# EDGAR Filing Document

**Accession Number:** 0001426439
**File Stem:** 0001999371-25-008788
**Filing Date:** 2025-7
**Character Count:** 823547
**Document Hash:** dc6f34846ef1caabbec785560cfe0b08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008788.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001999371-25-008788

**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 Active ETF Trust
- **CENTRAL INDEX KEY:** 0001426439

**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:** 811-22739
- **FILM NUMBER:** 251110757

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**FORM N-CSR**

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

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

**New York Life Investments Active ETF Trust**

(Exact name of registrant as specified in charter)

51 Madison Avenue

<u>New York, NY 10010</u>

(Address of principal executive offices) (Zip code)

Kirk C. Lehneis

New York Life Investment Management LLC

51 Madison Avenue

<u>New York, NY 10010</u>

(Name and address of agent for service)

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

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

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

**Item 1. Reports to Stockholders.**

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

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI MacKay Core Plus Bond ETF

## CPLB/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI MacKay Core Plus Bond ETF (formerly, IQ MacKay ESG Core Plus Bond ETF, ticker: ESGB) (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 MacKay Core Plus Bond ETF | $40 | 0.39% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index was affected by various allocation and selection factors. As spreads tightened across credit-sensitive sectors, investments in securitized products—including non-agency mortgage credit, commercial mortgage-backed securities and consumer asset-backed securities—contributed positively to results, as did relative positioning in corporate credit, including high yield investments. Conversely, underweight exposure to U.S. Treasury securities and agency passthroughs detracted from performance, partly offset by allocations to collateralized mortgage obligations, while yield curve positioning also detracted slightly amid rate market volatility.

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
Collateralized mortgage obligations

Strong security selection and overweight exposure

Contributed

Investment-grade corporate bonds

Strong selection within the financial sector

Contributed

Contributed

Commercial mortgage-backed securities

Strong selection within non-agency commercial mortgage-backed securities

Agency mortgages

Underweight exposure

Detracted

U.S. Treasury securities

Underweight exposure

Detracted

7889933

MECPLB11-06/25

NYLI MacKay Core Plus Bond 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](i6a131ae3a279f0f359e7a625.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Core Plus Bond ETF - NAV 9,881** | **Bloomberg U.S. Aggregate Bond Index9,610** | **Core Plus Bond Blended Index9,918** |
| **6/29/2021** | 10000 | 10000 | 10000 |
| **4/22** | 9069 | 9068 | 9128 |
| **4/23** | 8950 | 9029 | 9121 |
| **4/24** | 9052 | 8897 | 9169 |
| **4/25** | 9881 | 9610 | 9918 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI MacKay Core Plus Bond ETF - NAV | 6/29/2021 | 9.16% | -0.31% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference1</sup> |  | 8.02% | -1.03% |
| Core Plus Bond Blended Index<sup>Footnote Reference2</sup> |  | 8.16% | -0.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; The Core Plus Bond Blended Index, which is a blended index consisting of 80% Bloomberg U.S. Aggregate Bond Index and 20% ICE BofA U.S. High Yield Constrained Index. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. |

---

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

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

7889933

MECPLB11-06/25

NYLI MacKay Core Plus Bond ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $281059244 |
| Total number of portfolio holdings | 670 |
| Total advisory fees paid | $687155 |
| Portfolio turnover rate | 231% |

---

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

# Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%-4.63%, due 4/30/30 | 7.6% |
| Government National Mortgage Association, Series 2025-2 Z, 0.00%-7.76%, due 1/20/55 | 5.8% |
| Fannie Mae Pool, Series 2024-FS8275, 2.00%-6.50%, due 6/1/54 | 4.0% |
| Freddie Mac Pool, Series 2022-SD8243, 2.50%-6.50%, due 9/1/52 | 3.5% |
| U.S. Treasury Bonds, 4.63%-4.75%, due 2/15/45 | 2.8% |
| Freddie Mac REMICS, Series 2017-4725 WZ, 0.00%-5.35%, due 11/15/47 | 2.8% |
| Connecticut Avenue Securities Trust, Series 2022-R08 1B1, 6.30%-14.20%, (1 Month SOFR + 5.60%), due 7/25/42 | 1.8% |
| Flagship Credit Auto Trust, Series 2024-1 D, 3.32%-6.30%, due 4/15/30 | 1.5% |
| RCKT Mortgage Trust, Series 2021-5 A1, 2.50%, due 11/25/51 | 1.3% |
| Exeter Automobile Receivables Trust, Series 2022-5A E, 6.34%-10.45%, due 4/15/30 | 0.9% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Mortgage Securities | 33.2% |
| Banks | 10.5% |
| U.S. Treasury Note | 7.6% |
| Asset-Backed Securities | 7.6% |
| Electric | 4.5% |
| Diversified Financial Services | 3.1% |
| U.S. Treasury Bond | 2.8% |
| Auto Manufacturers | 1.8% |
| Pipelines | 1.7% |
| Oil & Gas | 1.7% |

---

7889933

MECPLB11-06/25

NYLI MacKay Core Plus Bond 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 MacKay ESG Core Plus Bond ETF" to "NYLI MacKay Core Plus Bond 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 Fund changed its investment objective and certain principal investment strategies and principal risks to reflect the Fund's removal of its environmental, social, and corporate governance investing criteria. The Fund also reduced its management fee from 0.39% of the Fund's daily net assets to 0.35% of the Fund's daily net assets on March 31, 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](ife50484e4a5dcdaef5e266c9.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.

7889933

MECPLB11-06/25

NYLI MacKay Core Plus Bond ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI MacKay High Income ETF

## IQHI/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI MacKay High Income ETF (formerly, IQ MacKay ESG High Income 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 MacKay High Income ETF | $42 | 0.40% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the Bloomberg Very Liquid High Yield Index was affected by primarily by selection factors, and to a lesser extent by allocations. Selection in media, technology & electronics and retail were the largest positive contributors, while selection in consumer goods and an overweight allocation to basic industry detracted.

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
Media

Strong selection in cable & satellite TV

Contributed

Technology & electronics

Strong selection in tech hardware and equipment

Contributed

Contributed

Retail

Strong selection in specialty retail

Consumer goods

Security selection in food

Detracted

Basic industry

Overweight exposure

Detracted

7889943

MEIQHI11-06/25

NYLI MacKay High Income 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](ie10900bec8ea834b7eea325d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay High Income ETF - NAV 12,468** | **Bloomberg U.S. Aggregate Bond Index11,531** | **Bloomberg Very Liquid High Yield Index12,749** |
| **10/25/2022** | 10000 | 10000 | 10000 |
| **4/23** | 10712 | 10833 | 10814 |
| **4/24** | 11521 | 10674 | 11777 |
| **4/25** | 12468 | 11531 | 12749 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI MacKay High Income ETF - NAV | 10/25/2022 | 8.22% | 9.15% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference1</sup> |  | 8.02% | 5.82% |
| Bloomberg Very Liquid High Yield Index<sup>Footnote Reference2</sup> |  | 8.25% | 10.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1 | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Bloomberg U.S. Aggregate Bond Index, a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities, as a replacement for the Bloomberg Very Liquid High Yield Index. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; The Bloomberg Very Liquid High Yield Index, is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment grade and are commonly referred to as "junk bonds." |

---

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

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

7889943

MEIQHI11-06/25

NYLI MacKay High Income ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $59617145 |
| Total number of portfolio holdings | 321 |
| Total advisory fees paid | $129014 |
| Portfolio turnover rate | 61% |

---

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

# Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%-4.75%, due 3/1/30 | 1.8% |
| Cloud Software Group, Inc., 6.50%-9.00%, due 6/30/32 | 1.7% |
| Post Holdings, Inc., 4.63%-6.38%, due 4/15/30 | 1.2% |
| OneMain Finance Corp., 6.63%-7.50%, due 3/15/32 | 1.1% |
| XPLR Infrastructure Operating Partners LP, 4.50%-8.63%, due 3/15/33 | 1.0% |
| Carnival Corp., 5.75%-6.00%, due 5/1/29 | 1.0% |
| Venture Global LNG, Inc., 7.00%-9.00%, due 6/1/31 | 1.0% |
| CSC Holdings LLC, 5.50%-6.50%, due 2/1/29 | 0.9% |
| CHS/Community Health Systems, Inc., 5.25%-6.00%, due 1/15/29 | 0.9% |
| AmeriGas Partners LP / AmeriGas Finance Corp., 9.38%, due 6/1/28 | 0.8% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Short-Term Investments | 11.0% |
| Media | 10.7% |
| Oil & Gas | 7.0% |
| Commercial Services | 5.8% |
| Electric | 4.6% |
| Retail | 4.4% |
| REITs | 4.4% |
| Diversified Financial Services | 4.3% |
| Telecommunications | 3.6% |
| Chemicals | 3.5% |

---

7889943

MEIQHI11-06/25

NYLI MacKay High Income 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 MacKay ESG High Income ETF" to "NYLI MacKay High Income 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 Fund changed its investment objective and certain principal investment strategies and principal risks to reflect the Fund's removal of its environmental, social, and corporate governance investing criteria.

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](ife50484e4a5dcdaef5e266c9.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.

7889943

MEIQHI11-06/25

NYLI MacKay High Income ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI MacKay Securitized Income ETF

## SECR/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI MacKay Securitized Income ETF (formerly, IQ MacKay Securitized Income ETF) (the "Fund") for the period of May 31, 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 period since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference2</sup>** |
| NYLI MacKay Securitized Income ETF | $39 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; The Fund commenced operations on May 31, 2024. Expenses for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp; Footnote2  | &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?
For the reporting period May 31, 2024 through April 30, 2025, the Fund's performance relative to the Bloomberg U.S. Securitized Bond Index was affected primarily by allocation and selection factors. As spreads tightened across credit-sensitive sectors, investments in securitized products—including non-agency mortgage credit, commercial mortgage-backed securities and consumer asset-backed securities—contributed positively to results. Conversely, underweight exposure to U.S. Treasury securities and agency passthroughs detracted from performance, partly offset by allocations to collateralized mortgage obligations.

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
Collateralized mortgage obligations

Strong selection and overweight

Contributed

Commercial mortgage-backed securities

Strong selection and overweight exposure to non-agency commercial mortgage-backed securities

Contributed

Contributed

Asset-backed securities

Strong selection in autos

Agency mortgages

Underweight exposure

Detracted

7889979

MESECR11-06/25

NYLI MacKay Securitized Income 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](i817daf3fd7b402a94304e53d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Securitized Income ETF - NAV 10,925** | **Bloomberg U.S. Aggregate Bond Index 10,170** | **Bloomberg U.S. Securitized Bond Index 10,096** |
| **10/01/2019** | 10000 | 10000 | 10000 |
| **1/31/2020** | 10007 | 10030 | 10035 |
| **4/30/2020** | 10131 | 10517 | 10401 |
| **10/31/2020** | 10567 | 10651 | 10445 |
| **4/30/2021** | 10759 | 10489 | 10420 |
| **10/31/2021** | 10778 | 10600 | 10395 |
| **4/30/2022** | 10025 | 9596 | 9522 |
| **10/31/2022** | 9211 | 8938 | 8852 |
| **4/30/2023** | 9892 | 9555 | 9441 |
| **10/31/2023** | 9307 | 8969 | 8800 |
| **4/30/2024** | 9865 | 9415 | 9264 |
| **10/31/2024** | 10497 | 9915 | 9797 |
| **4/30/2025** | 10925 | 10170 | 10096 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Since Inception** |
| NYLI MacKay Securitized Income ETF - NAV\* | 10/1/2019 | 10.74% | 1.52% | 1.60% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference1</sup> |  | 8.02% | -0.67% | 0.30% |
| Bloomberg U.S. Securitized Bond Index<sup>Footnote Reference2</sup> |  | 8.98% | -0.59% | 0.17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; The Bloomberg U.S. Securitized Bond Index is an unmanaged index that includes the MBS, ABS, and CMBS sectors of the Bloomberg U.S. Aggregate Bond universe. |

---

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

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

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

7889979

MESECR11-06/25

NYLI MacKay Securitized Income ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $149776420 |
| Total number of portfolio holdings | 435 |
| Total advisory fees paid | $343444 |
| Portfolio turnover rate | 150% |

---

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

# Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| Fannie Mae Pool, Series 2024-FS8105, 2.00%-6.50%, due 10/1/52 | 18.2% |
| Freddie Mac Pool, Series 2024-SD4958, 2.00%-6.50%, due 6/1/52 | 12.8% |
| Government National Mortgage Association, Series 2021-195 B, 0.00%-7.03%, due 8/16/63 | 5.9% |
| Freddie Mac STACR REMIC Trust, Series 2021-HQA3 B2, 6.00%-11.85%, (1 Month SOFR + 6.25%), due 9/25/41 | 4.1% |
| Connecticut Avenue Securities Trust, Series 2020-SBT1 1B1, 6.30%-14.20%, (1 Month SOFR + 6.86%), due 2/25/40 | 3.5% |
| J.P. Morgan Mortgage Trust, Series 2021-11 A3, 2.50%-6.00%, due 1/25/52 | 2.8% |
| Flagship Credit Auto Trust, Series 2024-1 D, 1.27%-6.30%, due 4/15/30 | 2.7% |
| RCKT Mortgage Trust, Series 2021-5 A1, 2.50%, due 11/25/51 | 2.4% |
| Wells Fargo Commercial Mortgage Trust, Series 2017-C40 D, 2.70%-5.12%, due 10/15/50 | 2.4% |
| Freddie Mac REMICS, Series 2025-5527 FA, 0.00%-5.35%, (1 Month SOFR + 1.00%), due 4/25/55 | 2.1% |

---

\* Excluding short-term investments

#### Portfolio Composition

---

| | |
|:---|:---|
| Mortgage Securities | 82.2% |
| Asset-Backed Securities | 13.6% |
| Collateralized Loan Obligations | 3.1% |
| Short-Term Investments | 1.1% |
| U.S. Treasury Note | 0.4% |
| Other Asset and Liabilities | (0.4)% |

---

7889979

MESECR11-06/25

NYLI MacKay Securitized Income 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 MacKay Securitized Income ETF" to "NYLI MacKay Securitized Income 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](ife50484e4a5dcdaef5e266c9.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.

7889979

MESECR11-06/25

NYLI MacKay Securitized Income ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI MacKay Muni Insured ETF

## MMIN/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI MacKay Muni Insured ETF (formerly, IQ MacKay Municipal Insured 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 MacKay Muni Insured ETF | $30 | 0.30% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the Bloomberg Municipal All Insured Bond Index was affected by various positioning factors. Relative returns benefited from strong security selection and from an overweight allocation to bonds maturing beyond 15 years, as the longer end of the curve increased in yield. The Fund adopted its overweight position in longer-maturity bonds primarily in response to the relatively rich valuations of shorter-maturity bonds on the tax-exempt interest rate curve.

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
Sector

Strong security selection among local general obligation holdings

Contributed

Credit rating

Robust security selection among AA-rated credits

Contributed

Contributed

Geographic

Overweight allocations to holdings from the states of Texas and Illinois, boosted by security selection

Coupon

Security selection within the 4%+ coupon allocation

Contributed

Maturity

Underweight exposure to shorter maturities

Detracted

7889961

MEMMIN11-06/25

NYLI MacKay Muni Insured 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](i15cc502d2d963a1b0a7b6b3d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Muni Insured ETF - NAV 11,610** | **Bloomberg Municipal Bond Index11,335** | **Bloomberg Municipal All Insured Bond Index11,615** |
| **10/18/2017** | 10000 | 10000 | 10000 |
| **4/18** | 9987 | 9864 | 9903 |
| **4/19** | 10658 | 10471 | 10617 |
| **4/20** | 11090 | 10697 | 10929 |
| **4/21** | 12012 | 11526 | 11945 |
| **4/22** | 10968 | 10617 | 10872 |
| **4/23** | 11159 | 10922 | 11186 |
| **4/24** | 11405 | 11150 | 11452 |
| **4/25** | 11610 | 11335 | 11615 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Since Inception** |
| NYLI MacKay Muni Insured ETF - NAV | 10/18/2017 | 1.79% | 0.92% | 2.00% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference1</sup> |  | 1.66% | 1.17% | 1.68% |
| Bloomberg Municipal All Insured Bond Index<sup>Footnote Reference2</sup> |  | 1.42% | 1.22% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index, which is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded, as a replacement for the Bloomberg Municipal All Insured Bond Index. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; The Bloomberg Municipal All Insured Bond Index, which is a total return performance benchmark for municipal bonds that are backed by insurers with Aaa/AAA ratings and have maturities of at least one year. |

---

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

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

7889961

MEMMIN11-06/25

NYLI MacKay Muni Insured ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $456812627 |
| Total number of portfolio holdings | 285 |
| Total advisory fees paid | $1100229 |
| Portfolio turnover rate | 25% |

---

#### 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\*

---

| | |
|:---|:---|
| Maine Health & Higher Educational Facilities Authority, Series A, 4.25%-5.50%, due 7/1/49 | 2.2% |
| Greater Asheville Regional Airport Authority, Series A, 5.25%-5.50%, due 7/1/41 | 1.8% |
| Chicago O'Hare International Airport, Series A, 5.25%, due 1/1/45 | 1.6% |
| Wildwood Utility Dependent District, 5.00%, due 10/1/52 | 1.4% |
| Los Angeles Department of Water & Power, Series E, 5.00%, due 7/1/48 | 1.3% |
| Texas State Technical College, 5.25%-5.50%, due 8/1/42 | 1.2% |
| Amherst Development Corp., 4.00%-5.00%, due 10/1/42 | 1.1% |
| Baltic School District No 49-1, Series 1, 5.25%-5.50%, due 12/1/51 | 1.1% |
| North Carolina Turnpike Authority, 5.00%-5.21%, due 1/1/49 | 1.1% |
| Elkhorn School District, 4.00%-5.00%, due 12/15/45 | 1.1% |

---

\* Excluding short-term investments

#### Top States

---

| | |
|:---|:---|
| Texas | 15.5% |
| Illinois | 14.2% |
| California | 11.2% |
| New York | 5.8% |
| Florida | 4.5% |
| Pennsylvania | 4.5% |
| Colorado | 4.3% |
| North Carolina | 2.9% |
| New Jersey | 2.9% |
| Indiana | 2.6% |

---

7889961

MEMMIN11-06/25

NYLI MacKay Muni Insured 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 MacKay Municipal Insured ETF" to "NYLI MacKay Muni Insured 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](ife50484e4a5dcdaef5e266c9.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.

7889961

MEMMIN11-06/25

NYLI MacKay Muni Insured ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI MacKay Muni Intermediate ETF

## MMIT/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI MacKay Muni Intermediate ETF (formerly, IQ MacKay Municipal Intermediate 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 MacKay Muni Intermediate ETF | $30 | 0.30% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the Bloomberg Municipal Bond Index 1-15 Year Blend was primarily affected by yield curve positioning and security selection. Underweight exposure to shorter maturities influenced performance negatively, as the municipal yield curve twisted: front-end yields trended lower, while the longer end of the curve increased in yield. Robust security selection within the 5%+ coupon allocation contributed positively to absolute and relative performance.

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
Housing

Strong security selection and curve positioning

Contributed

Industrial Development Revenue / Pollution Control Revenue

Strong security selection

Contributed

Detracted

Transportation

Underweight and longer duration

Water / Sewer

Curve positioning

Detracted

7889966

MEMMIT11-06/25

NYLI MacKay Muni Intermediate 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](i74d7c200d4c594a76d61f4e7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay Muni Intermediate ETF - NAV 11,830** | **Bloomberg Municipal Bond Index11,335** | **Bloomberg Municipal Bond Index 1-15 Year Blend11,346** |
| **10/18/2017** | 10000 | 10000 | 10000 |
| **4/18** | 9966 | 9864 | 9853 |
| **4/19** | 10623 | 10471 | 10403 |
| **4/20** | 10904 | 10697 | 10649 |
| **4/21** | 11864 | 11526 | 11323 |
| **4/22** | 11018 | 10617 | 10554 |
| **4/23** | 11311 | 10922 | 10923 |
| **4/24** | 11548 | 11150 | 11124 |
| **4/25** | 11830 | 11335 | 11346 |

---

Period Ended

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Five Years** | **Since Inception** |
| NYLI MacKay Muni Intermediate ETF - NAV | 10/18/2017 | 2.45% | 1.64% | 2.25% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference1</sup> |  | 1.66% | 1.17% | 1.68% |
| Bloomberg Municipal Bond Index 1-15 Year Blend<sup>Footnote Reference2</sup> |  | 1.99% | 1.27% | 1.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index, which is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded, as a replacement for the Bloomberg Municipal Bond 1-15 Year Blend Index. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; The Bloomberg Municipal Bond 1-15 Year Blend Index, which covers the U.S. dollar-denominate long-term tax-exempt bond market. The index has four main sectors state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. |

---

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

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

7889966

MEMMIT11-06/25

NYLI MacKay Muni Intermediate ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $829705371 |
| Total number of portfolio holdings | 617 |
| Total advisory fees paid | $1655615 |
| Portfolio turnover rate | 42% |

---

#### 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\*

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, Series E, 3.70%-5.25%, due 7/1/33 | 2.8% |
| Main Street Natural Gas, Inc., Series E, 4.00%-5.00%, due 5/1/55 | 2.3% |
| Southeast Energy Authority A Cooperative District, Series A, 5.00%-5.50%, due 11/1/35 | 2.3% |
| Black Belt Energy Gas District, Series B, 3.97%-5.50%, due 10/1/52 | 1.8% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54 | 1.6% |
| Kentucky Public Energy Authority, Series B, 4.00%-5.25%, due 1/1/55 | 1.5% |
| Chicago O'Hare International Airport, Series B, 5.00%-5.25%, due 1/1/39 | 1.1% |
| New York State Dormitory Authority, Series E, 3.00%-5.25%, due 3/15/41 | 1.1% |
| Illinois Housing Development Authority, 3.00%-6.00%, due 2/1/27 | 1.0% |
| New Hampshire Business Finance Authority, Series A, 3.63%-5.25%, due 11/20/39 | 1.0% |

---

\* Excluding short-term investments

#### Top States

---

| | |
|:---|:---|
| Texas | 11.2% |
| Illinois | 8.3% |
| California | 7.7% |
| New York | 7.1% |
| Alabama | 4.7% |
| Georgia | 4.6% |
| Florida | 3.3% |
| Indiana | 2.9% |
| Michigan | 2.9% |
| Utah | 2.8% |

---

7889966

MEMMIT11-06/25

NYLI MacKay Muni Intermediate 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 MacKay Municipal Intermediate ETF" to "NYLI MacKay Muni Intermediate 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](ife50484e4a5dcdaef5e266c9.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.

7889966

MEMMIT11-06/25

NYLI MacKay Muni Intermediate ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI MacKay California Muni Intermediate ETF

## MMCA/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI MacKay California Muni Intermediate ETF (formerly, IQ MacKay California Municipal Intermediate 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 MacKay California Muni Intermediate ETF | $35 | 0.35% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the Bloomberg California Intermediate Municipal Bond Index was affected by various positioning factors. Relative returns benefited from strong security selection, out-of-Index exposure to non-rated bonds and U.S. territories—particularly Guam—and overweight exposure to bonds maturing beyond 15 years. The Fund maintained an overweight exposure to longer maturity bonds due to relatively rich valuations in the intermediate segment of the market.

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
Sector

Overweight allocations to, and security selection in, the electric and special tax sectors

Contributed

Credit rating

Overweight allocation to BBB-rated credits, driven by security selection

Contributed

Contributed

Geographic

Overweight allocation to Guam credits, boosted by security selection

Coupon

Security selection within the 5.25%+ coupon allocation

Contributed

Curve positioning

Underweight exposure to 5- to 10-year bonds

Detracted

7889925

MEMMCA11-06/25

NYLI MacKay California Muni Intermediate 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](i4aa4e7b704aaec013344f765.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI MacKay California Muni Intermediate ETF - NAV 9,445** | **Bloomberg Municipal Bond Index9,738** | **Bloomberg California Intermediate Municipal Bond Index9,857** |
| **12/21/2021** | 10000 | 10000 | 10000 |
| **4/22** | 8782 | 9121 | 9186 |
| **4/23** | 8983 | 9383 | 9583 |
| **4/24** | 9228 | 9578 | 9697 |
| **4/25** | 9445 | 9738 | 9857 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI MacKay California Muni Intermediate ETF - NAV | 12/21/2021 | 2.35% | -1.68% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference1</sup> |  | 1.66% | -0.79% |
| Bloomberg California Intermediate Municipal Bond Index<sup>Footnote Reference2</sup> |  | 1.65% | -0.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; In accordance with new regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index, which is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded, as a replacement for the Bloomberg California Intermediate Municipal Bond Index. |
| &nbsp;&nbsp; Footnote2  | &nbsp;&nbsp; The Bloomberg California Intermediate Municipal Bond Index, is a market value-weighted index of California investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |

---

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

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

7889925

MEMMCA11-06/25

NYLI MacKay California Muni Intermediate ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $26360040 |
| Total number of portfolio holdings | 63 |
| Total advisory fees paid | $27992 |
| Portfolio turnover rate | 89% |

---

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

# Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| California Community Choice Financing Authority, 4.00%-5.50%, due 10/1/54 | 10.3% |
| Territory of Guam, Series F, 5.00%, due 1/1/30 | 5.2% |
| City of Los Angeles CA Wastewater System Revenue, Series C, 5.00%, due 6/1/34 | 4.3% |
| California Statewide Communities Development Authority, Series C, 5.00%, due 9/2/34 | 3.9% |
| California Infrastructure & Economic Development Bank, Series B, 3.00%-5.00%, due 11/1/34 | 3.7% |
| California Municipal Finance Authority, Series A, 3.00%-4.38%, due 9/1/53 | 3.7% |
| Alum Rock Union Elementary School District, Series A, 5.00%, due 8/1/37 | 3.7% |
| University of California, Series AO, 3.25%-5.00%, due 5/15/29 | 3.4% |
| San Joaquin Valley Clean Energy Authority, Series A, 5.50%, due 1/1/56 | 3.1% |
| California Health Facilities Financing Authority, Series B, 5.00%, due 11/1/54 | 3.1% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| General | 25.4% |
| School District | 19.5% |
| Short-Term Investments | 10.7% |
| Water | 8.9% |
| General Obligation | 8.4% |
| Airport | 7.6% |
| Medical | 6.8% |
| Higher Education | 3.8% |
| Education | 3.7% |
| Development | 3.3% |

---

7889925

MEMMCA11-06/25

NYLI MacKay California Muni Intermediate 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 MacKay California Municipal Intermediate ETF" to "NYLI MacKay California Muni Intermediate 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](ife50484e4a5dcdaef5e266c9.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.

7889925

MEMMCA11-06/25

NYLI MacKay California Muni Intermediate ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI CBRE Real Assets ETF

## IQRA/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI CBRE Real Assets ETF (formerly, IQ CBRE Real Assets 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 CBRE Real Assets ETF | $70 | 0.65% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the CBRE Real Assets Blended Index was affected by subsector positioning and security selection. Global real assets exhibited strong underlying fundamentals and traded at discounted valuations, helping to attract investors amid growing uncertainty in the broader equity market driven by mixed economic data, shifting central bank policies and political volatility. Surging power demand from large-scale investment in artificial intelligence ("AI") platforms improved the growth outlook for real assets, as investors increasingly recognized their critical role in facilitating the development and deployment of AI infrastructure across a wide range in industries.

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
Transportation

Subsector positioning and stock positioning

Contributed

Utilities

Regional weighting and stock positioning, especially in Europe

Contributed

Contributed

Health care

Strong security selection

Hotels

Overweight exposure and stock selection

Detracted

Midstream

Largely weaker stock selection, as well as sector weighting

Detracted

Net lease

Largely weaker stock selection, as well as sector weighting

Detracted

7889923

MEIQRA11-06/25

NYLI CBRE Real Assets 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](i1fb120d082f8738bc8d936c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI CBRE Real Assets ETF - NAV 11,424** | **MSCI World<sup>®</sup> Index (Net)13,366** | **CBRE Real Assets Blended Index11,396** |
| **5/10/2023** | 10000 | 10000 | 10000 |
| **4/24** | 9984 | 11917 | 9991 |
| **4/25** | 11424 | 13366 | 11396 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI CBRE Real Assets ETF - NAV | 5/10/2023 | 14.42% | 6.97% |
| MSCI World<sup>®</sup> Index (Net)<sup>Footnote Reference1</sup> |  | 12.16% | 15.82% |
| CBRE Real Assets Blended Index<sup>Footnote Reference2</sup> |  | 14.06% | 6.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote1  | &nbsp;&nbsp; The MSCI World 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; Footnote2  | &nbsp;&nbsp; The CBRE Real Assets Blended Index is a blended index of 50% EPRA Nareit Developed Index Net Total Return Index a free-float adjusted, market capitalization weighted index designed to track the performance of listed real estate companies in developed countries worldwide, and 50% FTSE Global Core Infrastructure 50/50 Net Total Return Index which captures the performance of listed infrastructure securities in both developed and emerging markets. |

---

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

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

7889923

MEIQRA11-06/25

NYLI CBRE Real Assets ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $5356714 |
| Total number of portfolio holdings | 106 |
| Total advisory fees paid | $0 |
| Portfolio turnover rate | 92% |

---

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

# Top Ten Holdings and/or Issuers\*

---

| | |
|:---|:---|
| Welltower, Inc. | 4.1% |
| Simon Property Group, Inc. | 3.5% |
| Equinix, Inc. | 3.2% |
| Targa Resources Corp. | 2.9% |
| American Tower Corp. | 2.6% |
| WEC Energy Group, Inc. | 2.4% |
| NextEra Energy, Inc. | 2.2% |
| National Grid PLC | 2.2% |
| Extra Space Storage, Inc. | 2.1% |
| PPL Corp. | 2.1% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Utilities | 28.0% |
| Transportation | 12.3% |
| Midstream/Pipelines | 7.4% |
| Industrial Properties | 7.0% |
| Retail: Enclosed Malls | 7.0% |
| Residential | 5.4% |
| Diversified Property Holdings | 5.4% |
| Healthcare Facilities | 5.3% |
| Datacenters | 4.4% |
| Self Storage Property | 4.4% |

---

7889923

MEIQRA11-06/25

NYLI CBRE Real Assets 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 CBRE Real Assets ETF" to "NYLI CBRE Real Assets 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](ife50484e4a5dcdaef5e266c9.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.

7889923

MEIQRA11-06/25

NYLI CBRE Real Assets ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI Winslow Large Cap Growth ETF

## IWLG/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Winslow Large Cap Growth ETF (formerly, IQ Winslow Large Cap Growth 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 Winslow Large Cap Growth ETF | $64 | 0.60% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index was driven by sector allocation and security selection, as detailed in the table below. Positive contributions came from favorable portfolio positioning in the communication services, health care and consumer staples sectors. U.S. equity markets experienced significant volatility over the reporting period, influenced by trade tensions, economic uncertainties and shifts in investor sentiment. The first half of the reporting period saw stronger performance, with the Fund delivering positive returns for five of the six months, while the second half of the reporting period was more challenged, with broad equity market declines occurring from mid-February through late April 2025.

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
Communication services

Favorable sector weighting and strong security selection

Contributed

Health care

Favorable sector weighting and strong security selection

Contributed

Contributed

Consumer staple

Favorable sector weighting and security selection

Information technology

Weaker security selection

Detracted

Real estate

Weaker sector weighting and security selection

Detracted

Materials

Weaker security selection

Detracted

7890001

MEIWLG11-06/25

NYLI Winslow Large Cap Growth 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](i73d18cc8a7ffd284e8e1cb72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI Winslow Large Cap Growth ETF - NAV 17,823** | **Russell 3000<sup>®</sup> Index15,220** | **Russell 1000<sup>®</sup> Growth Index17,313** |
| **6/23/2022** | 10000 | 10000 | 10000 |
| **4/23** | 11489 | 11171 | 11469 |
| **4/24** | 15732 | 13662 | 15117 |
| **4/25** | 17823 | 15220 | 17313 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI Winslow Large Cap Growth ETF - NAV | 6/23/2022 | 13.29% | 22.43% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference1</sup> |  | 11.40% | 15.85% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference2</sup> |  | 14.53% | 21.19% |

---

---

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

7890001

MEIWLG11-06/25

NYLI Winslow Large Cap Growth ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $103715168 |
| Total number of portfolio holdings | 43 |
| Total advisory fees paid | $360838 |
| Portfolio turnover rate | 92% |

---

#### 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. | 10.1% |
| Apple, Inc. | 7.5% |
| Amazon.com, Inc. | 7.2% |
| NVIDIA Corp. | 6.6% |
| Meta Platforms, Inc., Class A | 4.9% |
| Eli Lilly & Co. | 4.3% |
| Netflix, Inc. | 3.2% |
| Visa, Inc., Class A | 3.2% |
| Broadcom, Inc. | 3.2% |
| Mastercard, Inc., Class A | 2.9% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 40.4% |
| Consumer Discretionary | 14.9% |
| Communication Services | 12.7% |
| Health Care | 11.4% |
| Financials | 10.6% |
| Industrials | 8.3% |
| Materials | 1.2% |
| Short-Term Investments | 0.6% |

---

7890001

MEIWLG11-06/25

NYLI Winslow Large Cap Growth 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 Winslow Large Cap Growth ETF" to "NYLI Winslow Large Cap Growth 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](ife50484e4a5dcdaef5e266c9.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.

7890001

MEIWLG11-06/25

NYLI Winslow Large Cap Growth ETF \| 4

![Image](iefd23f1b95eea60a886e402a.jpg)

# NYLI Winslow Focused Large Cap Growth ETF

## IWFG/NYSE Arca, Inc.

## ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about NYLI Winslow Focused Large Cap Growth ETF (formerly, IQ Winslow Focused Large Cap Growth 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 Winslow Focused Large Cap Growth ETF | $70 | 0.65% |

---

---

| | |
|:---|:---|
| 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 Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index was driven by sector allocation and security selection, as detailed in the table below. Positive contributions came from favorable portfolio positioning in the communication services, health care and financials sectors. U.S. equity markets experienced significant volatility over the reporting period, influenced by trade tensions, economic uncertainties and shifts in investor sentiment. The first half of the reporting period saw stronger performance, with the Fund delivering positive returns for five of the six months, while the second half of the reporting period was more challenged, with broad equity market declines occurring from mid-February through late April 2025.

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
Communication services

Favorable sector weighting and strong security selection

Contributed

Health care

Favorable sector weighting and strong security selection

Contributed

Contributed

Financials

Favorable sector weighting and security selection

Information technology

Weaker security selection

Detracted

Industrials

Weaker security selection

Detracted

Materials

Weaker security selection

Detracted

7889989

MEIWFG11-06/25

NYLI Winslow Focused Large Cap Growth 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](ibe5a1cf665335a44186d66b3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NYLI Winslow Focused Large Cap Growth ETF - NAV 18,801** | **Russell 3000<sup>®</sup> Index15,220** | **Russell 1000<sup>®</sup> Growth Index17,313** |
| **6/23/2022** | 10000 | 10000 | 10000 |
| **4/23** | 11812 | 11171 | 11469 |
| **4/24** | 16219 | 13662 | 15117 |
| **4/25** | 18801 | 15220 | 17313 |

---

Period Ended

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception Date** | **One Year** | **Since Inception** |
| NYLI Winslow Focused Large Cap Growth ETF - NAV | 6/23/2022 | 15.92% | 24.74% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference1</sup> |  | 11.40% | 15.85% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference2</sup> |  | 14.53% | 21.19% |

---

---

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

7889989

MEIWFG11-06/25

NYLI Winslow Focused Large Cap Growth ETF \| 2

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $10564407 |
| Total number of portfolio holdings | 30 |
| Total advisory fees paid | $20664 |
| Portfolio turnover rate | 50% |

---

#### 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. | 10.7% |
| Amazon.com, Inc. | 7.6% |
| NVIDIA Corp. | 7.0% |
| Meta Platforms, Inc., Class A | 5.2% |
| Broadcom, Inc. | 4.8% |
| Eli Lilly & Co. | 4.6% |
| Apple, Inc. | 4.6% |
| Netflix, Inc. | 4.2% |
| Mastercard, Inc., Class A | 3.5% |
| O'Reilly Automotive, Inc. | 3.5% |

---

\* Excluding short-term investments

#### Top Industries

---

| | |
|:---|:---|
| Information Technology | 38.4% |
| Consumer Discretionary | 18.2% |
| Communication Services | 14.8% |
| Financials | 12.0% |
| Health Care | 9.9% |
| Industrials | 4.3% |
| Short-Term Investments | 2.6% |

---

7889989

MEIWFG11-06/25

NYLI Winslow Focused Large Cap Growth 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 Winslow Focused Large Cap Growth ETF" to "NYLI Winslow Focused Large Cap Growth 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](ife50484e4a5dcdaef5e266c9.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.

7889989

MEIWFG11-06/25

NYLI Winslow Focused Large Cap Growth 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 $229,690 for 2025 and $177,500
 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 $25,000 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 $10,476,000 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 MacKay Core Plus Bond ETF (CPLB)<sup>(1)</sup>** (formerly, IQ MacKay ESG Core Plus Bond ETF)

**NYLI MacKay High Income ETF (IQHI)<sup>(2)</sup>** (formerly, IQ MacKay ESG High Income ETF)

**NYLI MacKay Securitized Income ETF (SECR)** (formerly, IQ MacKay Securitized Income ETF)

**NYLI MacKay Muni Insured ETF (MMIN)** (formerly, IQ MacKay Municipal Insured ETF)

**NYLI MacKay Muni Intermediate ETF (MMIT)** (formerly, IQ MacKay Municipal Intermediate ETF)

**NYLI MacKay California Muni Intermediate ETF (MMCA)** (formerly, IQ MacKay California Municipal Intermediate ETF)

**NYLI CBRE Real Assets ETF (IQRA)** (formerly, IQ CBRE Real Assets ETF)

**NYLI Winslow Large Cap Growth ETF (IWLG)** (formerly, IQ Winslow Large Cap Growth ETF)

**NYLI Winslow Focused Large Cap Growth ETF (IWFG)** (formerly, IQ Winslow Focused Large Cap Growth ETF)

New York Life Investments Active ETF Trust

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

April 30, 2025

![](active-fs_043025img001.gif)

(1)Prior to December 4, 2024, the Fund's name was NYLI MacKay ESG Core Plus Bond ETF and the ticker symbol was ESGB.

(2)Prior to February 14, 2025, the Fund's name was NYLI MacKay ESG High Income ETF.

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Core Plus Bond ETF](#active-fs_043025a970) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay High Income ETF](#active-fs_043025a971) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Securitized Income ETF](#active-fs_043025a972) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Muni Insured ETF](#active-fs_043025a973) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay Muni Intermediate ETF](#active-fs_043025a974) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI MacKay California Muni Intermediate ETF](#active-fs_043025a975) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI CBRE Real Assets ETF](#active-fs_043025a976) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Winslow Large Cap Growth ETF](#active-fs_043025a977) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NYLI Winslow Focused Large Cap Growth ETF](#active-fs_043025a978) | 67 |
| [Statements of Assets and Liabilities](#active-fs_043025a979) | 68 |
| [Statements of Operations](#active-fs_043025a980) | 71 |
| [Statements of Changes in Net Assets](#active-fs_043025a981) | 74 |
| [Financial Highlights](#active-fs_043025a982) | 79 |
| [Notes to Financial Statements](#active-fs_043025a983) | 88 |
| [Report of Independent Registered Public Accounting Firm](#active-fs_043025a984) | 105 |
| [Supplemental Information](#active-fs_043025a985) | 106 |
| [Changes in and Disagreements with Accountants for <br>Open-End Management Investment Companies](#active-fs_043025a986) | 107 |
| [Proxy Disclosures for Open-End Management Investment Companies](#active-fs_043025a987) | 107 |
| [Remuneration Paid to Directors, Officers, and Other of <br>Open-End Management Investment Companies](#active-fs_043025a988) | 107 |
| [Board Review of Investment Advisory Agreements](#active-fs_043025a989) | 108 |

