# EDGAR Filing Document

**Accession Number:** 0001415995
**File Stem:** 0001999371-25-021440
**Filing Date:** 2025-12
**Character Count:** 379924
**Document Hash:** 0495299174b3c4afcdb1b4a4b76c7f4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-021440.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001999371-25-021440

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**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 ETF Trust
- **CENTRAL INDEX KEY:** 0001415995

**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:** 811-22227
- **FILM NUMBER:** 251616385

**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:** IndexIQ ETF Trust
- **DATE OF NAME CHANGE:** 20080908

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IQSHARES Trust
- **DATE OF NAME CHANGE:** 20080808

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IQSHARES Trust 1
- **DATE OF NAME CHANGE:** 20071024

## Series and Classes Contracts Data

### NYLI Hedge Multi-Strategy Tracker ETF (Series ID: S000023661)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000069675 | NYLI Hedge Multi-Strategy Tracker ETF | QAI             |

### NYLI Merger Arbitrage ETF (Series ID: S000025931)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000077928 | NYLI Merger Arbitrage ETF | MNA             |

### NYLI FTSE International Equity Currency Neutral ETF (Series ID: S000050195)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000158453 | NYLI FTSE International Equity Currency Neutral ETF | HFXI            |

### NYLI Candriam International Equity ETF (Series ID: S000054231)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000170331 | NYLI Candriam International Equity ETF | IQSI            |

### NYLI Candriam U.S. Large Cap Equity ETF (Series ID: S000054232)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000170332 | NYLI Candriam U.S. Large Cap Equity ETF | IQSU            |

### NYLI Global Equity R&D Leaders ETF (Series ID: S000074744)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000232897 | NYLI Global Equity R&D Leaders ETF | WRND            |

### NYLI U.S. Large Cap R&D Leaders ETF (Series ID: S000074745)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000232898 | NYLI U.S. Large Cap R&D Leaders ETF | LRND            |

### NYLI Candriam U.S. Mid Cap Equity ETF (Series ID: S000077598)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000238086 | NYLI Candriam U.S. Mid Cap Equity ETF | IQSM            |

?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>811-22227</u>**

**New York Life Investments 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](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI Hedge Multi-Strategy Tracker ETF

## QAI/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Hedge Multi-Strategy Tracker 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 Hedge Multi-Strategy Tracker ETF | $28 | 0.54% |

---

---

| | |
|:---|:---|
| 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](i96556549e28fa4e7e6868f00.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NYLI Hedge Multi-Strategy Tracker ETF - NAV 13,491** | **NYLI Hedge Multi-Strategy Index14,521** | **Russell 3000<sup>®</sup> Index37,343** | **Barclay Hedge Fund Index18,364** | **S&P 500<sup>®</sup> Index (Net)37,189** |
| **10/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **04/16** | 10038 | 10094 | 10006 | 9941 | 10010 |
| **10/16** | 9984 | 10113 | 10424 | 10337 | 10383 |
| **04/17** | 10080 | 10288 | 11865 | 10921 | 11729 |
| **10/17** | 10423 | 10683 | 12924 | 11427 | 12758 |
| **04/18** | 10508 | 10783 | 13414 | 11662 | 13207 |
| **10/18** | 10324 | 10597 | 13776 | 11383 | 13616 |
| **04/19** | 10672 | 10984 | 15115 | 11774 | 14899 |
| **10/19** | 10830 | 11183 | 15635 | 11879 | 15472 |
| **04/20** | 10561 | 10943 | 14957 | 11324 | 14938 |
| **10/20** | 11087 | 11524 | 17222 | 12388 | 16878 |
| **04/21** | 11724 | 12230 | 22573 | 14496 | 21697 |
| **10/21** | 11744 | 12280 | 24782 | 14974 | 24015 |
| **04/22** | 10927 | 11458 | 21870 | 14154 | 21653 |
| **10/22** | 10338 | 10874 | 20688 | 13497 | 20411 |
| **04/23** | 11001 | 11613 | 22199 | 14085 | 22115 |
| **10/23** | 11119 | 11758 | 22422 | 14041 | 22368 |
| **04/24** | 11893 | 12613 | 27150 | 15466 | 27001 |
| **10/24** | 12443 | 13252 | 30910 | 16309 | 30739 |
| **04/25** | 12452 | 13343 | 30245 | 16412 | 30144 |
| **10/25** | 13491 | 14521 | 37343 | 18364 | 37189 |

---

Period Ended

7256617

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended October 31, 2025** | **Inception Date** | **Six Months<sup>Footnote Reference1</sup>** | **One Year** | **Five Years** | **Ten Years** |
| NYLI Hedge Multi-Strategy Tracker ETF - NAV | 03/25/2009 | 8.34% | 8.42% | 4.00% | 3.04% |
| NYLI Hedge Multi-Strategy Index<sup>Footnote Reference2</sup> |  | 8.83% | 9.57% | 4.73% | 3.80% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference3</sup> |  | 23.47% | 20.81% | 16.74% | 14.08% |
| S&P 500<sup>®</sup> Index (Net)<sup>Footnote Reference4</sup> |  | 23.37% | 20.98% | 17.12% | 14.04% |
| Barclay Hedge Fund Index<sup>Footnote Reference5</sup> |  | 11.89% | 12.60% | 8.19% | 6.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The NYLI Hedge Multi-Strategy Index is the underlying index of the Fund. The NYLI Hedge Multi-Strategy Index seeks to achieve performancesimilar to the overall hedge fund universe by replicating the "beta" portion of the hedge fund return characteristicsover longer term periods and not on a daily basis |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &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>4</sup> | &nbsp;&nbsp;The S&P 500<sup>®</sup> Index (Net) is a well-known broad-based unmanaged index of 500 stocks, which is designed to represent the equity market in general. |
| &nbsp;&nbsp; Footnote<sup>5</sup> | &nbsp;&nbsp;The Barclay Hedge Fund Index is a measure of the average return of all hedge funds (excepting Funds of Funds) in the Barclay database. |

---

**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 | $832868260 |
| Total number of portfolio holdings | 111 |
| Portfolio turnover rate | 33% |

---

7256617

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NYLI Hedge Multi-Strategy Tracker 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\*

---

| | |
|:---|:---|
| Vanguard Short-Term Treasury ETF | 16.4% |
| iShares Floating Rate Bond ETF | 15.9% |
| Vanguard FTSE Developed Markets ETF | 7.4% |
| Franklin Senior Loan ETF | 6.3% |
| State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 4.8% |
| iShares Core S&P Small-Cap ETF | 4.6% |
| State Street SPDR Bloomberg Convertible Securities ETF | 4.4% |
| iShares MSCI Emerging Markets ex China ETF | 4.2% |
| iShares MSCI USA Momentum Factor ETF | 4.2% |
| JPMorgan Equity Premium Income ETF | 4.1% |

---

\* Excluding short-term investments

#### Portfolio Composition

---

| | |
|:---|:---|
| Floating Rate - Investment Grade Funds | 20.7% |
| U.S. Short Term Treasury Bond Fund | 16.4% |
| Short-Term Investments | 12.3% |
| International Equity Core Fund | 7.4% |
| Convertible Bond Funds | 7.2% |
| Bank Loan Fund | 6.3% |
| Emerging Markets Funds | 5.4% |
| Municipal Bond Funds | 4.7% |
| U.S. Small Cap Core Fund | 4.7% |
| U.S. Momentum Fund | 4.2% |
| Derivative Income Fund | 4.1% |
| Merger Arbitrage Funds | 4.1% |
| Preferred Fund | 3.2% |
| Managed Futures Funds | 2.8% |
| U.S. Sector Funds | 2.1% |
| Agriculture Fund | 1.9% |
| Broad Funds | 1.8% |
| U.S. Large Cap Core Funds | 1.1% |
| BRIC Equity Fund | 0.9% |
| U.S. Mid Cap Core Fund | 0.4% |
| China Fund | 0.3% |
| Silver Fund | 0.2% |
| Other Asset and Liabilities | (12.2)% |

---

## 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](i3789e20bf26bba1200f50e25.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

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NYLI Hedge Multi-Strategy Tracker ETF \| 3

![Image](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI Merger Arbitrage ETF

## MNA/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Merger Arbitrage 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>** |
| NYLI Merger Arbitrage ETF | $39 | 0.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</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](ice322873590584aee19ae23e.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NYLI Merger Arbitrage ETF - NAV 13,516** | **NYLI Merger Arbitrage Index14,373** | **MSCI World<sup>®</sup> Index (Net)30,490** | **Barclay Merger Arbitrage Index16,803** | **S&P 500<sup>®</sup> Index (Net)37,189** |
| **10/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **04/16** | 10358 | 10408 | 9895 | 10314 | 10010 |
| **10/16** | 10491 | 10588 | 10118 | 10563 | 10383 |
| **04/17** | 11018 | 11152 | 11345 | 11025 | 11729 |
| **10/17** | 11302 | 11487 | 12423 | 11322 | 12758 |
| **04/18** | 11212 | 11408 | 12845 | 11080 | 13207 |
| **10/18** | 11611 | 11860 | 12567 | 11261 | 13616 |
| **04/19** | 11494 | 11742 | 13677 | 11749 | 14899 |
| **10/19** | 11907 | 12196 | 14162 | 11952 | 15472 |
| **04/20** | 11506 | 11800 | 13129 | 11700 | 14938 |
| **10/20** | 12489 | 12833 | 14780 | 12201 | 16878 |
| **04/21** | 12550 | 12958 | 19080 | 14136 | 21697 |
| **10/21** | 12272 | 12757 | 20755 | 14264 | 24015 |
| **04/22** | 11875 | 12380 | 18409 | 14205 | 21653 |
| **10/22** | 11821 | 12358 | 16920 | 14335 | 20411 |
| **04/23** | 11849 | 12453 | 18994 | 14428 | 22115 |
| **10/23** | 11739 | 12385 | 18693 | 14723 | 22368 |
| **04/24** | 11701 | 12413 | 22486 | 15196 | 27001 |
| **10/24** | 12407 | 13215 | 24988 | 15656 | 30739 |
| **04/25** | 13079 | 13854 | 25220 | 16030 | 30144 |
| **10/25** | 13516 | 14373 | 30490 | 16803 | 37189 |

---

Period Ended

7256617

MEMNA10-12/25

NYLI Merger Arbitrage 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** | **Ten Years** |
| NYLI Merger Arbitrage ETF - NAV | 11/17/2009 | 3.34% | 8.93% | 1.59% | 3.06% |
| NYLI Merger Arbitrage Index<sup>Footnote Reference2</sup> |  | 3.74% | 8.76% | 2.29% | 3.69% |
| MSCI World<sup>®</sup> Index (Net)<sup>Footnote Reference3</sup> |  | 20.90% | 22.02% | 15.58% | 11.79% |
| S&P 500<sup>®</sup> Index (Net)<sup>Footnote Reference4</sup> |  | 23.37% | 20.98% | 17.12% | 14.04% |
| Barclay Merger Arbitrage Index<sup>Footnote Reference5</sup> |  | 4.82% | 7.33% | 6.61% | 5.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The NYLI Merger Arbitrage Index is the underlying index of the Fund. The NYLI Merger Arbitrage Index seeks to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions. |
| &nbsp;&nbsp; Footnote<sup>3</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>4</sup> | &nbsp;&nbsp;The S&P 500<sup>®</sup> Index (Net) is a well-known broad-based unmanaged index of 500 stocks, which is designed to represent the equity market in general. |
| &nbsp;&nbsp; Footnote<sup>5</sup> | &nbsp;&nbsp;The Barclay Merger Arbitrage Index is a measure of the average net returns of all reporting merger arbitrage funds in the Barclay Hedge database. |

---

**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 | $254016343 |
| Total number of portfolio holdings | 58 |
| Portfolio turnover rate | 193% |

---

7256617

MEMNA10-12/25

NYLI Merger Arbitrage 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\*

---

| | |
|:---|:---|
| CyberArk Software Ltd. | 4.2% |
| Electronic Arts, Inc. | 3.9% |
| Welcia Holdings Co., Ltd. | 3.9% |
| Norfolk Southern Corp. | 3.8% |
| Teck Resources Ltd., Class B | 3.8% |
| JDE Peet's NV | 3.7% |
| Chart Industries, Inc. | 3.5% |
| TXNM Energy, Inc. | 3.4% |
| Dayforce, Inc. | 3.4% |
| Informatica, Inc., Class A | 3.2% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Industrials | 20.5% |
| Information Technology | 12.2% |
| Short-Term Investments | 10.6% |
| Health Care | 10.6% |
| Communication Services | 8.8% |
| Real Estate | 7.6% |
| Consumer Staples | 7.5% |
| Utilities | 6.6% |
| Financials | 4.1% |
| Consumer Discretionary | 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](i3789e20bf26bba1200f50e25.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

MEMNA10-12/25

NYLI Merger Arbitrage ETF \| 3

![Image](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI Candriam International Equity ETF

## IQSI/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Candriam International Equity 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 Candriam International Equity ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| 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](i48108b93da6f10be8b7ab484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI Candriam International Equity ETF - NAV 15,988** | **NYLI Candriam International Equity Index16,182** | **MSCI EAFE<sup>®</sup> Index (Net)15,997** |
| **12/17/2019** | 10000 | 10000 | 10000 |
| **04/30/2020** | 8382 | 8373 | 8240 |
| **10/31/2020** | 9215 | 9204 | 8946 |
| **04/30/2021** | 11856 | 11877 | 11526 |
| **10/31/2021** | 12456 | 12493 | 12003 |
| **04/30/2022** | 10929 | 10969 | 10587 |
| **10/31/2022** | 9556 | 9595 | 9243 |
| **04/30/2023** | 11801 | 11863 | 11478 |
| **10/31/2023** | 10876 | 10948 | 10574 |
| **04/30/2024** | 12903 | 13015 | 12543 |
| **10/31/2024** | 13370 | 13504 | 13002 |
| **04/30/2025** | 14405 | 14562 | 14120 |
| **10/31/2025** | 15988 | 16182 | 15997 |

---

Period Ended

7256617

MEIQSI10-12/25

NYLI Candriam International Equity 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 Candriam International Equity ETF - NAV | 12/17/2019 | 10.99% | 19.58% | 11.65% | 8.32% |
| NYLI Candriam International Equity Index<sup>Footnote Reference2</sup> |  | 11.12% | 19.83% | 11.95% | 8.54% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>Footnote Reference3</sup> |  | 13.29% | 23.03% | 12.33% | 8.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The NYLI Candriam International Equity Index is the underlying index of the Fund. The NYLI Candriam International Equity Index is designed to deliver exposure to equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market-capitalization weighting methodology. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America. |

---

**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 | $225218084 |
| Total number of portfolio holdings | 583 |
| Portfolio turnover rate | 6% |

---

7256617

MEIQSI10-12/25

NYLI Candriam International Equity 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\*

---

| | |
|:---|:---|
| ASML Holding NV | 3.2% |
| SAP SE | 2.1% |
| Nestle SA | 1.9% |
| AstraZeneca PLC | 1.9% |
| Roche Holding AG | 1.9% |
| Novartis AG | 1.9% |
| Toyota Motor Corp. | 1.7% |
| Siemens AG | 1.7% |
| Commonwealth Bank of Australia | 1.5% |
| Sony Group Corp. | 1.3% |

---

\* Excluding short-term investments

#### Top Countries

---

| | |
|:---|:---|
| Japan | 27.2% |
| United States | 11.0% |
| United Kingdom | 10.2% |
| Australia | 8.4% |
| Germany | 8.3% |
| Netherlands | 6.1% |
| France | 5.1% |
| Switzerland | 4.0% |
| Spain | 2.8% |
| Sweden | 2.5% |

---

## 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](i3789e20bf26bba1200f50e25.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

MEIQSI10-12/25

NYLI Candriam International Equity ETF \| 3

![Image](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI Candriam U.S. Mid Cap Equity ETF

## IQSM/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Candriam U.S. Mid Cap Equity 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 Candriam U.S. Mid Cap Equity ETF | $8 | 0.15% |

---

---

| | |
|:---|:---|
| 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](i3ad8ecf3d6c4e54ebc010506.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI Candriam U.S. Mid Cap Equity ETF - NAV 14,026** | **NYLI Candriam U.S. Mid Cap Equity Index14,103** | **Russell 3000<sup>®</sup> Index18,478** | **Russell Midcap<sup>®</sup> Index15,495** |
| **10/25/2022** | 10000 | 10000 | 10000 | 10000 |
| **10/31/2022** | 10360 | 10360 | 10237 | 10435 |
| **04/30/2023** | 10685 | 10695 | 10984 | 10831 |
| **10/31/2023** | 10038 | 10057 | 11095 | 10330 |
| **04/30/2024** | 12044 | 12079 | 13434 | 12602 |
| **10/31/2024** | 13241 | 13292 | 15295 | 13986 |
| **04/30/2025** | 12203 | 12259 | 14966 | 13527 |
| **10/31/2025** | 14026 | 14103 | 18478 | 15495 |

---

Period Ended

7256617

MEIQSM10-12/25

NYLI Candriam U.S. Mid Cap Equity 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 Candriam U.S. Mid Cap Equity ETF - NAV | 10/25/2022 | 14.94% | 5.93% | 11.86% |
| NYLI Candriam U.S. Mid Cap Equity Index<sup>Footnote Reference2</sup> |  | 15.04% | 6.11% | 12.06% |
| Russell 3000<sup>®</sup> Index<sup>Footnote Reference3</sup> |  | 23.47% | 20.81% | 22.55% |
| Russell Midcap<sup>®</sup> Index<sup>Footnote Reference4</sup> |  | 14.55% | 10.79% | 15.61% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The NYLI Candriam U.S. Mid Cap Equity Index is the underlying index of the Fund. The NYLI Candriam U.S. Mid Cap Equity Index is designed to deliver exposure to U.S. mid-cap equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market-capitalization weighting methodology. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &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>4</sup> | &nbsp;&nbsp;The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe and is a subset of the Russell 1000<sup>®</sup> Index, which includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. |

---

**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 | $212152511 |
| Total number of portfolio holdings | 229 |
| Portfolio turnover rate | 18% |

---

7256617

MEIQSM10-12/25

NYLI Candriam U.S. Mid Cap Equity 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\*

---

| | |
|:---|:---|
| Insmed, Inc. | 1.7% |
| Comfort Systems USA, Inc. | 1.6% |
| Credo Technology Group Holding Ltd. | 1.3% |
| Ciena Corp. | 1.2% |
| Tapestry, Inc. | 1.1% |
| Twilio, Inc., Class A | 0.9% |
| nVent Electric PLC | 0.9% |
| Guidewire Software, Inc. | 0.9% |
| United Therapeutics Corp. | 0.9% |
| CH Robinson Worldwide, Inc. | 0.8% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Industrials | 22.3% |
| Information Technology | 16.7% |
| Consumer Discretionary | 14.0% |
| Health Care | 13.6% |
| Financials | 12.0% |
| Real Estate | 9.0% |
| Consumer Staples | 4.2% |
| Materials | 3.3% |
| Communication Services | 2.1% |
| Energy | 2.0% |

---

## 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](i3789e20bf26bba1200f50e25.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

MEIQSM10-12/25

NYLI Candriam U.S. Mid Cap Equity ETF \| 3

![Image](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI Candriam U.S. Large Cap Equity ETF

## IQSU/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Candriam U.S. Large Cap Equity 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 Candriam U.S. Large Cap Equity ETF | $5 | 0.09% |

---

---

| | |
|:---|:---|
| 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](ia36c00f237420460f290a427.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI Candriam U.S. Large Cap Equity ETF - NAV 23,151** | **NYLI Candriam U.S. Large Cap Equity Index23,280** | **Russell 3000<sup>®</sup> Index22,653** | **S&P 500<sup>®</sup> Index23,453** |
| **12/17/2019** | 10000 | 10000 | 10000 | 10000 |
| **04/30/2020** | 9642 | 9638 | 9074 | 9188 |
| **10/31/2020** | 11271 | 11273 | 10447 | 10409 |
| **04/30/2021** | 14352 | 14367 | 13694 | 13413 |
| **10/31/2021** | 16279 | 16305 | 15033 | 14876 |
| **04/30/2022** | 14526 | 14553 | 13267 | 13441 |
| **10/31/2022** | 13504 | 13532 | 12550 | 12703 |
| **04/30/2023** | 14788 | 14823 | 13467 | 13800 |
| **10/31/2023** | 15277 | 15320 | 13602 | 13991 |
| **04/30/2024** | 17895 | 17957 | 16470 | 16927 |
| **10/31/2024** | 19811 | 19911 | 18751 | 19310 |
| **04/30/2025** | 19104 | 19199 | 18348 | 18974 |
| **10/31/2025** | 23151 | 23280 | 22653 | 23453 |

---

Period Ended

7256617

MEIQSU10-12/25

NYLI Candriam U.S. Large Cap Equity 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 Candriam U.S. Large Cap Equity ETF - NAV | 12/17/2019 | 21.18% | 16.86% | 15.48% | 15.36% |
| NYLI Candriam U.S. Large Cap Equity Index<sup>Footnote Reference2</sup> |  | 21.25% | 16.92% | 15.61% | 15.47% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference3</sup> |  | 23.47% | 20.81% | 16.74% | 14.94% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference4</sup> |  | 23.60% | 21.45% | 17.64% | 15.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The NYLI Candriam U.S. Large Cap Equity Index is the underlying index of the Fund. The NYLI Candriam U.S. Large Cap Equity Index is designed to deliver exposure to U.S. large-cap equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &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>4</sup> | &nbsp;&nbsp;The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |

---

**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 | $265757173 |
| Total number of portfolio holdings | 265 |
| Portfolio turnover rate | 13% |

---

7256617

MEIQSU10-12/25

NYLI Candriam U.S. Large Cap Equity 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\*

---

| | |
|:---|:---|
| Apple, Inc. | 10.7% |
| Microsoft Corp. | 9.8% |
| Alphabet, Inc., Class A and C | 5.7% |
| Tesla, Inc. | 4.7% |
| Visa, Inc., Class A Shares | 2.2% |
| Mastercard, Inc., Class A | 1.6% |
| Advanced Micro Devices, Inc. | 1.5% |
| Home Depot, Inc. (The) | 1.4% |
| Procter & Gamble Co. (The) | 1.3% |
| Bank of America Corp. | 1.3% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 38.7% |
| Financials | 15.2% |
| Consumer Discretionary | 10.8% |
| Communication Services | 8.3% |
| Industrials | 7.4% |
| Health Care | 5.7% |
| Consumer Staples | 4.2% |
| Materials | 3.1% |
| Real Estate | 3.0% |
| Energy | 1.8% |

---

## 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](i3789e20bf26bba1200f50e25.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

MEIQSU10-12/25

NYLI Candriam U.S. Large Cap Equity ETF \| 3

![Image](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI FTSE International Equity Currency Neutral ETF

## HFXI/NYSE Arca, Inc.

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI FTSE International Equity Currency Neutral 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>** |
| NYLI FTSE International Equity Currency Neutral ETF | $11 | 0.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</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](i95b5f084c596f06de44c4ba9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NYLI FTSE International Equity Currency Neutral ETF - NAV 23,454** | **FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index24,315** | **MSCI EAFE<sup>®</sup> Index (Net)20,578** | **FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index27,529** | **FTSE Developed ex North America Net Tax (US RIC) Index21,243** |
| **10/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **04/16** | 9531 | 9559 | 9693 | 9387 | 9727 |
| **10/16** | 9799 | 9851 | 9677 | 9923 | 9767 |
| **04/17** | 10988 | 11084 | 10787 | 11232 | 10919 |
| **10/17** | 12104 | 12244 | 11945 | 12292 | 12172 |
| **04/18** | 12398 | 12596 | 12352 | 12524 | 12638 |
| **10/18** | 11439 | 11605 | 11127 | 11908 | 11279 |
| **04/19** | 12346 | 12531 | 11955 | 12935 | 12107 |
| **10/19** | 12796 | 12987 | 12355 | 13456 | 12495 |
| **04/20** | 11144 | 11339 | 10599 | 11892 | 10777 |
| **10/20** | 11957 | 12196 | 11507 | 12518 | 11837 |
| **04/21** | 15394 | 15730 | 14826 | 16019 | 15382 |
| **10/21** | 16101 | 16479 | 15441 | 17052 | 15857 |
| **04/22** | 14907 | 15245 | 13619 | 16538 | 13979 |
| **10/22** | 13564 | 13894 | 11889 | 15847 | 12106 |
| **04/23** | 16146 | 16577 | 14765 | 18229 | 14964 |
| **10/23** | 15444 | 15874 | 13602 | 18064 | 13839 |
| **04/24** | 18432 | 18968 | 16135 | 21730 | 16414 |
| **10/24** | 18906 | 19492 | 16725 | 22208 | 16947 |
| **04/25** | 20058 | 20706 | 18163 | 23197 | 18292 |
| **10/25** | 23454 | 24315 | 20578 | 27529 | 21243 |

---

Period Ended

7256617

MEHFXI10-12/25

NYLI FTSE International Equity Currency Neutral 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** | **Ten Years** |
| NYLI FTSE International Equity Currency Neutral ETF - NAV | 07/22/2015 | 16.93% | 24.05% | 14.42% | 8.90% |
| FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index<sup>Footnote Reference2</sup> |  | 17.43% | 24.74% | 14.80% | 9.29% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>Footnote Reference3</sup> |  | 13.29% | 23.03% | 12.33% | 7.48% |
| FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index<sup>Footnote Reference4</sup> |  | 18.68% | 23.96% | 17.07% | 10.66% |
| FTSE Developed ex North America Net Tax (US RIC) Index<sup>Footnote Reference5</sup> |  | 16.13% | 25.35% | 12.41% | 7.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index is the underlying index of the Fund. The FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index is an equity benchmark of international stocks from developed markets, with approximately half of the currency exposure of the securities included in the Underlying Index "hedged" against the U.S. dollar on a monthly basis. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &nbsp;&nbsp;The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America. |
| &nbsp;&nbsp; Footnote<sup>4</sup> | &nbsp;&nbsp;The FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index, is comprised of large and mid-cap stocks in developed markets, excluding the U.S. and Canada and represents the performance without any impact from foreign exchange fluctuations. |
| &nbsp;&nbsp; Footnote<sup>5</sup> | &nbsp;&nbsp;The FTSE Developed ex North America Net Tax (US RIC) Index, is comprised of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. |

---

**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 | $1151448624 |
| Total number of portfolio holdings | 888 |
| Portfolio turnover rate | 6% |

---

7256617

MEHFXI10-12/25

NYLI FTSE International Equity Currency Neutral 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\*

---

| | |
|:---|:---|
| ASML Holding NV | 1.9% |
| Samsung Electronics Co., Ltd. | 1.8% |
| SAP SE | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Nestle SA | 1.1% |
| Roche Holding AG | 1.1% |
| Novartis AG | 1.0% |
| SK Hynix, Inc. | 1.0% |
| Shell PLC | 1.0% |

---

\* Excluding short-term investments

#### Top Countries

---

| | |
|:---|:---|
| Japan | 23.8% |
| United Kingdom | 10.4% |
| Germany | 8.3% |
| France | 8.1% |
| United States | 8.0% |
| Australia | 6.8% |
| South Korea | 6.1% |
| Switzerland | 4.4% |
| Netherlands | 4.0% |
| Spain | 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](i3789e20bf26bba1200f50e25.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

MEHFXI10-12/25

NYLI FTSE International Equity Currency Neutral ETF \| 3

![Image](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI U.S. Large Cap R&D Leaders ETF

## LRND/The NASDAQ Stock Market LLC

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI U.S. Large Cap R&D Leaders 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 U.S. Large Cap R&D Leaders ETF | $8 | 0.14% |

---

---

| | |
|:---|:---|
| 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](i5dabdfb6d00d50e7da4f68c8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI U.S. Large Cap R&D Leaders ETF - NAV 17,317** | **NYLI U.S. Large Cap R&D Leaders Index17,385** | **Russell 3000<sup>®</sup> Index15,749** | **Russell 1000<sup>®</sup> Growth Index18,254** |
| **02/08/2022** | 10000 | 10000 | 10000 | 10000 |
| **04/30/2022** | 9064 | 9063 | 9224 | 8911 |
| **10/31/2022** | 8238 | 8240 | 8725 | 8178 |
| **04/30/2023** | 9421 | 9431 | 9362 | 9120 |
| **10/31/2023** | 10077 | 10096 | 9456 | 9728 |
| **04/30/2024** | 12333 | 12352 | 11450 | 12020 |
| **10/31/2024** | 13707 | 13740 | 13036 | 13985 |
| **04/30/2025** | 13295 | 13334 | 12755 | 13766 |
| **10/31/2025** | 17317 | 17385 | 15749 | 18254 |

---

Period Ended

7256617

MELRND10-12/25

NYLI U.S. Large Cap R&D Leaders 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 U.S. Large Cap R&D Leaders ETF - NAV | 02/08/2022 | 30.25% | 26.33% | 15.86% |
| NYLI U.S. Large Cap R&D Leaders Index<sup>Footnote Reference2</sup> |  | 30.38% | 26.53% | 15.99% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference3</sup> |  | 23.47% | 20.81% | 12.95% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference4</sup> |  | 32.61% | 30.52% | 17.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The NYLI U.S. Large Cap R&D Leaders Index is the underlying index of the Fund. The NYLI U.S. Large Cap R&D Leaders Index seeks to provide exposure to innovative companies by investing in the equities of US large cap companies that have the highest research and development ("R&D") spending during the previous year. |
| &nbsp;&nbsp; Footnote<sup>3</sup> | &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>4</sup> | &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 | $10295331 |
| Total number of portfolio holdings | 106 |
| Portfolio turnover rate | 58% |

---

7256617

MELRND10-12/25

NYLI U.S. Large Cap R&D Leaders 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. | 15.0% |
| Apple, Inc. | 12.7% |
| Microsoft Corp. | 12.4% |
| Alphabet, Inc., Class A | 7.8% |
| Amazon.com, Inc. | 5.2% |
| Eli Lilly & Co. | 4.9% |
| Broadcom, Inc. | 4.9% |
| Meta Platforms, Inc., Class A | 4.2% |
| Johnson & Johnson | 2.7% |
| Philip Morris International, Inc. | 1.4% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 57.4% |
| Communication Services | 12.7% |
| Health Care | 10.2% |
| Consumer Discretionary | 5.8% |
| Industrials | 5.1% |
| Exchange-Traded Funds | 4.6% |
| Consumer Staples | 3.5% |
| Materials | 0.8% |

---

## 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](i3789e20bf26bba1200f50e25.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

MELRND10-12/25

NYLI U.S. Large Cap R&D Leaders ETF \| 3

![Image](i8bfc4c0fd1896d7b036efe95.jpg)

# NYLI Global Equity R&D Leaders ETF

## WRND/The NASDAQ Stock Market LLC

## SEMIANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about NYLI Global Equity R&D Leaders 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 Global Equity R&D Leaders ETF | $10 | 0.18% |

---

---

| | |
|:---|:---|
| 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](ib0895ec71abd6c99d008cd2d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI Global Equity R&D Leaders ETF - NAV 16,143** | **NYLI Global Equity R&D Leaders Index16,270** | **MSCI World<sup>®</sup> Index (Net)15,205** | **FTSE All-World Growth<sup>®</sup> Index16,187** |
| **02/08/2022** | 10000 | 10000 | 10000 | 10000 |
| **04/30/2022** | 8965 | 8963 | 9180 | 8962 |
| **10/31/2022** | 7775 | 7768 | 8438 | 8056 |
| **04/30/2023** | 9461 | 9463 | 9472 | 9090 |
| **10/31/2023** | 9553 | 9567 | 9322 | 9244 |
| **04/30/2024** | 11554 | 11580 | 11214 | 11262 |
| **10/31/2024** | 12396 | 12439 | 12461 | 12814 |
| **04/30/2025** | 12494 | 12553 | 12577 | 12605 |
| **10/31/2025** | 16143 | 16270 | 15205 | 16187 |

---

Period Ended

7256617

MEWRND10-12/25

NYLI Global Equity R&D Leaders 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 Global Equity R&D Leaders ETF - NAV | 02/08/2022 | 29.21% | 30.23% | 13.70% |
| NYLI Global Equity R&D Leaders Index<sup>Footnote Reference2</sup> |  | 29.61% | 30.80% | 13.94% |
| MSCI World<sup>®</sup> Index (Net)<sup>Footnote Reference3</sup> |  | 20.90% | 22.02% | 11.89% |
| FTSE All-World Growth<sup>®</sup>Index<sup>Footnote Reference4</sup> |  | 28.41% | 26.32% | 13.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp; Footnote<sup>2</sup> | &nbsp;&nbsp;The NYLI Global Equity R&D Leaders Index is the underlying index of the Fund. The NYLI Global Equity R&D Leaders Index s seeks to provide exposure to innovative companies by investing in the equities of companies that have the highest research and development ("R&D") spending around the world. |
| &nbsp;&nbsp; Footnote<sup>3</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>4</sup> | &nbsp;&nbsp;The FTSE All-World Growth<sup>®</sup> Index measures the performance of the investable securities in the developed and emerging large and mid-cap growth segment of the market, which includes companies with higher growth earning potential. |

---

**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 | $8482829 |
| Total number of portfolio holdings | 202 |
| Portfolio turnover rate | 68% |

---

7256617

MEWRND10-12/25

NYLI Global Equity R&D Leaders 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. | 7.3% |
| Microsoft Corp. | 6.0% |
| Alphabet, Inc., Class A | 6.0% |
| Apple, Inc. | 5.8% |
| Amazon.com, Inc. | 5.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.9% |
| Broadcom, Inc. | 3.4% |
| Meta Platforms, Inc., Class A | 3.3% |
| ASML Holding NV | 3.3% |
| SAP SE | 2.5% |

---

\* Excluding short-term investments

#### Top Countries

---

| | |
|:---|:---|
| United States | 58.0% |
| Japan | 7.5% |
| Taiwan | 7.2% |
| Germany | 5.9% |
| Netherlands | 3.7% |
| Sweden | 3.4% |
| United Kingdom | 2.4% |
| Brazil | 2.0% |
| Denmark | 1.8% |
| China | 1.7% |

---

## 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](i3789e20bf26bba1200f50e25.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

MEWRND10-12/25

NYLI Global Equity R&D Leaders 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 Hedge Multi-Strategy Tracker ETF (QAI)** 

**NYLI Merger Arbitrage ETF (MNA)** 

**NYLI Candriam International Equity ETF (IQSI)**

**NYLI Candriam U.S. Mid Cap Equity ETF (IQSM)**

**NYLI Candriam U.S. Large Cap Equity ETF (IQSU)**

**NYLI FTSE International Equity Currency Neutral ETF (HFXI)**

**NYLI U.S. Large Cap R&D Leaders ETF (LRND)**

**NYLI Global Equity R&D Leaders ETF (WRND)**

New York Life Investments ETF Trust

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

Unaudited - October 31, 2025

![](etf-fs_103125img001.gif)

