313 |
| **Total Common Stocks <br>(Cost $5,613,422)** | **Total Common Stocks <br>(Cost $5,613,422)** | **6269127** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Money Market Funds — 1.5%** |  |  |
| BlackRock Liquidity FedFund, 3.98%<sup>(b)</sup>  | 34926 | 34926 |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(b)(c)</sup>  | 62217 | 62217 |
| **Total Short-Term Investments <br>(Cost $97,143)**  | **Total Short-Term Investments <br>(Cost $97,143)**  | **97143** |
| **Total Investments — 101.3%<br>(Cost $5,710,565)**  | **Total Investments — 101.3%<br>(Cost $5,710,565)**  | 6366270 |
| **Other Assets and Liabilities,Net — (1.3)%**  | **Other Assets and Liabilities,Net — (1.3)%**  | **(80304)** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **6285966**<br>|

---

------

\*Non-income producing securities.

(a)All or a portion of the security was on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The aggregate market value of securities on loan was $242,894; total market value of collateral held by the Fund was $251,824. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $189,607.

(b)Reflects the 1-day yield at October 31, 2025.

(c)Represents security purchased with cash collateral received for securities on loan.

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $6269127<br>| $—<br>| $—<br>| $6269127<br>|
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 97143 |  |  | 97143 |
| Total Investments in Securities | $6366270<br>| $—<br>| $—<br>| $6366270<br>|

---

------

(d)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Long-Term Bonds — 98.1%** | **Long-Term Bonds — 98.1%** | **Long-Term Bonds — 98.1%** |
| **Bank Loans — 1.0%** | **Bank Loans — 1.0%** | **Bank Loans — 1.0%** |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Clarios Global LP First Lien Amendment No. 6 Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.715%, (1 Month CME SOFR + 2.75%), due 1/28/32<sup>(a)</sup> | $100000<br>| $99667<br>|
| RealTruck Group, Inc. Second Amendment Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.072%, (1 Month CME SOFR + 5.00%), due 1/31/28<sup>(a)</sup> | 148866 | 130909 |
|  |  | 230576 |
| **Chemicals — 0.1%** |  |  |
| SCIH Salt Holdings, Inc. Incremental Term B-1 Loan (First Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.023%, (3 Month CME SOFR + 3.00%), due 1/31/29<sup>(a)</sup> | 248125 | 248939 |
| **Commercial Services — 0.0%<sup>(b)</sup>** |  |  |
| Camelot US Acquisition LLC Amendment No. 7 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.215%, (1 Month CME SOFR + 3.25%), due 1/31/31<sup>(a)</sup> | 100000 | 99250 |
| **Computers — 0.1%** |  |  |
| Amentum Holdings, Inc. Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.241%, (1 Month CME SOFR + 2.25%), due 9/29/31<sup>(a)</sup> | 200000 | 198083 |
| **Diversified Financial Services — 0.0%<sup>(b)</sup>** |  |  |
| Aretec Group, Inc. Term B-3 Loan (First Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.472%, (1 Month CME SOFR + 3.50%), due 8/9/30<sup>(a)</sup> | 99499 | 99817 |
| **Electric — 0.2%** |  |  |
| Talen Energy Supply, LLC 2024-1 Incremental Term B Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.538%, (3 Month CME SOFR + 2.50%), due 12/13/31<sup>(a)</sup> | 545875 | 546362 |
| **Food — 0.0%<sup>(b)</sup>** |  |  |
| C&S Wholesale Grocers, LLC Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.002%, (1 Month CME SOFR + 5.00%), due 9/20/30<sup>(a)</sup> | 100000 | 97250 |
| **Internet — 0.0%<sup>(b)</sup>** |  |  |
| Arches Buyer, Inc. Refinancing Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.341%, (1 Month CME SOFR + 3.25%), due 12/6/27<sup>(a)</sup> | 99478 | 99630 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Bank Loans (continued)** |  |  |
| **Machinery-Diversified — 0.1%** |  |  |
| TK Elevator U.S. Newco, Inc., Facility B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.006%, (1 Month CME SOFR + 3.00%), due 4/30/30<sup>(a)</sup> | $199001<br>| $200090<br>|
| **Media — 0.0%<sup>(b)</sup>** |  |  |
| Gray Television, Inc. Term D Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.099%, (1 Month CME SOFR + 3.00%), due 12/1/28<sup>(a)</sup> | 53391 | 53432 |
| **Mining — 0.1%** |  |  |
| American Rock Salt Co., LLC Initial Loan (First Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.318%, (3 Month CME SOFR + 4.00%), due 6/9/28<sup>(a)</sup> | 197933 | 147955 |
| **Pipelines — 0.0%<sup>(b)</sup>** |  |  |
| New Fortress Energy, Inc. Second Amendment Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.671%, (3 Month CME SOFR + 5.50%), due 10/30/28<sup>(a)</sup> | 198749 | 87152 |
| **Retail — 0.2%** |  |  |
| Great Outdoors Group, LLC Term B-3 Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.252%, (1 Month CME SOFR + 3.25%), due 1/23/32<sup>(a)</sup> | 496250 | 496126 |
| **Software — 0.1%** |  |  |
| Cloud Software Group, Inc. Tenth Amendment Tranche B-1 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.091%, (3 Month CME SOFR + 3.25%), due 8/13/32<sup>(a)</sup> | 125000 | 124941 |
| **Transportation — 0.0%<sup>(b)</sup>** |  |  |
| NA Rail Hold Co., LLC Tranche B-3 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.131%, (3 Month CME SOFR + 3.00%), due 3/8/32<sup>(a)</sup> | 99750 | 100249 |
| **Total Bank Loans <br>(Cost $2,976,101)** | **Total Bank Loans <br>(Cost $2,976,101)** | **2829852** |
| **Collateralized Loan Obligations — 1.9%** | **Collateralized Loan Obligations — 1.9%** | **Collateralized Loan Obligations — 1.9%** |
| AGL CLO 17 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-17A BR, 5.270%, (3 Month CME SOFR + 1.40%), due 1/21/35<sup>(a)</sup> | 700000 | 700106 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A1, 5.725%, (3 Month CME SOFR + 1.62%), due 7/17/37<sup>(a)</sup> | 435000 | 435707 |
| Blackrock Rainier CLO VI Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A A1R, 5.434%, (3 Month CME SOFR + 1.55%), due 4/20/37<sup>(a)</sup> | 400000 | 400189 |
| Diameter Capital CLO 5 Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A A1R, 5.110%, (3 Month CME SOFR + 1.24%), due 1/15/39<sup>(a)</sup> | 700000 | 700191 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** |
| Fortress Credit Opportunities XXI CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A A1TR, 5.440%, (3 Month CME SOFR + 1.57%), <br>due 1/21/37<sup>(a)</sup> | $600000<br>| $600932<br>|
| Golub Capital Partners CLO 49M Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-49A A2R2, 6.002%, <br>(3 Month CME SOFR + 1.68%), due 7/20/38<sup>(a)</sup> | 750000 | 749538 |
| Golub Capital Partners CLO 78M |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-78A A1, 5.250%, <br>(3 Month CME SOFR + 1.38%), due 4/21/39<sup>(a)</sup> | 600000 | 598048 |
| Great Lakes CLO Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A ARR, 5.385%, <br>(3 Month CME SOFR + 1.48%), due 4/15/37<sup>(a)</sup> | 515000 | 517708 |
| Sixth Street CLO XIV Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A A1R2, 5.020%, <br>(3 Month CME SOFR + 1.15%), due 1/20/38<sup>(a)</sup> | 700000 | 698591 |
|  |  | 5401010 |
| **Total Collateralized Loan Obligations <br>(Cost $5,397,725)** | **Total Collateralized Loan Obligations <br>(Cost $5,397,725)** | 5401010 |
| **Collateralized Mortgage Obligations — 6.4%** | **Collateralized Mortgage Obligations — 6.4%** | **Collateralized Mortgage Obligations — 6.4%** |
| **Mortgage Securities — 6.4%** |  |  |
| Agate Bay Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-5 B3, 3.575%, due 7/25/45<sup>(a)(c)</sup> | 135803 | 110488 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM8 A1A, 4.300%, due 8/1/53 | 295813 | 293166 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 1A1, 4.706%, <br>(1 Month CME SOFR + 0.71%), due 5/25/35<sup>(a)</sup> | 34056 | 30508 |
| Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A2, 5.500%, due 10/25/55<sup>(a)(c)</sup> | 430504 | 431462 |
| Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1B1, 5.883%, <br>(1 Month SOFR + 1.70%), due 1/25/45<sup>(a)</sup> | 770000 | 767362 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HRP1 B1, 13.547%, (1 Month SOFR + 9.36%), due 11/25/39<sup>(a)</sup> | 616976 | 659322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1 1B1, 11.221%, (1 Month SOFR + 6.86%), due 2/25/40<sup>(a)</sup> | 1050000 | 1108684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03 1B2, 9.683%,<br> (1 Month SOFR + 5.50%), due 12/25/41<sup>(a)</sup> | 485000 | 504834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01 1B2, 10.183%, (1 Month SOFR + 6.00%), due 12/25/41<sup>(a)</sup> | 425000 | 444902 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2B2, 11.833%, (1 Month SOFR + 7.65%), due 1/25/42<sup>(a)</sup> | $490000<br>| $522685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07 1M2, 8.833%, <br>(1 Month SOFR + 4.65%), due 6/25/42<sup>(a)</sup> | 100000 | 105619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08 1B1, 9.783%, <br>(1 Month SOFR + 5.60%), due 7/25/42<sup>(a)</sup> | 865000 | 927784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03 2M2, 8.083%, <br>(1 Month SOFR + 3.90%), due 4/25/43<sup>(a)</sup> | 275000 | 290413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07 2M2, 7.433%, <br>(1 Month SOFR + 3.25%), due 9/25/43<sup>(a)</sup> | 540000 | 558918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02 1B1, 6.683%, <br>(1 Month SOFR + 2.50%), due 2/25/44<sup>(a)</sup> | 220000 | 225058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03 2M2, 6.133%, <br>(1 Month SOFR + 1.95%), due 3/25/44<sup>(a)</sup> | 200000 | 201250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2B1, 6.183%, <br>(1 Month SOFR + 2.00%), due 7/25/44<sup>(a)</sup> | 1340000 | 1343360 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PJ1 A4, 3.500%, due 2/25/53<sup>(a)(c)</sup> | 457480 | 415605 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A, 4.586%, <br>(1 Month CME SOFR + 0.55%), due 5/19/35<sup>(a)</sup> | 55368 | 53848 |
| J.P. Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 B1, 2.879%, due 8/25/51<sup>(a)(c)</sup> | 1426240 | 1187130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 B3, 3.085%, due 7/25/52<sup>(a)(c)</sup> | 724297 | 591255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1 A4, 6.000%, due 4/25/55<sup>(a)(c)</sup> | 505318 | 512390 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3 B2, 3.250%, due 8/25/58<sup>(a)(c)</sup> | 1037788 | 806820 |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01 CE, 11.797%, (1 Month SOFR + 7.61%), due 3/25/50<sup>(a)</sup> | 200000 | 206805 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV2 A5, 4.000%, due 5/27/49<sup>(a)(c)</sup> | 247382 | 232085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-J1 A14, 2.500%, due 2/25/52<sup>(a)(c)</sup> | 738966 | 613717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM9 A1, 6.030%, due 1/25/64 | 266596 | 270095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J3 AF, 5.683%, (1 Month SOFR + 1.50%), due 10/25/55<sup>(a)</sup> | 501434 | 501343 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5 A1, 2.500%, due 11/25/51<sup>(a)(c)</sup> | 4295120 | 3602029 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** |  |  |
| STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HRP1 B2, 16.047%, (1 Month SOFR + 11.86%), due 5/25/43<sup>(a)</sup> | $397619<br>| $475135<br>|
| UWM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5 A14, 3.000%, due 1/25/52<sup>(a)(c)</sup> | 852450 | 737369 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR13 A2B, 4.986%, (1 Month CME SOFR + 0.99%), due 11/25/34<sup>(a)</sup> | 35550 | 34586 |
|  |  | 18766027 |
| **Total Collateralized Mortgage Obligations <br>(Cost $18,638,252)** | **Total Collateralized Mortgage Obligations <br>(Cost $18,638,252)** | 18766027 |
| **Commercial Asset-Backed Securities — 7.3%** | **Commercial Asset-Backed Securities — 7.3%** | **Commercial Asset-Backed Securities — 7.3%** |
| **Asset Backed Securities — 7.3%** |  |  |
| Ally Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B G, 11.395%, due 9/15/32 | 504935 | 517253 |
| Ares Loan Funding IX Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A A2, 5.305%, <br>(3 Month CME SOFR + 1.40%), due 3/31/38<sup>(a)</sup> | 600000 | 600281 |
| Bayview Opportunity Master Fund VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU1 C, 5.983%, <br>(1 Month SOFR + 1.80%), due 6/25/47<sup>(a)</sup> | 299481 | 296974 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 D, 6.030%, due 11/15/29 | 1500000 | 1517821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 E, 6.620%, due 5/17/32 | 775000 | 758503 |
| Carmax Select Receivables Trust 2025-B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B E, 6.890%, due 9/15/32 | 605000 | 599578 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A2, 1.990%, due 7/15/60 | 538978 | 451047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B1, 2.280%, due 7/15/60 | 845485 | 584109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B2, 2.600%, due 7/15/60 | 512688 | 348554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B1, 1.980%, due 3/15/61 | 362842 | 279847 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A D, 1.990%, due 9/15/27 | 113816 | 112825 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A E, 6.340%, due 10/15/29 | 715000 | 693329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A E, 10.450%, due 4/15/30 | 515000 | 543082 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A D, 6.950%, due 12/17/29 | $260000<br>| $265904<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A E, 6.990%, due 4/15/33 | 440000 | 433268 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 E, 3.320%, due 12/15/28 | 890000 | 819165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 D, 3.640%, due 3/15/28 | 780000 | 728892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 D, 5.800%, due 4/17/28 | 914000 | 784637 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 D, 6.260%, due 8/15/35 | 425000 | 435260 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A E, 8.350%, due 10/15/29 | 425000 | 437529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A D, 5.530%, due 2/18/31 | 660000 | 665975 |
| Home Partners of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 B, 2.302%, due 12/17/26 | 95950 | 93430 |
| HPEFS Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A D, 5.820%, due 11/20/31 | 260000 | 263144 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A D, 5.180%, due 2/17/32 | 885000 | 892851 |
| Magnetite 50 Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-50A A1, 5.589%, (3 Month CME SOFR + 1.28%), due 7/25/38<sup>(a)</sup> | 650000 | 650977 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A1, 1.910%, due 10/20/61 | 420000 | 354377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 B1, 2.410%, due 10/20/61 | 865000 | 554254 |
| OneMain Direct Auto <br>Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A D, 4.680%, due 4/14/31 | 385000 | 383670 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR3 D, 3.390%, due 7/17/42 | 540000 | 493433 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2, 5.439%, due 5/25/55 | 470000 | 476776 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2, 5.044%, due 10/5/55 | 550000 | 549644 |
| RIN V LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A1R, 5.252%, (3 Month CME SOFR + 1.34%), due 10/14/36<sup>(a)</sup> | 650000 | 648951 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 D, 5.430%, due 3/17/31 | 430000 | 433915 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2I, 6.028%, due 7/30/54 | $653400<br>| $661288<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2II, 5.566%, due 7/30/54 | 400950 | 401054 |
| Tricon American Homes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1 A, 1.499%, due 7/17/38 | 267743 | 262207 |
| Tricon Residential 2024-SFR4 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR4 A, 4.300%, due 11/17/41 | 492093 | 487773 |
| Uniti Fiber Abs Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2, 5.177%, due 1/20/56 | 290000 | 290714 |
| Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2, 5.648%, due 3/20/55 | 840000 | 853515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A2, 5.570%, due 10/20/55 | 710000 | 713765 |
|  |  | 21339571 |
| **Total Commercial Asset-Backed Securities <br>(Cost $21,968,289)** | **Total Commercial Asset-Backed Securities <br>(Cost $21,968,289)** | **21339571** |
| **Commercial Mortgage-Backed Securities — 8.2%** | **Commercial Mortgage-Backed Securities — 8.2%** | **Commercial Mortgage-Backed Securities — 8.2%** |
| **Mortgage Securities — 8.2%** |  |  |
| Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 C, 4.025%, due 8/15/61<sup>(a)(c)</sup> | 490000 | 355546 |
| BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7 C, 3.973%, due 9/15/60<sup>(a)(c)</sup> | 245000 | 217243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 C, 3.650%, due 9/15/62<sup>(a)(c)</sup> | 130000 | 102694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 D, 2.500%, due 1/15/63 | 1390000 | 1081476 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10 D, 3.000%, due 7/15/49 | 640000 | 552324 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3 C, 4.546%, due 4/10/51<sup>(a)(c)</sup> | 550000 | 475574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11 A5, 3.542%, due 5/15/52 | 315000 | 303609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14 C, 3.777%, due 12/15/62<sup>(a)(c)</sup> | 450000 | 315480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 C, 4.971%, due 3/15/52<sup>(a)(c)</sup> | 1050000 | 925081 |
| BFLD Commercial Mortgage Trust 2025-5MW |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5MW A, 4.674%, due 10/10/42<sup>(a)(c)</sup> | 595000 | 593959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5MW C, 5.451%, due 10/10/42<sup>(a)(c)</sup> | 500000 | 499077 |
| BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C1 111A, 3.269%, due 2/17/55<sup>(a)(c)</sup> | 840000 | 776215 |
| BX Commercial Mortgage Trust |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK D, 10.002%, (1 Month CME SOFR + 5.97%), due 10/15/41<sup>(a)</sup> | $495000<br>| $494504<br>|
| BX Trust 2025-VLT7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT7 C, 6.382%, (1 Month CME SOFR + 2.35%), due 7/15/44<sup>(a)</sup> | 585000 | 587377 |
| CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4 D, 3.300%, due 5/10/50 | 495000 | 422845 |
| CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3 D, 3.052%, due 1/10/48<sup>(a)(c)</sup> | 540000 | 510920 |
| CFCRE Commercial Mortgage Trust 2016-C4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 D, 4.847%, due 5/10/58<sup>(a)(c)</sup> | 617007 | 597491 |
| CFK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF2 E, 3.458%, due 3/15/39<sup>(a)(c)</sup> | 775000 | 572231 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2 D, 3.145%, due 3/10/51<sup>(a)(c)</sup> | 1420000 | 1100456 |
| COMM 2014-CCRE20 Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20 D, 3.222%, due 11/10/47 | 440000 | 321209 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 D, 3.924%, due 2/10/49<sup>(a)(c)</sup> | 1260000 | 1212523 |
| CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1 D, 7.072%, (1 Month CME SOFR + 3.04%), due 8/15/41<sup>(a)</sup> | 270000 | 269582 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C3 A4, 3.718%, due 8/15/48 | 865 | 863 |
| DBGS 2018-5BP Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5BP A, 4.925%, (1 Month CME SOFR + 0.89%), due 6/15/33<sup>(a)</sup> | 365000 | 346750 |
| Durst Commercial Mortgage Trust 2025-151 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151 D, 6.791%, due 8/10/42<sup>(a)(c)</sup> | 655000 | 673800 |
| Freddie Mac Multifamily Structured Credit Risk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9 M2, 7.437%, (1 Month SOFR + 3.25%), due 10/25/44<sup>(a)</sup> | 915000 | 927624 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A, 2.856%, due 5/10/34 | 513367 | 455317 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30 B, 3.974%, due 5/10/50<sup>(a)(c)</sup> | 247762 | 235622 |
| GS Mortgage Securities Trust 2018-GS10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10 C, 4.400%, due 7/10/51<sup>(a)(c)</sup> | 750000 | 658295 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** |  |  |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1440 A, 5.447%, (1 Month CME SOFR + 1.41%), due 3/15/36<sup>(a)</sup> | $550000<br>| $507007<br>|
| JPMCC Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5 D, 3.000%, due 6/13/52 | 155000 | 119028 |
| MFT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ABC B, 3.477%, due 2/10/42<sup>(a)(c)</sup> | 380000 | 298120 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22 D, 3.970%, due 4/15/48<sup>(a)(c)</sup> | 900000 | 540027 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-150E A, 3.912%, due 9/9/32 | 1050000 | 945119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-420 A, 7.982%, due 10/12/50 | 413596 | 419158 |
| MSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 AS, 6.491%, due 12/15/56<sup>(a)(c)</sup> | 395000 | 431045 |
| NCMF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS D, 6.618%, due 6/10/33<sup>(a)(c)</sup> | 925000 | 940807 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR E, 8.819%, due 11/13/41 | 1300000 | 1371878 |
| SG Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 B, 3.933%, due 10/10/48 | 400000 | 380228 |
| SKY Trust 2025-LINE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LINE B, 7.719%, (1 Month CME SOFR + 3.69%), due 4/15/42<sup>(a)</sup> | 489789 | 490207 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9 C, 4.944%, due 3/15/51<sup>(a)(c)</sup> | 550000 | 380237 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 D, 3.059%, due 11/15/49 | 630000 | 535633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40 D, 2.700%, due 10/15/50 | 635000 | 537798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51 C, 4.289%, due 6/15/52<sup>(a)(c)</sup> | 460000 | 386132 |
|  |  | 23868111 |
| **Total Commercial Mortgage-Backed Securities (Cost $23,229,313)** | **Total Commercial Mortgage-Backed Securities (Cost $23,229,313)** | **23868111** |
| **Corporate Bonds — 45.9%** | **Corporate Bonds — 45.9%** | **Corporate Bonds — 45.9%** |
| **Advertising — 0.2%** |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 4/15/28 | 105000 | 104205 |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 1/15/29 | 300000 | 297359 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/27 | $150000<br>| $149396<br>|
|  |  | 550960 |
| **Aerospace & Defense — 0.6%** |  |  |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/15/29 | 140000 | 144551 |
| Efesto Bidco SpA Efesto US LLC, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XR, 7.500%, due 2/15/32 | 70000 | 69890 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/15/33 | 100000 | 101588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 5/31/33 | 300000 | 305800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 8/15/28 | 1000000 | 1019727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 1/31/34 | 110000 | 113991 |
|  |  | 1755547 |
| **Agriculture — 0.1%** |  |  |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/15/30 | 175000 | 176872 |
| **Airlines — 1.0%** |  |  |
| American Airlines Class B Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, B, 3.950%, due 7/11/30 | 215350 | 205471 |
| British Airways Class A Pass Through Trust, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, A, 2.900%, due 3/15/35 | 790571 | 724860 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 10/20/28 | 1055000 | 1062260 |
| JetBlue Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, AA, 2.750%, due 5/15/32 | 721632 | 640291 |
| United Airlines Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-1, A, 5.875%, due 10/15/27 | 181931 | 186126 |
|  |  | 2819008 |
| **Apparel — 0.0%<sup>(b)</sup>** |  |  |
| William Carter Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 2/15/31 | 50000 | 49759 |
| **Auto Manufacturers — 2.0%** |  |  |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, due 7/9/32 | 715000 | 735002 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 8/17/27 | 760000 | 750456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.054%, due 11/5/31 | 345000 | 352715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, due 3/6/26 | 435000 | 437558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, due 6/10/30 | 390000 | 417422 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, due 1/8/31 | 640000 | 571564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, due 4/6/29 | 365000 | 363763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 4/4/32 | 715000 | 743178 |
| JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 12/15/31 | 315000 | 329635 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, due 9/16/26 | 1150000 | 1114104 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Auto Parts & Equipment — 0.5%** |  |  |
| PM General Purchaser LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 10/1/28 | $70000<br>| $60542<br>|
|  |  | 5875939 |
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 10/15/33 | 65000 | 65092 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/31/32 | 90000 | 94717 |
| IHO Verwaltungs GmbH, (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 11/15/30 | 500000 | 517988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 11/15/32 | 45000 | 46919 |
| Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 8/15/32 | 70000 | 71234 |
| Real Hero Merger Sub 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 2/1/29 | 150000 | 89699 |
| Tenneco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 11/17/28 | 250000 | 249318 |
| ZF North America Capital, Inc., (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 3/24/31 | 200000 | 192318 |
|  |  | 1327285 |
| **Banks — 7.9%** |  |  |
| Australia & New Zealand Banking Group Ltd., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.731%, (5 Year US CMT T-Note + 1.62%), due 9/18/34<sup>(a)</sup> | 610000 | 631716 |
| Banco Santander SA, (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, due 3/14/34 | 200000 | 215282 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, (SOFR + 1.21%), due 10/20/32<sup>(a)</sup> | 815000 | 732950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, (SOFR + 1.32%), due 4/22/32<sup>(a)</sup> | 605000 | 552880 |
| Barclays PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, (5 Year US CMT T-Note + 3.41%), due 12/15/73<sup>(a)</sup> | 810000 | 773089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.367%, (SOFR + 1.23%), due 2/25/31<sup>(a)</sup> | 805000 | 830307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, (5 Year US CMT T-Note + 5.43%), due 12/15/73<sup>(a)</sup> | 195000 | 207538 |
| BNP Paribas SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%, (SOFR + 1.51%), due 1/13/31<sup>(a)</sup> | 440000 | 414269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, (5 Year US CMT T-Note + 3.20%), due 7/12/74<sup>(a)</sup> | 350000 | 343349 |
| BPCE SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.045%, (SOFR + 1.09%), due 10/19/27<sup>(a)</sup> | 1220000 | 1193994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%, (SOFR + 2.27%), due 10/19/29<sup>(a)</sup> | 250000 | 265170 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520%, (SOFR + 1.18%), due 11/3/32<sup>(a)</sup> | 560000 | 498005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411%, (5 Year US CMT T-Note + 1.73%), due 9/19/39<sup>(a)</sup> | 400000 | 402235 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 4/30/30 | 445000 | 421790 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Banks (continued)** |  |  |
| Cooperatieve Rabobank UA, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.22%), due 4/6/28<sup>(a)</sup> | $1045000<br>| $1037512<br>|
| Credit Agricole SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, (5 Year US CMT T-Note + 3.24%), due 3/23/74<sup>(a)</sup> | 315000 | 302821 |
| Deutsche Bank AG/New York NY, (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%, (SOFR + 1.32%), due 1/7/28<sup>(a)</sup> | 910000 | 890894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, (SOFR + 2.76%), due 1/14/32<sup>(a)</sup> | 570000 | 537002 |
| First Horizon Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 5/1/30 | 811000 | 838578 |
| First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.514%, (SOFR + 1.77%), due 3/7/31<sup>(a)</sup> | 600000 | 618753 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.141%, (5 Year US CMT T-Note + 1.70%), due 11/18/39<sup>(a)</sup> | 755000 | 781962 |
| Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 1/10/30 | 631000 | 659375 |
| Intesa Sanpaolo SpA, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 11/21/25 | 830000 | 831030 |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, due 8/8/32 | 720000 | 713086 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%, (SOFR + 2.42%), due 3/6/35<sup>(a)(d)</sup> | 240000 | 260148 |
| Lloyds Banking Group PLC, <br>(United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.582%, due 12/10/25 | 775000 | 775129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, due 3/24/26 | 590000 | 590476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.976%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.30%), due 8/11/33<sup>(a)</sup> | 355000 | 360312 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%, (SOFR + 1.61%), due 1/16/36<sup>(a)(d)</sup> | 430000 | 435554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082%, (SOFR + 2.26%), due 3/13/32<sup>(a)</sup> | 410000 | 433697 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%, (SOFR + 1.36%), due 9/16/36<sup>(a)</sup> | 1050000 | 916482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, (SOFR + 1.20%), due 10/20/32<sup>(a)</sup> | 595000 | 531962 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.499%, (SOFR + 2.36%), due 3/9/29<sup>(a)</sup> | 855000 | 889712 |
| Societe Generale SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, (5 Year US CMT T-Note + 4.51%), due 5/18/74<sup>(a)</sup> | 675000 | 639179 |
| UBS Group AG, (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.08%), due 1/30/27<sup>(a)</sup> | 285000 | 282919 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, (5 Year US CMT T-Note + 3.31%), due 8/10/74<sup>(a)</sup> | $560000<br>| $506240<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, (5 Year US CMT T-Note + 3.40%), due 8/12/74<sup>(a)</sup> | 150000 | 147264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.442%, (SOFR + 3.70%), due 8/11/28<sup>(a)</sup> | 550000 | 570417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.020%, (5 Year US CMT T-Note + 1.53%), due 11/18/36<sup>(a)</sup> | 975000 | 873482 |
|  |  | 22906560 |
| **Biotechnology — 0.2%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/2/63 | 725000 | 724124 |
| **Building Materials — 0.5%** |  |  |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 12/15/30 | 375000 | 385512 |
| James Hardie International Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/28 | 200000 | 198820 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/1/31 | 400000 | 419027 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 3/1/32 | 315000 | 326722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/1/33 | 85000 | 88447 |
|  |  | 1418528 |
| **Chemicals — 1.1%** |  |  |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.175%, due 9/30/29 | 104834 | 95923 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.830%, due 7/15/29 | 50000 | 51067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, due 11/15/28 | 100000 | 103582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050%, due 11/15/30 | 100000 | 101763 |
| Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 3/15/36<sup>(d)</sup> | 550000 | 550532 |
| GPD Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.500%, due 12/31/29 | 125870 | 70420 |
| Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/29 | 865000 | 799683 |
| Innophos Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 6/15/29 | 280000 | 266000 |
| NOVA Chemicals Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 11/15/28 | 300000 | 314502 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 10/1/27 | 200000 | 203562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 2/15/33 | 200000 | 199074 |
| SK Invictus Intermediate II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/30/29 | 255000 | 250749 |
| Solstice Advanced Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 9/30/33 | 100000 | 100080 |
|  |  | 3106937 |
| **Coal — 0.1%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 6/15/29 | 150000 | 158745 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Commercial Services — 0.9%** |  |  |
| Belron UK Finance PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/29 | $115000<br>| $116514<br>|
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 8/15/30 | 85000 | 86284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/15/33 | 75000 | 76687 |
| Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 7/1/28 | 300000 | 288917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 7/1/29 | 365000 | 340503 |
| Dcli Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 11/15/29 | 85000 | 86396 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 6/1/26 | 475000 | 474755 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 6/15/30 | 415000 | 434372 |
| NES Fircroft Bondco A/S, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 9/30/29 | 125000 | 126248 |
| NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/29 | 150000 | 146646 |
| OT Midco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 2/15/30 | 135000 | 78978 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 3/1/29 | 200000 | 187816 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 2/15/31 | 100000 | 94938 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 8/15/28 | 150000 | 148034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 4/15/30 | 50000 | 51705 |
|  |  | 2738793 |
| **Computers — 0.2%** |  |  |
| CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 6/15/33 | 75000 | 77979 |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 12/15/41 | 340000 | 262163 |
| Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/32 | 165000 | 168871 |
| McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 2/15/30 | 80000 | 73235 |
|  |  | 582248 |
| **Cosmetics/Personal Care — 0.7%** |  |  |
| Coty, Inc. /HFC Prestige Products, Inc./HFC Prestige International U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 1/15/29 | 1420000 | 1400030 |
| Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/28 | 300000 | 299580 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series USD, 6.125%, due 9/30/32 | 100000 | 100844 |
| Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 4/1/31 | 200000 | 185545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 1/15/28 | 75000 | 74764 |
|  |  | 2060763 |
| **Distribution/Wholesale — 0.3%** |  |  |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 7/1/29 | 200000 | 207642 |
| RB Global Holdings Inc, (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 3/15/31 | 500000 | 521814 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 6/1/29 | $75000<br>| $73744<br>|
|  |  | 803200 |
| **Diversified Financial Services — 3.5%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/29/28 | 200000 | 193115 |
| AG Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/28 | 300000 | 300219 |
| Aircastle Ltd. / Aircastle Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/15/30 | 525000 | 528970 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.548%, (SOFR + 1.78%), due 7/31/33<sup>(a)</sup> | 630000 | 632634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.992%, (SOFR + 3.26%), due 6/13/29<sup>(a)</sup> | 465000 | 488414 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 4/1/29 | 125000 | 126027 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, due 1/30/26 | 965000 | 958870 |
| Avolon Holdings Funding Ltd., (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 2/21/26 | 615000 | 610512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 11/15/29 | 890000 | 922781 |
| Cantor Fitzgerald LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, due 12/12/28 | 490000 | 520529 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.312%, (SOFR + 2.64%), due 6/8/29<sup>(a)</sup> | 775000 | 812286 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 11/1/32 | 200000 | 203515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/1/33 | 60000 | 62590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 4/30/31 | 550000 | 577152 |
| Macquarie Airfinance Holdings Ltd., (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, due 3/26/29 | 850000 | 893463 |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 8/1/32 | 150000 | 154964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 8/1/33 | 40000 | 41038 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/15/29 | 250000 | 242738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 9/15/31 | 100000 | 99760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 2/15/34 | 50000 | 51249 |
| Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 12/15/29 | 100000 | 103576 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 8/1/30 | 130000 | 134095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 8/1/33 | 95000 | 98964 |
| Stonex Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 7/15/32 | 155000 | 160364 |
| StoneX Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 3/1/31 | 375000 | 397161 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, (SOFR + 1.68%), due 3/6/31<sup>(a)</sup> | 850000 | 864642 |
|  |  | 10179628 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Electric — 4.8%** |  |  |
| AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 5/15/51 | $745000<br>| $515873<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, due 10/15/55 | 255000 | 254871 |
| Algonquin Power & Utilities Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.365%, due 6/15/26 | 950000 | 954521 |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 10/15/32 | 225000 | 231207 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, due 8/15/34 | 575000 | 604626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, due 12/15/32 | 665000 | 726239 |
| Baltimore Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, due 6/1/52 | 720000 | 627983 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, due 1/31/31 | 950000 | 948061 |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 3/15/28 | 425000 | 422621 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 3/15/32 | 850000 | 841225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, (5 Year US CMT T-Note + 3.66%), due 6/15/54<sup>(a)</sup> | 335000 | 344787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.375%, (5 Year US CMT T-Note + 4.70%), due 9/15/74<sup>(a)</sup> | 50000 | 49504 |
| Electricite de France SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, (5 Year US CMT T-Note + 5.41%), due 12/15/73<sup>(a)</sup> | 40000 | 46328 |
| Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 3/15/35 | 1250000 | 1278393 |
| Indianapolis Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, due 8/15/35 | 280000 | 282326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 12/1/32 | 370000 | 386595 |
| Lightning Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 8/15/32 | 400000 | 423703 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.407%, due 10/15/35 | 340000 | 339254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/28 | 100000 | 100355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/34 | 135000 | 135952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 2/1/33 | 250000 | 255020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/15/36 | 220000 | 223787 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, (5 Year US CMT T-Note + 3.32%), due 9/15/55<sup>(a)</sup> | 470000 | 493748 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%, due 3/15/32 | 855000 | 820637 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, due 3/1/53 | 270000 | 256133 |
| Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 2/1/34 | 120000 | 123054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/1/36 | 160000 | 165712 |
| TransAlta Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 11/15/29 | 110000 | 114545 |
| Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.625%, due 5/15/52 | 500000 | 433163 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, (5 Year US CMT T-Note + 6.93%), due 4/15/74<sup>(a)</sup> | 200000 | 204908 |
| Vistra Operations Co. LLC |  |  |
| 5.625%, due 2/15/27 | 500000 | 500162 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| VoltaGrid LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 11/1/30 | $90000<br>| $91535<br>|
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 10/15/26 | 100000 | 98524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 9/15/27 | 50000 | 48903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/15/29 | 100000 | 102867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 1/15/31 | 90000 | 94165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 3/15/33 | 75000 | 78691 |
| Zorlu Enerji Elektrik Uretim A/S, (Turkey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 4/23/30 | 420000 | 376692 |
|  |  | 13996670 |
| **Electrical Components & Equipment — 0.0%<sup>(b)</sup>** | **Electrical Components & Equipment — 0.0%<sup>(b)</sup>** |  |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 1/15/32 | 100000 | 102782 |
| **Electronics — 0.2%** |  |  |
| Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, due 11/15/55 | 230000 | 223820 |
| Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 9/1/30 | 350000 | 353395 |
|  |  | 577215 |
| **Engineering & Construction — 0.3%** |  |  |
| AECOM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/1/33 | 120000 | 123151 |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 4/15/29 | 425000 | 413524 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/31 | 100000 | 86299 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/29 | 85000 | 82275 |
| Weekley Homes LLC / Weekley Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 9/15/28 | 150000 | 146499 |
|  |  | 851748 |
| **Entertainment — 1.0%** |  |  |
| Boyne USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 5/15/29 | 250000 | 245154 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 10/15/29<sup>(d)</sup> | 75000 | 70559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/15/32<sup>(d)</sup> | 150000 | 143096 |
| Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/1/27 | 375000 | 374865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 4/1/30<sup>(d)</sup> | 375000 | 376153 |
| Jacobs Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 2/15/29 | 160000 | 155000 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/1/33 | 80000 | 79646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 9/1/31 | 200000 | 207615 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 10/15/27 | 500000 | 498394 |
| Merlin Entertainments Group U.S. Holdings, Inc., (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 2/15/31 | 105000 | 87984 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Motion Bondco DAC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 11/15/27 | $140000<br>| $135502<br>|
| Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 2/1/33 | 100000 | 101060 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/15/30 | 115000 | 115937 |
| Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 7/1/32 | 130000 | 136290 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, due 3/15/32 | 140000 | 128231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, due 3/15/42 | 60000 | 48164 |
|  |  | 2903650 |
| **Environmental Control — 0.0%<sup>(b)</sup>** |  |  |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 2/1/33 | 50000 | 51971 |
| **Food — 1.3%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/31/34 | 60000 | 60264 |
| C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/28 | 85000 | 77514 |
| Chobani Holdco II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 10/1/29 | 168289 | 178269 |
| Grupo Nutresa SA, (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 5/12/30 | 200000 | 214850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 5/12/35 | 380000 | 431395 |
| MARB BondCo PLC, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, due 1/29/31 | 1010000 | 911261 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 8/1/29 | 250000 | 243812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/27 | 200000 | 200043 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/15/29 | 275000 | 275138 |
| Simmons Foods Inc/Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc./Simmons Feed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 3/1/29 | 300000 | 287447 |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/15/30 | 170000 | 155596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/1/27 | 715000 | 711947 |
| United Natural Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 10/15/28 | 155000 | 155048 |
|  |  | 3902584 |
| **Forest Products & Paper — 0.1%** |  |  |
| Mercer International, Inc., (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 2/1/29 | 480000 | 310366 |
| **Gas — 1.1%** |  |  |
| AltaGas Ltd., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, (5 Year US CMT T-Note + 3.57%), due 10/15/54<sup>(a)</sup> | 100000 | 102514 |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.757%, due 3/16/32 | 275000 | 261216 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Brooklyn Union Gas Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866%, due 8/5/32 | $910000<br>| $900256<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388%, due 9/15/33 | 225000 | 242853 |
| National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, due 3/15/35 | 1155000 | 1204989 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/15/55 | 605000 | 634554 |
|  |  | 3346382 |
| **Healthcare-Products — 0.2%** |  |  |
| Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 2/15/29 | 150000 | 148065 |
| Neogen Food Safety Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 7/20/30 | 90000 | 95193 |
| Varex Imaging Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 10/15/27 | 350000 | 356994 |
|  |  | 600252 |
| **Healthcare-Services — 0.5%** |  |  |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 6/1/30 | 75000 | 72424 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 4/1/31 | 100000 | 97553 |
| Global Medical Response, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 10/1/32 | 100000 | 104634 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 6/1/32 | 225000 | 234510 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 1/15/29 | 100000 | 96766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 2/15/32 | 110000 | 118777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 6/1/32 | 155000 | 164864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 10/15/30 | 250000 | 275651 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 5/15/32 | 25000 | 22541 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 6/15/30 | 400000 | 407416 |
|  |  | 1595136 |
| **Holding Companies-Divers — 0.3%** |  |  |
| Clue Opco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 10/15/31 | 160000 | 163101 |
| Stena International SA, (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 2/15/31 | 750000 | 768295 |
|  |  | 931396 |
| **Home Builders — 0.2%** |  |  |
| Installed Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 2/1/28 | 200000 | 199907 |
| Shea Homes LP / Shea Homes Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/28 | 75000 | 74266 |
| STL Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 2/15/29 | 65000 | 68154 |
| Winnebago Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/15/28 | 118000 | 117770 |
|  |  | 460097 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 2/1/28 | $450000<br>| $449290<br>|
| **Housewares — 0.2%** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 5/15/30<sup>(d)</sup> | 135000 | 128250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/32<sup>(d)</sup> | 115000 | 108100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 6/1/28 | 85000 | 87203 |
| Scotts Miracle-Gro Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/31 | 150000 | 138863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 2/1/32 | 250000 | 231111 |
|  |  | 693527 |
| **Insurance — 0.4%** |  |  |
| Belrose Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.792%, due 5/15/55 | 650000 | 692440 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 6/15/30 | 150000 | 156600 |
| MGIC Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/15/28 | 200000 | 199991 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 8/1/32 | 200000 | 203336 |
|  |  | 1252367 |
| **Internet — 0.2%** |  |  |
| Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 11/1/28 | 135000 | 134462 |
| Cogent Communications Group LLC / Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/32<sup>(d)</sup> | 90000 | 85947 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 9/30/27 | 55000 | 55852 |
| Go Daddy Operating Co LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/27 | 450000 | 449488 |
|  |  | 725749 |
| **Investment Companies — 0.1%** |  |  |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 9/1/30 | 75000 | 75581 |
| Compass Group Diversified <br>Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/15/29 | 132275 | 119816 |
|  |  | 195397 |
| **Iron/Steel — 0.4%** |  |  |
| Mineral Resources Ltd., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 4/1/31 | 150000 | 155288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/1/30 | 450000 | 469138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 10/1/28 | 250000 | 262127 |
| Samarco Mineracao SA, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 6/30/31 | 286300 | 286296 |
|  |  | 1172849 |
| **Leisure Time — 0.2%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 8/1/32 | 150000 | 154092 |
| MajorDrive Holdings IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 6/1/29 | 85000 | 66398 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 1/15/36 | 295000 | 297000 |
|  |  | 517490 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Lodging — 0.7%** |  |  |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 2/15/32 | $100000<br>| $92127<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 1/15/30<sup>(d)</sup> | 500000 | 499278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 9/15/33<sup>(d)</sup> | 100000 | 101875 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/30/29 | 885000 | 910148 |
| Studio City Finance Ltd., (Macau) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/29 | 490000 | 469186 |
|  |  | 2072614 |
| **Machinery-Diversified — 0.2%** |  |  |
| Maxim Crane Works Holdings Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 9/1/28 | 135000 | 142765 |
| TK Elevator U.S. Newco, Inc., (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/27 | 400000 | 399539 |
|  |  | 542304 |
| **Media — 1.4%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, due 3/15/28 | 100000 | 84250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.220%, due 3/15/26<sup>(e)</sup> | 200000 | 194800 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/32 | 585000 | 520305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/28 | 200000 | 197993 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/27 | 350000 | 324760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/30 | 200000 | 74947 |
| Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, due 2/1/30 | 100000 | 99408 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 8/15/27 | 82000 | 82004 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 5/15/30 | 80000 | 74040 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, due 7/15/32 | 75000 | 75370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 7/15/29 | 40000 | 43105 |
| LCPR Senior Secured Financing DAC, (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 7/15/29 | 200000 | 120982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 10/15/27 | 200000 | 125098 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 11/1/28 | 50000 | 49214 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, due 2/15/33 | 125000 | 127386 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/27 | 400000 | 399072 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 6/15/39 | 635000 | 652224 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 8/1/32 | 100000 | 105557 |
| Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/30/31 | 180000 | 183479 |
| Virgin Media Secured Finance PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/15/29 | 200000 | 196326 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Media (continued)** |  |  |
| Virgin Media Vendor Financing Notes IV DAC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/28 | $235000<br>| $230275<br>|
| Ziggo BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 1/15/30 | 225000 | 212366 |
|  |  | 4172961 |
| **Metal Fabricate/Hardware — 0.2%** |  |  |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 6/15/30 | 300000 | 305620 |
| Park-Ohio Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 8/1/30 | 65000 | 66347 |
| Vallourec SACA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 4/15/32 | 200000 | 212575 |
|  |  | 584542 |
| **Mining — 0.7%** |  |  |
| Century Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 8/1/32 | 140000 | 143931 |
| Eldorado Gold Corp., (Turkey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/1/29 | 130000 | 130264 |
| First Quantum Minerals Ltd., (Zambia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 3/1/29 | 300000 | 317436 |
| IAMGOLD Corp., (Burkina Faso) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/28 | 250000 | 249064 |
| Vedanta Resources Finance II PLC, (India) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, due 9/17/29 | 390000 | 408204 |
| WE Soda Investments Holding PLC, (Turkey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 2/14/31 | 765000 | 758527 |
|  |  | 2007426 |
| **Miscellaneous Manufacturing — 0.1%** |  |  |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 5/15/30 | 50000 | 48931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 3/15/33 | 60000 | 62096 |
| Calderys Financing II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, due 6/1/28 | 200000 | 207480 |
| Calderys Financing LLC, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, due 6/1/28 | 100000 | 105653 |
|  |  | 424160 |
| **Oil & Gas — 1.5%** |  |  |
| Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/1/30 | 50000 | 50119 |
| Diamond Foreign Asset Co. / Diamond Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 10/1/30 | 200000 | 212328 |
| Energean Israel Finance Ltd., (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 3/30/28 | 95000 | 93456 |
| Gulfport Energy Operating Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 9/1/29 | 200000 | 204203 |
| Hilcorp Energy I LP / Hilcorp <br>Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 2/1/31 | 300000 | 284046 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 4/15/28<sup>(d)</sup> | 150000 | 152858 |
| Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 9/1/31 | 325000 | 313704 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Oil & Gas (continued)** |  |  |
| Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/1/32<sup>(d)</sup> | $60000<br>| $59133<br>|
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 4/15/30 | 200000 | 207569 |
| Parkland Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 5/1/30 | 500000 | 485087 |
| PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, due 3/15/30 | 55000 | 58308 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 7/1/29 | 450000 | 450393 |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/30 | 150000 | 146779 |
| Rockcliff Energy II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/29 | 250000 | 242360 |
| Seadrill Finance Ltd., (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 8/1/30 | 100000 | 102300 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 8/1/29 | 100000 | 99791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 8/1/32 | 60000 | 58696 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 2/1/29 | 140000 | 143945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 2/1/31 | 360000 | 368168 |
| Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 2/15/30 | 187500 | 196749 |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 2/1/28 | 80952 | 83188 |
| Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 7/31/29 | 100000 | 98314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 4/15/32 | 90000 | 85172 |
| Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 10/15/29 | 100000 | 99796 |
|  |  | 4296462 |
| **Oil & Gas Services — 0.2%** |  |  |
| Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 3/1/28 | 130000 | 129980 |
| Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 10/1/33 | 65000 | 66608 |
| Nine Energy Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, due 2/1/28 | 110000 | 51514 |
| SESI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 9/30/30 | 100000 | 98140 |
| Tidewater, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, due 7/15/30 | 125000 | 133417 |
|  |  | 479659 |
| **Packaging & Containers — 0.2%** |  |  |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 7/15/26 | 352000 | 352034 |
| Sealed Air Corp/Sealed Air Corp. U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 2/1/28 | 100000 | 101300 |
|  |  | 453334 |
| **Pharmaceuticals — 0.8%** |  |  |
| 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 4/15/32 | 70000 | 73172 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 9/30/28 | 185000 | 193924 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Pharmaceuticals (continued)** |  |  |
| BellRing Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 3/15/30 | $200000<br>| $206223<br>|
| CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%, due 1/10/34 | 106004 | 108925 |
| Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31 | 225000 | 238483 |
| Jazz Securities DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 1/15/29<sup>(d)</sup> | 950000 | 930806 |
| Organon & Co / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 4/30/28 | 550000 | 523279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 4/30/31 | 255000 | 195467 |
|  |  | 2470279 |
| **Pipelines — 2.4%** |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/28 | 300000 | 299882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/33 | 55000 | 54921 |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 2/1/30 | 45000 | 46966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 7/1/29 | 250000 | 258909 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962%, due 2/15/55 | 1040000 | 1037263 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, due 4/15/32 | 605000 | 579884 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, (5 Year US CMT T-Note + 2.68%), due 2/15/56<sup>(a)</sup> | 75000 | 74321 |
| Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 5/15/30 | 150000 | 158368 |
| Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363%, due 6/30/31 | 635000 | 582741 |
| Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 1/15/29 | 150000 | 151834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 7/1/33 | 25000 | 25354 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/30 | 300000 | 301973 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 8/1/29 | 165000 | 159814 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/15/55 | 575000 | 575712 |
| Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.583%, (3 Month CME SOFR + 4.37%), due 11/15/73<sup>(a)</sup> | 550000 | 550628 |
| Plains All American Pipeline LP / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, due 1/15/36 | 285000 | 287942 |
| Prairie Acquiror LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 8/1/29 | 75000 | 76978 |
| South Bow Canadian Infrastructure Holdings Ltd., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, (5 Year US CMT T-Note + 3.95%), due 3/1/55<sup>(a)</sup> | 100000 | 104105 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/15/28 | 600000 | 596383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/15/34 | 90000 | 89308 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Pipelines (continued)** |  |  |
| TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 6/15/30 | $90000<br>| $94153<br>|
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 6/1/31 | 60000 | 61598 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/15/34 | 85000 | 89034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 1/15/36 | 50000 | 52956 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/50 | 680000 | 586309 |
|  |  | 6897336 |
| **Real Estate — 0.1%** |  |  |
| Alpha Star Holding IX Ltd., (United Arab Emirates) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 8/26/28 | 200000 | 204572 |
| **REITS — 1.5%** |  |  |
| American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, due 7/15/31 | 905000 | 802904 |
| Blackstone Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 12/1/29 | 65000 | 68499 |
| GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/15/30 | 930000 | 900871 |
| Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/15/31 | 585000 | 506528 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 3/15/28 | 75000 | 74961 |
| Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/15/32 | 40000 | 40191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 8/1/30 | 100000 | 101304 |
| MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/27 | 100000 | 96213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/32 | 100000 | 104768 |
| RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 2/15/29 | 250000 | 245943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/32<sup>(d)</sup> | 50000 | 51436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/15/33 | 55000 | 56766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 7/15/28 | 100000 | 103114 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/31 | 60000 | 60847 |
| Trust Fibra Uno, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 2/13/34 | 685000 | 746075 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 4/15/28 | 200000 | 195477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/15/29 | 120000 | 112311 |
|  |  | 4268208 |
| **Retail — 1.2%** |  |  |
| 1011778 BC ULC / New Red Finance, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 1/15/28 | 100000 | 98195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/30 | 500000 | 472694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 6/15/29 | 100000 | 102760 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Retail (continued)** |  |  |
| Arcos Dorados BV, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 1/29/32 | $820000<br>| $868831<br>|
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 3/1/30 | 250000 | 244355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/32 | 100000 | 96294 |
| AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 6/1/30 | 313000 | 313995 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/30/32 | 80000 | 82820 |
| Ken Garff Automotive LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 9/15/28 | 100000 | 97996 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/1/29 | 290000 | 282311 |
| Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/1/30 | 60000 | 60104 |
| Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 9/15/29 | 100000 | 97166 |
| Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 12/15/29 | 78000 | 34124 |
| SGUS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 12/15/29 | 144460 | 124598 |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 1/31/32 | 400000 | 390608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 4/1/32 | 100000 | 101097 |
|  |  | 3467948 |
| **Savings & Loans — 0.3%** |  |  |
| Nationwide Building Society, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%, (SOFR + 1.29%), due 2/16/28<sup>(a)</sup> | 960000 | 944999 |
| **Semiconductors — 0.2%** |  |  |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, due 1/25/37 | 595000 | 632747 |
| **Software — 1.1%** |  |  |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/31/29 | 500000 | 503774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 8/15/33 | 60000 | 60137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 9/30/29 | 100000 | 103434 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, due 3/15/36 | 295000 | 291780 |
| Open Text Holdings, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 2/15/30 | 475000 | 453410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 12/1/31 | 70000 | 65170 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, due 9/26/65 | 325000 | 309925 |
| PTC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/28 | 100000 | 98416 |
| SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 9/30/27 | 500000 | 500281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/1/32 | 300000 | 311019 |
| UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 2/1/31 | 450000 | 463211 |
|  |  | 3160557 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Sovereign & Agency — 0.6%** |  |  |
| Colombia Government International Bond, (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 11/7/36 | $675000<br>| $719050<br>|
| Eagle Funding Luxco SARL, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/17/30 | 885000 | 899072 |
|  |  | 1618122 |
| **Telecommunications — 0.6%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 9/15/53 | 585000 | 400305 |
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 11/30/30 | 157599 | 162628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, due 11/30/29 | 100000 | 110087 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 10/15/27 | 300000 | 299769 |
| Iliad Holding SAS, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31 | 215000 | 230752 |
| Total Play Telecomunicaciones SA de CV, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125%, due 12/31/32 | 280000 | 269220 |
| Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/15/28 | 65000 | 63089 |
| Windstream Services LLC / Windstream Escrow Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 10/1/31 | 190000 | 194018 |
|  |  | 1729868 |
| **Transportation — 0.2%** |  |  |
| Star Leasing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 2/15/30 | 280000 | 264551 |
| Watco Cos. LLC / Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 8/1/32 | 300000 | 310785 |
|  |  | 575336 |
| **Water — 0.3%** |  |  |
| Aegea Finance Sarl, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 1/20/31 | 829000 | 875878 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $132,205,141)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $132,205,141)** | 133751126 |
| **U.S. Government & Federal Agencies — 27.4%** | **U.S. Government & Federal Agencies — 27.4%** | **U.S. Government & Federal Agencies — 27.4%** |
| **Mortgage Securities — 18.1%** |  |  |
| Fannie Mae Interest Strip |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-426 C32, 1.500%, due 2/25/52<sup>(f)</sup> | 2566752 | 245035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-429 C5, 3.000%, due 10/25/52<sup>(f)</sup> | 1824440 | 332043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-438 C34, 6.000%, due 8/25/53<sup>(f)</sup> | 1151936 | 255871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-440 C46, 4.000%, due 10/25/53<sup>(f)</sup> | 2065865 | 436470 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM5299, 3.500%, due 11/1/50 | 219977 | 203580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA4492, 2.000%, due 12/1/51 | 368546 | 300532 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CB3155, 2.000%, due 3/1/52 | $359138<br>| $292177<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4562, 2.000%, due 3/1/52 | 834190 | 680120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FP0087, 2.000%, due 10/1/50 | 1607781 | 1312573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS3603, 5.500%, due 8/1/53 | 589350 | 602104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS5641, 6.000%, due 8/1/53 | 376420 | 388348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4918, 5.000%, due 2/1/53 | 544755 | 544513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4919, 5.500%, due 2/1/53 | 429505 | 435808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5108, 6.000%, due 8/1/53 | 945854 | 969364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5139, 6.000%, due 9/1/53 | 400178 | 409741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS7587, 5.500%, due 4/1/54 | 572396 | 582760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS8275, 5.500%, due 6/1/54 | 1929831 | 1953251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS9453, 4.500%, due 8/1/53 | 767647 | 753761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MA5353, 5.500%, due 5/1/54 | 496065 | 501831 |
| Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-19 SD, 1.803%, (1 Month SOFR + 5.99%), due 4/25/46<sup>(a)(f)</sup> | 1129258 | 106219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-57 SN, 1.753%, (1 Month SOFR + 5.94%), due 6/25/46<sup>(a)(f)</sup> | 521364 | 59936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-32 SB, 1.753%, (1 Month SOFR + 5.94%), due 6/25/49<sup>(a)(f)</sup> | 870211 | 105044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57 LJ, 2.000%, due 8/25/50 | 790000 | 599205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-70 SD, 1.953%, (1 Month SOFR + 6.14%), due 10/25/50<sup>(a)(f)</sup> | 724764 | 94872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 JI, 2.500%, due 3/25/51<sup>(f)</sup> | 572967 | 92126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-34 IS, 0.000%, (1 Month SOFR + 2.91%), due 11/25/42<sup>(a)(f)</sup> | 2459794 | 73936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-34 MI, 2.500%, due 3/25/51<sup>(f)</sup> | 1210845 | 169301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-54 HI, 2.500%, due 6/25/51<sup>(f)</sup> | 163618 | 19648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 ID, 3.500%, due 3/25/51<sup>(f)</sup> | 1370277 | 292854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10 SA, 1.567%, (1 Month SOFR + 5.75%), due 2/25/52<sup>(a)(f)</sup> | 733930 | 89371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-24 OQ, 0.000%, due 7/25/54<sup>(e)(g)</sup> | 483654 | 400187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 SB, 1.717%, (1 Month SOFR + 5.90%), due 7/25/54<sup>(a)(f)</sup> | 3525009 | 189704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-82 DS, 0.967%, (1 Month SOFR + 5.15%), due 11/25/54<sup>(a)(f)</sup> | 2045469 | 79516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18 SM, 2.917%, (1 Month SOFR + 7.10%), due 9/25/54<sup>(a)(f)</sup> | 755955 | 58433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44 SD, 0.917%, (1 Month SOFR + 5.10%), due 6/25/55<sup>(a)(f)</sup> | 2556754 | 95457 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-Z40283, 3.500%, due 9/1/47 | $522531<br>| $492199<br>|
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-K758 A2, 4.680%, due 10/25/31<sup>(a)(c)</sup> | 1260000 | 1292620 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RA6622, 2.500%, due 1/1/52 | 819282 | 704439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8215, 4.000%, due 5/1/52 | 224898 | 214375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8220, 3.000%, due 6/1/52 | 1146523 | 1017017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8243, 3.500%, due 9/1/52 | 2496252 | 2305144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8257, 4.500%, due 10/1/52 | 1384488 | 1355555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3392, 5.500%, due 7/1/53 | 281812 | 287767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3770, 2.500%, due 3/1/52 | 184608 | 158581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD5040, 5.500%, due 3/1/54 | 547546 | 557515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD5184, 4.000%, due 3/1/53 | 1032137 | 983844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD6766, 5.500%, due 11/1/54 | 366977 | 371958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD8407, 5.000%, due 3/1/54 | 647000 | 644811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL0849, 6.000%, due 4/1/55 | 510621 | 522435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL2053, 6.000%, due 8/1/55 | 713041 | 729539 |
| Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4358 Z, 3.000%, due 6/15/44 | 821546 | 756628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4725 WZ, 3.500%, due 11/15/47 | 965724 | 903297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4988 LP, 1.250%, due 6/25/50 | 630211 | 504802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4993 KS, 1.753%, (1 Month SOFR + 5.94%), due 7/25/50<sup>(a)(f)</sup> | 1377591 | 197208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4994 TS, 1.803%, (1 Month SOFR + 5.99%), due 7/25/50<sup>(a)(f)</sup> | 678886 | 93075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5013 DI, 3.000%, due 9/25/50<sup>(f)</sup> | 1560719 | 290397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5021 SA, 0.000%, (1 Month SOFR + 3.55%), due 10/25/50<sup>(a)(f)</sup> | 735790 | 20960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5031 IQ, 2.500%, due 10/25/50<sup>(f)</sup> | 463223 | 74040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5038 IB, 2.500%, due 10/25/50<sup>(f)</sup> | 448504 | 71950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5040 IO, 3.500%, due 11/25/50<sup>(f)</sup> | 673835 | 124333 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5070 PI, 3.000%, due 8/25/50<sup>(f)</sup> | $768743<br>| $139989<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5092 XA, 1.000%, due 1/15/41 | 341937 | 298770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5191 IO, 3.500%, due 9/25/50<sup>(f)</sup> | 783988 | 141811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5304 UB, 4.000%, due 2/25/52 | 320426 | 302218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5315 OQ, 0.000%, due 1/25/55<sup>(e)(g)</sup> | 423109 | 348467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5326 QO, 0.000%, due 9/25/50<sup>(e)(g)</sup> | 319759 | 221134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5328 JY, 0.250%, due 9/25/50 | 685593 | 482217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5351 DO, 0.000%, due 9/25/53<sup>(e)(g)</sup> | 359660 | 302572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5351 EO, 0.000%, due 10/25/53<sup>(e)(g)</sup> | 259022 | 225170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5363, 0.000%, due 12/25/53<sup>(e)(g)</sup> | 311754 | 271360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5468 QS, 0.517%, (1 Month SOFR + 4.70%), due 5/25/54<sup>(a)(f)</sup> | 7471934 | 192369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5471 SK, 1.167%, (1 Month SOFR + 5.35%), due 8/25/54<sup>(a)(f)</sup> | 5259604 | 222160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5472 SB, 1.167%, (1 Month SOFR + 5.35%), due 11/25/54<sup>(a)(f)</sup> | 5343006 | 226169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5514 SA, 0.917%, (1 Month SOFR + 5.10%), due 3/25/55<sup>(a)(f)</sup> | 1670822 | 61720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5531 SD, 1.717%, (1 Month SOFR + 5.90%), due 4/25/55<sup>(a)(f)</sup> | 2010493 | 126511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5547 ES, 2.817%, (1 Month SOFR + 7.00%), due 6/25/55<sup>(a)(f)</sup> | 911427 | 67588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA1 B2, 9.397%, (1 Month SOFR + 5.21%), due 1/25/50<sup>(a)</sup> | 815000 | 911333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3 M2, 8.533%, (1 Month SOFR + 4.35%), due 4/25/42<sup>(a)</sup> | 565000 | 591372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA1 M2, 5.533%, (1 Month SOFR + 1.35%), due 1/25/45<sup>(a)</sup> | 455000 | 455140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1 M2, 5.833%, (1 Month SOFR + 1.65%), due 2/25/45<sup>(a)</sup> | 1000000 | 1001885 |
| Freddie Mac STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HQA2 B2, 15.547%, (1 Month SOFR + 11.36%), due 4/25/49<sup>(a)</sup> | 235000 | 281916 |
| Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-272, 0.000%, due 8/15/42<sup>(e)(g)</sup> | 448750 | 351404 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-311 S1, 1.602%, (1 Month SOFR + 5.84%), due 8/15/43<sup>(a)(f)</sup> | $704271<br>| $76821<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-397 C61, 5.500%, due 1/25/53<sup>(f)</sup> | 881907 | 177819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-402, 0.000%, due 9/25/53<sup>(e)(g)</sup> | 422850 | 364673 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA7409, 2.000%, due 6/20/51 | 521338 | 424628 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-93 AI, 4.500%, due 7/20/44<sup>(f)</sup> | 909917 | 215432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 KF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a)</sup> | 230792 | 209027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 YF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a)</sup> | 236523 | 216173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-159 P, 2.500%, due 9/20/49 | 521720 | 461645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 YF, 3.500%, (1 Month CME SOFR + 0.78%), due 1/20/50<sup>(a)</sup> | 433659 | 391436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 YS, 0.000%, (1 Month CME SOFR + 2.72%), due 1/20/50<sup>(a)(f)</sup> | 1195243 | 13698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-129 SB, 0.000%, (1 Month CME SOFR + 3.09%), due 9/20/50<sup>(a)(f)</sup> | 1585818 | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146 KI, 2.500%, due 10/20/50<sup>(f)</sup> | 1306633 | 193549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146 SA, 2.154%, (1 Month CME SOFR + 6.19%), due 10/20/50<sup>(a)(f)</sup> | 771880 | 111260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-168 IA, 0.974%, due 12/16/62<sup>(a)(c)(f)</sup> | 1474066 | 106608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-175 CS, 2.154%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(f)</sup> | 836229 | 118701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-189 SU, 2.154%, (1 Month CME SOFR + 6.19%), due 12/20/50<sup>(a)(f)</sup> | 723830 | 108912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-34 SC, 1.904%, (1 Month CME SOFR + 5.94%), due 3/20/50<sup>(a)(f)</sup> | 813000 | 107716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 IT, 3.000%, due 1/20/51<sup>(f)</sup> | 1173062 | 197924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 PI, 2.500%, due 12/20/50<sup>(f)</sup> | 677884 | 104073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122 HS, 2.154%, (1 Month CME SOFR + 6.19%), due 7/20/51<sup>(a)(f)</sup> | 1069377 | 152985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-146 IN, 3.500%, due 8/20/51<sup>(f)</sup> | 985930 | 184032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-158 SB, 0.000%, (1 Month SOFR + 3.70%), due 9/20/51<sup>(a)(f)</sup> | 901061 | 31898 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16 AS, 0.000%, (1 Month CME SOFR + 2.64%), due 1/20/51<sup>(a)(f)</sup> | $2096777<br>| $19511<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-179 SA, 2.154%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(f)</sup> | 1223494 | 181455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-188 IO, 2.500%, due 10/20/51<sup>(f)</sup> | 3256811 | 537491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-205 DS, 0.000%, (1 Month SOFR + 3.20%), due 11/20/51<sup>(a)(f)</sup> | 2885302 | 50113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-226 SA, 0.000%, (1 Month SOFR + 1.70%), due 12/20/51<sup>(a)(f)</sup> | 1663620 | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-29 AS, 0.000%, (1 Month SOFR + 2.70%), due 2/20/51<sup>(a)(f)</sup> | 2011227 | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42 BI, 2.500%, due 3/20/51<sup>(f)</sup> | 535127 | 82431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-46 QS, 2.154%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(f)</sup> | 484316 | 67385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-46 TS, 2.154%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(f)</sup> | 619901 | 86639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47 IO, 0.992%, due 3/16/61<sup>(a)(c)(f)</sup> | 3451219 | 232381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-49 SB, 2.154%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(f)</sup> | 708861 | 100003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SA, 2.154%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(f)</sup> | 1857454 | 258692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SD, 2.154%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(f)</sup> | 1946116 | 274610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67 PI, 3.000%, due 4/20/51<sup>(f)</sup> | 669072 | 113552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-74 HI, 3.000%, due 4/20/51<sup>(f)</sup> | 158275 | 23892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 GP, 1.000%, due 6/20/51 | 521346 | 405871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 SA, 0.000%, (1 Month SOFR + 2.60%), due 6/20/51<sup>(a)(f)</sup> | 4029065 | 47582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 SM, 2.154%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(f)</sup> | 1112657 | 158242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-98 IN, 3.000%, due 6/20/51<sup>(f)</sup> | 539123 | 93970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-101 SB, 0.000%, (1 Month SOFR + 3.30%), due 6/20/52<sup>(a)(f)</sup> | 1067968 | 15719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-107 SA, 0.000%, (1 Month SOFR + 3.47%), due 6/20/52<sup>(a)(f)</sup> | 5392317 | 73729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113 Z, 2.000%, due 9/16/61 | 641328 | 313779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-185 DI, 1.022%, due 10/16/65<sup>(a)(c)(f)</sup> | 1285971 | 89778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-221 C, 3.000%, due 6/16/64<sup>(a)(c)</sup> | 395000 | 270074 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-34 HS, 0.000%, (1 Month SOFR + 4.10%), due 2/20/52<sup>(a)(f)</sup> | $2115458<br>| $113169<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78 S, 0.000%, (1 Month SOFR + 3.70%), due 4/20/52<sup>(a)(f)</sup> | 1115129 | 25074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-87 SA, 0.000%, (1 Month SOFR + 3.30%), due 5/20/52<sup>(a)(f)</sup> | 2134962 | 31424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-101 KO, 0.000%, due 1/20/51<sup>(e)(g)</sup> | 1051417 | 699801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-114 MO, 0.000%, due 8/20/53<sup>(e)(g)</sup> | 203539 | 171309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-159 CI, 0.954%, due 7/16/65<sup>(a)(c)(f)</sup> | 2845350 | 203875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-172 IO, 1.331%, due 2/16/66<sup>(a)(c)(f)</sup> | 1946104 | 180700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-194 CI, 0.818%, due 10/16/65<sup>(a)(c)(f)</sup> | 2184253 | 137902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-38 WT, 6.486%, due 12/20/51<sup>(a)(c)</sup> | 261906 | 277630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, 0.000%, due 4/20/53<sup>(e)(g)</sup> | 210700 | 174869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-55 CG, 7.687%, due 7/20/51<sup>(a)(c)</sup> | 424773 | 480375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-55 LB, 7.801%, due 11/20/51<sup>(a)(c)</sup> | 405459 | 465663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-56 SK, 1.904%, (1 Month CME SOFR + 5.94%), due 4/20/51<sup>(a)(f)</sup> | 2101819 | 238341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-59 YC, 7.096%, due 9/20/51<sup>(a)(c)</sup> | 579637 | 642963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-60 ES, 2.832%, (1 Month SOFR + 11.20%), due 4/20/53<sup>(a)</sup> | 436588 | 396553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-66 MP, 3.932%, (1 Month SOFR + 12.30%), due 5/20/53<sup>(a)</sup> | 564629 | 534553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-66 OQ, 0.000%, due 7/20/52<sup>(e)(g)</sup> | 724469 | 571689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-80 SA, 1.066%, (1 Month SOFR + 5.25%), due 6/20/53<sup>(a)(f)</sup> | 2185139 | 101774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-86 SE, 2.466%, (1 Month SOFR + 6.65%), due 9/20/50<sup>(a)(f)</sup> | 748422 | 117107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-29 B, 2.500%, due 8/16/64<sup>(a)(c)</sup> | 635000 | 468486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 JI, 3.000%, due 7/20/51<sup>(f)</sup> | 1170441 | 196795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-51 SX, 1.016%, (1 Month SOFR + 5.20%), due 3/20/54<sup>(a)(f)</sup> | 5624794 | 243000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-112 IO, 0.565%, due 3/16/66<sup>(a)(c)(f)</sup> | 3478653 | 177219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 WZ, 2.000%, due 8/20/52 | 999874 | 645804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 Z, 3.500%, due 1/20/55 | 1134347 | 884867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-37 B, 4.500%, due 3/16/66<sup>(a)(c)</sup> | 535000 | 478926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 MTU, 3.250%, due 11/25/64 | 1118823 | 973341 |
|  |  | 52768320 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **U.S. Treasury Bond — 3.4%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 8/15/55 | $2650000<br>| $2686024<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 8/15/45<sup>(d)</sup> | 6905000 | 7112150 |
|  |  | 9798174 |
| **U.S. Treasury Note — 5.9%** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 10/31/27 | 760000 | 758575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 10/15/28<sup>(d)</sup> | 275000 | 274248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 10/31/30 | 5875000 | 5853428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 10/31/32 | 3930000 | 3896841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 8/15/35 | 6415000 | 6495187 |
|  |  | 17278279 |
| **Total U.S. Government & Federal Agencies** | **Total U.S. Government & Federal Agencies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $78,802,898)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $78,802,898)** | **79844773** |
|  | **Shares** | **Value** |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Money Market Funds — 1.5%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.87%<sup>(h)</sup> | 3060763 | 3060763 |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(h)(i)</sup> | 1392337 | 1392337 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,453,100)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,453,100)** | **4453100** |
| **Total Investments — 99.6%<br>(Cost $287,670,819)** | **Total Investments — 99.6%<br>(Cost $287,670,819)** | **290253570** |
| **Other Assets and Liabilities, Net — 0.4%** | **Other Assets and Liabilities, Net — 0.4%** | **1201303** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **291454873**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2025.

