# EDGAR Filing Document

**Accession Number:** 0001415995
**File Stem:** 0001999371-25-008790
**Filing Date:** 2025-7
**Character Count:** 471258
**Document Hash:** 85cd4a873db75d4469750537b9611961
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008790.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001999371-25-008790

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22227
- **FILM NUMBER:** 251110818

**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 Healthy Hearts ETF (Series ID: S000070449)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000223944 | NYLI Healthy Hearts ETF | HART            |

### 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 **811-22227**

**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: **1-888-474-7725**

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

Date of reporting period: <u>April 30, 2025</u>

**Item 1. Reports to Stockholders.**

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

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI Hedge Multi-Strategy Tracker ETF

## QAI/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Hedge Multi-Strategy Tracker ETF (formerly, IQ Hedge Multi-Strategy Tracker ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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 Hedge Multi-Strategy Tracker ETF | $55 | 0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was supported by positive contributions from credit-sensitive exposures, including convertibles, investment-grade floating rate debt and bank loans, in an environment of elevated interest rates and stable corporate fundamentals. Equity exposures in developed international and emerging markets also added to returns, benefiting from a late-period rotation into non-U.S. equities and a weakening U.S. dollar. The Fund's multi-strategy design provided broad-based diversification, helping to offset underperformance in market-neutral and managed futures strategies and reinforcing its role as a low-beta, volatility-dampening alternative with stable performance across shifting market regimes.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Convertible bonds (long positions)

Benefited from their asymmetric return profile, participating in equity upside while maintaining defensive fixed income characteristics during rising volatility

Contributed

Floating rate investment-grade debt (long positions)

Buoyed performance due to a high-rate, low-default environment, strong carry, stable credit spreads and healthy corporate balance sheets

Contributed

Contributed

International equity (long positions)

Boosted by a late-period rotation into developed international markets, driven by U.S. capital flight and dollar weakness

Equity market neutral (short positions)

Detracted as rising cross-sectional dispersion and a volatility resurgence helped fuel a rebound

Detracted

U.S. small-cap core (long positions)

Weighed on performance amid persistently tight credit conditions and the specter of an economic downturn

Detracted

International Treasury (short positions)

Detracted as foreign sovereign bond prices rallied late in the period in anticipation of forthcoming rate cuts

Detracted

7889834

MEQAI11-06/25

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# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](i7d0fa283543cc8df6eb7a2e6.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NYLI Hedge Multi-Strategy Tracker ETF - NAV 12,058** | **NYLI Hedge Multi-Strategy Index13,019** | **Russell 3000<sup>®</sup> Index30,174** | **Barclay Hedge Fund Index15,942** | **S&P 500<sup>®</sup> Index (Net)30,280** |
| **4/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **4/16** | 9721 | 9850 | 9982 | 9660 | 10055 |
| **4/17** | 9761 | 10038 | 11837 | 10612 | 11781 |
| **4/18** | 10175 | 10521 | 13382 | 11332 | 13266 |
| **4/19** | 10334 | 10718 | 15079 | 11441 | 14966 |
| **4/20** | 10227 | 10678 | 14922 | 11003 | 15005 |
| **4/21** | 11353 | 11933 | 22520 | 14085 | 21795 |
| **4/22** | 10581 | 11180 | 21819 | 13753 | 21750 |
| **4/23** | 10653 | 11331 | 22146 | 13686 | 22214 |
| **4/24** | 11516 | 12307 | 27085 | 15028 | 27122 |
| **4/25** | 12058 | 13019 | 30174 | 15942 | 30280 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| NYLI Hedge Multi-Strategy Tracker ETF - NAV | 3/25/2009 | 4.71% | 3.35% | 1.89% |
| NYLI Hedge Multi-Strategy Index<sup>Footnote Reference1</sup> |  | 5.79% | 4.04% | 2.67% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference2</sup> |  | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup> Index (Net)<sup>Footnote Reference3</sup> |  | 11.64% | 15.08% | 11.72% |
| Barclay Hedge Fund Index<sup>Footnote Reference4</sup> |  | 6.08% | 7.70% | 4.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; The NYLI Hedge Multi-Strategy Index is the underlying index of the Fund. The NYLI Hedge Multi-Strategy Index seeks to achieve performance similar to the overall hedge fund universe by replicating the "beta" portion of the hedge fund return characteristics over longer term periods and not on a daily basis. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Russell 3000<sup>®</sup> Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S.equity market, as a replacement for the S&P 500<sup>®</sup> Index (Net). |
| &nbsp;&nbsp; Footnote3  | &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; Footnote4  | &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.

7889834

MEQAI11-06/25

NYLI Hedge Multi-Strategy Tracker ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $689032671 |
| Total number of portfolio holdings | 108 |
| Total advisory fees paid | $3334180 |
| Portfolio turnover rate | 65% |

---

#### 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\*

---

| | |
|:---|:---|
| iShares Floating Rate Bond ETF | 13.6% |
| Vanguard Short-Term Treasury ETF | 10.0% |
| Vanguard FTSE Developed Markets ETF | 7.9% |
| Franklin Senior Loan ETF | 6.8% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 5.4% |
| SPDR Bloomberg Convertible Securities ETF | 5.1% |
| iShares 0-5 Year TIPS Bond ETF | 4.6% |
| iShares National Muni Bond ETF | 4.4% |
| SPDR Bloomberg Investment Grade Floating Rate ETF | 4.3% |
| Vanguard Tax-Exempt Bond Index ETF | 4.0% |

---

\* Excluding short-term investments

#### Portfolio Composition

---

| | |
|:---|:---|
| Floating Rate - Investment Grade Funds | 17.9% |
| Treasury Inflation Protected Securities Funds | 10.0% |
| U.S. Short Term Treasury Bond Fund | 10.0% |
| Short-Term Investments | 9.7% |
| Convertible Bond Funds | 8.6% |
| Municipal Bond Funds | 8.4% |
| International Equity Core Fund | 7.9% |
| Bank Loan Fund | 6.7% |
| Emerging Markets Funds | 5.0% |
| Merger Arbitrage Funds | 3.9% |
| Preferred Fund | 3.8% |
| U.S. Small Cap Core Fund | 3.4% |
| U.S. Momentum Fund | 2.6% |
| U.S. Large Cap Core Funds | 2.4% |
| Agriculture Fund | 2.4% |
| Managed Futures Funds | 2.3% |
| U.S. Sector Funds | 1.4% |
| Broad Funds | 1.1% |
| U.S. Mid Cap Core Fund | 1.1% |
| BRIC Equity Fund | 0.8% |
| China Fund | 0.3% |
| Other Asset and Liabilities | (9.7)% |

---

7889834

MEQAI11-06/25

NYLI Hedge Multi-Strategy Tracker ETF \| 3

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ Hedge Multi-Strategy Tracker ETF" to "NYLI Hedge Multi-Strategy Tracker ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889834

MEQAI11-06/25

NYLI Hedge Multi-Strategy Tracker ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI Merger Arbitrage ETF

## MNA/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Merger Arbitrage ETF (formerly, IQ Merger Arbitrage ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| NYLI Merger Arbitrage ETF | $80 | 0.76% |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was influenced by broad macroeconomic conditions, including elevated interest rates, cooling but volatile inflation and generally resilient equity markets that supported risk appetite. Steady mergers and acquisitions ("M&A") activity over most of the reporting period provided ample arbitrage opportunities, while regulatory scrutiny, buyer/seller valuation gaps and higher borrowing costs contributed to wider spreads and attractive risk-adjusted returns. Although tariff threats and their eventual implementation weighed on sentiment toward the end of the reporting period, overall deal completion rates remained high and Fund performance benefited from strong deal selection, favorable sector positioning, disciplined hedging in stock-financed transactions and the Fund's low beta, low correlation return profile.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Materials

Favorable deal outcomes, robust sector M&A activity and strong risk-adjusted returns from select deals

Contributed

Information technology

Broad-based contribution supported by opportune positioning in high value deals and well-calibrated hedging

Contributed

Contributed

Health care

Outsized contribution from deal selection

Communication services

Deal selection and heightened regulatory scrutiny

Detracted

Sector hedges

Performance of legacy sector hedges <sup>†</sup> disconnected from idiosyncratic deal risks

Detracted

Real estate

Outsized impact of deal selection and tariff-related market disruptions

Detracted

7889841

MEMNA11-06/25

NYLI Merger Arbitrage ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](i16783e9e61f216ca51c5f577.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NYLI Merger Arbitrage ETF - NAV 12,527** | **NYLI Merger Arbitrage Index13,475** | **MSCI World<sup>®</sup> Index (Net)24,424** | **Barclay Merger Arbitrage Index16,443** | **S&P 500<sup>®</sup> Index (Net)30,280** |
| **4/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **4/16** | 9921 | 10123 | 9583 | 10560 | 10055 |
| **4/17** | 10553 | 10846 | 10987 | 11287 | 11781 |
| **4/18** | 10739 | 11095 | 12439 | 11343 | 13266 |
| **4/19** | 11009 | 11420 | 13245 | 12028 | 14966 |
| **4/20** | 11021 | 11477 | 12715 | 11978 | 15005 |
| **4/21** | 12020 | 12603 | 18478 | 14472 | 21795 |
| **4/22** | 11374 | 12040 | 17828 | 14543 | 21750 |
| **4/23** | 11350 | 12111 | 18394 | 14771 | 22214 |
| **4/24** | 11207 | 12073 | 21776 | 15557 | 27122 |
| **4/25** | 12527 | 13475 | 24424 | 16443 | 30280 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| NYLI Merger Arbitrage ETF - NAV | 11/17/2009 | 11.59% | 2.56% | 2.26% |
| NYLI Merger Arbitrage Index<sup>Footnote Reference1</sup> |  | 11.61% | 3.26% | 2.93% |
| MSCI World<sup>®</sup> Index (Net)<sup>Footnote Reference2</sup> |  | 12.16% | 13.95% | 9.34% |
| S&P 500<sup>®</sup> Index (Net)<sup>Footnote Reference3</sup> |  | 11.64% | 15.08% | 11.72% |
| Barclay Merger Arbitrage Index<sup>Footnote Reference4</sup> |  | 5.70% | 6.54% | 5.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &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; Footnote2  | &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; Footnote3  | &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; Footnote4  | &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.

7889841

MEMNA11-06/25

NYLI Merger Arbitrage ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $233272818 |
| Total number of portfolio holdings | 49 |
| Total advisory fees paid | $1784479 |
| Portfolio turnover rate | 317% |

---

#### 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\*

---

| | |
|:---|:---|
| SPDR Bloomberg 1-3 Month T-Bill ETF, Class B | 4.5% |
| iShares Short Treasury Bond ETF | 4.5% |
| Frontier Communications Parent, Inc. | 4.5% |
| Kellanova | 4.5% |
| Spirit AeroSystems Holdings, Inc., Class A | 3.9% |
| Innergex Renewable Energy, Inc. | 3.9% |
| Just Eat Takeaway.com NV | 3.8% |
| Interpublic Group of Cos., Inc. (The) | 3.8% |
| ALLETE, Inc. | 3.5% |
| Walgreens Boots Alliance, Inc. | 3.0% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Short-Term Investments | 17.8% |
| Industrials | 15.3% |
| Financials | 14.2% |
| Consumer Discretionary | 11.0% |
| Communication Services | 10.2% |
| Fixed Income Fund | 9.0% |
| Consumer Staples | 7.5% |
| Utilities | 7.4% |
| Materials | 3.0% |
| Energy | 2.1% |

---

7889841

MEMNA11-06/25

NYLI Merger Arbitrage ETF \| 3

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ Merger Arbitrage ETF" to "NYLI Merger Arbitrage ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

<sup>†</sup>The Fund changed certain principal investment strategies regarding deal entry and exit, position weighting, and hedging in line with the Fund's underlying index.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889841

MEMNA11-06/25

NYLI Merger Arbitrage ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI Candriam International Equity ETF

## IQSI/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Candriam International Equity ETF (formerly, IQ Candriam International Equity ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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 Candriam International Equity ETF | $16 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was driven by macroeconomic developments, as well as sector- and country-specific trends. Returns benefited from strengthening developed international equity markets as the fallout from escalating U.S. tariffs reoriented investor expectations around global growth, and as trade tensions and protectionist policy shifts triggered capital outflows from the United States, boosting demand for international equities. While financials and rate-sensitive sectors benefited from cooling inflation and resilient economic conditions, export-heavy markets faced pressure from new tariff barriers, rising input costs and murky cross-border demand, particularly in energy, materials, autos and semiconductors.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Financials

Delivered the greatest contribution to returns, spurred by a supportive monetary backdrop, cooling inflation, economic resilience, regulatory tailwinds and region-specific growth initiatives

Contributed

Germany

Delivered the largest country-level contribution, supported by strong performance across financials, information technology, and industrials amid a large-scale stimulus plan and warming investor sentiment

Contributed

Contributed

Japan

Added meaningfully to returns, particularly in the information technology, financials and consumer discretionary sectors, driven by accommodative monetary policy, encouraging corporate governance and capital markets reforms, robust earnings and tariff-driven U.S. capital flight

Energy

Detracted from returns amid falling commodity prices, softening current and nebulous future demand, abundant production, and policy-related uncertainty

Detracted

Netherlands

Detracted primarily due to the lagging performance of semiconductor equipment maker AMSL, as sentiment turned against high-growth chipmakers exposed to export restrictions and artificial intelligence-related supply chain disruption

Detracted

Denmark

Detracted overwhelmingly due to a sharp decline in mega-cap pharmaceutical maker Novo Nordisk

Detracted

7889775

MEIQSI11-06/25

NYLI Candriam International Equity ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](ie82f7c04b4ff6e22f3c8ea2d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI Candriam International Equity ETF - NAV 14,405** | **NYLI Candriam International Equity Index14,562** | **MSCI EAFE<sup>®</sup> Index (Net)14,120** |
| **12/17/2019** | 10000 | 10000 | 10000 |
| **4/20** | 8382 | 8373 | 8240 |
| **4/21** | 11856 | 11877 | 11526 |
| **4/22** | 10929 | 10969 | 10587 |
| **4/23** | 11801 | 11863 | 11478 |
| **4/24** | 12903 | 13015 | 12543 |
| **4/25** | 14405 | 14562 | 14120 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Since Inception** |
| NYLI Candriam International Equity ETF - NAV | 12/17/2019 | 11.63% | 11.44% | 7.03% |
| NYLI Candriam International Equity Index<sup>Footnote Reference1</sup> |  | 11.88% | 11.70% | 7.24% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>Footnote Reference2</sup> |  | 12.57% | 11.37% | 6.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &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; Footnote2  | &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.

7889775

MEIQSI11-06/25

NYLI Candriam International Equity ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $208429463 |
| Total number of portfolio holdings | 585 |
| Total advisory fees paid | $268978 |
| Portfolio turnover rate | 22% |

---

#### 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\*

---

| | |
|:---|:---|
| SAP SE | 2.6% |
| Nestle SA | 2.4% |
| ASML Holding NV | 2.2% |
| Roche Holding AG | 2.1% |
| Novartis AG | 1.9% |
| AstraZeneca PLC | 1.9% |
| Toyota Motor Corp. | 1.9% |
| Commonwealth Bank of Australia | 1.6% |
| Siemens AG | 1.5% |
| Sony Group Corp. | 1.4% |

---

\* Excluding short-term investments

#### Top Countries

---

| | |
|:---|:---|
| Japan | 27.0% |
| United States | 11.1% |
| United Kingdom | 10.9% |
| Germany | 9.7% |
| Australia | 7.9% |
| France | 5.3% |
| Netherlands | 5.1% |
| Switzerland | 4.3% |
| Spain | 2.7% |
| Italy | 2.3% |

---

7889775

MEIQSI11-06/25

NYLI Candriam International Equity ETF \| 3

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ Candriam International Equity ETF" to "NYLI Candriam International Equity ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889775

MEIQSI11-06/25

NYLI Candriam International Equity ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI Candriam U.S. Mid Cap Equity ETF

## IQSM/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Candriam U.S. Mid Cap Equity ETF (formerly, IQ Candriam U.S. Mid Cap Equity ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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 Candriam U.S. Mid Cap Equity ETF | $15 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund reflected a market shaped by early economic resilience and policy optimism, followed by disruptive shifts under the Trump administration and sector-specific pressures. Gains in financials, real estate and mid-cap technology were supported by consumer strength, stable interest rates and expectations for deregulation, while health care, industrials and energy lagged amid tariff-related costs, regulatory uncertainty and weakening sentiment. The Fund's performance mirrored broader mid-cap trends, with select domestically focused exposures benefiting from pro-growth policies, despite headwinds from trade volatility, inflation, rate uncertainty and sector dispersion.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Financials

Benefited from stable interest rates, consumer resilience, deregulation expectations, and robust domestic lending and banking activity

Contributed

Real estate

Gained on easing inflation and resilient property demand, along with an investor rotation into income-generating assets

Contributed

Contributed

Information technology

Rose on artificial intelligence-led productivity gains and steady demand for related software and infrastructure

Health care

Faced regulatory scrutiny over drug pricing and weak sentiment toward mid-cap biotech and services firms

Detracted

Industrials

Experienced tariff-driven cost pressures and supply chain disruptions that undermined margins and investor sentiment

Detracted

Energy

Declined due to falling commodity prices, softening current and nebulous future demand, abundant production and policy-related uncertainty

Detracted

7889815

MEIQSM11-06/25

NYLI Candriam U.S. Mid Cap Equity ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](iad718d5c735fdbee65033a24.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI Candriam U.S. Mid Cap Equity ETF - NAV 12,203** | **NYLI Candriam U.S. Mid Cap Equity Index12,259** | **Russell 3000<sup>®</sup> Index14,966** | **Russell Midcap<sup>®</sup> Index13,527** |
| **10/25/2022** | 10000 | 10000 | 10000 | 10000 |
| **4/23** | 10685 | 10695 | 10984 | 10831 |
| **4/24** | 12044 | 12079 | 13434 | 12602 |
| **4/25** | 12203 | 12259 | 14966 | 13527 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI Candriam U.S. Mid Cap Equity ETF - NAV | 10/25/2022 | 1.32% | 8.23% |
| NYLI Candriam U.S. Mid Cap Equity Index<sup>Footnote Reference1</sup> |  | 1.50% | 8.42% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference2</sup> |  | 11.40% | 17.36% |
| Russell Midcap<sup>®</sup>Index<sup>Footnote Reference3</sup> |  | 7.33% | 12.74% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp; Footnote1  |
| &nbsp;&nbsp; Footnote2 <br> &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Russell 3000<sup>®</sup> Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, as a replacement for the Russell Midcap<sup>®</sup> Index. |
| &nbsp;&nbsp; Footnote3 <br> &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.

7889815

MEIQSM11-06/25

NYLI Candriam U.S. Mid Cap Equity ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $198387658 |
| Total number of portfolio holdings | 226 |
| Total advisory fees paid | $300942 |
| Portfolio turnover rate | 47% |

---

#### 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\*

---

| | |
|:---|:---|
| Insulet Corp. | 1.0% |
| Nutanix, Inc., Class A | 0.9% |
| Sprouts Farmers Market, Inc. | 0.9% |
| Tapestry, Inc. | 0.9% |
| Docusign, Inc. | 0.9% |
| Guidewire Software, Inc. | 0.9% |
| Yum China Holdings, Inc. | 0.9% |
| F5, Inc. | 0.8% |
| Equitable Holdings, Inc. | 0.8% |
| BJ's Wholesale Club Holdings, Inc. | 0.8% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Industrials | 18.0% |
| Consumer Discretionary | 16.2% |
| Information Technology | 15.4% |
| Financials | 13.7% |
| Health Care | 11.1% |
| Real Estate | 9.6% |
| Consumer Staples | 6.0% |
| Materials | 5.0% |
| Communication Services | 2.3% |
| Energy | 2.0% |

---

7889815

MEIQSM11-06/25

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

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ Candriam U.S. Mid Cap Equity ETF" to "NYLI Candriam U.S. Mid Cap Equity ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889815

MEIQSM11-06/25

NYLI Candriam U.S. Mid Cap Equity ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI Candriam U.S. Large Cap Equity ETF

## IQSU/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Candriam U.S. Large Cap Equity ETF (formerly, IQ Candriam U.S. Large Cap Equity ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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 Candriam U.S. Large Cap Equity ETF | $9 | 0.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was led by growth-oriented sectors and a rebound in financials, supported by robust corporate earnings, steady economic growth and investor enthusiasm for artificial intelligence ("AI")-linked companies. Early gains were driven by a narrow group of large-cap technology and consumer names that had led the market in prior periods, but their dominance faded as rising competition from China, escalating trade tensions and growing skepticism about U.S. economic leadership weighed on sentiment. Returns were constrained by sharp declines in semiconductor and high-growth technology stocks late in the reporting period due to renewed tariff risks and political uncertainty.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Apple Inc.

Benefited from strong iPhone sales, services growth and sustained investor confidence in mega-cap tech

Contributed

Tesla Inc.

Delivered outsized gains as margins improved, optimism around its autonomous and energy businesses grew, and a sharp initial post-election rally fueled returns

Contributed

Contributed

Microsoft Corp.

Posted strong returns due to continued cloud growth and leadership in generative AI adoption and innovation

NVIDIA Corp.

Detracted significantly despite strong fundamentals, as renewed trade tensions, chip restrictions and rising geopolitical risks regarding AI supply chains weighed on performance

Detracted

Amazon.com Inc.

Lagged due to adverse macro conditions that arose toward the end of the reporting period, combined with subsequent disappointing earnings guidance, slower revenue and profit growth, rising costs from aggressive AI and logistics investments, intensifying competition and ongoing regulatory scrutiny

Detracted

Advanced Micro Devices Inc.

Underperformed as sentiment turned against high-growth chipmakers exposed to export restrictions and AI supply chain disruption

Detracted

7889805

MEIQSU11-06/25

NYLI Candriam U.S. Large Cap Equity ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](icea7504c8370017deabe4f39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI Candriam U.S. Large Cap Equity ETF - NAV 19,104** | **NYLI Candriam U.S. Large Cap Equity Index19,199** | **Russell 3000<sup>®</sup> Index18,348** | **S&P 500<sup>®</sup> Index18,974** |
| **12/17/2019** | 10000 | 10000 | 10000 | 10000 |
| **4/20** | 9642 | 9638 | 9074 | 9188 |
| **4/21** | 14352 | 14367 | 13694 | 13413 |
| **4/22** | 14526 | 14553 | 13267 | 13441 |
| **4/23** | 14788 | 14823 | 13467 | 13800 |
| **4/24** | 17895 | 17957 | 16470 | 16927 |
| **4/25** | 19104 | 19199 | 18348 | 18974 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Since Inception** |
| NYLI Candriam U.S. Large Cap Equity ETF - NAV | 12/17/2019 | 6.75% | 14.66% | 12.80% |
| NYLI Candriam U.S. Large Cap Equity Index<sup>Footnote Reference1</sup> |  | 6.92% | 14.78% | 12.91% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference2</sup> |  | 11.40% | 15.12% | 11.96% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference3</sup> |  | 12.10% | 15.61% | 12.66% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp; Footnote1  |
| &nbsp;&nbsp; Footnote2 <br> &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Russell 3000<sup>®</sup> Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, as a replacement for the S&P 500<sup>®</sup> Index (Net). |
| &nbsp;&nbsp; Footnote3 <br> &nbsp;&nbsp; The S&P 500<sup>®</sup> Index is a well-known broad-based unmanaged index of 500 stocks, which is designed to represent the equity market in general. |

---

**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.

7889805

MEIQSU11-06/25

NYLI Candriam U.S. Large Cap Equity ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $342145364 |
| Total number of portfolio holdings | 277 |
| Total advisory fees paid | $290836 |
| Portfolio turnover rate | 34% |

---

#### 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\*

---

| | |
|:---|:---|
| Microsoft Corp. | 10.4% |
| Apple, Inc. | 9.2% |
| Alphabet, Inc., Class A and C | 4.8% |
| Amazon.com, Inc. | 4.8% |
| Tesla, Inc. | 3.3% |
| Visa, Inc., Class A | 2.5% |
| Mastercard, Inc., Class A | 1.8% |
| Procter & Gamble Co. (The) | 1.6% |
| Home Depot, Inc. (The) | 1.5% |
| Bank of America Corp. | 1.1% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 16.8% |
| Consumer Discretionary | 14.1% |
| Industrials | 6.9% |
| Communication Services | 6.9% |
| Health Care | 6.2% |
| Consumer Staples | 5.1% |
| Real Estate | 3.6% |
| Materials | 3.1% |
| Energy | 1.8% |

---

7889805

MEIQSU11-06/25

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

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ Candriam U.S. Large Cap Equity ETF" to "NYLI Candriam U.S. Large Cap Equity ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889805

MEIQSU11-06/25

NYLI Candriam U.S. Large Cap Equity ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI FTSE International Equity Currency Neutral ETF

## HFXI/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI FTSE International Equity Currency Neutral ETF (formerly, IQ FTSE International Equity Currency Neutral ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| NYLI FTSE International Equity Currency Neutral ETF | $21 | 0.20% |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was affected by a decisive shift in global market leadership. Early strength in the U.S. economy, equity markets and the dollar gave way to a late-period reversal marked by international equity outperformance and heightened currency volatility. The Fund's 50% currency hedging strategy provided ballast-moderating currency-driven swings while preserving participation in both international equity gains and currency appreciation.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Currency Hedge (50%)

Preserved partial gains from foreign currency appreciation as the U.S. dollar weakened and international equities advanced late in the period

Contributed

Financials

Produced the strongest sector contributor to returns—particularly from favorable positioning in the UK, Japan and Germany

Contributed

Contributed

Industrials

Buoyed by a resurgence in international industrials, notably towards the end of the reporting period, as trade tensions intensified and supply chains realigned

Energy

Weighed on performance as the price of oil plunged amid trade hostilities, abundant production and demand uncertainty

Detracted

Denmark

Undermined performance largely due to sharp declines in mega-cap pharmaceutical maker Novo Nordisk

Detracted

South Korea

Impacted by political instability and trade war uncertainty

Detracted

7889819

MEHFXI11-06/25

NYLI FTSE International Equity Currency Neutral ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](idcba4001f0bd21e156998f42.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NYLI FTSE International Equity Currency Neutral ETF - NAV 18,871** | **FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index19,570** | **MSCI EAFE<sup>®</sup> Index (Net)17,092** | **FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index21,900** | **FTSE Developed ex North America Net Tax (US RIC) Index17,307** |
| **7/22/2015** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **4/16** | 8967 | 9035 | 9121 | 8862 | 9204 |
| **4/17** | 10338 | 10476 | 10151 | 10604 | 10332 |
| **4/18** | 11664 | 11905 | 11624 | 11823 | 11958 |
| **4/19** | 11616 | 11844 | 11250 | 12211 | 11455 |
| **4/20** | 10485 | 10717 | 9974 | 11227 | 10197 |
| **4/21** | 14483 | 14867 | 13952 | 15123 | 14554 |
| **4/22** | 14025 | 14408 | 12815 | 15613 | 13226 |
| **4/23** | 15190 | 15667 | 13895 | 17210 | 14158 |
| **4/24** | 17341 | 17927 | 15184 | 20515 | 15531 |
| **4/25** | 18871 | 19570 | 17092 | 21900 | 17307 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Since Inception** |
| NYLI FTSE International Equity Currency Neutral ETF - NAV | 7/22/2015 | 8.82% | 12.47% | 6.71% |
| FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index<sup>Footnote Reference1</sup> |  | 9.16% | 12.80% | 7.11% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>Footnote Reference2</sup> |  | 12.57% | 11.37% | 5.64% |
| FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index<sup>Footnote Reference3</sup> |  | 6.75% | 14.30% | 8.35% |
| FTSE Developed ex North America Net Tax (US RIC) Index<sup>Footnote Reference4</sup> |  | 11.44% | 11.16% | 5.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &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; Footnote2  | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which consists of international stocks representing the developed world outside of North America, as a replacement for the FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index. |
| &nbsp;&nbsp; Footnote3  | &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; Footnote4  | &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.

7889819

MEHFXI11-06/25

NYLI FTSE International Equity Currency Neutral ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $961475502 |
| Total number of portfolio holdings | 907 |
| Total advisory fees paid | $1523365 |
| Portfolio turnover rate | 16% |

---

#### 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\*

---

| | |
|:---|:---|
| SAP SE | 1.6% |
| Nestle SA | 1.4% |
| ASML Holding NV | 1.3% |
| Roche Holding AG | 1.2% |
| Novartis AG | 1.2% |
| Toyota Motor Corp. | 1.1% |
| Samsung Electronics Co., Ltd., 0.00% | 1.1% |
| AstraZeneca PLC | 1.1% |
| Novo Nordisk A/S, Class B | 1.1% |
| Shell PLC | 1.0% |

---

\* Excluding short-term investments

#### Top Countries

---

| | |
|:---|:---|
| Japan | 23.7% |
| United Kingdom | 10.7% |
| Germany | 9.1% |
| United States | 8.9% |
| France | 8.4% |
| Australia | 6.9% |
| Switzerland | 4.4% |
| South Korea | 4.0% |
| Netherlands | 3.6% |
| Italy | 3.1% |

---

7889819

MEHFXI11-06/25

NYLI FTSE International Equity Currency Neutral ETF \| 3

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ FTSE International Equity Currency Neutral ETF" to "NYLI FTSE International Equity Currency Neutral ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889819

MEHFXI11-06/25

NYLI FTSE International Equity Currency Neutral ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

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

## LRND/The NASDAQ Stock Market LLC

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI U.S. Large Cap R&D Leaders ETF (formerly, IQ U.S. Large Cap R&D Leaders ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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 U.S. Large Cap R&D Leaders ETF | $15 | 0.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was supported by rising capital expenditures tied to artificial intelligence ("AI"), which bolstered the information technology and communication services sectors. Strong balance sheets, increased investment and investor enthusiasm for AI contributed to especially strong results among social networking, communication equipment and biopharmaceutical stocks. However, gains were partially offset by escalating global tariff tensions that disrupted semiconductor supply chains—particularly in the microprocessor and graphics accelerator industries—and by the absence of expected regulatory rollbacks in select health care areas, notably oncology biopharmaceuticals, despite overall strength in innovation-led equities.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Social networking

Substantial revenue growth driven by AI advancements and user engagement monetization strategies amid increased digital consumption

Contributed

Communication equipment & technology

Increased global demand for advanced connectivity solutions and network infrastructure upgrades to support AI and cloud computing

Contributed

Contributed

Biopharmaceuticals

Promising clinical results and regulatory approvals from R&D investments in breakthrough therapies and treatments

Microprocessor (MPU) semiconductors

Supply chain disruptions from intensifying global tariff tensions and manufacturing challenges that impacted demand, production and margins

Detracted

Oncology biopharmaceuticals

Clinical trial setbacks and regulatory hurdles for innovative cancer treatments, despite strong sector-level R&D spending

Detracted

General graphics accelerators/controllers

Component shortages and pricing pressures amid tariff-related trade tensions that affected demand, production and distribution capabilities

Detracted

7889847

MELRND11-06/25

NYLI U.S. Large Cap R&D Leaders ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](i891dbbd9410a5e210c4897ff.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI U.S. Large Cap R&D Leaders ETF - NAV 13,295** | **NYLI U.S. Large Cap R&D Leaders Index13,334** | **Russell 3000<sup>®</sup> Index12,755** | **Russell 1000<sup>®</sup> Growth Index13,766** |
| **2/8/2022** | 10000 | 10000 | 10000 | 10000 |
| **4/22** | 9064 | 9063 | 9224 | 8911 |
| **4/23** | 9421 | 9431 | 9362 | 9120 |
| **4/24** | 12333 | 12352 | 11450 | 12020 |
| **4/25** | 13295 | 13334 | 12755 | 13766 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI U.S. Large Cap R&D Leaders ETF - NAV | 2/8/2022 | 7.80% | 9.22% |
| NYLI U.S. Large Cap R&D Leaders Index<sup>Footnote Reference1</sup> |  | 7.95% | 9.32% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference2</sup> |  | 11.40% | 7.83% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference3</sup> |  | 14.53% | 10.40% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp; Footnote1  |
| &nbsp;&nbsp; Footnote2 <br> &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Russell 3000<sup>®</sup> Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, as a replacement for the Russell 1000<sup>®</sup> Growth Index. |
| &nbsp;&nbsp; Footnote3 <br> &nbsp;&nbsp; The Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe and includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. |

---

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

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

7889847

MELRND11-06/25

NYLI U.S. Large Cap R&D Leaders ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $7143963 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $9464 |
| Portfolio turnover rate | 12% |

---

#### 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\*

---

| | |
|:---|:---|
| Amazon.com, Inc. | 8.6% |
| Alphabet, Inc., Class A | 8.6% |
| Meta Platforms, Inc., Class A | 6.6% |
| Microsoft Corp. | 6.1% |
| Apple, Inc. | 6.0% |
| Johnson & Johnson | 3.2% |
| Merck & Co., Inc. | 2.8% |
| Intel Corp. | 2.7% |
| NVIDIA Corp. | 2.3% |
| AbbVie, Inc. | 2.3% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 38.2% |
| Health Care | 23.6% |
| Communication Services | 17.1% |
| Consumer Discretionary | 14.9% |
| Industrials | 4.3% |
| Financials | 1.1% |
| Consumer Staples | 0.4% |
| Short-Term Investments | 0.3% |
| Materials | 0.3% |

---

7889847

MELRND11-06/25

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

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ U.S. Large Cap R&D Leaders ETF" to "NYLI U.S. Large Cap R&D Leaders ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889847

MELRND11-06/25

NYLI U.S. Large Cap R&D Leaders ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI Global Equity R&D Leaders ETF

## WRND/The NASDAQ Stock Market LLC

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Global Equity R&D Leaders ETF (formerly, IQ Global Equity R&D Leaders ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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 Global Equity R&D Leaders ETF | $19 | 0.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was supported by substantial capital expenditures related to artificial intelligence ("AI"), which bolstered the information technology and communication services sectors, as well as by strong industrial innovation and gains in the diversified biopharmaceuticals, communication equipment, e-commerce and cloud computing industries. Performance was constrained by escalating global tariff tensions that disrupted automotive and semiconductor supply chains—particularly affecting conventional car manufacturers and microprocessor producers—while regulatory uncertainties weighed on oncology biopharmaceuticals despite continued strength in innovation-focused global equities.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Biopharmaceuticals

Benefited from research and development ("R&D") investments in breakthrough therapies and treatments, delivering promising clinical results and regulatory approvals

Contributed

Communication equipment & technology

Gained from increased global demand for advanced connectivity solutions and network infrastructure upgrades to support AI and cloud computing

Contributed

Contributed

E-commerce & cloud computing

Bolstered by robust consumer spending on digital platforms, coupled with increasing business adoption of scalable cloud services

Conventional car manufacturers

Sharply constrained by disruptions to production and demand amid sharpening global tariff tensions, coupled with continued pressure from electric vehicle competition

Detracted

Microprocessor (MPU) semiconductors

Negatively affected by supply chain disruptions from intensifying global tariff tensions and manufacturing challenges

Detracted

Oncology biopharmaceuticals

Undermined by clinical trial setbacks and regulatory hurdles for innovative cancer treatments, despite strong sector-level R&D spending

Detracted

7889825

MEWRND11-06/25

NYLI Global Equity R&D Leaders ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](i5921b02bba31bad97c6d5e0b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NYLI Global Equity R&D Leaders ETF - NAV 12,494** | **NYLI Global Equity R&D Leaders Index12,553** | **MSCI World<sup>®</sup> Index (Net)12,577** | **FTSE All-World Growth<sup>®</sup> Index12,605** |
| **2/8/2022** | 10000 | 10000 | 10000 | 10000 |
| **4/22** | 8965 | 8963 | 9180 | 8962 |
| **4/23** | 9461 | 9463 | 9472 | 9090 |
| **4/24** | 11554 | 11580 | 11214 | 11262 |
| **4/25** | 12494 | 12553 | 12577 | 12605 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI Global Equity R&D Leaders ETF - NAV | 2/8/2022 | 8.13% | 7.14% |
| NYLI Global Equity R&D Leaders Index<sup>Footnote Reference1</sup> |  | 8.40% | 7.30% |
| MSCI World<sup>®</sup> Index (Net)<sup>Footnote Reference2</sup> |  | 12.16% | 7.36% |
| FTSE All-World Growth<sup>®</sup>Index<sup>Footnote Reference3</sup> |  | 11.93% | 7.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &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 sseeks 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; Footnote2  | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the MSCI World<sup>®</sup> Index (Net), which is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets as a replacement for the FTSE All-World Growth<sup>®</sup> Index. |
| &nbsp;&nbsp; Footnote3  | &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.

7889825

MEWRND11-06/25

NYLI Global Equity R&D Leaders ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $6617740 |
| Total number of portfolio holdings | 209 |
| Total advisory fees paid | $11354 |
| Portfolio turnover rate | 26% |

---

#### 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\*

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.1% |
| Alphabet, Inc., Class A | 4.8% |
| Meta Platforms, Inc., Class A | 4.1% |
| Microsoft Corp. | 3.2% |
| Apple, Inc. | 3.2% |
| Samsung Electronics Co., Ltd. | 3.0% |
| Volkswagen AG, 9.40% | 2.4% |
| Roche Holding AG | 1.8% |
| Johnson & Johnson | 1.7% |
| AstraZeneca PLC | 1.5% |

---

\* Excluding short-term investments

#### Top Countries

---

| | |
|:---|:---|
| United States | 60.7% |
| Germany | 9.3% |
| Japan | 7.9% |
| China | 7.5% |
| South Korea | 4.7% |
| Taiwan | 1.8% |
| United Kingdom | 1.6% |
| France | 1.4% |
| Netherlands | 1.0% |
| Denmark | 1.0% |

---

7889825

MEWRND11-06/25

NYLI Global Equity R&D Leaders ETF \| 3

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ Global Equity R&D Leaders ETF" to "NYLI Global Equity R&D Leaders ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889825

MEWRND11-06/25

NYLI Global Equity R&D Leaders ETF \| 4

![Image](i84a0dd208a04b1ceeba8ba86.jpg)

# NYLI Healthy Hearts ETF

## HART/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Healthy Hearts ETF (formerly, IQ Healthy Hearts ETF) (the "Fund") for the period of May 1, 2024 to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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 Healthy Hearts ETF | $46 | 0.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |

---

# What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was affected by strengths and weaknesses in various industry subsectors. Returns benefited from strong gains in medical devices and instruments, biopharmaceuticals and health care wearables amid sustained investment in health care innovation, aging population dynamics and growing demand for preventive and lifestyle improvement technologies. Underperforming areas included diabetes-related biopharmaceuticals (GLP-1 drugs) and managed care amid pricing pressures, cooling demand and policy scrutiny, while footwear production lagged due to softer consumer demand, margin compression and tariff headwinds in wellness-linked discretionary goods.