**Table of Contents**

---

| | |
|:---|:---|
| [Schedules of Investments](#etf-fs_103125a1310) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Hedge Multi-Strategy Tracker ETF](#etf-fs_103125a1310) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Merger Arbitrage ETF](#etf-fs_103125a1311) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Candriam International Equity ETF](#etf-fs_103125a1312) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Candriam U.S. Mid Cap Equity ETF](#etf-fs_103125a1313) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Candriam U.S. Large Cap Equity ETF](#etf-fs_103125a1314) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI FTSE International Equity Currency Neutral ETF](#etf-fs_103125a1315) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI U.S. Large Cap R&D Leaders ETF](#etf-fs_103125a1316) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Global Equity R&D Leaders ETF](#etf-fs_103125a1317) | 37 |
| [Statements of Assets and Liabilities](#etf-fs_103125a1318) | 40 |
| [Statements of Operations](#etf-fs_103125a1319) | 42 |
| [Statements of Changes in Net Assets](#etf-fs_103125a1320) | 44 |
| [Financial Highlights](#etf-fs_103125a1321) | 48 |
| [Notes to Financial Statements](#etf-fs_103125a1322) | 56 |
| [Changes in and Disagreements with Accountants for <br>Open-End Management Investment Companies](#etf-fs_103125a1320) | 74 |
| [Proxy Disclosures for Open-End Management Investment Companies](#etf-fs_103125a1324) | 74 |
| [Remuneration Paid to Directors, Officers, and Other of <br>Open-End Management Investment Companies](#etf-fs_103125a1325) | 74 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Exchange Traded Vehicles — 3.9%** | **Exchange Traded Vehicles — 3.9%** | **Exchange Traded Vehicles — 3.9%** |
| **Agriculture Fund — 1.9%** |  |  |
| Invesco DB Agriculture Fund\*<sup>(a)</sup> | 591809 | $15606003<br>|
| **Broad Funds — 1.8%** |  |  |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF<sup>(a)</sup> | 199554 | 4416130 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 808809 | 10983626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Broad Funds |  | 15399756 |
| **Silver Fund — 0.2%** |  |  |
| abrdn Physical Silver Shares ETF\* | 32562 | 1504365 |
| **Total Exchange Traded Vehicles** | **Total Exchange Traded Vehicles** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $30,714,364)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $30,714,364)** | **32510124** |
| **Investment Companies — 96.0%** | **Investment Companies — 96.0%** | **Investment Companies — 96.0%** |
| **Bank Loan Fund — 6.3%** |  |  |
| Franklin Senior Loan ETF | 2202848 | 52570967 |
| **BRIC Equity Fund — 0.9%** |  |  |
| iShares MSCI China ETF | 116249 | 7389949 |
| **China Fund — 0.3%** |  |  |
| Xtrackers Harvest CSI 300 China A-Shares ETF<sup>(a)</sup> | 63493 | 2097174 |
| **Convertible Bond Funds — 7.2%** |  |  |
| iShares Convertible Bond ETF<sup>(a)</sup> | 228179 | 23570891 |
| State Street SPDR Bloomberg Convertible Securities ETF<sup>(a)</sup> | 392975 | 36609551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bond Funds |  | 60180442 |
| **Derivative Income Fund — 4.1%** |  |  |
| JPMorgan Equity Premium Income ETF<sup>(a)</sup> | 607179 | 34536341 |
| **Emerging Markets Funds — 5.4%** |  |  |
| Franklin FTSE India ETF | 250957 | 9722074 |
| iShares MSCI Emerging Markets ex China ETF | 486996 | 35185461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Emerging Markets Funds |  | 44907535 |
| **Floating Rate - Investment Grade Funds — 20.7%** | **Floating Rate - Investment Grade Funds — 20.7%** | **Floating Rate - Investment Grade Funds — 20.7%** |
| iShares Floating Rate Bond ETF<sup>(a)</sup> | 2592330 | 132390293 |
| State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 1293795 | 39926514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Floating Rate - Investment Grade Funds |  | 172316807 |
| **International Equity Core Fund — 7.4%** |  |  |
| Vanguard FTSE Developed Markets ETF<sup>(a)</sup> | 1013708 | 61815914 |
| **Managed Futures Funds — 2.8%** |  |  |
| iMGP DBi Managed Futures Strategy ETF<sup>(a)</sup> | 468877 | 13302041 |
| Simplify Managed Futures Strategy ETF<sup>(a)</sup> | 356357 | 9703601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Managed Futures Funds |  | 23005642 |
| **Merger Arbitrage Funds — 4.1%** |  |  |
| AltShares Merger Arbitrage ETF†<sup>(a)</sup> | 307740 | 8934892 |
| NYLI Merger Arbitrage ETF\*†<sup>(a)</sup> | 710734 | 25444277 |
| Total Merger Arbitrage Funds |  | 34379169 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| **Municipal Bond Funds — 4.7%** |  |  |
| iShares National Muni Bond ETF<sup>(a)</sup> | 182699 | $19636489<br>|
| Vanguard Tax-Exempt Bond Index ETF<sup>(a)</sup> | 392210 | 19814449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bond Funds |  | 39450938 |
| **Preferred Fund — 3.2%** |  |  |
| Global X U.S. Preferred ETF<sup>(a)</sup> | 1408295 | 27025181 |
| **U.S. Large Cap Core Funds — 1.1%** |  |  |
| Financial Select Sector SPDR Fund | 54085 | 2832431 |
| Materials Select Sector SPDR Fund | 70438 | 6034424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Large Cap Core Funds |  | 8866855 |
| **U.S. Mid Cap Core Fund — 0.4%** |  |  |
| Vanguard Mid-Cap ETF | 11821 | 3438847 |
| **U.S. Momentum Fund — 4.2%** |  |  |
| iShares MSCI USA Momentum Factor ETF<sup>(a)</sup> | 138075 | 35101426 |
| **U.S. Sector Funds — 2.1%** |  |  |
| Communication Services Select Sector SPDR Fund<sup>(a)</sup> | 85044 | 9763902 |
| iShares Semiconductor ETF<sup>(a)</sup> | 24599 | 7540823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Sector Funds |  | 17304725 |
| **U.S. Short Term Treasury Bond Fund — 16.4%** | **U.S. Short Term Treasury Bond Fund — 16.4%** |  |
| Vanguard Short-Term Treasury ETF | 2314988 | 136237044 |
| **U.S. Small Cap Core Fund — 4.7%** |  |  |
| iShares Core S&P Small-Cap ETF<sup>(a)</sup> | 328681 | 38718622 |
| **Total Investment Companies** | **Total Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $751,133,088)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $751,133,088)** | **799343578** |
| **Short-Term Investment — 12.3%** | **Short-Term Investment — 12.3%** | **Short-Term Investment — 12.3%** |
| **Money Market Fund — 12.3%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(b)</sup><sup>(c)</sup> |  |  |
| **(Cost $102,565,166)** | 102565166 | **102565166** |
| **Total Investments — 112.2%<br>(Cost $884,412,618)** | **Total Investments — 112.2%<br>(Cost $884,412,618)** | **934418868** |
| **Other Assets and Liabilities, Net — (12.2)%** | **Other Assets and Liabilities, Net — (12.2)%** | **(101550608)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **832868260**<br>|

---

------

\*Non-income producing securities.

†Affiliated fund.

(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 $131,344,652; total market value of collateral held by the Fund was $134,698,430. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $32,133,264.

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

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

*See notes to financial statements.*

Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF (continued)

October 31, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Benchmark** | **Counterparty** | **Floating Rate<sup>(d)</sup>** | **Expiration Date** | **Payment Frequency** | **Notional<br>Amount Long/(Short)** | **Value/<br>Unrealized Appreciation/<br>(Depreciation)<sup>(e)</sup>** |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | $334584<br>| $—<br>|
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 86152 |  |
| abrdn Physical Silver Shares ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 104920 |  |
| abrdn Physical Silver Shares ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 29383 |  |
| AltShares Merger Arbitrage ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 676984 |  |
| AltShares Merger Arbitrage ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 174349 |  |
| Communication Services Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 739721 |  |
| Communication Services Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 190470 |  |
| Financial Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 214612 |  |
| Financial Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 55250 |  |
| Franklin FTSE India ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 736641 |  |
| Franklin FTSE India ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 189710 |  |
| Franklin Senior Loan ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 3983283 |  |
| Franklin Senior Loan ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 1011399 |  |
| Global X U.S. Preferred ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 2047688 |  |
| Global X U.S. Preferred ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 527303 |  |
| Health Care Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF - 0.10% | 7/02/2026 | Monthly | (14251323) |  |
| Health Care Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (3585189) |  |
| iMGP DBi Managed Futures Strategy ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 1007901 |  |
| iMGP DBi Managed Futures Strategy ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 259557 |  |
| Industrial Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF - 0.50% | 7/02/2026 | Monthly | (367337) |  |
| Industrial Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (94121) |  |
| Invesco CurrencyShares Euro Currency Trust | Morgan Stanley | 1-Day FEDEF - 6.00% | 7/02/2026 | Monthly | (20240828) |  |
| Invesco CurrencyShares Euro Currency Trust | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (5092038) |  |
| Invesco DB Agriculture Fund | Morgan Stanley | 1-Day FEDEF + 1.17% | 7/02/2026 | Monthly | 1182457 |  |
| Invesco DB Agriculture Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 304494 |  |
| Invesco DB U.S. Dollar Index Bullish Fund | Morgan Stanley | 1-Day FEDEF - 5.99% | 7/02/2026 | Monthly | (2234288) |  |
| Invesco DB U.S. Dollar Index Bullish Fund | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (567839) |  |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 832223 |  |

---

**Total Return Swap contracts outstanding at October 31, 2025:**

*See notes to financial statements.*

Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF (continued)

October 31, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Benchmark** | **Counterparty** | **Floating Rate<sup>(d)</sup>** | **Expiration Date** | **Payment Frequency** | **Notional<br>Amount Long/(Short)** | **Value/<br>Unrealized Appreciation/<br>(Depreciation)<sup>(e)</sup>** |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | $214306<br>| $—<br>|
| iShares 0-5 Year TIPS Bond ETF | Morgan Stanley | 1-Day FEDEF - 0.50% | 7/02/2026 | Monthly | (1105486) |  |
| iShares 0-5 Year TIPS Bond ETF | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (283132) |  |
| iShares Convertible Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 1785850 |  |
| iShares Convertible Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 459892 |  |
| iShares Core S&P Small-Cap ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 2933691 |  |
| iShares Core S&P Small-Cap ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 744967 |  |
| iShares Floating Rate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 10098327 |  |
| iShares Floating Rate Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 2547065 |  |
| iShares International Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - 12.92% | 7/02/2026 | Monthly | (9231435) |  |
| iShares International Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (2322344) |  |
| iShares MSCI China ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 559988 |  |
| iShares MSCI China ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 144240 |  |
| iShares MSCI Emerging Markets ex China ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 2665953 |  |
| iShares MSCI Emerging Markets ex China ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 676910 |  |
| iShares MSCI USA Momentum Factor ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 2659395 |  |
| iShares MSCI USA Momentum Factor ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 675208 |  |
| iShares National Muni Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 1487953 |  |
| iShares National Muni Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 383166 |  |
| iShares Semiconductor ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 571409 |  |
| iShares Semiconductor ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 147144 |  |
| JPMorgan Equity Premium Income ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 2616821 |  |
| JPMorgan Equity Premium Income ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 664472 |  |
| Materials Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 457307 |  |
| Materials Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 117796 |  |
| NYLI Merger Arbitrage ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 1927937 |  |
| NYLI Merger Arbitrage ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 496474 |  |
| Simplify Managed Futures Strategy ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 735265 |  |
| Simplify Managed Futures Strategy ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 189330 |  |

---

**Total Return Swap contracts outstanding at October 31, 2025: (continued)**

*See notes to financial statements.*

Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF (continued)

October 31, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Benchmark** | **Counterparty** | **Floating Rate<sup>(d)</sup>** | **Expiration Date** | **Payment Frequency** | **Notional<br>Amount Long/(Short)** | **Value/<br>Unrealized Appreciation/<br>(Depreciation)<sup>(e)</sup>** |
| SPDR Bloomberg International Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - 4.30% | 7/02/2026 | Monthly | $(8571619) | $—<br>|
| SPDR Bloomberg International Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (3056889) |  |
| State Street SPDR Bloomberg Convertible Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 2773839 |  |
| State Street SPDR Bloomberg Convertible Securities ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 704290 |  |
| State Street SPDR Bloomberg Investment Grade Floating Rate ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 3025237 |  |
| State Street SPDR Bloomberg Investment Grade Floating Rate ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 768136 |  |
| Technology Select Sector <br>SPDR Fund | Morgan Stanley | 1-Day FEDEF - 0.05% | 7/02/2026 | Monthly | (1870230) |  |
| Technology Select Sector <br>SPDR Fund | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (478983) |  |
| United States Natural Gas Fund LP | Morgan Stanley | 1-Day FEDEF - 1.04% | 7/02/2026 | Monthly | (1401572) |  |
| United States Natural Gas Fund LP | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (358903) |  |
| Vanguard FTSE Developed Markets ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 4683752 |  |
| Vanguard FTSE Developed Markets ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 1189293 |  |
| Vanguard Mid-Cap ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 260655 |  |
| Vanguard Mid-Cap ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 67200 |  |
| Vanguard Short-Term Inflation-Protected Securities ETF | Morgan Stanley | 1-Day FEDEF - 0.50% | 7/02/2026 | Monthly | (1356634) |  |
| Vanguard Short-Term Inflation-Protected Securities ETF | Merrill Lynch | 1-Day FEDEF | 4/30/2027 | Monthly | (347378) |  |
| Vanguard Short-Term Treasury ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 10391674 |  |
| Vanguard Short-Term Treasury ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 2621061 |  |
| Vanguard Tax-Exempt Bond <br>Index ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 1501353 |  |
| Vanguard Tax-Exempt Bond <br>Index ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 386630 |  |
| Xtrackers Harvest CSI 300 China A-Shares ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2026 | Monthly | 146257 |  |
| Xtrackers Harvest CSI 300 China A-Shares ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 40924 |  |
|  |  |  |  |  |  | $—<br>|

---

Cash posted has been segregated as collateral for swaps in the amount of $316,000 at October 31, 2025.

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $1,396,880 and with Merrill Lynch amounted to $– at October 31, 2025. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

------

(d)Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(e)Reflects the value at reset date of October 31, 2025.

**Abbreviation**

FEDEF — Federal Funds Effective Rate

**Total Return Swap contracts outstanding at October 31,** **2025: (continued)**

*See notes to financial statements.*

Schedule of Investments — NYLI Hedge Multi-Strategy Tracker 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>(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Vehicles | $32510124<br>| $—<br>| $—<br>| $32510124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 799343578 |  |  | 799343578 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 102565166 |  |  | 102565166 |
| Total Investments in Securities | 934418868 |  |  | 934418868 |
| Other Financial Instruments:<sup>(g)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  |  |  |  |
| Total Investments in Securities and Other Financial Instruments | $934418868<br>| $—<br>| $—<br>| $934418868<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(g)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | $—<br>| $—<br>| $—<br>| $—<br>|

---

------

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

(g)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)

**A summary of the Fund's transactions with any affiliated fund during the period ended October 31, 2025 is** **as follows:**

**Affiliated Holdings**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares at 04/30/2025** | **Value<br>($) at<br>04/30/2025** | **Purchases <br>Cost<br>($)** | **Sales Proceeds<br>($)** | **Net <br>Realized <br>Gain/(Loss)<br>($)** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Income Distributions<br>($)** | **Capital<br>Gain Distributions<br>($)** | **Shares at 10/31/2025** | **Value<br>($) at <br>10/31/2025** |
| AltShares Merger Arbitrage ETF | 254017 | 7150578 | 2213254 | (660288) | 55209 | 176139 |  |  | 307740 | 8934892 |
| NYLI Merger Arbitrage ETF | 567378 | 19602910 | 6465410 | (1319767) | 157809 | 537915 |  |  | 710734 | 25444277 |
|  | 821395 | 26753488 | 8678664 | (1980055) | 213018 | 714054 |  |  | 1018474 | 34379169 |

---

For more information on the determination, please refer to Note 6.

*See notes to financial statements.*

Schedule of Investments — NYLI Merger Arbitrage ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 88.3%** | **Common Stocks — 88.3%** | **Common Stocks — 88.3%** |
| **Communication Services — 8.8%** |  |  |
| Electronic Arts, Inc. | 49552 | $9913373<br>|
| Integral Ad Science Holding Corp.\* | 348054 | 3553631 |
| TEGNA, Inc. | 361882 | 7118219 |
| Vimeo, Inc.\* | 241802 | 1886056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 22471279 |
| **Consumer Discretionary — 4.0%** |  |  |
| ODP Corp. (The)\* | 112146 | 3126630 |
| Soho House & Co., Inc.\* | 781810 | 6958109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 10084739 |
| **Consumer Staples — 7.5%** |  |  |
| JDE Peet's NV | 254423 | 9273636 |
| Welcia Holdings Co., Ltd. | 492114 | 9819600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 19093236 |
| **Energy — 2.7%** |  |  |
| Berry Corp. | 275421 | 928169 |
| Vital Energy, Inc.\*<sup>(a)</sup> | 374773 | 5887684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 6815853 |
| **Financials — 4.1%** |  |  |
| Cantaloupe, Inc.\* | 154543 | 1631974 |
| Just Group PLC | 2157284 | 6023003 |
| ProAssurance Corp.\* | 112427 | 2692627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 10347604 |
| **Health Care — 10.5%** |  |  |
| Andlauer Healthcare Group, Inc. | 85783 | 3330547 |
| Bavarian Nordic A/S\*<sup>(a)</sup> | 156648 | 5786936 |
| Cross Country Healthcare, Inc.\* | 55595 | 681595 |
| CureVac NV\* | 267580 | 1428877 |
| Merus NV\* | 81829 | 7762299 |
| Premier, Inc., Class A<sup>(a)</sup> | 194736 | 5475976 |
| STAAR Surgical Co.\* | 84107 | 2175848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 26642078 |
| **Industrials — 20.5%** |  |  |
| Air Lease Corp. | 127581 | 8147323 |
| American Woodmark Corp.\* | 44548 | 2839044 |
| Chart Industries, Inc.\* | 44136 | 8810428 |
| Dayforce, Inc.\* | 123921 | 8518329 |
| Fujitec Co., Ltd. | 153969 | 5661838 |
| MRC Global, Inc.\* | 252220 | 3518469 |
| Norfolk Southern Corp. | 33957 | 9622735 |
| Steelcase, Inc., Class A | 309293 | 4936316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 52054482 |
| **Information Technology — 12.2%** |  |  |
| CyberArk Software Ltd.\* | 20291 | 10567147 |
| Informatica, Inc., Class A\* | 329809 | 8202350 |
| PROS Holdings, Inc.\* | 118151 | 2723381 |
| Sapiens International Corp. NV | 116219 | 5003228 |
| Verint Systems, Inc.\* | 228409 | 4632134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 31128240 |
| **Materials — 3.8%** |  |  |
| Teck Resources Ltd., Class B | 222973 | 9570001 |
| **Real Estate — 7.6%** |  |  |
| Anywhere Real Estate, Inc.\* | 688162 | 6916028 |
| InterRent Real Estate Investment Trust | 568305 | 5426914 |
| Paramount Group, Inc.\* | 1082478 | 7079406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 19422348 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Utilities — 6.6%** |  |  |
| Northwestern Energy Group, Inc. | 133644 | $7974538<br>|
| TXNM Energy, Inc. | 154233 | 8760434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 16734972 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $222,786,283)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $222,786,283)** | **224364832** |
| **Rights — 0.1%** | **Rights — 0.1%** | **Rights — 0.1%** |
| **Health Care — 0.1%** |  |  |
| Chinook Therapeutics, Inc.\*<sup>(b)</sup> | 435560 | 130668 |
| Epizyme, Inc.\*<sup>(b)</sup> | 1957185 | 39144 |
| Supernus Pharmaceuticals, Inc.\*<sup>(b)</sup> | 333265 | 19996 |
| Vigil Neuroscience, Inc.\*<sup>(b)</sup> | 55277 | 2764 |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $0)** | **192572** |
| **Short-Term Investments — 10.6%** | **Short-Term Investments — 10.6%** | **Short-Term Investments — 10.6%** |
| **Money Market Funds — 10.6%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(c)(d)</sup> | 599667 | 599667 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(c)</sup> | 26292593 | 26292593 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $26,892,260)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $26,892,260)** | **26892260** |
| **Total Investments — 99.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $249,678,543)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $249,678,543)** | **251449664** |
| **Other Assets and Liabilities, Net — 1.0%** | **Other Assets and Liabilities, Net — 1.0%** | **2566679** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **254016343**<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 $5,988,584; total market value of collateral held by the Fund was $6,053,714. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $5,454,047.

(b)Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.

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

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

*See notes to financial statements.*

Schedule of Investments — NYLI Merger Arbitrage ETF (continued)

October 31, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Benchmark** | **Counterparty** | **Floating Rate<sup>(e)</sup>** | **Expiration Date** | **Payment Frequency** | **Notional<br>Amount Long/(Short)** | **Value/<br>Unrealized Appreciation/<br>(Depreciation)<sup>(f)</sup>** |
| American Airlines Group, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 5/07/2027 | Monthly | $(11187917) | $(24) |
| BioNTech SE | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (1490069) |  |
| Black Hills Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (8306539) |  |
| California Resources Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (926277) |  |
| Compass, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (7618151) |  |
| Crescent Energy Co. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (6021642) |  |
| DNOW, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (3517769) |  |
| HNI Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (2773926) |  |
| Masterbrand, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (2897221) |  |
| Palo Alto Networks, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (9833276) |  |
| Tsuruha Holdings, Inc. | Morgan Stanley | 1-Day FEDEF - 0.80% | 5/11/2027 | Monthly | (560137) |  |
| Tsuruha Holdings, Inc. | Morgan Stanley | 1-Day FEDEF - 0.55% | 10/06/2027 | Monthly | (9832047) | (49584) |
| Union Pacific Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/03/2026 | Monthly | (7482443) |  |
|  |  |  |  |  |  | **$** **(49608)** |

---

At October 31, 2025, there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

------

(e)Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(f)Reflects the value at reset date of October 31, 2025.

**Abbreviation**

FEDEF — Federal Funds Effective Rate

**Total Return Swap contracts outstanding at October 31, 2025:**

*See notes to financial statements.*

Schedule of Investments — NYLI Merger Arbitrage 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>(g)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $224364832<br>| $—<br>| $—<br>| $224364832<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 192572<sup>(h)</sup> | 192572 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 26892260 |  |  | 26892260 |
| Total Investments in Securities | 251257092 |  | 192572 | 251449664 |
| Other Financial Instruments:<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  |  |  |  |
| Total Investments in Securities and Other Financial Instruments | $251257092<br>| $—<br>| $192572<br>| $251449664<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | $—<br>| $—<br>| $—<br>| $—<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts  | $—<br>| $(49608) | $—<br>| $(49608) |

---

------

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

(h)The Level 3 securities, valued in total at $192,572, have been fair valued in good faith in accordance with procedures established by the Board of Trustees.