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Core Plus Bond ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 98.5%** | **Long-Term Bonds — 98.5%** | **Long-Term Bonds — 98.5%** |
| **Bank Loans — 0.9%** | **Bank Loans — 0.9%** | **Bank Loans — 0.9%** |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Clarios Global LP First Lien Amendment No. 6 Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.072%, (SOFR + 2.75%), due 1/14/32<sup>(a)</sup>  | $100000<br>| $98094<br>|
| RealTruck Group, Inc. Second Amendment Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.447%, (SOFR + 5.00%), due 1/31/28<sup>(a)</sup>  | 149622 | 141954 |
|  |  | 240048 |
| **Chemicals — 0.1%** |  |  |
| SCIH Salt Holdings, Inc. Incremental <br>Term B-1 Loan (First Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28%, (SOFR + 3.00%), due 1/31/29<sup>(a)</sup>  | 249375 | 246703 |
| **Computers — 0.1%** |  |  |
| Amentum Holdings, Inc. Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.570%, (SOFR + 2.25%), due 9/29/31<sup>(a)</sup>  | 249375 | 245946 |
| **Electric — 0.2%** |  |  |
| Talen Energy Supply, LLC 2024-1 <br>Incremental Term B Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.797%, (SOFR + 2.50%), due 12/11/31<sup>(a)</sup>  | 548625 | 546156 |
| **Machinery-Diversified — 0.1%** |  |  |
| TK Elevator U.S. Newco, Inc., Facility B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.324%, (SOFR + 3.00%), due 4/30/30<sup>(a)</sup>  | 200000 | 199000 |
| **Media — 0.0%<sup>(c)</sup>** |  |  |
| Gray Television, Inc. Term D Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.439%, (SOFR + 3.00%), due 12/1/28<sup>(a)</sup>  | 99729 | 91595 |
| **Mining — 0.1%** |  |  |
| American Rock Salt Co., LLC Initial Loan <br>(First Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.447%, (SOFR + 4.00%), due 6/12/28<sup>(a)</sup>  | 198966 | 161163 |
| **Pipelines — 0.0%<sup>(c)</sup>** |  |  |
| New Fortress Energy, Inc. Second <br>Amendment Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.819%, (SOFR + 5.50%), due 10/30/28<sup>(a)</sup>  | 199748 | 140157 |
| **Retail — 0.2%** |  |  |
| Great Outdoors Group, LLC Term B-3 Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.572%, (SOFR + 3.25%), due 1/16/32<sup>(a)</sup>  | 498750 | 486281 |
| PetSmart LLC Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.183%, (SOFR + 3.75%), due 2/11/28<sup>(a)</sup>  | 199483 | 196117 |
|  |  | 682398 |
| **Transportation — 0.0%<sup>(c)</sup>** |  |  |
| NA Rail Hold Co., LLC Tranche B-3 <br>Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.286%, (SOFR + 3.00%), due 2/26/32<sup>(a)</sup>  | 100000 | 99542 |
| **Total Bank Loans** | **Total Bank Loans** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $2,753,310)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $2,753,310)**  | **2652708** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Loan Obligations — 0.7%** | **Collateralized Loan Obligations — 0.7%** | **Collateralized Loan Obligations — 0.7%** |
| Blackrock Rainier CLO VI Ltd., (Cayman Islands) | Blackrock Rainier CLO VI Ltd., (Cayman Islands) |  |
| Series 2021-6A A1R, 5.820%, (3 Month CME SOFR+ 1.55%), due 4/20/37<sup>(a)</sup>  | $400000<br>| $397200<br>|
| Fortress Credit Opportunities XXI CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A A1TR, 5.839%, (3 Month CME SOFR+ 1.57%), due 1/21/37<sup>(a)</sup>  | 600000 | 597498 |
| Golub Capital Partners CLO 78M |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-78A A1, 5.691%, (3 Month CME SOFR+ 1.38%), due 4/21/39<sup>(a)</sup>  | 600000 | 592271 |
| Great Lakes CLO Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A ARR, 5.792%, (3 Month CME SOFR+ 1.48%), due 4/15/37<sup>(a)</sup>  | 515000 | 510976 |
|  |  | 2097945 |
| **Total Collateralized Loan Obligations** | **Total Collateralized Loan Obligations** |  |
| **(Cost $2,115,000)**  | **(Cost $2,115,000)**  | **2097945** |
| **Collateralized Mortgage Obligations — 5.3%** | **Collateralized Mortgage Obligations — 5.3%** | **Collateralized Mortgage Obligations — 5.3%** |
| **Mortgage Securities — 5.3%** |  |  |
| Agate Bay Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-5 B3, 3.574%, due 7/25/45<sup>(a)(b)</sup>  | 150541 | 123093 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 1A1, 5.041%, (1 Month CME SOFR + 0.71%), due 5/25/35<sup>(a)</sup>  | 35532 | 30517 |
| Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1B1, 6.053%, (1 Month SOFR + 1.70%), due 1/25/45<sup>(a)</sup>  | 1625000 | 1586467 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1 1B1, 11.218%, (1 Month SOFR + 6.86%), due 2/25/40<sup>(a)</sup>  | 685000 | 725158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1 1M2, 8.118%, (1 Month SOFR + 3.76%), due 2/25/40<sup>(a)</sup>  | 430000 | 446290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03 1B2, 9.854%, (1 Month SOFR + 5.50%), due 12/25/41<sup>(a)</sup>  | 485000 | 501369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01 1B2, 10.354%, (1 Month SOFR + 6.00%), due 12/25/41<sup>(a)</sup>  | 425000 | 443330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2B2, 12.004%, (1 Month SOFR + 7.65%), due 1/25/42<sup>(a)</sup>  | 490000 | 523687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03 1B2, 14.204%, (1 Month SOFR + 9.85%), due 3/25/42<sup>(a)</sup>  | 210000 | 234150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07 1M2, 9.003%, (1 Month SOFR + 4.65%), due 6/25/42<sup>(a)</sup>  | 100000 | 105938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08 1B1, 9.954%, (1 Month SOFR + 5.60%), due 7/25/42<sup>(a)</sup>  | 865000 | 927713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07 2M2, 7.603%, (1 Month SOFR + 3.25%), due 9/25/43<sup>(a)</sup>  | 540000 | 558900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02 1B1, 6.854%, (1 Month SOFR + 2.50%), due 2/25/44<sup>(a)</sup>  | 220000 | 220549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03 2M2, 6.303%, (1 Month SOFR + 1.95%), due 3/25/44<sup>(a)</sup>  | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2B1, 6.354%, (1 Month SOFR + 2.00%), due 7/25/44<sup>(a)</sup>  | 235000 | 231770 |
| Connecticut Avenue Securities Trust 2019-HRP1 | Connecticut Avenue Securities Trust 2019-HRP1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HRP1 B1, 13.718%, (1 Month SOFR + 9.36%), due 11/25/39<sup>(a)</sup>  | 400000 | 431988 |
| CSMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2 A1, 1.179%, due 2/25/66<sup>(a)(b)</sup>  | 372194 | 335800 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** |  |  |
| HarborView Mortgage Loan Trust |  |  |
| Series 2005-2 2A1A, 4.874%, (1 Month CME SOFR + 0.55%), due 5/19/35<sup>(a)</sup>  | $58524<br>| $54968<br>|
| J.P. Morgan Mortgage Trust |  |  |
| Series 2021-4 B1, 2.880%, due 8/25/51<sup>(a)(b)</sup>  | 1447152 | 1173119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1 A4, 6.000%, due 4/25/55<sup>(a)(b)</sup>  | 604683 | 612284 |
| Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01 CE, 11.968%, (1 Month SOFR + 7.61%), due 3/25/50<sup>(a)</sup>  | 200000 | 208461 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV2 A5, 4.000%, due 5/27/49<sup>(a)(b)</sup>  | 262984 | 246161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-J1 A14, 2.500%, due 2/25/52<sup>(a)(b)</sup>  | 762605 | 613401 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5 A1, 2.500%, due 11/25/51<sup>(a)(b)</sup>  | 4455343 | 3626928 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 AIO1, 0.164%, due 6/25/51<sup>(a)(b)(d)</sup>  | 13487495 | 133571 |
| STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HRP1 B2, 16.218%, (1 Month SOFR + 11.86%), due 5/25/43<sup>(a)</sup>  | 399109 | 476276 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR13 A2B, 5.321%, (1 Month CME SOFR + 0.99%), due 11/25/34<sup>(a)</sup>  | 39188 | 36464 |
|  |  | 14808352 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |
| **(Cost $14,929,090)**  | **(Cost $14,929,090)**  | **14808352** |
| **Commercial Asset-Backed Securities — 7.6%** | **Commercial Asset-Backed Securities — 7.6%** | **Commercial Asset-Backed Securities — 7.6%** |
| **Asset Backed Securities — 7.6%** |  |  |
| Ally Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B G, 11.395%, due 9/15/32  | 644350 | 643322 |
| Ares Loan Funding IX Ltd., (Cayman Islands) | Ares Loan Funding IX Ltd., (Cayman Islands) |  |
| Series 2025-ALF9A A2, 5.640%, (3 Month CME SOFR+ 1.40%), due 3/31/38<sup>(a)</sup>  | 600000 | 598780 |
| Bayview Opportunity Master Fund VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU1 C, 6.154%, (1 Month SOFR + 1.80%), due 6/25/47<sup>(a)</sup>  | 334815 | 332803 |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 D, 7.840%, due 8/15/29  | 435000 | 459706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 D, 6.030%, due 11/15/29  | 1500000 | 1522798 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A2, 1.990%, due 7/15/60  | 543452 | 500260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B1, 2.280%, due 7/15/60  | 845485 | 832388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B2, 2.600%, due 7/15/60  | 512688 | 457385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B1, 1.980%, due 3/15/61  | 362842 | 341453 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A D, 1.990%, due 9/15/27  | 180000 | 176717 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A E, 6.340%, due 10/15/29  | 1065000 | 981967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A E, 10.450%, due 4/15/30  | 1265000 | 1330863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A D, 6.950%, due 12/17/29  | 260000 | 267114 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** |  |  |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 E, 3.320%, due 12/15/28  | $890000<br>| $820163<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 D, 3.640%, due 3/15/28  | 780000 | 753399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 D, 5.800%, due 4/17/28  | 1264000 | 1186378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 D, 6.300%, due 4/15/30  | 1400000 | 1408022 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 D, 2.600%, due 5/15/34  | 130000 | 124900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 D, 6.260%, due 8/15/35  | 425000 | 436360 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A E, 8.350%, due 10/15/29  | 425000 | 441666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A D, 5.530%, due 2/18/31  | 660000 | 661975 |
| Home Partners of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 B, 2.302%, due 12/17/26  | 96009 | 92101 |
| HPEFS Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A D, 5.820%, due 11/20/31  | 260000 | 261964 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A D, 5.180%, due 2/17/32  | 885000 | 879145 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A B, 2.240%, due 5/15/69  | 100000 | 78102 |
| New Economy Assets Phase 1 Sponsor LLC | New Economy Assets Phase 1 Sponsor LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A1, 1.910%, due 10/20/61  | 1080000 | 1014151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 B1, 2.410%, due 10/20/61  | 865000 | 785932 |
| OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A D, 4.680%, due 4/14/31  | 385000 | 383269 |
| Santander Drive Auto Receivables Trust 2025-1 | Santander Drive Auto Receivables Trust 2025-1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 D, 5.430%, due 3/17/31  | 430000 | 431550 |
| Stifel SBA IO Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2, 1.268%, due 6/25/50<sup>(a)(b)(d)</sup>  | 4382318 | 158859 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2I, 6.028%, due 7/30/54  | 656700 | 664176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A23, 5.914%, due 7/30/54  | 338300 | 335621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2II, 5.566%, due 7/30/54  | 402975 | 399458 |
| Tricon American Homes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1 A, 1.499%, due 7/17/38  | 267897 | 260959 |
| Tricon Residential 2024-SFR4 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR4 A, 4.300%, due 11/17/41  | 494455 | 482663 |
| Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2, 5.648%, due 3/20/55  | 840000 | 843820 |
|  |  | 21350189 |
| **Total Commercial Asset-Backed Securities** | **Total Commercial Asset-Backed Securities** |  |
| **(Cost $21,271,316)**  | **(Cost $21,271,316)**  | **21350189** |
| **Commercial Mortgage-Backed Securities — 8.3%** | **Commercial Mortgage-Backed Securities — 8.3%** | **Commercial Mortgage-Backed Securities — 8.3%** |
| **Mortgage Securities — 8.3%** |  |  |
| BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 C, 4.161%, due 8/15/61<sup>(a)(b)</sup>  | 840000 | 622717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7 C, 4.114%, due 9/15/60<sup>(a)(b)</sup>  | 245000 | 216262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 C, 3.769%, due 9/15/62<sup>(a)(b)</sup>  | 180000 | 140007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 C, 3.463%, due 1/15/63<sup>(a)(b)</sup>  | 575000 | 490195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 D, 2.500%, due 1/15/63  | 1390000 | 1030827 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10 D, 3.000%, due 7/15/49  | 1380000 | 1205942 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3 C, 4.700%, due 4/10/51<sup>(a)(b)</sup>  | $550000<br>| $466335<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11 A5, 3.542%, due 5/15/52  | 315000 | 298780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14 C, 3.888%, due 12/15/62<sup>(a)(b)</sup>  | 450000 | 344517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 C, 4.971%, due 3/15/52<sup>(a)(b)</sup>  | 1050000 | 916441 |
| BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C1 111A, 3.378%, due 2/17/55<sup>(a)(b)</sup>  | 840000 | 750943 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK D, 10.291%, (1 Month CME SOFR + 5.97%), due 10/15/41<sup>(a)</sup> | 495000 | 485087 |
| CALI Mortgage Trust 2019-101C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-101C B, 4.158%, due 3/10/39  | 1110000 | 984033 |
| CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4 C, 4.350%, due 5/10/50<sup>(a)(b)</sup>  | 430000 | 393341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4 D, 3.300%, due 5/10/50  | 495000 | 411148 |
| CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3 D, 3.052%, due 1/10/48<sup>(a)(b)</sup>  | 540000 | 501187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 D, 5.004%, due 5/10/58<sup>(a)(b)</sup>  | 617007 | 584861 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2 D, 3.300%, due 3/10/51<sup>(a)(b)</sup>  | 1420000 | 1059514 |
| COMM 2014-CCRE20 Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20 D, 3.222%, due 11/10/47  | 790000 | 594949 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 D, 4.061%, due 2/10/49<sup>(a)(b)</sup>  | 1260000 | 1167384 |
| CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1 D, 7.362%, (1 Month CME SOFR + 3.04%), due 8/15/41<sup>(a)</sup>  | 270000 | 267316 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C3 A4, 3.718%, due 8/15/48  | 72450 | 72167 |
| DBJPM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1 C, 3.468%, due 5/10/49<sup>(a)(b)</sup>  | 480000 | 422302 |
| Freddie Mac Multifamily Structured Credit Risk | Freddie Mac Multifamily Structured Credit Risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9 M2, 7.603%, (1 Month SOFR + 3.25%), due 10/25/44<sup>(a)</sup>  | 850000 | 849998 |
| GS Mortgage Securities Trust 2018-GS10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10 C, 4.548%, due 7/10/51<sup>(a)(b)</sup>  | 750000 | 666201 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 C, 3.557%, due 8/15/49<sup>(a)(b)</sup>  | 1080000 | 952873 |
| JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust |  |
| Series 2019-COR5 D, 3.000%, due 6/13/52 | 155000 | 117989 |
| JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 C, 4.315%, due 10/15/50<sup>(a)(b)</sup>  | 415000 | 369590 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22 D, 4.245%, due 4/15/48<sup>(a)(b)</sup>  | 715000 | 476643 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-150E A, 3.912%, due 9/9/32  | $1300000<br>| $1153060<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-420 A, 7.982%, due 10/12/50  | 440466 | 445571 |
| MSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 AS, 6.491%, due 12/15/56<sup>(a)(b)</sup>  | 395000 | 416542 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR E, 8.819%, due 11/13/41  | 1300000 | 1359027 |
| SG Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 B, 3.933%, due 10/10/48  | 400000 | 380366 |
| SKY Trust 2025-LINE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LINE B, 8.009%, (1 Month CME SOFR + 3.69%), due 4/15/42<sup>(a)</sup>  | 495000 | 493611 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9 C, 5.110%, due 3/15/51<sup>(a)(b)</sup>  | 440000 | 355948 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 D, 3.059%, due 11/15/49  | 630000 | 553512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40 D, 2.700%, due 10/15/50  | 1000000 | 833083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51 C, 4.289%, due 6/15/52<sup>(a)(b)</sup>  | 460000 | 400223 |
|  |  | 23250492 |
| **Total Commercial Mortgage-Backed Securities** | **Total Commercial Mortgage-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $22,567,984)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $22,567,984)**  | **23250492** |
| **Corporate Bonds — 45.5%** | **Corporate Bonds — 45.5%** | **Corporate Bonds — 45.5%** |
| **Advertising — 0.2%** |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 4/15/28  | 105000 | 87150 |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 1/15/29  | 300000 | 291278 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/27  | 150000 | 146984 |
|  |  | 525412 |
| **Aerospace & Defense — 0.6%** |  |  |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/15/29  | 140000 | 143316 |
| Efesto Bidco S.p.A Efesto U.S. LLC, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XR, 7.500%, due 2/15/32  | 80000 | 79369 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/15/27  | 400000 | 398095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 8/15/28  | 1000000 | 1020094 |
|  |  | 1640874 |
| **Agriculture — 0.1%** |  |  |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/15/30  | 250000 | 249295 |
| **Airlines — 1.1%** |  |  |
| American Airlines Class B Pass Through Trust | American Airlines Class B Pass Through Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, B, 3.950%, due 7/11/30  | 228625 | 214056 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Airlines (continued)** |  |  |
| British Airways Class A Pass Through Trust, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, A, 2.900%, due 3/15/35  | $821822<br>| $733457<br>|
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 10/20/25  | 58750 | 58211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 10/20/28  | 1055000 | 1048618 |
| JetBlue Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, AA, 2.750%, due 5/15/32  | 745286 | 644120 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/20/27  | 218250 | 218934 |
| United Airlines Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-1, A, 5.875%, due 10/15/27  | 212660 | 216481 |
|  |  | 3133877 |
| **Auto Manufacturers — 1.8%** |  |  |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 8/17/27  | 760000 | 728833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.054%, due 11/5/31  | 345000 | 334461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, due 3/6/26  | 435000 | 439237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, due 6/10/30  | 390000 | 401524 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, due 1/8/31  | 640000 | 543614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, due 4/6/29  | 365000 | 352604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 4/4/32  | 715000 | 709507 |
| JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 12/15/31  | 325000 | 326746 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, due 9/16/26  | 1150000 | 1085464 |
| PM General Purchaser LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 10/1/28<sup>(e)</sup>  | 150000 | 144814 |
|  |  | 5066804 |
| **Auto Parts & Equipment — 0.3%** |  |  |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl | Garrett Motion Holdings, Inc. / Garrett LX I Sarl |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/31/32  | 90000 | 89819 |
| IHO Verwaltungs GmbH, (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 11/15/30  | 500000 | 488135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 11/15/32  | 45000 | 43093 |
| Real Hero Merger Sub 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 2/1/29  | 150000 | 111902 |
| Tenneco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 11/17/28  | 250000 | 238828 |
|  |  | 971777 |
| **Banks — 10.5%** |  |  |
| Australia & New Zealand Banking Group Ltd., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.731%, (5 Year US CMT T-Note + 1.62%), due 9/18/34<sup>(a)</sup>  | 610000 | 622122 |
| Banco Santander SA, (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, due 3/14/34  | 200000 | 204327 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, (SOFR + 1.21%), due 10/20/32<sup>(a)</sup>  | 815000 | 708259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, (SOFR + 1.32%), due 4/22/32<sup>(a)</sup>  | 605000 | 535106 |
| Bank of New Zealand, (New Zealand) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.698%, (5 Year US CMT T-Note + 1.30%), due 1/28/35<sup>(a)</sup>  | 745000 | 755908 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Banks (continued)** |  |  |
| Barclays PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, (5 Year US CMT T-Note + 3.41%), due 12/15/73<sup>(a)(e)</sup>  | $810000<br>| $725989<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%, (SOFR + 1.91%), due 9/10/35<sup>(a)</sup>  | 475000 | 460949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.367%, (SOFR + 1.23%), due 2/25/31<sup>(a)</sup>  | 805000 | 815750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, (5 Year US CMT T-Note + 5.43%), due 12/15/73<sup>(a)</sup>  | 195000 | 199216 |
| BNP Paribas SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%, (SOFR + 1.51%), due 1/13/31<sup>(a)</sup>  | 440000 | 404594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, (5 Year US CMT T-Note + 3.20%), due 7/12/73<sup>(a)</sup>  | 350000 | 330737 |
| BPCE SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.045%, (SOFR + 1.09%), due 10/19/27<sup>(a)</sup>  | 1220000 | 1174167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%, (SOFR + 2.27%), due 10/19/29<sup>(a)</sup>  | 250000 | 264072 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520%, (SOFR + 1.18%), due 11/3/32<sup>(a)</sup>  | 560000 | 482638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411%, (5 Year US CMT T-Note + 1.73%), due 9/19/39<sup>(a)</sup>  | 400000 | 381795 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 4/30/30  | 445000 | 408357 |
| Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%, (SOFR + 2.16%), due 1/30/30<sup>(a)</sup>  | 915000 | 926238 |
| Commonwealth Bank of Australia, (Australia) | Commonwealth Bank of Australia, (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.929%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.32%), due 3/14/46<sup>(a)</sup>  | 490000 | 473879 |
| Cooperatieve Rabobank UA, (Netherlands) | Cooperatieve Rabobank UA, (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.22%), due 4/6/28<sup>(a)</sup>  | 1045000 | 1028815 |
| Credit Agricole SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, (5 Year US CMT T-Note + 3.24%), due 3/23/74<sup>(a)</sup>  | 440000 | 397918 |
| Deutsche Bank AG/New York NY, (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%, (SOFR + 1.32%), due 1/7/28<sup>(a)</sup>  | 910000 | 877024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, (SOFR + 2.76%), due 1/14/32<sup>(a)</sup>  | 570000 | 513510 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.895%, (SOFR + 1.49%), due 9/6/30<sup>(a)</sup>  | 455000 | 453851 |
| First Horizon Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 5/1/30  | 811000 | 814735 |
| First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.514%, (SOFR + 1.77%), due 3/7/31<sup>(a)</sup>  | 600000 | 603412 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.141%, (5 Year US CMT T-Note + 1.70%), due 11/18/39<sup>(a)</sup>  | 755000 | 746576 |
| Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 1/10/30  | 631000 | 651071 |
| Intesa Sanpaolo SpA, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 11/21/25  | 830000 | 839590 |
| KBC Group NV, (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.07%), due 10/16/30<sup>(a)</sup>  | 1240000 | 1250266 |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, due 8/8/25  | 485000 | 484055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, due 8/8/32  | 720000 | 671509 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Banks (continued)** |  |  |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%, (SOFR + 2.42%), due 3/6/35<sup>(a)</sup>  | $320000<br>| $335209<br>|
| Lloyds Banking Group PLC, (United Kingdom) | Lloyds Banking Group PLC, (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.582%, due 12/10/25  | 775000 | 772802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, due 3/24/26  | 590000 | 588103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.976%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.30%), due 8/11/33<sup>(a)</sup>  | 355000 | 348481 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%, (SOFR + 1.61%), due 1/16/36<sup>(a)</sup>  | 430000 | 418545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082%, (SOFR + 2.26%), due 3/13/32<sup>(a)</sup>  | 410000 | 426622 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%, (SOFR + 1.36%), due 9/16/36<sup>(a)</sup>  | 1050000 | 875947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, (SOFR + 1.20%), due 10/20/32<sup>(a)</sup>  | 595000 | 513716 |
| NatWest Group PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.073%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.55%), due 5/22/28<sup>(a)</sup>  | 520000 | 504645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.778%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.50%), due 3/1/35<sup>(a)</sup>  | 260000 | 264507 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.342%, (SOFR + 2.14%), due 5/31/35<sup>(a)</sup>  | 205000 | 209470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.499%, (SOFR + 2.36%), due 3/9/29<sup>(a)</sup>  | 855000 | 886475 |
| Societe Generale SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, (5 Year US CMT T-Note + 4.51%), due 5/18/73<sup>(a)</sup>  | 675000 | 589327 |
| Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, due 8/22/25  | 715000 | 715229 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153%, (SOFR + 1.57%), due 8/5/32<sup>(a)</sup>  | 420000 | 422239 |
| UBS Group AG, (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.08%), due 1/30/27<sup>(a)</sup>  | 285000 | 278095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, (5 Year US CMT T-Note + 3.31%), due 8/10/73<sup>(a)</sup>  | 740000 | 633691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, (5 Year US CMT T-Note + 3.40%), due 8/12/73<sup>(a)</sup>  | 150000 | 143413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.442%, (SOFR + 3.70%), due 8/11/28<sup>(a)</sup>  | 550000 | 571039 |
| Westpac Banking Corp., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.020%, (5 Year US CMT T-Note + 1.53%), due 11/18/36<sup>(a)</sup>  | 975000 | 841372 |
|  |  | 29545362 |
| **Biotechnology — 0.2%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/2/63  | 725000 | 689468 |
| **Building Materials — 0.5%** |  |  |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | EMRLD Borrower LP / Emerald Co.-Issuer, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 12/15/30  | 375000 | 380291 |
| James Hardie International Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/28  | 200000 | 194927 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/1/31  | 400000 | 418407 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 3/1/32  | 315000 | 316775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/1/33  | 85000 | 85318 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Building Materials (continued)** |  |  |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 8/15/32  | $50000<br>| $50623<br>|
|  |  | 1446341 |
| **Chemicals — 0.9%** |  |  |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.175%, due 9/30/29  | 102388 | 91637 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.580%, due 7/15/29  | 50000 | 50426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, due 11/15/28  | 100000 | 101094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, due 11/15/30  | 100000 | 99965 |
| GPD Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125%, due 4/1/26  | 210000 | 188870 |
| Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/29  | 865000 | 815344 |
| Innophos Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 6/15/29  | 280000 | 283115 |
| Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 10/1/29  | 50000 | 41565 |
| NOVA Chemicals Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 11/15/28  | 300000 | 316177 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 10/1/27  | 250000 | 250645 |
| SK Invictus Intermediate II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/30/29  | 400000 | 375511 |
|  |  | 2614349 |
| **Coal — 0.1%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 6/15/29  | 150000 | 154833 |
| **Commercial Services — 0.6%** |  |  |
| Alta Equipment Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 6/1/29  | 80000 | 67325 |
| Belron UK Finance PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/29  | 115000 | 114854 |
| Dcli Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 11/15/29  | 85000 | 79179 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 6/1/26  | 475000 | 474424 |
| NES Fircroft Bondco A/S, (United Kingdom) | NES Fircroft Bondco A/S, (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 9/30/29  | 125000 | 124141 |
| NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/29  | 190000 | 172219 |
| OT Midco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 2/15/30  | 120000 | 97637 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 3/1/29  | 200000 | 182427 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 2/15/31  | 200000 | 182642 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 8/15/28  | 150000 | 144246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 4/15/30  | 50000 | 50906 |
|  |  | 1690000 |
| **Computers — 0.3%** |  |  |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 12/15/41  | 650000 | 466293 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Computers (continued)** |  |  |
| Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/32  | $165000<br>| $167393<br>|
| McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 2/15/30  | 125000 | 107974 |
|  |  | 741660 |
| **Cosmetics/Personal Care — 0.7%** |  |  |
| Coty, Inc. /HFC Prestige Products, Inc./HFC Prestige International U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 1/15/29<sup>(e)</sup>  | 1420000 | 1365968 |
| Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/28  | 450000 | 442078 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series USD, 6.125%, due 9/30/32  | 100000 | 99264 |
| Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 4/1/31  | 200000 | 180560 |
|  |  | 2087870 |
| **Distribution/Wholesale — 0.3%** |  |  |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 7/1/29  | 200000 | 202926 |
| RB Global Holdings Inc, (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 3/15/31  | 500000 | 524242 |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 6/1/29  | 75000 | 75754 |
|  |  | 802922 |
| **Diversified Financial Services — 3.1%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/29/28  | 200000 | 188887 |
| AG Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/28  | 300000 | 295555 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.992%, (SOFR + 3.26%), due 6/13/29<sup>(a)</sup>  | 465000 | 483025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 11/1/31  | 300000 | 332220 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 4/1/29  | 125000 | 122214 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, due 1/30/26  | 965000 | 943104 |
| Avolon Holdings Funding Ltd., (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 2/21/26  | 615000 | 599649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 11/15/29  | 890000 | 901008 |
| Cantor Fitzgerald LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, due 12/12/28  | 490000 | 516420 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.312%, (SOFR + 2.64%), due 6/8/29<sup>(a)</sup>  | 775000 | 807553 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 11/1/32  | 200000 | 196576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/1/33  | 60000 | 60283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 4/30/31  | 550000 | 567227 |
| Macquarie Airfinance Holdings Ltd., (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, due 3/26/29  | 850000 | 872418 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/15/29  | 250000 | 233392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 9/15/31  | 100000 | 95252 |
| Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 12/15/29  | 150000 | 147930 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Diversified Financial Services (continued)** |  |  |
| StoneX Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 3/1/31  | $375000<br>| $390387<br>|
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, (SOFR + 1.68%), due 3/6/31<sup>(a)</sup>  | 850000 | 847654 |
|  |  | 8600754 |
| **Electric — 4.3%** |  |  |
| AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 5/15/51  | 745000 | 490344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/15/52  | 260000 | 226439 |
| Algonquin Power & Utilities Corp., (Canada) | Algonquin Power & Utilities Corp., (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.365%, due 6/15/26  | 950000 | 956170 |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 10/15/32  | 225000 | 229300 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, due 8/15/34  | 575000 | 583580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, due 12/15/32  | 665000 | 708010 |
| Baltimore Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, due 6/1/52  | 720000 | 595186 |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 3/15/28  | 425000 | 415353 |
| Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, due 2/1/53  | 335000 | 310844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 6/1/54  | 120000 | 116771 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 3/15/32  | 850000 | 811354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, (5 Year US CMT T-Note + 3.66%), due 6/15/54<sup>(a)</sup>  | 470000 | 440063 |
| Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 3/15/35  | 1250000 | 1259440 |
| Indianapolis Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 12/1/32  | 370000 | 376845 |
| Lightning Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 8/15/32  | 400000 | 414413 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/28  | 100000 | 100388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 2/1/33  | 250000 | 247376 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, (5 Year US CMT T-Note + 3.32%), due 9/15/55<sup>(a)</sup>  | 605000 | 614120 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, (5 Year US CMT T-Note + 3.88%), due 3/15/55<sup>(a)</sup>  | 150000 | 145619 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%, due 3/15/32  | 855000 | 791084 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, due 3/1/53  | 270000 | 241523 |
| TransAlta Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 11/15/29  | 110000 | 114566 |
| Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.625%, due 5/15/52  | 500000 | 408990 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, (5 Year US CMT T-Note + 6.93%), due 4/15/74<sup>(a)</sup>  | 200000 | 204412 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 9/1/26  | 350000 | 349034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 2/15/27  | 500000 | 499677 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Electric (continued)** |  |  |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 10/15/26  | $100000<br>| $96469<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 9/15/27  | 50000 | 47272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/15/29<sup>(e)</sup>  | 50000 | 49484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 1/15/31<sup>(e)</sup>  | 90000 | 90330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 3/15/33<sup>(e)</sup>  | 75000 | 74842 |
|  |  | 12009298 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |  |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 1/15/32  | 100000 | 102098 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 3/15/33  | 40000 | 40464 |
|  |  | 142562 |
| **Electronics — 0.1%** |  |  |
| Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 9/1/30  | 350000 | 340629 |
| **Engineering & Construction — 0.4%** |  |  |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 4/15/29  | 425000 | 399503 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/31  | 100000 | 94878 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/29  | 85000 | 77562 |
| TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 3/15/29  | 200000 | 185916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 2/15/32  | 200000 | 179981 |
| Weekley Homes LLC / Weekley Finance Corp. | Weekley Homes LLC / Weekley Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 9/15/28  | 150000 | 140295 |
|  |  | 1078135 |
| **Entertainment — 0.8%** |  |  |
| Boyne USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 5/15/29  | 250000 | 237913 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/15/32<sup>(e)</sup>  | 225000 | 212117 |
| Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/1/27  | 375000 | 371370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 4/1/30<sup>(e)</sup>  | 375000 | 366743 |
| Jacobs Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 2/15/29  | 160000 | 145600 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 9/1/31  | 200000 | 205494 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 10/15/27  | 500000 | 489403 |
| Motion Bondco DAC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 11/15/27  | 200000 | 189141 |
| Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 2/1/33  | 100000 | 98704 |
|  |  | 2316485 |
| **Environmental Control — 0.0%<sup>(c)</sup>** |  |  |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 2/1/33  | 50000 | 51014 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Food — 1.3%** |  |  |
| Chobani Holdco II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 10/1/29  | $208391<br>| $220826<br>|
| MARB BondCo PLC, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, due 1/29/31  | 1010000 | 873567 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/32  | 615000 | 619928 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 8/1/29  | 250000 | 236613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/27  | 200000 | 198361 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/15/29  | 275000 | 269913 |
| Simmons Foods Inc/Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc./Simmons Feed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 3/1/29  | 300000 | 278687 |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/15/30  | 170000 | 150624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/1/27  | 715000 | 705608 |
|  |  | 3554127 |
| **Forest Products & Paper — 0.1%** |  |  |
| Mercer International, Inc., (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 2/1/29  | 500000 | 411273 |
| **Gas — 0.9%** |  |  |
| AltaGas Ltd., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, (5 Year US CMT T-Note + 3.57%), due 10/15/54<sup>(a)</sup>  | 100000 | 97662 |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.757%, due 3/16/32  | 275000 | 250551 |
| Brooklyn Union Gas Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866%, due 8/5/32  | 910000 | 877194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388%, due 9/15/33  | 225000 | 236648 |
| National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, due 3/15/35  | 1155000 | 1157913 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 5/1/33  | 15000 | 15389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/1/35  | 15000 | 15403 |
|  |  | 2650760 |
| **Healthcare-Products — 0.2%** |  |  |
| Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 2/15/29  | 150000 | 140077 |
| Varex Imaging Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 10/15/27  | 400000 | 383901 |
|  |  | 523978 |
| **Healthcare-Services — 0.5%** |  |  |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/29  | 125000 | 118170 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 6/1/30  | 200000 | 186012 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 4/1/31  | 100000 | 95199 |
| Fortrea Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 7/1/30<sup>(e)</sup>  | 75000 | 65083 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 1/15/29  | 110000 | 99023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 2/15/32  | 110000 | 112193 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Healthcare-Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 6/1/32  | $120000<br>| $116400<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 10/15/30  | 250000 | 273661 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 6/15/30  | 400000 | 401372 |
|  |  | 1467113 |
| **Holding Companies-Divers — 0.4%** |  |  |
| Benteler International AG, (Austria) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 5/15/28  | 200000 | 204173 |
| Clue Opco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 10/15/31  | 185000 | 176808 |
| Stena International SA, (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 2/15/31  | 750000 | 754624 |
|  |  | 1135605 |
| **Home Builders — 0.1%** |  |  |
| Installed Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 2/1/28  | 200000 | 196560 |
| Shea Homes LP / Shea Homes Funding Corp. | Shea Homes LP / Shea Homes Funding Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/28  | 75000 | 72804 |
| Winnebago Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/15/28  | 118000 | 117202 |
|  |  | 386566 |
| **Household Products/Wares — 0.2%** |  |  |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 2/1/28  | 450000 | 444839 |
| **Housewares — 0.2%** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 5/15/30  | 70000 | 63721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 9/15/29  | 35000 | 32832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/32  | 115000 | 103095 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 4.000%, due 4/1/31  | 150000 | 131370 |
| 4.375%, due 2/1/32  | 250000 | 217811 |
|  |  | 548829 |
| **Insurance — 0.4%** |  |  |
| Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.266%, due 8/15/54  | 610000 | 596241 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 6/15/30  | 150000 | 155587 |
| MGIC Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/15/28  | 200000 | 199557 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 8/1/32  | 200000 | 197542 |
|  |  | 1148927 |
| **Internet — 0.2%** |  |  |
| Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 11/1/28  | 185000 | 181731 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 9/30/27  | 55000 | 55902 |
| Go Daddy Operating Co LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/27  | 450000 | 446035 |
|  |  | 683668 |
| **Iron/Steel — 0.3%** |  |  |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 9/15/31  | 30000 | 29032 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Iron/Steel (continued)** |  |  |
| Mineral Resources Ltd., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, due 5/1/27  | $100000<br>| $97249<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/1/30  | 450000 | 408782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 10/1/28  | 250000 | 236428 |
|  |  | 771491 |
| **Lodging — 0.7%** |  |  |
| **Hilton Domestic Operating Co., Inc.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 2/15/32  | 100000 | 88458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 1/15/30  | 500000 | 489971 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/30/29  | 885000 | 887779 |
| Studio City Finance Ltd., (Macau) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/29  | 490000 | 430259 |
|  |  | 1896467 |
| **Machinery-Diversified — 0.4%** |  |  |
| AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, due 3/21/34  | 720000 | 715196 |
| Maxim Crane Works Holdings Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 9/1/28  | 135000 | 133313 |
| TK Elevator U.S. Newco, Inc., (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/27  | 400000 | 393879 |
|  |  | 1242388 |
| **Media — 1.4%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, due 3/15/26<sup>(f)</sup>  | 200000 | 188200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, due 3/15/28<sup>(e)</sup>  | 100000 | 80000 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/32  | 585000 | 519760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/28  | 200000 | 195131 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/27  | 350000 | 325213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/30  | 200000 | 100308 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 7/15/29  | 40000 | 41059 |
| LCPR Senior Secured Financing DAC, (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 7/15/29  | 200000 | 148350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 10/15/27  | 200000 | 164384 |
| News Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 2/15/32  | 300000 | 286204 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, due 2/15/33  | 125000 | 123732 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/27  | 400000 | 395190 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 6/15/39  | 635000 | 633959 |
| Virgin Media Secured Finance PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/15/29  | 200000 | 192563 |
| Virgin Media Vendor Financing Notes IV DAC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/28  | 235000 | 227280 |
| Ziggo BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 1/15/30  | 275000 | 253177 |
|  |  | 3874510 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Metal Fabricate/Hardware — 0.2%** |  |  |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 6/15/30  | $300000<br>| $304628<br>|
| Vallourec SACA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 4/15/32  | 200000 | 207066 |
|  |  | 511694 |
| **Mining — 0.6%** |  |  |
| Century Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 4/1/28  | 400000 | 401626 |
| Eldorado Gold Corp., (Turkey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/1/29  | 50000 | 49285 |
| First Quantum Minerals Ltd., (Zambia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 3/1/29  | 300000 | 314685 |
| IAMGOLD Corp., (Burkina Faso) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/28  | 250000 | 247655 |
| WE Soda Investments Holding PLC, (Turkey) | WE Soda Investments Holding PLC, (Turkey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 2/14/31  | 765000 | 775022 |
|  |  | 1788273 |
| **Miscellaneous Manufacturing — 0.4%** |  |  |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 5/15/30  | 50000 | 47261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 3/15/33  | 60000 | 60270 |
| Calderys Financing II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, due 6/1/28  | 200000 | 196394 |
| Calderys Financing LLC, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, due 6/1/28  | 100000 | 105654 |
| Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/26  | 500000 | 497506 |
| LSB Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/15/28  | 100000 | 93589 |
|  |  | 1000674 |
| **Oil & Gas — 1.7%** |  |  |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 4/1/32  | 65000 | 59059 |
| Diamond Foreign Asset Co. / Diamond Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 10/1/30  | 200000 | 191202 |
| Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/1/28  | 415000 | 415296 |
| Gulfport Energy Operating Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 9/1/29  | 200000 | 197098 |
| Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 2/1/31  | 300000 | 269272 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 4/15/28  | 150000 | 149166 |
| Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 9/1/31  | 325000 | 298644 |
| NewCo Holding USD 20 SARL, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 11/7/29  | 200000 | 197500 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 4/15/30  | 200000 | 190553 |
| Parkland Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 5/1/30  | 500000 | 470612 |
| PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, due 3/15/30  | 55000 | 48411 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 7/1/29  | 450000 | 439453 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Oil & Gas (continued)** |  |  |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/30  | $150000<br>| $141809<br>|
| Rockcliff Energy II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/29  | 250000 | 229737 |
| Seadrill Finance Ltd., (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 8/1/30  | 90000 | 84280 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 8/1/29  | 100000 | 93363 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 2/1/29  | 140000 | 134210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 2/1/31  | 360000 | 338481 |
| Transocean Poseidon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 2/1/27  | 78750 | 78157 |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 2/1/28  | 90476 | 89630 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 2/15/30  | 200000 | 195498 |
| Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 11/1/31  | 125000 | 129766 |
| Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 4/15/32  | 140000 | 108765 |
| Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 10/15/29  | 200000 | 183000 |
|  |  | 4732962 |
| **Oil & Gas Services — 0.1%** |  |  |
| Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 3/1/28  | 130000 | 126119 |
| Nine Energy Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, due 2/1/28  | 110000 | 64609 |
|  |  | 190728 |
| **Packaging & Containers — 0.2%** |  |  |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 7/15/26  | 352000 | 351182 |
| Sealed Air Corp/Sealed Air Corp. U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 2/1/28  | 150000 | 151108 |
|  |  | 502290 |
| **Pharmaceuticals — 0.9%** |  |  |
| 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 4/15/32  | 170000 | 166460 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 9/30/28  | 220000 | 206888 |
| BellRing Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 3/15/30  | 200000 | 207508 |
| CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%, due 1/10/34  | 110924 | 111979 |
| Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31  | 225000 | 233940 |
| Jazz Securities DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 1/15/29<sup>(e)</sup>  | 950000 | 901571 |
| Organon & Co / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 4/30/28 | 550000 | 518743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 4/30/31 | 200000 | 167870 |
|  |  | 2514959 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Pipelines — 1.7%** |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/15/28  | $300000<br>| $298201<br>|
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 2/1/30  | 45000 | 45788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 7/1/29  | 250000 | 254709 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962%, due 2/15/55  | 1040000 | 970523 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 6/15/31  | 200000 | 184208 |
| Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 5/15/30  | 120000 | 121899 |
| Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 1/15/29<sup>(e)</sup>  | 150000 | 149552 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/30  | 300000 | 292924 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 8/1/29  | 180000 | 164351 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, due 4/1/35  | 855000 | 832354 |
| Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.690%, (3 Month CME SOFR+ 4.37%), due 11/15/73<sup>(a)</sup>  | 550000 | 542477 |
| Prairie Acquiror LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 8/1/29  | 75000 | 75578 |
| South Bow Canadian Infrastructure Holdings Ltd., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, (5 Year US CMT T-Note + 3.95%), due 3/1/55<sup>(a)</sup>  | 100000 | 99900 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/15/28  | 600000 | 583341 |
| TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 6/15/30  | 90000 | 90584 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 6/1/31  | 60000 | 57859 |
|  |  | 4764248 |
| **REITS — 1.5%** |  |  |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 8/15/31  | 360000 | 326932 |
| American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, due 7/15/31  | 905000 | 778890 |
| Blackstone Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 12/1/29  | 50000 | 51931 |
| GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/15/30  | 930000 | 876647 |
| Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, due 7/1/34  | 505000 | 496938 |
| Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/15/31  | 585000 | 490345 |
| MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/27  | 125000 | 110439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/32  | 100000 | 101598 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 2/15/29  | 250000 | 239226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/32<sup>(e)</sup>  | 50000 | 49833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 7/15/28  | 100000 | 102770 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **REITS (continued)** |  |  |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 4/15/28  | $200000<br>| $191413<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/15/29  | 115000 | 105206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 2/15/28  | 288000 | 305794 |
|  |  | 4227962 |
| **Retail — 1.4%** |  |  |
| 1011778 BC ULC / New Red Finance, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 1/15/28  | 250000 | 240050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/30  | 500000 | 455016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 6/15/29  | 100000 | 101582 |
| Arcos Dorados BV, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 1/29/32  | 820000 | 834366 |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 3/1/30  | 250000 | 233799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/32<sup>(e)</sup>  | 100000 | 91133 |
| AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 6/1/30  | 313000 | 306954 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/30/32  | 80000 | 80207 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/1/29  | 365000 | 345061 |
| Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 9/15/29  | 100000 | 92054 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 5/1/29 | 50000 | 46960 |
| PetSmart, Inc. / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 2/15/29  | 200000 | 186275 |
| Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 12/15/29  | 675000 | 409413 |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 1/31/32  | 400000 | 376527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 4/1/32  | 100000 | 98269 |
|  |  | 3897666 |
| **Savings & Loans — 0.3%** |  |  |
| Nationwide Building Society, (United Kingdom) | Nationwide Building Society, (United Kingdom) |  |
| 2.972%, (SOFR + 1.29%), due 2/16/28<sup>(a)</sup>  | 960000 | 934522 |
| **Software — 1.1%** |  |  |
| Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 7/1/28  | 300000 | 283085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 7/1/29  | 390000 | 354470 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/31/29  | 500000 | 500179 |
| Open Text Holdings, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 2/15/30  | 475000 | 438935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 12/1/31  | 50000 | 44715 |
| PTC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/28  | 100000 | 96578 |
| SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 9/30/27  | 500000 | 497535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/1/32  | 300000 | 304123 |
| UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 2/1/31  | 450000 | 462957 |
|  |  | 2982577 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Telecommunications — 0.6%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 9/15/53  | $585000<br>| $391556<br>|
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 11/30/30  | 25000 | 23302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, due 11/30/29  | 50000 | 52877 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 10/15/27 | 300000 | 299661 |
| Iliad Holding SASU, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31 | 215000 | 226789 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 4/15/29 | 250000 | 276808 |
| Rogers Communications, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, (5 Year US CMT T-Note + 3.59%), due 3/15/82<sup>(a)</sup>  | 35000 | 34080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, (5 Year US CMT T-Note + 2.62%), due 4/15/55<sup>(a)</sup>  | 35000 | 34873 |
| Windstream Services LLC / Windstream Escrow Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 10/1/31  | 425000 | 435080 |
|  |  | 1775026 |
| **Transportation — 0.2%** |  |  |
| Star Leasing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 2/15/30  | 280000 | 251142 |
| Watco Cos. LLC / Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 8/1/32  | 225000 | 224456 |
|  |  | 475598 |
| **Water — 0.3%** |  |  |
| Aegea Finance Sarl, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 1/20/31  | 829000 | 864756 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| **(Cost $129,458,655)**  | **(Cost $129,458,655)**  | **127804197** |
| **Foreign Government Obligation — 0.2%** | **Foreign Government Obligation — 0.2%** | **Foreign Government Obligation — 0.2%** |
| Colombia Government International Bond, (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 2/2/34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $665,662)  | 660000 | 642486 |
| **U.S. Government & Federal Agencies — 30.0%** | **U.S. Government & Federal Agencies — 30.0%** | **U.S. Government & Federal Agencies — 30.0%** |
| **Mortgage Securities — 19.6%** |  |  |
| Fannie Mae Interest Strip |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-426 C32, 1.500%, due 2/25/52<sup>(d)</sup>  | 2639725 | 253161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-429 C5, 3.000%, due 10/25/52<sup>(d)</sup>  | 1908473 | 341880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-438 C34, 6.000%, due 8/25/53<sup>(d)</sup>  | 1260334 | 301782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-440 C46, 4.000%, due 10/25/53<sup>(d)</sup>  | 2156386 | 478276 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM5299, 3.500%, due 11/1/50  | 230704 | 208986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA4492, 2.000%, due 12/1/51  | 382129 | 303862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CB3155, 2.000%, due 3/1/52  | 371804 | 295289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4562, 2.000%, due 3/1/52  | 862322 | 685006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FP0087, 2.000%, due 10/1/50  | 1670398 | 1332898 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS3603, 5.500%, due 8/1/53  | $603222<br>| $606450<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS5641, 6.000%, due 8/1/53  | 394914 | 403393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS5758, 6.000%, due 9/1/53  | 544478 | 556150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS6211, 6.000%, due 11/1/53  | 191854 | 196205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS6542, 6.500%, due 12/1/53  | 55272 | 57100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4918, 5.000%, due 2/1/53  | 573354 | 562653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4919, 5.500%, due 2/1/53  | 457928 | 458184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5108, 6.000%, due 8/1/53  | 1036641 | 1053363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5139, 6.000%, due 9/1/53  | 438607 | 445631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS7587, 5.500%, due 4/1/54  | 611930 | 613300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS8275, 5.500%, due 6/1/54  | 2072152 | 2068510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS9453, 4.500%, due 8/1/53  | 796750 | 763394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MA5353, 5.500%, due 5/1/54  | 526460 | 525535 |
| Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-19 SD, 1.632%, (1 Month SOFR + 5.99%), due 4/25/46<sup>(a)(d)</sup>  | 1250957 | 112412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-57 SN, 1.582%, (1 Month SOFR + 5.94%), due 6/25/46<sup>(a)(d)</sup>  | 556704 | 65259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-32 SB, 1.582%, (1 Month SOFR + 5.94%), due 6/25/49<sup>(a)(d)</sup>  | 916633 | 110238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-70 SD, 1.782%, (1 Month SOFR + 6.14%), due 10/25/50<sup>(a)(d)</sup>  | 755101 | 104330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 JI, 2.500%, due 3/25/51<sup>(d)</sup>  | 597486 | 97088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-34 IS, 0.000%, (1 Month SOFR + 2.91%), due 11/25/42<sup>(a)(d)</sup>  | 2459794 | 82552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-34 MI, 2.500%, due 3/25/51<sup>(d)</sup>  | 843933 | 108485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40 SI, 1.482%, (1 Month SOFR + 5.84%), due 9/25/47<sup>(a)(d)</sup>  | 909801 | 94685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-54 HI, 2.500%, due 6/25/51<sup>(d)</sup>  | 172062 | 21484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 ID, 3.500%, due 3/25/51<sup>(d)</sup>  | 689061 | 142987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10 SA, 1.396%, (1 Month SOFR + 5.75%), due 2/25/52<sup>(a)(d)</sup>  | 769466 | 92913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-24 OQ, 0.000%, due 7/25/54<sup>(f)(g)</sup>  | 514627 | 421671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 SB, 1.546%, (1 Month SOFR + 5.90%), due 7/25/54<sup>(a)(d)</sup>  | 3740700 | 304179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass Through Certificates  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-K758 A2, 4.680%, due 10/25/31<sup>(a)(b)</sup>  | 1260000 | 1283137 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RA6622, 2.500%, due 1/1/52  | 849576 | 714176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8215, 4.000%, due 5/1/52  | 236530 | 220849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8220, 3.000%, due 6/1/52  | 1191014 | 1034708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8243, 3.500%, due 9/1/52  | 2598023 | 2346055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8257, 4.500%, due 10/1/52  | 1451217 | 1390460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3392, 5.500%, due 7/1/53  | 296116 | 297701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3770, 2.500%, due 3/1/52  | 191629 | 160344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD4026, 6.000%, due 10/1/53  | 205199 | 209436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD4268, 6.000%, due 11/1/53  | 197357 | 201021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD4471, 6.500%, due 12/1/53  | 99901 | 103470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD5040, 5.500%, due 3/1/54  | 591375 | 592973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD5184, 4.000%, due 3/1/53  | 1052271 | 984143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD6766, 5.500%, due 11/1/54  | 378277 | 377735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD8407, 5.000%, due 3/1/54  | 679533 | 666148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL0849, 6.000%, due 4/1/55  | 540000 | 548003 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4358 Z, 3.000%, due 6/15/44  | $809330<br>| $735822<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4710 WZ, 3.500%, due 8/15/47  | 548546 | 505271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4725 WZ, 3.500%, due 11/15/47  | 974760 | 893226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4988 LP, 1.250%, due 6/25/50  | 655126 | 497184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4993 KS, 1.582%, (1 Month SOFR + 5.94%), due 7/25/50<sup>(a)(d)</sup>  | 1423680 | 197875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4994 TS, 1.632%, (1 Month SOFR + 5.99%), due 7/25/50<sup>(a)(d)</sup>  | 739291 | 91367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5013 DI, 3.000%, due 9/25/50<sup>(d)</sup>  | 1631520 | 304682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5021 SA, 0.000%, (1 Month SOFR + 3.55%), due 10/25/50<sup>(a)(d)</sup>  | 764158 | 25052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5031 IQ, 2.500%, due 10/25/50<sup>(d)</sup>  | 483754 | 76243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5038 IB, 2.500%, due 10/25/50<sup>(d)</sup>  | 468704 | 72624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5040 IO, 3.500%, due 11/25/50<sup>(d)</sup>  | 702025 | 132469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5070 PI, 3.000%, due 8/25/50<sup>(d)</sup>  | 802611 | 140087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5092 XA, 1.000%, due 1/15/41  | 369682 | 318524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5191 IO, 3.500%, due 9/25/50<sup>(d)</sup>  | 824069 | 152767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5304 UB, 4.000%, due 2/25/52  | 334960 | 313334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5315 OQ, 0.000%, due 1/25/55<sup>(f)(g)</sup>  | 450390 | 368481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5326 QO, 0.000%, due 9/25/50<sup>(f)(g)</sup>  | 335420 | 220207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5328 JY, 0.250%, due 9/25/50  | 712878 | 482868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5351 DO, 0.000%, due 9/25/53<sup>(f)(g)</sup>  | 421954 | 355919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5351 EO, 0.000%, due 10/25/53<sup>(f)(g)</sup>  | 289239 | 235402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5363, 0.000%, due 12/25/53<sup>(f)(g)</sup>  | 362244 | 312377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5468 QS, 0.346%, (1 Month SOFR + 4.70%), due 5/25/54<sup>(a)(d)</sup>  | 8217771 | 258390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5471 SK, 0.996%, (1 Month SOFR + 5.35%), due 8/25/54<sup>(a)(d)</sup>  | 5850597 | 247555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5472 SB, 0.996%, (1 Month SOFR + 5.35%), due 11/25/54<sup>(a)(d)</sup>  | 5829885 | 262375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5527 FA, 5.354%, (1 Month SOFR + 1.00%), due 4/25/55<sup>(a)</sup>  | 560836 | 556425 |
| Freddie Mac Stacr Remic Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1 M2, 6.004%, (1 Month SOFR + 1.65%), due 2/25/45<sup>(a)</sup>  | 1000000 | 991880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA1 B2, 9.568%, (1 Month SOFR + 5.21%), due 1/25/50<sup>(a)</sup>  | 975000 | 1046233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1 B2, 9.104%, (1 Month SOFR + 4.75%), due 1/25/51<sup>(a)</sup>  | 355000 | 381893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3 M2, 8.704%, (1 Month SOFR + 4.35%), due 4/25/42<sup>(a)</sup>  | 565000 | 593766 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3 M1B, 7.904%, (1 Month SOFR + 3.55%), due 8/25/42<sup>(a)</sup>  | $285000<br>| $297278<br>|
| Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-272, 0.000%, due 8/15/42<sup>(f)(g)</sup>  | 474711 | 366275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-311 S1, 1.491%, (1 Month SOFR + 5.84%), due 8/15/43<sup>(a)(d)</sup>  | 746619 | 82089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-397 C61, 5.500%, due 1/25/53<sup>(d)</sup>  | 949536 | 208588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-402, 0.000%, due 9/25/53<sup>(f)(g)</sup>  | 480377 | 399548 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA7409, 2.000%, due 6/20/51  | 542318 | 431092 |
| Government National Mortgage Association | Government National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-93 AI, 4.500%, due 7/20/44<sup>(d)</sup>  | 922693 | 227481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 KF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a)</sup>  | 241967 | 216986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 YF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a</sup><sup>)</sup>  | 247510 | 223227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-159 P, 2.500%, due 9/20/49  | 545909 | 477280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-92 GF, 3.500%, (1 Month CME SOFR + 0.80%), due 7/20/49<sup>(a)</sup>  | 229794 | 205524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 YF, 3.500%, (1 Month CME SOFR + 0.78%), due 1/20/50<sup>(a)</sup>  | 456184 | 403882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 YS, 0.000%, (1 Month CME SOFR + 2.72%), due 1/20/50<sup>(a)(d)</sup>  | 1257327 | 11491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-129 SB, 0.000%, (1 Month CME SOFR + 3.09%), due 9/20/50<sup>(a)(d)</sup>  | 1693934 | 22084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146 KI, 2.500%, due 10/20/50<sup>(d)</sup>  | 1361683 | 189845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146 SA, 1.867%, (1 Month CME SOFR + 6.19%), due 10/20/50<sup>(a)(d)</sup>  | 815033 | 120835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-168 IA, 0.979%, due 12/16/62<sup>(a)(b)(d)</sup>  | 1500468 | 112338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-175 CS, 1.867%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(d)</sup>  | 889055 | 126715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-189 SU, 1.867%, (1 Month CME SOFR + 6.19%), due 12/20/50<sup>(a)(d)</sup>  | 580090 | 89306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-34 SC, 1.617%, (1 Month CME SOFR + 5.94%), due 3/20/50<sup>(a)(d)</sup>  | 875893 | 115716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 IT, 3.000%, due 1/20/51<sup>(d)</sup>  | 1220005 | 209302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 PI, 2.500%, due 12/20/50<sup>(d)</sup>  | 717808 | 109775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122 HS, 1.867%, (1 Month CME SOFR + 6.19%), due 7/20/51<sup>(a)(d)</sup>  | 1095376 | 149585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-146 IN, 3.500%, due 8/20/51<sup>(d)</sup>  | 1032602 | 183231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-158 SB, 0.000%, (1 Month SOFR + 3.70%), due 9/20/51<sup>(a)(d)</sup>  | 935744 | 37644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16 AS, 0.000%, (1 Month CME SOFR + 2.64%), due 1/20/51<sup>(a)(d)</sup>  | 2191532 | 18212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-179 SA, 1.867%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(d)</sup>  | 1292214 | 187967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-188 IO, 2.500%, due 10/20/51<sup>(d)</sup>  | 3375093 | 538974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-205 DS, 0.000%, (1 Month SOFR + 3.20%), due 11/20/51<sup>(a)(d)</sup>  | 2999270 | 58546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-226 SA, 0.000%, (1 Month SOFR + 1.70%), due 12/20/51<sup>(a)(d)</sup>  | 1495174 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-29 AS, 0.000%, (1 Month SOFR + 2.70%), due 2/20/51<sup>(a)(d)</sup>  | 2094440 | 22620 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42 BI, 2.500%, due 3/20/51<sup>(d)</sup>  | $553062<br>| $77540<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-46 QS, 1.867%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(d)</sup>  | 509560 | 76032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-46 TS, 1.867%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(d)</sup>  | 651276 | 97924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47 IO, 0.992%, due 3/16/61<sup>(a)(b)(d</sup><sup>)</sup>  | 3490898 | 241156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-49 SB, 1.867%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(d)</sup>  | 747729 | 112441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SA, 1.867%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(d)</sup>  | 1957540 | 270580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SD, 1.867%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(d)</sup>  | 2052387 | 291592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67 PI, 3.000%, due 4/20/51<sup>(d)</sup>  | 705608 | 121780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-74 HI, 3.000%, due 4/20/51<sup>(d)</sup>  | 165041 | 25375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 GP, 1.000%, due 6/20/51  | 550872 | 422281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 SA, 0.000%, (1 Month SOFR + 2.60%), due 6/20/51<sup>(a)(d)</sup>  | 4235118 | 40272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 SM, 1.867%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(d)</sup>  | 1171815 | 184578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-98 IN, 3.000%, due 6/20/51<sup>(d)</sup>  | 568824 | 100828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-101 SB, 0.000%, (1 Month SOFR + 3.30%), due 6/20/52<sup>(a)(d)</sup>  | 1133509 | 15493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-107 SA, 0.000%, (1 Month SOFR + 3.47%), due 6/20/52<sup>(a)(d)</sup>  | 5728420 | 105605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113 Z, 2.000%, due 9/16/61  | 634952 | 304889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-137 S, 1.867%, (1 Month CME SOFR + 6.19%), due 7/20/51<sup>(a)(d)</sup>  | 1145071 | 160748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-185 DI, 1.022%, due 10/16/65<sup>(a)(b)(d)</sup>  | 1295316 | 94034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-221 C, 3.000%, due 6/16/64<sup>(a)(b)</sup>  | 395000 | 265738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-34 HS, 0.000%, (1 Month SOFR + 4.10%), due 2/20/52<sup>(a)(d)</sup>  | 2172443 | 125098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-69 FA, 4.500%, (1 Month SOFR + 0.75%), due 4/20/52<sup>(a)</sup>  | 211035 | 198690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78 S, 0.000%, (1 Month SOFR + 3.70%), due 4/20/52<sup>(a)(d)</sup>  | 1151211 | 24072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-87 SA, 0.000%, (1 Month SOFR + 3.30%), due 5/20/52<sup>(a)(d)</sup>  | 2265985 | 30974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-101 KO, 0.000%, due 1/20/51<sup>(f)(g)</sup>  | 1095896 | 729356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-114 MO, 0.000%, due 8/20/53<sup>(f)(g)</sup>  | 246892 | 222761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-159 CI, 0.953%, due 7/16/65<sup>(a)(b)(d)</sup>  | 2860259 | 215905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-172 IO, 1.381%, due 2/16/66<sup>(a)(b)(d)</sup>  | 1957387 | 189176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-194 CI, 0.815%, due 10/16/65<sup>(a)(b)(d)</sup>  | 2197177 | 143871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-38 WT, 6.524%, due 12/20/51<sup>(a)(b)</sup>  | 274529 | 289813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, 0.000%, due 4/20/53<sup>(f)(g)</sup>  | 236096 | 183829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-55 CG, 7.630%, due 7/20/51<sup>(a)(b)</sup>  | 453017 | 506657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-55 LB, 7.764%, due 11/20/51<sup>(a)(b)</sup>  | 426810 | 487198 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-56 SK, 1.617%, (1 Month CME SOFR + 5.94%), due 4/20/51<sup>(a)(d)</sup>  | $2219797<br>| $256876<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-59 YC, 7.027%, due 9/20/51<sup>(a)(b)</sup>  | 609808 | 672709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-60 ES, 2.500%, (1 Month SOFR + 11.20%), due 4/20/53<sup>(a)</sup>  | 508109 | 489064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-66 MP, 3.600%, (1 Month SOFR + 12.30%), due 5/20/53<sup>(a)</sup>  | 614811 | 580005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-66 OQ, 0.000%, due 7/20/52<sup>(f)(g)</sup>  | 766891 | 595762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-80 SA, 0.900%, (1 Month SOFR + 5.25%), due 6/20/53<sup>(a)(d)</sup>  | 2490682 | 101023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-86 SE, 2.300%, (1 Month SOFR + 6.65%), due 9/20/50<sup>(a)(d)</sup>  | 790175 | 126282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-29 B, 2.500%, due 8/16/64<sup>(a)(b)</sup>  | 635000 | 473902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 JI, 3.000%, due 7/20/51<sup>(d)</sup>  | 1228409 | 211928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-51 SX, 0.850%, (1 Month SOFR + 5.20%), due 3/20/54<sup>(a)(d)</sup>  | 6488267 | 305265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 WZ, 2.000%, due 8/20/52  | 989933 | 621351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 Z, 3.500%, due 1/20/55  | 1114697 | 849051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-37 B, 4.500%, due 3/16/66<sup>(a)(b)</sup>  | 535000 | 471311 |
| Seasoned Credit Risk Transfer Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 MTU, 3.250%, due 11/25/64  | 1155699 | 991032 |
|  |  | 55117578 |
| **U.S. Treasury Bond — 2.8%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 2/15/55  | 3605000 | 3567260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/45<sup>(e)</sup>  | 4315000 | 4344666 |
|  |  | 7911926 |
| **U.S. Treasury Note — 7.6%** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 4/15/28  | 1335000 | 1341153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 4/30/30  | 11790000 | 11873820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/30/32  | 3795000 | 3811603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 2/15/35<sup>(e)</sup>  | 4170000 | 4326375 |
|  |  | 21352951 |
| **Total U.S. Government & Federal Agencies** | **Total U.S. Government & Federal Agencies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $83,560,218)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $83,560,218)**  | **84382455** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Money Market Funds — 1.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.22%<sup>(h)</sup>  | 2764347 | 2764347 |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(h)(i)</sup>  | 871050 | 871050 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $3,635,397)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $3,635,397)**  | **3635397** |
| **Total Investments — 99.8%<br>(Cost $280,956,632)** |  | **280624221** |
| **Other Assets and Liabilities, Net — 0.2%** |  | **435023** |
| **Net Assets — 100.0%** |  | **$** **281059244**<br>|

---

*See notes to financial statements.*

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

April 30, 2025

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of April 30, 2025.