The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund's performance during the reporting period.

#### Key Factor

#### Summary

#### Impact
Medical devices and instruments

Strong demand for surgical technologies, diagnostic equipment, and cardiovascular treatment innovation

Contributed

Biopharmaceuticals

New product approvals and sustained investor appetite for novel therapeutic platforms

Contributed

Contributed

Health care wearables & monitoring

Increased adoption of remote patient monitoring and personal health tracking technologies, contributing to growth in digital health, preventative care and lifestyle improvement tools

Diabetes-related biopharmaceuticals

(GLP-1s)

Concerns regarding pricing pressure, competition and regulatory attention

Detracted

Managed care

Rising medical loss ratios, policy and regulatory scrutiny, and market uncertainty regarding reimbursement structures

Detracted

Footwear production

Weakened consumer demand, inventory and supply chain challenges, margin pressure and tariff headwinds in discretionary health and wellness goods

Detracted

7889830

MEHART11-06/25

NYLI Healthy Hearts ETF \| 1

# Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years 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](i31c72bfed7b37c847c812de5.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NYLI Healthy Hearts ETF - NAV 12,809** | **NYLI Candriam Healthy Hearts Index13,058** | **MSCI World<sup>®</sup> Index (Net)14,245** | **MSCI ACWI Index (Net)13,515** | **MSCI World Health Care Index (Net)11,958** |
| **1/14/2021** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **4/21** | 10562 | 10573 | 10777 | 10660 | 10199 |
| **4/22** | 11229 | 11280 | 10398 | 10080 | 10769 |
| **4/23** | 11717 | 11818 | 10729 | 10288 | 11256 |
| **4/24** | 12275 | 12450 | 12702 | 12084 | 11837 |
| **4/25** | 12809 | 13058 | 14245 | 13515 | 11958 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI Healthy Hearts ETF - NAV | 1/14/2021 | 4.36% | 5.93% |
| NYLI Candriam Healthy Hearts Index<sup>Footnote Reference1</sup> |  | 4.88% | 6.40% |
| MSCI World<sup>®</sup> Index (Net)<sup>Footnote Reference2</sup> |  | 12.16% | 8.58% |
| MSCI ACWI Index (Net)<sup>Footnote Reference3</sup> |  | 11.84% | 7.26% |
| MSCI World Health Care Index (Net)<sup>Footnote Reference4</sup> |  | 1.02% | 4.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; The NYLI Candriam Healthy Hearts Index is the underlying index of the Fund. The NYLI Candriam Healthy Hearts Index incorporates thematic selection criteria designed to provide exposure to equity securities of companies that are making a positive contribution to global health-related goals, such as by providing solutions for monitoring and curing heart diseases or helping people adopt a healthy lifestyle that limits cardiovascular risks. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the MSCI World<sup>®</sup> Index (Net), which is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, as a replacement for the MSCI ACWI Index (Net). |
| &nbsp;&nbsp; Footnote3  | &nbsp;&nbsp; The MSCI ACWI Index (Net) is an unmanaged free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. |
| &nbsp;&nbsp; Footnote4  | &nbsp;&nbsp; The MSCI World Health Care Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the health-care sector. |

---

**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.

7889830

MEHART11-06/25

NYLI Healthy Hearts ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $9084122 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $40159 |
| Portfolio turnover rate | 35% |

---

#### 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\*

---

| | |
|:---|:---|
| Novartis AG | 5.7% |
| Sanofi SA | 5.4% |
| Boston Scientific Corp. | 5.3% |
| Eli Lilly & Co. | 5.2% |
| AstraZeneca PLC | 5.1% |
| Abbott Laboratories | 5.1% |
| Johnson & Johnson | 5.1% |
| Alphabet, Inc., Class A | 5.0% |
| Pfizer, Inc. | 5.0% |
| Apple, Inc. | 4.7% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Health Care | 75.5% |
| Consumer Discretionary | 11.6% |
| Communication Services | 5.0% |
| Information Technology | 4.7% |
| Industrials | 1.5% |
| Consumer Staples | 1.5% |
| Short-Term Investments | 0.1% |

---

7889830

MEHART11-06/25

NYLI Healthy Hearts ETF \| 3

#### Material Fund Changes
The following is a summary of certain changes and planned changes to the Fund since May 1, 2024:

In connection with a rebranding of the New York Life Investments products, the Fund's name was changed from "IQ Healthy Hearts ETF" to "NYLI Healthy Hearts ETF" and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund's advisor. The Fund's name change and advisor change will not impact the management of the Fund.

The Board, upon a recommendation from the Fund's Advisor, approved a proposal to liquidate the NYLI Healthy Hearts ETF on or about August 26, 2025.

For more complete information, you may review or order printed copies of the Fund's next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund's current prospectus.

## 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](i4d40ae1701ab45dade8bd625.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.

7889830

MEHART11-06/25

NYLI Healthy Hearts ETF \| 4

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

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
 ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
 controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

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

The Board of Trustees has determined that the Registrant has one "audit committee financial expert" serving on its Audit Committee. The Audit Committee financial expert is Michael A. Pignataro. Mr. Pignataro is "independent" (as defined by Item 3 of Form N-CSR).

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
 principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the
 accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $230,720 for 2025 and $352,000
 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $0 for 2025 and $0 for 2024.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e)(1) Per Rule 2-01(c)(7)(i)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.

---

| | |
|:---|:---|
| (e)(2) | With respect to the services described in each of Items 4(b) through (d), no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's
 financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the registrant's
 investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
 services to the registrant were (i) approximately $10,616,000 for the fiscal year ended April 30, 2025, and (ii) $14,573,000 for the fiscal
 year ended April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's Audit Committee has determined that the non-audit services rendered by the principal
 accountant for the fiscal year ended April 30, 2025 to the registrant's investment adviser and any entity controlling, controlled
 by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant that were
 not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting
 of the registrant were compatible with maintaining the respective independence of the principal accountant during the relevant time period.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange
 Act of 1934 (the "Exchange Act") and the members of such committee are Michael A. Pignataro Michelle A. Kinch, Lofton Holder
 and Paul D. Schaeffer.

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

**Item 6. Investments.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&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)** (formerly, IQ Hedge Multi-Strategy Tracker ETF)

**NYLI Merger Arbitrage ETF (MNA)** (formerly, IQ Merger Arbitrage ETF)

**NYLI Candriam International Equity ETF (IQSI)** (formerly, IQ Candriam International Equity ETF)

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

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

**NYLI FTSE International Equity Currency Neutral ETF (HFXI)** (formerly, IQ FTSE International Equity Currency Neutral ETF)

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

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

**NYLI Healthy Hearts ETF (HART)** (formerly, IQ Healthy Hearts ETF)

New York Life Investments ETF Trust

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

April 30, 2025

![](nyli-fs_043025img001.gif)

**Table of Contents**

---

| | |
|:---|:---|
| [Schedules of Investments](#nyli-fs_043025a1153) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Hedge Multi-Strategy Tracker ETF](#nyli-fs_043025a1153) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Merger Arbitrage ETF](#nyli-fs_043025a1154) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Candriam International Equity ETF](#nyli-fs_043025a1155) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Candriam U.S. Mid Cap Equity ETF](#nyli-fs_043025a1156) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Candriam U.S. Large Cap Equity ETF](#nyli-fs_043025a1157) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI FTSE International Equity Currency Neutral ETF](#nyli-fs_043025a1158) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI U.S. Large Cap R&D Leaders ETF](#nyli-fs_043025a1159) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Global Equity R&D Leaders ETF](#nyli-fs_043025a1160) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Healthy Hearts ETF](#nyli-fs_043025a1161) | 40 |
| [Statements of Assets and Liabilities](#nyli-fs_043025a1162) | 42 |
| [Statements of Operations](#nyli-fs_043025a1163) | 45 |
| [Statements of Changes in Net Assets](#nyli-fs_043025a1164) | 48 |
| [Financial Highlights](#nyli-fs_043025a1165) | 53 |
| [Notes to Financial Statements](#nyli-fs_043025a1166) | 62 |
| [Report of Independent Registered Public Accounting Firm](#nyli-fs_043025a1167) | 81 |
| [Supplemental Information](#nyli-fs_043025a1168) | 82 |
| [Changes in and Disagreements with Accountants for <br>Open-End Management Investment Companies](#nyli-fs_043025a1169) | 83 |
| [Proxy Disclosures for Open-End Management Investment Companies](#nyli-fs_043025a1170) | 83 |
| [Remuneration Paid to Directors, Officers, and Other of <br>Open-End Management Investment Companies](#nyli-fs_043025a1171) | 83 |
| [Board Review of Investment Advisory Agreements](#nyli-fs_043025a1172) | 84 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Exchange Traded Vehicles — 3.5%** | **Exchange Traded Vehicles — 3.5%** | **Exchange Traded Vehicles — 3.5%** |
| **Agriculture Fund — 2.4%** |  |  |
| Invesco DB Agriculture Fund\* | 607825 | $16295788 |
| **Broad Funds — 1.1%** |  |  |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 88476 | 1800487 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 468710 | 5830752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Broad Funds |  | 7631239 |
| **Total Exchange Traded Vehicles <br>(Cost $22,508,663)** | **Total Exchange Traded Vehicles <br>(Cost $22,508,663)** | **23927027** |
| **Investment Companies — 96.5%** | **Investment Companies — 96.5%** | **Investment Companies — 96.5%** |
| **Bank Loan Fund — 6.7%** |  |  |
| Franklin Senior Loan ETF<sup>(a)</sup> | 1941890 | 46527684 |
| **BRIC Equity Fund — 0.8%** |  |  |
| iShares MSCI China ETF<sup>(a)</sup> | 105939 | 5472809 |
| **China Fund — 0.3%** |  |  |
| Xtrackers Harvest CSI 300 China A-Shares ETF<sup>(a)</sup> | 90763 | 2343500 |
| **Convertible Bond Funds — 8.6%** |  |  |
| iShares Convertible Bond ETF<sup>(a)</sup> | 279323 | 23675418 |
| SPDR Bloomberg Convertible Securities ETF<sup>(a)</sup> | 456693 | 35407408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bond Funds |  | 59082826 |
| **Emerging Markets Funds — 5.0%** |  |  |
| Franklin FTSE India ETF<sup>(a)</sup> | 375182 | 14361967 |
| iShares MSCI Emerging Markets ex China ETF | 356711 | 20239782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Emerging Markets Funds |  | 34601749 |
| **Floating Rate - Investment Grade Funds — 17.9%** |  |  |
| iShares Floating Rate Bond ETF<sup>(b)</sup> | 1844257 | 93909566 |
| SPDR Bloomberg Investment Grade Floating Rate ETF | 960923 | 29557992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Floating Rate - Investment Grade Funds |  | 123467558 |
| **International Equity Core Fund — 7.9%** |  |  |
| Vanguard FTSE Developed Markets ETF<sup>(a)</sup> | 1027360 | 54316523 |
| **Managed Futures Funds — 2.3%** |  |  |
| iMGP DBi Managed Futures <br>Strategy ETF | 354608 | 8957398 |
| Simplify Managed Futures <br>Strategy ETF | 237627 | 6667814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Managed Futures Funds |  | 15625212 |
| **Merger Arbitrage Funds — 3.9%** |  |  |
| AltShares Merger Arbitrage ETF† | 254017 | 7150578 |
| NYLI Merger Arbitrage ETF\*†<sup>(a)</sup> | 567378 | 19602910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Merger Arbitrage Funds |  | 26753488 |
| **Municipal Bond Funds — 8.4%** |  |  |
| iShares National Muni Bond ETF<sup>(a)</sup> | 292109 | 30592576 |
| Vanguard Tax-Exempt Bond <br>Index ETF<sup>(a)</sup> | 556882 | 27398594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bond Funds |  | 57991170 |
| **Preferred Fund — 3.8%** |  |  |
| Global X U.S. Preferred ETF | 1390507 | 26044196 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investment Companies (continued)** |  |  |
| **Treasury Inflation Protected Securities Funds — 10.0%** |  |  |
| iShares 0-5 Year TIPS Bond ETF | 304486 | $31514301<br>|
| Vanguard Short-Term Inflation-Protected Securities ETF<sup>(a)</sup> | 745427 | 37427890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Treasury Inflation Protected Securities Funds |  | 68942191 |
| **U.S. Large Cap Core Funds — 2.4%** |  |  |
| Financial Select Sector SPDR Fund | 118869 | 5796053 |
| iShares MSCI USA Quality Factor ETF | 37414 | 6336809 |
| Materials Select Sector SPDR Fund | 53533 | 4490883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Large Cap Core Funds |  | 16623745 |
| **U.S. Mid Cap Core Fund — 1.1%** |  |  |
| Vanguard Mid-Cap ETF<sup>(a)</sup> | 29643 | 7591276 |
| **U.S. Momentum Fund — 2.6%** |  |  |
| iShares MSCI USA Momentum Factor ETF<sup>(a)</sup> | 86011 | 18030486 |
| **U.S. Sector Funds — 1.4%** |  |  |
| Communication Services Select Sector SPDR Fund<sup>(a)</sup> | 91626 | 8744786 |
| iShares Semiconductor ETF<sup>(a)</sup> | 4836 | 889050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Sector Funds |  | 9633836 |
| **U.S. Short Term Treasury Bond Fund — 10.0%** | **U.S. Short Term Treasury Bond Fund — 10.0%** |  |
| Vanguard Short-Term Treasury ETF | 1168001 | 68888699 |
| **U.S. Small Cap Core Fund — 3.4%** |  |  |
| iShares Core S&P Small-Cap ETF | 231259 | 23155964 |
| **Total Investment Companies <br>(Cost $650,653,624)** | **Total Investment Companies <br>(Cost $650,653,624)** | **665092912** |
| **Short-Term Investment — 9.7%** | **Short-Term Investment — 9.7%** | **Short-Term Investment — 9.7%** |
| **Money Market Fund — 9.7%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(c)(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $66,584,983)** | 66584983 | **66584983** |
| **Total Investments — 109.7%<br>(Cost $739,747,270)** |  | **755604922** |
| **Other Assets and Liabilities,<br>Net — (9.7)%** |  | **(66572251)** |
| **Net Assets — 100.0%** |  | **$** **689032671**<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 $93,733,494; total market value of collateral held by the Fund was $95,591,050. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $29,006,067.

(b)All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $6,126,997.

(c)Reflects the 1-day yield at April 30, 2025.

(d)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)

April 30, 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>** |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | $128266<br>| $—<br>|
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 128327 |  |
| AltShares Merger Arbitrage ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 511035 |  |
| AltShares Merger Arbitrage ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 511035 |  |
| Communication Services Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 624941 |  |
| Communication Services Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 624941 |  |
| Financial Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 413095 |  |
| Financial Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 413095 |  |
| Franklin FTSE India ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1018631 |  |
| Franklin FTSE India ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 1026402 |  |
| Franklin Senior Loan ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 3463969 |  |
| Franklin Senior Loan ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 3463969 |  |
| Global X U.S. Preferred ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1861312 |  |
| Global X U.S. Preferred ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 1861312 |  |
| iMGP DBi Managed Futures <br>Strategy ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 640164 |  |
| iMGP DBi Managed Futures <br>Strategy ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 640164 |  |
| Invesco CurrencyShares Euro Currency Trust | Morgan Stanley | 1-Day FEDEF - <br>6.83% | 7/02/2025 | Monthly | (18060080) |  |
| Invesco CurrencyShares Euro Currency Trust | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | (18060080) |  |
| Invesco DB Agriculture Fund | Morgan Stanley | 1-Day FEDEF + 1.17% | 7/02/2025 | Monthly | 1164626 |  |
| Invesco DB Agriculture Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 1164626 |  |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 415596 |  |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 415596 |  |
| iShares 0-5 Year TIPS Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 2252263 |  |
| iShares 0-5 Year TIPS Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 2252263 |  |
| iShares 7-10 Year Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 7/02/2025 | Monthly | (17370225) |  |
| iShares 7-10 Year Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | (17370225) |  |
| iShares Convertible Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1691979 |  |
| iShares Convertible Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 1691979 |  |
| iShares Core S&P Small-Cap ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1654849 |  |

---

**Total Return Swap contracts outstanding at April 30, 2025:**

*See notes to financial statements.*

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

April 30, 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>** |
| iShares Core S&P Small-Cap ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | $1654849<br>| $—<br>|
| iShares Floating Rate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 6991520 |  |
| iShares Floating Rate Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 6991520 |  |
| iShares International Treasury <br>Bond ETF | Morgan Stanley | 1-Day FEDEF - <br>15% | 7/02/2025 | Monthly | (3518765) |  |
| iShares International Treasury <br>Bond ETF | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | (3518765) |  |
| iShares MSCI China ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 390085 |  |
| iShares MSCI China ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 390085 |  |
| iShares MSCI Emerging Markets ex China ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1454360 |  |
| iShares MSCI Emerging Markets ex China ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 1446473 |  |
| iShares MSCI USA Momentum <br>Factor ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1288596 |  |
| iShares MSCI USA Momentum <br>Factor ETF | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | 1288596 |  |
| iShares MSCI USA Quality Factor ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 451710 |  |
| iShares MSCI USA Quality Factor ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 451710 |  |
| iShares National Muni Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 2186343 |  |
| iShares National Muni Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 2186343 |  |
| iShares Semiconductor ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 63425 |  |
| iShares Semiconductor ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 63425 |  |
| JPMorgan Equity Premium <br>Income ETF | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 7/02/2025 | Monthly | (183836) |  |
| JPMorgan Equity Premium <br>Income ETF | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | (183836) |  |
| JPMorgan Nasdaq Equity Premium Income ETF | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 7/02/2025 | Monthly | (2247973) |  |
| JPMorgan Nasdaq Equity Premium Income ETF | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | (2247973) |  |
| Materials Select Sector SPDR Fund | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 320124 |  |
| Materials Select Sector SPDR Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 320124 |  |
| NYLI Merger Arbitrage ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1400968 |  |
| NYLI Merger Arbitrage ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 1400968 |  |
| Simplify Managed Futures <br>Strategy ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 475252 |  |
| Simplify Managed Futures <br>Strategy ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 475252 |  |
| SPDR Bloomberg Convertible Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 2530502 |  |

---

**Total Return Swap contracts outstanding at April 30, 2025: (continued)**

*See notes to financial statements.*

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

April 30, 2025

**Total Return Swap contracts outstanding at April 30, 2025: (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
| SPDR Bloomberg Convertible Securities ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | $2530502<br>| $—<br>|
| SPDR Bloomberg International Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - <br>14.08% | 7/02/2025 | Monthly | (8362115) |  |
| SPDR Bloomberg International Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | (7924103) |  |
| SPDR Bloomberg Investment Grade Floating Rate ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 2112412 |  |
| SPDR Bloomberg Investment Grade Floating Rate ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 2112412 |  |
| United States Natural Gas Fund LP | Morgan Stanley | 1-Day FEDEF - <br>6.18% | 7/02/2025 | Monthly | (971807) |  |
| United States Natural Gas Fund LP | Merrill Lynch | 1-Day FEDEF | 2/27/2026 | Monthly | (971807) |  |
| Vanguard FTSE Developed <br>Markets ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 4043868 |  |
| Vanguard FTSE Developed <br>Markets ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 4043868 |  |
| Vanguard Mid-Cap ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 542399 |  |
| Vanguard Mid-Cap ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 542399 |  |
| Vanguard Short-Term Inflation-Protected Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 2674837 |  |
| Vanguard Short-Term Inflation-Protected Securities ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 2674837 |  |
| Vanguard Short-Term Treasury ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 5128724 |  |
| Vanguard Short-Term Treasury ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 5128724 |  |
| Vanguard Tax-Exempt Bond <br>Index ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 1958111 |  |
| Vanguard Tax-Exempt Bond <br>Index ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 1958111 |  |
| Xtrackers Harvest CSI 300 China A-Shares ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2025 | Monthly | 166332 |  |
| Xtrackers Harvest CSI 300 China A-Shares ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 2/27/2026 | Monthly | 167055 |  |
|  |  |  |  |  |  | **$**—<br>|

---

Cash posted has been segregated as collateral for swap contracts with counterparty Merrill Lynch in the amount of $1,500,000 at April 30, 2025.

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $6,126,997 and with Merrill Lynch amounted to $– at April 30, 2025. 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 April 30, 2025.

Abbreviation

FEDEF — Federal Funds Effective Rate

*See notes to financial statements.*

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

April 30, 2025

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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; Exchange Traded Vehicles | $23927027<br>| $—<br>| $—<br>| $23927027<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 665092912 |  |  | 665092912 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 66584983 |  |  | 66584983 |
| Total Investments in Securities | 755604922 |  |  | 755604922 |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  |  |  |  |
| Total Investments in Securities and Other Financial Instruments | $755604922<br>| $—<br>| $—<br>| $755604922<br>|
| **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 categories, see the Schedule of Investments.

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

For the year ended April 30, 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 year ended April 30, 2025 is as follows:**

**Affiliated Holdings**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares at 04/30/2024** | **Value<br>($) at<br>04/30/2024** | **Purchases <br>Cost<br>($)** | **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>($)** | **Shares at 04/30/2025** | **Value<br>($) at <br>04/30/2025** |
| AltShares Merger Arbitrage ETF | 200262 | 5343431 | 3489751 | (2026005) | 124991 | 218410 | 77566 |  | 254017 | 7150578 |
| Invesco DB U.S. Dollar Index Bullish Fund | 1082196 | 31362040 | 27710341 | (60141267) | 2107105 | (1038219) |  |  |  |  |
| NYLI Merger Arbitrage ETF | 716790 | 22163147 | 10436968 | (15468694) | 400214 | 2071275 |  |  | 567378 | 19602910 |
|  | 1999248 | 58868618 | 41637060 | (77635966) | 2632310 | 1251466 | 77566 |  | 821395 | 26753488 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI Merger Arbitrage ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Closed-End Mutual Funds — 1.3%** | **Closed-End Mutual Funds — 1.3%** | **Closed-End Mutual Funds — 1.3%** |
| **Financials — 1.3%** |  |  |
| BBGI Global Infrastructure SA <br>(Cost $2,994,365) | 1631659 | $3090404<br>|
| **Common Stocks — 71.5%** | **Common Stocks — 71.5%** | **Common Stocks — 71.5%** |
| **Communication Services — 10.2%** |  |  |
| Frontier Communications Parent, Inc.\* | 287742 | 10430647 |
| HKBN Ltd. | 6849818 | 4478391 |
| Interpublic Group of Cos., Inc. (The) | 351508 | 8829881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 23738919 |
| **Consumer Discretionary — 11.0%** |  |  |
| Dowlais Group PLC | 6382392 | 4923172 |
| Everi Holdings, Inc.\* | 308240 | 4330772 |
| Just Eat Takeaway.com NV\* | 407905 | 8921328 |
| Playa Hotels & Resorts NV\* | 378467 | 5079027 |
| PlayAGS, Inc.\* | 190830 | 2312860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 25567159 |
| **Consumer Staples — 7.5%** |  |  |
| Kellanova | 125604 | 10396243 |
| Walgreens Boots Alliance, Inc. | 637312 | 6991313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 17387556 |
| **Energy — 2.1%** |  |  |
| Veren, Inc.<sup>(a)</sup> | 844504 | 4991019 |
| **Financials — 12.9%** |  |  |
| Bridge Investment Group Holdings, Inc., Class A | 268127 | 2571338 |
| Brookline Bancorp, Inc. | 196228 | 2048620 |
| CI Financial Corp.<sup>(a)</sup> | 296261 | 6702495 |
| Global Blue Group Holding AG\*<sup>(a)</sup> | 582049 | 4336265 |
| Mr Cooper Group, Inc.\* | 53189 | 6330023 |
| ProAssurance Corp.\* | 84124 | 1952518 |
| Spar Nord Bank A/S\* | 192361 | 6193805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 30135064 |
| **Health Care — 0.5%** |  |  |
| 2seventy bio, Inc.\*<sup>(a)</sup> | 91760 | 457882 |
| Cross Country Healthcare, Inc.\* | 44273 | 599899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 1057781 |
| **Industrials — 15.3%** |  |  |
| AZEK Co., Inc. (The)\* | 127019 | 6295062 |
| Dun & Bradstreet Holdings, Inc. | 660747 | 5926901 |
| H&E Equipment Services, Inc. | 77830 | 6989912 |
| Integrated Design & Engineering Holdings Co., Ltd.<sup>(a)</sup> | 26151 | 1188015 |
| Spirit AeroSystems Holdings, Inc., Class A\* | 255620 | 9202320 |
| Triumph Group, Inc.\* | 240986 | 6121044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 35723254 |
| **Materials — 3.0%** |  |  |
| Calibre Mining Corp.\* | 2018705 | 4720493 |
| Radius Recycling, Inc. | 78478 | 2301760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 7022253 |
| **Real Estate — 1.6%** |  |  |
| Redfin Corp.\* | 394693 | 3753530 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Utilities — 7.4%** |  |  |
| ALLETE, Inc. | 124687 | $8165752<br>|
| Innergex Renewable Energy, Inc. | 932933 | 9171961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 17337713 |
| **Total Common Stocks <br>(Cost $165,894,210)** | **Total Common Stocks <br>(Cost $165,894,210)** | **166714248** |
| **Exchange Traded Vehicles — 9.0%** | **Exchange Traded Vehicles — 9.0%** | **Exchange Traded Vehicles — 9.0%** |
| **Fixed Income Fund — 9.0%** |  |  |
| iShares Short Treasury Bond ETF<sup>(a)</sup> | 94652 | 10455260 |
| SPDR Bloomberg 1-3 Month T-Bill ETF, Class B | 114178 | 10472406 |
| **Total Exchange Traded Vehicles <br>(Cost $20,906,553)** | **Total Exchange Traded Vehicles <br>(Cost $20,906,553)** | **20927666** |
| **Rights — 0.1%** | **Rights — 0.1%** | **Rights — 0.1%** |
| **Health Care — 0.1%** |  |  |
| Chinook Therapeutics, Inc.\*<sup>(b)</sup> | 435560 | 169868 |
| Epizyme, Inc.\*<sup>(b)</sup> | 1957185 | 39144 |
| Supernus Pharmaceuticals, Inc.\*<sup>(b)</sup> | 333265 | 19996 |
| **Total Rights <br>(Cost $0)** | **Total Rights <br>(Cost $0)** | **229008** |
| **Short-Term Investments — 17.8%** | **Short-Term Investments — 17.8%** | **Short-Term Investments — 17.8%** |
| **Money Market Funds — 17.8%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(c)(d)</sup> | 15441493 | 15441493 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(c)</sup> | 26102966 | 26102966 |
| **Total Short-Term Investments <br>(Cost $41,544,459)** | **Total Short-Term Investments <br>(Cost $41,544,459)** | **41544459** |
| **Total Investments — 99.7%<br>(Cost $231,339,587)** |  | **232505785** |
| **Other Assets and Liabilities,<br>Net — 0.3%** |  | **767033** |
| **Net Assets — 100.0%** |  | **$** **233272818**<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 $16,226,847; total market value of collateral held by the Fund was $16,725,072. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $1,283,579.

(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 April 30, 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)

April 30, 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>** |
| American Axle & Manufacturing Holdings, Inc. | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 2/03/2026 | Monthly | $(2092795) | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Apollo Global Management, Inc. | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 2/03/2026 | Monthly | (2585204) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Berkshire Hill | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 2/03/2026 | Monthly | (2041672) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Boeing Co. (The) | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 2/03/2026 | Monthly | (8437836) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Equinox Gold Corp. | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 2/03/2026 | Monthly | (4198401) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HERC Holdings, Inc. | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 2/03/2026 | Monthly | (1091007) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| James Hardie Industries PLC | Morgan Stanley | 1-Day FEDEF - <br>0.75% | 1/08/2027 | Monthly | (3110876) | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Omnicom Group, Inc. | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 2/03/2026 | Monthly | (9216426) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Rocket Cos., Inc. | Morgan Stanley | 1-Day FEDEF - <br>11% | 2/03/2026 | Monthly | (11601275) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Whitecap Resources, Inc. | Morgan Stanley | 1-Day FEDEF - <br>0.35% | 4/06/2027 | Monthly | (5073668) | &nbsp;&nbsp;&nbsp;&nbsp; (33118) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(33104)**<br>|

---

At April 30, 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 April 30, 2025.

Abbreviation

FEDEF — Federal Funds Effective Rate

**Total Return Swap contracts outstanding at April 30, 2025:**

*See notes to financial statements.*

Schedule of Investments — NYLI Merger Arbitrage ETF (continued)

April 30, 2025

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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; Closed-End Mutual Funds | $3090404<br>| $—<br>| $—<br>| $3090404<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 166714248 |  |  | 166714248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Vehicles | 20927666 |  |  | 20927666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 229008<br> <sup>(h)</sup>  | 229008 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 41544459 |  |  | 41544459 |
| Total Investments in Securities | 232276777 |  | 229008 | 232505785 |
| Other Financial Instruments:<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  | 14 |  | 14 |
| Total Investments in Securities and Other Financial Instruments | $232276777<br>| $14<br>| $229008<br>| $232505799<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | $—<br>| $(33118) | $—<br>| $(33118) |