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

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam International Equity ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Australia — 8.4%** |  |  |
| Ampol Ltd.<sup>(a)</sup> | 4246 | $85335<br>|
| ANZ Group Holdings Ltd. | 53138 | 1274939 |
| APA Group | 23018 | 138331 |
| ASX Ltd. | 3421 | 126423 |
| Atlas Arteria Ltd. | 17352 | 55207 |
| Aurizon Holdings Ltd. | 31000 | 69609 |
| BlueScope Steel Ltd. | 7778 | 116604 |
| Brambles Ltd. | 24250 | 394660 |
| CAR Group Ltd. | 6009 | 140437 |
| Charter Hall Group | 8269 | 121475 |
| Cochlear Ltd. | 1152 | 216564 |
| Coles Group Ltd. | 23024 | 332353 |
| Commonwealth Bank of Australia | 29733 | 3340931 |
| Computershare Ltd. | 9135 | 218697 |
| Dexus | 18867 | 89918 |
| EBOS Group Ltd. | 3428 | 56732 |
| Evolution Mining Ltd. | 35171 | 250049 |
| Goodman Group | 35140 | 759837 |
| GPT Group (The) | 34047 | 119469 |
| Insurance Australia Group Ltd. | 41966 | 215939 |
| Lynas Rare Earths Ltd.\* | 16476 | 164487 |
| Macquarie Group Ltd. | 6340 | 907131 |
| Medibank Pvt Ltd. | 48857 | 156083 |
| Mirvac Group | 70000 | 105399 |
| National Australia Bank Ltd. | 54324 | 1551271 |
| NEXTDC Ltd.\* | 11322 | 116813 |
| Northern Star Resources Ltd. | 24249 | 390675 |
| Pilbara Minerals Ltd.\*<sup>(a)</sup> | 51975 | 112284 |
| Pro Medicus Ltd. | 868 | 149793 |
| QBE Insurance Group Ltd. | 26765 | 347632 |
| Ramsay Health Care Ltd. | 3227 | 67813 |
| REA Group Ltd. | 855 | 119272 |
| Reece Ltd. | 5045 | 38609 |
| Scentre Group | 92365 | 246100 |
| SEEK Ltd. | 6094 | 108114 |
| SGH Ltd. | 3432 | 108968 |
| Sigma Healthcare Ltd. | 79036 | 160915 |
| Sonic Healthcare Ltd. | 8318 | 115225 |
| Stockland | 42562 | 175817 |
| Suncorp Group Ltd. | 19205 | 246674 |
| Technology One Ltd. | 5152 | 124455 |
| Telstra Group Ltd. | 201719 | 644432 |
| Transurban Group | 55094 | 522256 |
| Vicinity Ltd. | 68275 | 112635 |
| Washington H Soul Pattinson & Co., Ltd.<sup>(a)</sup> | 4184 | 102989 |
| Wesfarmers Ltd. | 20045 | 1102289 |
| Westpac Banking Corp. | 60669 | 1538639 |
| WiseTech Global Ltd. | 3204 | 144979 |
| Woodside Energy Group Ltd. | 33651 | 546336 |
| Woolworths Group Ltd. | 21493 | 399741 |
| Worley Ltd. | 6657 | 62320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Australia |  | 18813655 |
| **Austria — 0.5%** |  |  |
| ANDRITZ AG | 1263 | 95629 |
| BAWAG Group AG\* | 1333 | 172164 |
| CA Immobilien Anlagen AG | 523 | 14560 |
| Erste Group Bank AG | 5375 | 556794 |
| EVN AG | 621 | 18134 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Austria (continued)** |  |  |
| Mondi PLC | 7834 | $87509<br>|
| Verbund AG | 1173 | 90642 |
| voestalpine AG | 1979 | 70535 |
| Wienerberger AG | 1910 | 56744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Austria |  | 1162711 |
| **Belgium — 0.6%** |  |  |
| Ageas SA | 3178 | 210546 |
| Azelis Group NV | 2027 | 23981 |
| Colruyt Group NV | 577 | 21578 |
| D'ieteren Group<sup>(a)</sup> | 372 | 68054 |
| Elia Group SA<sup>(a)</sup> | 724 | 87325 |
| Financiere de Tubize SA | 340 | 82999 |
| Lotus Bakeries NV<sup>(a)</sup> | 7 | 61161 |
| Sofina SA<sup>(a)</sup> | 267 | 73468 |
| Solvay SA<sup>(a)</sup> | 1269 | 39048 |
| UCB SA | 2132 | 547518 |
| Warehouses De Pauw CVA | 3180 | 80821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Belgium |  | 1296499 |
| **Chile — 0.1%** |  |  |
| Antofagasta PLC | 6140 | 225071 |
| **China — 0.3%** |  |  |
| Alibaba Health Information Technology Ltd.\* | 88825 | 66286 |
| BYD Electronic International Co., Ltd.<sup>(a)</sup> | 13341 | 62721 |
| China Gas Holdings Ltd. | 47620 | 48954 |
| China Mengniu Dairy Co., Ltd. | 52323 | 95191 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 30795 | 60305 |
| CSPC Pharmaceutical Group Ltd. | 143340 | 141086 |
| Fosun International Ltd. | 36765 | 23321 |
| Sino Biopharmaceutical Ltd. | 173554 | 157874 |
| Wilmar International Ltd. | 31086 | 74762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China |  | 730500 |
| **Denmark — 0.7%** |  |  |
| Genmab A/S\* | 1095 | 311089 |
| Novonesis Novozymes B, Class B | 6431 | 384893 |
| Orsted A/S\* | 8229 | 147293 |
| Pandora A/S | 1369 | 183590 |
| Tryg A/S | 5922 | 146184 |
| Vestas Wind Systems A/S | 17858 | 364224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Denmark |  | 1537273 |
| **Finland — 1.5%** |  |  |
| Elisa OYJ | 2495 | 110121 |
| Huhtamaki OYJ | 1860 | 62601 |
| Kesko OYJ, B Shares<sup>(a)</sup> | 4794 | 101258 |
| Kone OYJ, Class B | 5887 | 393554 |
| Metso Outotec OYJ<sup>(a)</sup> | 11379 | 186629 |
| Neste OYJ | 7644 | 158412 |
| Nokia OYJ | 89499 | 605751 |
| Nordea Bank Abp | 55998 | 957537 |
| Orion OYJ, Class B | 1908 | 133344 |
| Stora Enso OYJ, R Shares<sup>(a)</sup> | 9834 | 114639 |
| UPM-Kymmene OYJ<sup>(a)</sup> | 9264 | 248922 |
| Wartsila OYJ Abp | 8609 | 281899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Finland |  | 3354667 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam International Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **France — 5.1%** |  |  |
| Air Liquide SA | 10024 | $1942786<br>|
| AXA SA | 30527 | 1325867 |
| Bouygues SA | 3470 | 156719 |
| Capgemini SE | 2772 | 427126 |
| Cie de Saint-Gobain SA | 8017 | 777827 |
| Cie Generale des Etablissements Michelin SCA | 11774 | 376295 |
| Credit Agricole SA | 17409 | 314262 |
| Danone SA | 11242 | 994964 |
| Dassault Systemes SE | 12085 | 343552 |
| Hermes International SCA | 576 | 1428698 |
| Kering SA | 1259 | 445823 |
| Legrand SA | 4468 | 770967 |
| L'Oreal SA | 3979 | 1665495 |
| Publicis Groupe SA | 4061 | 406850 |
| Sartorius Stedim Biotech | 493 | 117901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France |  | 11495132 |
| **Germany — 8.1%** |  |  |
| adidas AG | 2940 | 555831 |
| Bayerische Motoren Werke AG | 4895 | 456053 |
| Beiersdorf AG | 1678 | 177639 |
| Deutsche Boerse AG | 3229 | 818058 |
| Deutsche Post AG | 17038 | 782678 |
| Deutsche Telekom AG | 57522 | 1785280 |
| E.ON SE | 39278 | 731702 |
| Fresenius Medical Care AG | 3720 | 199911 |
| Fresenius SE & Co. KGaA | 7302 | 421567 |
| Hapag-Lloyd AG | 111 | 15963 |
| Heidelberg Materials AG | 2253 | 528144 |
| Henkel AG & Co. KGaA | 1709 | 127721 |
| Infineon Technologies AG | 23115 | 915636 |
| Knorr-Bremse AG | 1174 | 109216 |
| Mercedes-Benz Group AG | 12297 | 797801 |
| Merck KGaA | 2294 | 300386 |
| SAP SE | 18236 | 4724227 |
| Siemens AG | 13188 | 3737666 |
| Siemens Healthineers AG | 5251 | 294369 |
| Symrise AG | 2356 | 195191 |
| Talanx AG | 1068 | 130049 |
| Vonovia SE | 12622 | 379505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 18184593 |
| **Hong Kong — 2.4%** |  |  |
| AIA Group Ltd. | 189261 | 1837284 |
| Cathay Pacific Airways Ltd. | 10646 | 15163 |
| Futu Holdings Ltd. | 1039 | 206803 |
| Hang Lung Properties Ltd. | 30046 | 33439 |
| Hang Seng Bank Ltd. | 12591 | 245593 |
| HKT Trust & HKT Ltd. | 64079 | 93412 |
| Hong Kong & China Gas Co., Ltd. | 192578 | 179143 |
| Hong Kong Exchanges & Clearing Ltd. | 21271 | 1159311 |
| Link REIT | 46053 | 239858 |
| MTR Corp., Ltd.<sup>(a)</sup> | 27886 | 102256 |
| Power Assets Holdings Ltd. | 24199 | 153684 |
| Prudential PLC | 45845 | 635464 |
| Sino Land Co., Ltd. | 64056 | 79532 |
| Swire Pacific Ltd., Class A | 6500 | 53691 |
| Swire Pacific Ltd., Class B | 13313 | 19733 |
| Swire Properties Ltd. | 18571 | 50656 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hong Kong (continued)** |  |  |
| Techtronic Industries Co., Ltd. | 24158 | $282230<br>|
| Wharf Real Estate Investment Co., Ltd. | 27466 | 78099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Hong Kong |  | 5465351 |
| **Ireland — 0.7%** |  |  |
| AerCap Holdings NV | 3098 | 403483 |
| AIB Group PLC | 36819 | 339335 |
| Bank of Ireland Group PLC | 17115 | 280213 |
| Kerry Group PLC, Class A | 2626 | 239747 |
| Kingspan Group PLC | 2717 | 203524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ireland |  | 1466302 |
| **Israel — 0.5%** |  |  |
| Bank Leumi Le-Israel BM | 26455 | 539229 |
| Check Point Software Technologies Ltd.\* | 1491 | 291759 |
| Global-e Online Ltd.\* | 1717 | 62550 |
| Nice Ltd.\* | 1122 | 152257 |
| Wix.com Ltd.\* | 955 | 138991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Israel |  | 1184786 |
| **Italy — 2.4%** |  |  |
| A2A SpA | 27664 | 80655 |
| Banca Mediolanum SpA | 3616 | 72662 |
| Banco BPM SpA | 19542 | 284311 |
| Enel SpA | 136918 | 1386247 |
| FinecoBank Banca Fineco SpA | 10846 | 247991 |
| Generali<sup>(a)</sup> | 15899 | 611994 |
| Infrastrutture Wireless Italiane SpA | 6104 | 67106 |
| Intesa Sanpaolo SpA | 260526 | 1676700 |
| Moncler SpA | 3779 | 226810 |
| Nexi SpA<sup>(a)</sup> | 9272 | 48864 |
| Prysmian SpA | 5005 | 518870 |
| Unipol Gruppo SpA | 6543 | 143223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy |  | 5365433 |
| **Japan — 27.2%** |  |  |
| Advantest Corp. | 13067 | 1962319 |
| Aeon Co., Ltd. | 42342 | 670496 |
| Ajinomoto Co., Inc. | 15224 | 432148 |
| Alfresa Holdings Corp. | 3078 | 43486 |
| Amada Co., Ltd. | 5377 | 64326 |
| Asahi Kasei Corp. | 21896 | 168070 |
| Asics Corp. | 11187 | 286329 |
| Astellas Pharma, Inc. | 31700 | 332011 |
| Azbil Corp. | 8176 | 80802 |
| Bandai Namco Holdings, Inc. | 10043 | 313047 |
| BayCurrent, Inc. | 2293 | 105158 |
| Bridgestone Corp. | 9728 | 427121 |
| Brother Industries Ltd. | 4477 | 76416 |
| Canon, Inc. | 15974 | 459659 |
| Capcom Co., Ltd. | 5938 | 155489 |
| Central Japan Railway Co. | 16531 | 404114 |
| Chugai Pharmaceutical Co., Ltd. | 11350 | 519335 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 2305 | 36859 |
| CyberAgent, Inc. | 7362 | 73450 |
| Dai Nippon Printing Co., Ltd. | 7232 | 121093 |
| Daifuku Co., Ltd. | 5843 | 186909 |
| Daiichi Sankyo Co., Ltd. | 30534 | 727203 |
| Daiwa House Industry Co., Ltd. | 10163 | 345221 |
| Daiwa House REIT Investment Corp. | 76 | 65514 |
| Daiwa Securities Group, Inc. | 23216 | 179257 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam International Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Denso Corp. | 29353 | $411843<br>|
| Dentsu Group, Inc. | 3493 | 69019 |
| Disco Corp. | 1583 | 530321 |
| East Japan Railway Co. | 17508 | 426861 |
| Ebara Corp. | 8196 | 219777 |
| Eisai Co., Ltd. | 4552 | 135034 |
| ENEOS Holdings, Inc. | 47125 | 297577 |
| FANUC Corp. | 16349 | 520965 |
| Fast Retailing Co., Ltd. | 3110 | 1143829 |
| Food & Life Cos. Ltd. | 1907 | 93026 |
| FUJIFILM Holdings Corp. | 20642 | 479688 |
| Fujitsu Ltd. | 31968 | 836474 |
| Fukuoka Financial Group, Inc. | 3277 | 95403 |
| GLP J-Reit | 81 | 73452 |
| Hakuhodo DY Holdings, Inc. | 3889 | 28147 |
| Hamamatsu Photonics K.K. | 5237 | 58827 |
| Hankyu Hanshin Holdings, Inc. | 4169 | 111927 |
| Haseko Corp. | 4531 | 73235 |
| Hirose Electric Co., Ltd. | 512 | 68796 |
| Hitachi Construction Machinery Co., Ltd. | 1591 | 51958 |
| Hitachi Ltd. | 77602 | 2678832 |
| Honda Motor Co., Ltd. | 81978 | 830130 |
| Hoya Corp. | 5958 | 970150 |
| Hulic Co., Ltd. | 9819 | 101342 |
| Ibiden Co., Ltd. | 2193 | 208047 |
| Isetan Mitsukoshi Holdings Ltd. | 5789 | 91107 |
| Isuzu Motors Ltd. | 9877 | 121495 |
| ITOCHU Corp. | 22137 | 1283344 |
| J Front Retailing Co., Ltd. | 4436 | 66862 |
| Japan Exchange Group, Inc. | 18272 | 205131 |
| Japan Metropolitan Fund Invest | 127 | 98184 |
| Japan Post Bank Co., Ltd. | 24085 | 270156 |
| Japan Post Holdings Co., Ltd. | 30642 | 287713 |
| Japan Post Insurance Co., Ltd. | 3150 | 81625 |
| Japan Real Estate Investment Corp. | 125 | 103129 |
| JFE Holdings, Inc. | 10485 | 120364 |
| Kajima Corp. | 7652 | 247161 |
| Kansai Paint Co., Ltd. | 2611 | 41931 |
| Kao Corp. | 8019 | 339385 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 6452 | 92683 |
| KDDI Corp. | 51503 | 822918 |
| Keio Corp. | 1828 | 43394 |
| Keisei Electric Railway Co., Ltd. | 7758 | 61840 |
| Kewpie Corp. | 1834 | 50858 |
| Keyence Corp. | 3264 | 1215512 |
| Kikkoman Corp. | 13194 | 105000 |
| Kintetsu Group Holdings Co., Ltd. | 3361 | 63738 |
| Koito Manufacturing Co., Ltd. | 3640 | 54427 |
| Kokusai Electric Corp. | 2495 | 91861 |
| Kose Corp. | 604 | 23167 |
| Kubota Corp. | 16732 | 217275 |
| Kuraray Co., Ltd. | 5192 | 56367 |
| Kurita Water Industries Ltd. | 1991 | 75709 |
| Kyocera Corp. | 23620 | 314310 |
| Kyowa Kirin Co., Ltd. | 4184 | 64693 |
| Kyushu Railway Co. | 2488 | 63098 |
| Lasertec Corp. | 1390 | 256336 |
| Lixil Corp. | 4952 | 54967 |
| Marubeni Corp. | 25777 | 635829 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Marui Group Co., Ltd. | 2809 | $53899<br>|
| MatsukiyoCocokara & Co. | 5925 | 107400 |
| Mebuki Financial Group, Inc. | 16273 | 101607 |
| MEIJI Holdings Co., Ltd. | 4278 | 82280 |
| MINEBEA MITSUMI, Inc. | 5905 | 117138 |
| MISUMI Group, Inc. | 5042 | 78941 |
| Mitsubishi Chemical Group Corp. | 23058 | 120652 |
| Mitsubishi Estate Co., Ltd. | 20472 | 433745 |
| Mitsui Chemicals, Inc. | 3165 | 74926 |
| Mitsui Fudosan Co., Ltd. | 48398 | 503128 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 6005 | 178643 |
| Mizuho Financial Group, Inc. | 44320 | 1481313 |
| MonotaRO Co., Ltd. | 4388 | 61310 |
| MS&AD Insurance Group Holdings, Inc. | 23073 | 477171 |
| Murata Manufacturing Co., Ltd. | 29753 | 655105 |
| NEC Corp. | 22036 | 803598 |
| NGK Insulators Ltd. | 4184 | 70777 |
| Nichirei Corp. | 3785 | 44765 |
| Nikon Corp. | 4745 | 55503 |
| Nintendo Co., Ltd. | 20506 | 1736398 |
| Nippon Building Fund, Inc. | 149 | 137534 |
| Nippon Prologis REIT, Inc. | 128 | 74446 |
| Nippon Sanso Holdings Corp. | 3312 | 110246 |
| Nippon Steel Corp. | 89074 | 367906 |
| Nippon Yusen K.K. | 7352 | 254412 |
| Nissan Chemical Corp. | 2270 | 76873 |
| Nisshin Seifun Group, Inc. | 4356 | 49242 |
| Nissin Foods Holdings Co., Ltd. | 3121 | 56300 |
| Niterra Co., Ltd. | 2794 | 115021 |
| Nitto Denko Corp. | 12361 | 309236 |
| Nomura Holdings, Inc. | 53500 | 382701 |
| Nomura Real Estate Holdings, Inc. | 9203 | 52510 |
| Nomura Real Estate Master Fund, Inc. | 71 | 75768 |
| Nomura Research Institute Ltd. | 7080 | 277124 |
| Obayashi Corp. | 11640 | 197356 |
| Odakyu Electric Railway Co., Ltd. | 5638 | 59654 |
| Oji Holdings Corp. | 14167 | 71582 |
| Omron Corp.<sup>(a)</sup> | 3133 | 87652 |
| Ono Pharmaceutical Co., Ltd. | 7007 | 85350 |
| Open House Group Co., Ltd. | 1334 | 64243 |
| Oriental Land Co., Ltd. | 19352 | 391927 |
| ORIX Corp. | 20167 | 492213 |
| Osaka Gas Co., Ltd. | 6380 | 200774 |
| Otsuka Holdings Co., Ltd. | 7806 | 424312 |
| Panasonic Holdings Corp. | 39417 | 460170 |
| Persol Holdings Co., Ltd. | 32088 | 53301 |
| Rakuten Bank Ltd.\* | 1571 | 86527 |
| Rakuten Group, Inc.\* | 25498 | 167085 |
| Recruit Holdings Co., Ltd. | 26019 | 1301837 |
| Renesas Electronics Corp. | 28926 | 358817 |
| Resona Holdings, Inc. | 38329 | 371584 |
| Resonac Holdings Corp. | 3139 | 123050 |
| Ricoh Co., Ltd. | 9283 | 79781 |
| Rohm Co., Ltd. | 5938 | 95475 |
| Ryohin Keikaku Co., Ltd. | 9135 | 187912 |
| Santen Pharmaceutical Co., Ltd. | 5610 | 54951 |
| Sanwa Holdings Corp. | 3308 | 90401 |
| SCREEN Holdings Co., Ltd. | 1489 | 141936 |
| SCSK Corp. | 2544 | 93649 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam International Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Secom Co., Ltd. | 7371 | $249424<br>|
| Seibu Holdings, Inc. | 3956 | 139207 |
| Seiko Epson Corp. | 4758 | 60427 |
| Sekisui Chemical Co., Ltd. | 6516 | 113143 |
| Sekisui House Ltd. | 10598 | 227776 |
| SG Holdings Co., Ltd. | 4867 | 44751 |
| Sharp Corp.\* | 4931 | 27447 |
| Shimadzu Corp. | 4156 | 111956 |
| Shimano, Inc. | 1350 | 142006 |
| Shimizu Corp. | 9521 | 128148 |
| Shin-Etsu Chemical Co., Ltd. | 29713 | 897822 |
| Shionogi & Co., Ltd. | 13479 | 225736 |
| Shiseido Co., Ltd. | 6949 | 117279 |
| SMC Corp. | 1003 | 342266 |
| Sojitz Corp. | 3983 | 105900 |
| Sompo Holdings, Inc. | 16062 | 490863 |
| Sony Financial Group, Inc.\* | 107188 | 108124 |
| Sony Group Corp. | 107188 | 3014108 |
| Square Enix Holdings Co., Ltd. | 4704 | 91176 |
| Stanley Electric Co., Ltd. | 1984 | 39086 |
| Subaru Corp. | 10078 | 214768 |
| Sugi Holdings Co., Ltd. | 1820 | 39317 |
| Sumitomo Chemical Co., Ltd. | 25462 | 74970 |
| Sumitomo Electric Industries Ltd. | 12941 | 474614 |
| Sumitomo Forestry Co., Ltd. | 8851 | 92357 |
| Sumitomo Heavy Industries Ltd. | 2034 | 54542 |
| Sumitomo Metal Mining Co., Ltd. | 4595 | 151432 |
| Sumitomo Mitsui Financial Group, Inc. | 68347 | 1846928 |
| Sumitomo Mitsui Trust Group, Inc. | 11563 | 317569 |
| Sumitomo Rubber Industries Ltd. | 3113 | 36555 |
| Suntory Beverage & Food Ltd. | 2216 | 67060 |
| Sysmex Corp. | 8452 | 94749 |
| T&D Holdings, Inc. | 9144 | 197119 |
| Taisei Corp. | 2857 | 208357 |
| TDK Corp. | 33644 | 583755 |
| Terumo Corp. | 23829 | 385382 |
| TIS, Inc. | 3867 | 133414 |
| Tobu Railway Co., Ltd. | 3415 | 55053 |
| Tokyo Century Corp. | 2922 | 34558 |
| Tokyo Electron Ltd. | 8058 | 1787819 |
| Tokyo Gas Co., Ltd. | 5698 | 199803 |
| Tokyu Corp. | 8788 | 97889 |
| Tokyu Fudosan Holdings Corp. | 10565 | 84970 |
| TOPPAN Holdings, Inc. | 4424 | 108550 |
| Tosoh Corp. | 5305 | 75759 |
| TOTO Ltd. | 2708 | 68959 |
| Toyota Motor Corp. | 187794 | 3825241 |
| Trend Micro, Inc. | 2208 | 112983 |
| Tsuruha Holdings, Inc. | 2808 | 48794 |
| Unicharm Corp. | 19922 | 123304 |
| United Urban Investment Corp. | 53 | 64162 |
| USS Co., Ltd. | 6113 | 67536 |
| West Japan Railway Co. | 7626 | 156475 |
| Yakult Honsha Co., Ltd. | 4726 | 70665 |
| Yamada Holdings Co., Ltd. | 11546 | 34731 |
| Yamaha Corp. | 6357 | 40229 |
| Yamaha Motor Co., Ltd. | 15422 | 111619 |
| Yamato Holdings Co., Ltd. | 4800 | 70167 |
| Yaskawa Electric Corp. | 4088 | 112645 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Yokogawa Electric Corp. | 3985 | $119585<br>|
| Yokohama Financial Group, Inc. | 19340 | 140730 |
| Yokohama Rubber Co., Ltd. (The) | 2289 | 82107 |
| Zensho Holdings Co., Ltd. | 1638 | 102126 |
| ZOZO, Inc. | 7011 | 60687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan |  | 61297897 |
| **Luxembourg — 0.1%** |  |  |
| CVC Capital Partners PLC | 11468 | 191795 |
| **Mexico — 0.1%** |  |  |
| Fresnillo PLC | 3267 | 95376 |
| **Netherlands — 6.1%** |  |  |
| Adyen NV\* | 492 | 845327 |
| Argenx SE\* | 1083 | 886436 |
| ASM International NV | 814 | 528010 |
| ASML Holding NV | 6867 | 7276769 |
| ING Groep NV | 53258 | 1335138 |
| Koninklijke Ahold Delhaize NV | 16094 | 659624 |
| Koninklijke KPN NV | 57866 | 268358 |
| NXP Semiconductors NV | 4478 | 936439 |
| Universal Music Group NV | 16689 | 448238 |
| Wolters Kluwer NV | 4184 | 513100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands |  | 13697439 |
| **New Zealand — 0.4%** |  |  |
| a2 Milk Co., Ltd. (The) | 12060 | 74587 |
| Auckland International Airport Ltd. | 29960 | 139311 |
| Contact Energy Ltd. | 14006 | 74751 |
| Infratil Ltd. | 16053 | 113622 |
| Mercury NZ Ltd. | 11709 | 43450 |
| Meridian Energy Ltd. | 22719 | 77019 |
| Spark New Zealand Ltd. | 32478 | 45566 |
| Xero Ltd.\* | 2841 | 269681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total New Zealand |  | 837987 |
| **Norway — 0.7%** |  |  |
| Aker ASA, A Shares | 370 | 28782 |
| DNB Bank ASA | 14533 | 371048 |
| Gjensidige Forsikring ASA | 3212 | 86547 |
| Leroy Seafood Group ASA | 4783 | 22532 |
| Nordic Semiconductor ASA\* | 2940 | 42718 |
| Norsk Hydro ASA | 22477 | 152277 |
| Orkla ASA | 13209 | 134088 |
| Protector Forsikring ASA | 950 | 42866 |
| SpareBank 1 SMN | 2188 | 40283 |
| SpareBank 1 SOR-Norge ASA | 3674 | 63261 |
| Sparebanken Norge | 2550 | 44487 |
| Storebrand ASA | 7108 | 110376 |
| Telenor ASA | 11179 | 166410 |
| TOMRA Systems ASA | 4149 | 50853 |
| Var Energi ASA | 15698 | 52880 |
| Vend Marketplaces ASA, Class B | 2767 | 95452 |
| Wallenius Wilhelmsen ASA | 1804 | 14132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Norway |  | 1518992 |
| **Poland — 0.7%** |  |  |
| Allegro.eu SA\* | 10171 | 95095 |
| Bank Polska Kasa Opieki SA | 3131 | 160750 |
| Budimex SA | 223 | 35450 |
| CD Projekt SA | 1223 | 84119 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam International Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Poland (continued)** |  |  |
| Dino Polska SA\* | 8535 | $101934<br>|
| InPost SA\*<sup>(a)</sup> | 4275 | 53882 |
| KGHM Polska Miedz SA\* | 2436 | 127972 |
| LPP SA | 20 | 97182 |
| mBank SA\* | 235 | 62488 |
| ORLEN SA | 10325 | 279978 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 15222 | 312278 |
| Powszechny Zaklad Ubezpieczen SA | 10088 | 161463 |
| Santander Bank Polska SA | 687 | 90706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Poland |  | 1663297 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, Class R | 130306 | 115086 |
| EDP SA | 52592 | 261624 |
| Jeronimo Martins SGPS SA | 4884 | 125933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Portugal |  | 502643 |
| **Singapore — 1.9%** |  |  |
| CapitaLand Ascendas REIT | 66802 | 144748 |
| CapitaLand Integrated <br>Commercial Trust | 101306 | 184483 |
| Capitaland Investment Ltd. | 40610 | 82378 |
| City Developments Ltd. | 6942 | 38565 |
| DBS Group Holdings Ltd. | 35721 | 1480221 |
| Mapletree Logistics Trust | 60250 | 62035 |
| Mapletree Pan Asia Commercial Trust | 40929 | 45286 |
| Oversea-Chinese Banking Corp., Ltd. | 56993 | 745776 |
| Singapore Exchange Ltd. | 14519 | 188871 |
| Singapore Telecommunications Ltd. | 126775 | 413995 |
| STMicroelectronics NV | 11447 | 281947 |
| United Overseas Bank Ltd. | 22686 | 604344 |
| UOL Group Ltd. | 9345 | 57085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Singapore |  | 4329734 |
| **Spain — 2.8%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 3052 | 250811 |
| Amadeus IT Group SA | 7976 | 610536 |
| Banco Bilbao Vizcaya Argentaria SA<sup>(a)</sup> | 101243 | 2037363 |
| CaixaBank SA<sup>(a)</sup> | 61247 | 647674 |
| Cellnex Telecom SA\* | 10212 | 318595 |
| Iberdrola SA | 98126 | 1989362 |
| Naturgy Energy Group SA | 1868 | 56661 |
| Red Electrica Corp. SA | 7170 | 129183 |
| Telefonica SA<sup>(a)</sup> | 70138 | 355142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Spain |  | 6395327 |
| **Sweden — 2.5%** |  |  |
| AAK AB | 3123 | 87316 |
| AddTech AB, B Shares | 4237 | 143726 |
| Alfa Laval AB | 5003 | 239280 |
| Atlas Copco AB, A Shares<sup>(a)</sup> | 44929 | 758007 |
| Atlas Copco AB, B Shares<sup>(a)</sup> | 26694 | 401430 |
| Avanza Bank Holding AB<sup>(a)</sup> | 2120 | 82053 |
| Axfood AB<sup>(a)</sup> | 1926 | 52550 |
| Beijer Ref AB<sup>(a)</sup> | 6653 | 105551 |
| Boliden AB\* | 4951 | 223753 |
| Castellum AB<sup>(a)</sup> | 6203 | 70476 |
| Embracer Group AB\* | 2445 | 25551 |
| EQT AB<sup>(a)</sup> | 9126 | 316874 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Sweden (continued)** |  |  |
| Essity AB, Class B | 10577 | $290707<br>|
| H & M Hennes & Mauritz AB, B Shares<sup>(a)</sup> | 9730 | 184811 |
| Hexagon AB, B Shares | 36578 | 449109 |
| Holmen AB, B Shares<sup>(a)</sup> | 1333 | 50441 |
| Husqvarna AB, B Shares<sup>(a)</sup> | 6869 | 32780 |
| Indutrade AB | 4759 | 127341 |
| Investment AB Latour, B Shares | 2405 | 61541 |
| Nibe Industrier AB, B Shares<sup>(a)</sup> | 26235 | 102563 |
| Nordnet AB publ | 2487 | 72049 |
| Sandvik AB | 18572 | 564448 |
| Sectra AB, B Shares | 2335 | 74238 |
| Securitas AB, B Shares | 8942 | 132069 |
| Skanska AB, B Shares | 5879 | 160778 |
| SSAB AB, A Shares | 3809 | 24212 |
| SSAB AB, B Shares<sup>(a)</sup> | 10242 | 63766 |
| Svenska Cellulosa AB SCA, Class B<sup>(a)</sup> | 10631 | 141952 |
| Sweco AB, B Shares | 3228 | 58354 |
| Swedish Orphan Biovitrum AB\* | 3300 | 113749 |
| Tele2 AB, B Shares<sup>(a)</sup> | 9621 | 152487 |
| Telia Co. AB<sup>(a)</sup> | 40005 | 157112 |
| Thule Group AB | 1923 | 49511 |
| Volvo Car AB, Class B\*<sup>(a)</sup> | 8259 | 28686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden |  | 5599271 |
| **Switzerland — 4.0%** |  |  |
| ABB Ltd. | 28221 | 2097371 |
| Chocoladefabriken Lindt & Spruengli AG | 17 | 261962 |
| DSM-Firmenich AG | 4430 | 361497 |
| Geberit AG | 576 | 421192 |
| Givaudan SA | 165 | 677882 |
| Kuehne + Nagel International AG | 910 | 174575 |
| Lonza Group AG | 1247 | 860900 |
| Partners Group Holding AG | 384 | 469937 |
| SGS SA | 2953 | 333355 |
| Sika AG | 2698 | 528341 |
| Straumann Holding AG | 1890 | 237795 |
| Swiss Life Holding AG | 504 | 547729 |
| Swisscom AG<sup>(a)</sup> | 452 | 331926 |
| Zurich Insurance Group AG | 2584 | 1799385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland |  | 9103847 |
| **United Kingdom — 10.2%** |  |  |
| Admiral Group PLC | 4170 | 179484 |
| Ashtead Group PLC | 7572 | 504787 |
| Associated British Foods PLC | 5274 | 159027 |
| AstraZeneca PLC | 26698 | 4374134 |
| Auto Trader Group PLC | 15334 | 157224 |
| Aviva PLC | 54258 | 476625 |
| Barratt Redrow PLC | 23797 | 117653 |
| BT Group PLC | 106711 | 260426 |
| Bunzl PLC | 5782 | 175636 |
| Coca-Cola Europacific Partners PLC | 3658 | 324940 |
| Compass Group PLC | 30127 | 997874 |
| Convatec Group PLC | 29391 | 94299 |
| Croda International PLC | 2298 | 87165 |
| DCC PLC<sup>(a)</sup> | 1747 | 114995 |
| Halma PLC | 6684 | 311403 |
| Hikma Pharmaceuticals PLC | 2817 | 68064 |
| ICG PLC | 5133 | 130227 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam International Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United Kingdom (continued)** |  |  |
| Informa PLC | 23172 | $294643<br>|
| InterContinental Hotels Group PLC | 2564 | 309653 |
| Intertek Group PLC | 2786 | 185399 |
| J Sainsbury PLC | 30614 | 137399 |
| JD Sports Fashion PLC | 42851 | 52460 |
| Kingfisher PLC | 31224 | 126681 |
| Land Securities Group PLC | 13244 | 108145 |
| Legal & General Group PLC | 101459 | 316993 |
| London Stock Exchange Group PLC | 8420 | 1049402 |
| M&G PLC | 42664 | 147591 |
| National Grid PLC | 87358 | 1308442 |
| NatWest Group PLC | 138453 | 1062336 |
| Next PLC | 2023 | 380083 |
| Pearson PLC | 11127 | 154964 |
| Phoenix Group Holdings PLC | 13312 | 117883 |
| Reckitt Benckiser Group PLC | 12014 | 918034 |
| RELX PLC | 32597 | 1437725 |
| Rentokil Initial PLC | 44780 | 248104 |
| Rightmove PLC | 13731 | 120511 |
| Sage Group PLC (The) | 17124 | 258619 |
| Schroders PLC | 14154 | 70554 |
| Segro PLC | 21988 | 201472 |
| Smith & Nephew PLC | 15544 | 286937 |
| Spirax Group PLC | 1308 | 121929 |
| SSE PLC | 19616 | 493802 |
| Taylor Wimpey PLC | 62927 | 86976 |
| Tesco PLC | 116637 | 704003 |
| Unilever PLC | 43065 | 2596506 |
| United Utilities Group PLC | 12103 | 190898 |
| Vodafone Group PLC | 348315 | 421665 |
| Weir Group PLC (The) | 4604 | 179050 |
| Whitbread PLC | 3106 | 118222 |
| Wise PLC, Class A\* | 12021 | 152647 |
| WPP PLC | 19118 | 72215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom |  | 22965906 |
| **United States — 11.0%** |  |  |
| Alcon AG | 8725 | 649959 |
| AP Moller - Maersk A/S, Class A | 47 | 97058 |
| AP Moller - Maersk A/S, Class B<sup>(a)</sup> | 77 | 158950 |
| CSL Ltd. | 8586 | 1003320 |
| CyberArk Software Ltd.\* | 843 | 439017 |
| Experian PLC | 16292 | 759246 |
| GSK PLC | 72760 | 1702086 |
| Haleon PLC | 159486 | 741985 |
| James Hardie Industries PLC\* | 10221 | 215523 |
| Monday.com Ltd.\* | 700 | 143668 |
| Nestle SA | 45840 | 4390133 |
| Novartis AG | 33838 | 4184489 |
| Roche Holding AG | 12515 | 4036292 |
| Roche Holding AG, Bearer | 509 | 172340 |
| Sanofi SA | 19564 | 1978078 |
| Schneider Electric SE | 9623 | 2733403 |
| Stellantis NV | 34724 | 351809 |
| Swiss Re AG | 5184 | 946714 |
| Tenaris SA | 5944 | 118585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States |  | 24822655 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $187,564,731)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $187,564,731)** | **223304139** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| **Germany — 0.2%** |  |  |
| Bayerische Motoren Werke AG, 5.76% | 991 | $85843<br>|
| Henkel AG & Co. KGaA, 2.90% | 2925 | 237201 |
| Sartorius AG, 0.31% | 438 | 120369 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $463,405)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $463,405)** | **443413** |
| **Right — 0.0<sup>%</sup>**<sup>**(b**</sup><sup>**)**</sup> | **Right — 0.0<sup>%</sup>**<sup>**(b**</sup><sup>**)**</sup> | **Right — 0.0<sup>%</sup>**<sup>**(b**</sup><sup>**)**</sup> |
| **Norway — 0.0<sup>%</sup>**<sup>**(b**</sup><sup>**)**</sup> |  |  |
| Vend Marketplaces ASA\* |  |  |
| **(Cost $0)** | 1157 | **2484** |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Money Market Funds — 0.6%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(c)(d)</sup> | 1173212 | 1173212 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(c)</sup> | 242480 | 242480 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $1,415,692)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $1,415,692)** | **1415692** |
| **Total Investments — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $189,443,828)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $189,443,828)** | **225165728** |
| **Other Assets and Liabilities, Net — 0.0%<sup>(b)</sup>** | **Other Assets and Liabilities, Net — 0.0%<sup>(b)</sup>** | **52356** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **225218084**<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 $6,864,644; total market value of collateral held by the Fund was $7,258,899. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $6,085,687.

(b)Less than 0.05%.

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

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

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam International Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Benchmark** | **Counterparty** | **Floating Rate<sup>(e)</sup>** | **Expiration Date** | **Payment Frequency** | **Notional<br>Amount Long/(Short)** | **Value/<br>Unrealized Appreciation/<br>(Depreciation)<sup>(f)</sup>** |
| iShares Core MSCI EAFE ETF | Morgan Stanley | 1-Day FEDEF + 0.5% | 5/06/2026 | Monthly | $1460092<br>| $—<br>|

---

At October 31, 2025, there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

------

(e)Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(f)Reflects the value at reset date of October 31, 2025.

**Abbreviations**

FEDEF — Federal Funds Effective Rate

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; Common Stocks | $223304139<br>| $—<br>| $—<br>| $223304139<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 443413 |  |  | 443413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Right | 2484 |  |  | 2484 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1415692 |  |  | 1415692 |
| Total Investments in Securities  | 225165728 |  |  | 225165728 |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  |  |  |  |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | $—<br>| $—<br>| $—<br>| $—<br>|

---

------

(g)For a complete listing of investments and their countries, 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)