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

(c)Less than 0.05%.

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

(e)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 $8,557,111; total market value of collateral held by the Fund

was $8,852,756. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $7,981,706.

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

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

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

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

---

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

---

**Open futures contracts outstanding at April 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Broker** | **Expiration Date** | **Number of<br>Contracts Purchased (Sold)**  | **Notional Value at Trade Date** | **Notional Value at<br>April 30, 2025** | **Unrealized Appreciation (Depreciation)** |
| U.S. 10 Year Note (CBT)  | Citigroup Global Markets Inc. | June 2025 | 73 | $8084123<br>| $8191969<br>| $107846<br>|
| U.S. 10 Year Ultra Note (CBT)  | Citigroup Global Markets Inc. | June 2025 | 39 | 4474028 | 4474641 | 613 |
| U.S. 2 Year Note (CBT)  | Citigroup Global Markets Inc. | June 2025 | (93) | (19220231) | (19357805) | (137574) |
| U.S. 5 Year Note (CBT)  | Citigroup Global Markets Inc. | June 2025 | 3 | 326561 | 327586 | 1025 |
| U.S. Long Bond (CBT)  | Citigroup Global Markets Inc. | June 2025 | 63 | 7325901 | 7347375 | 21474 |
| U.S. Ultra Bond (CBT)  | Citigroup Global Markets Inc. | June 2025 | 61 | 7421588 | 7382906 | (38682) |
|  |  |  |  |  |  | $(45298) |

---

Cash posted as collateral to broker for futures contracts was $801,757 at April 30, 2025.

------

CBT — Chicago Board of Trade

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>(j)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans  | $—<br>| $2652708<br>| $—<br>| $2652708<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 2097945 |  | 2097945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations  |  | 14808352 |  | 14808352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Asset-Backed Securities  |  | 21350189 |  | 21350189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities  |  | 23250492 |  | 23250492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 127804197 |  | 127804197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligation  |  | 642486 |  | 642486 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Federal Agencies  |  | 84382455 |  | 84382455 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds  | 3635397 |  |  | 3635397 |
| Total Investments in Securities  | 3635397 | 276988824 |  | 280624221 |
| Other Financial Instruments:<sup>(k)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | 130958 |  |  | 130958 |
| Total Investments in Securities and Other Financial Instruments  | $3766355<br>| $276988824<br>| $—<br>| $280755179<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(k)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $(176256) | $—<br>| $—<br>| $(176256) |

---

------

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

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

For the 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 MacKay High Income ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 92.1%** | **Long-Term Bonds — 92.1%** | **Long-Term Bonds — 92.1%** |
| **Bank Loans — 3.9%** | **Bank Loans — 3.9%** | **Bank Loans — 3.9%** |
| **Apparel — 0.2%** |  |  |
| Champ Acquisition Corporation Term Loan | Champ Acquisition Corporation Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.822%, (3 Month SOFR + 4.50%), due 11/7/31<sup>(a)</sup>  | $139125<br>| $138429<br>|
| **Auto Parts & Equipment — 0.3%** |  |  |
| Clarios Global LP First Lien Amendment No. 6 Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.072%, (1 month SOFR + 2.75%), due 1/14/32<sup>(a)</sup>  | 165000 | 161855 |
| **Chemicals — 0.3%** |  |  |
| Ineos Quattro Holdings UK Limited 2029 Tranche B Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.675%, (1 Month SOFR + 4.25%), due 4/2/29<sup>(a)</sup>  | 189045 | 161634 |
| **Computers — 0.4%** |  |  |
| Fortress Intermediate 3, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.070%, (1 Month SOFR + 3.75%), due 6/27/31<sup>(a)</sup>  | 258700 | 253203 |
| **Cosmetics/Personal Care — 0.2%** |  |  |
| OPAL U.S. LLC Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.435%, (6 month SOFR + 3.25%), due 4/23/32<sup>(a)(b)</sup>  | 120000 | 119550 |
| **Healthcare-Services — 0.3%** |  |  |
| LifePoint Health, Inc. First Lien 2024-2 Refinancing Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.817%, (3 Month SOFR + 3.50%), due 5/16/31<sup>(a)</sup>  | 159600 | 155410 |
| **Internet — 0.5%** |  |  |
| Arches Buyer, Inc. Refinancing Term Loan | Arches Buyer, Inc. Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.677%, (1 Month SOFR + 3.25%), due 12/6/27<sup>(a)</sup>  | 334128 | 326610 |
| **Media — 1.0%** |  |  |
| DIRECTV Financing LLC 2024 Refinancing Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.787%, (3 Month SOFR + 5.25%), due 8/2/29<sup>(a)</sup>  | 304558 | 293354 |
| Virgin Media Bristol LLC Facility Q |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.689%, (1 Month SOFR + 3.25%), due 1/31/29<sup>(a)</sup>  | 285000 | 280725 |
|  |  | 574079 |
| **Retail — 0.1%** |  |  |
| Sally Holdings LLC (Sally Capital, Inc.) 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.075%, (1 Month SOFR + 1.75%), due 2/28/30<sup>(a)</sup>  | 52297 | 52101 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Bank Loans (continued)** | **Bank Loans (continued)** | **Bank Loans (continued)** |
| **Software — 0.4%** |  |  |
| DCert Buyer, Inc. First Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.325%, (1 Month SOFR + 4.00%), due 10/16/26<sup>(a)</sup>  | $228796<br>| $220883<br>|
| **Transportation — 0.2%** |  |  |
| First Student Bidco, Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.799%, (3 Month SOFR + 2.50%), due 7/21/28<sup>(a)</sup>  | 100000 | 99438 |
| First Student Bidco, Inc. Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.799%, (3 Month SOFR + 2.50%), due 7/21/28<sup>(a)</sup>  | 30000 | 29831 |
|  |  | 129269 |
| **Total Bank Loans** | **Total Bank Loans** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $2,343,513)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $2,343,513)**  | **2293023** |
| **Corporate Bonds — 88.2%** | **Corporate Bonds — 88.2%** | **Corporate Bonds — 88.2%** |
| **Advertising — 0.9%** |  |  |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/30  | 250000 | 233588 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 1/15/29  | 213000 | 197825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 2/15/31  | 112000 | 117282 |
|  |  | 548695 |
| **Aerospace & Defense — 0.6%** |  |  |
| Bombardier, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 6/1/32<sup>(c)</sup>  | 25000 | 25293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 7/1/31  | 167000 | 170984 |
| Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, due 11/15/30  | 155000 | 171571 |
|  |  | 367848 |
| **Agriculture — 0.1%** |  |  |
| Turning Point Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 3/15/32  | 60000 | 62350 |
| **Airlines — 0.7%** |  |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/15/29<sup>(c)</sup>  | 120000 | 122303 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 4/15/26  | 202000 | 199116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 4/15/29  | 69000 | 64813 |
|  |  | 386232 |
| **Apparel — 0.4%** |  |  |
| S&S Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 10/1/31  | 270000 | 253732 |
| **Auto Manufacturers — 0.3%** |  |  |
| Aston Martin Capital Holdings Ltd., (Jersey) | Aston Martin Capital Holdings Ltd., (Jersey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 3/31/29  | 200000 | 171837 |
| **Auto Parts & Equipment — 1.4%** |  |  |
| Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 2/15/33  | 75000 | 71068 |
| Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/15/27  | 81000 | 81298 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Auto Parts & Equipment (continued)** |  |  |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/30 | $72000<br>| $66414<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 2/15/32 | 120000 | 107991 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 5/31/32  | 255000 | 254487 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/29<sup>(c)</sup>  | 115000 | 109383 |
| Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 10/15/32  | 65000 | 63780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/15/29  | 100000 | 101068 |
|  |  | 855489 |
| **Banks — 1.1%** |  |  |
| Banco Mercantil del Norte SA, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, (10 Year US CMT T-Note + 4.30%), due 2/20/74<sup>(a)</sup>  | 130000 | 129628 |
| Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 5/1/26  | 87000 | 86767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, due 10/1/28  | 313000 | 335564 |
| UniCredit SpA, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.296%, (USD 5 Year Swap + 4.91%), due 4/2/34<sup>(a)</sup>  | 95000 | 99371 |
|  |  | 651330 |
| **Beverages — 0.4%** |  |  |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 4/30/29  | 254000 | 240999 |
| **Building Materials — 2.3%** |  |  |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | EMRLD Borrower LP / Emerald Co.-Issuer, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 12/15/30  | 335000 | 339726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 7/15/31  | 89000 | 90758 |
| Masterbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 7/15/32  | 125000 | 125303 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/1/32  | 90000 | 90065 |
| MIWD Holdco II LLC / MIWD Finance Corp. | MIWD Holdco II LLC / MIWD Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 2/1/30  | 300000 | 270351 |
| Oscar AcquisitionCo LLC / Oscar Finance, Inc. | Oscar AcquisitionCo LLC / Oscar Finance, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 4/15/30  | 160000 | 145601 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 7/15/30  | 197000 | 183725 |
| Wilsonart LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, due 8/15/32  | 140000 | 126731 |
|  |  | 1372260 |
| **Chemicals — 3.2%** |  |  |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/15/30  | 115000 | 112370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/15/33<sup>(c)</sup>  | 135000 | 126722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, due 11/15/33  | 220000 | 220427 |
| INEOS Finance PLC, (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/15/28  | 202000 | 197218 |
| INEOS Quattro Finance 2 PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, due 3/15/29  | 225000 | 216562 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Chemicals (continued)** |  |  |
| Innophos Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 6/15/29  | $252770<br>| $255582<br>|
| Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 10/1/29  | 240000 | 199510 |
| SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/1/28  | 8000 | 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/1/29  | 377000 | 366172 |
| SK Invictus Intermediate II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/30/29  | 95000 | 89184 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 8/15/29  | 137000 | 121375 |
|  |  | 1912786 |
| **Coal — 0.5%** |  |  |
| SunCoke Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 6/30/29  | 330000 | 303161 |
| **Commercial Services — 5.8%** |  |  |
| ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 8/1/29  | 197000 | 185894 |
| Allied Universal Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 2/15/31  | 420000 | 428972 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/1/29  | 136000 | 127537 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 6/1/28  | 316000 | 303704 |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/15/29  | 79000 | 70836 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 3/1/29<sup>(c)</sup>  | 127000 | 116896 |
| Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/15/29  | 140000 | 142629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 6/15/32  | 150000 | 153538 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 5/15/29  | 173000 | 159069 |
| Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, due 9/15/29  | 65000 | 65087 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 6/15/29  | 75000 | 74094 |
| NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/29  | 193000 | 174938 |
| OT Midco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 2/15/30  | 135000 | 109842 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 8/15/32  | 90000 | 91282 |
| Sotheby's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 10/15/27  | 223000 | 209299 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/15/30  | 156000 | 145315 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 6/15/31  | 220000 | 192681 |
| Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 11/30/30  | 225000 | 235024 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Commercial Services (continued)** |  |  |
| Wand NewCo 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, due 1/30/32  | $75000<br>| $77264<br>|
| WASH Multifamily Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 4/15/26  | 366000 | 362323 |
|  |  | 3426224 |
| **Computers — 0.8%** |  |  |
| Diebold Nixdorf, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 3/31/30  | 80000 | 83290 |
| Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/32  | 115000 | 116668 |
| NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 4/15/29  | 46000 | 44230 |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.091%, due 6/1/29  | 156000 | 148076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 1/15/31  | 68000 | 62104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 7/15/31  | 25000 | 26743 |
|  |  | 481111 |
| **Cosmetics/Personal Care — 0.3%** |  |  |
| Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/28  | 178000 | 174866 |
| **Distribution/Wholesale — 0.2%** |  |  |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 6/1/29  | 125000 | 126257 |
| **Diversified Financial Services — 4.3%** |  |  |
| Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 4/15/30  | 185000 | 183572 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 3/15/30  | 90000 | 88309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 12/15/28  | 245000 | 258918 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 2/1/29  | 90000 | 91682 |
| goeasy Ltd., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 5/15/30  | 160000 | 156046 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/1/33  | 75000 | 75353 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 2/1/32  | 355000 | 368278 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 1/15/28  | 160000 | 161120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/15/32  | 230000 | 225591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 11/15/31  | 125000 | 125516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 5/15/31  | 170000 | 172400 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/15/29  | 140000 | 130699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, due 11/15/30  | 205000 | 208470 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/31/30  | 80000 | 82583 |
| VFH Parent LLC / Valor Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 6/15/31  | 197000 | 202211 |
|  |  | 2530748 |
| **Electric — 4.6%** |  |  |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 10/15/32  | 195000 | 198727 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Electric (continued)** |  |  |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 2/15/28  | $4000<br>| $3912<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 2/1/29  | 90000 | 87018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 3/15/28  | 120000 | 118861 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 3/15/28<sup>(c)</sup>  | 162000 | 156438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/15/28  | 95000 | 94381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, (5 Year US CMT T-Note + 3.86%), due 6/15/53<sup>(a)(c)</sup>  | 190000 | 180907 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/28  | 220000 | 214591 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 1/31/31  | 372000 | 390259 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, (5 Year US CMT T-Note + 6.93%), due 4/15/74<sup>(a)</sup>  | 409000 | 418022 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 5/1/29  | 87000 | 83659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 4/15/32  | 175000 | 181261 |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 9/15/27  | 108000 | 102107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/15/29<sup>(c)</sup>  | 160000 | 158350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 3/15/33<sup>(c)</sup>  | 335000 | 334295 |
|  |  | 2722788 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |  |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 6/15/28  | 159000 | 153192 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 6/15/28  | 156000 | 158072 |
|  |  | 311264 |
| **Electronics — 0.4%** |  |  |
| Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 5/15/29  | 270000 | 257816 |
| **Engineering & Construction — 1.2%** |  |  |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 8/15/32  | 90000 | 91709 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/31  | 316000 | 299813 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/29  | 328000 | 299299 |
|  |  | 690821 |
| **Entertainment — 2.7%** |  |  |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 10/15/29  | 50000 | 46158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/15/32  | 165000 | 165864 |
| Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 1/15/28  | 160000 | 155047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 4/1/30  | 126000 | 123226 |
| Everi Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/29  | 159000 | 159511 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 7/1/29<sup>(c)</sup>  | 377000 | 330673 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 3/1/30  | 393000 | 374054 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 10/1/29  | $270000<br>| $260316<br>|
|  |  | 1614849 |
| **Environmental Control — 0.3%** |  |  |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 2/1/33  | 165000 | 168346 |
| **Food — 2.9%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 1/15/27  | 158000 | 156213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/15/28  | 268000 | 272267 |
| Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/15/28  | 8000 | 7886 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 8/1/29  | 317000 | 300026 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 4/15/30  | 311000 | 293150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/15/29  | 193000 | 189430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/15/34  | 50000 | 49585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 3/1/33  | 195000 | 192808 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 6/1/30  | 283000 | 269552 |
|  |  | 1730917 |
| **Forest Products & Paper — 0.9%** |  |  |
| Ahlstrom Holding 3 Oy, (Finland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 2/4/28  | 165000 | 153867 |
| Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 11/15/31  | 390000 | 368796 |
|  |  | 522663 |
| **Gas — 0.8%** |  |  |
| AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 6/1/28  | 505000 | 501879 |
| **Hand/Machine Tools — 0.2%** |  |  |
| Werner FinCo LP / Werner FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 6/15/28  | 85000 | 88405 |
| **Healthcare-Products — 0.4%** |  |  |
| Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/33  | 240000 | 244849 |
| **Healthcare-Services — 1.6%** |  |  |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 3/15/33  | 105000 | 104909 |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/15/30  | 258000 | 220113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/15/29  | 343000 | 319528 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 9/15/25  | 61000 | 60854 |
| Prime Healthcare Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 9/1/29<sup>(c)</sup>  | 245000 | 233578 |
|  |  | 938982 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Holding Companies-Divers — 0.4%** |  |  |
| Stena International SA, (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 1/15/31  | $225000<br>| $222093<br>|
| **Home Builders — 0.6%** |  |  |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/15/29  | 250000 | 217550 |
| Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/29  | 47000 | 42270 |
| Tri Pointe Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, due 6/15/28  | 79000 | 78965 |
|  |  | 338785 |
| **Housewares — 0.8%** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 9/15/27  | 368000 | 358730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 5/15/30  | 20000 | 18206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/32<sup>(c)</sup>  | 40000 | 35859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 4/1/46  | 105000 | 81130 |
|  |  | 493925 |
| **Insurance — 1.3%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 11/6/30  | 185000 | 188461 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 10/1/31  | 45000 | 44908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 1/15/31  | 405000 | 411033 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, (5 Year US CMT T-Note + 3.80%), due 10/15/51<sup>(a)</sup>  | 130000 | 123547 |
|  |  | 767949 |
| **Internet — 2.2%** |  |  |
| Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 12/1/28  | 192000 | 171668 |
| Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 5/1/26  | 120000 | 117717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 6/15/27  | 200000 | 200979 |
| Go Daddy Operating Co LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 3/1/29  | 257000 | 239401 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 8/1/30<sup>(c)</sup>  | 214000 | 193515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 2/15/29  | 96000 | 93672 |
| Rakuten Group, Inc., (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, due 4/15/29 | 275000 | 290073 |
|  |  | 1307025 |
| **Investment Companies — 0.4%** |  |  |
| Antares Holdings LP, (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/8/29  | 73000 | 72910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, due 8/11/28  | 50000 | 52492 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 2/1/29  | 96000 | 80046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 5/15/26  | 54000 | 53799 |
|  |  | 259247 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Iron/Steel — 1.1%** |  |  |
| Mineral Resources Ltd., (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, due 10/1/28  | $513000<br>| $485151<br>|
| TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 4/15/29  | 197000 | 182266 |
|  |  | 667417 |
| **Leisure Time — 1.4%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/1/27  | 215000 | 214240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 5/1/29  | 376000 | 373785 |
| NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/30  | 250000 | 243862 |
|  |  | 831887 |
| **Lodging — 0.8%** |  |  |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/31 | 412000 | 377846 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 12/1/31 | 138000 | 124748 |
|  |  | 502594 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |  |
| Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 10/15/32 | 150000 | 143557 |
| **Media — 9.7%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/30<sup>(c)</sup>  | 386000 | 313968 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 2/1/31  | 274000 | 247565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 1/15/34  | 158000 | 133097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 8/15/30  | 1000 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/32  | 269000 | 239001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 3/1/30  | 470000 | 443697 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 4/15/27  | 176000 | 163536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 2/1/29  | 475000 | 388474 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 8/15/27  | 246000 | 237753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 2/15/31  | 155000 | 146784 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 12/1/28  | 80000 | 67188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 7/1/28  | 245000 | 165549 |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, due 11/15/27  | 231000 | 242769 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 11/15/31  | 155000 | 92479 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 11/1/28<sup>(c)</sup>  | 483000 | 454824 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 2/28/57<sup>(a)</sup>  | 200000 | 184596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 4/30/36  | 255000 | 256042 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 9/1/26  | 70000 | 68116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 9/1/31  | 84000 | 72079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/15/28  | 242000 | 227656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 7/1/30  | 90000 | 80528 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Sunrise FinCo I BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 7/15/31  | $304000<br>| $278768<br>|
| TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 3/15/28  | 95000 | 90770 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 6/1/27  | 148000 | 143202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 6/30/30  | 185000 | 168506 |
| Virgin Media Finance PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/30  | 243000 | 213040 |
| Virgin Media Vendor Financing Notes IV DAC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/28  | 79000 | 76405 |
| VZ Secured Financing BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/32  | 359000 | 313280 |
| Ziggo Bond Co. BV, (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 2/28/30  | 333000 | 295212 |
|  |  | 5805813 |
| **Mining — 0.8%** |  |  |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 12/1/27  | 313000 | 309287 |
| WE Soda Investments Holding PLC, (Turkey) | WE Soda Investments Holding PLC, (Turkey) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, due 2/14/31  | 185000 | 187424 |
|  |  | 496711 |
| **Miscellaneous Manufacturing — 0.4%** |  |  |
| Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/15/33  | 75000 | 76442 |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 2/15/29  | 180000 | 178948 |
|  |  | 255390 |
| **Oil & Gas — 7.0%** |  |  |
| Aethon United BR LP / Aethon United Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, due 10/1/29  | 300000 | 301213 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 6/30/29  | 227000 | 220266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 10/15/32  | 70000 | 69266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 12/31/28  | 170000 | 171747 |
| Baytex Energy Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/30/30  | 40000 | 37169 |
| Borr IHC Ltd. / Borr Finance LLC, (Mexico) | Borr IHC Ltd. / Borr Finance LLC, (Mexico) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 11/15/28  | 115854 | 98534 |
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 6/15/29  | 175000 | 166846 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 1/15/29  | 88000 | 85375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 3/1/32  | 70000 | 69961 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/1/29  | 330000 | 314552 |
| Diamond Foreign Asset Co. / Diamond Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 10/1/30  | 40000 | 38240 |
| Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 5/1/31  | 225000 | 229094 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 1/15/31  | $90000<br>| $86918<br>|
| 7.500%, due 6/1/30 | 58000 | 62366 |
| Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 5/15/34  | 299000 | 254092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 2/15/35  | 190000 | 165532 |
| Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 9/1/31  | 385000 | 353778 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 5/15/27  | 410000 | 386585 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 4/15/30  | 140000 | 133387 |
| Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150%, due 10/1/33  | 256000 | 251876 |
| PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 2/15/28  | 40000 | 35292 |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 2/15/30  | 76000 | 71850 |
| Sitio Royalties Operating Partnership LP / Sitio Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, due 11/1/28  | 171000 | 175734 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 8/1/32  | 160000 | 147500 |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 2/1/28  | 136619 | 135342 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 5/15/31  | 55000 | 42517 |
| Valaris Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 4/30/30  | 70000 | 65589 |
|  |  | 4170621 |
| **Packaging & Containers — 1.1%** |  |  |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/15/29  | 210000 | 214283 |
| Cascades, Inc. / Cascades USA, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 1/15/28  | 100000 | 97478 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 4/15/32  | 130000 | 132925 |
| Sealed Air Corp/Sealed Air Corp. U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 2/1/28  | 25000 | 25185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 2/15/31  | 180000 | 187443 |
|  |  | 657314 |
| **Pharmaceuticals — 2.2%** |  |  |
| 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 4/15/32  | 205000 | 200730 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 6/1/28  | 325000 | 263949 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, (5 Year US CMT T-Note + 2.52%), due 12/10/54<sup>(a)</sup>  | 45000 | 44697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, (5 Year US CMT T-Note + 2.89%), due 3/10/55<sup>(a)</sup>  | 55000 | 55635 |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, due 8/28/28  | 193000 | 195330 |
| Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31  | 220000 | 228742 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Pharmaceuticals (continued)** |  |  |
| Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, due 4/15/30  | $130000<br>| $134175<br>|
| PRA Health Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, due 7/15/26  | 200000 | 194150 |
|  |  | 1317408 |
| **Pipelines — 2.5%** |  |  |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 6/15/29  | 140000 | 131394 |
| Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, due 2/1/28  | 220000 | 219161 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 6/1/29  | 130000 | 132024 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, due 7/15/32  | 125000 | 127949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, due 7/15/28  | 165000 | 171479 |
| NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.768%, due 12/15/37  | 125000 | 140594 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 1/15/30  | 132000 | 124344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, due 6/1/31  | 257000 | 247829 |
| 9.000%, (5 Year US CMT T-Note + 5.44%), due 3/30/74<sup>(a)</sup> | 240000 | 206288 |
|  |  | 1501062 |
| REITS — 4.4% |  |  |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/32  | 95000 | 88756 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 2/15/31  | 221000 | 204739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/30  | 91000 | 88185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 7/15/32  | 211000 | 204632 |
| MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 2/15/32  | 230000 | 233676 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/15/29  | 337000 | 315489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 2/1/30  | 100000 | 100088 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 7/15/28  | 175000 | 179847 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 11/15/31  | 110000 | 116718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, due 6/15/32<sup>(c)</sup>  | 325000 | 314020 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 4/15/30  | 175000 | 172983 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 2/15/28  | 414000 | 439579 |
| XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 6/1/29  | 84000 | 78957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, due 5/15/30  | 60000 | 59102 |
|  |  | 2596771 |
| **Retail — 4.3%** |  |  |
| Arko Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 11/15/29  | 101000 | 80840 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Retail (continued)** |  |  |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 3/1/30  | $276000<br>| $258114<br>|
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, due 3/1/33  | 77000 | 76246 |
| Global Auto Holdings Ltd/AAG FH UK Ltd., (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, due 8/15/29  | 65000 | 62400 |
| Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/15/28  | 148000 | 140700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 1/15/30  | 48000 | 48490 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, due 5/1/29  | 197000 | 186239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 8/1/31  | 110000 | 115048 |
| Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 6/1/29  | 35000 | 32498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 1/15/31  | 127000 | 116664 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, due 4/1/29  | 39000 | 36984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, due 3/15/32  | 378000 | 340350 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 4/1/30  | 63000 | 55800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/44  | 105000 | 73551 |
| QVC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, due 8/15/34  | 50000 | 24487 |
| Sally Holdings LLC / Sally Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 3/1/32<sup>(c)</sup>  | 246000 | 247785 |
| Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, due 9/1/29  | 310000 | 268589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750%, due 1/15/30  | 80000 | 46533 |
| Victoria's Secret & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 7/15/29  | 125000 | 108981 |
| Victra Holdings LLC / Victra Finance Corp. | Victra Holdings LLC / Victra Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 9/15/29  | 85000 | 86259 |
| Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, due 11/18/44  | 85000 | 78499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, due 8/15/29  | 65000 | 67629 |
|  |  | 2552686 |
| **Software — 2.1%** |  |  |
| Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, due 6/15/29  | 240000 | 212493 |
| Central Parent, Inc. / CDK Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, due 6/15/29  | 80000 | 68604 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/31/29  | 366000 | 366131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 6/30/32  | 435000 | 453756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, due 9/30/29  | 165000 | 166226 |
|  |  | 1267210 |
| **Telecommunications — 3.6%** |  |  |
| Altice Financing SA, (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/15/28  | 57000 | 43775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 8/15/29  | 347000 | 255920 |
| Altice France SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/15/28  | 538000 | 445407 |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 9/1/29  | 118000 | 104150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 3/1/27  | 90000 | 81979 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Telecommunications (continued)** |  |  |
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, due 11/30/29  | $385000<br>| $407150<br>|
| Fibercop SpA, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, due 6/4/38  | 17000 | 16851 |
| Iliad Holding SASU, (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, due 4/15/31  | 215000 | 226789 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 7/15/29  | 126000 | 94724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, due 5/15/30  | 155000 | 167566 |
| Vodafone Group PLC, (United Kingdom) | Vodafone Group PLC, (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, (USD 5 Year Swap + 4.87%), due 4/4/79<sup>(a)</sup>  | 100000 | 102745 |
| Windstream Services LLC / Windstream Escrow Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, due 10/1/31  | 175000 | 179151 |
|  |  | 2126207 |
| **Transportation — 0.8%** |  |  |
| First Student Bidco, Inc. / First Transit Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/31/29  | 258000 | 238567 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 4/15/32  | 205000 | 207706 |
|  |  | 446273 |
| **Water — 0.3%** |  |  |
| Aegea Finance SARL, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 5/20/29  | 195000 | 193121 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $52,132,211)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $52,132,211)**  | **52580570** |
|  | **Shares** | **Value** |
| **Short-Term Investments — 11.0%** | **Short-Term Investments — 11.0%** | **Short-Term Investments — 11.0%** |
| **Money Market Funds — 11.0%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.22%<sup>(d)</sup>  | 4167885 | 4167885 |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(d)(e)</sup>  | 2410318 | 2410318 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $6,578,203)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $6,578,203)**  | **6578203** |
| **Total Investments — 103.1%<br>(Cost $61,053,927)**  | **Total Investments — 103.1%<br>(Cost $61,053,927)**  | **61451796** |
| **Other Assets and Liabilities, Net — (3.1)%**  | **Other Assets and Liabilities, Net — (3.1)%**  | **(1834651)** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **59617145**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of April 30, 2025.

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

*See notes to financial statements.*

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

April 30, 2025

(c)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 $3,044,525; total market value of collateral held by the Fund was $3,202,160. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $791,842.

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

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

---

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

---

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>(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans  | $—<br>| $2293023<br>| $—<br>| $2293023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 52580570 |  | 52580570 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds  | 6578203 |  |  | 6578203 |
| Total Investments in Securities  | $6578203<br>| $54873593<br>| $—<br>| $61451796<br>|