---

------

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

(h)The Level 3 securities, valued in total at $229,008, 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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Australia — 7.9%** |  |  |
| Ampol Ltd. | 4278 | $64873<br>|
| ANZ Group Holdings Ltd. | 53770 | 1027323 |
| APA Group | 23205 | 122048 |
| ASX Ltd. | 3447 | 155999 |
| Aurizon Holdings Ltd. | 31982 | 62619 |
| BlueScope Steel Ltd. | 7838 | 119711 |
| Brambles Ltd. | 24971 | 327862 |
| CAR Group Ltd. | 6055 | 129052 |
| Charter Hall Group | 8333 | 90108 |
| Cochlear Ltd. | 1171 | 205740 |
| Coles Group Ltd. | 23448 | 318367 |
| Commonwealth Bank of Australia | 30521 | 3253501 |
| Computershare Ltd. | 9397 | 244835 |
| Dexus | 19020 | 91518 |
| EBOS Group Ltd. | 2843 | 61751 |
| Evolution Mining Ltd. | 35583 | 178271 |
| Goodman Group | 33704 | 646532 |
| GPT Group (The) | 34309 | 101640 |
| Insurance Australia Group Ltd. | 42739 | 224515 |
| Lynas Rare Earths Ltd.\* | 16602 | 91143 |
| Macquarie Group Ltd. | 6457 | 799239 |
| Medibank Pvt Ltd. | 49756 | 148039 |
| Mineral Resources Ltd.\* | 3020 | 39787 |
| Mirvac Group | 70539 | 102906 |
| National Australia Bank Ltd. | 55293 | 1278248 |
| NEXTDC Ltd.\* | 11530 | 87275 |
| Pilbara Minerals Ltd.\* | 49256 | 47432 |
| QBE Insurance Group Ltd. | 27179 | 375460 |
| Ramsay Health Care Ltd. | 3251 | 69186 |
| REA Group Ltd. | 900 | 142947 |
| Reece Ltd. | 5287 | 53348 |
| Scentre Group | 93940 | 217589 |
| SEEK Ltd. | 6139 | 83706 |
| SGH Ltd. | 3496 | 114194 |
| Sonic Healthcare Ltd. | 8382 | 139873 |
| Stockland | 43117 | 151460 |
| Suncorp Group Ltd. | 19556 | 253511 |
| Telstra Group Ltd. | 208487 | 601634 |
| Transurban Group | 56021 | 505772 |
| Vicinity Ltd. | 68811 | 103908 |
| Washington H Soul Pattinson & Co., Ltd.<sup>(a)</sup> | 4261 | 101449 |
| Wesfarmers Ltd. | 20321 | 1018345 |
| Westpac Banking Corp. | 61824 | 1299085 |
| WiseTech Global Ltd. | 3264 | 184871 |
| Woodside Energy Group Ltd. | 34271 | 454792 |
| Woolworths Group Ltd. | 21889 | 442158 |
| Worley Ltd. | 6709 | 53402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Australia |  | 16387024 |
| **Austria — 0.4%** |  |  |
| ANDRITZ AG | 1273 | 91239 |
| BAWAG Group AG\* | 1351 | 148584 |
| CA Immobilien Anlagen AG | 620 | 16788 |
| CPI Europe AG\* | 579 | 11452 |
| Erste Group Bank AG | 5605 | 378785 |
| EVN AG | 625 | 16412 |
| Verbund AG | 585 | 45020 |
| voestalpine AG | 1995 | 52523 |
| Wienerberger AG | 1924 | 67538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Austria |  | 828341 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Belgium — 0.5%** |  |  |
| Ageas SA | 2728 | $171334<br>|
| Azelis Group NV | 2043 | 31677 |
| Colruyt Group NV | 665 | 32052 |
| D'ieteren Group | 385 | 76895 |
| Elia Group SA | 639 | 69442 |
| Financiere de Tubize SA | 352 | 50497 |
| Lotus Bakeries NV | 8 | 76935 |
| Sofina SA<sup>(a)</sup> | 269 | 75101 |
| Solvay SA | 1279 | 48531 |
| UCB SA | 2172 | 397883 |
| Warehouses De Pauw CVA\* | 3204 | 81876 |
| Total Belgium |  | 1112223 |
| **Chile — 0.1%** |  |  |
| Antofagasta PLC | 6252 | 136369 |
| **China — 0.4%** |  |  |
| Alibaba Health Information Technology Ltd.\*<sup>(a)</sup> | 89519 | 58181 |
| BYD Electronic International Co., Ltd. | 13587 | 56593 |
| China Gas Holdings Ltd. | 47986 | 43440 |
| China Mengniu Dairy Co., Ltd. | 53393 | 133711 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 31043 | 41552 |
| CSPC Pharmaceutical Group Ltd. | 146647 | 115923 |
| ESR Group Ltd. | 47985 | 76482 |
| Fosun International Ltd. | 37058 | 19259 |
| Geely Automobile Holdings Ltd. | 104245 | 219924 |
| Wilmar International Ltd. | 42225 | 98957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China |  | 864022 |
| **Denmark — 0.8%** |  |  |
| AP Moller - Maersk A/S, Class A | 47 | 79891 |
| AP Moller - Maersk A/S, Class B | 52 | 88984 |
| Genmab A/S\* | 1173 | 248341 |
| Novonesis Novozymes B, Class B | 6549 | 425032 |
| Orsted A/S\*<sup>(a)</sup> | 3410 | 135975 |
| Pandora A/S | 1476 | 218563 |
| Tryg A/S | 6080 | 145577 |
| Vestas Wind Systems A/S | 18185 | 241693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Denmark |  | 1584056 |
| **Faroe Islands — 0.0%<sup>(b)</sup>** |  |  |
| Bakkafrost P/F | 902 | 45361 |
| **Finland — 1.2%** |  |  |
| Elisa OYJ | 2539 | 135710 |
| Huhtamaki OYJ | 1874 | 69063 |
| Kesko OYJ, B Shares | 4841 | 111161 |
| Kone OYJ, Class B | 5994 | 371346 |
| Metso Outotec OYJ<sup>(a)</sup> | 12581 | 136693 |
| Neste OYJ<sup>(a)</sup> | 7702 | 80163 |
| Nokia OYJ | 91263 | 455329 |
| Nordea Bank Abp | 57567 | 796724 |
| Orion OYJ, Class B | 1922 | 120494 |
| Stora Enso OYJ, R Shares | 10177 | 94470 |
| Wartsila OYJ Abp | 8767 | 162046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Finland |  | 2533199 |
| **France — 5.3%** |  |  |
| Air Liquide SA | 10269 | 2107731 |
| AXA SA\* | 30969 | 1463432 |
| Bouygues SA\* | 3496 | 153797 |
| Capgemini SE | 2822 | 448626 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Cie de Saint-Gobain SA | 8164 | $886282<br>|
| Cie Generale des Etablissements Michelin SCA | 11992 | 438539 |
| Credit Agricole SA | 17817 | 333980 |
| Dassault Systemes SE | 12254 | 457453 |
| Hermes International SCA | 591 | 1606322 |
| Kering SA | 1281 | 259695 |
| Legrand SA | 4551 | 498194 |
| L'Oreal SA\* | 4077 | 1793565 |
| Publicis Groupe SA | 4134 | 419462 |
| Sartorius Stedim Biotech | 501 | 117433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France |  | 10984511 |
| **Germany — 9.6%** |  |  |
| adidas AG | 2995 | 686702 |
| Bayerische Motoren Werke AG | 5321 | 449415 |
| Beiersdorf AG | 1741 | 245406 |
| Deutsche Boerse AG | 3289 | 1059943 |
| Deutsche Post AG | 17351 | 739839 |
| Deutsche Telekom AG | 58927 | 2116737 |
| E.ON SE | 40000 | 700921 |
| Fresenius Medical Care AG | 3597 | 181997 |
| Fresenius SE & Co. KGaA\* | 7436 | 353330 |
| Hapag-Lloyd AG | 125 | 19580 |
| Heidelberg Materials AG | 2341 | 463703 |
| Infineon Technologies AG | 23540 | 773071 |
| Knorr-Bremse AG | 1194 | 118355 |
| Mercedes-Benz Group AG | 12524 | 746998 |
| Merck KGaA | 2335 | 323561 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen\* | 2441 | 1669325 |
| SAP SE | 18667 | 5417398 |
| Siemens AG | 13509 | 3101219 |
| Symrise AG | 2400 | 277049 |
| Talanx AG | 1082 | 124103 |
| Vonovia SE | 12658 | 420734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 19989386 |
| **Hong Kong — 2.2%** |  |  |
| AIA Group Ltd. | 194933 | 1460483 |
| Cathay Pacific Airways Ltd. | 10728 | 12354 |
| CK Infrastructure Holdings Ltd. | 10819 | 72967 |
| Futu Holdings Ltd. | 1047 | 96649 |
| Hang Lung Properties Ltd. | 30287 | 24879 |
| Hang Seng Bank Ltd. | 12823 | 179082 |
| HKT Trust & HKT Ltd. | 65258 | 92905 |
| Hong Kong & China Gas Co., Ltd. | 165408 | 149097 |
| Hong Kong Exchanges & Clearing Ltd. | 21563 | 947641 |
| Link REIT | 46900 | 219843 |
| MTR Corp., Ltd. | 28400 | 98149 |
| Power Assets Holdings Ltd. | 24646 | 163201 |
| Prudential PLC | 48077 | 508467 |
| Sino Biopharmaceutical Ltd. | 177034 | 89262 |
| Sino Land Co., Ltd. | 64560 | 66436 |
| Swire Pacific Ltd., Class A | 6897 | 59678 |
| Swire Pacific Ltd., Class B | 13415 | 18475 |
| Swire Properties Ltd. | 18725 | 41387 |
| Techtronic Industries Co., Ltd. | 24618 | 248888 |
| Wharf Real Estate Investment Co., Ltd. | 27971 | 67090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Hong Kong |  | 4616933 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Ireland — 0.6%** |  |  |
| AerCap Holdings NV | 3431 | $363686<br>|
| AIB Group PLC | 32812 | 220624 |
| Bank of Ireland Group PLC | 18141 | 212920 |
| Kerry Group PLC, Class A | 2689 | 285039 |
| Kingspan Group PLC | 2767 | 233703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ireland |  | 1315972 |
| **Israel — 0.6%** |  |  |
| Bank Leumi Le-Israel BM | 27113 | 384822 |
| Check Point Software <br>Technologies Ltd.\* | 1540 | 338122 |
| Global-e Online Ltd.\* | 1731 | 62160 |
| Nice Ltd.\* | 1135 | 177312 |
| Plus500 Ltd. | 1271 | 52051 |
| Wix.com Ltd.\* | 971 | 164672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Israel |  | 1179139 |
| **Italy — 2.3%** |  |  |
| A2A SpA | 27888 | 70980 |
| Amplifon SpA | 2349 | 44873 |
| Banca Mediolanum SpA | 3644 | 54347 |
| Enel SpA | 138802 | 1206096 |
| FinecoBank Banca Fineco SpA | 11028 | 220196 |
| Generali<sup>(a)</sup> | 18675 | 682295 |
| Intesa Sanpaolo SpA | 285733 | 1520748 |
| Mediobanca Banca di Credito Finanziario SpA | 10626 | 217243 |
| Moncler SpA | 3868 | 237611 |
| Nexi SpA\*<sup>(a)</sup> | 9344 | 54639 |
| Pirelli & C SpA | 6816 | 42026 |
| Prysmian SpA | 5086 | 277166 |
| Recordati Industria Chimica e Farmaceutica SpA | 1764 | 103971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy |  | 4732191 |
| **Japan — 27.0%** |  |  |
| Advantest Corp. | 13256 | 544868 |
| Aeon Co., Ltd. | 14150 | 419322 |
| Aeon Mall Co., Ltd. | 1634 | 31388 |
| Ajinomoto Co., Inc. | 18092 | 369856 |
| Alfresa Holdings Corp. | 3358 | 50685 |
| Amada Co., Ltd. | 5419 | 54175 |
| Asahi Kasei Corp. | 24536 | 170981 |
| Asics Corp. | 11417 | 246845 |
| Astellas Pharma, Inc. | 32283 | 323079 |
| Azbil Corp. | 9234 | 79755 |
| Bandai Namco Holdings, Inc. | 10384 | 360281 |
| BayCurrent, Inc. | 2311 | 124591 |
| Bridgestone Corp. | 9908 | 416144 |
| Brother Industries Ltd. | 4511 | 79395 |
| Calbee, Inc. | 1403 | 28254 |
| Canon, Inc. | 16269 | 502304 |
| Capcom Co., Ltd. | 6047 | 175466 |
| Central Japan Railway Co. | 16834 | 345909 |
| Chiba Bank Ltd. (The) | 13211 | 116791 |
| Chugai Pharmaceutical Co., Ltd. | 11557 | 665921 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 2506 | 47075 |
| Concordia Financial Group Ltd. | 20093 | 129342 |
| CyberAgent, Inc. | 7418 | 63680 |
| Dai Nippon Printing Co., Ltd. | 7668 | 107032 |
| Daifuku Co., Ltd. | 6141 | 163040 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Daiichi Sankyo Co., Ltd. | 34635 | $884815<br>|
| Daiwa House Industry Co., Ltd. | 11202 | 404840 |
| Daiwa House REIT Investment Corp. | 44 | 73817 |
| Daiwa Securities Group, Inc. | 25854 | 169327 |
| Denso Corp. | 29893 | 387180 |
| Dentsu Group, Inc. | 3518 | 73349 |
| Disco Corp. | 1611 | 311945 |
| East Japan Railway Co. | 19759 | 428869 |
| Ebara Corp. | 8347 | 125931 |
| Eisai Co., Ltd. | 5077 | 146572 |
| ENEOS Holdings, Inc. | 50271 | 241734 |
| FANUC Corp. | 16870 | 432158 |
| Fast Retailing Co., Ltd. | 3167 | 1043085 |
| FUJIFILM Holdings Corp. | 16575 | 341110 |
| Fujitsu Ltd. | 32556 | 719181 |
| Fukuoka Financial Group, Inc. | 3303 | 86697 |
| GLP J-Reit | 94 | 81189 |
| Hakuhodo DY Holdings, Inc. | 3919 | 29467 |
| Hankyu Hanshin Holdings, Inc. | 4237 | 120836 |
| Haseko Corp. | 4576 | 65316 |
| Hikari Tsushin, Inc. | 341 | 94621 |
| Hirose Electric Co., Ltd. | 516 | 58658 |
| Hitachi Construction Machinery Co., Ltd. | 1854 | 55162 |
| Hitachi Ltd. | 80635 | 1988740 |
| Hoya Corp. | 6160 | 724655 |
| Hulic Co., Ltd. | 10155 | 106113 |
| Ibiden Co., Ltd. | 2220 | 61508 |
| Inpex Corp. | 15308 | 194140 |
| Isetan Mitsukoshi Holdings Ltd. | 5968 | 76901 |
| Isuzu Motors Ltd. | 10581 | 142907 |
| ITOCHU Corp. | 22457 | 1146466 |
| J Front Retailing Co., Ltd. | 4470 | 54841 |
| Japan Exchange Group, Inc. | 18882 | 210741 |
| Japan Metropolitan Fund Invest | 129 | 86006 |
| Japan Post Bank Co., Ltd. | 6917 | 70848 |
| Japan Post Holdings Co., Ltd. | 35398 | 343706 |
| Japan Post Insurance Co., Ltd. | 3259 | 65333 |
| Japan Real Estate Investment Corp. | 131 | 104054 |
| JFE Holdings, Inc. | 10565 | 122952 |
| Kajima Corp. | 7995 | 190963 |
| Kansai Paint Co., Ltd. | 2765 | 41677 |
| Kao Corp. | 8166 | 349620 |
| Kawasaki Kisen Kaisha Ltd. | 6868 | 93891 |
| KDDI Corp. | 54012 | 955547 |
| Keio Corp. | 1957 | 53137 |
| Keisei Electric Railway Co., Ltd. | 8509 | 88198 |
| Kewpie Corp. | 1848 | 42093 |
| Keyence Corp. | 3323 | 1394057 |
| Kikkoman Corp. | 13892 | 135911 |
| Kintetsu Group Holdings Co., Ltd. | 3387 | 72921 |
| Kobayashi Pharmaceutical Co., Ltd. | 915 | 34941 |
| Koito Manufacturing Co., Ltd. | 3668 | 44513 |
| Kose Corp. | 608 | 26184 |
| Kubota Corp. | 17041 | 197482 |
| Kurita Water Industries Ltd. | 2007 | 66483 |
| Kyocera Corp. | 24054 | 285329 |
| Kyowa Kirin Co., Ltd. | 4459 | 69555 |
| Kyushu Railway Co. | 2508 | 64617 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Lasertec Corp. | 1415 | $131838<br>|
| Lixil Corp. | 4990 | 58789 |
| Marubeni Corp. | 29914 | 530164 |
| Marui Group Co., Ltd. | 3190 | 63257 |
| MatsukiyoCocokara & Co. | 6066 | 111696 |
| Mebuki Financial Group, Inc. | 16774 | 81565 |
| Medipal Holdings Corp. | 3203 | 54510 |
| MEIJI Holdings Co., Ltd. | 4376 | 107805 |
| MINEBEA MITSUMI, Inc. | 6932 | 101764 |
| MISUMI Group, Inc. | 5092 | 71468 |
| Mitsubishi Chemical Group Corp. | 25746 | 124723 |
| Mitsubishi Estate Co., Ltd. | 20724 | 363949 |
| Mitsubishi HC Capital, Inc. | 15042 | 106140 |
| Mitsui Chemicals, Inc. | 3189 | 69977 |
| Mitsui Fudosan Co., Ltd. | 48770 | 481751 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 6540 | 217282 |
| Mizuho Financial Group, Inc. | 45605 | 1144601 |
| MonotaRO Co., Ltd. | 4422 | 85207 |
| Murata Manufacturing Co., Ltd. | 32491 | 504312 |
| NEC Corp. | 22950 | 559269 |
| NGK Insulators Ltd. | 4261 | 52620 |
| Nichirei Corp. | 4530 | 62183 |
| Nikon Corp. | 4781 | 45903 |
| Nintendo Co., Ltd. | 21048 | 1745638 |
| Nippon Building Fund, Inc. | 146 | 135723 |
| Nippon Prologis REIT, Inc. | 45 | 74485 |
| Nippon Sanso Holdings Corp. | 3372 | 107916 |
| Nippon Steel Corp.<sup>(a)</sup> | 18143 | 382855 |
| Nippon Telegraph & Telephone Corp. | 968805 | 1014039 |
| Nippon Television Holdings, Inc. | 2903 | 67141 |
| Nippon Yusen K.K. | 8195 | 267153 |
| Nissan Chemical Corp. | 2288 | 66808 |
| Nisshin Seifun Group, Inc. | 4565 | 58967 |
| Nissin Foods Holdings Co., Ltd. | 3254 | 71837 |
| Niterra Co., Ltd. | 2816 | 87694 |
| Nitto Denko Corp. | 12588 | 220669 |
| Nomura Holdings, Inc. | 54484 | 302214 |
| Nomura Real Estate Holdings, Inc. | 9285 | 55128 |
| Nomura Real Estate Master Fund, Inc. | 81 | 80750 |
| Nomura Research Institute Ltd. | 7211 | 272586 |
| NTT Data Group Corp. | 11215 | 222311 |
| Obayashi Corp. | 12494 | 194146 |
| Odakyu Electric Railway Co., Ltd. | 5682 | 62819 |
| Oji Holdings Corp. | 16636 | 78701 |
| Omron Corp.<sup>(a)</sup> | 3352 | 99404 |
| Ono Pharmaceutical Co., Ltd. | 7187 | 82733 |
| Open House Group Co., Ltd. | 1344 | 59530 |
| Oriental Land Co., Ltd. | 19709 | 419079 |
| ORIX Corp. | 20440 | 408542 |
| Otsuka Holdings Co., Ltd. | 7918 | 386186 |
| Panasonic Holdings Corp. | 40143 | 461825 |
| Persol Holdings Co., Ltd. | 33000 | 59666 |
| Rakuten Group, Inc.\* | 25849 | 152133 |
| Recruit Holdings Co., Ltd. | 27794 | 1547532 |
| Renesas Electronics Corp. | 29458 | 345405 |
| Resona Holdings, Inc. | 39310 | 313896 |
| Resonac Holdings Corp. | 3197 | 58196 |
| Ricoh Co., Ltd. | 9598 | 101336 |
| Rohm Co., Ltd. | 5984 | 54432 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| Rohto Pharmaceutical Co., Ltd. | 3518 | $58822<br>|
| Ryohin Keikaku Co., Ltd. | 4652 | 158176 |
| Santen Pharmaceutical Co., Ltd. | 6045 | 61323 |
| Sanwa Holdings Corp. | 3433 | 112781 |
| SBI Holdings, Inc. | 4904 | 128548 |
| SCREEN Holdings Co., Ltd. | 1680 | 111466 |
| SCSK Corp. | 2564 | 67282 |
| Secom Co., Ltd. | 7507 | 276197 |
| Seibu Holdings, Inc. | 4004 | 96872 |
| Seiko Epson Corp. | 4925 | 68675 |
| Sekisui Chemical Co., Ltd. | 6651 | 116057 |
| Sekisui House Ltd. | 10792 | 247859 |
| SG Holdings Co., Ltd. | 8117 | 85614 |
| Sharp Corp.\* | 4969 | 29436 |
| Shimadzu Corp. | 4954 | 127393 |
| Shimamura Co., Ltd. | 852 | 56816 |
| Shimano, Inc. | 1398 | 197831 |
| Shimizu Corp. | 9721 | 103964 |
| Shin-Etsu Chemical Co., Ltd. | 34736 | 1054451 |
| Shionogi & Co., Ltd. | 13726 | 230370 |
| Shiseido Co., Ltd. | 7076 | 116751 |
| SMC Corp. | 1018 | 331649 |
| Sohgo Security Services Co., Ltd. | 6352 | 50165 |
| Sojitz Corp. | 4013 | 94839 |
| Sompo Holdings, Inc. | 16490 | 536989 |
| Sony Group Corp. | 110027 | 2908804 |
| Square Enix Holdings Co., Ltd. | 1580 | 91705 |
| Stanley Electric Co., Ltd. | 2687 | 50428 |
| Subaru Corp. | 10263 | 186531 |
| Sugi Holdings Co., Ltd. | 1834 | 38637 |
| SUMCO Corp. | 6109 | 42143 |
| Sumitomo Chemical Co., Ltd. | 25658 | 61825 |
| Sumitomo Electric Industries Ltd. | 13179 | 211489 |
| Sumitomo Forestry Co., Ltd. | 2990 | 86111 |
| Sumitomo Heavy Industries Ltd. | 2050 | 42699 |
| Sumitomo Metal Mining Co., Ltd. | 4631 | 103275 |
| Sumitomo Mitsui Financial Group, Inc. | 71088 | 1694470 |
| Sumitomo Mitsui Trust Group, Inc. | 11910 | 294327 |
| Sumitomo Rubber Industries Ltd. | 3137 | 39586 |
| Suntory Beverage & Food Ltd. | 2234 | 78121 |
| Sysmex Corp. | 8607 | 159993 |
| T&D Holdings, Inc. | 9601 | 204015 |
| Taisei Corp. | 3026 | 164304 |
| TDK Corp. | 34264 | 365484 |
| Terumo Corp. | 25876 | 496876 |
| TIS, Inc. | 3897 | 112861 |
| Tobu Railway Co., Ltd. | 3441 | 62794 |
| Tokyo Century Corp. | 2944 | 31021 |
| Tokyo Electron Ltd. | 8174 | 1216301 |
| Tokyo Gas Co., Ltd. | 6128 | 203765 |
| Tokyu Corp. | 9863 | 120176 |
| Tokyu Fudosan Holdings Corp. | 10647 | 74321 |
| TOPPAN Holdings, Inc. | 4757 | 133365 |
| Tosoh Corp. | 5357 | 75469 |
| TOTO Ltd. | 2727 | 72534 |
| Toyota Motor Corp. | 204159 | 3905986 |
| Trend Micro, Inc. | 2391 | 171480 |
| Tsuruha Holdings, Inc. | 667 | 53658 |
| Unicharm Corp. | 22405 | 208201 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** |  |  |
| United Urban Investment Corp. | 61 | $64233<br>|
| USS Co., Ltd. | 7113 | 71260 |
| West Japan Railway Co. | 8511 | 178764 |
| Yakult Honsha Co., Ltd. | 4762 | 97901 |
| Yamada Holdings Co., Ltd. | 11646 | 37704 |
| Yamaha Corp. | 6840 | 49871 |
| Yamaha Motor Co., Ltd. | 15834 | 124550 |
| Yamato Holdings Co., Ltd. | 4845 | 68850 |
| Yaskawa Electric Corp. | 4691 | 99220 |
| Yokogawa Electric Corp. | 4302 | 93134 |
| Yokohama Rubber Co., Ltd. (The) | 2355 | 51594 |
| Zensho Holdings Co., Ltd. | 1664 | 103463 |
| ZOZO, Inc. | 7164 | 73026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan |  | 56345967 |
| **Jordan — 0.0%<sup>(b)</sup>** |  |  |
| Hikma Pharmaceuticals PLC | 2839 | 75272 |
| **Mexico — 0.0%<sup>(b)</sup>** |  |  |
| Fresnillo PLC | 3293 | 44073 |
| **Netherlands — 5.1%** |  |  |
| Adyen NV\* | 551 | 888039 |
| Argenx SE\* | 1084 | 699332 |
| ASM International NV | 830 | 401272 |
| ASML Holding NV | 7031 | 4655630 |
| ING Groep NV | 55979 | 1082672 |
| Koninklijke Ahold Delhaize NV | 16618 | 682704 |
| Koninklijke KPN NV | 58931 | 274323 |
| NXP Semiconductors NV | 4588 | 845614 |
| Universal Music Group NV | 13957 | 410127 |
| Wolters Kluwer NV | 4262 | 753129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands |  | 10692842 |
| **New Zealand — 0.4%** |  |  |
| a2 Milk Co., Ltd. (The) | 12152 | 63174 |
| Auckland International Airport Ltd. | 27393 | 122248 |
| Contact Energy Ltd. | 14114 | 74211 |
| Infratil Ltd. | 16447 | 102973 |
| Mercury NZ Ltd. | 11799 | 39072 |
| Meridian Energy Ltd. | 22893 | 74450 |
| Spark New Zealand Ltd. | 32728 | 40399 |
| Xero Ltd.\* | 2321 | 243837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total New Zealand |  | 760364 |
| **Norway — 0.6%** |  |  |
| Aker ASA, A Shares | 383 | 22160 |
| AutoStore Holdings Ltd.\* | 19273 | 8642 |
| DNB Bank ASA | 14800 | 369359 |
| Gjensidige Forsikring ASA | 3256 | 76173 |
| Leroy Seafood Group ASA | 4819 | 21079 |
| Nordic Semiconductor ASA\* | 2962 | 29277 |
| Norsk Hydro ASA | 23245 | 122390 |
| Orkla ASA | 14371 | 160202 |
| Schibsted ASA, Class A | 1172 | 35669 |
| Schibsted ASA, B Shares | 1622 | 46768 |
| SpareBank 1 SOR-Norge ASA | 3702 | 59047 |
| Storebrand ASA | 7266 | 87515 |
| Telenor ASA | 10822 | 163009 |
| TOMRA Systems ASA\* | 4181 | 65517 |
| Var Energi ASA | 15830 | 43613 |
| Wallenius Wilhelmsen ASA | 1818 | 13105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Norway |  | 1323525 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Poland — 0.7%** |  |  |
| Allegro.eu SA\* | 11186 | $98000<br>|
| Bank Polska Kasa Opieki SA\* | 3188 | 159582 |
| Budimex SA | 225 | 37864 |
| CD Projekt SA<sup>(a)</sup> | 1233 | 76319 |
| Dino Polska SA\* | 866 | 121705 |
| InPost SA\* | 4318 | 72646 |
| KGHM Polska Miedz SA | 2454 | 77969 |
| LPP SA | 22 | 90042 |
| mBank SA\* | 237 | 51838 |
| ORLEN SA | 10513 | 190635 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 15502 | 298199 |
| Powszechny Zaklad Ubezpieczen SA | 10272 | 160631 |
| Santander Bank Polska SA | 604 | 92654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Poland |  | 1528084 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, Class R | 131327 | 84167 |
| EDP SA | 50695 | 200314 |
| Jeronimo Martins SGPS SA | 4922 | 119287 |
| Navigator Co. SA (The)<sup>(a)</sup> | 3819 | 14526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Portugal |  | 418294 |
| **Singapore — 1.9%** |  |  |
| CapitaLand Ascendas REIT | 63747 | 129867 |
| CapitaLand Integrated Commercial Trust | 90136 | 148420 |
| Capitaland Investment Ltd. | 40922 | 86188 |
| City Developments Ltd. | 7143 | 27189 |
| DBS Group Holdings Ltd. | 36345 | 1181623 |
| Hafnia Ltd.<sup>(a)</sup> | 4657 | 21489 |
| Mapletree Logistics Trust | 60721 | 52085 |
| Mapletree Pan Asia Commercial Trust | 41255 | 38547 |
| Oversea-Chinese Banking Corp., Ltd. | 58041 | 717900 |
| SATS Ltd. | 15782 | 33964 |
| Singapore Exchange Ltd. | 14786 | 162615 |
| Singapore Telecommunications Ltd. | 129108 | 373768 |
| STMicroelectronics NV | 11658 | 262660 |
| United Overseas Bank Ltd. | 24172 | 641279 |
| UOL Group Ltd. | 9417 | 41615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Singapore |  | 3919209 |
| **Spain — 2.7%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 3107 | 194607 |
| Amadeus IT Group SA | 8121 | 638639 |
| Banco Bilbao Vizcaya Argentaria SA | 103925 | 1424731 |
| CaixaBank SA<sup>(a)</sup> | 63162 | 483354 |
| Cellnex Telecom SA\* | 10290 | 416887 |
| EDP Renovaveis SA | 5354 | 50241 |
| Iberdrola SA | 105740 | 1910580 |
| Red Electrica Corp. SA | 7300 | 153518 |
| Telefonica SA<sup>(a)</sup> | 91896 | 471964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Spain |  | 5744521 |
| **Sweden — 2.2%** |  |  |
| AAK AB | 3147 | 82355 |
| AddTech AB, B Shares | 4290 | 144380 |
| Alfa Laval AB | 5096 | 211398 |
| Atlas Copco AB, B Shares | 27184 | 378945 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Sweden (continued)** |  |  |
| Atlas Copco AB, A Shares | 45755 | $710882<br>|
| Avanza Bank Holding AB<sup>(a)</sup> | 2136 | 71422 |
| Axfood AB<sup>(a)</sup> | 1952 | 54705 |
| Beijer Ref AB<sup>(a)</sup> | 7345 | 112099 |
| Boliden AB\* | 4857 | 149111 |
| Castellum AB\* | 7281 | 88362 |
| Embracer Group AB\*<sup>(a)</sup> | 2463 | 31068 |
| EQT AB<sup>(a)</sup> | 9027 | 260003 |
| Essity AB, Class B | 10904 | 314744 |
| H & M Hennes & Mauritz AB, B Shares<sup>(a)</sup> | 9952 | 144509 |
| Hexagon AB, B Shares\* | 34864 | 338631 |
| Holmen AB, B Shares<sup>(a)</sup> | 1630 | 64660 |
| Husqvarna AB, B Shares<sup>(a)</sup> | 6921 | 32327 |
| Indutrade AB | 4795 | 129658 |
| Investment AB Latour, B Shares | 2423 | 65518 |
| Nibe Industrier AB, B Shares | 26437 | 111779 |
| Securitas AB, B Shares | 9010 | 143395 |
| Skanska AB, B Shares | 5986 | 138961 |
| SSAB AB, B Shares<sup>(a)</sup> | 10332 | 64339 |
| SSAB AB, A Shares | 3949 | 24976 |
| Svenska Cellulosa AB SCA, Class B | 10812 | 140462 |
| Sweco AB, B Shares | 3251 | 57066 |
| Swedish Orphan Biovitrum AB\* | 4185 | 127135 |
| Tele2 AB, B Shares | 9695 | 142989 |
| Telia Co. AB | 40741 | 152701 |
| Thule Group AB | 1949 | 44457 |
| Volvo Car AB, Class B\*<sup>(a)</sup> | 8323 | 14182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden |  | 4547219 |
| **Switzerland — 4.3%** |  |  |
| ABB Ltd. | 29174 | 1533344 |
| Chocoladefabriken Lindt & Spruengli AG | 18 | 263730 |
| DSM-Firmenich AG | 4749 | 514579 |
| Geberit AG | 597 | 414249 |
| Givaudan SA | 166 | 804396 |
| Kuehne + Nagel International AG | 925 | 212578 |
| Lonza Group AG | 1262 | 903941 |
| Partners Group Holding AG | 389 | 509120 |
| SGS SA | 2722 | 267380 |
| Sika AG | 2748 | 688212 |
| Straumann Holding AG | 1925 | 235779 |
| Swiss Life Holding AG | 516 | 516157 |
| Swisscom AG | 459 | 307210 |
| Zurich Insurance Group AG | 2646 | 1875303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland |  | 9045978 |
| **United Kingdom — 10.9%** |  |  |
| 3i Group PLC | 17284 | 977473 |
| Admiral Group PLC | 4247 | 184817 |
| Ashtead Group PLC | 7882 | 420067 |
| Associated British Foods PLC | 5506 | 151794 |
| AstraZeneca PLC | 27322 | 3915082 |
| Auto Trader Group PLC | 15876 | 177957 |
| Aviva PLC | 48344 | 361610 |
| Barratt Redrow PLC | 24225 | 150721 |
| Berkeley Group Holdings PLC | 1767 | 98420 |
| Bunzl PLC | 5948 | 186702 |
| Coca-Cola Europacific Partners PLC | 3730 | 338460 |
| Compass Group PLC | 30681 | 1031893 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United Kingdom (continued)** |  |  |
| ConvaTec Group PLC | 29617 | $102775<br>|
| Croda International PLC | 2316 | 91289 |
| DCC PLC | 1787 | 116624 |
| Halma PLC | 6806 | 250542 |
| Informa PLC | 24028 | 233582 |
| InterContinental Hotels Group PLC | 2678 | 284086 |
| Intermediate Capital Group PLC | 5226 | 130952 |
| Intertek Group PLC | 2908 | 178053 |
| J Sainsbury PLC | 31644 | 112768 |
| JD Sports Fashion PLC | 44150 | 46340 |
| Kingfisher PLC | 32804 | 125841 |
| Land Securities Group PLC | 13346 | 105621 |
| Legal & General Group PLC | 105859 | 331574 |
| London Stock Exchange Group PLC | 7530 | 1169223 |
| M&G PLC | 43433 | 120320 |
| Melrose Industries PLC | 22923 | 132761 |
| National Grid PLC | 88280 | 1277028 |
| NatWest Group PLC | 130988 | 836663 |
| Next PLC | 2081 | 342724 |
| Pearson PLC | 11584 | 185132 |
| Phoenix Group Holdings PLC | 13414 | 107055 |
| Reckitt Benckiser Group PLC | 12365 | 799042 |
| RELX PLC | 33853 | 1838996 |
| Rentokil Initial PLC | 45604 | 208689 |
| Rightmove PLC | 14101 | 138963 |
| Sage Group PLC (The) | 18106 | 299280 |
| Schroders PLC | 14274 | 62612 |
| Segro PLC | 22392 | 203561 |
| Smith & Nephew PLC | 15801 | 222451 |
| Spirax Group PLC | 1318 | 103427 |
| SSE PLC | 19925 | 450306 |
| Taylor Wimpey PLC | 63412 | 99480 |
| Unilever PLC | 44538 | 2831105 |
| United Utilities Group PLC | 12325 | 185615 |
| Vodafone Group PLC | 374288 | 366254 |
| Weir Group PLC (The) | 4687 | 140734 |
| Whitbread PLC | 3223 | 111628 |
| Wise PLC, Class A\* | 12242 | 160001 |
| WPP PLC | 19468 | 149832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom |  | 22647925 |
| **United States — 11.1%** |  |  |
| Alcon AG | 8885 | 861307 |
| CSL Ltd. | 8704 | 1398604 |
| CyberArk Software Ltd.\* | 842 | 296519 |
| Experian PLC | 16597 | 823565 |
| GSK PLC | 74872 | 1483599 |
| Haleon PLC | 139016 | 698914 |
| James Hardie Industries PLC\*<sup>(a)</sup> | 7755 | 183595 |
| Monday.com Ltd.\* | 622 | 174776 |
| Nestle SA | 47713 | 5094419 |
| Novartis AG | 34855 | 3978157 |
| Roche Holding AG | 12810 | 4198032 |
| Roche Holding AG, Bearer | 519 | 181642 |
| Schneider Electric SE | 9858 | 2288284 |
| Stellantis NV | 35555 | 328996 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** |  |  |
| Swiss Re AG | 5219 | $938372<br>|
| Tenaris SA | 8332 | 139088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States |  | 23067869 |
| **Total Common Stocks <br>(Cost $186,974,634)** | **Total Common Stocks <br>(Cost $186,974,634)** | **206469869** |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Germany — 0.1%** |  |  |
| Bayerische Motoren Werke AG, 8.48% | 1054 | 84648 |
| Sartorius AG, 0.31% | 445 | 114880 |
| **Total Preferred Stocks <br>(Cost $224,210)** | **Total Preferred Stocks <br>(Cost $224,210)** | **199528** |
| **Right — 0.0%<sup>(b)</sup>** | **Right — 0.0%<sup>(b)</sup>** | **Right — 0.0%<sup>(b)</sup>** |
| **Spain — 0.0%<sup>(b)</sup>** |  |  |
| EDP Renovaveis SA, expires 5/15/25\* |  |  |
| **(Cost $512)** | 5354 | **548** |
| **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, 4.24%<sup>(c)(d)</sup> | 1500199 | 1500199 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(c)</sup> | 305734 | 305734<br>|
| **Total Short-Term Investments <br>(Cost $1,805,933)** | **Total Short-Term Investments <br>(Cost $1,805,933)** | **1805933** |
| **Total Investments — 100.0%<br>(Cost $189,005,289)** |  | **208475878** |
| **Other Assets and Liabilities,<br>Net — 0.0%<sup>(b)</sup>** |  | **(46415)** |
| **Net Assets — 100.0%** |  | **$** **208429463**<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 $3,024,545; total market value of collateral held by the Fund was $3,172,602. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $1,672,403.

(b)Less than 0.05%.

(c)Reflects the 1-day yield at April 30, 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)

April 30, 2025

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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 | $206469869<br>| $—<br>| $—<br>| $206469869<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 199528 |  |  | 199528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Right | 548 |  |  | 548 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1805933 |  |  | 1805933 |
| Total Investments in Securities | $208475878<br>| $—<br>| $—<br>| $208475878<br>|

---

------

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

For the year ended April 30, 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. Mid Cap Equity ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 2.3%** |  |  |
| Frontier Communications Parent, Inc.\* | 20246 | $733918<br>|
| Interpublic Group of Cos., Inc. (The) | 39901 | 1002313 |
| New York Times Co. (The), Class A | 16289 | 848005 |
| News Corp., Class B | 10985 | 345149 |
| News Corp., Class A | 40701 | 1103811 |
| Sirius XM Holdings, Inc. | 20760 | 444679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 4477875 |
| **Consumer Discretionary — 16.2%** |  |  |
| Abercrombie & Fitch Co., Class A\* | 5295 | 367579 |
| Aramark | 26986 | 902142 |
| Autoliv, Inc. | 7459 | 695403 |
| AutoNation, Inc.\* | 2758 | 480306 |
| BorgWarner, Inc. | 23353 | 662758 |
| Bright Horizons Family Solutions, Inc.\* | 6198 | 777353 |
| Burlington Stores, Inc.\* | 6823 | 1535448 |
| CarMax, Inc.\* | 16634 | 1075721 |
| Cava Group, Inc.\* | 10585 | 978372 |
| Choice Hotels International, Inc. | 2970 | 374547 |
| Crocs, Inc.\* | 6122 | 590283 |
| Dick's Sporting Goods, Inc. | 6061 | 1137892 |
| Duolingo, Inc.\* | 4045 | 1575447 |
| Etsy, Inc.\* | 12011 | 522238 |
| Floor & Decor Holdings, Inc., Class A\* | 11355 | 811201 |
| Gap, Inc. (The) | 21630 | 473697 |
| Gentex Corp. | 24412 | 531693 |
| H&R Block, Inc. | 14545 | 878082 |
| Hasbro, Inc. | 13832 | 856201 |
| Levi Strauss & Co., Class A | 10512 | 168297 |
| Lithia Motors, Inc. | 2808 | 822070 |
| LKQ Corp. | 26543 | 1014208 |
| Lucid Group, Inc.\*<sup>(a)</sup> | 126673 | 317949 |
| Mohawk Industries, Inc.\* | 5632 | 598963 |
| Norwegian Cruise Line Holdings Ltd.\* | 46994 | 753314 |
| Planet Fitness, Inc., Class A\* | 9024 | 853580 |
| Pool Corp. | 4069 | 1192787 |
| Ralph Lauren Corp. | 4257 | 957612 |
| Rivian Automotive, Inc., Class A\* | 77977 | 1065166 |
| Service Corp. International | 14846 | 1186195 |
| Tapestry, Inc. | 25029 | 1768299 |
| Toll Brothers, Inc. | 10776 | 1086975 |
| TopBuild Corp.\* | 3158 | 934010 |
| Vail Resorts, Inc. | 3905 | 543576 |
| VF Corp. | 39615 | 470626 |
| Wingstop, Inc. | 3136 | 827559 |
| Wyndham Hotels & Resorts, Inc. | 8131 | 693574 |
| Yum China Holdings, Inc. | 39569 | 1713733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 32194856 |
| **Consumer Staples — 6.0%** |  |  |
| BellRing Brands, Inc.\* | 13764 | 1061755 |
| BJ's Wholesale Club Holdings, Inc.\* | 14103 | 1657949 |
| Coty, Inc., Class A\* | 38363 | 193733 |
| Freshpet, Inc.\* | 4911 | 361155 |
| Ingredion, Inc. | 6986 | 927880 |
| J M Smucker Co. (The) | 11121 | 1293039 |
| Lamb Weston Holdings, Inc. | 15243 | 804983 |
| Post Holdings, Inc.\*<sup>(a)</sup> | 5079 | 574790 |
| Sprouts Farmers Market, Inc.\* | 10681 | 1826451 |
| The Campbell's Co. | 20524 | 748305 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Consumer Staples (continued)** |  |  |
| US Foods Holding Corp.\* | 23960 | $1573214<br>|
| Walgreens Boots Alliance, Inc. | 76564 | 839907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 11863161 |
| **Energy — 2.0%** |  |  |
| Antero Midstream Corp. | 36537 | 604687 |
| DT Midstream, Inc. | 10870 | 1056564 |
| HF Sinclair Corp. | 16521 | 496786 |
| NOV, Inc. | 41650 | 483557 |
| TechnipFMC PLC | 45498 | 1281679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 3923273 |
| **Financials — 13.7%** |  |  |
| AGNC Investment Corp. | 94747 | 836616 |
| Ally Financial, Inc. | 29396 | 960073 |
| Annaly Capital Management, Inc. | 60279 | 1181468 |
| Assurant, Inc. | 5496 | 1059299 |
| Axis Capital Holdings Ltd. | 8172 | 787127 |
| Carlyle Group, Inc. (The) | 24032 | 928596 |
| Comerica, Inc. | 14093 | 757499 |
| Corebridge Financial, Inc. | 27370 | 810973 |
| East West Bancorp, Inc. | 14790 | 1265285 |
| Equitable Holdings, Inc. | 33579 | 1660482 |
| Franklin Resources, Inc. | 33716 | 632512 |
| Globe Life, Inc. | 8990 | 1108827 |
| Jack Henry & Associates, Inc. | 7811 | 1354662 |
| Jackson Financial, Inc., Class A | 7836 | 610503 |
| MarketAxess Holdings, Inc. | 3978 | 881485 |
| Old Republic International Corp. | 24864 | 934886 |
| Popular, Inc. | 7505 | 716127 |
| Primerica, Inc. | 3567 | 934804 |
| Reinsurance Group of America, Inc. | 7075 | 1325218 |
| RenaissanceRe Holdings Ltd. | 5510 | 1333034 |
| RLI Corp. | 8930 | 660909 |
| Ryan Specialty Holdings, Inc. | 11225 | 735350 |
| SEI Investments Co. | 10505 | 822436 |
| Synovus Financial Corp. | 15146 | 656125 |
| Unum Group | 19513 | 1515380 |
| Voya Financial, Inc. | 10331 | 611595 |
| Webster Financial Corp. | 18262 | 863793 |
| Western Alliance Bancorp | 11654 | 812400 |
| WEX, Inc.\* | 4045 | 527347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 27284811 |
| **Health Care — 11.1%** |  |  |
| Bio-Techne Corp. | 16905 | 851167 |
| Charles River Laboratories International, Inc.\* | 5438 | 645056 |
| Chemed Corp. | 1577 | 917041 |
| DaVita, Inc.\* | 4577 | 647874 |
| Encompass Health Corp. | 10701 | 1251910 |
| Ensign Group, Inc. (The) | 5939 | 766072 |
| Exact Sciences Corp.\* | 19714 | 899747 |
| Exelixis, Inc.\* | 27005 | 1057246 |
| Glaukos Corp.\* | 5752 | 542126 |
| Halozyme Therapeutics, Inc.\* | 13544 | 831872 |
| Henry Schein, Inc.\* | 12045 | 782564 |
| Insmed, Inc.\* | 18840 | 1356480 |
| Insulet Corp.\* | 7494 | 1890661 |
| Jazz Pharmaceuticals PLC\* | 6317 | 738836 |
| Madrigal Pharmaceuticals, Inc.\* | 1673 | 558631 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Medpace Holdings, Inc.\* | 2541 | $783619<br>|
| Neurocrine Biosciences, Inc.\* | 10769 | 1159714 |
| QIAGEN NV\* | 23089 | 987055 |
| Repligen Corp.\* | 5615 | 774814 |
| Revolution Medicines, Inc.\* | 18764 | 757690 |
| Roivant Sciences Ltd.\* | 38008 | 441653 |
| Sarepta Therapeutics, Inc.\* | 9657 | 602597 |
| Summit Therapeutics, Inc.\*<sup>(a)</sup> | 11547 | 278514 |
| Teleflex, Inc. | 4984 | 683057 |
| United Therapeutics Corp.\* | 4413 | 1337536 |
| Vaxcyte, Inc.\* | 12967 | 464737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 22008269 |
| **Industrials — 18.0%** |  |  |
| A O Smith Corp. | 12795 | 868269 |
| Acuity, Inc. | 3310 | 806349 |
| Advanced Drainage Systems, Inc. | 7140 | 810319 |
| AECOM | 14207 | 1401520 |
| AGCO Corp. | 6707 | 568955 |
| Alaska Air Group, Inc.\* | 13611 | 602559 |
| API Group Corp.\* | 21696 | 820760 |
| AZEK Co., Inc. (The)\* | 14930 | 739931 |
| CH Robinson Worldwide, Inc. | 12597 | 1123904 |
| Chart Industries, Inc.\* | 4581 | 618343 |
| Comfort Systems USA, Inc. | 3775 | 1500751 |
| Dayforce, Inc.\* | 16204 | 937725 |
| Donaldson Co., Inc. | 12778 | 839898 |
| Flowserve Corp. | 14065 | 636160 |
| FTI Consulting, Inc.\* | 3747 | 623051 |
| Genpact Ltd. | 17234 | 866181 |
| Graco, Inc. | 18004 | 1469306 |
| ITT, Inc. | 8707 | 1193033 |
| Kirby Corp.\* | 6119 | 589688 |
| Knight-Swift Transportation <br>Holdings, Inc. | 16956 | 664166 |
| Landstar System, Inc. | 3771 | 505880 |
| Lincoln Electric Holdings, Inc. | 5958 | 1049800 |
| Masco Corp. | 22961 | 1391666 |
| MasTec, Inc.\* | 6799 | 865649 |
| MSA Safety, Inc. | 3972 | 625272 |
| nVent Electric PLC | 17596 | 966196 |
| Owens Corning | 9181 | 1335009 |
| Paycom Software, Inc. | 5500 | 1245145 |
| Paylocity Holding Corp.\* | 4667 | 896531 |
| Regal Rexnord Corp. | 7090 | 750406 |
| Robert Half, Inc. | 10857 | 480965 |
| Rocket Lab USA, Inc.\* | 30662 | 668125 |
| Simpson Manufacturing Co., Inc. | 4503 | 692066 |
| Tetra Tech, Inc. | 28620 | 892658 |
| Toro Co. (The) | 10992 | 750534 |
| Trex Co., Inc.\* | 11469 | 663138 |
| UFP Industries, Inc. | 6322 | 624930 |
| UL Solutions, Inc., Class A | 6575 | 376024 |
| Watts Water Technologies, Inc., Class A | 2923 | 607253 |
| WESCO International, Inc. | 4780 | 778949 |
| WillScot Mobile Mini Holdings Corp. | 19283 | 484389 |
| XPO, Inc.\* | 12307 | 1306019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 35637472 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Information Technology — 15.4%** |  |  |
| Appfolio, Inc., Class A\* | 2387 | $492963<br>|
| Arrow Electronics, Inc.\* | 5637 | 627736 |
| BILL Holdings, Inc.\* | 10670 | 486232 |
| Ciena Corp.\* | 15398 | 1034130 |
| Cognex Corp. | 18442 | 503467 |
| Confluent, Inc., Class A\* | 25843 | 615322 |
| Credo Technology Group Holding Ltd.\* | 13920 | 599256 |
| Docusign, Inc.\* | 21501 | 1757707 |
| Dolby Laboratories, Inc., Class A | 6392 | 490842 |
| Dynatrace, Inc.\* | 28717 | 1348837 |
| Elastic NV\* | 9261 | 798298 |
| Enphase Energy, Inc.\* | 14043 | 626177 |
| EPAM Systems, Inc.\* | 5906 | 926710 |
| F5, Inc.\* | 6278 | 1662038 |
| Flex Ltd.\* | 41474 | 1424217 |
| Gen Digital, Inc. | 58387 | 1510472 |
| Gitlab, Inc., Class A\* | 13058 | 609417 |
| Globant SA\* | 4534 | 533062 |
| Guidewire Software, Inc.\* | 8448 | 1729897 |
| Informatica, Inc., Class A\* | 12069 | 227259 |
| Juniper Networks, Inc. | 35214 | 1278972 |
| Kyndryl Holdings, Inc.\* | 24861 | 805994 |
| Lattice Semiconductor Corp.\* | 14649 | 716776 |
| Littelfuse, Inc. | 2618 | 477288 |
| Manhattan Associates, Inc.\* | 6508 | 1154454 |
| MKS Instruments, Inc. | 6711 | 470709 |
| Nutanix, Inc., Class A\* | 26878 | 1846519 |
| Onto Innovation, Inc.\* | 5267 | 642416 |
| Pegasystems, Inc. | 4348 | 400364 |
| Procore Technologies, Inc.\* | 9079 | 581873 |
| TD SYNNEX Corp. | 8056 | 892605 |
| Twilio, Inc., Class A\* | 15582 | 1506935 |
| UiPath, Inc., Class A\* | 45647 | 545025 |
| Unity Software, Inc.\* | 32598 | 686840 |
| Universal Display Corp. | 4711 | 591843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 30602652 |
| **Materials — 5.0%** |  |  |
| Albemarle Corp. | 12585 | 736852 |
| Alcoa Corp. | 27550 | 675801 |
| AptarGroup, Inc. | 7080 | 1061646 |
| Axalta Coating Systems Ltd.\* | 23379 | 759817 |
| Crown Holdings, Inc. | 12747 | 1227919 |
| Element Solutions, Inc. | 24040 | 490656 |
| Graphic Packaging Holding Co. | 31847 | 806048 |
| Louisiana-Pacific Corp. | 6831 | 589584 |
| Mosaic Co. (The) | 33945 | 1031928 |
| RPM International, Inc. | 13656 | 1457778 |
| United States Steel Corp. | 24045 | 1051007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 9889036 |
| **Real Estate — 9.6%** |  |  |
| Agree Realty Corp. | 10972 | 851537 |
| American Homes 4 Rent, Class A | 36565 | 1367165 |
| Brixmor Property Group, Inc. | 32265 | 803721 |
| Camden Property Trust | 11347 | 1291289 |
| CubeSmart | 24149 | 982140 |
| Equity LifeStyle Properties, Inc. | 19685 | 1275194 |
| Federal Realty Investment Trust | 8143 | 765605 |
| Healthcare Realty Trust, Inc. | 37937 | 589162 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Real Estate (continued)** |  |  |
| Host Hotels & Resorts, Inc. | 74252 | $1048438<br>|
| Jones Lang LaSalle, Inc.\* | 5076 | 1154333 |
| Kimco Realty Corp. | 70768 | 1413945 |
| Regency Centers Corp. | 17517 | 1264377 |
| Rexford Industrial Realty, Inc. | 23883 | 790527 |
| STAG Industrial, Inc. | 19548 | 645670 |
| UDR, Inc. | 32779 | 1372785 |
| Vornado Realty Trust | 16882 | 595597 |
| WP Carey, Inc. | 23418 | 1462220 |
| Zillow Group, Inc., Class A\* | 4946 | 326337 |
| Zillow Group, Inc., Class C\* | 16803 | 1131346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 19131388 |
| **Utilities — 0.6%** |  |  |
| Essential Utilities, Inc. | 29522 | 1214240 |
| **Total Common Stocks <br>(Cost $199,483,569)** | **Total Common Stocks <br>(Cost $199,483,569)** | **198227033** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Money Market Funds — 0.4%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(b)</sup><sup>(c)</sup> | 615795 | $615795<br>|
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(b)</sup> | 131632 | 131632 |
| **Total Short-Term Investments <br>(Cost $747,427)** | **Total Short-Term Investments <br>(Cost $747,427)** | **747427** |
| **Total Investments — 100.3%<br>(Cost $200,230,996)** |  | **198974460** |
| **Other Assets and Liabilities,<br>Net — (0.3)%** |  | **(586802)** |
| **Net Assets — 100.0%** |  | **$198387658** |