(b)Less than 0.05%.

(c)Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(d)All or a portion of the security was on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The aggregate market value of securities on loan was $6,704,536; total market value of collateral held by the Fund was $7,032,185. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $5,639,848.

(e)The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(f)Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

(g)A principal only security is the principal only portion of a fixed income security, which is separated and sold individually from the interest portion of the security.

(h)Reflects the 1-day yield at October 31, 2025.

(i)Represents security purchased with cash collateral received for securities on loan.

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CMT | - Constant Maturity Treasury Index |
| SOFR | - Secured Overnight Financing Rate |

---

**Open futures contracts outstanding at October 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Broker** | **Expiration Date** | **Number of<br>Contracts Purchased (Sold)**  | **Notional Value at Trade Date** | **Notional Value at<br>October 31, 2025** | **Unrealized Appreciation (Depreciation)** |
| U.S. 10 Year Note (CBT) | Citigroup Global Markets Inc. | December 2025 | 69 | $7789441<br>| $7774359<br>| $(15082) |
| U.S. 10 Year Ultra Note (CBT) | Citigroup Global Markets Inc. | December 2025 | (11) | (1284380) | (1270328) | 14052 |
| U.S. 2 Year Note (CBT) | Citigroup Global Markets Inc. | December 2025 | (76) | (15851795) | (15826406) | 25389 |
| U.S. 5 Year Note (CBT) | Citigroup Global Markets Inc. | December 2025 | 10 | 1092599 | 1092109 | (490) |
| U.S. Long Bond (CBT) | Citigroup Global Markets Inc. | December 2025 | 69 | 7967619 | 8094563 | 126944 |
| U.S. Ultra Bond (CBT) | Citigroup Global Markets Inc. | December 2025 | 81 | 9560950 | 9823781 | 262831 |
|  |  |  |  |  |  | $413644<br>|

---

------

CBT — Chicago Board of Trade

Cash posted as collateral to broker for futures contracts was $807,329 at October 31, 2025.

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs**  |  |  |  |  |
| Investments in Securities:<sup>(j)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $—<br>| $2829852<br>| $—<br>| $2829852<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 5401010 |  | 5401010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 18766027 |  | 18766027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Asset-Backed Securities |  | 21339571 |  | 21339571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 23868111 |  | 23868111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 133751126 |  | 133751126 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Federal Agencies |  | 79844773 |  | 79844773 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 4453100 |  |  | 4453100 |
| Total Investments in Securities | 4453100 | 285800470 |  | 290253570 |
| Other Financial Instruments:<sup>(k)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 429216 |  |  | 429216 |
| Total Investments in Securities and Other Financial Instruments | $4882316<br>| $285800470<br>| $—<br>| $290682786<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(k)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(15572) | $—<br>| $—<br>| $(15572) |

---

------

(j)For a complete listing of investments and their industries, see the Schedule of Investments.