---

------

(f)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 MacKay Securitized Income ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 96.2%** | **Long-Term Bonds — 96.2%** |  |
| **Collateralized Mortgage Obligations — 16.3%** | **Collateralized Mortgage Obligations — 16.3%** |  |
| **Mortgage Securities — 16.3%** | **Mortgage Securities — 16.3%** |  |
| Agate Bay Mortgage Trust | Agate Bay Mortgage Trust | Agate Bay Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-5 B3, 3.574%, due 7/25/45<sup>(a)(b)</sup>  | $34214<br>| $27976<br>|
| Alternative Loan Trust | Alternative Loan Trust | Alternative Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-IM1 A1, 5.041%, (1 Month CME SOFR + 0.71%), due 1/25/36<sup>(a)</sup>  | 138824 | 122877 |
| Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 1CB5, 5.500%, due 12/25/35  | 40227 | 36259 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I 6A1, 4.814%, (1 Month CME SOFR + 0.49%), due 12/20/46<sup>(a)</sup>  | 32319 | 28226 |
| Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A 2A3, 5.123%, due 2/25/35<sup>(a)(b)</sup>  | 16595 | 15894 |
| Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 A14, 5.500%, due 11/25/35  | 49567 | 35286 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA A2, 4.691%, (1 Month CME SOFR + 0.36%), due 1/25/36<sup>(a)</sup>  | 25847 | 24026 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 1A1, 5.041%, (1 Month CME SOFR + 0.71%), due 5/25/35<sup>(a)</sup>  | 68570 | 58892 |
| CIM Trust | CIM Trust | CIM Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J2 AIOS, 0.210%, due 4/25/51<sup>(a)(b)(c)</sup>  | 1573729 | 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J3 A31, 2.500%, due 6/25/51<sup>(a)(b)</sup>  | 117522 | 95151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NR1 A1, 5.000%, due 6/25/64  | 300441 | 291284 |
| Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C B3, 4.250%, due 2/25/54<sup>(a)(b)</sup>  | 640000 | 533242 |
| Connecticut Avenue Securities | Connecticut Avenue Securities | Connecticut Avenue Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1B1, 6.053%, (1 Month SOFR + 1.70%), due 1/25/45<sup>(a)</sup>  | 865000 | 844489 |
| Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1 1B1, 11.218%, (1 Month SOFR + 6.86%), due 2/25/40<sup>(a)</sup>  | 715000 | 756917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1 2M2, 8.118%, (1 Month SOFR + 3.76%), due 2/25/40<sup>(a)</sup>  | 620000 | 643250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03 1B2, 9.854%, (1 Month SOFR + 5.50%), due 12/25/41<sup>(a)</sup>  | 195000 | 201581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01 1B2, 10.354%, (1 Month SOFR + 6.00%), due 12/25/41<sup>(a)</sup>  | 500000 | 521565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2B2, 12.004%, (1 Month SOFR + 7.65%), due 1/25/42<sup>(a)</sup>  | 685000 | 732094 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03 1B2, 14.204%, (1 Month SOFR + 9.85%), due 3/25/42<sup>(a)</sup>  | $550000<br>| $613250<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08 1B1, 9.954%, (1 Month SOFR + 5.60%), due 7/25/42<sup>(a)</sup>  | 95000 | 101888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03 2M2, 8.254%, (1 Month SOFR + 3.90%), due 4/25/43<sup>(a)</sup>  | 350000 | 369033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07 2M2, 7.603%, (1 Month SOFR + 3.25%), due 9/25/43<sup>(a)</sup>  | 290000 | 300150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02 1B1, 6.854%, (1 Month SOFR + 2.50%), due 2/25/44<sup>(a)</sup>  | 65000 | 65162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03 2M2, 6.303%, (1 Month SOFR + 1.95%), due 3/25/44<sup>(a)</sup>  | 395000 | 394999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2B1, 6.354%, (1 Month SOFR + 2.00%), due 7/25/44<sup>(a)</sup>  | 500000 | 493128 |
| CSMC | CSMC | CSMC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2 A1, 1.179%, due 2/25/66<sup>(a)(b)</sup>  | 128516 | 115949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM4 A2, 1.409%, due 5/25/66<sup>(a)(b)</sup>  | 83108 | 70758 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RPL1 B3, 2.980%, due 7/25/57<sup>(a)(b)</sup>  | 945000 | 481070 |
| Flagstar Mortgage Trust | Flagstar Mortgage Trust | Flagstar Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6INV A18, 2.500%, due 8/25/51<sup>(a)(b)</sup>  | 146035 | 118152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9INV A7, 2.500%, due 9/25/41<sup>(a)(b)</sup>  | 1107202 | 986448 |
| Galton Funding Mortgage Trust | Galton Funding Mortgage Trust | Galton Funding Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2 A51, 4.500%, due 10/25/58<sup>(a)(b)</sup>  | 34488 | 33259 |
| GS Mortage-Backed Securities Trust | GS Mortage-Backed Securities Trust | GS Mortage-Backed Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PJ1 A1, 3.500%, due 5/25/50<sup>(a)(b)</sup>  | 323350 | 290313 |
| GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ4 A4, 2.500%, due 9/25/52<sup>(a)(b)</sup>  | 1641270 | 1334044 |
| HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A, 4.874%, (1 Month CME SOFR + 0.55%), due 5/19/35<sup>(a)</sup>  | 67089 | 63012 |
| IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR12 2A1A, 4.921%, (1 Month CME SOFR + 0.59%), due 7/25/35<sup>(a)</sup>  | 73175 | 65582 |
| J.P. Morgan Mortgage Trust | J.P. Morgan Mortgage Trust | J.P. Morgan Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-8 A11, 5.291%, (1 Month CME SOFR + 0.96%), due 3/25/50<sup>(a)</sup>  | 12070 | 11436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11 A3, 2.500%, due 1/25/52<sup>(a)(b)</sup>  | 1427533 | 1160798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 A3, 2.500%, due 2/25/52<sup>(a)(b)</sup>  | 1159286 | 944456 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 B1, 2.880%, due 8/25/51<sup>(a)(b)</sup>  | $960259<br>| $778425<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A3, 2.500%, due 7/25/52<sup>(a)(b)</sup>  | 769605 | 626420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1 A4, 6.000%, due 4/25/55<sup>(a)(b)</sup>  | 693607 | 702326 |
| Mello Mortgage Capital Acceptance | Mello Mortgage Capital Acceptance | Mello Mortgage Capital Acceptance |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MTG1 A19, 2.500%, due 4/25/51<sup>(a)(b)</sup>  | 110787 | 89634 |
| Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-F B1, 5.428%, due 12/25/29<sup>(a)(b)</sup>  | 62072 | 53356 |
| Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4 B4, 3.072%, due 4/25/66<sup>(a)(b)</sup>  | 414516 | 253494 |
| Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01 B10, 9.968%, (1 Month SOFR + 5.61%), due 10/25/49<sup>(a)</sup>  | 435000 | 433939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01 CE, 11.968%, (1 Month SOFR + 7.61%), due 3/25/50<sup>(a)</sup>  | 115000 | 119865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01 M10, 10.854%, (1 Month SOFR + 6.50%), due 11/25/53<sup>(a)</sup>  | 560000 | 626374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01 B1, 11.104%, (1 Month SOFR + 6.75%), due 7/25/54<sup>(a)</sup>  | 400000 | 426282 |
| OBX Trust | OBX Trust | OBX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV2 A5, 4.000%, due 5/27/49<sup>(a)(b)</sup>  | 34613 | 32398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-J1 A14, 2.500%, due 2/25/52<sup>(a)(b)</sup>  | 84734 | 68156 |
| Provident Funding Mortgage Trust | Provident Funding Mortgage Trust | Provident Funding Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1 B2, 2.780%, due 8/25/51<sup>(a)(b)</sup>  | 607390 | 495962 |
| RALI Trust | RALI Trust | RALI Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO3 A1, 5.241%, (1 Month CME SOFR + 0.91%), due 10/25/45<sup>(a)</sup>  | 92885 | 65712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QO3 A1, 4.761%, (1 Month CME SOFR + 0.43%), due 3/25/47<sup>(a)</sup>  | 86401 | 77661 |
| RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5 A1, 2.500%, due 11/25/51<sup>(a)(b)</sup>  | 4477843 | 3645244 |
| Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 AIO1, 0.164%, due 6/25/51<sup>(a)(b)(c)</sup>  | 4986520 | 49383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 B2, 5.021%, due 3/25/53<sup>(a)(b)</sup>  | 427595 | 397723 |
| STACR Trust | STACR Trust | STACR Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HRP1 B2, 16.218%, (1 Month SOFR + 11.86%), due 5/25/43<sup>(a)</sup>  | 525885 | 627564 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4 B5, 3.650%, due 6/25/57<sup>(a)(b)</sup>  | 249771 | 158317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2 B5, 3.766%, due 3/25/58<sup>(a)(b)</sup>  | 1216969 | 517316 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 B2, 3.463%, due 3/25/58<sup>(a)(b)</sup>  | $815000<br>| $618482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES6 A2, 6.002%, due 11/25/64  | 265000 | 269417 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A, 5.770%, (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.20%), due 11/25/42<sup>(a)</sup>  | 22438 | 21090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR12 A2B, 5.361%, (1 Month CME SOFR + 1.03%), due 10/25/44<sup>(a)</sup>  | 55444 | 53352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR8 A1, 5.281%, (1 Month CME SOFR + 0.95%), due 6/25/44<sup>(a)</sup>  | 86027 | 83289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR16 1A1, 4.715%, due 12/25/35<sup>(a)(b)</sup>  | 64422 | 57546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1A, 4.901%, (1 Month CME SOFR + 0.57%), due 4/25/45<sup>(a)</sup>  | 56481 | 56388 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-8 2CB3, 4.851%, (1 Month CME SOFR + 0.52%), due 10/25/35<sup>(a)</sup>  | 33651 | 31429 |
|  |  | 24438848 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $24,425,966)**  |  | **24438848** |
| **Commercial Asset-Backed Securities — 13.6%** | **Commercial Asset-Backed Securities — 13.6%** |  |
| **Asset Backed Securities — 13.6%** | **Asset Backed Securities — 13.6%** |  |
| Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B G, 11.395%, due 9/15/32  | 644350 | 643322 |
| AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 C, 0.890%, due 10/19/26  | 5523 | 5506 |
| Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A D, 7.350%, due 4/20/28  | 245000 | 245836 |
| Bayview Opportunity Master Fund VII LLC | Bayview Opportunity Master Fund VII LLC | Bayview Opportunity Master Fund VII LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU1 D, 7.104%, (1 Month SOFR + 2.75%), due 6/25/47<sup>(a)</sup>  | 62778 | 63984 |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.650%, due 4/16/29  | 250000 | 252134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 D, 6.030%, due 11/15/29  | 780000 | 791855 |
| CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 C, 5.280%, due 3/15/30  | 485000 | 493870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.470%, due 8/15/29  | 80000 | 81108 |
| CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A D, 6.270%, due 12/16/30  | 365000 | 368260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A D, 5.860%, due 7/15/31  | 305000 | 303045 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** |
| CF Hippolyta Issuer LLC | CF Hippolyta Issuer LLC | CF Hippolyta Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A1, 1.690%, due 7/15/60  | $521682<br>| $515247<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A2, 1.990%, due 7/15/60  | 395633 | 364189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B1, 2.280%, due 7/15/60  | 422742 | 416194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B1, 1.980%, due 3/15/61  | 438238 | 412404 |
| Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A7 A7, 3.960%, due 10/13/30  | 300000 | 297759 |
| Dext ABS LLC | Dext ABS LLC | Dext ABS LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 D, 5.650%, due 2/15/36  | 295000 | 296418 |
| Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.430%, due 11/17/31  | 75000 | 76118 |
| DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A E, 2.970%, due 7/17/28  | 1300000 | 1285105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A D, 1.990%, due 9/15/27  | 450000 | 441793 |
| Evergreen Credit Card Trust, (Canada)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT5 C, 5.530%, due 5/15/29  | 390000 | 392788 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A E, 6.340%, due 10/15/29  | 710000 | 654645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A E, 10.450%, due 4/15/30  | 735000 | 773268 |
| First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A D, 7.740%, due 1/15/31  | 285000 | 302101 |
| Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 D, 2.480%, due 3/16/26  | 3380 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3 D, 2.500%, due 9/15/26  | 47498 | 47250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D, 1.270%, due 3/15/27  | 179504 | 176477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 D, 1.590%, due 6/15/27  | 100000 | 97108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 E, 3.160%, due 9/15/28  | 410000 | 391791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 D, 1.650%, due 9/15/27  | 514000 | 489955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 E, 3.320%, due 12/15/28  | 650000 | 598996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 C, 1.960%, due 12/15/27  | 40000 | 39551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 D, 3.640%, due 3/15/28  | 335000 | 323575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 D, 5.800%, due 4/17/28  | 615000 | 577233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 C, 5.790%, due 2/15/30  | 345000 | 351970 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 D, 6.300%, due 4/15/30  | $900000<br>| $905157<br>|
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 C, 2.110%, due 5/15/34  | 100000 | 95803 |
| GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A D, 6.190%, due 2/15/30  | 700000 | 715074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A D, 5.610%, due 11/15/30  | 610000 | 611108 |
| GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A, 5.340%, due 6/15/30  | 100000 | 102931 |
| Hilton Grand Vacations Trust | Hilton Grand Vacations Trust | Hilton Grand Vacations Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AA B, 2.540%, due 7/25/33  | 28605 | 28053 |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B C, 5.290%, due 10/15/31  | 210000 | 215134 |
| LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A D, 6.150%, due 6/16/31  | 100000 | 102442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A D, 6.370%, due 10/15/31  | 430000 | 443628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A D, 5.180%, due 2/17/32  | 565000 | 561262 |
| Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3 M1, 5.296%, (1 Month CME SOFR + 0.97%), due 7/25/34<sup>(a)</sup>  | 103120 | 100423 |
| Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A A, 0.840%, due 5/15/69  | 27377 | 25007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA A, 0.940%, due 7/15/69  | 56129 | 51270 |
| New Economy Assets Phase 1 Sponsor LLC | New Economy Assets Phase 1 Sponsor LLC | New Economy Assets Phase 1 Sponsor LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A1, 1.910%, due 10/20/61  | 495000 | 464819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 B1, 2.410%, due 10/20/61  | 525000 | 477011 |
| Regatta 30 Funding Ltd., (Cayman Islands)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A B, 5.963%, (3 Month CME SOFR + 1.65%), due 1/25/38<sup>(a)</sup>  | 300000 | 298285 |
| Regatta XI Funding Ltd., (Cayman Islands)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A AR, 5.680%, (3 Month CME SOFR + 1.40%), due 7/17/37<sup>(a)</sup>  | 250000 | 249994 |
| Stifel SBA IO Trust | Stifel SBA IO Trust | Stifel SBA IO Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2, 1.268%, due 6/25/50<sup>(a)(b)(c)</sup>  | 4289077 | 155479 |
| Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 A6, 5.241%, (1 Month CME SOFR + 0.91%), due 9/25/34<sup>(a)</sup>  | 104024 | 99194 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** | **Commercial Asset-Backed Securities (continued)** |
| **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** | **Asset Backed Securities (continued)** |
| Subway Funding LLC | Subway Funding LLC | Subway Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2I, 6.028%, due 7/30/54  | $353225<br>| $357246<br>|
| Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A, 4.930%, due 6/25/36  | 100000 | 102025 |
| Tricon American Homes | Tricon American Homes | Tricon American Homes |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1 C, 2.249%, due 7/17/38  | 335000 | 324398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1 D, 2.548%, due 7/17/38  | 460000 | 446320 |
| Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A D, 5.210%, due 4/15/30  | 400000 | 400233 |
| Zayo Issuer LLC | Zayo Issuer LLC | Zayo Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B, 6.088%, due 3/20/55  | 470000 | 471069 |
|  |  | 20377597 |
| **Total Commercial Asset-Backed Securities** | **Total Commercial Asset-Backed Securities** | **Total Commercial Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $20,167,360)**  |  | **20377597** |
| **Commercial Mortgage-Backed Securities — 17.2%** | **Commercial Mortgage-Backed Securities — 17.2%** |  |
| **Mortgage Securities — 17.2%** | **Mortgage Securities — 17.2%** |  |
| BANK | BANK | BANK |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 B, 3.647%, due 8/15/61  | 80000 | 67151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 C, 4.161%, due 8/15/61<sup>(a)(b)</sup>  | 1215000 | 900716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK4 C, 4.372%, due 5/15/50<sup>(a)(b)</sup>  | 90000 | 78597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6 D, 3.100%, due 7/15/60  | 470000 | 380628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7 C, 4.114%, due 9/15/60<sup>(a)(b)</sup>  | 440000 | 388390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 C, 3.769%, due 9/15/62<sup>(a)(b)</sup>  | 100000 | 77782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 D, 2.500%, due 1/15/63  | 395000 | 292933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39 AS, 3.181%, due 2/15/55  | 705000 | 611376 |
| Bank of America Merrill Lynch Commercial Mortgage Trust | Bank of America Merrill Lynch Commercial Mortgage Trust | Bank of America Merrill Lynch Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10 D, 3.000%, due 7/15/49  | 700000 | 611710 |
| Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1, 4.771%, (1 Month CME SOFR + 0.44%), due 3/25/37<sup>(a)</sup>  | 45996 | 43025 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C16 D, 2.500%, due 6/15/55<sup>(a)(b)</sup>  | 815000 | 499788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24 AS, 5.867%, due 2/15/57  | 70000 | 72371 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1 C, 4.344%, due 1/15/51<sup>(a)(b)</sup>  | 649000 | 561492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B6 D, 3.241%, due 10/10/51<sup>(a)(b)</sup>  | 605000 | 463995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11 A5, 3.542%, due 5/15/52  | 225000 | 213414 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14 C, 3.888%, due 12/15/62<sup>(a)(b)</sup>  | $585000<br>| $447872<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15 C, 3.831%, due 12/15/72<sup>(a)(b)</sup>  | 70000 | 55005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 C, 4.971%, due 3/15/52<sup>(a)(b)</sup>  | 300000 | 261840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16 D, 2.500%, due 2/15/53  | 545000 | 390861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17 C, 3.371%, due 3/15/53<sup>(a)(b)</sup>  | 910000 | 691566 |
| BF Mortgage Trust | BF Mortgage Trust | BF Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NYT E, 7.119%, (1 Month CME SOFR + 2.80%), due 12/15/35<sup>(a)</sup>  | 465000 | 409619 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C1 111A, 3.378%, due 2/17/55<sup>(a)(b)</sup>  | 550000 | 491689 |
| BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 C, 3.446%, due 3/10/33  | 285000 | 260986 |
| BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIVA D, 3.667%, due 3/11/44<sup>(a)(b)</sup>  | 100000 | 90478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO D, 8.659%, (1 Month CME SOFR + 4.34%), due 6/15/27<sup>(a)</sup>  | 100000 | 100250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK D, 10.291%, (1 Month CME SOFR + 5.97%), due 10/15/41<sup>(a)</sup>  | 345000 | 338091 |
| BX Trust | BX Trust | BX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 D, 4.075%, due 12/9/41<sup>(a)(b)</sup>  | 500000 | 463671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE C, 5.886%, (1 Month CME SOFR + 1.56%), due 11/15/36<sup>(a)</sup>  | 84533 | 83635 |
| CAMB Commercial Mortgage Trust | CAMB Commercial Mortgage Trust | CAMB Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CX2 D, 2.864%, due 11/10/46<sup>(a)(b)</sup>  | 600000 | 466500 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4 C, 4.350%, due 5/10/50<sup>(a)(b)</sup>  | 495000 | 452799 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC29 AS, 3.457%, due 4/10/48  | 22874 | 22474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2 D, 3.300%, due 3/10/51<sup>(a)(b)</sup>  | 1070000 | 798366 |
| COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2 D, 4.911%, due 3/10/47<sup>(a)(b)</sup>  | 203388 | 142737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS4 A5, 3.694%, due 8/10/47  | 3315 | 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22 C, 4.039%, due 3/10/48<sup>(a)(b)</sup>  | 520000 | 461501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 C, 4.811%, due 2/10/49<sup>(a)(b)</sup>  | 395000 | 385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 D, 4.061%, due 2/10/49<sup>(a)(b)</sup>  | 760000 | 704136 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| CONE Trust | CONE Trust | CONE Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1 E, 8.210%, (1 Month CME SOFR + 3.89%), due 8/15/41<sup>(a)</sup>  | $500000<br>| $492521<br>|
| CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 C, 3.958%, due 4/15/50<sup>(a)(b)</sup>  | 233000 | 211564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6 D, 5.081%, due 1/15/49<sup>(a)(b)</sup>  | 100000 | 85202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14 C, 5.039%, due 11/15/51<sup>(a)(b)</sup>  | 260000 | 238229 |
| DBUBS Mortgage Trust | DBUBS Mortgage Trust | DBUBS Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-LC3A PM2, 5.268%, due 5/10/44<sup>(a)(b)</sup>  | 650000 | 457535 |
| Freddie Mac Mscr Trust | Freddie Mac Mscr Trust | Freddie Mac Mscr Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8 M2, 8.604%, (1 Month SOFR + 4.25%), due 5/25/44<sup>(a)</sup>  | 430000 | 445939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10 B1, 9.304%, (1 Month SOFR + 4.95%), due 2/25/45<sup>(a)</sup>  | 445000 | 436129 |
| Freddie Mac Multifamily Structured Credit Risk | Freddie Mac Multifamily Structured Credit Risk | Freddie Mac Multifamily Structured Credit Risk |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9 B1, 10.353%, (1 Month SOFR + 6.00%), due 10/25/44<sup>(a)</sup>  | 405000 | 404520 |
| Grace Trust | Grace Trust | Grace Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GRCE A, 2.347%, due 12/10/40  | 452000 | 394182 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30 D, 3.384%, due 5/10/50  | 395000 | 309010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10 D, 3.000%, due 7/10/51  | 500000 | 338405 |
| HILT Commercial Mortgage Trust | HILT Commercial Mortgage Trust | HILT Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL D, 7.511%, (1 Month CME SOFR + 3.19%), due 5/15/37<sup>(a)</sup>  | 100000 | 98125 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust | J.P. Morgan Chase Commercial Mortgage Securities Trust | J.P. Morgan Chase Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 C, 3.557%, due 8/15/49<sup>(a)(b)</sup>  | 810000 | 714655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP G, 8.847%, (1 Month CME SOFR + 4.27%), due 4/15/37<sup>(a)</sup>  | 361223 | 316134 |
| JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR4 AS, 4.290%, due 3/10/52  | 115000 | 105733 |
| JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5 B, 4.009%, due 3/15/50<sup>(a)(b)</sup>  | 1035000 | 833439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 D, 3.000%, SOFR, due 10/15/50  | 100000 | 78443 |
| LSTAR Commercial Mortgage Trust | LSTAR Commercial Mortgage Trust | LSTAR Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5 D, 4.822%, due 3/10/50<sup>(a)(b)</sup>  | 440000 | 362011 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22 AS, 3.561%, due 4/15/48  | 110000 | 107305 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UBS9 C, 4.745%, due 3/15/49<sup>(a)(b)</sup>  | $500000<br>| $447101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H3 D, 3.000%, due 7/15/51  | 135000 | 112140 |
| MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 AS, 6.491%, due 12/15/56<sup>(a)(b)</sup>  | 75000 | 79090 |
| Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-APPL A, 5.536%, (1 Month CME SOFR + 1.21%), due 8/15/38<sup>(a)</sup>  | 100000 | 96033 |
| ROCK Trust | ROCK Trust | ROCK Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR E, 8.819%, due 11/13/41  | 790000 | 825870 |
| SWCH Commercial Mortgage Trust | SWCH Commercial Mortgage Trust | SWCH Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DATA A, 5.760%, (1 Month CME SOFR + 1.44%), due 3/15/42<sup>(a)</sup>  | 320000 | 314397 |
| UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9 C, 5.110%, due 3/15/51<sup>(a)(b)</sup>  | 330000 | 266961 |
| UBS-Barclays Commercial Mortgage Trust | UBS-Barclays Commercial Mortgage Trust | UBS-Barclays Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C5 B, 3.649%, due 3/10/46<sup>(a)(b)</sup>  | 490061 | 462158 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS5 D, 5.122%, due 1/15/59<sup>(a)(b)</sup>  | 469000 | 409460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 D, 3.059%, due 11/15/49  | 555000 | 487618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38 C, 3.903%, due 7/15/50<sup>(a)(b)</sup>  | 320000 | 287879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40 D, 2.700%, due 10/15/50  | 670000 | 558165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC1 D, 3.250%, due 1/15/60  | 505000 | 438101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44 D, 3.000%, due 5/15/51  | 710000 | 549823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51 AS, 3.584%, due 6/15/52  | 116000 | 106592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51 C, 4.289%, due 6/15/52<sup>(a)(b)</sup>  | 445000 | 387173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ONL E, 5.092%, due 12/15/39<sup>(a)(b)</sup>  | 350000 | 303363 |
| WP Glimcher Mall Trust | WP Glimcher Mall Trust | WP Glimcher Mall Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WPG C, 3.633%, due 6/5/35<sup>(a)(b)</sup>  | 450000 | 399539 |
|  |  | 25746267 |
| **Total Commercial Mortgage-Backed Securities** | **Total Commercial Mortgage-Backed Securities** | **Total Commercial Mortgage-Backed Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $25,095,911)**  |  | **25746267** |
| **U.S. Government & Federal Agencies — 49.1%** | **U.S. Government & Federal Agencies — 49.1%** |  |
| **Mortgage Securities — 48.7%** | **Mortgage Securities — 48.7%** |  |
| Fannie Mae Interest Strip | Fannie Mae Interest Strip | Fannie Mae Interest Strip |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-426 C32, 1.500%, due 2/25/52<sup>(c)</sup>  | 178532 | 17122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-438 C34, 6.000%, due 8/25/53<sup>(c)</sup>  | 802031 | 192043 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-440 C46, 4.000%, due 10/25/53<sup>(c)</sup>  | $1368916<br>| $303619<br>|
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BK4772, 4.000%, due 8/1/48  | 23736 | 22359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN0340, 4.500%, due 12/1/48  | 12895 | 12535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CA2056, 4.500%, due 7/1/48  | 57596 | 56077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CA2960, 4.500%, due 1/1/49  | 29141 | 28306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM3129, 3.000%, due 5/1/50  | 86673 | 76122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM3889, 3.000%, due 7/1/50  | 28851 | 25348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FM5299, 3.500%, due 11/1/50  | 22842 | 20692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FM7418, 2.500%, due 6/1/51  | 136615 | 115182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA4438, 2.500%, due 10/1/51  | 2810043 | 2343000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA4492, 2.000%, due 12/1/51  | 2596835 | 2064957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BU1417, 3.000%, due 1/1/52  | 102159 | 88907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4624, 3.000%, due 6/1/52  | 2557587 | 2221189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4626, 4.000%, due 6/1/52  | 2184039 | 2039243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MA4806, 5.000%, due 11/1/52  | 435408 | 428320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS3603, 5.500%, due 8/1/53  | 48817 | 49078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS3904, 5.000%, due 3/1/53  | 23357 | 22929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS5641, 6.000%, due 8/1/53  | 103925 | 106156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS5758, 6.000%, due 9/1/53  | 55299 | 56484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FS6211, 6.000%, due 11/1/53  | 131022 | 133994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4918, 5.000%, due 2/1/53  | 1505055 | 1476964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4919, 5.500%, due 2/1/53  | 1629885 | 1630799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA4940, 5.000%, due 3/1/53  | 1582596 | 1551490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5009, 5.000%, due 5/1/53  | 2148949 | 2108286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5020, 5.000%, due 5/1/43  | 751998 | 751269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5139, 6.000%, due 9/1/53  | 2173097 | 2207901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MA5140, 6.500%, due 9/1/53  | 211676 | 218883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS7587, 5.500%, due 4/1/54  | 73616 | 73781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS8105, 2.000%, due 10/1/52  | 5458594 | 4334557 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS8206, 5.500%, due 6/1/54  | $565191<br>| $567689<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FS9453, 4.500%, due 8/1/53  | 294556 | 282224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MA5353, 5.500%, due 5/1/54  | 1741368 | 1738308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MA5711, 5.000%, due 5/1/40  | 340000 | 341908 |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-19 SD, 1.632%, (1 Month SOFR + 5.99%), due 4/25/46<sup>(a)(c)</sup>  | 131636 | 11829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-57 SN, 1.582%, (1 Month SOFR + 5.94%), due 6/25/46<sup>(a)(c)</sup>  | 63817 | 7481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-32 SB, 1.582%, (1 Month SOFR + 5.94%), due 6/25/49<sup>(a)(c)</sup>  | 53038 | 6379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-77 LZ, 3.000%, due 1/25/50  | 186916 | 163693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-23 PS, 1.582%, (1 Month SOFR + 5.94%), due 2/25/50<sup>(a)(c)</sup>  | 69923 | 9358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-63 B, 1.250%, due 9/25/50  | 8514 | 6427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 GC, 3.500%, due 7/25/50  | 84259 | 76585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 TI, 2.500%, due 2/25/51<sup>(c)</sup>  | 1098834 | 179168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-34 MI, 2.500%, due 3/25/51<sup>(c)</sup>  | 130698 | 16801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40 SI, 1.482%, (1 Month SOFR + 5.84%), due 9/25/47<sup>(a)(c)</sup>  | 85142 | 8861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 ID, 3.500%, due 3/25/51<sup>(c)</sup>  | 90512 | 18782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-85 BI, 3.000%, due 12/25/51<sup>(c)</sup>  | 312860 | 53582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-91 HI, 3.000%, due 1/25/52<sup>(c)</sup>  | 106652 | 12526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10 SA, 1.396%, (1 Month SOFR + 5.75%), due 2/25/52<sup>(a)(c)</sup>  | 646510 | 78066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 SB, 1.546%, (1 Month SOFR + 5.90%), due 7/25/54<sup>(a)(c)</sup>  | 2462172 | 200214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-78 EV, 5.500%, due 10/25/35  | 449110 | 453131 |
| Freddie Mac Gold Pool | Freddie Mac Gold Pool | Freddie Mac Gold Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-G08831, 4.000%, due 8/1/48  | 11969 | 11293 |
| Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-K758 A2, 4.680%, due 10/25/31<sup>(a)(b)</sup>  | 945000 | 962353 |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 9/1/54  | 1110000 | 1134943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-QA1451, 3.000%, due 8/1/49  | 13917 | 12249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RA1780, 4.500%, due 11/1/49  | 34345 | 33527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SD8146, 2.000%, due 5/1/51  | 747300 | 596659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-QD8143, 2.000%, due 3/1/52  | 90983 | 72200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RA6622, 2.500%, due 1/1/52  | 206439 | 173538 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RA7122, 3.500%, due 4/1/52  | $746345<br>| $678385<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8199, 2.000%, due 3/1/52  | 1270151 | 1008594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8220, 3.000%, due 6/1/52  | 463645 | 402797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8243, 3.500%, due 9/1/52  | 2216344 | 2001393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8256, 4.000%, due 10/1/52  | 546961 | 510641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8266, 4.500%, due 11/1/52  | 1543024 | 1478480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8277, 5.500%, due 12/1/52  | 584213 | 584766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SD8290, 6.000%, due 1/1/53  | 1080981 | 1101441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3392, 5.500%, due 7/1/53  | 39777 | 39990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3770, 2.500%, due 3/1/52  | 539236 | 451199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD3960, 6.000%, due 10/1/53  | 292930 | 299017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD4026, 6.000%, due 10/1/53  | 87319 | 89122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD4268, 6.000%, due 11/1/53  | 131571 | 134014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD4471, 6.500%, due 12/1/53  | 668566 | 692452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD8325, 6.000%, due 5/1/53  | 953513 | 969223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD8342, 5.500%, due 7/1/53  | 1398475 | 1398619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD8343, 6.000%, due 7/1/53  | 81878 | 83199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SD8369, 6.500%, due 10/1/53  | 32932 | 33957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD4958, 2.000%, due 6/1/52  | 3690998 | 2938432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD5040, 5.500%, due 3/1/54  | 67202 | 67383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD6766, 5.500%, due 11/1/54  | 1252734 | 1250939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD6871, 5.500%, due 11/1/54  | 768666 | 770483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SD8407, 5.000%, due 3/1/54  | 215798 | 211547 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4710 WZ, 3.500%, due 8/15/47  | 52242 | 48121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4993 KS, 1.582%, (1 Month SOFR + 5.94%), due 7/25/50<sup>(a)(c)</sup>  | 143645 | 19965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4994 TS, 1.632%, (1 Month SOFR + 5.99%), due 7/25/50<sup>(a)(c)</sup>  | 1498429 | 185188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5021 SA, 0.000%, (1 Month SOFR + 3.55%), due 10/25/50<sup>(a)(c)</sup>  | 930176 | 30494 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5036 IO, 3.500%, due 11/25/50<sup>(c)</sup>  | $721818<br>| $150563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5040 IO, 3.500%, due 11/25/50<sup>(c)</sup>  | 55496 | 10472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5041 JE, 1.250%, due 3/25/49  | 80503 | 64969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5070 PI, 3.000%, due 8/25/50<sup>(c)</sup>  | 64467 | 11252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5092 XA, 1.000%, due 1/15/41  | 104910 | 90392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5094 IP, 3.000%, due 4/25/51<sup>(c)</sup>  | 512352 | 83131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5152 BI, 3.000%, due 7/25/50<sup>(c)</sup>  | 88715 | 15138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5167 GI, 3.000%, due 11/25/51<sup>(c)</sup>  | 996163 | 173771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5191 IO, 3.500%, due 9/25/50<sup>(c)</sup>  | 70063 | 12988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5205 KI, 3.000%, due 12/25/48<sup>(c)</sup>  | 63313 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5326 QO, 0.000%, due 9/25/50<sup>(d)(e)</sup>  | 441342 | 289746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5328 JY, 0.250%, due 9/25/50  | 251076 | 170067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5351 DO, 0.000%, due 9/25/53<sup>(d)(e)</sup>  | 116540 | 98301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5471 SK, 0.996%, (1 Month SOFR + 5.35%), due 8/25/54<sup>(a)(c)</sup>  | 2963620 | 125399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5472 SB, 0.996%, (1 Month SOFR + 5.35%), due 11/25/54<sup>(a)(c)</sup>  | 3851726 | 173347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5527 FA, 5.354%, (1 Month SOFR + 1.00%), due 4/25/55<sup>(a)</sup>  | 1425853 | 1414641 |
| Freddie Mac Stacr Remic Trust | Freddie Mac Stacr Remic Trust | Freddie Mac Stacr Remic Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1 M2, 6.004%, (1 Month SOFR + 1.65%), due 2/25/45<sup>(a)</sup>  | 310000 | 307483 |
| Freddie Mac STACR REMIC Trust | Freddie Mac STACR REMIC Trust | Freddie Mac STACR REMIC Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA1 B2, 9.568%, (1 Month SOFR + 5.21%), due 1/25/50<sup>(a)</sup>  | 85000 | 91210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1 B1, 7.004%, (1 Month SOFR + 2.65%), due 1/25/51<sup>(a)</sup>  | 580000 | 601750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5 M2, 6.004%, (1 Month SOFR + 1.65%), due 1/25/34<sup>(a)</sup>  | 185888 | 186460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6 B2, 11.854%, (1 Month SOFR + 7.50%), due 10/25/41<sup>(a)</sup>  | 145000 | 153170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1 B2, 9.354%, (1 Month SOFR + 5.00%), due 8/25/33<sup>(a)</sup>  | 325000 | 360645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3 B2, 10.604%, (1 Month SOFR + 6.25%), due 9/25/41<sup>(a)</sup>  | 1070000 | 1104346 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4 B2, 11.354%, (1 Month SOFR + 7.00%), due 12/25/41<sup>(a)</sup>  | $713000<br>| $751889<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4 M2, 6.704%, (1 Month SOFR + 2.35%), due 12/25/41<sup>(a)</sup>  | 120000 | 120676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1 B1, 7.754%, (1 Month SOFR + 3.40%), due 1/25/42<sup>(a)</sup>  | 70000 | 71483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3 M2, 8.704%, (1 Month SOFR + 4.35%), due 4/25/42<sup>(a)</sup>  | 225000 | 236455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1 M2, 9.604%, (1 Month SOFR + 5.25%), due 3/25/42<sup>(a)</sup>  | 225000 | 238412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3 M1B, 7.904%, (1 Month SOFR + 3.55%), due 8/25/42<sup>(a)</sup>  | 680000 | 709296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3 M2, 9.704%, (1 Month SOFR + 5.35%), due 8/25/42<sup>(a)</sup>  | 705000 | 754569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA3 M2, 7.704%, (1 Month SOFR + 3.35%), due 11/25/43<sup>(a)</sup>  | 385000 | 402086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1 M2, 6.354%, (1 Month SOFR + 2.00%), due 3/25/44<sup>(a)</sup>  | 385000 | 385481 |
| Freddie Mac STACR Securitized Participation Interests Trust | Freddie Mac STACR Securitized Participation Interests Trust | Freddie Mac STACR Securitized Participation Interests Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SPI3 B, 4.154%, due 8/25/48<sup>(a)(b)</sup>  | 698275 | 532962 |
| Freddie Mac STACR Trust | Freddie Mac STACR Trust | Freddie Mac STACR Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FTR1 B2, 12.818%, (1 Month SOFR + 8.46%), due 1/25/48<sup>(a)</sup>  | 385000 | 444018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FTR3 B2, 9.254%, (1 Month SOFR + 4.91%), due 9/25/47<sup>(a)</sup>  | 500000 | 524794 |
| Freddie Mac Strips | Freddie Mac Strips | Freddie Mac Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-240, 0.000%, due 7/15/36<sup>(d)(e)</sup>  | 35484 | 31542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-246, 0.000%, due 5/15/37<sup>(d)(e)</sup>  | 51685 | 43093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-272, 0.000%, due 8/15/42<sup>(d)(e)</sup>  | 155062 | 119642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-311 S1, 1.491%, (1 Month SOFR + 5.84%), due 8/15/43<sup>(a)(c)</sup>  | 1250801 | 137522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-397 C61, 5.500%, due 1/25/53<sup>(c)</sup>  | 640538 | 140709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-402, 0.000%, due 9/25/53<sup>(d)(e)</sup>  | 98345 | 81797 |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MA7706, 3.000%, due 11/20/51  | 884385 | 783376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-787246, 3.000%, due 9/20/53  | 1311756 | 1132204 |
| Ginnie Mae Strip | Ginnie Mae Strip | Ginnie Mae Strip |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 1, 0.000%, due 7/20/34<sup>(d)(e)</sup>  | 17456 | 14989 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-151 KO, 0.000%, due 6/16/37<sup>(d)(e)</sup>  | $286762<br>| $265043<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-93 AI, 4.500%, due 7/20/44<sup>(c)</sup>  | 610606 | 150539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 KF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a)</sup>  | 28054 | 25158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-128 YF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(a)</sup>  | 28475 | 25681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-92 GF, 3.500%, (1 Month CME SOFR + 0.80%), due 7/20/49<sup>(a)</sup>  | 27212 | 24338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-97 FG, 3.500%, (1 Month CME SOFR + 0.80%), due 8/20/49<sup>(a)</sup>  | 621613 | 551157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 YS, 0.000%, (1 Month CME SOFR + 2.72%), due 1/20/50<sup>(a)(c)</sup>  | 124121 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-129 SB, 0.000%, (1 Month CME SOFR + 3.09%), due 9/20/50<sup>(a)(c)</sup>  | 166923 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146 SA, 1.867%, (1 Month CME SOFR + 6.19%), due 10/20/50<sup>(a)(c)</sup>  | 135839 | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-149 IQ, 2.500%, due 10/20/50<sup>(c)</sup>  | 141658 | 20597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-166 CA, 1.000%, due 11/20/50  | 329996 | 247540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-166 IC, 2.000%, due 11/20/50<sup>(c)</sup>  | 64705 | 8224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-167 SN, 1.867%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(c)</sup>  | 466646 | 70588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-168 IA, 0.979%, due 12/16/62<sup>(a)(b)(c)</sup>  | 2104155 | 157535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-177 IO, 0.820%, due 6/16/62<sup>(a)(b)(c)</sup>  | 239322 | 14900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-183 HT, 1.420%, (1 Month SOFR + 5.77%), due 12/20/50<sup>(a)(c)</sup>  | 122354 | 15917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-188 GI, 2.000%, due 12/20/50<sup>(c)</sup>  | 1049486 | 126584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-188 IO, 2.000%, due 12/20/50<sup>(c)</sup>  | 91646 | 10075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-189 NS, 1.867%, (1 Month CME SOFR + 6.19%), due 12/20/50<sup>(a)(c)</sup>  | 127793 | 20613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-189 SU, 1.867%, (1 Month CME SOFR + 6.19%), due 12/20/50<sup>(a)(c)</sup>  | 384659 | 59219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-34 SC, 1.617%, (1 Month CME SOFR + 5.94%), due 3/20/50<sup>(a)(c)</sup>  | 83493 | 11030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5 FA, 3.500%, (1 Month CME SOFR + 0.81%), due 1/20/50<sup>(a)</sup>  | 407777 | 367604 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-96 CS, 1.667%, (1 Month CME SOFR + 5.99%), due 8/20/49<sup>(a)(c)</sup>  | $236881<br>| $31284<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 IT, 3.000%, due 1/20/51<sup>(c)</sup>  | 91133 | 15635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 PI, 2.500%, due 12/20/50<sup>(c)</sup>  | 71781 | 10977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122 HS, 1.867%, (1 Month CME SOFR + 6.19%), due 7/20/51<sup>(a)(c)</sup>  | 1024102 | 139852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-140 GF, 2.500%, (1 Month CME SOFR + 0.76%), due 8/20/51<sup>(a)</sup>  | 460632 | 380975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16 AS, 0.000%, (1 Month CME SOFR + 2.64%), due 1/20/51<sup>(a)(c)</sup>  | 2198338 | 18268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-177 IM, 3.000%, due 10/20/51<sup>(c)</sup>  | 101744 | 17268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-177 SB, 0.000%, (1 Month SOFR + 3.20%), due 10/20/51<sup>(a)(c)</sup>  | 4910270 | 98770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-179 SA, 1.867%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(a)(c)</sup>  | 1067056 | 155215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-188 IO, 2.500%, due 10/20/51<sup>(c)</sup>  | 1222675 | 195251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-195 B, 1.500%, due 8/16/63  | 1520000 | 651665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-205 GA, 2.000%, due 11/20/51  | 139775 | 115075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-226 SA, 0.000%, (1 Month SOFR + 1.70%), due 12/20/51<sup>(a)(c)</sup>  | 1499161 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-29 AS, 0.000%, (1 Month SOFR + 2.70%), due 2/20/51<sup>(a)(c)</sup>  | 249087 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-30 HI, 2.000%, due 2/20/51<sup>(c)</sup>  | 198186 | 22380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44 IQ, 3.000%, due 3/20/51<sup>(c)</sup>  | 642508 | 101659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47 IO, 0.992%, due 3/16/61<sup>(a)(b)(c)</sup>  | 362850 | 25066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-50 KI, 2.500%, due 1/20/48<sup>(c)</sup>  | 180439 | 20483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-56 FE, 2.500%, (1 Month SOFR + 0.20%), due 10/20/50<sup>(a)(c)</sup>  | 127923 | 18455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SA, 1.867%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(c)</sup>  | 1739847 | 240490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 SD, 1.867%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(a)(c)</sup>  | 2465259 | 350250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67 PI, 3.000%, due 4/20/51<sup>(c)</sup>  | 85454 | 14748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 FG, 3.500%, (1 Month SOFR + 0.30%), due 6/20/51<sup>(a)</sup>  | 393521 | 353147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 GP, 1.000%, due 6/20/51  | 371839 | 285039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 JS, 1.917%, (1 Month CME SOFR + 6.24%), due 6/20/51<sup>(a)(c)</sup>  | 1170870 | 177695 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 NS, 1.867%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(c)</sup>  | $131907<br>| $19727<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-96 SN, 1.867%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(c)</sup>  | 161381 | 21101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 SD, 0.000%, (1 Month SOFR + 2.60%), due 6/20/51<sup>(a)(c)</sup>  | 379666 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 SM, 1.867%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(a)(c)</sup>  | 113833 | 17930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-98 IN, 3.000%, due 6/20/51<sup>(c)</sup>  | 80072 | 14193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 CF, 2.500%, (1 Month SOFR + 0.80%), due 1/20/52<sup>(a)</sup>  | 246677 | 206206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10 IC, 2.000%, due 11/20/51<sup>(c)</sup>  | 1107453 | 126545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-101 SB, 0.000%, (1 Month SOFR + 3.30%), due 6/20/52<sup>(a)(c)</sup>  | 1137500 | 15548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-107 SA, 0.000%, (1 Month SOFR + 3.47%), due 6/20/52<sup>(a)(c)</sup>  | 5736477 | 105754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113 Z, 2.000%, due 9/16/61  | 42330 | 20326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-137 S, 1.867%, (1 Month CME SOFR + 6.19%), due 7/20/51<sup>(a)(c)</sup>  | 1276043 | 179134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-182 IO, 3.000%, due 10/20/45<sup>(c)</sup>  | 321517 | 45602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-185 DI, 1.022%, due 10/16/65<sup>(a)(b)(c)</sup>  | 880845 | 63945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-190 HS, 1.617%, (1 Month CME SOFR + 5.94%), due 2/20/50<sup>(a)(c)</sup>  | 328445 | 43771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-207 IO, 3.000%, due 8/20/51<sup>(c)</sup>  | 79325 | 13387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78 S, 0.000%, (1 Month SOFR + 3.70%), due 4/20/52<sup>(a)(c)</sup>  | 136947 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-87 SA, 0.000%, (1 Month SOFR + 3.30%), due 5/20/52<sup>(a)(c)</sup>  | 2265985 | 30974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 HD, 3.500%, due 1/20/52  | 181815 | 164706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-159 CI, 0.953%, due 7/16/65<sup>(a)(b)(c)</sup>  | 1916669 | 144679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-172 IO, 1.381%, due 2/16/66<sup>(a)(b)(c)</sup>  | 2262623 | 218677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-194 CI, 0.815%, due 10/16/65<sup>(a)(b)(c)</sup>  | 1505648 | 98589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26 L, 3.800%, due 4/16/65<sup>(a)(b)</sup>  | 180000 | 135346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-37 IB, 2.500%, due 10/20/50<sup>(c)</sup>  | 660890 | 87275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, 0.000%, due 4/20/53<sup>(d)(e)</sup>  | 280578 | 218463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-59 YC, 7.027%, due 9/20/51<sup>(a)(b)</sup>  | 67289 | 74230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-60 ES, 2.500%, (1 Month SOFR + 11.20%), due 4/20/53<sup>(a)</sup>  | 63514 | 61133 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-63 MA, 3.500%, due 5/20/50  | $180205<br>| $165351<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-66 OQ, 0.000%, due 7/20/52<sup>(d)(e)</sup>  | 163168 | 126758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-80 SA, 0.900%, (1 Month SOFR + 5.25%), due 6/20/53<sup>(a)(c)</sup>  | 2338906 | 94867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-86 SE, 2.300%, (1 Month SOFR + 6.65%), due 9/20/50<sup>(a)(c)</sup>  | 740530 | 118348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-29 B, 2.500%, due 8/16/64<sup>(a)(b)</sup>  | 265000 | 197770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48 JI, 3.000%, due 7/20/51<sup>(c)</sup>  | 826384 | 142570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-51 SX, 0.850%, (1 Month SOFR + 5.20%), due 3/20/54<sup>(a)(c)</sup>  | 4114611 | 193588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust Series | &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust Series | &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust Series |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 MTU, 3.250%, due 11/25/64  | 1468184 | 1258994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction Series | &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction Series | &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction Series |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1 A1, 3.500%, due 6/25/28  | 48955 | 47619 |
|  |  | 72959635 |
| **U.S. Treasury Note — 0.4%** | **U.S. Treasury Note — 0.4%** |  |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 4/30/30  | 565000 | 569017 |
| **Total U.S. Government & Federal Agencies** | **Total U.S. Government & Federal Agencies** | **Total U.S. Government & Federal Agencies** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $72,923,764)**  |  | **73528652** |
| **Collateralized Loan Obligations — 3.1%** | **Collateralized Loan Obligations — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 32 Ltd., (Cayman Islands), Class Series 2024-32A A1, 5.65%<sup>(a)</sup>  | 250000 | 249995 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 35 Ltd., (Cayman Islands), Class Series 2024-35A A2, 5.82%<sup>(a)</sup>  | 250000 | 248867 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIMCO CLO Series, (Cayman Islands), Class Series 2018-AA B1R, 5.93%<sup>(a)</sup>  | 300000 | 298408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO LI Ltd., (Jersey), Class Series 2024-51A B, 5.85%<sup>(a)</sup>  | 250000 | 247250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO XVIII-R, Class Series 2018-18A BR2, 5.97%<sup>(a)</sup>  | 380000 | 377392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Direct Lending CLO 3 LLC, Class Series 2024-3A A2, 6.02%<sup>(a)</sup>  | 250000 | 247678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., (Cayman Islands), Class Series 2021-6A DR, 7.22%<sup>(a)</sup>  | 250000 | 250035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Rainier CLO VI Ltd., (Cayman Islands), Class Series 2021-6A A1R, 5.82%<sup>(a)</sup>  | 250000 | 248250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Credit Opportunities XXI CLO LLC, Class Series 2023-21A A1TR, 5.84%<sup>(a)</sup>  | 300000 | 298749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 76 B Ltd., (Jersey), Class Series 2024-76A A1, 5.65%<sup>(a)</sup>  | 250000 | 249346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 78M, Class Series 2025-78A A1, 5.69%<sup>(a)</sup>  | 400000 | 394847 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes CLO Ltd., (Cayman Islands), Class Series 2019-1A ARR, 5.79%<sup>(a)</sup>  | $340000<br>| $337344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; OCP CLO Ltd., (Cayman Islands), Class Series 2017-14A A1R, 5.64%<sup>(a)</sup>  | 250000 | 249237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owl Rock CLO XX LLC, (Cayman Islands), Class Series 2024-20A C, 6.38%<sup>(a)</sup>  | 250000 | 243882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 12 Ltd., (Jersey), Class Series 2022-12A A1R, 5.67%<sup>(a)</sup>  | 250000 | 249994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point Scf Clo IV Ltd., Class Series 2021-1A A2R, 6.21%<sup>(a)</sup>  | 250000 | 251355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., (Cayman Islands), Class Series 2024-2A B, 5.98%<sup>(a)</sup>  | 250000 | 249334 |
| **Total Collateralized Loan Obligations** | **Total Collateralized Loan Obligations** | **Total Collateralized Loan Obligations** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,720,000)**  |  | **4691963** |
| **Short-Term Investment — 1.1%** | **Short-Term Investment — 1.1%** |  |
|  | **Shares** | **Value** |
| **Money Market Fund — 1.1%** | **Money Market Fund — 1.1%** |  |
| Dreyfus Treasury Obligations Cash Management Fund, 4.21%<sup>(f)</sup>  |  |  |
| **(Cost $1,637,958)**  | 1637958 | **1637958** |
| **Total Investments — 100.4%<br>(Cost $148,970,959)**  |  | **150421285** |
| **Other Assets and Liabilities,<br>Net — (0.4)%**  |  | **(644865)** |
| **Net Assets — 100.0%**  |  | **$** **149776420**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of April 30, 2025.

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

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

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

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

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

---

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

---

*See notes to financial statements.*

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

April 30, 2025

**Open futures contracts outstanding at April 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Broker** | **Expiration Date** | **Number of<br>Contracts<br>Purchased<br>(Sold)** | **Notional Value at Trade Date** | **Notional<br>Value at<br>April 30, 2025** | **Unrealized Appreciation (Depreciation)** |
| U.S. 10 Year Note (CBT)  | Citigroup Global Markets Inc. | June 2025 | 262 | $28712123<br>| $29401312<br>| &nbsp;&nbsp;&nbsp; $689189<br>|
| U.S. 10 Year Ultra Note (CBT)  | Citigroup Global Markets Inc. | June 2025 | (9) | (1019651) | (1032609) | &nbsp;&nbsp;&nbsp; (12958) |
| U.S. 5 Year Note (CBT)  | Citigroup Global Markets Inc. | June 2025 | 60 | 6407943 | 6551719 | &nbsp;&nbsp;&nbsp; 143776 |
| U.S. Long Bond (CBT)  | Citigroup Global Markets Inc. | June 2025 | (7) | (811764) | (816375) | &nbsp;&nbsp;&nbsp; (4611) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $815396<br>|

---

------

CBT — Chicago Board of Trade

Cash posted as collateral to broker for futures contracts was $534,498 at 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; U.S. Government & Federal Agencies  | $—<br>| $73528652<br>| $—<br>| $73528652<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations  |  | 24438848 |  | 24438848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Asset-Backed Securities  |  | 20377597 |  | 20377597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities  |  | 25746267 |  | 25746267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 4691963 |  | 4691963 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 1637958 |  |  | 1637958 |
| Total Investments in Securities  | 1637958 | 148783327 |  | 150421285 |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | 832965 |  |  | 832965 |
| Total Investments in Securities and Other Financial Instruments  | $2470923<br>| $148783327<br>| $—<br>| $151254250<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $(17569) | $—<br>| $—<br>| $(17569) |