---

------

\*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 $1,147,778; total market value of collateral held by the Fund was $1,187,466. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $571,671.

(b)Reflects the 1-day yield at April 30, 2025.

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

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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 | $198227033<br>| $—<br>| $—<br>| $198227033<br>|
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 747427 |  |  | 747427 |
| Total Investments in Securities | $198974460<br>| $—<br>| $—<br>| $198974460<br>|

---

------

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

For the year ended April 30, 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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Share** **s** | **Valu** **e** |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 6.9%** |  |  |
| Alphabet, Inc., Class A | 54848 | $8709862<br>|
| Alphabet, Inc., Class C | 48505 | 7803970 |
| Charter Communications, Inc., Class A\*<sup>(a)</sup> | 1328 | 520390 |
| Comcast Corp., Class A | 53425 | 1827135 |
| Electronic Arts, Inc. | 3364 | 488083 |
| Omnicom Group, Inc. | 2727 | 207688 |
| Pinterest, Inc., Class A\* | 8458 | 214157 |
| ROBLOX Corp., Class A\* | 7183 | 481620 |
| Snap, Inc., Class A\*<sup>(a)</sup> | 14876 | 118413 |
| Take-Two Interactive Software, Inc.\* | 2307 | 538269 |
| Walt Disney Co. (The) | 25601 | 2328411 |
| Warner Bros Discovery, Inc.\* | 31615 | 274102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 23512100 |
| **Consumer Discretionary — 14.1%** |  |  |
| Airbnb, Inc., Class A\* | 5889 | 717987 |
| Amazon.com, Inc.\* | 89324 | 16473132 |
| Aptiv PLC\* | 3305 | 188583 |
| Best Buy Co., Inc. | 2690 | 179396 |
| Chipotle Mexican Grill, Inc.\* | 19136 | 966751 |
| DoorDash, Inc., Class A\* | 4615 | 890187 |
| eBay, Inc. | 6859 | 467510 |
| Hilton Worldwide Holdings, Inc. | 3402 | 767083 |
| Home Depot, Inc. (The) | 14029 | 5057314 |
| Lowe's Cos., Inc. | 7978 | 1783562 |
| Lululemon Athletica, Inc.\* | 1508 | 408321 |
| Marriott International, Inc., Class A | 3347 | 798527 |
| MercadoLibre, Inc.\* | 664 | 1547684 |
| NIKE, Inc., Class B | 16440 | 927216 |
| NVR, Inc.\* | 42 | 299282 |
| PulteGroup, Inc. | 2887 | 296149 |
| Royal Caribbean Cruises Ltd. | 3506 | 753475 |
| Starbucks Corp. | 15681 | 1255264 |
| Tesla, Inc.\* | 39507 | 11147295 |
| TJX Cos., Inc. (The) | 15855 | 2040221 |
| Tractor Supply Co. | 7522 | 380764 |
| Ulta Beauty, Inc.\* | 652 | 257957 |
| Yum! Brands, Inc. | 3953 | 594689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 48198349 |
| **Consumer Staples — 5.1%** |  |  |
| Archer-Daniels-Midland Co. | 6678 | 318874 |
| Church & Dwight Co., Inc. | 3441 | 341829 |
| Clorox Co. (The) | 1737 | 247175 |
| Colgate-Palmolive Co. | 11525 | 1062490 |
| Dollar General Corp. | 3076 | 288190 |
| Dollar Tree, Inc.\* | 2833 | 231654 |
| Estee Lauder Cos., Inc. (The), Class A | 3031 | 181739 |
| General Mills, Inc. | 7787 | 441834 |
| Hershey Co. (The)<sup>(a)</sup> | 2072 | 346418 |
| Hormel Foods Corp. | 4074 | 121813 |
| Kellanova | 3666 | 303435 |
| Kenvue, Inc. | 27041 | 638168 |
| Keurig Dr Pepper, Inc. | 15923 | 550776 |
| Kimberly-Clark Corp. | 4721 | 622133 |
| Kraft Heinz Co. (The) | 10918 | 317714 |
| Kroger Co. (The) | 9360 | 675886 |
| McCormick & Co., Inc. | 3542 | 271530 |
| Mondelez International, Inc., Class A | 18817 | 1282002 |

---

---

| | | |
|:---|:---|:---|
|  | **Share** **s** | **Valu** **e** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** |
| PepsiCo, Inc. | 19372 | $2626456<br>|
| Procter & Gamble Co. (The) | 33258 | 5406753 |
| Sysco Corp. | 6905 | 493017 |
| Target Corp. | 6471 | 625746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 17395632 |
| **Energy — 1.8%** |  |  |
| Baker Hughes Co. | 13960 | 494184 |
| Cheniere Energy, Inc. | 3142 | 726148 |
| Halliburton Co. | 12375 | 245272 |
| Kinder Morgan, Inc. | 27414 | 720988 |
| Marathon Petroleum Corp. | 4531 | 622605 |
| ONEOK, Inc. | 8220 | 675355 |
| Schlumberger NV | 19933 | 662772 |
| Targa Resources Corp. | 3033 | 518340 |
| Valero Energy Corp. | 4485 | 520664 |
| Williams Cos., Inc. (The) | 17163 | 1005237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 6191565 |
| **Financials — 16.8%** |  |  |
| Aflac, Inc. | 7109 | 772606 |
| Allstate Corp. (The) | 3719 | 737812 |
| American Express Co. | 7824 | 2084392 |
| Ameriprise Financial, Inc. | 1376 | 648124 |
| Apollo Global Management, Inc. | 5711 | 779437 |
| Arch Capital Group Ltd. | 5066 | 459385 |
| Ares Management Corp., Class A | 2611 | 398256 |
| Arthur J Gallagher & Co. | 3490 | 1119208 |
| Bank of America Corp. | 94005 | 3748919 |
| Bank of New York Mellon Corp. (The) | 10258 | 824846 |
| Capital One Financial Corp. | 5313 | 957721 |
| Cboe Global Markets, Inc. | 1463 | 324493 |
| Charles Schwab Corp. (The) | 21061 | 1714365 |
| Cincinnati Financial Corp. | 2161 | 300833 |
| Citigroup, Inc. | 25900 | 1771042 |
| Citizens Financial Group, Inc. | 6272 | 231374 |
| CME Group, Inc. | 5065 | 1403410 |
| Coinbase Global, Inc., Class A\* | 2855 | 579251 |
| Corpay, Inc.\* | 954 | 310403 |
| Discover Financial Services | 3530 | 644825 |
| Everest Re Group Ltd. | 459 | 164703 |
| Fidelity National Information Services, Inc. | 7671 | 605088 |
| Fifth Third Bancorp | 9492 | 341142 |
| Fiserv, Inc.\* | 7968 | 1470654 |
| Global Payments, Inc. | 3555 | 271282 |
| Hartford Insurance Group, Inc. (The) | 4101 | 503070 |
| Huntington Bancshares, Inc. | 20335 | 295468 |
| Intercontinental Exchange, Inc. | 8015 | 1346280 |
| KKR & Co., Inc. | 9463 | 1081337 |
| M&T Bank Corp. | 2337 | 396729 |
| Markel Group Inc.\* | 179 | 325529 |
| Marsh & McLennan Cos., Inc. | 6916 | 1559351 |
| Mastercard, Inc., Class A | 11510 | 6308171 |
| MetLife, Inc. | 8242 | 621200 |
| Moody's Corp. | 2214 | 1003208 |
| Morgan Stanley | 17414 | 2009924 |
| Nasdaq, Inc. | 5788 | 441103 |
| Northern Trust Corp. | 2829 | 265869 |
| PayPal Holdings, Inc.\* | 14130 | 930319 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Share** **s** | **Valu** **e** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| PNC Financial Services Group, Inc. (The) | 5577 | $896168<br>|
| Principal Financial Group, Inc. | 3250 | 240987 |
| Progressive Corp. (The) | 8251 | 2324637 |
| Prudential Financial, Inc. | 5011 | 514680 |
| Raymond James Financial, Inc. | 2612 | 357948 |
| Regions Financial Corp. | 12850 | 262268 |
| Rocket Cos., Inc., Class A<sup>(a)</sup> | 1911 | 24671 |
| S&P Global, Inc. | 4382 | 2191219 |
| Synchrony Financial | 5549 | 288271 |
| Travelers Cos., Inc. (The) | 3190 | 842575 |
| US Bancorp | 21246 | 857064 |
| Visa, Inc., Class A | 24419 | 8436765 |
| Willis Towers Watson PLC | 1426 | 438923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 57427305 |
| **Health Care — 6.2%** |  |  |
| Alnylam Pharmaceuticals, Inc.\* | 1948 | 512792 |
| Avantor, Inc.\* | 9910 | 128731 |
| Biogen, Inc.\* | 2205 | 266981 |
| Bristol-Myers Squibb Co. | 30573 | 1534765 |
| Cardinal Health, Inc. | 3404 | 480951 |
| Cigna Group (The) | 4132 | 1405045 |
| Cooper Cos., Inc. (The)\* | 3014 | 246153 |
| Dexcom, Inc.\* | 5877 | 419500 |
| Edwards Lifesciences Corp.\* | 8754 | 660840 |
| Elevance Health, Inc. | 3489 | 1467404 |
| Gilead Sciences, Inc. | 18808 | 2003804 |
| Hologic, Inc.\* | 3506 | 204049 |
| Humana, Inc. | 1830 | 479899 |
| IDEXX Laboratories, Inc.\* | 1242 | 537351 |
| Intuitive Surgical, Inc.\* | 5357 | 2763141 |
| Labcorp Holdings, Inc. | 1276 | 307529 |
| Mettler-Toledo International, Inc.\* | 314 | 336159 |
| Moderna, Inc.\*<sup>(a)</sup> | 5083 | 145069 |
| Quest Diagnostics, Inc. | 1682 | 299766 |
| ResMed, Inc. | 2207 | 522154 |
| Royalty Pharma PLC, Class A | 5712 | 187468 |
| STERIS PLC | 1497 | 336436 |
| Stryker Corp. | 4798 | 1794068 |
| Veeva Systems, Inc., Class A\* | 2093 | 489113 |
| Vertex Pharmaceuticals, Inc.\* | 3888 | 1980936 |
| Waters Corp.\* | 899 | 312609 |
| West Pharmaceutical Services, Inc. | 1096 | 231574 |
| Zimmer Biomet Holdings, Inc. | 3000 | 309150 |
| Zoetis, Inc. | 6804 | 1064146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 21427583 |
| **Industrials — 6.9%** |  |  |
| Automatic Data Processing, Inc. | 5747 | 1727548 |
| Axon Enterprise, Inc.\* | 1013 | 621273 |
| Broadridge Financial Solutions, Inc. | 1634 | 396082 |
| Carrier Global Corp. | 11850 | 741099 |
| Cintas Corp. | 4835 | 1023473 |
| Dover Corp. | 1929 | 329184 |
| Emerson Electric Co. | 8027 | 843718 |
| Equifax, Inc. | 1735 | 451325 |
| Expeditors International of Washington, Inc. | 1970 | 216523 |
| FedEx Corp. | 3166 | 665905 |

---

---

| | | |
|:---|:---|:---|
|  | **Share** **s** | **Valu** **e** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Ferguson Enterprises, Inc. | 2666 | $452313<br>|
| Fortive Corp. | 4922 | 343014 |
| GE Vernova, Inc. | 3877 | 1437669 |
| General Electric Co. | 15257 | 3074896 |
| Howmet Aerospace, Inc. | 5668 | 785471 |
| Illinois Tool Works, Inc. | 4145 | 994427 |
| Ingersoll Rand, Inc. | 5664 | 427235 |
| JB Hunt Transport Services, Inc. | 1134 | 148078 |
| Johnson Controls International PLC | 9328 | 782619 |
| Masco Corp. | 3034 | 183891 |
| Otis Worldwide Corp. | 5625 | 541519 |
| Quanta Services, Inc. | 2059 | 602649 |
| Rockwell Automation, Inc. | 1596 | 395297 |
| Trane Technologies PLC | 3171 | 1215476 |
| TransUnion | 2728 | 226315 |
| United Parcel Service, Inc., Class B | 10322 | 983687 |
| United Rentals, Inc. | 927 | 585354 |
| Verisk Analytics, Inc. | 1988 | 589303 |
| Waste Management, Inc. | 5654 | 1319417 |
| Westinghouse Air Brake Technologies Corp. | 2442 | 451135 |
| WW Grainger, Inc. | 622 | 637121 |
| Xylem, Inc. | 3396 | 409456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 23602472 |
| **Information Technology — 33.9%** |  |  |
| Accenture PLC, Class A | 8837 | 2643589 |
| Adobe, Inc.\* | 6207 | 2327501 |
| Advanced Micro Devices, Inc.\* | 22775 | 2217146 |
| Amdocs Ltd. | 1577 | 139691 |
| Analog Devices, Inc. | 6983 | 1361126 |
| ANSYS, Inc.\* | 1226 | 394625 |
| Apple, Inc. | 148398 | 31534575 |
| Applied Materials, Inc. | 11452 | 1725931 |
| Atlassian Corp., Class A\* | 2274 | 519177 |
| Autodesk, Inc.\* | 3030 | 830977 |
| Cadence Design Systems, Inc.\* | 3856 | 1148085 |
| CDW Corp. | 1876 | 301210 |
| Cisco Systems, Inc. | 56335 | 3252220 |
| Cognizant Technology Solutions Corp., Class A | 6964 | 512341 |
| Corning, Inc. | 10877 | 482721 |
| Fair Isaac Corp.\* | 338 | 672512 |
| Fortinet, Inc.\* | 8689 | 901571 |
| Gartner, Inc.\* | 1054 | 443818 |
| Gen Digital, Inc. | 7620 | 197129 |
| Hewlett Packard Enterprise Co. | 18200 | 295204 |
| HP, Inc. | 13209 | 337754 |
| HubSpot, Inc.\* | 697 | 426215 |
| Intel Corp. | 60852 | 1223125 |
| Intuit, Inc. | 3850 | 2415759 |
| Keysight Technologies, Inc.\* | 2433 | 353758 |
| KLA Corp. | 1889 | 1327381 |
| Lam Research Corp. | 18189 | 1303606 |
| Marvell Technology, Inc. | 12162 | 709896 |
| Micron Technology, Inc. | 15681 | 1206653 |
| Microsoft Corp. | 90202 | 35653243 |
| MongoDB, Inc.\* | 1008 | 173547 |
| Monolithic Power Systems, Inc. | 662 | 392632 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Share** **s** | **Valu** **e** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| NetApp, Inc. | 2869 | $257493<br>|
| ON Semiconductor Corp.\* | 6002 | 238279 |
| Palo Alto Networks, Inc.\* | 9166 | 1713400 |
| QUALCOMM, Inc. | 15704 | 2331416 |
| Roper Technologies, Inc. | 1508 | 844601 |
| Salesforce, Inc. | 13128 | 3527625 |
| Seagate Technology Holdings PLC | 2779 | 252972 |
| ServiceNow, Inc.\* | 2906 | 2775259 |
| Skyworks Solutions, Inc. | 2242 | 144116 |
| Snowflake, Inc., Class A\* | 4450 | 709731 |
| Synopsys, Inc.\* | 2173 | 997429 |
| TE Connectivity PLC | 4268 | 624750 |
| Teradyne, Inc. | 2291 | 170015 |
| Texas Instruments, Inc. | 12833 | 2053922 |
| Trimble, Inc.\* | 3424 | 212767 |
| VeriSign, Inc.\* | 1180 | 332902 |
| Western Digital Corp.\* | 4838 | 212195 |
| Workday, Inc., Class A\* | 2995 | 733775 |
| Zebra Technologies Corp., Class A\* | 724 | 181232 |
| Zscaler, Inc.\* | 1321 | 298771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 116037368 |
| **Materials — 3.1%** |  |  |
| Air Products and Chemicals, Inc. | 3092 | 838210 |
| Ball Corp. | 4235 | 219966 |
| CRH PLC | 9600 | 916032 |
| DuPont de Nemours, Inc. | 5316 | 350803 |
| Ecolab, Inc. | 3546 | 891571 |
| International Flavors & Fragrances, Inc. | 3590 | 281671 |
| Linde PLC | 6718 | 3044799 |
| LyondellBasell Industries NV, Class A | 3582 | 208508 |
| Martin Marietta Materials, Inc. | 858 | 449575 |
| Newmont Corp. | 16138 | 850150 |
| Nucor Corp. | 3330 | 397502 |
| Packaging Corp. of America | 1248 | 231641 |
| PPG Industries, Inc. | 3275 | 356516 |
| Sherwin-Williams Co. (The) | 3281 | 1157931 |
| Vulcan Materials Co. | 1851 | 485573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 10680448 |
| **Real Estate — 3.6%** |  |  |
| Alexandria Real Estate Equities, Inc. | 2215 | 160942 |
| American Tower Corp. | 6584 | 1484099 |
| AvalonBay Communities, Inc. | 2001 | 420170 |
| CBRE Group, Inc., Class A\* | 4292 | 524397 |
| Crown Castle, Inc. | 6105 | 645665 |
| Digital Realty Trust, Inc. | 4681 | 751488 |
| Equinix, Inc. | 1358 | 1168898 |
| Equity Residential | 4804 | 337529 |
| Essex Property Trust, Inc. | 896 | 250118 |
| Extra Space Storage, Inc. | 2945 | 431501 |
| Healthpeak Properties, Inc. | 9801 | 174850 |
| Invitation Homes, Inc. | 8049 | 275195 |
| Iron Mountain, Inc. | 4089 | 366661 |
| Mid-America Apartment Communities, Inc. | 1637 | 261347 |
| Prologis, Inc. | 13033 | 1331973 |
| Public Storage | 2215 | 665452 |
| SBA Communications Corp. | 1492 | 363153 |

---

---

| | | |
|:---|:---|:---|
|  | **Share** **s** | **Valu** **e** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| Simon Property Group, Inc. | 4553 | $716551<br>|
| Ventas, Inc. | 5899 | 413402 |
| Welltower, Inc. | 8786 | 1340656 |
| Weyerhaeuser Co. | 10209 | 264515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 12348562 |
| **Utilities — 1.5%** |  |  |
| American Water Works Co., Inc. | 2738 | 402513 |
| Eversource Energy | 5166 | 307274 |
| Exelon Corp. | 14155 | 663869 |
| NextEra Energy, Inc. | 28995 | 1939186 |
| PG&E Corp. | 30886 | 510237 |
| Public Service Enterprise Group, Inc. | 7026 | 561588 |
| Sempra | 8933 | 663454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 5048121 |
| **Total Common Stocks <br>(Cost $318,906,827)** | **Total Common Stocks <br>(Cost $318,906,827)** | **341869505** |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Money Market Funds — 0.1%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(b)</sup><sup>(c)</sup> | 93766 | 93766 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(b)</sup> | 114471 | 114471 |
| **Total Short-Term Investments <br>(Cost $208,237)** | **Total Short-Term Investments <br>(Cost $208,237)** | **208237** |
| **Total Investments — 100.0%<br>(Cost $319,115,064)** |  | **342077742** |
| **Other Assets and Liabilities,<br>Net — 0.0%<sup>(d)</sup>** |  | **67622** |
| **Net Assets — 100.0%** |  | **$** **342145364**<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 $1,039,407; total market value of collateral held by the Fund was $1,063,576. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $969,810.

(b)Reflects the 1-day yield at April 30, 2025.

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

(d)Less than 0.05%.

*See notes to financial statements.*

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

April 30, 2025

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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 | $341869505<br>| $—<br>| $—<br>| $341869505<br>|
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 208237 |  |  | 208237 |
| Total Investments in Securities | $342077742<br>| $—<br>| $—<br>| $342077742<br>|