**Total Return Swap contracts outstanding at October 31, 2025:**

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam U.S. Mid Cap Equity ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 100.0%** | **Common Stocks — 100.0%** | **Common Stocks — 100.0%** |
| **Communication Services — 2.1%** |  |  |
| Frontier Communications Parent, Inc.\* | 22906 | $864931<br>|
| Interpublic Group of Cos., Inc. (The) | 36746 | 942902 |
| New York Times Co. (The), Class A | 14918 | 850177 |
| News Corp., Class A | 37342 | 989563 |
| News Corp., Class B | 10103 | 307838 |
| Sirius XM Holdings, Inc.<sup>(a)</sup> | 19014 | 412414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 4367825 |
| **Consumer Discretionary — 14.0%** |  |  |
| Aramark | 24588 | 931393 |
| Autoliv, Inc. | 6744 | 787699 |
| AutoNation, Inc.\* | 2722 | 544046 |
| BorgWarner, Inc. | 21603 | 928065 |
| Bright Horizons Family Solutions, Inc.\* | 5614 | 613217 |
| Burlington Stores, Inc.\* | 6240 | 1707202 |
| CarMax, Inc.\* | 14597 | 611760 |
| Cava Group, Inc.\* | 9831 | 528220 |
| Choice Hotels International, Inc. | 2714 | 252294 |
| Crocs, Inc.\* | 5416 | 442433 |
| Dick's Sporting Goods, Inc. | 5416 | 1199373 |
| Duolingo, Inc.\* | 3855 | 1043317 |
| Five Below, Inc.\* | 5375 | 845326 |
| Floor & Decor Holdings, Inc., Class A\* | 10503 | 656227 |
| Gap, Inc. (The) | 19855 | 453687 |
| H&R Block, Inc. | 13091 | 651146 |
| Hasbro, Inc. | 12820 | 978294 |
| Hyatt Hotels Corp., Class A | 4008 | 550739 |
| Levi Strauss & Co., Class A | 9700 | 196716 |
| Lithia Motors, Inc. | 2554 | 802160 |
| LKQ Corp. | 24232 | 774455 |
| Lucid Group, Inc.\*<sup>(a)</sup> | 11848 | 210302 |
| Mohawk Industries, Inc.\* | 5125 | 582405 |
| Norwegian Cruise Line Holdings Ltd.\* | 44032 | 987198 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 6054 | 731384 |
| Planet Fitness, Inc., Class A\* | 8280 | 750913 |
| Pool Corp. | 3699 | 987855 |
| Ralph Lauren Corp. | 3713 | 1186898 |
| Rivian Automotive, Inc., Class A\*<sup>(a)</sup> | 76100 | 1032677 |
| Service Corp. International | 13449 | 1123126 |
| Tapestry, Inc. | 20576 | 2259656 |
| TopBuild Corp.\* | 2820 | 1191394 |
| Vail Resorts, Inc.<sup>(a)</sup> | 3564 | 528648 |
| Wingstop, Inc. | 2745 | 594649 |
| Wyndham Hotels & Resorts, Inc. | 7411 | 544190 |
| Yum China Holdings, Inc. | 35798 | 1548622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 29757686 |
| **Consumer Staples — 4.2%** |  |  |
| BellRing Brands, Inc.\* | 12483 | 376113 |
| BJ's Wholesale Club Holdings, Inc.\* | 12976 | 1145262 |
| Conagra Brands, Inc. | 47031 | 808463 |
| Ingredion, Inc. | 6346 | 732392 |
| J M Smucker Co. (The) | 10251 | 1061491 |
| Lamb Weston Holdings, Inc. | 14041 | 866751 |
| Post Holdings, Inc.\* | 4892 | 508425 |
| Primo Brands Corp. | 25076 | 550920 |
| Sprouts Farmers Market, Inc.\* | 9620 | 759595 |
| The Campbell's Co. | 18902 | 569517 |
| US Foods Holding Corp.\* | 21900 | 1590378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 8969307 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Energy — 2.0%** |  |  |
| Antero Midstream Corp. | 33440 | $576840<br>|
| DT Midstream, Inc. | 10039 | 1099170 |
| HF Sinclair Corp. | 15208 | 784733 |
| TechnipFMC PLC | 41264 | 1706266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 4167009 |
| **Financials — 12.0%** |  |  |
| AGNC Investment Corp. | 100749 | 1007490 |
| Ally Financial, Inc. | 27322 | 1064738 |
| Annaly Capital Management, Inc. | 59885 | 1267765 |
| Assurant, Inc. | 5005 | 1059659 |
| Axis Capital Holdings Ltd. | 7497 | 702169 |
| Comerica, Inc. | 12971 | 992282 |
| Corebridge Financial, Inc. | 36657 | 1193552 |
| Credit Acceptance Corp.\*<sup>(a)</sup> | 550 | 246037 |
| Equitable Holdings, Inc. | 29973 | 1480666 |
| Franklin Resources, Inc. | 31156 | 704437 |
| Globe Life, Inc. | 8135 | 1069834 |
| Jack Henry & Associates, Inc. | 7179 | 1069240 |
| Jackson Financial, Inc., Class A | 6981 | 703755 |
| Kinsale Capital Group, Inc.<sup>(a)</sup> | 2185 | 872842 |
| MarketAxess Holdings, Inc. | 3641 | 582778 |
| Old Republic International Corp. | 22677 | 894834 |
| OneMain Holdings, Inc. | 11737 | 694713 |
| Popular, Inc. | 6631 | 739158 |
| Primerica, Inc. | 3258 | 846657 |
| Reinsurance Group of America, Inc. | 6517 | 1189092 |
| RenaissanceRe Holdings Ltd. | 4767 | 1211247 |
| RLI Corp. | 8236 | 485595 |
| SEI Investments Co. | 9340 | 752897 |
| Synovus Financial Corp. | 13688 | 611032 |
| Unum Group | 15710 | 1153428 |
| Upstart Holdings, Inc.\*<sup>(a)</sup> | 8256 | 392325 |
| Voya Financial, Inc. | 9516 | 708561 |
| Webster Financial Corp. | 16839 | 960497 |
| Zions Bancorp NA | 14286 | 744443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 25401723 |
| **Health Care — 13.6%** |  |  |
| Avantor, Inc.\* | 65088 | 769340 |
| BioMarin Pharmaceutical, Inc.\* | 18736 | 1003688 |
| Bio-Techne Corp. | 15379 | 962264 |
| Bridgebio Pharma, Inc.\*<sup>(a)</sup> | 11946 | 748297 |
| Charles River Laboratories International, Inc.\* | 4821 | 868117 |
| Chemed Corp. | 1429 | 616328 |
| DaVita, Inc.\* | 3945 | 469534 |
| Encompass Health Corp. | 9853 | 1121764 |
| Ensign Group, Inc. (The) | 5485 | 987849 |
| Exact Sciences Corp.\* | 18509 | 1197347 |
| Exelixis, Inc.\* | 23778 | 919495 |
| Glaukos Corp.\* | 5480 | 482624 |
| Halozyme Therapeutics, Inc.\* | 12068 | 786713 |
| Henry Schein, Inc.\* | 10827 | 684266 |
| Hims & Hers Health, Inc.\*<sup>(a)</sup> | 18334 | 833464 |
| Insmed, Inc.\* | 18577 | 3522199 |
| Jazz Pharmaceuticals PLC\* | 5826 | 801891 |
| Madrigal Pharmaceuticals, Inc.\* | 1568 | 656835 |
| Medpace Holdings, Inc.\* | 2262 | 1323066 |
| Moderna, Inc.\*<sup>(a)</sup> | 33269 | 903586 |
| Neurocrine Biosciences, Inc.\* | 9704 | 1389710 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam U.S. Mid Cap Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (continued)** |  |  |
| QIAGEN NV | 21439 | $1004417<br>|
| Repligen Corp.\* | 5183 | 772578 |
| Revolution Medicines, Inc.\* | 17419 | 1024934 |
| Revvity, Inc. | 11654 | 1090698 |
| Roivant Sciences Ltd.\* | 35719 | 714023 |
| Summit Therapeutics, Inc.\*<sup>(a)</sup> | 10747 | 203226 |
| United Therapeutics Corp.\* | 4103 | 1827599 |
| Viatris, Inc. | 116023 | 1201998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 28887850 |
| **Industrials — 22.3%** |  |  |
| A O Smith Corp. | 11417 | 753408 |
| Acuity, Inc. | 3028 | 1105371 |
| Advanced Drainage Systems, Inc. | 6589 | 922790 |
| AECOM | 13059 | 1754477 |
| AGCO Corp. | 6164 | 635878 |
| Alaska Air Group, Inc.\* | 12091 | 504557 |
| API Group Corp.\* | 30209 | 1112295 |
| Applied Industrial Technologies, Inc. | 3725 | 957660 |
| Armstrong World Industries, Inc. | 4256 | 810470 |
| Casella Waste Systems, Inc., Class A\* | 6139 | 543731 |
| CH Robinson Worldwide, Inc. | 11645 | 1793214 |
| Chart Industries, Inc.\* | 4502 | 898689 |
| Comfort Systems USA, Inc. | 3448 | 3329320 |
| Core & Main, Inc., Class A\* | 10149 | 529575 |
| Crane Co. | 4831 | 917890 |
| Dayforce, Inc.\* | 15148 | 1041274 |
| Donaldson Co., Inc. | 11481 | 967274 |
| Dycom Industries, Inc.\* | 2767 | 796315 |
| ExlService Holdings, Inc.\* | 15433 | 603430 |
| Flowserve Corp. | 12889 | 879674 |
| FTI Consulting, Inc.\* | 3343 | 551628 |
| Genpact Ltd. | 15740 | 600481 |
| Graco, Inc. | 16407 | 1341600 |
| ITT, Inc. | 7762 | 1436513 |
| Kirby Corp.\* | 5515 | 570692 |
| Knight-Swift Transportation Holdings, Inc. | 15633 | 705361 |
| Lincoln Electric Holdings, Inc. | 5435 | 1274236 |
| Masco Corp. | 20660 | 1337942 |
| MasTec, Inc.\* | 6244 | 1274775 |
| MSA Safety, Inc. | 3648 | 572845 |
| NEXTracker, Inc., Class A\* | 13266 | 1342785 |
| nVent Electric PLC | 16207 | 1853271 |
| Owens Corning | 8377 | 1066476 |
| Paycom Software, Inc. | 5075 | 949482 |
| Paylocity Holding Corp.\* | 4259 | 601669 |
| Regal Rexnord Corp. | 6542 | 921702 |
| Ryder System, Inc. | 4013 | 679120 |
| Simpson Manufacturing Co., Inc. | 4119 | 727004 |
| SPX Technologies, Inc.\* | 4435 | 992952 |
| Sterling Infrastructure, Inc.\*<sup>(a)</sup> | 2905 | 1097800 |
| Tetra Tech, Inc. | 25951 | 829913 |
| Toro Co. (The) | 9737 | 727646 |
| Trex Co., Inc.\* | 10566 | 510549 |
| UFP Industries, Inc. | 5793 | 533709 |
| UL Solutions, Inc., Class A | 6110 | 475786 |
| Watts Water Technologies, Inc., Class A | 2689 | 733021 |
| WESCO International, Inc. | 4389 | 1139077 |
| XPO, Inc.\* | 11462 | 1649038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 47354365 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology — 16.7%** |  |  |
| Akamai Technologies, Inc.\* | 14204 | $1066720<br>|
| Appfolio, Inc., Class A\* | 2189 | 556947 |
| Arrow Electronics, Inc.\* | 5107 | 569686 |
| Badger Meter, Inc. | 2899 | 523125 |
| CCC Intelligent Solutions Holdings, Inc.\* | 49455 | 431248 |
| Ciena Corp.\* | 13897 | 2639318 |
| Commvault Systems, Inc.\* | 4373 | 608809 |
| Confluent, Inc., Class A\* | 26607 | 621806 |
| Credo Technology Group Holding Ltd.\* | 14305 | 2683904 |
| Docusign, Inc.\* | 19792 | 1447587 |
| Dolby Laboratories, Inc., Class A | 6039 | 400506 |
| Dynatrace, Inc.\* | 29124 | 1472801 |
| Elastic NV\* | 8685 | 774876 |
| Enphase Energy, Inc.\* | 12555 | 383053 |
| EPAM Systems, Inc.\* | 5439 | 889494 |
| F5, Inc.\* | 5661 | 1432516 |
| Fabrinet\* | 3533 | 1556534 |
| Gen Digital, Inc. | 54086 | 1425707 |
| Gitlab, Inc., Class A\* | 12995 | 633506 |
| Guidewire Software, Inc.\* | 7838 | 1831270 |
| Informatica, Inc., Class A\* | 10999 | 273545 |
| Kyndryl Holdings, Inc.\* | 22811 | 659694 |
| Lattice Semiconductor Corp.\* | 13458 | 981896 |
| Manhattan Associates, Inc.\* | 5965 | 1086048 |
| MKS, Inc. | 6157 | 884822 |
| Nutanix, Inc., Class A\* | 24759 | 1763831 |
| Pegasystems, Inc. | 8022 | 510600 |
| Procore Technologies, Inc.\* | 8372 | 618021 |
| Skyworks Solutions, Inc. | 14836 | 1153054 |
| TD SYNNEX Corp. | 7199 | 1126572 |
| Twilio, Inc., Class A\* | 14274 | 1925277 |
| UiPath, Inc., Class A\* | 40112 | 636176 |
| Unity Software, Inc.\* | 31003 | 1175014 |
| Universal Display Corp. | 4353 | 641110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 35385073 |
| **Materials — 3.3%** |  |  |
| Albemarle Corp. | 11617 | 1141138 |
| Alcoa Corp. | 25428 | 935496 |
| Axalta Coating Systems Ltd.\* | 21579 | 614354 |
| Crown Holdings, Inc. | 11435 | 1111254 |
| Graphic Packaging Holding Co. | 29488 | 471513 |
| Louisiana-Pacific Corp. | 6218 | 541650 |
| Mosaic Co. (The) | 31196 | 856330 |
| RPM International, Inc. | 12540 | 1370371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 7042106 |
| **Real Estate — 9.0%** |  |  |
| American Homes 4 Rent, Class A | 33826 | 1068901 |
| Brixmor Property Group, Inc. | 30096 | 787311 |
| BXP, Inc. | 14398 | 1024994 |
| Camden Property Trust | 10458 | 1040362 |
| CubeSmart | 22419 | 844524 |
| Equity LifeStyle Properties, Inc. | 18117 | 1106043 |
| Federal Realty Investment Trust | 7698 | 740471 |
| Healthcare Realty Trust, Inc. | 34581 | 612775 |
| Host Hotels & Resorts, Inc. | 67897 | 1087710 |
| Jones Lang LaSalle, Inc.\* | 4676 | 1426601 |
| Kilroy Realty Corp. | 11630 | 491367 |
| Kimco Realty Corp. | 65360 | 1350338 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam U.S. Mid Cap Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Real Estate (continued)** |  |  |
| Regency Centers Corp. | 16121 | $1111543<br>|
| Rexford Industrial Realty, Inc. | 23416 | 967549 |
| STAG Industrial, Inc. | 18442 | 705775 |
| UDR, Inc. | 30287 | 1020369 |
| Vornado Realty Trust | 15632 | 593078 |
| WP Carey, Inc. | 21582 | 1424412 |
| Zillow Group, Inc., Class A\* | 4930 | 352643 |
| Zillow Group, Inc., Class C\* | 17118 | 1283508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 19040274 |
| **Utilities — 0.8%** |  |  |
| Brookfield Renewable Corp. | 14336 | 620175 |
| Essential Utilities, Inc. | 25551 | 997256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1617431 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $187,569,943)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $187,569,943)** | **211990649** |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Money Market Funds — 0.2%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(b)</sup><sup>(c)</sup> | 393775 | 393775 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(b)</sup> | 97147 | 97147 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $490,922)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $490,922)** | **490922** |
| **Total Investments — 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $188,060,865)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $188,060,865)** | **212481571** |
| **Other Assets and Liabilities, Net — (0.2)%** | **Other Assets and Liabilities, Net — (0.2)%** | **(329060)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **212152511**<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 $7,080,690; total market value of collateral held by the Fund was $7,249,966. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $6,856,191.

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

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

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam U.S. Mid Cap Equity 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>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $211990649<br>| $—<br>| $—<br>| $211990649<br>|
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 490922 |  |  | 490922 |
| Total Investments in Securities  | $212481571<br>| $—<br>| $—<br>| $212481571<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 Candriam U.S. Large Cap Equity ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 8.3%** |  |  |
| Alphabet, Inc., Class A | 28662 | $8059468<br>|
| Alphabet, Inc., Class C | 25070 | 7065227 |
| Comcast Corp., Class A | 36753 | 1023020 |
| Electronic Arts, Inc. | 2226 | 445333 |
| Pinterest, Inc., Class A\* | 5821 | 192675 |
| ROBLOX Corp., Class A\* | 5575 | 633989 |
| Take-Two Interactive Software, Inc.\* | 1627 | 417114 |
| Verizon Communications, Inc. | 41532 | 1650482 |
| Walt Disney Co. (The) | 17695 | 1992811 |
| Warner Bros Discovery, Inc.\* | 22318 | 501039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 21981158 |
| **Consumer Discretionary — 10.8**% |  |  |
| Airbnb, Inc., Class A\* | 4094 | 518055 |
| AutoZone, Inc.\* | 165 | 606281 |
| Chipotle Mexican Grill, Inc.\* | 13174 | 417484 |
| DoorDash, Inc., Class A\* | 3298 | 838912 |
| eBay, Inc. | 4526 | 368009 |
| Hilton Worldwide Holdings, Inc. | 2293 | 589209 |
| Home Depot, Inc. (The) | 9784 | 3713909 |
| Lowe's Cos., Inc. | 5514 | 1313049 |
| Lululemon Athletica, Inc.\* | 1021 | 174121 |
| Marriott International, Inc., Class A | 2347 | 611581 |
| MercadoLibre, Inc.\* | 465 | 1082176 |
| NIKE, Inc., Class B | 11437 | 738716 |
| NVR, Inc.\* | 28 | 201903 |
| O'Reilly Automotive, Inc.\* | 8395 | 792824 |
| PulteGroup, Inc. | 1953 | 234106 |
| Royal Caribbean Cruises Ltd. | 2468 | 707896 |
| Starbucks Corp. | 10962 | 886497 |
| Tesla, Inc.\* | 27562 | 12583707 |
| TJX Cos., Inc. (The) | 10972 | 1537616 |
| Tractor Supply Co. | 5205 | 281643 |
| Ulta Beauty, Inc.\* | 450 | 233946 |
| Yum! Brands, Inc. | 2734 | 377866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 28809506 |
| **Consumer Staples — 4.2**% |  |  |
| Archer-Daniels-Midland Co. | 4695 | 284188 |
| Church & Dwight Co., Inc. | 2422 | 212385 |
| Clorox Co. (The) | 1213 | 136414 |
| Colgate-Palmolive Co. | 7970 | 614088 |
| Dollar General Corp. | 2151 | 212218 |
| Estee Lauder Cos., Inc. (The), Class A | 2151 | 207980 |
| General Mills, Inc. | 5326 | 248245 |
| Hershey Co. (The) | 1455 | 246812 |
| Hormel Foods Corp. | 2802 | 60495 |
| Kellanova | 2710 | 225093 |
| Kenvue, Inc. | 18871 | 271176 |
| Keurig Dr Pepper, Inc. | 12649 | 343547 |
| Kimberly-Clark Corp. | 3253 | 389417 |
| Kraft Heinz Co. (The) | 8445 | 208845 |
| Kroger Co. (The) | 5963 | 379426 |
| McCormick & Co., Inc. | 2443 | 156743 |
| Mondelez International, Inc., Class A | 12736 | 731811 |
| PepsiCo, Inc. | 13491 | 1970900 |
| Procter & Gamble Co. (The) | 23055 | 3466780 |
| Sysco Corp. | 4802 | 356692 |
| Target Corp. | 4463 | 413809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 11137064 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued**) | **Common Stocks (continued**) | **Common Stocks (continued**) |
| **Energy — 1.8**% |  |  |
| Baker Hughes Co. | 9740 | $471513<br>|
| Cheniere Energy, Inc. | 2153 | 456436 |
| Halliburton Co. | 8433 | 226342 |
| Kinder Morgan, Inc. | 19117 | 500674 |
| Marathon Petroleum Corp. | 3012 | 587069 |
| ONEOK, Inc. | 6136 | 411112 |
| SLB Ltd. | 13359 | 481726 |
| Targa Resources Corp. | 2103 | 323946 |
| Valero Energy Corp. | 3067 | 520040 |
| Williams Cos., Inc. (The) | 11995 | 694151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 4673009 |
| **Financials — 15.2**% |  |  |
| Aflac, Inc. | 4799 | 514405 |
| Allstate Corp. (The) | 2595 | 496994 |
| American Express Co. | 5420 | 1955157 |
| Ameriprise Financial, Inc. | 935 | 423340 |
| Apollo Global Management, Inc. | 4008 | 498234 |
| Arch Capital Group Ltd. | 3534 | 305019 |
| Ares Management Corp., Class A | 2041 | 303517 |
| Arthur J Gallagher & Co. | 2494 | 622228 |
| Bank of America Corp. | 64250 | 3434162 |
| Bank of New York Mellon Corp. (The) | 7040 | 759827 |
| Capital One Financial Corp. | 6252 | 1375377 |
| Cboe Global Markets, Inc. | 1026 | 252027 |
| Citigroup, Inc. | 17838 | 1805741 |
| Citizens Financial Group, Inc. | 4280 | 217724 |
| CME Group, Inc. | 3533 | 937976 |
| Coinbase Global, Inc., Class A\* | 2016 | 693060 |
| Corpay, Inc.\* | 681 | 177298 |
| Everest Re Group Ltd. | 414 | 130211 |
| Fidelity National Information Services, Inc. | 5174 | 323478 |
| Fifth Third Bancorp | 6552 | 272694 |
| Fiserv, Inc.\* | 5455 | 363794 |
| Global Payments, Inc. | 2381 | 185147 |
| Hartford Insurance Group, Inc. (The) | 2799 | 347580 |
| Huntington Bancshares, Inc. | 14271 | 220344 |
| Intercontinental Exchange, Inc. | 5587 | 817322 |
| KKR & Co., Inc. | 6691 | 791746 |
| M&T Bank Corp. | 1567 | 288124 |
| Markel Group Inc.\* | 122 | 240893 |
| Marsh & McLennan Cos., Inc. | 4840 | 862246 |
| Mastercard, Inc., Class A | 7928 | 4376177 |
| MetLife, Inc. | 5528 | 441245 |
| Moody's Corp. | 1529 | 734379 |
| Morgan Stanley | 12072 | 1979808 |
| Nasdaq, Inc. | 4044 | 345722 |
| Northern Trust Corp. | 1907 | 245374 |
| PayPal Holdings, Inc.\* | 9558 | 662083 |
| PNC Financial Services Group, Inc. (The) | 3881 | 708477 |
| Principal Financial Group, Inc. | 2204 | 185224 |
| Progressive Corp. (The) | 5755 | 1185530 |
| Prudential Financial, Inc. | 3478 | 361712 |
| Raymond James Financial, Inc. | 1793 | 284495 |
| Regions Financial Corp. | 8832 | 213734 |
| Rocket Cos., Inc., Class A | 2253 | 37535 |
| S&P Global, Inc. | 3018 | 1470400 |
| Synchrony Financial | 3712 | 276099 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam U.S. Large Cap Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued**) | **Common Stocks (continued**) | **Common Stocks (continued**) |
| **Financials (continued**) |  |  |
| Travelers Cos., Inc. (The) | 2224 | $597411<br>|
| US Bancorp | 14791 | 690444 |
| Visa, Inc., A Shares | 16834 | 5736017 |
| Willis Towers Watson PLC | 976 | 305586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 40453117 |
| **Health Care — 5.7**% |  |  |
| Alnylam Pharmaceuticals, Inc.\* | 1275 | 581451 |
| Biogen, Inc.\* | 1435 | 221377 |
| Bristol-Myers Squibb Co. | 20017 | 922183 |
| Cardinal Health, Inc. | 2348 | 447928 |
| Cencora, Inc. | 1697 | 573264 |
| Cigna Group (The) | 2581 | 630822 |
| Dexcom, Inc.\* | 3846 | 223914 |
| Edwards Lifesciences Corp.\* | 5679 | 468234 |
| Elevance Health, Inc. | 2219 | 703867 |
| Gilead Sciences, Inc. | 12223 | 1464193 |
| Humana, Inc. | 1186 | 329933 |
| IDEXX Laboratories, Inc.\* | 784 | 493536 |
| Intuitive Surgical, Inc.\* | 3509 | 1874789 |
| Labcorp Holdings, Inc. | 822 | 208755 |
| McKesson Corp. | 1229 | 997137 |
| Mettler-Toledo International, Inc.\* | 202 | 286091 |
| Quest Diagnostics, Inc. | 1086 | 191082 |
| ResMed, Inc.<sup>(a)</sup> | 1427 | 352298 |
| Royalty Pharma PLC, Class A | 3774 | 141676 |
| STERIS PLC | 965 | 227450 |
| Stryker Corp. | 3386 | 1206229 |
| Veeva Systems, Inc., Class A\* | 1467 | 427190 |
| Vertex Pharmaceuticals, Inc.\* | 2524 | 1074139 |
| Waters Corp.\* | 583 | 203817 |
| West Pharmaceutical Services, Inc. | 706 | 199141 |
| Zimmer Biomet Holdings, Inc. | 1945 | 195589 |
| Zoetis, Inc. | 4382 | 631402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 15277487 |
| **Industrials — 7.4**% |  |  |
| Automatic Data Processing, Inc. | 3991 | 1038857 |
| Axon Enterprise, Inc.\* | 719 | 526473 |
| Broadridge Financial Solutions, Inc. | 1146 | 252578 |
| Carrier Global Corp. | 7852 | 467115 |
| Cintas Corp. | 3378 | 619086 |
| Dover Corp. | 1345 | 244064 |
| Emerson Electric Co. | 5520 | 770426 |
| Equifax, Inc. | 1213 | 256064 |
| Expeditors International of <br>Washington, Inc. | 1338 | 163102 |
| Fastenal Co. | 11272 | 463843 |
| FedEx Corp. | 2166 | 549774 |
| Ferguson Enterprises, Inc. | 1835 | 455998 |
| Fortive Corp. | 3331 | 167683 |
| GE Vernova, Inc. | 2676 | 1565835 |
| General Electric Co. | 10464 | 3232853 |
| Howmet Aerospace, Inc. | 3931 | 809589 |
| Illinois Tool Works, Inc. | 2862 | 698099 |
| Ingersoll Rand, Inc. | 3966 | 302725 |
| Johnson Controls International PLC | 6430 | 735528 |
| Old Dominion Freight Line, Inc. | 1825 | 256267 |
| Otis Worldwide Corp. | 3889 | 360744 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued**) | **Common Stocks (continued**) | **Common Stocks (continued**) |
| **Industrials (continued**) |  |  |
| Quanta Services, Inc. | 1444 | $648544<br>|
| Rockwell Automation, Inc. | 1106 | 407406 |
| SS&C Technologies Holdings, Inc. | 2116 | 179691 |
| Trane Technologies PLC | 2193 | 983889 |
| TransUnion | 1915 | 155460 |
| United Parcel Service, Inc., Class B | 7218 | 695960 |
| United Rentals, Inc. | 638 | 555813 |
| Verisk Analytics, Inc. | 1369 | 299482 |
| Waste Management, Inc. | 3952 | 789491 |
| Westinghouse Air Brake <br>Technologies Corp. | 1667 | 340801 |
| WW Grainger, Inc. | 429 | 419991 |
| Xylem, Inc. | 2380 | 359023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 19772254 |
| **Information Technology — 38.7**% |  |  |
| Accenture PLC, Class A | 6693 | 1673919 |
| Adobe, Inc.\* | 4171 | 1419433 |
| Advanced Micro Devices, Inc.\* | 15843 | 4057709 |
| Amdocs Ltd. | 1081 | 91085 |
| Analog Devices, Inc. | 4864 | 1138808 |
| Apple, Inc. | 105265 | 28460498 |
| Applied Materials, Inc. | 7878 | 1836362 |
| Atlassian Corp., Class A\* | 1624 | 275138 |
| Autodesk, Inc.\* | 2102 | 633417 |
| Cadence Design Systems, Inc.\* | 2676 | 906334 |
| CDW Corp. | 1300 | 207181 |
| Cisco Systems, Inc. | 38969 | 2849024 |
| Cognizant Technology Solutions Corp., Class A | 4845 | 353104 |
| Corning, Inc. | 7618 | 678611 |
| Crowdstrike Holdings, Inc., Class A\* | 2405 | 1305939 |
| Dell Technologies, Inc., Class C | 2971 | 481332 |
| Fair Isaac Corp.\* | 235 | 389990 |
| Fortinet, Inc.\* | 6046 | 522556 |
| Gartner, Inc.\* | 733 | 182033 |
| Gen Digital, Inc. | 5369 | 141527 |
| Hewlett Packard Enterprise Co. | 12878 | 314481 |
| HP, Inc. | 9228 | 255339 |
| HubSpot, Inc.\* | 494 | 243008 |
| Intel Corp.\* | 42907 | 1715851 |
| International Business Machines Corp. | 9119 | 2803272 |
| Intuit, Inc. | 2668 | 1781023 |
| Keysight Technologies, Inc.\* | 1681 | 307556 |
| KLA Corp. | 1298 | 1568944 |
| Lam Research Corp. | 12561 | 1977855 |
| Marvell Technology, Inc. | 8452 | 792290 |
| Micron Technology, Inc. | 10987 | 2458561 |
| Microsoft Corp. | 50389 | 26091928 |
| MongoDB, Inc.\* | 781 | 281019 |
| Monolithic Power Systems, Inc. | 455 | 457275 |
| NetApp, Inc. | 1965 | 231438 |
| ON Semiconductor Corp.\* | 4097 | 205178 |
| Palo Alto Networks, Inc.\* | 6497 | 1430899 |
| QUALCOMM, Inc. | 10794 | 1952635 |
| Roper Technologies, Inc. | 1057 | 471581 |
| Salesforce, Inc. | 9129 | 2377283 |
| Seagate Technology Holdings PLC | 1944 | 497431 |
| ServiceNow, Inc.\* | 2035 | 1870735 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Candriam U.S. Large Cap Equity ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued**) | **Common Stocks (continued**) | **Common Stocks (continued**) |
| **Information Technology (continued**) |  |  |
| Snowflake, Inc., Class A\* | 3117 | $856801<br>|
| Synopsys, Inc.\* | 1816 | 824137 |
| TE Connectivity PLC | 2913 | 719540 |
| Texas Instruments, Inc. | 8900 | 1436994 |
| Trimble, Inc.\* | 2343 | 186854 |
| VeriSign, Inc. | 795 | 190641 |
| Workday, Inc., Class A\* | 2114 | 507191 |
| Zscaler, Inc.\* | 934 | 309285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 102721025 |
| **Materials — 3.1**% |  |  |
| Air Products and Chemicals, Inc. | 2157 | 523267 |
| CRH PLC | 6652 | 792253 |
| DuPont de Nemours, Inc. | 4112 | 335745 |
| Ecolab, Inc. | 2472 | 633821 |
| Freeport-McMoRan, Inc. | 14076 | 586969 |
| International Flavors & Fragrances, Inc. | 2512 | 158181 |
| Linde PLC | 4623 | 1933801 |
| LyondellBasell Industries NV, Class A | 2454 | 113915 |
| Martin Marietta Materials, Inc. | 591 | 362342 |
| Newmont Corp. | 10952 | 886783 |
| Nucor Corp. | 2261 | 339263 |
| Packaging Corp. of America | 879 | 172073 |
| PPG Industries, Inc. | 2232 | 218178 |
| Sherwin-Williams Co. (The) | 2275 | 784738 |
| Vulcan Materials Co. | 1292 | 374034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 8215363 |
| **Real Estate — 3.0**% |  |  |
| American Tower Corp. | 4600 | 823308 |
| AvalonBay Communities, Inc. | 1398 | 243140 |
| CBRE Group, Inc., Class A\* | 2940 | 448144 |
| Crown Castle, Inc. | 4265 | 384788 |
| Digital Realty Trust, Inc. | 3312 | 564398 |
| Equinix, Inc. | 959 | 811324 |
| Equity Residential | 3370 | 200313 |
| Essex Property Trust, Inc. | 621 | 156349 |
| Extra Space Storage, Inc. | 2063 | 275493 |
| Invitation Homes, Inc. | 5633 | 158569 |
| Iron Mountain, Inc. | 2877 | 296187 |
| Mid-America Apartment <br>Communities, Inc. | 1144 | 146695 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued**) | **Common Stocks (continued**) | **Common Stocks (continued**) |
| **Real Estate (continued**) |  |  |
| Prologis, Inc. | 9106 | $1129964<br>|
| Public Storage | 1551 | 432047 |
| SBA Communications Corp. | 1040 | 199139 |
| Ventas, Inc. | 4423 | 326373 |
| Welltower, Inc. | 6434 | 1164811 |
| Weyerhaeuser Co. | 7130 | 163990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 7925032 |
| **Utilities — 1.6**% |  |  |
| American Water Works Co., Inc. | 1914 | 245815 |
| Consolidated Edison, Inc. | 3547 | 345513 |
| Eversource Energy | 3615 | 266823 |
| Exelon Corp. | 9917 | 457372 |
| NextEra Energy, Inc. | 20249 | 1648269 |
| PG&E Corp. | 21597 | 344688 |
| Public Service Enterprise Group, Inc. | 4904 | 395066 |
| Sempra | 6416 | 589887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 4293433 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $220,978,528)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $220,978,528)** | **265258448** |
| **Short-Term Investments — 0.1**% | **Short-Term Investments — 0.1**% | **Short-Term Investments — 0.1**% |
| **Money Market Funds — 0.1**% |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(b)</sup>**<br>(Cost $357,166)** | 357166 | **357166** |
| **Total Investments — 99.9%<br>(Cost $221,335,694)** | **Total Investments — 99.9%<br>(Cost $221,335,694)** | **265615614** |
| **Other Assets and Liabilities, Net — 0.1%** | **Other Assets and Liabilities, Net — 0.1%** | **141559** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **265757173**<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 $345,138; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $370,526.

(b)Reflects the 1-day yield 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>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $265258448<br>| $—<br>| $—<br>| $265258448<br>|
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 357166 |  |  | 357166 |
| Total Investments in Securities  | $265615614<br>| $—<br>| $—<br>| $265615614<br>|