---

------

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

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

For the 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 MacKay Muni Insured ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds — 99.0%** | **Municipal Bonds — 99.0%** |  |
| **Alabama — 1.6%** | **Alabama — 1.6%** |  |
| Black Belt Energy Gas District, Revenue Bonds | Black Belt Energy Gas District, Revenue Bonds | Black Belt Energy Gas District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270%, (Municipal Swap Index + 0.65%), due 4/1/53<sup>(a)(b)</sup>  | $2500000<br>| $2423746<br>|
| State of Alabama Docks Department, Revenue Bonds | State of Alabama Docks Department, Revenue Bonds | State of Alabama Docks Department, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/27  | 2200000 | 2253104 |
| University of South Alabama, Revenue Bonds | University of South Alabama, Revenue Bonds | University of South Alabama, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/1/54  | 2500000 | 2599679 |
|  |  | 7276529 |
| **Alaska — 0.3%** | **Alaska — 0.3%** |  |
| University of Alaska, Revenue Bonds | University of Alaska, Revenue Bonds | University of Alaska, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V-1 Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series V-1 Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series V-1 Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/44  | 1365000 | 1370406 |
| **Arizona — 0.6%** | **Arizona — 0.6%** |  |
| City of Lake Havasu City AZ Wastewater System Revenue, Revenue Bonds | City of Lake Havasu City AZ Wastewater System Revenue, Revenue Bonds | City of Lake Havasu City AZ Wastewater System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/40  | 1000000 | 1002425 |
| Maricopa County Unified School District No 60 Higley, Certificates of Participation | Maricopa County Unified School District No 60 Higley, Certificates of Participation | Maricopa County Unified School District No 60 Higley, Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 6/1/42  | 500000 | 479563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 6/1/47  | 1500000 | 1420979 |
|  |  | 2902967 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** |  |
| City of Clarksville AR Sales & Use Tax Revenue, Revenue Bonds | City of Clarksville AR Sales & Use Tax Revenue, Revenue Bonds | City of Clarksville AR Sales & Use Tax Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 11/1/26  | 500000 | 494728 |
| **California — 11.2%** | **California — 11.2%** |  |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/39  | 5105000 | 4827186 |
| California Community Choice Financing Authority,  | California Community Choice Financing Authority,  | California Community Choice Financing Authority,  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series G | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series G | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/55<sup>(a)(b)</sup>  | 3575000 | 3682688 |
| California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/49  | 535000 | 527590 |
| California Statewide Communities Development Authority, Revenue Bonds | California Statewide Communities Development Authority, Revenue Bonds | California Statewide Communities Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 5/15/54  | 2895000 | 2032273 |
| Chaffey Joint Union High School District,  | Chaffey Joint Union High School District,  | Chaffey Joint Union High School District,  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds Series G | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds Series G | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.580%, due 8/1/42<sup>(c)</sup>  | 1000000 | 457556 |
| City of Long Beach CA Airport System Revenue,  | City of Long Beach CA Airport System Revenue,  | City of Long Beach CA Airport System Revenue,  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series C Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/42  | 1000000 | 1012728 |
| City of San Mateo CA, Special Tax | City of San Mateo CA, Special Tax | City of San Mateo CA, Special Tax |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/37  | 4460000 | 4811354 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Clovis Unified School District, General Obligation Bonds | Clovis Unified School District, General Obligation Bonds | Clovis Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440%, due 8/1/30<sup>(c)</sup>  | $1000000<br>| $835810<br>|
| Fontana Unified School District, General Obligation Bonds | Fontana Unified School District, General Obligation Bonds | Fontana Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, due 8/1/44  | 2500000 | 1641750 |
| Foothill-De Anza Community College District, General Obligation Bonds | Foothill-De Anza Community College District, General Obligation Bonds | Foothill-De Anza Community College District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 99 Insured: NATL-IBC FGIC | &nbsp;&nbsp;&nbsp;&nbsp; Series 99 Insured: NATL-IBC FGIC | &nbsp;&nbsp;&nbsp;&nbsp; Series 99 Insured: NATL-IBC FGIC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.170%, due 8/1/29<sup>(c)</sup>  | 1050000 | 918392 |
| Lake Tahoe Unified School District, General Obligation Bonds | Lake Tahoe Unified School District, General Obligation Bonds | Lake Tahoe Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520%, due 8/1/30<sup>(c)</sup>  | 1110000 | 923927 |
| Los Angeles Department of Water & Power, Revenue Bonds | Los Angeles Department of Water & Power, Revenue Bonds | Los Angeles Department of Water & Power, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/38  | 1215000 | 1224613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/45  | 1085000 | 1089968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/48  | 1040000 | 1039153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/48  | 250000 | 250016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/34  | 655000 | 698210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/48  | 1575000 | 1579556 |
| Madera Unified School District, General Obligation Bonds | Madera Unified School District, General Obligation Bonds | Madera Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.660%, due 8/1/31<sup>(c)</sup>  | 2725000 | 2171822 |
| Natomas Unified School District, General Obligation Bonds | Natomas Unified School District, General Obligation Bonds | Natomas Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 8/1/47  | 3135000 | 2324286 |
| Oak Grove School District, General Obligation Bonds | Oak Grove School District, General Obligation Bonds | Oak Grove School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, due 6/1/46<sup>(c)</sup>  | 4000000 | 1467695 |
| Oroville Union High School District, General Obligation Bonds | Oroville Union High School District, General Obligation Bonds | Oroville Union High School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 08 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 08 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.640%, due 8/1/29<sup>(c)</sup>  | 1230000 | 1054907 |
| Placer Union High School District, General Obligation Bonds | Placer Union High School District, General Obligation Bonds | Placer Union High School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 8/1/30<sup>(c)</sup>  | 975000 | 814495 |
| River Delta Unified School District School Facilities Improvement District No 1, General Obligation Bonds | River Delta Unified School District School Facilities Improvement District No 1, General Obligation Bonds | River Delta Unified School District School Facilities Improvement District No 1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/45  | 1565000 | 1471264 |
| River Islands Public Financing Authority, Special Tax | River Islands Public Financing Authority, Special Tax | River Islands Public Financing Authority, Special Tax |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/52  | 735000 | 747012 |
| Riverside County Transportation Commission, Revenue Bonds | Riverside County Transportation Commission, Revenue Bonds | Riverside County Transportation Commission, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 6/1/49  | 2592000 | 1949279 |
| Sacramento City Unified School District, General Obligation Bonds | Sacramento City Unified School District, General Obligation Bonds | Sacramento City Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/48  | 1000000 | 937872 |
| San Francisco Community College District, General Obligation Bonds | San Francisco Community College District, General Obligation Bonds | San Francisco Community College District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/49  | 4500000 | 4787228 |
| Southern California Public Power Authority, Revenue Bonds | Southern California Public Power Authority, Revenue Bonds | Southern California Public Power Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/27  | 660000 | 660209 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Twin Rivers Unified School District, General Obligation Bonds | Twin Rivers Unified School District, General Obligation Bonds | Twin Rivers Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, due 8/1/41<sup>(c)</sup>  | $2000000<br>| $922754<br>|
| Vista Unified School District, General Obligation Bonds | Vista Unified School District, General Obligation Bonds | Vista Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/1/41  | 3000000 | 3237357 |
| Washington Unified School District/Yolo County CA, General Obligation Bonds | Washington Unified School District/Yolo County CA, General Obligation Bonds | Washington Unified School District/Yolo County CA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.260%, due 8/1/26<sup>(c)</sup>  | 1100000 | 1056174 |
|  |  | 51155124 |
| **Colorado — 4.3%** | **Colorado — 4.3%** |  |
| Arista Metropolitan District, General Obligation Bonds | Arista Metropolitan District, General Obligation Bonds | Arista Metropolitan District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/48  | 2650000 | 2698291 |
| Castle Oaks Metropolitan District No 3, General Obligation Bonds | Castle Oaks Metropolitan District No 3, General Obligation Bonds | Castle Oaks Metropolitan District No 3, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/45  | 3000000 | 2761392 |
| City of Grand Junction CO Joint Sewer System Revenue, Revenue Bonds | City of Grand Junction CO Joint Sewer System Revenue, Revenue Bonds | City of Grand Junction CO Joint Sewer System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/49  | 4250000 | 3978118 |
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds | Colorado Educational & Cultural Facilities Authority, Revenue Bonds | Colorado Educational & Cultural Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS MORAL OBLIG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS MORAL OBLIG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS MORAL OBLIG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/46  | 2385000 | 2081240 |
| Colorado Springs School District No 11 Facilities Corp., Certificates of Participation | Colorado Springs School District No 11 Facilities Corp., Certificates of Participation | Colorado Springs School District No 11 Facilities Corp., Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/48  | 2250000 | 2349972 |
| Colorado Water Resources & Power Development Authority, Revenue Bonds | Colorado Water Resources & Power Development Authority, Revenue Bonds | Colorado Water Resources & Power Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 9/1/43  | 500000 | 537449 |
| E-470 Public Highway Authority, Revenue Bonds | E-470 Public Highway Authority, Revenue Bonds | E-470 Public Highway Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, due 9/1/25<sup>(c)</sup>  | 2350000 | 2321453 |
| Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds | Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds | Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/47  | 600000 | 620349 |
| Green Gables Metropolitan District No 2, General Obligation Bonds | Green Gables Metropolitan District No 2, General Obligation Bonds | Green Gables Metropolitan District No 2, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/38  | 760000 | 777956 |
| Park 70 Metropolitan District, General Obligation Bonds | Park 70 Metropolitan District, General Obligation Bonds | Park 70 Metropolitan District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46  | 450000 | 429777 |
| Trails at Crowfoot Metropolitan District No 3, General Obligation Bonds | Trails at Crowfoot Metropolitan District No 3, General Obligation Bonds | Trails at Crowfoot Metropolitan District No 3, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39  | 1000000 | 1048947 |
|  |  | 19604944 |
| **District of Columbia — 0.6%** | **District of Columbia — 0.6%** |  |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds | Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds | Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960%, due 10/1/37<sup>(c)</sup>  | 1500000 | 816666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/53  | 2000000 | 1729133 |
|  |  | 2545799 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |  |
| **Florida — 4.5%** | **Florida — 4.5%** |  |
| County of Brevard FL, Revenue Bonds | County of Brevard FL, Revenue Bonds | County of Brevard FL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/29  | $3860000<br>| $3950291<br>|
| County of Miami-Dade FL, Revenue Bonds | County of Miami-Dade FL, Revenue Bonds | County of Miami-Dade FL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.590%, due 10/1/46<sup>(c)</sup>  | 290000 | 109768 |
| County of Miami-Dade Seaport Department, Revenue Bonds | County of Miami-Dade Seaport Department, Revenue Bonds | County of Miami-Dade Seaport Department, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/41  | 1425000 | 1376028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/50  | 4090000 | 2902094 |
| County of Osceola FL Transportation Revenue, Revenue Bonds | County of Osceola FL Transportation Revenue, Revenue Bonds | County of Osceola FL Transportation Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760%, due 10/1/41<sup>(c)</sup>  | 1015000 | 468856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.660%, due 10/1/40<sup>(c)</sup>  | 1250000 | 614417 |
| County of Pasco FL, Revenue Bonds | County of Pasco FL, Revenue Bonds | County of Pasco FL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/28  | 1000000 | 1059167 |
| Flagler County School District, Certificates of Participation | Flagler County School District, Certificates of Participation | Flagler County School District, Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series R Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series R Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/29  | 2000000 | 2117495 |
| School Board of Miami-Dade County (The), General Obligation Bonds | School Board of Miami-Dade County (The), General Obligation Bonds | School Board of Miami-Dade County (The), General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/15/39  | 1645000 | 1663341 |
| Wildwood Utility Dependent District, Revenue Bonds | Wildwood Utility Dependent District, Revenue Bonds | Wildwood Utility Dependent District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/52  | 6375000 | 6501156 |
|  |  | 20762613 |
| **Georgia — 0.5%** | **Georgia — 0.5%** |  |
| DeKalb Newton & Gwinnett Counties Joint Development Authority, Revenue Bonds | DeKalb Newton & Gwinnett Counties Joint Development Authority, Revenue Bonds | DeKalb Newton & Gwinnett Counties Joint Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39  | 2250000 | 2250830 |
| **Idaho — 0.4%** | **Idaho — 0.4%** |  |
| Idaho Housing & Finance Association, Revenue Bonds | Idaho Housing & Finance Association, Revenue Bonds | Idaho Housing & Finance Association, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD GTY | &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD GTY | &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD GTY |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/52  | 1000000 | 957939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/42  | 800000 | 809387 |
|  |  | 1767326 |
| **Illinois — 14.2%** | **Illinois — 14.2%** |  |
| Chicago Board of Education, General Obligation Bonds | Chicago Board of Education, General Obligation Bonds | Chicago Board of Education, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC-ICC FGIC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC-ICC FGIC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC-ICC FGIC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/26  | 1075000 | 1104236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/34  | 1300000 | 1329565 |
| Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds | Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds | Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/1/35  | 1750000 | 1877010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 4/1/48  | 750000 | 795428 |
| Chicago Midway International Airport, Revenue Bonds | Chicago Midway International Airport, Revenue Bonds | Chicago Midway International Airport, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/42  | 2000000 | 2161078 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Chicago O'Hare International Airport, Revenue Bonds | Chicago O'Hare International Airport, Revenue Bonds | Chicago O'Hare International Airport, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/42  | $1470000<br>| $1575637<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/45  | 5610000 | 5772457 |
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds | Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds | Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/50  | 4700000 | 4132699 |
| City of Calumet City IL, General Obligation Bonds | City of Calumet City IL, General Obligation Bonds | City of Calumet City IL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 3/1/43  | 1000000 | 944867 |
| City of Joliet IL, General Obligation Bonds | City of Joliet IL, General Obligation Bonds | City of Joliet IL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/15/44  | 3750000 | 3962071 |
| City of Kankakee IL, General Obligation Bonds | City of Kankakee IL, General Obligation Bonds | City of Kankakee IL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/26  | 1100000 | 1097257 |
| City of Springfield IL Electric Revenue, Revenue Bonds | City of Springfield IL Electric Revenue, Revenue Bonds | City of Springfield IL Electric Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/37  | 2000000 | 1751851 |
| Cook County Community College District No 508, General Obligation Bonds | Cook County Community College District No 508, General Obligation Bonds | Cook County Community College District No 508, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28  | 1000000 | 1046159 |
| Cook County School District No 86 Harwood Heights, General Obligation Bonds | Cook County School District No 86 Harwood Heights, General Obligation Bonds | Cook County School District No 86 Harwood Heights, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/49  | 2375000 | 2403277 |
| La Salle County Community Unit School District No 2 Serena, General Obligation Bonds | La Salle County Community Unit School District No 2 Serena, General Obligation Bonds | La Salle County Community Unit School District No 2 Serena, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/38  | 1825000 | 1972321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/1/42  | 1260000 | 1337734 |
| Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds | Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds | Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39  | 4060000 | 4279724 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds | Metropolitan Pier & Exposition Authority, Revenue Bonds | Metropolitan Pier & Exposition Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320%, due 12/15/32<sup>(c)</sup>  | 2010000 | 1450453 |
| Northern Illinois University, Revenue Bonds | Northern Illinois University, Revenue Bonds | Northern Illinois University, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/40  | 400000 | 370981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/41  | 400000 | 367608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/37  | 1425000 | 1365281 |
| Sales Tax Securitization Corp., Revenue Bonds | Sales Tax Securitization Corp., Revenue Bonds | Sales Tax Securitization Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/37  | 1200000 | 1253204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/48  | 2500000 | 2558778 |
| Sangamon & Christian Counties Community Unit School District No 3A Rochester, General Obligation Bonds | Sangamon & Christian Counties Community Unit School District No 3A Rochester, General Obligation Bonds | Sangamon & Christian Counties Community Unit School District No 3A Rochester, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 2/1/47  | 1590000 | 1670880 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Sangamon & Morgan Counties Community Unit School District No 16 New Berlin, General Obligation Bonds | Sangamon & Morgan Counties Community Unit School District No 16 New Berlin, General Obligation Bonds | Sangamon & Morgan Counties Community Unit School District No 16 New Berlin, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/43  | $1440000<br>| $1473195<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46  | 1800000 | 1827586 |
| Sangamon County School District No 186 Springfield, General Obligation Bonds | Sangamon County School District No 186 Springfield, General Obligation Bonds | Sangamon County School District No 186 Springfield, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/50  | 2700000 | 2857356 |
| Southern Illinois University, Revenue Bonds | Southern Illinois University, Revenue Bonds | Southern Illinois University, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/40  | 450000 | 405429 |
| Southwestern Illinois Development Authority, Revenue Bonds | Southwestern Illinois Development Authority, Revenue Bonds | Southwestern Illinois Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/40  | 2700000 | 2882038 |
| State of Illinois, General Obligation Bonds | State of Illinois, General Obligation Bonds | State of Illinois, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 5/1/45  | 1000000 | 1043512 |
| University of Illinois, Revenue Bonds | University of Illinois, Revenue Bonds | University of Illinois, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/36  | 940000 | 905964 |
| Village of Bellwood IL, General Obligation Bonds | Village of Bellwood IL, General Obligation Bonds | Village of Bellwood IL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/25  | 1510000 | 1523640 |
| Will County School District No 114 Manhattan, General Obligation Bonds | Will County School District No 114 Manhattan, General Obligation Bonds | Will County School District No 114 Manhattan, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/45  | 3765000 | 4041238 |
| Williamson County Community Unit School District No 1 Johnston City, General Obligation Bonds | Williamson County Community Unit School District No 1 Johnston City, General Obligation Bonds | Williamson County Community Unit School District No 1 Johnston City, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, due 12/1/26<sup>(c)</sup>  | 590000 | 555133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.040%, due 12/1/25<sup>(c)</sup>  | 590000 | 576298 |
|  |  | 64671945 |
| **Indiana — 2.6%** | **Indiana — 2.6%** |  |
| City of Carmel IN Waterworks Revenue, Revenue Bonds | City of Carmel IN Waterworks Revenue, Revenue Bonds | City of Carmel IN Waterworks Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/51  | 1500000 | 1541792 |
| Evansville Waterworks District, Revenue Bonds | Evansville Waterworks District, Revenue Bonds | Evansville Waterworks District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 1/1/49  | 1000000 | 957165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/47  | 2000000 | 2030799 |
| Indiana Municipal Power Agency, Revenue Bonds | Indiana Municipal Power Agency, Revenue Bonds | Indiana Municipal Power Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/43  | 3810000 | 4008629 |
| Tri-Creek 2002 High School Building Corp., Revenue Bonds | Tri-Creek 2002 High School Building Corp., Revenue Bonds | Tri-Creek 2002 High School Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/43  | 3000000 | 3213632 |
|  |  | 11752017 |
| **Iowa — 1.8%** | **Iowa — 1.8%** |  |
| City of Orange City IA Water Revenue, Revenue Bonds | City of Orange City IA Water Revenue, Revenue Bonds | City of Orange City IA Water Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 6/1/42  | 1165000 | 1093867 |
| City of West Des Moines IA, General Obligation Bonds | City of West Des Moines IA, General Obligation Bonds | City of West Des Moines IA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/39  | 1235000 | 846338 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax, Revenue Bonds | Clinton Community School District/IA Infrastructure Sales Services & Use Tax, Revenue Bonds | Clinton Community School District/IA Infrastructure Sales Services & Use Tax, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/41  | $2100000<br>| $2009036<br>|
| Davenport Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | Davenport Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | Davenport Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/43  | 3395000 | 3176048 |
| Jesup Community School District, General Obligation Bonds | Jesup Community School District, General Obligation Bonds | Jesup Community School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 6/1/31  | 580000 | 556255 |
| West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds | West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds | West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 6/1/41  | 325000 | 316224 |
|  |  | 7997768 |
| **Kentucky — 1.5%** | **Kentucky — 1.5%** |  |
| Christian County School District Finance Corp., Revenue Bonds | Christian County School District Finance Corp., Revenue Bonds | Christian County School District Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 10/1/48  | 2035000 | 2008631 |
| Kentucky Bond Development Corp., Revenue Bonds | Kentucky Bond Development Corp., Revenue Bonds | Kentucky Bond Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/49  | 2900000 | 2923880 |
| Kentucky Municipal Power Agency, Revenue Bonds | Kentucky Municipal Power Agency, Revenue Bonds | Kentucky Municipal Power Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/34  | 1155000 | 1189504 |
| Paducah Electric Plant Board, Revenue Bonds | Paducah Electric Plant Board, Revenue Bonds | Paducah Electric Plant Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/34  | 650000 | 660002 |
|  |  | 6782017 |
| **Louisiana — 1.1%** | **Louisiana — 1.1%** |  |
| City of Lafayette LA Utilities Revenue, Revenue Bonds | City of Lafayette LA Utilities Revenue, Revenue Bonds | City of Lafayette LA Utilities Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/43  | 1500000 | 1557498 |
| City of Shreveport LA, General Obligation Bonds | City of Shreveport LA, General Obligation Bonds | City of Shreveport LA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/49  | 1500000 | 1522285 |
| Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds | Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds | Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/31  | 2000000 | 2060936 |
|  |  | 5140719 |
| **Maine — 2.2%** | **Maine — 2.2%** |  |
| Finance Authority of Maine, Revenue Bonds | Finance Authority of Maine, Revenue Bonds | Finance Authority of Maine, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/26  | 150000 | 151906 |
| Maine Health & Higher Educational Facilities Authority, Revenue Bonds | Maine Health & Higher Educational Facilities Authority, Revenue Bonds | Maine Health & Higher Educational Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 7/1/54  | 2500000 | 2333690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/49  | 5000000 | 5217873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/1/40  | 1180000 | 1273159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/1/42  | 1000000 | 1069429 |
|  |  | 10046057 |
| **Maryland — 0.4%** | **Maryland — 0.4%** |  |
| State of Maryland, General Obligation Bonds | State of Maryland, General Obligation Bonds | State of Maryland, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/26  | 2000000 | 2052405 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Massachusetts — 0.5%** | **Massachusetts — 0.5%** |  |
| City of Worcester MA, General Obligation Bonds | City of Worcester MA, General Obligation Bonds | City of Worcester MA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/15/34  | $1000000<br>| $837280<br>|
| Massachusetts Development Finance Agency, Revenue Bonds | Massachusetts Development Finance Agency, Revenue Bonds | Massachusetts Development Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/45  | 1945000 | 1485120 |
|  |  | 2322400 |
| **Michigan — 2.6%** | **Michigan — 2.6%** |  |
| City of Saginaw MI Water Supply System Revenue, Revenue Bonds | City of Saginaw MI Water Supply System Revenue, Revenue Bonds | City of Saginaw MI Water Supply System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/26  | 1070000 | 1083260 |
| Grand Rapids Public Schools, General Obligation Bonds | Grand Rapids Public Schools, General Obligation Bonds | Grand Rapids Public Schools, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/28  | 2100000 | 2136429 |
| Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds | Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds | Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/46  | 2475000 | 2489163 |
| Port Huron Area School District, General Obligation Bonds | Port Huron Area School District, General Obligation Bonds | Port Huron Area School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/39  | 1500000 | 1459313 |
| Wayne County Airport Authority, Revenue Bonds | Wayne County Airport Authority, Revenue Bonds | Wayne County Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/39  | 635000 | 690928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/48  | 3620000 | 3797569 |
|  |  | 11656662 |
| **Missouri — 1.0%** | **Missouri — 1.0%** |  |
| Hickman Mills C-1 School District, General Obligation Bonds | Hickman Mills C-1 School District, General Obligation Bonds | Hickman Mills C-1 School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; C-1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; C-1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; C-1 Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/1/41  | 1960000 | 2087022 |
| Kansas City Municipal Assistance Corp., Revenue Bonds | Kansas City Municipal Assistance Corp., Revenue Bonds | Kansas City Municipal Assistance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1 Insured: AMBAC | &nbsp;&nbsp;&nbsp;&nbsp; Series B1 Insured: AMBAC | &nbsp;&nbsp;&nbsp;&nbsp; Series B1 Insured: AMBAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, due 4/15/26<sup>(c)</sup>  | 1720000 | 1660515 |
| St Louis Municipal Finance Corp., Revenue Bonds | St Louis Municipal Finance Corp., Revenue Bonds | St Louis Municipal Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/40  | 770000 | 793283 |
|  |  | 4540820 |
| **Nebraska — 1.4%** | **Nebraska — 1.4%** |  |
| Elkhorn School District, General Obligation Bonds | Elkhorn School District, General Obligation Bonds | Elkhorn School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/15/45  | 3500000 | 3248811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/41  | 1560000 | 1662491 |
| Omaha Airport Authority, Revenue Bonds | Omaha Airport Authority, Revenue Bonds | Omaha Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/54  | 1250000 | 1277619 |
|  |  | 6188921 |
| **Nevada — 0.5%** | **Nevada — 0.5%** |  |
| City of Reno NV, Revenue Bonds | City of Reno NV, Revenue Bonds | City of Reno NV, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A1 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/46  | 1050000 | 943597 |
| Clark County School District, General Obligation Bonds | Clark County School District, General Obligation Bonds | Clark County School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/15/28  | 1425000 | 1332796 |
|  |  | 2276393 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |  |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |  |
| New Hampshire Health and Education Facilities Authority Act, Revenue Bonds | New Hampshire Health and Education Facilities Authority Act, Revenue Bonds | New Hampshire Health and Education Facilities Authority Act, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/33  | $1480000<br>| $1448293<br>|
| **New Jersey — 2.9%** | **New Jersey — 2.9%** |  |
| Berlin Borough School District, General Obligation Bonds | Berlin Borough School District, General Obligation Bonds | Berlin Borough School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/40  | 1255000 | 1243697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/41  | 1310000 | 1282882 |
| Jersey City Municipal Utilities Authority, Revenue Bonds | Jersey City Municipal Utilities Authority, Revenue Bonds | Jersey City Municipal Utilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: BAM MUN GOVT GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: BAM MUN GOVT GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: BAM MUN GOVT GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/48  | 725000 | 807767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/51  | 1000000 | 1111360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/15/55  | 1665000 | 1847328 |
| Mountain Lakes School District, General Obligation Bonds | Mountain Lakes School District, General Obligation Bonds | Mountain Lakes School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD RES FD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD RES FD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: SCH BD RES FD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/1/25  | 250000 | 248490 |
| New Jersey Turnpike Authority, Revenue Bonds | New Jersey Turnpike Authority, Revenue Bonds | New Jersey Turnpike Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 4 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 4 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/26  | 1500000 | 1522944 |
| Newark Parking Authority (The), Revenue Bonds | Newark Parking Authority (The), Revenue Bonds | Newark Parking Authority (The), Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/43  | 500000 | 507718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 2/1/51  | 1000000 | 1016306 |
| South Jersey Transportation Authority, Revenue Bonds | South Jersey Transportation Authority, Revenue Bonds | South Jersey Transportation Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/1/52  | 2250000 | 2330604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/50  | 1305000 | 1145214 |
|  |  | 13064310 |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** |  |
| University of New Mexico (The), Revenue Bonds | University of New Mexico (The), Revenue Bonds | University of New Mexico (The), Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/1/53  | 1485000 | 1586979 |
| **New York — 5.8%** | **New York — 5.8%** |  |
| Amherst Development Corp., Revenue Bonds | Amherst Development Corp., Revenue Bonds | Amherst Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/42  | 3905000 | 3595540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/32  | 1560000 | 1602722 |
| City of Long Beach NY, General Obligation Bonds | City of Long Beach NY, General Obligation Bonds | City of Long Beach NY, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/35  | 400000 | 428025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/36  | 300000 | 319606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/37  | 325000 | 344635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/42  | 1800000 | 1862270 |
| County of Nassau NY, General Obligation Bonds | County of Nassau NY, General Obligation Bonds | County of Nassau NY, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 4/1/47  | 2975000 | 2846984 |
| Metropolitan Transportation Authority, Revenue Bonds | Metropolitan Transportation Authority, Revenue Bonds | Metropolitan Transportation Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/46  | 500000 | 437020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/29  | 500000 | 507421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/45  | 450000 | 396600 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Industrial Development Agency, Revenue Bonds | New York City Industrial Development Agency, Revenue Bonds | New York City Industrial Development Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/49  | $1265000<br>| $907019<br>|
| New York Convention Center Development Corp.,  | New York Convention Center Development Corp.,  | New York Convention Center Development Corp.,  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, due 11/15/36<sup>(c)</sup>  | 4400000 | 2652268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370%, due 11/15/55<sup>(c)</sup>  | 1825000 | 362080 |
| New York Liberty Development Corp., Revenue Bonds | New York Liberty Development Corp., Revenue Bonds | New York Liberty Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/43  | 1480000 | 1365015 |
| New York Power Authority, Revenue Bonds | New York Power Authority, Revenue Bonds | New York Power Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/47  | 2530000 | 2341713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/15/39  | 1000000 | 1094993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/15/41  | 1000000 | 1084174 |
| New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/42  | 1650000 | 1760652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/36  | 5000 | 5149 |
| New York Transportation Development Corp., Revenue Bonds | New York Transportation Development Corp., Revenue Bonds | New York Transportation Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 6/30/60  | 2000000 | 2009067 |
| Port Authority of New York & New Jersey, Revenue Bonds | Port Authority of New York & New Jersey, Revenue Bonds | Port Authority of New York & New Jersey, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 231ST | &nbsp;&nbsp;&nbsp;&nbsp; Series 231ST | &nbsp;&nbsp;&nbsp;&nbsp; Series 231ST |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/1/52  | 765000 | 792274 |
|  |  | 26715227 |
| **North Carolina — 2.9%** | **North Carolina — 2.9%** |  |
| Greater Asheville Regional Airport Authority, Revenue Bonds | Greater Asheville Regional Airport Authority, Revenue Bonds | Greater Asheville Regional Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/41  | 1405000 | 1485921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/43  | 1625000 | 1693504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/41  | 3250000 | 3417654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/1/52  | 1675000 | 1736206 |
| North Carolina Turnpike Authority, Revenue Bonds | North Carolina Turnpike Authority, Revenue Bonds | North Carolina Turnpike Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/49  | 3325000 | 3344314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210%, due 1/1/53<sup>(c)</sup>  | 7000000 | 1688107 |
|  |  | 13365706 |
| **Ohio — 2.5%** | **Ohio — 2.5%** |  |
| City of Toledo OH, General Obligation Bonds | City of Toledo OH, General Obligation Bonds | City of Toledo OH, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/42  | 3000000 | 3234362 |
| Cloverleaf Local School District, Certificates of Participation | Cloverleaf Local School District, Certificates of Participation | Cloverleaf Local School District, Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 12/1/39  | 1780000 | 1837397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/42  | 955000 | 981158 |
| County of Cuyahoga OH, Revenue Bonds | County of Cuyahoga OH, Revenue Bonds | County of Cuyahoga OH, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/28  | 500000 | 504830 |
| Green Local School District/Summit County, Certificates of Participation | Green Local School District/Summit County, Certificates of Participation | Green Local School District/Summit County, Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/1/47  | 3000000 | 3121734 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Port of Greater Cincinnati Development Authority,  | Port of Greater Cincinnati Development Authority,  | Port of Greater Cincinnati Development Authority,  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds Series C Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/48  | $750000<br>| $780776<br>|
| State of Ohio, Revenue Bonds | State of Ohio, Revenue Bonds | State of Ohio, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/31/26  | 1000000 | 1001698 |
|  |  | 11461955 |
| **Oregon — 1.0%** | **Oregon — 1.0%** |  |
| City of Newport OR, General Obligation Bonds | City of Newport OR, General Obligation Bonds | City of Newport OR, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.370%, due 6/1/26<sup>(c)</sup>  | 1355000 | 1306686 |
| Medford Hospital Facilities Authority, Revenue Bonds | Medford Hospital Facilities Authority, Revenue Bonds | Medford Hospital Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 8/15/35  | 2500000 | 2071513 |
| Umatilla County School District No 6R Umatilla, General Obligation Bonds | Umatilla County School District No 6R Umatilla, General Obligation Bonds | Umatilla County School District No 6R Umatilla, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SCH BD GTY | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SCH BD GTY | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SCH BD GTY |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210%, due 6/15/43<sup>(c)</sup>  | 2800000 | 1102073 |
|  |  | 4480272 |
| **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** |  |
| City of Philadelphia PA Airport Revenue, Revenue Bonds | City of Philadelphia PA Airport Revenue, Revenue Bonds | City of Philadelphia PA Airport Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/39  | 1335000 | 1271762 |
| City of Philadelphia PA Water & Wastewater Revenue, Revenue Bonds | City of Philadelphia PA Water & Wastewater Revenue, Revenue Bonds | City of Philadelphia PA Water & Wastewater Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/44  | 1300000 | 1353561 |
| County of Lehigh PA, Revenue Bonds | County of Lehigh PA, Revenue Bonds | County of Lehigh PA, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/49  | 1500000 | 1307683 |
| Indiana County Industrial Development Authority, Revenue Bonds | Indiana County Industrial Development Authority, Revenue Bonds | Indiana County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/31  | 870000 | 920115 |
| Montgomery County Higher Education and Health Authority, Revenue Bonds | Montgomery County Higher Education and Health Authority, Revenue Bonds | Montgomery County Higher Education and Health Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/44  | 1040000 | 963177 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds | Pennsylvania Economic Development Financing Authority, Revenue Bonds | Pennsylvania Economic Development Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 6/30/42  | 3625000 | 3782613 |
| Pennsylvania Economic Development Financing Authority Parking System Revenue, Revenue Bonds | Pennsylvania Economic Development Financing Authority Parking System Revenue, Revenue Bonds | Pennsylvania Economic Development Financing Authority Parking System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BA Insured: CNTY GTD-BAM TCRS | &nbsp;&nbsp;&nbsp;&nbsp; Series BA Insured: CNTY GTD-BAM TCRS | &nbsp;&nbsp;&nbsp;&nbsp; Series BA Insured: CNTY GTD-BAM TCRS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920%, due 1/1/31<sup>(c)</sup>  | 775000 | 621859 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.655%, (0.670\*3 Month SOFR + 0.60%), due 7/1/27<sup>(a)(b)</sup>  | 85000 | 84498 |
| Pennsylvania Turnpike Commission, Revenue Bonds | Pennsylvania Turnpike Commission, Revenue Bonds | Pennsylvania Turnpike Commission, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/44  | 1595000 | 1630965 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds | Pittsburgh Water & Sewer Authority, Revenue Bonds | Pittsburgh Water & Sewer Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/37  | 1350000 | 1462652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/38  | 1420000 | 1528214 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Reading School District, General Obligation Bonds | Reading School District, General Obligation Bonds | Reading School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, due 1/15/30<sup>(c)</sup>  | $640000<br>| $522582<br>|
| School District of Philadelphia (The), General Obligation Bonds | School District of Philadelphia (The), General Obligation Bonds | School District of Philadelphia (The), General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: BAM-TCRS ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: BAM-TCRS ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: BAM-TCRS ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/27  | 5000 | 5130 |
| Tulpehocken Area School District, General Obligation Bonds | Tulpehocken Area School District, General Obligation Bonds | Tulpehocken Area School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/49  | 3755000 | 3849459 |
| Westmoreland County Municipal Authority, Revenue Bonds | Westmoreland County Municipal Authority, Revenue Bonds | Westmoreland County Municipal Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/38  | 1115000 | 1118782 |
|  |  | 20423052 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |  |
| Puerto Rico Electric Power Authority, Revenue Bonds | Puerto Rico Electric Power Authority, Revenue Bonds | Puerto Rico Electric Power Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series UU Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series UU Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.568%, (0.67\*3-Month SOFR + 0.52%), due 7/1/29<sup>(a)(b)</sup>  | 510000 | 493242 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |  |
| Providence Public Building Authority, Revenue Bonds | Providence Public Building Authority, Revenue Bonds | Providence Public Building Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/15/41  | 2000000 | 2138522 |
| **South Carolina — 1.6%** | **South Carolina — 1.6%** |  |
| Inman Campobello Water District, Revenue Bonds | Inman Campobello Water District, Revenue Bonds | Inman Campobello Water District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/48  | 2845000 | 2918001 |
| South Carolina Public Service Authority, Revenue Bonds | South Carolina Public Service Authority, Revenue Bonds | South Carolina Public Service Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37  | 2000000 | 2180513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 12/1/52  | 600000 | 641452 |
| Spartanburg County School District No 4,  | Spartanburg County School District No 4,  | Spartanburg County School District No 4,  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds Series A Insured: SCSDE | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds Series A Insured: SCSDE | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds Series A Insured: SCSDE |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/42  | 1470000 | 1543848 |
|  |  | 7283814 |
| **South Dakota — 2.2%** | **South Dakota — 2.2%** |  |
| Baltic School District No 49-1, General Obligation Bonds | Baltic School District No 49-1, General Obligation Bonds | Baltic School District No 49-1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/47  | 1780000 | 1843430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/51  | 3080000 | 3225644 |
| Brookings School District No 005-1, General Obligation Bonds | Brookings School District No 005-1, General Obligation Bonds | Brookings School District No 005-1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/35  | 500000 | 551217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/38  | 750000 | 814770 |
| City of Brandon SD Water Utility Revenue, Revenue Bonds | City of Brandon SD Water Utility Revenue, Revenue Bonds | City of Brandon SD Water Utility Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 8/1/42  | 1470000 | 1426311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/1/47  | 1000000 | 1068349 |
| De Smet School District No 38-2, General Obligation Bonds | De Smet School District No 38-2, General Obligation Bonds | De Smet School District No 38-2, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2 Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/47  | 1300000 | 1330535 |
|  |  | 10260256 |
| **Tennessee — 0.1%** | **Tennessee — 0.1%** |  |
| Chattanooga Health Educational & Housing Facility Board, Revenue Bonds | Chattanooga Health Educational & Housing Facility Board, Revenue Bonds | Chattanooga Health Educational & Housing Facility Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/27  | 550000 | 552304 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |  |
| **Texas — 15.5%** | **Texas — 15.5%** |  |
| Arlington Higher Education Finance Corp., Revenue Bonds | Arlington Higher Education Finance Corp., Revenue Bonds | Arlington Higher Education Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/42  | $3190000<br>| $3332991<br>|
| City of Aubrey TX, General Obligation Bonds | City of Aubrey TX, General Obligation Bonds | City of Aubrey TX, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 2/15/42  | 2160000 | 1757663 |
| City of Aubrey TX, Special Assessment | City of Aubrey TX, Special Assessment | City of Aubrey TX, Special Assessment |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/40  | 1000000 | 1055046 |
| City of Georgetown TX Utility System Revenue, Revenue Bonds | City of Georgetown TX Utility System Revenue, Revenue Bonds | City of Georgetown TX Utility System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/15/48  | 1175000 | 1231180 |
| Comal County Water Control & Improvement District No 6, General Obligation Bonds | Comal County Water Control & Improvement District No 6, General Obligation Bonds | Comal County Water Control & Improvement District No 6, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/46  | 1880000 | 1690212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/47  | 1980000 | 1768735 |
| County of Fort Bend TX Toll Road Revenue, Revenue Bonds | County of Fort Bend TX Toll Road Revenue, Revenue Bonds | County of Fort Bend TX Toll Road Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 3/1/49  | 3750000 | 3400865 |
| Denton Independent School District, General Obligation Bonds | Denton Independent School District, General Obligation Bonds | Denton Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/15/39  | 3000000 | 2101723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/15/40  | 3000000 | 2057730 |
| El Paso County Hospital District, General Obligation Bonds | El Paso County Hospital District, General Obligation Bonds | El Paso County Hospital District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/43  | 4230000 | 4363327 |
| Fort Bend County Municipal Utility District No 134B, General Obligation Bonds | Fort Bend County Municipal Utility District No 134B, General Obligation Bonds | Fort Bend County Municipal Utility District No 134B, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 3/1/28  | 390000 | 420311 |
| Fort Bend County Municipal Utility District No 169, General Obligation Bonds | Fort Bend County Municipal Utility District No 169, General Obligation Bonds | Fort Bend County Municipal Utility District No 169, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/26  | 585000 | 591574 |
| Galveston County Municipal Utility District No 56, General Obligation Bonds | Galveston County Municipal Utility District No 56, General Obligation Bonds | Galveston County Municipal Utility District No 56, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, due 6/1/29  | 625000 | 697071 |
| Georgetown Independent School District, General Obligation Bonds | Georgetown Independent School District, General Obligation Bonds | Georgetown Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 8/15/35  | 2220000 | 1854992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 8/15/41  | 2670000 | 2180395 |
| Guadalupe-Blanco River Authority, Revenue Bonds | Guadalupe-Blanco River Authority, Revenue Bonds | Guadalupe-Blanco River Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/15/42  | 1975000 | 2166683 |
| Harris County Municipal Utility District No 171, General Obligation Bonds | Harris County Municipal Utility District No 171, General Obligation Bonds | Harris County Municipal Utility District No 171, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 12/1/28  | 930000 | 1028738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 12/1/29  | 905000 | 1022115 |
| Harris County Municipal Utility District No 423, General Obligation Bonds | Harris County Municipal Utility District No 423, General Obligation Bonds | Harris County Municipal Utility District No 423, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/44  | 1800000 | 1739449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 4/1/30  | 350000 | 364205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 4/1/31  | 350000 | 364030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 4/1/32  | 375000 | 389644 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Harris County Municipal Utility District No 457, General Obligation Bonds | Harris County Municipal Utility District No 457, General Obligation Bonds | Harris County Municipal Utility District No 457, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 3/1/47  | $1670000<br>| $1494346<br>|
| Harris County Municipal Utility District No 489, General Obligation Bonds | Harris County Municipal Utility District No 489, General Obligation Bonds | Harris County Municipal Utility District No 489, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 9/1/27  | 980000 | 1034013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 9/1/28  | 980000 | 1053421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 9/1/29  | 705000 | 771140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 9/1/29  | 1000000 | 1061849 |
| Harris County Municipal Utility District No 490, General Obligation Bonds | Harris County Municipal Utility District No 490, General Obligation Bonds | Harris County Municipal Utility District No 490, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/45  | 805000 | 807223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/46  | 855000 | 857155 |
| Harris County Water Control & Improvement District No 158, General Obligation Bonds | Harris County Water Control & Improvement District No 158, General Obligation Bonds | Harris County Water Control & Improvement District No 158, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/48  | 1500000 | 1439617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 9/1/28  | 360000 | 396042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, due 9/1/29  | 380000 | 427188 |
| Kaufman County Municipal Utility District No 3, General Obligation Bonds | Kaufman County Municipal Utility District No 3, General Obligation Bonds | Kaufman County Municipal Utility District No 3, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/48  | 1560000 | 1547095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 3/1/46  | 1415000 | 1422938 |
| Lazy Nine Municipal Utility District No 1B, General Obligation Bonds | Lazy Nine Municipal Utility District No 1B, General Obligation Bonds | Lazy Nine Municipal Utility District No 1B, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 3/1/39  | 605000 | 592480 |
| Leander Municipal Utility District No 1, General Obligation Bonds | Leander Municipal Utility District No 1, General Obligation Bonds | Leander Municipal Utility District No 1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 8/15/30  | 1700000 | 1823809 |
| Love Field Airport Modernization Corp., Revenue Bonds | Love Field Airport Modernization Corp., Revenue Bonds | Love Field Airport Modernization Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/35  | 3195000 | 3122494 |
| Lower Colorado River Authority, Revenue Bonds | Lower Colorado River Authority, Revenue Bonds | Lower Colorado River Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/15/48  | 1885000 | 1996753 |
| Matagorda County Navigation District No 1, Revenue Bonds | Matagorda County Navigation District No 1, Revenue Bonds | Matagorda County Navigation District No 1, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AMBAC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AMBAC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AMBAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, due 5/1/30  | 500000 | 504021 |
| Montgomery County Municipal Utility District No 95, General Obligation Bonds<br>Insured: BAM | Montgomery County Municipal Utility District No 95, General Obligation Bonds<br>Insured: BAM | Montgomery County Municipal Utility District No 95, General Obligation Bonds<br>Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/41  | 2000000 | 2004279 |
| Montgomery County Municipal Utility District No 99, General Obligation Bonds | Montgomery County Municipal Utility District No 99, General Obligation Bonds | Montgomery County Municipal Utility District No 99, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, due 9/1/29  | 1550000 | 1657221 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | New Hope Cultural Education Facilities Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B1 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/30  | 155000 | 155331 |
| Rockett Special Utility District, Revenue Bonds | Rockett Special Utility District, Revenue Bonds | Rockett Special Utility District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 7/10/25  | 545000 | 543908 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Texas Municipal Power Agency, Revenue Bonds | Texas Municipal Power Agency, Revenue Bonds | Texas Municipal Power Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/35  | $1345000<br>| $1201557<br>|
| Texas Public Finance Authority, Revenue Bonds | Texas Public Finance Authority, Revenue Bonds | Texas Public Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/39  | 600000 | 628834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/42  | 500000 | 517012 |
| Texas State Technical College, Revenue Bonds | Texas State Technical College, Revenue Bonds | Texas State Technical College, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/1/36  | 1015000 | 1110270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 8/1/42  | 4000000 | 4326084 |
| Williamson County Municipal Utility District No 25, General Obligation Bonds | Williamson County Municipal Utility District No 25, General Obligation Bonds | Williamson County Municipal Utility District No 25, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 8/15/44  | 1190000 | 1145244 |
| Williamson-Liberty Hill Municipal Utility District, General Obligation Bonds | Williamson-Liberty Hill Municipal Utility District, General Obligation Bonds | Williamson-Liberty Hill Municipal Utility District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 9/1/32  | 1675000 | 1779301 |
|  |  | 70999304 |
| **Utah — 1.5%** | **Utah — 1.5%** |  |
| City of Salt Lake City UT Airport Revenue, Revenue Bonds | City of Salt Lake City UT Airport Revenue, Revenue Bonds | City of Salt Lake City UT Airport Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/47  | 2660000 | 2658732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/51  | 2385000 | 2061691 |
| Heber Light & Power Co., Revenue Bonds | Heber Light & Power Co., Revenue Bonds | Heber Light & Power Co., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/47  | 1000000 | 1019859 |
| Intermountain Power Agency, Revenue Bonds | Intermountain Power Agency, Revenue Bonds | Intermountain Power Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/42  | 1000000 | 1028852 |
|  |  | 6769134 |
| **Virginia — 0.2%** | **Virginia — 0.2%** |  |
| City of Suffolk VA, General Obligation Bonds | City of Suffolk VA, General Obligation Bonds | City of Suffolk VA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, due 2/1/38  | 1330000 | 948876 |
| **Washington — 0.6%** | **Washington — 0.6%** |  |
| State of Washington, General Obligation Bonds | State of Washington, General Obligation Bonds | State of Washington, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series F Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 12/1/26<sup>(c)</sup>  | 3000000 | 2850066 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** |  |
| West Virginia Economic Development Authority, Revenue Bonds | West Virginia Economic Development Authority, Revenue Bonds | West Virginia Economic Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RE | &nbsp;&nbsp;&nbsp;&nbsp; Series RE | &nbsp;&nbsp;&nbsp;&nbsp; Series RE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, due 4/1/36<sup>(a)(b)</sup>  | 890000 | 895256 |
| **Wisconsin — 1.7%** | **Wisconsin — 1.7%** |  |
| City of Shawano WI Electric System Revenue, Revenue Bonds | City of Shawano WI Electric System Revenue, Revenue Bonds | City of Shawano WI Electric System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/48  | 1250000 | 1213989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, due 5/1/43  | 1015000 | 1015291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/31  | 1655000 | 1755632 |
| Monroe School District, General Obligation Bonds | Monroe School District, General Obligation Bonds | Monroe School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/43  | 2000000 | 1902988 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Viroqua Area School District, General Obligation Bonds | Viroqua Area School District, General Obligation Bonds | Viroqua Area School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/41  | $1455000<br>| $1375480<br>|
| Wisconsin Center District, Revenue Bonds | Wisconsin Center District, Revenue Bonds | Wisconsin Center District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780%, due 12/15/37<sup>(c)</sup>  | 1150000 | 633708 |
|  |  | 7897088 |
| **Wyoming — 0.7%** | **Wyoming — 0.7%** |  |
| Snake River Sporting Club Improvement & Service District, General Obligation Bonds | Snake River Sporting Club Improvement & Service District, General Obligation Bonds | Snake River Sporting Club Improvement & Service District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/48  | 1100000 | 1149067 |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/28  | 1790000 | 1882256 |
|  |  | 3031323 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $458,643,834)**  |  | **452224369** |
|  | **Shares** | **Value** |
| **Short-Term Investment — 0.9%** | **Short-Term Investment — 0.9%** |  |
| **Money Market Fund — 0.9%** | **Money Market Fund — 0.9%** |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, Class I, 4.24%<sup>(d)</sup>  |  |  |
| **(Cost $4,061,276)**  | 4061276 | **4061276** |
| Total Investments — 99.9%<br>(Cost $462,705,110)  |  | **456285645** |
| **Other Assets and Liabilities,<br>Net — 0.1%** | **Other Assets and Liabilities,<br>Net — 0.1%** | **526982** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **$** **456812627**<br>|

---

------

(a)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of April 30, 2025.

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

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

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

*See notes to financial statements.*

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

April 30, 2025

---

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

---

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; Municipal Bonds  | $—<br>| $452224369<br>| $—<br>| $452224369<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 4061276 |  |  | 4061276 |
| Total Investments in Securities  | $4061276<br>| $452224369<br>| $—<br>| $456285645<br>|