---

------

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

For the year ended April 30, 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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Australia — 6.9%** |  |  |
| ALS Ltd. | 32202 | $354190<br>|
| ANZ Group Holdings Ltd. | 156257 | 2985427 |
| APA Group | 75545 | 397333 |
| Aristocrat Leisure Ltd. | 32757 | 1400934 |
| ASX Ltd. | 12184 | 551405 |
| Atlas Arteria Ltd. | 81932 | 271032 |
| Aurizon Holdings Ltd. | 144106 | 282150 |
| BHP Group Ltd. | 250445 | 6119827 |
| Brambles Ltd. | 73577 | 966043 |
| CAR Group Ltd. | 23668 | 504444 |
| Charter Hall Group | 30420 | 328945 |
| Cochlear Ltd. | 3521 | 618626 |
| Coles Group Ltd. | 71601 | 972169 |
| Commonwealth Bank of Australia | 83429 | 8893428 |
| Computershare Ltd. | 30840 | 803525 |
| Dexus | 82488 | 396904 |
| Endeavour Group Ltd. | 98320 | 251011 |
| Fortescue Ltd. | 82819 | 857934 |
| Glencore PLC\* | 596023 | 1945691 |
| Goodman Group | 102248 | 1961388 |
| GPT Group (The) | 159333 | 472024 |
| IDP Education Ltd.<sup>(a)</sup> | 17784 | 100819 |
| Insurance Australia Group Ltd. | 132023 | 693537 |
| Lottery Corp., Ltd. (The) | 142094 | 474595 |
| Macquarie Group Ltd. | 18580 | 2299808 |
| Medibank Pvt Ltd. | 164324 | 488912 |
| Mineral Resources Ltd.\*<sup>(a)</sup> | 11575 | 152495 |
| Mirvac Group | 293080 | 427561 |
| National Australia Bank Ltd. | 161058 | 3723295 |
| Northern Star Resources Ltd. | 57873 | 710235 |
| Origin Energy Ltd. | 89934 | 612270 |
| Pilbara Minerals Ltd.\* | 162157 | 156153 |
| Pro Medicus Ltd. | 2867 | 420840 |
| QBE Insurance Group Ltd. | 79006 | 1091415 |
| Ramsay Health Care Ltd.<sup>(a)</sup> | 11672 | 248396 |
| REA Group Ltd. | 3147 | 499837 |
| Region RE Ltd. | 189329 | 281049 |
| Rio Tinto Ltd. | 19696 | 1475748 |
| Rio Tinto PLC | 53785 | 3194757 |
| Santos Ltd. | 178595 | 686785 |
| Scentre Group | 351002 | 813009 |
| SEEK Ltd. | 23717 | 323385 |
| Sonic Healthcare Ltd. | 30099 | 502270 |
| South32 Ltd. | 259935 | 457377 |
| Steadfast Group Ltd. | 76299 | 286572 |
| Stockland | 174660 | 613540 |
| Suncorp Group Ltd. | 61930 | 802819 |
| Technology One Ltd. | 18437 | 354614 |
| Telstra Group Ltd. | 232690 | 671477 |
| Transurban Group | 164967 | 1489365 |
| Treasury Wine Estates Ltd. | 48397 | 276843 |
| Vicinity Ltd. | 266607 | 402588 |
| Wesfarmers Ltd. | 58954 | 2954358 |
| Westpac Banking Corp. | 176327 | 3705093 |
| WiseTech Global Ltd. | 9894 | 560390 |
| Woodside Energy Group Ltd. | 97562 | 1294692 |
| Woolworths Group Ltd. | 65484 | 1322778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Australia |  | 65904107 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Austria — 0.3%** |  |  |
| ANDRITZ AG | 4456 | $319371<br>|
| Erste Group Bank AG | 15881 | 1073236 |
| Mondi PLC | 23265 | 352081 |
| OMV AG | 9289 | 481081 |
| Verbund AG | 3490 | 268583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Austria |  | 2494352 |
| **Belgium — 0.8%** |  |  |
| Ageas SA | 8948 | 561984 |
| Anheuser-Busch InBev SA | 47276 | 3095484 |
| D'ieteren Group | 1086 | 216904 |
| Groupe Bruxelles Lambert NV | 5406 | 445533 |
| KBC Group NV | 11544 | 1063722 |
| Lotus Bakeries NV<sup>(a)</sup> | 23 | 221189 |
| Sofina SA<sup>(a)</sup> | 959 | 267740 |
| Syensqo SA | 3631 | 258467 |
| UCB SA | 5929 | 1086118 |
| Warehouses De Pauw CVA\* | 10418 | 266223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Belgium |  | 7483364 |
| **Brazil — 0.0%<sup>(b)</sup>** |  |  |
| Yara International ASA | 9302 | 300679 |
| **Chile — 0.0%<sup>(b)</sup>** |  |  |
| Antofagasta PLC | 18448 | 402388 |
| **China — 0.6%** |  |  |
| BOC Aviation Ltd. | 7428 | 55796 |
| BOC Hong Kong Holdings Ltd. | 201418 | 836352 |
| ESR Group Ltd. | 152302 | 242750 |
| Lenovo Group Ltd. | 549950 | 637555 |
| Prosus NV\* | 61640 | 2867588 |
| Shenzhou International Group Holdings Ltd. | 72888 | 505677 |
| Wilmar International Ltd. | 164403 | 385290 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 124256 | 116490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China |  | 5647498 |
| **Denmark — 2.0%** |  |  |
| AP Moller - Maersk A/S, Class B<sup>(a)</sup> | 331 | 566417 |
| Carlsberg A/S, Class B | 4945 | 674703 |
| Coloplast A/S, Class B | 6588 | 744548 |
| Danske Bank A/S | 33018 | 1155174 |
| DSV A/S<sup>(a)</sup> | 9512 | 2013827 |
| Genmab A/S\* | 3146 | 666053 |
| Novo Nordisk A/S, Class B | 154705 | 10252480 |
| Novonesis Novozymes B, Class B | 17516 | 1136795 |
| Orsted A/S\*<sup>(a)</sup> | 9040 | 360474 |
| Pandora A/S | 4038 | 597940 |
| Tryg A/S | 20901 | 500444 |
| Vestas Wind Systems A/S | 49632 | 659648 |
| Zealand Pharma A/S\* | 3438 | 241717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Denmark |  | 19570220 |
| **Finland — 1.0%** |  |  |
| Elisa OYJ | 8232 | 440001 |
| Fortum OYJ<sup>(a)</sup> | 22811 | 382344 |
| Kesko OYJ, B Shares | 14184 | 325698 |
| Kone OYJ, Class B | 16553 | 1025507 |
| Metso Outotec OYJ<sup>(a)</sup> | 31532 | 342597 |
| Neste OYJ<sup>(a)</sup> | 21061 | 219205 |
| Nokia OYJ | 247948 | 1237062 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Nordea Bank Abp | 164390 | $2275149<br>|
| Orion OYJ, Class B | 5376 | 337031 |
| Sampo OYJ, A Shares | 128544 | 1288509 |
| Stora Enso OYJ, R Shares | 29801 | 276634 |
| UPM-Kymmene OYJ | 25456 | 674814 |
| Wartsila OYJ Abp | 24839 | 459114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Finland |  | 9283665 |
| **France — 8.4%** |  |  |
| Accor SA | 12298 | 603227 |
| Air Liquide SA | 28117 | 5771065 |
| Airbus SE | 28674 | 4796058 |
| Alstom SA\* | 17921 | 432288 |
| Arkema SA | 3499 | 265100 |
| AXA SA\* | 85480 | 4039336 |
| BioMerieux | 2189 | 295367 |
| BNP Paribas SA | 49495 | 4179815 |
| Bouygues SA\* | 11169 | 491350 |
| Canal+ SA\* | 37741 | 85950 |
| Capgemini SE | 8067 | 1282448 |
| Carrefour SA<sup>(a)</sup> | 30170 | 466251 |
| Cie de Saint-Gobain SA | 22771 | 2472014 |
| Cie Generale des Etablissements Michelin SCA | 35779 | 1308412 |
| Danone SA | 32276 | 2786956 |
| Dassault Systemes SE | 33837 | 1263166 |
| Edenred SE | 12957 | 403277 |
| Eiffage SA | 4021 | 547362 |
| Engie SA | 89466 | 1849425 |
| EssilorLuxottica SA | 15144 | 4350220 |
| Gecina SA | 3567 | 366959 |
| Getlink SE | 22270 | 422262 |
| Hermes International SCA | 1652 | 4490090 |
| Kering SA<sup>(a)</sup> | 3634 | 736714 |
| Klepierre SA | 12753 | 467383 |
| Legrand SA | 13000 | 1423099 |
| L'Oreal SA\* | 11357 | 4996202 |
| LVMH Moet Hennessy Louis Vuitton SE | 11969 | 6638257 |
| Orange SA | 102997 | 1496893 |
| Pernod Ricard SA | 10128 | 1096269 |
| Publicis Groupe SA | 11648 | 1181881 |
| Renault SA | 10130 | 536958 |
| Rexel SA | 12241 | 339386 |
| Safran SA | 16822 | 4455526 |
| Sartorius Stedim Biotech | 1319 | 309171 |
| Societe Generale SA | 35814 | 1856449 |
| Sodexo SA | 4779 | 303679 |
| Teleperformance SE | 2995 | 328405 |
| Thales SA | 4408 | 1227145 |
| TotalEnergies SE | 96047 | 5585727 |
| Unibail-Rodamco-Westfield\* | 5950 | 504029 |
| Veolia Environnement SA | 33183 | 1213856 |
| Vinci SA | 24548 | 3421149 |
| Vivendi SE\* | 37741 | 117294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France |  | 81203870 |
| **Germany — 8.9%** |  |  |
| adidas AG | 8551 | 1960596 |
| Allianz SE | 19151 | 7926428 |
| BASF SE\* | 44622 | 2263817 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Bayer AG | 49252 | $1289387<br>|
| Bayerische Motoren Werke AG | 17445 | 1473415 |
| Bechtle AG | 5051 | 214741 |
| Beiersdorf AG | 5530 | 779493 |
| Brenntag SE | 6983 | 465004 |
| Commerzbank AG | 44656 | 1178711 |
| Continental AG | 6007 | 467340 |
| Covestro AG\* | 9488 | 640658 |
| CTS Eventim AG & Co. KGaA | 3243 | 382657 |
| Daimler Truck Holding AG | 25672 | 1026063 |
| Deutsche Bank AG | 93456 | 2441308 |
| Deutsche Boerse AG | 9341 | 3010314 |
| Deutsche Lufthansa AG | 34841 | 250149 |
| Deutsche Post AG | 48824 | 2081833 |
| Deutsche Telekom AG | 161934 | 5816886 |
| E.ON SE | 113464 | 1988232 |
| Fresenius Medical Care AG | 11449 | 579283 |
| Fresenius SE & Co. KGaA\* | 21714 | 1031767 |
| GEA Group AG | 8982 | 585050 |
| Hannover Rueck SE | 3255 | 1044915 |
| Heidelberg Materials AG | 6551 | 1297615 |
| Henkel AG & Co. KGaA | 5685 | 401317 |
| Infineon Technologies AG | 63996 | 2101676 |
| KION Group AG | 4223 | 178675 |
| Knorr-Bremse AG | 3873 | 383910 |
| LEG Immobilien SE | 4299 | 364318 |
| Mercedes-Benz Group AG | 38900 | 2320204 |
| Merck KGaA | 6681 | 925786 |
| MTU Aero Engines AG | 2735 | 944830 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen\* | 6567 | 4490971 |
| Nemetschek SE | 2666 | 352456 |
| Puma SE | 6572 | 168614 |
| Rheinmetall AG | 2113 | 3600531 |
| RWE AG | 37421 | 1454812 |
| SAP SE | 53356 | 15484582 |
| Scout24 SE | 4287 | 510230 |
| Siemens AG | 36229 | 8316979 |
| Siemens Energy AG\* | 32699 | 2510504 |
| Siemens Healthineers AG | 16037 | 863741 |
| Zalando SE\* | 11543 | 419495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 85989293 |
| **Hong Kong — 1.7%** |  |  |
| AIA Group Ltd. | 532857 | 3992287 |
| ASMPT Ltd. | 18943 | 127513 |
| CK Asset Holdings Ltd. | 121646 | 498054 |
| CLP Holdings Ltd. | 95598 | 817330 |
| Hang Seng Bank Ltd. | 42595 | 594870 |
| Henderson Land Development Co., Ltd. | 100310 | 284578 |
| Hong Kong & China Gas Co., Ltd. | 650351 | 586219 |
| Hong Kong Exchanges & Clearing Ltd. | 59077 | 2596289 |
| Hongkong Land Holdings Ltd. | 64659 | 316183 |
| Jardine Matheson Holdings Ltd. | 10305 | 458160 |
| Link REIT | 143941 | 674721 |
| MTR Corp., Ltd. | 96516 | 333556 |
| Power Assets Holdings Ltd. | 80437 | 532637 |
| Prudential PLC | 131788 | 1393802 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Sino Land Co., Ltd. | 271779 | $279675<br>|
| Sun Hung Kai Properties Ltd. | 81297 | 772115 |
| Swire Pacific Ltd., Class A | 31776 | 274952 |
| Techtronic Industries Co., Ltd. | 73382 | 741892 |
| WH Group Ltd. | 456621 | 408649 |
| Wharf Real Estate Investment Co., Ltd. | 102451 | 245733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Hong Kong |  | 15929215 |
| **Ireland — 0.3%** |  |  |
| AIB Group PLC | 99566 | 669470 |
| Bank of Ireland Group PLC | 49516 | 581167 |
| Kerry Group PLC, Class A | 8731 | 925504 |
| Kingspan Group PLC | 7367 | 622221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ireland |  | 2798362 |
| **Israel — 0.8%** |  |  |
| Bank Hapoalim BM | 90203 | 1321174 |
| Bank Leumi Le-Israel BM | 110673 | 1570811 |
| Big Shopping Centers Ltd.\*<sup>(a)</sup> | 4013 | 585455 |
| Elbit Systems Ltd. | 512 | 196581 |
| ICL Group Ltd. | 56997 | 378095 |
| Israel Discount Bank Ltd., Class A | 103852 | 774813 |
| Mizrahi Tefahot Bank Ltd. | 15830 | 801712 |
| Nice Ltd.\* | 3363 | 525375 |
| Shufersal Ltd. | 4172 | 39037 |
| Teva Pharmaceutical Industries Ltd.\* | 54739 | 825060 |
| Tower Semiconductor Ltd.\* | 8547 | 309322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Israel |  | 7327435 |
| **Italy — 3.1%** |  |  |
| Banco BPM SpA | 82012 | 913068 |
| BPER Banca SpA | 64585 | 524051 |
| Brunello Cucinelli SpA | 2260 | 254645 |
| Coca-Cola HBC AG\* | 11141 | 580361 |
| Davide Campari-Milano NV<sup>(a)</sup> | 38225 | 255673 |
| Enel SpA | 405386 | 3522531 |
| Eni SpA | 121296 | 1751119 |
| Ferrari NV | 6232 | 2845028 |
| FinecoBank Banca Fineco SpA | 37929 | 757330 |
| Generali<sup>(a)</sup> | 69069 | 2523449 |
| Intesa Sanpaolo SpA | 811620 | 4319660 |
| Leonardo SpA | 20537 | 1069222 |
| Mediobanca Banca di Credito Finanziario SpA | 37166 | 759839 |
| Moncler SpA | 12862 | 790113 |
| Nexi SpA\*<sup>(a)</sup> | 50439 | 294940 |
| PRADA SpA\* | 29152 | 182325 |
| Prysmian SpA | 15620 | 851225 |
| Recordati Industria Chimica e Farmaceutica SpA | 7918 | 466691 |
| Snam SpA | 162869 | 936816 |
| Telecom Italia SpA\* | 928357 | 367248 |
| Terna - Rete Elettrica Nazionale | 100428 | 1000969 |
| UniCredit SpA<sup>(a)</sup> | 78118 | 4526173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy |  | 29492476 |
| **Ivory Coast — 0.0%<sup>(b)</sup>** |  |  |
| Endeavour Mining PLC | 10735 | 289069 |
| **Japan — 23.7%** |  |  |
| Advantest Corp. | 36364 | 1494687 |
| Aeon Co., Ltd. | 42726 | 1266144 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| AGC, Inc. | 14812 | $462408<br>|
| Aisin Corp. | 39737 | 504652 |
| Ajinomoto Co., Inc. | 52342 | 1070031 |
| Aozora Bank Ltd. | 14582 | 200881 |
| Asahi Group Holdings Ltd. | 81719 | 1130053 |
| Asahi Intecc Co., Ltd. | 13242 | 203541 |
| Asahi Kasei Corp. | 88309 | 615389 |
| Asics Corp. | 31866 | 688970 |
| Astellas Pharma, Inc. | 102803 | 1028823 |
| Bandai Namco Holdings, Inc. | 33317 | 1155958 |
| BayCurrent, Inc. | 7381 | 397924 |
| Bic Camera, Inc. | 16571 | 177920 |
| Bridgestone Corp. | 32570 | 1367967 |
| Brother Industries Ltd. | 17577 | 309360 |
| Canon, Inc. | 49693 | 1534268 |
| Capcom Co., Ltd. | 20383 | 591456 |
| Central Japan Railway Co. | 53826 | 1106029 |
| Chubu Electric Power Co., Inc. | 46275 | 600822 |
| Chugai Pharmaceutical Co., Ltd. | 32985 | 1900615 |
| Concordia Financial Group Ltd. | 73884 | 475605 |
| CyberAgent, Inc. | 28287 | 242831 |
| Dai Nippon Printing Co., Ltd. | 31422 | 438595 |
| Daifuku Co., Ltd. | 20758 | 551112 |
| Dai-ichi Life Holdings, Inc. | 185755 | 1334170 |
| Daiichi Sankyo Co., Ltd. | 92482 | 2362622 |
| Daikin Industries Ltd. | 14586 | 1666285 |
| Daito Trust Construction Co., Ltd. | 4367 | 485562 |
| Daiwa House Industry Co., Ltd. | 34454 | 1245165 |
| Daiwa Securities Group, Inc. | 93460 | 612103 |
| Daiwa Securities Living Investments Corp. | 448 | 283298 |
| Denso Corp. | 102422 | 1326589 |
| Dentsu Group, Inc. | 16580 | 345688 |
| Disco Corp. | 4719 | 913760 |
| East Japan Railway Co. | 61184 | 1327998 |
| Ebara Corp. | 25638 | 386799 |
| Eisai Co., Ltd. | 15162 | 437725 |
| ENEOS Holdings, Inc. | 159864 | 768724 |
| FANUC Corp. | 49889 | 1278003 |
| Fast Retailing Co., Ltd. | 9068 | 2986642 |
| Fuji Electric Co., Ltd. | 8712 | 386189 |
| FUJIFILM Holdings Corp. | 63374 | 1304223 |
| Fujikura Ltd. | 13151 | 483758 |
| Fujitsu Ltd. | 88126 | 1946754 |
| GLP J-Reit | 473 | 408536 |
| Hamamatsu Photonics K.K. | 21501 | 199047 |
| Hankyu Hanshin Holdings, Inc. | 17712 | 505135 |
| Hikari Tsushin, Inc. | 1601 | 444248 |
| Hirose Electric Co., Ltd. | 2684 | 305111 |
| Hitachi Ltd. | 215104 | 5305215 |
| Honda Motor Co., Ltd. | 235761 | 2401576 |
| Hoya Corp. | 17725 | 2085148 |
| Idemitsu Kosan Co., Ltd. | 71467 | 443162 |
| IHI Corp. | 6764 | 528734 |
| Inpex Corp. | 50764 | 643803 |
| Isetan Mitsukoshi Holdings Ltd. | 21292 | 274360 |
| Isuzu Motors Ltd. | 34930 | 471766 |
| ITOCHU Corp. | 67547 | 3448382 |
| J Front Retailing Co., Ltd. | 18959 | 232601 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Logistics Fund, Inc. | 514 | $336925<br>|
| Japan Post Bank Co., Ltd. | 108895 | 1115365 |
| Japan Post Holdings Co., Ltd. | 110564 | 1073550 |
| Japan Steel Works Ltd. (The) | 4323 | 178084 |
| Japan Tobacco, Inc. | 61785 | 1908907 |
| Kajima Corp. | 29288 | 699553 |
| Kansai Electric Power Co., Inc. (The) | 53479 | 657990 |
| Kao Corp. | 25872 | 1107686 |
| Kawasaki Heavy Industries Ltd. | 8190 | 486267 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 22096 | 302070 |
| KDDI Corp. | 153820 | 2721290 |
| Keio Corp. | 10850 | 294602 |
| Keisei Electric Railway Co., Ltd. | 29599 | 306801 |
| Kewpie Corp. | 13304 | 303034 |
| Keyence Corp. | 9262 | 3885573 |
| Kikkoman Corp. | 53400 | 522432 |
| Kintetsu Group Holdings Co., Ltd. | 15765 | 339416 |
| Kirin Holdings Co., Ltd. | 54071 | 818419 |
| Kobe Bussan Co., Ltd. | 9723 | 298970 |
| Kobe Steel Ltd. | 24059 | 281509 |
| Koito Manufacturing Co., Ltd. | 20124 | 244214 |
| Komatsu Ltd. | 49065 | 1410653 |
| Konami Group Corp. | 5078 | 724462 |
| Kotobuki Spirits Co., Ltd. | 8076 | 120200 |
| K's Holdings Corp. | 20825 | 199943 |
| Kubota Corp. | 55092 | 638440 |
| Kuraray Co., Ltd. | 26341 | 307195 |
| Kurita Water Industries Ltd. | 9179 | 304058 |
| Kyocera Corp. | 79616 | 944407 |
| Kyoto Financial Group, Inc. | 24798 | 424368 |
| Kyowa Kirin Co., Ltd. | 19644 | 306421 |
| Kyushu Electric Power Co., Inc. | 31072 | 276760 |
| Lasertec Corp. | 4520 | 421136 |
| Lion Corp. | 21355 | 262072 |
| Lixil Corp. | 23210 | 273446 |
| LY Corp. | 144868 | 548232 |
| M3, Inc. | 24244 | 303645 |
| Makita Corp. | 14620 | 428637 |
| Marubeni Corp. | 83721 | 1483782 |
| Marui Group Co., Ltd. | 17356 | 344163 |
| MatsukiyoCocokara & Co. | 22913 | 421908 |
| MEIJI Holdings Co., Ltd. | 19857 | 489186 |
| MINEBEA MITSUMI, Inc. | 25822 | 379075 |
| MISUMI Group, Inc. | 17840 | 250390 |
| Mitsubishi Chemical Group Corp. | 97589 | 472757 |
| Mitsubishi Corp. | 187677 | 3568284 |
| Mitsubishi Electric Corp. | 99355 | 1922809 |
| Mitsubishi Estate Co., Ltd. | 66762 | 1172454 |
| Mitsubishi Heavy Industries Ltd. | 157942 | 3096500 |
| Mitsubishi UFJ Financial Group, Inc. | 552790 | 6989321 |
| Mitsui & Co., Ltd. | 145670 | 2959560 |
| Mitsui Chemicals, Inc. | 15639 | 343172 |
| Mitsui Fudosan Co., Ltd. | 149879 | 1480507 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 17711 | 588421 |
| Mizuho Financial Group, Inc. | 128834 | 3233495 |
| Money Forward, Inc.\* | 3328 | 99602 |
| Morinaga Milk Industry Co., Ltd. | 8817 | 209793 |
| MS&AD Insurance Group Holdings, Inc. | 69389 | 1578571 |
| Murata Manufacturing Co., Ltd. | 87828 | 1363230 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| NEC Corp. | 63836 | $1555622<br>|
| Nexon Co., Ltd. | 24959 | 392828 |
| NGK Insulators Ltd. | 25534 | 315326 |
| NH Foods Ltd. | 9075 | 342603 |
| NIDEC CORP | 55114 | 978714 |
| Nintendo Co., Ltd. | 51454 | 4267392 |
| Nippon Building Fund, Inc. | 656 | 609826 |
| NIPPON EXPRESS HOLDINGS INC | 19066 | 340512 |
| Nippon Paint Holdings Co., Ltd. | 54552 | 414953 |
| Nippon Prologis REIT, Inc. | 230 | 380700 |
| Nippon Sanso Holdings Corp. | 12077 | 386508 |
| Nippon Steel Corp. | 54835 | 1157132 |
| Nippon Telegraph & Telephone Corp. | 1547517 | 1619772 |
| Nippon Yusen K.K.<sup>(a)</sup> | 21880 | 713278 |
| Nissan Chemical Corp. | 8852 | 258473 |
| Nissan Motor Co., Ltd.\*<sup>(a)</sup> | 124775 | 298729 |
| Nisshin Seifun Group, Inc. | 27377 | 353632 |
| Nissin Foods Holdings Co., Ltd. | 16581 | 366051 |
| Nitori Holdings Co., Ltd. | 4527 | 541913 |
| Nitto Denko Corp. | 40203 | 704764 |
| Nomura Holdings, Inc. | 169131 | 938141 |
| Nomura Real Estate Master Fund, Inc. | 423 | 421695 |
| Nomura Research Institute Ltd. | 23318 | 881454 |
| NSK Ltd. | 63501 | 277795 |
| NTT Data Group Corp. | 32959 | 653334 |
| Obayashi Corp. | 45159 | 701731 |
| Obic Co., Ltd. | 20331 | 711385 |
| Odakyu Electric Railway Co., Ltd.<sup>(a)</sup> | 24254 | 268148 |
| Oji Holdings Corp. | 74370 | 351829 |
| Olympus Corp. | 60440 | 790457 |
| Omron Corp. | 11014 | 326621 |
| Ono Pharmaceutical Co., Ltd.<sup>(a)</sup> | 31554 | 363234 |
| Oriental Land Co., Ltd. | 56941 | 1210755 |
| ORIX Corp. | 62414 | 1247492 |
| Osaka Gas Co., Ltd. | 24068 | 610305 |
| Otsuka Corp. | 15895 | 353358 |
| Otsuka Holdings Co., Ltd. | 24274 | 1183919 |
| Pan Pacific International Holdings Corp. | 22870 | 707072 |
| Panasonic Holdings Corp. | 114112 | 1312800 |
| Pola Orbis Holdings, Inc. | 17163 | 156963 |
| Rakuten Group, Inc.\* | 79435 | 467510 |
| Recruit Holdings Co., Ltd. | 69866 | 3890043 |
| Resonac Holdings Corp. | 12666 | 230561 |
| Ricoh Co., Ltd. | 36690 | 387375 |
| Rohm Co., Ltd.<sup>(a)</sup> | 24479 | 222669 |
| Ryohin Keikaku Co., Ltd. | 14226 | 483708 |
| Sanrio Co., Ltd. | 10952 | 436422 |
| Santen Pharmaceutical Co., Ltd. | 29118 | 295385 |
| Sanwa Holdings Corp. | 12596 | 413803 |
| SBI Holdings, Inc. | 17635 | 462264 |
| SCREEN Holdings Co., Ltd. | 4783 | 317347 |
| Secom Co., Ltd. | 25874 | 951954 |
| Sekisui Chemical Co., Ltd. | 29586 | 516262 |
| Sekisui House Ltd. | 37465 | 860455 |
| Seven & I Holdings Co., Ltd. | 117140 | 1736487 |
| Shimadzu Corp. | 17846 | 458911 |
| Shimamura Co., Ltd. | 4075 | 271743 |
| Shimano, Inc. | 4848 | 686041 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shimizu Corp. | 36591 | $391332<br>|
| Shin-Etsu Chemical Co., Ltd. | 96928 | 2942360 |
| Shionogi & Co., Ltd. | 45850 | 769524 |
| Shiseido Co., Ltd. | 21978 | 362628 |
| Shizuoka Financial Group, Inc. | 36570 | 404695 |
| SMC Corp. | 3014 | 981917 |
| Socionext, Inc.<sup>(a)</sup> | 11023 | 118429 |
| SoftBank Corp. | 1514828 | 2292845 |
| SoftBank Group Corp. | 50288 | 2525682 |
| Sompo Holdings, Inc. | 50739 | 1652290 |
| Sony Group Corp. | 290586 | 7682276 |
| Stanley Electric Co., Ltd. | 17117 | 321244 |
| Subaru Corp. | 32353 | 588020 |
| Sumitomo Corp. | 63478 | 1556688 |
| Sumitomo Electric Industries Ltd. | 42825 | 687230 |
| Sumitomo Forestry Co., Ltd. | 8098 | 233221 |
| Sumitomo Metal Mining Co., Ltd. | 15676 | 349589 |
| Sumitomo Mitsui Financial Group, Inc. | 184701 | 4402576 |
| Sumitomo Realty & Development Co., Ltd. | 23665 | 879308 |
| Suntory Beverage & Food Ltd. | 12043 | 421134 |
| Suzuki Motor Corp. | 95251 | 1140221 |
| Sysmex Corp. | 33574 | 624099 |
| T&D Holdings, Inc. | 30087 | 639328 |
| Taisei Corp. | 10182 | 552857 |
| Takeda Pharmaceutical Co., Ltd. | 82999 | 2521275 |
| TDK Corp. | 99935 | 1065978 |
| Teijin Ltd. | 27965 | 233793 |
| Terumo Corp. | 76663 | 1472097 |
| TIS, Inc. | 14107 | 408553 |
| Tobu Railway Co., Ltd. | 19636 | 358332 |
| Toho Co., Ltd. | 7633 | 436661 |
| Tokio Marine Holdings, Inc. | 95130 | 3806801 |
| Tokyo Electric Power Co. Holdings, Inc.\* | 92858 | 283899 |
| Tokyo Electron Ltd. | 21753 | 3236872 |
| Tokyo Gas Co., Ltd. | 20186 | 671216 |
| Tokyu Corp. | 38402 | 467910 |
| Tokyu Fudosan Holdings Corp. | 56543 | 394699 |
| Tomy Co., Ltd. | 7167 | 157570 |
| TOPPAN Holdings, Inc. | 16622 | 466008 |
| Toray Industries, Inc. | 94046 | 599523 |
| Tosoh Corp. | 25256 | 355804 |
| TOTO Ltd. | 10274 | 273272 |
| Toyo Suisan Kaisha Ltd. | 5980 | 386537 |
| Toyota Industries Corp. | 9347 | 1098259 |
| Toyota Motor Corp. | 567852 | 10864190 |
| Toyota Tsusho Corp. | 39500 | 782302 |
| Trend Micro, Inc. | 7482 | 536602 |
| Unicharm Corp. | 73716 | 685015 |
| USS Co., Ltd. | 38032 | 381013 |
| West Japan Railway Co. | 30666 | 644106 |
| Workman Co., Ltd. | 4466 | 141519 |
| Yakult Honsha Co., Ltd. | 19559 | 402109 |
| Yamaha Corp. | 31053 | 226410 |
| Yamaha Motor Co., Ltd. | 56659 | 445677 |
| Yamato Holdings Co., Ltd. | 20626 | 293108 |
| Yaskawa Electric Corp. | 15953 | 337424 |
| Yokogawa Electric Corp. | 16948 | 366906 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Zenkoku Hosho Co., Ltd.<sup>(a)</sup> | 15188 | $329123<br>|
| Zensho Holdings Co., Ltd. | 5420 | 337002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan |  | 227861848 |
| **Luxembourg — 0.1%** |  |  |
| ArcelorMittal SA | 24460 | 720704 |
| Eurofins Scientific SE<sup>(a)</sup> | 6785 | 427909 |
| RTL Group SA\* | 1795 | 73457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Luxembourg |  | 1222070 |
| **Macau — 0.1%** |  |  |
| Galaxy Entertainment Group Ltd. | 114450 | 416198 |
| Sands China Ltd.\* | 134621 | 242692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Macau |  | 658890 |
| **Netherlands — 3.6%** |  |  |
| ABN AMRO Bank NV | 25369 | 524856 |
| Adyen NV\* | 1453 | 2341779 |
| Aegon Ltd. | 72733 | 465650 |
| Akzo Nobel NV<sup>(a)</sup> | 9141 | 577326 |
| Argenx SE\*<sup>(a)</sup> | 2936 | 1895701 |
| ASM International NV | 2289 | 1106641 |
| ASML Holding NV | 18762 | 12423400 |
| ASR Nederland NV | 9298 | 585551 |
| BE Semiconductor Industries NV<sup>(a)</sup> | 3849 | 412333 |
| Euronext NV | 4511 | 753799 |
| EXOR NV | 5462 | 514721 |
| Havas NV\* | 37741 | 62560 |
| Heineken Holding NV | 8100 | 633489 |
| Heineken NV | 14521 | 1299082 |
| ING Groep NV | 145254 | 2809312 |
| Koninklijke Ahold Delhaize NV | 46031 | 1891054 |
| Koninklijke KPN NV | 207747 | 967061 |
| Koninklijke Philips NV\* | 40733 | 1033026 |
| NN Group NV | 14982 | 917960 |
| Randstad NV | 6647 | 266122 |
| Universal Music Group NV | 39761 | 1168378 |
| Wolters Kluwer NV | 11986 | 2118022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands |  | 34767823 |
| **New Zealand — 0.3%** |  |  |
| Auckland International Airport Ltd. | 114849 | 512542 |
| Contact Energy Ltd. | 70086 | 368510 |
| Fisher & Paykel Healthcare Corp., Ltd. | 31896 | 643576 |
| Mainfreight Ltd. | 7459 | 245718 |
| Meridian Energy Ltd. | 96976 | 315377 |
| Spark New Zealand Ltd. | 166314 | 205294 |
| Xero Ltd.\* | 8104 | 851380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total New Zealand |  | 3142397 |
| **Norway — 0.6%** |  |  |
| Aker BP ASA | 15775 | 339537 |
| DNB Bank ASA | 51439 | 1283749 |
| Equinor ASA | 41502 | 952109 |
| Kongsberg Gruppen ASA | 3677 | 591443 |
| Mowi ASA | 22815 | 418240 |
| Norsk Hydro ASA | 68023 | 358156 |
| Orkla ASA | 39232 | 437343 |
| Schibsted ASA, Class A | 8598 | 261672 |
| Telenor ASA | 34400 | 518159 |
| Var Energi ASA | 51080 | 140729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Norway |  | 5301137 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Poland — 0.4%** |  |  |
| Bank Polska Kasa Opieki SA\* | 11446 | $572954<br>|
| Dino Polska SA\* | 2930 | 411775 |
| InPost SA\* | 11539 | 194131 |
| KGHM Polska Miedz SA | 9321 | 296151 |
| mBank SA\* | 1050 | 229662 |
| ORLEN SA | 35168 | 637710 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 47919 | 921779 |
| Powszechny Zaklad Ubezpieczen SA | 38893 | 608197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Poland |  | 3872359 |
| **Portugal — 0.1%** |  |  |
| EDP SA | 185772 | 734050 |
| Galp Energia SGPS SA | 25733 | 398851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Portugal |  | 1132901 |
| **Singapore — 1.4%** |  |  |
| CapitaLand Ascendas REIT | 360997 | 735431 |
| CapitaLand Integrated Commercial Trust | 458595 | 755135 |
| Capitaland Investment Ltd. | 167595 | 352980 |
| DBS Group Holdings Ltd. | 96399 | 3134056 |
| Genting Singapore Ltd.<sup>(a)</sup> | 492183 | 278943 |
| Keppel Ltd. | 94451 | 474534 |
| Mapletree Industrial Trust | 320119 | 495244 |
| Oversea-Chinese Banking Corp., Ltd. | 178872 | 2212440 |
| Seatrium Ltd.\*<sup>(a)</sup> | 94707 | 138539 |
| Singapore Exchange Ltd. | 55498 | 610363 |
| Singapore Technologies Engineering Ltd. | 99284 | 563448 |
| Singapore Telecommunications Ltd. | 409779 | 1186310 |
| STMicroelectronics NV<sup>(a)</sup> | 32206 | 725614 |
| United Overseas Bank Ltd. | 60252 | 1598475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Singapore |  | 13261512 |
| **South Africa — 0.2%** |  |  |
| Anglo American PLC | 60859 | 1649364 |
| **South Korea — 3.8%** |  |  |
| Alteogen, Inc.\* | 2089 | 515821 |
| Celltrion, Inc. | 8434 | 957020 |
| CJ CheilJedang Corp. | 1682 | 282798 |
| Coway Co., Ltd. | 5821 | 359129 |
| DB Insurance Co., Ltd. | 4877 | 312896 |
| Delivery Hero SE\* | 10700 | 301527 |
| Doosan Enerbility Co., Ltd.\* | 25236 | 513952 |
| Ecopro BM Co., Ltd.\* | 2734 | 195217 |
| Ecopro Co., Ltd. | 5693 | 204251 |
| Ecopro Materials Co., Ltd.\* | 1982 | 77384 |
| Hana Financial Group, Inc. | 17815 | 808349 |
| Hankook Tire & Technology Co., Ltd. | 10835 | 315560 |
| Hanmi Semiconductor Co., Ltd. | 3076 | 164674 |
| Hanwha Aerospace Co., Ltd. | 1610 | 902687 |
| Hanwha Vision Co., Ltd.\* | 1999 | 84657 |
| HD Hyundai Electric Co., Ltd. | 1345 | 290951 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 2844 | 544191 |
| HLB, Inc.\* | 6373 | 255099 |
| HMM Co., Ltd. | 20869 | 268074 |
| Hyundai Mobis Co., Ltd. | 4194 | 789233 |
| Hyundai Motor Co. | 9994 | 1340033 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Industrial Bank of Korea | 56370 | $608312<br>|
| Kakao Corp. | 20071 | 540074 |
| KakaoBank Corp. | 18777 | 294567 |
| KB Financial Group, Inc. | 19330 | 1226568 |
| Kia Corp. | 14999 | 953858 |
| Korea Electric Power Corp. | 27227 | 491293 |
| Korea Zinc Co., Ltd. | 461 | 258796 |
| Korean Air Lines Co., Ltd. | 26309 | 387741 |
| Krafton, Inc.\* | 2144 | 560321 |
| KT&G Corp. | 9799 | 790675 |
| LG Chem Ltd. | 3372 | 512383 |
| LG Corp. | 8922 | 418013 |
| LG Display Co., Ltd.\* | 62 | 369 |
| LG Energy Solution Ltd.\* | 2599 | 593300 |
| Meritz Financial Group, Inc. | 6248 | 545464 |
| POSCO Holdings, Inc. | 4353 | 797718 |
| Samsung Biologics Co., Ltd.\* | 1070 | 791868 |
| Samsung C&T Corp. | 6657 | 573209 |
| Samsung Electro-Mechanics Co., Ltd. | 4760 | 394127 |
| Samsung Electronics Co., Ltd. | 232882 | 9092473 |
| Samsung Fire & Marine Insurance Co., Ltd. | 2171 | 571959 |
| Samsung Heavy Industries Co., Ltd.\* | 38717 | 396839 |
| Samsung SDI Co., Ltd. | 3545 | 438917 |
| Samsung SDS Co., Ltd. | 4490 | 405569 |
| SK Hynix, Inc. | 26841 | 3351585 |
| SK Innovation Co., Ltd. | 3854 | 255939 |
| SK Square Co., Ltd.\* | 5600 | 350222 |
| SK, Inc. | 3777 | 351794 |
| Woori Financial Group, Inc. | 62047 | 773023 |
| Yuhan Corp. | 3854 | 308537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total South Korea |  | 36519016 |
| **Spain — 2.9%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 10483 | 656603 |
| Aena SME SA<sup>(a)</sup> | 3622 | 911573 |
| Amadeus IT Group SA | 21430 | 1685265 |
| Banco Bilbao Vizcaya Argentaria SA | 277745 | 3807667 |
| Banco de Sabadell SA | 240798 | 701837 |
| Banco Santander SA<sup>(a)</sup> | 721734 | 5071910 |
| Bankinter SA | 34089 | 396807 |
| CaixaBank SA<sup>(a)</sup> | 189345 | 1448983 |
| Cellnex Telecom SA\* | 29203 | 1183125 |
| EDP Renovaveis SA | 23024 | 216055 |
| Endesa SA | 19234 | 579403 |
| Grifols SA\* | 23657 | 223043 |
| Iberdrola SA | 300545 | 5430445 |
| Industria de Diseno Textil SA<sup>(a)</sup> | 50886 | 2732585 |
| Naturgy Energy Group SA<sup>(a)</sup> | 7531 | 224637 |
| Red Electrica Corp. SA | 28621 | 601897 |
| Repsol SA | 61084 | 750617 |
| Telefonica SA<sup>(a)</sup> | 217750 | 1118330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Spain |  | 27740782 |
| **Sweden — 3.0%** |  |  |
| Alfa Laval AB<sup>(a)</sup> | 15001 | 622288 |
| Assa Abloy AB, Class B | 51697 | 1562986 |
| Atlas Copco AB, B Shares | 77141 | 1075346 |
| Atlas Copco AB, A Shares | 126358 | 1963187 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Beijer Ref AB<sup>(a)</sup> | 23226 | $354474<br>|
| Boliden AB\* | 15283 | 469191 |
| Castellum AB\*<sup>(a)</sup> | 30289 | 367586 |
| Epiroc AB, Class A | 32897 | 712179 |
| Epiroc AB, Class B | 21190 | 415676 |
| EQT AB<sup>(a)</sup> | 37368 | 1076303 |
| Essity AB, Class B | 30746 | 887483 |
| Evolution AB\*<sup>(a)</sup> | 7827 | 547125 |
| Fastighets AB Balder, B Shares\*<sup>(a)</sup> | 42207 | 302826 |
| Getinge AB, B Shares<sup>(a)</sup> | 12389 | 239176 |
| H & M Hennes & Mauritz AB, B Shares<sup>(a)</sup> | 28765 | 417686 |
| Hexagon AB, B Shares\* | 110504 | 1073315 |
| Industrivarden AB, A Shares | 17553 | 616955 |
| Indutrade AB | 17258 | 466660 |
| Investor AB, B Shares | 113558 | 3359091 |
| Nibe Industrier AB, B Shares<sup>(a)</sup> | 92703 | 391961 |
| Saab AB, Class B<sup>(a)</sup> | 15826 | 734944 |
| Sandvik AB<sup>(a)</sup> | 56110 | 1164098 |
| Securitas AB, B Shares<sup>(a)</sup> | 29641 | 471741 |
| Skandinaviska Enskilda Banken AB, Class A<sup>(a)</sup> | 78912 | 1247305 |
| Skanska AB, B Shares | 21001 | 487524 |
| SKF AB, B Shares | 20587 | 404594 |
| Svenska Cellulosa AB SCA, Class B | 33167 | 430883 |
| Svenska Handelsbanken AB, A Shares<sup>(a)</sup> | 75291 | 986326 |
| Swedbank AB, A Shares<sup>(a)</sup> | 44565 | 1108476 |
| Tele2 AB, B Shares | 30641 | 451916 |
| Telefonaktiebolaget LM Ericsson, B Shares | 139494 | 1176997 |
| Telia Co. AB | 130554 | 489329 |
| Trelleborg AB, B Shares | 12001 | 414098 |
| Volvo AB, B Shares<sup>(a)</sup> | 88311 | 2404428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden |  | 28894153 |
| **Switzerland — 4.4%** |  |  |
| ABB Ltd. | 77919 | 4095311 |
| Adecco Group AG | 8922 | 232564 |
| Avolta AG\* | 4504 | 205537 |
| Bachem Holding AG\*<sup>(a)</sup> | 1628 | 99750 |
| Baloise Holding AG | 3133 | 698849 |
| Barry Callebaut AG<sup>(a)</sup> | 211 | 190266 |
| Chocoladefabriken Lindt & Spruengli AG<sup>(a)</sup> | 101 | 1479817 |
| Cie Financiere Richemont SA, Class A | 25686 | 4540178 |
| Clariant AG\* | 15006 | 167819 |
| DSM-Firmenich AG | 8927 | 967286 |
| EMS-Chemie Holding AG | 426 | 314932 |
| Geberit AG | 1739 | 1206666 |
| Givaudan SA | 396 | 1918919 |
| Helvetia Holding AG | 2323 | 512516 |
| Julius Baer Group Ltd. | 10395 | 673477 |
| Kuehne + Nagel International AG | 2597 | 596828 |
| Logitech International SA | 7631 | 576121 |
| Lonza Group AG | 3466 | 2482613 |
| Partners Group Holding AG | 1100 | 1439671 |
| PSP Swiss Property AG | 3669 | 655888 |
| Sandoz Group AG | 22209 | 967007 |
| Schindler Holding AG, Participating Certificate | 3255 | 1191486 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| SGS SA<sup>(a)</sup> | 8409 | $826011<br>|
| SIG Group AG\*<sup>(a)</sup> | 19016 | 368171 |
| Sika AG | 7521 | 1883568 |
| Sonova Holding AG | 2568 | 791885 |
| Straumann Holding AG | 5284 | 647198 |
| Swatch Group AG (The), Bearer<sup>(a)</sup> | 2134 | 369149 |
| Swiss Prime Site AG | 5775 | 817320 |
| Swisscom AG | 1587 | 1062184 |
| Temenos AG | 3243 | 232841 |
| UBS Group AG<sup>(c)</sup> | 155746 | 4717393 |
| VAT Group AG | 1344 | 481338 |
| Zurich Insurance Group AG<sup>(c)</sup> | 7268 | 5151060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland |  | 42561619 |
| **Thailand — 0.0%<sup>(b)</sup>** |  |  |
| Thai Beverage PCL | 390767 | 149639 |
| **United Kingdom — 10.7%** |  |  |
| 3i Group PLC | 46070 | 2605425 |
| Admiral Group PLC | 15064 | 655543 |
| Ashtead Group PLC | 21650 | 1153826 |
| Associated British Foods PLC | 16999 | 468644 |
| AstraZeneca PLC<sup>(c)</sup> | 72802 | 10432098 |
| Auto Trader Group PLC | 47869 | 536574 |
| Aviva PLC | 142465 | 1065628 |
| B&M European Value Retail SA | 45917 | 206319 |
| BAE Systems PLC | 148103 | 3431213 |
| Barclays PLC | 715062 | 2834766 |
| Barratt Redrow PLC | 77857 | 484403 |
| Beazley PLC | 34777 | 410865 |
| Berkeley Group Holdings PLC | 6051 | 337033 |
| British American Tobacco PLC | 96972 | 4206995 |
| British Land Co. PLC (The) | 62768 | 329824 |
| BT Group PLC<sup>(a)</sup> | 320471 | 743957 |
| Bunzl PLC | 17922 | 562554 |
| Burberry Group PLC | 18324 | 177104 |
| Centrica PLC | 257914 | 551711 |
| CK Hutchison Holdings Ltd. | 144988 | 818919 |
| Compass Group PLC | 84066 | 2827390 |
| ConvaTec Group PLC | 86623 | 300595 |
| Croda International PLC | 7400 | 291683 |
| DCC PLC | 5338 | 348371 |
| Diageo PLC | 109419 | 3057483 |
| Entain PLC | 31109 | 264938 |
| Halma PLC | 19820 | 729613 |
| Howden Joinery Group PLC | 31475 | 323297 |
| HSBC Holdings PLC | 870049 | 9668890 |
| IMI PLC | 14787 | 349198 |
| Imperial Brands PLC | 41976 | 1723513 |
| Informa PLC | 69583 | 676433 |
| Intermediate Capital Group PLC | 14491 | 363112 |
| Intertek Group PLC | 8862 | 542608 |
| JD Sports Fashion PLC | 151773 | 159300 |
| Kingfisher PLC | 100136 | 384135 |
| Land Securities Group PLC | 42548 | 336726 |
| Legal & General Group PLC | 310892 | 973783 |
| Lloyds Banking Group PLC | 3001482 | 2937858 |
| London Stock Exchange Group PLC | 24381 | 3785768 |
| M&G PLC | 126579 | 350655 |
| Marks & Spencer Group PLC | 106572 | 553735 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Melrose Industries PLC | 64394 | $372945<br>|
| National Grid PLC | 242787 | 3512072 |
| NatWest Group PLC | 366396 | 2340291 |
| Next PLC | 5977 | 984364 |
| Pearson PLC | 35325 | 564553 |
| Persimmon PLC | 18061 | 312407 |
| Reckitt Benckiser Group PLC | 34152 | 2206945 |
| RELX PLC | 91985 | 4996901 |
| Rentokil Initial PLC | 129142 | 590969 |
| Rightmove PLC | 42694 | 420741 |
| Rolls-Royce Holdings PLC | 413247 | 4162994 |
| Sage Group PLC (The) | 51630 | 853408 |
| Segro PLC | 73812 | 671009 |
| Severn Trent PLC | 14712 | 548259 |
| Smith & Nephew PLC | 45666 | 642900 |
| Smiths Group PLC | 19427 | 483683 |
| Spirax Group PLC | 3889 | 305180 |
| SSE PLC | 56299 | 1272362 |
| St James's Place PLC | 29244 | 366863 |
| Standard Chartered PLC | 98573 | 1416706 |
| Taylor Wimpey PLC | 196088 | 307619 |
| Tesco PLC | 337896 | 1673074 |
| Unilever PLC | 119342 | 7586100 |
| United Utilities Group PLC | 36426 | 548577 |
| Vodafone Group PLC | 1048618 | 1026110 |
| Weir Group PLC (The) | 13966 | 419351 |
| Whitbread PLC | 10001 | 346382 |
| Wise PLC, Class A\* | 38399 | 501869 |
| WPP PLC | 57523 | 442715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom |  | 102839834 |
| **United States — 8.9%** |  |  |
| Alcon AG | 24644 | 2388976 |
| BP PLC | 790246 | 3697533 |
| CSL Ltd. | 23880 | 3837161 |
| Experian PLC | 45669 | 2266157 |
| Ferrovial SE | 24060 | 1172778 |
| GSK PLC | 196539 | 3894448 |
| Haleon PLC | 420067 | 2111921 |
| Holcim AG\* | 27226 | 3034867 |
| James Hardie Industries PLC\*<sup>(a)</sup> | 21974 | 520221 |
| Nestle SA<sup>(c)</sup> | 125838 | 13435992 |
| Novartis AG<sup>(c)</sup> | 96856 | 11054608 |
| QIAGEN NV\* | 9923 | 425876 |
| Roche Holding AG | 35075 | 11494612 |
| Samsonite Group SA | 76404 | 137345 |
| Sanofi SA | 54258 | 5914905 |
| Schneider Electric SE | 26054 | 6047774 |
| Shell PLC<sup>(c)</sup> | 296773 | 9674149 |
| Smurfit WestRock PLC | 25672 | 1073967 |
| Stellantis NV | 108003 | 999368 |
| Swiss Re AG | 14563 | 2618416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States |  | 85801074 |
| **Total Common Stocks <br>(Cost $843,317,525)** | **Total Common Stocks <br>(Cost $843,317,525)** | **951492411** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Germany — 0.2%** |  |  |
| Henkel AG & Co. KGaA, 2.94% | 8806 | $684700<br>|
| Sartorius AG, 0.31%<sup>(a)</sup> | 1383 | 357030 |
| Volkswagen AG, 9.40% | 10700 | 1160859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 2202589 |
| **South Korea — 0.2%** |  |  |
| Samsung Electronics Co., Ltd., 3.20% | 42983 | 1416640 |
| **Total Preferred Stocks <br>(Cost $4,070,547)** | **Total Preferred Stocks <br>(Cost $4,070,547)** | **3619229** |
| **Rights — 0.0%<sup>(b)</sup>** | **Rights — 0.0%<sup>(b)</sup>** | **Rights — 0.0%<sup>(b)</sup>** |
| **South Korea — 0.0%<sup>(b)</sup>** |  |  |
| Samsung SDI Co., Ltd., expires 5/13/25\* | 528 | 12796 |
| **Spain — 0.0%<sup>(b)</sup>** |  |  |
| EDP Renovaveis SA, expires 5/15/25\*<sup>(a)</sup> | 24414 | 2498 |
| **Total Rights<br>(Cost $2,334)** | **Total Rights<br>(Cost $2,334)** | **15294** |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Money Market Funds — 2.5%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(d)(e)</sup> | 23219595 | 23219595 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(d)</sup> | 1196372 | 1196372 |
| **Total Short-Term Investments <br>(Cost $24,415,967)** | **Total Short-Term Investments <br>(Cost $24,415,967)** | **24415967** |
| **Total Investments — 101.9%<br>(Cost $871,806,373)** |  | **979542901** |
| **Other Assets and Liabilities,<br>Net — (1.9)%** |  | **(18067399)** |
| **Net Assets — 100.0%** |  | **$** **961475502**<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 $35,633,676; total market value of collateral held by the Fund was $39,001,465. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $15,781,870.