(k)Reflects the unrealized appreciation (depreciation) of the instruments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 97.2%** | **Long-Term Bonds — 97.2%** | **Long-Term Bonds — 97.2%** |
| **Bank Loans — 3.3%** | **Bank Loans — 3.3%** | **Bank Loans — 3.3%** |
| **Apparel — 0.3%** |  |  |
| Beach Acquisition Bidco, LLC Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.207%, (1 month SOFR + 3.25%), due 9/12/32<sup>(a)</sup> | $60000<br>| $60250<br>|
| Champ Acquisition Corporation Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.026%, (3 month SOFR + 4.00%), due 11/25/31<sup>(a)</sup> | 137375 | 138120 |
|  |  | 198370 |
| **Auto Parts & Equipment — 0.2%** |  |  |
| Clarios Global LP First Lien Amendment No. 6 Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.715%, (1 month SOFR + 2.75%), due 1/28/32<sup>(a)</sup> | 165000 | 164450 |
| **Chemicals — 0.2%** |  |  |
| Ineos Quattro Holdings UK Limited 2029 Tranche B Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.298%, (1 Month SOFR + 4.25%), due 4/2/29<sup>(a)</sup> | 188090 | 156585 |
| **Commercial Services — 0.1%** |  |  |
| Wash Bidco Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.222%, (1 Month SOFR + 3.25%), due 9/10/32<sup>(a)</sup> | 105000 | 105000 |
| **Computers — 0.3%** |  |  |
| Fortress Intermediate 3, Inc. Tranche B Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.984%, (1 month SOFR + 3.00%), due 6/27/31<sup>(a)</sup> | 258050 | 258373 |
| **Cosmetics/Personal Care — 0.1%** |  |  |
| Opal US LLC Facility B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.694%, (6 month SOFR + 3.00%), due 4/28/32<sup>(a)</sup> | 120000 | 120656 |
| **Healthcare-Services — 0.2%** |  |  |
| LifePoint Health, Inc. First Lien 2024-2 Refinancing Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.660%, (3 Month SOFR + 3.50%), due 5/19/31<sup>(a)</sup> | 158800 | 158542 |
| **Internet — 0.6%** |  |  |
| Arches Buyer, Inc. Refinancing <br>Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.341%, (1 Month CME SOFR + 3.25%), due 12/6/27<sup>(a)</sup> | 432121 | 432781 |
| **Media — 1.0%** |  |  |
| DIRECTV Financing LLC 2024 Refinancing Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.377%, (3 Month SOFR + 5.25%), due 8/2/29<sup>(a)</sup> | 376774 | 377245 |
| Virgin Media Bristol LLC Facility Q |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.349%, (1 Month SOFR + 3.25%), due 1/31/29 | 370000 | 369285 |
|  |  | 746530 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Bank Loans (continued)** | **Bank Loans (continued)** | **Bank Loans (continued)** |
| **Retail — 0.1%** |  |  |
| Sally Holdings LLC (Sally Capital, Inc.) 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%, (1 Month SOFR + 1.75%), due 2/28/30<sup>(a)</sup> | $45368<br>| $45425<br>|
| **Transportation — 0.2%** |  |  |
| First Student Bidco, Inc. Initial Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.448%, (1 month SOFR + 2.50%), due 8/15/30<sup>(a)</sup> | 109681 | 109791 |
| First Student Bidco, Inc. Initial Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.448%, (1 month SOFR + 2.50%), due 8/15/30<sup>(a)</sup> | 20069 | 20088 |
|  |  | 129879 |
| **Total Bank Loans <br>(Cost $2,527,844)** | **Total Bank Loans <br>(Cost $2,527,844)** | **2516591** |
| **Corporate Bonds — 93.9%** | **Corporate Bonds — 93.9%** | **Corporate Bonds — 93.9%** |
| **Advertising — 0.8%** |  |  |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/30 | 325000 | 311863 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 1/15/29 | 253000 | 244323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 2/15/31 | 42000 | 44368 |
|  |  | 600554 |
| **Aerospace & Defense — 0.6%** |  |  |
| Bombardier, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 6/1/32 | 30000 | 31497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 7/1/31 | 217000 | 230328 |
| Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, due 11/15/30 | 200000 | 219734 |
|  |  | 481559 |
| **Agriculture — 0.1%** |  |  |
| Turning Point Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 3/15/32 | 110000 | 116469 |
| **Airlines — 0.3%** |  |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/15/29 | 155000 | 161709 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 4/15/29 | 69000 | 68339 |
|  |  | 230048 |
| **Apparel — 0.5%** |  |  |
| S&S Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 10/1/31 | 370000 | 353471 |
| Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 7/15/30 | 15000 | 14806 |
|  |  | 368277 |
| **Auto Manufacturers — 0.3%** |  |  |
| Aston Martin Capital Holdings Ltd., (Jersey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 3/31/29 | 170000 | 151190 |
| Nissan Motor Co., Ltd., (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 7/17/32 | 70000 | 73915 |
|  |  | 225105 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Auto Parts & Equipment — 2.2%** |  |  |
| Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 2/15/33 | $95000<br>| $98201<br>|
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 10/15/32 | 130000 | 130386 |
| Clarios Global LP / Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 9/15/32 | 120000 | 122782 |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 2/15/32 | 155000 | 151703 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/31/32 | 350000 | 368345 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 7/15/30<sup>(b)</sup> | 170000 | 168899 |
| Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 10/15/32 | 85000 | 87435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/15/29 | 155000 | 159900 |
| Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 8/15/32 | 90000 | 91587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 8/15/33 | 260000 | 267009 |
|  |  | 1646247 |
| **Banks — 0.4%** |  |  |
| Banco Mercantil del Norte SA, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.30%), due 2/20/74<sup>(a)(b)</sup> | 170000 | 181755 |
| UniCredit SpA, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.296%, (USD 5 Year Swap + 4.91%), due 4/2/34<sup>(a)</sup> | 95000 | 101933 |
|  |  | 283688 |
| **Building Materials — 3.0%** |  |  |
| AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 8/15/33 | 305000 | 319053 |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 12/15/30 | 330000 | 339250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 7/15/31 | 139000 | 144347 |
| JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 1/31/31 | 130000 | 132407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 7/31/32 | 35000 | 35896 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/1/31 | 225000 | 235703 |
| Masterbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 7/15/32 | 325000 | 337120 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/1/32 | 145000 | 148835 |
| MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 2/1/30 | 420000 | 407526 |
| Oscar AcquisitionCo LLC / Oscar Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 4/15/30 | 205000 | 149255 |
| Wilsonart LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 8/15/32 | 30000 | 28334 |
|  |  | 2277726 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Chemicals — 3.5%** |  |  |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/15/30<sup>(b)</sup> | $150000<br>| $148748<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/15/33<sup>(b)</sup> | 175000 | 172325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, due 11/15/33 | 195000 | 199942 |
| Herens Holdco Sarl, (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 5/15/28 | 220000 | 185713 |
| INEOS Finance PLC, (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/15/28 | 302000 | 284820 |
| INEOS Quattro Finance 2 PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, due 3/15/29 | 270000 | 253041 |
| Innophos Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 6/15/29 | 282770 | 268631 |
| Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 10/1/29 | 310000 | 300402 |
| SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/1/28 | 8000 | 7913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/1/29 | 532000 | 527311 |
| Solstice Advanced Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 9/30/33 | 205000 | 205164 |
| Tronox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 3/15/29 | 135000 | 82995 |
|  |  | 2637005 |
| **Coal — 0.6%** |  |  |
| SunCoke Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 6/30/29 | 460000 | 429492 |
| **Commercial Services — 5.8%** |  |  |
| Allied Universal Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 2/15/31 | 595000 | 619523 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/1/29 | 176000 | 172061 |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/15/29 | 104000 | 98557 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 3/1/29<sup>(b)</sup> | 187000 | 180099 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 8/15/30 | 215000 | 218249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/15/33 | 200000 | 204499 |
| Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/15/29 | 180000 | 185545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 6/15/32 | 195000 | 202497 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 5/15/29 | 243000 | 229831 |
| Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, due 9/15/29 | 110000 | 115238 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 6/15/29 | 95000 | 98103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 6/15/33 | 175000 | 184503 |
| ION Platform Finance U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 9/30/32 | 425000 | 414532 |
| NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/29 | 218000 | 213125 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 8/15/32 | 90000 | 92955 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Commercial Services (continued)** |  |  |
| Sotheby's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 10/15/27 | $288000<br>| $286890<br>|
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/15/30 | 201000 | 193033 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 6/15/31 | 285000 | 260024 |
| Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 11/30/30 | 310000 | 322610 |
| Wand NewCo 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 1/30/32 | 95000 | 99288 |
|  |  | 4391162 |
| **Computers — 1.1%** |  |  |
| CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 6/15/33 | 245000 | 254731 |
| Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/32 | 180000 | 184223 |
| NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 4/15/29 | 61000 | 60367 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.091%, due 6/1/29 | 201000 | 195539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 1/15/31 | 88000 | 82881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 7/15/31 | 30000 | 31931 |
|  |  | 809672 |
| **Cosmetics/Personal Care — 0.3%** |  |  |
| Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/28 | 258000 | 257638 |
| **Distribution/Wholesale — 0.2%** |  |  |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 6/1/29 | 185000 | 181901 |
| **Diversified Financial Services — 4.9%** |  |  |
| Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 4/15/30 | 240000 | 253025 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/15/31 | 155000 | 156061 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 3/15/30 | 130000 | 129938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 12/15/28 | 245000 | 256934 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 2/1/29 | 120000 | 126000 |
| goeasy Ltd., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 5/15/30 | 160000 | 157250 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/1/33 | 185000 | 192986 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 1/15/28 | 205000 | 210206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/15/32 | 510000 | 517558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 5/15/31 | 220000 | 229797 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/15/29 | 180000 | 174771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 5/15/32 | 135000 | 140817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 11/15/30 | 295000 | 308859 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 2/1/32 | 460000 | 482958 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/31/30 | 105000 | 108866 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |  |
| VFH Parent LLC / Valor Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 6/15/31 | $277000<br>| $289871<br>|
|  |  | 3735897 |
| **Electric — 6.2%** |  |  |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 1/15/34 | 175000 | 177034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 10/15/32 | 280000 | 287724 |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 2/1/29 | 115000 | 114295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 3/15/28 | 155000 | 154983 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, (5 Year US CMT T-Note + 3.86%), due 6/15/53<sup>(a)(b)</sup> | 265000 | 273498 |
| Hawaiian Electric Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/1/33 | 130000 | 131431 |
| Lightning Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 8/15/32 | 180000 | 190666 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/34 | 165000 | 166163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/15/36 | 165000 | 167840 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, (5 Year US CMT T-Note + 3.32%), due 9/15/55<sup>(a)</sup> | 170000 | 178590 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/28 | 310000 | 307839 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 1/31/31 | 507000 | 540977 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, (5 Year US CMT T-Note + 6.93%), due 4/15/74<sup>(a)</sup> | 529000 | 541983 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 5/1/29 | 112000 | 109970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 4/15/32 | 225000 | 236327 |
| VoltaGrid LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 11/1/30 | 275000 | 279689 |
| XPLR Infrastructure Operating <br>Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/15/29<sup>(b)</sup> | 370000 | 380607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 3/15/33 | 455000 | 477394 |
|  |  | 4717010 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |  |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 6/15/28 | 204000 | 200695 |
| **Electronics — 0.4%** |  |  |
| Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 5/15/29 | 350000 | 344997 |
| **Engineering & Construction — 1.2%** |  |  |
| AECOM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/1/33 | 190000 | 194990 |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 8/15/32 | 90000 | 94256 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/31 | 221000 | 190721 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/29 | 448000 | 433636 |
|  |  | 913603 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Entertainment — 2.6%** |  |  |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 10/15/29<sup>(b)</sup> | $250000<br>| $235198<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/15/32 | 215000 | 216790 |
| Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 4/1/30 | 201000 | 201618 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 7/1/29<sup>(b)</sup> | 202000 | 188117 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 3/1/30 | 373000 | 340713 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, due 3/15/32 | 235000 | 215245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, due 3/15/42 | 305000 | 244833 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 10/1/29 | 350000 | 349902 |
|  |  | 1992416 |
| **Environmental Control — 0.3%** |  |  |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 2/1/33 | 215000 | 223476 |
| **Food — 2.8%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/15/28 | 348000 | 354377 |
| Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/15/28 | 8000 | 8015 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 8/1/29 | 412000 | 401802 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 9/15/31 | 130000 | 122079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 4/15/30 | 311000 | 301528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/15/29 | 248000 | 248124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/15/34 | 65000 | 65761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 3/1/33 | 285000 | 288646 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 6/1/30 | 368000 | 361128 |
|  |  | 2151460 |
| **Forest Products & Paper — 0.8%** |  |  |
| Ahlstrom Holding 3 Oy, (Finland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 2/4/28 | 165000 | 160434 |
| Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 11/15/31 | 505000 | 436045 |
|  |  | 596479 |
| **Gas — 0.9%** |  |  |
| AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 6/1/28 | 610000 | 632726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 6/1/30 | 85000 | 89443 |
|  |  | 722169 |
| **Healthcare-Products — 0.5%** |  |  |
| DENTSPLY SIRONA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, (5 Year US CMT T-Note + 4.38%), due 9/12/55<sup>(a)</sup> | 135000 | 139013 |
| Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/33 | 270000 | 281300 |
|  |  | 420313 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Healthcare-Services — 2.0%** |  |  |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 3/15/33<sup>(b)</sup> | $165000<br>| $170571<br>|
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/31 | 325000 | 290128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/15/29 | 443000 | 438570 |
| Global Medical Response, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 10/1/32 | 215000 | 224964 |
| Prime Healthcare Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 9/1/29 | 370000 | 389255 |
|  |  | 1513488 |
| **Holding Companies-Divers — 0.4%** |  |  |
| Stena International SA, (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/15/31 | 290000 | 296057 |
| **Home Builders — 0.1%** |  |  |
| Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/29 | 62000 | 58997 |
| **Housewares — 0.9%** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 9/15/27 | 503000 | 501667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 5/15/30<sup>(b)</sup> | 25000 | 23750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 6/1/28 | 180000 | 184665 |
|  |  | 710082 |
| **Insurance — 1.8%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 7/1/32 | 315000 | 323051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 11/6/30 | 240000 | 248227 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 10/1/31 | 60000 | 61529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 1/15/31 | 565000 | 585198 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, (5 Year US CMT T-Note + 3.80%), due 10/15/51<sup>(a)</sup> | 170000 | 165568 |
|  |  | 1383573 |
| **Internet — 2.4%** |  |  |
| Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 12/1/28 | 277000 | 269879 |
| Cogent Communications Group LLC / Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/32 | 40000 | 38198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 6/15/27 | 260000 | 259415 |
| Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 11/15/30 | 85000 | 85695 |
| Go Daddy Operating Co LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 3/1/29 | 357000 | 339934 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 8/1/30 | 309000 | 290834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 2/15/29 | 126000 | 125722 |
| Rakuten Group, Inc., (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, due 4/15/29 | 355000 | 398178 |
|  |  | 1807855 |
| **Investment Companies — 0.3%** |  |  |
| Antares Holdings LP, (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/8/29 | 73000 | 74541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, due 8/11/28 | 50000 | 52989 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Investment Companies (continued)** |  |  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 2/1/29 | $126000<br>| $108370<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 5/15/26 | 33000 | 32981 |
|  |  | 268881 |
| **Iron/Steel — 1.0%** |  |  |
| Mineral Resources Ltd., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 4/1/31 | 235000 | 243285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 10/1/28 | 463000 | 485458 |
|  |  | 728743 |
| **Leisure Time — 1.6%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 5/1/29 | 356000 | 361340 |
| Lindblad Expeditions LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 9/15/30 | 205000 | 208787 |
| NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/30 | 350000 | 355545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/15/33 | 80000 | 80913 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 10/15/33 | 180000 | 182982 |
|  |  | 1189567 |
| **Lodging — 1.2%** |  |  |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/31 | 532000 | 505579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 9/15/33 | 220000 | 224125 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 12/1/31 | 208000 | 195377 |
|  |  | 925081 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |  |
| Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/15/32 | 495000 | 502026 |
| **Media — 9.3%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/30<sup>(b)</sup> | 601000 | 474796 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/1/31 | 419000 | 379245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 1/15/34 | 203000 | 170464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 8/15/30 | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/32 | 399000 | 354874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 3/1/30 | 640000 | 608554 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/27 | 121000 | 112274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/1/29 | 475000 | 326696 |
| Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, due 2/1/30 | 350000 | 347928 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 8/15/27 | 138000 | 138007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 2/15/31 | 210000 | 209136 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 12/1/28 | 80000 | 76869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 7/1/28 | 245000 | 228933 |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, due 11/15/27 | 231000 | 243193 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 11/15/31 | 215000 | 149259 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 8/15/33 | $175000<br>| $171337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, due 7/15/32 | 50000 | 50246 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, due 5/1/29 | 125000 | 115013 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 11/1/28 | 658000 | 647662 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, (3-Month SOFR + 3.90%), due 2/28/57<sup>(a)</sup> | 275000 | 269500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 4/30/36 | 175000 | 184039 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 9/1/31 | 139000 | 126113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 7/1/30 | 115000 | 108240 |
| Sunrise FinCo I BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 7/15/31 | 394000 | 375348 |
| TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 3/15/28 | 125000 | 123375 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/29 | 85000 | 79888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 6/30/30 | 240000 | 240808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 8/1/32 | 110000 | 116113 |
| Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/30/31 | 110000 | 112126 |
| Virgin Media Finance PLC, <br>(United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/30 | 313000 | 279376 |
| Virgin Media Vendor Financing Notes IV DAC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/28 | 104000 | 101909 |
| VZ Secured Financing BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/32 | 199000 | 180795 |
|  |  | 7103053 |
| **Metal Fabricate/Hardware — 0.4%** |  |  |
| TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 4/15/29 | 287000 | 281511 |
| **Mining — 0.5%** |  |  |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 7/1/30 | 160000 | 166516 |
| WE Soda Investments Holding PLC, (Turkey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 2/14/31 | 240000 | 237969 |
|  |  | 404485 |
| **Miscellaneous Manufacturing — 0.3%** |  |  |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 2/15/29 | 235000 | 241434 |
| **Oil & Gas — 7.7%** |  |  |
| Aethon United BR LP / Aethon United Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 10/1/29 | 425000 | 440920 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 6/30/29 | 332000 | 331027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 10/15/32 | 90000 | 91782 |
| Baytex Energy Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/30/30 | 50000 | 51257 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Oil & Gas (continued)** |  |  |
| Borr IHC Ltd. / Borr Finance LLC, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 11/15/28 | $142210<br>| $142220<br>|
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 1/15/34 | 220000 | 219021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 6/15/29 | 205000 | 213254 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/15/29 | 113000 | 113454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 3/1/32 | 130000 | 135544 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/1/29 | 455000 | 451060 |
| Diamond Foreign Asset Co. / Diamond Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 10/1/30 | 422000 | 448013 |
| Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 5/15/34 | 429000 | 407548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 2/15/35 | 265000 | 255269 |
| Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 9/1/31 | 540000 | 521231 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 5/15/27 | 416000 | 421810 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 4/15/30 | 220000 | 228326 |
| Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150%, due 10/1/33 | 256000 | 272837 |
| PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 2/15/28 | 50000 | 49637 |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/30 | 96000 | 93938 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 8/1/32 | 280000 | 273914 |
| Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 10/15/32 | 90000 | 92686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/15/31 | 80000 | 79425 |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 2/1/28 | 178905 | 183846 |
| Valaris Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 4/30/30 | 140000 | 146007 |
| Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 4/15/32 | 200000 | 189272 |
|  |  | 5853298 |
| **Oil & Gas Services — 1.2%** |  |  |
| Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 10/1/33 | 200000 | 204948 |
| SESI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 9/30/30 | 380000 | 372932 |
| USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/1/33 | 315000 | 316209 |
|  |  | 894089 |
| **Packaging & Containers — 1.2%** |  |  |
| Cascades, Inc. / Cascades USA, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 1/15/28 | 340000 | 339634 |
| Cascades, Inc. /Cascades USA, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 7/15/30 | 80000 | 81834 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Packaging & Containers (continued)** |  |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/15/32 | $220000<br>| $220748<br>|
| Sealed Air Corp/Sealed Air Corp. U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 2/1/28 | 30000 | 30390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 2/15/31 | 180000 | 188950 |
| Trivium Packaging Finance BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 7/15/30 | 30000 | 31079 |
|  |  | 892635 |
| **Pharmaceuticals — 2.8%** |  |  |
| 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 4/15/32 | 265000 | 277007 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 6/1/28 | 420000 | 382200 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, (5 Year US CMT T-Note + 2.52%), due 12/10/54<sup>(a)</sup> | 85000 | 88334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, (5 Year US CMT T-Note + 2.89%), due 3/10/55<sup>(a)</sup> | 70000 | 73548 |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, due 8/28/28 | 248000 | 258407 |
| Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31 | 305000 | 323276 |
| Organon & Co / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/15/34 | 260000 | 232940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 5/15/34 | 330000 | 256800 |
| Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 4/17/32 | 275000 | 259193 |
|  |  | 2151705 |
| **Pipelines — 1.9%** |  |  |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/1/29 | 170000 | 176155 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 7/15/32 | 160000 | 167658 |
| NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.768%, due 12/15/37 | 160000 | 187013 |
| Plains All American Pipeline LP / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, due 6/15/44 | 95000 | 81228 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 1/15/30<sup>(b)</sup> | 132000 | 133581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 6/1/31 | 282000 | 289511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, (5 Year US CMT T-Note + 5.44%), due 3/30/74<sup>(a)</sup> | 135000 | 126180 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 1/15/36 | 265000 | 280665 |
|  |  | 1441991 |
| **REITS — 3.3%** |  |  |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/32 | 125000 | 120828 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 2/15/31 | 286000 | 274316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/30 | 116000 | 115459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 7/15/32 | 271000 | 270904 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **REITS (continued)** |  |  |
| MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/32 | $180000<br>| $188583<br>|
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/15/29 | 467000 | 453576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 2/1/30 | 130000 | 133129 |
| RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/32 | 135000 | 138878 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 11/15/31 | 145000 | 152951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, due 6/15/32 | 20000 | 19738 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 4/15/30 | 245000 | 250220 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 6/15/32 | 190000 | 177939 |
| XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 6/1/29 | 109000 | 106551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/30 | 80000 | 81658 |
|  |  | 2484730 |
| **Retail — 5.7%** |  |  |
| Arko Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 11/15/29 | 131000 | 109338 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, due 3/1/33 | 152000 | 157382 |
| Global Auto Holdings Ltd/AAG FH UK Ltd., (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 8/15/29 | 65000 | 66648 |
| Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/15/28 | 115000 | 111571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 1/15/30 | 63000 | 64261 |
| Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 6/1/30 | 45000 | 48881 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 6/15/31 | 135000 | 141244 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/1/29 | 257000 | 250186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 8/1/31 | 315000 | 331423 |
| Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 6/1/29 | 45000 | 42971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 1/15/31 | 192000 | 183038 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 3/15/32 | 528000 | 530551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 8/1/33 | 70000 | 73763 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 4/1/30 | 208000 | 196708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/44 | 135000 | 101307 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 3/15/31 | 140000 | 144122 |
| PetSmart LLC / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 9/15/32 | 240000 | 239388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 9/15/33 | 115000 | 115487 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Retail — 5.7%** |  |  |
| QVC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, due 8/15/34 | $50000<br>| $22394<br>|
| Sally Holdings LLC / Sally Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/1/32<sup>(b)</sup> | 411000 | 427620 |
| Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, due 9/1/29 | 425000 | 411858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750%, due 1/15/30 | 105000 | 80850 |
| Victoria's Secret & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 7/15/29 | 260000 | 250268 |
| Victra Holdings LLC / Victra Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 9/15/29 | 150000 | 159155 |
| White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 11/15/30 | 115000 | 116329 |
|  |  | 4376743 |
| **Semiconductors — 0.5%** |  |  |
| Kioxia Holdings Corp., (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 7/24/33 | 355000 | 370303 |
| **Software — 1.8%** |  |  |
| Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 6/15/29 | 310000 | 259497 |
| Central Parent, Inc. / CDK Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 6/15/29 | 105000 | 86249 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/31/29 | 501000 | 504781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 6/30/32 | 285000 | 299482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 9/30/29 | 235000 | 243070 |
|  |  | 1393079 |
| **Telecommunications — 3.1%** |  |  |
| Altice Financing SA, (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/28 | 87000 | 64842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 8/15/29 | 472000 | 343389 |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 3/1/27 | 90000 | 90586 |
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, due 11/30/29 | 435000 | 478880 |
| Fibercop SpA, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, due 6/4/38 | 17000 | 17211 |
| Iliad Holding SAS, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31 | 215000 | 230752 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 7/15/29 | 161000 | 142083 |
| Vodafone Group PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, (USD 5 Year Swap + 4.87%), due 4/4/79<sup>(a)</sup> | 130000 | 137173 |
| Windstream Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 10/15/33 | 420000 | 419240 |
| Windstream Services LLC / Windstream Escrow Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 10/1/31 | 250000 | 255287 |
| WULF Compute LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 10/15/30 | 155000 | 161026 |
|  |  | 2340469 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Transportation — 0.9%** |  |  |
| Danaos Corp., (Greece) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 10/15/32 | $95000<br>| $93420<br>|
| First Student Bidco, Inc. / First Transit Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/31/29 | 283000 | 273629 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 4/15/32 | 285000 | 290753 |
|  |  | 657802 |
| **Water — 0.3%** |  |  |
| Aegea Finance SARL, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/20/29 | 195000 | 197398 |
| **Total Corporate Bonds <br>(Cost $69,956,292)** | **Total Corporate Bonds <br>(Cost $69,956,292)** | **71424133** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** |
| **Money Market Funds — 5.2%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.87%<sup>(c)</sup>  | $1377499<br>| $1377499<br>|
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(c)(d)</sup>  | 2547158 | 2547158 |
| **Total Short-Term Investments <br>(Cost $3,924,657)**  | **Total Short-Term Investments <br>(Cost $3,924,657)**  | **3924657** |
| **Total Investments — 102.4%<br>(Cost $76,408,793)**  | **Total Investments — 102.4%<br>(Cost $76,408,793)**  | **77865381** |
| **Other Assets and Liabilities, Net — (2.4)%**  | **Other Assets and Liabilities, Net — (2.4)%**  | **(1829873)** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **76035508**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2025.

(b)All or a portion of the security was on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The aggregate market value of securities on loan was $2,668,109; total market value of collateral held by the Fund was $2,804,353. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $257,195.

(c)Reflects the 1-day yield at October 31, 2025.

(d)Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CMT | - Constant Maturity Treasury Index |
| SOFR | - Secured Overnight Financing Rate |

---

**As of October 31, 2025, the Portfolio held the following centrally cleared credit default swap contracts:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Expiration Date** | **Buy/Sell Protection<sup>(e)</sup>** | **Notional Amount<sup>(f)</sup>** | **(Pay)/ Receive Fixed Rate<sup>(g)</sup>** | **Payment Frequency Paid/Received** | **Upfront Premiums Paid/ (Received)** | **Value** | **Unrealized Appreciation/ (Depreciation)<sup>(h)</sup>** |
| CDX.NA.HY.44 | 12/20/2030 | Buy | $3000000<br>| 5.0% | Quarterly | $(222572)<br>| $(217984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12078)<br>|

---

------

(e)Buy - Portfolio pays premium and buys credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(f)The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap contract.

(g)The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.

(h)Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at October 31, 2025.

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay High Income ETF (continued)

October 31, 2025 (unaudited)

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs**  |  |  |  |  |
| Investments in Securities:<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $—<br>| $2516591<br>| $—<br>| $2516591<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 71424133 |  | 71424133 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 3924657 |  |  | 3924657 |
| Total Investments in Securities | 3924657 | 73940724 |  | 77865381 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(j)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | $—<br>| $(12078) | $—<br>| $(12078) |

---

------

(i)For a complete listing of investments and their industries, see the Schedule of Investments.

(j)Reflects the unrealized appreciation (depreciation) of the instruments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 98.2%** | **Long-Term Bonds — 98.2%** | **Long-Term Bonds — 98.2%** |
| **Collateralized Loan Obligations — 3.2%** | **Collateralized Loan Obligations — 3.2%** | **Collateralized Loan Obligations — 3.2%** |
| AGL CLO 17 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-17A BR, 5.270%, <br>(3 Month CME SOFR + 1.40%), due 1/21/35<sup>(a)</sup> | $400000<br>| $400060<br>|
| AGL CLO 32 Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32A A1, 5.250%, <br>(3 Month CME SOFR + 1.38%), due 7/21/37<sup>(a)</sup> | 250000 | 250498 |
| AGL CLO 35 Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-35A A2, 5.420%, <br>(3 Month CME SOFR + 1.55%), due 1/21/38<sup>(a)</sup> | 250000 | 250355 |
| AIMCO CLO Series, (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AA B1R, 5.532%, <br>(3 Month CME SOFR + 1.65%), due 10/17/37<sup>(a)</sup> | 300000 | 300871 |
| Apidos CLO LI Ltd., (Jersey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-51A B, 5.434%,<br> (3 Month CME SOFR + 1.55%), due 1/20/38<sup>(a)</sup> | 250000 | 250781 |
| Apidos CLO XVIII-R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A BR2, 5.557%, <br>(3 Month CME SOFR + 1.70%), due 1/22/38<sup>(a)</sup> | 380000 | 381954 |
| Ares Direct Lending CLO 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2, 5.634%, (3 Month CME SOFR + 1.75%), due 1/20/37<sup>(a)</sup> | 250000 | 250058 |
| Bain Capital Credit CLO Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A DR, 6.820%, <br>(3 Month CME SOFR + 2.95%), due 10/21/34<sup>(a)</sup> | 250000 | 246773 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A1, 5.725%, <br>(3 Month CME SOFR + 1.62%), due 7/17/37<sup>(a)</sup> | 275000 | 275447 |
| Blackrock Rainier CLO VI Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A A1R, 5.434%,<br>(3 Month CME SOFR + 1.55%), due 4/20/37<sup>(a)</sup> | 250000 | 250118 |
| Fortress Credit Opportunities XXI CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A A1TR, 5.440%, <br>(3 Month CME SOFR + 1.57%), due 1/21/37<sup>(a)</sup> | 300000 | 300466 |
| Golub Capital Partners CLO 76 B Ltd., (Jersey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A A1, 5.228%, <br>(3 Month CME SOFR + 1.37%), due 10/25/37<sup>(a)</sup> | 250000 | 250352 |
| Great Lakes CLO Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A ARR, 5.385%, <br>(3 Month CME SOFR + 1.48%), due 4/15/37<sup>(a)</sup> | 340000 | 341788 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** |
| OCP CLO Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-14A A1R, 5.254%, <br>(3 Month CME SOFR + 1.37%), due 7/20/37<sup>(a)</sup> | $250000<br>| $250592<br>|
| Owl Rock CLO XX LLC, (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20A C, 5.965%, <br>(3 Month CME SOFR + 2.10%), due 10/24/34<sup>(a)</sup> | 250000 | 248225 |
| Signal Peak CLO 12 Ltd., (Jersey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A A1R, 5.284%, <br>(3 Month CME SOFR + 1.40%), due 7/18/37<sup>(a)</sup> | 250000 | 250611 |
| Silver Point SCF CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2R, 5.855%, <br>(3 Month CME SOFR + 1.95%), due 10/15/36<sup>(a)</sup> | 250000 | 251240 |
| Texas Debt Capital CLO Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A B, 5.565%, (3 Month CME SOFR + 1.70%), due 1/24/37<sup>(a)</sup> | 250000 | 250870 |
|  |  | 5001059 |
| **Total Collateralized Loan Obligations <br>(Cost $4,994,500)** | **Total Collateralized Loan Obligations <br>(Cost $4,994,500)** | **5001059** |
| **Collateralized Mortgage Obligations — 18.5%** | **Collateralized Mortgage Obligations — 18.5%** | **Collateralized Mortgage Obligations — 18.5%** |
| **Mortgage Securities — 18.5%** |  |  |
| Agate Bay Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-5 B3, 3.575%, due 7/25/45<sup>(a)(b)</sup> | 30864 | 25111 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-IM1 A1, 4.706%, <br>(1 Month CME SOFR + 0.71%), due 1/25/36<sup>(a)</sup> | 126691 | 117538 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A1, 5.420%, due 3/25/70 | 597773 | 600663 |
| Banc of America Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 1CB5, 5.500%, due 12/25/35 | 38465 | 35299 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I 6A1, 4.526%, <br>(1 Month CME SOFR + 0.49%), due 12/20/46<sup>(a)</sup> | 30216 | 27250 |
| Banc of America Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A 2A3, 5.108%, due 2/25/35<sup>(a)(b)</sup> | 16058 | 15650 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM8 A1A, 4.300%, due 8/1/53 | 268507 | 266104 |
| Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 A14, 5.500%, due 11/25/35 | 47363 | 33496 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA A2, 4.356%, <br>(1 Month CME SOFR + 0.36%), due 1/25/36<sup>(a)</sup> | 24828 | 23842 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** |  |  |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 1A1, 4.706%, <br>(1 Month CME SOFR + 0.71%), due 5/25/35<sup>(a)</sup> | $65722<br>| $58875<br>|
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV1 B4, 5.027%, due 2/25/49<sup>(a)(b)</sup> | 348365 | 340258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J2 AIOS, 0.210%, due 4/25/51<sup>(a)(b)(c)</sup> | 1538794 | 18842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J3 A31, 2.500%, due 6/25/51<sup>(a)(b)</sup> | 113811 | 94757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NR1 A1, 5.000%, due 6/25/64 | 265300 | 261284 |
| Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C B3, 4.250%, due 2/25/54<sup>(a)(b)</sup> | 640000 | 554795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A2, 5.500%, due 10/25/55<sup>(a)(b)</sup> | 298041 | 298705 |
| Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1B1, 5.883%, <br>(1 Month SOFR + 1.70%), due 1/25/45<sup>(a)</sup> | 410000 | 408595 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HRP1 B1, 13.547%, (1 Month SOFR + 9.36%), due 11/25/39<sup>(a)</sup> | 291485 | 311491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1 1B1, 11.221%, (1 Month SOFR + 6.86%), due 2/25/40<sup>(a)</sup> | 715000 | 754961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01 1B2, 10.183%, (1 Month SOFR + 6.00%), due 12/25/41<sup>(a)</sup> | 300000 | 314049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2B2, 11.833%, (1 Month SOFR + 7.65%), due 1/25/42<sup>(a)</sup> | 685000 | 730692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08 1B1, 9.783%, <br>(1 Month SOFR + 5.60%), due 7/25/42<sup>(a)</sup> | 95000 | 101895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02 1B1, 6.683%, <br>(1 Month SOFR + 2.50%), due 2/25/44<sup>(a)</sup> | 65000 | 66494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03 2M2, 6.133%, <br>(1 Month SOFR + 1.95%), due 3/25/44<sup>(a)</sup> | 395000 | 397469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2B1, 6.183%, <br>(1 Month SOFR + 2.00%), due 7/25/44<sup>(a)</sup> | 500000 | 501254 |
| CSMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2 A2, 1.384%, due 2/25/66<sup>(a)(b)</sup> | 412277 | 371415 |
| Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6INV A18, 2.500%, due 8/25/51<sup>(a)(b)</sup> | 140503 | 117005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9INV A7, 2.500%, due 9/25/41<sup>(a)(b)</sup> | 1034286 | 929533 |
| GS Mortage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PJ1 A1, 3.500%, due 5/25/50<sup>(a)(b)</sup> | 318792 | 286879 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** |  |  |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ4 A4, 2.500%, due 9/25/52<sup>(a)(b)</sup> | $1581928<br>| $1323691<br>|
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ3 A4, 2.500%, due 8/25/52<sup>(a)(b)</sup> | 935629 | 782895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PJ1 A4, 3.500%, due 2/25/53<sup>(a)(b)</sup> | 1355804 | 1231702 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A, 4.586%, <br>(1 Month CME SOFR + 0.55%), due 5/19/35<sup>(a)</sup> | 63471 | 61728 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR12 2A1A, 4.586%,<br>(1 Month CME SOFR + 0.59%), due 7/25/35<sup>(a)</sup> | 70801 | 66234 |
| J.P. Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-8 A11, 4.956%, <br>(1 Month CME SOFR + 0.96%), due 3/25/50<sup>(a)</sup> | 11548 | 10939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11 A3, 2.500%, due 1/25/52<sup>(a)(b)</sup> | 1371306 | 1150880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11 AX1, 0.219%, due 1/25/52<sup>(a)(b)(c)</sup> | 10726342 | 138225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 A3, 2.500%, due 2/25/52<sup>(a)(b)</sup> | 1112949 | 934052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 B1, 2.879%, due 8/25/51<sup>(a)(b)</sup> | 946383 | 787722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A3, 2.500%, due 7/25/52<sup>(a)(b)</sup> | 737666 | 619092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 B3, 3.085%, due 7/25/52<sup>(a)(b)</sup> | 481337 | 392922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1 A4, 6.000%, due 4/25/55<sup>(a)(b)</sup> | 579629 | 587742 |
| LOANDEPOT GMSR Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GT2 A, 7.181%, <br>(1 Month CME SOFR + 3.15%), due 7/16/30<sup>(a)</sup> | 520000 | 521666 |
| Mello Mortgage Capital Acceptance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MTG1 A19, 2.500%, due 4/25/51<sup>(a)(b)</sup> | 106571 | 88708 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-F B1, 5.504%, due 12/25/29<sup>(a)(b)</sup> | 52331 | 46074 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3 B2, 3.250%, due 8/25/58<sup>(a)(b)</sup> | 693522 | 539173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4 B4, 3.073%, due 4/25/66<sup>(a)(b)</sup> | 414516 | 262528 |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01 B10, 9.797%, (1 Month SOFR + 5.61%), due 10/25/49<sup>(a)</sup> | 435000 | 441100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01 CE, 11.797%, <br>(1 Month SOFR + 7.61%), due 3/25/50<sup>(a)</sup> | 115000 | 118913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01 B1, 10.933%, (1 Month SOFR + 6.75%), due 7/25/54<sup>(a)</sup> | 400000 | 439208 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01 B1, 9.383%, (1 Month SOFR + 5.20%), due 5/25/55<sup>(a)</sup> | $590000<br>| $610274<br>|
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3 B2, 3.979%, due 7/25/59<sup>(a)(b)</sup> | 465000 | 403046 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV2 A5, 4.000%, due 5/27/49<sup>(a)(b)</sup> | 32559 | 30546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-J1 A14, 2.500%, due 2/25/52<sup>(a)(b)</sup> | 1067395 | 886480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J3 AF, 5.683%, (1 Month SOFR + 1.50%), due 10/25/55<sup>(a)</sup> | 446822 | 446741 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1 B2, 2.778%, due 8/25/51<sup>(a)(b)</sup> | 598698 | 508670 |
| RALI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO3 A1, 4.906%, (1 Month CME SOFR + 0.91%), due 10/25/45<sup>(a)</sup> | 90203 | 64287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QO3 A1, 4.426%, (1 Month CME SOFR + 0.43%), due 3/25/47<sup>(a)</sup> | 82674 | 78194 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5 A1, 2.500%, due 11/25/51<sup>(a)(b)</sup> | 4317088 | 3620452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A2, 2.500%, due 2/25/52<sup>(a)(b)</sup> | 469969 | 393837 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 B2, 5.018%, due 3/25/53<sup>(a)(b)</sup> | 423123 | 397981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-S1 A7, 2.500%, due 9/25/54<sup>(a)(b)</sup> | 500000 | 339713 |
| STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HRP1 B2, 16.047%, (1 Month SOFR + 11.86%), due 5/25/43<sup>(a)</sup> | 523921 | 626060 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4 B5, 3.648%, due 6/25/57<sup>(a)(b)</sup> | 249771 | 178787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2 B5, 3.400%, due 3/25/58<sup>(a)(b)</sup> | 1216969 | 537531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 B2, 3.787%, due 3/25/58<sup>(a)(b)</sup> | 815000 | 637206 |
| UWM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5 A14, 3.000%, due 1/25/52<sup>(a)(b)</sup> | 570907 | 493834 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A, 5.309%, (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.20%), due 11/25/42<sup>(a)</sup> | 21247 | 20557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR12 A2B, 5.026%, (1 Month CME SOFR + 1.03%), due 10/25/44<sup>(a)</sup> | 52028 | 51527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR8 A1, 4.946%, (1 Month CME SOFR + 0.95%), due 6/25/44<sup>(a)</sup> | 81405 | 82176 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR16 1A1, 4.553%, due 12/25/35<sup>(a)(b)</sup> | $57766<br>| $52946<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1A, 4.566%, <br>(1 Month CME SOFR + 0.57%), due 4/25/45<sup>(a)</sup> | 49370 | 48329 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-8 2CB3, 4.516%, <br>(1 Month CME SOFR + 0.52%), due 10/25/35<sup>(a)</sup> | 29778 | 28312 |
|  |  | 29146881 |
| **Total Collateralized Mortgage Obligations <br>(Cost $28,653,904)** | **Total Collateralized Mortgage Obligations <br>(Cost $28,653,904)** | **29146881** |
| **Commercial Asset-Backed Securities — 14.8%** | **Commercial Asset-Backed Securities — 14.8%** | **Commercial Asset-Backed Securities — 14.8%** |
| **Asset Backed Securities — 14.8%** |  |  |
| Ally Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B G, 11.395%, due 9/15/32 | 504935 | 517253 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A D, 7.350%, due 4/20/28 | 245000 | 249109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-8A D, 7.520%, due 2/20/30 | 495000 | 508323 |
| Bayview Opportunity Master Fund VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU1 D, 6.933%, <br>(1 Month SOFR + 2.75%), due 6/25/47<sup>(a)</sup> | 56153 | 56623 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.650%, due 4/16/29 | 250000 | 251905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 D, 6.030%, due 11/15/29 | 780000 | 789267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 D, 5.620%, due 3/17/31 | 390000 | 392765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 E, 6.620%, due 5/17/32 | 600000 | 587228 |
| CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.470%, due 8/15/29 | 80000 | 81366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 C, 5.280%, due 3/15/30 | 485000 | 492780 |
| CarMax Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A D, 6.270%, due 12/16/30 | 365000 | 376549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A D, 5.860%, due 7/15/31 | 305000 | 311698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B D, 5.330%, due 7/15/31 | 410000 | 410721 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A1, 1.690%, due 7/15/60 | 451047 | 385806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A2, 1.990%, due 7/15/60 | 392376 | 328362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B1, 2.280%, due 7/15/60 | 422742 | 292055 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B1, 1.980%, due 3/15/61 | $438238<br>| $337997<br>|
| Cologix Data Centers U.S. Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2, 3.300%, due 12/26/51 | 320000 | 312624 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2, 6.000%, due 5/20/55 | 400000 | 408672 |
| DataBank Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2, 5.180%, due 9/27/55 | 340000 | 340451 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 D, 5.650%, due 2/15/36 | 295000 | 300087 |
| Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.430%, due 11/17/31 | 75000 | 75913 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A D, 1.990%, due 9/15/27 | 284540 | 282063 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A E, 6.340%, due 10/15/29 | 655000 | 635148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A E, 10.450%, due 4/15/30 | 535000 | 564173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A D, 5.230%, due 1/15/32 | 435000 | 430612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A E, 6.990%, due 4/15/33 | 295000 | 290487 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A D, 7.740%, due 1/15/31 | 285000 | 298196 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3 D, 2.500%, due 9/15/26 | 2124 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D, 1.270%, due 3/15/27 | 92859 | 92094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 D, 1.590%, due 6/15/27 | 93144 | 91956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 E, 3.160%, due 9/15/28 | 410000 | 397040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 D, 1.650%, due 9/15/27 | 514000 | 489474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 E, 3.320%, due 12/15/28 | 650000 | 598266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 C, 1.960%, due 12/15/27 | 21141 | 20975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 D, 3.640%, due 3/15/28 | 335000 | 313050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 D, 5.800%, due 4/17/28 | 605000 | 519371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.790%, due 2/15/30 | 345000 | 340566 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A D, 6.190%, due 2/15/30 | 700000 | 717165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A D, 5.610%, due 11/15/30 | 610000 | 616909 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** |  |  |
| GMF Floorplan Owner Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A, 5.340%, due 6/15/30 | $100000<br>| $103180<br>|
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A D, 8.550%, due 12/26/29 | 445000 | 451807 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AA B, 2.540%, due 7/25/33 | 22437 | 22291 |
| Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B C, 5.290%, due 10/15/31 | 210000 | 214619 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A D, 6.150%, due 6/16/31 | 100000 | 103013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A D, 6.370%, due 10/15/31 | 430000 | 442822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A D, 5.180%, due 2/17/32 | 565000 | 570012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A D, 5.010%, due 12/15/32 | 380000 | 380159 |
| Long Beach Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3 M1, 4.961%, (1 Month CME SOFR + 0.97%), due 7/25/34<sup>(a)</sup> | 100305 | 100531 |
| Magnetite 50 Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-50A A1, 5.589%, (3 Month CME SOFR + 1.28%), due 7/25/38<sup>(a)</sup> | 300000 | 300451 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A1, 1.910%, due 10/20/61 | 285000 | 240470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 B1, 2.410%, due 10/20/61 | 525000 | 336397 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR3 D, 3.390%, due 7/17/42 | 355000 | 324387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR4 C, 5.050%, due 8/17/42 | 440000 | 439100 |
| Regatta 30 Funding Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A B, 5.508%, (3 Month CME SOFR + 1.65%), due 1/25/38<sup>(a)</sup> | 300000 | 300943 |
| Regatta XI Funding Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A AR, 5.282%, (3 Month CME SOFR + 1.40%), due 7/17/37<sup>(a)</sup> | 250000 | 250365 |
| RIN V LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A1R, 5.252%, (3 Month CME SOFR + 1.34%), due 10/14/36<sup>(a)</sup> | 350000 | 349435 |
| SoFi Consumer Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 B, 5.120%, due 2/27/34 | 370000 | 373865 |
| Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 A6, 4.906%, (1 Month CME SOFR + 0.91%), due 9/25/34<sup>(a)</sup> | 99786 | 97419 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** |  |  |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2I, 6.028%, due 7/30/54 | $351450<br>| $355693<br>|
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A, 4.930%, due 6/25/36 | 100000 | 102173 |
| Tricon American Homes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1 C, 2.249%, due 7/17/38 | 335000 | 328382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1 D, 2.548%, due 7/17/38 | 460000 | 451498 |
| Uniti Fiber Abs Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2, 5.177%, due 1/20/56 | 195000 | 195480 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2, 2.165%, due 10/15/46 | 500000 | 487455 |
| Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B, 6.088%, due 3/20/55 | 470000 | 477984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A2, 5.570%, due 10/20/55 | 485000 | 487572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A C, 8.435%, due 10/20/55 | 470000 | 480677 |
|  |  | 23275401 |
| **Total Commercial Asset-Backed Securities <br>(Cost $23,450,909)** | **Total Commercial Asset-Backed Securities <br>(Cost $23,450,909)** | **23275401** |
| **Commercial Mortgage-Backed Securities — 15.3%** | **Commercial Mortgage-Backed Securities — 15.3%** | **Commercial Mortgage-Backed Securities — 15.3%** |
| **Mortgage Securities — 15.3%** |  |  |
| 1301 Trust 2025-AOA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301 D, 6.223%, due 8/11/42<sup>(a)(b)</sup> | 385000 | 390632 |
| BAMLL Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ISQ A, 2.848%, due 8/14/34 | 460000 | 386400 |
| Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 B, 3.647%, due 8/15/61 | 80000 | 69386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 C, 4.025%, due 8/15/61<sup>(a)(b)</sup> | 715000 | 518806 |
| BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK4 C, 4.372%, due 5/15/50<sup>(a)(b)</sup> | 255000 | 225095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6 D, 3.100%, due 7/15/60 | 470000 | 396894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7 C, 3.973%, due 9/15/60<sup>(a)(b)</sup> | 440000 | 390151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 D, 2.500%, due 1/15/63 | 395000 | 307326 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10 D, 3.000%, due 7/15/49 | 440000 | 379722 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24 AS, 5.867%, due 2/15/57 | 70000 | 73629 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1 C, 4.202%, due 1/15/51<sup>(a)(b)</sup> | $649000<br>| $534339<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B6 D, 3.086%, due 10/10/51<sup>(a)(b)</sup> | 605000 | 452336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14 C, 3.777%, due 12/15/62<sup>(a)(b)</sup> | 485000 | 340017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 C, 4.971%, due 3/15/52<sup>(a)(b)</sup> | 300000 | 264309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16 D, 2.500%, due 2/15/53 | 545000 | 408590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17 C, 3.371%, due 3/15/53<sup>(a)(b)</sup> | 910000 | 707176 |
| BF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NYT E, 6.830%, <br>(1 Month CME SOFR + 2.80%), due 12/15/35<sup>(a)</sup> | 465000 | 424538 |
| BFLD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5MW D, 6.371%, due 10/10/42<sup>(a)(b)</sup> | 575000 | 573956 |
| BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C1 111A, 3.269%, due 2/17/55<sup>(a)(b)</sup> | 550000 | 508236 |
| BWAY Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 C, 3.446%, due 3/10/33 | 285000 | 259405 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIVA D, 3.549%, due 3/11/44<sup>(a)(b)</sup> | 100000 | 92446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO D, 8.369%, <br>(1 Month CME SOFR + 4.34%), due 6/15/27<sup>(a)</sup> | 100000 | 101000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK D, 10.002%, <br>(1 Month CME SOFR + 5.97%), due 10/15/41<sup>(a)</sup> | 345000 | 344654 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 D, 3.944%, due 12/9/41<sup>(a)(b)</sup> | 500000 | 473463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE C, 5.596%, <br>(1 Month CME SOFR + 1.56%), due 11/15/36<sup>(a)</sup> | 84533 | 84374 |
| CAMB Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CX2 D, 2.771%, due 11/10/46<sup>(a)(b)</sup> | 600000 | 470770 |
| CFK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF2 E, 3.458%, due 3/15/39<sup>(a)(b)</sup> | 490000 | 361798 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2 D, 3.145%, due 3/10/51<sup>(a)(b)</sup> | 1070000 | 829217 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HCLV A, 5.328%, <br>(1 Month CME SOFR + 1.30%), due 9/15/33<sup>(a)</sup> | 425000 | 391000 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2 D, 4.681%, due 3/10/47<sup>(a)(b)</sup> | 179685 | 79063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 C, 4.674%, due 2/10/49<sup>(a)(b)</sup> | 395000 | 391330 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 D, 3.924%, due 2/10/49<sup>(a)(b)</sup> | $760000<br>| $731363<br>|
| CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1 E, 7.921%, <br>(1 Month CME SOFR + 3.89%), due 8/15/41<sup>(a)</sup> | 500000 | 499383 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 C, 3.830%, due 4/15/50<sup>(a)(b)</sup> | 293000 | 266053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14 C, 4.877%, due 11/15/51<sup>(a)(b)</sup> | 405000 | 368938 |
| DBUBS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-LC3A PM2, 5.098%, due 5/10/44<sup>(a)(b)</sup> | 650000 | 416007 |
| Freddie Mac Mscr Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8 M2, 8.433%, <br>(1 Month SOFR + 4.25%), due 5/25/44<sup>(a)</sup> | 430000 | 449013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10 B1, 9.258%, <br>(1 Month SOFR + 4.95%), due 2/25/45<sup>(a)</sup> | 445000 | 454827 |
| Freddie Mac Multifamily Structured Credit Risk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9 B1, 10.187%,<br>(1 Month SOFR + 6.00%), due 10/25/44<sup>(a)</sup> | 530000 | 560524 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A, 2.856%, due 5/10/34 | 513367 | 455317 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30 B, 3.974%, due 5/10/50<sup>(a)(b)</sup> | 113263 | 107713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30 D, 3.384%, due 5/10/50 | 1075000 | 591250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10 D, 3.000%, due 7/10/51 | 500000 | 344488 |
| HILT COMMERCIAL MORTGAGE TRUST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL D, 7.221%, <br>(1 Month CME SOFR + 3.19%), due 5/15/37<sup>(a)</sup> | 100000 | 100125 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1440 A, 5.447%, <br>(1 Month CME SOFR + 1.41%), due 3/15/36<sup>(a)</sup> | 470000 | 433261 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 D, 3.000%, SOFR, due 10/15/50 | 100000 | 73066 |
| LSTAR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5 D, 4.683%, due 3/10/50<sup>(a)(b)</sup> | 440000 | 372922 |
| MFT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ABC B, 3.477%, due 2/10/42<sup>(a)(b)</sup> | 260000 | 203977 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22 AS, 3.561%, due 4/15/48 | 110000 | 105742 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UBS9 C, 4.529%, due 3/15/49<sup>(a)(b)</sup> | $500000<br>| $432935<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H3 D, 3.000%, due 7/15/51 | 135000 | 112586 |
| MSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 AS, 6.491%, due 12/15/56<sup>(a)(b)</sup> | 75000 | 81844 |
| Natixis Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MILE A, 5.612%, <br>(1 Month CME SOFR + 1.58%), due 7/15/36<sup>(a)</sup> | 339543 | 327454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2PAC AMZ1, 3.500%, due 1/15/37<sup>(a)(b)</sup> | 475000 | 407180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-APPL A, 5.247%, <br>(1 Month CME SOFR + 1.21%), due 8/15/38<sup>(a)</sup> | 85634 | 83092 |
| NCMF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS D, 6.618%, due 6/10/33<sup>(a)(b)</sup> | 375000 | 381408 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR E, 8.819%, due 11/13/41 | 790000 | 833680 |
| SWCH Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DATA A, 5.475%, <br>(1 Month CME SOFR + 1.44%), due 2/15/42<sup>(a)</sup> | 320000 | 318000 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9 C, 4.944%, due 3/15/51<sup>(a)(b)</sup> | 405000 | 279993 |
| UBS-Barclays Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C5 B, 3.649%, due 3/10/46<sup>(a)(b)</sup> | 490061 | 475369 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS5 D, 4.944%, due 1/15/59<sup>(a)(b)</sup> | 469000 | 388213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 D, 3.059%, due 11/15/49 | 555000 | 471867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44 D, 3.000%, due 5/15/51 | 710000 | 549409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51 AS, 3.584%, due 6/15/52 | 116000 | 107365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51 C, 4.289%, due 6/15/52<sup>(a)(b)</sup> | 445000 | 373540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ONL E, 4.928%, due 12/15/39<sup>(a)(b)</sup> | 350000 | 315130 |
| WP Glimcher Mall Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WPG C, 3.516%, due 6/5/35<sup>(a)(b)</sup> | 450000 | 383684 |
|  |  | 24086776 |
| **Total Commercial Mortgage-Backed Securities (Cost $23,647,432)** | **Total Commercial Mortgage-Backed Securities (Cost $23,647,432)** | **$** **24086776**<br>|