---

------

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

For the period 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 MacKay Muni Intermediate ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 99.5%** | **Long-Term Bonds — 99.5%** |  |
| **Municipal Bonds — 99.5%** | **Municipal Bonds — 99.5%** |  |
| FHLMC Multifamily VRD Certificates, Revenue Bonds | FHLMC Multifamily VRD Certificates, Revenue Bonds | FHLMC Multifamily VRD Certificates, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ML Insured: FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series ML Insured: FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series ML Insured: FHLMC COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.759%, due 8/25/41 | $3092994<br>| $3199753<br>|
| **Alabama — 4.7%** | **Alabama — 4.7%** |  |
| Alabama Federal Aid Highway Finance Authority, Revenue Bonds | Alabama Federal Aid Highway Finance Authority, Revenue Bonds | Alabama Federal Aid Highway Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/36 | 750000 | 840856 |
| Alabama Housing Finance Authority, Revenue Bonds | Alabama Housing Finance Authority, Revenue Bonds | Alabama Housing Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 10/1/55 | 1000000 | 1076308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H | &nbsp;&nbsp;&nbsp;&nbsp; Series H | &nbsp;&nbsp;&nbsp;&nbsp; Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/26<sup>(a)(b)</sup> | 500000 | 500420 |
| Black Belt Energy Gas District, Revenue Bonds | Black Belt Energy Gas District, Revenue Bonds | Black Belt Energy Gas District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, (Municipal Swap Index + 0.35%), due 10/1/52<sup>(a)(b)</sup> | 1630000 | 1590847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/55<sup>(a)(b)</sup> | 1495000 | 1584458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/49<sup>(a)(b)</sup> | 600000 | 600509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/52<sup>(a)(b)</sup> | 3960000 | 3952829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/53<sup>(a)(b)</sup> | 3000000 | 3181644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270%, (Municipal Swap Index + 0.65%), due 4/1/53<sup>(a)(b)</sup> | 900000 | 872549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/1/26 | 1800000 | 1827159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/1/53<sup>(a)(b)</sup> | 1000000 | 1042418 |
| Southeast Alabama Gas Supply District (The), Revenue Bonds | Southeast Alabama Gas Supply District (The), Revenue Bonds | Southeast Alabama Gas Supply District (The), Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/54<sup>(a)(b)</sup> | 2000000 | 2089385 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds | Southeast Energy Authority A Cooperative District, Revenue Bonds | Southeast Energy Authority A Cooperative District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/53<sup>(a)(b)</sup> | 3000000 | 3180094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/32 | 1000000 | 1025216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/34 | 1000000 | 1054090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/35 | $6250000<br>| $6433719<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/56<sup>(a)(b)</sup> | 1300000 | 1332329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/53<sup>(a)(b)</sup> | 1000000 | 1027139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/55<sup>(a)(b)</sup> | 1500000 | 1570223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/55<sup>(a)(b)</sup> | 3130000 | 3282043 |
| Town of Pike Road AL, General Obligation Bonds | Town of Pike Road AL, General Obligation Bonds | Town of Pike Road AL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/39 | 720000 | 768062 |
|  |  | 38832297 |
| **Arizona — 1.8%** | **Arizona — 1.8%** |  |
| Arizona Industrial Development Authority, Revenue Bonds | Arizona Industrial Development Authority, Revenue Bonds | Arizona Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/42<sup>(a)(b)</sup> | 2500000 | 2557457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/31 | 550000 | 572533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/31 | 300000 | 316175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/32 | 325000 | 342397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/44<sup>(a)(b)</sup> | 1000000 | 1013007 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| City of Goodyear AZ Water & Sewer Revenue, Revenue Bonds | City of Goodyear AZ Water & Sewer Revenue, Revenue Bonds | City of Goodyear AZ Water & Sewer Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/44 | $2000000<br>| $2098961<br>|
| City of Lake Havasu City AZ Wastewater System Revenue, Revenue Bonds | City of Lake Havasu City AZ Wastewater System Revenue, Revenue Bonds | City of Lake Havasu City AZ Wastewater System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/40 | 1250000 | 1253031 |
| City of Mesa AZ, General Obligation Bonds | City of Mesa AZ, General Obligation Bonds | City of Mesa AZ, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/43 | 1895000 | 2014989 |
| Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds | Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds | Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/55 | 1000000 | 1100735 |
| Maricopa County Industrial Development Authority, Revenue Bonds | Maricopa County Industrial Development Authority, Revenue Bonds | Maricopa County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: SD CRED PROG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: SD CRED PROG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: SD CRED PROG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 300000 | 303217 |
| Maricopa County Pollution Control Corp., Revenue Bonds | Maricopa County Pollution Control Corp., Revenue Bonds | Maricopa County Pollution Control Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 4/1/40 | 1000000 | 876876 |
| Salt River Project Agricultural Improvement & Power District, Revenue Bonds | Salt River Project Agricultural Improvement & Power District, Revenue Bonds | Salt River Project Agricultural Improvement & Power District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/42 | 1250000 | 1348596 |
| Tucson Industrial Development Authority/Pima County Industrial Development Auth, Revenue Bonds | Tucson Industrial Development Authority/Pima County Industrial Development Auth, Revenue Bonds | Tucson Industrial Development Authority/Pima County Industrial Development Auth, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/56 | 1000000 | 1069800 |
|  |  | 14867774 |
| **Arkansas — 0.6%** | **Arkansas — 0.6%** |  |
| Bentonville School District No 6, General Obligation Bonds | Bentonville School District No 6, General Obligation Bonds | Bentonville School District No 6, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/35 | 1000000 | 780436 |
| City of Batesville AR Sales & Use Tax, Revenue Bonds | City of Batesville AR Sales & Use Tax, Revenue Bonds | City of Batesville AR Sales & Use Tax, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/39 | 500000 | 511498 |
| City of Magnolia AR Sales & Use Tax Revenue, Revenue Bonds | City of Magnolia AR Sales & Use Tax Revenue, Revenue Bonds | City of Magnolia AR Sales & Use Tax Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/55 | 2150000 | 2120235 |
| Little Rock School District, General Obligation Bonds | Little Rock School District, General Obligation Bonds | Little Rock School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/1/36 | 1000000 | 757529 |
| University of Central Arkansas, Revenue Bonds | University of Central Arkansas, Revenue Bonds | University of Central Arkansas, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/34 | 400000 | 406255 |
|  |  | 4575953 |
| **California — 7.7%** | **California — 7.7%** |  |
| California Community Choice Financing Authority, Revenue Bonds | California Community Choice Financing Authority, Revenue Bonds | California Community Choice Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/54<sup>(a)(b)</sup> | 5185000 | 5386870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/55<sup>(a)(b)</sup> | 4090000 | 4286646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/55<sup>(a)(b)</sup> | 3750000 | 3862959 |
| California Enterprise Development Authority, Revenue Bonds | California Enterprise Development Authority, Revenue Bonds | California Enterprise Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/40 | 695000 | 660629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 8/1/40 | 500000 | 453106 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/49 | $250000<br>| $246537<br>|
| California Infrastructure & Economic Development Bank, Revenue Bonds | California Infrastructure & Economic Development Bank, Revenue Bonds | California Infrastructure & Economic Development Bank, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/40 | 2030000 | 2117718 |
| California Municipal Finance Authority, Certificates of Participation | California Municipal Finance Authority, Certificates of Participation | California Municipal Finance Authority, Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/28 | 250000 | 259003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/29 | 125000 | 130488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/30 | 410000 | 430912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/32 | 225000 | 236677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/33 | 1175000 | 1228003 |
| California Municipal Finance Authority, Revenue Bonds | California Municipal Finance Authority, Revenue Bonds | California Municipal Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/31 | 400000 | 416073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/26<sup>(a)(b)</sup> | 1000000 | 1003280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TX Insured: CA MTG INS | &nbsp;&nbsp;&nbsp;&nbsp; Series TX Insured: CA MTG INS | &nbsp;&nbsp;&nbsp;&nbsp; Series TX Insured: CA MTG INS |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/15/27 | 500000 | 500230 |
| California State Public Works Board, Revenue Bonds | California State Public Works Board, Revenue Bonds | California State Public Works Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/25 | 2580000 | 2599996 |
| California Statewide Communities Development Authority, Revenue Bonds | California Statewide Communities Development Authority, Revenue Bonds | California Statewide Communities Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 9/1/29 | 1000000 | 886381 |
| Central Valley Energy Authority, Revenue Bonds | Central Valley Energy Authority, Revenue Bonds | Central Valley Energy Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/55<sup>(a)(b)</sup> | 1000000 | 1056009 |
| City of Long Beach CA Airport System Revenue, Revenue Bonds | City of Long Beach CA Airport System Revenue, Revenue Bonds | City of Long Beach CA Airport System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/29 | 150000 | 161439 |
| City of San Mateo CA, Special Tax | City of San Mateo CA, Special Tax | City of San Mateo CA, Special Tax |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/35 | 1000000 | 1087167 |
| Clovis Unified School District, General Obligation Bonds | Clovis Unified School District, General Obligation Bonds | Clovis Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440%, due 8/1/30<sup>(c)</sup> | 1500000 | 1253715 |
| Hercules Redevelopment Agency Successor Agency, Tax Allocation | Hercules Redevelopment Agency Successor Agency, Tax Allocation | Hercules Redevelopment Agency Successor Agency, Tax Allocation |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/37 | 500000 | 540521 |
| Kelseyville Unified School District, General Obligation Bonds | Kelseyville Unified School District, General Obligation Bonds | Kelseyville Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 8/1/31<sup>(c)</sup> | 150000 | 118891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910%, due 8/1/33<sup>(c)</sup> | 35000 | 25414 |
| Los Angeles Department of Water & Power, Revenue Bonds | Los Angeles Department of Water & Power, Revenue Bonds | Los Angeles Department of Water & Power, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 995000 | 1028770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, due 7/1/35<sup>(a)(b)</sup> | 3300000 | 3300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/25 | 1000000 | 1001236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 525000 | 549153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 2215000 | 2316903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/31 | 1180000 | 1253551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/37 | 175000 | 177171 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/27 | $905000<br>| $931983<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 250000 | 261501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 920000 | 975798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, due 7/1/55<sup>(a)(b)</sup> | 2800000 | 2800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 110000 | 112888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 515000 | 538693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/33 | 5000000 | 5356116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, due 7/1/48<sup>(a)(b)</sup> | 2950000 | 2950000 |
| Los Angeles Department of Water & Power Water System Revenue, Revenue Bonds | Los Angeles Department of Water & Power Water System Revenue, Revenue Bonds | Los Angeles Department of Water & Power Water System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 1850000 | 1865667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 165000 | 168962 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds | San Joaquin Hills Transportation Corridor Agency, Revenue Bonds | San Joaquin Hills Transportation Corridor Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/15/49 | 100000 | 100023 |
| San Joaquin Valley Clean Energy Authority, Revenue Bonds | San Joaquin Valley Clean Energy Authority, Revenue Bonds | San Joaquin Valley Clean Energy Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/56<sup>(a)(b)</sup> | 1000000 | 1098170 |
| Santa Clara Unified School District, General Obligation Bonds | Santa Clara Unified School District, General Obligation Bonds | Santa Clara Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 7/1/44 | 485000 | 397936 |
| Southern California Public Power Authority, Revenue Bonds | Southern California Public Power Authority, Revenue Bonds | Southern California Public Power Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 725000 | 736206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/29 | 1350000 | 1415823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/38 | 585000 | 610947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/31 | 420000 | 447366 |
| State of California, General Obligation Bonds | State of California, General Obligation Bonds | State of California, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/32 | 500000 | 501480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/42 | 485000 | 523867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/44 | 1000000 | 1071288 |
| University of California, Revenue Bonds | University of California, Revenue Bonds | University of California, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CA | &nbsp;&nbsp;&nbsp;&nbsp; Series CA | &nbsp;&nbsp;&nbsp;&nbsp; Series CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/40 | 2000000 | 2186088 |
|  |  | 63626250 |
| **Colorado — 2.7%** | **Colorado — 2.7%** |  |
| Adams 12 Five Star Schools, General Obligation Bonds | Adams 12 Five Star Schools, General Obligation Bonds | Adams 12 Five Star Schools, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/43 | 3500000 | 3816231 |
| Arapahoe County School District No 5 Cherry Creek, General Obligation Bonds | Arapahoe County School District No 5 Cherry Creek, General Obligation Bonds | Arapahoe County School District No 5 Cherry Creek, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 12/15/26 | 500000 | 486122 |
| Baseline Metropolitan District No 1, General Obligation Bonds | Baseline Metropolitan District No 1, General Obligation Bonds | Baseline Metropolitan District No 1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/31 | 1000000 | 1079808 |
| Canyons Metropolitan District No 5, General Obligation Bonds | Canyons Metropolitan District No 5, General Obligation Bonds | Canyons Metropolitan District No 5, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | 1085000 | 1140474 |
| City & County of Denver CO Pledged Excise Tax Revenue, Revenue Bonds | City & County of Denver CO Pledged Excise Tax Revenue, Revenue Bonds | City & County of Denver CO Pledged Excise Tax Revenue, Revenue Bonds |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/44 | $1000000<br>| $1006267<br>|
| Colorado Health Facilities Authority, Revenue Bonds | Colorado Health Facilities Authority, Revenue Bonds | Colorado Health Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/1/34 | 1000000 | 1084981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/36 | 2000000 | 1936498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/44 | 250000 | 225845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/36 | 1000000 | 1075821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/59<sup>(a)(b)</sup> | 1000000 | 1060283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/35 | 105000 | 109366 |
| Colorado Housing and Finance Authority, Revenue Bonds | Colorado Housing and Finance Authority, Revenue Bonds | Colorado Housing and Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, due 10/1/29 | 1000000 | 990333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series K Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series K Insured: GNMA COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 5/1/50 | 450000 | 449880 |
| Denver City & County School District No 1, General Obligation Bonds | Denver City & County School District No 1, General Obligation Bonds | Denver City & County School District No 1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/46 | 1000000 | 1086940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/47 | 760000 | 824577 |
| E-470 Public Highway Authority, Revenue Bonds | E-470 Public Highway Authority, Revenue Bonds | E-470 Public Highway Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.671%, (SOFR + 0.75%), due 9/1/39<sup>(a)(b)</sup> | 1040000 | 1029074 |
| Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds | Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds | Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 145000 | 151344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 145000 | 152740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37 | 200000 | 211367 |
| Grand River Hospital District, General Obligation Bonds | Grand River Hospital District, General Obligation Bonds | Grand River Hospital District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37 | 425000 | 434102 |
| Public Authority for Colorado Energy, Revenue Bonds | Public Authority for Colorado Energy, Revenue Bonds | Public Authority for Colorado Energy, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 11/15/38 | 1990000 | 2323024 |
| Regional Transportation District, Certificates of Participation | Regional Transportation District, Certificates of Participation | Regional Transportation District, Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/40 | 1500000 | 1620527 |
|  |  | 22295604 |
| **Connecticut — 1.6%** | **Connecticut — 1.6%** |  |
| City of Bridgeport CT, General Obligation Bonds | City of Bridgeport CT, General Obligation Bonds | City of Bridgeport CT, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/33 | 600000 | 618238 |
| City of New Britain CT, General Obligation Bonds | City of New Britain CT, General Obligation Bonds | City of New Britain CT, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/30 | 600000 | 633455 |
| City of West Haven CT, General Obligation Bonds | City of West Haven CT, General Obligation Bonds | City of West Haven CT, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/15/27 | 240000 | 243506 |
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds | Connecticut State Health & Educational Facilities Authority, Revenue Bonds | Connecticut State Health & Educational Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/35 | 1355000 | 1467766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/49<sup>(a)(b)</sup> | 1300000 | 1370573 |
| State of Connecticut, General Obligation Bonds | State of Connecticut, General Obligation Bonds | State of Connecticut, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/38 | 5500000 | 5625033 |
| State of Connecticut Special Tax Revenue, Revenue Bonds | State of Connecticut Special Tax Revenue, Revenue Bonds | State of Connecticut Special Tax Revenue, Revenue Bonds |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/39 | $1500000<br>| $1492010<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/40 | 1000000 | 1086503 |
| Town of Hamden CT, General Obligation Bonds | Town of Hamden CT, General Obligation Bonds | Town of Hamden CT, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/32 | 350000 | 384069 |
|  |  | 12921153 |
| **Delaware — 0.4%** | **Delaware — 0.4%** |  |
| Delaware State Housing Authority, Revenue Bonds | Delaware State Housing Authority, Revenue Bonds | Delaware State Housing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/55 | 1130000 | 1209902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/56 | 1000000 | 1080333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series D Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/1/55 | 1200000 | 1278305 |
|  |  | 3568540 |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |  |
| District of Columbia, General Obligation Bonds | District of Columbia, General Obligation Bonds | District of Columbia, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/42 | 1485000 | 1492744 |
| District of Columbia Housing Finance Agency, Revenue Bonds | District of Columbia Housing Finance Agency, Revenue Bonds | District of Columbia Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/40<sup>(a)(b)</sup> | 3035000 | 3036000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26<sup>(a)(b)</sup> | 2014000 | 2017558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/41<sup>(a)(b)</sup> | 2000000 | 2028619 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds | Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds | Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 10/1/44 | 3000000 | 3194832 |
|  |  | 11769753 |
| **Florida — 3.3%** | **Florida — 3.3%** |  |
| Capital Trust Agency, Inc., Revenue Bonds | Capital Trust Agency, Inc., Revenue Bonds | Capital Trust Agency, Inc., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, due 7/1/29 | 1045000 | 1046000 |
| City of Lauderhill FL Water & Sewer Revenue, Revenue Bonds | City of Lauderhill FL Water & Sewer Revenue, Revenue Bonds | City of Lauderhill FL Water & Sewer Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/48 | 1000000 | 1033559 |
| City of Miami Beach FL, Revenue Bonds | City of Miami Beach FL, Revenue Bonds | City of Miami Beach FL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/45 | 1000000 | 1002434 |
| City of Miami Beach FL Water & Sewer Revenue, Revenue Bonds | City of Miami Beach FL Water & Sewer Revenue, Revenue Bonds | City of Miami Beach FL Water & Sewer Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/34 | 1000000 | 1016614 |
| City of Tampa FL, Special Assessment | City of Tampa FL, Special Assessment | City of Tampa FL, Special Assessment |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/46 | 2060000 | 2108135 |
| City of West Palm Beach FL Utility System Revenue, Revenue Bonds | City of West Palm Beach FL Utility System Revenue, Revenue Bonds | City of West Palm Beach FL Utility System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/42 | 3500000 | 3554480 |
| County of Miami-Dade FL Transit System, Revenue Bonds | County of Miami-Dade FL Transit System, Revenue Bonds | County of Miami-Dade FL Transit System, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/43 | 1870000 | 1943178 |
| County of Okeechobee FL, Revenue Bonds | County of Okeechobee FL, Revenue Bonds | County of Okeechobee FL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, due 7/1/39<sup>(a)(b)</sup> | 1000000 | 990362 |
| County of Pasco FL, Revenue Bonds | County of Pasco FL, Revenue Bonds | County of Pasco FL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/29 | 1000000 | 1072560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 9/1/28 | 1000000 | 1059167 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Florida Housing Finance Corp., Revenue Bonds | Florida Housing Finance Corp., Revenue Bonds | Florida Housing Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 5/1/26<sup>(a)(b)</sup> | $3000000<br>| $3000000<br>|
| Fort Pierce Utilities Authority, Revenue Bonds | Fort Pierce Utilities Authority, Revenue Bonds | Fort Pierce Utilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/31 | 400000 | 433985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/33 | 200000 | 215958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/39 | 475000 | 497793 |
| Hillsborough County Industrial Development Authority, Revenue Bonds | Hillsborough County Industrial Development Authority, Revenue Bonds | Hillsborough County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 11/1/38<sup>(a)(b)</sup> | 500000 | 500000 |
| JEA Water & Sewer System Revenue, Revenue Bonds | JEA Water & Sewer System Revenue, Revenue Bonds | JEA Water & Sewer System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/49 | 1000000 | 1052863 |
| Julington Creek Plantation Community Development District, Special Assessment | Julington Creek Plantation Community Development District, Special Assessment | Julington Creek Plantation Community Development District, Special Assessment |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/1/43 | 1250000 | 1328190 |
| Miami-Dade County Housing Finance Authority, Revenue Bonds | Miami-Dade County Housing Finance Authority, Revenue Bonds | Miami-Dade County Housing Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: FNMA COLL HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.880%, due 3/1/46 | 1000000 | 983433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, due 3/1/29<sup>(a)(b)</sup> | 1000000 | 1002524 |
| Palm Beach County Housing Finance Authority, Revenue Bonds | Palm Beach County Housing Finance Authority, Revenue Bonds | Palm Beach County Housing Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/27<sup>(a)(b)</sup> | 1000000 | 1010724 |
| Tampa Bay Water, Revenue Bonds | Tampa Bay Water, Revenue Bonds | Tampa Bay Water, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/39 | 1600000 | 1719967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/49 | 750000 | 778576 |
|  |  | 27350502 |
| **Georgia — 4.6%** | **Georgia — 4.6%** |  |
| Atlanta Urban Residential Finance Authority, Revenue Bonds | Atlanta Urban Residential Finance Authority, Revenue Bonds | Atlanta Urban Residential Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221(D4) HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 2/1/29<sup>(a)(b)</sup> | 3000000 | 2992655 |
| City of Atlanta GA Airport Passenger Facility Charge, Revenue Bonds | City of Atlanta GA Airport Passenger Facility Charge, Revenue Bonds | City of Atlanta GA Airport Passenger Facility Charge, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 1250000 | 1316654 |
| City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds | City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds | City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/40 | 2500000 | 2501321 |
| Development Authority of Burke County (The), Revenue Bonds | Development Authority of Burke County (The), Revenue Bonds | Development Authority of Burke County (The), Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 11/1/53<sup>(a)(b)</sup> | 1585000 | 1572708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 11/1/45<sup>(a)(b)</sup> | 3015000 | 2989589 |
| Gainesville & Hall County Hospital Authority, Revenue Bonds | Gainesville & Hall County Hospital Authority, Revenue Bonds | Gainesville & Hall County Hospital Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/30 | 1000000 | 1078514 |
| Main Street Natural Gas, Inc., Revenue Bonds | Main Street Natural Gas, Inc., Revenue Bonds | Main Street Natural Gas, Inc., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.621%, (SOFR + 1.70%), due 12/1/53<sup>(a)(b)</sup> | 5000000 | 5004737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/52<sup>(a)(b)</sup> | 1500000 | 1499026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/53<sup>(a)(b)</sup> | 1250000 | 1302841 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/52<sup>(a)(b)</sup> | $1000000<br>| $995767<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/31 | 1040000 | 1084548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/54<sup>(a)(b)</sup> | 1750000 | 1837862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/55<sup>(a)(b)</sup> | 7230000 | 7503483 |
| Municipal Electric Authority of Georgia, Revenue Bonds | Municipal Electric Authority of Georgia, Revenue Bonds | Municipal Electric Authority of Georgia, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 3500000 | 3573360 |
| Private Colleges & Universities Authority, Revenue Bonds | Private Colleges & Universities Authority, Revenue Bonds | Private Colleges & Universities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/39 | 450000 | 437274 |
| Walton County Water & Sewer Authority, Revenue Bonds | Walton County Water & Sewer Authority, Revenue Bonds | Walton County Water & Sewer Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/38 | 250000 | 274199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/39 | 425000 | 463927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/40 | 450000 | 487888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/41 | 400000 | 431076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/42 | 350000 | 375064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/1/43 | 425000 | 453292 |
|  |  | 38175785 |
| **Guam — 0.2%** | **Guam — 0.2%** |  |
| Antonio B Won Pat International Airport Authority, Revenue Bonds | Antonio B Won Pat International Airport Authority, Revenue Bonds | Antonio B Won Pat International Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/35 | 150000 | 160276 |
| Guam Power Authority, Revenue Bonds | Guam Power Authority, Revenue Bonds | Guam Power Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/34 | 600000 | 641670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/40 | 1000000 | 1010362 |
|  |  | 1812308 |
| **Hawaii — 0.4%** | **Hawaii — 0.4%** |  |
| City & County Honolulu HI Wastewater System Revenue, Revenue Bonds | City & County Honolulu HI Wastewater System Revenue, Revenue Bonds | City & County Honolulu HI Wastewater System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 1000000 | 1011463 |
| State of Hawaii, General Obligation Bonds | State of Hawaii, General Obligation Bonds | State of Hawaii, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FW | &nbsp;&nbsp;&nbsp;&nbsp; Series FW | &nbsp;&nbsp;&nbsp;&nbsp; Series FW |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 1095000 | 1131475 |
| State of Hawaii Airports System Revenue, Revenue Bonds | State of Hawaii Airports System Revenue, Revenue Bonds | State of Hawaii Airports System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/49 | 1500000 | 1554637 |
|  |  | 3697575 |
| **Illinois — 8.3%** | **Illinois — 8.3%** |  |
| Chicago Board of Education, General Obligation Bonds | Chicago Board of Education, General Obligation Bonds | Chicago Board of Education, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 1000000 | 1034593 |
| Chicago O'Hare International Airport, Revenue Bonds | Chicago O'Hare International Airport, Revenue Bonds | Chicago O'Hare International Airport, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/37 | 1335000 | 1444424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 2700000 | 2778633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/48 | 1500000 | 1537491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/44 | 1000000 | 1061330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/41 | 1000000 | 1039447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/44 | 1500000 | 1565272 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| City of Chicago IL, General Obligation Bonds | City of Chicago IL, General Obligation Bonds | City of Chicago IL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 1/1/27<sup>(c)</sup> | $515000<br>| $486419<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/32 | 1500000 | 1559332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/40 | 1000000 | 1037183 |
| City of Chicago IL, Revenue Bonds | City of Chicago IL, Revenue Bonds | City of Chicago IL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: HUD SECT 8 FHA 221(D4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/26<sup>(a)(b)</sup> | 5000000 | 5032373 |
| City of Joliet IL, General Obligation Bonds | City of Joliet IL, General Obligation Bonds | City of Joliet IL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/38 | 1000000 | 1050622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/39 | 1000000 | 1060590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/15/40 | 1000000 | 1058734 |
| City of Springfield IL Electric Revenue, Revenue Bonds | City of Springfield IL Electric Revenue, Revenue Bonds | City of Springfield IL Electric Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/1/38 | 2100000 | 1810733 |
| Illinois Development Finance Authority, Revenue Bonds | Illinois Development Finance Authority, Revenue Bonds | Illinois Development Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 7/15/25<sup>(c)</sup> | 500000 | 496253 |
| Illinois Finance Authority, Revenue Bonds | Illinois Finance Authority, Revenue Bonds | Illinois Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/44 | 2290000 | 2224363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/38 | 2350000 | 2245379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/30 | 1300000 | 1400619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/42 | 500000 | 533380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/43 | 1000000 | 1064369 |
| Illinois Housing Development Authority, Revenue Bonds | Illinois Housing Development Authority, Revenue Bonds | Illinois Housing Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 12/1/67<sup>(a)(b)</sup> | 3000000 | 2998225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/27<sup>(a)(b)</sup> | 3000000 | 3032172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 10/1/41 | 515000 | 508361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA FNMA FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA FNMA FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: GNMA FNMA FHLMC COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 4/1/51 | 900000 | 875441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/1/55 | 1000000 | 1096017 |
| Illinois State Toll Highway Authority, Revenue Bonds | Illinois State Toll Highway Authority, Revenue Bonds | Illinois State Toll Highway Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/40 | 1500000 | 1486258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/38 | 2130000 | 2119041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/39 | 1650000 | 1638842 |
| Lake County School District No 112 North Shore, General Obligation Bonds | Lake County School District No 112 North Shore, General Obligation Bonds | Lake County School District No 112 North Shore, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/37 | 1000000 | 992888 |
| Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds | Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds | Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/32 | 320000 | 327176 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds | Metropolitan Pier & Exposition Authority, Revenue Bonds | Metropolitan Pier & Exposition Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/15/42 | 650000 | 575528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/28 | 1500000 | 1544966 |
| Metropolitan Water Reclamation District of Greater Chicago, General Obligation Bonds | Metropolitan Water Reclamation District of Greater Chicago, General Obligation Bonds | Metropolitan Water Reclamation District of Greater Chicago, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 1000000 | 1014450 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Rock Island & Mercer Counties Community Unit School District No 300, General Obligation Bonds | Rock Island & Mercer Counties Community Unit School District No 300, General Obligation Bonds | Rock Island & Mercer Counties Community Unit School District No 300, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/38 | $805000<br>| $864997<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 1025000 | 1081856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/44 | 425000 | 439939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/45 | 555000 | 573205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46 | 1790000 | 1842965 |
| Sales Tax Securitization Corp., Revenue Bonds | Sales Tax Securitization Corp., Revenue Bonds | Sales Tax Securitization Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 1/1/38 | 1800000 | 1781596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/29 | 500000 | 525263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/41 | 1500000 | 1579858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/36 | 1500000 | 1575053 |
| Southwestern Illinois Development Authority, Revenue Bonds | Southwestern Illinois Development Authority, Revenue Bonds | Southwestern Illinois Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/34 | 800000 | 881617 |
| State of Illinois, General Obligation Bonds | State of Illinois, General Obligation Bonds | State of Illinois, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/29 | 1470000 | 1539265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/30 | 1000000 | 1055868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/28 | 1000000 | 1032175 |
| Union Alexander Massac Pulaski Etc Counties Community College District No 531, General Obligation Bonds | Union Alexander Massac Pulaski Etc Counties Community College District No 531, General Obligation Bonds | Union Alexander Massac Pulaski Etc Counties Community College District No 531, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/25 | 1175000 | 1183714 |
| Village of Bradley IL, General Obligation Bonds | Village of Bradley IL, General Obligation Bonds | Village of Bradley IL, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/39 | 1125000 | 1165737 |
| Village of Matteson IL, Revenue Bonds | Village of Matteson IL, Revenue Bonds | Village of Matteson IL, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 465000 | 483545 |
| Will County School District No 114 Manhattan, General Obligation Bonds | Will County School District No 114 Manhattan, General Obligation Bonds | Will County School District No 114 Manhattan, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 1/1/26 | 840000 | 840119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/36 | 445000 | 480183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/39 | 555000 | 599684 |
|  |  | 69257543 |
| **Indiana — 2.9%** | **Indiana — 2.9%** |  |
| Avon Community School Building Corp., Revenue Bonds | Avon Community School Building Corp., Revenue Bonds | Avon Community School Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/38 | 1000000 | 1093889 |
| Brownsburg 1999 School Building Corp., Revenue Bonds | Brownsburg 1999 School Building Corp., Revenue Bonds | Brownsburg 1999 School Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/41 | 5730000 | 6100171 |
| City of Bloomington IN Waterworks Revenue, Revenue Bonds | City of Bloomington IN Waterworks Revenue, Revenue Bonds | City of Bloomington IN Waterworks Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39 | 2690000 | 2788146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/42 | 1525000 | 1571204 |
| Greater Clark Building Corp., Revenue Bonds | Greater Clark Building Corp., Revenue Bonds | Greater Clark Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 7/15/34 | 1000000 | 1152712 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| Indiana Finance Authority, Revenue Bonds | Indiana Finance Authority, Revenue Bonds | Indiana Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/40 | 3000000 | $3001365 |
| Indiana Housing & Community Development Authority, Revenue Bonds | Indiana Housing & Community Development Authority, Revenue Bonds | Indiana Housing & Community Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 223<sup>(F)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/26<sup>(a)(b)</sup> | 2000000 | 2004561 |
| Indiana Municipal Power Agency, Revenue Bonds | Indiana Municipal Power Agency, Revenue Bonds | Indiana Municipal Power Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/43 | 1225000 | 1288864 |
| IPS Multi-School Building Corp., Revenue Bonds | IPS Multi-School Building Corp., Revenue Bonds | IPS Multi-School Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/15/43 | 1000000 | 1043319 |
| Northwestern School Building Corp., Revenue Bonds | Northwestern School Building Corp., Revenue Bonds | Northwestern School Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 7/15/38 | 600000 | 665988 |
| Terre Haute Sanitary District, Revenue Bonds | Terre Haute Sanitary District, Revenue Bonds | Terre Haute Sanitary District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/43 | 1470000 | 1526483 |
| Tri-Creek 2002 High School Building Corp., Revenue Bonds | Tri-Creek 2002 High School Building Corp., Revenue Bonds | Tri-Creek 2002 High School Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 7/15/43 | 1000000 | 1071211 |
| Westfield-Washington Multi-School Building Corp., Revenue Bonds | Westfield-Washington Multi-School Building Corp., Revenue Bonds | Westfield-Washington Multi-School Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/15/44 | 1000000 | 1049746 |
|  |  | 24357659 |
| **Iowa — 2.0%** | **Iowa — 2.0%** |  |
| City of Coralville IA, General Obligation Bonds | City of Coralville IA, General Obligation Bonds | City of Coralville IA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/40 | 1420000 | 1448353 |
| City of Des Moines IA, General Obligation Bonds | City of Des Moines IA, General Obligation Bonds | City of Des Moines IA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/35 | 2020000 | 1581945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/1/36 | 2060000 | 1567029 |
| Hampton-Dumont Community School District, Revenue Bonds | Hampton-Dumont Community School District, Revenue Bonds | Hampton-Dumont Community School District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 6/1/29 | 965000 | 1031866 |
| Iowa Finance Authority, Revenue Bonds | Iowa Finance Authority, Revenue Bonds | Iowa Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G Insured: GNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series G Insured: GNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series G Insured: GNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/1/54 | 1000000 | 1091081 |
| Iowa Higher Education Loan Authority, Revenue Bonds | Iowa Higher Education Loan Authority, Revenue Bonds | Iowa Higher Education Loan Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/34 | 300000 | 313271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/35 | 360000 | 374350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/36 | 365000 | 378052 |
| Jesup Community School District, General Obligation Bonds | Jesup Community School District, General Obligation Bonds | Jesup Community School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/25 | 440000 | 440458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/27 | 490000 | 506666 |
| State of Iowa Board of Regents, Revenue Bonds | State of Iowa Board of Regents, Revenue Bonds | State of Iowa Board of Regents, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/41 | 3297000 | 3173459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 9/1/42 | 1230000 | 1175298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/43 | 1000000 | 961165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/44 | 1485000 | 1420400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 9/1/45 | 1000000 | 969159 |
|  |  | 16432552 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Kansas — 0.5%** | **Kansas — 0.5%** |  |
| Douglas County Unified School District No 497 Lawrence, General Obligation Bonds | Douglas County Unified School District No 497 Lawrence, General Obligation Bonds | Douglas County Unified School District No 497 Lawrence, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 9/1/37 | $3410000 | $3201525 |
| Kansas Development Finance Authority, Revenue Bonds | Kansas Development Finance Authority, Revenue Bonds | Kansas Development Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/43<sup>(a)(b)</sup> | 1305000 | 1336382 |
|  |  | 4537907 |
| **Kentucky — 2.6%** | **Kentucky — 2.6%** |  |
| City of Ashland KY, Revenue Bonds | City of Ashland KY, Revenue Bonds | City of Ashland KY, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/40 | 500000 | 500038 |
| Kentucky Bond Development Corp., Revenue Bonds | Kentucky Bond Development Corp., Revenue Bonds | Kentucky Bond Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/55<sup>(a)(b)</sup> | 2050000 | 2232727 |
| Kentucky Economic Development Finance Authority, Revenue Bonds | Kentucky Economic Development Finance Authority, Revenue Bonds | Kentucky Economic Development Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/45 | 1000000 | 1000129 |
| Kentucky Municipal Energy Agency, Revenue Bonds | Kentucky Municipal Energy Agency, Revenue Bonds | Kentucky Municipal Energy Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/38 | 1000000 | 1072521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/41 | 1000000 | 1050644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/45 | 915000 | 948515 |
| Kentucky Municipal Power Agency, Revenue Bonds | Kentucky Municipal Power Agency, Revenue Bonds | Kentucky Municipal Power Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/42 | 810000 | 810548 |
| Kentucky Public Energy Authority, Revenue Bonds | Kentucky Public Energy Authority, Revenue Bonds | Kentucky Public Energy Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 4/1/54<sup>(a)(b)</sup> | 2500000 | 2656204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/55<sup>(a)(b)</sup> | 7430000 | 7780141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/1/50<sup>(a)(b)</sup> | 2325000 | 2320691 |
| Louisville/Jefferson County Metropolitan Government, Revenue Bonds | Louisville/Jefferson County Metropolitan Government, Revenue Bonds | Louisville/Jefferson County Metropolitan Government, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 10/1/33 | 1000000 | 811315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/32 | 500000 | 506998 |
|  |  | 21690471 |
| **Louisiana — 1.2%** | **Louisiana — 1.2%** |  |
| City of Lafayette LA Utilities Revenue, Revenue Bonds | City of Lafayette LA Utilities Revenue, Revenue Bonds | City of Lafayette LA Utilities Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/38 | 550000 | 591267 |
| City of New Orleans LA, General Obligation Bonds | City of New Orleans LA, General Obligation Bonds | City of New Orleans LA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/33 | 1250000 | 1340308 |
| City of Shreveport LA, General Obligation Bonds | City of Shreveport LA, General Obligation Bonds | City of Shreveport LA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/38 | 825000 | 877679 |
| City of Shreveport LA Water & Sewer Revenue, Revenue Bonds | City of Shreveport LA Water & Sewer Revenue, Revenue Bonds | City of Shreveport LA Water & Sewer Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/31 | 100000 | 103163 |
| Louisiana Housing Corp., Revenue Bonds | Louisiana Housing Corp., Revenue Bonds | Louisiana Housing Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: HUD SECT 8 FHA 221(D4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | 6000000 | 6102602 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds | Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds | Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 11/1/32 | $1000000 | $946068 |
|  |  | 9961087 |
| **Maine — 0.0%<sup>(d)</sup>** |  |  |
| Maine Turnpike Authority, Revenue Bonds | Maine Turnpike Authority, Revenue Bonds | Maine Turnpike Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | 245000 | 265061 |
| **Maryland — 0.7%** | **Maryland — 0.7%** |  |
| Maryland Community Development Administration, Revenue Bonds | Maryland Community Development Administration, Revenue Bonds | Maryland Community Development Administration, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, due 9/1/31 | 1505000 | 1281458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/42 | 1000000 | 1020991 |
| Maryland Department of Housing & Community Development, Revenue Bonds | Maryland Department of Housing & Community Development, Revenue Bonds | Maryland Department of Housing & Community Development, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/56 | 500000 | 556239 |
| Maryland Stadium Authority, Revenue Bonds | Maryland Stadium Authority, Revenue Bonds | Maryland Stadium Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST INTERCEPT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/42 | 1820000 | 1860784 |
| Montgomery County Housing Opportunities Commission, Revenue Bonds | Montgomery County Housing Opportunities Commission, Revenue Bonds | Montgomery County Housing Opportunities Commission, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: FHA 542<sup>(C)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, due 7/1/34 | 1000000 | 987377 |
|  |  | 5706849 |
| **Massachusetts — 0.5%** | **Massachusetts — 0.5%** |  |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds | Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds | Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%, due 7/1/31<sup>(c)</sup> | 1000000 | 784200 |
| Massachusetts Department of Transportation, Revenue Bonds | Massachusetts Department of Transportation, Revenue Bonds | Massachusetts Department of Transportation, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: NATL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.420%, due 1/1/29<sup>(c)</sup> | 570000 | 503282 |
| Massachusetts Development Finance Agency, Revenue Bonds | Massachusetts Development Finance Agency, Revenue Bonds | Massachusetts Development Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 500000 | 499756 |
| Massachusetts Housing Finance Agency, Revenue Bonds | Massachusetts Housing Finance Agency, Revenue Bonds | Massachusetts Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, due 12/1/25 | 375000 | 366608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RE Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series RE Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series RE Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 6/1/51 | 965000 | 937507 |
| Massachusetts School Building Authority, Revenue Bonds | Massachusetts School Building Authority, Revenue Bonds | Massachusetts School Building Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/34 | 1000000 | 1018730 |
|  |  | 4110083 |
| **Michigan — 2.9%** | **Michigan — 2.9%** |  |
| County of Genesee MI, General Obligation Bonds | County of Genesee MI, General Obligation Bonds | County of Genesee MI, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/28 | 90000 | 94693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/30 | 210000 | 226659 |
| Ferndale Public Schools, General Obligation Bonds | Ferndale Public Schools, General Obligation Bonds | Ferndale Public Schools, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: Q-SBLF | &nbsp;&nbsp;&nbsp;&nbsp; Insured: Q-SBLF | &nbsp;&nbsp;&nbsp;&nbsp; Insured: Q-SBLF |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/40 | 1000000 | 1050166 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Grand Rapids Public Schools, General Obligation Bonds | Grand Rapids Public Schools, General Obligation Bonds | Grand Rapids Public Schools, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/28 | $2105000<br>| $2141516 |
| Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds | Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds | Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 1000000 | 1008000 |
| Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds | Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds | Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/46 | 500000 | 501451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/46 | 2525000 | 2539450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/33 | 1500000 | 1523898 |
| Michigan Finance Authority, Revenue Bonds | Michigan Finance Authority, Revenue Bonds | Michigan Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 12/1/38 | 1000000 | 1013375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 12/1/44<sup>(a)(b)</sup> | 1505000 | 1505226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/44 | 1000000 | 997421 |
| Michigan State Building Authority, Revenue Bonds | Michigan State Building Authority, Revenue Bonds | Michigan State Building Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | &nbsp;&nbsp;&nbsp;&nbsp; Series I | &nbsp;&nbsp;&nbsp;&nbsp; Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/15/41 | 2175000 | 2190729 |
| Michigan State Housing Development Authority, Revenue Bonds | Michigan State Housing Development Authority, Revenue Bonds | Michigan State Housing Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221(D4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/26<sup>(a)(b)</sup> | 2000000 | 2031090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 6/1/55 | 795000 | 866552 |
| Richmond Community Schools, General Obligation Bonds | Richmond Community Schools, General Obligation Bonds | Richmond Community Schools, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: Q-SBLF | &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: Q-SBLF | &nbsp;&nbsp;&nbsp;&nbsp; Series I Insured: Q-SBLF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/36 | 1450000 | 1448810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/37 | 2655000 | 2632531 |
| State of Michigan Trunk Line Revenue, Revenue Bonds | State of Michigan Trunk Line Revenue, Revenue Bonds | State of Michigan Trunk Line Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 11/15/44 | 2000000 | 2186877 |
|  |  | 23958444 |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** |  |
| Minneapolis Special School District No 1, General Obligation Bonds | Minneapolis Special School District No 1, General Obligation Bonds | Minneapolis Special School District No 1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SD CRED PROG | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SD CRED PROG | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: SD CRED PROG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/31 | 1250000 | 1308960 |
| Minnesota Housing Finance Agency, Revenue Bonds | Minnesota Housing Finance Agency, Revenue Bonds | Minnesota Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 7/1/52 | 4100000 | 3983191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/1/55 | 1300000 | 1446185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 7/1/50 | 705000 | 697896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series U Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series U Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 7/1/55 | 1130000 | 1253437 |
|  |  | 8689669 |
| **Mississippi — 0.1%** | **Mississippi — 0.1%** |  |
| Mississippi Home Corp., Revenue Bonds | Mississippi Home Corp., Revenue Bonds | Mississippi Home Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | 1000000 | 1044947 |
| **Missouri — 2.5%** | **Missouri — 2.5%** |  |
| City of Kansas City MO, Revenue Bonds | City of Kansas City MO, Revenue Bonds | City of Kansas City MO, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/26 | 1300000 | 1332466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/28 | 1000000 | 1054219 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| City of St Louis MO Airport Revenue, Revenue Bonds | City of St Louis MO Airport Revenue, Revenue Bonds | City of St Louis MO Airport Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/49 | $3250000 | $3414340<br>|
| Hickman Mills C-1 School District, General Obligation Bonds | Hickman Mills C-1 School District, General Obligation Bonds | Hickman Mills C-1 School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C-1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series C-1 Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 3/1/42 | 3390000 | 3599943 |
| Missouri Housing Development Commission, Revenue Bonds | Missouri Housing Development Commission, Revenue Bonds | Missouri Housing Development Commission, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 5/1/56 | 1100000 | 1182681 |
| Missouri Joint Municipal Electric Utility Commission, Revenue Bonds | Missouri Joint Municipal Electric Utility Commission, Revenue Bonds | Missouri Joint Municipal Electric Utility Commission, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/36 | 2435000 | 2438056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/40 | 1445000 | 1458350 |
| Missouri State Environmental Improvement & Energy Resources Authority, Revenue Bonds | Missouri State Environmental Improvement & Energy Resources Authority, Revenue Bonds | Missouri State Environmental Improvement & Energy Resources Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-R | &nbsp;&nbsp;&nbsp;&nbsp; Series B-R | &nbsp;&nbsp;&nbsp;&nbsp; Series B-R |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, due 9/1/33 | 3000000 | 2662555 |
| Pattonville R-3 School District, General Obligation Bonds | Pattonville R-3 School District, General Obligation Bonds | Pattonville R-3 School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID DIR DEP | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID DIR DEP | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID DIR DEP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 3/1/41 | 500000 | 527570 |
| St Charles County School District No R-IV Wentzville, General Obligation Bonds | St Charles County School District No R-IV Wentzville, General Obligation Bonds | St Charles County School District No R-IV Wentzville, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID DIR DEP | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID DIR DEP | &nbsp;&nbsp;&nbsp;&nbsp; Insured: ST AID DIR DEP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.670%, due 3/1/27<sup>(c)</sup> | 2095000 | 1959631 |
| Wright City R-II School District, General Obligation Bonds | Wright City R-II School District, General Obligation Bonds | Wright City R-II School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/29 | 150000 | 164666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/31 | 35000 | 39912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/33 | 500000 | 581712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 3/1/35 | 530000 | 612029 |
|  |  | 21028130 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** |  |
| Central Plains Energy Project, Revenue Bonds | Central Plains Energy Project, Revenue Bonds | Central Plains Energy Project, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/27 | 1000000 | 1024288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/29 | 1725000 | 1795682 |
| Omaha Public Power District, Revenue Bonds | Omaha Public Power District, Revenue Bonds | Omaha Public Power District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/42 | 835000 | 844451 |
| Omaha Public Power District Nebraska City Station Unit 2, Revenue Bonds | Omaha Public Power District Nebraska City Station Unit 2, Revenue Bonds | Omaha Public Power District Nebraska City Station Unit 2, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/46 | 1235000 | 1240558 |
| Omaha School District, General Obligation Bonds | Omaha School District, General Obligation Bonds | Omaha School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 12/15/35 | 1500000 | 1113264 |
|  |  | 6018243 |
| **Nevada — 0.3%** | **Nevada — 0.3%** |  |
| County of Clark NV, General Obligation Bonds | County of Clark NV, General Obligation Bonds | County of Clark NV, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/39 | 1000000 | 938506 |
| Reno-Tahoe Airport Authority, Revenue Bonds | Reno-Tahoe Airport Authority, Revenue Bonds | Reno-Tahoe Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/38 | 500000 | 539299 |
| State of Nevada Highway Improvement Revenue, Revenue Bonds | State of Nevada Highway Improvement Revenue, Revenue Bonds | State of Nevada Highway Improvement Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 12/1/41 | 1000000 | 821373 |
|  |  | 2299178 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **New Hampshire — 1.6%** | **New Hampshire — 1.6%** |  |
| New Hampshire Business Finance Authority, | New Hampshire Business Finance Authority, | New Hampshire Business Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 7/20/41 | $987869<br>| $940751<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 8/20/39 | 1093851 | 1000755 |
| New Hampshire Business Finance Authority, Revenue Bonds | New Hampshire Business Finance Authority, Revenue Bonds | New Hampshire Business Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.168%, due 1/20/41 | 1229142 | 1167016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.163%, due 10/20/41<sup>(a)(b)</sup> | 1493274 | 1379165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.183%, due 11/20/39<sup>(a)(b)</sup> | 2491356 | 2420587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/42 | 1530000 | 1570901 |
| New Hampshire Health and Education Facilities Authority Act, Revenue Bonds | New Hampshire Health and Education Facilities Authority Act, Revenue Bonds | New Hampshire Health and Education Facilities Authority Act, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/33 | 2500000 | 2446442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, due 6/1/38<sup>(a)(b)</sup> | 1000000 | 998246 |
| New Hampshire Housing Finance Authority, Revenue Bonds | New Hampshire Housing Finance Authority, Revenue Bonds | New Hampshire Housing Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/1/56 | 1300000 | 1460729 |
|  |  | 13384592 |
| **New Jersey — 1.5%** | **New Jersey — 1.5%** |  |
| East Rutherford Board of Education, General Obligation Bonds | East Rutherford Board of Education, General Obligation Bonds | East Rutherford Board of Education, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 7/15/34 | 1250000 | 989840 |
| Essex County Improvement Authority, Revenue Bonds | Essex County Improvement Authority, Revenue Bonds | Essex County Improvement Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/15/28 | 415000 | 414734 |
| Jersey City Municipal Utilities Authority, Revenue Notes | Jersey City Municipal Utilities Authority, Revenue Notes | Jersey City Municipal Utilities Authority, Revenue Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: MUN GOVT GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: MUN GOVT GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: MUN GOVT GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/25 | 600000 | 600000 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds | New Jersey Housing & Mortgage Finance Agency, Revenue Bonds | New Jersey Housing & Mortgage Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 11/1/27 | 1000000 | 986925 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | New Jersey Transportation Trust Fund Authority, Revenue Bonds | New Jersey Transportation Trust Fund Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/43 | 2790000 | 2847731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA | &nbsp;&nbsp;&nbsp;&nbsp; Series AA | &nbsp;&nbsp;&nbsp;&nbsp; Series AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/37 | 1300000 | 1364855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/40 | 1200000 | 1270078 |
| New Jersey Turnpike Authority, Revenue Bonds | New Jersey Turnpike Authority, Revenue Bonds | New Jersey Turnpike Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/42 | 1000000 | 1052166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/45 | 1600000 | 1670375 |
| South Jersey Transportation Authority, Revenue Bonds | South Jersey Transportation Authority, Revenue Bonds | South Jersey Transportation Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/39 | 1485000 | 1414071 |
|  |  | 12610775 |
| **New Mexico — 0.5%** | **New Mexico — 0.5%** |  |
| City of Farmington NM, Revenue Bonds | City of Farmington NM, Revenue Bonds | City of Farmington NM, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, due 4/1/33 | 3000000 | 2467238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 6/1/40<sup>(a)(b)</sup> | 2000000 | 1991511 |
|  |  | 4458749 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **New York — 7.1%** | **New York — 7.1%** |  |
| City of New York NY, General Obligation Bonds | City of New York NY, General Obligation Bonds | City of New York NY, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/34 | $1090000<br>| $1091328<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/44 | 1500000 | 1579748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/47 | 3000000 | 3145454 |
| County of Nassau NY, General Obligation Bonds | County of Nassau NY, General Obligation Bonds | County of Nassau NY, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/38 | 1500000 | 1583482 |
| Hudson Yards Infrastructure Corp., Revenue Bonds | Hudson Yards Infrastructure Corp., Revenue Bonds | Hudson Yards Infrastructure Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/39 | 1740000 | 1755707 |
| Long Island Power Authority, Revenue Bonds | Long Island Power Authority, Revenue Bonds | Long Island Power Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/49 | 1780000 | 1722577 |
| Metropolitan Transportation Authority, Revenue Bonds | Metropolitan Transportation Authority, Revenue Bonds | Metropolitan Transportation Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/44 | 2000000 | 2048892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/47 | 1015000 | 1028686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/29 | 500000 | 507421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.070%, due 11/15/33<sup>(c)</sup> | 1000000 | 708674 |
| New York City Housing Development Corp., Revenue Bonds | New York City Housing Development Corp., Revenue Bonds | New York City Housing Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, due 11/1/64<sup>(a)(b)</sup> | 1000000 | 980785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A Insured: REMIC FHA INS 542<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2A Insured: REMIC FHA INS 542<sup>(c)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, due 11/1/62<sup>(a)(b)</sup> | 780000 | 776346 |
| New York City Municipal Water Finance Authority, Revenue Bonds | New York City Municipal Water Finance Authority, Revenue Bonds | New York City Municipal Water Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/48 | 1000000 | 1042184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 6/15/43<sup>(a)(b)</sup> | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/46 | 2500000 | 2616741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH | &nbsp;&nbsp;&nbsp;&nbsp; Series HH | &nbsp;&nbsp;&nbsp;&nbsp; Series HH |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/37 | 2000000 | 2003718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/39 | 750000 | 751394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/39 | 750000 | 751395 |
| New York City Transitional Finance Authority, Revenue Bonds | New York City Transitional Finance Authority, Revenue Bonds | New York City Transitional Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/42 | 1250000 | 1328314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/46 | 500000 | 521638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/1/45 | 1250000 | 1336556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/48 | 2000000 | 2108517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/47 | 2850000 | 2956259 |
| New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds | New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds | New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series S Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series S Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/40 | 1500000 | 1500203 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/38 | 1000000 | 975308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/1/43 | 215000 | 200510 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York Liberty Development Corp., Revenue Bonds | New York Liberty Development Corp., Revenue Bonds | New York Liberty Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, due 9/15/69 | $500000<br>| $462757<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/43 | 2000000 | 1844615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, due 11/15/41 | 1070000 | 799931 |
| New York Power Authority, Revenue Bonds | New York Power Authority, Revenue Bonds | New York Power Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/36 | 1215000 | 1333189 |
| New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/35 | 1400000 | 1456531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/43 | 1300000 | 1379136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/15/39 | 500000 | 481584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/15/41 | 1500000 | 1411523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39 | 1220000 | 1240141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/40 | 815000 | 825209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/40 | 5000 | 5215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp;&nbsp;&nbsp; Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 3/15/41 | 500000 | 401547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/15/41 | 2000000 | 2043298 |
| New York State Housing Finance Agency, Revenue Bonds | New York State Housing Finance Agency, Revenue Bonds | New York State Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, due 6/15/54<sup>(a)(b)</sup> | 1000000 | 988947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SONYMA HUD SECT 8  | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SONYMA HUD SECT 8  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, due 11/1/25 | 285000 | 285000 |
| New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/15/43 | 1165000 | 1089508 |
| Onondaga Civic Development Corp., Revenue Bonds | Onondaga Civic Development Corp., Revenue Bonds | Onondaga Civic Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/41 | 500000 | 538109 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds | Triborough Bridge & Tunnel Authority, Revenue Bonds | Triborough Bridge & Tunnel Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/15/47 | 1250000 | 1314733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/38 | 1000000 | 1006527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/40 | 2900000 | 2902547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 5/15/45<sup>(a)(b)</sup> | 1345000 | 1265543 |
| Utility Debt Securitization Authority, Revenue Bonds | Utility Debt Securitization Authority, Revenue Bonds | Utility Debt Securitization Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/15/41 | 500000 | 542183 |
|  |  | 59039610 |
| **North Carolina — 1.8%** | **North Carolina — 1.8%** |  |
| Charlotte-Mecklenburg Hospital Authority (The), Revenue Bonds | Charlotte-Mecklenburg Hospital Authority (The), Revenue Bonds | Charlotte-Mecklenburg Hospital Authority (The), Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, due 1/15/48<sup>(a)(b)</sup> | 6800000 | 6800000 |
| City of Fayetteville NC Public Works Commission Revenue, Revenue Bonds | City of Fayetteville NC Public Works Commission Revenue, Revenue Bonds | City of Fayetteville NC Public Works Commission Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 3/1/36 | 3395000 | 2632463 |
| County of Alamance NC, General Obligation Bonds | County of Alamance NC, General Obligation Bonds | County of Alamance NC, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 5/1/35 | 1500000 | 1188554 |
| County of Gaston NC, General Obligation Bonds | County of Gaston NC, General Obligation Bonds | County of Gaston NC, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/39 | 1000000 | 1106452 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| North Carolina Housing Finance Agency, Revenue Bonds | North Carolina Housing Finance Agency, Revenue Bonds | North Carolina Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, due 7/1/56<sup>(a)(b)</sup> | $1330000<br>| $1324918<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/54 | 955000 | 1010307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 1/1/55 | 1000000 | 1101485 |
|  |  | 15164179 |
| **North Dakota — 0.7%** | **North Dakota — 0.7%** |  |
| City of Grand Forks ND, Revenue Bonds | City of Grand Forks ND, Revenue Bonds | City of Grand Forks ND, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 12/1/37 | 1250000 | 1191307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/26 | 400000 | 409505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/27 | 450000 | 466368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/28 | 500000 | 523455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/29 | 675000 | 712258 |
| North Dakota Housing Finance Agency, Revenue Bonds | North Dakota Housing Finance Agency, Revenue Bonds | North Dakota Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 1/1/55 | 1000000 | 1096615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 7/1/55 | 1000000 | 1096994 |
|  |  | 5496502 |
| **Ohio — 1.6%** | **Ohio — 1.6%** |  |
| Akron Bath Copley Joint Township Hospital District, Revenue Bonds | Akron Bath Copley Joint Township Hospital District, Revenue Bonds | Akron Bath Copley Joint Township Hospital District, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/33 | 1260000 | 1231175 |
| American Municipal Power, Inc., Revenue Bonds | American Municipal Power, Inc., Revenue Bonds | American Municipal Power, Inc., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/41 | 1000000 | 1003664 |
| City of Toledo OH, General Obligation Bonds | City of Toledo OH, General Obligation Bonds | City of Toledo OH, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/36 | 1000000 | 1088107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 12/1/39 | 1330000 | 1451675 |
| City of Upper Arlington OH, General Obligation Bonds | City of Upper Arlington OH, General Obligation Bonds | City of Upper Arlington OH, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/35 | 750000 | 757824 |
| Cloverleaf Local School District, Certificates of Participation | Cloverleaf Local School District, Certificates of Participation | Cloverleaf Local School District, Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, due 12/1/37 | 1000000 | 1038888 |
| Euclid City School District, General Obligation Bonds | Euclid City School District, General Obligation Bonds | Euclid City School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SD CRED PROG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SD CRED PROG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SD CRED PROG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/15/44 | 1000000 | 1006097 |
| Forest Hills Local School District, General Obligation Bonds | Forest Hills Local School District, General Obligation Bonds | Forest Hills Local School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/44 | 630000 | 630168 |
| Ohio Air Quality Development Authority, Revenue Bonds | Ohio Air Quality Development Authority, Revenue Bonds | Ohio Air Quality Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, due 5/1/26 | 1000000 | 990740 |
| Ohio Housing Finance Agency, Revenue Bonds | Ohio Housing Finance Agency, Revenue Bonds | Ohio Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 3/1/56 | 1000000 | 1096284 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds | Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds | Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/37 | 1000000 | 1106896 |
| Springboro Community City School District, General Obligation Bonds | Springboro Community City School District, General Obligation Bonds | Springboro Community City School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/25 | 1975000 | 1995907 |
|  |  | 13397425 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Oklahoma — 0.3%** | **Oklahoma — 0.3%** |  |
| Carter County Public Facilities Authority, Revenue Bonds | Carter County Public Facilities Authority, Revenue Bonds | Carter County Public Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/32 | $1000000<br>| $1025198<br>|
| Oklahoma Housing Finance Agency, Revenue Bonds | Oklahoma Housing Finance Agency, Revenue Bonds | Oklahoma Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/1/56 | 1000000<br>| 1111385 |
|  |  | 2136583 |
| **Oregon — 1.2%** | **Oregon — 1.2%** |  |
| City of Portland OR Sewer System Revenue, Revenue Bonds | City of Portland OR Sewer System Revenue, Revenue Bonds | City of Portland OR Sewer System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/49 | 1000000 | 1038975 |
| Oregon State Lottery, Revenue Bonds | Oregon State Lottery, Revenue Bonds | Oregon State Lottery, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/39 | 1250000 | 1367151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/41 | 2500000 | 2691687 |
| Salem Hospital Facility Authority, Revenue Bonds | Salem Hospital Facility Authority, Revenue Bonds | Salem Hospital Facility Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 5/15/41 | 1000000 | 897016 |
| State of Oregon, General Obligation Bonds | State of Oregon, General Obligation Bonds | State of Oregon, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 5/1/42 | 2000000 | 2194825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/39 | 815000 | 897285 |
| State of Oregon Housing & Community Services Department, Revenue Bonds | State of Oregon Housing & Community Services Department, Revenue Bonds | State of Oregon Housing & Community Services Department, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/54 | 1000000 | 1101383 |
|  |  | 10188322 |
| **Pennsylvania — 2.2%** | **Pennsylvania — 2.2%** |  |
| Allegheny County Sanitary Authority, Revenue Bonds | Allegheny County Sanitary Authority, Revenue Bonds | Allegheny County Sanitary Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/40 | 500000 | 503289 |
| Chester County Industrial Development Authority, Revenue Bonds | Chester County Industrial Development Authority, Revenue Bonds | Chester County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/29 | 350000 | 363211 |
| Coatesville School District, General Obligation Bonds | Coatesville School District, General Obligation Bonds | Coatesville School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 11/15/37 | 4000000 | 4183811 |
| Commonwealth Financing Authority, Revenue Bonds | Commonwealth Financing Authority, Revenue Bonds | Commonwealth Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/39 | 920000 | 846036 |
| Conrad Weiser Area School District, General Obligation Bonds | Conrad Weiser Area School District, General Obligation Bonds | Conrad Weiser Area School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/34 | 1000000 | 989815 |
| County of Allegheny PA, General Obligation Bonds | County of Allegheny PA, General Obligation Bonds | County of Allegheny PA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C76  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/41 | 1000000 | 1008719 |
| Delaware Valley Regional Finance Authority, Revenue Bonds | Delaware Valley Regional Finance Authority, Revenue Bonds | Delaware Valley Regional Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AMBAC | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AMBAC | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AMBAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, due 7/1/27 | 90000 | 94538 |
| Indiana County Industrial Development Authority, Revenue Bonds | Indiana County Industrial Development Authority, Revenue Bonds | Indiana County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/27 | 250000 | 255787 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.655%, (3 Month CME SOFR +0.60%), due 7/1/27<sup>(a)(b)</sup> | 85000 | 84498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/34 | 1000000 | 1006576 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Pennsylvania Housing Finance Agency, Revenue Bonds | Pennsylvania Housing Finance Agency, Revenue Bonds | Pennsylvania Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 10/1/54 | $995000<br>| $1069849<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: FNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: FNMA COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, due 6/1/41 | 500000 | 505764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remove series | &nbsp;&nbsp;&nbsp;&nbsp; Remove series | &nbsp;&nbsp;&nbsp;&nbsp; Remove series |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/51 | 965000 | 932576 |
| Pennsylvania Turnpike Commission, Revenue Bonds | Pennsylvania Turnpike Commission, Revenue Bonds | Pennsylvania Turnpike Commission, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/43 | 1000000 | 1054093 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Revenue Bonds | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Revenue Bonds | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/44 | 500000 | 512100 |
| Philadelphia Gas Works Co., Revenue Bonds | Philadelphia Gas Works Co., Revenue Bonds | Philadelphia Gas Works Co., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/30 | 1435000 | 1462634 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds | Pittsburgh Water & Sewer Authority, Revenue Bonds | Pittsburgh Water & Sewer Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/36 | 1285000 | 1377960 |
| Temple University-of The Commonwealth System of Higher Education, Revenue Bonds | Temple University-of The Commonwealth System of Higher Education, Revenue Bonds | Temple University-of The Commonwealth System of Higher Education, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/42 | 800000 | 846524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/45 | 1000000 | 1042392 |
|  |  | 18140172 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |  |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/28 | 400000 | 409510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/31 | 500000 | 517637 |
|  |  | 927147 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |  |
| Rhode Island Health and Educational Building Corp., Revenue Bonds | Rhode Island Health and Educational Building Corp., Revenue Bonds | Rhode Island Health and Educational Building Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/15/39 | 1320000 | 1432559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 5/15/41 | 180000 | 193032 |
| Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: GNMA COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 10/1/49 | 1000000 | 1025530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 77-A Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series 77-A Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series 77-A Insured: GNMA COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/28 | 350000 | 368130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/41 | 1000000 | 1038983 |
|  |  | 4058234 |
| **South Carolina — 2.3%** | **South Carolina — 2.3%** |  |
| Patriots Energy Group Financing Agency, Revenue Bonds | Patriots Energy Group Financing Agency, Revenue Bonds | Patriots Energy Group Financing Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.801%, (SOFR + 1.90%), due 2/1/54<sup>(a)(b)</sup> | 6000000 | 6155686 |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds | South Carolina Jobs-Economic Development Authority, Revenue Bonds | South Carolina Jobs-Economic Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/62<sup>(a)(b)</sup> | 1000000 | 952303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/1/42 | 1000000 | 951957 |
| South Carolina Public Service Authority, Revenue Bonds | South Carolina Public Service Authority, Revenue Bonds | South Carolina Public Service Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46 | 2000000 | 2009658 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/36 | $100000<br>| $100190<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/46 | 750000 | 753622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/40 | 1120000 | 1180887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series E Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/1/37 | 2000000 | 2180513 |
| South Carolina State Housing Finance & Development Authority, Revenue Bonds | South Carolina State Housing Finance & Development Authority, Revenue Bonds | South Carolina State Housing Finance & Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: HUD SECT 202  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/26<sup>(a)(b)</sup> | 1000000 | 1005149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, due 7/1/40 | 1000000 | 978063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/55 | 1000000 | 1123094 |
| Spartanburg County School District No 4, General Obligation Bonds | Spartanburg County School District No 4, General Obligation Bonds | Spartanburg County School District No 4, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCSDE | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCSDE | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCSDE |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/42 | 1945000 | 2042710 |
|  |  | 19433832 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** |  |
| Baltic School District No 49-1, General Obligation Bonds | Baltic School District No 49-1, General Obligation Bonds | Baltic School District No 49-1, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, due 12/1/38 | 300000 | 304236 |
| South Dakota Housing Development Authority, Revenue Bonds | South Dakota Housing Development Authority, Revenue Bonds | South Dakota Housing Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series C Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 11/1/55 | 1000000 | 1105461 |
|  |  | 1409697 |
| **Tennessee — 1.9%** | **Tennessee — 1.9%** |  |
| Chattanooga Health Educational & Housing Facility Board, Revenue Bonds | Chattanooga Health Educational & Housing Facility Board, Revenue Bonds | Chattanooga Health Educational & Housing Facility Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/34 | 750000 | 813070 |
| City of Memphis TN Sanitary Sewerage System Revenue, Revenue Bonds | City of Memphis TN Sanitary Sewerage System Revenue, Revenue Bonds | City of Memphis TN Sanitary Sewerage System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/42 | 3000000 | 3168621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/43 | 3145000 | 3302888 |
| Health Educational and Housing Facility Board of the City of Memphis/the, Revenue Bonds | Health Educational and Housing Facility Board of the City of Memphis/the, Revenue Bonds | Health Educational and Housing Facility Board of the City of Memphis/the, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221<sup>(D)</sup>(4) HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/27<sup>(a)(b)</sup> | 785000 | 799146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/27<sup>(a)(b)</sup> | 520000 | 529370 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, due 2/1/45<sup>(a)(b)</sup> | 3000000 | 3011400 |
| Metropolitan Knoxville Airport Authority, Revenue Bonds | Metropolitan Knoxville Airport Authority, Revenue Bonds | Metropolitan Knoxville Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/44 | 1000000 | 1031587 |
| Shelby County Health Educational & Housing Facilities Board, Revenue Bonds | Shelby County Health Educational & Housing Facilities Board, Revenue Bonds | Shelby County Health Educational & Housing Facilities Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/49<sup>(a)(b)</sup> | 1300000 | 1351412 |
| Tennessee Housing Development Agency, Revenue Bonds | Tennessee Housing Development Agency, Revenue Bonds | Tennessee Housing Development Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 1/1/56<sup>(a)(b)</sup> | 1500000 | 1499771 |
|  |  | 15507265 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas — 11.2%** | **Texas — 11.2%** |  |
| Alamito Public Facility Corp., Revenue Bonds | Alamito Public Facility Corp., Revenue Bonds | Alamito Public Facility Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/44<sup>(a)(b)</sup> | $1000000<br>| $1010561<br>|
| Allen Independent School District, General Obligation Bonds | Allen Independent School District, General Obligation Bonds | Allen Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/42 | 1100000 | 1169258 |
| Arlington Higher Education Finance Corp., Revenue Bonds | Arlington Higher Education Finance Corp., Revenue Bonds | Arlington Higher Education Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/44 | 1590000 | 1468895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/32 | 2200000 | 2421741 |
| Arlington Independent School District, General Obligation Bonds | Arlington Independent School District, General Obligation Bonds | Arlington Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/39 | 1500000 | 1514684 |
| Barbers Hill Independent School District, General Obligation Bonds | Barbers Hill Independent School District, General Obligation Bonds | Barbers Hill Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/41 | 1000000 | 969780 |
| Central Texas Turnpike System, Revenue Bonds | Central Texas Turnpike System, Revenue Bonds | Central Texas Turnpike System, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/42<sup>(a)(b)</sup> | 1000000 | 1036605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/34 | 1000000 | 1101016 |
| City of Amarillo TX Waterworks & Sewer System Revenue, Revenue Bonds | City of Amarillo TX Waterworks & Sewer System Revenue, Revenue Bonds | City of Amarillo TX Waterworks & Sewer System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/1/41 | 1360000 | 1271818 |
| City of Arlington TX Special Tax Revenue, Special Tax | City of Arlington TX Special Tax Revenue, Special Tax | City of Arlington TX Special Tax Revenue, Special Tax |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/43 | 250000 | 252987 |
| City of Austin TX Electric Utility Revenue, Revenue Bonds | City of Austin TX Electric Utility Revenue, Revenue Bonds | City of Austin TX Electric Utility Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/45 | 1455000 | 1455862 |
| City of College Station TX, General Obligation Bonds | City of College Station TX, General Obligation Bonds | City of College Station TX, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 2/15/39 | 1020000 | 738039 |
| City of Corpus Christi TX Utility System Revenue, Revenue Bonds | City of Corpus Christi TX Utility System Revenue, Revenue Bonds | City of Corpus Christi TX Utility System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/28 | 1000000 | 1056152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/32 | 1000000 | 1102884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/40 | 1000000 | 1067319 |
| City of Fort Worth TX, General Obligation Bonds | City of Fort Worth TX, General Obligation Bonds | City of Fort Worth TX, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 3/1/40 | 500000 | 335545 |
| City of Galveston TX Wharves & Terminal Revenue, Revenue Bonds | City of Galveston TX Wharves & Terminal Revenue, Revenue Bonds | City of Galveston TX Wharves & Terminal Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/1/43 | 1000000 | 1046791 |
| City of Georgetown TX Utility System Revenue, Revenue Bonds | City of Georgetown TX Utility System Revenue, Revenue Bonds | City of Georgetown TX Utility System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/26 | 1000000 | 1023502 |
| City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds | City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds | City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/44 | 1035000 | 1055735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/33 | 1500000 | 1664417 |
| Clifton Higher Education Finance Corp., Revenue Bonds | Clifton Higher Education Finance Corp., Revenue Bonds | Clifton Higher Education Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 8/15/34 | 180000 | 161144 |
| County of Parker TX, General Obligation Bonds | County of Parker TX, General Obligation Bonds | County of Parker TX, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/42 | 6625000 | 6680614 |
| Dallas College, General Obligation Bonds | Dallas College, General Obligation Bonds | Dallas College, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 2/15/28 | 1575000 | 1573254 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Dallas Independent School District, General Obligation Bonds | Dallas Independent School District, General Obligation Bonds | Dallas Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/15/42 | $1500000<br>| $994911<br>|
| Del Valle Independent School District TX, General Obligation Bonds | Del Valle Independent School District TX, General Obligation Bonds | Del Valle Independent School District TX, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 6/15/39 | 1000000 | 708315<br>|
| Denton Independent School District, General Obligation Bonds | Denton Independent School District, General Obligation Bonds | Denton Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/15/41 | 1055000 | 1123367 |
| Edinburg Consolidated Independent School District, General Obligation Bonds | Edinburg Consolidated Independent School District, General Obligation Bonds | Edinburg Consolidated Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/35 | 1235000 | 1249689 |
| Fort Bend Independent School District, General Obligation Bonds | Fort Bend Independent School District, General Obligation Bonds | Fort Bend Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/54<sup>(a)(b)</sup> | 1300000 | 1315124 |
| Georgetown Independent School District, General Obligation Bonds | Georgetown Independent School District, General Obligation Bonds | Georgetown Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 8/15/41 | 2670000 | 2180395 |
| Grand Parkway Transportation Corp., Revenue Bonds | Grand Parkway Transportation Corp., Revenue Bonds | Grand Parkway Transportation Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/37 | 750000 | 743541 |
| Guadalupe-Blanco River Authority, Revenue Bonds | Guadalupe-Blanco River Authority, Revenue Bonds | Guadalupe-Blanco River Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, due 8/15/42 | 1980000 | 2172168 |
| Harris County Municipal Utility District No 423, General Obligation Bonds | Harris County Municipal Utility District No 423, General Obligation Bonds | Harris County Municipal Utility District No 423, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/28 | 300000 | 315563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 4/1/29 | 325000 | 341538 |
| Harris County Municipal Utility District No 43, General Obligation Bonds | Harris County Municipal Utility District No 43, General Obligation Bonds | Harris County Municipal Utility District No 43, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, due 9/1/32 | 2010000 | 2192261 |
| Harris County Municipal Utility District No 489, General Obligation Bonds | Harris County Municipal Utility District No 489, General Obligation Bonds | Harris County Municipal Utility District No 489, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 9/1/29 | 1000000 | 1061849 |
| Harris County Water Control & Improvement District No 159, General Obligation Bonds | Harris County Water Control & Improvement District No 159, General Obligation Bonds | Harris County Water Control & Improvement District No 159, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, due 9/1/30 | 1600000 | 1714822 |
| Hays Consolidated Independent School District, General Obligation Bonds | Hays Consolidated Independent School District, General Obligation Bonds | Hays Consolidated Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/43 | 1000000 | 950889 |
| Housing Synergy PFC, Revenue Bonds | Housing Synergy PFC, Revenue Bonds | Housing Synergy PFC, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221<sup>(D)</sup>(4) HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/27<sup>(a)(b)</sup> | 1000000 | 1010724 |
| Houston Higher Education Finance Corp., Revenue Bonds | Houston Higher Education Finance Corp., Revenue Bonds | Houston Higher Education Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/15/39 | 1915000 | 1831288 |
| Laredo Independent School District, General Obligation Bonds | Laredo Independent School District, General Obligation Bonds | Laredo Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/29 | 650000 | 696945 |
| Lewisville Independent School District, General Obligation Bonds | Lewisville Independent School District, General Obligation Bonds | Lewisville Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 8/15/34 | 1000000 | 917743 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Matagorda County Navigation District No 1, Revenue Bonds | Matagorda County Navigation District No 1, Revenue Bonds | Matagorda County Navigation District No 1, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, due 11/1/29 | $1000000<br>| $936186<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007756 |
| Mesquite Independent School District, General Obligation Bonds | Mesquite Independent School District, General Obligation Bonds | Mesquite Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/15/36 | 1590000 | 1592686 |
| Montgomery County Municipal Utility District No 95, General Obligation Bonds | Montgomery County Municipal Utility District No 95, General Obligation Bonds | Montgomery County Municipal Utility District No 95, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/41 | 560000 | 561198 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | New Hope Cultural Education Facilities Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/34 | 580000 | 616035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/40 | 2000000 | 2042837 |
| North Texas Tollway Authority, Revenue Bonds | North Texas Tollway Authority, Revenue Bonds | North Texas Tollway Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 1/1/38 | 1000000 | 1077428 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | Pecos Barstow Toyah Independent School District, General Obligation Bonds | Pecos Barstow Toyah Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/35 | 1000000 | 1031085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/39 | 2000000 | 2010895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/15/41 | 1500000 | 1506097 |
| Prosper Independent School District, General Obligation Bonds | Prosper Independent School District, General Obligation Bonds | Prosper Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 2/15/40 | 1000000 | 850431 |
| Sabine-Neches Navigation District, General Obligation Bonds | Sabine-Neches Navigation District, General Obligation Bonds | Sabine-Neches Navigation District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/15/37 | 1000000 | 1067141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 2/15/41 | 2000000 | 2090130 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, due 11/15/50<sup>(a)(b)</sup> | 7200000 | 7200000 |
| Texas A&M University, Revenue Bonds | Texas A&M University, Revenue Bonds | Texas A&M University, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 5/15/39 | 1000000 | 826044 |
| Texas Department of Housing & Community Affairs, Revenue Bonds | Texas Department of Housing & Community Affairs, Revenue Bonds | Texas Department of Housing & Community Affairs, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 9/1/45 | 2000000 | 1527555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, due 1/1/56 | 1020000 | 1106979 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds | Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds | Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/55<sup>(a)(b)</sup> | 6000000 | 6237208 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Revenue Bonds | Texas Municipal Gas Acquisition and Supply Corp. II, Revenue Bonds | Texas Municipal Gas Acquisition and Supply Corp. II, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, (3 Month CME SOFR + 0.86%), due 9/15/27<sup>(a)(b)</sup> | 1475000 | 1475004 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds | Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds | Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/30/33 | 500000 | 499332 |
| Texas Public Finance Authority, Revenue Bonds | Texas Public Finance Authority, Revenue Bonds | Texas Public Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/31 | 1500000 | 1606273 |
| Texas State Technical College, Revenue Bonds | Texas State Technical College, Revenue Bonds | Texas State Technical College, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/25 | 1450000 | 1455474 |
| Texas Water Development Board, Revenue Bonds | Texas Water Development Board, Revenue Bonds | Texas Water Development Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/47 | 500000 | 518102 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Uptown Development Authority, Tax Allocation | Uptown Development Authority, Tax Allocation | Uptown Development Authority, Tax Allocation |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/35 | $500000<br>| $501998<br>|
| Willis Independent School District, General Obligation Bonds | Willis Independent School District, General Obligation Bonds | Willis Independent School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD | &nbsp;&nbsp;&nbsp;&nbsp; Insured: PSF-GTD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 2/15/40 | 920000 | 638312 |
|  |  | 92681921 |
| **Utah — 2.8%** | **Utah — 2.8%** |  |
| Canyons School District, General Obligation Bonds | Canyons School District, General Obligation Bonds | Canyons School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCH BD GTY | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCH BD GTY | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: SCH BD GTY |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, due 6/15/35 | 1830000 | 1333190 |
| County of Iron UT Sales Tax Revenue, Revenue Bonds | County of Iron UT Sales Tax Revenue, Revenue Bonds | County of Iron UT Sales Tax Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/1/49 | 1300000 | 1353677 |
| County of Salt Lake UT, General Obligation Bonds | County of Salt Lake UT, General Obligation Bonds | County of Salt Lake UT, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, due 12/15/28 | 1325000 | 1267341 |
| County of Utah UT, Revenue Bonds | County of Utah UT, Revenue Bonds | County of Utah UT, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/46 | 2070000 | 2071567 |
| Intermountain Power Agency, Revenue Bonds | Intermountain Power Agency, Revenue Bonds | Intermountain Power Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 970000 | 1023471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/36 | 1035000 | 1107810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/39 | 715000 | 752946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 1045000 | 1083182 |
| State of Utah, General Obligation Bonds | State of Utah, General Obligation Bonds | State of Utah, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.539%, due 7/1/25 | 1080523 | 1079285 |
| Utah Associated Municipal Power Systems, Revenue Bonds | Utah Associated Municipal Power Systems, Revenue Bonds | Utah Associated Municipal Power Systems, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/31 | 500000 | 514489 |
| Utah Charter School Finance Authority, Revenue Bonds | Utah Charter School Finance Authority, Revenue Bonds | Utah Charter School Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS UT CSCE | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS UT CSCE | &nbsp;&nbsp;&nbsp;&nbsp; Insured: BAM-TCRS UT CSCE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 4/15/40 | 250000 | 231365 |
| Utah Housing Corp., Revenue Bonds | Utah Housing Corp., Revenue Bonds | Utah Housing Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHLMC COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, due 7/1/30 | 3000000 | 2929207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 1/1/54 | 2155000 | 2338625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, due 7/1/55 | 1000000 | 1106828 |
| Utah Infrastructure Agency, Revenue Bonds | Utah Infrastructure Agency, Revenue Bonds | Utah Infrastructure Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/28 | 350000 | 347103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/32 | 500000 | 485796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/32 | 650000 | 639223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/36 | 1000000 | 950884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/15/38 | 645000 | 593452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/32 | 100000 | 104759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/15/33 | 1000000 | 1095761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 10/15/34 | 400000 | 406655 |
|  |  | 22816616 |
| **Virginia — 2.4%** | **Virginia — 2.4%** |  |
| Arlington County Industrial Development Authority, Revenue Bonds | Arlington County Industrial Development Authority, Revenue Bonds | Arlington County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/26 | 1250000 | 1263921 |
| Chesapeake Redevelopment & Housing Authority, Revenue Bonds | Chesapeake Redevelopment & Housing Authority, Revenue Bonds | Chesapeake Redevelopment & Housing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: FHA 221(D4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/26<sup>(a)(b)</sup> | 2000000 | 2001678 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| City of Harrisonburg VA, General Obligation Bonds | City of Harrisonburg VA, General Obligation Bonds | City of Harrisonburg VA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 7/15/35 | $2500000<br>| $1911183<br>|
| City of Newport News VA Water Revenue, Revenue Bonds | City of Newport News VA Water Revenue, Revenue Bonds | City of Newport News VA Water Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 7/15/36 | 3080000 | 2262207 |
| County of Fairfax VA, General Obligation Bonds | County of Fairfax VA, General Obligation Bonds | County of Fairfax VA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: ST AID WITHHLDG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 10/1/28 | 655000 | 659772 |
| Halifax County Industrial Development Authority, Revenue Bonds | Halifax County Industrial Development Authority, Revenue Bonds | Halifax County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, due 12/1/41<sup>(a)(b)</sup> | 1500000 | 1511854 |
| Isle Wight County Industrial Development Authority, Revenue Bonds | Isle Wight County Industrial Development Authority, Revenue Bonds | Isle Wight County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/37 | 1000000 | 1070076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/38 | 600000 | 639335 |
| Norfolk Airport Authority, Revenue Bonds | Norfolk Airport Authority, Revenue Bonds | Norfolk Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/28 | 150000 | 157275 |
| Virginia Housing Development Authority, Revenue Bonds | Virginia Housing Development Authority, Revenue Bonds | Virginia Housing Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 7/1/55<sup>(a)(b)</sup> | 2750000 | 2744532 |
| Virginia Public Building Authority, Revenue Bonds | Virginia Public Building Authority, Revenue Bonds | Virginia Public Building Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/29 | 2000000 | 2008922 |
| Williamsburg Economic Development Authority, Revenue Bonds | Williamsburg Economic Development Authority, Revenue Bonds | Williamsburg Economic Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/42 | 1000000 | 940149 |
| Winchester Economic Development Authority, Revenue Bonds | Winchester Economic Development Authority, Revenue Bonds | Winchester Economic Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/30 | 1440000 | 1541472 |
| Wise County Industrial Development Authority, Revenue Bonds | Wise County Industrial Development Authority, Revenue Bonds | Wise County Industrial Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, due 10/1/40<sup>(a)(b)</sup> | 1500000 | 1477534 |
|  |  | 20189910 |
| **Washington — 0.9%** | **Washington — 0.9%** |  |
| Clark County Public Utility District No 1 Electric Revenue, Revenue Bonds | Clark County Public Utility District No 1 Electric Revenue, Revenue Bonds | Clark County Public Utility District No 1 Electric Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/44 | 1050000 | 1095304 |
| County of King WA Sewer Revenue, Revenue Bonds | County of King WA Sewer Revenue, Revenue Bonds | County of King WA Sewer Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, (Municipal Swap Index + 0.23%), due 1/1/40<sup>(a)(b)</sup> | 3000000 | 2960029 |
| Seattle Housing Authority, Revenue Bonds | Seattle Housing Authority, Revenue Bonds | Seattle Housing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, due 6/1/26 | 270000 | 260267 |
| State of Washington, General Obligation Bonds | State of Washington, General Obligation Bonds | State of Washington, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R | &nbsp;&nbsp;&nbsp;&nbsp; Series R | &nbsp;&nbsp;&nbsp;&nbsp; Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/41 | 1420000 | 1517242 |
| Washington Health Care Facilities Authority, Revenue Bonds | Washington Health Care Facilities Authority, Revenue Bonds | Washington Health Care Facilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/41 | 400000 | 372705 |
| Washington State Housing Finance Commission | Washington State Housing Finance Commission | Washington State Housing Finance Commission |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A, | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A, | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A, |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, due 3/20/40 | 996535 | 916347 |
|  |  | 7121894 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **West Virginia — 0.5%** | **West Virginia — 0.5%** |  |
| West Virginia Economic Development Authority, Revenue Bonds | West Virginia Economic Development Authority, Revenue Bonds | West Virginia Economic Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, due 3/1/40<sup>(a)(b)</sup> | $1000000<br>| $987090<br>|
| West Virginia Hospital Finance Authority, Revenue Bonds | West Virginia Hospital Finance Authority, Revenue Bonds | West Virginia Hospital Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/39 | 1500000 | 1509290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, due 9/1/42 | 1250000 | 1307853 |
|  |  | 3804233 |
| **Wisconsin — 1.6%** | **Wisconsin — 1.6%** |  |
| Hudson School District, General Obligation Bonds | Hudson School District, General Obligation Bonds | Hudson School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, due 3/1/27 | 500000 | 485750 |
| Monroe School District, General Obligation Bonds | Monroe School District, General Obligation Bonds | Monroe School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/36 | 860000 | 908273 |
| Public Finance Authority, Revenue Bonds | Public Finance Authority, Revenue Bonds | Public Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/41 | 1000000 | 1004591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/46 | 3000000 | 3006219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/34 | 300000 | 319922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 6/15/45 | 150000 | 153471 |
| University of Wisconsin Hospitals & Clinics, Revenue Bonds | University of Wisconsin Hospitals & Clinics, Revenue Bonds | University of Wisconsin Hospitals & Clinics, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 4/1/54<sup>(a)(b)</sup> | 1000000 | 1082636 |
| Wisconsin Housing & Economic Development Authority, Revenue Bonds | Wisconsin Housing & Economic Development Authority, Revenue Bonds | Wisconsin Housing & Economic Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: HUD SECT 8  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/27<sup>(a)(b)</sup> | 3500000 | 3584900 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 3/1/34 | 1000000 | 963534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: FNMA/GNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: FNMA/GNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: FNMA/GNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 9/1/44 | $500000<br>| $471041<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/39 | 1000000 | 1037128 |
|  |  | 13017465 |
| **Wyoming — 0.6%** | **Wyoming — 0.6%** |  |
| County of Campbell WY, Revenue Bonds | County of Campbell WY, Revenue Bonds | County of Campbell WY, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 7/15/39 | 1170000 | 1021521 |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM-CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/15/28 | 3000000 | 3154618 |
| Wyoming Community Development Authority, Revenue Bonds | Wyoming Community Development Authority, Revenue Bonds | Wyoming Community Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA/FNMA/FHLMC | &nbsp;&nbsp;&nbsp;&nbsp; Series 1 Insured: GNMA/FNMA/FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, due 12/1/40 | 1000000 | 986524 |
|  |  | 5162663 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $831,427,603)**  |  | **826198856** |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment — 0.8%** | **Short-Term Investment — 0.8%** |  |
| **Money Market Fund — 0.8%** | **Money Market Fund — 0.8%** |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, Class I, 4.24%<sup>(e)</sup>  |  |  |
| **(Cost $6,362,431)** | 6362431 | $**6362431**<br>|
| **Total Investments — 100.3%<br>(Cost $837,790,034)**  |  | **832561287** |
| **Other Assets and Liabilities,<br>Net — (0.3)%**  |  | **(2855916)** |
| **Net Assets — 100.0%**  |  | **$** **829705371**<br>|