(b)Less than 0.05%.

(c)All or a portion of these securities have been segregated as collateral for forward foreign currency contracts. The total value of securities segregated amounted to $45,516,638.

(d)Reflects the 1-day yield at April 30, 2025.

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

*See notes to financial statements.*

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

April 30, 2025

**Forward Foreign Currency Contracts Outstanding as of April 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Purchased** | **Value at Settlement Date** | **Value at April 30, 2025** | **Unrealized Appreciation** |
| Australian Dollar | 05/08/25 | Morgan Stanley | 53931110 | $34483099<br>| $34509580<br>| &nbsp;&nbsp; $26481<br>|
| Swiss Franc | 05/08/25 | Morgan Stanley | 37612238 | 45756938 | 45799414 | &nbsp;&nbsp; 42476 |
| Danish Krone | 05/08/25 | Morgan Stanley | 72738455 | 11077985 | 11082733 | &nbsp;&nbsp; 4748 |
| Euro | 05/08/25 | Morgan Stanley | 145484487 | 165326711 | 165431142 | &nbsp;&nbsp; 104431 |
| Great British Pound | 05/08/25 | Morgan Stanley | 3486918 | 4591719 | 4657483 | &nbsp;&nbsp; 65764 |
| Hong Kong Dollar | 05/08/25 | Morgan Stanley | 5231082 | 674032 | 674569 | &nbsp;&nbsp; 537 |
| Israeli Shekel | 05/08/25 | Morgan Stanley | 13709379 | 3763423 | 3767762 | &nbsp;&nbsp; 4339 |
| Japanese Yen | 05/08/25 | Morgan Stanley | 143633787 | 977268 | 1006967 | &nbsp;&nbsp; 29699 |
| South Korean Won<sup>#</sup> | 05/08/25 | Morgan Stanley | 27347423673 | 19177199 | 19249277 | &nbsp;&nbsp; 72078 |
| Norwegian Krone | 05/08/25 | Morgan Stanley | 2027405 | 192072 | 195508 | &nbsp;&nbsp; 3436 |
| New Zealand Dollar | 05/08/25 | Morgan Stanley | 17537 | 9796 | 10409 | &nbsp;&nbsp; 613 |
| Polish Zloty | 05/08/25 | Morgan Stanley | 445269 | 117427 | 118320 | &nbsp;&nbsp; 893 |
| Swedish Krona | 05/08/25 | Morgan Stanley | 147975793 | 15339059 | 15347206 | &nbsp;&nbsp; 8147 |
| Singapore Dollar | 05/08/25 | Morgan Stanley | 9735904 | 7453451 | 7458635 | &nbsp;&nbsp; 5184 |
| Unrealized Appreciation |  |  |  | $308940179<br>| $309309005<br>| &nbsp;&nbsp; $368826<br>|
| **Sold Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Sold** | **Value at Settlement Date** | **Value at April 30, 2025** | **Unrealized Appreciation** |
| Swiss Franc | 05/08/25 | Morgan Stanley | (273411) | $(335391)<br>| $(332925)<br>| &nbsp;&nbsp; $2466<br>|
| Danish Krone | 05/08/25 | Morgan Stanley | (178390) | (27209) | (27180) | &nbsp;&nbsp; 29 |
| Euro | 05/08/25 | Morgan Stanley | (391624) | (446089) | (445318) | &nbsp;&nbsp; 771 |
| Hong Kong Dollar | 05/08/25 | Morgan Stanley | (314104) | (40509) | (40505) | &nbsp;&nbsp; 4 |
| Japanese Yen | 05/08/25 | Morgan Stanley | (119690642) | (840412) | (839110) | &nbsp;&nbsp; 1302 |
| South Korean Won<sup>#</sup> | 05/08/25 | Morgan Stanley | (78825051) | (55696) | (55483) | &nbsp;&nbsp; 213 |
| Norwegian Krone | 06/03/25 | Morgan Stanley | (29045278) | (2801124) | (2800924) | &nbsp;&nbsp; 200 |
| Unrealized Appreciation |  |  |  | $(4546430)<br>| $(4541445)<br>| &nbsp;&nbsp; $4985<br>|
| Total Unrealized Appreciation |  |  |  |  |  | **$** **373811**<br>|
| **Purchased Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Purchased** | **Value at Settlement Date** | **Value at April 30, 2025** | **Unrealized (Depreciation)** |
| Swiss Franc | 05/08/25 | Morgan Stanley | 2388930 | $2919793<br>| $2908936<br>| &nbsp;&nbsp; $(10857)<br>|
| Danish Krone | 05/08/25 | Morgan Stanley | 397633 | 61190 | 60585 | &nbsp;&nbsp; (605) |
| Euro | 05/08/25 | Morgan Stanley | 796405 | 914774 | 905596 | &nbsp;&nbsp; (9178) |
| Great British Pound | 05/08/25 | Morgan Stanley | 52113345 | 69611987 | 69607898 | &nbsp;&nbsp; (4089) |
| Hong Kong Dollar | 05/08/25 | Morgan Stanley | 72002240 | 9286128 | 9284981 | &nbsp;&nbsp; (1147) |
| Japanese Yen | 05/08/25 | Morgan Stanley | 17491519620 | 122671046 | 122627031 | &nbsp;&nbsp; (44015) |
| South Korean Won<sup>#</sup> | 05/08/25 | Morgan Stanley | 1576457425 | 1115966 | 1109635 | &nbsp;&nbsp; (6331) |
| Norwegian Krone | 05/08/25 | Morgan Stanley | 30878326 | 2978012 | 2977677 | &nbsp;&nbsp; (335) |
| New Zealand Dollar | 05/08/25 | Morgan Stanley | 2138696 | 1269807 | 1269404 | &nbsp;&nbsp; (403) |
| Polish Zloty | 05/08/25 | Morgan Stanley | 6869183 | 1825487 | 1825322 | &nbsp;&nbsp; (165) |
| Swedish Krona | 05/08/25 | Morgan Stanley | 9351425 | 971586 | 969877 | &nbsp;&nbsp; (1709) |
| Unrealized Depreciation |  |  |  | $213625776<br>| $213546942<br>| &nbsp;&nbsp; $(78834)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sold Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Sold** | **Value at Settlement Date** | **Value at April 30, 2025** | **Unrealized (Depreciation)** |
| Australian Dollar | 05/08/25 | Morgan Stanley | (53931110) | $(33617173)<br>| $(34509580)<br>| $(892407)<br>|
| Australian Dollar | 06/03/25 | Morgan Stanley | (51553159) | (32988247) | (32998316) | (10069) |
| Swiss Franc | 05/08/25 | Morgan Stanley | (39727757) | (45075517) | (48375425) | (3299908) |
| Swiss Franc | 06/03/25 | Morgan Stanley | (34939577) | (42662256) | (42699686) | (37430) |
| Danish Krone | 05/08/25 | Morgan Stanley | (72957698) | (10586632) | (11116138) | (529506) |
| Danish Krone | 06/03/25 | Morgan Stanley | (63942940) | (9760348) | (9761976) | (1628) |
| Euro | 05/08/25 | Morgan Stanley | (145889268) | (157892544) | (165891420) | (7998876) |
| Euro | 06/03/25 | Morgan Stanley | (132787359) | (151198459) | (151269074) | (70615) |
| British Pound | 05/08/25 | Morgan Stanley | (55600263) | (71771714) | (74265381) | (2493667) |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sold Contracts** | **Settlement Date** | **Counterparty** | **Currency Amount Sold** | **Value at Settlement Date** | **Value at April 30, 2025** | **Unrealized (Depreciation)** |
| British Pound | 06/03/25 | Morgan Stanley | (50064221) | $(66874786)<br>| $(66879098)<br>| $(4312)<br>|
| Hong Kong Dollar | 05/08/25 | Morgan Stanley | (76919218) | (9894023) | (9919045) | (25022) |
| Hong Kong Dollar | 06/03/25 | Morgan Stanley | (69610724) | (8978850) | (8981102) | (2252) |
| Israeli Shekel | 05/08/25 | Morgan Stanley | (13709379) | (3680745) | (3767762) | (87017) |
| Israeli Shekel | 06/03/25 | Morgan Stanley | (13332451) | (3665224) | (3666924) | (1700) |
| Japanese Yen | 05/08/25 | Morgan Stanley | (17515462765) | (117519666) | (122794888) | (5275222) |
| Japanese Yen | 06/03/25 | Morgan Stanley | (16251107002) | (114333570) | (114380134) | (46564) |
| South Korean Won<sup>#</sup> | 05/08/25 | Morgan Stanley | (28845056047) | (19592486) | (20303429) | (710943) |
| South Korean Won<sup>#</sup> | 06/03/25 | Morgan Stanley | (26748457370) | (18779413) | (18863788) | (84375) |
| Norwegian Krone | 05/08/25 | Morgan Stanley | (32905731) | (3123051) | (3173185) | (50134) |
| New Zealand Dollar | 05/08/25 | Morgan Stanley | (2156233) | (1222377) | (1279813) | (57436) |
| New Zealand Dollar | 06/03/25 | Morgan Stanley | (1930250) | (1146414) | (1146697) | (283) |
| Polish Zloty | 05/08/25 | Morgan Stanley | (7314452) | (1883733) | (1943642) | (59909) |
| Polish Zloty | 06/03/25 | Morgan Stanley | (6917107) | (1836439) | (1836483) | (44) |
| Swedish Krona | 05/08/25 | Morgan Stanley | (157327218) | (15695837) | (16317083) | (621246) |
| Swedish Krona | 06/03/25 | Morgan Stanley | (139340610) | (14473157) | (14478037) | (4880) |
| Singapore Dollar | 05/08/25 | Morgan Stanley | (9735904) | (7255618) | (7458635) | (203017) |
| Singapore Dollar | 06/03/25 | Morgan Stanley | (8533289) | (6545765) | (6548367) | (2602) |
| Unrealized Depreciation |  |  |  | $(972054044)<br>| $(994625108)<br>| $(22571064)<br>|
| Total Unrealized Depreciation |  |  |  |  |  | $(22649898)<br>|
| **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | **$** **(22276087)**<br>|

---

The total value of securities segregated as collateral for forward foreign currency contracts with counterparty Morgan Stanley amounted to $45,516,638 at April 30, 2025.

------

#Non-deliverable forward.

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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 | $951492411<br>| $—<br>| $—<br>| $951492411<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 3619229 |  |  | 3619229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights | 15294 |  |  | 15294 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 24415967 |  |  | 24415967 |
| Total Investments in Securities | 979542901 |  |  | 979542901 |
| Other Financial Instruments:<sup>(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 373811 |  | 373811 |
| Total Investments in Securities and Other Financial Instruments | $979542901<br>| $373811<br>| $—<br>| $979916712<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $—<br>| $(22649898)<br>| $—<br>| $(22649898)<br>|

---

------

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

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

For the year ended April 30, 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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 17.1%** | **Communication Services — 17.1%** | **Communication Services — 17.1%** |
| Alphabet, Inc., Class A | 3883 | $616620<br>|
| Electronic Arts, Inc. | 240 | 34822 |
| Meta Platforms, Inc., Class A | 853 | 468297 |
| Netflix, Inc.\* | 42 | 47532 |
| Pinterest, Inc., Class A\* | 527 | 13344 |
| ROBLOX Corp., Class A\* | 325 | 21791 |
| Spotify Technology SA\* | 36 | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 1224509 |
| **Consumer Discretionary — 14.9%** | **Consumer Discretionary — 14.9%** | **Consumer Discretionary — 14.9%** |
| Airbnb, Inc., Class A\* | 220 | 26822 |
| Amazon.com, Inc.\* | 3345 | 616885 |
| Aptiv PLC\* | 242 | 13809 |
| DoorDash, Inc., Class A\* | 84 | 16203 |
| eBay, Inc. | 310 | 21130 |
| Expedia Group, Inc. | 104 | 16321 |
| Ford Motor Co. | 11047 | 110580 |
| Garmin Ltd. | 65 | 12147 |
| General Motors Co. | 2551 | 115407 |
| Lucid Group, Inc.\*<sup>(a)</sup> | 6695 | 16804 |
| Rivian Automotive, Inc., Class A\*<sup>(a)</sup> | 1827 | 24957 |
| Tesla, Inc.\* | 251 | 70822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 1061887 |
| **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** |
| Procter & Gamble Co. (The) | 165 | 26824 |
| **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** |
| Block, Inc.\* | 657 | 38415 |
| PayPal Holdings, Inc.\* | 585 | 38516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 76931 |
| **Health Care — 23.6%** | **Health Care — 23.6%** | **Health Care — 23.6%** |
| Abbott Laboratories | 308 | 40271 |
| AbbVie, Inc. | 841 | 164079 |
| Alnylam Pharmaceuticals, Inc.\* | 55 | 14478 |
| Amgen, Inc. | 259 | 75348 |
| Becton Dickinson & Co. | 74 | 15325 |
| Biogen, Inc.\* | 172 | 20826 |
| Boston Scientific Corp.\* | 221 | 22734 |
| Bristol-Myers Squibb Co. | 2291 | 115008 |
| Danaher Corp. | 103 | 20531 |
| Edwards Lifesciences Corp.\* | 212 | 16004 |
| Eli Lilly & Co. | 181 | 162710 |
| GE HealthCare Technologies, Inc. | 222 | 15613 |
| Gilead Sciences, Inc. | 748 | 79692 |
| Illumina, Inc.\* | 184 | 14278 |
| Incyte Corp.\* | 580 | 36343 |
| Intuitive Surgical, Inc.\* | 32 | 16506 |
| Johnson & Johnson | 1457 | 227744 |
| Medtronic PLC | 415 | 35175 |
| Merck & Co., Inc. | 2332 | 198686 |
| Moderna, Inc.\* | 1836 | 52400 |
| Pfizer, Inc. | 5642 | 137721 |
| Regeneron Pharmaceuticals, Inc. | 97 | 58080 |
| Stryker Corp. | 53 | 19818 |
| Thermo Fisher Scientific, Inc. | 37 | 15873 |
| Vertex Pharmaceuticals, Inc.\* | 224 | 114128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 1689371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** |
| 3M Co. | 115 | $15975<br>|
| Boeing Co. (The)\* | 295 | 54056 |
| Caterpillar, Inc. | 87 | 26906 |
| Cummins, Inc. | 63 | 18512 |
| Deere & Co. | 67 | 31059 |
| General Electric Co. | 103 | 20759 |
| Honeywell International, Inc. | 101 | 21260 |
| Lockheed Martin Corp. | 50 | 23887 |
| Northrop Grumman Corp. | 31 | 15081 |
| RTX Corp. | 305 | 38470 |
| Uber Technologies, Inc.\* | 565 | 45771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 311736 |
| **Information Technology — 38.2%** | **Information Technology — 38.2%** | **Information Technology — 38.2%** |
| Accenture PLC, Class A | 52 | 15556 |
| Adobe, Inc.\* | 144 | 53997 |
| Advanced Micro Devices, Inc.\* | 835 | 81287 |
| Analog Devices, Inc. | 101 | 19687 |
| Apple, Inc. | 2021 | 429463 |
| Applied Materials, Inc. | 302 | 45514 |
| Arista Networks, Inc.\* | 165 | 13575 |
| Atlassian Corp., Class A\* | 148 | 33790 |
| Autodesk, Inc.\* | 77 | 21117 |
| Broadcom, Inc. | 667 | 128377 |
| Cadence Design Systems, Inc.\* | 81 | 24117 |
| Cisco Systems, Inc. | 1995 | 115171 |
| Corning, Inc. | 309 | 13713 |
| Crowdstrike Holdings, Inc., Class A\* | 41 | 17584 |
| Datadog, Inc., Class A\* | 151 | 15426 |
| Dell Technologies, Inc., Class C | 417 | 38264 |
| Hewlett Packard Enterprise Co. | 1835 | 29764 |
| HP, Inc. | 787 | 20124 |
| Intel Corp. | 9418 | 189302 |
| International Business Machines Corp. | 422 | 102048 |
| Intuit, Inc. | 64 | 40158 |
| Juniper Networks, Inc. | 440 | 15981 |
| KLA Corp. | 26 | 18270 |
| Lam Research Corp. | 363 | 26016 |
| Marvell Technology, Inc. | 382 | 22297 |
| Micron Technology, Inc. | 515 | 39629 |
| Microsoft Corp. | 1100 | 434786 |
| NetApp, Inc. | 153 | 13732 |
| NVIDIA Corp. | 1515 | 165014 |
| Oracle Corp. | 856 | 120456 |
| Palo Alto Networks, Inc.\* | 146 | 27292 |
| QUALCOMM, Inc. | 793 | 117729 |
| Salesforce, Inc. | 270 | 72552 |
| Sandisk Corp.\* | 285 | 9151 |
| ServiceNow, Inc.\* | 42 | 40110 |
| Snowflake, Inc., Class A\* | 154 | 24561 |
| Synopsys, Inc.\* | 65 | 29836 |
| Texas Instruments, Inc. | 151 | 24168 |
| Twilio, Inc., Class A\* | 134 | 12959 |
| Western Digital Corp.\* | 648 | 28421 |
| Workday, Inc., Class A\* | 145 | 35525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 2726519 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| Corteva, Inc. | 313 | $19403<br>|
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $6,920,327)** |  | **7137180** |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(b)</sup><sup>(c)</sup> | 18043 | 18043 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(b)</sup> | 5878 | 5878 |
| **Total Short-Term Investments <br>(Cost $23,921)** |  | **23921** |
| **Total Investments — 100.2%<br>(Cost $6,944,248)** |  | **7161101** |
| **Other Assets and Liabilities,<br>Net — (0.2)%** |  | **(17138)** |
| **Net Assets — 100.0%** |  | **$** **7143963**<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 $40,920; total market value of collateral held by the Fund was $42,338. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $24,295.

(b)Reflects the 1-day yield at April 30, 2025.

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

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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 | $7137180<br>| $—<br>| $—<br>| $7137180<br>|
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 23921 |  |  | 23921 |
| Total Investments in Securities | $7161101<br>| $—<br>| $—<br>| $7161101<br>|

---

------

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

For the year ended April 30, 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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 97.3%** | **Common Stocks — 97.3%** | **Common Stocks — 97.3%** |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| UCB SA | 84 | $15388<br>|
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| MercadoLibre, Inc.\* | 6 | 13985 |
| **Canada — 0.4%** | **Canada — 0.4%** | **Canada — 0.4%** |
| Constellation Software, Inc. | 4 | 14387 |
| Shopify, Inc., Class A\* | 110 | 10442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Canada |  | 24829 |
| **China — 7.5%** | **China — 7.5%** | **China — 7.5%** |
| Alibaba Group Holding Ltd. | 3915 | 59321 |
| Baidu, Inc., Class A\* | 2199 | 24515 |
| BeiGene Ltd.\* | 774 | 15770 |
| BYD Co., Ltd., Class H | 1031 | 49219 |
| China Energy Engineering Corp., Ltd., Class H | 97869 | 12494 |
| China Petroleum & Chemical Corp., Class H | 32532 | 16655 |
| China Railway Group Ltd., Class H | 42015 | 18096 |
| Haier Smart Home Co., Ltd., Class H | 3948 | 11480 |
| JD.com, Inc., Class A | 939 | 15487 |
| Kuaishou Technology\* | 1817 | 12090 |
| Lenovo Group Ltd. | 12594 | 14600 |
| Li Auto, Inc., Class A\* | 993 | 12197 |
| Meituan, Class B\* | 1141 | 19172 |
| Metallurgical Corp. of China Ltd., Class H | 86162 | 16333 |
| Midea Group Co., Ltd., Class H\* | 1823 | 17290 |
| NetEase, Inc. | 1048 | 22569 |
| NIO, Inc., Class A\*<sup>(a)</sup> | 3300 | 13384 |
| Tencent Holdings Ltd. | 1256 | 77290 |
| Trip.com Group Ltd. | 240 | 14484 |
| Weichai Power Co., Ltd., Class H | 4322 | 8472 |
| Xiaomi Corp., Class B\* | 3996 | 25739 |
| ZTE Corp., Class H | 7407 | 21873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China |  | 498530 |
| **Denmark — 1.0%** | **Denmark — 1.0%** | **Denmark — 1.0%** |
| Genmab A/S\* | 60 | 12703 |
| Novo Nordisk A/S, Class B | 763 | 50565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Denmark |  | 63268 |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| Nokia OYJ | 7440 | 37120 |
| **France — 1.4%** | **France — 1.4%** | **France — 1.4%** |
| Airbus SE | 164 | 27431 |
| Dassault Systemes SE | 280 | 10453 |
| L'Oreal SA\* | 32 | 14077 |
| Renault SA | 268 | 14206 |
| Safran SA | 45 | 11919 |
| Thales SA | 45 | 12527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France |  | 90613 |
| **Germany — 6.8%** | **Germany — 6.8%** | **Germany — 6.8%** |
| BASF SE\* | 343 | 17402 |
| Bayer AG | 2168 | 56757 |
| Bayerische Motoren Werke AG | 834 | 70440 |
| Continental AG | 492 | 38277 |
| Daimler Truck Holding AG | 365 | 14588 |
| Infineon Technologies AG | 510 | 16749 |
| Mercedes-Benz Group AG | 806 | 48074 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Germany (continued)** |  |  |
| Merck KGaA | 146 | $20231<br>|
| SAP SE | 217 | 62976 |
| Siemens AG | 233 | 53489 |
| Siemens Energy AG\* | 175 | 13436 |
| Siemens Healthineers AG | 319 | 17181 |
| Traton SE | 531 | 17445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany |  | 447045 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| Accenture PLC, Class A | 25 | 7479 |
| **Japan — 7.9%** | **Japan — 7.9%** | **Japan — 7.9%** |
| Aisin Corp. | 1050 | 13335 |
| Astellas Pharma, Inc. | 1827 | 18284 |
| Canon, Inc. | 575 | 17753 |
| Chugai Pharmaceutical Co., Ltd. | 219 | 12619 |
| Daiichi Sankyo Co., Ltd. | 920 | 23503 |
| Denso Corp. | 2389 | 30943 |
| Eisai Co., Ltd. | 325 | 9383 |
| FUJIFILM Holdings Corp. | 439 | 9035 |
| Hitachi Ltd. | 669 | 16500 |
| Honda Motor Co., Ltd. | 5739 | 58460 |
| Mazda Motor Corp. | 1250 | 7487 |
| Mitsubishi Electric Corp. | 656 | 12695 |
| Nippon Telegraph & Telephone Corp. | 14852 | 15545 |
| Nissan Motor Co., Ltd.\* | 12520 | 29975 |
| Otsuka Holdings Co., Ltd. | 319 | 15559 |
| Panasonic Holdings Corp. | 2225 | 25597 |
| Renesas Electronics Corp. | 901 | 10565 |
| SoftBank Group Corp. | 480 | 24108 |
| Sony Group Corp. | 1705 | 45075 |
| Sumitomo Chemical Co., Ltd. | 4179 | 10070 |
| Suzuki Motor Corp. | 1080 | 12928 |
| Takeda Pharmaceutical Co., Ltd. | 1295 | 39338 |
| TDK Corp. | 1238 | 13205 |
| Tokyo Electron Ltd. | 87 | 12946 |
| Toyota Motor Corp. | 1826 | 34935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan |  | 519843 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| Aptiv PLC\* | 118 | 6733 |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| ASML Holding NV | 55 | 36419 |
| Koninklijke Philips NV\* | 622 | 15774 |
| NXP Semiconductors NV | 77 | 14192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands |  | 66385 |
| **Singapore — 0.2%** | **Singapore — 0.2%** | **Singapore — 0.2%** |
| STMicroelectronics NV | 731 | 16470 |
| **South Korea — 4.7%** | **South Korea — 4.7%** | **South Korea — 4.7%** |
| Hyundai Mobis Co., Ltd. | 59 | 11103 |
| Hyundai Motor Co. | 123 | 16492 |
| Kia Corp. | 194 | 12337 |
| LG Chem Ltd. | 64 | 9725 |
| LG Display Co., Ltd.\* | 1398 | 8330 |
| LG Electronics, Inc. | 412 | 20694 |
| NAVER Corp. | 80 | 11284 |
| Samsung Electronics Co., Ltd. | 5124 | 200058 |
| SK Hynix, Inc. | 188 | 23475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total South Korea |  | 313498 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Sweden — 0.9%** |  |  |
| Telefonaktiebolaget LM Ericsson, B Shares | 4835 | $40796<br>|
| Volvo AB, B Shares | 806 | 21945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden |  | 62741 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| ABB Ltd. | 218 | 11458 |
| **Taiwan — 1.8%** | **Taiwan — 1.8%** | **Taiwan — 1.8%** |
| Delta Electronics, Inc. | 862 | 8988 |
| Hon Hai Precision Industry Co., Ltd. | 6060 | 26811 |
| MediaTek, Inc. | 771 | 32544 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1816 | 51556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Taiwan |  | 119899 |
| **United Kingdom — 1.6%** |  |  |
| AstraZeneca PLC | 685 | 98156 |
| Unilever PLC | 153 | 9726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom |  | 107882 |
| **United States — 60.7%** |  |  |
| 3M Co. | 56 | 7779 |
| Abbott Laboratories | 150 | 19613 |
| AbbVie, Inc. | 410 | 79991 |
| Adobe, Inc.\* | 70 | 26249 |
| Advanced Micro Devices, Inc.\* | 408 | 39719 |
| Airbnb, Inc., Class A\* | 107 | 13045 |
| Alnylam Pharmaceuticals, Inc.\* | 27 | 7107 |
| Alphabet, Inc., Class A | 2001 | 317759 |
| Amazon.com, Inc.\* | 2185 | 402958 |
| Amgen, Inc. | 126 | 36656 |
| Analog Devices, Inc. | 49 | 9551 |
| Apple, Inc. | 985 | 209313 |
| Applied Materials, Inc. | 148 | 22305 |
| Atlassian Corp., Class A\* | 72 | 16438 |
| Autodesk, Inc.\* | 37 | 10147 |
| Becton Dickinson & Co. | 36 | 7455 |
| Biogen, Inc.\* | 84 | 10171 |
| Block, Inc.\* | 321 | 18769 |
| Boeing Co. (The)\* | 144 | 26387 |
| Boston Scientific Corp.\* | 108 | 11110 |
| Bristol-Myers Squibb Co. | 1117 | 56073 |
| Broadcom, Inc. | 325 | 62553 |
| Cadence Design Systems, Inc.\* | 40 | 11910 |
| Caterpillar, Inc. | 42 | 12989 |
| Cisco Systems, Inc. | 973 | 56171 |
| Corning, Inc. | 151 | 6701 |
| Corteva, Inc. | 153 | 9484 |
| Crowdstrike Holdings, Inc., Class A\* | 20 | 8577 |
| CSL Ltd. | 74 | 11891 |
| Cummins, Inc. | 31 | 9109 |
| Danaher Corp. | 50 | 9967 |
| Datadog, Inc., Class A\* | 74 | 7560 |
| Deere & Co. | 33 | 15297 |
| Dell Technologies, Inc., Class C | 204 | 18719 |
| DoorDash, Inc., Class A\* | 41 | 7908 |
| eBay, Inc. | 151 | 10292 |
| Edwards Lifesciences Corp.\* | 103 | 7775 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **United States (continued)** |  |  |
| Electronic Arts, Inc. | 117 | $16976<br>|
| Eli Lilly & Co. | 88 | 79108 |
| Expedia Group, Inc. | 51 | 8003 |
| Ford Motor Co. | 5385 | 53904 |
| GE HealthCare Technologies, Inc. | 108 | 7596 |
| General Electric Co. | 50 | 10077 |
| General Motors Co. | 1244 | 56279 |
| Gilead Sciences, Inc. | 366 | 38994 |
| GSK PLC | 3352 | 66420 |
| Hewlett Packard Enterprise Co. | 897 | 14549 |
| Honeywell International, Inc. | 49 | 10315 |
| HP, Inc. | 384 | 9819 |
| Illumina, Inc.\* | 90 | 6984 |
| Incyte Corp.\* | 283 | 17733 |
| Intel Corp. | 4591 | 92279 |
| International Business Machines Corp. | 206 | 49815 |
| Intuit, Inc. | 31 | 19452 |
| Intuitive Surgical, Inc.\* | 16 | 8253 |
| Johnson & Johnson | 710 | 110980 |
| Juniper Networks, Inc. | 215 | 7809 |
| KLA Corp. | 13 | 9135 |
| Lam Research Corp. | 178 | 12757 |
| Lockheed Martin Corp. | 24 | 11466 |
| Marvell Technology, Inc. | 187 | 10915 |
| Medtronic PLC | 203 | 17206 |
| Merck & Co., Inc. | 1137 | 96872 |
| Meta Platforms, Inc., Class A | 492 | 270108 |
| Micron Technology, Inc. | 252 | 19391 |
| Microsoft Corp. | 536 | 211859 |
| Moderna, Inc.\* | 897 | 25600 |
| Nestle SA | 153 | 16336 |
| Netflix, Inc.\* | 21 | 23766 |
| Northrop Grumman Corp. | 15 | 7298 |
| Novartis AG | 696 | 79438 |
| NVIDIA Corp. | 739 | 80492 |
| Oracle Corp. | 417 | 58680 |
| Palo Alto Networks, Inc.\* | 72 | 13459 |
| PayPal Holdings, Inc.\* | 286 | 18830 |
| Pfizer, Inc. | 2751 | 67152 |
| Pinterest, Inc., Class A\* | 258 | 6533 |
| Procter & Gamble Co. (The) | 81 | 13168 |
| QUALCOMM, Inc. | 388 | 57602 |
| Regeneron Pharmaceuticals, Inc. | 47 | 28142 |
| Rivian Automotive, Inc., Class A\*<sup>(a)</sup> | 893 | 12198 |
| ROBLOX Corp., Class A\* | 159 | 10661 |
| Roche Holding AG | 356 | 116667 |
| RTX Corp. | 149 | 18793 |
| Salesforce, Inc. | 132 | 35470 |
| Sandisk Corp.\* | 139 | 4463 |
| Sanofi SA | 587 | 63991 |
| Schneider Electric SE | 71 | 16481 |
| ServiceNow, Inc.\* | 21 | 20055 |
| Shell PLC | 263 | 8573 |
| Snowflake, Inc., Class A\* | 75 | 11962 |
| Spotify Technology SA\* | 18 | 11052 |
| Stellantis NV | 4382 | 40547 |
| Stryker Corp. | 26 | 9722 |
| Synopsys, Inc.\* | 32 | 14688 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **United States (continued)** |  |  |
| Tesla, Inc.\* | 123 | $34706<br>|
| Texas Instruments, Inc. | 74 | 11844 |
| Thermo Fisher Scientific, Inc. | 18 | 7722 |
| Uber Technologies, Inc.\* | 276 | 22359 |
| Vertex Pharmaceuticals, Inc.\* | 109 | 55536 |
| Western Digital Corp.\* | 317 | 13904 |
| Workday, Inc., Class A\* | 71 | 17395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States |  | 4015837 |
| **Total Common Stocks <br>(Cost $6,048,790)** | **Total Common Stocks <br>(Cost $6,048,790)** | **6439003** |
| **Preferred Stock — 2.5%** | **Preferred Stock — 2.5%** | **Preferred Stock — 2.5%** |
| **Germany — 2.5%** |  |  |
| Volkswagen AG, 9.40% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $182,163)** | 1490 | **161652** |
| **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> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $0)** | 11 | **0** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **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, 4.24%<sup>(d)(e)</sup> | 11864 | $11864<br>|
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(d)</sup> | 2959 | 2959 |
| **Total Short-Term Investments <br>(Cost $14,823)** | **Total Short-Term Investments <br>(Cost $14,823)** | **14823** |
| **Total Investments — 100.0%<br>(Cost $6,245,776)** | **Total Investments — 100.0%<br>(Cost $6,245,776)** | **6615478** |
| **Other Assets and Liabilities,<br>Net — 0.0%<sup>(b)</sup>** | **Other Assets and Liabilities,<br>Net — 0.0%<sup>(b)</sup>** | **2262** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **6617740**<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 $23,247; total market value of collateral held by the Fund was $23,740. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $11,876.

(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 April 30, 2025.

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

The following is a summary of the inputs used to value the Fund's investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the level 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; Common Stocks | $6439003<br>| $—<br>| $—<br>| $6439003<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 161652 |  |  | 161652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 0<sup>(g)</sup> |  |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 14823 |  |  | 14823 |
| Total Investments in Securities | $6615478<br>| $—<br>| $0<br>| $6615478<br>|

---

------

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

(g)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 year. (See Note 2)

*See notes to financial statements.*

Schedule of Investments — NYLI Healthy Hearts ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 5.0%** |  |  |
| Alphabet, Inc., Class A | 2863 | $454644<br>|
| **Consumer Discretionary — 11.6%** |  |  |
| adidas AG | 430 | 98591 |
| Asics Corp. | 2203 | 47631 |
| Basic-Fit NV\*<sup>(a)</sup> | 2038 | 46172 |
| Columbia Sportswear Co.<sup>(a)</sup> | 561 | 34877 |
| Deckers Outdoor Corp.\* | 390 | 43224 |
| Dick's Sporting Goods, Inc. | 217 | 40740 |
| Feng TAY Enterprise Co., Ltd. | 11591 | 40771 |
| Garmin Ltd. | 401 | 74935 |
| Giant Manufacturing Co., Ltd. | 10124 | 41151 |
| Moncler SpA | 709 | 43554 |
| NIKE, Inc., Class B | 3003 | 169369 |
| On Holding AG, Class A\* | 1006 | 48399 |
| Planet Fitness, Inc., Class A\* | 527 | 49849 |
| Pool Corp. | 140 | 41040 |
| Puma SE | 1626 | 41717 |
| Shimano, Inc. | 360 | 50944 |
| Thule Group AB | 1511 | 34466 |
| Under Armour, Inc., Class A\*<sup>(a)</sup> | 7159 | 40949 |
| Vail Resorts, Inc. | 307 | 42734 |
| VF Corp. | 1955 | 23225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 1054338 |
| **Consumer Staples — 1.5%** |  |  |
| General Mills, Inc. | 1420 | 80571 |
| Glanbia PLC | 4231 | 54829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 135400 |
| **Health Care — 75.5%** |  |  |
| Abbott Laboratories | 3532 | 461809 |
| Acadia Healthcare Co., Inc.\* | 1626 | 38048 |
| Asahi Intecc Co., Ltd. | 3008 | 46236 |
| AstraZeneca PLC | 3235 | 463556 |
| AtriCure, Inc.\* | 1258 | 37627 |
| Bangkok Dusit Medical Services PCL | 68838 | 49457 |
| Beam Therapeutics, Inc.\* | 1851 | 36890 |
| Boston Scientific Corp.\* | 4697 | 483180 |
| Bristol-Myers Squibb Co. | 5244 | 263249 |
| Bumrungrad Hospital PCL | 8521 | 42089 |
| Centene Corp.\* | 1269 | 75950 |
| Cytokinetics, Inc.\* | 1060 | 45410 |
| Edwards Lifesciences Corp.\* | 1495 | 112858 |
| Elevance Health, Inc. | 587 | 246880 |
| Eli Lilly & Co. | 530 | 476444 |
| Encompass Health Corp. | 487 | 56974 |
| Fresenius SE & Co. KGaA\* | 1219 | 57922 |
| HCA Healthcare, Inc. | 455 | 157011 |
| IHH Healthcare Bhd | 29201 | 46830 |
| iRhythm Technologies, Inc.\* | 443 | 47352 |
| Johnson & Johnson | 2954 | 461740 |
| Koninklijke Philips NV\* | 2004 | 50823 |
| LivaNova PLC\* | 1171 | 43327 |
| Medtronic PLC | 3313 | 280810 |
| Merit Medical Systems, Inc.\* | 478 | 45147 |
| Molina Healthcare, Inc.\* | 162 | 52976 |
| Netcare Ltd. | 67067 | 49166 |
| Nihon Kohden Corp. | 3390 | 40997 |
| Novartis AG | 4504 | 514062 |
| Novo Nordisk A/S, Class B | 5424 | 359455 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Penumbra, Inc.\* | 171 | $50076<br>|
| Pfizer, Inc. | 18445 | 450242 |
| Ramsay Health Care Ltd. | 2279 | 48500 |
| Rhythm Pharmaceuticals, Inc.\* | 888 | 57889 |
| Sanofi SA | 4492 | 489693 |
| Select Medical Holdings Corp. | 2680 | 48883 |
| Siemens Healthineers AG | 872 | 46965 |
| Tenet Healthcare Corp.\* | 385 | 55036 |
| United Therapeutics Corp.\* | 152 | 46070 |
| UnitedHealth Group, Inc. | 1026 | 422137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 6859766 |
| **Industrials — 1.5%** |  |  |
| Fluidra SA | 2113 | 48808 |
| Hayward Holdings, Inc.\* | 3364 | 44842 |
| Pentair PLC | 518 | 46998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 140648 |
| **Information Technology — 4.7%** |  |  |
| Apple, Inc. | 2016 | 428400 |
| **Total Common Stocks <br>(Cost $8,466,848)** | **Total Common Stocks <br>(Cost $8,466,848)** | **9073196** |
| **Short-Term Investment — 0.1%** | **Short-Term Investment — 0.1%** | **Short-Term Investment — 0.1%** |
| **Money Market Fund — 0.1%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(b)</sup><sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,569)** | 4569 | **4569** |
| **Total Investments — 99.9%<br>(Cost $8,471,417)** | **Total Investments — 99.9%<br>(Cost $8,471,417)** | **9077765** |
| **Other Assets and Liabilities,<br>Net — 0.1%** | **Other Assets and Liabilities,<br>Net — 0.1%** | **6357** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **9084122**<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 $118,118; total market value of collateral held by the Fund was $124,223. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $119,654.