---

------

(c)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 FTSE International Equity Currency Neutral ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Australia — 6.8%** |  |  |
| ALS Ltd. | 33702 | $479210<br>|
| ANZ Group Holdings Ltd. | 164577 | 3948693 |
| APA Group | 87727 | 527213 |
| Aristocrat Leisure Ltd. | 30647 | 1270998 |
| ASX Ltd. | 13761 | 508539 |
| Atlas Arteria Ltd. | 91057 | 289708 |
| Aurizon Holdings Ltd. | 160407 | 360187 |
| BHP Group Ltd. | 259552 | 7382856 |
| Brambles Ltd. | 77327 | 1258469 |
| CAR Group Ltd. | 23687 | 553590 |
| Charter Hall Group | 34193 | 502308 |
| Cochlear Ltd. | 3806 | 715489 |
| Coles Group Ltd. | 76242 | 1100559 |
| Commonwealth Bank of Australia | 88079 | 9896944 |
| Computershare Ltd. | 31935 | 764543 |
| Dexus | 83557 | 398221 |
| EBOS Group Ltd. | 8906 | 147390 |
| Endeavour Group Ltd. | 115421 | 276552 |
| Evolution Mining Ltd. | 117918 | 838340 |
| Fortescue Ltd. | 89149 | 1242517 |
| Glencore PLC\* | 556788 | 2666089 |
| Goodman Group | 108181 | 2339213 |
| GPT Group (The) | 166735 | 585062 |
| HUB24 Ltd. | 5032 | 376067 |
| Insurance Australia Group Ltd. | 136894 | 704397 |
| Lottery Corp., Ltd. (The) | 148700 | 535407 |
| Macquarie Group Ltd. | 19340 | 2767180 |
| Medibank Pvt Ltd. | 182706 | 583691 |
| Mineral Resources Ltd.\* | 10313 | 326769 |
| Mirvac Group | 306682 | 461771 |
| National Australia Bank Ltd. | 166077 | 4742479 |
| Origin Energy Ltd. | 97316 | 780424 |
| Pilbara Minerals Ltd.\*<sup>(a)</sup> | 169687 | 366583 |
| Pro Medicus Ltd. | 3101 | 535148 |
| QBE Insurance Group Ltd. | 85174 | 1106264 |
| Ramsay Health Care Ltd. | 13476 | 283189 |
| REA Group Ltd. | 3089 | 430915 |
| Region Group | 198113 | 316456 |
| Rio Tinto Ltd. | 20859 | 1814390 |
| Rio Tinto PLC | 55424 | 3994851 |
| Santos Ltd. | 192008 | 793157 |
| Scentre Group | 368350 | 981444 |
| SEEK Ltd. | 23800 | 422237 |
| Sonic Healthcare Ltd. | 30510 | 422638 |
| South32 Ltd. | 276500 | 573805 |
| Steadfast Group Ltd. | 88956 | 361058 |
| Stockland | 176023 | 727125 |
| Suncorp Group Ltd. | 66447 | 853463 |
| Technology One Ltd. | 20072 | 484872 |
| Telstra Group Ltd. | 249292 | 796413 |
| Transurban Group | 176141 | 1669703 |
| Treasury Wine Estates Ltd. | 50633 | 198550 |
| Vicinity Ltd. | 278993 | 460261 |
| Wesfarmers Ltd. | 62565 | 3440495 |
| Westpac Banking Corp. | 185518 | 4704960 |
| WiseTech Global Ltd. | 10645 | 481681 |
| Woodside Energy Group Ltd. | 105445 | 1711938 |
| Woolworths Group Ltd. | 69438 | 1291453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Australia |  | 78553924 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued**) | **Common Stocks (continued**) | **Common Stocks (continued**) |
| **Austria — 0.3%** |  |  |
| ANDRITZ AG | 4746 | $359346<br>|
| Erste Group Bank AG | 15454 | 1600873 |
| Mondi PLC | 25296 | 282566 |
| OMV AG | 9731 | 533049 |
| Raiffeisen Bank International AG | 8600 | 321011 |
| Strabag SE, Bearer | 1819 | 142555 |
| Verbund AG<sup>(a)</sup> | 4170 | 322232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Austria |  | 3561632 |
| **Belgium — 0.7%** |  |  |
| Ageas SA | 10363 | 686561 |
| Anheuser-Busch InBev SA | 46864 | 2861387 |
| D'ieteren Group<sup>(a)</sup> | 1324 | 242214 |
| Groupe Bruxelles Lambert NV | 5441 | 478850 |
| KBC Group NV | 12019 | 1446192 |
| Lotus Bakeries NV<sup>(a)</sup> | 25 | 218432 |
| Sofina SA<sup>(a)</sup> | 1106 | 304329 |
| Syensqo SA<sup>(a)</sup> | 4031 | 333311 |
| UCB SA | 6235 | 1601209 |
| Warehouses De Pauw CVA | 11607 | 294998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Belgium |  | 8467483 |
| **Brazil — 0.0%<sup>(b)</sup>** |  |  |
| Yara International ASA | 9746 | 355663 |
| **Cambodia — 0.0%<sup>(b)</sup>** |  |  |
| NagaCorp Ltd. | 54692 | 36662 |
| **Chile — 0.1%** |  |  |
| Antofagasta PLC | 18113 | 663959 |
| **China — 0.7%** |  |  |
| AAC Technologies Holdings, Inc. | 43350 | 223103 |
| BOC Aviation Ltd. | 17958 | 157348 |
| BOC Hong Kong Holdings Ltd. | 214925 | 1055793 |
| Lenovo Group Ltd. | 427209 | 624417 |
| MMG Ltd.\* | 229833 | 204337 |
| Nexteer Automotive Group Ltd. | 51023 | 44247 |
| Prosus NV\* | 65838 | 4554099 |
| Shenzhou International Group <br>Holdings Ltd. | 46663 | 402857 |
| Wilmar International Ltd. | 149498 | 359544 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 130293 | 152385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China |  | 7778130 |
| **Denmark — 1.5%** |  |  |
| Carlsberg A/S, Class B | 4677 | 550580 |
| Coloplast A/S, Class B | 6904 | 624925 |
| Danske Bank A/S | 34963 | 1563446 |
| DSV A/S<sup>(a)</sup> | 10034 | 2132567 |
| Genmab A/S\* | 3284 | 932985 |
| Novo Nordisk A/S, Class B | 163680 | 7993554 |
| Novonesis Novozymes B, Class B | 18681 | 1118050 |
| Orsted A/S\* | 23941 | 428526 |
| Pandora A/S | 4147 | 556134 |
| Tryg A/S | 18836 | 464964 |
| Vestas Wind Systems A/S<sup>(a)</sup> | 53895 | 1099218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Denmark |  | 17464949 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Finland — 1.0%** |  |  |
| Elisa OYJ | 8599 | $379531<br>|
| Fortum OYJ | 22400 | 500018 |
| Kesko OYJ, B Shares | 16006 | 338077 |
| Kone OYJ, Class B | 16447 | 1099504 |
| Metso Outotec OYJ<sup>(a)</sup> | 35564 | 583292 |
| Neste OYJ | 20890 | 432918 |
| Nokia OYJ | 261336 | 1768784 |
| Nordea Bank Abp | 171403 | 2930904 |
| Orion OYJ, Class B | 5862 | 409677 |
| Sampo OYJ, A Shares | 133401 | 1488598 |
| Stora Enso OYJ, R Shares<sup>(a)</sup> | 29841 | 347869 |
| UPM-Kymmene OYJ<sup>(a)</sup> | 27015 | 725888 |
| Wartsila OYJ Abp | 23885 | 782107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Finland |  | 11787167 |
| **France — 8.1%** |  |  |
| Accor SA | 12623 | 643243 |
| Air Liquide SA | 30535 | 5918095 |
| Airbus SE | 30428 | 7494616 |
| Alstom SA\*<sup>(a)</sup> | 18753 | 468609 |
| Arkema SA | 3659 | 217496 |
| AXA SA | 93134 | 4045051 |
| BioMerieux | 2771 | 356929 |
| BNP Paribas SA | 52711 | 4079870 |
| Bouygues SA | 12146 | 548561 |
| Capgemini SE | 8269 | 1274136 |
| Carrefour SA | 35852 | 540015 |
| Cie de Saint-Gobain SA | 23932 | 2321934 |
| Cie Generale des Etablissements Michelin SCA | 38307 | 1224285 |
| Danone SA | 34759 | 3076316 |
| Dassault Systemes SE | 35566 | 1011069 |
| Edenred SE | 13565 | 390323 |
| Eiffage SA | 4425 | 544953 |
| Engie SA | 96015 | 2249659 |
| EssilorLuxottica SA | 15098 | 5529311 |
| Gecina SA, Class Series 2022-P1 C, 3.30%, expires 4/10/28 | 3920 | 364446 |
| Getlink SE | 22346 | 408284 |
| Hermes International SCA | 1769 | 4387790 |
| Kering SA | 3706 | 1312328 |
| Klepierre SA | 13357 | 510908 |
| Legrand SA | 13825 | 2385546 |
| L'Oreal SA | 11809 | 4942906 |
| LVMH Moet Hennessy Louis Vuitton SE | 13111 | 9262746 |
| Orange SA | 119309 | 1905171 |
| Pernod Ricard SA<sup>(a)</sup> | 9925 | 973255 |
| Publicis Groupe SA | 12421 | 1244394 |
| Renault SA | 10088 | 392389 |
| Rexel SA | 12817 | 443802 |
| Safran SA | 18177 | 6459716 |
| Sartorius Stedim Biotech | 1540 | 368292 |
| Societe Generale SA | 38375 | 2429885 |
| Sodexo SA<sup>(a)</sup> | 5003 | 277405 |
| Teleperformance SE | 2895 | 207034 |
| Thales SA | 4909 | 1398929 |
| TotalEnergies SE | 98923 | 6159852 |
| Unibail-Rodamco-Westfield\* | 5743 | 594186 |
| Veolia Environnement SA | 33460 | 1106451 |
| Vinci SA | 26781 | 3582546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France |  | 93052732 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Germany — 8.1%** |  |  |
| adidas AG | 8815 | $1666548<br>|
| Allianz SE | 20475 | 8228757 |
| BASF SE | 47772 | 2359376 |
| Bayer AG | 52164 | 1622599 |
| Bayerische Motoren Werke AG | 18200 | 1695642 |
| Bechtle AG | 5275 | 223079 |
| Beiersdorf AG | 5709 | 604374 |
| Brenntag SE | 7496 | 416589 |
| Commerzbank AG | 40680 | 1479486 |
| Continental AG | 6295 | 475758 |
| Covestro AG\* | 9936 | 694969 |
| CTS Eventim AG & Co. KGaA | 3519 | 315183 |
| Daimler Truck Holding AG | 27641 | 1107363 |
| Deutsche Bank AG | 95766 | 3418793 |
| Deutsche Boerse AG | 9886 | 2504590 |
| Deutsche Lufthansa AG | 39244 | 343974 |
| Deutsche Post AG | 50698 | 2328925 |
| Deutsche Telekom AG | 172741 | 5361271 |
| E.ON SE | 121073 | 2255446 |
| Fresenius Medical Care AG | 11839 | 636223 |
| Fresenius SE & Co. KGaA | 22750 | 1313429 |
| GEA Group AG | 9149 | 654707 |
| Hannover Rueck SE | 3475 | 992284 |
| Heidelberg Materials AG | 6780 | 1589356 |
| Henkel AG & Co. KGaA | 5677 | 424268 |
| Infineon Technologies AG | 68773 | 2724249 |
| KION Group AG | 4560 | 323684 |
| Knorr-Bremse AG | 4162 | 387185 |
| LEG Immobilien SE | 4646 | 354188 |
| Mercedes-Benz Group AG | 40481 | 2626312 |
| Merck KGaA | 7102 | 929965 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 6936 | 4294172 |
| Nemetschek SE | 3375 | 389543 |
| RENK Group AG | 3985 | 302601 |
| Rheinmetall AG | 2341 | 4597428 |
| RWE AG | 36027 | 1773906 |
| SAP SE | 53288 | 13804815 |
| Scout24 SE | 4460 | 515803 |
| Siemens AG | 38164 | 10816217 |
| Siemens Energy AG\* | 33409 | 4137564 |
| Siemens Healthineers AG | 16603 | 930757 |
| Vonovia SE | 37761 | 1135358 |
| Zalando SE\* | 12772 | 357628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 93114364 |
| **Hong Kong — 1.7%** |  |  |
| AIA Group Ltd. | 554733 | 5385168 |
| ASMPT Ltd. | 23524 | 248188 |
| CK Asset Holdings Ltd. | 117321 | 580250 |
| CLP Holdings Ltd. | 97229 | 829403 |
| Hang Seng Bank Ltd. | 43760 | 853557 |
| Henderson Land Development <br>Co., Ltd. | 104974 | 368453 |
| Hong Kong & China Gas Co., Ltd. | 680523 | 633049 |
| Hong Kong Exchanges & Clearing Ltd. | 63492 | 3460437 |
| Hongkong Land Holdings Ltd. | 67663 | 413421 |
| Link REIT | 153699 | 800512 |
| MTR Corp., Ltd.<sup>(a)</sup> | 120962 | 443557 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hong Kong (continued)** |  |  |
| Power Assets Holdings Ltd. | 84173 | $534569<br>|
| Prudential PLC | 130501 | 1808894 |
| Sino Land Co., Ltd. | 304055 | 377516 |
| Sun Hung Kai Properties Ltd. | 83870 | 1019212 |
| Swire Pacific Ltd., Class A | 29271 | 241785 |
| Techtronic Industries Co., Ltd. | 78351 | 915348 |
| WH Group Ltd. | 477819 | 458626 |
| Wharf Real Estate Investment Co., Ltd. | 107211 | 304851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Hong Kong |  | 19676796 |
| **Indonesia — 0.1%** |  |  |
| Jardine Matheson Holdings Ltd. | 9592 | 563530 |
| **Ireland — 0.3%** |  |  |
| AIB Group PLC | 112474 | 1036594 |
| Bank of Ireland Group PLC | 51058 | 835939 |
| Kerry Group PLC, Class A | 8791 | 802595 |
| Kingspan Group PLC | 7902 | 591920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ireland |  | 3267048 |
| **Israel — 1.0%** |  |  |
| Bank Hapoalim BM | 91021 | 1854432 |
| Bank Leumi Le-Israel BM | 102890 | 2097196 |
| Big Shopping Centers Ltd. | 3711 | 830305 |
| Camtek Ltd.\* | 3051 | 378492 |
| Elbit Systems Ltd. | 1021 | 489448 |
| ICL Group Ltd. | 55975 | 367926 |
| Israel Discount Bank Ltd., Class A | 108342 | 1086683 |
| Migdal Insurance & Financial <br>Holdings Ltd. | 162988 | 586000 |
| Mizrahi Tefahot Bank Ltd. | 15753 | 1027222 |
| Nice Ltd.\* | 3018 | 409547 |
| Shufersal Ltd. | 15875 | 198059 |
| Teva Pharmaceutical Industries Ltd.\*<sup>(a)</sup> | 57285 | 1159360 |
| Tower Semiconductor Ltd.\* | 7301 | 604191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Israel |  | 11088861 |
| **Italy — 3.0%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 108992 | 954057 |
| Banco BPM SpA | 83769 | 1218731 |
| BPER Banca SpA | 81481 | 973841 |
| Brunello Cucinelli SpA<sup>(a)</sup> | 2356 | 238591 |
| Coca-Cola HBC AG\* | 11274 | 511620 |
| Davide Campari-Milano NV<sup>(a)</sup> | 36820 | 256431 |
| Enel SpA | 412865 | 4180115 |
| Eni SpA | 112946 | 2078498 |
| Ferrari NV | 6327 | 2530362 |
| FinecoBank Banca Fineco SpA | 39379 | 900390 |
| Generali<sup>(a)</sup> | 55665 | 2142691 |
| Intesa Sanpaolo SpA | 836418 | 5383041 |
| Leonardo SpA | 21972 | 1290323 |
| Mediobanca Banca di Credito Finanziario SpA | 21573 | 411715 |
| Moncler SpA | 13026 | 781801 |
| Nexi SpA<sup>(a)</sup> | 35393 | 186524 |
| PRADA SpA | 30496 | 180256 |
| Prysmian SpA | 16337 | 1693663 |
| Recordati Industria Chimica e Farmaceutica SpA | 7638 | 454013 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Italy (continued)** |  |  |
| Snam SpA | 152258 | $939838<br>|
| Telecom Italia SpA\*<sup>(a)</sup> | 1008687 | 595153 |
| Terna - Rete Elettrica Nazionale | 100445 | 1030187 |
| UniCredit SpA | 81566 | 6028014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy |  | 34959855 |
| **Ivory Coast (Cote D'Ivoire) — 0.0%<sup>(b)</sup>** |  |  |
| Endeavour Mining PLC | 11933 | 481948 |
| **Japan — 23.8%** |  |  |
| Advantest Corp. | 38425 | 5770422 |
| Aeon Co., Ltd. | 145381 | 2302145 |
| AGC, Inc. | 16316 | 510487 |
| Aisin Corp. | 37953 | 683526 |
| Ajinomoto Co., Inc. | 56378 | 1600344 |
| Aozora Bank Ltd. | 15050 | 215461 |
| Asahi Group Holdings Ltd. | 89282 | 962626 |
| Asahi Intecc Co., Ltd. | 15962 | 253539 |
| Asahi Kasei Corp. | 95384 | 732151 |
| Asics Corp. | 36884 | 944037 |
| Astellas Pharma, Inc. | 107474 | 1125632 |
| Bandai Namco Holdings, Inc. | 31264 | 974520 |
| BayCurrent, Inc. | 8083 | 370688 |
| Bic Camera, Inc. | 15649 | 158110 |
| Bridgestone Corp. | 34701 | 1523596 |
| Brother Industries Ltd. | 18405 | 314147 |
| Canon, Inc. | 51907 | 1493647 |
| Capcom Co., Ltd. | 20125 | 526982 |
| Central Japan Railway Co. | 52548 | 1284579 |
| Chubu Electric Power Co., Inc. | 51504 | 717121 |
| Chugai Pharmaceutical Co., Ltd. | 34358 | 1572098 |
| CyberAgent, Inc. | 29599 | 295308 |
| Dai Nippon Printing Co., Ltd. | 30267 | 506791 |
| Daifuku Co., Ltd. | 21336 | 682508 |
| Dai-ichi Life Holdings, Inc. | 196737 | 1385607 |
| Daiichi Sankyo Co., Ltd. | 97210 | 2315170 |
| Daikin Industries Ltd. | 15219 | 1775739 |
| Daito Trust Construction Co., Ltd. | 22821 | 426111 |
| Daiwa House Industry Co., Ltd. | 36573 | 1242326 |
| Daiwa Securities Group, Inc. | 97804 | 755171 |
| Daiwa Securities Living Investments Corp. | 480 | 343981 |
| Denso Corp. | 108145 | 1517350 |
| Dentsu Group, Inc.<sup>(a)</sup> | 13839 | 273447 |
| Disco Corp. | 4754 | 1592639 |
| East Japan Railway Co. | 63128 | 1539118 |
| Ebara Corp. | 28905 | 775090 |
| Eisai Co., Ltd. | 15866 | 470661 |
| ENEOS Holdings, Inc. | 163553 | 1032776 |
| FANUC Corp. | 52215 | 1663844 |
| Fast Retailing Co., Ltd. | 9468 | 3482243 |
| Fuji Electric Co., Ltd. | 9294 | 667240 |
| FUJIFILM Holdings Corp. | 67847 | 1576659 |
| Fujikura Ltd. | 14754 | 2027472 |
| Fujitsu Ltd. | 92971 | 2432677 |
| GLP J-Reit | 505 | 457944 |
| Hamamatsu Photonics K.K. | 22493 | 252664 |
| Hankyu Hanshin Holdings, Inc. | 19660 | 527823 |
| Hikari Tsushin, Inc. | 1210 | 320457 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Hirose Electric Co., Ltd. | 2923 | $392756<br>|
| Hitachi Ltd. | 230155 | 7944983 |
| Honda Motor Co., Ltd. | 217670 | 2204182 |
| Hoya Corp. | 18259 | 2973140 |
| Idemitsu Kosan Co., Ltd. | 54753 | 380824 |
| IHI Corp. | 51964 | 1084446 |
| Inpex Corp. | 54532 | 1005650 |
| Isetan Mitsukoshi Holdings Ltd.<sup>(a)</sup> | 20684 | 325522 |
| Isuzu Motors Ltd. | 37871 | 465844 |
| ITOCHU Corp. | 66939 | 3880641 |
| J Front Retailing Co., Ltd. | 19851 | 299205 |
| Japan Logistics Fund, Inc. | 512 | 332016 |
| Japan Post Bank Co., Ltd. | 111867 | 1254787 |
| Japan Post Holdings Co., Ltd. | 109813 | 1031090 |
| Japan Steel Works Ltd. (The) | 4515 | 297180 |
| Japan Tobacco, Inc. | 65468 | 2279938 |
| Kajima Corp. | 29052 | 938384 |
| Kansai Electric Power Co., Inc. (The) | 56407 | 881502 |
| Kao Corp. | 28080 | 1188417 |
| Kawasaki Heavy Industries Ltd. | 9296 | 748242 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 21751 | 312453 |
| KDDI Corp. | 155201 | 2479811 |
| Keio Corp. | 10336 | 245359 |
| Keisei Electric Railway Co., Ltd. | 30971 | 246875 |
| Kewpie Corp. | 13281 | 368287 |
| Keyence Corp. | 10075 | 3751925 |
| Kikkoman Corp. | 47830 | 380641 |
| Kintetsu Group Holdings Co., Ltd. | 16501 | 312925 |
| Kirin Holdings Co., Ltd. | 58092 | 816203 |
| Kobe Bussan Co., Ltd.<sup>(a)</sup> | 9146 | 212361 |
| Kobe Steel Ltd.<sup>(a)</sup> | 27825 | 328091 |
| Koito Manufacturing Co., Ltd. | 20151 | 301307 |
| Komatsu Ltd. | 53797 | 1804001 |
| Konami Group Corp. | 5456 | 911606 |
| Kotobuki Spirits Co., Ltd.<sup>(a)</sup> | 10208 | 122485 |
| K's Holdings Corp. | 19981 | 198247 |
| Kubota Corp. | 65575 | 851532 |
| Kuraray Co., Ltd. | 27557 | 299173 |
| Kurita Water Industries Ltd. | 9595 | 364854 |
| Kyocera Corp. | 86901 | 1156386 |
| Kyoto Financial Group, Inc. | 22112 | 448398 |
| Kyowa Kirin Co., Ltd. | 19238 | 297458 |
| Kyushu Electric Power Co., Inc. | 32512 | 319728 |
| Lasertec Corp.<sup>(a)</sup> | 4351 | 802388 |
| Lion Corp. | 22347 | 220417 |
| Lixil Corp. | 27379 | 303905 |
| LY Corp. | 163154 | 479756 |
| M3, Inc. | 24379 | 343320 |
| Makita Corp. | 15796 | 479453 |
| Marubeni Corp. | 82132 | 2025910 |
| Marui Group Co., Ltd. | 18156 | 348376 |
| MatsukiyoCocokara & Co. | 23435 | 424798 |
| MEIJI Holdings Co., Ltd. | 20781 | 399689 |
| MINEBEA MITSUMI, Inc. | 27028 | 536156 |
| MISUMI Group, Inc. | 18672 | 292343 |
| Mitsubishi Chemical Group Corp. | 102125 | 534374 |
| Mitsubishi Corp. | 176941 | 4263445 |
| Mitsubishi Electric Corp. | 110042 | 3083647 |
| Mitsubishi Estate Co., Ltd. | 67078 | 1421198 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Mitsubishi Heavy Industries Ltd. | 168600 | $5092310<br>|
| Mitsubishi UFJ Financial Group, Inc. | 586500 | 8870501 |
| Mitsui & Co., Ltd. | 136833 | 3376970 |
| Mitsui Chemicals, Inc. | 15326 | 362818 |
| Mitsui Fudosan Co., Ltd. | 149640 | 1555603 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 18539 | 551519 |
| Mizuho Financial Group, Inc. | 132160 | 4417201 |
| Modec, Inc. | 3771 | 245272 |
| Money Forward, Inc.\* | 3488 | 101886 |
| Morinaga Milk Industry Co., Ltd. | 8650 | 186526 |
| MS&AD Insurance Group Holdings, Inc. | 71329 | 1475150 |
| Murata Manufacturing Co., Ltd. | 94237 | 2074921 |
| NEC Corp. | 68999 | 2516221 |
| Nexon Co., Ltd. | 24138 | 493556 |
| NGK Insulators Ltd. | 26657 | 450931 |
| NH Foods Ltd. | 10094 | 372165 |
| NIDEC CORP | 52591 | 642815 |
| Nintendo Co., Ltd. | 52936 | 4482491 |
| Nippon Building Fund, Inc. | 712 | 657209 |
| NIPPON EXPRESS HOLDINGS INC | 18026 | 383442 |
| Nippon Paint Holdings Co., Ltd. | 57076 | 364007 |
| Nippon Prologis REIT, Inc. | 655 | 380955 |
| Nippon Sanso Holdings Corp. | 13086 | 435591 |
| Nippon Steel Corp. | 298905 | 1234580 |
| Nippon Yusen K.K.<sup>(a)</sup> | 23422 | 810507 |
| Nissan Chemical Corp. | 10687 | 361910 |
| Nissan Motor Co., Ltd.\*<sup>(a)</sup> | 131843 | 302532 |
| Nisshin Seifun Group, Inc. | 28653 | 323905 |
| Nissin Foods Holdings Co., Ltd.<sup>(a)</sup> | 15788 | 284800 |
| Nitto Denko Corp. | 42065 | 1052342 |
| Nomura Holdings, Inc. | 177009 | 1266197 |
| Nomura Real Estate Master Fund, Inc. | 455 | 485554 |
| Nomura Research Institute Ltd. | 24814 | 971266 |
| NSK Ltd. | 65159 | 329655 |
| NTT, Inc. | 1641902 | 1688211 |
| Obayashi Corp. | 46543 | 789136 |
| Obic Co., Ltd. | 21613 | 671588 |
| Odakyu Electric Railway Co., Ltd. | 28680 | 303453 |
| Oji Holdings Corp. | 77822 | 393214 |
| Olympus Corp. | 60666 | 748013 |
| Omron Corp. | 13307 | 372290 |
| Ono Pharmaceutical Co., Ltd.<sup>(a)</sup> | 29416 | 358308 |
| Oriental Land Co., Ltd. | 59300 | 1200974 |
| ORIX Corp. | 68215 | 1664914 |
| Osaka Gas Co., Ltd. | 25188 | 792648 |
| Otsuka Corp. | 18078 | 357910 |
| Otsuka Holdings Co., Ltd. | 24778 | 1346863 |
| Pan Pacific International Holdings Corp. | 114702 | 683350 |
| Panasonic Holdings Corp. | 124160 | 1449494 |
| Pola Orbis Holdings, Inc.<sup>(a)</sup> | 20445 | 176242 |
| Rakuten Group, Inc.\* | 83142 | 544817 |
| Recruit Holdings Co., Ltd. | 71277 | 3566279 |
| Renesas Electronics Corp. | 89010 | 1104139 |
| Resonac Holdings Corp. | 13242 | 519090 |
| Ricoh Co., Ltd. | 38386 | 329902 |
| Rohm Co., Ltd. | 27525 | 442565 |
| Ryohin Keikaku Co., Ltd. | 29775 | 612489 |
| Sanrio Co., Ltd. | 10714 | 497745 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Santen Pharmaceutical Co., Ltd. | 30462 | $298381<br>|
| Sanwa Holdings Corp. | 13805 | 377262 |
| SBI Holdings, Inc. | 18153 | 814708 |
| SCREEN Holdings Co., Ltd. | 5423 | 516937 |
| Secom Co., Ltd. | 27639 | 935264 |
| Sekisui Chemical Co., Ltd. | 32208 | 559257 |
| Sekisui House Ltd. | 43716 | 939558 |
| Seven & I Holdings Co., Ltd. | 125055 | 1595911 |
| Shimadzu Corp. | 18678 | 503156 |
| Shimamura Co., Ltd. | 4585 | 295984 |
| Shimano, Inc. | 4560 | 479665 |
| Shimizu Corp. | 36982 | 497758 |
| Shin-Etsu Chemical Co., Ltd. | 100019 | 3022222 |
| Shionogi & Co., Ltd. | 47269 | 791626 |
| Shiseido Co., Ltd. | 23002 | 388207 |
| Shizuoka Financial Group, Inc. | 37693 | 507695 |
| SMC Corp. | 3206 | 1094021 |
| Socionext, Inc. | 11535 | 261392 |
| SoftBank Corp. | 1674256 | 2376812 |
| SoftBank Group Corp. | 50637 | 8896111 |
| Sompo Holdings, Inc. | 50775 | 1551710 |
| Sony Financial Group, Inc.\* | 309308 | 312008 |
| Sony Group Corp. | 313899 | 8826786 |
| Stanley Electric Co., Ltd. | 14608 | 287789 |
| Subaru Corp. | 34817 | 741970 |
| Sumitomo Corp. | 58755 | 1710914 |
| Sumitomo Electric Industries Ltd. | 44758 | 1641509 |
| Sumitomo Forestry Co., Ltd.<sup>(a)</sup> | 33629 | 350905 |
| Sumitomo Metal Mining Co., Ltd. | 18088 | 596104 |
| Sumitomo Mitsui Financial Group, Inc. | 197904 | 5347923 |
| Sumitomo Realty & Development <br>Co., Ltd. | 19582 | 836514 |
| Suntory Beverage & Food Ltd. | 12250 | 370709 |
| Suzuki Motor Corp. | 99112 | 1484863 |
| Sysmex Corp. | 27483 | 308092 |
| Taisei Corp. | 10143 | 739714 |
| Takeda Pharmaceutical Co., Ltd. | 89149 | 2403270 |
| TDK Corp. | 106891 | 1854660 |
| Teijin Ltd.<sup>(a)</sup> | 29273 | 256427 |
| Terumo Corp. | 82140 | 1328433 |
| TIS, Inc. | 14318 | 493981 |
| Tobu Railway Co., Ltd. | 20560 | 331445 |
| Toho Co., Ltd. | 7507 | 441293 |
| Tokio Marine Holdings, Inc. | 98962 | 3714247 |
| Tokyo Electric Power Co. Holdings, Inc.\* | 89787 | 449999 |
| Tokyo Electron Ltd. | 23395 | 5190621 |
| Tokyo Gas Co., Ltd. | 20743 | 727362 |
| Tokyu Corp. | 39307 | 437836 |
| Tokyu Fudosan Holdings Corp. | 55969 | 450135 |
| Tomy Co., Ltd. | 7736 | 159485 |
| TOPPAN Holdings, Inc. | 16186 | 397151 |
| Toray Industries, Inc. | 94690 | 581521 |
| Tosoh Corp. | 26436 | 377522 |
| TOTO Ltd. | 10950 | 278841 |
| Toyo Suisan Kaisha Ltd. | 5701 | 414285 |
| Toyota Industries Corp. | 10053 | 1097931 |
| Toyota Motor Corp. | 554414 | 11293052 |
| Toyota Tsusho Corp. | 42109 | 1289333 |
| Trend Micro, Inc. | 7980 | 408337 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Unicharm Corp. | 75374 | $466516<br>|
| USS Co., Ltd. | 36118 | 399032 |
| West Japan Railway Co. | 32612 | 669154 |
| Workman Co., Ltd. | 2919 | 109897 |
| Yakult Honsha Co., Ltd. | 17040 | 254790 |
| Yamaha Corp. | 28615 | 181083 |
| Yamaha Motor Co., Ltd.<sup>(a)</sup> | 61603 | 445862 |
| Yamato Holdings Co., Ltd. | 23536 | 344053 |
| Yaskawa Electric Corp. | 16689 | 459867 |
| Yokogawa Electric Corp. | 18569 | 557233 |
| Yokohama Financial Group, Inc.<sup>(a)</sup> | 77307 | 562534 |
| Zenkoku Hosho Co., Ltd. | 15892 | 326908 |
| Zensho Holdings Co., Ltd. | 5957 | 371406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan |  | 274084585 |
| **Luxembourg — 0.1%** |  |  |
| ArcelorMittal SA | 22110 | 846223 |
| Eurofins Scientific SE | 6351 | 448176 |
| RTL Group SA | 1891 | 73008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Luxembourg |  | 1367407 |
| **Macau — 0.1%** |  |  |
| Galaxy Entertainment Group Ltd. | 119757 | 596612 |
| Sands China Ltd. | 136587 | 355694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Macau |  | 952306 |
| **Netherlands — 4.0%** |  |  |
| ABN AMRO Bank NV | 28524 | 853020 |
| Adyen NV\* | 1361 | 2338394 |
| Akzo Nobel NV | 9422 | 624653 |
| Argenx SE\*<sup>(a)</sup> | 3158 | 2571889 |
| ASM International NV | 2353 | 1526300 |
| ASML Holding NV | 20113 | 21313187 |
| ASR Nederland NV | 10263 | 685858 |
| BE Semiconductor Industries NV | 3689 | 628459 |
| Euronext NV | 5371 | 768703 |
| EXOR NV | 5718 | 496299 |
| Heineken Holding NV | 6155 | 416301 |
| Heineken NV | 14379 | 1112613 |
| ING Groep NV | 156123 | 3913887 |
| Koninklijke Ahold Delhaize NV | 49945 | 2047030 |
| Koninklijke KPN NV | 219496 | 1017930 |
| Koninklijke Philips NV | 40458 | 1108579 |
| NN Group NV | 15466 | 1059985 |
| Randstad NV<sup>(a)</sup> | 6967 | 273325 |
| Universal Music Group NV<sup>(a)</sup> | 50103 | 1345680 |
| Wolters Kluwer NV | 12620 | 1547640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands |  | 45649732 |
| **New Zealand — 0.3%** |  |  |
| a2 Milk Co., Ltd. (The) | 37566 | 234368 |
| Auckland International Airport Ltd. | 116506 | 541742 |
| Contact Energy Ltd. | 43988 | 234768 |
| Fisher & Paykel Healthcare Corp., Ltd. | 32458 | 689579 |
| Mainfreight Ltd. | 9511 | 328150 |
| Meridian Energy Ltd. | 101480 | 344026 |
| Spark New Zealand Ltd. | 163200 | 228968 |
| Xero Ltd.\* | 8726 | 828311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total New Zealand |  | 3429912 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Norway — 0.5%** |  |  |
| Aker BP ASA | 16511 | $429056<br>|
| DNB Bank ASA | 44918 | 1146820 |
| Equinor ASA | 34518 | 825679 |
| Kongsberg Gruppen ASA | 22057 | 564782 |
| Mowi ASA | 23871 | 525226 |
| Norsk Hydro ASA | 78710 | 533242 |
| Orkla ASA | 41052 | 416730 |
| Telenor ASA | 37008 | 550898 |
| Var Energi ASA | 43710 | 147242 |
| Vend Marketplaces ASA, Class B | 9129 | 314919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Norway |  | 5454594 |
| **Poland — 0.4%** |  |  |
| Bank Polska Kasa Opieki SA | 10932 | 561265 |
| Dino Polska SA\* | 33381 | 398672 |
| InPost SA\* | 14621 | 184281 |
| KGHM Polska Miedz SA\* | 10274 | 539733 |
| mBank SA\* | 933 | 248092 |
| ORLEN SA | 38660 | 1048325 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 49640 | 1018360 |
| Powszechny Zaklad Ubezpieczen SA | 43156 | 690730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Poland |  | 4689458 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, Class R | 576349 | 509028 |
| EDP SA | 165972 | 825646 |
| Galp Energia SGPS SA | 25240 | 506752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Portugal |  | 1841426 |
| **Singapore — 1.4%** |  |  |
| CapitaLand Ascendas REIT | 333848 | 723386 |
| CapitaLand Integrated <br>Commercial Trust | 482736 | 879084 |
| Capitaland Investment Ltd. | 170269 | 345392 |
| DBS Group Holdings Ltd. | 103894 | 4305201 |
| Genting Singapore Ltd.<sup>(a)</sup> | 489366 | 274492 |
| Keppel Ltd. | 95697 | 749282 |
| Mapletree Industrial Trust | 279524 | 457479 |
| Oversea-Chinese Banking Corp., Ltd. | 175999 | 2303018 |
| Seatrium Ltd. | 126970 | 211706 |
| Singapore Exchange Ltd. | 59232 | 770523 |
| Singapore Technologies <br>Engineering Ltd. | 101918 | 664861 |
| Singapore Telecommunications Ltd. | 412668 | 1347604 |
| STMicroelectronics NV | 34960 | 861088 |
| United Overseas Bank Ltd. | 65398 | 1742171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Singapore |  | 15635287 |
| **South Africa — 0.2%** |  |  |
| Anglo American PLC | 55277 | 2087994 |
| **South Korea — 5.9%** |  |  |
| Alteogen, Inc.\* | 2224 | 762537 |
| Celltrion, Inc. | 9259 | 1141169 |
| CJ CheilJedang Corp. | 2136 | 344069 |
| Coway Co., Ltd. | 6351 | 397620 |
| DB Insurance Co., Ltd. | 5180 | 461010 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **South Korea (continued)** |  |  |
| Delivery Hero SE\* | 12053 | $306055<br>|
| Doosan Enerbility Co., Ltd.\* | 27147 | 1690078 |
| Ecopro BM Co., Ltd.\* | 3837 | 430897 |
| Ecopro Co., Ltd. | 8045 | 496901 |
| Ecopro Materials Co., Ltd.\* | 3869 | 171080 |
| Hana Financial Group, Inc. | 20327 | 1219834 |
| Hankook Tire & Technology Co., Ltd. | 13393 | 435701 |
| Hanmi Semiconductor Co., Ltd. | 4743 | 478378 |
| Hanwha Aerospace Co., Ltd. | 1941 | 1333735 |
| Hanwha Vision Co., Ltd.\* | 4135 | 146274 |
| HD Hyundai Electric Co., Ltd. | 1479 | 903127 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 3081 | 1025018 |
| HLB, Inc.\* | 7817 | 266648 |
| HMM Co., Ltd. | 22902 | 330329 |
| Hyundai Mobis Co., Ltd. | 4341 | 962805 |
| Hyundai Motor Co. | 10841 | 2206626 |
| Industrial Bank of Korea | 54962 | 745685 |
| Kakao Corp. | 19301 | 881906 |
| KakaoBank Corp. | 21522 | 349699 |
| KB Financial Group, Inc. | 22889 | 1873211 |
| Kia Corp. | 16297 | 1371476 |
| Korea Electric Power Corp. | 21881 | 653474 |
| Korea Zinc Co., Ltd. | 385 | 279140 |
| Korean Air Lines Co., Ltd. | 30623 | 476083 |
| Krafton, Inc.\* | 2079 | 402740 |
| KT&G Corp. | 9696 | 913285 |
| LG Chem Ltd. | 3634 | 1013873 |
| LG Corp. | 10376 | 584799 |
| LG Display Co., Ltd.\* | 62 | 640 |
| LG Energy Solution Ltd.\* | 2904 | 964093 |
| Meritz Financial Group, Inc. | 6110 | 473876 |
| POSCO Holdings, Inc. | 5289 | 1152647 |
| Samsung Biologics Co., Ltd.\* | 1204 | 1081491 |
| Samsung C&T Corp. | 6439 | 1021382 |
| Samsung Electro-Mechanics Co., Ltd. | 5235 | 900210 |
| Samsung Electronics Co., Ltd. | 243984 | 18409040 |
| Samsung Fire & Marine Insurance <br>Co., Ltd. | 2612 | 809404 |
| Samsung Heavy Industries Co., Ltd.\* | 45953 | 953087 |
| Samsung SDI Co., Ltd. | 4509 | 1019055 |
| Samsung SDS Co., Ltd. | 4496 | 577482 |
| SK Hynix, Inc. | 29027 | 11388730 |
| SK Innovation Co., Ltd. | 5925 | 536047 |
| SK Square Co., Ltd.\* | 5606 | 1023029 |
| SK, Inc. | 3754 | 654760 |
| Woori Financial Group, Inc. | 66121 | 1178785 |
| Yuhan Corp. | 5151 | 426614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total South Korea |  | 67625634 |
| **Spain — 3.1%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 10192 | 837570 |
| Aena SME SA | 38025 | 1033574 |
| Amadeus IT Group SA | 22912 | 1753836 |
| Banco Bilbao Vizcaya Argentaria SA | 291251 | 5860989 |
| Banco de Sabadell SA | 274827 | 1028698 |
| Banco Santander SA<sup>(a)</sup> | 763747 | 7780276 |
| Bankinter SA | 34130 | 514865 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Spain (continued)** |  |  |
| CaixaBank SA<sup>(a)</sup> | 187999 | $1988050<br>|
| Cellnex Telecom SA\* | 29792 | 929453 |
| EDP Renovaveis SA | 18552 | 271514 |
| Endesa SA | 18891 | 677887 |
| Grifols SA<sup>(a)</sup> | 25499 | 330657 |
| Iberdrola SA | 345968 | 7013998 |
| Industria de Diseno Textil SA<sup>(a)</sup> | 56513 | 3124391 |
| Naturgy Energy Group SA | 6449 | 195614 |
| Red Electrica Corp. SA | 27668 | 498497 |
| Repsol SA | 65089 | 1192622 |
| Telefonica SA<sup>(a)</sup> | 213883 | 1082993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Spain |  | 36115484 |
| **Sweden — 2.9%** |  |  |
| Alfa Laval AB | 16011 | 765762 |
| Assa Abloy AB, Class B | 54760 | 2069256 |
| Atlas Copco AB, B Shares<sup>(a)</sup> | 79856 | 1200890 |
| Atlas Copco AB, A Shares<sup>(a)</sup> | 132092 | 2228552 |
| Beijer Ref AB<sup>(a)</sup> | 24310 | 385682 |
| Boliden AB\* | 16338 | 738373 |
| Castellum AB<sup>(a)</sup> | 29726 | 337735 |
| Epiroc AB, Class A<sup>(a)</sup> | 34429 | 729746 |
| Epiroc AB, Class B | 21518 | 403498 |
| EQT AB<sup>(a)</sup> | 29577 | 1026977 |
| Essity AB, Class B | 32182 | 884518 |
| Evolution AB | 7357 | 492301 |
| Fastighets AB Balder, B Shares\*<sup>(a)</sup> | 44159 | 323871 |
| Getinge AB, B Shares | 12471 | 293366 |
| H & M Hennes & Mauritz AB, B Shares<sup>(a)</sup> | 27961 | 531090 |
| Hexagon AB, B Shares | 111130 | 1364467 |
| Industrivarden AB, A Shares | 17849 | 744233 |
| Indutrade AB | 15985 | 427726 |
| Investor AB, B Shares<sup>(a)</sup> | 121264 | 4005513 |
| Nibe Industrier AB, B Shares<sup>(a)</sup> | 77801 | 304155 |
| Saab AB, Class B<sup>(a)</sup> | 19827 | 1094480 |
| Sandvik AB | 56623 | 1720910 |
| Securitas AB, B Shares<sup>(a)</sup> | 29781 | 439852 |
| Skandinaviska Enskilda Banken AB, Class A | 86832 | 1659344 |
| Skanska AB, B Shares | 20732 | 566977 |
| SKF AB, B Shares<sup>(a)</sup> | 21034 | 542884 |
| Svenska Cellulosa AB SCA, Class B<sup>(a)</sup> | 34703 | 463377 |
| Svenska Handelsbanken AB, A Shares<sup>(a)</sup> | 82914 | 1089215 |
| Swedbank AB, A Shares | 44187 | 1345277 |
| Tele2 AB, B Shares | 34389 | 545043 |
| Telefonaktiebolaget LM Ericsson, B Shares | 146356 | 1477051 |
| Telia Co. AB<sup>(a)</sup> | 142436 | 559390 |
| Trelleborg AB, B Shares | 12545 | 525324 |
| Volvo AB, B Shares<sup>(a)</sup> | 92407 | 2550501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden |  | 33837336 |
| **Switzerland — 4.4%** |  |  |
| ABB Ltd. | 82763 | 6150907 |
| Adecco Group AG | 10425 | 291160 |
| Avolta AG\* | 5778 | 303889 |
| Bachem Holding AG<sup>(a)</sup> | 1848 | 134097 |
| Baloise Holding AG | 2954 | 733762 |
| Barry Callebaut AG<sup>(a)</sup> | 208 | 271028 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Switzerland (continued)** |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 110 | $1695048<br>|
| Cie Financiere Richemont SA, Class A | 27313 | 5399655 |
| DSM-Firmenich AG | 9955 | 812348 |
| EMS-Chemie Holding AG | 501 | 343570 |
| Galderma Group AG | 8157 | 1508956 |
| Geberit AG | 1808 | 1322075 |
| Givaudan SA | 421 | 1729627 |
| Helvetia Holding AG<sup>(a)</sup> | 2471 | 607631 |
| Julius Baer Group Ltd. | 12465 | 841611 |
| Kuehne + Nagel International AG | 2612 | 501088 |
| Logitech International SA | 8118 | 977699 |
| Lonza Group AG | 3692 | 2548871 |
| Partners Group Holding AG | 1194 | 1461209 |
| PSP Swiss Property AG | 3927 | 680468 |
| Sandoz Group AG | 22245 | 1482538 |
| Schindler Holding AG, <br>Participating Certificate | 3451 | 1229506 |
| SGS SA | 9366 | 1057299 |
| SIG Group AG\*<sup>(a)</sup> | 19908 | 222578 |
| Sika AG | 8475 | 1659633 |
| Sonova Holding AG | 2728 | 742872 |
| Straumann Holding AG | 5704 | 717663 |
| Swatch Group AG (The), Bearer<sup>(a)</sup> | 2156 | 450672 |
| Swiss Prime Site AG | 6230 | 887062 |
| Swisscom AG<sup>(a)</sup> | 1559 | 1144853 |
| Temenos AG | 3403 | 321542 |
| UBS Group AG | 167265 | 6403056 |
| VAT Group AG | 1570 | 685109 |
| Zurich Insurance Group AG | 7641 | 5320858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland |  | 50639940 |
| **Thailand — 0.0%<sup>(b)</sup>** |  |  |
| Thai Beverage PCL | 366301 | 135099 |
| **United Kingdom — 10.4%** |  |  |
| 3i Group PLC | 49812 | 2879609 |
| Admiral Group PLC | 14471 | 622858 |
| Ashtead Group PLC | 22234 | 1482228 |
| Associated British Foods PLC | 16765 | 505514 |
| AstraZeneca PLC | 76491 | 12532094 |
| Auto Trader Group PLC | 50099 | 513681 |
| Aviva PLC | 162942 | 1431351 |
| BAE Systems PLC | 156921 | 3857463 |
| Barclays PLC | 722535 | 3863671 |
| Barratt Redrow PLC | 75207 | 371826 |
| Beazley PLC | 34158 | 417595 |
| Berkeley Group Holdings PLC | 5891 | 311764 |
| British American Tobacco PLC | 103542 | 5310962 |
| British Land Co. PLC (The) | 55647 | 277533 |
| BT Group PLC | 299719 | 731459 |
| Bunzl PLC | 20341 | 617884 |
| Burberry Group PLC\* | 19184 | 311911 |
| Centrica PLC | 269888 | 635786 |
| CK Hutchison Holdings Ltd. | 154125 | 1021260 |
| Compass Group PLC | 89253 | 2956259 |
| Convatec Group PLC | 90647 | 290835 |
| Croda International PLC | 8139 | 308720 |
| DCC PLC<sup>(a)</sup> | 5883 | 387243 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United Kingdom (continued)** |  |  |
| Diageo PLC | 116727 | $2683838<br>|
| Entain PLC | 32549 | 338867 |
| Halma PLC | 20744 | 966447 |
| Howden Joinery Group PLC | 32943 | 373742 |
| HSBC Holdings PLC | 892372 | 12467789 |
| ICG PLC | 14628 | 371120 |
| IMI PLC | 15473 | 485463 |
| Imperial Brands PLC | 41492 | 1649061 |
| Informa PLC | 68984 | 877164 |
| InterContinental Hotels Group PLC | 7944 | 959392 |
| International Consolidated Airlines Group SA | 116653 | 640494 |
| Intertek Group PLC | 8276 | 550740 |
| JD Sports Fashion PLC | 140820 | 172399 |
| Kingfisher PLC | 101208 | 410619 |
| Land Securities Group PLC | 48274 | 394186 |
| Legal & General Group PLC | 290850 | 908715 |
| Lloyds Banking Group PLC | 3127712 | 3660613 |
| London Stock Exchange Group PLC | 26418 | 3292531 |
| M&G PLC | 125461 | 434017 |
| Marks & Spencer Group PLC | 111524 | 582881 |
| Melrose Industries PLC | 67388 | 553893 |
| National Grid PLC | 258808 | 3876407 |
| NatWest Group PLC | 412589 | 3165755 |
| Next PLC | 6324 | 1188160 |
| Pearson PLC | 38614 | 537771 |
| Persimmon PLC | 17913 | 284539 |
| Reckitt Benckiser Group PLC | 35731 | 2730338 |
| RELX PLC | 96458 | 4254382 |
| Rentokil Initial PLC | 135140 | 748746 |
| Rightmove PLC | 43489 | 381683 |
| Rolls-Royce Holdings PLC | 438397 | 6721796 |
| Sage Group PLC (The) | 53183 | 803209 |
| Segro PLC | 67718 | 620487 |
| Severn Trent PLC | 15384 | 562105 |
| Smith & Nephew PLC | 47774 | 881891 |
| Smiths Group PLC | 19812 | 655437 |
| Spirax Group PLC | 4191 | 390676 |
| SSE PLC<sup>(a)</sup> | 60750 | 1529286 |
| St James's Place PLC | 28132 | 479573 |
| Standard Chartered PLC | 95844 | 1963800 |
| Taylor Wimpey PLC | 205192 | 283611 |
| Tesco PLC | 349915 | 2112032 |
| Unilever PLC | 126115 | 7603817 |
| United Utilities Group PLC | 39657 | 625502 |
| Vodafone Group PLC | 989541 | 1197923 |
| Weir Group PLC (The) | 14855 | 577712 |
| Whitbread PLC | 10203 | 388350 |
| Wise PLC, Class A\* | 39524 | 501891 |
| WPP PLC | 60203 | 227406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom |  | 119707762 |
| **United States — 8.0%** |  |  |
| Aegon Ltd. | 76117 | 580366 |
| Alcon AG | 26336 | 1961872 |
| Amrize Ltd.\* | 26253 | 1356555 |
| AP Moller - Maersk A/S, Class B<sup>(a)</sup> | 346 | 714243 |
| BP PLC | 815961 | 4741691 |
| CSL Ltd. | 25493 | 2978993 |
| Experian PLC | 48149 | 2243858 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** |  |  |
| Ferrovial SE | 25472 | $1564070<br>|
| GQG Partners, Inc. | 34634 | 35484 |
| GSK PLC | 207606 | 4856560 |
| Haleon PLC | 476070 | 2214846 |
| Holcim AG\* | 26513 | 2356197 |
| James Hardie Industries PLC\* | 28752 | 606274 |
| Nestle SA | 129215 | 12375022 |
| Novartis AG | 96217 | 11898426 |
| QIAGEN NV | 10894 | 512511 |
| Roche Holding AG | 37514 | 12098878 |
| Samsonite Group SA | 79948 | 167360 |
| Sanofi SA | 55671 | 5628785 |
| Schneider Electric SE | 28248 | 8023815 |
| Shell PLC | 302499 | 11317084 |
| Stellantis NV | 116518 | 1180511 |
| Swiss Re AG | 15735 | 2873561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States |  | 92286962 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $904,530,502)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $904,530,502)** | **1140415621** |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Germany — 0.2%** |  |  |
| Henkel AG & Co. KGaA, 2.90% | 9145 | 741606 |
| Volkswagen AG, 7.05%<sup>(a)</sup> | 12790 | 1331849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 2073455 |
| **South Korea — 0.2%** |  |  |
| Samsung Electronics Co., Ltd., 1.75% | 45731 | 2709034 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,010,334)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,010,334)** | **4782489** |
| **Right — 0.0%<sup>(b)</sup>** | **Right — 0.0%<sup>(b)</sup>** | **Right — 0.0%<sup>(b)</sup>** |
| **Norway — 0.0%<sup>(b)</sup>** |  |  |
| Vend Marketplaces ASA\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $0)** | 8482 | **18213** |
| **Investment Company — 0.2%** | **Investment Company — 0.2%** | **Investment Company — 0.2%** |
| **International Equity Core Funds — 0.2%** | **International Equity Core Funds — 0.2%** |  |
| Vanguard FTSE Developed Markets ETF |  |  |
| **(Cost $1,916,334)** | 32422 | **1977094** |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Money Market Funds — 0.9%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.94%<sup>(c)(d)</sup> | 10246125 | 10246125 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(c)</sup> | 568423 | 568423 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $10,814,548)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $10,814,548)** | **10814548** |
| **Total Investments — 100.6%<br>(Cost $921,271,718)** | **Total Investments — 100.6%<br>(Cost $921,271,718)** | **1158007965** |
| **Other Assets and Liabilities,Net — (0.6)%** | **Other Assets and Liabilities,Net — (0.6)%** | **(6559341)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **1151448624**<br>|