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies — 46.4%** | **U.S. Government & Federal Agencies — 46.4%** | **U.S. Government & Federal Agencies — 46.4%** |
| **Mortgage Securities — 46.4%** |  |  |
| Fannie Mae Interest Strip |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-426 C32, 1.500%, due 2/25/52<sup>(c)</sup> | $173597<br>| $16572<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-438 C34, 6.000%, due 8/25/53<sup>(c)</sup> | 733050 | 162827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-440 C46, 4.000%, due 10/25/53<sup>(c)</sup> | 1311451 | 277080 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BK4772, 4.000%, due 8/1/48 | 22108 | 21369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN0340, 4.500%, due 12/1/48 | 12101 | 11986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CA2056, 4.500%, due 7/1/48 | 54317 | 53912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CA2960, 4.500%, due 1/1/49 | 28173 | 27910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM3129, 3.000%, due 5/1/50 | 83013 | 74368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM3889, 3.000%, due 7/1/50 | 27860 | 24984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM5299, 3.500%, due 11/1/50 | 21780 | 20157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FM7418, 2.500%, due 6/1/51 | 131358 | 113046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA4438, 2.500%, due 10/1/51 | 2693354 | 2298623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA4492, 2.000%, due 12/1/51 | 3519023 | 2869596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BU1417, 3.000%, due 1/1/52 | 98324<br>| 87367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4562, 2.000%, due 3/1/52 | 4555331 | 3713987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4578, 2.500%, due 4/1/52 | 1194698 | 1019712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4598, 2.500%, due 5/1/52 | 1388277 | 1183218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4624, 3.000%, due 6/1/52 | 1884257 | 1673240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4626, 4.000%, due 6/1/52 | 2087116 | 1991075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4806, 5.000%, due 11/1/52 | 412557 | 413182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS3603, 5.500%, due 8/1/53 | 47694 | 48727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS3904, 5.000%, due 3/1/53 | 22149 | 22167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS5641, 6.000%, due 8/1/53 | 99058 | 102197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4918, 5.000%, due 2/1/53 | 1429981 | 1429345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4919, 5.500%, due 2/1/53 | 766818 | 778071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4940, 5.000%, due 3/1/53 | 1492888 | 1491781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5009, 5.000%, due 5/1/53 | 861413 | 860719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5020, 5.000%, due 5/1/43 | 679432 | 689550 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5027, 4.000%, due 5/1/53 | $933143<br>| $887022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS7587, 5.500%, due 4/1/54 | 68860 | 70107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS8105, 2.000%, due 10/1/52 | 5281483 | 4297724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS8206, 5.500%, due 6/1/54 | 537570 | 548634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS9453, 4.500%, due 8/1/53 | 283797 | 278663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MA5353, 5.500%, due 5/1/54 | 758937 | 767758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FA1540, 6.000%, due 12/1/54 | 386551 | 396664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FA2250, 3.000%, due 7/1/52 | 856304 | 760561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MA5614, 5.500%, due 2/1/55 | 385918 | 389950 |
| Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-19 SD, 1.803%, (1 Month SOFR + 5.99%), due 4/25/46<sup>(a)(c)</sup> | 118830 | 11177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-57 SN, 1.753%, (1 Month SOFR + 5.94%), due 6/25/46<sup>(a)(c)</sup> | 59766 | 6871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-32 SB, 1.753%, (1 Month SOFR + 5.94%), due 6/25/49<sup>(a)(c)</sup> | 50352 | 6078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-77 LZ, 3.000%, due 1/25/50 | 178551 | 157687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-23 PS, 1.753%, (1 Month SOFR + 5.94%), due 2/25/50<sup>(a)(c)</sup> | 66517 | 9380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57 LJ, 2.000%, due 8/25/50 | 535000 | 405791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-63 B, 1.250%, due 9/25/50 | 7757 | 6176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 GC, 3.500%, due 7/25/50 | 77091 | 70640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 TI, 2.500%, due 2/25/51<sup>(c)</sup> | 1067905 | 183742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-34 MI, 2.500%, due 3/25/51<sup>(c)</sup> | 810834 | 113371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 ID, 3.500%, due 3/25/51<sup>(c)</sup> | 925863 | 197874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-85 BI, 3.000%, due 12/25/51<sup>(c)</sup> | 299253 | 53503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-91 HI, 3.000%, due 1/25/52<sup>(c)</sup> | 100598 | 12474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10 SA, 1.567%, (1 Month SOFR + 5.75%), due 2/25/52<sup>(a)(c)</sup> | 616653 | 75090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 SB, 1.717%, (1 Month SOFR + 5.90%), due 7/25/54<sup>(a)(c)</sup> | 2327836 | 125276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-78 EV, 5.500%, due 10/25/35 | 432779 | 443845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-82 DS, 0.967%, (1 Month SOFR + 5.15%), due 11/25/54<sup>(a)(c)</sup> | 1385360 | 53855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18 SM, 2.917%, (1 Month SOFR + 7.10%), due 9/25/54<sup>(a)(c)</sup> | 511381 | 39528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44 SD, 0.917%, (1 Month SOFR + 5.10%), due 6/25/55<sup>(a)(c)</sup> | 1733557 | 64723 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-G08831, 4.000%, due 8/1/48 | $11440<br>| $11074<br>|
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-QA1451, 3.000%, due 8/1/49 | 13364 | 12014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RA1780, 4.500%, due 11/1/49 | 32652 | 32502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RA4934, 3.000%, due 3/1/51 | 982550 | 871090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SD8146, 2.000%, due 5/1/51 | 718762 | 587367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SD8166, 2.000%, due 9/1/51 | 1874750 | 1531044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-QD8143, 2.000%, due 3/1/52 | 87158 | 70978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RA6622, 2.500%, due 1/1/52 | 199078 | 171172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RA7122, 3.500%, due 4/1/52 | 702688 | 652386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8199, 2.000%, due 3/1/52 | 4424564 | 3606110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8220, 3.000%, due 6/1/52 | 446325 | 395910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8243, 3.500%, due 9/1/52 | 2129523 | 1966492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8256, 4.000%, due 10/1/52 | 524167 | 499450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8266, 4.500%, due 11/1/52 | 1475143 | 1444164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8277, 5.500%, due 12/1/52 | 550230 | 559047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3392, 5.500%, due 7/1/53 | 37855 | 38655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3770, 2.500%, due 3/1/52 | 519477 | 446239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD8325, 6.000%, due 5/1/53 | 121558 | 124789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD8329, 5.000%, due 6/1/53 | 521099 | 520679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD8342, 5.500%, due 7/1/53 | 1133560 | 1148620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD4958, 2.000%, due 6/1/52 | 3576572 | 2919522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD5040, 5.500%, due 3/1/54 | 62221 | 63354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD6766, 5.500%, due 11/1/54 | 1215315 | 1231807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD6871, 5.500%, due 11/1/54 | 732718 | 743745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD8407, 5.000%, due 3/1/54 | 205466 | 204771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD8489, 4.500%, due 12/1/54 | 1679745 | 1637522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL0927, 6.000%, due 9/1/54 | 1035614 | 1069365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL1570, 6.000%, due 7/1/55 | 341669 | 349470 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4993 KS, 1.753%, <br>(1 Month SOFR + 5.94%), due 7/25/50<sup>(a)(c)</sup> | $138995<br>| $19898<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4994 TS, 1.803%, <br>(1 Month SOFR + 5.99%), due 7/25/50<sup>(a)(c)</sup> | 1375996 | 188648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5021 SA, (1 Month SOFR + 3.55%), due 10/25/50<sup>(a)(c)</sup> | 895645 | 25513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5036 IO, 3.500%, due 11/25/50<sup>(c)</sup> | 690817 | 145391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5040 IO, 3.500%, due 11/25/50<sup>(c)</sup> | 53268 | 9829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5041 JE, 1.250%, due 3/25/49 | 76437 | 63102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5070 PI, 3.000%, due 8/25/50<sup>(c)</sup> | 61747 | 11244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5092 XA, 1.000%, due 1/15/41 | 97036 | 84786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5094 IP, 3.000%, due 4/25/51<sup>(c)</sup> | 492671 | 79381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5152 BI, 3.000%, due 7/25/50<sup>(c)</sup> | 84682 | 14692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5167 GI, 3.000%, due 11/25/51<sup>(c)</sup> | 955770 | 164948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5191 IO, 3.500%, due 9/25/50<sup>(c)</sup> | 66655 | 12057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5205 KI, 3.000%, due 12/25/48<sup>(c)</sup> | 58652 | 6052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5326 QO, 0.000%, due 9/25/50<sup>(d)(e)</sup> | 420735 | 290966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5328 JY, 0.250%, due 9/25/50 | 418255 | 294183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5351 DO, 0.000%, due 9/25/53<sup>(d)(e)</sup> | 99335 | 83567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5471 SK, 1.167%, <br>(1 Month SOFR + 5.35%), due 8/25/54<sup>(a)(c)</sup> | 2664252 | 112535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5472 SB, 1.167%, <br>(1 Month SOFR + 5.35%), due 11/25/54<sup>(a)(c)</sup> | 3530051 | 149427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5514 SA, 0.917%, <br>(1 Month SOFR + 5.10%), due 3/25/55<sup>(a)(c)</sup> | 1134401 | 41905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5531 SD, 1.717%, <br>(1 Month SOFR + 5.90%), due 4/25/55<sup>(a)(c)</sup> | 1362098 | 85710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5547 ES, 2.817%, <br>(1 Month SOFR + 7.00%), due 6/25/55<sup>(a)(c)</sup> | 616824 | 45741 |
| Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1 B1, 6.833%, <br>(1 Month SOFR + 2.65%), due 1/25/51<sup>(a)</sup> | 580000 | 607550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3 B2, 10.433%, (1 Month SOFR + 6.25%), due 9/25/41<sup>(a)</sup> | 1070000 | 1109148 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4 B2, 11.183%, (1 Month SOFR + 7.00%), due 12/25/41<sup>(a)</sup> | $713000<br>| $752084<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4 M2, 6.533%, (1 Month SOFR + 2.35%), due 12/25/41<sup>(a)</sup> | 120000 | 121463 |
| Freddie Mac STACR Securitized Participation Interests Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SPI3 B, 4.157%, due 8/25/48<sup>(a)(b)</sup> | 697189 | 542094 |
| Freddie Mac STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FTR1 B2, 12.647%, <br>(1 Month SOFR + 8.46%), due 1/25/48<sup>(a)</sup> | 385000 | 456858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FTR3 B2, 9.271%, <br>(1 Month SOFR + 4.91%), due 9/25/47<sup>(a)</sup> | 500000 | 537539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HQA2 B2, 15.547%, (1 Month SOFR + 11.36%), due 4/25/49<sup>(a)</sup> | 135000 | 161952 |
| Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-240, 0.000%, due 7/15/36<sup>(d)(e)</sup> | 32764 | 29367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-246, 0.000%, due 5/15/37<sup>(d)(e)</sup> | 47711 | 40061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-272, 0.000%, due 8/15/42<sup>(d)(e)</sup> | 146582 | 114784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-311 S1, 1.602%, (1 Month SOFR + 5.84%), due 8/15/43<sup>(a)(c)</sup> | 1179856 | 128697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-397 C61, 5.500%, due 1/25/53<sup>(c)</sup> | 594917 | 119953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-402, 0.000%, due 9/25/53<sup>(d)(e)</sup> | 86568 | 74657 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA7706, 3.000%, due 11/20/51 | 835224 | 751168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-787246, 3.000%, due 9/20/53 | 1237487 | 1084771 |
| Ginnie Mae Strip |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 1, 0.000%, due 7/20/34<sup>(d)(e)</sup> | 15861 | 13900 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-93 AI, 4.500%, due 7/20/44<sup>(c)</sup> | 602151 | 142565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 KF, 3.500%, <br>(1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a)</sup> | 26759 | 24235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 YF, 3.500%, <br>(1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a)</sup> | 27211 | 24870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-97 FG, 3.500%, <br>(1 Month CME SOFR + 0.80%), due 8/20/49<sup>(a)</sup> | 590140 | 538419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 YS, (1 Month CME SOFR + 2.72%), due 1/20/50<sup>(a)(c)</sup> | 117992 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-129 SB, (1 Month CME SOFR + 3.09%), due 9/20/50<sup>(a)(c)</sup> | 156269 | 2173 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146 SA, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 10/20/50<sup>(a)(c)</sup> | $128647<br>| $18543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-149 IQ, 2.500%, due 10/20/50<sup>(c)</sup> | 136393 | 19906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-166 CA, 1.000%, due 11/20/50 | 318275 | 241034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-166 IC, 2.000%, due 11/20/50<sup>(c)</sup> | 62407 | 7768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-167 SN, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(c)</sup> | 439636 | 66141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-168 IA, 0.974%, due 12/16/62<sup>(a)(b)(c)</sup> | 2067130 | 149500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-177 IO, 0.820%, due 6/16/62<sup>(a)(b)(c)</sup> | 234623 | 14047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-183 HT, 1.586%, (1 Month SOFR + 5.77%), due 12/20/50<sup>(a)(c)</sup> | 118291 | 15565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-188 GI, 2.000%, due 12/20/50<sup>(c)</sup> | 999870 | 113732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-188 IO, 2.000%, due 12/20/50<sup>(c)</sup> | 87878 | 10127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-189 NS, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 12/20/50<sup>(a)(c)</sup> | 124016 | 18698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-189 SU, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 12/20/50<sup>(a)(c)</sup> | 370888 | 55806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-34 SC, 1.904%, <br>(1 Month CME SOFR + 5.94%), due 3/20/50<sup>(a)(c)</sup> | 77498 | 10268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5 FA, 3.500%, (1 Month CME SOFR + 0.81%), due 1/20/50<sup>(a)</sup> | 384154 | 346531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-96 CS, 1.954%, <br>(1 Month CME SOFR + 5.99%), due 8/20/49<sup>(a)(c)</sup> | 223085 | 28582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 IT, 3.000%, due 1/20/51<sup>(c)</sup> | 839517 | 141647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 PI, 2.500%, due 12/20/50<sup>(c)</sup> | 67788 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122 HS, 2.154%, (1 Month CME SOFR + 6.19%), due 7/20/51<sup>(a)(c)</sup> | 999794 | 143031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-140 GF, 2.500%, (1 Month CME SOFR + 0.76%), due 8/20/51<sup>(a)</sup> | 441103 | 374382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16 AS, (1 Month CME SOFR + 2.64%), due 1/20/51<sup>(a)(c)</sup> | 2103289 | 19571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-177 IM, 3.000%, due 10/20/51<sup>(c)</sup> | 98077 | 16746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-177 SB, (1 Month SOFR + 3.20%), due 10/20/51<sup>(a)(c)</sup> | 4629217 | 77031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-179 SA, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(c)</sup> | 1010309 | 149838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-188 IO, 2.500%, due 10/20/51<sup>(c)</sup> | 1179826 | 194714 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-205 GA, 2.000%, due 11/20/51 | $128480<br>| $106692<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-226 SA, (1 Month SOFR + 1.70%), due 12/20/51<sup>(a)(c)</sup> | 18562499 | 39737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-29 AS, (1 Month SOFR + 2.70%), due 2/20/51<sup>(a)(c)</sup> | 239191 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-30 HI, 2.000%, due 2/20/51<sup>(c)</sup> | 185768 | 20808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44 IQ, 3.000%, due 3/20/51<sup>(c)</sup> | 614775 | 105839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47 IO, 0.992%, due 3/16/61<sup>(a)(b)(c)</sup> | 358726 | 24154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-50 KI, 2.500%, due 1/20/48<sup>(c)</sup> | 171835 | 19205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-56 FE, 2.500%, (1 Month SOFR + 0.20%), due 10/20/50<sup>(a)(c)</sup> | 122996 | 18033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SA, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(c)</sup> | 1650891 | 229924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SD, 2.154%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(c)</sup> | 2337610 | 329852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67 PI, 3.000%, due 4/20/51<sup>(c)</sup> | 81030 | 13752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 FG, 3.500%, (1 Month SOFR + 0.30%), due 6/20/51<sup>(a)</sup> | 374766 | 338580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 GP, 1.000%, due 6/20/51 | 351909 | 273963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 JS, 2.204%, <br>(1 Month CME SOFR + 6.24%), due 6/20/51<sup>(a)(c)</sup> | 1110167 | 164400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 NS, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(c)</sup> | 124837 | 17630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 SN, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(c)</sup> | 152487 | 20429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 SM, 2.154%, <br>(1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(c)</sup> | 108087 | 15372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-98 IN, 3.000%, due 6/20/51<sup>(c)</sup> | 75891 | 13228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 CF, 2.500%, (1 Month SOFR + 0.80%), due 1/20/52<sup>(a)</sup> | 234875 | 198967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10 IC, 2.000%, due 11/20/51<sup>(c)</sup> | 1059637 | 128093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-101 SB, (1 Month SOFR + 3.30%), due 6/20/52<sup>(a)(c)</sup> | 1071728 | 15774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-107 SA, (1 Month SOFR + 3.47%), due 6/20/52<sup>(a)(c)</sup> | 5399902 | 73833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113 Z, 2.000%, due 9/16/61 | 42755 | 20919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-182 IO, 3.000%, due 10/20/45<sup>(c)</sup> | 308262 | 43041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-185 DI, 1.022%, due 10/16/65<sup>(a)(b)(c)</sup> | 874490 | 61051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-190 HS, 1.904%, (1 Month CME SOFR + 5.94%), due 2/20/50<sup>(a)(c)</sup> | 311334 | 35678 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-207 IO, 3.000%, due 8/20/51<sup>(c)</sup> | $75434<br>| $12581<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-29 FN, 4.000%, (1 Month SOFR + 0.50%), due 7/20/51<sup>(a)</sup> | 491218 | 458723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78 S, (1 Month SOFR + 3.70%), due 4/20/52<sup>(a)(c)</sup> | 132655 | 2983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-87 SA, (1 Month SOFR + 3.30%), due 5/20/52<sup>(a)(c)</sup> | 2134962 | 31424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 HD, 3.500%, due 1/20/52 | 173815 | 158988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-159 CI, 0.954%, due 7/16/65<sup>(a)(b)(c)</sup> | 1906678 | 136617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-172 IO, 1.331%, due 2/16/66<sup>(a)(b)(c)</sup> | 2249580 | 208878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-194 CI, 0.818%, due 10/16/65<sup>(a)(b)(c)</sup> | 1496791 | 94500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26 L, 3.800%, due 4/16/65<sup>(a)(b)</sup> | 180000 | 137524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-37 IB, 2.500%, due 10/20/50<sup>(c)</sup> | 628459 | 92261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, 0.000%, due 4/20/53<sup>(d)(e)</sup> | 250397 | 207815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-59 YC, 7.096%, due 9/20/51<sup>(a)(b)</sup> | 63960 | 70948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-60 ES, 2.832%, (1 Month SOFR + 11.20%), due 4/20/53<sup>(a)</sup> | 54573 | 49569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-63 MA, 3.500%, due 5/20/50 | 171286 | 159800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-66 OQ, 0.000%, due 7/20/52<sup>(d)(e)</sup> | 154142 | 121636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-80 SA, 1.066%, (1 Month SOFR + 5.25%), due 6/20/53<sup>(a)(c)</sup> | 2051982 | 95572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-86 SE, 2.466%, (1 Month SOFR + 6.65%), due 9/20/50<sup>(a)(c)</sup> | 701401 | 109750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-29 B, 2.500%, due 8/16/64<sup>(a)(b)</sup> | 265000 | 195510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 JI, 3.000%, due 7/20/51<sup>(c)</sup> | 787387 | 132390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-51 SX, 1.016%, (1 Month SOFR + 5.20%), due 3/20/54<sup>(a)(c)</sup> | 3567030 | 154101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-112 IO, 0.565%, due 3/16/66<sup>(a)(b)(c)</sup> | 2324079 | 118399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-25 P, 7.000%, due 11/20/54 | 382629 | 395146 |
| Seasoned Credit Risk Transfer Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 MTU, 3.250%, due 11/25/64 | 1421338 | 1236518 |
| Seasoned Loans Structured Transaction Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1 A1, 3.500%, due 6/25/28 | 45377 | 44582 |
|  |  | 73130684 |
| **Total U.S. Government & Federal Agencies <br>(Cost $71,916,791)** | **Total U.S. Government & Federal Agencies <br>(Cost $71,916,791)** | **73130684** |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Securitized Income ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment — 1.4%** | **Short-Term Investment — 1.4%** | **Short-Term Investment — 1.4%** |
| **Money Market Fund — 1.4%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, 3.90%<sup>(f)</sup> |  |  |
| **(Cost $2,226,215)**  | 2226215 | **$** **2226215**<br>|
| **Total Investments — 99.6%<br>(Cost $154,889,751)**  | **Total Investments — 99.6%<br>(Cost $154,889,751)**  | **156867016** |
| **Other Assets and Liabilities, Net — 0.4%**  | **Other Assets and Liabilities, Net — 0.4%**  | **693610** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **157560626**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2025.

(b)Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(c)Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

(d)A principal only security is the principal only portion of a fixed income security, which is separated and sold individually from the interest portion of the security.

(e)The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(f)Reflects the 1-day yield at October 31, 2025.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CMT | - Constant Maturity Treasury Index |
| REMIC | - Real Estate Mortgage Investment Conduit |
| SOFR | - Secured Overnight Financing Rate  |

---

**Open futures contracts outstanding at October 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Broker** | **Expiration Date** | **Number of<br>Contracts Purchased (Sold)**  | **Notional Value at Trade Date** | **Notional <br>Value at<br>October 31, 2025** | **Unrealized Appreciation (Depreciation)** |
| U.S. 10 Year Note (CBT) | Citigroup Global Markets Inc. | December 2025 | 174 | $19480248<br>| &nbsp;&nbsp;&nbsp; $19604906<br>| &nbsp;&nbsp;&nbsp; $124659<br>|
| U.S. 10 Year Ultra Note | Citigroup Global Markets Inc. | December 2025 | (39) | (4486863) | &nbsp;&nbsp; (4503891) | &nbsp;&nbsp;&nbsp; (17028) |
| U.S. 10 Year NOTE (CBT) | Citigroup Global Markets Inc. | December 2025 | 10 | 1092178 | &nbsp;&nbsp;&nbsp; 1092110 | &nbsp;&nbsp;&nbsp; (69) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $107562<br>|

---

------

CBT — Chicago Board of Trade

Cash posted as collateral to broker for futures contracts was $274,108 at October 31, 2025.

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(g)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligation | $—<br>| $5001059<br>| $—<br>| $5001059<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 29146881 |  | 29146881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Asset-Backed Securities |  | 23275401 |  | 23275401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 24086776 |  | 24086776 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Federal Agencies |  | 73130684 |  | 73130684 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2226215 |  |  | 2226215 |
| Total Investments in Securities | 2226215 | 154640801 |  | 156867016 |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 124659 |  |  | 124659 |
| Total Investments in Securities and Other Financial Instruments | $2350874<br>| $154640801<br>| $—<br>| $156991675<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(17097) | $—<br>| $—<br>| $(17097) |

---

------

(g)For a complete listing of investments and their industries, see the Schedule of Investments.

(h)Reflects the unrealized appreciation (depreciation) of the instruments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds — 97.1%** | **Municipal Bonds — 97.1%** | **Municipal Bonds — 97.1%** |
| **Alabama — 3.4%** |  |  |
| Alabama State University, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 9/1/45 | $2000000<br>| $2172363<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 9/1/50 | 2250000 | 2449272 |
| City of Gadsden AL, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/50 | 2280000 | 2363062 |
| State of Alabama Docks Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/27 | 2200000 | 2269810 |
| University of South Alabama, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/1/54 | 2500000 | 2643624 |
|  |  | 11898131 |
| **California — 10.7%** |  |  |
| Buellton Union School District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.580%, due 2/1/34<sup>(a)</sup> | 1305000 | 973550 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/39 | 3000000 | 2992533 |
| California Community Choice Financing Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/55<sup>(b)(c)</sup> | 3575000 | 3818841 |
| California Statewide Communities Development Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 5/15/54 | 2895000 | 2141951 |
| City of San Mateo CA, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/37 | 4460000 | 4994525 |
| Fontana Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, due 8/1/44 | 2500000 | 1724444 |
| Foothill-De Anza Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 99 Insured: NATL-IBC FGIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.480%, due 8/1/29<sup>(a)</sup> | 1050000 | 957089 |
| Los Angeles Department of Water & Power, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/55 | 3000000 | 3140601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/45 | 1085000 | 1123230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/48 | 1575000 | 1643705 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **California (continued)** |  |  |
| Oak Grove School District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, due 6/1/46<sup>(a)</sup> | $4000000<br>| $1553426<br>|
| Oroville Union High School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08 Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.860%, due 8/1/29<sup>(a)</sup> | 1230000 | 1105529 |
| River Islands Public Financing Authority, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/52 | 735000 | 777716 |
| Riverside County Transportation Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 6/1/49 | 2592000 | 1946478 |
| Sacramento City Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/48 | 700000 | 674686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/1/54 | 2500000 | 2736626 |
| San Francisco Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/49 | 3000000 | 3259780 |
| Twin Rivers Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, due 8/1/41<sup>(a)</sup> | 2000000 | 984183 |
| Washington Unified School District/Yolo County CA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%, due 8/1/26<sup>(a)</sup> | 1100000 | 1078947 |
|  |  | 37627840 |
| **Colorado — 2.6%** |  |  |
| Arista Metropolitan District,<br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/48 | 2650000 | 2745664 |
| Castle Oaks Metropolitan District No 3, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/45 | 3000000 | 2895731 |
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS MORAL OBLIG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/46 | 2385000 | 2159538 |
| Park 70 Metropolitan District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46 | 450000 | 444355 |
| Trails at Crowfoot Metropolitan District No 3, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | 1000000 | 1075082 |
|  |  | 9320370 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **District of Columbia — 0.8%** |  |  |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%, due 10/1/37<sup>(a)</sup> | $1500000<br>| $885660<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/53 | 2000000 | 1796252 |
|  |  | 2681912 |
| **Florida — 1.9%** |  |  |
| County of Miami-Dade Seaport Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/41 | 1425000 | 1423710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/50 | 4090000 | 3088656 |
| County of Osceola FL Transportation Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 10/1/40<sup>(a)</sup> | 1250000 | 643221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640%, due 10/1/41<sup>(a)</sup> | 1015000 | 489090 |
| County of Pasco FL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/28 | 1000000 | 1064044 |
|  |  | 6708721 |
| **Georgia — 0.7%** |  |  |
| Savannah Georgia Convention Center Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/50 | 2400000 | 2582952 |
| **Idaho — 0.5%** |  |  |
| Idaho Housing & Finance Association, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/52 | 1000000 | 994636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/42 | 800000 | 819571 |
|  |  | 1814207 |
| **Illinois — 15.2%** |  |  |
| Chicago Board of Education, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGC-ICC FGIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/26 | 1075000 | 1098909 |
| Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/1/35 | 1750000 | 1918348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 4/1/48 | 750000 | 794574 |
| Chicago Midway International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/42 | 2000000 | 2196808 |
| Chicago O'Hare International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/42 | 1470000 | 1584628 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Illinois (continued)** |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/50 | $4700000<br>| $4421657<br>|
| City of Joliet IL, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/15/44 | 3750000 | 4025256 |
| City of Kankakee IL, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/26 | 1100000 | 1100059 |
| City of Springfield IL Electric Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/37 | 2000000<br>| 1890158<br>|
| La Salle County Community Unit School District No 2 Serena, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/38 | 1825000 | 2029933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/1/42 | 1260000 | 1367209 |
| Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | 4060000 | 4506782 |
| Northern Illinois University, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/40 | 400000 | 393223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/41 | 400000 | 391795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/37 | 1425000 | 1434377 |
| Sales Tax Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/48 | 1060000 | 972392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/37 | 1200000 | 1271960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/48 | 2500000 | 2569479 |
| Sangamon & Christian Counties Community Unit School District <br>No 3A Rochester, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 2/1/47 | 1590000 | 1687889 |
| Sangamon County School District <br>No 186 Springfield, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/50 | 5130000 | 5551967 |
| Southwestern Illinois Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/40 | 2700000 | 2938294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/1/50 | 4000000 | 4278504 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Illinois (continued)** |  |  |
| State of Illinois, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 5/1/45 | $1000000<br>| $1054112<br>|
| Will County School District No 114 Manhattan, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/45 | 3765000 | 4102548 |
|  |  | 53580861 |
| **Indiana — 3.0%** |  |  |
| City of Carmel IN Waterworks Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/51 | 1500000 | 1560524 |
| Indiana Housing & Community Development Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, due 7/1/49 | 1760000 | 1787642 |
| Indiana Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/43 | 3810000<br>| 4093006<br>|
| Tri-Creek 2002 High School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/43 | 3000000 | 3261954 |
|  |  | 10703126 |
| **Iowa — 1.9%** |  |  |
| City of West Des Moines IA, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/39 | 1235000 | 936611 |
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/41 | 2100000 | 2103993 |
| Davenport Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/43 | 3395000 | 3350462 |
| West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 6/1/41 | 325000 | 327143 |
|  |  | 6718209 |
| **Kentucky — 0.5%** |  |  |
| Northern Kentucky University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/37 | 1805000 | 1629457 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Louisiana — 0.9%** |  |  |
| City of Lafayette LA Utilities Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/43 | $1500000<br>| $1587884<br>|
| City of Shreveport LA, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/49 | 1500000 | 1542448 |
|  |  | 3130332 |
| **Maine — 0.4%** |  |  |
| Maine Health & Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/1/40 | 1180000 | 1307883 |
| **Massachusetts — 1.8%** |  |  |
| City of Worcester MA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/15/34 | 1000000 | 896630 |
| Massachusetts Development Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/45 | 1945000<br>| 1538337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/1/55 | 3460000 | 3764142 |
|  |  | 6199109 |
| **Michigan — 4.6%** |  |  |
| City of Saginaw MI Water Supply System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/26 | 1070000 | 1079398 |
| Grand Rapids Public Schools, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/28 | 2100000 | 2121529 |
| Great Lakes Water Authority Water Supply System Revenue, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/46 | 2475000 | 2485295 |
| Port Huron Area School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/39 | 1500000 | 1502098 |
| Wayne County Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/48 | 8520000 | 9053345 |
|  |  | 16241665 |
| **Missouri — 1.1%** |  |  |
| Hickman Mills C-1 School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C-1 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/1/41 | 1960000 | 2132755 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Missouri (continued)** |  |  |
| Kansas City Municipal Assistance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1 Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.430%, due 4/15/26<sup>(a)</sup> | $1720000<br>| $1693507<br>|
|  |  | 3826262 |
| **Nebraska — 0.9%** |  |  |
| Elkhorn School District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/15/45 | 2000000 | 1916598 |
| Omaha Airport Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/54 | 1250000 | 1302986 |
|  |  | 3219584 |
| **Nevada — 0.7%** |  |  |
| City of Reno NV, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1 Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/46 | 1050000 | 1004595 |
| Clark County School District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/15/28 | 1425000 | 1369475 |
|  |  | 2374070 |
| **New Jersey — 1.1%** |  |  |
| Jersey City Municipal Utilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: BAM MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/51 | 1000000<br>| 1125949<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/55 | 1665000 | 1871855 |
| Newark Parking Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 2/1/51 | 1000000 | 1033471 |
|  |  | 4031275 |
| **New York — 4.8%** |  |  |
| City of Long Beach NY, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/42 | 1800000 | 1898818 |
| County of Nassau NY, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 4/1/47 | 1610000 | 1555755 |
| New York City Industrial Development Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/49 | 1265000 | 963685 |
| New York Convention Center Development Corp., <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, due 11/15/36<sup>(a)</sup> | 4400000 | 2883085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, due 11/15/55<sup>(a)</sup> | 1825000 | 432543 |
| New York Liberty Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/43 | 1480000 | 1454701 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **New York (continued)** |  |  |
| New York Power Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/15/39 | $1000000<br>| $1148056<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/15/41 | 1000000 | 1131185 |
| New York State Dormitory Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/42 | 1650000 | 1770437 |
| New York Transportation Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/30/49 | 3450000 | 3471795 |
|  |  | 16710060 |
| **North Carolina — 2.2%** |  |  |
| Greater Asheville Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/53 | 1675000 | 1718074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/41 | 1405000 | 1498465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/41 | 3250000 | 3441729 |
| North Carolina Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, due 1/1/53<sup>(a)</sup> | 4000000 | 1073084 |
|  |  | 7731352 |
| **Ohio — 2.9%** |  |  |
| City of Toledo OH, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/42 | 3000000 | 3301104 |
| County of Cuyahoga OH, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/28 | 500000 | 507309 |
| County of Fayette OH, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/45 | 2000000 | 2099175 |
| Green Local School District/Summit County, <br>Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/1/47 | 3000000 | 3148516 |
| State of Ohio, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/31/26 | 1000000 | 1001067 |
|  |  | 10057171 |
| **Oregon — 1.3%** |  |  |
| City of Newport OR, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, due 6/1/26<sup>(a)</sup> | 1355000 | 1330859 |
| Medford Hospital Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 8/15/35 | 2500000 | 2194122 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Oregon (continued)** |  |  |
| Umatilla County School District No 6R Umatilla, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%, due 6/15/43<sup>(a)</sup> | $2800000<br>| $1228871<br>|
|  |  | 4753852 |
| **Pennsylvania — 5.8%** |  |  |
| Allegheny County Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/39 | 2650000 | 2880934 |
| City of Philadelphia PA Airport Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/39 | 1335000 | 1323365 |
| City of Philadelphia PA Water & Wastewater Revenue, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/44 | 1300000 | 1397468 |
| County of Lehigh PA, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CR Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/49 | 1500000 | 1353876 |
| Montgomery County Higher Education and Health Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/44 | 1040000 | 983012 |
| Pennsylvania Economic Development Financing Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/30/42 | 3625000 | 3891507 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.445%, (3 Month SOFR + 0.60%), due 7/1/27<sup>(b)</sup> | 55000 | 54562 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/44 | 1595000 | 1655240 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/37 | 1350000 | 1508719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/38 | 1420000 | 1573359 |
| Tulpehocken Area School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/49 | 3755000 | 3896987 |
|  |  | 20519029 |
| **Puerto Rico — 0.1%** |  |  |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.359%, (3-Month SOFR + 0.52%), due 7/1/29<sup>(b)</sup> | 370000 | 356484 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Rhode Island — 0.6%** |  |  |
| Providence Public Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/15/41 | $2000000<br>| $2196007<br>|
| **South Carolina — 1.7%** |  |  |
| Inman Campobello Water District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/48 | 2845000 | 2963174 |
| South Carolina Public Service Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37 | 2000000 | 2229381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 12/1/52 | 600000 | 649315 |
|  |  | 5841870 |
| **South Dakota — 1.7%** |  |  |
| Baltic School District No 49-1, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/51 | 3080000 | 3262278 |
| City of Brandon SD Water Utility Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 8/1/42 | 1470000 | 1481959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/1/47 | 1000000 | 1080888 |
|  |  | 5825125 |
| **Texas — 15.4%** |  |  |
| Arlington Higher Education Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/42 | 3190000 | 3409487 |
| Cinco Southwest Municipal Utility District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 12/1/36 | 650000 | 579451 |
| City of Aubrey TX, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 2/15/42 | 2160000<br>| 1875877<br>|
| City of Aubrey TX, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/40 | 1000000 | 1049384 |
| Comal County Water Control & Improvement District No 6, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/46 | 1880000 | 1691414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/47 | 1980000 | 1771542 |
| Denton Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/15/39 | 3000000 | 2307311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/15/40 | 3000000 | 2228095 |
| El Paso County Hospital District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/43 | 4230000 | 4486813 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** |  |  |
| Fort Bend County Municipal Utility District No 134B, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/40 | $540000<br>| $429849<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/42 | 540000 | 414438 |
| Fort Bend County Municipal Utility District No 182, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 9/1/36 | 625000 | 521457 |
| Georgetown Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 8/15/35 | 2220000 | 2035278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 8/15/41 | 2670000 | 2330061 |
| Guadalupe-Blanco River Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/15/42 | 1975000 | 2196275 |
| Harris County Municipal Utility District No 171, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 12/1/52 | 1500000 | 1349154 |
| Harris County Municipal Utility District No 390, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 4/1/37 | 565000 | 457503 |
| Harris County Municipal Utility District No 423, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/44 | 1800000 | 1810641 |
| Harris County Municipal Utility District No 457, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 3/1/47 | 1670000 | 1540414 |
| Harris County Municipal Utility District No 489, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 9/1/40 | 575000 | 427147 |
| Harris County Municipal Utility District No 490, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/46 | 855000<br>| 864899<br>|
| Kaufman County Municipal Utility District No 3, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 3/1/46 | 1415000 | 1429685 |
| Lazy Nine Municipal Utility District No 1B, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 3/1/39 | 605000 | 605208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1B Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/39 | 980000 | 834896 |
| Leander Municipal Utility District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 8/15/30 | 1455000 | 1579056 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** |  |  |
| Love Field Airport Modernization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/35 | $3195000<br>| $3251353<br>|
| Montgomery County Municipal Utility District No 99, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 9/1/29 | 1260000 | 1361231 |
| Morningstar Ranch Municipal Utility District No 1 of Parker County, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/43 | 545000 | 417547 |
| Mount Houston Road Municipal Utility District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/40 | 540000 | 436666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/41 | 560000 | 443673 |
| Sienna Municipal Utility District No 5, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, due 11/1/43 | 650000 | 437294 |
| Sonterra Municipal Utility District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, due 8/15/40 | 1055000 | 805745 |
| Texas Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/35 | 1345000 | 1290289 |
| Texas State Technical College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/1/36 | 1015000 | 1142891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/1/42 | 4000000 | 4390595 |
| Viridian Municipal Management District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 12/1/39 | 895000 | 736669 |
| Williamson County Municipal Utility District No 25, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 8/15/44 | 1190000 | 1183375 |
|  |  | 54122663 |
| **Utah — 0.9**% |  |  |
| City of Salt Lake City UT Airport Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/51 | 2385000<br>| 2149654 |
| Heber Light & Power Co., <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/47 | 1000000 | 1035803 |
|  |  | 3185457 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Virginia — 0.3%** |  |  |
| City of Suffolk VA, General Obligation Bonds | City of Suffolk VA, General Obligation Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, due 2/1/38 | $1330000<br>| $1026664<br>|
| **Washington — 3.3%** |  |  |
| State of Washington, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710%, due 12/1/26<sup>(a)</sup> | 3000000 | 2913678 |
| Washington Health Care Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/55<sup>(b)(c)</sup> | 3000000 | 3322675 |
| Washington State Housing Finance Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/45 | 3500000 | 3563553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/55 | 1640000 | 1670163 |
|  |  | 11470069 |
| **West Virginia — 0.3%** |  |  |
| West Virginia Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, due 4/1/36<sup>(b)(c)</sup> | 890000 | 894793 |
| **Wisconsin — 2.2%** |  |  |
| City of Shawano WI Electric System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/48 | 750000 | 750965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, due 5/1/43 | 1015000 | 1032016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/31 | 1655000 | 1797811 |
| Monroe School District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/43 | 2000000 | 1970881 |
| Viroqua Area School District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/41 | 1455000 | 1461615 |
| Wisconsin Center District, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830%, due 12/15/37<sup>(a)</sup> | 1150000 | 726110 |
|  |  | 7739398 |
| **Wyoming — 0.9%** |  |  |
| Snake River Sporting Club Improvement & Service District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/48 | 1100000 | 1167340 |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/28 | 1790000 | 1888977 |
|  |  | 3056317 |
| **Total Municipal Bonds <br>(Cost $333,849,359)** | **Total Municipal Bonds <br>(Cost $333,849,359)** | **341082277** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment — 1.8%** | **Short-Term Investment — 1.8%** | **Short-Term Investment — 1.8%** |
| **Money Market Fund — 1.8%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(d)</sup> |  |  |
| **(Cost $6,375,863)**  | $6375863<br>| **$** **6375863**<br>|
| **Total Investments — 98.9%<br>(Cost $340,225,222)**  | **Total Investments — 98.9%<br>(Cost $340,225,222)**  | **347458140** |
| **Other Assets and Liabilities, Net — 1.1%**  | **Other Assets and Liabilities, Net — 1.1%**  | **3851658** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **351309798**<br>|

---

------

(a)The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(b)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2025.