(b)Reflects the 1-day yield at April 30, 2025.

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

*See notes to financial statements.*

Schedule of Investments — NYLI Healthy Hearts ETF (continued)

April 30, 2025

The following is a summary of the inputs used to value the Fund's investments as of April 30, 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 | $9073196<br>| $—<br>| $—<br>| $9073196<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 4569 |  |  | 4569 |
| Total Investments in Securities | $9077765<br>| $—<br>| $—<br>| $9077765<br>|

---

------

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

For the year ended April 30, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)

Statements of Assets and Liabilities

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Hedge Multi-Strategy Tracker ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam U.S. Mid Cap Equity ETF** |
| **Assets** |  |  |  |  |
| Investments, at value (including securities on loan)<sup>(a)</sup> | $728851434<br>| $232505785<br>| $208475878<br>| $198974460<br>|
| Investments in affiliates, at value | 26753488 |  |  |  |
| Cash | 414823 | 301594 |  | 84 |
| Deposits at broker for swap contracts | 1500000 |  |  |  |
| Receivable for capital shares transactions | 1562474 |  |  |  |
| Securities lending income receivable | 79416 | 6608 | 1454 | 317 |
| Unrealized appreciation on swap transactions |  | 14 |  |  |
| Receivable for investments sold |  | 12601575 | 164604 |  |
| Due from broker |  | 1647473 |  |  |
| Reclaims receivable |  | 1603711 | 733576 | 2775 |
| Dividend receivable | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303353 | &nbsp;&nbsp;&nbsp;&nbsp; 917323 | &nbsp;&nbsp;&nbsp;&nbsp; 50302 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 759161635 | &nbsp;&nbsp;&nbsp;&nbsp; 248970113 | &nbsp;&nbsp;&nbsp;&nbsp; 210292835 | &nbsp;&nbsp;&nbsp;&nbsp; 199027938 |
| **Liabilities** |  |  |  |  |
| Collateral for investments on loan | 66584983 | 15441493 | 1500199 | 615795 |
| Due to broker | 1678713 |  |  |  |
| Payable for investments purchased | 1561487 |  | 315287 |  |
| Advisory fees payable | 294499 | 141011 | 22417 | 21709 |
| Trustee fees payable | 6331 | 2472 | 2000 | 2162 |
| Compliance fees payable | 101 | 52 | 28 | 57 |
| Cash due to custodian |  |  | 2384 |  |
| Foreign currency due to custodian |  | 78462 | 20572 |  |
| Unrealized depreciation on swap transactions |  | 33118 |  |  |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp;&nbsp; 687 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 70128964 | &nbsp;&nbsp;&nbsp;&nbsp; 15697295 | &nbsp;&nbsp;&nbsp;&nbsp; 1863372 | &nbsp;&nbsp;&nbsp;&nbsp; 640280 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **689032671**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **233272818**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **208429463**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **198387658**<br>|
| **Composition of Net Assets** |  |  |  |  |
| Paid-in capital | $764976703<br>| $272640272<br>| $199840055<br>| $209673960<br>|
| Total distributable earnings/(accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp; (75944032) | &nbsp;&nbsp;&nbsp;&nbsp; (39367454) | &nbsp;&nbsp;&nbsp;&nbsp; 8589408 | &nbsp;&nbsp;&nbsp;&nbsp; (11286302) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **689032671**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **233272818**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **208429463**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **198387658**<br>|
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited <br>shares authorized) | 22050000 | 6750000 | 6600000 | 6650000 |
| Net Asset Value Per Share | $31.25<br>| $34.56<br>| $31.58<br>| $29.83<br>|
| Investments, at cost | $715191325<br>| $231339587<br>| $189005289<br>| $200230996<br>|
| Investments in affiliates, at cost | $24555945<br>| $—<br>| $—<br>| $—<br>|
| <sup>(a)</sup>Market value of securities on loan | $93733494<br>| $16226847<br>| $3024545<br>| $1147778<br>|

---

Statements of Assets and Liabilities (continued)

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI U.S. <br>Large Cap R&D Leaders ETF** | **NYLI Global Equity R&D Leaders ETF** |
| **Assets** |  |  |  |  |
| Investments, at value (including securities on loan)<sup>(a)</sup> | $342077742<br>| $979542901<br>| $7161101<br>| $6615478<br>|
| Cash | 144 | 12414 |  |  |
| Dividend receivable | 187743 | 4503754 | 3968 | 12115 |
| Securities lending income receivable | 75 | 19751 | 14 | 32 |
| Receivable for investments sold |  | 37599719 |  |  |
| Reclaims receivable |  | 1509693 |  | 7847 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 373811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 342265704 | &nbsp;&nbsp;&nbsp;&nbsp; 1023562043 | &nbsp;&nbsp;&nbsp;&nbsp; 7165083 | &nbsp;&nbsp;&nbsp;&nbsp; 6635472 |
| **Liabilities** |  |  |  |  |
| Collateral for investments on loan | 93766 | 23219595 | 18043 | 11864 |
| Advisory fees payable | 21656 | 149282 | 712 | 903 |
| Trustee fees payable | 3788 | 7740 | 76 | 66 |
| Compliance fees payable | 90 | 72 | 1 | 1 |
| Payable for investments purchased |  | 16036641 |  |  |
| Cash due to custodian |  |  | 2212 | 2635 |
| Foreign currency due to custodian |  | 20620 |  | 2186 |
| Unrealized depreciation on forward foreign currency contracts |  | 22649898 |  |  |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 2693 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 120340 | &nbsp;&nbsp;&nbsp;&nbsp; 62086541 | &nbsp;&nbsp;&nbsp;&nbsp; 21120 | &nbsp;&nbsp;&nbsp;&nbsp; 17732 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **342145364**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **961475502**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **7143963**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **6617740**<br>|
| **Composition of Net Assets** |  |  |  |  |
| Paid-in capital | $334148881<br>| $888741856<br>| $7436720<br>| $6744383<br>|
| Total distributable earnings/(accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp; 7996483 | &nbsp;&nbsp;&nbsp;&nbsp; 72733646 | &nbsp;&nbsp;&nbsp;&nbsp; (292757) | &nbsp;&nbsp;&nbsp;&nbsp; (126643) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **342145364**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **961475502**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **7143963**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **6617740**<br>|
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited <br>shares authorized) | 7600000 | 34400000 | 225000 | 225000 |
| Net Asset Value Per Share | $45.02<br>| $27.95<br>| $31.75<br>| $29.41<br>|
| Investments, at cost | $319115064<br>| $871806373<br>| $6944248<br>| $6245776<br>|
| <sup>(a)</sup>Market value of securities on loan | $1039407<br>| $35633676<br>| $40920<br>| $23247<br>|

---

Statements of Assets and Liabilities (continued)

April 30, 2025

---

| | |
|:---|:---|
|  | **NYLI Healthy Hearts ETF** |
| **Assets** |  |
| Investments, at value (including securities on loan)<sup>(a)</sup> | $9077765<br>|
| Reclaims receivable | 18621 |
| Dividend receivable | 7846 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 9104250 |
| **Liabilities** |  |
| Cash due to custodian | 11893 |
| Collateral for investments on loan | 4569 |
| Advisory fees payable | 3204 |
| Foreign currency due to custodian | 290 |
| Trustee fees payable | 91 |
| Compliance fees payable | 2 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 20128 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9084122**<br>|
| **Composition of Net Assets** |  |
| Paid-in capital | $9004309<br>|
| Total distributable earnings/(accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp; 79813 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9084122**<br>|
| **NET ASSET VALUE PER SHARE** |  |
| Shares Outstanding (no par value, unlimited shares authorized) | 300000 |
| Net Asset Value Per Share | $30.28<br>|
| Investments, at cost | $8471417<br>|
| <sup>(a)</sup>Market value of securities on loan | $118118<br>|

---

*See notes to financial statements.*

Statements of Operations

For the Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\* | $21345785<br>| $3334498<br>| $5261868<br>| $3230948<br>|
| Dividend income from affiliates | 77566 |  |  |  |
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp; 833937 | &nbsp;&nbsp;&nbsp;&nbsp; 158217 | &nbsp;&nbsp;&nbsp;&nbsp; 10452 | &nbsp;&nbsp;&nbsp;&nbsp; 22659 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 22257288 | &nbsp;&nbsp;&nbsp;&nbsp; 3492715 | &nbsp;&nbsp;&nbsp;&nbsp; 5272320 | &nbsp;&nbsp;&nbsp;&nbsp; 3253607 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3) | 4718183 | 1784479 | 291785 | 327892 |
| Trustee fees | 59734 | 19868 | 18684 | 22087 |
| Legal fees | 11738 | 3037 | 3605 | 4283 |
| Compliance fees | 1471 | 461 | 459 | 567 |
| Miscellaneous fees | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 4792276 | &nbsp;&nbsp;&nbsp;&nbsp; 1807918 | &nbsp;&nbsp;&nbsp;&nbsp; 314591 | &nbsp;&nbsp;&nbsp;&nbsp; 354842 |
| Waivers/Reimbursements (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (1384003) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22807) | &nbsp;&nbsp;&nbsp;&nbsp; (26950) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 3408273 | &nbsp;&nbsp;&nbsp;&nbsp; 1807918 | &nbsp;&nbsp;&nbsp;&nbsp; 291784 | &nbsp;&nbsp;&nbsp;&nbsp; 327892 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 18849015 | &nbsp;&nbsp;&nbsp;&nbsp; 1684797 | &nbsp;&nbsp;&nbsp;&nbsp; 4980536 | &nbsp;&nbsp;&nbsp;&nbsp; 2925715 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (98736) | 13869566 | (4130868) | (7202971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliates | 1861217 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions | 5136445 | 3071365 | 17528090 | 14927284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions | 771093 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | (12038938) | (2310015) | (2360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions by other investment companies | 20105 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (269550) | &nbsp;&nbsp;&nbsp;&nbsp; (65946) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (4348814) | &nbsp;&nbsp;&nbsp;&nbsp; 14361366 | &nbsp;&nbsp;&nbsp;&nbsp; 13328916 | &nbsp;&nbsp;&nbsp;&nbsp; 7724313 |
| Net change in net unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 10578659 | 10560516 | 3538999 | (5393814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliates | 1251466 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | (33104) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6970) | &nbsp;&nbsp;&nbsp;&nbsp; 108837 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 11830125 | &nbsp;&nbsp;&nbsp;&nbsp; 10520442 | &nbsp;&nbsp;&nbsp;&nbsp; 3647836 | &nbsp;&nbsp;&nbsp;&nbsp; (5393814) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 7481311 | &nbsp;&nbsp;&nbsp;&nbsp; 24881808 | &nbsp;&nbsp;&nbsp;&nbsp; 16976752 | &nbsp;&nbsp;&nbsp;&nbsp; 2330499 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **26330326**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **26566605**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **21957288**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **5256214**<br>|
| \*Net of foreign taxes withheld of: | $—<br>| $40506<br>| $534744<br>| $6916<br>|

---

*See notes to financial statements.*

Statements of Operations (continued)

For the Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\* | $4841498<br>| $24056394<br>| $93122<br>| $121379<br>|
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 53724 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4846748 | &nbsp;&nbsp;&nbsp;&nbsp; 24110118 | &nbsp;&nbsp;&nbsp;&nbsp; 93572 | &nbsp;&nbsp;&nbsp;&nbsp; 121477 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3) | 335583 | 1523365 | 10419 | 11998 |
| Trustee fees | 36591 | 77710 | 744 | 492 |
| Legal fees | 7153 | 15548 | 143 | 97 |
| Compliance fees | 938 | 1938 | 19 | 6 |
| Miscellaneous fees | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 380323 | &nbsp;&nbsp;&nbsp;&nbsp; 1622289 | &nbsp;&nbsp;&nbsp;&nbsp; 11373 | &nbsp;&nbsp;&nbsp;&nbsp; 12641 |
| Waivers/Reimbursements (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (44747) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (955) | &nbsp;&nbsp;&nbsp;&nbsp; (644) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 335576 | &nbsp;&nbsp;&nbsp;&nbsp; 1622289 | &nbsp;&nbsp;&nbsp;&nbsp; 10418 | &nbsp;&nbsp;&nbsp;&nbsp; 11997 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4511172 | &nbsp;&nbsp;&nbsp;&nbsp; 22487829 | &nbsp;&nbsp;&nbsp;&nbsp; 83154 | &nbsp;&nbsp;&nbsp;&nbsp; 109480 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (5035412) | (13651290) | (307121) | (87807) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions | 48217434 | 28215696 | 1068676 | 140920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | 4655 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | 4375444 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (266361) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1814) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; 43182022 | &nbsp;&nbsp;&nbsp;&nbsp; 18678144 | &nbsp;&nbsp;&nbsp;&nbsp; 761555 | &nbsp;&nbsp;&nbsp;&nbsp; 51299 |
| Net change in net unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (20953010) | 52521097 | (326897) | 334061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (27821674) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
| Net change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (20953010) | &nbsp;&nbsp;&nbsp;&nbsp; 25008915 | &nbsp;&nbsp;&nbsp;&nbsp; (326897) | &nbsp;&nbsp;&nbsp;&nbsp; 334967 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 22229012 | &nbsp;&nbsp;&nbsp;&nbsp; 43687059 | &nbsp;&nbsp;&nbsp;&nbsp; 434658 | &nbsp;&nbsp;&nbsp;&nbsp; 386266 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **26740184**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **66174888**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **517812**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **495746**<br>|
| \*Net of foreign taxes withheld of: | $—<br>| $2545800<br>| $—<br>| $12255<br>|

---

*See notes to financial statements.*

Statements of Operations (continued)

For the Year Ended April 30, 2025

---

| | |
|:---|:---|
|  | **NYLI Healthy Hearts ETF** |
| **Investment Income** |  |
| Dividend income\* | $165720<br>|
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 166059 |
| **Expenses** |  |
| Advisory fees (See Note 3) | 41308 |
| Trustee fees | 893 |
| Legal fees | 176 |
| Compliance fees | 22 |
| Miscellaneous fees | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 42457 |
| Waivers/Reimbursements (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (1149) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 41308 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 124751 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (33915) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions | 405642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (1767) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; 369960 |
| Net change in net unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (132757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; 1820 |
| Net change in net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (130937) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 239023 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **363774**<br>|
| \*Net of foreign taxes withheld of: | $8455<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 Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income | $18849015<br>| $27075952<br>| $1684797<br>| $2219340<br>|
| Net realized gain (loss) | (4348814) | 12508502 | 14361366 | 3448640 |
| Net change in net unrealized <br>appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 11830125 | &nbsp;&nbsp;&nbsp;&nbsp; 9525741 | &nbsp;&nbsp;&nbsp;&nbsp; 10520442 | &nbsp;&nbsp;&nbsp;&nbsp; (9653997) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 26330326 | &nbsp;&nbsp;&nbsp;&nbsp; 49110195 | &nbsp;&nbsp;&nbsp;&nbsp; 26566605 | &nbsp;&nbsp;&nbsp;&nbsp; (3986017) |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (14744680) | &nbsp;&nbsp;&nbsp;&nbsp; (25206630) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4247100) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 245280329 | 118660772 | 23527049 | 42085057 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (120034631) | &nbsp;&nbsp;&nbsp;&nbsp; (196862237) | &nbsp;&nbsp;&nbsp;&nbsp; (83170949) | &nbsp;&nbsp;&nbsp;&nbsp; (227695498) |
| Net increase (decrease) from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 125245698 | &nbsp;&nbsp;&nbsp;&nbsp; (78201465) | &nbsp;&nbsp;&nbsp;&nbsp; (59643900) | &nbsp;&nbsp;&nbsp;&nbsp; (185610441) |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 136831344 | &nbsp;&nbsp;&nbsp;&nbsp; (54297900) | &nbsp;&nbsp;&nbsp;&nbsp; (33077295) | &nbsp;&nbsp;&nbsp;&nbsp; (193843558) |
| **Net Assets** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 552201327 | &nbsp;&nbsp;&nbsp;&nbsp; 606499227 | &nbsp;&nbsp;&nbsp;&nbsp; 266350113 | &nbsp;&nbsp;&nbsp;&nbsp; 460193671 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; **$** **689032671**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **552201327**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **233272818**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **266350113**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year | 18100000 | 20650000 | 8600000 | 14500000 |
| Shares created | 7750000 | 3950000 | 700000 | 1350000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3800000) | &nbsp;&nbsp;&nbsp;&nbsp; (6500000) | &nbsp;&nbsp;&nbsp;&nbsp; (2550000) | &nbsp;&nbsp;&nbsp;&nbsp; (7250000) |
| Shares outstanding, end of year | &nbsp;&nbsp;&nbsp;&nbsp; **22050000** | &nbsp;&nbsp;&nbsp;&nbsp; **18100000** | &nbsp;&nbsp;&nbsp;&nbsp; **6750000** | &nbsp;&nbsp;&nbsp;&nbsp; **8600000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam International Equity ETF** | **NYLI Candriam International Equity ETF** | **NYLI Candriam** **U.S. Mid Cap Equity ETF** | **NYLI Candriam** **U.S. Mid Cap Equity ETF** |
|  | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income | $4980536<br>| $5152672<br>| $2925715<br>| $2161807<br>|
| Net realized gain | 13328916 | 7527416 | 7724313 | 5864642 |
| Net change in net unrealized <br>appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 3647836 | &nbsp;&nbsp;&nbsp;&nbsp; 4919629 | &nbsp;&nbsp;&nbsp;&nbsp; (5393814) | &nbsp;&nbsp;&nbsp;&nbsp; 3909355 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 21957288 | &nbsp;&nbsp;&nbsp;&nbsp; 17599717 | &nbsp;&nbsp;&nbsp;&nbsp; 5256214 | &nbsp;&nbsp;&nbsp;&nbsp; 11935804 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (5081060) | &nbsp;&nbsp;&nbsp;&nbsp; (5430434) | &nbsp;&nbsp;&nbsp;&nbsp; (2693887) | &nbsp;&nbsp;&nbsp;&nbsp; (1926760) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 63597883 | 12937639 | 65673110 | 242619993 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (56469581) | &nbsp;&nbsp;&nbsp;&nbsp; (33353346) | &nbsp;&nbsp;&nbsp;&nbsp; (68758066) | &nbsp;&nbsp;&nbsp;&nbsp; (59067443) |
| Net increase (decrease) from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 7128302 | &nbsp;&nbsp;&nbsp;&nbsp; (20415707) | &nbsp;&nbsp;&nbsp;&nbsp; (3084956) | &nbsp;&nbsp;&nbsp;&nbsp; 183552550 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 24004530 | &nbsp;&nbsp;&nbsp;&nbsp; (8246424) | &nbsp;&nbsp;&nbsp;&nbsp; (522629) | &nbsp;&nbsp;&nbsp;&nbsp; 193561594 |
| **Net Assets** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 184424933 | &nbsp;&nbsp;&nbsp;&nbsp; 192671357 | &nbsp;&nbsp;&nbsp;&nbsp; 198910287 | &nbsp;&nbsp;&nbsp;&nbsp; 5348693 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; **$** **208429463**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **184424933**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **198387658**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **198910287**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year | 6350000 | 7050000 | 6675000 | 200000 |
| Shares created | 2125000 | 475000 | 2100000 | 8475000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1875000) | &nbsp;&nbsp;&nbsp;&nbsp; (1175000) | &nbsp;&nbsp;&nbsp;&nbsp; (2125000) | &nbsp;&nbsp;&nbsp;&nbsp; (2000000) |
| Shares outstanding, end of year | &nbsp;&nbsp;&nbsp;&nbsp; **6600000** | &nbsp;&nbsp;&nbsp;&nbsp; **6350000** | &nbsp;&nbsp;&nbsp;&nbsp; **6650000** | &nbsp;&nbsp;&nbsp;&nbsp; **6675000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI Candriam U.S. Large Cap Equity ETF** | **NYLI FTSE International Equity Currency Neutral ETF** | **NYLI FTSE International Equity Currency Neutral ETF** |
|  | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income | $4511172<br>| $4704679<br>| $22487829<br>| $12200876<br>|
| Net realized gain | 43182022 | 46574257 | 18678144 | 5648932 |
| Net change in net unrealized <br>appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (20953010) | &nbsp;&nbsp;&nbsp;&nbsp; 21896028 | &nbsp;&nbsp;&nbsp;&nbsp; 25008915 | &nbsp;&nbsp;&nbsp;&nbsp; 45114094 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 26740184 | &nbsp;&nbsp;&nbsp;&nbsp; 73174964 | &nbsp;&nbsp;&nbsp;&nbsp; 66174888 | &nbsp;&nbsp;&nbsp;&nbsp; 62963902 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (4472765) | &nbsp;&nbsp;&nbsp;&nbsp; (4665767) | &nbsp;&nbsp;&nbsp;&nbsp; (18231541) | &nbsp;&nbsp;&nbsp;&nbsp; (8859486) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 93480061 | 94579862 | 418649410 | 204782495 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (141537431) | &nbsp;&nbsp;&nbsp;&nbsp; (171598128) | &nbsp;&nbsp;&nbsp;&nbsp; (84659019) | &nbsp;&nbsp;&nbsp;&nbsp; (4587867) |
| Net increase (decrease) from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (48057370) | &nbsp;&nbsp;&nbsp;&nbsp; (77018266) | &nbsp;&nbsp;&nbsp;&nbsp; 333990391 | &nbsp;&nbsp;&nbsp;&nbsp; 200194628 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (25789951) | &nbsp;&nbsp;&nbsp;&nbsp; (8509069) | &nbsp;&nbsp;&nbsp;&nbsp; 381933738 | &nbsp;&nbsp;&nbsp;&nbsp; 254299044 |
| **Net Assets** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 367935315 | &nbsp;&nbsp;&nbsp;&nbsp; 376444384 | &nbsp;&nbsp;&nbsp;&nbsp; 579541764 | &nbsp;&nbsp;&nbsp;&nbsp; 325242720 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; **$** **342145364**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **367935315**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **961475502**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **579541764**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year | 8625000 | 10550000 | 22000000 | 13800000 |
| Shares created | 2000000 | 2350000 | 15550000 | 8400000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3025000) | &nbsp;&nbsp;&nbsp;&nbsp; (4275000) | &nbsp;&nbsp;&nbsp;&nbsp; (3150000) | &nbsp;&nbsp;&nbsp;&nbsp; (200000) |
| Shares outstanding, end of year | &nbsp;&nbsp;&nbsp;&nbsp; **7600000** | &nbsp;&nbsp;&nbsp;&nbsp; **8625000** | &nbsp;&nbsp;&nbsp;&nbsp; **34400000** | &nbsp;&nbsp;&nbsp;&nbsp; **22000000** |

---

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 Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income | $83154<br>| $71136<br>| $109480<br>| $144908<br>|
| Net realized gain | 761555 | 537656 | 51299 | 724241 |
| Net change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (326897) | &nbsp;&nbsp;&nbsp;&nbsp; 856012 | &nbsp;&nbsp;&nbsp;&nbsp; 334967 | &nbsp;&nbsp;&nbsp;&nbsp; 214401 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 517812 | &nbsp;&nbsp;&nbsp;&nbsp; 1464804 | &nbsp;&nbsp;&nbsp;&nbsp; 495746 | &nbsp;&nbsp;&nbsp;&nbsp; 1083550 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (82172) | &nbsp;&nbsp;&nbsp;&nbsp; (71777) | &nbsp;&nbsp;&nbsp;&nbsp; (102558) | &nbsp;&nbsp;&nbsp;&nbsp; (153927) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created | 3319758 | 2192749 | 748569 | 11965671 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3306254) | &nbsp;&nbsp;&nbsp;&nbsp; (1493391) | &nbsp;&nbsp;&nbsp;&nbsp; (735941) | &nbsp;&nbsp;&nbsp;&nbsp; (12434368) |
| Net increase (decrease) from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 13504 | &nbsp;&nbsp;&nbsp;&nbsp; 699358 | &nbsp;&nbsp;&nbsp;&nbsp; 12628 | &nbsp;&nbsp;&nbsp;&nbsp; (468697) |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 449144 | &nbsp;&nbsp;&nbsp;&nbsp; 2092385 | &nbsp;&nbsp;&nbsp;&nbsp; 405816 | &nbsp;&nbsp;&nbsp;&nbsp; 460926 |
| **Net Assets** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 6694819 | &nbsp;&nbsp;&nbsp;&nbsp; 4602434 | &nbsp;&nbsp;&nbsp;&nbsp; 6211924 | &nbsp;&nbsp;&nbsp;&nbsp; 5750998 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; **$** **7143963**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **6694819**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **6617740**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **6211924**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year | 225000 | 200000 | 225000 | 250000 |
| Shares created | 100000 | 75000 | 25000 | 475000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | &nbsp;&nbsp;&nbsp;&nbsp; (500000) |
| Shares outstanding, end of year | &nbsp;&nbsp;&nbsp;&nbsp; **225000** | &nbsp;&nbsp;&nbsp;&nbsp; **225000** | &nbsp;&nbsp;&nbsp;&nbsp; **225000** | &nbsp;&nbsp;&nbsp;&nbsp; **225000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | |
|:---|:---|:---|
|  | **NYLI Healthy Hearts ETF** | **NYLI Healthy Hearts ETF** |
|  | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| Net investment income | $124751<br>| $111056<br>|
| Net realized gain | 369960 | 385752 |
| Net change in net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (130937) | &nbsp;&nbsp;&nbsp;&nbsp; (100739) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 363774 | &nbsp;&nbsp;&nbsp;&nbsp; 396069 |
| Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (121723) | &nbsp;&nbsp;&nbsp;&nbsp; (106617) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares created | 1570229 | 749995 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1546077) | &nbsp;&nbsp;&nbsp;&nbsp; (741449) |
| Net increase from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 24152 | &nbsp;&nbsp;&nbsp;&nbsp; 8546 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 266203 | &nbsp;&nbsp;&nbsp;&nbsp; 297998 |
| **Net Assets** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 8817919 | &nbsp;&nbsp;&nbsp;&nbsp; 8519921 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9084122**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **8817919**<br>|
| **Changes in Shares Outstanding** |  |  |
| Shares outstanding, beginning of year | 300000 | 300000 |
| Shares created | 50000 | 25000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp; (25000) |
| Shares outstanding, end of year | &nbsp;&nbsp;&nbsp;&nbsp; **300000** | &nbsp;&nbsp;&nbsp;&nbsp; **300000** |

---

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** |
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &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> | 0.94 | 1.33 | 0.72 | 0.41 | 0.42 |
| Net realized and unrealized gain (loss) | 0.50 | 1.04 | (0.54) | (2.65) | 2.79 |
| Distributions of net realized gains from <br>investments in other investment companies | &nbsp;&nbsp;&nbsp;&nbsp;0.00<br> <sup>(c)</sup>  |  |  | 0.07 | 0.03 |
| Net increase (decrease) in net assets <br>resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | 2.37 | 0.18 | (2.17) | 3.24 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income | (0.70) | (1.23) | (0.57) | (0.09) | (0.63) |
| Net asset value, end of year | &nbsp;&nbsp;&nbsp;&nbsp; $31.25<br>| $30.51<br>| $29.37<br>| $29.76<br>| $32.02<br>|
| Market price, end of year | $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> | 4.71% | 8.11% | 0.68% | (6.80)% | 11.01% |
| Total investment return based on market price<sup>(e)</sup> | 4.77% | 8.00% | 0.73% | (6.80)% | 11.26% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $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% | 0.54% | 0.55<br> %<sup>(g)</sup> | 0.54% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers<sup>(f)</sup> | 0.76% | 0.76% | 0.77% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.00% | 4.43% | 2.50% | 1.29% | 1.35% |
| Portfolio turnover rate<sup>(h)</sup> | 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.

(e)The market price total investment returns are calculated using the mean between the last bid and ask prices.

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

(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 Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** | **NYLI Merger Arbitrage ETF** |
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &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> | 0.23 | 0.17 | 0.43 | 0.09 | 0.31 |
| Net realized and unrealized gain (loss) | 3.36 | (0.56) | (0.50) | (1.90) | 2.55 |
| Distributions of net realized gains from <br>investments in other investment companies | &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 <br>resulting from investment operations | &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; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) |
| Net asset value, end of year | &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 year | $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> | 11.59% | (1.25)% | (0.21)% | (5.38)% | 9.07% |
| Total investment return based on market price<sup>(e)</sup> | 11.88% | (1.42)% | (0.19)% | (5.61)% | 9.53% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $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% | 0.76% | 0.77% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.71% | 0.55% | 1.36% | 0.28% | 0.94% |
| Portfolio turnover rate<sup>(g)</sup> | 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.

(e)The market price total investment returns are calculated using the mean between the last bid and ask prices.

(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)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 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 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &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> | 0.77 | 0.74 | 0.79 | 0.85 | 0.62 |
| Net realized and unrealized gain (loss) | &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 <br>from investment operations | &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; (0.78) | &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 year | &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 year | $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> | 11.63% | 9.34% | 7.98% | (7.82)% | 41.45% |
| Total investment return based on market price<sup>(d)</sup> | 12.58% | 8.03% | 9.81% | (9.25)% | 42.51% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $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% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(e)</sup> | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.56% | 2.71% | 3.19% | 2.90% | 2.41% |
| Portfolio turnover rate<sup>(f)</sup> | 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.

(d)The market price total investment returns are calculated using the mean between the last bid and ask prices.

(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)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. Mid Cap Equity ETF** | **NYLI Candriam U.S. Mid Cap Equity ETF** | **NYLI Candriam U.S. Mid Cap Equity ETF** |
|  | **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** |
|  | **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; $29.80<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> | 0.43 | 0.41 | 0.23 |
| Net realized and unrealized gain (loss) | &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 <br>from investment operations | &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; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) |
| Net asset value, end of period | &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 | $29.80<br>| $29.80<br>| $26.75<br>|
| **Total Return** |  |  |  |
| Total investment return based on net asset value<sup>(e)</sup> | 1.32% | 12.72% | 6.85% |
| Total investment return based on market price<sup>(f)</sup> | 1.21% | 12.69% | 6.88<br> %<sup>(g)</sup> |
| **Ratios/Supplemental Data** |  |  |  |
| Net assets, end of period (000's omitted) | $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% | 0.15% | 0.15<br> %<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(h)</sup> | 0.16% | 0.16% | 0.19<br> %<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.34% | 1.44% | 1.65<br> %<sup>(i)</sup> |
| Portfolio turnover rate<sup>(j)</sup> | 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)The market price total investment returns are calculated using the mean between the last bid and ask prices. 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.

*See notes to financial statements.*

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &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> | 0.57 | 0.50 | 0.49 | 0.46 | 0.42 |
| Net realized and unrealized gain (loss) | &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 <br>resulting from investment operations | &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; (0.54) | &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 year | &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 year | $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> | 6.75% | 21.01% | 1.81% | 1.21% | 48.85% |
| Total investment return based on market price<sup>(d)</sup> | 6.59% | 20.99% | 1.75% | 1.23% | 49.00% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $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% | 0.09% | 0.09% | 0.09% | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(e)</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.21% | 1.27% | 1.45% | 1.21% | 1.35% |
| Portfolio turnover rate<sup>(f)</sup> | 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.

(d)The market price total investment returns are calculated using the mean between the last bid and ask prices.

(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)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 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 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | &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> | 0.75 | 0.68 | 0.71 | 0.67 | 0.51 |
| Net realized and unrealized gain (loss) | &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 <br>resulting from investment operations | &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 | (0.65) | (0.52) | (0.82) | (0.73) | (0.47) |
| Net realized gain | &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; (0.66) | &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 year | &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 year | $27.95<br>| $26.20<br>| $23.68<br>| $22.60<br>| $24.36<br>|
| **Total Return** |  |  |  |  |  |
| Total investment return based on <br>net asset value<sup>(c)</sup> | 8.83% | 14.16% | 8.31% | (3.16)% | 38.14% |
| Total investment return based on market price<sup>(d)</sup> | 9.40% | 13.01% | 10.19% | (4.45)% | 39.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000's omitted) | $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% | 0.20% | 0.21% | 0.20% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(e)</sup> | 0.20% | 0.20% | 0.26% | 0.36% | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.80% | 2.79% | 3.25% | 2.72% | 2.41% |
| Portfolio turnover rate<sup>(f)</sup> | 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.

(d)The market price total investment returns are calculated using the mean between the last bid and ask prices.

(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)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 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 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** |
|  | **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; $29.75<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> | 0.37 | 0.34 | 0.31 | 0.07 |
| Net realized and unrealized gain (loss) | &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 <br>resulting from investment operations | &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; (0.34) | &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; $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 | $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> | 7.80% | 30.90% | 3.95% | (9.37)% |
| Total investment return based on market price<sup>(e)</sup> | 7.47% | 30.92% | 4.08% | (9.43)%<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of period (000's omitted) | $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% | 0.14% | 0.14% | 0.14<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(g)</sup> | 0.15% | 0.15% | 0.16% | 0.15<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.12% | 1.25% | 1.45% | 1.21<br> %<sup>(h)</sup> |
| Portfolio turnover rate<sup>(i)</sup> | 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)The market price total investment returns are calculated using the mean between the last bid and ask prices. 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.

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 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** |
|  | **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; $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> | 0.49 | 0.39 | 0.46 | 0.12 |
| Net realized and unrealized gain (loss) | &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 <br>resulting from investment operations | &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; (0.44) | &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; $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 | $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> | 8.13% | 22.13% | 5.54% | (10.35)% |
| Total investment return based on market price<sup>(e)</sup> | 8.45% | 21.41% | 6.54% | (11.03)%<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of period (000's omitted) | $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% | 0.18% | 0.18% | 0.18<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(g)</sup> | 0.19% | 0.20% | 0.20% | 0.19<br> %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.64% | 1.53% | 2.19% | 2.15<br> %<sup>(h)</sup> |
| Portfolio turnover rate<sup>(i)</sup> | 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)The market price total investment returns are calculated using the mean between the last bid and ask prices. 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 Healthy Hearts ETF** | **NYLI Healthy Hearts ETF** | **NYLI Healthy Hearts ETF** | **NYLI Healthy Hearts ETF** | **NYLI Healthy Hearts ETF** |
|  | **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 Period January 14, 2021<sup>(a)</sup>** **to April 30, 2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period January 14, 2021<sup>(a)</sup>** **to April 30, 2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.93<br>|
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income<sup>(b)</sup><sup>(c)</sup> | 0.43 | 0.37 | 0.33 | 0.32 | 0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Net increase (decrease) in net assets <br>resulting from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| **Distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.24<br>|
| Market price, end of period | $30.24<br>| $29.34<br>| $28.43<br>| $27.51<br>| $26.28<br>|
| **Total Return** |  |  |  |  |  |
| Total investment return based on net asset value<sup>(d)</sup> | 4.36% | 4.75% | 4.35% | 6.32% | 5.62% |
| Total investment return based on market price<sup>(e)</sup> | 4.40% | 4.45% | 4.70% | 5.89% | 5.77<br> %<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $9084<br>| $8818<br>| $8520<br>| $6893<br>| $6559<br>|
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses net of waivers/reimbursements<sup>(g)</sup> | 0.45% | 0.45% | 0.46<br> %<sup>(h)</sup> | 0.45% | 0.45<br> %<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses excluding waivers/reimbursements<sup>(g)</sup> | 0.46% | 0.46% | 0.47% | 0.47% | 0.46<br> %<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.36% | 1.30% | 1.26% | 1.15% | 1.92<br> %<sup>(i)</sup> |
| Portfolio turnover rate<sup>(j)</sup> | 35% | 34% | 55% | 31% | 14% |

---

------

(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)The market price total investment returns are calculated using the mean between the last bid and ask prices. 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)The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.

(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.

Notes to Financial Statements

April 30, 2025

**1. ORGANIZATION**

New York Life Investments ETF Trust (the "Trust") (formally known as IndexIQ ETF 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 nine 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 the 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 |
| NYLI Healthy Hearts ETF | Non-diversified | January 14, 2021 |

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\*Fund is "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 daily investment results, before fees and expenses that correspond to the performance of a particular index (the "Underlying Index"). The Underlying Index for each Fund is listed below:

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| | |
|:---|:---|
| **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 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 |
| NYLI Healthy Hearts ETF | NYLI Candriam Healthy Hearts Index |

---

In this reporting period, the Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. NYLI Disclosure Committee ("Committee") acts as the Funds' chief operating

Notes to Financial Statements (continued)

April 30, 2025

decision maker assessing performance and making decisions about resource allocation. The Committee has determined that each Fund has a single operating segment based on the fact that the Committee monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy. The financial information provided to and reviewed by the Committee is consistent with that presented in each Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

**Use of Estimates**

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

**Indemnification**

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

**Investment Valuation**

Each Fund issues and redeems shares on a continuous basis at Net Asset Value ("NAV") only in large blocks of shares called "Creation Units." The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the Fund's 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.

Notes to Financial Statements (continued)

April 30, 2025

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 4PM GMT London rate.

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

Notes to Financial Statements (continued)

April 30, 2025

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 methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

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

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

The inputs or methodology 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 April 30, 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.

Notes to Financial Statements (continued)

April 30, 2025

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

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

**Foreign Taxes**

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

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

**Dividends and Distributions to Shareholders**

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

Notes to Financial Statements (continued)

April 30, 2025

**Security Transactions**

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

**Investment Income and Expenses**

Dividend income is recognized on the ex-date net of any foreign tax withheld at the source. Interest income is accrued daily as earned using the effective interest rate method. Distributions of realized capital gains by underlying funds are recorded as realized capital gains on the ex-date. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust based upon the relative net assets or other appropriate measures. The Funds distribute substantially all their net investment income to shareholders in the form of dividends. Net investment income 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, NYLI Global Equity R&D Leaders ETF and NYLI Healthy Hearts 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 April 30, 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.