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

------

\*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 $40,478,377; total market value of collateral held by the Fund was $42,751,011. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $32,504,886.

(b)Less than 0.05%.

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

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

**Total Return Swap contracts outstanding at October 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Benchmark** | **Counterparty** | **Floating Rate<sup>(e)</sup>** | **Expiration Date** | **Payment Frequency** | **Notional<br>Amount Long/(Short)** | **Value/<br>Unrealized Appreciation/<br>(Depreciation)<sup>(f)</sup>** |
| Vanguard FTSE <br>Developed Markets ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 10/12/2027 | Monthly | $4878400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|

---

At October 31, 2025, there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

------

(e) Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

(f)Reflects the value at reset date of October 31, 2025.

**Abbreviation**

FEDEF — Federal Funds Effective Rate

**Forward Foreign Currency Contracts Outstanding as of October 31, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Purchased** | **Value at Settlement Date** | **Value at October 31, 2025** | **Unrealized Appreciation** |
| Australian Dollar | 11/04/25 | Morgan Stanley | 57624355 | $37721883<br>| $37725723<br>| $3840<br>|
| Swiss Franc | 11/04/25 | Morgan Stanley | 36938007 | 46012042 | 46035963 | 23921 |
| Danish Krone | 11/04/25 | Morgan Stanley | 59102894 | 9136463 | 9137998 | 1535 |
| Euro | 11/04/25 | Morgan Stanley | 149078842 | 172058153 | 172105718 | 47565 |
| Great British Pound | 11/04/25 | Morgan Stanley | 56505188 | 74235611 | 74240306 | 4695 |
| Hong Kong Dollar | 11/04/25 | Morgan Stanley | 87530328 | 11261412 | 11262877 | 1465 |
| Israeli Shekel | 11/04/25 | Morgan Stanley | 17824514 | 5476841 | 5477326 | 485 |
| Japanese Yen | 11/05/25 | Morgan Stanley | 19526732073 | 126745356 | 126816147 | 70791 |
| South Korean Won<sup>#</sup> | 11/05/25 | Morgan Stanley | 39721792769 | 27790109 | 27886208 | 96099 |
| New Zealand Dollar | 11/04/25 | Morgan Stanley | 2167395 | 1241096 | 1241365 | 269 |
| Polish Zloty | 11/04/25 | Morgan Stanley | 7310718 | 1981026 | 1981163 | 137 |
| Swedish Krona | 11/04/25 | Morgan Stanley | 152746684 | 16089693 | 16095154 | 5461 |
| Singapore Dollar | 11/04/25 | Morgan Stanley | 9529404 | 7321413 | 7324415 | 3002 |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation | $537071098<br>| $537330363<br>| $259265<br>|
| **Sold Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Sold** | **Value at Settlement Date** | **Value at October 31, 2025** | **Unrealized Appreciation** |
| Australian Dollar | 11/04/25 | Morgan Stanley | (57064087) | $(37829134) | $(37358924) | $470210<br>|
| Swiss Franc | 11/04/25 | Morgan Stanley | (36938007) | (46594906) | (46035963) | 558943 |
| Danish Krone | 11/04/25 | Morgan Stanley | (59102894) | (9324531) | (9137998) | 186533 |
| Euro | 11/04/25 | Morgan Stanley | (149078842) | (175430759) | (172105718) | 3325041 |
| British Pound | 11/04/25 | Morgan Stanley | (56505188) | (76062803) | (74240306) | 1822497 |
| Hong Kong Dollar | 11/04/25 | Morgan Stanley | (485972) | (62542) | (62532) | 10 |
| Japanese Yen | 11/04/25 | Morgan Stanley | (19526732073) | (132620498) | (126816147) | 5804351 |
| South Korean Won<sup>#</sup> | 11/04/25 | Morgan Stanley | (39499186782) | (28152983) | (27729930) | 423053 |
| Norwegian Krone | 11/04/25 | Morgan Stanley | (30023315) | (3009062) | (2967622) | 41440 |
| Norwegian Krone | 12/04/25 | Morgan Stanley | (29391038) | (2905119) | (2905063) | 56 |
| New Zealand Dollar | 11/04/25 | Morgan Stanley | (2167395) | (1259787) | (1241365) | 18422 |
| Polish Zloty | 11/04/25 | Morgan Stanley | (7310718) | (2013514) | (1981163) | 32351 |
| Swedish Krona | 11/04/25 | Morgan Stanley | (152746684) | (16273347) | (16095154) | 178193 |
| Singapore Dollar | 11/04/25 | Morgan Stanley | (9529404) | (7409623) | (7324415) | 85208 |
| Unrealized Appreciation |  |  |  | $(538948608) | $(526002300) | $12946308<br>|
| Total Unrealized Appreciation |  |  |  |  |  | **$** **13205573**<br>|

---

*See notes to financial statements.*

Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)

October 31, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Purchased** | **Value at Settlement Date** | **Value at October 31, 2025** | **Unrealized (Depreciation)** |
| Norwegian Krone | 11/04/25 | Morgan Stanley | 30023315 | $2967923<br>| $2967622<br>| $(301) |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation | $2967923<br>| $2967622<br>| $(301) |
| **Sold Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Sold** | **Value at Settlement Date** | **Value at October 31, 2025** | **Unrealized (Depreciation)** |
| Australian Dollar | 11/04/25 | Morgan Stanley | (560268) | $(364385) | $(366798) | $(2413) |
| Australian Dollar | 12/04/25 | Morgan Stanley | (58347125) | (38204822) | (38212450) | (7628) |
| Swiss Franc | 12/04/25 | Morgan Stanley | (37981245) | (47473055) | (47505053) | (31998) |
| Danish Krone | 12/04/25 | Morgan Stanley | (58955300) | (9131106) | (9133643) | (2537) |
| Euro | 12/04/25 | Morgan Stanley | (155244797) | (179459414) | (179530277) | (70863) |
| British Pound | 12/04/25 | Morgan Stanley | (59502400) | (78171040) | (78183312) | (12272) |
| Hong Kong Dollar | 11/04/25 | Morgan Stanley | (87044356) | (11195049) | (11200345) | (5296) |
| Hong Kong Dollar | 12/04/25 | Morgan Stanley | (88124358) | (11342367) | (11345385) | (3018) |
| Israeli Shekel | 11/04/25 | Morgan Stanley | (17824514) | (5394925) | (5477325) | (82400) |
| Israeli Shekel | 12/04/25 | Morgan Stanley | (18221291) | (5597527) | (5599099) | (1572) |
| Japanese Yen | 12/05/25 | Morgan Stanley | (21112050360) | (137438663) | (137534769) | (96106) |
| South Korean Won<sup>#</sup> | 11/04/25 | Morgan Stanley | (222605987) | (155808) | (156278) | (470) |
| South Korean Won<sup>#</sup> | 12/05/25 | Morgan Stanley | (49957833910) | (34990604) | (35121157) | (130553) |
| New Zealand Dollar | 12/04/25 | Morgan Stanley | (2195605) | (1258705) | (1259128) | (423) |
| Polish Zloty | 12/04/25 | Morgan Stanley | (8337239) | (2258412) | (2258779) | (367) |
| Swedish Krona | 12/04/25 | Morgan Stanley | (160600455) | (16945627) | (16953432) | (7805) |
| Singapore Dollar | 12/04/25 | Morgan Stanley | (9935817) | (7650551) | (7654548) | (3997) |
| Unrealized Depreciation |  |  |  | $(587032060) | $(587491778) | $(459718) |
| Total Unrealized Depreciation |  |  |  |  |  | $(460019) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | **$** **12745554**<br>|

---

The total value of securities segregated as collateral for forward foreign currency contracts with counterparty Morgan Stanley amounted to $9,213,853 at October 31, 2025.

#Non-deliverable forward.

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; Common Stocks | $1139334130<br>| $1081491<br>| $—<br>| $1140415621<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 4782489 |  |  | 4782489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Right |  | 18213 |  | 18213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 1977094 |  |  | 1977094 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10814548 |  |  | 10814548 |
| Total Investments in Securities | $1156908261<br>| $1099704<br>| $—<br>| $1158007965<br>|
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 13205573 |  | 13205573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  |  |  |  |
| Total Other Financial Instruments |  | 13205573 |  | 13205573 |
| Total Investments in Securities and Other Financial Instruments | $1156908261<br>| $14305277<br>| $—<br>| $1171213538<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $—<br>| $(460019) | $—<br>| $(460019) |

---

------

(g)For a complete listing of investments and their countries, 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 U.S. Large Cap R&D Leaders ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 95.5%** | **Common Stocks — 95.5%** | **Common Stocks — 95.5%** |
| **Communication Services — 12.7%** |  |  |
| Alphabet, Inc., Class A | 2842 | $799142<br>|
| Electronic Arts, Inc. | 156 | 31209 |
| Match Group, Inc. | 149 | 4819 |
| Meta Platforms, Inc., Class A | 661 | 428559 |
| Pinterest, Inc., Class A\* | 371 | 12280 |
| Reddit, Inc., Class A\* | 83 | 17343 |
| Trade Desk, Inc. (The), Class A\* | 277 | 13928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 1307280 |
| **Consumer Discretionary — 5.8%** |  |  |
| Airbnb, Inc., Class A\* | 266 | 33660 |
| Amazon.com, Inc.\* | 2188 | 534353 |
| Deckers Outdoor Corp.\* | 92 | 7498 |
| Duolingo, Inc.\*<sup>(a)</sup> | 25 | 6766 |
| Gentex Corp. | 136 | 3189 |
| Lucid Group, Inc.\*<sup>(a)</sup> | 190 | 3373 |
| SharkNinja, Inc.\* | 88 | 7524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 596363 |
| **Consumer Staples — 3.5%** |  |  |
| BellRing Brands, Inc.\* | 78 | 2350 |
| Church & Dwight Co., Inc. | 151 | 13241 |
| Colgate-Palmolive Co. | 501 | 38602 |
| Ingredion, Inc. | 40 | 4616 |
| Kenvue, Inc. | 1191 | 17115 |
| Kimberly-Clark Corp. | 206 | 24660 |
| PepsiCo, Inc. | 844 | 123300 |
| Philip Morris International, Inc. | 965 | 139279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 363163 |
| **Health Care — 10.2%** |  |  |
| Alnylam Pharmaceuticals, Inc.\* | 81 | 36939 |
| BioMarin Pharmaceutical, Inc.\* | 119 | 6375 |
| Corcept Therapeutics, Inc.\*<sup>(a)</sup> | 66 | 4849 |
| Doximity, Inc., Class A\* | 84 | 5544 |
| Eli Lilly & Co. | 584 | 503910 |
| Halozyme Therapeutics, Inc.\*<sup>(a)</sup> | 72 | 4694 |
| Incyte Corp.\* | 121 | 11311 |
| Insmed, Inc.\* | 131 | 24837 |
| Ionis Pharmaceuticals, Inc.\* | 99 | 7356 |
| Johnson & Johnson | 1487 | 280850 |
| Mettler-Toledo International, Inc.\* | 12 | 16995 |
| Moderna, Inc.\*<sup>(a)</sup> | 242 | 6573 |
| Neurocrine Biosciences, Inc.\* | 61 | 8736 |
| Regeneron Pharmaceuticals, Inc. | 64 | 41715 |
| ResMed, Inc. | 90 | 22219 |
| Veeva Systems, Inc., Class A\* | 101 | 29411 |
| Zoetis, Inc. | 274 | 39481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 1051795 |
| **Industrials — 5.1%** |  |  |
| Acuity, Inc. | 19 | 6936 |
| Allegion PLC | 53 | 8786 |
| Allison Transmission Holdings, Inc. | 52 | 4293 |
| Automatic Data Processing, Inc. | 251 | 65335 |
| Axon Enterprise, Inc.\* | 48 | 35147 |
| Dayforce, Inc.\* | 98 | 6736 |
| Deere & Co. | 168 | 77554 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (continued)** |  |  |
| Eaton Corp. PLC | 241 | $91956<br>|
| Generac Holdings, Inc.\* | 37 | 6217 |
| Graco, Inc. | 103 | 8422 |
| IDEX Corp. | 47 | 8059 |
| Illinois Tool Works, Inc. | 180 | 43906 |
| ITT, Inc. | 49 | 9068 |
| Lincoln Electric Holdings, Inc. | 35 | 8206 |
| Paylocity Holding Corp.\* | 35 | 4944 |
| Rocket Lab Corp.\*<sup>(a)</sup> | 300 | 18894 |
| Simpson Manufacturing Co., Inc. | 26 | 4589 |
| Trane Technologies PLC | 138 | 61914 |
| Valmont Industries, Inc. | 12 | 4961 |
| Vertiv Holdings Co., Class A | 237 | 45708 |
| Woodward, Inc. | 37 | 9698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 531329 |
| **Information Technology — 57.4%** |  |  |
| Adobe, Inc.\* | 188 | 63978 |
| Appfolio, Inc., Class A\* | 10 | 2544 |
| Apple, Inc. | 4832 | 1306428 |
| Applied Materials, Inc. | 357 | 83217 |
| AppLovin Corp., Class A\* | 137 | 87314 |
| Arista Networks, Inc.\* | 563 | 88779 |
| Atlassian Corp., Class A\* | 75 | 12706 |
| Autodesk, Inc.\* | 96 | 28929 |
| Bentley Systems, Inc., Class B<sup>(a)</sup> | 131 | 6659 |
| Broadcom, Inc. | 1351 | 499370 |
| Cadence Design Systems, Inc.\* | 122 | 41320 |
| Cisco Systems, Inc. | 1772 | 129551 |
| Confluent, Inc., Class A\* | 131 | 3061 |
| Datadog, Inc., Class A\* | 144 | 23445 |
| Dell Technologies, Inc., Class C | 151 | 24463 |
| Docusign, Inc.\* | 90 | 6583 |
| Fortinet, Inc.\* | 343 | 29645 |
| Intuit, Inc. | 124 | 82776 |
| Lam Research Corp. | 563 | 88650 |
| MACOM Technology Solutions Holdings, Inc.\* | 33 | 4888 |
| Manhattan Associates, Inc.\* | 27 | 4916 |
| Marvell Technology, Inc. | 387 | 36277 |
| Microsoft Corp. | 2456 | 1271741 |
| Motorola Solutions, Inc. | 74 | 30097 |
| Nutanix, Inc., Class A\* | 121 | 8620 |
| NVIDIA Corp. | 7614 | 1541759 |
| Palo Alto Networks, Inc.\*<sup>(a)</sup> | 303 | 66733 |
| Pegasystems, Inc. | 76 | 4837 |
| PTC, Inc.\* | 53 | 10523 |
| Pure Storage, Inc., Class A\* | 148 | 14608 |
| QUALCOMM, Inc. | 483 | 87375 |
| SentinelOne, Inc., Class A\* | 143 | 2553 |
| ServiceNow, Inc.\* | 93 | 85493 |
| Snowflake, Inc., Class A\* | 152 | 41782 |
| Synopsys, Inc.\* | 83 | 37667 |
| Ubiquiti, Inc. | 27 | 21254 |
| Universal Display Corp. | 21 | 3093 |
| Workday, Inc., Class A\* | 98 | 23512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 5907146 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI U.S. Large Cap R&D Leaders ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Materials — 0.8%** |  |  |
| Corteva, Inc. | 421 | $25866<br>|
| Sherwin-Williams Co. (The) | 154 | 53121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 78987 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $8,732,853)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $8,732,853)** | **9836063** |
| **Investment Companies — 4.6%** | **Investment Companies — 4.6%** | **Investment Companies — 4.6%** |
| **Exchange-Traded Funds — 4.6%** |  |  |
| Communication Services Select Sector SPDR Fund | 508 | 58324 |
| Consumer Discretionary Select Sector SPDR Fund | 393 | 94293 |
| Fidelity MSCI Communication Services Index ETF | 826 | 58357 |
| Fidelity MSCI Consumer Discretionary Index ETF | 919 | 94372 |
| Fidelity MSCI Information Technology Index ETF | 353 | 83470 |
| Technology Select Sector SPDR Fund | 277 | 83288 |
| **Total Investment Companies** | **Total Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $465,205)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $465,205)** | **472104** |
| **Total Investments — 100.1%<br>(Cost $9,198,058)** | **Total Investments — 100.1%<br>(Cost $9,198,058)** | **10308167** |
| **Other Assets and Liabilities, Net — (0.1)%** | **Other Assets and Liabilities, Net — (0.1)%** | **(12836)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **10295331**<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 $93,619; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $94,574.

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>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $9836063<br>| $—<br>| $—<br>| $9836063<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 472104 |  |  | 472104 |
| Total Investments in Securities | $10308167<br>| $—<br>| $—<br>| $10308167<br>|

---

------

(b)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 Global Equity R&D Leaders ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Brazil — 2.0%** |  |  |
| MercadoLibre, Inc.\* | 41 | $95418<br>|
| TOTVS SA | 455 | 3749 |
| Vale SA | 3716 | 45032 |
| WEG SA | 3455 | 27010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Brazil |  | 171209 |
| **Canada — 0.8%** |  |  |
| Celestica, Inc.\* | 79 | 27225 |
| Constellation Software, Inc. | 14 | 36881 |
| Descartes Systems Group, Inc. (The)\* | 62 | 5481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Canada |  | 69587 |
| **China — 1.7%** |  |  |
| Airtac International Group | 175 | 5186 |
| BYD Co., Ltd., Class H | 3015 | 39025 |
| Chifeng Jilong Gold Mining Co., Ltd., Class H | 296 | 1097 |
| Hisense Home Appliances Group Co., Ltd., Class H | 879 | 2594 |
| Kanzhun Ltd. | 348 | 7712 |
| Kingsoft Corp., Ltd. | 1229 | 5354 |
| NetEase, Inc. | 2581 | 72062 |
| Silergy Corp. | 315 | 2280 |
| Tongcheng Travel Holdings Ltd. | 2043 | 5625 |
| Zhuzhou CRRC Times Electric Co., Ltd., Class H | 463 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China |  | 143295 |
| **Denmark — 1.8%** |  |  |
| Genmab A/S\* | 53 | 15057 |
| Novo Nordisk A/S, Class B | 2756 | 134594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Denmark |  | 149651 |
| **Finland — 0.2%** |  |  |
| Wartsila OYJ Abp | 492 | 16110 |
| **France — 0.7%** |  |  |
| Dassault Systemes SE | 920 | 26154 |
| Legrand SA | 215 | 37099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France |  | 63253 |
| **Germany — 5.9%** |  |  |
| GEA Group AG | 137 | 9804 |
| Knorr-Bremse AG | 135 | 12559 |
| Nemetschek SE | 81 | 9349 |
| Rheinmetall AG | 37 | 72663 |
| SAP SE | 832 | 215538 |
| Siemens AG | 650 | 184219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 504132 |
| **Hungary — 0.1%** |  |  |
| Richter Gedeon Nyrt | 163 | 5030 |
| **Israel — 0.6%** |  |  |
| Check Point Software Technologies Ltd.\* | 75 | 14676 |
| Elbit Systems Ltd. | 38 | 18216 |
| Next Vision Stabilized Systems Ltd. | 71 | 3120 |
| Nice Ltd.\* | 45 | 6107 |
| Nova Ltd.\* | 21 | 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Israel |  | 49400 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Italy — 0.9%** |  |  |
| Ferrari NV | 158 | $63189<br>|
| Recordati Industria Chimica e Farmaceutica SpA | 176 | 10462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy |  | 73651 |
| **Japan — 7.5%** |  |  |
| Advantest Corp. | 522 | 78391 |
| Ajinomoto Co., Inc. | 830 | 23560 |
| Asics Corp. | 611 | 15638 |
| Astellas Pharma, Inc. | 1506 | 15773 |
| Bandai Namco Holdings, Inc. | 540 | 16832 |
| Capcom Co., Ltd. | 446 | 11679 |
| Chugai Pharmaceutical Co., Ltd. | 1372 | 62778 |
| Daicel Corp. | 260 | 2242 |
| Daiichi Sankyo Co., Ltd. | 1553 | 36987 |
| Denso Corp. | 2389 | 33519 |
| Dexerials Corp. | 144 | 2335 |
| Disco Corp. | 75 | 25126 |
| DMG Mori Co., Ltd. | 134 | 2088 |
| Ebara Corp. | 390 | 10458 |
| Japan Tobacco, Inc. | 1635 | 56939 |
| Kaneka Corp. | 67 | 1852 |
| Kobayashi Pharmaceutical Co., Ltd. | 75 | 2495 |
| Komatsu Ltd. | 782 | 26223 |
| Konami Group Corp. | 119 | 19883 |
| Kyowa Kirin Co., Ltd. | 452 | 6989 |
| Nippon Shinyaku Co., Ltd. | 75 | 1568 |
| Nissan Chemical Corp. | 122 | 4132 |
| Nitto Denko Corp. | 566 | 14160 |
| NOF Corp. | 213 | 3798 |
| Ono Pharmaceutical Co., Ltd. | 437 | 5323 |
| Organo Corp. | 42 | 3621 |
| Renesas Electronics Corp. | 1298 | 16101 |
| Rohto Pharmaceutical Co., Ltd. | 216 | 3350 |
| Sankyo Co., Ltd. | 233 | 4048 |
| Sanwa Holdings Corp. | 193 | 5274 |
| SCREEN Holdings Co., Ltd. | 69 | 6577 |
| Shionogi & Co., Ltd. | 746 | 12493 |
| Socionext, Inc. | 142 | 3218 |
| Sumitomo Bakelite Co., Ltd. | 88 | 2937 |
| Suzuki Motor Corp. | 1620 | 24270 |
| Taiyo Holdings Co., Ltd. | 55 | 2948 |
| Tokyo Electron Ltd. | 321 | 71220 |
| Tokyo Ohka Kogyo Co., Ltd. | 115 | 4220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan |  | 641045 |
| **Netherlands — 3.7%** |  |  |
| ASM International NV | 34 | 22054 |
| ASML Holding NV | 263 | 278694 |
| BE Semiconductor Industries NV | 57 | 9711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands |  | 310459 |
| **Norway — 0.2%** |  |  |
| Kongsberg Gruppen ASA | 726 | 18590 |
| **South Korea — 0.9%** |  |  |
| HD Hyundai Marine Solution Co., Ltd. | 39 | 6583 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 59 | 19629 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Global Equity R&D Leaders ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **South Korea (continued)** |  |  |
| Hyundai Rotem Co., Ltd. | 91 | $14722<br>|
| LS Electric Co., Ltd. | 26 | 7938 |
| Samsung Heavy Industries Co., Ltd.\* | 733 | 15203 |
| Samyang Foods Co., Ltd. | 7 | 6623 |
| SK Biopharmaceuticals Co., Ltd.\* | 68 | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total South Korea |  | 76211 |
| **Sweden — 3.4%** |  |  |
| Alfa Laval AB | 343 | 16405 |
| Assa Abloy AB, Class B | 866 | 32724 |
| Atlas Copco AB, A Shares | 3873 | 65342 |
| Epiroc AB, Class A | 967 | 20496 |
| Hexagon AB, B Shares | 1787 | 21941 |
| Saab AB, Class B | 440 | 24289 |
| Sandvik AB | 1031 | 31334 |
| SKF AB, B Shares | 384 | 9911 |
| Telefonaktiebolaget LM Ericsson, B Shares | 2323 | 23444 |
| Volvo AB, B Shares | 1664 | 45928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden |  | 291814 |
| **Switzerland — 1.5%** |  |  |
| ABB Ltd. | 1500 | 111479 |
| Logitech International SA | 112 | 13489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland |  | 124968 |
| **Taiwan — 7.2%** |  |  |
| Accton Technology Corp. | 392 | 13772 |
| Advantech Co., Ltd. | 621 | 6333 |
| Asia Vital Components Co., Ltd. | 273 | 12655 |
| Delta Electronics, Inc. | 1767 | 57193 |
| E Ink Holdings, Inc. | 834 | 5752 |
| Elite Material Co., Ltd. | 249 | 11016 |
| Fortune Electric Co., Ltd. | 276 | 6420 |
| Gold Circuit Electronics Ltd. | 362 | 5482 |
| Hotai Motor Co., Ltd. | 472 | 8690 |
| International Games System Co., Ltd. | 245 | 5738 |
| Jentech Precision Industrial Co., Ltd. | 102 | 7068 |
| momo.com, Inc. | 267 | 2028 |
| Parade Technologies Ltd. | 70 | 1548 |
| PharmaEssentia Corp. | 331 | 5362 |
| Quanta Computer, Inc. | 2650 | 25904 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 8453 | 412462 |
| Voltronic Power Technology Corp. | 81 | 3188 |
| Wiwynn Corp. | 129 | 18317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Taiwan |  | 608928 |
| **Turkey — 0.3%** |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | 3775 | 18279 |
| Hektas Ticaret TAS\* | 11441 | 972 |
| Koza Anadolu Metal Madencilik Isletmeleri A/S\* | 506 | 1089 |
| Mavi Giyim Sanayi Ve Ticaret A/S, Class B | 1059 | 1015 |
| Turk Altin Isletmeleri A/S\* | 3240 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Turkey |  | 23426 |
| **United Kingdom — 2.4%** |  |  |
| AstraZeneca PLC | 1261 | 206599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States — 58.0%** |  |  |
| Adobe, Inc.\* | 71 | $24162<br>|
| Advanced Micro Devices, Inc.\* | 272 | 69665 |
| Airbnb, Inc., Class A\* | 89 | 11262 |
| Allegion PLC | 72 | 11935 |
| Alphabet, Inc., Class A | 1813 | 509797 |
| Amazon.com, Inc.\* | 1845 | 450586 |
| AMETEK, Inc. | 48 | 9701 |
| Apple, Inc. | 1834 | 495859 |
| Applied Materials, Inc. | 135 | 31468 |
| AppLovin Corp., Class A\* | 52 | 33141 |
| Arista Networks, Inc.\* | 212 | 33430 |
| Atlassian Corp., Class A\* | 30 | 5083 |
| Autodesk, Inc.\* | 37 | 11150 |
| Automatic Data Processing, Inc. | 82 | 21345 |
| Axon Enterprise, Inc.\* | 16 | 11716 |
| Broadcom, Inc. | 789 | 291638 |
| Cadence Design Systems, Inc.\* | 47 | 15918 |
| Church & Dwight Co., Inc. | 53 | 4648 |
| Cisco Systems, Inc. | 665 | 48618 |
| Cloudflare, Inc., Class A\* | 54 | 13678 |
| Colgate-Palmolive Co. | 167 | 12867 |
| Corteva, Inc. | 142 | 8724 |
| Crowdstrike Holdings, Inc., Class A\* | 43 | 23349 |
| Datadog, Inc., Class A\* | 56 | 9117 |
| Deckers Outdoor Corp.\* | 34 | 2771 |
| Deere & Co. | 55 | 25390 |
| Dell Technologies, Inc., Class C | 59 | 9559 |
| Docusign, Inc.\* | 39 | 2852 |
| DoorDash, Inc., Class A\* | 82 | 20858 |
| Eaton Corp. PLC | 317 | 120954 |
| Electronic Arts, Inc. | 52 | 10403 |
| Eli Lilly & Co. | 190 | 163943 |
| Fortinet, Inc.\* | 132 | 11409 |
| GSK PLC | 3313 | 77502 |
| HubSpot, Inc.\* | 10 | 4919 |
| IDEX Corp. | 17 | 2915 |
| Illinois Tool Works, Inc. | 60 | 14635 |
| Incyte Corp.\* | 43 | 4020 |
| International Business Machines Corp. | 157 | 48263 |
| Intuit, Inc. | 47 | 31375 |
| Intuitive Surgical, Inc.\* | 72 | 38468 |
| Johnson & Johnson | 484 | 91413 |
| Kenvue, Inc. | 410 | 5892 |
| Keysight Technologies, Inc.\* | 31 | 5672 |
| Kimberly-Clark Corp. | 70 | 8380 |
| Lam Research Corp. | 212 | 33382 |
| Marvell Technology, Inc. | 148 | 13873 |
| Meta Platforms, Inc., Class A | 434 | 281384 |
| Mettler-Toledo International, Inc.\* | 4 | 5665 |
| Microsoft Corp. | 991 | 513150 |
| MongoDB, Inc.\* | 15 | 5397 |
| Monolithic Power Systems, Inc. | 8 | 8040 |
| Motorola Solutions, Inc. | 29 | 11795 |
| NVIDIA Corp. | 3065 | 620632 |
| Oracle Corp. | 477 | 125265 |
| Palo Alto Networks, Inc.\*<sup>(a)</sup> | 115 | 25328 |
| PepsiCo, Inc. | 276 | 40321 |
| Philip Morris International, Inc. | 314 | 45320 |
| Pinterest, Inc., Class A\* | 131 | 4336 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Global Equity R&D Leaders ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** |  |  |
| PTC, Inc.\* | 22 | $4368<br>|
| Pure Storage, Inc., Class A\* | 59 | 5823 |
| QUALCOMM, Inc. | 182 | 32924 |
| Regeneron Pharmaceuticals, Inc. | 22 | 14340 |
| ResMed, Inc. | 31 | 7653 |
| ServiceNow, Inc.\* | 35 | 32175 |
| Sherwin-Williams Co. (The) | 51 | 17592 |
| Snowflake, Inc., Class A\* | 58 | 15943 |
| Synopsys, Inc.\* | 32 | 14522 |
| Texas Instruments, Inc. | 154 | 24865 |
| Trade Desk, Inc. (The), Class A\* | 96 | 4827 |
| Trane Technologies PLC | 181 | 81206 |
| Ubiquiti, Inc. | 11 | 8659 |
| Veeva Systems, Inc., Class A\* | 34 | 9901 |
| Vertiv Holdings Co., Class A | 79 | 15236 |
| Workday, Inc., Class A\* | 38 | 9117 |
| Zoetis, Inc. | 91 | 13112 |
| Zoom Video Communications, Inc., Class A\* | 49 | 4274 |
| Zscaler, Inc.\* | 28 | 9272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States |  | 4920147 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $7,109,451)** | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $7,109,451)** | **8467505** |
| **Preferred Stock — 0.0%<sup>(b)</sup>** | **Preferred Stock — 0.0%<sup>(b)</sup>** | **Preferred Stock — 0.0%<sup>(b)</sup>** |
| **Germany — 0.0%<sup>(b)</sup>** |  |  |
| FUCHS SE, 3.00% |  |  |
| **(Cost $2,339)** | **50** | **2238** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Warrants — 0.0%<sup>(b)</sup>** | **Warrants — 0.0%<sup>(b)</sup>** | **Warrants — 0.0%<sup>(b)</sup>** |
| **Canada — 0.0%<sup>(b)</sup>** |  |  |
| Constellation Software, Inc., expires 3/31/40\*<sup>(c)</sup> |  |  |
| **(Cost $0)** | 11 | **$** **0**<br>|
| **Short-Term Investment — 0.0%<sup>(b)</sup>** | **Short-Term Investment — 0.0%<sup>(b)</sup>** | **Short-Term Investment — 0.0%<sup>(b)</sup>** |
| **Money Market Fund — 0.0%<sup>(b)</sup>** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.04%<sup>(d)</sup> |  |  |
| **(Cost $3)** | 3 | **3** |
| **Total Investments — 99.8%<br>(Cost $7,111,793)** | **Total Investments — 99.8%<br>(Cost $7,111,793)** | **8469746** |
| **Other Assets and Liabilities, Net — 0.2%** | **Other Assets and Liabilities, Net — 0.2%** | **13083** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **8482829**<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 $25,319; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $25,627.