---

------

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

(b)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of April 30, 2025.

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

(d)Less than 0.05%.

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

---

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

---

*See notes to financial statements.*

Schedule of Investments — NYLI MacKay Muni Intermediate 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>(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds  | $—<br>| $826198856<br>| $—<br>| $826198856<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 6362431 |  |  | 6362431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities  | $6362431<br>| $826198856<br>| $—<br>| $832561287<br>|

---

------

(f)For a complete listing of investments and their states, 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 MacKay California Muni Intermediate ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds — 101.3%** | **Municipal Bonds — 101.3%** |  |
| **Airport — 7.6%** | **Airport — 7.6%** |  |
| City of Fresno CA Airport Revenue, Revenue Bonds | City of Fresno CA Airport Revenue, Revenue Bonds | City of Fresno CA Airport Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/33 | $250000<br>| $268889<br>|
| City of Long Beach CA Airport System Revenue, Revenue Bonds | City of Long Beach CA Airport System Revenue, Revenue Bonds | City of Long Beach CA Airport System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 223347 |
| New York Transportation Development Corp., Revenue Bonds | New York Transportation Development Corp., Revenue Bonds | New York Transportation Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 12/31/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253828 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds | Norman Y Mineta San Jose International Airport SJC, Revenue Bonds | Norman Y Mineta San Jose International Airport SJC, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 496057 |
| San Diego County Regional Airport Authority, Revenue Bonds | San Diego County Regional Airport Authority, Revenue Bonds | San Diego County Regional Airport Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008132 |
| **Build America Bonds — 2.3%** | **Build America Bonds — 2.3%** |  |
| State of California, General Obligation Bonds | State of California, General Obligation Bonds | State of California, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600%, due 11/1/40 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606685 |
| **Development — 3.3%** | **Development — 3.3%** |  |
| California Infrastructure & Economic Development Bank, Revenue Bonds | California Infrastructure & Economic Development Bank, Revenue Bonds | California Infrastructure & Economic Development Bank, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/47<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345883 |
| California Statewide Communities Development Authority, Special Assessment | California Statewide Communities Development Authority, Special Assessment | California Statewide Communities Development Authority, Special Assessment |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/2/34 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860829 |
| **Education — 3.7%** | **Education — 3.7%** |  |
| California Infrastructure & Economic Development Bank, Revenue Bonds | California Infrastructure & Economic Development Bank, Revenue Bonds | California Infrastructure & Economic Development Bank, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | 353217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284707 |
| California School Finance Authority, Revenue Bonds | California School Finance Authority, Revenue Bonds | California School Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 334736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972660 |
| **General — 25.4%** | **General — 25.4%** |  |
| California Community Choice Financing Authority, Revenue Bonds | California Community Choice Financing Authority, Revenue Bonds | California Community Choice Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 10/1/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 2/1/52<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 2/1/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651904 |
| Cathedral City Redevelopment Agency Successor Agency, Tax Allocation | Cathedral City Redevelopment Agency Successor Agency, Tax Allocation | Cathedral City Redevelopment Agency Successor Agency, Tax Allocation |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 8/1/32 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140593 |
| City of Newport Beach CA, Special Assessment | City of Newport Beach CA, Special Assessment | City of Newport Beach CA, Special Assessment |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, due 9/2/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604727 |
| Commonwealth of Puerto Rico, Notes, | Commonwealth of Puerto Rico, Notes, | Commonwealth of Puerto Rico, Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; due 11/1/51<sup>(a)(b)</sup> | 99683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44982 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **General (continued)** | **General (continued)** | **General (continued)** |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/36 | $250000<br>| $268693<br>|
| San Joaquin Valley Clean Energy Authority, Revenue Bonds | San Joaquin Valley Clean Energy Authority, Revenue Bonds | San Joaquin Valley Clean Energy Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/1/56<sup>(a)(b)</sup> | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823627 |
| Santa Fe Springs Public Financing Authority, Revenue Bonds | Santa Fe Springs Public Financing Authority, Revenue Bonds | Santa Fe Springs Public Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725669 |
| Territory of Guam, Revenue Bonds | Territory of Guam, Revenue Bonds | Territory of Guam, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/15/27 | 585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781609 |
|  |  | 6684320 |
| **General Obligation — 8.4%** | **General Obligation — 8.4%** |  |
| City of Menlo Park CA, General Obligation Bonds | City of Menlo Park CA, General Obligation Bonds | City of Menlo Park CA, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352933 |
| Commonwealth of Puerto Rico, General Obligation Bonds | Commonwealth of Puerto Rico, General Obligation Bonds | Commonwealth of Puerto Rico, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251878 | 234431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519716 |
| Grossmont Healthcare District, General Obligation Bonds | Grossmont Healthcare District, General Obligation Bonds | Grossmont Healthcare District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp;&nbsp;&nbsp; Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 393604 |
| Kern Community College District, General Obligation Bonds | Kern Community College District, General Obligation Bonds | Kern Community College District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp;&nbsp;&nbsp; Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2202630 |
| **Higher Education — 3.8%** | **Higher Education — 3.8%** |  |
| University of California, Revenue Bonds | University of California, Revenue Bonds | University of California, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AO | &nbsp;&nbsp;&nbsp;&nbsp; Series AO | &nbsp;&nbsp;&nbsp;&nbsp; Series AO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 5/15/29 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BS | &nbsp;&nbsp;&nbsp;&nbsp; Series BS | &nbsp;&nbsp;&nbsp;&nbsp; Series BS |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386297 |
| University of Puerto Rico, Revenue Bonds | University of Puerto Rico, Revenue Bonds | University of Puerto Rico, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P Insured: NATL-IBC | &nbsp;&nbsp;&nbsp;&nbsp; Series P Insured: NATL-IBC | &nbsp;&nbsp;&nbsp;&nbsp; Series P Insured: NATL-IBC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/25 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006426 |
| **Housing — 1.6%** | **Housing — 1.6%** |  |
| California Community College Financing Authority, Revenue Bonds | California Community College Financing Authority, Revenue Bonds | California Community College Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | 410007 |
| **Medical — 6.8%** | **Medical — 6.8%** |  |
| California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 11/1/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 549521 |
| California Municipal Finance Authority, Revenue Bonds | California Municipal Finance Authority, Revenue Bonds | California Municipal Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483249 |
| California Statewide Communities Development Authority, Revenue Bonds | California Statewide Communities Development Authority, Revenue Bonds | California Statewide Communities Development Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 500699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1788946 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |  |
| **Mello-Roos — 2.3%** | **Mello-Roos — 2.3%** |  |
| Romoland School District, Special Tax | Romoland School District, Special Tax | Romoland School District, Special Tax |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/32 | $110000<br>| $116236<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/34 | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376075 |
|  |  | 634652 |
| **Multifamily Housing — 0.9%** | **Multifamily Housing — 0.9%** |  |
| California Housing Finance Agency, Revenue Bonds | California Housing Finance Agency, Revenue Bonds | California Housing Finance Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A Insured: FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A Insured: FHLMC COLL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A Insured: FHLMC COLL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 3/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233219 |
| **Pollution — 1.9%** | **Pollution — 1.9%** |  |
| California Municipal Finance Authority, Revenue Bonds | California Municipal Finance Authority, Revenue Bonds | California Municipal Finance Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 9/1/53<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 500711 |
| **Power — 1.0%** | **Power — 1.0%** |  |
| Los Angeles Department of Water & Power, Revenue Bonds | Los Angeles Department of Water & Power, Revenue Bonds | Los Angeles Department of Water & Power, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250309 |
| **School District — 19.5%** | **School District — 19.5%** |  |
| Alhambra Unified School District, General Obligation Bonds | Alhambra Unified School District, General Obligation Bonds | Alhambra Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 560212 |
| Alum Rock Union Elementary School District, General Obligation Bonds | Alum Rock Union Elementary School District, General Obligation Bonds | Alum Rock Union Elementary School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | 468310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327336 |
| Compton Unified School District, General Obligation Bonds | Compton Unified School District, General Obligation Bonds | Compton Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: BAM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | 781275 |
| El Monte Union High School District, General Obligation Bonds | El Monte Union High School District, General Obligation Bonds | El Monte Union High School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.820%, due 6/1/36<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92040 |
| Fairfield-Suisun Unified School District, General Obligation Bonds | Fairfield-Suisun Unified School District, General Obligation Bonds | Fairfield-Suisun Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 458591 |
| Fremont Union High School District, General Obligation Bonds | Fremont Union High School District, General Obligation Bonds | Fremont Union High School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220345 |
| Jefferson Union High School District, General Obligation Bonds | Jefferson Union High School District, General Obligation Bonds | Jefferson Union High School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 388398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281029 |
| Los Angeles Unified School District, General Obligation Bonds | Los Angeles Unified School District, General Obligation Bonds | Los Angeles Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 512111 |
| Novato Unified School District, General Obligation Bonds | Novato Unified School District, General Obligation Bonds | Novato Unified School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, due 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422078 |
| San Mateo Union High School District, General Obligation Bonds | San Mateo Union High School District, General Obligation Bonds | San Mateo Union High School District, General Obligation Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | 467665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5165289 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |  |
| **Tobacco Settlement — 1.0%** | **Tobacco Settlement — 1.0%** |  |
| California County Tobacco Securitization Agency, Revenue Bonds | California County Tobacco Securitization Agency, Revenue Bonds | California County Tobacco Securitization Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 6/1/36 | $275000<br>| $267020<br>|
| **Transportation — 2.9%** | **Transportation — 2.9%** |  |
| Alameda Corridor Transportation Authority, Revenue Bonds | Alameda Corridor Transportation Authority, Revenue Bonds | Alameda Corridor Transportation Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series B Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 10/1/34 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221293 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | Foothill-Eastern Transportation Corridor Agency, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM | &nbsp;&nbsp;&nbsp;&nbsp; Series A Insured: AGM |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559347 |
|  |  | 780640 |
| **Water — 8.9%** | **Water — 8.9%** |  |
| City of Los Angeles CA Wastewater System Revenue, Revenue Bonds | City of Los Angeles CA Wastewater System Revenue, Revenue Bonds | City of Los Angeles CA Wastewater System Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1128403 |
| East County Advanced Water Purification Joint Powers Authority, Revenue Bonds | East County Advanced Water Purification Joint Powers Authority, Revenue Bonds | East County Advanced Water Purification Joint Powers Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 199847 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511140 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Revenue Bonds | San Francisco City & County Public Utilities Commission Wastewater Revenue, Revenue Bonds | San Francisco City & County Public Utilities Commission Wastewater Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 493280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2332670 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $26,569,058)**  |  | **$** **26705145**<br>|
|  | **Shares** | **Value** |
| **Short-Term Investment — 10.7%** | **Short-Term Investment — 10.7%** |  |
| **Money Market Fund — 10.7%** | **Money Market Fund — 10.7%** |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, Class I, 4.24%<sup>(d)</sup>  |  |  |
| **(Cost $2,812,784)** | 2812784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2812784** |
| **Total Investments — 112.0%<br>(Cost $29,381,842)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **29517929** |
| **Other Assets and Liabilities,<br>Net — (12.0)%**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(3157889)** |
| **Net Assets — 100.0%**  |  | **$** **26360040**<br>|

---

------

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

(b)Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of April 30, 2025.

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

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

*See notes to financial statements.*

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

April 30, 2025

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AGC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Assured Guaranty Corp. |
| AGM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Assured Guaranty Municipal Corp. |
| BAM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Build America Mutual Assurance Co. |
| IBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Insured Bond Certificate |
| NATL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - National Public Finance Guarantee Corp. |

---

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; Municipal Bonds  | $—<br>| $26705145<br>| $—<br>| $26705145<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 2812784 |  |  | 2812784 |
| Total Investments in Securities  | $2812784<br>| $26705145<br>| $—<br>| $29517929<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 CBRE Real Assets ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |  |
| **Communications — 1.7%** | **Communications — 1.7%** |  |
| Cellnex Telecom SA | 890 | $36057<br>|
| Infrastrutture Wireless Italiane SpA | 2581 | 30924 |
| NETLINK NBN TRUST | 36188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92341 |
| **Datacenters — 4.4%** | **Datacenters — 4.4%** |  |
| Digital Realty Trust, Inc. | 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65179 |
| Equinix, Inc. | 197 | 169568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Datacenters  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234747 |
| **Diversified Property Holdings — 5.4%** | **Diversified Property Holdings — 5.4%** |  |
| Hulic Co., Ltd. | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62696 |
| Japan Metropolitan Fund Invest | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32669 |
| Land Securities Group PLC | 6160 | 48750 |
| LondonMetric Property PLC | 16273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41798 |
| Mirvac Group | 17768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25921 |
| Orix JREIT, Inc. | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12605 |
| Sino Land Co., Ltd. | 23766 | 24457 |
| Stockland | 6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23469 |
| Swire Properties Ltd. | 7656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Diversified Property Holdings  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289287 |
| **Healthcare Facilities — 5.3%** | **Healthcare Facilities — 5.3%** |  |
| Ventas, Inc. | 926 | 64894 |
| Welltower, Inc. | 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Healthcare Facilities  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284624 |
| **Industrial Properties — 7.0%** | **Industrial Properties — 7.0%** |  |
| CapitaLand Ascendas REIT | 24216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49333 |
| EastGroup Properties, Inc. | 517 | 84488 |
| First Industrial Realty Trust, Inc. | 1311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62377 |
| Goodman Group | 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28410 |
| Keppel DC REIT | 32300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53434 |
| LaSalle Logiport REIT | 15 | 14312 |
| Nippon Prologis REIT, Inc. | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31449 |
| Prologis, Inc. | 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial Properties  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376947 |
| **Midstream/Pipelines — 7.4%** | **Midstream/Pipelines — 7.4%** |  |
| Enbridge, Inc. | 1050 | 49007 |
| Kinder Morgan, Inc. | 974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25616 |
| ONEOK, Inc. | 234 | 19226 |
| Pembina Pipeline Corp. | 1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59594 |
| Plains GP Holdings LP, Class A\* | 1423 | 26525 |
| Targa Resources Corp. | 908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155177 |
| Williams Cos., Inc. (The) | 1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Midstream/Pipelines  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394359 |
| **Net Leased Properties — 3.5%** | **Net Leased Properties — 3.5%** |  |
| Essential Properties Realty Trust, Inc. | 1911 | 61477 |
| Iron Mountain, Inc. | 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34074 |
| VICI Properties, Inc. | 2848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Leased Properties  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186744 |
| **Office Buildings — 1.4%** | **Office Buildings — 1.4%** |  |
| Castellum AB\* | 3542 | 42985 |
| COPT Defense Properties | 1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Office Buildings  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73508 |
| **Residential — 5.4%** | **Residential — 5.4%** |  |
| Daiwa House REIT Investment Corp. | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31875 |
| Elme Communities | 2021 | 31467 |
| Equity LifeStyle Properties, Inc. | 1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67760 |
| Independence Realty Trust, Inc. | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33031 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Residential (continued)** | **Residential (continued)** | **Residential (continued)** |
| Invitation Homes, Inc. | 2468 | $84381<br>|
| TAG Immobilien AG\* | 2696 | 43825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Residential  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292339 |
| **Residential: Hotels — 1.2%** | **Residential: Hotels — 1.2%** |  |
| Hilton Worldwide Holdings, Inc. | 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26607 |
| Japan Hotel REIT Investment Corp. | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15838 |
| Sunstone Hotel Investors, Inc. | 2566 | 21400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Residential: Hotels  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63845 |
| **Retail: Community Shopping Centers — 2.7%** | **Retail: Community Shopping Centers — 2.7%** |  |
| AEON REIT Investment Corp. | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11392 |
| Link REIT | 7910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37078 |
| Regency Centers Corp. | 1018 | 73479 |
| Shaftesbury Capital PLC | 13091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Retail: Community Shopping Centers  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145695 |
| **Retail: Enclosed Malls — 7.0%** | **Retail: Enclosed Malls — 7.0%** |  |
| CapitaLand Integrated Commercial Trust | 22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37214 |
| Hammerson PLC | 4747 | 16016 |
| Klepierre SA | 1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55230 |
| Scentre Group | 33495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77583 |
| Simon Property Group, Inc. | 1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Retail: Enclosed Malls  |  | 373325 |
| **Self Storage Property — 4.4%** | **Self Storage Property — 4.4%** |  |
| Big Yellow Group PLC | 1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19780 |
| CubeSmart | 1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64909 |
| Extra Space Storage, Inc. | 773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113260 |
| Smartstop Self Storage REIT, Inc. | 1023 | 35948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Self Storage Property  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233897 |
| **Towers — 2.5%** | **Towers — 2.5%** |  |
| American Tower Corp. | 607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136824 |
| **Transportation — 12.3%** | **Transportation — 12.3%** |  |
| Aena SME SA | 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52349 |
| Auckland International Airport Ltd. | 15265 | 68124 |
| Canadian National Railway Co. | 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34119 |
| China Merchants Port Holdings Co., Ltd. | 21763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35417 |
| CSX Corp. | 1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47101 |
| Eiffage SA | 379 | 51592 |
| Ferrovial SE | 1797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87593 |
| Flughafen Zürich AG | 103 | 25996 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B\* | 4915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99972 |
| Jiangsu Expressway Co., Ltd., Class H | 23685 | 29474 |
| Norfolk Southern Corp. | 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40105 |
| Transurban Group | 3601 | 32511 |
| West Japan Railway Co. | 2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Transportation  |  | 657031 |
| **Utilities — 28.0%** | **Utilities — 28.0%** |  |
| AES Corp. (The) | 2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27050 |
| Ameren Corp. | 312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30963 |
| Atmos Energy Corp.<sup>(a)</sup> | 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56702 |
| Chesapeake Utilities Corp. | 362 | 47665 |
| China Gas Holdings Ltd. | 17448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15795 |
| China Resources Gas Group Ltd. | 4088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11439 |
| Chubu Electric Power Co., Inc. | 2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33654 |

---

*See notes to financial statements.*

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

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| CLP Holdings Ltd. | 6689 | $57189<br>|
| CMS Energy Corp. | 687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50598 |
| Constellation Energy Corp. | 196 | 43794 |
| DTE Energy Co. | 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27537 |
| E.ON SE | 3759 | 65869 |
| Emera, Inc.<sup>(a)</sup> | 662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29738 |
| Enel SpA | 3486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30291 |
| Essential Utilities, Inc. | 1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61325 |
| Evergy, Inc. | 996 | 68824 |
| Iberdrola SA | 3256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58832 |
| Kansai Electric Power Co., Inc. (The) | 2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27560 |
| National Grid PLC | 8009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115855 |
| NextEra Energy, Inc. | 1764 | 117976 |
| OGE Energy Corp. | 1217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55227 |
| Pennon Group PLC | 3413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22839 |
| PG&E Corp. | 4703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77694 |
| PPL Corp. | 3080 | 112420 |
| Public Service Enterprise Group, Inc. | 326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26057 |
| Severn Trent PLC | 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20683 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| WEC Energy Group, Inc. | 1188 | $130110<br>|
| Xcel Energy, Inc. | 1106 | 78194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501880 |
| **Total Common Stocks**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,880,031)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5337393** |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |  |
| **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** |  |
| BlackRock Liquidity FedFund, 4.22%<sup>(b)</sup> | 22745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22745 |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%<sup>(b)(c)</sup>  | 29108 | 29108 |
| **Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $51,853)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **51853** |
| **Total Investments — 100.6%<br>(Cost $4,931,884)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5389246** |
| **Other Assets and Liabilities,<br>Net — (0.6)%**  | **Other Assets and Liabilities,<br>Net — (0.6)%**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(32532)** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **5356714**<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 $83,628; total market value of collateral held by the Fund was $85,303. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $56,195.

(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  | $5337393<br>| $—<br>| $—<br>| $5337393<br>|
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds  | 51853 |  |  | 51853 |
| Total Investments in Securities  | $5389246<br>| $—<br>| $—<br>| $5389246<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 Winslow Large Cap Growth ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |  |
| **Communication Services — 12.7%** | **Communication Services — 12.7%** |  |
| Alphabet, Inc., Class A | 9151 | $1453179<br>|
| Alphabet, Inc., Class C | 5560 | 894548 |
| Meta Platforms, Inc., Class A | 9198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5049702 |
| Netflix, Inc.\* | 2961 | 3351023 |
| Spotify Technology SA\* | 4007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services  |  | 13208670 |
| **Consumer Discretionary — 14.9%** | **Consumer Discretionary — 14.9%** |  |
| Amazon.com, Inc.\* | 40658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7498149 |
| Booking Holdings, Inc. | 338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1723557 |
| Chipotle Mexican Grill, Inc.\* | 43768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2211159 |
| DoorDash, Inc., Class A\* | 7391 | 1425650 |
| Hilton Worldwide Holdings, Inc. | 4721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1064491 |
| Tesla, Inc.\* | 5414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15450620 |
| **Financials — 10.6%** | **Financials — 10.6%** |  |
| Arthur J Gallagher & Co. | 5366 | 1720823 |
| Fiserv, Inc.\* | 5498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014766 |
| LPL Financial Holdings, Inc. | 6065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1939526 |
| Mastercard, Inc., Class A | 5555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044473 |
| Visa, Inc., Class A | 9589 | 3313000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11032588 |
| **Health Care — 11.4%** | **Health Care — 11.4%** |  |
| Alnylam Pharmaceuticals, Inc.\* | 4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070860 |
| Boston Scientific Corp.\* | 11061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137845 |
| Danaher Corp. | 5584 | 1113059 |
| Eli Lilly & Co. | 4924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4426430 |
| Intuitive Surgical, Inc.\* | 5363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2766236 |
| Stryker Corp. | 3499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1308346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care  |  | 11822776 |
| **Industrials — 8.3%** | **Industrials — 8.3%** |  |
| Axon Enterprise, Inc.\* | 2159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324115 |
| Cintas Corp. | 6224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1317496 |
| GE Aerospace | 9408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1896088 |
| Howmet Aerospace, Inc. | 11170 | 1547939 |
| Trane Technologies PLC | 3293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1262240 |
| Vertiv Holdings Co., Class A | 14341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8572312 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **Information Technology — 40.4%** | **Information Technology — 40.4%** |  |
| Apple, Inc. | 36839 | $7828288<br>|
| Broadcom, Inc. | 17116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3294317 |
| Fair Isaac Corp.\* | 1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2403533 |
| Lam Research Corp. | 32566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2334005 |
| Microsoft Corp. | 26388 | 10430121 |
| NVIDIA Corp. | 62524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6810114 |
| Oracle Corp. | 6113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860221 |
| Palantir Technologies, Inc., Class A\* | 7739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916607 |
| ServiceNow, Inc.\* | 2331 | 2226128 |
| Shopify, Inc., Class A\* | 12140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153300 |
| Snowflake, Inc., Class A\* | 7880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1256781 |
| Texas Instruments, Inc. | 5873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939974 |
| Workday, Inc., Class A\* | 5866 | 1437170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41890559 |
| **Materials — 1.2%** | **Materials — 1.2%** |  |
| Ecolab, Inc. | 4733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1190018 |
| **Total Common Stocks**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $94,155,002)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **103167543** |
| **Short-Term Investment — 0.6%** | **Short-Term Investment — 0.6%** |  |
| **Money Market Fund — 0.6%** | **Money Market Fund — 0.6%** |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $606,668)** | 606668 | **606668** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments — 100.1%<br>(Cost $94,761,670)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **103774211** |
| **Other Assets and Liabilities,<br>Net — (0.1)%**  | **Other Assets and Liabilities,<br>Net — (0.1)%**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(59043)** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **103715168**<br>|

---

\*Non-income producing securities.

(a)Reflects the 1-day yield at 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>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $103167543<br>| $—<br>| $—<br>| $103167543<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 606668 |  |  | 606668 |
| Total Investments in Securities  | $103774211<br>| $—<br>| $—<br>| $103774211<br>|

---

------

(b)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 Winslow Focused Large Cap Growth ETF

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |  |
| **Communication Services — 14.8%** | **Communication Services — 14.8%** |  |
| Alphabet, Inc., Class C | 1828 | $294107<br>|
| Meta Platforms, Inc., Class A | 1010 | 554490 |
| Netflix, Inc.\* | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441371 |
| Spotify Technology SA\* | 446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563803 |
| **Consumer Discretionary — 18.2%** | **Consumer Discretionary — 18.2%** |  |
| Amazon.com, Inc.\* | 4347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801674 |
| Booking Holdings, Inc. | 54 | 275361 |
| Chipotle Mexican Grill, Inc.\* | 5030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254116 |
| Hilton Worldwide Holdings, Inc. | 947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213529 |
| O'Reilly Automotive, Inc.\* | 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1916877 |
| **Financials — 12.0%** | **Financials — 12.0%** |  |
| Arthur J Gallagher & Co. | 725 | 232500 |
| Fiserv, Inc.\* | 1384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255445 |
| KKR & Co., Inc. | 1367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156207 |
| LPL Financial Holdings, Inc. | 788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251995 |
| Mastercard, Inc., Class A | 683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials  |  | 1270472 |
| **Health Care — 9.9%** | **Health Care — 9.9%** |  |
| Eli Lilly & Co. | 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485433 |
| Intuitive Surgical, Inc.\* | 649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334754 |
| Stryker Corp. | 612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049026 |
| **Industrials — 4.3%** | **Industrials — 4.3%** |  |
| Eaton Corp. PLC | 529 | 155722 |
| Trane Technologies PLC | 778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453937 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **Information Technology — 38.4%** | **Information Technology — 38.4%** |  |
| Amphenol Corp., Class A | 3653 | $281098<br>|
| Analog Devices, Inc. | 942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183615 |
| Apple, Inc. | 2274 | 483225 |
| Broadcom, Inc. | 2659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511778 |
| Microsoft Corp. | 2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132024 |
| NVIDIA Corp. | 6766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736953 |
| Oracle Corp. | 1261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177448 |
| ServiceNow, Inc.\* | 296 | 282683 |
| Synopsys, Inc.\* | 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133572 |
| Workday, Inc., Class A\* | 561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4059841 |
| **Total Common Stocks**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $8,089,644)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **10313956** |
| **Short-Term Investment — 2.6%** | **Short-Term Investment — 2.6%** |  |
| **Money Market Fund — 2.6%** | **Money Market Fund — 2.6%** |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%<sup>(a)</sup>  |  |  |
| **(Cost $275,472)** | 275472 | **275472** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments — 100.2%<br>(Cost $8,365,116)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **10589428** |
| **Other Assets and Liabilities,<br>Net — (0.2)%**  | **Other Assets and Liabilities,<br>Net — (0.2)%**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(25021)** |
| **Net Assets — 100.0%**  | **Net Assets — 100.0%**  | **$** **10564407**<br>|

---

\*Non-income producing securities.