(c)Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(d)Reflects the 1-day yield at October 31, 2025.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AGC | - Assured Guaranty Corp. |
| AGM | - Assured Guaranty Municipal Corp. |
| AMBAC | - Ambac Assurance Corp. |
| BAM | - Build America Mutual Assurance Co. |
| CR | - Custodial Receipts |
| FGIC | - Financial Guaranty Insurance Co. |
| GTD | - Guaranteed |
| IBC | - Insured Bond Certificate |
| ICC | - Insured Custody Certificate |
| MUN GOVT GTD | - Municipal Government Guaranteed |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed |
| SCH BD GTY | - School Bond Guaranty Program |
| SOFR | - Secured Overnight Financing Rate |
| ST AID WITHHLDG | - State Aid Withholding |
| ST INTERCEPT | - State Tax Intercept |
| TCRS | - Transferable Custodial Receipts |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Insured ETF (continued)

October 31, 2025 (unaudited)

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $—<br>| $341082277<br>| $—<br>| $341082277<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 6375863 |  |  | 6375863 |
| Total Investments in Securities | $6375863<br>| $341082277<br>| $—<br>| $347458140<br>|

---

------

(a)For a complete listing of investments and their states, see the Schedule of Investments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Short Duration ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 119.2%** | **Long-Term Bonds — 119.2%** | **Long-Term Bonds — 119.2%** |
| **Corporate Bonds — 1.4%** | **Corporate Bonds — 1.4%** | **Corporate Bonds — 1.4%** |
| Lifespan Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025, 5.050%, due 2/15/30 | $500000<br>| $505030<br>|
| Toll Road Investors Partnership II LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, due 2/15/32<sup>(a)</sup> | 400000 | 268524 |
|  |  | 773554 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $767,942)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $767,942)** | **773554** |
| **Municipal Bonds — 117.8%** | **Municipal Bonds — 117.8%** | **Municipal Bonds — 117.8%** |
| **Alabama — 5.5%** |  |  |
| Black Belt Energy Gas District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/52<sup>(b)(c)</sup> | 100000 | 100689 |
| Columbia Industrial Development Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, due 12/1/37<sup>(b)(c)</sup> | 1400000 | 1400000 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/51<sup>(b)(c)</sup> | 400000 | 409130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/55<sup>(b)(c)</sup> | 405000 | 435940 |
| State of Alabama Docks Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/27 | 750000 | 773799 |
|  |  | 3119558 |
| **Alaska — 0.6%** |  |  |
| Alaska Municipal Bond Bank Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/1/42 | 350000 | 357002 |
| **Arizona — 2.6%** |  |  |
| Maricopa County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 5/1/33 | 500000 | 492166 |
| Tempe Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 12/1/30 | 1000000 | 994889 |
|  |  | 1487055 |
| **California — 15.6%** |  |  |
| Anaheim Housing & Public Improvements Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, due 10/1/54<sup>(b)(c)</sup> | 1400000 | 1400000 |
| Bay Area Toll Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, due 4/1/59<sup>(b)(c)</sup> | 800000 | 800000 |
| California Community Choice Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/53<sup>(b)(c)</sup> | 420000 | 444191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/55<sup>(b)(c)</sup> | 475000 | 504476 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **California (continued)** |  |  |
| California Municipal Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/27 | $100000<br>| $102788<br>|
| California State Public Works Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/28 | 750000 | 805157 |
| Los Angeles Department of Water & Power, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, due 7/1/50<sup>(b)(c)</sup> | 1400000 | 1400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | 200000 | 220223 |
| Southern California Logistics Airport Authority, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 1145000 | 1227015 |
| State of California, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 9/1/30 | 500000 | 522222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 5/1/33<sup>(b)(c)</sup> | 1400000 | 1400000 |
|  |  | 8826072 |
| **Colorado — 5.4%** |  |  |
| Adams & Arapahoe Counties Joint School District 28J Aurora, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/26 | 300000 | 309416 |
| Colorado Health Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/29 | 1000000 | 1072017 |
| Southglenn Metropolitan District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/30 | 755000 | 755610 |
| STC Metropolitan District No 2, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 390000 | 412951 |
| Sterling Ranch Community Authority Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 12/1/50 | 500000 | 510487 |
|  |  | 3060481 |
| **Connecticut — 0.9%** |  |  |
| Connecticut State Higher Education Supplement Loan Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/45<sup>(b)(c)</sup> | 500000 | 502434 |
| **Florida — 2.4%** |  |  |
| County of Miami-Dade Seaport Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/30 | 450000 | 486724 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Short Duration ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Florida (continued)** |  |  |
| Florida Housing Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/43<sup>(b)(c)</sup> | $250000<br>| $249622<br>|
| Village Community Development District No 13, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, due 5/1/31 | 250000 | 238857 |
| Village Community Development District No 15, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 5/1/28 | 385000 | 389169 |
|  |  | 1364372 |
| **Georgia — 6.8%** |  |  |
| Atlanta Development Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, due 7/1/30 | 1000000 | 980061 |
| Atlanta Urban Residential Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, due 5/1/29<sup>(b)(c)</sup> | 1000000 | 998908 |
| Development Authority of Burke County (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, due 11/1/52<sup>(b)(c)</sup> | 1400000 | 1400000 |
| Fulton County Residential Care Facilities for the Elderly Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/31 | 320000 | 322432 |
| Main Street Natural Gas, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/52<sup>(b)(c)</sup> | 150000 | 153036 |
|  |  | 3854437 |
| **Guam — 1.1%** |  |  |
| Territory of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/29 | 315000 | 331309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/28 | 300000 | 310589 |
|  |  | 641898 |
| **Hawaii — 0.8%** |  |  |
| Kauai County Community Facilities District, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/15/30 | 470000 | 472608 |
| **Illinois — 5.9%** |  |  |
| City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RF Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, due 1/1/26<sup>(a)</sup> | 200000 | 198889 |
| Peoria County Community Unit School District No 323, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/31 | 300000 | 298548 |
| Sales Tax Securitization Corp., <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/28 | 465000 | 485530 |
| State of Illinois, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/27 | 500000 | 520034 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Illinois (continued)** |  |  |
| Village of Pingree Grove IL, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 3/1/31 | $1250000<br>| $1246418<br>|
| Village of Rantoul IL, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/29 | 580000 | 613143 |
|  |  | 3362562 |
| **Indiana — 4.7%** |  |  |
| Center Grove Community School Corp., General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/27 | 250000 | 254397 |
| Indiana Finance Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/64<sup>(b)(c)</sup> | 250000 | 269418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 11/1/30 | 250000 | 241866 |
| Indiana Housing & Community Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, due 7/1/32 | 200000 | 174757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2 Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/28 | 100000 | 100940 |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/28 | 450000 | 468475 |
| New Palestine Community Schools, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/27 | 350000 | 358289 |
| Seymour Elementary School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/27 | 750000 | 774843 |
|  |  | 2642985 |
| **Iowa — 0.9%** |  |  |
| Kirkwood Community College, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 6/1/32 | 500000 | 500020 |
| **Kentucky — 2.5%** |  |  |
| Kentucky Higher Education Student Loan Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.255%, due 6/1/28 | 500000 | 508262 |
| Kentucky Housing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/55 | 450000 | 484089 |
| Kentucky Public Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/55<sup>(b)(c)</sup> | 400000 | 427548 |
|  |  | 1419899 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Short Duration ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Louisiana — 0.9%** |  |  |
| Louisiana Public Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/30 | $450000<br>| $485121<br>|
| **Maryland — 3.1%** |  |  |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 800000 | 811036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 200000 | 202276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/27 | 200000 | 206037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/28 | 150000 | 157501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 150000 | 160272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | 200000 | 217459 |
|  |  | 1754581 |
| **Michigan — 0.3%** |  |  |
| Michigan Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.267%, due 6/1/39 | 170000 | 161942 |
| **Minnesota — 1.7%** |  |  |
| City of Mankato MN, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 2/1/27 | 500000 | 491782 |
| County of Washington MN, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, due 2/1/27 | 500000 | 492277 |
|  |  | 984059 |
| **Montana — 0.2%** |  |  |
| City of Forsyth MT, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 10/1/32 | 100000 | 103015 |
| **Nevada — 0.5%** |  |  |
| Sparks Tourism Improvement District No 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 6/15/28 | 275000 | 274797 |
| **New Hampshire — 2.3%** |  |  |
| Manchester Housing and Redevelopment Authority, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, due 1/1/26<sup>(a)</sup> | 250000 | 248436 |
| New Hampshire Business Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/30 | 280000 | 282101 |
| New Hampshire Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/56 | 450000 | 513210 |
| State of New Hampshire, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 11/1/29 | 250000 | 249595 |
|  |  | 1293342 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **New Jersey — 2.7%** |  |  |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/27 | $500000<br>| $515651<br>|
| Township of Piscataway NJ, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/15/27 | 1000000 | 1000302 |
|  |  | 1515953 |
| **New Mexico — 0.2%** |  |  |
| New Mexico Mortgage Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 9/1/32 | 100000 | 100656 |
| **New York — 10.7%** |  |  |
| City of New York NY, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 10/1/46<sup>(b)(c)</sup> | 1400000 | 1400000 |
| Fallsburg Central School District, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/15/32 | 400000 | 355328 |
| New York City Housing Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.458%, due 12/15/31 | 1000000 | 1024037 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/28 | 500000 | 529302 |
| New York Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.749%, due 11/15/33 | 250000 | 269253 |
| New York State Energy Research & Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.822%, due 4/1/28 | 500000 | 503209 |
| Town of Oyster Bay NY, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 3/1/30 | 525000 | 492984 |
| West Athens Lime Street Fire District, G.O. Unltd Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/3/26 | 250000 | 251574 |
| Westchester Tobacco Asset Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/26 | 1200000 | 1213202 |
|  |  | 6038889 |
| **North Carolina — 2.7%** |  |  |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 12/1/27<sup>(b)(c)</sup> | 1000000 | 999013 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Short Duration ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **North Carolina (continued)** |  |  |
| North Carolina Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/1/56 | $450000<br>| $515224<br>|
|  |  | 1514237 |
| **North Dakota — 0.5%** |  |  |
| City of Grand Forks ND, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, due 12/1/28 | 215000 | 209005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 12/1/28 | 100000 | 98103 |
|  |  | 307108 |
| **Ohio — 2.6%** |  |  |
| Cleveland Municipal School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/25 | 500000 | 500768 |
| County of Fayette OH, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/28 | 500000 | 532166 |
| Ohio Air Quality Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 9/1/29 | 465000 | 457976 |
|  |  | 1490910 |
| **Oregon — 0.9%** |  |  |
| City of Redmond OR, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/30 | 450000 | 484598 |
| **Pennsylvania — 7.5%** |  |  |
| Allentown Neighborhood Improvement Zone Development Authority, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/1/32 | 1000000 | 1083646 |
| General Authority of Southcentral Pennsylvania, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/29 | 1000000 | 1074337 |
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/30 | 450000 | 475612 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 1250000 | 1360585 |
| Philadelphia Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/28 | 250000 | 261283 |
|  |  | 4255463 |
| **Rhode Island — 1.2%** |  |  |
| Rhode Island Health and Educational Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 75000 | 79864 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Rhode Island (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | $100000<br>| $108042<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/31 | 200000 | 218164 |
| Rhode Island Student Loan Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 250000 | 264236 |
|  |  | 670306 |
| **Tennessee — 4.0%** |  |  |
| County of Campbell TN, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/31 | 400000 | 366752 |
| New Memphis Arena Public Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.090%, due 4/1/27 | 475000 | 467751 |
| Public Building Authority of Sevier County TN (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, due 3/1/49<sup>(b)(c)</sup> | 1400000 | 1400000 |
|  |  | 2234503 |
| **Texas — 15.2%** |  |  |
| City of San Antonio TX Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 400000 | 405254 |
| Clifton Higher Education Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/27 | 315000 | 324616 |
| Clint Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/29 | 500000 | 539554 |
| Harris County Municipal Utility District No 490, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/1/28 | 790000 | 849320 |
| Leander Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.890%, due 8/15/28<sup>(a)</sup> | 450000 | 415351 |
| Matagorda County Navigation District No 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, due 11/1/29 | 430000 | 416919 |
| Mckinney Municipal Utility District No 2, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 9/1/31 | 750000 | 827803 |
| Midland County Fresh Water Supply District No 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.230%, due 9/15/32<sup>(a)</sup> | 500000 | 374952 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/30 | 895000 | 939174 |
| Texas Department of Housing & Community Affairs, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, due 1/1/28 | 500000 | 504518 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Short Duration ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** |  |  |
| University of Houston, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/28 | $175000<br>| $176119<br>|
| Viridian Municipal Management District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 12/1/26 | 620000 | 640142 |
| Willow Point Municipal Utility District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/1/29 | 500000 | 552038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/1/30 | 335000 | 379289 |
| Wylie Independent School District/Taylor County, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/28 | 535000 | 562118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/29 | 645000 | 691911 |
|  |  | 8599078 |
| **Virginia — 1.3%** |  |  |
| Virginia Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, due 1/1/27 | 500000 | 501664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 7/1/56<sup>(b)(c)</sup> | 250000 | 249888 |
|  |  | 751552 |
| **West Virginia — 0.9%** |  |  |
| County of Ohio WV Special District Excise Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 3/1/35 | 170000 | 183249 |
| West Virginia Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, due 1/1/41<sup>(b)(c)</sup> | 350000 | 352188 |
|  |  | 535437 |
| **Wisconsin — 2.7%** |  |  |
| PMA Levy & Aid Anticipation Notes Program, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/2/26 | 1490000 | 1502013 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $66,429,562)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $66,429,562)** | **$** **66668943**<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment — 0.2%** | **Short-Term Investment — 0.2%** | **Short-Term Investment — 0.2%** |
| **Money Market Fund — 0.2%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $106,164) | 106164 | **106164** |
| **Total Investments — 119.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $67,303,668)** |  | **67548661** |
| **Other Assets and Liabilities, Net — (19.4)%** |  | **(10978714)** |
| **Net Assets — 100.0%** |  | **$** **56569947**<br>|

---

------

(a)The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(b)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2025.

(c)Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(d)Reflects the 1-day yield at October 31, 2025.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AGM | - Assured Guaranty Municipal Corp. |
| BAM | - Build America Mutual Assurance Co. |
| GTD | - Guaranteed |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed |
| SD CRED PROG | - School District Credit Enhancement Program |
| ST AID WITHHLDG | - State Aid Withholding |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Short Duration ETF (continued)

October 31, 2025 (unaudited)

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $—<br>| $773554<br>| $—<br>| $773554<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 66668943 |  | 66668943 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 106164 |  |  | 106164 |
| Total Investments in Securities | $106164<br>| $67442497<br>| $—<br>| $67548661<br>|