(b)Less than 0.05%.

(c)Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.

(d)Reflects the 1-day yield 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>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $8467505<br>| $—<br>| $—<br>| $8467505<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 2238 |  |  | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 0<sup>(f)</sup> |  |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 3 |  |  | 3 |
| Total Investments in Securities | $8469746<br>| $—<br>| $0<br>| $8469746<br>|

---

------

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

(f)The Level 3 securities, valued in total at $0, have been fair valued in good faith in accordance with procedures established by the Board of Trustees.

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.(See Note 2)

Statements of Assets and Liabilities

October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam U.S. Mid Cap <br>Equity ETF** |
| **Assets** |  |  |  |  |
| Investments, at value (including securities on loan)<sup>(a)</sup> | $900039699<br>| $251449664<br>| $225165728<br>| $212481571<br>|
| Investments in affiliates, at value | 34379169 |  |  |  |
| Cash | 551627 | 688212 |  |  |
| Foreign currency<sup>(b)</sup> |  |  | 3916 |  |
| Deposits at broker for swap contracts | 316000 |  |  |  |
| Due from broker | 452830 | 474783 |  |  |
| Securities lending income receivable | 65541 | 2844 | 1814 | 3061 |
| Dividend receivable | 24 | 174058 | 545965 | 87327 |
| Receivable for investments sold |  | 708738 | 9087 |  |
| Reclaims receivable |  | 1582822 | 696611 | 2776 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12929 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 935804890 | &nbsp;&nbsp;&nbsp;&nbsp; 255081121 | &nbsp;&nbsp;&nbsp;&nbsp; 226436050 | &nbsp;&nbsp;&nbsp;&nbsp; 212574735 |
| **Liabilities** |  |  |  |  |
| Collateral for investments on loan | 102565166 | 599667 | 1173212 | 393775 |
| Advisory fees payable | 361330 | 161281 | 26634 | 25349 |
| Trustee fees payable | 6757 | 2130 | 2151 | 2248 |
| Compliance fees payable | 80 | 18 | 31 | 54 |
| Payable for investments purchased |  | 713 | 9070 |  |
| Due to broker |  |  | 6104 |  |
| Cash due to custodian |  |  | 119 |  |
| Foreign currency due to custodian<sup>(b)</sup> |  | 17890 |  |  |
| Unrealized depreciation on swap transactions |  | 49608 |  |  |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 3297 | &nbsp;&nbsp;&nbsp;&nbsp; 233471 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 102936630 | &nbsp;&nbsp;&nbsp;&nbsp; 1064778 | &nbsp;&nbsp;&nbsp;&nbsp; 1217966 | &nbsp;&nbsp;&nbsp;&nbsp; 422224 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **832868260**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **254016343**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **225218084**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **212152511**<br>|
| **Composition of** **Net Assets** |  |  |  |  |
| Paid-in capital | $852087058<br>| $285050282<br>| $198466566<br>| $195672764<br>|
| Total distributable earnings/(accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp; (19218798) | &nbsp;&nbsp;&nbsp;&nbsp; (31033939) | &nbsp;&nbsp;&nbsp;&nbsp; 26751518 | &nbsp;&nbsp;&nbsp;&nbsp; 16479747 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **832868260**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **254016343**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **225218084**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **212152511**<br>|
| **NET ASSET VALUE** **PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited <br>shares authorized) | 24600000 | 7100000 | 6550000 | 6225000 |
| Net Asset Value Per Share | $33.86<br>| $35.78<br>| $34.38<br>| $34.08<br>|
| Investments, at cost | $852945045<br>| $249678543<br>| $189443828<br>| $188060865<br>|
| Investments in affiliates, at cost | $31467573<br>| $—<br>| $—<br>| $—<br>|
| <sup>(a)</sup>Market value of securities on loan | $131344652<br>| $5988584<br>| $6864644<br>| $7080690<br>|
| <sup>(b)</sup>Cost of foreign currency | $—<br>| $—<br>| $3901<br>| $—<br>|

---

Statements of Assets and Liabilities (continued)

October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI U.S. Large Cap R&D Leaders ETF** | **NYLI Global Equity R&D Leaders ETF** |
| **Assets** |  |  |  |  |
| Investments, at value (including securities on loan)<sup>(a)</sup> | $265615614<br>| $1158007965<br>| $10308167<br>| $8469746<br>|
| Foreign currency<sup>(b)</sup> |  | 14831 |  | 65055 |
| Dividend receivable | 165592 | 2743613 | 662 | 4983 |
| Securities lending income receivable | 54 | 8707 | 53 | 18 |
| Receivable for investments sold |  | 12989087 | 24606 | 1070551 |
| Reclaims receivable |  | 1825044 |  | 8271 |
| Unrealized appreciation on forward foreign currency contracts |  | 13205573 |  |  |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 265781260 | &nbsp;&nbsp;&nbsp;&nbsp; 1188804420 | &nbsp;&nbsp;&nbsp;&nbsp; 10333488 | &nbsp;&nbsp;&nbsp;&nbsp; 9618624 |
| **Liabilities** |  |  |  |  |
| Advisory fees payable | 16898 | 181999 | 998 | 1192 |
| Trustee fees payable | 5424 | 8119 | 67 | 61 |
| Compliance fees payable | 137 | 23 | 1 | 1 |
| Payable for investments purchased |  | 26439950 |  | 1072767 |
| Due to broker |  | 15570 |  | 2 |
| Cash due to custodian |  |  | 37039 | 61721 |
| Collateral for investments on loan |  | 10246125 |  |  |
| Unrealized depreciation on forward foreign currency contracts |  | 460019 |  |  |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 1628 | &nbsp;&nbsp;&nbsp;&nbsp; 3991 | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 24087 | &nbsp;&nbsp;&nbsp;&nbsp; 37355796 | &nbsp;&nbsp;&nbsp;&nbsp; 38157 | &nbsp;&nbsp;&nbsp;&nbsp; 1135795 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **265757173**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **1151448624**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **10295331**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **8482829**<br>|
| **Composition of** **Net Assets** |  |  |  |  |
| Paid-in capital | $199520176<br>| $937057143<br>| $8469156<br>| $6753022<br>|
| Total distributable earnings/(accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp; 66236997 | &nbsp;&nbsp;&nbsp;&nbsp; 214391481 | &nbsp;&nbsp;&nbsp;&nbsp; 1826175 | &nbsp;&nbsp;&nbsp;&nbsp; 1729807 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **265757173**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **1151448624**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **10295331**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **8482829**<br>|
| **NET ASSET VALUE** **PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited <br>shares authorized) | 4900000 | 36000000 | 250000 | 225000 |
| Net Asset Value Per Share | $54.24<br>| $31.98<br>| $41.18<br>| $37.70<br>|
| Investments, at cost | $221335694<br>| $921271718<br>| $9198058<br>| $7111793<br>|
| <sup>(a)</sup>Market value of securities on loan | $345138<br>| $40478377<br>| $93619<br>| $25319<br>|
| <sup>(b)</sup>Cost of foreign currency | $—<br>| $14818<br>| $—<br>| $65055<br>|

---

*See notes to financial statements.*

Statements of Operations

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam U.S. Mid Cap Equity ETF** |
| **Investment Income** |  |  |  |  |
| Dividend income\* | $11803991<br>| $2550780<br>| $2840033<br>| $1580547<br>|
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp; 405323 | &nbsp;&nbsp;&nbsp;&nbsp; 43052 | &nbsp;&nbsp;&nbsp;&nbsp; 11772 | &nbsp;&nbsp;&nbsp;&nbsp; 14208 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 12209314 | &nbsp;&nbsp;&nbsp;&nbsp; 2593832 | &nbsp;&nbsp;&nbsp;&nbsp; 2851805 | &nbsp;&nbsp;&nbsp;&nbsp; 1594755 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3) | 2717854 | 923796 | 161455 | 161093 |
| Trustee fees | 33666 | 11080 | 10123 | 10055 |
| Legal fees | 6475 | 2141 | 1891 | 1981 |
| Compliance fees | 852 | 267 | 264 | 259 |
| Miscellaneous fees | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2758927 | &nbsp;&nbsp;&nbsp;&nbsp; 938205 | &nbsp;&nbsp;&nbsp;&nbsp; 173762 | &nbsp;&nbsp;&nbsp;&nbsp; 173417 |
| Waivers/Reimbursement (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (797238) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12307) | &nbsp;&nbsp;&nbsp;&nbsp; (12324) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1961689 | &nbsp;&nbsp;&nbsp;&nbsp; 938205 | &nbsp;&nbsp;&nbsp;&nbsp; 161455 | &nbsp;&nbsp;&nbsp;&nbsp; 161093 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 10247625 | &nbsp;&nbsp;&nbsp;&nbsp; 1655627 | &nbsp;&nbsp;&nbsp;&nbsp; 2690350 | &nbsp;&nbsp;&nbsp;&nbsp; 1433662 |
| **Realized and Unrealized** **Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 6541072 | 18501693 | 464015 | (1636313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliates | (70) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions | 3048325 | 427399 | 2598567 | 3595276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliates in-kind redemptions | 213088 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | 2526596 | (12701506) | 133227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (75) | (39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (114668) | &nbsp;&nbsp;&nbsp;&nbsp; 22955 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; 12329011 | &nbsp;&nbsp;&nbsp;&nbsp; 6112843 | &nbsp;&nbsp;&nbsp;&nbsp; 3218725 | &nbsp;&nbsp;&nbsp;&nbsp; 1958963 |
| Net change in net unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 33434544 | 604923 | 16251311 | 25677242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliates | 714054 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | (16504) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23374) | &nbsp;&nbsp;&nbsp;&nbsp; (38447) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 34148598 | &nbsp;&nbsp;&nbsp;&nbsp; 565045 | &nbsp;&nbsp;&nbsp;&nbsp; 16212864 | &nbsp;&nbsp;&nbsp;&nbsp; 25677242 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 46477609 | &nbsp;&nbsp;&nbsp;&nbsp; 6677888 | &nbsp;&nbsp;&nbsp;&nbsp; 19431589 | &nbsp;&nbsp;&nbsp;&nbsp; 27636205 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **56725234**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **8333515**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **22121939**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **29069867**<br>|
| \*Net of foreign taxes withheld of: | $—<br>| $48032<br>| $268943<br>| $3278<br>|

---

*See notes to financial statements.*

Statements of Operations (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI U.S. Large Cap R&D Leaders ETF** | **NYLI Global Equity R&D Leaders ETF** |
| **Investment Income** |  |  |  |  |
| Dividend income\* | $1899057<br>| $14902062<br>| $41876<br>| $65884<br>|
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp; 3522 | &nbsp;&nbsp;&nbsp;&nbsp; 50015 | &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1902579 | &nbsp;&nbsp;&nbsp;&nbsp; 14952077 | &nbsp;&nbsp;&nbsp;&nbsp; 42193 | &nbsp;&nbsp;&nbsp;&nbsp; 65988 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3) | 141354 | 1009865 | 5880 | 6866 |
| Trustee fees | 16971 | 49328 | 371 | 340 |
| Legal fees | 3365 | 9686 | 69 | 62 |
| Compliance fees | 451 | 1211 | 9 | 9 |
| Miscellaneous fees | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 162170 | &nbsp;&nbsp;&nbsp;&nbsp; 1070174 | &nbsp;&nbsp;&nbsp;&nbsp; 6358 | &nbsp;&nbsp;&nbsp;&nbsp; 7306 |
| Waivers/Reimbursement (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (20819) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (479) | &nbsp;&nbsp;&nbsp;&nbsp; (441) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 141351 | &nbsp;&nbsp;&nbsp;&nbsp; 1070174 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 | &nbsp;&nbsp;&nbsp;&nbsp; 6865 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1761228 | &nbsp;&nbsp;&nbsp;&nbsp; 13881903 | &nbsp;&nbsp;&nbsp;&nbsp; 36314 | &nbsp;&nbsp;&nbsp;&nbsp; 59123 |
| **Realized and Unrealized** **Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 34925638 | (4574321) | (256740) | (142723) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions | 2005266 | 14542252 | 1484334 | 1020244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | (5969) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (23732960) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117548) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3304) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 36930904 | &nbsp;&nbsp;&nbsp;&nbsp; (13888546) | &nbsp;&nbsp;&nbsp;&nbsp; 1227594 | &nbsp;&nbsp;&nbsp;&nbsp; 874217 |
| Net change in net unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 21317242 | 128999719 | 893256 | 988251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | 35021641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (200052) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (638) |
| Net change in net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 21317242 | &nbsp;&nbsp;&nbsp;&nbsp; 163821308 | &nbsp;&nbsp;&nbsp;&nbsp; 893256 | &nbsp;&nbsp;&nbsp;&nbsp; 987613 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 58248146 | &nbsp;&nbsp;&nbsp;&nbsp; 149932762 | &nbsp;&nbsp;&nbsp;&nbsp; 2120850 | &nbsp;&nbsp;&nbsp;&nbsp; 1861830 |
| **Net Increase in Net Assets Resulting** **from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **60009374**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **163814665**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **2157164**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **1920953**<br>|
| \*Net of foreign taxes withheld of: | $—<br>| $1512909<br>| $—<br>| $6835<br>|

---

Statements of Changes in Net Assets

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Hedge Multi-Strategy <br>Tracker ETF** | **NYLI Hedge Multi-Strategy <br>Tracker ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** |
|  | **For the** **Six Months Ended** **October 31, 2025 (unaudited)** | **For the Year Ended April 30, 2025** | **For the** **Six Months Ended** **October 31, 2025 (unaudited)** | **For the Year Ended April 30, 2025** |
| **Increase (Decrease) in Net Assets** **from Operations** |  |  |  |  |
| Net investment income | $10247625<br>| $18849015<br>| $1655627<br>| $1684797<br>|
| Net realized gain (loss) | 12329011 | (4348814) | 6112843 | 14361366 |
| Net change in net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 34148598 | &nbsp;&nbsp;&nbsp;&nbsp; 11830125 | &nbsp;&nbsp;&nbsp;&nbsp; 565045 | &nbsp;&nbsp;&nbsp;&nbsp; 10520442 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 56725234 | &nbsp;&nbsp;&nbsp;&nbsp; 26330326 | &nbsp;&nbsp;&nbsp;&nbsp; 8333515 | &nbsp;&nbsp;&nbsp;&nbsp; 26566605 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14744680) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital** **Share Transactions** |  |  |  |  |
| Proceeds from shares created | 132650053 | 245280329 | 23009285 | 23527049 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (45539698) | &nbsp;&nbsp;&nbsp;&nbsp; (120034631) | &nbsp;&nbsp;&nbsp;&nbsp; (10599275) | &nbsp;&nbsp;&nbsp;&nbsp; (83170949) |
| Net increase (decrease) from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 87110355 | &nbsp;&nbsp;&nbsp;&nbsp; 125245698 | &nbsp;&nbsp;&nbsp;&nbsp; 12410010 | &nbsp;&nbsp;&nbsp;&nbsp; (59643900) |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 143835589 | &nbsp;&nbsp;&nbsp;&nbsp; 136831344 | &nbsp;&nbsp;&nbsp;&nbsp; 20743525 | &nbsp;&nbsp;&nbsp;&nbsp; (33077295) |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 689032671 | &nbsp;&nbsp;&nbsp;&nbsp; 552201327 | &nbsp;&nbsp;&nbsp;&nbsp; 233272818 | &nbsp;&nbsp;&nbsp;&nbsp; 266350113 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; **$** **832868260**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **689032671**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **254016343**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **233272818**<br>|
| **Changes in** **Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 22050000 | 18100000 | 6750000 | 8600000 |
| Shares created | 3950000 | 7750000 | 650000 | 700000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1400000) | &nbsp;&nbsp;&nbsp;&nbsp; (3800000) | &nbsp;&nbsp;&nbsp;&nbsp; (300000) | &nbsp;&nbsp;&nbsp;&nbsp; (2550000) |
| Shares outstanding, end of period | &nbsp;&nbsp;&nbsp;&nbsp; **24600000** | &nbsp;&nbsp;&nbsp;&nbsp; **22050000** | &nbsp;&nbsp;&nbsp;&nbsp; **7100000** | &nbsp;&nbsp;&nbsp;&nbsp; **6750000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam <br>International Equity ETF** | **NYLI Candriam <br>International Equity ETF** | **NYLI Candriam U.S. <br>Mid Cap Equity ETF** | **NYLI Candriam U.S. <br>Mid Cap Equity ETF** |
|  | **For the** **Six Months Ended** **October 31, 2025 (unaudited)** | **For the Year Ended April 30, 2025** | **For the** **Six Months Ended** **October 31, 2025 (unaudited)** | **For the Year Ended April 30, 2025** |
| **Increase (Decrease) in Net Assets** **from Operations** |  |  |  |  |
| Net investment income | $2690350<br>| $4980536<br>| $1433662<br>| $2925715<br>|
| Net realized gain | 3218725 | 13328916 | 1958963 | 7724313 |
| Net change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 16212864 | &nbsp;&nbsp;&nbsp;&nbsp; 3647836 | &nbsp;&nbsp;&nbsp;&nbsp; 25677242 | &nbsp;&nbsp;&nbsp;&nbsp; (5393814) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 22121939 | &nbsp;&nbsp;&nbsp;&nbsp; 21957288 | &nbsp;&nbsp;&nbsp;&nbsp; 29069867 | &nbsp;&nbsp;&nbsp;&nbsp; 5256214 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (3959829) | &nbsp;&nbsp;&nbsp;&nbsp; (5081060) | &nbsp;&nbsp;&nbsp;&nbsp; (1303818) | &nbsp;&nbsp;&nbsp;&nbsp; (2693887) |
| **Capital** **Share Transactions** |  |  |  |  |
| Proceeds from shares created | 8276077 | 63597883 | 5755746 | 65673110 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (9649566) | &nbsp;&nbsp;&nbsp;&nbsp; (56469581) | &nbsp;&nbsp;&nbsp;&nbsp; (19756942) | &nbsp;&nbsp;&nbsp;&nbsp; (68758066) |
| Net increase (decrease) from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (1373489) | &nbsp;&nbsp;&nbsp;&nbsp; 7128302 | &nbsp;&nbsp;&nbsp;&nbsp; (14001196) | &nbsp;&nbsp;&nbsp;&nbsp; (3084956) |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 16788621 | &nbsp;&nbsp;&nbsp;&nbsp; 24004530 | &nbsp;&nbsp;&nbsp;&nbsp; 13764853 | &nbsp;&nbsp;&nbsp;&nbsp; (522629) |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 208429463 | &nbsp;&nbsp;&nbsp;&nbsp; 184424933 | &nbsp;&nbsp;&nbsp;&nbsp; 198387658 | &nbsp;&nbsp;&nbsp;&nbsp; 198910287 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; **$** **225218084**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **208429463**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **212152511**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **198387658**<br>|
| **Changes in** **Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 6600000 | 6350000 | 6650000 | 6675000 |
| Shares created | 250000 | 2125000 | 175000 | 2100000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (300000) | &nbsp;&nbsp;&nbsp;&nbsp; (1875000) | &nbsp;&nbsp;&nbsp;&nbsp; (600000) | &nbsp;&nbsp;&nbsp;&nbsp; (2125000) |
| Shares outstanding, end of period | &nbsp;&nbsp;&nbsp;&nbsp; **6550000** | &nbsp;&nbsp;&nbsp;&nbsp; **6600000** | &nbsp;&nbsp;&nbsp;&nbsp; **6225000** | &nbsp;&nbsp;&nbsp;&nbsp; **6650000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam U.S. <br>Large Cap Equity ETF** | **NYLI Candriam U.S. <br>Large Cap Equity ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI FTSE International Equity Currency Neutral 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** **from Operations** |  |  |  |  |
| Net investment income | $1761228<br>| $4511172<br>| $13881903<br>| $22487829<br>|
| Net realized gain (loss) | 36930904 | 43182022 | (13888546) | 18678144 |
| Net change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 21317242 | &nbsp;&nbsp;&nbsp;&nbsp; (20953010) | &nbsp;&nbsp;&nbsp;&nbsp; 163821308 | &nbsp;&nbsp;&nbsp;&nbsp; 25008915 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 60009374 | &nbsp;&nbsp;&nbsp;&nbsp; 26740184 | &nbsp;&nbsp;&nbsp;&nbsp; 163814665 | &nbsp;&nbsp;&nbsp;&nbsp; 66174888 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (1768860) | &nbsp;&nbsp;&nbsp;&nbsp; (4472765) | &nbsp;&nbsp;&nbsp;&nbsp; (22156830) | &nbsp;&nbsp;&nbsp;&nbsp; (18231541) |
| **Capital** **Share Transactions** |  |  |  |  |
| Proceeds from shares created |  | 93480061 | 89862057 | 418649410 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (134628705) | &nbsp;&nbsp;&nbsp;&nbsp; (141537431) | &nbsp;&nbsp;&nbsp;&nbsp; (41546770) | &nbsp;&nbsp;&nbsp;&nbsp; (84659019) |
| Net increase (decrease) from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (134628705) | &nbsp;&nbsp;&nbsp;&nbsp; (48057370) | &nbsp;&nbsp;&nbsp;&nbsp; 48315287 | &nbsp;&nbsp;&nbsp;&nbsp; 333990391 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (76388191) | &nbsp;&nbsp;&nbsp;&nbsp; (25789951) | &nbsp;&nbsp;&nbsp;&nbsp; 189973122 | &nbsp;&nbsp;&nbsp;&nbsp; 381933738 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 342145364 | &nbsp;&nbsp;&nbsp;&nbsp; 367935315 | &nbsp;&nbsp;&nbsp;&nbsp; 961475502 | &nbsp;&nbsp;&nbsp;&nbsp; 579541764 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; **$** **265757173**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **342145364**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **1151448624**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **961475502**<br>|
| **Changes in** **Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 7600000 | 8625000 | 34400000 | 22000000 |
| Shares created |  | 2000000 | 3000000 | 15550000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2700000) | &nbsp;&nbsp;&nbsp;&nbsp; (3025000) | &nbsp;&nbsp;&nbsp;&nbsp; (1400000) | &nbsp;&nbsp;&nbsp;&nbsp; (3150000) |
| Shares outstanding, end of period | &nbsp;&nbsp;&nbsp;&nbsp; **4900000** | &nbsp;&nbsp;&nbsp;&nbsp; **7600000** | &nbsp;&nbsp;&nbsp;&nbsp; **36000000** | &nbsp;&nbsp;&nbsp;&nbsp; **34400000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI U.S. Large Cap <br>R&D Leaders ETF** | **NYLI U.S. Large Cap <br>R&D Leaders ETF** | **NYLI Global Equity <br>R&D Leaders ETF** | **NYLI Global Equity <br>R&D Leaders 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** **from Operations** |  |  |  |  |
| Net investment income | $36314<br>| $83154<br>| $59123<br>| $109480<br>|
| Net realized gain | 1227594 | 761555 | 874217 | 51299 |
| Net change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 893256 | &nbsp;&nbsp;&nbsp;&nbsp; (326897) | &nbsp;&nbsp;&nbsp;&nbsp; 987613 | &nbsp;&nbsp;&nbsp;&nbsp; 334967 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 2157164 | &nbsp;&nbsp;&nbsp;&nbsp; 517812 | &nbsp;&nbsp;&nbsp;&nbsp; 1920953 | &nbsp;&nbsp;&nbsp;&nbsp; 495746 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (38232) | &nbsp;&nbsp;&nbsp;&nbsp; (82172) | &nbsp;&nbsp;&nbsp;&nbsp; (64503) | &nbsp;&nbsp;&nbsp;&nbsp; (102558) |
| **Capital** **Share Transactions** |  |  |  |  |
| Proceeds from shares created | 5822527 | 3319758 | 4255867 | 748569 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4790091) | &nbsp;&nbsp;&nbsp;&nbsp; (3306254) | &nbsp;&nbsp;&nbsp;&nbsp; (4247228) | &nbsp;&nbsp;&nbsp;&nbsp; (735941) |
| Net increase from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1032436 | &nbsp;&nbsp;&nbsp;&nbsp; 13504 | &nbsp;&nbsp;&nbsp;&nbsp; 8639 | &nbsp;&nbsp;&nbsp;&nbsp; 12628 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3151368 | &nbsp;&nbsp;&nbsp;&nbsp; 449144 | &nbsp;&nbsp;&nbsp;&nbsp; 1865089 | &nbsp;&nbsp;&nbsp;&nbsp; 405816 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 7143963 | &nbsp;&nbsp;&nbsp;&nbsp; 6694819 | &nbsp;&nbsp;&nbsp;&nbsp; 6617740 | &nbsp;&nbsp;&nbsp;&nbsp; 6211924 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; **$** **10295331**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **7143963**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **8482829**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **6617740**<br>|
| **Changes in** **Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period | 225000 | 225000 | 225000 | 225000 |
| Shares created | 150000 | 100000 | 125000 | 25000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (125000) | &nbsp;&nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (125000) | &nbsp;&nbsp;&nbsp;&nbsp; (25000) |
| Shares outstanding, end of period | &nbsp;&nbsp;&nbsp;&nbsp; **250000** | &nbsp;&nbsp;&nbsp;&nbsp; **225000** | &nbsp;&nbsp;&nbsp;&nbsp; **225000** | &nbsp;&nbsp;&nbsp;&nbsp; **225000** |

---

Financial Highlights

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Hedge Multi-Strategy Tracker ETF** |
| | **For the Six<br>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 Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.41<br>|
| **Income from** **Investment Operations** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup><sup>(b)</sup> | 0.47 | 0.94 | 1.33 | 0.72 | 0.41 | 0.42 |
| Net realized and unrealized gain (loss) | 2.14 | 0.50 | 1.04 | (0.54) | (2.65) | 2.79 |
| Distributions of net realized gains from investments in other investment companies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (2.17) | &nbsp;&nbsp;&nbsp;&nbsp;3.24 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.63) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $33.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.02<br>|
| Market price, end of period | $33.86<br>| $31.25<br>| $30.49<br>| $29.38<br>| $29.75<br>| $32.01<br>|
| **Total Return** |  |  |  |  |  |  |
| Total investment return based on net asset value<sup>(d)</sup> | 8.34% | 4.71% | 8.11% | 0.68% | (6.80)% | 11.01% |
| Total investment return based on market price<sup>(e)</sup> | 8.35% | 4.77% | 8.00% | 0.73% | (6.80)% | 11.26% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $832868<br>| $689033<br>| $552201<br>| $606499<br>| $757270<br>| $795577<br>|
| Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers<sup>(f)</sup> | 0.54<br> %<sup>(g)</sup> | 0.54% | 0.54% | 0.55<br> %<sup>(h)</sup> | 0.54% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers<sup>(f)</sup> | 0.76<br> %<sup>(g)</sup> | 0.76% | 0.76% | 0.77% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.83<br> %<sup>(g)</sup> | 3.00% | 4.43% | 2.50% | 1.29% | 1.35% |
| Portfolio turnover rate<sup>(i)</sup> | 33% | 65% | 151% | 94% | 138% | 163% |

---

------

(a)Based on average shares outstanding.

(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(g)Annualized.

(h)The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.

(i)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.

*See notes to financial statements.*

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** |
| | **For the Six<br>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 Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $34.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.53<br>|
| **Income from** **Investment Operations** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup><sup>(b)</sup> | 0.24 | 0.23 | 0.17 | 0.43 | 0.09 | 0.31 |
| Net realized and unrealized gain (loss) | 0.98 | 3.36 | (0.56) | (0.50) | (1.90) | 2.55 |
| Distributions of net realized gains from investments in other investment companies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<br> <sup>(c)</sup>  |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $35.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33.62<br>|
| Market price, end of period | $35.80<br>| $34.57<br>| $30.90<br>| $31.72<br>| $31.78<br>| $33.67<br>|
| **Total Return** |  |  |  |  |  |  |
| Total investment return based on net asset value<sup>(d)</sup> | 3.34% | 11.59% | (1.25)% | (0.21)% | (5.38)% | 9.07% |
| Total investment return based on market price <sup>(e)</sup> | 3.56% | 11.88% | (1.42)% | (0.19)% | (5.61)% | 9.53% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $254016<br>| $233273<br>| $266350<br>| $460194<br>| $591634<br>| $746279<br>|
| Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses<sup>(f)</sup> | 0.76<br> %<sup>(g)</sup> | 0.76% | 0.76% | 0.77% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.34<br> %<sup>(g)</sup> | 0.71% | 0.55% | 1.36% | 0.28% | 0.94% |
| Portfolio turnover rate<sup>(h)</sup> | 193% | 317% | 386% | 367% | 314% | 313% |

---

------

(a)Based on average shares outstanding.