Notes to Financial Statements (continued)

April 30, 2025

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 April 30, 2025, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds, Separate Trading of Registered Interest ("STRIPs") and Principal of Securities and U.S. Treasury Inflation Indexed Notes and Bonds with the following maturities:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $66584983<br>| $28007<br>| $1163566<br>| $27814494<br>| $95591050<br>|
| NYLI Merger Arbitrage ETF | 15441493 |  | 9391 | 1274188 | 16725072 |
| NYLI Candriam International Equity ETF | 1500199 | 17704 | 82439 | 1572260 | 3172602 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 615795 | 2735 | 4310 | 564626 | 1187466 |
| NYLI Candriam U.S. Large Cap Equity ETF | 93766 |  | 39246 | 930564 | 1063576 |
| NYLI FTSE International Equity<br>Currency Neutral ETF | 23219595 | 3027 | 494191 | 15284652 | 39001465 |
| NYLI U.S. Large Cap R&D Leaders ETF | 18043 |  | 870 | 23425 | 42338 |
| NYLI Global Equity R&D Leaders ETF | 11864 |  | 425 | 11451 | 23740 |
| NYLI Healthy Hearts ETF | 4569 | 989 | 7048 | 111617 | 124223 |

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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 April 30, 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:

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| | |
|:---|:---|
| NYLI Hedge Multi-Strategy Tracker ETF  |  |
| NYLI Merger Arbitrage ETF  | ($33118) |
| NYLI Candriam International Equity ETF  |  |

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Notes to Financial Statements (continued)

April 30, 2025

As of April 30, 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Fund** | **Gross Amounts Presented in Statements of <br>Assets and Liabilities** | **Collateral Received<sup>(1)</sup>** | **Net <br>Amount** | **Gross Amounts Presented in Statements of <br>Assets and Liabilities** | **Collateral Pledged** | **Net <br>Amount** |
| NYLI Hedge Multi-Strategy Tracker ETF | $93733494 | $(93733494) | $—<br>| $—<br>| $—<br>| $—<br>|
| NYLI Merger Arbitrage ETF | 16226847 | (16226847) |  |  |  |  |
| NYLI Candriam International Equity ETF | 3024545 | (3024545) |  |  |  |  |
| NYLI Candriam U.S. Mid Cap Equity ETF | 1147778 | (1147778) |  |  |  |  |
| NYLI Candriam U.S. Large Cap Equity ETF | 1039407 | (1039407) |  |  |  |  |
| NYLI FTSE International Equity Currency Neutral ETF | 35633676 | (35633676) |  |  |  |  |
| NYLI U.S. Large Cap R&D Leaders ETF | 40920 | (40920) |  |  |  |  |
| NYLI Global Equity R&D Leaders ETF | 23247 | (23247) |  |  |  |  |
| NYLI Healthy Hearts ETF | 118118 | (118118) |  |  |  |  |

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

As of April 30, 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $373811 | $(373811) | $—<br>| $22649898 | $(373811) | $22276087<br>|

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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

Notes to Financial Statements (continued)

April 30, 2025

office space and all necessary office equipment and services. The Funds reimburse the Advisor in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to each Fund.

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

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| | |
|:---|:---|
| **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% |
| NYLI Healthy Hearts ETF | 0.45% |

---

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% |
| NYLI Healthy Hearts ETF | 0.45% |

---

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)

April 30, 2025

As of April 30, 2025, the Advisor waived/reimbursed the following Fund expenses:

---

| | |
|:---|:---|
| **Fund** | **Waived/Reimbursed Expenses** |
| NYLI Hedge Multi-Strategy Tracker ETF | $1384003<br>|
| NYLI Candriam International Equity ETF | 22807 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 26950 |
| NYLI Candriam U.S. Large Cap Equity ETF | 44747 |
| NYLI FTSE International Equity Currency Neutral ETF |  |
| NYLI U.S. Large Cap R&D Leaders ETF | 955 |
| NYLI Global Equity R&D Leaders ETF | 644 |
| NYLI Healthy Hearts ETF | 1149 |

---

**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

Notes to Financial Statements (continued)

April 30, 2025

to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

**5. FEDERAL INCOME TAX**

At April 30, 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/<br>(Depreciation)** |
| NYLI Hedge Multi-Strategy Tracker ETF | $742249412<br>| $219626864<br>| $(206271354) | $13355510<br>|
| NYLI Merger Arbitrage ETF | 231420182 | 54144697 | (53059094) | 1085603 |
| NYLI Candriam International Equity ETF | 190393349 | 33246004 | (15163475) | 18082529 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 200611101 | 20035545 | (21672186) | (1636641) |
| NYLI Candriam U.S. Large Cap Equity ETF | 319269739 | 49337796 | (26529793) | 22808003 |
| NYLI FTSE International Equity Currency <br>Neutral ETF | 884777120 | 174737000 | (79971219) | 94765781 |
| NYLI U.S. Large Cap R&D Leaders ETF | 6954884 | 713442 | (507225) | 206217 |
| NYLI Global Equity R&D Leaders ETF | 6287460 | 876540 | (548522) | 328018 |
| NYLI Healthy Hearts ETF | 8497657 | 1503060 | (922952) | 580108 |

---

The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sale loss deferrals, pass through investments, amortization of market premium, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at April 30, 2025.

At April 30, 2025, the components of undistributed or accumulated earnings/losses on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary Income <br>(Loss)<sup>1</sup>** | **Net <br>Capital Gain (Losses)<sup>2</sup>** | **Net Unrealized Appreciation/ Depreciation** | **Total Earnings/ (Losses)** |
| NYLI Hedge Multi-Strategy Tracker ETF | $2489695<br>| $(91789237) | $13355510<br>| $(75944032) |
| NYLI Merger Arbitrage ETF |  | (40399912) | 1032458 | (39367454) |
| NYLI Candriam International Equity ETF | 1993841 | (11566576) | 18162144 | 8589409 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 212545 | (9862206) | (1636641) | (11286302) |
| NYLI Candriam U.S. Large Cap Equity ETF | 285186 | (15096706) | 22808003 | 7996483 |
| NYLI FTSE International Equity Currency Neutral ETF | 17899045 | (39939866) | 94774467  | 72733646 |
| NYLI U.S. Large Cap R&D Leaders ETF | 4781 | (503755) | 206217 | (292757) |
| NYLI Global Equity R&D Leaders ETF | 7254 | (462582) | 328685 | (126643) |
| NYLI Healthy Hearts ETF | 12220 | (514198) | 581791 | 79813 |

---

1Includes late year ordinary loss, if any.

2Amount includes the deferral of post October losses, if any.

The differences between book and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences including foreign currency contracts, swap contracts, post-October, passive foreign investment companies and partnerships and late year losses.

Notes to Financial Statements (continued)

April 30, 2025

At April 30, 2025, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total distributable<br>earnings/<br>(accumulated loss)** | **Paid-in <br>Capital** |
| NYLI Hedge Multi-Strategy Tracker ETF | $(6653452) | $6653452<br>|
| NYLI Merger Arbitrage ETF | 11308847 | (11308847) |
| NYLI Candriam International Equity ETF | (17069502) | 17069502 |
| NYLI Candriam U.S. Mid Cap Equity ETF | (14808375) | 14808375 |
| NYLI Candriam U.S. Large Cap Equity ETF | (48112836) | 48112836 |
| NYLI FTSE International Equity Currency Neutral ETF | (27037841) | 27037841 |
| NYLI U.S. Large Cap R&D Leaders ETF | (1067264) | 1067264 |
| NYLI Global Equity R&D Leaders ETF | (137626) | 137626 |
| NYLI Healthy Hearts ETF | (401242) | 401242 |

---

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/ tax differences. Reclassifications are primarily due to the tax treatment of redemptions in-kind, distributions in excess of earnings and profits, nondeductible expenses, net operating loss and capital share redemptions utilized as distributions for tax purposes.

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 of Capital** | **Ordinary Income** | **Long-Term Capital Gains** | **Tax Return of Capital** |
| NYLI Hedge Multi-Strategy Tracker ETF | $14744680<br>| $—<br>| $—<br>| $25206630<br>| $—<br>| $—<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 Equity ETF | 4472765 |  |  | 4665767 |  |  |
| NYLI FTSE International Equity Currency Neutral ETF | 18231541 |  |  | 8859486 |  |  |
| NYLI U.S. Large Cap R&D Leaders ETF | 82172 |  |  | 71777 |  |  |
| NYLI Global Equity R&D Leaders ETF | 102558 |  |  | 153927 |  |  |
| NYLI Healthy Hearts ETF | 121723 |  |  | 106617 |  |  |

---

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 <br>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 |  |  |  |
| NYLI Healthy Hearts ETF |  |  |  |

---

Notes to Financial Statements (continued)

April 30, 2025

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 |
| NYLI Healthy Hearts ETF |  | 235251 | 278947 |

---

**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 April 30, 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 April 30, 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 | 81.2% |
| NYLI Candriam U.S. Mid Cap Equity ETF | 98.3% |
| NYLI Candriam U.S. Large Cap Equity ETF | 70.0% |
| NYLI FTSE International Equity Currency Neutral ETF | 10.7% |
| NYLI U.S. Large Cap R&D Leaders ETF | 84.4% |
| NYLI Global Equity R&D Leaders ETF | 84.4% |
| NYLI Healthy Hearts ETF | 66.4% |

---

Notes to Financial Statements (continued)

April 30, 2025

**7. INVESTMENT TRANSACTIONS**

Purchases and sales of investments (excluding short-term investments) for the year ended April 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Purchases** <br> **In-Kind** | **Sales <br>In-Kind** |
| NYLI Hedge Multi-Strategy Tracker ETF | $411578394<br>| $416768310<br>| $244834800<br>| $119851289<br>|
| NYLI Merger Arbitrage ETF | 689698035 | 712259696 | 22300441 | 81226242 |
| NYLI Candriam International Equity ETF | 57504182 | 42423625 | 48442171 | 56699750 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 103263295 | 103407371 | 65702981 | 68401452 |
| NYLI Candriam U.S. Large Cap Equity ETF | 125141087 | 125078968 | 93488794 | 141606009 |
| NYLI FTSE International Equity Currency Neutral ETF | 129578630 | 129028721 | 393539640 | 81862814 |
| NYLI U.S. Large Cap R&D Leaders ETF | 896931 | 1134524 | 3319617 | 3070792 |
| NYLI Global Equity R&D Leaders ETF | 1715286 | 1977168 | 692177 | 415202 |
| NYLI Healthy Hearts ETF | 3175960 | 3349346 | 1539400 | 1338980 |

---

**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)

April 30, 2025

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 April 30, 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 April 30, 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 April 30, 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 |  | $14<br>|
| **NYLI FTSE International Equity Currency Neutral ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | $373811<br>|  |

---

Notes to Financial Statements (continued)

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Foreign Currency Risk** | **Equity Risk** |
| **Liability Derivatives** |  |  |
| **NYLI Merger Arbitrage ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on swap transactions |  | $33118<br>|
| **NYLI FTSE International Equity Currency Neutral ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | $22649898<br>|  |

---

Transactions in derivative instruments reflected on the Statements of Operations during the year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign Currency Risk** | **Equity Risk** |
| **NYLI Hedge Multi-Strategy Tracker ETF**  |  |  |
| **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | $(12038938)<br>|
| **NYLI Merger Arbitrage ETF** |  |  |
| **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | (2310015) |
| **Change in unrealized appreciation (depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | (33104) |
| **NYLI Candriam International Equity ETF** |  |  |
| **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | (2360) |
| **NYLI FTSE International Equity Currency Neutral ETF** |  |  |
| **Realized gain (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap transactions |  | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $4375444<br>|  |
| **Change in unrealized appreciation (depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (27821674) |  |

---

For the year ended April 30, 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** |
| **Fund** | **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 | $79350451<br>| $—<br>| $828017<br>| $—<br>|
| Forward foreign currency contracts |  |  |  | 711053203 |
| **Liability Derivatives** |  |  |  |  |
| Swap contracts | (78560619) | (66632935) |  |  |
| Forward foreign currency contracts |  |  |  | (712527939) |

---

Notes to Financial Statements (continued)

April 30, 2025

**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. Futures and other 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)

April 30, 2025

**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.

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

3Applies to NYLI Hedge Multi-Strategy Tracker ETF.

Notes to Financial Statements (continued)

April 30, 2025

**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 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. RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on our financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact to the funds.

**11. SUBSEQUENT EVENTS**

On June 25, 2025, the Board, upon the recommendation from the Fund's Advisor, approved a proposal to liquidate the NYLI Healthy Hearts ETF pursuant to the terms of a plan of liquidation. After considering all of the information presented, the Board concluded that it would be in the best interest of the Fund and its shareholders to liquidate the Fund. The Fund will be liquidated on or about August 26, 2025.

Other than the Fund liquidation, management has determined that there were no other material events that would require disclosure in the preparation of these financial statements.

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

Report of Independent Registered Public Accounting Firm

April 30, 2025

To the Board of Trustees of New York Life Investments ETF Trust and Shareholders of each of the nine funds listed in the table below

*Opinions on the Financial Statements*

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting New York Life Investments ETF Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| NYLI Hedge Multi-Strategy Tracker ETF<sup>1</sup> |
| NYLI Merger Arbitrage ETF<sup>1</sup> NYLI U.S. Large Cap R&D Leaders ETF<sup>1</sup> |
| NYLI Candriam International Equity ETF<sup>1</sup> NYLI Global Equity R&D Leaders ETF<sup>1</sup> |
| NYLI Candriam U.S. Mid Cap Equity ETF<sup>1</sup> NYLI Healthy Hearts ETF<sup>1</sup> |
| NYLI Candriam U.S. Large Cap Equity ETF<sup>1</sup> |

---

1Statement of operations for the year ended April 30, 2025, and statement of changes in net assets for the years ended April 30, 2025 and 2024.

*Basis for Opinions*

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

June 29, 2025

We have served as the auditor of one or more investment companies in the New York Life Investments ETF Complex since 2015.

Supplemental Information (unaudited)

Supplemental Information (unaudited)

Federal Tax Status of Dividends Declared During the Tax Year

**Qualified Dividend Income —** Certain dividends paid by the fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the fiscal year ended April 30, 2025 taxed at a maximum rate of 20% is as follows:

---

| | |
|:---|:---|
| NYLI Hedge Multi-Strategy Tracker ETF | 14.92% |
| NYLI Merger Arbitrage ETF | 0.00% |
| NYLI Candriam International Equity ETF | 82.49% |
| NYLI Candriam U.S. Mid Cap Equity ETF | 75.12% |
| NYLI Candriam U.S. Large Cap Equity ETF | 100.00% |
| NYLI FTSE International Equity Currency Neutral ETF | 69.09% |
| NYLI U.S. Large Cap R&D Leaders ETF | 100.00% |
| NYLI Global Equity R&D Leaders ETF | 100.00% |
| NYLI Healthy Hearts ETF | 100.00% |

---

**Dividends Received Deduction —** For corporate shareholders, the percentage of ordinary income distributions for the year ended April 30, 2025 that qualifies for the dividends received deduction is as follows:

---

| | |
|:---|:---|
| NYLI Hedge Multi-Strategy Tracker ETF | 7.06% |
| NYLI Merger Arbitrage ETF | 0.00% |
| NYLI Candriam International Equity ETF | 0.00% |
| NYLI Candriam U.S. Mid Cap Equity ETF | 68.81% |
| NYLI Candriam U.S. Large Cap Equity ETF | 92.05% |
| NYLI FTSE International Equity Currency Neutral ETF | 0.00% |
| NYLI U.S. Large Cap R&D Leaders ETF | 100.00% |
| NYLI Global Equity R&D Leaders ETF | 39.85% |
| NYLI Healthy Hearts ETF | 76.45% |

---

**Foreign Taxes Paid —** The following Funds elect under the Internal Revenue Code Section 853 to pass through foreign taxes paid to its shareholders. The total amount of foreign taxes passed through to shareholders on a per share basis for the year ended April 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign Taxes <br>Per Share** | **Foreign Income <br>Per Share** |
| NYLI Hedge Multi-Strategy Tracker ETF |  |  |
| NYLI Merger Arbitrage ETF |  |  |
| NYLI Candriam International Equity ETF | 0.07 | 0.87 |
| NYLI Candriam U.S. Mid Cap Equity ETF |  |  |
| NYLI Candriam U.S. Large Cap Equity ETF |  |  |
| NYLI FTSE International Equity Currency Neutral ETF | 0.07 | 0.77 |
| NYLI U.S. Large Cap R&D Leaders ETF |  |  |
| NYLI Global Equity R&D Leaders ETF |  |  |
| NYLI Healthy Hearts ETF |  |  |

---

In January 2026, you will be advised on IRS Form 1099 DIV as to the Federal tax status of the distributions received by you in calendar year 2025.

April 30, 2025

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

Not applicable.

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

Not applicable.

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

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

Board Review of Investment Advisory Agreements

April 30, 2025

*Approval Relating to Annual Continuation of the Advisory Agreement* 

The Board (the members of which are referred to as "Trustees") met in person on March 27, 2025, to consider the approval of the continuation, for an additional year, of the Advisory Agreement with respect to the series of the Trust for which the agreement applies (the "Funds"). The Board noted that the Advisory Agreement was between the Trust and New York Life Investment Management LLC (the "Advisor").

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

During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, extent and quality of the services provided by the Advisor to the Funds and the fees charged by the Advisor; (2) information concerning the business and operations, compliance program and portfolio management teams of the Advisor; (3) the expense levels of each Fund; (4) the investment performance of the Funds; (5) the costs of the services provided and profits realized by the Advisor and its affiliates from the relationship with the Trust, including expense limitation agreements and fee waiver agreements between the Advisor and certain Funds; (6) the extent to which economies of scale would be realized as each Fund grows; (7) any "fall-out" benefits derived or to be derived by the Advisor from its relationship with the Trust; and (8) potential conflicts of interest. The Board considered that the Funds were passively managed exchange-traded funds ("ETFs") and that each Fund except the NYLI FTSE International Equity Currency Neutral ETF was designed to track an index provided by the Advisor.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1.*The nature, extent and quality of the facilities and services provided by the Advisor.* The Board reviewed the services that the Advisor provides to the Funds, noting that they had continually reviewed and overseen such services throughout the past year. The Board noted the responsibilities that the Advisor has as the investment advisor to the Funds, including overall supervisory responsibility for the general management and investment of each Fund's securities portfolio, monitoring fund compliance with regulatory requirements and Fund objectives and policies, daily monitoring of the portfolio, overseeing Fund service providers, obtaining licenses for use of indexes tracked by the Funds, providing officers for the Funds, ongoing reporting to the Board, and the implementation of Board directives as they relate to the Funds.

Board Review of Investment Advisory Agreements (continued)

April 30, 2025

The Board reviewed the Advisor's experience, resources, and strengths in managing ETFs and other investment mandates, including the Advisor's management of the Funds and the funds of the New York Life Investments Active ETF Trust. The Board also noted and discussed with the Advisor the resources and additional support and personnel from its affiliate New York Life Insurance and Annuity Corporation, which resources enhance and support the work of the Advisor's officers and staff. The Board also considered the tenure and experience of the personnel at the Advisor providing management and administrative services to the Funds. The Board also considered the Advisor's marketing and distribution strategy, including the various services engaged by the Advisor in seeking to market and grow assets in the Funds.

Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Advisor's ability to render such services based on its personnel, experience, operations, and resources.

&nbsp;&nbsp;&nbsp;&nbsp;2.*Comparison of services provided and fees charged by the Advisor and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Advisor from its relationship with the Funds.* The Board then compared both the services rendered and the fees paid with respect to the Funds pursuant to the Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs.

In particular, the Board compared each Fund's advisory fee and expense ratio (including acquired fund fees and expenses, as applicable) to other investment companies considered to be in each such Fund's peer group. The Advisor presented information on how peer groups were selected for the Funds, which generally are differentiated from broad Morningstar categorization based on distinguishing characteristics of many Funds' core strategies, several of which are unique indexes designed by the Advisor. The Advisor explained that, consistent with prior practice, peer groups were selected by the Advisor using an objective methodology.

The Board noted that certain Funds had peer groups of limited size and, in certain cases, with substantial differences in portfolio management and operational costs. The Board was presented with information describing the Funds' performance and fees, with information relative to peer groups. The Board considered unique characteristics of certain Funds relative to peer groups, particularly where such Funds had fee or total expense ratios that diverged from the median levels of the applicable peer group. The Board also discussed price pressure in the general ETF marketplace and the impact of market pressures on the price levels for relatively unique investment strategies such as those implemented by several of the Funds.

Additionally, the Trustees considered that the Advisor had put in place expense limitation or fee waiver agreements whereby the Advisor reimburses expenses and/or waives fees to limit the impact above set thresholds of certain expenses on shareholders of certain Funds. The Board noted that such expense limitation and fee waiver agreements were reflected, where applicable, in the peer group analysis provided by the Advisor. The Board further noted that the Advisor had put in place permanent expense limitation and/or fee waiver agreements for certain Funds, which were subject to termination by the Board.

The Board also considered that certain Funds invest in other underlying funds and based on information provided by the Advisor, and determined that fees that would be paid to the Advisor that are attributable to the investments made by such Funds would not be duplicative.

After comparing each Fund's fees with those of other investment companies in the Fund's peer group, and in light of the nature, quality, and extent of services provided by the Advisor and the costs incurred by the Advisor in rendering those services, the Board concluded that the level of fees paid (or proposed to be paid) to the Advisor with respect to each Fund is fair and reasonable.

Board Review of Investment Advisory Agreements (continued)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;3.*The Advisor's profitability and the extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale.* The Board discussed with the Advisor the costs and profitability of the Advisor in connection with its serving as investment advisor to each Fund, including operational costs. The Board also discussed additional resources available to the Advisor as part of a larger organization, including the investment of financial and human resources into the Advisor and additional support to market and distribute the Funds.

The Board considered information regarding the strategy of the Advisor to grow assets in the Funds during the calendar year, including the marketing and distribution details that were provided in the Board materials. The Board reviewed the net asset levels of the Funds and the impact of both high and low asset levels on such Funds. The Advisor presented to the Board information on the operating profits on a year over year basis.

The Board considered whether the continued operation of certain Funds that had not attracted significant assets under management would be profitable to the Advisor under the unitary fee arrangement of the Advisory Agreement and determined to continue to review the asset levels of the Funds in relation to the Advisor's profitability. The Board also noted the existence of Expense Limitation Agreements and Fee Waiver Agreements applicable to certain of the Funds, and their respective impacts on costs to shareholders and profitability of the Advisor.

The Board concluded that the fees paid to the Advisor were reasonable when considering the relative asset levels and profitability of the Funds to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;4.*Investment performance of the Funds.* The Board considered the investment performance of the existing Funds, including tracking error. In particular, the Board considered the investment performance of the Funds relative to their stated objectives and the success of the Advisor in reaching such objectives. The Board considered each Fund's investment performance compared to the underlying index that each Fund seeks to track and includes in its prospectus and shareholder reports. The Board also considered each Fund's investment performance compared to the respective Fund's peer group. The Board concluded that the investment performance of the Funds, particularly in the context of tracking error as against each Fund's underlying index and in succeeding in satisfying their stated investment objective, supported the approval of the Advisory Agreement.

The Board agreed that it had been furnished with sufficient information, both at the meeting and in its ongoing oversight of the Funds, to make an informed business decision with respect to the Advisory Agreement for the Funds. Based on the foregoing and such other matters as were deemed relevant, and while no single factor was determinative in the decision, the Independent Trustees concluded that the terms of the Advisory Agreement with the Advisor were reasonable and fair to the Funds and to recommend to the Board the approval of the Advisory Agreement. As a result, all of the Board members, including the Independent Trustees, determined that the continuation of the Advisory Agreement with the Advisor was in the best interests of each Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the continuation of the Advisory Agreement for an additional one-year period.

"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.**

Please refer to Item 7(a).

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

Please refer to Item 7(a).

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

Please refer to Item 7(a).

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

Please refer to Item 7(a).

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Since the Registrant's last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of ethics that is the subject of disclosure required by Item 2 is attached hereto.](ex99-coe.htm)

(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)

[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 ETF Trust |
| By (Signature and Title) | /s/ Kirk C. Lehneis |
|  | Kirk C. Lehneis |
|  | (Principal Executive Officer) |

---

Date <u>July 8, 2025</u>

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 <u>July 8, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Adefolahan O. Oyefeso |
|  | Adefolahan O. Oyefeso |
|  | (Principal Financial Officer) |

---

Date <u>July 8, 2025</u>

## Ex-99.Code

[New York Life Investments ETF Trust N-CSR](nyli-ncsr_043025.htm)

**EX-99.CODE ETH**

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE OFFICER AND**

**PRINCIPAL FINANCIAL OFFICERS**

**Pursuant to the Sarbanes-Oxley Act of 2002**

**NEW YORK LIFE INVESTMENTS MUTUAL FUNDS**

**NEW YORK LIFE INVESTMENTS FUNDS**

**NEW YORK LIFE INVESTMENTS FUNDS TRUST**

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST**

**NYLI MACKAY DEFINEDTERM MUNI OPPORTUNITIES FUND**

**NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND**

**NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND**

**(the "Mutual Funds")**

**NEW YORK LIFE INVESTMENTS ETFS**

**NEW YORK LIFE INVESTMENTS ETF TRUST**

**NEW YORK LIFE INVESTMENTS ACTIVE ETF TRUST**

**(the "ETFs")**

**(collectively the "Trusts")**<sup>1</sup>

**Approved by the Board of Trustees**

**of the Trusts** 

**June 2025**

**I.**  **<u>Introduction and Application</u>** 

The Trusts and each underlying series of the Trusts (each, a "Fund", and collectively, the "Funds") recognize the importance of high ethical standards in the conduct of their business and requires this Code of Ethics ("SOX Code") pursuant to the Sarbanes-Oxley Act of 2002 ("SOX Act") be observed by their principal executive officers (each, a "Covered Officer") (defined below). In accordance with the SOX Act and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC") the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended ("1934 Act"), and must disclose whether each has adopted a code of ethics applicable to the principal executive officers. The Board of Trustees of each Trust (each, the "Board" and collectively, the "Boards"), including a majority of Independent Trustees (defined below), has approved this SOX Code in accordance with the requirements of the SOX Act and related SEC rules.

All recipients of the SOX Code are directed to read it carefully, retain it for future reference, and abide by the rules and policies set forth herein. Any questions concerning the applicability or interpretation of such rules and policies, and compliance therewith, should be directed to the applicable Compliance Officer (defined below).

<sup>1</sup> Reference to the "Trusts" may refer to one or more of the registrants as required by the context.

SOX Code - 1

**II.**  **<u>Purpose</u>** 

The Boards, in accordance with the SOX Act and the rules promulgated by the SEC, have adopted this SOX Code in order to deter wrongdoing and promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents filed by the Funds with the SEC or made in other public communications by the Funds;

● compliance with applicable governmental laws, rules, and regulations;

● prompt internal reporting to an appropriate person or persons of violations of the SOX Code to an appropriate person or persons identified in the SOX Code; and

● accountability for adherence to the SOX Code.

**III.**  **<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *"Covered Officer"* means the principal executive officer and senior financial officers, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions. The Covered Officers of the Funds shall be identified in Schedule I, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *"Compliance Officer"* means the person appointed by the Funds' Boards to administer the SOX Code. The Compliance Officer of the Funds shall be identified in Schedule II as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *"Director"* or *"Trustee"* means a director or trustee of the Funds, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) *"Executive Officer"* shall have the same meaning as set forth in Rule 3b-7 of the 1934 Act. Subject to any changes in the Rule, an Executive Officer means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) *"Independent Director/Trustee"* means a director/trustee of a Board who is not an "interested person" of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (" 1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) *"Implicit Waiver"* means the Compliance Officer failed to take action within a reasonable period of time regarding a material departure from a provision of the SOX Code that has been made known to an Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) *"Restricted List*" means that listing of securities maintained by the Compliance Officer in which trading by certain individuals subject to the Funds' 17j-1 code of ethics is generally prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) *"Trustee"* means a trustee of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) *"Waiver"* means the approval by the Compliance Officer of a material departure from a provision of the SOX Code.

SOX Code - 2

**IV.**  **<u>Honest and Ethical Conduct</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as 'affiliated persons" of the Funds. The Funds' and certain of its service providers' compliance policies, programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, restate or replace these programs and procedures, and such conflicts fall outside of the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Funds and New York Life Investment Management LLC (the "Adviser"). The Covered Officers may be officers or employees of the Adviser. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or the Adviser), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>General Policy</u>. Each Covered Officer shall adhere to high standards of honest and ethical conduct. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the shareholders first, and to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each such person must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Conflicts of Interest</u>. Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions of the 1940 Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

SOX Code - 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Prohibited Conflicts of Interest</u>. Each Covered Officer must:

● not use his or her personal influence or personal relationships improperly to influence decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

● not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than benefit the Funds;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; or

● report at least annually the information elicited in the Funds' Directors/Trustees' and Officers' Questionnaire relating to potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Duty to Disclose Conflicts</u>. Each Covered Officer has the duty to disclose to the Compliance Officer any interest that he or she may have in any firm, corporation or business entity that is not affiliated or participating in any joint venture or partnership with the Funds or its affiliates and that does business with the Funds or that otherwise presents a possible conflict of interest. Disclosure must be timely so that the Funds may take action concerning any possible conflict as it deems appropriate. It is recognized, however, that the Funds or its affiliates may have business relationships with many organizations and that a relatively small interest in publicly traded securities of an organization does not necessarily give rise to a prohibited conflict of interest. Therefore, the following procedures have been adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Conflicts of Interest that may be Waived</u>. Conflict of interest situations may occur in which a Covered Officer may seek a Waiver from a provision(s) of the SOX Code. Waivers must be sought in accordance with Section VII of the SOX Code. Examples of these include:

● *Board Memberships.* Except as described below, it is considered generally incompatible with the duties of a Covered Officer to assume the position of director of a corporation not affiliated with the Funds. A report should be made by a Covered Officer to the Compliance Officer of any invitation to serve as a director of a corporation that is not an affiliate, and the person must receive the approval of the Compliance Officer prior to accepting any such directorship. In the event that approval is given, the Compliance Officer shall immediately determine whether the corporation in question is to be placed on the Funds' Restricted List.

● *"Other" Business Interests*. Except as described below, it is considered generally incompatible with the duties of a Covered Officer to act as an officer, general partner, consultant, agent, representative or employee of any business other than an affiliate. A report should be made of any invitation to serve as an officer, general partner, consultant, agent, representative or employee of any business that is not an affiliate for the approval of the Compliance Officer prior to accepting any such position. In the event that approval is given, the Compliance Officer shall immediately determine whether the business in question is to be placed on the Funds' Restricted List.

SOX Code - 4

● *Gifts, Entertainment, Favors, or Loans.* Covered Officers are subject to the New York Life Investment Management Gift and Entertainment Policy and should refer to that Policy for guidance with respect to the limits on giving and receiving gifts/entertainment to and from third parties that do business with the Funds.

● *Permissible Outside Activities.* Covered Officers who, in the regular course of their duties relating to the Funds' private equity/venture capital advisory and investment activities, are asked to serve as the director, officer, general partner, consultant, agent, representative or employee of a privately-held business may do so with the prior written approval of the Compliance Officer.

● *Doing Business with the Funds.* Except as approved by the Compliance Officer, Covered Officers may not have a monetary interest, as principal, co-principal, agent, or beneficiary, directly or indirectly, or through any substantial interest in any other corporation or business unit, in any transaction involving the Funds, subject to such exceptions as are specifically permitted under law.

**V.**  **<u>Full, Fair, Accurate, Timely And Understandable Disclosure And Compliance</u>** 

Covered Officers shall:

● be familiar with the disclosure requirements generally applicable to the Funds;

● not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including the Funds' Directors/Trustees and auditors, governmental regulators, and self-regulatory organizations;

● to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds, the Adviser, and other Funds service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public communications made by the Funds; and

● promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations.

**VI.**  **<u>Internal Reporting by Covered Persons</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Certifications and Accountability. Each Covered Officer shall:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) upon adoption of the SOX Code (or thereafter as applicable upon becoming a Covered Officer), affirm in writing on Exhibit A hereto
that the Covered Officer has received, read, and understands the SOX Code;

SOX Code - 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) annually thereafter affirm on Exhibit A hereto that the Covered Officer has complied with the requirements of the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) not retaliate against any other Covered Officer or employee of the Funds or their affiliated persons for reports of potential violations
that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Reporting.</u> A Covered Officer shall promptly report any knowledge of a material violation of this SOX Code to the Compliance Officer. Failure to do so is itself a violation of the SOX Code.

**VII.**  **<u>Waivers of Provisions of the SOX Code</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Application of the SOX Code</u>. The Compliance Officer is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Compliance Officer is authorized to consult, as appropriate, with counsel to the Funds/counsel to the Independent Directors/Trustees. However, any approvals or Waivers sought by and/or granted to a Covered Officer will be reported to the applicable Board in accordance with Section VIII, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Waivers</u>. The Compliance Officer may grant Waivers to the SOX Code in circumstances that present special hardship. Waivers shall be structured to be as narrow as is reasonably practicable with appropriate safeguards designed to prevent abuse of the Waiver. To request a Waiver from the SOX Code, the Covered Officer shall submit to the Compliance Officer a written request describing the transaction, activity, or relationship for which a Waiver is sought. The request shall briefly explain the reason for engaging in the transaction, activity, or relationship. Notwithstanding the foregoing, no exception will be granted where such exception would result in a violation of SEC rules or other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Documentation</u>. The Compliance Officer shall document all Waivers (including Implicit Waivers). If a Waiver is granted, the Compliance Officer shall prepare a brief description of the nature of the Waiver, the name of the Covered Officer and the date of the Waiver so that this information may be disclosed in the next applicable SEC financial disclosure filings ("Report") to be filed on behalf of the Funds or posted on the Funds' internet website within five business days following the date of the Waiver. All Waivers must be reported to the applicable Board at its quarterly meeting as set forth in Section VIII below.

**VIII.**  **<u>Board Reporting</u>** 

The Compliance Officer shall report any violations of the SOX Code to the applicable Board for its consideration on a quarterly basis. At a minimum, the report shall:

● describe the violation under the SOX Code and any sanctions imposed;

● identify and describe any Waivers sought or granted under the SOX Code; and

● identify any recommended changes to the SOX Code.

SOX Code - 6

**IX.**  **<u>Amendments</u>** 

The Covered Officers and the Compliance Officer may recommend amendments to the SOX Code for the consideration and approval of the Boards. In connection with any amendment to the SOX Code, the Compliance Officer shall prepare a brief description of the amendment so that the necessary disclosure may be made with the next Report to be filed on behalf of the Funds or posted on the Funds' internet website within five business days following the date of the amendment.

**X.**  **<u>Sanctions</u>** 

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension, or termination.

**XI.**  **<u>Record-keeping</u>** 

The Compliance Officer shall maintain all records, including any internal memoranda, relating to compliance with the SOX Code or Waivers of a provision(s) of the SOX Code, for a period of 7 years from the end of the fiscal year in which such document was created, 2 years in an accessible place.

**XII.**  **<u>Other Policies and Procedures</u>** 

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the SOX Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, the Funds' distributor or underwriter (the "Underwriter")<sup>2</sup>, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' the Adviser's and the Underwriter's codes of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this SOX Code.

**XIII.**  **<u>Confidentiality</u>** 

All reports and records prepared or maintained pursuant to this SOX Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this SOX Code, such matters shall not be disclosed to anyone other than the Boards, the Adviser, and the Compliance Officer, and their respective counsel.

**XIV.**  **<u>Internal Use</u>** 

The SOX Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

<sup>2</sup> NYLIFE Distributors LLC serves as the distributor and underwriter for the Mutual Funds.

ALPS Distributors, Inc. serves as the distributor and underwriter for the ETFs.

SOX Code - 7

**SCHEDULE I**

**COVERED OFFICERS**

**[Mutual Funds and ETFs]**

Kirk C. Lehneis, President and Principal Executive Officer

Jack R. Benintende, Treasurer and Principal Financial and

Accounting Officer of the Mutual Funds

Adefolahan Oyefeso, Treasurer and Principal Financial

and Accounting Officer of the ETFs

SOX Code - 8

**SCHEDULE II**

**COMPLIANCE OFFICER**

**[Mutual Funds and ETFs]**

Kevin M. Gleason

SOX Code - 9

**EXHIBIT A**

**NEW YORK LIFE INVESTMENTS MUTUAL FUNDS**

**NEW YORK LIFE INVESTMENTS FUNDS**

**NEW YORK LIFE INVESTMENTS FUNDS TRUST**

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST**

**NYLI MACKAY DEFINEDTERM MUNI OPPORTUNITIES FUND**

**NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND**

**NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND**

**(the "Mutual Funds")**

**NEW YORK LIFE INVESTMENTS ETFS**

**NEW YORK LIFE INVESTMENTS ETF TRUST**

**NEW YORK LIFE INVESTMENTS ACTIVE ETF TRUST**

**(the "ETFs")**

**(collectively the "Trusts")**

**Code of Ethics for**

**Principal Executive Officer and Principal Financial Officers**

**Initial and Annual Certification of Compliance**

☐ I hereby certify that I have received the Trusts' Code of Ethics for Principal Executive Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Code") and that I have read and understood the SOX Code. I further certify that I am subject to the SOX Code and will comply with each of the SOX Code's provisions to which I am subject.

☐ I hereby certify that I have received the Trusts' Code of Ethics for Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Code") and that I have read and understood the SOX Code. I further certify that I have complied with and will continue to comply with each of the provisions of the SOX Code to which I am subject.

---

| | |
|:---|:---|
| By: |  |
| Name: | Kirk C. Lehneis |
| Title: | President and Principal Executive Officer |
| Date: |  |
| By: |  |
| Name: | Jack R. Benintende |
| Title: | Treasurer and Principal Financial and |
|  | Accounting Officer of the Mutual Funds |
| Date: |  |
| By: |  |
| Name: | Adefolahan Oyefeso |
| Title: | Treasurer and Principal Financial and |
|  | Accounting Officer of the ETFs |
| Date: |  |

---

## Ex-99.Cert

[New York Life Investments ETF Trust N-CSR](nyli-ncsr_043025.htm)

**Exhibit 99.CERT**

**CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER<br> 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 the 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: | July 8, 2025 | /s/ Kirk C. Lehneis |
|  |  | Kirk C. Lehneis |
|  |  | (Principal Executive Officer) |

---

**CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER <br> 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 the 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: | July 8, 2025 | /s/ Adefolahan O. Oyefeso |
|  |  | Adefolahan O. Oyefeso |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

[New York Life Investments ETF Trust N-CSR](nyli-ncsr_043025.htm)

**Exhibit 99.906 CERT**

**CERTIFICATION PURSUANT TO RULE 30A-2(b) UNDER<br> THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT**

I, Kirk C. Lehneis, Principal Executive Officer of the 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: | July 8, 2025 | /s/ Kirk C. Lehneis |
|  |  | Kirk C. Lehneis |
|  |  | (Principal Executive Officer) |

---

I, Adefolahan O. Oyefeso, Principal Financial Officer of the 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: | July 8, 2025 | /s/ Adefolahan O. Oyefeso |
|  |  | Adefolahan O. Oyefeso |
|  |  | (Principal Financial Officer) |

---