---

------

(a)For a complete listing of investments and their states, see the Schedule of Investments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds — 98.0%** | **Municipal Bonds — 98.0%** | **Municipal Bonds — 98.0%** |
| FHLMC Multifamily VRD Certificates, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ML Insured: FHLMC COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.759%, due 8/25/41 | $3082790<br>| $3178157<br>|
| **Alabama — 6.2%** |  |  |
| Alabama Federal Aid Highway Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/36 | 750000 | 872532 |
| Alabama Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/1/55 | 990000 | 1079220 |
| Alabama Special Care Facilities Financing Authority-Birmingham AL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/44 | 1300000 | 1404886 |
| Black Belt Energy Gas District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.570%, (Municipal Swap Index + 0.35%), due 10/1/52<sup>(a)</sup> | 1630000 | 1613944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/55<sup>(a)(b)</sup> | 1495000 | 1640660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/49<sup>(a)(b)</sup> | 600000 | 601250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/52<sup>(a)(b)</sup> | 9065000 | 9127422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/35 | 8800000 | 9163466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/53<sup>(a)(b)</sup> | 3000000 | 3257180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, (Municipal Swap Index + 0.65%), due 4/1/53<sup>(a)</sup> | 900000 | 888138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/26 | 1800000 | 1817121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/53<sup>(a)(b)</sup> | 4000000 | 4264369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/55<sup>(a)(b)</sup> | 1380000 | 1496994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/1/53<sup>(a)(b)</sup> | 1000000 | 1056861 |
| City of Gadsden AL, <br>General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/39 | 625000 | 693060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/44 | 675000 | 713288 |
| Energy Southeast A Cooperative District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/33 | 6000000 | 6235628 |
| Industrial Development Board of the City of Mobile Alabama, <br>Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 6/1/34<sup>(a)(b)</sup> | 2000000 | 2019170 |
| Southeast Alabama Gas Supply District (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/54<sup>(a)(b)</sup> | 2000000 | 2157812 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Alabama (continued)** |  |  |
| Southeast Energy Authority A Cooperative District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/53<sup>(a)(b)</sup> | $3000000<br>| $3251273<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/32 | 1000000 | 1062441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/34 | 1000000 | 1100366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/35 | 6250000 | 6664136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/56<sup>(a)(b)</sup> | 1300000 | 1391669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/53<sup>(a)(b)</sup> | 1000000 | 1041028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/55<sup>(a)(b)</sup> | 6115000 | 6582151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/55<sup>(a)(b)</sup> | 3130000 | 3399499 |
|  |  | 74595564 |
| **Arizona — 2.1%** |  |  |
| Arizona Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/42<sup>(a)(b)</sup> | 2500000 | 2544513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/31 | 550000 | 578924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/31 | 300000 | 322414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/32 | 325000 | 347642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/44<sup>(a)(b)</sup> | 1000000 | 1006039 |
| City of Glendale AZ Water & Sewer Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39 | 675000 | 760461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/40 | 550000 | 611776 |
| City of Goodyear AZ Water & Sewer Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/44 | 2000000 | 2137535 |
| City of Mesa AZ, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/43 | 1895000 | 2051379 |
| City of Phoenix Civic Improvement Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/45 | 1500000 | 1603103 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, due 2/1/59<sup>(a)(b)</sup> | 1000000 | 1001509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/31/44 | 8000000 | 8486126 |
| Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/55 | 1000000 | 1115396 |
| Maricopa County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 300000 | 305117 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Arizona (continued)** |  |  |
| Maricopa County Pollution Control Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 4/1/40 | $1000000<br>| $926613<br>|
| Tempe Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 12/1/30 | 1000000 | 994889 |
| Tucson Industrial Development Authority/Pima County Industrial Development Auth, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/56 | 1000000 | 1093059 |
|  |  | 25886495 |
| **Arkansas — 0.4%** |  |  |
| Bentonville School District No 6, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/35 | 1000000 | 850647 |
| City of Magnolia AR Sales & Use Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/55 | 2150000 | 2165151 |
| Little Rock School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/1/36 | 1000000 | 829160 |
| University of Central Arkansas, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/34 | 400000 | 404939 |
|  |  | 4249897 |
| **California — 8.3%** |  |  |
| Antelope Valley-East Kern Water Agency Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/55<sup>(a)(b)</sup> | 17000000 | 17629136 |
| California Community Choice Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/54<sup>(a)(b)</sup> | 5185000 | 5560568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/56<sup>(a)(b)</sup> | 1750000 | 1920885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/55<sup>(a)(b)</sup> | 4090000 | 4387809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/55<sup>(a)(b)</sup> | 2870000 | 3074578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/55<sup>(a)(b)</sup> | 3750000 | 4005777 |
| California Enterprise Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/40 | 695000 | 700439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 8/1/40 | 500000 | 478812 |
| California Health Facilities Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/49 | 250000 | 251440 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/35 | $1250000<br>| $1414819<br>|
| California Infrastructure & Economic Development Bank, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/40 | 2030000 | 2166511 |
| California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.439%, due 2/20/41<sup>(a)(b)</sup> | 2986957 | 2785318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.325%, due 8/15/63<sup>(a)(b)</sup> | 1650000 | 1661762 |
| California Municipal Finance Authority, Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/28 | 250000 | 261843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/29 | 125000 | 132901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/30 | 410000 | 440937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/32 | 225000 | 246512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/33 | 1175000 | 1280924 |
| California Municipal Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/31 | 400000 | 420901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, due 8/1/59<sup>(a)(b)</sup> | 4000000 | 4002949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/33 | 260000 | 282240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/34 | 290000 | 315157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/35 | 320000 | 346893 |
| California State Public Works Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/41 | 4500000 | 5082827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/25 | 2580000 | 2580000 |
| California Statewide Communities Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 9/1/29 | 1000000 | 934527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H Insured: FNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/67<sup>(a)(b)</sup> | 1000000 | 1040080 |
| City of Long Beach CA Airport System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/29 | 150000 | 164105 |
| City of San Mateo CA, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/35 | 1000000 | 1135018 |
| Kelseyville Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 8/1/31<sup>(c)</sup> | 150000 | 123190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720%, due 8/1/33<sup>(c)</sup> | 35000 | 26299 |
| Los Angeles Department of Water & Power, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 995000 | 1082620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 525000 | 567245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 500000 | 581541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/37 | 175000 | 178724 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | $250000<br>| $270116<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | 1200000 | 1309026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 920000 | 1049503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 500000 | 565824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 630000 | 669822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/42 | 1750000 | 1905603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/42 | 1000000 | 1077176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/45 | 1750000 | 1865976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 110000 | 116953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 515000 | 556440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/33 | 2250000 | 2582545 |
| Los Angeles Department of Water & Power Water System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 1850000 | 1856305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 1300000 | 1514373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 165000 | 177315 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/15/49 | 100000 | 100041 |
| San Joaquin Valley Clean Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/56<sup>(a)(b)</sup> | 1000000 | 1156100 |
| San Mateo County Transit District Sales Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, due 6/1/49<sup>(a)(b)</sup> | 4260000 | 4260000 |
| Santa Clara Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 7/1/44 | 485000 | 422523 |
| Southern California Public Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 725000 | 736491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 1350000 | 1459609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/38 | 585000 | 651365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 310000 | 335170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/42 | 1320000 | 1470488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/53<sup>(a)(b)</sup> | 5000000 | 5290048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/31 | 420000 | 470691 |
| State of California, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/32 | 500000 | 504148 |
|  |  | 99638938 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Colorado (continued)** |  |  |
| Arapahoe County School District No 5 Cherry Creek, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 12/15/26 | $500000<br>| $492973<br>|
| Baseline Metropolitan District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/31 | 1000000 | 1111773 |
| City & County of Denver CO Pledged Excise Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/44 | 1000000 | 1002234 |
| City of Colorado Springs CO Utilities System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/40 | 1000000 | 1132151 |
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: MORAL OBLG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 12/1/35 | 500000 | 506854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/45 | 800000 | 807025 |
| Colorado Health Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/43 | 2000000 | 1880953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/1/34 | 1000000 | 1129657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/44 | 250000 | 226391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/35 | 1500000 | 1716517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/59<sup>(a)(b)</sup> | 1000000 | 1083979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/60<sup>(a)(b)</sup> | 1500000 | 1640077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/35 | 105000 | 111614 |
| Colorado Housing and Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, due 10/1/29 | 1000000 | 1011137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 5/1/50 | 370000 | 370564 |
| Denver City & County School District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/47 | 1760000 | 1954675 |
| E-470 Public Highway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/40 | 1000000 | 1110231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.611%, (SOFR + 0.75%), due <br>9/1/39<sup>(a)</sup> | 1040000 | 1037695 |
| Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 145000 | 152595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 145000 | 155049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37 | 200000 | 220958 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Colorado (continued)** |  |  |
| Grand River Hospital District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37 | $425000<br>| $440665<br>|
| Metropolitan State University of Denver, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 945000 | 1032605 |
| Public Authority for Colorado Energy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 11/15/38 | 1990000 | 2427814 |
| Town of Castle Rock CO, Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 1670000 | 1839728 |
|  |  | 24595914 |
| **Connecticut — 1.1%** |  |  |
| City of Bridgeport CT, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/33 | 600000 | 623051 |
| City of New Britain CT, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/30 | 600000 | 640675 |
| City of West Haven CT, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/15/27 | 240000 | 244578 |
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 1355000 | 1541115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/49<sup>(a)(b)</sup> | 1300000 | 1385738 |
| State of Connecticut, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/38 | 5500000 | 5721445 |
| State of Connecticut Special Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/39 | 1500000 | 1530336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/40 | 1000000 | 1113539 |
| Town of Hamden CT, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/32 | 350000 | 399422 |
|  |  | 13199899 |
| **Delaware — 0.7%** |  |  |
| Delaware State Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/45<sup>(a)(b)</sup> | 2035000 | 2053816 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Delaware (continued)** |  |  |
| Delaware State Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/55 | $1085000<br>| $1173826<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/56 | 1000000 | 1094655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/1/56 | 1100000 | 1223663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/1/56 | 1250000 | 1383848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/1/55 | 1180000 | 1274529 |
|  |  | 8204337 |
| **District of Columbia — 1.0%** |  |  |
| District of Columbia Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, due 9/1/40<sup>(a)(b)</sup> | 2000000 | 1999223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/41<sup>(a)(b)</sup> | 2000000 | 2015214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, due 9/1/28 | 4500000 | 4476305 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 10/1/44 | 3000000 | 3205216 |
|  |  | 11695958 |
| **Florida — 1.7%** |  |  |
| Capital Trust Agency, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, due 7/1/29 | 845000 | 846107 |
| City of Lauderhill FL Water & Sewer Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/48 | 1000000 | 1052924 |
| City of Miami Beach FL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/45 | 1000000 | 1000562 |
| City of Orlando FL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/38 | 2600000 | 2877950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/39 | 1115000 | 1222858 |
| County of Okeechobee FL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, due 7/1/39<sup>(a)(b)</sup> | 1000000 | 1004581 |
| County of Pasco FL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/29 | 1000000 | 1086541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/28 | 1000000 | 1064044 |
| Fort Pierce Utilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/31 | 400000 | 445215 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Florida (continued)** |  |  |
| Hillsborough County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/34 | $1290000<br>| $1496721<br>|
| JEA Water & Sewer System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/49 | 1000000 | 1081441 |
| Julington Creek Plantation Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/1/43 | 1250000 | 1354970 |
| Miami-Dade County Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: FNMA COLL <br>HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.880%, due 3/1/46 | 1000000 | 1004010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, due 3/1/29<sup>(a)(b)</sup> | 1000000 | 1011999 |
| Palm Beach County Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/27<sup>(a)(b)</sup> | 1000000 | 1004218 |
| Pinellas County Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: FHLMC COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, due 10/1/43 | 2080000 | 2115000 |
| Tampa Bay Water, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/49 | 750000 | 794006 |
|  |  | 20463147 |
| **Georgia — 3.7%** |  |  |
| Atlanta Urban Residential Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221(D4) HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 2/1/29<sup>(a)(b)</sup> | 3000000 | 3026191 |
| City of Atlanta GA Airport Passenger Facility Charge, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 1250000 | 1344057 |
| City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/40 | 2500000 | 2502938 |
| County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/41 | 1415000 | 1567303 |
| Development Authority of Burke County (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 11/1/45<sup>(a)(b)</sup> | 3015000 | 3060631 |
| Main Street Natural Gas, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.561%, (SOFR + 1.70%), due 12/1/53<sup>(a)(b)</sup> | 5000000 | 5178569 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Georgia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/52<sup>(a)(b)</sup> | $1500000<br>| $1521265<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/52<sup>(a)(b)</sup> | 5735000 | 6023883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/53<sup>(a)(b)</sup> | 1250000 | 1339664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/52<sup>(a)(b)</sup> | 1000000 | 1020244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/31 | 1040000 | 1119143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/54<sup>(a)(b)</sup> | 1750000 | 1899113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/55<sup>(a)(b)</sup> | 7230000 | 7851792 |
| Municipal Electric Authority of Georgia, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 3500000 | 3603530 |
| Private Colleges & Universities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/39 | 450000 | 454479 |
| Savannah Georgia Convention Center Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/36 | 475000 | 537004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/38 | 525000 | 583602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/40 | 600000 | 652878 |
| Walton County Water & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/40 | 450000 | 497438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/41 | 400000 | 438744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/42 | 350000 | 380996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/43 | 425000 | 459421 |
|  |  | 45062885 |
| **Guam — 0.5%** |  |  |
| Antonio B Won Pat International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/35 | 150000 | 166371 |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/34 | 600000 | 660222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/40 | 1000000 | 1016186 |
| Territory of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/31 | 1500000 | 1622236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/37 | 2000000 | 2213395 |
|  |  | 5678410 |
| **Hawaii — 0.3%** |  |  |
| City & County Honolulu HI Wastewater System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 1000000 | 1008291 |
| State of Hawaii, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FW |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 1095000 | 1148068 |
| State of Hawaii Airports System Revenue, Revenue Bonds |  |  |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Hawaii (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/49 | $1500000<br>| $1604342<br>|
|  |  | 3760701 |
| **Illinois — 7.8%** |  |  |
| Chicago Board of Education, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 1000000 | 1048545 |
| Chicago Midway International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/40 | 1450000 | 1603836 |
| Chicago O'Hare International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/37 | 1335000 | 1480008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 2700000 | 2817989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/48 | 1500000 | 1573216 |
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/49 | 11000000 | 11334455 |
| City of Chicago IL, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, due 1/1/27<sup>(c)</sup> | 515000 | 496533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/32 | 1500000 | 1570700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/40 | 1000000 | 1033052 |
| City of Chicago IL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: HUD SECT 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/26<sup>(a)(b)</sup> | 5000000 | 5000000 |
| City of Joliet IL, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/38 | 1000000 | 1083420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/39 | 1000000 | 1090706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/40 | 1000000 | 1087553 |
| City of Springfield IL Electric Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/38 | 2100000 | 1951714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/32 | 8340000 | 9286951 |
| Illinois Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.139%, due 11/1/34<sup>(a)(b)</sup> | 5000000 | 4986418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/38 | 1540000 | 1540251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 7/1/41 | 1500000 | 1522611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/30 | 1300000 | 1427822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/42 | 500000 | 547115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/43 | 1000000 | 1083107 |
| Illinois Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 12/1/67<sup>(a)(b)</sup> | 3000000 | 3008411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/27<sup>(a)(b)</sup> | 3000000 | 3012653 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, due 2/1/29<sup>(a)(b)</sup> | $2000000<br>| $2004729<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 10/1/41 | 515000 | 527049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA FNMA FHLMC COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 4/1/51 | 805000 | 790500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/1/55 | 990000 | 1099719 |
| Illinois State Toll Highway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/40 | 1500000 | 1501340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/38 | 2130000 | 2132450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 1650000 | 1651754 |
| Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/32 | 320000 | 325449 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/15/42 | 650000 | 610674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/28 | 1500000 | 1556450 |
| Metropolitan Water Reclamation District of Greater Chicago, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 1000000 | 1005079 |
| Peoria County Community Unit School District No 323, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/31 | 1000000 | 995159 |
| Rock Island & Mercer Counties Community Unit School District No 300, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/38 | 805000 | 906013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 1025000 | 1125018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/44 | 425000 | 452495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/45 | 555000 | 588560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46 | 1790000 | 1888103 |
| Sales Tax Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/38 | 1800000 | 1792596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/29 | 500000 | 531395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/36 | 1500000 | 1596183 |
| Southwestern Illinois Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/1/44 | 2000000 | 2190495 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Illinois (continued)** |  |  |
| State of Illinois, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/29 | $1470000<br>| $1566546<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/30 | 1000000 | 1083550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/28 | 1000000 | 1039205 |
| Union Alexander Massac Pulaski Etc Counties Community College District No 531, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/25 | 1175000 | 1176459 |
| Village of Matteson IL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 465000 | 488050 |
| Village of Rantoul IL, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/41 | 1045000 | 1117173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/46 | 500000 | 516403 |
| Will County School District No 114 Manhattan, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 1/1/26 | 840000 | 840335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/36 | 445000 | 497871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/39 | 555000 | 617422 |
|  |  | 93801290 |
| **Indiana — 2.3%** |  |  |
| Avon Community School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/38 | 1000000 | 1122342 |
| Brownsburg 1999 School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/41 | 5730000 | 6219402 |
| Greater Clark Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 7/15/34 | 1000000 | 1182601 |
| Indiana Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/57<sup>(a)(b)</sup> | 2220000 | 2517799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 11/1/30 | 1650000 | 1596312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 11/1/30 | 5600000 | 5417786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/39<sup>(a)(b)</sup> | 2500000 | 2500000 |
| Indiana Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/43 | 1225000 | 1315993 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Indiana (continued)** |  |  |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/40 | $1500000<br>| $1648545<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/38 | 475000 | 534346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/42 | 500000 | 538025 |
| Terre Haute Sanitary District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/43 | 1470000 | 1555453 |
| Tri-Creek 2002 High School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/43 | 1000000 | 1087318 |
|  |  | 27235922 |
| **Iowa — 1.4%** |  |  |
| City of Des Moines IA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/35 | 2020000 | 1718307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/36 | 2060000 | 1704165 |
| Hampton-Dumont Community School District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/1/29 | 965000 | 1030288 |
| Iowa Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/45 | 1690000 | 1763083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G Insured: GNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/1/54 | 1000000 | 1099875 |
| Iowa Higher Education Loan Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/34 | 300000 | 318968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/35 | 360000 | 380774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/36 | 365000 | 384275 |
| Jesup Community School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/27 | 490000 | 505615 |
| State of Iowa Board of Regents, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/41 | 3297000 | 3324959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 9/1/42 | 1230000 | 1239751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/43 | 1000000 | 1008689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/44 | 1485000 | 1486969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 9/1/45 | 1000000 | 1005847 |
|  |  | 16971565 |
| **Kansas — 0.5%** |  |  |
| City of Manhattan KS, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/41 | 1555000 | 1687457 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Kansas (continued)** |  |  |
| Douglas County Unified School District No 497 Lawrence, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 9/1/37 | $3410000<br>| $3410602<br>|
| Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/43<sup>(a)(b)</sup> | 1305000 | 1330784 |
|  |  | 6428843 |
| **Kentucky — 3.1%** |  |  |
| City of Ashland KY, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/40 | 500000 | 500913 |
| Kentucky Bond Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/55<sup>(a)(b)</sup> | 2050000 | 2328452 |
| Kentucky Economic Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/45 | 1000000 | 1000250 |
| Kentucky Municipal Energy Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/38 | 1000000 | 1112202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/41 | 1000000 | 1077639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/45 | 915000 | 964069 |
| Kentucky Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/42 | 810000 | 810231 |
| Kentucky Public Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/50<sup>(a)(b)</sup> | 5000000 | 5036585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/55<sup>(a)(b)</sup> | 5000000 | 5344353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/1/54<sup>(a)(b)</sup> | 2500000 | 2756540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/33 | 4000000 | 4172380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/55<sup>(a)(b)</sup> | 7430000 | 8070716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/1/50<sup>(a)(b)</sup> | 2325000 | 2364278 |
| Louisville/Jefferson County Metropolitan Government, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 10/1/33 | 1000000 | 870983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/32 | 500000 | 507842 |
|  |  | 36917433 |
| **Louisiana — 1.0%** |  |  |
| City of Lafayette LA Utilities Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/38 | 550000 | 609564 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Louisiana (continued)** |  |  |
| City of New Orleans LA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/33 | $1250000<br>| $1378893<br>|
| City of Shreveport LA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/38 | 825000 | 913142 |
| City of Shreveport LA Water & Sewer Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/31 | 100000 | 105869 |
| Louisiana Housing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: HUD SECT 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 6000000 | 6068711 |
| Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 11/1/32 | 1000000 | 986325 |
| Louisiana Public Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/30 | 1875000 | 2021337 |
|  |  | 12083841 |
| **Maine — 0.0%<sup>(d)</sup>** |  |  |
| Maine Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | 245000 | 269604 |
| **Maryland — 0.8%** |  |  |
| Maryland Community Development Administration, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, due 9/1/31 | 1505000 | 1356663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/42 | 1000000 | 1045785 |
| Maryland Department of Housing & Community Development, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/56 | 500000 | 563494 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 3710000 | 4244050 |
| Maryland Stadium Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/42 | 1820000 | 1867468 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Maryland (continued)** |  |  |
| Montgomery County Housing Opportunities Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: FHA 542(C) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, due 7/1/34 | $1000000<br>| $1035001<br>|
|  |  | 10112461 |
| **Massachusetts — 0.7%** |  |  |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.170%, due 7/1/31<sup>(c)</sup> | 1000000 | 836676 |
| Massachusetts Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840%, due 1/1/29<sup>(c)</sup> | 570000 | 521251 |
| Massachusetts Development Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/55<sup>(a)(b)</sup> | 2000000 | 2280344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 500000 | 502352 |
| Massachusetts Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 218 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 12/1/50 | 2455000 | 2422401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RE Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 6/1/51 | 895000 | 878052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Hudson MA, G.O. Ltd Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/11/26 | 1000000 | 1006029 |
|  |  | 8447105 |
| **Michigan — 2.1%** |  |  |
| County of Genesee MI, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/28 | 90000 | 95108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/30 | 210000 | 230907 |
| Four Lakes Special Assessment District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG CNTY GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/42 | 2105000 | 2237916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 6/1/45 | 1710000 | 1794096 |
| Grand Rapids Public Schools, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/28 | 2105000 | 2126580 |
| Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 810000 | 819460 |
| Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/46 | 500000 | 502859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/46 | 2525000 | 2535502 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Michigan (continued)** |  |  |
| Michigan Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 12/1/38 | $1000000<br>| $1033074<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 12/1/44<sup>(a)(b)</sup> | 1505000 | 1506275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/44 | 1000000 | 1000356 |
| Michigan State Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/41 | 2175000 | 2204529 |
| Michigan State Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/26<sup>(a)(b)</sup> | 2000000 | 2017747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 6/1/55 | 795000 | 872585 |
| Richmond Community Schools, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/36 | 1450000 | 1478930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/37 | 2655000 | 2698310 |
| State of Michigan Trunk Line Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/15/44 | 2000000 | 2203603 |
|  |  | 25357837 |
| **Minnesota — 0.9%** |  |  |
| Minneapolis Special School District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/31 | 1250000 | 1318335 |
| Minnesota Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 7/1/52 | 3925000 | 3850497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, due 1/1/35 | 1490000 | 1313846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/1/55 | 1300000 | 1466923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 7/1/50 | 635000 | 632162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 1/1/56 | 1000000 | 1111343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/1/55 | 1110000 | 1247278 |
|  |  | 10940384 |
| **Mississippi — 0.3%** |  |  |
| Mississippi Development Bank, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/40 | 750000 | 824349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/39 | 740000 | 797383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/40 | 455000 | 484517 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Mississippi (continued)** |  |  |
| Mississippi Home Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | $1000000<br>| $1078831<br>|
|  |  | 3185080 |
| **Missouri — 1.9%** |  |  |
| City of Kansas City MO, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/26 | 1300000 | 1324268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/28 | 1000000 | 1062539 |
| City of St Louis MO Airport Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/49 | 1525000 | 1626565 |
| County of Phelps MO, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | 1915000 | 2062309 |
| Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/40 | 785000 | 861945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/44 | 1000000 | 1058321 |
| Hickman Mills C-1 School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/1/42 | 3390000 | 3677788 |
| Missouri Housing Development Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 5/1/56 | 1100000 | 1198007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 5/1/56 | 2000000 | 2216326 |
| Missouri Joint Municipal Electric Utility Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/40 | 1445000 | 1456125 |
| Missouri State Environmental Improvement & Energy Resources Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, due 9/1/33 | 3000000 | 2802495 |
| St Charles County School District No R-IV Wentzville, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID DIR DEP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.380%, due 3/1/27<sup>(c)</sup> | 2095000 | 2003423 |
| Wright City R-II School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/29 | 150000 | 165330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/31 | 35000 | 40621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/33 | 500000 | 598048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/35 | 530000 | 628371 |
|  |  | 22782481 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Nebraska — 0.5%** |  |  |
| Central Plains Energy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/27 | $1000000<br>| $1024136<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/29 | 1725000 | 1810456 |
| Omaha Public Power District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/42 | 835000 | 858106 |
| Omaha Public Power District Nebraska City Station Unit 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/46 | 1235000 | 1233946 |
| Omaha School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 12/15/35 | 1500000 | 1222471 |
|  |  | 6149115 |
| **Nevada — 0.2%** |  |  |
| County of Clark NV, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/39 | 1000000 | 1000318 |
| State of Nevada Highway Improvement Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 12/1/41 | 1000000 | 882424 |
|  |  | 1882742 |
| **New Hampshire — 1.6%** |  |  |
| New Hampshire Business Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.086%, due 1/20/41<sup>(a)(b)</sup> | 1223788 | 1219186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.086%, due 11/20/42<sup>(a)(b)</sup> | 6488887 | 6378199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 7/1/51 | 981577 | 978586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 8/20/39 | 1089297 | 1042016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.034%, due 10/1/51<sup>(a)(b)</sup> | 1488694 | 1465336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, due 11/20/39<sup>(a)(b)</sup> | 2478488 | 2485678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/42 | 1530000 | 1607168 |
| New Hampshire Health and Education Facilities Authority Act, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, due 6/1/38<sup>(a)(b)</sup> | 1000000 | 1002466 |
| New Hampshire Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/1/56 | 1300000 | 1477838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/56 | 1400000 | 1596653 |
|  |  | 19253126 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **New Jersey — 1.9%** |  |  |
| East Rutherford Board of Education, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 7/15/34 | $1250000<br>| $1065853<br>|
| Essex County Improvement Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/15/28 | 415000 | 417642 |
| New Jersey Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/35 | 500000 | 535607 |
| New Jersey Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/64<sup>(a)(b)</sup> | 1350000 | 1569760 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 11/1/27 | 1000000 | 1003323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, due 10/1/45 | 4000000 | 4151573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/56 | 5000000 | 5622977 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/43 | 2790000 | 2896082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/37 | 1300000 | 1408450 |
| New Jersey Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/42 | 1000000 | 1076915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/45 | 1600000 | 1707690 |
| South Jersey Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/39 | 1485000 | 1528026 |
|  |  | 22983898 |
| **New Mexico — 0.4%** |  |  |
| City of Farmington NM, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, due 4/1/33 | 3000000 | 2612114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 6/1/40<sup>(a)(b)</sup> | 2000000 | 2024555 |
|  |  | 4636669 |
| **New York — 6.9%** |  |  |
| Albany Capital Resource Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/39 | 1000000 | 1114716 |
| Build NYC Resource Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 12/1/35 | 1250000 | 1302517 |
| City of New York NY, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/44 | 1500000 | 1600795 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 6/1/44<sup>(a)(b)</sup> | $6000000<br>| $6000000<br>|
| Hudson Yards Infrastructure Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/39 | 1740000 | 1777176 |
| Long Island Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/49 | 1780000 | 1763420 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/44 | 2000000 | 2109179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/47 | 1015000 | 1053578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/29 | 500000 | 505700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 11/15/36 | 370000 | 334582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 11/15/50<sup>(a)(b)</sup> | 2400000 | 2400000 |
| Monroe County Industrial Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/36 | 1000000 | 996853 |
| New York City Housing Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, due 11/1/64<sup>(a)(b)</sup> | 1000000 | 1005024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 5/1/65<sup>(a)(b)</sup> | 1250000 | 1268484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A Insured: REMIC FHA INS 542(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, due 11/1/62<sup>(a)(b)</sup> | 780000 | 780004 |
| New York City Municipal Water Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 6/15/50<sup>(a)(b)</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/48 | 1000000 | 1055911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/46 | 2500000 | 2655467 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/38 | 1000000 | 1013039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/42 | 1250000 | 1361794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/46 | 500000 | 530558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/43 | 215000 | 208617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/48 | 2000000 | 2121790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/48 | 1250000 | 1338468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 2/1/45<sup>(a)(b)</sup> | 5000000 | 5000000 |
| New York Energy Finance Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/56<sup>(a)(b)</sup> | 3500000 | 3762478 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **New York (continued)** |  |  |
| New York Liberty Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, due 9/15/69 | $500000<br>| $473133<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/44 | 5000000 | 4999898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/43 | 2000000 | 1965812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, due 11/15/41 | 1070000 | 859513 |
| New York Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/36 | 1215000 | 1404913 |
| New York State Dormitory Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/35 | 1400000 | 1530443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/41 | 1000000 | 1105577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/43 | 1300000 | 1381774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 750000 | 840667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/43 | 1095000 | 1194909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/15/39 | 500000 | 503944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/15/41 | 1500000 | 1486270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39 | 1220000 | 1229844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/40 | 815000 | 834020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/40 | 5000 | 5208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/15/41 | 500000 | 429461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/15/41 | 2000000 | 2074282 |
| New York State Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, due 6/15/54<sup>(a)(b)</sup> | 1000000 | 1002016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: SONYMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 5/1/65<sup>(a)(b)</sup> | 3420000 | 3406753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: SONYMA HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 11/1/64<sup>(a)(b)</sup> | 1500000 | 1510177 |
| New York State Thruway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/15/43 | 1165000 | 1131652 |
| Onondaga Civic Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 500000 | 554389 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/42 | 1000000 | 1098828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/15/47 | 1250000 | 1323981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/38 | 1000000 | 1000753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 5/15/45<sup>(a)(b)</sup> | 1345000 | 1292150 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **New York (continued)** |  |  |
| Utility Debt Securitization Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/41 | $500000<br>| $559720<br>|
|  |  | 83260237 |
| **North Carolina — 1.9%** |  |  |
| Charlotte-Mecklenburg Hospital Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 1/15/37<sup>(a)(b)</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 1/15/48<sup>(a)(b)</sup> | 5200000 | 5200000 |
| City of Charlotte NC Airport Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/42 | 1400000 | 1532750 |
| City of Fayetteville NC Public Works Commission Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 3/1/36 | 3395000 | 2892929 |
| County of Alamance NC, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 5/1/35 | 1500000 | 1311531 |
| County of Gaston NC, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/39 | 1000000 | 1144237 |
| Nash Health Care Systems, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 2/1/44 | 495000 | 537095 |
| North Carolina Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, due 7/1/56<sup>(a)(b)</sup> | 1330000 | 1329401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/54 | 910000 | 973019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 1/1/55 | 990000 | 1103292 |
| North Carolina Medical Care Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/38 | 1100000 | 1242450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/55<sup>(a)(b)</sup> | 1000000 | 1097324 |
|  |  | 23364028 |
| **North Dakota — 0.5%** |  |  |
| City of Grand Forks ND, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/26 | 400000 | 407940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/27 | 450000 | 466110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 500000 | 526129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 675000 | 720873 |
| Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/37 | 1250000 | 1242997 |
| North Dakota Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 1/1/55 | 990000 | 1104155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 7/1/55 | 1000000 | 1112368 |
|  |  | 5580572 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Ohio — 2.4%** |  |  |
| Akron Bath Copley Joint Township Hospital District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/33 | $1260000<br>| $1331924<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/29 | 1100000 | 1192637 |
| American Municipal Power, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/41 | 1280000 | 1287606 |
| City of Toledo OH, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/36 | 1000000 | 1124700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/39 | 1330000 | 1490242 |
| City of Upper Arlington OH, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/35 | 750000 | 751338 |
| Cloverleaf Local School District, Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 12/1/37 | 1000000 | 1057048 |
| County of Fayette OH, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/34 | 1000000 | 1151119 |
| County of Franklin OH, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 11/1/42<sup>(a)(b)</sup> | 5000000 | 5000000 |
| Euclid City School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/15/44 | 1000000 | 1004642 |
| Forest Hills Local School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/44 | 630000 | 630021 |
| JobsOhio Beverage System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/38 | 5125000 | 5929980 |
| Ohio Air Quality Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, due 5/1/26 | 1000000 | 997645 |
| Ohio Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/56 | 995000 | 1100412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/39 | 1435000 | 1283250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/1/56 | 1000000 | 1142303 |
| Springboro Community City School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/25 | 1975000 | 1978457 |
| State of Ohio, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 3/1/33 | 700000 | 626368 |
|  |  | 29079692 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Oklahoma — 0.2%** |  |  |
| Carter County Public Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/32 | $1000000<br>| $1038743<br>|
| Oklahoma Housing Finance Agency, Revenue Bonds |  |  |
| Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/1/56 | 1000000 | 1126988 |
|  |  | 2165731 |
| **Oregon — 1.4%** |  |  |
| City of Portland OR Sewer System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/47 | 1680000 | 1768122 |
| Oregon State Lottery, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/39 | 1250000 | 1421933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/41 | 2500000 | 2775610 |
| Salem Hospital Facility Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/15/41 | 1000000 | 978868 |
| State of Oregon, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/42 | 2000000 | 2254718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/39 | 815000 | 930134 |
| State of Oregon Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/42 | 5000000 | 5232535 |
| State of Oregon Housing & Community Services Department, Revenue Bonds |  |  |
| Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/54 | 975000 | 1081486 |
| Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.310%, due 6/15/40<sup>(c)</sup> | 1000000 | 535668 |
|  |  | 16979074 |
| **Pennsylvania — 3.3%** |  |  |
| Allegheny County Sanitary Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/40 | 500000 | 500796 |
| Chester County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/29 | 350000 | 363636 |
| Coatesville School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/15/37 | 4000000 | 4282217 |
| Commonwealth Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/39 | 920000 | 912762 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Pennsylvania (continued)** |  |  |
| Conrad Weiser Area School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/34 | $1000000<br>| $1015305<br>|
| County of Allegheny PA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C76 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/41 | 1000000 | 1006393 |
| Indiana County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/27 | 250000 | 255741 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/31 | 450000 | 504784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/33 | 2000000 | 2292113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.445%, (3 Month CME SOFR + 0.60%), due 7/1/27<sup>(a)</sup> | 60000 | 59522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/34 | 1000000 | 1001370 |
| Pennsylvania Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/1/54 | 970000 | 1052105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, due 6/1/41 | 500000 | 530746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/51 | 14585000 | 14238438 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/43 | 1000000 | 1079890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/47 | 1000000 | 1065787 |
| Philadelphia Gas Works Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/30 | 1435000 | 1459189 |
| Philadelphia Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/37 | 2530000 | 2773770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 3/1/38 | 2500000 | 2776864 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/36 | 1285000 | 1422980 |
| Temple University-of The Commonwealth System of Higher Education, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/45 | 1000000 | 1064858 |
|  |  | 39659266 |
| **Puerto Rico — 1.0%** |  |  |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/42 | 2000000 | 1824450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/47 | 2500000 | 2452343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/42 | 2000000 | 1824450 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Puerto Rico (continued)** |  |  |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/35 | $1465000<br>| $1468681<br>|
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/28 | 400000 | 415251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/31 | 500000 | 538543 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, due 7/1/40 | 1044000 | 1012152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 7/1/34 | 2000000 | 2000525 |
|  |  | 11536395 |
| **Rhode Island — 0.3%** |  |  |
| Rhode Island Health and Educational Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/38 | 350000 | 379123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39 | 350000 | 376132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/40 | 350000 | 372263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/15/41 | 180000 | 197373 |
| Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/49 | 1000000 | 1048262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 77-A Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/28 | 350000 | 370383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/41 | 1000000 | 1067982 |
|  |  | 3811518 |
| **South Carolina — 1.7%** |  |  |
| Patriots Energy Group Financing Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.788%, (SOFR + 1.90%), due 2/1/54<sup>(a)</sup> | 6000000 | 6264431 |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/62<sup>(a)(b)</sup> | 1000000 | 1023384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/42 | 1000000 | 996461 |
| South Carolina Public Service Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/45 | 2000000 | 2095840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/36 | 100000 | 101785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46 | 750000 | 782715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/40 | 1120000 | 1234926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37 | 2000000 | 2229381 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **South Carolina (continued)** |  |  |
| South Carolina State Housing Finance & Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, due 7/1/40 | $985000<br>| $983830<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/55 | 990000 | 1124734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/55 | 1000000 | 1141947 |
| Spartanburg County School District No 4, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCSDE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/42 | 1945000 | 2068264 |
|  |  | 20047698 |
| **South Dakota — 0.2%** |  |  |
| South Dakota Health & Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/51<sup>(a)(b)</sup> | 1500000 | 1649847 |
| South Dakota Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 11/1/55 | 995000 | 1113472 |
|  |  | 2763319 |
| **Tennessee — 1.7%** |  |  |
| City of Memphis TN Sanitary Sewerage System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/43 | 3145000 | 3379896 |
| Health Educational and Housing Facility Board of the City of Memphis/the, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221(D)(4) HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/27<sup>(a)(b)</sup> | 785000 | 794403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/27<sup>(a)(b)</sup> | 520000 | 526228 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 2/1/45<sup>(a)(b)</sup> | 3000000 | 3034541 |
| Shelby County Health Educational & Housing Facilities Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/35 | 2300000 | 2574917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/44<sup>(a)(b)</sup> | 2000000 | 2153928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/49<sup>(a)(b)</sup> | 1300000 | 1375538 |
| Tennergy Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/51<sup>(a)(b)</sup> | 1070000 | 1092577 |
| Tennessee Energy Acquisition Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/35 | 3250000 | 3537215 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Tennessee (continued)** |  |  |
| Tennessee Housing Development Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, due 7/1/36 | $1835000<br>| $1535186<br>|
|  |  | 20004429 |
| **Texas — 12.8%** |  |  |
| Alamito Public Facility Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/44<sup>(a)(b)</sup> | 1000000 | 1004089 |
| Arlington Higher Education Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/44 | 1590000 | 1525798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/32 | 2135000 | 2418510 |
| Arlington Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/39 | 1500000 | 1503053 |
| Austin Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/38 | 1000000 | 1118056 |
| Barbers Hill Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/41 | 1000000 | 1002200 |
| Brazos County Municipal Utility District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/37 | 530000 | 533495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 9/1/41 | 630000 | 632165 |
| Central Texas Turnpike System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/42<sup>(a)(b)</sup> | 1000000 | 1072968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/34 | 1000000 | 1149887 |
| City of Amarillo TX Waterworks & Sewer System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/41 | 1360000 | 1345364 |
| City of Arlington TX Special Tax Revenue, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/43 | 250000 | 255006 |
| City of Austin TX Electric Utility Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/45 | 1455000 | 1455336 |
| City of College Station TX, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 2/15/39 | 1020000 | 797985 |
| City of Corpus Christi TX Utility System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/28 | 1000000 | 1061125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/32 | 1000000 | 1135489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/30 | 1000000 | 1105911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/31 | 1455000 | 1634617 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas (continued)** |  |  |
| City of Fort Worth TX, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 3/1/40 | $500000<br>| $367087<br>|
| City of Galveston TX Wharves & Terminal Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/1/43 | 1000000 | 1070090 |
| City of Georgetown TX Utility System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/26 | 1000000 | 1016562 |
| City of Houston TX Combined Utility System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 11/15/40 | 2000000 | 1585675 |
| City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/33 | 1500000 | 1723193 |
| County of Parker TX, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/42 | 6625000 | 6721440 |
| Dallas College, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 2/15/28 | 1575000 | 1575694 |
| Dallas Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/15/42 | 1500000 | 1058008 |
| Del Valle Independent School District TX, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/15/39 | 1000000 | 783259 |
| Denton Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/41 | 1055000 | 1144025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2 Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/15/55<sup>(a)(b)</sup> | 2500000 | 2644158 |
| Edinburg Consolidated Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/35 | 1235000 | 1239865 |
| Fort Bend County Municipal Utility District No 167, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/33 | 115000 | 108331 |
| Fort Bend County Municipal Utility District No 169, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 12/1/39 | 2045000 | 1596889 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas (continued)** |  |  |
| Fort Bend County Municipal Utility District No 185, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 9/1/35 | $235000<br>| $227133<br>|
| Fort Bend Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/54<sup>(a)(b)</sup> | 1300000 | 1321951 |
| FW Chaparral PFC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/35 | 1530000 | 1520854 |
| Guadalupe-Blanco River Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/15/42 | 1980000 | 2201835 |
| Harris County Health Facilities Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 12/1/41<sup>(a)(b)</sup> | 5000000 | 5000000 |
| Harris County Municipal Utility District No 423, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/28 | 300000 | 314140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/29 | 325000 | 340225 |
| Harris County Municipal Utility District No 43, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/1/32 | 1805000 | 1997231 |
| Harris County Municipal Utility District No 489, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 9/1/29 | 800000 | 860218 |
| Harris County Water Control & Improvement District No 159, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 9/1/30 | 1335000 | 1462999 |
| Hays Consolidated Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/43 | 1000000 | 993287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/40 | 1750000 | 1942986 |
| Housing Options, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, due 2/1/45<sup>(a)(b)</sup> | 3850000 | 3854515 |
| Housing Synergy PFC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221(D)(4) HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/27<sup>(a)(b)</sup> | 1000000 | 1004119 |
| Houston Higher Education Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/39 | 1915000 | 1915275 |
| Irving Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/38 | 1490000 | 1638450 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas (continued)** |  |  |
| Kerrville Public Utility Board Public Facility Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/32 | $1785000<br>| $2004284<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/33 | 1880000 | 2130967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/34 | 1980000 | 2257614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/35 | 2075000 | 2370663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/36 | 2170000 | 2451050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/37 | 1135000 | 1267854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/38 | 1200000 | 1329224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/39 | 1250000 | 1373002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/40 | 1320000 | 1430370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/15/45 | 3905000 | 4173835 |
| Laredo Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/29 | 650000 | 703389 |
| Leander Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.960%, due 8/15/30<sup>(c)</sup> | 575000 | 499488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.170%, due 8/15/33<sup>(c)</sup> | 1000000 | 782481 |
| Lewisville Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 8/15/34 | 1000000 | 999153 |
| Mansfield Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/39 | 5280000 | 5909863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/40 | 5325000 | 5890076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/41 | 3575000 | 3920172 |
| Matagorda County Navigation District No 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, due 11/1/29 | 1000000 | 969580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/30 | 1070000 | 1070354 |
| Montgomery County Municipal Utility District No 126, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, due 9/1/39 | 380000 | 302894 |
| Montgomery County Municipal Utility District No 95, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 9/1/34 | 325000 | 318513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/41 | 560000 | 565103 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/40 | 2000000 | 2084972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/35 | 1425000 | 1647235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/39 | 1500000 | 1665291 |
| North Texas Municipal Water District Water System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/31 | 3000000 | 3375984 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas (continued)** |  |  |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/35 | $1000000<br>| $1045275<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/39 | 2000000 | 2004071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/41 | 1500000 | 1501736 |
| Post Wood Municipal Utility District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 3/1/34 | 350000 | 347634 |
| Prosper Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 2/15/40 | 1000000 | 906503 |
| Sabine-Neches Navigation District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/15/37 | 1000000 | 1093868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/15/41 | 2000000 | 2134142 |
| Sherman Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/38 | 1250000 | 1420246 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/64<sup>(a)(b)</sup> | 6000000 | 6667615 |
| Texas Department of Housing & Community Affairs, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/45 | 2000000 | 1642607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/56 | 1020000 | 1125953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 1/1/56 | 1500000 | 1682311 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/55<sup>(a)(b)</sup> | 6000000 | 6603989 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.528%, (3 Month CME SOFR + 0.86%), due 9/15/27<sup>(a)</sup> | 1070000 | 1070751 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/30/33 | 500000 | 512608 |
| Texas Public Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/31 | 1500000 | 1634633 |
| Texas Water Development Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/47 | 500000 | 523548 |
| Uptown Development Authority, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/35 | 500000 | 503540 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas (continued)** |  |  |
| Willis Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/15/40 | $920000<br>| $702668<br>|
|  |  | 154597657 |
| **Utah — 2.9%** |  |  |
| Canyons School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, due 6/15/35 | 1830000 | 1467301 |
| County of Iron UT Sales Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/49 | 1300000 | 1362483 |
| County of Salt Lake UT, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, due 12/15/28 | 1325000 | 1297766 |
| County of Utah UT, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/46 | 1970000 | 1975187 |
| Downtown Revitalization Public Infrastructure District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/34 | 1250000 | 1442455 |
| Intermountain Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 970000 | 1064442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 1035000 | 1160329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39 | 715000 | 784607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 1045000 | 1102141 |
| Salt Lake City School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/39 | 1000000 | 919673 |
| Utah Associated Municipal Power Systems, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/31 | 500000 | 518658 |
| Utah Charter School Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/15/40 | 250000 | 242462 |
| Utah Housing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/45<sup>(a)(b)</sup> | 1500000 | 1494719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHLMC COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, due 7/1/30 | 3000000 | 3000589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/1/54 | 2080000 | 2267375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/55 | 985000 | 1098702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 7/1/55 | 4200000 | 4841793 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Utah (continued)** |  |  |
| Utah Infrastructure Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/28 | $350000<br>| $352444<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/32 | 1000000 | 1000938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/32 | 690000 | 694242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/34 | 800000 | 794270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/36 | 1000000 | 984047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/38 | 645000 | 619474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/32 | 100000 | 107546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/33 | 940000 | 1058813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/28 | 1000000 | 1026361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/34 | 400000 | 407754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/40 | 1000000 | 1002626 |
| Utah Transit Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/42 | 1250000 | 1382643 |
|  |  | 35471840 |
| **Virginia — 1.4%** |  |  |
| Arlington County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, due 9/1/49<sup>(a)(b)</sup> | 1125000 | 1119829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/26 | 1250000 | 1254018 |
| City of Harrisonburg VA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 7/15/35 | 2500000 | 2054857 |
| County of Fairfax VA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/28 | 655000 | 658838 |
| Halifax County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, due 12/1/41<sup>(a)(b)</sup> | 1500000 | 1517504 |
| Isle Wight County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 1000000 | 1115360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/38 | 600000 | 663562 |
| Norfolk Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/28 | 150000 | 158695 |
| Virginia Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 7/1/56<sup>(a)(b)</sup> | 1000000 | 999551 |
| Virginia Public Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/29 | 2000000 | 2003267 |
| Virginia Small Business Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/36 | 765000 | 844906 |
| Williamsburg Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/42 | 1000000 | 980997 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Virginia (continued)** |  |  |
| Winchester Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/30 | $1440000<br>| $1563631<br>|
| Wise County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 10/1/40<sup>(a)(b)</sup> | 2000000 | 2005502 |
|  |  | 16940517 |
| **Washington — 1.0%** |  |  |
| County of King WA Sewer Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, (Municipal Swap Index + 0.23%), due 1/1/40<sup>(a)</sup> | 3000000 | 2971500 |
| Seattle Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, due 6/1/26 | 270000 | 265281 |
| State of Washington, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 1420000 | 1548755 |
| Washington Health Care Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/41 | 95000 | 94804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/43 | 1400000 | 1476850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/55<sup>(a)(b)</sup> | 4000000 | 4290228 |
| Washington State Housing Finance Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.084%, due 3/1/50 | 993426 | 971619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/40 | 1000000 | 1056280 |
|  |  | 12675317 |
| **West Virginia — 0.8%** |  |  |
| West Virginia Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 3/1/40<sup>(a)(b)</sup> | 1000000 | 1010173 |
| West Virginia Hospital Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/39 | 1500000 | 1534332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/36 | 1000000 | 1117843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/38 | 1000000 | 1098690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/42 | 1000000 | 1077354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/45 | 1000000 | 1055387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/55<sup>(a)(b)</sup> | 1000000 | 1095788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 9/1/42 | 1250000 | 1334411 |
|  |  | 9323978 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Wisconsin — 1.5%** |  |  |
| City of Milwaukee WI, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N2 Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/38 | $3765000<br>| $4184558<br>|
| Hudson School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, due 3/1/27 | 500000 | 492866 |
| Public Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/41 | 1000000 | 1000847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/46 | 3000000 | 2979294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/34 | 300000 | 333062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/45 | 150000 | 156287 |
| Sparta Area School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/38 | 1110000 | 1015073 |
| Wisconsin Housing & Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: HUD SECT 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/27<sup>(a)(b)</sup> | 3500000 | 3570453 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 3/1/34 | 1000000 | 1005434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: FNMA/GNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/44 | 500000 | 490996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/39 | 1000000 | 1082387 |
| Wisconsin Housing & Economic Development Authority Housing Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, due 11/1/56<sup>(a)(b)</sup> | 1300000 | 1296682 |
|  |  | 17607939 |
| **Wyoming — 0.4%** |  |  |
| County of Campbell WY, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 7/15/39 | 1170000 | 1097336 |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/28 | 3000000 | 3165883 |
| Wyoming Community Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, due 12/1/40 | 1000000 | 1024041 |
|  |  | 5287260 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $1,155,493,293)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $1,155,493,293)** | **1179806165** |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment — 1.9%** | **Short-Term Investment — 1.9%** | **Short-Term Investment — 1.9%** |
| **Money Market Fund — 1.9%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $22,731,665)** | 22731665 | **$** **22731665**<br>|
| **Total Investments — 99.9%<br>(Cost $1,178,224,958)** | **Total Investments — 99.9%<br>(Cost $1,178,224,958)** | **1202537830** |
| **Other Assets and Liabilities, Net — 0.1%** | **Other Assets and Liabilities, Net — 0.1%** | **1096605** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **1203634435**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2025.

(b)Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(c)The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(d)Less than 0.05%.

(e)Reflects the 1-day yield at October 31, 2025.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AGC | - Assured Guaranty Corp. |
| AGM | - Assured Guaranty Municipal Corp. |
| BAM | - Build America Mutual Assurance Co. |
| CR | - Custodial Receipts |
| GTD | - Guaranteed |
| HUD SECT 8 | - Housing and Urban Development Section 8 |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed |
| Q-SBLF | - Qualified School Bond Loan Fund |
| SCH BD GTY | - School Bond Guaranty Program |
| SCSDE | - South Carolina Department of Education |
| SD CRED PROG | - School District Credit Enhancement Program |
| SOFR | - Secured Overnight Financing Rate  |
| ST AID WITHHLDG | - State Aid Withholding |
| ST INTERCEPT | - State Tax Intercept |
| TCRS | - Transferable Custodial Receipts |
| UT CSCE | - Utah Charter School Credit Enhancement |

---

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $—<br>| $1179806165<br>| $—<br>| $1179806165<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 22731665 |  |  | 22731665 |
| Total Investments in Securities | $22731665<br>| $1179806165<br>| $—<br>| $1202537830<br>|

---

------

(f)For a complete listing of investments and their states, see the Schedule of Investments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay California Muni Intermediate ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds — 85.7%** | **Municipal Bonds — 85.7%** | **Municipal Bonds — 85.7%** |
| **Airport — 3.1%** |  |  |
| City of Fresno CA Airport Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/33 | $250000<br>| $278925<br>|
| City of Long Beach CA Airport System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/32 | 200000 | 233054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/32 | 200000 | 233054 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/34 | 500000 | 513870 |
| San Diego County Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/36 | 500000 | 565614 |
|  |  | 1824517 |
| **Development — 0.9%** |  |  |
| California Statewide Communities Development Authority, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/2/34 | 500000 | 524258 |
| **Education — 0.6%** |  |  |
| California School Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/46 | 350000 | 342136 |
| **General — 22.4%** |  |  |
| California Community Choice Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/54<sup>(a)(b)</sup> | 300000 | 326762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/1/54<sup>(a)(b)</sup> | 995000 | 1094473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/1/52<sup>(a)(b)</sup> | 1000000 | 1021479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/55<sup>(a)(b)</sup> | 620000 | 678169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/56<sup>(a)(b)</sup> | 1000000 | 1101199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/33 | 1000000 | 1093384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/1/54<sup>(a)(b)</sup> | 300000 | 322296 |
| California State Public Works Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/36 | 750000 | 886618 |
| Cathedral City Redevelopment Agency Successor Agency, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/32 | 140000 | 149346 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **General (continued)** |  |  |
| City of Newport Beach CA, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 9/2/38 | $620000<br>| $630275<br>|
| Commonwealth of Puerto Rico, Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [ ], due 11/1/51<sup>(a)(b)</sup> | 99683 | 48097 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/28 | 225000 | 229292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/30 | 400000 | 412223 |
| Mountain House Public Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 12/1/37 | 295000 | 261012 |
| Riverside County Public Financing Authority, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/36 | 750000 | 881642 |
| San Francisco City & County Redevelopment Agency Successor Agency, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/40 | 190000 | 213253 |
| San Joaquin Valley Clean Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/56<sup>(a)(b)</sup> | 750000 | 867075 |
| Santa Fe Springs Public Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/27 | 700000 | 723788 |
| Southern California Logistics Airport Authority, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/33 | 375000 | 436554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/35 | 365000 | 431320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/36 | 415000 | 483873 |
| Territory of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/27 | 585000 | 585399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/30 | 750000 | 800194 |
|  |  | 13677723 |
| **General Obligation — 9.7%** |  |  |
| City of Menlo Park CA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/1/33 | 420000 | 378301 |
| Commonwealth of Puerto Rico, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/35 | 251878 | 247417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 7/1/29 | 500000 | 533966 |
| Foothill-De Anza Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/40 | 1000000 | 996021 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay California Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Higher Education (continued)** |  |  |
| Grossmont Healthcare District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/32 | $350000<br>| $408173<br>|
| Kern Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/32 | 625000 | 734849 |
| Long Beach Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/40 | 500000 | 575134 |
| State of California, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/33 | 1000000 | 1081143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/37 | 500000 | 580001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/39 | 205000 | 232987 |
|  |  | 5767992 |
| **Higher Education — 3.7%** |  |  |
| California State University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/34 | 250000 | 303145 |
| University of California, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/37 | 350000 | 407002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/38 | 1000000 | 1165895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/15/41 | 350000 | 354443 |
|  |  | 2230485 |
| **Housing — 1.5%** |  |  |
| California Community College Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/38 | 400000 | 413467 |
| California Municipal Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/45 | 500000 | 499385 |
|  |  | 912852 |
| **Medical — 5.3%** |  |  |
| California Health Facilities Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/35 | 350000 | 396149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/36 | 1000000 | 1106763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | 250000 | 268335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/15/36 | 500000 | 501290 |
| California Municipal Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 7/1/28 | 500000 | 491622 |
| California Statewide Communities Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/35 | 500000 | 502412 |
|  |  | 3266571 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Mello-Roos — 2.2%** |  |  |
| City of South San Francisco CA, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/40 | $375000<br>| $393818<br>|
| Folsom Ranch Financing Authority, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/39 | 500000 | 515571 |
| Romoland School District, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/46 | 370000 | 381323 |
|  |  | 1290712 |
| **Multifamily Housing — 2.1%** |  |  |
| California Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A Insured: FHLMC COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 3/25/35 | 235709 | 238519 |
| California Municipal Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: FNMA COLL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 11/1/41 | 1000000 | 1000202 |
|  |  | 1238721 |
| **Nursing Homes — 1.0%** |  |  |
| California Statewide Communities Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/36 | 580000 | 580915 |
| **Pollution — 0.9%** |  |  |
| California Municipal Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 9/1/53<sup>(a)(b)</sup> | 500000 | 522640 |
| **Power — 3.5%** |  |  |
| Los Angeles Department of Water & Power, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, due 7/1/50<sup>(a)(b)</sup> | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | 250000 | 275279 |
| Southern California Public Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 200000 | 233894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/53<sup>(a)(b)</sup> | 500000 | 529005 |
|  |  | 2038178 |
| **School District — 18.6%** |  |  |
| Alum Rock Union Elementary School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/37 | 420000 | 490096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/33 | 290000 | 338207 |
| Beverly Hills Unified School District CA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860%, due 8/1/37<sup>(c)</sup> | 580000 | 370181 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay California Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **School District (continued)** |  |  |
| Compton Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/29 | $750000<br>| $779950<br>|
| El Monte Union High School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.360%, due 6/1/36<sup>(c)</sup> | 140000 | 98387 |
| Elk Grove Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 8/1/41 | 150000 | 135265 |
| Fremont Unified School District/Alameda County CA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/1/35 | 420000 | 362356 |
| Jefferson Union High School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/31 | 350000 | 403559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/36 | 250000 | 298692 |
| Los Angeles Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 500000 | 509052 |
| Novato Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/1/33 | 500000 | 452277 |
| Sacramento City Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, due 7/1/32<sup>(c)</sup> | 1000000 | 836611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/37 | 1315000 | 1544010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/1/53 | 500000 | 545656 |
| San Diego Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I-3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 7/1/50 | 750000 | 733708 |
| San Mateo Union High School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/34 | 455000 | 478857 |
| Santa Maria Joint Union High School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 8/1/39 | 635000 | 577525 |
| Shasta Union High School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%, due 2/1/29<sup>(c)</sup> | 875000 | 804977 |
| West Contra Costa Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/33 | 255000 | 299341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/32 | 365000 | 424575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/39 | 600000 | 680210 |
|  |  | 11163492 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Tobacco Settlement — 0.5%** |  |  |
| California County Tobacco Securitization Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/36 | $275000<br>| $271443<br>|
| **Transportation — 3.0%** |  |  |
| Alameda Corridor Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/34 | 250000 | 245663 |
| Bay Area Toll Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, due 4/1/59<sup>(a)(b)</sup> | 1000000 | 1000000 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/15/31 | 500000 | 568205 |
|  |  | 1813868 |
| **Water — 6.7%** |  |  |
| City of Los Angeles CA Wastewater System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/31 | 500000 | 574785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/34 | 500000 | 603090 |
| City of Riverside CA Sewer Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/35 | 400000 | 485067 |
| City of Santa Rosa CA Wastewater Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%, due 9/1/31<sup>(c)</sup> | 500000 | 429072 |
| East County Advanced Water Purification Joint Powers Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 9/1/26 | 200000 | 200698 |
| Eastern Municipal Water District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, due 7/1/46<sup>(a)(b)</sup> | 1000000 | 1000000 |
| Guam Government Waterworks Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 200000 | 225687 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | 500000 | 520720 |
|  |  | 4039119 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $50,231,167)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $50,231,167)** | **51505622** |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay California Muni Intermediate ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment — 24.4%** | **Short-Term Investment — 24.4%** | **Short-Term Investment — 24.4%** |
| **Money Market Fund — 24.4%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $14,618,992)** | 14618992 | **$** **14618992**<br>|
| **Total Investments — 110.1%<br>(Cost $64,850,159)** | **Total Investments — 110.1%<br>(Cost $64,850,159)** | **66124614** |
| **Other Assets and Liabilities, Net — (10.1)%** | **Other Assets and Liabilities, Net — (10.1)%** | **(6089416)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **60035198**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of October 31, 2025.

(b)Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(c)The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(d)Reflects the 1-day yield at October 31, 2025.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AGC | - Assured Guaranty Corp. |
| AGM | - Assured Guaranty Municipal Corp. |
| AMBAC | - Ambac Assurance Corp. |
| BAM | - Build America Mutual Assurance Co. |

---

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $—<br>| $51505622<br>| $—<br>| $51505622<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 14618992 |  |  | 14618992 |
| Total Investments in Securities | $14618992<br>| $51505622<br>| $—<br>| $66124614<br>|

---

------

(a)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI Winslow Large Cap Growth ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Communication Services — 13.2%** |  |  |
| Alphabet, Inc., Class C | 103111 | $29058742<br>|
| Meta Platforms, Inc., Class A | 32332 | 20962452 |
| Netflix, Inc.\* | 8133 | 9099689 |
| Spotify Technology SA\* | 15681 | 10276073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 69396956 |
| **Consumer Discretionary — 11.5%** |  |  |
| Amazon.com, Inc.\* | 119094 | 29085137 |
| DoorDash, Inc., Class A\* | 36870 | 9378622 |
| Hilton Worldwide Holdings, Inc. | 24522 | 6301173 |
| MercadoLibre, Inc.\* | 1664 | 3872560 |
| Tesla, Inc.\* | 25689 | 11728570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 60366062 |
| **Financials — 6.3%** |  |  |
| Ares Management Corp., Class A | 36163 | 5377800 |
| Mastercard, Inc., Class A | 22045 | 12168619 |
| Moody's Corp. | 12989 | 6238617 |
| Visa, Inc., A Shares<sup>(a)</sup> | 27553 | 9388409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 33173445 |
| **Health Care — 6.5%** |  |  |
| Eli Lilly & Co. | 12799 | 11043745 |
| Intuitive Surgical, Inc.\* | 21313 | 11387110 |
| Stryker Corp. | 18893 | 6730442 |
| Vertex Pharmaceuticals, Inc.\* | 11369 | 4838305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 33999602 |
| **Industrials — 5.9%** |  |  |
| Axon Enterprise, Inc.\* | 8997 | 6587873 |
| Cintas Corp. | 31572 | 5786201 |
| Eaton Corp. PLC | 14215 | 5423875 |
| General Electric Co. | 16355 | 5052877 |
| Howmet Aerospace, Inc. | 24880 | 5124036 |
| Quanta Services, Inc. | 7030 | 3157384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 31132246 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology — 55.0%** |  |  |
| Advanced Micro Devices, Inc.\* | 15481 | $3964994<br>|
| Amphenol Corp., Class A | 61121 | 8516600 |
| Analog Devices, Inc. | 19422 | 4547273 |
| Apple, Inc. | 172166 | 46548521 |
| Broadcom, Inc. | 61899 | 22879727 |
| Cadence Design Systems, Inc.\* | 15036 | 5092543 |
| Intuit, Inc. | 16762 | 11189473 |
| Microsoft Corp. | 121988 | 63166606 |
| NVIDIA Corp. | 382177 | 77387021 |
| Oracle Corp. | 26699 | 7011424 |
| Palantir Technologies, Inc., Class A\* | 25831 | 5178341 |
| ServiceNow, Inc.\* | 11806 | 10853020 |
| Shopify, Inc., Class A\* | 43799 | 7614894 |
| Snowflake, Inc., Class A\* | 52496 | 14430101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 288380538 |
| **Materials — 0.9%** |  |  |
| Ecolab, Inc. | 18666 | 4785962 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $482,564,650)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $482,564,650)** | **521234811** |
| **Short-Term Investment — 0.7%** | **Short-Term Investment — 0.7%** | **Short-Term Investment — 0.7%** |
| **Money Market Fund — 0.7%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(b)</sup> |  |  |
| **(Cost $3,533,774)** | 3533774 | **$** **3533774**<br>|
| **Total Investments — 100.0%<br>(Cost $486,098,424)** | **Total Investments — 100.0%<br>(Cost $486,098,424)** | **524768585** |
| **Other Assets and Liabilities, Net — (0.0)%<sup>(c)</sup>** | **Other Assets and Liabilities, Net — (0.0)%<sup>(c)</sup>** | **(244071)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **524524514**<br>|

---

------

\*Non-income producing securities.

(a)All or a portion of the security was on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The aggregate market value of securities on loan was $2,728,987; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $2,819,116.

(b)Reflects the 1-day yield at October 31, 2025.

(c)Less than 0.05%.

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $521234811<br>| $—<br>| $—<br>| $521234811<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 3533774 |  |  | 3533774 |
| Total Investments in Securities | $524768585<br>| $—<br>| $—<br>| $524768585<br>|

---

------

(d)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI Winslow Focused Large Cap Growth ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Communication Services — 13.2%** |  |  |
| Alphabet, Inc., Class C | 6563 | $1849585<br>|
| Meta Platforms, Inc., Class A | 5079 | 3292970 |
| Netflix, Inc.\* | 1485 | 1661507 |
| Spotify Technology SA\* | 1998 | 1309329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 8113391 |
| **Consumer Discretionary — 13.2%** |  |  |
| Amazon.com, Inc.\* | 18540 | 4527839 |
| Booking Holdings, Inc. | 248 | 1259280 |
| DoorDash, Inc., Class A\* | 4709 | 1197828 |
| Hilton Worldwide Holdings, Inc. | 4337 | 1114435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 8099382 |
| **Financials — 4.5%** |  |  |
| KKR & Co., Inc. | 8668 | 1025684 |
| Mastercard, Inc., Class A | 3148 | 1737665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 2763349 |
| **Health Care — 9.1%** |  |  |
| Eli Lilly & Co. | 2794 | 2410831 |
| Intuitive Surgical, Inc.\* | 4082 | 2180931 |
| Stryker Corp. | 2819 | 1004240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 5596002 |
| **Industrials — 3.3%** |  |  |
| Eaton Corp. PLC | 3102 | 1183599 |
| Trane Technologies PLC | 1883 | 844808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 2028407 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Information Technology — 56.1%** |  |  |
| Amphenol Corp., Class A | 9339 | $1301296<br>|
| Analog Devices, Inc. | 6073 | 1421872 |
| Apple, Inc. | 10469 | 2830504 |
| Broadcom, Inc. | 11031 | 4077389 |
| Cadence Design Systems, Inc.\* | 3441 | 1165432 |
| Intuit, Inc. | 2018 | 1347116 |
| Microsoft Corp. | 14332 | 7421253 |
| NVIDIA Corp. | 44521 | 9015057 |
| Oracle Corp. | 5785 | 1519199 |
| ServiceNow, Inc.\* | 1683 | 1547148 |
| Shopify, Inc., Class A\* | 7444 | 1294214 |
| Snowflake, Inc., Class A\* | 5446 | 1496996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 34437476 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $55,428,047)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $55,428,047)** | **61038007** |
| **Short-Term Investment — 0.6%** | **Short-Term Investment — 0.6%** | **Short-Term Investment — 0.6%** |
| **Money Market Fund — 0.6%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(a)</sup> |  |  |
| **(Cost $372,505)** | 372505 | **372505** |
| **Total Investments — 100.0%<br>(Cost $55,800,552)** | **Total Investments — 100.0%<br>(Cost $55,800,552)** | **61410512** |
| **Other Assets and Liabilities, Net — (0.0)%<sup>(b)</sup>** | **Other Assets and Liabilities, Net — (0.0)%<sup>(b)</sup>** | **(28141)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **61382371**<br>|

---

------

\*Non-income producing securities.