(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(g)Annualized.

(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 Candriam International Equity ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam International Equity ETF** |
| | **For the Six<br>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 Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.00<br>|
| **Income from** **Investment Operations** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup><sup>(b)</sup> | 0.42 | 0.77 | 0.74 | 0.79 | 0.85 | 0.62 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp;&nbsp;8.01 |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp;&nbsp;8.63 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp; (0.42) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $34.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.21<br>|
| Market price, end of period | $34.37<br>| $31.55<br>| $28.77<br>| $27.40<br>| $25.79<br>| $29.25<br>|
| **Total Return** |  |  |  |  |  |  |
| Total investment return based on net asset value<sup>(c)</sup> | 10.99% | 11.63% | 9.34% | 7.98% | (7.82)% | 41.45% |
| Total investment return based on market price<sup>(d)</sup> | 11.05% | 12.58% | 8.03% | 9.81% | (9.25)% | 42.51% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $225218<br>| $208429<br>| $184425<br>| $192671<br>| $198798<br>| $186951<br>|
| Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements<sup>(e)</sup> | 0.15<br> %<sup>(f)</sup> | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(e)</sup> | 0.16<br> %<sup>(f)</sup> | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.50<br> %<sup>(f)</sup> | 2.56% | 2.71% | 3.19% | 2.90% | 2.41% |
| Portfolio turnover rate<sup>(g)</sup> | 6% | 22% | 26% | 17% | 10% | 21% |

---

------

(a)Based on average shares outstanding.

(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(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.

*See notes to financial statements.*

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam U.S. Mid Cap Equity ETF** | **NYLI Candriam U.S. Mid Cap Equity ETF** | **NYLI Candriam U.S. Mid Cap Equity ETF** | **NYLI Candriam U.S. Mid Cap Equity ETF** |
|  | **For the Six<br>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 <br>April 30, 2023** |
|  | **For the Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **For the Period October 25, 2022<sup>(a)</sup>** **to <br>April 30, 2023** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.00<br>|
| **Income from** **Investment Operations** |  |  |  |  |
| Net investment income<sup>(b)</sup><sup>(c)</sup> | 0.22 | 0.43 | 0.41 | 0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| **Distributions from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $34.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.74<br>|
| Market price, end of period | $34.10<br>| $29.80<br>| $29.80<br>| $26.75<br>|
| **Total Return** |  |  |  |  |
| Total investment return based on net asset value<sup>(e)</sup> | 14.94% | 1.32% | 12.72% | 6.85% |
| Total investment return based on market price<sup>(f)</sup> | 15.13% | 1.21% | 12.69% | 6.88<br> %<sup>(g)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of period (000's omitted) | $212153<br>| $198388<br>| $198910<br>| $5349<br>|
| Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements<sup>(h)</sup> | 0.15<br> %<sup>(i)</sup> | 0.15% | 0.15% | 0.15<br> %<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(h)</sup> | 0.16<br> %<sup>(i)</sup> | 0.16% | 0.16% | 0.19<br> %<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.33<br> %<sup>(i)</sup> | 1.34% | 1.44% | 1.65<br> %<sup>(i)</sup> |
| Portfolio turnover rate<sup>(j)</sup> | 18% | 47% | 38% | 13% |

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)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.

(e)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.

(f)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.

(g)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.

(h)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(i)Annualized.

(j)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 Candriam U.S. Large Cap Equity ETF** | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI Candriam U.S. Large Cap Equity ETF** |
| | **For the Six<br>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 Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $45.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.13<br>|
| **Income from** **Investment Operations** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup><sup>(b)</sup> | 0.28 | 0.57 | 0.50 | 0.49 | 0.46 | 0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.32 |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;11.74 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $54.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; $45.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.56<br>|
| Market price, end of period | $54.29<br>| $44.94<br>| $42.65<br>| $35.68<br>| $35.58<br>| $35.57<br>|
| **Total Return** |  |  |  |  |  |  |
| Total investment return based on net asset value<sup>(c)</sup> | 21.18% | 6.75% | 21.01% | 1.81% | 1.21% | 48.85% |
| Total investment return based on market price<sup>(d)</sup> | 21.52% | 6.59% | 20.99% | 1.75% | 1.23% | 49.00% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $265757<br>| $342145<br>| $367935<br>| $376444<br>| $428535<br>| $410702<br>|
| Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements<sup>(e)</sup> | 0.09<br> %<sup>(f)</sup> | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(e)</sup> | 0.10<br> %<sup>(f)</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.12<br> %<sup>(f)</sup> | 1.21% | 1.27% | 1.45% | 1.21% | 1.35% |
| Portfolio turnover rate<sup>(g)</sup> | 13% | 34% | 15% | 19% | 5% | 21% |

---

------

(a)Based on average shares outstanding.

(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(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.

*See notes to financial statements.*

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI FTSE International Equity Currency Neutral ETF** |
| | **For the Six<br>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 Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $27.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.02<br>|
| **Income from** **Investment Operations** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup><sup>(b)</sup> | 0.40 | 0.75 | 0.68 | 0.71 | 0.67 | 0.51 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp;&nbsp;6.28 |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;6.79 |
| **Distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.64) | (0.65) | (0.52) | (0.82) | (0.73) | (0.47) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions from net investment income and realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.34<br>|
| Market price, end of period | $32.02<br>| $27.95<br>| $26.20<br>| $23.68<br>| $22.60<br>| $24.36<br>|
| **Total Return** |  |  |  |  |  |  |
| Total investment return based on net asset value<sup>(c)</sup> | 16.93% | 8.83% | 14.16% | 8.31% | (3.16)% | 38.14% |
| Total investment return based on market price<sup>(d)</sup> | 17.06% | 9.40% | 13.01% | 10.19% | (4.45)% | 39.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $1151449<br>| $961476<br>| $579542<br>| $325243<br>| $265421<br>| $310388<br>|
| Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements<sup>(e)</sup> | 0.20<br> %<sup>(f)</sup> | 0.20% | 0.20% | 0.21% | 0.20% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(e)</sup> | 0.20<br> %<sup>(f)</sup> | 0.20% | 0.20% | 0.26% | 0.36% | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.61<br> %<sup>(f)</sup> | 2.80% | 2.79% | 3.25% | 2.72% | 2.41% |
| Portfolio turnover rate<sup>(g)</sup> | 6% | 16% | 11% | 14% | 8% | 10% |

---

------

(a)Based on average shares outstanding.

(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(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 U.S. Large Cap R&D Leaders ETF** | **NYLI U.S. Large Cap R&D Leaders ETF** | **NYLI U.S. Large Cap R&D Leaders ETF** | **NYLI U.S. Large Cap R&D Leaders ETF** | **NYLI U.S. Large Cap R&D Leaders ETF** |
| | **For the Six<br>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 February 8, 2022<sup>(a)</sup>** **to <br>April 30, 2022** |
| | **For the Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **For the Period February 8, 2022<sup>(a)</sup>** **to <br>April 30, 2022** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.83<br>|
| **Income from** **Investment Operations** |  |  |  |  |  |
| Net investment income<sup>(b)</sup><sup>(c)</sup> | 0.16 | 0.37 | 0.34 | 0.31 | 0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; (2.39) |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; (2.32) |
| **Distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $41.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.47<br>|
| Market price, end of period | $41.21<br>| $31.67<br>| $29.77<br>| $23.02<br>| $22.45<br>|
| **Total Return** |  |  |  |  |  |
| Total investment return based on net asset value<sup>(d)</sup> | 30.25% | 7.80% | 30.90% | 3.95% | (9.37)% |
| Total investment return based on market price<sup>(e)</sup> | 30.68% | 7.47% | 30.92% | 4.08% | (9.43)%<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $10295<br>| $7144<br>| $6695<br>| $4602<br>| $4494<br>|
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements<sup>(g)</sup> | 0.14<br> %<sup>(h)</sup> | 0.14% | 0.14% | 0.14% | 0.14<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(g)</sup> | 0.15<br> %<sup>(h)</sup> | 0.15% | 0.15% | 0.16% | 0.15<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.86<br> %<sup>(h)</sup> | 1.12% | 1.25% | 1.45% | 1.21<br> %<sup>(h)</sup> |
| Portfolio turnover rate<sup>(i)</sup> | 58% | 12% | 17% | 23% | 3% |

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(h)Annualized.

(i)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.

*See notes to financial statements.*

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NYLI Global Equity R&D Leaders ETF** | **NYLI Global Equity R&D Leaders ETF** | **NYLI Global Equity R&D Leaders ETF** | **NYLI Global Equity R&D Leaders ETF** | **NYLI Global Equity R&D Leaders ETF** |
| | **For the Six<br>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 February 8, 2022<sup>(a)</sup>** **to <br>April 30, 2022** |
| | **For the Six<br>Months Ended<br>October 31, 2025 (unaudited)** | **2025** | **2024** | **2023** | **For the Period February 8, 2022<sup>(a)</sup>** **to <br>April 30, 2022** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.92<br>|
| **Income from** **Investment Operations** |  |  |  |  |  |
| Net investment income<sup>(b)</sup><sup>(c)</sup> | 0.26 | 0.49 | 0.39 | 0.46 | 0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp; (2.69) |
| Net increase (decrease) in net assets resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp; (2.57) |
| **Distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $37.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.29<br>|
| Market price, end of period | $37.71<br>| $29.38<br>| $27.50<br>| $23.05<br>| $22.12<br>|
| **Total Return** |  |  |  |  |  |
| Total investment return based on net asset value<sup>(d)</sup> | 29.21% | 8.13% | 22.13% | 5.54% | (10.35)% |
| Total investment return based on market price<sup>(e)</sup> | 29.38% | 8.45% | 21.41% | 6.54% | (11.03)%<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $8483<br>| $6618<br>| $6212<br>| $5751<br>| $4457<br>|
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements<sup>(g)</sup> | 0.18<br> %<sup>(h)</sup> | 0.18% | 0.18% | 0.18% | 0.18<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(g)</sup> | 0.19<br> %<sup>(h)</sup> | 0.19% | 0.20% | 0.20% | 0.19<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.55<br> %<sup>(h)</sup> | 1.64% | 1.53% | 2.19% | 2.15<br> %<sup>(h)</sup> |
| Portfolio turnover rate<sup>(i)</sup> | 68% | 26% | 33% | 27% | 12% |

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(h)Annualized.

(i)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 ETF Trust (the "Trust") was organized as a Delaware statutory trust on July 1, 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 eight 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 Hedge Multi-Strategy Tracker ETF\* | Diversified | March 25, 2009 |
| NYLI Merger Arbitrage ETF  | Non-diversified | November 17, 2009 |
| NYLI Candriam International Equity ETF | Diversified | December 17, 2019 |
| NYLI Candriam U.S. Mid Cap Equity ETF | Diversified | October 25, 2022 |
| NYLI Candriam U.S. Large Cap Equity ETF | Diversified | December 17, 2019 |
| NYLI FTSE International Equity Currency Neutral ETF | Diversified | July 22, 2015 |
| NYLI U.S. Large Cap R&D Leaders ETF | Non-diversified | February 8, 2022 |
| NYLI Global Equity R&D Leaders ETF | Diversified | February 8, 2022 |

---

------

\*The Fund is a "fund of funds", meaning that it seeks to achieve its investment objective by investing primarily in underlying funds, including ETFs, exchange-traded notes ("ETNs"), and other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange traded commodity pools ("ETVs"). Such ETFs, ETVs and ETNs are referred to collectively as exchange-traded products ("ETPs").

Each Fund's investment objective is to seek investment results, before fees and expenses that correspond generally to the price and yield performance of a particular index (the "Underlying Index"). The underlying indices for the Funds are listed below:

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| NYLI Hedge Multi-Strategy Tracker ETF | NYLI Hedge Multi-Strategy Index  |
| NYLI Merger Arbitrage ETF  | NYLI Merger Arbitrage Index  |
| NYLI Candriam International Equity ETF | NYLI Candriam International Equity Index |
| NYLI Candriam U.S. Mid Cap Equity ETF | NYLI Candriam U.S. Mid Cap Equity Index |
| NYLI Candriam U.S. Large Cap Equity ETF | NYLI Candriam U.S. Large Cap Equity Index |
| NYLI FTSE International Equity Currency <br>Neutral ETF | FTSE Developed ex North America 50% Hedged to USD Index |
| NYLI U.S. Large Cap R&D Leaders ETF | NYLI U.S. Large Cap R&D Leaders Index |
| NYLI Global Equity R&D Leaders ETF | NYLI Global Equity R&D Leaders Index |

---

**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.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**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 listed 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.

In calculating NAV, each Fund's investments are valued using market quotations when available. 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 or Nasdaq, and the value of such securities used in computing a Fund's NAV are generally determined as of such times.

A swap on an exchange-listed security or securities is valued based on the last reported sale price of the swap's underlying security or securities on the exchange where the security or securities is primarily traded, or if no sale price is available, a swap will be valued using market-based prices provided by independent pricing sources or broker dealer bid quotations (i.e., counterparty).

Forward foreign currency contracts and currency-related derivatives are generally valued by taking forward points of the contract and calculating an interpolated rate based on the forward currency rate as of the 4:00 PM GMT London rate.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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.

A Fund may sweep uninvested cash balances into the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares ("Dreyfus Institutional Fund"). The Dreyfus Institutional Fund seeks as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The Dreyfus Institutional Fund has no redemption restriction and is valued at the daily NAV.

Under normal conditions, to the extent a Fund invests in securities lending, the Fund may invest its cash collateral in the Dreyfus Government Cash Management Fund, Institutional Shares ("Dreyfus Government Fund"). The Dreyfus Government Fund's investment objective is to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Government Fund has no redemption restrictions and is valued at the daily NAV.

**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:

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

• 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.

• 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

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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.

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.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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 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

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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 and capital gains are typically distributed to shareholders annually; except the NYLI Candriam International Equity ETF, NYLI Candriam U.S. Mid Cap Equity ETF, NYLI Candriam U.S. Large Cap Equity ETF, NYLI FTSE International Equity Currency Neutral ETF, NYLI U.S. Large Cap R&D Leaders ETF, and NYLI Global Equity R&D Leaders ETF typically distribute income quarterly. 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 a Fund invests 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.

**Restricted Cash**

At October 31, 2025, certain Funds held restricted cash in connection with investments in certain-derivative securities. Restricted cash is held in a segregated account with the Funds' custodian/counterparty broker and is reflected in the Statements of Assets and Liabilities.

**Securities Lending**

The Bank of New York Mellon ("BNY Mellon") serves as the Funds' securities lending agent. The Funds may lend portfolio securities to certain creditworthy borrowers, including the Funds' securities lending agent. It is the Funds' 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 Funds' 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

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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 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 Hedge Multi-Strategy Tracker ETF | $102565166<br>| $116<br>| $1857926<br>| $30275222<br>| $134698430<br>|
| NYLI Merger Arbitrage ETF | 599667 |  | 361867 | 5092180 | 6053714 |
| NYLI Candriam International Equity ETF | 1173212 |  | 53842 | 6031845 | 7258899 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 393775 | 166360 | 82319 | 6607512 | 7249966 |
| NYLI Candriam U.S. Large Cap Equity ETF |  |  |  | 370526 | 370526 |
| NYLI FTSE International Equity Currency Neutral ETF | 10246125 | 734 | 280532 | 32223619 | 42751010 |
| NYLI U.S. Large Cap R&D Leaders ETF |  | 1212 | 1924 | 91438 | 94574 |
| NYLI Global Equity R&D Leaders ETF |  | 103 | 669 | 24855 | 25627 |

---

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

**Master Netting Arrangements**

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including forward foreign currency contracts, and typically contains, among other things, collateral posting terms, netting and rights of offset provisions in the event of a default and/or termination event. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements on the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis on the Statements of Assets and Liabilities.

Total return swap contracts are valued at the unrealized appreciation/depreciation on Total Return Swap contracts of the instrument. Securities segregated as collateral for swap contracts are footnoted within each Fund's Schedule of Investments and the cash collateral is noted at the end of each Fund's swap table.

At October 31, 2025, the unrealized appreciation/depreciation on total return swap contracts reflecting a reset date at period end based on the contractual agreements with Merrill Lynch International ("MLI") and Morgan Stanley Capital Service LLC ("Morgan Stanley"), as counterparties to the following Funds:

---

| | |
|:---|:---|
| NYLI Hedge Multi-Strategy Tracker ETF  |  |
| NYLI Merger Arbitrage ETF  | ($49608) |
| NYLI Candriam International Equity ETF  |  |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

As of October 31, 2025, the impact of netting of assets and liabilities and offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement with BNY Mellon are detailed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Fund** | **Gross Amounts Presented in Statements of Assets and Liabilities** | **Collateral <br>Received<sup>(1)</sup>** | **Net <br>Amount** | **Gross Amounts Presented in Statements of Assets and Liabilities** | **Collateral <br>Pledged** | **Net <br>Amount** |
| NYLI Hedge Multi-Strategy Tracker ETF | $131344652<br>| $(131344652)<br>| $—<br>| $—<br>| $—<br>| $—<br>|
| NYLI Merger Arbitrage ETF | 5988584 | (5988584) |  |  |  |  |
| NYLI Candriam International Equity ETF | 6864644 | (6864644) |  |  |  |  |
| NYLI Candriam U.S. Mid Cap Equity ETF | 7080690 | (7080690) |  |  |  |  |
| NYLI Candriam U.S. Large Cap Equity ETF | 345138 | (345138) |  |  |  |  |
| NYLI FTSE International Equity Currency <br>Neutral ETF | 40478377 | (40478377) |  |  |  |  |
| NYLI U.S. Large Cap R&D Leaders ETF | 93619 | (93619) |  |  |  |  |
| NYLI Global Equity R&D Leaders ETF | 25319 | (25319) |  |  |  |  |

---

------

1 The amount of collateral presented is limited such that the net amount cannot be less than $0.

As of October 31, 2025, each Fund's OTC derivative assets, which may be offset against each Fund's OTC derivative liabilities and collateral received from the counterparty, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts of Assets Presented in Statements of Assets and Liabilities** | **Financial Instruments and Derivatives Available for Offset** | **Net Amount of Derivatives Assets** | **Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities** | **Financial Instruments and Derivatives Available for Offset** | **Net Amount of Derivatives Liabilities** |
| **NYLI FTSE International Equity Currency Neutral ETF** |  |  |  |  |  |  |
| Morgan Stanley | $13205573 | $(460019) | $12745554 | $460019 | $(460019) | $—<br>|

---

This does not reflect securities segregated as collateral, as detailed on the Schedule of Investments.

**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 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.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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 Hedge Multi-Strategy Tracker ETF | 0.75% |
| NYLI Merger Arbitrage ETF | 0.75% |
| NYLI Candriam International Equity ETF | 0.15% |
| NYLI Candriam U.S. Mid Cap Equity ETF | 0.15% |
| NYLI Candriam U.S. Large Cap Equity ETF | 0.09% |
| NYLI FTSE International Equity Currency Neutral ETF | 0.19% |
| NYLI U.S. Large Cap R&D Leaders ETF | 0.14% |
| NYLI Global Equity R&D Leaders ETF | 0.18% |

---

In consideration of the fees paid with respect to the Funds, the Advisor has agreed to pay all expenses of the Trust, except (i) brokerage and other transaction expenses, including taxes; (ii) extraordinary legal fees or expenses, such as those for litigation or arbitration; (iii) compensation and expenses of the Independent Trustees, counsel to the Independent Trustees, and the Trust's chief compliance officer; (iv) extraordinary expenses; (v) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and (vi) the advisory fee payable to the Advisor.

The Advisor has entered into a Fee Waiver Agreement with certain Funds under which it has contractually agreed to waive a portion of its management fee equal to a specific percentage of the average daily net assets as follows:

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| NYLI Hedge Multi-Strategy Tracker ETF | 0.22% |

---

The Advisor has entered into an Expense Limitation Agreement with certain Funds under which it has contractually agreed to waive or reduce its management fee and/or reimburse expenses of certain Funds in an 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 each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| NYLI Candriam International Equity ETF | 0.15% |
| NYLI Candriam U.S. Mid Cap Equity ETF | 0.15% |
| NYLI Candriam U.S. Large Cap Equity ETF | 0.09% |
| NYLI U.S. Large Cap R&D Leaders ETF | 0.14% |
| NYLI Global Equity R&D Leaders ETF | 0.18% |

---

The Fee Waiver and Expense Limitation Agreements will remain in effect permanently unless terminated by the Board of Trustees of the Funds.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Fund** | **Waived/Reimbursed Expenses** |
| NYLI Hedge Multi-Strategy Tracker ETF | $797238<br>|
| NYLI Candriam International Equity ETF | 12307 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 12324 |
| NYLI Candriam U.S. Large Cap Equity ETF | 20819 |
| NYLI U.S. Large Cap R&D Leaders ETF | 479 |
| NYLI Global Equity R&D Leaders ETF | 441 |

---

**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-1 Plan"). In accordance with the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to 0.10% 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.

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. Under the terms of the agreement, the Advisor pays the Funds' Administrative, Custody and Transfer Agency fees. 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

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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 Hedge Multi-Strategy Tracker ETF | $886914760<br>| $298748162<br>| $(251244054) | $47504108<br>|
| NYLI Merger Arbitrage ETF | 249759138 | 4884913 | (3243995) | 1640918 |
| NYLI Candriam International Equity ETF | 190831888 | 47346484 | (13012644) | 34333840 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 188440970 | 37606118 | (13565517) | 24040601 |
| NYLI Candriam U.S. Large Cap Equity ETF | 221490369 | 59313393 | (15188148) | 44125245 |
| NYLI FTSE International Equity Currency <br>Neutral ETF | 934242465 | 263464316 | (39698816) | 223765500 |
| NYLI U.S. Large Cap R&D Leaders ETF | 9208694 | 1187723 | (88250) | 1099473 |
| NYLI Global Equity R&D Leaders ETF | 7153477 | 1436938 | (120669) | 1316269 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Fund** | **Ordinary Income** | **Long-Term Capital Gains** | **Tax Return <br>of Capital** | **Ordinary Income** | **Long-Term Capital Gains** | **Tax Return <br>of Capital** |
| NYLI Hedge Multi-Strategy Tracker ETF | $14744680<br>| $— | $— | $25206630<br>| $— | $— |
| NYLI Merger Arbitrage ETF |  |  |  | 4247100 |  |  |
| NYLI Candriam International Equity ETF | 5081060 |  |  | 5430434 |  |  |
| NYLI Candriam U.S. Mid Cap Equity ETF | 2693887 |  |  | 1926760 |  |  |
| NYLI Candriam U.S. Large Cap <br>Equity ETF | 4472765 |  |  | 4665767 |  |  |
| NYLI FTSE International Equity Currency <br>Neutral ETF | 18231541 |  |  | 8859486 |  |  |
| NYLI U.S. Large Cap R&D Leaders ETF | 82172 |  |  | 71777 |  |  |
| NYLI Global Equity R&D Leaders ETF | 102558 |  |  | 153927 |  |  |

---

At April 30, 2025, the Funds did not have any 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.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Late Year<br>Ordinary Losses** | **Short-Term<br>Post October Losses** | **Long-Term<br>Post October Losses** |
| NYLI Hedge Multi-Strategy Tracker ETF | $—<br>| $—<br>| $—<br>|
| NYLI Merger Arbitrage ETF |  |  |  |
| NYLI Candriam International Equity ETF |  |  |  |
| NYLI Candriam U.S. Mid Cap Equity ETF |  |  |  |
| NYLI Candriam U.S. Large Cap Equity ETF |  |  |  |
| NYLI FTSE International Equity Currency Neutral ETF |  |  |  |
| NYLI U.S. Large Cap R&D Leaders ETF |  |  |  |
| NYLI Global Equity R&D Leaders ETF |  |  |  |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

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.

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 With No Expiration** | **Long-Term With No Expiration** |
| NYLI Hedge Multi-Strategy Tracker ETF | $1049535<br>| $65700784<br>| $26088453<br>|
| NYLI Merger Arbitrage ETF | 16338266 | 40339675 | 60237 |
| NYLI Candriam International Equity ETF |  | 6187963 | 5378613 |
| NYLI Candriam U.S. Mid Cap Equity ETF |  | 7670898 | 2191308 |
| NYLI Candriam U.S. Large Cap Equity ETF |  | 7639064 | 7457642 |
| NYLI FTSE International Equity Currency Neutral ETF |  | 14319229 | 25620637 |
| NYLI U.S. Large Cap R&D Leaders ETF |  | 160705 | 343050 |
| NYLI Global Equity R&D Leaders ETF |  | 110631 | 351951 |

---

**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 Candriam International Equity ETF | 75.83% |
| NYLI Candriam U.S. Mid Cap Equity ETF | 96.35% |
| NYLI Candriam U.S. Large Cap Equity ETF | 89.68% |
| NYLI FTSE International Equity Currency Neutral ETF | 9.30% |
| NYLI U.S. Large Cap R&D Leaders ETF | 76.00% |
| NYLI Global Equity R&D Leaders ETF | 84.44% |

---

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 In-Kind** | **Sales In-Kind** |
| NYLI Hedge Multi-Strategy Tracker ETF | $250574326<br>| $238564542<br>| $132331783<br>| $45435979<br>|
| NYLI Merger Arbitrage ETF | 431399759 | 428304161 | 22506689 | 10116619 |
| NYLI Candriam International Equity ETF | 13108530 | 14073926 | 8208862 | 9597828 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 37855459 | 37742124 | 5752097 | 19731317 |
| NYLI Candriam U.S. Large Cap Equity ETF | 39117490 | 39345860 |  | 134618939 |
| NYLI FTSE International Equity Currency <br>Neutral ETF | 69821399 | 61078134 | 83855768 | 39297448 |
| NYLI U.S. Large Cap R&D Leaders ETF | 4971674 | 4998336 | 5825513 | 4748456 |
| NYLI Global Equity R&D Leaders ETF | 5171502 | 5263634 | 3909943 | 3814264 |

---

**8. DERIVATIVE FINANCIAL INSTRUMENTS**

**Swap Transactions**

A swap agreement is an agreement between two parties pursuant to which the parties exchange payments at specified dates based on a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Most swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Funds' obligations or rights under a swap agreement entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty. Swap agreements are not entered into or traded on exchanges and there is no central clearing or guaranty function for total return swaps. Swaps could result in losses if interest rates or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Funds or if the reference index, security or investments do not perform as expected.

The value of a total return swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Segregated securities are designated on the Schedules of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of total return swaps, if any, are recorded as unrealized appreciation or depreciation on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as a change in net unrealized appreciation depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement on the Statements of Operations.

When a Fund has an unrealized loss on a swap agreement, the Fund instructs the Custodian to pledge cash or liquid securities as collateral with a value at least equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted with the fluctuations of the swap value.

The NYLI Hedge Multi-Strategy Tracker ETF, NYLI Merger Arbitrage ETF and NYLI Candriam International Equity ETF used total return swaps to replicate the performance of the Underlying Index. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. Therefore, the Funds consider the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying instruments.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

Pursuant to documentation governing the Funds' swap transactions with MLI and Morgan Stanley, MLI and Morgan Stanley have the right to terminate the swaps early in the event that the net assets of the given Fund decline below specific levels set forth in the documentation ("net asset contingent features"). In the event of early termination, MLI and Morgan Stanley may require the Funds to pay or receive a settlement amount in connection with the terminated swap transaction. The Funds utilized swaps to affect both long and short exposure to several asset classes and market segments, including, among others, real estate, domestic equity, international equity, emerging markets equities, investment grade corporate bonds, high yield corporate bonds, convertible bonds, preferred securities, emerging market-debt, mortgage-backed securities, floating rate notes, developed markets currencies, broad commodity indices, precious metals, equity market volatility, and U.S. Treasury bonds. As of October 31, 2025, the Funds have not triggered the conditions under such documentation that will give the counterparty the right to call for an early termination. As of such date, the settlement values of these contracts were approximately equal to the fair value of such contracts. As of October 31, 2025, open swap transactions, if any, are listed at the end of the Funds' respective Schedule of Investments.

**Forward Foreign Currency Contracts**

The NYLI FTSE International Equity Currency Neutral ETF may enter into forward foreign currency contracts for hedging purposes, to seek to protect against anticipated changes in future foreign currency exchange rates. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A non-deliverable forward currency contract does not require physical delivery of the underlying currencies and the contract is settled based on the difference between the contracted price and the prevailing spot price of the agreed upon notional amount. These contracts are traded in the interbank market between currency traders (usually large commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are generally charged at any stage for trades.

Upon entering into a forward foreign currency contract, a Fund is required to segregate permissible liquid assets or engage in other measures approved by the SEC to "cover" the Fund's obligations relating to its transactions in derivatives. Fluctuations in the value of open forward foreign currency contracts are recorded for book purposes as unrealized gains or losses on forward foreign currency contracts by the Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have matured or were sold. At October 31, 2025, open forward foreign currency contracts, if any, are listed at the end of the Funds' respective Schedule of Investments.

**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:

---

| | | |
|:---|:---|:---|
| **Asset Derivatives** | **Foreign Currency Risk** | **Equity Risk** |
| **NYLI Merger** **Arbitrage ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap transactions |  | $—<br>|
| **NYLI FTSE International Equity Currency** **Neutral ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | $13205573<br>|  |
| **Liability Derivatives** |  |  |
| **NYLI Merger** **Arbitrage ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on swap transactions |  | $(49608) |
| **NYLI FTSE International Equity Currency** **Neutral ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | $(460019) |  |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

Total return swaps reflect a reset date as of October 31, 2025; therefore, there is no unrealized appreciation/depreciation reflected on 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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign <br>Currency Risk** | **Equity Risk** |
| **NYLI Hedge Multi-Strategy** **Tracker ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | $—<br>| $2526596<br>|
| **NYLI Merger** **Arbitrage ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | $—<br>| $(12701506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(75) | $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in unrealized appreciation (depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | $—<br>| $(16504) |
| **NYLI Candriam International** **Equity ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | $—<br>| $133227<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(39) | $—<br>|
| **NYLI FTSE International Equity Currency** **Neutral ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | $—<br>| $(5969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(23732960) | $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in unrealized appreciation (depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $35021641<br>| $—<br>|

---

For the period ended October 31, 2025, the monthly average notional value of the derivatives held by the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | **NYLI Hedge Multi-Strategy Tracker ETF**  | **NYLI Merger Arbitrage ETF** | **NYLI Candriam International Equity ETF** | **NYLI FTSE International Equity Currency Neutral ETF** |
| **Asset Derivatives** |  |  |  |  |
| Swap contracts | $94753124<br>| $—<br>| $1112225<br>| $696914<br>|
| Forward foreign currency contracts |  |  |  | 969526331 |
| **Liability Derivatives** |  |  |  |  |
| Swap contracts | (94411772) | (65445036) |  |  |
| Forward foreign currency contracts |  |  |  | (971273457) |

---

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**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.

**Counterparty Risk**

Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions. In those instances, an underlying ETP utilizing such deliverables will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the underlying ETP will sustain losses.

**Currency Hedging Risk<sup>1</sup>**

A Fund may use various strategies to attempt to reduce the impact of changes in the value of a foreign currency against the U.S. dollar. These strategies may not be successful. Currency exchange rates can be very volatile and can change quickly and unpredictably. Therefore, the value of an investment in a Fund may also go up or down quickly and unpredictably and investors may lose money.

**Currency Risk**

Certain Funds will invest in securities denominated in currencies other than U.S. dollars (foreign currencies). Therefore, while much of the income received by a Fund may be denominated in foreign currency, the Underlying Index and the Fund's NAV will be calculated in U.S. dollars. Furthermore, a Fund may convert cash in U.S. dollars to foreign currencies to purchase securities. Both a Fund's ability to track the Underlying Index, and Fund returns in general, may be adversely impacted by changes in currency exchange rates, which can occur quickly and without warning.

**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 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.

**Emerging Market Securities Risk**

A Fund may invest in securities of issuers located in emerging countries. The risks of foreign investment are heightened when the issuer is located in an emerging country. Emerging countries are generally located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central and South America and Africa. The securities markets of emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries.

1Applies to NYLI FTSE International Equity Currency Neutral ETF.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

**ESG Investing Style Risk<sup>2</sup>**

The application of environmental, social and corporate governance investing criteria may affect the Fund's exposure to certain sectors or types of investments and may impact the Fund's relative investment performance depending on whether such sectors or investments are in or out of favor in the market. In addition, there is no guarantee that the construction methodology of the Underlying Index will accurately provide exposure to issuers meeting environmental, social and corporate governance criteria.

**Fund of Funds Risk<sup>3</sup>**

If a Fund is a "fund of funds", the Funds' investment performance depends on the investment performance of the underlying ETFs in which it invests. An investment in any such Fund is subject to the risks associated with the underlying ETFs that comprise its Underlying Index. Such a Fund will indirectly pay a proportional share of the asset-based fees of the underlying ETFs in which it invests.

**Index Risk**

The Funds' Underlying Indexes and the Funds rebalance only on a monthly, quarterly or annual basis, which may cause the performance of the Underlying Indexes and the Funds to deviate from that of the market exposure that they are trying to achieve.

**Large Transaction Risks**

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 the 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.

**Passive Management Risk**

Unlike many investment companies, each Fund seeks to track its Underlying Index and is not "actively" managed. Therefore, a fund would not generally sell a security because the security's issuer was in financial trouble unless that security is removed from (or was no longer useful in tracking a component of) its Underlying Index.

**Total Return Swap Risk<sup>4</sup>**

Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. Total return swaps can also be used to replicate an exposure to a short position in an asset class where a Fund has the right to receive the depreciation in value of a specified security, index or other instrument ("inverse

2Applies to NYLI Candriam International Equity ETF, NYLI Candriam U.S. Mid Cap Equity ETF, NYLI Candriam U.S. Large Cap Equity ETF.

3 Applies to NYLI Hedge Multi-Strategy Tracker ETF.

4 Applies to NYLI Hedge Multi-Strategy Tracker ETF and NYLI Merger Arbitrage ETF.

Notes to Financial Statements (continued)

October 31, 2025 (unaudited)

swaps"). If the underlying asset in a total return swap declines in value (or increases in value, if an inverse swap) over the term of the swap, a Fund may also be required to pay the dollar value of that decline (or, if an inverse swap, increase, if an inverse swap) to the counterparty. Therefore, swaps are subject to credit risk or the risk of default or non-performance by the counterparty.

**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.

**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.**

Not applicable.

**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 |

---

---

| | |
|:---|:---|
| 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](nylietf-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 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 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](nylietf-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 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 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) |

---