(a)Reflects the 1-day yield at 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>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $10313956<br>| $—<br>| $—<br>| $10313956<br>|
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 275472 |  |  | 275472 |
| Total Investments in Securities  | $10589428<br>| $—<br>| $—<br>| $10589428<br>|

---

------

(b)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

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Core Plus <br>Bond ETF** | **NYLI MacKay High Income ETF** | **NYLI MacKay Securitized Income ETF** | **NYLI MacKay Muni Insured ETF** |
| **Assets** |  |  |  |  |
| Investments in securities, at value (including securities on loan)<sup>(a)</sup>  | $280624221<br>| $61451796<br>| $150421285<br>| $456285645<br>|
| Cash  | 31777 | 7381 | 76138 |  |
| Deposits at broker for futures contracts  | 801757 |  | 534498 |  |
| Dividend and interest receivable  | 2295799 | 971687 | 489265 | 5731868 |
| Receivable for investments sold  | 1239324 | 130806 | 3059176 |  |
| Securities lending income receivable  | 2316 | 2151 |  |  |
| Receivable for capital shares transactions  |  |  |  | 1049 |
| Due from advisor  |  |  | 5608 |  |
| Variation margin receivable  |  |  | 30727 |  |
| Total Assets  | 284995194 | 62563821 | 154616697 | 462018562 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased  | 1470391 | 119400 | 4000259 |  |
| Fund distributions payable  | 1323653 | 350006 | 759344 | 1509098 |
| Collateral for investments on loan  | 871050 | 2410318 |  |  |
| Variation margin payable  | 125915 |  |  |  |
| Advisory fees payable  | 42333 | 12099 |  | 84238 |
| Trustee fees payable  | 3789 | 662 | 1432 | 5876 |
| Compliance fees payable  | 65 | 30 | 270 | 123 |
| Payable for capital shares repurchased  |  |  |  | 3496007 |
| Accrued expenses and other liabilities  | 98754 | 54161 | 78972 | 110593 |
| Total Liabilities  | 3935950 | 2946676 | 4840277 | 5205935 |
| Net Assets  | **$** **281059244**<br>| **$** **59617145**<br>| **$** **149776420**<br>| **$** **456812627**<br>|
| **Composition of Net Assets** |  |  |  |  |
| Paid-in capital  | $299568390<br>| $58859070 <br>| $147556599 <br>| $524946434<br>|
| Total distributable earnings/(accumulated loss)  | (18509146) | 758075 | 2219821 | (68133807) |
| Net Assets  | **$** **281059244**<br>| **$** **59617145**<br>| **$** **149776420**<br>| **$** **456812627**<br>|
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited shares authorized)  | 13350000 | 2325000 | 5763087 | 19600000 |
| Net Asset Value Per Share  | $21.05<br>| $25.64<br>| $25.99<br>| $23.31<br>|
| Investments, at cost  | $280956632<br>| $61053927<br>| $148970959<br>| $462705110<br>|
| (a)Market value of securities on loan  | $8557111<br>| $3044525<br>| $—<br>| $—<br>|

---

Statements of Assets and Liabilities (continued)

April 30, 2025

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** | **NYLI CBRE Real Assets ETF** | **NYLI Winslow Large Cap Growth ETF** |
| **Assets** |  |  |  |  |
| Investments in securities, at value (including securities on loan)<sup>(a)</sup>  | $832561287<br>| $29517929<br>| $5389246<br>| $103774211<br>|
| Foreign currency<sup>(b)</sup>  |  |  | 2581 |  |
| Dividend and interest receivable  | 10062676 | 333452 | 7155 | 14031 |
| Receivable for investments sold  | 1326412 |  | 69241 |  |
| Due from advisor  |  |  | 12173 |  |
| Securities lending income receivable  |  |  | 10 |  |
| Reclaims receivable  |  |  | 15 |  |
| Total Assets  | 843950375 | 29851381 | 5480421 | 103788242 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased  | 11354901 | 3364736 | 63541 |  |
| Fund distributions payable  | 2569700 | 80750 |  |  |
| Advisory fees payable  | 137017 | 7570 |  | 21693 |
| Trustee fees payable  | 9405 | 249 | 51 | 1931 |
| Compliance fees payable  | 114 | 53 | 1 | 5 |
| Collateral for investments on loan  |  |  | 29108 |  |
| Accrued expenses and other liabilities  | 173867 | 37983 | 31006 | 49445 |
| Total Liabilities  | 14245004 | 3491341 | 123707 | 73074 |
| Net Assets  | **$** **829705371**<br>| **$** **26360040**<br>| **$** **5356714**<br>| **$** **103715168**<br>|
| **Composition of Net Assets** |  |  |  |  |
| Paid-in capital  | $866935798 <br>| $33772422<br>| $4980108<br>| $99408558 <br>|
| Total distributable earnings/(accumulated loss)  | (37230427) | (7412382) | 376606 | 4306610  |
| Net Assets  | **$** **829705371**<br>| **$** **26360040**<br>| **$** **5356714**<br>| **$** **103715168**<br>|
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| Shares Outstanding (no par value, unlimited shares authorized)  | 35000000 | 1250000 | 200000 | 2360000 |
| Net Asset Value Per Share  | $23.71<br>| $21.09<br>| $26.78<br>| $43.95<br>|
| Investments, at cost  | $837790034<br>| $29381842<br>| $4931884<br>| $94761670<br>|
| <sup>(a)</sup>Market value of securities on loan  | $—<br>| $—<br>| $83628<br>| $—<br>|
| <sup>(b)</sup>Cost of foreign currency  | $—<br>| $—<br>| $2494<br>| $—<br>|

---

Statements of Assets and Liabilities (continued)

April 30, 2025

*See notes to financial statements.*

---

| | |
|:---|:---|
|  | **NYLI Winslow Focused Large Cap Growth ETF** |
| **Assets** |  |
| Investments in securities, at value  | $10589428<br>|
| Due from advisor  | 1874 |
| Dividend receivable  | 733 |
| Total Assets  | 10592035 |
| **Liabilities** |  |
| Trustee fees payable  | 100 |
| Compliance fees payable  | 2 |
| Accrued expenses and other liabilities  | 27526 |
| Total Liabilities  | 27628 |
| Net Assets  | **$** **10564407**<br>|
| **Composition of Net Assets** |  |
| Paid-in capital  | $8352067 <br>|
| Total distributable earnings/(accumulated loss)  | 2212340  |
| Net Assets  | **$** **10564407**<br>|
| **NET ASSET VALUE PER SHARE** |  |
| Shares Outstanding (no par value, unlimited shares authorized)  | 240000 |
| Net Asset Value Per Share  | $44.02<br>|
| Investments, at cost  | $8365116<br>|

---

*See notes to financial statements.*

Statements of Operations

For the Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay High Income ETF** | **NYLI MacKay Securitized Income ETF<sup>(a)</sup>** | **NYLI MacKay Muni Insured ETF** |
| **Investment Income** |  |  |  |  |
| Interest income  | $13986042<br>| $4690665<br>| $7548691<br>| $19696066<br>|
| Dividend income  | 142017 | 134872 | 91836 | 215918 |
| Securities lending income, net of borrower rebates  | 54829 | 16119 | 8 |  |
| Total investment income  | 14182888 | 4841656 | 7640535 | 19911984 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3)  | 962043 | 254872 | 507485 | 1932060 |
| Administrative and accounting fees  | 78648 | 32206 | 38672 | 137218 |
| Custodian fees  | 62295 | 32435 | 19795 | 41775 |
| Audit and Tax fees  | 37167 | 35107 | 35135 | 33351 |
| Legal fees  | 36177 | 6786 | 11108 | 50605 |
| Trustee fees  | 24667 | 6221 | 12142 | 48399 |
| Shareholder reporting fees  | 14013 | 2558 | 6275 | 18547 |
| Registration fees  | 9136 |  | 22578 | 5299 |
| Listing fees  | 9009 | 7966 | 16042 | 9384 |
| Intraday pricing fees  | 1658 | 1697 | 1641 | 2229 |
| Compliance fees  | 599 | 68 | 587 | 1232 |
| Insurance fees  | 367 | 138 | 8 | 719 |
| Miscellaneous fees  | 1150 | 677 | 58 | 58 |
| Total expenses  | 1236929 | 380731 | 671526 | 2280876 |
| Waivers/Reimbursements (See Note 3)  | (274888) | (125858) | (164041) | (831831) |
| Net expenses  | 962041 | 254873 | 507485 | 1449045 |
| Net investment income  | 13220847 | 4586783 | 7133050 | 18462939 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | (1405403) | 857381 | 244953 | (511607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (572566) |  | (31468) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | 260 |  |  |  |
| Net realized gain (loss)  | (1977709) | 857381 | 213485 | (511607) |
| Net change in net unrealized appreciation (depreciation) on:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | 4490379 | (278626) | 1450326 | (9410193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 804211 |  | 815396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | (3761) |  |  |  |
| Net change in net unrealized appreciation (depreciation)  | 5290829 | (278626) | 2265722 | (9410193) |
| Net realized and unrealized gain (loss)  | 3313120 | 578755 | 2479207 | (9921800) |
| **Net Increase in Net Assets Resulting <br>from Operations**  | **$** **16533967**<br>| **$** **5165538**<br>| **$** **9612257**<br>| **$** **8541139**<br>|

---

------

(a)Commencement of operations was May 31, 2024.

*See notes to financial statements.*

Statements of Operations (continued)

For the Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** | **NYLI CBRE Real Assets ETF** | **NYLI Winslow Large Cap Growth ETF** |
| **Investment Income** |  |  |  |  |
| Interest income  | $28270601<br>| $915567<br>| $—<br>| $—<br>|
| Dividend income\*  | 476917 | 73749 | 192830 | 348595 |
| Securities lending income, net of borrower rebates  |  |  | 353 | 120 |
| Total investment income  | 28747518 | 989316 | 193183 | 348715 |
| **Expenses** |  |  |  |  |
| Advisory fees (See Note 3)  | 2955214 | 113598 | 34032 | 545422 |
| Administrative and accounting fees  | 212844 | 2699 | 11156 | 8399 |
| Custodian fees  | 85373 | 7009 | 13897 | 3067 |
| Legal fees  | 74978 | 2893 | 624 | 5177 |
| Trustee fees  | 74300 | 2267 | 505 | 6462 |
| Audit and Tax fees  | 33351 | 34867 | 28634 | 28578 |
| Shareholder reporting fees  | 31798 | 960 | 750 | 1599 |
| Listing fees  | 15263 | 7864 | 9242 | 8366 |
| Intraday pricing fees  | 2229 | 1670 | 1557 | 1658 |
| Compliance fees  | 1796 | 18 | 7 | 148 |
| Insurance fees  | 1067 | 42 | 8 | 38 |
| Registration fees  | 27746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |  | 11967 |
| Miscellaneous fees  | 58 | 70 | 58 | 41 |
| Total expenses  | 3516017 | 173960 | 100470 | 620922 |
| Waivers/Reimbursements (See Note 3)  | (1299599) | (85606) | (66438) | (184584) |
| Net expenses  | 2216418 | 88354 | 34032 | 436338 |
| Net investment income (loss)  | 26531100 | 900962 | 159151 | (87623) |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | (6609465) | (29277) | (302) | (4588169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions  |  |  |  | 4042486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  |  |  | (903) |  |
| Net realized loss  | (6609465) | (29277) | (1205) | (545683) |
| Net change in net unrealized appreciation (depreciation) on:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | (4464498) | (319318) | 529945 | 1867706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  |  |  | 313 |  |
| Net change in net unrealized appreciation (depreciation)  | (4464498) | (319318) | 530258 | 1867706 |
| Net realized and unrealized gain (loss)  | (11073963) | (348595) | 529053 | 1322023 |
| **Net Increase in Net Assets Resulting from Operations**  | **$** **15457137**<br>| **$** **552367**<br>| **$** **688204**<br>| **$** **1234400**<br>|
| \*Net of foreign taxes withheld of: | $—<br>| $—<br>| $9100<br>| $541<br>|

---

*See notes to financial statements.*

Statements of Operations (continued)

For the Year Ended April 30, 2025

---

| | |
|:---|:---|
|  | **NYLI Winslow Focused Large Cap Growth ETF** |
| **Investment Income** |  |
| Dividend income\*  | $49374<br>|
| Total investment income  | 49374 |
| **Expenses** |  |
| Advisory fees (See Note 3)  | 77990 |
| Audit and Tax fees  | 28578 |
| Listing fees  | 8662 |
| Administrative and accounting fees  | 4875 |
| Intraday pricing fees  | 1658 |
| Legal fees  | 1332 |
| Trustee fees  | 1035 |
| Custodian fees  | 544 |
| Shareholder reporting fees  | 156 |
| Compliance fees  | 17 |
| Insurance fees  | 12 |
| Excise tax fees  | 150 |
| Miscellaneous fees  | 58 |
| Total expenses  | 125067 |
| Waivers/Reimbursements (See Note 3)  | (57326) |
| Net expenses  | 67741 |
| Net investment loss  | (18367) |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | 293936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions  | 1250717 |
| Net realized gain  | 1544653 |
| Net change in net unrealized appreciation (depreciation) on:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | (227263) |
| Net change in net unrealized depreciation  | (227263) |
| Net realized and unrealized gain (loss)  | 1317390 |
| **Net Increase in Net Assets Resulting from Operations**  | **$** **1299023**<br>|
| \*Net of foreign taxes withheld of:  | $99<br>|

---

Statements of Changes in Net Assets

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay Core Plus Bond ETF** | **NYLI MacKay High Income ETF** | **NYLI MacKay High Income ETF** |
|  | **For the Year Ended <br>April 30,** | **For the Year Ended <br>April 30,** | **For the Year Ended <br>April 30,** | **For the Year Ended <br>April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income  | $13220847<br>| $11906870<br>| $4586783<br>| $6355538<br>|
| Net realized gain (loss)  | (1977709) | (6198769) | 857381 | 247249 |
| Net change in net unrealized appreciation (depreciation)  | 5290829 | (3571981) | (278626) | 20467 |
| Net increase in net assets resulting from operations  | 16533967 | 2136120 | 5165538 | 6623254 |
| Distributions to Shareholders  | (14265396) | (11825574) | (5970428) | (5752440) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created  | 154478215 | 15588803 | 721095 | 59009264 |
| Cost of shares redeemed  | (89292175) | (34837436) | (23517410) | (2646618) |
| Net increase (decrease) from capital share transactions  | 65186040 | (19248633) | (22796315) | 56362646 |
| Total increase (decrease) in net assets  | 67454611 | (28938087) | (23601205) | 57233460 |
| **Net Assets** |  |  |  |  |
| Beginning of year  | 213604633 | 242542720 | 83218350 | 25984890 |
| End of year  | **$** **281059244**<br>| **$** **213604633**<br>| **$** **59617145**<br>| **$** **83218350**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year  | 10450000 | 11400000 | 3200000 | 1000000 |
| Shares created  | 7150000 | 750000 | 25000 | 2300000 |
| Shares redeemed  | (4250000) | (1700000) | (900000) | (100000) |
| Shares outstanding, end of year  | **13350000** | **10450000** | **2325000** | **3200000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | |
|:---|:---|:---|:---|
|  | **NYLI MacKay Securitized Income ETF** | **NYLI MacKay Muni Insured ETF** | **NYLI MacKay Muni Insured ETF** |
|  | **For the Period<br>May 31, 2024\* to April 30, 2025**  | **For the Year Ended <br>April 30,** | **For the Year Ended <br>April 30,** |
|  | **For the Period<br>May 31, 2024\* to April 30, 2025**  | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| Net investment income  | $7133050<br>| $18462939<br>| $15743539<br>|
| Net realized gain (loss)  | 213485 | (511607) | (4577494) |
| Net change in net unrealized appreciation (depreciation)  | 2265722 | (9410193) | (1561961) |
| Net increase in net assets resulting from operations  | 9612257 | 8541139 | 9604084 |
| Distributions to Shareholders  | (7306512) | (20271633) | (16214900) |
| **Capital Share Transactions** |  |  |  |
| Proceeds from shares created  | 165660507<br> <sup>(a)</sup> | 87789421 | 157883345 |
| Cost of shares redeemed  | (18189832) | (77716527) | (55878397) |
| Net increase from capital share transactions  | 147470675 | 10072894 | 102004948 |
| Total increase (decrease) in net assets  | 149776420 | (1657600) | 95394132 |
| **Net Assets** |  |  |  |
| Beginning of period  |  | 458470227 | 363076095 |
| End of period  | **$** **149776420**<br>| **$** **456812627**<br>| **$** **458470227**<br>|
| **Changes in Shares Outstanding** |  |  |  |
| Shares outstanding, beginning of period  |  | 19200000 | 14950000 |
| Shares created  | 6463087 | 3650000 | 6600000 |
| Shares redeemed  | (700000) | (3250000) | (2350000) |
| Shares outstanding, end of period  | **5763087** | **19600000** | **19200000** |

---

------

\*Commencement of operations.

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

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI MacKay Muni <br>Intermediate ETF** | **NYLI MacKay Muni <br>Intermediate ETF** | **NYLI MacKay California Muni Intermediate ETF** | **NYLI MacKay California Muni Intermediate 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  | $26531100<br>| $18538864<br>| $900962<br>| $1099564<br>|
| Net realized loss  | (6609465) | (2611293) | (29277) | (69262) |
| Net change in net unrealized depreciation  | (4464498) | (339833) | (319318) | (113680) |
| Net increase in net assets resulting from operations  | 15457137 | 15587738 | 552367 | 916622 |
| Distributions to Shareholders  | (29352873) | (19799129) | (986798) | (1244793) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created  | 230508839 | 280896285 | 3235678 | 8504362 |
| Cost of shares redeemed  | (38172247) | (39922258) | (2144496) | (33295456) |
| Net increase (decrease) from capital share transactions  | 192336592 | 240974027 | 1091182 | (24791094) |
| Total increase (decrease) in net assets  | 178440856 | 236762636 | 656751 | (25119265) |
| **Net Assets** |  |  |  |  |
| Beginning of year  | 651264515 | 414501879 | 25703289 | 50822554 |
| End of year  | **$** **829705371**<br>| **$** **651264515**<br>| **$** **26360040**<br>| **$** **25703289**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year  | 27050000 | 16950000 | 1200000 | 2350000 |
| Shares created  | 9550000 | 11750000 | 150000 | 400000 |
| Shares redeemed  | (1600000) | (1650000) | (100000) | (1550000) |
| Shares outstanding, end of year  | **35000000** | **27050000** | **1250000** | **1200000** |

---

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NYLI CBRE Real <br>Assets ETF** | **NYLI CBRE Real <br>Assets ETF** | **NYLI Winslow Large Cap <br>Growth ETF** | **NYLI Winslow Large Cap <br>Growth ETF** |
|  | **For the Year Ended April 30, 2025** | **For the Period<br>May 10, 2023\* to April 30, 2024**  | **<br>For the Year Ended April 30,** | **<br>For the Year Ended April 30,** |
|  | **For the Year Ended April 30, 2025** | **For the Period<br>May 10, 2023\* to April 30, 2024**  | **2025** | **2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income (loss)  | $159151<br>| $160101<br>| $(87623) | $(18987) |
| Net realized gain (loss)  | (1205) | (95329) | (545683) | 1784590 |
| Net change in net unrealized appreciation (depreciation)  | 530258 | (72622) | 1867706 | 5096406 |
| Net increase (decrease) in net assets resulting from operations  | 688204 | (7850) | 1234400 | 6862009 |
| Distributions to Shareholders  | (168574) | (135174) | (1256088) | (2587) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares created  |  | 4980108 | 92098779 | 1606997 |
| Cost of shares redeemed  |  |  | (15480719) |  |
| Net increase from capital share transactions  |  | 4980108 | 76618060 | 1606997 |
| Total increase in net assets  | 519630 | 4837084 | 76596372 | 8466419 |
| **Net Assets** |  |  |  |  |
| Beginning of period  | 4837084 |  | 27118796 | 18652377 |
| End of period  | **$** **5356714**<br>| **$** **4837084**<br>| **$** **103715168**<br>| **$** **27118796**<br>|
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of period  | 200000 |  | 690000 | 650000 |
| Shares created  |  | 200000 | 2030000 | 40000 |
| Shares redeemed  |  |  | (360000) |  |
| Shares outstanding, end of period  | **200000** | **200000** | **2360000** | **690000** |

---

------

\*Commencement of operations.

Statements of Changes in Net Assets (continued)

*See notes to financial statements.*

---

| | | |
|:---|:---|:---|
|  | **NYLI Winslow Focused Large Cap Growth ETF** | **NYLI Winslow Focused Large Cap Growth 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 (loss)  | $(18367) | $4011<br>|
| Net realized gain  | 1544653 | 629708 |
| Net change in net unrealized appreciation (depreciation)  | (227263) | 1671620 |
| Net increase in net assets resulting from operations  | 1299023 | 2305339 |
| Distributions to Shareholders  | (560113) | (75766) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares created  | 5962407 | 391770 |
| Cost of shares redeemed  | (4939927) |  |
| Net increase from capital share transactions  | 1022480 | 391770 |
| Total increase in net assets  | 1761390 | 2621343 |
| **Net Assets** |  |  |
| Beginning of year  | 8803017 | 6181674 |
| End of year  | **$** **10564407**<br>| **$** **8803017**<br>|
| **Changes in Shares Outstanding** |  |  |
| Shares outstanding, beginning of year  | 220000 | 210000 |
| Shares created  | 130000 | 10000 |
| Shares redeemed  | (110000) |  |
| Shares outstanding, end of year  | **240000** | **220000** |

---

Financial Highlights

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

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

(d)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.

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

(f)Annualized.

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

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

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

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

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

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

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

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

(d)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.

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

(f)Annualized.

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

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

 (a)Based on average shares outstanding.

(b)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.

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

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

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

(a)Based on average shares outstanding.

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

(c)Less than $0.005 per share.

(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.

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

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

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

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

(d)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.

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

(f)Annualized.

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

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

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

(d)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.

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

(f)Annualized.

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

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

(c)Less than $0.005 per share.

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

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

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

Financial Highlights (continued)

Selected Data for a Share of Capital Stock Outstanding

*See notes to financial statements.*

---

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

---

------

(a)Commencement of operations.

(b)Based on average shares outstanding.

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

(d)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.

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

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

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

Notes to Financial Statements

April 30, 2025

**1. ORGANIZATION**

New York Life Investments Active ETF Trust (the "Trust") (formally known as IndexIQ Active ETF Trust) was organized as a Delaware statutory trust on January 30, 2008 and is registered with the Securities and Exchange Commission ("SEC") as an open-end, management investment company, as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of 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 MacKay Core Plus Bond ETF | Diversified | June 29, 2021 |
| NYLI MacKay High Income ETF | Diversified | October 25, 2022 |
| NYLI MacKay Securitized Income ETF | Diversified | May 31, 2024 |
| NYLI MacKay Muni Insured ETF | Diversified | October 18, 2017 |
| NYLI MacKay Muni Intermediate ETF | Diversified | October 18, 2017 |
| NYLI MacKay California Muni Intermediate ETF | Diversified | December 21, 2021 |
| NYLI CBRE Real Assets ETF | Diversified | May 10, 2023 |
| NYLI Winslow Large Cap Growth ETF | Non-diversified | June 23, 2022 |
| NYLI Winslow Focused Large Cap Growth ETF | Non-diversified | June 23, 2022 |

---

The NYLI MacKay Securitized Income ETF commenced operations on May 31, 2024, following the conversion of a separately managed account (the "Predecessor Account"), originally established on October 1, 2019. As part of the conversion, the Predecessor Account transferred substantially all of its assets to the Fund. The Fund has adopted the performance history of the Predecessor Account and maintains investment objectives, policies, and restrictions that are materially identical. The conversion was executed through an in-kind contribution at fair value, consisting of $693,497 in cash, $71,621 in interest income, and $24,638,022 in securities, as of May 30, 2024. The cost basis of the securities contributed in-kind were recorded at fair value as of May 30, 2024. This transaction resulted in the creation of 1,013,087 shares at a net asset value of $25.07 per share, totaling $25,403,140 in creation units. All costs associated with the conversion were covered by the Advisor. MacKay Shields LLC ("MacKay"), the Fund's Subadvisor, also served as the manager of the Predecessor Account.

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

The investment objective of each Fund is:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| NYLI MacKay Core Plus Bond ETF | Seeks total return<sup>1</sup>. |
| NYLI MacKay High Income ETF | Seeks to maximize current income<sup>2</sup>. |
| NYLI MacKay Securitized Income ETF | Seeks total return with an emphasis on current income. |
| NYLI MacKay Muni Insured ETF | Seeks current income exempt from federal income tax. |
| NYLI MacKay Muni Intermediate ETF | Seeks current income exempt from federal income tax. |

---

Notes to Financial Statements (continued)

April 30, 2025

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| NYLI MacKay California Muni Intermediate ETF | Seeks current income exempt from federal and California income taxes. |
| NYLI CBRE Real Assets ETF | Seeks total return through capital growth and current income. |
| NYLI Winslow Large Cap Growth ETF | Seeks long-term growth of capital. |
| NYLI Winslow Focused Large Cap Growth ETF | Seeks long-term growth of capital. |

---

1The Fund's investment objective changed effective December 4, 2024.

2The Fund's investment objective changed effective February 14, 2025.

In this reporting period, the Funds adopted the Financial Accounting Standards Board ("FASB") 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. The NYLI Disclosure Committee (the "Committee") acts as the Funds' chief operating 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 New York Stock Exchange ("NYSE") is open for trading. The NAV of the shares of each

Notes to Financial Statements (continued)

April 30, 2025

Fund will be equal to each Fund's total assets minus each Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places. The consideration for purchase of a Creation Unit of shares of each Fund generally consists of a basket of securities and/or cash that the Fund specifies each day.

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

A Fund typically values fixed-income portfolio securities using last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Fund's approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots often trade at different prices that may be above or below the price at which the pricing service has valued the security. Amortized cost is used as a method of valuation with respect to debt obligations with sixty days or less remaining to maturity unless the Advisor determines in good faith that such method does not represent fair value.

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

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

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

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

Notes to Financial Statements (continued)

April 30, 2025

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

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

**Fair Value Measurement**

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or 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

Notes to Financial Statements (continued)

April 30, 2025

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.

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.

Notes to Financial Statements (continued)

April 30, 2025

**Foreign Taxes**

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

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

**Dividends and Distributions to Shareholders**

Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax return of capital. Therefore, no federal, state and local income tax provisions are required.

**Cash Equivalents**

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

**Security Transactions**

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

**Investment Income and Expenses**

Dividend income is recognized on the ex-date net of any foreign tax withheld at the source. Interest income is accrued daily as earned using the effective interest rate method. Distributions of realized capital gains by underlying funds are recorded as realized capital gains on the ex-date. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust based upon the relative net assets or other appropriate measures. The Funds distribute substantially all their net investment income to shareholders in the form of dividends. Net investment income is distributed monthly, except for the NYLI CBRE Real Assets ETF, NYLI Winslow Large Cap Growth ETF and NYLI Winslow Focused Large Cap Growth ETF, which are distributed

Notes to Financial Statements (continued)

April 30, 2025

annually and capital gains are typically distributed at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. The expenses of the investment companies in which the Funds invest are not included in the amounts shown as expenses on the Statements of Operations or in the expense ratios included in the Financial Highlights.

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

**Loan Assignments, Participations and Commitments**

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

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

**Securities Lending**

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

A Fund's security lending activities are governed by a Securities Lending Authorization Agreement ("Lending Agreement") between each Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a "Borrower"). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, each Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. The lending agent is permitted to invest

Notes to Financial Statements (continued)

April 30, 2025

the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy each Fund's obligation to return the full amount owed to such Borrower.

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

The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Money Market<br> Mutual Fund** | **U.S. Government Securities** | **U.S. Government Securities** | **U.S. Government Securities** |  |
| **Fund** | **Overnight and Continuous** | **<30 Days** | **Between 30 & 90 Days** | **>90 Days** | **Total** |
| NYLI MacKay Core Plus Bond ETF  | $871050<br>| $132196<br>| $276547<br>| $7572963<br>| $8852756<br>|
| NYLI MacKay High Income ETF  | 2410318 | 39043 | 90424 | 662375 | 3202160 |
| NYLI CBRE Real Assets ETF  | 29108 | 269 | 424 | 55502 | 85303 |

---

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

**3. INVESTMENT MANAGEMENT AND OTHER AGREEMENTS**

**Investment Advisory Agreement**

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

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

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

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| NYLI MacKay Core Plus Bond ETF\*  | 0.35% |
| NYLI MacKay High Income ETF  | 0.40% |
| NYLI MacKay Securitized Income ETF  | 0.40% |
| NYLI MacKay Muni Insured ETF  | 0.40% |

---

Notes to Financial Statements (continued)

April 30, 2025

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| NYLI MacKay Muni Intermediate ETF  | 0.40% |
| NYLI MacKay California Muni Intermediate ETF  | 0.45% |
| NYLI CBRE Real Assets ETF  | 0.65% |
| NYLI Winslow Large Cap Growth ETF\*\*  | 0.75% |
| NYLI Winslow Focused Large Cap Growth ETF\*\*  | 0.75% |

---

\* Prior to March 31, 2025, the advisory fee was 0.39%.

\*\* The advisory fee is as follows: 0.75% on assets up to $500 million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1 billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion; 0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575% on assets over $9 billion. During the year ended April 30, 2025, the effective advisory fee rate was 0.75% of the Funds average daily net assets, exclusive of any applicable waivers/reimbursements.

The Advisor has entered into an Expense Limitation Agreement with each Fund under which it has contractually agreed to waive a portion of its management fee and/or reimburse expenses of each Fund in an amount that limits each Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) to not more than the average daily net assets of each Fund as follows:

---

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

---

\*Prior to March 31, 2025, the Expense Limitation Agreement was 0.39%.

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

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

---

| | |
|:---|:---|
| **Fund** | **Waived/Reimbursed Expenses** |
| NYLI MacKay Core Plus Bond ETF  | $274888<br>|
| NYLI MacKay High Income ETF  | 125858 |
| NYLI MacKay Securitized Income ETF  | 164041 |
| NYLI MacKay Muni Insured ETF  | 831831 |
| NYLI MacKay Muni Intermediate ETF  | 1299599 |
| NYLI MacKay California Muni Intermediate ETF  | 85606 |
| NYLI CBRE Real Assets ETF  | 66438 |
| NYLI Winslow Large Cap Growth ETF  | 184584 |
| NYLI Winslow Focused Large Cap Growth ETF  | 57326 |

---

For the year ended April 30, 2025, there is no recoupment available.

Notes to Financial Statements (continued)

April 30, 2025

**Investment Sub-Advisory Agreements**

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

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

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

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

**Administrator, Custodian and Transfer Agent**

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

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

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

Notes to Financial Statements (continued)

April 30, 2025

**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/(Depreciation)** |
| NYLI MacKay Core Plus Bond ETF  | $280960474<br>| $3958656<br>| $(4294909) | $(336253) |
| NYLI MacKay High Income ETF  | 61064494 | 1342650 | (955348) | 387302 |
| NYLI MacKay Securitized Income ETF  | 149006614 | 2378267 | (963596) | 1414671 |
| NYLI MacKay Muni Insured ETF  | 462708684 | 3204786 | (9627825) | (6423039) |
| NYLI MacKay Muni Intermediate ETF  | 837782624 | 4791595 | (10012932) | (5221337) |
| NYLI MacKay California Muni Intermediate ETF  | 29381076 | 340277 | (203424) | 136853 |
| NYLI CBRE Real Assets ETF  | 4958325 | 605048 | (174127) | 430921 |
| NYLI Winslow Large Cap Growth ETF  | 96305239 | 10474918 | (3005946) | 7468972 |
| NYLI Winslow Focused Large Cap Growth ETF  | 8369332 | 2525407 | (305311) | 2220096 |

---

The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sale loss deferrals, securities contributed in-kind for NYLI Mackay Securitized Income ETF per the conversion and amortization of market premium at April 30, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary Income (Loss)<sup>1</sup>** | **Tax-Exempt Income (Loss)<sup>2</sup>** | **Net Capital Gain <br>(Losses)<sup>3</sup>** | **Net Unrealized Appreciation/ Depreciation** | **Total <br>Earnings (Losses)** |
| NYLI MacKay Core Plus Bond ETF  | $160187<br>| $—<br>| $(18328843) | $(340490) | $(18509146) |
| NYLI MacKay High Income ETF  | 36394 |  | 334379 | 387302 | 758075 |
| NYLI MacKay Securitized Income ETF  | 616861 |  | 188289 | 1414671 | 2219821 |
| NYLI MacKay Muni Insured ETF  | 202086 | (1383263) | (60529591) | (6423039) | (68133807) |
| NYLI MacKay Muni Intermediate ETF  |  | (2569700) | (29439390) | (5221337) | (37230427) |
| NYLI MacKay California Muni Intermediate ETF  | 43374 | (49397) | (7543212) | 136853 | (7412382) |
| NYLI CBRE Real Assets ETF  | 6238 |  | (60827) | 431195 | 376606 |
| NYLI Winslow Large Cap Growth ETF  | (49471) |  | (3112891) | 7468972 | 4306610 |
| NYLI Winslow Focused Large Cap Growth ETF  | (7756) |  |  | 2220096 | 2212340 |

---

1Includes late year ordinary loss and Fund distributions payable, if any.

2Includes Fund distributions payable, if any.

3Amount 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, distributions payable, post October losses, 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 Capital** |
| NYLI MacKay Core Plus Bond ETF  | $—<br>| $—<br>|
| NYLI MacKay High Income ETF  | (230239) | 230239 |
| NYLI MacKay Securitized Income ETF  | (85924) | 85924 |
| NYLI MacKay Muni Insured ETF  |  |  |
| NYLI MacKay Muni Intermediate ETF  | 3086 | (3086) |
| NYLI MacKay California Muni Intermediate ETF  |  |  |
| NYLI CBRE Real Assets ETF  |  |  |
| NYLI Winslow Large Cap Growth ETF  | (3990651) | 3990651 |
| NYLI Winslow Focused Large Cap Growth ETF  | (1532487) | 1532487 |

---

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to capital share redemptions utilized as distributions for tax purposes and net operating loss.

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

---

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

---

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

---

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

---

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 <br>With No Expiration** | **Long-Term <br>With No Expiration** |
| NYLI MacKay Core Plus Bond ETF  | $—<br>| $10570529<br>| $7758314<br>|
| NYLI MacKay High Income ETF  |  |  |  |
| NYLI MacKay Securitized Income ETF  |  |  |  |
| NYLI MacKay Muni Insured ETF  |  | 29759360 | 30770231 |
| NYLI MacKay Muni Intermediate ETF  |  | 13201665 | 16237725 |
| NYLI MacKay California Muni Intermediate ETF  |  | 7331681 | 211531 |
| NYLI CBRE Real Assets ETF  | 20333 | 54885 | 5942 |
| NYLI Winslow Large Cap Growth ETF  |  | 3112891 |  |
| NYLI Winslow Focused Large Cap Growth ETF  |  |  |  |

---

**6. OTHER AFFILIATED PARTIES AND TRANSACTIONS**

For the purposes of the financial statements, the Funds assume the following to be holdings by affiliates. As of 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 MacKay Core Plus Bond ETF  | 96.3% |
| NYLI MacKay High Income ETF  | 91.6% |
| NYLI MacKay Securitized Income ETF  | 80.5% |
| NYLI MacKay California Muni Intermediate ETF  | 38.8% |
| NYLI CBRE Real Assets ETF  | 95.0% |
| NYLI Winslow Large Cap Growth ETF  | 92.5% |
| NYLI Winslow Focused Large Cap Growth ETF  | 83.3% |

---

**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 In-Kind** |
| NYLI MacKay Core Plus Bond ETF  | $246495988<br>| $205778986<br>| $—<br>| $—<br>|
| NYLI MacKay High Income ETF  | 37280657 | 63650725 |  |  |
| NYLI MacKay Securitized Income ETF  | 319844384 | 197893381 | 24638022<br> <sup>(a)</sup>  |  |
| NYLI MacKay Muni Insured ETF  | 137823608 | 116534025 |  |  |

---

Notes to Financial Statements (continued)

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Purchases <br>In-Kind** | **Sales In-Kind** |
| NYLI MacKay Muni Intermediate ETF  | $510318782<br>| $311655932<br>| $—<br>| $—<br>|
| NYLI MacKay California Muni Intermediate ETF  | 23605127 | 21018136 |  |  |
| NYLI CBRE Real Assets ETF  | 4826750 | 4840147 |  |  |
| NYLI Winslow Large Cap Growth ETF  | 66691655 | 66330462 | 86226875 | 11759706 |
| NYLI Winslow Focused Large Cap Growth ETF  | 5207439 | 5125710 | 3952837 | 3821328 |

---

(a)This amount is from shares issued in connection with an in-kind contribution (See Note 1).

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

**Futures Contracts**

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

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

Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objective. A Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of a Fund, a Fund may not be entitled to the return of the entire margin owed to a Fund, potentially resulting in a loss. A Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAV and may result in a loss to the Fund. As of April 30, 2025, the open futures contracts for NYLI MacKay Core Plus Bond ETF and NYLI MacKay Securitized Income ETF are shown in the Schedule of Investments.

Notes to Financial Statements (continued)

April 30, 2025

**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** | **Interest Risk** |
| **NYLI MacKay Core Plus Bond ETF** |  |
| Unrealized appreciation on futures contracts<sup>1</sup>  | $130958<br>|
| **NYLI MacKay Securitized Income ETF** |  |
| Unrealized appreciation on futures contracts<sup>1</sup>  | $832965<br>|
| **Liability Derivatives** | **Interest Risk** |
| **NYLI MacKay Core Plus Bond ETF** |  |
| Unrealized depreciation on futures contracts<sup>1</sup>  | $176256<br>|
| **NYLI MacKay Securitized Income ETF** |  |
| Unrealized appreciation on futures contracts<sup>1</sup>  | $17569<br>|

---

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

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

---

| | |
|:---|:---|
|  | **Interest Risk** |
| **NYLI MacKay Core Plus Bond ETF** |  |
| **Realized gain (loss)** |  |
| Futures contracts  | $(572566)<br>|
| **Changes in unrealized appreciation (depreciation)** |  |
| Futures contracts  | $804211<br>|
| **NYLI MacKay Securitized Income ETF** |  |
| **Realized gain (loss)** |  |
| Futures contracts  | $(31468)<br>|
| **Changes in unrealized appreciation (depreciation)** |  |
| Futures contracts  | $815396<br>|

---

For the year ended April 30, 2025, the monthly average notional value of the futures contracts held by the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** |
|  | **NYLI MacKay Core Plus <br>Bond ETF** | **NYLI MacKay Securitized Income ETF** |
| **Asset Derivatives** |  |  |
| Futures contracts  | $26368912<br>| $31777359<br>|
| **Liability Derivatives** |  |  |
| Futures contracts  | 14385086 | (806697) |

---

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.

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

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

**Debt Securities Risk**

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

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

**Derivatives Risk**

Derivative strategies may expose a Fund to greater risk than if it had invested directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing a Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may 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. Futures may be more volatile than direct investments in the instrument underlying the contract and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying asset, a Fund may not be able to profitably exercise an option and may lose its entire investment in an option. Derivatives may also increase the expenses of a Fund.

**Large Investment Risk**

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

------

1 Applies to NYLI MacKay California Muni Intermediate ETF.

Notes to Financial Statements (continued)

April 30, 2025

**Market Risk**

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

**10. 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**

In connection with the preparation of the financial statements of the Funds as of the and for the year ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Advisor for the possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

Report of Independent Registered Public Accounting Firm

April 30, 2025

To the Board of Trustees of New York Life Investments Active 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 Active 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 MacKay Core Plus Bond ETF<sup>(1)</sup>  |
| NYLI MacKay High Income ETF<sup>(1)</sup> <br> NYLI Winslow Large Cap Growth ETF<sup>(1)</sup>  |
| NYLI MacKay Muni Insured ETF<sup>(1)</sup> <br> NYLI Winslow Focused Large Cap Growth ETF<sup>(1)</sup>  |
| NYLI MacKay Muni Intermediate ETF<sup>(1)</sup> <br> NYLI MacKay Securitized Income ETF<sup>(3)</sup>  |
| NYLI CBRE Real Assets ETF<sup>(2)</sup> |

---

(1)Statement 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.

(2)Statement of operations for the year ended April 30, 2025, and statement of changes in net assets for the year ended April 30, 2025 and the period May 10, 2023 (commencement of operations) through April 30, 2024.

(3)Statement of operations and statement of changes in net assets for the period May 31, 2024 (commencement of operations) through April 30, 2025.

*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)

April 30, 2025

**Federal Tax Status of Dividends Declared During the Tax Year**

For Federal individual income tax purposes, certain dividends paid for the fiscal year ended April 30, 2025 are attributable to interest income from Tax Exempt Municipal Bonds. Such dividends are currently exempt from Federal income taxes under Section 103(a) of the Internal Revenue Code.

---

| | |
|:---|:---|
| NYLI MacKay Municipal Insured ETF  | 96.75% |
| NYLI MacKay Municipal Intermediate ETF  | 95.83% |
| NYLI MacKay California Municipal Intermediate ETF .  | 91.04% |

---

**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 CBRE Real Assets ETF  | 58.04% |
| NYLI Winslow Large Cap Growth ETF  | 24.30% |
| NYLI Winslow Focused Large Cap Growth ETF  | 24.87% |

---

**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 CBRE Real Assets ETF  | 23.36% |
| NYLI Winslow Large Cap Growth ETF  | 21.93% |
| NYLI Winslow Focused Large Cap Growth ETF  | 21.46% |

---

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 Other of Open-End Management Investment Companies**

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

Board Review of Investment Advisory Agreements (unaudited)

April 30, 2025

*Approval Relating to Annual Continuation of the Advisory Agreement and Sub-Advisory Agreements* 

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 addition, the Board considered the continuation of the Sub-Advisory Agreement between the Advisor and MacKay Shields LLC ("MacKay"), with respect to the NYLI MacKay Muni Insured ETF, NYLI MacKay Muni Intermediate ETF, NYLI MacKay Core Plus Bond ETF, NYLI MacKay California Muni Intermediate ETF, NYLI MacKay High Income ETF, and NYLI MacKay Securitized Income ETF, the Sub-Advisory Agreement between the Advisor and CBRE Investment Management Listed Real Assets LLC ("CBRE"), with respect to the NYLI CBRE Real Assets ETF, and the Sub-Advisory Agreement between the Advisor and Winslow Capital Management, LLC ("Winslow"), with respect to the NYLI Winslow Large Cap Growth ETF and NYLI Winslow Focused Large Cap Growth ETF (MacKay, CBRE and Winslow, collectively, the "Sub-Advisors" and each a "Sub-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, and from the Sub-Advisors and the Advisor relevant to the Board's consideration of whether to approve the continuation of each Sub-Advisory Agreement as it relates to NYLI MacKay Muni Insured ETF, NYLI MacKay Muni Intermediate ETF, NYLI MacKay Core Plus Bond ETF, NYLI MacKay California Muni Intermediate ETF, NYLI MacKay High Income ETF, NYLI MacKay Securitized Income ETF, NYLI CBRE Real Assets ETF, NYLI Winslow Large Cap Growth ETF and NYLI Winslow Focused Large Cap Growth ETF (each a "Sub-Advised Fund" and collectively, the "Sub-Advised Funds"). In connection with considering approval of the continuation of the Advisory Agreement and Sub-Advisory Agreements, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Independent Trustees, who provided assistance and advice. The consideration of the continuation of the Advisory Agreement and Sub-Advisory Agreements 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 by MacKay, CBRE and Winslow with respect to the Sub-Advised Funds, and the fees charged by the Advisor and each Sub-Advisor; (2) information concerning the business and operations, compliance program and portfolio management teams of the Advisor and each Sub-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 the 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 or each Sub-Advisor from their relationships with the Trust; and (8) potential conflicts of interest. The Board considered that the Funds were actively managed exchange-traded funds ("ETFs").

In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement; (2) a copy of each Sub-Advisory Agreement; (3) information about applicable expense limitation and fee waiver agreements; (4) information describing the Advisor, MacKay, CBRE and Winslow and the services provided thereby; (5) information regarding the respective compliance program and portfolio management teams of the Advisor and each Sub-Advisor; (6) copies of the Form ADV for each of the Advisor and each Sub-Advisor; (7) 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; (8) materials provided by each of the Advisor and each Sub-Advisor in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (9) 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

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

April 30, 2025

considered their personal experiences as Trustees and participants in the investment management industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and New York Life Investments ETF Trust.

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

&nbsp;&nbsp;&nbsp;&nbsp;1.*The nature, extent and quality of the facilities and services provided by the Advisor and each Sub-Advisor.* The Board reviewed the services that the Advisor and each Sub-Advisor provide to the respective Funds, noting that they had continually reviewed and overseen such services throughout the past year. The Board noted the responsibilities that the Advisor and the Sub-Advisors have as the investment advisor and sub-advisors to the respective Funds, as applicable, 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, providing officers for the Funds, ongoing reporting to the Board, and the implementation of Board directives as they relate to the Funds.

The Board reviewed the Advisor's and each Sub-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 ETF Trust. The Board also considered the experience of each Sub-Advisor's team in managing strategies and asset classes similar to the Sub-Advised Funds, and their tenure in managing the portfolios of the Sub-Advised Funds. The Board also noted and discussed with the Advisor the resources and additional support and personnel from its affiliates 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 and each Sub-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 each Sub-Advisor and other investment advisors to similar clients, and the cost of the services provided and profits realized by the Advisor and each Sub-Advisor from their relationships with the respective Funds*. The Board then compared both the services rendered and the fees paid with respect to the Funds pursuant to the Advisory Agreement and each Sub-Advisory Agreement to contracts of other registered investment advisors providing services to similar ETFs. The Board also considered that the Advisor is responsible for payment of the sub-advisory fee to the Sub-Advisors pursuant to each Sub-Advisory Agreement, and that shareholders of the Sub-Advised Funds do not directly pay the sub-advisory fee.

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 and 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

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

April 30, 2025

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 actively managed ETFs such as the Funds. The Board considered the level of each of the fees under the Advisory Agreement in the context of the services being provided.

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 the Funds. The Board noted that such expense limitation and fee waiver agreements were reflected 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 the Funds, which were subject to termination by the Board.

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 each Sub-Advisor and the costs incurred by the Advisor and each Sub-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 and to the Sub-Advisors with respect to each Sub-Advised Fund, is fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;3.*The Advisor's, MacKay's, CBRE's and Winslow'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 also considered the impact of future asset growth on the services required and fees paid to each Sub-Advisor, noting again that such fees were paid by the Advisor out of its management fees. The Board considered whether the continued operation of certain Funds that had not attracted significant assets under management would be profitable to the Advisor 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 the Expense Limitation Agreement, and its respective impact on costs to shareholders and profitability of the Advisor.

The Board concluded that the fees paid to the Advisor and the Sub-Advisors, respectively, 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. In particular, the Board considered the investment performance of the Funds relative to their stated objectives and the success of the Advisor and each Sub-Advisor in reaching such objectives. The Board considered each Fund's investment performance compared to its benchmark and peer group. The Board considered that certain Funds had recently launched and had limited performance and operational history to consider.

The Board concluded that the investment performance of the Funds supported the approval of the Advisory Agreement and each Sub-Advisory Agreement.

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

April 30, 2025

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 and, with respect to the Sub-Advised Funds, the Sub-Advisory Agreements. 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 and the Sub-Advisory Agreements between the Advisor and each Sub-Advisor were reasonable and fair to the Funds and to recommend to the Board the approval of the Advisory Agreement and Sub-Advisory Agreements. As a result, all of the Board members, including the Independent Trustees, determined that the continuation of the Advisory Agreement with the Advisor and continuation of each Sub-Advisory Agreement was in the best interests of each applicable Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the continuation of the Advisory Agreement and Sub-Advisory Agreements 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 Active 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 Active 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 Active ETF Trust N-CSR](nyli-ncsr_043025.htm)

**Exhibit 99.CERT**

**CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE<br> 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 Active ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 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 Active ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 8, 2025 | /s/ Adefolahan O. Oyefeso |
|  |  | Adefolahan O. Oyefeso |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

[New York Life Investments Active 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 Active ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 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 Active ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | July 8, 2025 | /s/ Adefolahan O. Oyefeso |
|  |  | Adefolahan O. Oyefeso |
|  |  | (Principal Financial Officer) |

---