(a)Reflects the 1-day yield at October 31, 2025.

(b)Less than 0.05%.

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $61038007 | $— | $— | $61038007 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 372505 |  |  | 372505 |
| Total Investments in Securities | $61410512 | $— | $— | $61410512 |

---

------

(a)For a complete listing of investments and their industries, see the Schedule of Investments.

For the period ended October 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

Statements of Assets and Liabilities

October 31, 2025 (unaudited)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI CBRE <br>Real Assets ETF** | **NYLI <br>MacKay Core Plus Bond ETF** | **NYLI <br>MacKay High <br>Income ETF** | **NYLI MacKay Securitized Income ETF** |
| **Assets** |  |  |  |  |
| Investments in securities, at value (including securities on loan)<sup>(a)</sup> | $6366270<br>| $290253570<br>| $77865381<br>| $156867016<br>|
| Cash |  | 8132 | 2320 | 958 |
| Foreign currency<sup>(b)</sup> | 1775 | 232 |  |  |
| Due from broker |  | 807329 |  | 274108 |
| Receivable for investments sold | 123657 | 291151 |  |  |
| Dividend and interest receivable | 8537 | 2440791 | 1211400 | 501407 |
| Due from advisor | 1839 |  |  |  |
| Reclaims receivable | 271 |  |  |  |
| Securities lending income receivable | 28 | 2065 | 2877 |  |
| Prepaid expenses | 4 | 240 | 50 | 119 |
| Variation margin on futures receivable |  |  | 391045 |  |
| Total Assets | 6502381 | 293803510 | 79473073 | 157643608 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased | 123609 | 737127 | 603906 |  |
| Collateral for investments on loan | 62217 | 1392337 | 2547158 |  |
| Trustee fees payable | 39 | 3708 | 565 | 1542 |
| Compliance fees payable | 1 | 84 | 28 | 278 |
| Advisory fees payable |  | 51368 | 16178 | 26426 |
| Due to broker |  | 81365 | 706 | 3000 |
| Premium on swap contracts |  |  | 222572 |  |
| Unrealized depreciation on swap transactions |  |  | 12078 |  |
| Accrued expenses and other liabilities | 30549 | 82648 | 34374 | 51736 |
| Total Liabilities | 216415 | 2348637 | 3437565 | 82982 |
| Net Assets | **$** **6285966**<br>| **$** **291454873**<br>| **$** **76035508**<br>| **$** **157560626**<br>|
| **Composition of Net Assets** |  |  |  |  |
| Paid-in capital | $5666044<br>| $305894500<br>| $73381652<br>| $154037991<br>|
| Total distributable earnings/(accumulated loss) | 619922 | (14439627) | 2653856 | 3522635 |
| Net Assets | **$** **6285966**<br>| **$** **291454873**<br>| **$** **76035508**<br>| **$** **157560626**<br>|
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited shares authorized) | 225000 | 13650000 | 2875000 | 6013087 |
| Net Asset Value Per Share | $27.94<br>| $21.35<br>| $26.45<br>| $26.20<br>|
| Investments, at cost | $5710565<br>| $287670819<br>| $76408793<br>| $154889751<br>|
| <sup>(a)</sup> Market value of securities on loan | $242894<br>| $6704536<br>| $2668109<br>| $—<br>|
| <sup>(b)</sup> Cost of foreign currency | $1758<br>| $232<br>| $—<br>| $—<br>|

---

Statements of Assets and Liabilities (continued)

October 31, 2025 (unaudited)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI <br>MacKay Muni Insured ETF** | **NYLI <br>MacKay <br>Muni Short Duration ETF** | **NYLI <br>MacKay Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** |
| **Assets** |  |  |  |  |
| Investments in securities, at value | $347458140<br>| $67548661<br>| $1202537830<br>| $66124614<br>|
| Dividend and interest receivable | 4367031 | 503493 | 13543558 | 507093 |
| Receivable for capital shares transactions | 2406749 |  | 3659279 |  |
| Prepaid expenses |  | 83 | 560 |  |
| Total Assets | 354231920 | 68052237 | 1219741227 | 66631707 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased | 2738500 | 11441941 | 15710817 | 6555046 |
| Advisory fees payable | 60824 | 1316 | 252037 | 9425 |
| Trustee fees payable | 9470 | 156 | 4383 | 194 |
| Compliance fees payable | 235 | 2 | 41 | 51 |
| Accrued expenses and other liabilities | 113093 | 38875 | 139514 | 31793 |
| Total Liabilities | 2922122 | 11482290 | 16106792 | 6596509 |
| Net Assets | **$** **351309798**<br>| **$** **56569947**<br>| **$** **1203634435**<br>| **$** **60035198**<br>|
| **Composition of Net Assets** |  |  |  |  |
| Paid-in capital | $409499089<br>| $56145291<br>| $1210276637<br>| $66205456<br>|
| Total distributable earnings/(accumulated loss) | (58189291) | 424656 | (6642202) | (6170258) |
| Net Assets | **$** **351309798**<br>| **$** **56569947**<br>| **$** **1203634435**<br>| **$** **60035198**<br>|
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited shares authorized) | 14600000 | 2225000 | 49350000 | 2750000 |
| Net Asset Value Per Share | $24.06<br>| $25.42<br>| $24.39<br>| $21.83<br>|
| Investments, at cost | $340225222<br>| $67303668<br>| $1178224958<br>| $64850159<br>|

---

Statements of Assets and Liabilities (continued)

October 31, 2025 (unaudited)

*See notes to financial statements.*

---

| | | |
|:---|:---|:---|
|  | **NYLI Winslow<br>Large Cap<br>Growth ETF** | **NYLI Winslow<br>Focused<br>Large Cap<br>Growth ETF** |
| **Assets** |  |  |
| Investments in securities, at value (including securities on loan)<sup>(a)</sup> | $524768585<br>| $61410512<br>|
| Receivable for investments sold | 1054390 |  |
| Dividend receivable | 26162 | 4469 |
| Prepaid expenses | 570 |  |
| Securities lending income receivable | 268 |  |
| Receivable for capital shares transactions |  | 552981 |
| Total Assets | 525849975 | 61967962 |
| **Liabilities** |  |  |
| Payable for investments purchased | 1093566 | 543656 |
| Advisory fees payable | 199411 | 17886 |
| Trustee fees payable | 62 | 22 |
| Compliance fees payable | 11 | 3 |
| Accrued expenses and other liabilities | 32411 | 24024 |
| Total Liabilities | 1325461 | 585591 |
| Net Assets | **$** **524524514**<br>| **$** **61382371**<br>|
| **Composition of Net Assets** |  |  |
| Paid-in capital | $478887508<br>| $54805889<br>|
| Total distributable earnings/(accumulated loss) | 45637006 | 6576482 |
| Net Assets | **$** **524524514**<br>| **$** **61382371**<br>|
| **NET ASSET VALUE PER SHARE** |  |  |
| Shares Outstanding (no par value, unlimited shares authorized) | 9330000 | 1110000 |
| Net Asset Value Per Share | $56.22<br>| $55.30<br>|
| Investments, at cost | $486098424<br>| $55800552<br>|
| <sup>(a)</sup> Market value of securities on loan | $2728987<br>| $—<br>|

---

*See notes to financial statements.*

Statements of Operations

For the Six Months Ended October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI <br>CBRE Real Assets ETF** | **NYLI <br>MacKay Core Plus Bond ETF** | **NYLI <br>MacKay High Income ETF** | **NYLI MacKay Securitized Income ETF** |
| **Investment Income** |  |  |  |  |
| Dividend income\* | $110372<br>| $61500<br>| $43541<br>| $34842<br>|
| Interest income |  | 8239236 | 2445231 | 4472452 |
| Securities lending income, net of borrower rebates | 183 | 17538 | 15707 | 19 |
| Total investment income | 110555 | 8318274 | 2504479 | 4507313 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3) | 19659 | 505164 | 133772 | 308124 |
| Audit and Tax fees | 13694 | 17600 | 17091 | 16577 |
| Custodian fees | 7130 | 34493 | 15103 | 7232 |
| Administrative and accounting fees | 5664 | 42665 | 11861 | 25383 |
| Listing fees | 4680 | 4680 | 4680 | 4680 |
| Intraday pricing fees | 808 | 860 | 860 | 780 |
| Shareholder reporting fees | 343 | 7053 | 2375 | 2599 |
| Legal fees | 285 | 13407 | 3894 | 6664 |
| Trustee fees | 263 | 13497 | 2945 | 7338 |
| Registration fees | 36 | 274 |  | 102 |
| Compliance fees | 6 | 375 | 78 | 197 |
| Insurance fees | 4 | 234 | 49 | 116 |
| Miscellaneous fees | 29 | 580 | 203 | 30 |
| Total expenses | 52601 | 640882 | 192911 | 379822 |
| Waivers (See Note 3) | (32943) | (148077) | (59139) | (87728) |
| Net expenses | 19658 | 492805 | 133772 | 292094 |
| Net investment income | 90897 | 7825469 | 2370707 | 4215219 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 37375 | (360243) | 457793 | 233426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  |  | (35924) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (68630) |  | 730445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 90 | (4115) |  |  |
| Net realized gain (loss) | 37465 | (432988) | 421869 | 963871 |
| Net change in net unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 198343 | 2915162 | 1058719 | 526939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  |  | (12078) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 458942 |  | (707834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (417) | 1766 |  |  |
| Net change in net unrealized appreciation (depreciation) | 197926 | 3375870 | 1046641 | (180895) |
| Net realized and unrealized gain (loss) | 235391 | 2942882 | 1468510 | 782976 |
| **Net Increase in Net Assets Resulting <br>from Operations** | **$** **326288**<br>| **$** **10768351**<br>| **$** **3839217**<br>| **$** **4998195**<br>|
| \*Net of foreign taxes withheld of: | $5818<br>| $—<br>| $—<br>| $—<br>|

---

*See notes to financial statements.*

Statements of Operations (continued)

For the Six Months Ended October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI <br>MacKay Muni Insured ETF** | **NYLI <br>MacKay Muni Short Duration ETF<sup>(a)</sup>** | **NYLI <br>MacKay Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** |
| **Investment Income** |  |  |  |  |
| Interest income | $8148346<br>| $511320<br>| $20168769<br>| $572306<br>|
| Dividend income | 218315 | 33945 | 313536 | 80061 |
| Total investment income | 8366661 | 545265 | 20482305 | 652367 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3) | 760097 | 37512 | 2047393 | 75260 |
| Administrative and accounting fees | 64883 | 24754 | 102969 | 7965 |
| Legal fees | 24873 | 1202 | 39127 | 1387 |
| Trustee fees | 22671 | 1197 | 40299 | 1315 |
| Custodian fees | 20288 | 7426 | 42976 | 3830 |
| Audit and Tax fees | 16472 | 8912 | 16472 | 17091 |
| Shareholder reporting fees | 9263 | 529 | 14469 | 637 |
| Listing fees | 4680 | 4579 | 7020 | 4680 |
| Intraday pricing fees | 903 | 791 | 903 | 860 |
| Compliance fees | 606 | 30 | 1025 | 33 |
| Insurance fees | 377 | 18 | 603 | 20 |
| Registration fees |  | 1337 |  | 110 |
| Miscellaneous fees | 30 | 29 | 10336 | 30 |
| Total expenses | 925143 | 88316 | 2323592 | 113218 |
| Waivers (See Note 3) | (355079) | (50804) | (788046) | (54683) |
| Net expenses | 570064 | 37512 | 1535546 | 58535 |
| Net investment income | 7796597 | 507753 | 18946759 | 593832 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investment securities | (4889244) | 54732 | (2554274) | (47194) |
| Net realized gain (loss) | (4889244) | 54732 | (2554274) | (47194) |
| Net change in net unrealized appreciation (depreciation) on: |  |  |  |  |
| Investment securities | 13652383 | 244993 | 29541619 | 1138368 |
| Net change in net unrealized appreciation | 13652383 | 244993 | 29541619 | 1138368 |
| Net realized and unrealized gain (loss) | 8763139 | 299725 | 26987345 | 1091174 |
| **Net Increase in Net Assets Resulting <br>from Operations** | **$** **16559736**<br>| **$** **807478**<br>| **$** **45934104**<br>| **$** **1685006**<br>|

---

------

(a)Commencement of operations was May 6, 2025.

*See notes to financial statements.*

Statements of Operations (continued)

For the Six Months Ended October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **NYLI Winslow Large Cap Growth ETF** | **NYLI Winslow Focused Large Cap Growth ETF** |
| **Investment Income** |  |  |
| Dividend income | $340001<br>| $42787<br>|
| Securities lending income, net of borrower rebates | 1259 |  |
| Total investment income | 341260 | 42787 |
| **Expenses** |  |  |
| Advisory fees (See Note 3) | 773201 | 83144 |
| Administrative and accounting fees | 17713 | 6377 |
| Audit and Tax fees | 14470 | 14470 |
| Trustee fees | 4800 | 543 |
| Listing fees | 4680 | 4680 |
| Legal fees | 4420 | 653 |
| Custodian fees | 2344 | 837 |
| Shareholder reporting fees | 1460 | 476 |
| Intraday pricing fees | 860 | 860 |
| Registration fees | 564 |  |
| Compliance fees | 130 | 14 |
| Insurance fees | 73 | 5 |
| Miscellaneous fees | 29 | 29 |
| Total expenses | 824744 | 112088 |
| Waivers (See Note 3) | (247711) | (49430) |
| Net expenses | 577033 | 62658 |
| Net investment loss | (235773) | (19871) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (1153034) | (109101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions | 13061583 | 1107466 |
| Net realized gain | 11908549 | 998365 |
| Net change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 29657620 | 3385648 |
| Net change in net unrealized appreciation | 29657620 | 3385648 |
| Net realized and unrealized gain (loss) | 41566169 | 4384013 |
| **Net Increase in Net Assets Resulting from Operations** | **$** **41330396**<br>| **$** **4364142**<br>|

---

Statements of Changes in Net Assets

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI CBRE <br>Real Assets ETF** | **NYLI CBRE <br>Real Assets ETF** | **NYLI MacKay <br>Core Plus Bond ETF** | **NYLI MacKay <br>Core Plus Bond ETF** |
|  | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30, 2025** | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30, 2025** |
| **Increase (Decrease) in Net Assets <br>from Operations** |  |  |  |  |
| Net investment income | $90897<br>| $159151<br>| $7825469<br>| $13220847<br>|
| Net realized gain (loss) | 37465 | (1205) | (432988) | (1977709) |
| Net change in net unrealized appreciation | 197926 | 530258 | 3375870 | 5290829 |
| Net increase in net assets resulting <br>from operations | 326288 | 688204 | 10768351 | 16533967 |
| Distributions to Shareholders | (82972) | (168574) | (6698832) | (14265396) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 685936 |  | 6326110 | 154478215 |
| Cost of shares redeemed |  |  |  | (89292175) |
| Net increase from capital share transactions | 685936 |  | 6326110 | 65186040 |
| Total increase in net assets | 929252 | 519630 | 10395629 | 67454611 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 5356714 | 4837084 | 281059244 | 213604633 |
| End of period | **$** **6285966**<br>| **$** **5356714**<br>| **$** **291454873**<br>| **$** **281059244**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 200000 | 200000 | 13350000 | 10450000 |
| Shares created | 25000 |  | 300000 | 7150000 |
| Shares redeemed |  |  |  | (4250000) |
| Shares outstanding, end of period | **225000** | **200000** | **13650000** | **13350000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay <br>High Income ETF** | **NYLI MacKay <br>High Income ETF** | **NYLI MacKay <br>Securitized Income ETF** | **NYLI MacKay <br>Securitized Income ETF** |
|  | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30, 2025** | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Period<br>May 31, 2024\* to<br>April 30, 2025**  |
| **Increase (Decrease) in Net Assets <br>from Operations** |  |  |  |  |
| Net investment income | $2370707<br>| $4586783<br>| $4215219<br>| $7133050<br>|
| Net realized gain | 421869 | 857381 | 963871 | 213485 |
| Net change in net unrealized appreciation (depreciation) | 1046641 | (278626) | (180895) | 2265722 |
| Net increase in net assets resulting from operations | 3839217 | 5165538 | 4998195 | 9612257 |
| Distributions to Shareholders | (1943436) | (5970428) | (3695381) | (7306512) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 17802462 | 721095 | 6481392 | 165660507<br> <sup>(a)</sup> |
| Cost of shares redeemed | (3279880) | (23517410) |  | (18189832) |
| Net increase (decrease) from capital share transactions | 14522582 | (22796315) | 6481392 | 147470675 |
| Total increase (decrease) in net assets | 16418363 | (23601205) | 7784206 | 149776420 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 59617145 | 83218350 | 149776420 |  |
| End of period | **$** **76035508**<br>| **$** **59617145**<br>| **$** **157560626**<br>| **$** **149776420**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 2325000 | 3200000 | 5763087 |  |
| Shares created | 675000 | 25000 | 250000 | 6463087 |
| Shares redeemed | (125000) | (900000) |  | (700000) |
| Shares outstanding, end of period | **2875000** | **2325000** | **6013087** | **5763087** |

---

------

\*Commencement of operations.

(a)Subscriptions include proceeds from shares issued in connection with an in-kind contribution (See Note 1).

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | |
|:---|:---|:---|:---|
|  | **NYLI MacKay <br>Muni Insured ETF** | **NYLI MacKay <br>Muni Insured ETF** | **NYLI MacKay Muni Short Duration ETF** |
|  | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the<br>Year Ended April 30, 2025** | **For the Period<br>May 6, 2025\* to<br>October 31, 2025 (unaudited)** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| Net investment income | $7796597<br>| $18462939<br>| $507753<br>|
| Net realized gain (loss) | (4889244) | (511607) | 54732 |
| Net change in net unrealized appreciation (depreciation) | 13652383 | (9410193) | 244993 |
| Net increase in net assets resulting from operations | 16559736 | 8541139 | 807478 |
| Distributions to Shareholders | (6615220) | (20271633) | (382822) |
| **Capital Share Transactions** |  |  |  |
| Proceeds from shares created | 73374373 | 87789421 | 56771719 |
| Cost of shares redeemed | (188821718) | (77716527) | (626428) |
| Net increase (decrease) from capital share transactions | (115447345) | 10072894 | 56145291 |
| Total increase (decrease) in net assets | (105502829) | (1657600) | 56569947 |
| **Net Assets** |  |  |  |
| Beginning of period | 456812627 | 458470227 |  |
| End of period | **$** **351309798**<br>| **$** **456812627**<br>| **$** **56569947**<br>|
| **Changes in Shares Outstanding** |  |  |  |
| Shares outstanding, beginning of period | 19600000 | 19200000 |  |
| Shares created | 3150000 | 3650000 | 2250000 |
| Shares redeemed | (8150000) | (3250000) | (25000) |
| Shares outstanding, end of period | **14600000** | **19600000** | **2225000** |

---

------

\*Commencement of operations.

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay <br>Muni Intermediate ETF** | **NYLI MacKay <br>Muni Intermediate ETF** | **NYLI MacKay California <br>Muni Intermediate ETF** | **NYLI MacKay California <br>Muni Intermediate ETF** |
|  | **For the<br>Six Months<br>Ended<br>October 31,<br>2025<br>(unaudited)** | **For the<br>Year Ended April 30, 2025** | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the<br>Year Ended April 30, 2025** |
| **Increase (Decrease) in Net Assets <br>from Operations** |  |  |  |  |
| Net investment income | $18946759<br>| $26531100<br>| $593832<br>| $900962<br>|
| Net realized loss | (2554274) | (6609465) | (47194) | (29277) |
| Net change in net unrealized appreciation (depreciation) | 29541619 | (4464498) | 1138368 | (319318) |
| Net increase in net assets resulting from operations | 45934104 | 15457137 | 1685006 | 552367 |
| Distributions to Shareholders | (15345879) | (29352873) | (442882) | (986798) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 385091038 | 230508839 | 32433034 | 3235678 |
| Cost of shares redeemed | (41750199) | (38172247) |  | (2144496) |
| Net increase from capital share transactions | 343340839 | 192336592 | 32433034 | 1091182 |
| Total increase in net assets | 373929064 | 178440856 | 33675158 | 656751 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 829705371 | 651264515 | 26360040 | 25703289 |
| End of period | **$** **1203634435**<br>| **$** **829705371**<br>| **$** **60035198**<br>| **$** **26360040**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 35000000 | 27050000 | 1250000 | 1200000 |
| Shares created | 16100000 | 9550000 | 1500000 | 150000 |
| Shares redeemed | (1750000) | (1600000) |  | (100000) |
| Shares outstanding, end of period | **49350000** | **35000000** | **2750000** | **1250000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Winslow <br>Large Cap Growth ETF** | **NYLI Winslow <br>Large Cap Growth ETF** | **NYLI Winslow <br>Focused Large Cap Growth ETF** | **NYLI Winslow <br>Focused Large Cap Growth ETF** |
|  | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the<br>Year Ended April 30, 2025** | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the<br>Year Ended April 30, 2025** |
| **Increase (Decrease) in Net Assets <br>from Operations** |  |  |  |  |
| Net investment loss | $(235773) | $(87623) | $(19871) | $(18367) |
| Net realized gain (loss) | 11908549 | (545683) | 998365 | 1544653 |
| Net change in net unrealized appreciation (depreciation) | 29657620 | 1867706 | 3385648 | (227263) |
| Net increase in net assets resulting from operations | 41330396 | 1234400 | 4364142 | 1299023 |
| Distributions to Shareholders |  | (1256088) |  | (560113) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 415388756 | 92098779 | 50048249 | 5962407 |
| Cost of shares redeemed | (35909806) | (15480719) | (3594427) | (4939927) |
| Net increase from capital share transactions | 379478950 | 76618060 | 46453822 | 1022480 |
| Total increase in net assets | 420809346 | 76596372 | 50817964 | 1761390 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 103715168 | 27118796 | 10564407 | 8803017 |
| End of period | **$** **524524514**<br>| **$** **103715168**<br>| **$** **61382371**<br>| **$** **10564407**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 2360000 | 690000 | 240000 | 220000 |
| Shares created | 7660000 | 2030000 | 940000 | 130000 |
| Shares redeemed | (690000) | (360000) | (70000) | (110000) |
| Shares outstanding, end of period | **9330000** | **2360000** | **1110000** | **240000** |

---

Financial Highlights

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | |
|:---|:---|:---|:---|
|  | **NYLI CBRE Real Assets ETF** | **NYLI CBRE Real Assets ETF** | **NYLI CBRE Real Assets ETF** |
|  | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the<br>Year Ended<br>April 30, 2025** | **For the Period May 10, 2023<sup>(a)</sup>** **to April 30, 2024** |
| Net asset value, beginning of period | $26.78<br>| $24.19<br>| $24.90<br>|
| **Income from Investment Operations** |  |  |  |
| Net investment income<sup>(b)</sup> | 0.42 | 0.80 | 0.80 |
| Net realized and unrealized gain (loss) | 1.13 | 2.63 | (0.83) |
| Net increase (decrease) in net assets resulting from investment operations | 1.55 | 3.43 | (0.03) |
| **Distributions from:** |  |  |  |
| Net investment income | (0.39) | (0.84) | (0.68) |
| Net asset value, end of period | $27.94<br>| $26.78<br>| $24.19<br>|
| Market price, end of period | $28.04<br>| $26.79<br>| $24.18<br>|
| **Total Return** |  |  |  |
| Total investment return based on net asset value<sup>(c)</sup> | 5.80% | 14.42% | (0.16)% |
| Total investment return based on market price<sup>(d)</sup> | 6.17% | 14.45% | (0.18)%<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |
| Net assets, end of period (000's omitted) | $6286<br>| $5357<br>| $4837<br>|
| Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.65<br> %<sup>(f)</sup> | 0.65% | 0.65<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 1.74<br> %<sup>(f)</sup> | 1.92% | 2.03<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.01<br> %<sup>(f)</sup> | 3.04% | 3.43<br> %<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 50% | 92% | 68% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(d)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(e)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(f)Annualized.

(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay Core Plus Bond ETF** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Period June 29, 2021<sup>(a)</sup>** **to April 30, 2022** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **For the Period June 29, 2021<sup>(a)</sup>** **to April 30, 2022** |
| Net asset value, beginning of period | $21.05<br>| $20.44<br>| $21.28<br>| $22.35<br>| $25.00<br>|
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.58 | 1.12 | 1.07 | 0.86 | 0.40 |
| Net realized and unrealized gain (loss) | 0.21 | 0.72 | (0.85) | (1.16) | (2.70) |
| Net increase (decrease) in net assets resulting from investment operations | 0.79 | 1.84 | 0.22 | (0.30) | (2.30) |
| **Distributions from:** |  |  |  |  |  |
| Net investment income | (0.49) | (1.23) | (1.06) | (0.77) | (0.32) |
| Net realized gain |  |  |  |  | (0.03) |
| Total distributions from net investment income and realized gains | (0.49) | (1.23) | (1.06) | (0.77) | (0.35) |
| Net asset value, end of period | $21.35<br>| $21.05<br>| $20.44<br>| $21.28<br>| $22.35<br>|
| Market price, end of period | $21.39<br>| $21.02<br>| $20.48<br>| $21.24<br>| $22.38<br>|
| **Total Return** |  |  |  |  |  |
| Total investment return based on net asset value<sup>(c)</sup> | 3.85% | 9.16% | 1.14% | (1.31)% | (9.31)% |
| Total investment return based on market price<sup>(d)</sup> | 4.16% | 8.79% | 1.49% | (1.59)% | (9.21)%<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $291455<br>| $281059<br>| $213605<br>| $242543<br>| $148625<br>|
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.34<br> %<sup>(f)</sup> | 0.39% | 0.39% | 0.39% | 0.39<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.44<br> %<sup>(f)</sup> | 0.50% | 0.49% | 0.50% | 0.64<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.42<br> %<sup>(f)</sup> | 5.31% | 5.18% | 4.06% | 2.00<br> %<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 47% | 231% | 121% | 212% | 333% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(d)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(e)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(f)Annualized.

(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay High Income ETF** | **NYLI MacKay High Income ETF** | **NYLI MacKay High Income ETF** | **NYLI MacKay High Income ETF** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Period October 25, 2022<sup>(a)</sup>** **to** **April 30** **, 2023** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **For the Period October 25, 2022<sup>(a)</sup>** **to** **April 30** **, 2023** |
| Net asset value, beginning of period | $25.64<br>| $26.01<br>| $25.98<br>| $25.00<br>|
| **Income from Investment Operations** |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.94 | 1.90 | 2.01 | 0.99 |
| Net realized and unrealized gain (loss) | 0.66 | 0.18 | (0.11)<sup>(c)</sup> | 0.77 |
| Net increase (decrease) in net assets resulting from investment operations | 1.60 | 2.08 | 1.90 | 1.76 |
| **Distributions from:** |  |  |  |  |
| Net investment income | (0.79) | (2.10) | (1.85) | (0.78) |
| Net realized gain |  | (0.35) | (0.02) |  |
| Total distributions from net investment income and realized gains | (0.79) | (2.45) | (1.87) | (0.78) |
| Net asset value, end of period | $26.45<br>| $25.64<br>| $26.01<br>| $25.98<br>|
| Market price, end of period | $26.48<br>| $25.64<br>| $26.05<br>| $26.03<br>|
| **Total Return** |  |  |  |  |
| Total investment return based on net asset value<sup>(d)</sup> | 6.31% | 8.22% | 7.55% | 7.12% |
| Total investment return based on market price<sup>(e)</sup> | 6.41% | 8.02% | 7.53% | 7.29<br> %<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of period (000's omitted) | $76036<br>| $59617<br>| $83218<br>| $25985<br>|
| Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.40<br> %<sup>(g)</sup> | 0.40% | 0.40% | 0.40<br> %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.58<br> %<sup>(g)</sup> | 0.60% | 0.57% | 0.81<br> %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 7.09<br> %<sup>(g)</sup> | 7.20% | 7.83% | 7.48<br> %<sup>(g)</sup> |
| Portfolio turnover rate<sup>(h)</sup> | 34% | 61% | 59% | 30% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Calculation of the net realized and unrealized gain (loss) per share may not correlate with the Fund's net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.

(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(f)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(g)Annualized. Certain expenses are not annualized and reflects the period presented.

(h)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | |
|:---|:---|:---|
|  | **NYLI MacKay <br>Securitized Income ETF** | **NYLI MacKay <br>Securitized Income ETF** |
|  | **For the<br>Six** **Months Ended** **October 31, 2025 (unaudited)** | **For the Period May 31, 2024<sup>(a)</sup>** **to April 30, 2025** |
| Net asset value, beginning of period | $25.99<br>| $25.07<br>|
| **Income from Investment Operations** |  |  |
| Net investment income<sup>(b)</sup> | 0.72 | 1.33 |
| Net realized and unrealized gain (loss) | 0.12 | 0.89 |
| Net increase (decrease) in net assets resulting from investment operations | 0.84 | 2.22 |
| **Distributions from:** |  |  |
| Net investment income | (0.63) | (1.25) |
| Net realized gain |  | (0.05) |
| Total distributions from net investment income and realized gains | (0.63) | (1.30) |
| Net asset value, end of period | $26.20<br>| $25.99<br>|
| Market price, end of period | $26.22<br>| $25.98<br>|
| **Total Return** |  |  |
| Total investment return based on net asset value<sup>(c)</sup> | 3.31% | 9.00% |
| Total investment return based on market price<sup>(d)</sup> | 3.39% | 8.97<br> %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |
| Net assets, end of period (000's omitted) | $157561<br>| $149776<br>|
| Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.38<br> %<sup>(f)</sup> | 0.40<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.49<br> %<sup>(f)</sup> | 0.53<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.47<br> %<sup>(f)</sup> | 5.62<br> %<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 34% | 150% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(d)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(e)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(f)Annualized.

(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Muni Insured ETF** | **NYLI MacKay Muni Insured ETF** | **NYLI MacKay Muni Insured ETF** | **NYLI MacKay Muni Insured ETF** | **NYLI MacKay Muni Insured ETF** | **NYLI MacKay Muni Insured ETF** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $23.31<br>| $23.88<br>| $24.29<br>| $24.66<br>| $27.51<br>| $25.89<br>|
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.48 | 0.92 | 0.90 | 0.74 | 0.36 | 0.38 |
| Net realized and unrealized gain (loss) | 0.70 | (0.48) | (0.38) | (0.32) | (2.71) | 1.76 |
| Net increase (decrease) in net assets resulting from investment operations | 1.18 | 0.44 | 0.52 | 0.42 | (2.35) | 2.14 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.43) | (1.01) | (0.93) | (0.79) | (0.49) | (0.52) |
| Net realized gain |  |  |  |  | (0.01) |  |
| Total distributions from net investment income and realized gains | (0.43) | (1.01) | (0.93) | (0.79) | (0.50) | (0.52) |
| Net asset value, end of period | $24.06<br>| $23.31<br>| $23.88<br>| $24.29<br>| $24.66<br>| $27.51<br>|
| Market price, end of period | $24.09<br>| $23.35<br>| $23.88<br>| $24.33<br>| $24.65<br>| $27.54<br>|
| **Total Return** |  |  |  |  |  |  |
| Total investment return based on <br>net asset value<sup>(b)</sup> | 5.18% | 1.79% | 2.21% | 1.74% | (8.70)% | 8.32% |
| Total investment return based on <br>market price<sup>(c)</sup> | 5.09% | 1.97% | 2.03% | 2.00% | (8.85)% | 7.97% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $351310<br>| $456813<br>| $458470<br>| $363076<br>| $365028<br>| $444327<br>|
| Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.30<br> %<sup>(d)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.49<br> %<sup>(d)</sup> | 0.47% | 0.47% | 0.50% | 0.49% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.10<br> %<sup>(d)</sup> | 3.82% | 3.77% | 3.08% | 1.31% | 1.40% |
| Portfolio turnover rate<sup>(e)</sup> | 23% | 25% | 45% | 136% | 80% | 36% |

---

 

(a)Based on average shares outstanding.

(b)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(c)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(d)Annualized.

(e)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | |
|:---|:---|
|  | **NYLI MacKay Muni Short Duration ETF** |
|  | **For the Period May 6, 2025<sup>(a)</sup>** **to October 31, 2025** |
| Net asset value, beginning of period | $25.00<br>|
| **Income from Investment Operations** |  |
| Net investment income<sup>(b)</sup> | 0.42 |
| Net realized and unrealized gain (loss) | 0.36 |
| Net increase (decrease) in net assets resulting from investment operations | 0.78 |
| **Distributions from:** |  |
| Net investment income | (0.36) |
| Net asset value, end of period | $25.42<br>|
| Market price, end of period | $25.45<br>|
| **Total Return** |  |
| Total investment return based on net asset value<sup>(c)</sup> | 3.16% |
| Total investment return based on market price<sup>(d)</sup> | 3.24<br> %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |
| Net assets, end of period (000's omitted) | $56570<br>|
| Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.25<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.59<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.38<br> %<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 115% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(d)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(e)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(f)Annualized.

(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Muni Intermediate ETF** | **NYLI MacKay Muni Intermediate ETF** | **NYLI MacKay Muni Intermediate ETF** | **NYLI MacKay Muni Intermediate ETF** | **NYLI MacKay Muni Intermediate ETF** | **NYLI MacKay Muni Intermediate ETF** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $23.71<br>| $24.08<br>| $24.45<br>| $24.47<br>| $26.82<br>| $25.22<br>|
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.45 | 0.87 | 0.81 | 0.63 | 0.28 | 0.47 |
| Net realized and unrealized gain (loss) | 0.59 | (0.28) | (0.30) | 0.00<br> <sup>(b)(c)</sup> | (2.16) | 1.73 |
| Net increase (decrease) in net assets resulting from investment operations | 1.04 | 0.59 | 0.51 | 0.63 | (1.88) | 2.20 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.36) | (0.96) | (0.88) | (0.65) | (0.39) | (0.58) |
| Net realized gain |  |  |  |  | (0.08) | (0.02) |
| Total distributions from net investment income and realized gains | (0.36) | (0.96) | (0.88) | (0.65) | (0.47) | (0.60) |
| Net asset value, end of period | $24.39<br>| $23.71<br>| $24.08<br>| $24.45<br>| $24.47<br>| $26.82<br>|
| Market price, end of period | $24.44<br>| $23.75<br>| $24.08<br>| $24.49<br>| $24.47<br>| $26.84<br>|
| **Total Return** |  |  |  |  |  |  |
| Total investment return based on net asset value<sup>(d)</sup> | 4.46% | 2.45% | 2.09% | 2.66% | (7.13)% | 8.80% |
| Total investment return based on market price<sup>(e)</sup> | 4.45% | 2.62% | 1.96% | 2.80% | (7.19)% | 8.90% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $1203634<br>| $829705<br>| $651265<br>| $414502<br>| $229984<br>| $124700<br>|
| Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.30<br> %<sup>(f)</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.45<br> %<sup>(f)</sup> | 0.48% | 0.47% | 0.50% | 0.51% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.70<br> %<sup>(f)</sup> | 3.59% | 3.38% | 2.59% | 1.05% | 1.78% |
| Portfolio turnover rate<sup>(g)</sup> | 26% | 42% | 26% | 64% | 74% | 43% |

---

 

(a)Based on average shares outstanding.

(b)Calculation of the net realized and unrealized gain (loss) per share may not correlate with the Fund's net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.

(c)Less than $0.005 per share.

(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(f)Annualized.

(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NYLI MacKay California Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Period December 21, 2021<sup>(a)</sup>** **to** **April 30** **, 2022** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **For the Period December 21, 2021<sup>(a)</sup>** **to** **April 30** **, 2022** |
| Net asset value, beginning of period | $21.09<br>| $21.42<br>| $21.63<br>| $21.78<br>| $25.00<br>|
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.38 | 0.77 | 0.72 | 0.62 | 0.13 |
| Net realized and unrealized gain (loss) | 0.67 | (0.27) | (0.14) | (0.12) | (3.18) |
| Net increase (decrease) in net assets resulting from investment operations | 1.05 | 0.50 | 0.58 | 0.50 | (3.05) |
| **Distributions from:** |  |  |  |  |  |
| Net investment income | (0.31) | (0.83) | (0.79) | (0.65) | (0.17) |
| Net asset value, end of period | $21.83<br>| $21.09<br>| $21.42<br>| $21.63<br>| $21.78<br>|
| Market price, end of period | $21.86<br>| $21.14<br>| $21.43<br>| $21.65<br>| $21.80<br>|
| **Total Return** |  |  |  |  |  |
| Total investment return based on net asset value<sup>(c)</sup> | 5.09% | 2.35% | 2.73% | 2.28% | (12.25)% |
| Total investment return based on market price<sup>(d)</sup> | 4.94% | 2.55% | 2.72% | 2.33% | (12.17)%<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $60035<br>| $26360<br>| $25703<br>| $50823<br>| $43566<br>|
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.35<br> %<sup>(f)</sup> | 0.35% | 0.35% | 0.35% | 0.35<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.68<br> %<sup>(f)</sup> | 0.69% | 0.83% | 0.69% | 0.73<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.55<br> %<sup>(f)</sup> | 3.57% | 3.34% | 2.86% | 1.54<br> %<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 28% | 89% | 73% | 98% | 86% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(d)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(e)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(f)Annualized.

(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Winslow Large Cap Growth ETF** | **NYLI Winslow Large Cap Growth ETF** | **NYLI Winslow Large Cap Growth ETF** | **NYLI Winslow Large Cap Growth ETF** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Period June 23, 2022<sup>(a)</sup>** **to April 30, 2023** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **For the Period June 23, 2022<sup>(a)</sup>** **to April 30, 2023** |
| Net asset value, beginning of period | $43.95<br>| $39.30<br>| $28.70<br>| $25.00<br>|
| **Income from Investment Operations** |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | (0.06) | (0.05) | (0.03) | 0.02 |
| Net realized and unrealized gain (loss) | 12.33 | 5.33 | 10.63 | 3.69 |
| Net increase (decrease) in net assets resulting from investment operations | 12.27 | 5.28 | 10.60 | 3.71 |
| **Distributions from:** |  |  |  |  |
| Net investment income |  |  | (0.00)<sup>(c)</sup> | (0.01) |
| Net realized gain |  | (0.63) |  |  |
| Total distributions from net investment income and realized gains |  | (0.63) | (0.00)<sup>(c)</sup> | (0.01) |
| Net asset value, end of period | $56.22<br>| $43.95<br>| $39.30<br>| $28.70<br>|
| Market price, end of period | $56.24<br>| $43.87<br>| $39.32<br>| $28.70<br>|
| **Total Return** |  |  |  |  |
| Total investment return based on <br>net asset value<sup>(d)</sup> | 27.93% | 13.29% | 36.94% | 14.89% |
| Total investment return based on market price<sup>(e)</sup> | 28.20% | 13.04% | 37.02% | 14.85<br> %<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of period (000's omitted) | $524525<br>| $103715<br>| $27119<br>| $18652<br>|
| Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.56<br> %<sup>(g)</sup> | 0.60% | 0.60% | 0.60<br> %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 0.80<br> %<sup>(g)</sup> | 0.85% | 1.13% | 1.32<br> %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23)%<sup>(g)</sup> | (0.12)% | (0.08)% | 0.09<br> %<sup>(g)</sup> |
| Portfolio turnover rate<sup>(h)</sup> | 32% | 92% | 70% | 77% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Less than $0.005 per share.

(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(f)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(g)Annualized. Certain expenses are not annualized and reflects the period presented.

(h)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Winslow Focused Large Cap Growth ETF** | **NYLI Winslow Focused Large Cap Growth ETF** | **NYLI Winslow Focused Large Cap Growth ETF** | **NYLI Winslow Focused Large Cap Growth ETF** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Period June 23, 2022<sup>(a)</sup>** **to April 30, 2023** |
| | **For the<br>Six Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **For the Period June 23, 2022<sup>(a)</sup>** **to April 30, 2023** |
| Net asset value, beginning of period | $44.02<br>| $40.01<br>| $29.44<br>| $24.93<br>|
| **Income from Investment Operations** |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | (0.05) | (0.08) | 0.02 | 0.02 |
| Net realized and unrealized gain (loss) | 11.33 | 6.64 | 10.91 | 4.50 |
| Net increase (decrease) in net assets resulting from investment operations | 11.28 | 6.56 | 10.93 | 4.52 |
| **Distributions from:** |  |  |  |  |
| Net investment income |  | (0.01) | (0.02) | (0.01) |
| Net realized gain |  | (2.54) | (0.34) |  |
| Total distributions from net investment income and realized gains |  | (2.55) | (0.36) | (0.01) |
| Net asset value, end of period | $55.30<br>| $44.02<br>| $40.01<br>| $29.44<br>|
| Market price, end of period | $55.35<br>| $43.93<br>| $40.02<br>| $29.43<br>|
| **Total Return** |  |  |  |  |
| Total investment return based on <br>net asset value<sup>(c)</sup> | 25.63% | 15.92% | 37.31% | 18.12% |
| Total investment return based on market price<sup>(d)</sup> | 26.00% | 15.66% | 37.36% | 18.11<br> %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of period (000's omitted) | $61382<br>| $10564<br>| $8803<br>| $6182<br>|
| Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements | 0.57<br> %<sup>(f)</sup> | 0.65% | 0.65% | 0.65<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements | 1.01<br> %<sup>(f)</sup> | 1.20% | 1.45% | 1.98<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.18)%<sup>(f)</sup> | (0.18)% | 0.05% | 0.09<br> %<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 15% | 50% | 65% | 29% |

---

 

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(d)Effective August 31, 2025, the price used to calculate market price returns is the Fund's official closing price. Prior to August 31, 2025, market price returns were determined using the mean between the day's last bid and ask prices on the fund's primary exchange. Total investment returns calculated for a period less than one year are not annualized.

(e)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund's inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(f)Annualized. Certain expenses are not annualized and reflects the period presented.

(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

Notes to Financial Statements

October 31, 2025 (unaudited)

**1.** **ORGANIZATION**

New York Life Investments Active ETF Trust (the "Trust") was organized as a Delaware statutory trust on January 30, 2008 and is registered with the Securities and Exchange Commission ("SEC") as an open-end, management investment company, as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of ten operational funds (collectively, the "Funds" and each, a "Fund"). The Funds are exchange-traded funds ("ETFs"), whose shares are listed on a stock exchange and traded like equity securities at market prices.

Investors may find the financial statements of any issuer whose securities represent a significant amount of a Fund's assets on the SEC's website (www.sec.gov).

---

| | | |
|:---|:---|:---|
| **Fund** | **Diversification Policy** | **Commencement of Operations Date** |
| NYLI CBRE Real Assets ETF | Diversified | May 10, 2023 |
| NYLI MacKay Core Plus Bond ETF | Diversified | June 29, 2021 |
| NYLI MacKay High Income ETF | Diversified | October 25, 2022 |
| NYLI MacKay Securitized Income ETF\* | Diversified | May 31, 2024 |
| NYLI MacKay Muni Insured ETF | Diversified | October 18, 2017 |
| NYLI MacKay Muni Short Duration ETF | Diversified | May 6, 2025 |
| NYLI MacKay Muni Intermediate ETF | Diversified | October 18, 2017 |
| NYLI MacKay California Muni Intermediate ETF | Diversified | December 21, 2021 |
| NYLI Winslow Large Cap Growth ETF | Non-diversified | June 23, 2022 |
| NYLI Winslow Focused Large Cap Growth ETF | Non-diversified | June 23, 2022 |

---

\*NYLI MacKay Securitized Income ETF commenced operations on May 31, 2024, after the conversion of a separately managed account (the "Predecessor Account") into shares of the Fund. The Fund has adopted the performance history of the Predecessor Account. Pursuant to the conversion, the Predecessor Account transferred substantially all of its assets to the Fund. MacKay Shields LLC, the Fund's Subadvisor, managed the Predecessor Account. The Predecessor Account commenced operations on October 1, 2019. The Fund's objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account.

CBRE Investment Management Listed Real Assets LLC is the sub-advisor to NYLI CBRE Real Assets ETF, MacKay Shields LLC ("MacKay"), is the sub-advisor to NYLI MacKay Core Plus Bond ETF, NYLI MacKay High Income ETF, NYLI MacKay Securitized Income ETF, NYLI MacKay Muni Insured ETF, NYLI MacKay Muni Short Duration ETF, NYLI MacKay Muni Intermediate ETF, and NYLI MacKay California Muni Intermediate ETF, and Winslow Capital Management, LLC is the sub-advisor for NYLI Winslow Large Cap Growth ETF and NYLI Winslow Focused Large Cap Growth ETF (collectively, the "Sub-Advisors" and each, a "Sub-Advisor").

The investment objective of each Fund is:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| NYLI CBRE Real Assets ETF | Seeks total return through capital growth and current income. |
| NYLI MacKay Core Plus Bond ETF | Seeks total return. |
| NYLI MacKay High Income ETF | Seeks to maximize current income. |
| NYLI MacKay Securitized Income ETF | Seeks total return with an emphasis on current income. |
| NYLI MacKay Muni Insured ETF | Seeks current income exempt from federal income tax. |
| NYLI MacKay Muni Short Duration ETF | Seeks to provide current income exempt from regular federal income tax. |
| NYLI MacKay Muni Intermediate ETF | Seeks current income exempt from federal income tax. |
| NYLI MacKay California Muni Intermediate ETF | Seeks current income exempt from federal and California income taxes. |
| NYLI Winslow Large Cap Growth ETF | Seeks long-term growth of capital. |
| NYLI Winslow Focused Large Cap Growth ETF | Seeks long-term growth of capital. |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**2.** **SIGNIFICANT ACCOUNTING** **POLICIES**

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standard Codification Topic 946 Financial Services — Investment Companies. Each Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

**Use of Estimates**

New York Life Investment Management LLC ("NYLIM" or "Advisor") makes certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

**Indemnification**

In the normal course of business, the Funds may enter into contracts that contain a variety of representations and warranties that may provide general indemnifications for certain liabilities. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. The Advisor believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Funds.

**Investment Valuation**

Each Fund issues and redeems shares on a continuous basis at Net Asset Value ("NAV") only in large blocks of shares called "Creation Units." The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the Fund's listing exchange is open for trading. The NAV of the shares of each Fund will be equal to each Fund's total assets minus each Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places. The consideration for purchase of a Creation Unit of shares of each Fund generally consists of a basket of securities and/or cash that the Fund specifies each day.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") designated the Advisor as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources.

A Fund typically values fixed-income portfolio securities using last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Fund's approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots often trade at different prices that may be above or below the price at which the pricing service has valued the security. Amortized cost is used as a method of valuation with respect to

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

debt obligations with sixty days or less remaining to maturity unless the Advisor determines in good faith that such method does not represent fair value.

Generally, trading in U.S. government securities, money market instruments and certain fixed-income securities is substantially completed each day at various times prior to the close of business on the NYSE. The values of such securities used in computing the NAV of the Fund are determined as of such times. Futures contracts generally are valued at the settlement or closing price determined by the applicable exchange.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service. Equity securities are generally valued at the closing price of the security on the security's primary exchange. The primary exchanges for a Fund's foreign equity securities may close for trading at various times prior to close of regular trading on the NYSE Arca, and the value of such securities used in computing a Fund's NAV are generally determined as of such times.

If a Fund invests in open-end management investment companies (other than ETFs) registered under the 1940 Act, such investments are generally valued using the investment company's NAV per share or public offering price. Those companies may also use fair value pricing under some circumstances.

When market quotations or prices are not readily available or not representative of an investment's fair value, investments are valued using fair value pricing as determined in good faith by the Valuation Designee, pursuant to the Valuation Procedures. The Valuation Procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Funds' assets and liabilities) rests with the Valuation Designee. The Valuation Designee may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of liquidity or other reason, if a market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, or if the trading market on which a security is listed is suspended or closed and no appropriate alternative trading market is available. The frequency with which a Fund's investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the Fund invests pursuant to its investment objective, strategies and limitations.

The NYLI CBRE Real Assets ETF sweeps uninvested cash balances into the BlackRock Liquidity FedFund. The BlackRock Liquidity FedFund seeks current income as is consistent with liquidity and stability of principal. The NYLI MacKay Core Plus Bond ETF and NYLI MacKay High Income ETF sweeps uninvested cash balances into the BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class ("BlackRock Liquidity Fund"). BlackRock Liquidity Fund seeks as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The NYLI MacKay Securitized Income ETF sweeps uninvested cash balances into the Dreyfus Treasury Obligations Cash Management Fund. Dreyfus Treasury Obligations Cash Management Fund seeks as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity by investing in U.S. Treasury securities, repurchase agreements collateralized solely by U.S. Treasury securities or securities issued by the U.S by the U.S. government. The NYLI MacKay Muni Insured ETF, NYLI MacKay Muni Short Duration ETF, NYLI MacKay Muni Intermediate ETF and NYLI MacKay California Muni Intermediate ETF sweeps uninvested cash balances into the Dreyfus Government Cash Management Fund, Institutional Shares. The Dreyfus Government Cash Management Fund, Institutional Shares, seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity by investing in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities. The NYLI Winslow Large Cap Growth ETF and NYLI Winslow Focused Large Cap Growth ETF sweep uninvested cash balances into the Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class ("Dreyfus Institutional Preferred"). The Dreyfus Institutional Preferred seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity.

Under normal conditions, the Funds invests cash collateral from securities lending activities into Dreyfus Government Cash Management Fund, Institutional Shares ("Dreyfus Government Fund"). The Dreyfus Government Fund has no redemption restrictions and is valued at the daily NAV.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**Fair Value Measurement**

Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodologies used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The availability of observable inputs can vary from security to security and are affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. With respect to the valuation of Level 3 securities, the Advisor may employ a market-based valuation approach which may use related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Advisor may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Advisor representatives meet regularly to review and discuss the appropriateness of such fair values using more current information, such as recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events.

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund's investments at October 31, 2025, is disclosed at the end of each Fund's Schedule of Investments.

Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included on the Statements of Operations within net change in unrealized appreciation/depreciation on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

Foreign securities and instruments are valued in their local currency following the methodologies described above. Foreign securities, instruments and currencies will be translated to U.S. dollars, based on foreign currency exchange rate quotations supplied by the London Stock Exchange.

**Tax Information and Uncertain Tax Positions**

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of the taxable income to the shareholders of the Fund within the allowable time limits.

The Advisor evaluates each Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Advisor has analyzed each Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years), and has concluded that no provisions for federal, state and local income tax are required in each Fund's financial statements. Each Fund's federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

The Funds have concluded that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken.

**Foreign Taxes**

The Funds may be subject to foreign withholding taxes on income and other transaction-based taxes imposed by certain countries in which they invest. A portion of the taxes on gains on investments or currency purchases/repatriation may be recoverable. The Funds will accrue such taxes expected and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. Whether or when a Fund will receive a withholding tax refund is subject to a determination by the tax authorities of each country in which the Fund has an open receivable. The Funds regularly evaluate the probability of recovering each accrued withholding tax. If the likelihood of recovery decreases accruals in the Funds' net asset value for such refunds may be written down partially or in full, which will adversely affect the Funds' net asset value.

The Funds may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which they invest. The Funds will accrue the unrecoverable portion of such taxes as applicable based upon their current interpretation of tax rules and regulations that exist in the market in which they invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statements of Assets and Liabilities, as well as an adjustment to the Funds' net unrealized appreciation/depreciation. Taxes related to capital gains realized during the year ended April 30, 2025, if any, are reflected as part of net realized gain (loss) on the Statements of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation/depreciation on investments on the Statements of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

**Dividends and Distributions to Shareholders**

Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax return of capital. Therefore, no federal, state and local income tax provisions are required.

**Cash Equivalents**

Cash equivalents consist of highly liquid investments, with maturities of three months or less when acquired, and are disclosed as **"**Short-Term Investments**"** in the Schedules of Investments.

**Security Transactions**

Security transactions are recorded as of the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.

**Investment Income and Expenses**

Dividend income is recognized on the ex-date net of any foreign tax withheld at the source. Interest income is accrued daily as earned using the effective interest rate method. Distributions of realized capital gains by underlying funds are recorded as realized capital gains on the ex-date. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust based upon the relative net assets or other appropriate measures. The Funds distribute substantially all their net investment income to shareholders in the form of dividends. Net investment income is distributed monthly, except for the NYLI CBRE Real Assets ETF, NYLI Winslow Large Cap Growth ETF, and NYLI Winslow Focused Large Cap Growth ETF, which are distributed annually and capital gains are typically distributed at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. The expenses of the investment companies in which the Funds invest are not included in the amounts shown as expenses on the Statements of Operations or in the expense ratios included in the Financial Highlights.

Discounts and premiums on securities purchased, other than Short-Term Investments, for the Funds are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Discounts and premiums on Short-Term Investments are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest method for Short-Term Investments. Income from payment-in-kind securities is accreted daily based on the effective interest method.

**Loan Assignments, Participations and Commitments**

Certain Funds may invest in loan assignments and participations ("loans"). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Fund records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, the Secured Overnight Financing Rate ("SOFR") or an alternative reference rate.

The loans in which the Funds may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Funds may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Funds purchase an assignment from a lender, the Funds will generally have direct contractual rights against the borrower in favor of the lender. If the Funds purchase a participation interest either from a lender or a participant, the Funds typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Funds are subject to the credit risk of the lender or participant who sold the participation interest to the Funds, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Funds may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**Securities Lending**

The Bank of New York Mellon ("BNY Mellon") serves as the securities lending agent for NYLI CBRE Real Assets ETF, NYLI MacKay Core Plus Bond ETF, NYLI MacKay High Income ETF, NYLI MacKay Securitized Income ETF, NYLI Winslow Large Cap Growth ETF, and the NYLI Winslow Focused Large Cap Growth ETF. These Funds may lend portfolio securities to certain creditworthy borrowers, including the Funds' securities lending agent. It is the Fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or high grade debt obligations, is maintained at all times. Cash collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from fees paid by the borrowers of securities, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Each Fund will continue to receive dividend and interest income on securities loaned, any gain or loss in the market price of securities on loan will be accounted for by each Fund. Lending portfolio securities could result in a delay in recovering the Fund's securities if the borrower defaults.

A Fund's security lending activities are governed by a Securities Lending Authorization Agreement ("Lending Agreement") between each Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a "Borrower"). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, each Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. The lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy each Fund's obligation to return the full amount owed to such Borrower.

In accordance with the securities lending agreement between the Funds and BNY Mellon, the Funds will be indemnified by BNY Mellon in the event of default of a third party Borrower.

The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of October 31, 2025, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds, Separate Trading of Registered Interest ("STRIPs") and Principal of Securities and U.S. Treasury Inflation Indexed Notes and Bonds with the following maturities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Money Market<br>Mutual Fund** | **U.S. Government Securities** | **U.S. Government Securities** | **U.S. Government Securities** |  |
| **Fund** | **Overnight and Continuous** | **<30 Days** | **Between 30 & 90 Days** | **>90 Days** | **Total** |
| NYLI CBRE Real Assets ETF | $62217<br>| $2064<br>| $4892<br>| $182651<br>| $251824<br>|
| NYLI MacKay Core Plus Bond ETF | 1392337 | 58762 | 8557 | 5572529 | 7032185 |
| NYLI MacKay High Income ETF | 2547158 | 13025 | 1897 | 242273 | 2804353 |
| NYLI Winslow Large Cap Growth ETF |  | 11633 | 75601 | 2731882 | 2819116 |

---

The collateral amount presented is in excess of the securities on loan.

**3.** **INVESTMENT MANAGEMENT AND OTHER AGREEMENTS**

**Investment Advisory Agreement**

The Advisor serves as the investment advisor to each series of the Trust and is an indirect wholly-owned subsidiary of New York Life Insurance Company. Under an Investment Advisory Agreement ("Advisory Agreement") between the Advisor and the Trust, on behalf of each Fund, the Advisor provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund (including arranging for sub-advisory services, as applicable), subject to the supervision of the Board. The Advisor is responsible for the Sub-Advisors and their management of the investment portfolios of each of the Funds.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

The Advisor also: (i) supervises all non-advisory operations of the Funds; (ii) provides personnel to perform such executive, administrative and clerical services as are reasonably necessary to provide effective administration of the Funds and the other series of the Trust; (iii) arranges for (a) the preparation of all required tax returns, (b) the preparation and submission of reports to existing shareholders, (c) the periodic updating of prospectuses and statements of additional information and (d) the preparation of reports to be filed with the SEC and other regulatory authorities; (iv) maintains the records of the Funds and the other series of the Trust; and (v) provides office space and all necessary office equipment and services. The Funds reimburse the Advisor in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to each Fund.

The Advisory Agreement will continue in effect with respect to the Funds from year to year provided such continuance is specifically approved at least annually by a majority of the Trustees that are not interested persons of the Trust ("Independent Trustees"). Pursuant to the Advisory Agreement, the Funds pay the Advisor a fee, which is accrued daily and paid monthly, for the services performed and the facilities furnished at an annual rate of each Fund's average daily net assets per the table below.

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| NYLI CBRE Real Assets ETF | 0.65% |
| NYLI MacKay Core Plus Bond ETF | 0.35% |
| NYLI MacKay High Income ETF | 0.40% |
| NYLI MacKay Securitized Income ETF | 0.40% |
| NYLI MacKay Muni Insured ETF | 0.40% |
| NYLI MacKay Muni Short Duration ETF | 0.25% |
| NYLI MacKay Muni Intermediate ETF | 0.40% |
| NYLI MacKay California Muni Intermediate ETF | 0.45% |
| NYLI Winslow Large Cap Growth ETF\* | 0.75% |
| NYLI Winslow Focused Large Cap Growth ETF\* | 0.75% |

---

\*The advisory fee is as follows: 0.75% on assets up to $500 million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1 billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion; 0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575% on assets over $9 billion. During the period ended October 31, 2025, the effective advisory fee rate was 0.75% of the Funds average daily net assets, exclusive of any applicable waivers/reimbursements.

The Advisor has entered into an Expense Limitation Agreement with each Fund under which it has contractually agreed to waive a portion of its management fee and/or reimburse expenses of each Fund in an amount that limits each Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, 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) to not more than the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| NYLI CBRE Real Assets ETF | 0.65% |
| NYLI MacKay Core Plus Bond ETF | 0.35% |
| NYLI MacKay High Income ETF | 0.40% |
| NYLI MacKay Securitized Income ETF | 0.40% |
| NYLI MacKay Muni Insured ETF | 0.30% |
| NYLI MacKay Muni Short Duration ETF | 0.25% |
| NYLI MacKay Muni Intermediate ETF | 0.30% |
| NYLI MacKay California Muni Intermediate ETF | 0.35% |
| NYLI Winslow Large Cap Growth ETF | 0.60% |
| NYLI Winslow Focused Large Cap Growth ETF | 0.65% |

---

The Expense Limitation agreement will remain in effect permanently unless terminated by the Board of Trustees of the Funds.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

Effective October 1, 2025, the Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of certain Funds by an additional amount that limits "Total Annual Fund Operating Expenses" (excluding interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, 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) to not more than the average daily net assets of a Fund as set forth in the table below until August 28, 2026.

---

| | |
|:---|:---|
| **Fund Name** | **Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement** |
| NYLI MacKay Core Plus Bond ETF | 0.30% |
| NYLI MacKay Securitized Income ETF | 0.28% |
| NYLI Winslow Large Cap Growth ETF | 0.50% |
| NYLI Winslow Focused Large Cap Growth ETF | 0.46% |

---

As of October 31, 2025, the Advisor reimbursed the following Fund expenses:

---

| | |
|:---|:---|
| **Fund** | **Waived/Reimbursed Expenses** |
| NYLI CBRE Real Assets ETF | $32943<br>|
| NYLI MacKay Core Plus Bond ETF | 148077 |
| NYLI MacKay High Income ETF | 59139 |
| NYLI Securitized Income ETF | 87728 |
| NYLI MacKay Muni Insured ETF | 355079 |
| NYLI MacKay Muni Short Duration ETF | 50804 |
| NYLI MacKay Muni Intermediate ETF | 788046 |
| NYLI MacKay California Muni Intermediate ETF | 54683 |
| NYLI Winslow Large Cap Growth ETF | 247711 |
| NYLI Winslow Focused Large Cap Growth ETF | 49430 |

---

**Investment Sub-Advisory Agreements**

The Sub-Advisors are registered investment advisors and are responsible for the day-to-day portfolio management of the Funds subject to the supervision of the Advisor and the Board. Pursuant to the terms of the respective Sub-Advisory Agreements between the Advisor and the Sub-Advisors, the Subadvisor is compensated by the Advisor. To the extent that the Advisor has agreed to waive its management fee or reimburse expenses, the Subadvisor has agreed to waive or reimburse its fee proportionately.

**Distribution (12b-1 Fees)**

ALPS Distributors, Inc. serves as the Funds' distributor (the "Distributor") pursuant to a Distribution Agreement. NYLIFE Distributors LLC has entered into a Service Agreement with the Distributor to market the Funds. The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1Plan"). In accordance with the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to 0.25% of each Fund's average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each respective Fund's assets. The Advisor and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

As described in Note 4 below, the Distributor has entered into Authorized Participant Agreements with certain broker-dealers and others that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. Also as described in Note 4 below, such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds and/or serve as counterparty to derivative transactions with each Fund.

**Administrator, Custodian and Transfer Agent**

BNY Mellon (in each capacity, the "Administrator," "Custodian" or "Transfer Agent") serves as the Funds' Administrator, Custodian and Transfer Agent pursuant to the Fund Administration and Accounting Agreement, Custody Agreement and Transfer Agency Agreement. Pursuant to these agreements, BNY Mellon provides necessary administrative, custody, transfer agency, tax, accounting services and financial reporting for the maintenance and operations of the Trust and the Funds. BNY Mellon is also responsible for maintaining the books and records and calculating the daily NAV of the Funds. BNY Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

**4.** **CAPITAL SHARE** **TRANSACTIONS**

Shares are created and redeemed on a continuous basis at NAV only in large blocks of shares called Creation Units. Except when aggregated in Creation Units, shares are not redeemable. Transactions in shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Only Authorized Participants may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to create and redeem whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

**5.** **FEDERAL INCOME** **TAX**

At October 31, 2025, the cost and unrealized appreciation/depreciation of investments, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net Unrealized Appreciation/(Depreciation)** |
| NYLI CBRE Real Assets ETF | $5737006<br>| $752949<br>| $(123685) | $629264<br>|
| NYLI MacKay Core Plus Bond ETF | 287674661 | 5813954 | (3235045) | 2578909 |
| NYLI MacKay High Income ETF | 76419360 | 2155208 | (709187) | 1446021 |
| NYLI MacKay Securitized Income ETF | 154925406 | 3017683 | (1076073) | 1941610 |
| NYLI MacKay Muni Insured ETF | 340228796 | 8646072 | (1416728) | 7229344 |
| NYLI MacKay Muni Short Duration ETF | 67303668 | 348735 | (103742) | 244993 |
| NYLI MacKay Muni Intermediate ETF | 1178217548 | 25394953 | (1074671) | 24320282 |
| NYLI MacKay California Muni Intermediate ETF | 64849393 | 1312435 | (37214) | 1275221 |
| NYLI Winslow Large Cap Growth ETF | 487641993 | 43665527 | (6538935) | 37126592 |
| NYLI Winslow Focused Large Cap Growth ETF | 55804768 | 6044354 | (438610) | 5605744 |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

The tax character of distributions paid during the years ended April 30, 2025 and 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| **Fund** | **Ordinary Income** | **Tax-Exempt Income** | **Long-Term Capital Gains** | **Tax Return of Capital** | **Ordinary Income** | **Tax-Exempt Income** | **Long-Term Capital Gains** | **Tax Return of Capital** |
| NYLI CBRE Real Assets ETF | $168574<br>| $—<br>| $—<br>| $—<br>| $135174<br>| $—<br>| $—<br>| $—<br>|
| NYLI MacKay Core Plus Bond ETF | 14265396 |  |  |  | 11825574 |  |  |  |
| NYLI MacKay High Income ETF | 5716306 |  | 254122 |  | 5752440 |  |  |  |
| NYLI MacKay Securitized Income ETF | 7202664 |  | 103848 |  | N/A | N/A | N/A | N/A |
| NYLI MacKay Muni Insured ETF | 505736 | 19765897 |  |  | 226171 | 15988729 |  |  |
| NYLI MacKay Muni Short Duration ETF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| NYLI MacKay Muni Intermediate ETF | 1248846 | 28104027 |  |  | 219568 | 19579561 |  |  |
| NYLI MacKay California Muni Intermediate ETF | 41787 | 945011 |  |  | 5930 | 1238863 |  |  |
| NYLI Winslow Large Cap Growth ETF | 432785 |  | 823303 |  | 2587 |  |  |  |
| NYLI Winslow Focused Large Cap Growth ETF | 203089 |  | 357024 |  | 3413 |  | 72353 |  |

---

Capital losses incurred after October 31 ("Post-October Losses") and certain late year ordinary income losses within the taxable year can be deemed to arise on the first business day of the Funds' next taxable year. For the year ended April 30, 2025, the Funds incurred and elected to defer to May 1, 2025 Post-October Losses and late year ordinary losses of:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Late Year Ordinary Losses** | **Short-Term Post October Losses** | **Long-Term Post October Losses** |
| NYLI CBRE Real Assets ETF | $—<br>| $—<br>| $—<br>|
| NYLI MacKay Core Plus Bond ETF |  |  |  |
| NYLI MacKay High Income ETF |  | 172225 |  |
| NYLI MacKay Securitized Income ETF |  |  |  |
| NYLI MacKay Muni Insured ETF |  |  |  |
| NYLI MacKay Muni Short Duration ETF | N/A | N/A | N/A |
| NYLI MacKay Muni Intermediate ETF |  |  |  |
| NYLI MacKay California Muni Intermediate ETF |  |  |  |
| NYLI Winslow Large Cap Growth ETF | 49471 |  |  |
| NYLI Winslow Focused Large Cap Growth ETF | 7756 |  |  |

---

At April 30, 2025, the Funds listed below had net capital loss carryforwards for Federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

Accordingly, no capital gain distributions are expected to be paid to shareholders of these Funds until future net capital gains have been realized in excess of the available capital loss carryforwards. There is no assurance that any Fund will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilized in Current Year** | **Short-Term <br>With No Expiration** | **Long-Term <br>With No Expiration** |
| NYLI CBRE Real Assets ETF | $20333<br>| $54885<br>| $5924<br>|
| NYLI MacKay Core Plus Bond ETF |  | 10570529 | 7758314 |
| NYLI MacKay High Income ETF |  |  |  |
| NYLI MacKay Securitized Income ETF |  |  |  |
| NYLI MacKay Muni Insured ETF |  | 29759360 | 30770231 |
| NYLI MacKay Muni Short Duration ETF | N/A | N/A | N/A |
| NYLI MacKay Muni Intermediate ETF |  | 13201665 | 16237725 |
| NYLI MacKay California Muni Intermediate ETF |  | 7331681 | 211531 |
| NYLI Winslow Large Cap Growth ETF |  | 3112891 |  |
| NYLI Winslow Focused Large Cap Growth ETF |  |  |  |

---

**6.** **OTHER AFFILIATED PARTIES AND** **TRANSACTIONS**

For the purposes of the financial statements, the Funds assume the following to be holdings by affiliates. As of October 31, 2025, affiliated transactions, if any, are listed at the end of the Fund's respective Schedule of Investments.

The following table reflects shares of a Fund beneficially owned by NYLIM or funds or accounts managed by NYLIM where such holdings exceed 5% of the shares of the Fund. As of October 31, 2025, NYLIM or funds, or accounts managed by NYLIM were not known to own beneficially greater than 5% of the shares of any Fund except as set forth below.

**New York Life Investment Management LLC**

---

| | |
|:---|:---|
| **Fund** | **% Ownership** |
| NYLI CBRE Real Assets ETF | 84.44% |
| NYLI MacKay Core Plus Bond ETF | 93.54% |
| NYLI MacKay High Income ETF | 98.35% |
| NYLI MacKay Securitized Income ETF | 77.89% |
| NYLI MacKay California Muni Intermediate ETF | 17.64% |
| NYLI Winslow Large Cap Growth ETF | 26.78% |
| NYLI Winslow Focused Large Cap Growth ETF | 78.14% |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**7.** **INVESTMENT** **TRANSACTIONS**

Purchases and sales of investments (excluding short-term investments) for the period ended October 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Purchases <br>In-Kind** | **Sales In-Kind** |
| NYLI CBRE Real Assets ETF | $3025244<br>| $2985072<br>| $654150<br>| $—<br>|
| NYLI MacKay Core Plus Bond ETF | 138232676 | 132139646 |  |  |
| NYLI MacKay High Income ETF | 38789430 | 21495650 |  |  |
| NYLI MacKay Securitized Income ETF | 55907754 | 51121589 |  |  |
| NYLI MacKay Muni Insured ETF | 84827756 | 204785394 |  |  |
| NYLI MacKay Muni Short Duration ETF | 101413484 | 38107502 |  |  |
| NYLI MacKay Muni Intermediate ETF | 590440120 | 261845538 |  |  |
| NYLI MacKay California Muni Intermediate ETF | 32944050 | 8751124 |  |  |
| NYLI Winslow Large Cap Growth ETF | 84982779 | 73616963 | 398983345 | 33848061 |
| NYLI Winslow Focused Large Cap Growth ETF | 5423958 | 3129087 | 46971707 | 2926540 |

---

**8.** **DERIVATIVE FINANCIAL INSTRUMENTS**

**Futures Contracts**

The Funds entered into futures contracts to help manage the duration and yield curve position of the Funds while minimizing the exposure to wide bid/ask spreads in traditional bonds. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). A Fund is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, a Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. A Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of a Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when a Fund seeks to close out a futures contract. If no liquid market exists, a Fund would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used.

Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objective. A Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of a Fund, a Fund may not be entitled to the return of the entire margin owed to a Fund, potentially resulting in a loss. A Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAV and may result in a loss to the Fund. As of October 31, 2025, the open futures contracts for NYLI MacKay Core Plus Bond ETF and NYLI MacKay Securitized Income ETF are shown in the Schedule of Investments.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**Swaps Contracts**

The NYLI MacKay High Income ETF invests in credit default swaps contracts whereby protection "buyer," makes periodic payments to a counterparty, the protection "seller," in exchange for the right to receive from the seller a payment equal to the par (or other agreed-upon value (the "value") of a particular debt obligation in the event of a default by the issuer of that debt obligation.

**Quantitative Disclosure of Derivative Holding**

The following tables show additional disclosures related to each Fund's derivative and holding activities, including how such activities are accounted for and their effect in each Fund's financial positions, performance and cash flows.

The fair value of derivative instruments reflected on the Statements of Assets and Liabilities were as follows:

---

| | | |
|:---|:---|:---|
| **Assets Derivatives** | **Credit Risk** | **Interest Risk** |
| **NYLI MacKay Core Plus Bond ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>1</sup> | $—<br>| $429216<br>|
| **NYLI MacKay Securitized Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>1</sup> | $—<br>| $124659<br>|
| **Liability Derivatives** | **Credit Risk** | **Interest Risk** |
| **NYLI MacKay Core Plus Bond ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>1</sup> | $—<br>| $(15572) |
| **NYLI MacKay High Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on swap transactions | $(12078) | $—<br>|
| **NYLI MacKay Securitized Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>1</sup> | $—<br>| $(17097) |

---

1Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only unsettled variation margin is reported within the Statements of Assets and Liabilities.

Transactions in derivative instruments reflected on the Statements of Operations during the period ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Credit Risk** | **Interest Risk** |
| **NYLI MacKay Core Plus Bond ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $—<br>| $(68630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Change in unrealized appreciation (depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $—<br>| $458942<br>|
| **NYLI MacKay High Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | $(35924) | $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Change in unrealized appreciation (depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | $(12078) | $—<br>|
| **NYLI MacKay Securitized Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $—<br>| $730445<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Change in unrealized appreciation (depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $—<br>| $(707834) |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

For the period ended October 31, 2025, the monthly average notional value of the futures contracts held by the Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay High Income ETF** | **NYLI MacKay Securitized Income ETF** |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $32877626<br>| $—<br>| $29992459<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | 137689 |  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $(21652898) | $—<br>| $(2550631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  |  |  |

---

**9.** **RISKS INVOLVED WITH INVESTING IN THE** **FUNDS**

The Funds are subject to the principal risks described below, some or all of these risks may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective. As with any investment, an investment in a Fund could result in a loss or the performance of a Fund could be inferior to that of other investments.

**California State Specific Risk<sup>1</sup>**

Investments in municipal bonds issued by, or on behalf of, the State of California, and its political subdivisions, agencies and instrumentalities, will be impacted by events in California that may affect the value of the Fund's investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of California's fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in California.

**Debt Securities Risk**

The ability of issuers of debt securities held by a Fund to meet its obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market risk, regulatory risk, price volatility and liquidity risk. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due ("default"). Defaults may potentially reduce a Fund's income or ability to recover amounts due, and may reduce the value of the debt investment, sometimes dramatically. Certain debt investments may be difficult to value, purchase, or sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Debt securities most frequently trade in institutional round lot size transactions. If a Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as "odd" lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size.

**Derivatives Risk**

Derivative strategies may expose a Fund to greater risk than if it had invested directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing a Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may

------

1 Applies to NYLI MacKay California Muni Intermediate ETF.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Fund. Derivatives may be more volatile than direct investments in the instrument underlying the contract and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying asset, a Fund may not be able to profitably exercise an option and may lose its entire investment in an option. Derivatives may also increase the expenses of a Fund.

**Large Transaction Risk**

From time to time, a Fund may receive large purchase or redemption orders from affiliated or unaffiliated funds or other investors. Such large transactions could have adverse effects on a Fund's performance if a Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase a Fund's transaction costs.

**Market Risk**

Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund's value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets.

**10. SUBSEQUENT EVENTS**

Management has determined that there were no material events that would require disclosure in the preparation of these financial statements.

------

October 31, 2025 (unaudited)

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Fund's Financial Statements.

Board Review of Investment Advisory Agreements (unaudited)

October 31, 2025 (unaudited)

*Approvals Relating to the NYLI MacKay Muni Short Duration ETF*

The Board (the members of which are referred to as "Trustees") met in person on March 27, 2025, to consider the approval of an amendment to the Investment Advisory Agreement (the "Advisory Agreement Amendment") and an amendment to the Subadvisory Agreement (the "Subadvisory Agreement Amendment"), each with respect to the NYLI MacKay Muni Short Duration ETF, a new series of the Trust (the "New Fund"). The Board noted that the Advisory Agreement Amendment was between the Trust and New York Life Investment Management LLC ("NYLIM" or the "Advisor"), while the Subadvisory Agreement Amendment was between the Advisor and MacKay Shields LLC ("MacKay" or the "Sub-Advisor").

In accordance with Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), the Board requested, reviewed and considered materials furnished by the Advisor and MacKay relevant to the Board's consideration of whether to approve the Advisory Agreement Amendment and the Subadvisory Agreement Amendment. In connection with considering approval of the Advisory Agreement Amendment and the Subadvisory Agreement Amendment, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees") met in Executive Session with counsel to the Trust and counsel to the Independent Trustees, who provided assistance and advice. The consideration of the Advisory Agreement Amendment and Subadvisory Agreement Amendment was conducted by both the full Board and the Independent Trustees, who also voted separately.

During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, quality, and extent of the services that the Advisor and MacKay will provide to the New Fund, and the fees that the Advisor and MacKay will charge to the New Fund; (2) information concerning the business and operations, compliance program and portfolio management teams of the Advisor and MacKay; (3) information describing the New Fund's anticipated operating expenses; (4) data comparing the proposed fee rate for advisory services to be charged to the New Fund and the expected expense ratios to fees paid by and expense ratios of other registered investment companies with similar investment objectives and policies as those of the New Fund; (5) the extent to which economies of scale would be realized as the New Fund grows; (6) any "fall-out" benefits to be derived by the Advisor or MacKay from its relationship with the Trust; and (7) potential conflicts of interest.

In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement Amendment; (2) a copy of the Subadvisory Agreement Amendment; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor and MacKay and the services provided thereby; (5) information regarding the respective compliance program of the Advisor and MacKay; (6) information regarding the portfolio management team of MacKay; (7) copies of the Form ADV for each of the Advisor and MacKay; (8) memoranda and guidance from legal counsel to the Independent Trustees on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act; (9) materials provided by each of the Advisor and MacKay in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (10) a presentation by personnel of the Advisor and MacKay. In addition, the Board was provided data comparing the advisory fee and estimated operating expenses (including acquired fund fees and expenses, as applicable) of the New Fund with expenses and performance of other registered investment companies with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the investment management industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and New York Life Investments ETF Trust.

In particular, the Trustees including the Independent Trustees, considered and discussed the following with respect to the New Fund:

&nbsp;&nbsp;&nbsp;&nbsp;*1. The nature, extent, and quality of the facilities and services to be provided to the New Fund by NYLIM and MacKay.* The Independent Trustees reviewed the services that NYLIM and MacKay would provide to the New Fund. In connection with the investment advisory services to be provided to the New Fund, the Independent Trustees noted the responsibilities that NYLIM and MacKay would have as the New Fund's investment adviser and sub-adviser, respectively, including overall supervisory responsibility for the general

Board Review of Investment Advisory Agreements (unaudited) (continued)

October 31, 2025 (unaudited)

management and investment of the New Fund's securities portfolio, ultimate responsibility, subject to oversight by the Board, for daily monitoring and quarterly reporting to the Board, and the implementation of Board directives as they relate to the New Fund.

The Independent Trustees considered NYLI's experience, resources, and strengths in managing other ETFs. The Independent Trustees reviewed MacKay's experience, resources, and strengths in managing other registered investment companies and investment mandates. Based on their consideration and review of the foregoing information, the Independent Trustees determined that the New Fund would likely benefit from the nature, quality, and extent of these services, as well as NYLI's and MacKay's ability to render such services based on their respective experience, operations, and resources.

&nbsp;&nbsp;&nbsp;&nbsp;2.Comparison of services to be provided and fees to be charged by NYLIM and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by NYLIM and MacKay from the relationship with the New Fund. The Independent Trustees then compared both the services to be rendered and the proposed fees to be paid pursuant to the Advisory Agreement Amendment with NYLIM to contracts of other investment advisers with respect to similar ETFs. In particular, the Independent Trustees compared the New Fund's proposed advisory fees and projected expense ratios for its first year of operations to other ETFs in the New Fund's peer group. The Independent Trustees also considered that the New Fund will have in place an Expense Limitation Agreement to limit the total operating expenses until such Expense Limitation Agreement is terminated by the Board.

The Independent Trustees also considered that NYLIM would pay the subadvisory fee to MacKay pursuant to the Subadvisory Agreement Amendment. They considered the level of such subadvisory fee in the context of the services to be provided by MacKay to the New Fund. After comparing the New Fund's proposed fees with those of other funds in the New Fund's peer group, and in light of the nature, quality, and extent of services proposed to be provided by NYLIM and MacKay and the costs expected to be incurred by NYLIM and MacKay in rendering those services, the Independent Trustees concluded that the fees proposed to be paid to NYLIM and MacKay with respect to the New Fund were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;3.NYLIM's and MacKay's profitability and the extent to which economies of scale would be realized as the New Fund grows and whether fee levels would reflect such economies of scale. The Independent Trustees next considered that the New Fund had not yet commenced operations at the time and information regarding economies of scale and the costs and profitability of NYLIM and MacKay in connection with its serving as investment adviser and sub-adviser, respectively to the New Fund, was not available. Therefore, the Board made no determination with respect to economies of scale or the impact of the New Fund on NYLIM's or MacKay's profitability.

&nbsp;&nbsp;&nbsp;&nbsp;*4. Investment performance of NYLIM and MacKay.* Because the New Fund has not commenced operations, the Independent Trustees could not consider the investment performance of the New Fund, but did take into account the experience of MacKay and the investment strategies developed for the New Fund by MacKay.

*Conclusion.* No single factor was determinative to the decision of the Independent Trustees. Based on the foregoing and such other matters as were deemed relevant, the Independent Trustees concluded that the terms of the Advisory Agreement Amendment and the Subadvisory Agreement Amendment with MacKay were reasonable and fair to the New Fund and to recommend to the Board the approval of the Advisory Agreement Amendment and Subadvisory Agreement Amendment.

As a result, all of the Board members, including the Independent Trustees, determined that the Advisory Agreement Amendment and the Subadvisory Agreement Amendment are each in the best interests of the New Fund and its shareholders.

**For more information** 1-888-474-7725

newyorklifeinvestments.com/etf

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Please refer to Item 7(a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Please refer to Item 7(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Please refer to Item 7(a).

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Since the Registrant's last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | New York Life Investments Active ETF Trust |
| By (Signature and Title)\* | /s/ Kirk C. Lehneis |
|  | Kirk C. Lehneis |
|  | (Principal Executive Officer) |
| Date | December 31, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kirk C. Lehneis |
|  | Kirk C. Lehneis |
|  | (Principal Executive Officer) |
| Date | December 31, 2025 |

---

---

| | |
|:---|:---|
| (Registrant) | New York Life Investments Active ETF Trust |
| By (Signature and Title)\* | /s/ Adefolahan O. Oyefeso |
|  | Adefolahan O. Oyefeso |
|  | (Principal Financial Officer) |
| Date | December 31, 2025 |

---

## Ex-99.Cert

[New York Life Investments Active ETF Trust N-CSRS](nyliactive-ncsrs_103125.htm)

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Kirk C. Lehneis, certify that:

1. I have reviewed this report on Form N-CSR of New York Life Investments Active ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 31, 2025</u> | /s/ Kirk C. Lehneis |
|  | Kirk C. Lehneis |
|  | (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Adefolahan O. Oyefeso, certify that:

1. I have reviewed this report on Form N-CSR of New York Life Investments Active ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 31, 2025</u> | /s/ Adefolahan O. Oyefeso |
|  | Adefolahan O. Oyefeso |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

[New York Life Investments Active ETF Trust N-CSRS](nyliactive-ncsrs_103125.htm)

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Kirk C. Lehneis, Principal Executive Officer of New York Life Investments Active ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>December 31, 2025</u> | /s/ Kirk C. Lehneis |
|  | Kirk C. Lehneis |
|  | (Principal Executive Officer) |

---

I, Adefolahan O. Oyefeso, Principal Financial Officer of New York Life Investments Active ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>December 31, 2025</u> | /s/ Adefolahan O. Oyefeso |
|  | Adefolahan O. Oyefeso |
|  | (Principal Financial Officer) |

---